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N/A 74990.00000000 NS 512024.11000000 0.002216253653 Long EC CORP PL Y 2 N N N Pingdingshan Tianan Coal Mining Co Ltd 3003003BTKNO2P0KDH38 Pingdingshan Tianan Coal Mining Co Ltd N/A 68800.00000000 NS 103678.05000000 0.000448761791 Long EC CORP CN N 2 N N N Penumbra Inc 549300RGE06P3ECANU72 Penumbra, Inc 70975L107 5000.00000000 NS USD 1393450.00000000 0.006031432101 Long EC CORP US N 1 N N N PICC Property & Casualty Co Ltd 300300F1000311000017 PICC Property & Casualty Co Ltd 670625904 1580000.00000000 NS 1611771.29000000 0.006976417596 Long EC CORP HK N 2 N N N China Everbright Bank Co Ltd 549300U6PKQ4H1P34E17 China Everbright Bank Co Ltd - H N/A 353000.00000000 NS 107086.32000000 0.000463514204 Long EC CORP HK N 2 N N N Harmony Gold Mining Co Ltd 378900986D05F0C29811 Harmony Gold Mining Co Ltd 641056908 107751.00000000 NS 446644.35000000 0.001933262815 Long EC CORP ZA N 2 N N N New Hope Liuhe Co Ltd 300300F28XODWP5GJF78 New Hope Liuhe Co Ltd N/A 59600.00000000 NS 114774.25000000 0.000496790768 Long EC CORP CN N 2 N N N Western Superconducting Technologies Co Ltd 300300IUC83XEOSKRG67 Western Superconducting Technologies Co Ltd N/A 5010.00000000 NS 59582.43000000 0.000257897578 Long EC CORP CN N 2 N N N Pool Corp 5493005VZK1KMN6CO617 Pool Corp 73278L105 137.00000000 NS USD 46914.28000000 0.000203064548 Long EC CORP US N 1 N N N Haidilao International Holding Ltd 3003009Q8GV4VNKZWI24 Haidilao International Holding Ltd N/A 238000.00000000 NS 645024.99000000 0.002791936869 Long EC CORP HK Y 2 N N GCL Technology Holdings Ltd 529900O1QCZWP5IWVY66 GCL Poly Energy Holdings Ltd N/A 1575000.00000000 NS 407646.69000000 0.001764464697 Long EC CORP HK N 2 N N N LG Energy Solution Ltd N/A LG Energy Solution N/A 7513.00000000 NS 3385002.71000000 0.014651701897 Long EC CORP KR N 2 N N N Axon Enterprise Inc 549300QP2IEEGFE16681 Axon Enterprise, Inc 05464C101 237.00000000 NS USD 53289.45000000 0.000230658939 Long EC CORP US N 1 N N N Ping An Healthcare and Technology Co Ltd 2549009NW1LO017CP285 Ping An Healthcare and Technology Co Ltd N/A 43100.00000000 NS 108531.33000000 0.000469768809 Long EC CORP HK Y 2 N N SAIC Motor Corp Ltd N/A SAIC Motor Corp Ltd N/A 105600.00000000 NS 220996.41000000 0.000956564528 Long EC CORP CN N 2 N N N S-1 Corp N/A S1 Corp (Korea) 618023907 4467.00000000 NS 189844.53000000 0.000821726213 Long EC CORP KR N 2 N N N Kuwait Finance House KSCP 2549007KX0N057S9BC98 Kuwait Finance House N/A 1288345.00000000 NS 3485853.87000000 0.015088227732 Long EC CORP KW N 2 N N N ANTA Sports Products Ltd 529900291XG0CTK4LF95 Anta Sports Products Ltd N/A 258800.00000000 NS 3757545.35000000 0.016264221642 Long EC CORP HK N 2 N N N Safestore Holdings PLC 213800WGA3YSJC1YOH73 Safestore Holdings plc N/A 163382.00000000 NS 1917718.99000000 0.008300686697 Long EC CORP GB N 2 N N N Tianma Microelectronics Co Ltd 300300KWFVVYL0LL8S83 Tianma Microelectronics Co Ltd N/A 19200.00000000 NS 29396.26000000 0.000127239259 Long EC CORP CN N 2 N N N Tech Mahindra Ltd 3358005FZUZ1I25XQH69 Tech Mahindra Ltd N/A 44939.00000000 NS 605807.09000000 0.002622185460 Long EC CORP IN N 2 N N N Dell Technologies Inc 549300TJB5YBRUPOG437 Dell Technologies, Inc 24703L202 910.00000000 NS USD 36591.10000000 0.000158381524 Long EC CORP US N 1 N N N GSK PLC 5493000HZTVUYLO1D793 GSK plc N/A 302274.00000000 NS 5340973.84000000 0.023117959792 Long EC CORP GB N 2 N N N Lojas Renner SA N/A Lojas Renner S.A. B0CGYD906 197792.00000000 NS 646630.32000000 0.002798885406 Long EC CORP BR N 1 N N N Shandong Linglong Tyre Co Ltd 3003003R54QIO1CPVS32 Shandong Linglong Tyre Co Ltd N/A 17600.00000000 NS 50107.03000000 0.000216884100 Long EC CORP CN N 2 N N N Far EasTone Telecommunications Co Ltd 529900L7W7BWDLVZL253 Far EasTone Telecommunications Co Ltd 642185904 345000.00000000 NS 852631.59000000 0.003690544722 Long EC CORP TW N 2 N N N Riyue Heavy Industry Co Ltd N/A Riyue Heavy Industry Co Ltd N/A 12000.00000000 NS 38868.32000000 0.000168238281 Long EC CORP CN N 2 N N N Coca-Cola Europacific Partners PLC 549300LTH67W4GWMRF57 Coca-Cola European Partners plc (Class A) G25839104 95335.00000000 NS USD 5642878.65000000 0.024424729581 Long EC CORP GB N 1 N N N Eva Airways Corp 254900S1P4XOXV67GC07 Eva Airways Corp 618602908 509000.00000000 NS 451701.24000000 0.001955151142 Long EC CORP TW N 2 N N N IGM Financial Inc 254900RYHLVJNTUFDA95 IGM Financial, Inc 449586106 18204.00000000 NS 544032.23000000 0.002354798131 Long EC CORP CA N 1 N N Alcon Inc 549300LDT5AP8S0NBM78 Alcon, Inc N/A 107753.00000000 NS 7649114.54000000 0.033108554298 Long EC CORP CH N 2 N N N N/A N/A Nordea Bank Abp 65558UYJ5 1500000.00000000 PA USD 1500000.00000000 0.006492624889 Long STIV CORP US N 2 N N Elanco Animal Health Inc 549300SHPNDCE059M934 Elanco Animal Health, Inc 28414H103 1288.00000000 NS USD 12107.20000000 0.000052405005 Long EC CORP US N 1 N N N Haitong Securities Co Ltd 300300E1003931000068 Haitong Securities Co Ltd (Class A) N/A 53100.00000000 NS 68180.31000000 0.000295112785 Long EC CORP CN N 2 N N N Emirates NBD Bank PJSC 54930029BCN8HF3B1286 Emirates NBD Bank PJSC N/A 144062.00000000 NS 515526.49000000 0.002231413413 Long EC CORP AE N 2 N N N Masimo Corp 549300Q4A8JK0PIYCU29 Masimo Corp 574795100 179.00000000 NS USD 33032.66000000 0.000142979113 Long EC CORP US N 1 N N N Dollar General Corp OPX52SQVOZI8IVSWYU66 Dollar General Corp 256677105 147342.00000000 NS USD 31009597.32000000 0.134222455587 Long EC CORP US N 1 N N N CRRC Corp Ltd 30030099HATQH2XC0B72 CRRC Corp Ltd N/A 669000.00000000 NS 365164.37000000 0.001580583518 Long EC CORP HK N 2 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy, Inc 16411R208 210906.00000000 NS USD 33238785.60000000 0.143871311128 Long EC CORP US N 1 N N N Grupo Televisa SAB 549300O4AF0C816ILN62 Grupo Televisa S.A. 238010904 504800.00000000 NS 534213.98000000 0.002312300655 Long EC CORP MX N 1 N N RioCan Real Estate Investment Trust 549300S8HVUSEU3JBY60 RioCan Real Estate Investment Trust 766910103 122537.00000000 NS 1848708.42000000 0.008001980201 Long EC CORP CA N 1 N N N Nutrien Ltd 5493002QQ7GD21OWF963 Nutrien Ltd 67077M108 239353.00000000 NS 17676524.55000000 0.076511362171 Long EC CORP CA N 1 N N N Cia Energetica de Minas Gerais 254900W703PXLDSEM056 Cia Energetica de Minas Gerais B1YBRG902 285605.00000000 NS 644639.13000000 0.002790266706 Long EC CORP BR N 1 N N N Rabigh Refining & Petrochemical Co N/A Rabigh Refining & Petrochemical Co N/A 93691.00000000 NS 251798.21000000 0.001089887550 Long EC CORP SA N 2 N N N Zhejiang Huayou Cobalt Co Ltd 30030099QFLNMEGP7M05 Zhejiang Huayou Cobalt Co Ltd N/A 19703.00000000 NS 157878.24000000 0.000683362793 Long EC CORP CN N 2 N N N Shanghai Bairun Investment Holding Group Co Ltd N/A Shanghai Bairun Investment Holding Group Co Ltd N/A 12432.00000000 NS 73983.34000000 0.000320230716 Long EC CORP CN N 2 N N N Johnson Controls International plc 549300XQ6S1GYKGBL205 Johnson Controls International plc G51502105 2411.00000000 NS USD 145190.42000000 0.000628444623 Long EC CORP US N 1 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever plc G92087165 410583.00000000 NS 21275998.01000000 0.092091382822 Long EC CORP GB N 2 N N N BGF retail Co Ltd N/A BGF retail Co Ltd N/A 1677.00000000 NS 233615.20000000 0.001011183908 Long EC CORP KR N 2 N N N Mitsui Fudosan Logistics Park Inc 353800DN63EIYS760S59 Mitsui Fudosan Logistics Park, Inc N/A 1306.00000000 NS 4582230.03000000 0.019833800495 Long EC CORP JP N 2 N N N Grupo Carso SAB de CV 5493007R35VF4W6YVW92 Grupo Carso S.A. de C.V. (Series A1) 239345002 103000.00000000 NS 511913.43000000 0.002215774584 Long EC CORP MX N 1 N N Wiwynn Corp 254900FV2R15PMKXFL69 Wiwynn Corp N/A 20000.00000000 NS 742028.16000000 0.003211807000 Long EC CORP TW N 2 N N N Pan American Silver Corp 549300MKTF5851TYIB83 Pan American Silver Corp (Toronto) 697900108 291691.00000000 NS 5322308.59000000 0.023037168814 Long EC CORP CA N 1 N N Dar Al Arkan Real Estate Development Co 558600USX20EGH6LVQ89 Dar Al Arkan Real Estate Development Co N/A 42226.00000000 NS 181247.51000000 0.000784514729 Long EC CORP SA N 2 N N N Shin Kong Financial Holding Co Ltd 529900YF6H5G3WJC6V36 Shin Kong Financial Holding Co Ltd 645258906 2791684.00000000 NS 774243.93000000 0.003351250273 Long EC CORP TW N 2 N N N Adani Total Gas Ltd 335800XLXJ32DBM6H567 Adani Gas Ltd N/A 57813.00000000 NS 609647.00000000 0.002638806190 Long EC CORP IN N 2 N N N 2023-03-31 COLLEGE RETIREMENT EQUITIES FUND E. Scott Wickerham E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer XXXX NPORT-EX 2 tiaa_C041.htm
Portfolio
of
Investments
(unaudited)
CREF
Stock
Account
March
31,
2023
1
See
Notes
to
Portfolio
of
Investments
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)
GOVERNMENT
BONDS
-
0.0%
U.S.
TREASURY
SECURITIES
-
0.0%
$
200,000
United
States
Treasury
Note
4.125
11/15/32
210
TOTAL
U.S.
TREASURY
SECURITIES
210
TOTAL
GOVERNMENT
BONDS
210
(Cost
$210)
TOTAL
BONDS
265
(Cost
$274)
SHARES
COMPANY
COMMON
STOCKS
-
99.0%
AUTOMOBILES
&
COMPONENTS
-
1.9%
39,000
Actron
Technology
Corp
252
3,176
*
Adient
plc
130
232,811
Aisin
Seiki
Co
Ltd
6,417
3,449
*
American
Axle
&
Manufacturing
Holdings,
Inc
27
360,660
Apollo
Tyres
Ltd
1,407
365,612
*
Aptiv
plc
41,018
80,598
e
ARB
Corp
Ltd
1,721
59,946
Asahi
India
Glass
Ltd
331
541,056
*,e,g
Aston
Martin
Lagonda
Global
Holdings
plc
1,522
95,584,507
Astra
International
Tbk
PT
38,300
209,956
Autoliv,
Inc
19,601
239,235
Autoliv,
Inc
22,349
3,111
e
Autoneum
Holding
AG.
464
64,532
Bajaj
Holdings
and
Investment
Ltd
3,053
72,737
Balkrishna
Industries
Ltd
1,732
399,376
Bayerische
Motoren
Werke
AG.
43,771
24,948
Bayerische
Motoren
Werke
AG.
(Preference)
2,550
21,200
Bethel
Automotive
Safety
Systems
Co
Ltd
220
242,289
Bharat
Forge
Ltd
2,278
63,844
BorgWarner,
Inc
3,135
531,400
Bridgestone
Corp
21,587
104,243
BYD
Co
Ltd
3,884
1,370,862
BYD
Co
Ltd
(H
shares)
40,325
17,996
*,e
Canoo,
Inc
12
21,375
Ceat
Ltd
378
6,285
*,e
Cenntro
Electric
Group
Ltd
3
12,739
Changzhou
Xingyu
Automotive
Lighting
Systems
Co
Ltd
223
1,665,885
Cheng
Shin
Rubber
Industry
Co
Ltd
2,003
176,000
China
Motor
Corp
370
107,708
Chongqing
Changan
Automobile
Co
Ltd
187
47,593
Cie
Automotive
S.A.
1,370
1,224,136
Cie
Generale
des
Etablissements
Michelin
S.C.A
37,420
CREF
Stock
Account
March
31,
2023
2
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
97,219
Cie
Plastic
Omnium
SA
$
1,771
619,975
*
Cofide
S.p.A.
258
320,864
Continental
AG.
24,042
74,800
Cub
Elecparts,
Inc
449
594,258
Daimler
AG.
(Registered)
45,700
804,007
Dana
Inc
12,100
404,700
Denso
Corp
22,844
306,325
e,g
Dometic
Group
AB
1,870
1,523
Dong
Ah
Tire
&
Rubber
Co
Ltd
88
2,934,517
Dongfeng
Motor
Group
Co
Ltd
1,379
1,116
*
Dorman
Products,
Inc
96
266,700
*
Dr
ING
hc
F
Porsche
AG.
34,231
1,122,500
Drb-Hicom
BHD
352
1,064
*
EGE
Endustri
VE
Ticaret
AS.
253
126,655
Eicher
Motors
Ltd
4,551
80,162
ElringKlinger
AG.
821
26,260
g
Endurance
Technologies
Ltd
397
33,082
Exedy
Corp
453
363,662
*
Exide
Industries
Ltd
790
6,446
*,e
Faraday
Future
Intelligent
Electric,
Inc
2
152,587
Faurecia
3,316
115,086
FAW
Jiefang
Group
Co
Ltd
139
29,500
FCC
Co
Ltd
346
152,978
Ferrari
NV
41,455
8,810
*,e
Fisker,
Inc
54
1,798,108
Ford
Motor
Co
22,656
62,580
Ford
Otomotiv
Sanayi
AS
1,911
24,867
*
Fox
Factory
Holding
Corp
3,018
599,923
Freni
Brembo
SpA
8,782
596,600
Fuji
Heavy
Industries
Ltd
9,524
121,763
Fuyao
Glass
Industry
Group
Co
Ltd
-
A
616
580,562
g
Fuyao
Glass
Industry
Group
Co
Ltd
-
H
2,531
5,683,302
Geely
Automobile
Holdings
Ltd
7,324
905,974
General
Motors
Co
33,231
65,422
Gentex
Corp
1,834
1,425
*
Gentherm,
Inc
86
456,343
g
Gestamp
Automocion
S.A.
2,065
6,290
Global
&
Yuasa
Battery
Co
Ltd
270
60,000
Global
PMX
Co
Ltd
286
174,993
*
Goodyear
Tire
&
Rubber
Co
1,928
2,824,746
e
Great
Wall
Motor
Co
Ltd
3,495
141,259
Great
Wall
Motor
Co
Ltd
576
34,400
G-Tekt
Corp
373
294,700
Guangzhou
Automobile
Group
Co
Ltd
479
2,967,042
Guangzhou
Automobile
Group
Co
Ltd
-
H
1,875
129,448
GUD
Holdings
Ltd
855
69,677
Hankook
Tire
Co
Ltd
1,864
20,592
Hankook
Tire
Worldwide
Co
Ltd
189
174,092
Hanon
Systems
1,178
109,548
Harley-Davidson,
Inc
4,160
102,546
Hero
Honda
Motors
Ltd
2,936
1,551,450
Honda
Motor
Co
Ltd
41,038
3,387,000
Hota
Industrial
Manufacturing
Co
Ltd
8,028
79,000
Hu
Lane
Associate,
Inc
372
179,015
Huayu
Automotive
Systems
Co
Ltd
436
586,000
e
Huazhong
In-Vehicle
Holdings
Co
Ltd
183
29,376
Huizhou
Desay
Sv
Automotive
Co
Ltd
474
57,712
Hyundai
Mobis
9,585
130,247
Hyundai
Motor
Co
18,531
34,415
Hyundai
Motor
Co
Ltd
(2nd
Preference)
2,542
50,048
Hyundai
Motor
Co
Ltd
(Preference)
3,638
CREF
Stock
Account
March
31,
2023
3
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
15,213
Hyundai
Wia
Corp
$
658
12,547
*
Iljin
Hysolus
Co
ltd
300
462,000
e
Intron
Technology
Holdings
Ltd
328
538,000
Isuzu
Motors
Ltd
6,430
23,084
JBM
Auto
Ltd
182
67,689
JK
Tyre
&
Industries
Ltd
128
387,842
Johnson
Electric
Holdings
Ltd
440
189,600
JTEKT
Corp
1,464
14,596
Kayaba
Industry
Co
Ltd
444
478,000
Kenda
Rubber
Industrial
Co
Ltd
494
247,722
Kia
Motors
Corp
15,460
193,000
*
Koito
Manufacturing
Co
Ltd
3,659
64,530
Kordsa
Teknik
Tekstil
AS.
262
76,438
*
Kumho
Tire
Co,
Inc
219
1,068
LCI
Industries,
Inc
117
45,739
Lear
Corp
6,380
1,077,100
*
Li
Auto,
Inc
13,470
75,380
Linamar
Corp
3,627
31,907
*,e
Lordstown
Motors
Corp
21
503,388
*,e
Lucid
Group,
Inc
4,047
4,138
*,e
Luminar
Technologies,
Inc
27
251,718
Magna
International,
Inc
13,483
3,509
Maharashtra
Scooters
Ltd
181
2,499,000
Mahindra
&
Mahindra
Ltd
35,314
88,618
Mahindra
CIE
Automotive
Ltd
379
22,700
Mahle-Metal
Leve
S.A.
Industria
e
Comercio
137
31,921
Mando
Corp
1,130
197,085
Martinrea
International,
Inc
2,125
113,246
Maruti
Suzuki
India
Ltd
11,452
523,373
Mazda
Motor
Corp
4,828
10,480
MGI
Coutier
154
81,462
Minda
Corp
Ltd
214
177,482
Minda
Industries
Ltd
1,041
715,426
Minth
Group
Ltd
2,171
647,500
*,e
Mitsubishi
Motors
Corp
2,552
130,390
*
Mobileye
Global,
Inc
5,642
316,621
*
Modine
Manufacturing
Co
7,298
1,986,469
Motherson
Sumi
Systems
Ltd
1,627
1,728,904
Motherson
Sumi
Wiring
India
Lt
1,018
618
*
Motorcar
Parts
of
America,
Inc
5
1,797
MRF
Ltd
1,841
41,638
e
Musashi
Seimitsu
Industry
Co
Ltd
590
25,649
*
Myoung
Shin
Industrial
Co
Ltd
421
293,000
*
Nan
Kang
Rubber
Tire
Co
Ltd
376
2,684,698
*,e,g
Nemak
SAB
de
C.V.
690
18,798
Nexen
Tire
Corp
125
590,000
Nexteer
Automotive
Group
Ltd
373
146,300
e
NGK
Spark
Plug
Co
Ltd
3,027
192,215
NHK
Spring
Co
Ltd
1,380
77,212
Nifco,
Inc
2,195
57,811
Ningbo
Joyson
Electronic
Corp
128
59,878
Ningbo
Tuopu
Group
Co
Ltd
561
1,274,472
*,e
NIO,
Inc
(ADR)
13,395
72,553
Nippon
Seiki
Co
Ltd
464
2,149,400
Nissan
Motor
Co
Ltd
8,135
66,310
e
Nissan
Shatai
Co
Ltd
424
81,488
NOK
Corp
903
130,844
e
Nokian
Renkaat
Oyj
1,252
31,600
Pacific
Industrial
Co
Ltd
276
36,504
Patrick
Industries,
Inc
2,512
513,135
Piaggio
&
C
S.p.A.
2,187
CREF
Stock
Account
March
31,
2023
4
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
26,894
e
Piolax
Inc
$
392
346,105
g
Pirelli
&
C
S.p.A
1,734
430,630
Porsche
AG.
24,721
66,760
PWR
Holdings
Ltd
447
64,623
*,e
QuantumScape
Corp
529
325,658
*
Renault
S.A.
13,273
422,101
*,e
Rivian
Automotive,
Inc
6,534
8,825
S&T
Daewoo
Co
Ltd
319
514,423
SAIC
Motor
Corp
Ltd
1,077
200,500
Sailun
Group
Co
Ltd
316
24,460
g
Sansera
Engineering
Ltd
223
424,000
Sanyang
Industry
Co
Ltd
545
117,876
Schaeffler
AG.
898
59,705
Shandong
Linglong
Tyre
Co
Ltd
170
12,500
Shenzhen
Kedali
Industry
Co
Ltd
236
168,400
Shoei
Co
Ltd
3,538
12,620
SL
Corp
272
74,109
*,e
Solid
Power,
Inc
223
886,200
Sri
Trang
Agro-Industry
PCL
(Foreign)
594
700
Standard
Motor
Products,
Inc
26
123,600
Stanley
Electric
Co
Ltd
2,748
882,716
e
Stellantis
NV
16,053
122,324
*
Stoneridge,
Inc
2,287
659,300
Sumitomo
Electric
Industries
Ltd
8,470
41,417
Sumitomo
Riko
Co
Ltd
216
158,200
Sumitomo
Rubber
Industries,
Inc
1,431
4,973
Sundaram-Clayton
Ltd
228
5,768,680
*
Sundaram-Clayton
Ltd
14
89,899
Sundram
Fasteners
Ltd
1,071
67,753
Suprajit
Engineering
Ltd
285
344,400
Suzuki
Motor
Corp
12,542
1,552,922
*
Tata
Motors
Ltd
8,001
3,561,193
*
Tesla,
Inc
738,805
99,722
Thor
Industries,
Inc
7,942
305,375
g
TI
Fluid
Systems
plc
405
642,000
e
Tianneng
Power
International
Ltd
760
48,247
e
Tokai
Rika
Co
Ltd
594
312,000
Tong
Yang
Industry
Co
Ltd
474
26,068
e
Topre
Corp
242
579,725
e
Toyo
Tire
&
Rubber
Co
Ltd
6,786
62,700
Toyoda
Gosei
Co
Ltd
1,082
71,695
Toyota
Boshoku
Corp
1,160
17,662,598
*
Toyota
Motor
Corp
251,434
8,542
Trigano
S.A.
1,113
85,300
TS
Tech
Co
Ltd
1,083
98,692
Tube
Investments
of
India
Ltd
3,066
53,000
Tung
Thih
Electronic
Co
Ltd
266
476,357
TVS
Motor
Co
Ltd
6,261
359,500
UMW
Holdings
BHD
314
993,272
Valeo
S.A.
20,382
44,391
*,g
Varroc
Engineering
Ltd
135
40,649
*
Visteon
Corp
6,375
19,499
*
Vitesco
Technologies
Group
AG.
1,410
43,628
Volkswagen
AG.
(Preference)
5,954
612,903
*,e
Volvo
Car
AB
2,681
5,406
WABCO
India
Ltd
685
641
Winnebago
Industries,
Inc
37
11,707
*,e
Workhorse
Group,
Inc
16
1,380,000
e
Wuling
Motors
Holdings
Ltd
151
452
*
XPEL,
Inc
31
801,000
*,e
XPeng,
Inc
4,446
CREF
Stock
Account
March
31,
2023
5
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,163,031
g
Yadea
Group
Holdings
Ltd
$
2,996
275,200
Yamaha
Motor
Co
Ltd
7,202
113,700
Yokohama
Rubber
Co
Ltd
2,408
484,000
Yulon
Motor
Co
Ltd
1,198
TOTAL
AUTOMOBILES
&
COMPONENTS
2,072,136
BANKS
-
5.8%
8,432
1st
Source
Corp
364
52,003
e
77
Bank
Ltd
850
606,027
g
ABN
AMRO
Group
NV
9,610
416,901
Absa
Group
Ltd
4,261
1,456,773
Abu
Dhabi
Commercial
Bank
PJSC
3,297
711,994
Abu
Dhabi
Islamic
Bank
PJSC
1,937
286
e
ACNB
Corp
9
642,600
*
Affin
Holdings
BHD
293
30,075,383
Agricultural
Bank
of
China
Ltd
11,138
2,796,562
Agricultural
Bank
of
China
Ltd
(Class
A)
1,266
14,067,146
AIB
Group
plc
56,937
38,500
Aichi
Financial
Group,
Inc
628
985,554
*
Ajman
Bank
PJSC
385
1,609,998
Akbank
TAS
1,425
54,641
Aktia
Bank
Oyj
566
765,100
Al
Ahli
Bank
of
Kuwait
KSCP
850
3,724,624
Al
Rajhi
Bank
73,323
2,218,462
Alinma
Bank
17,494
86,536
*
Alior
Bank
S.A.
781
928,100
Alliance
Financial
Group
BHD
717
3,015,969
*
Alpha
Bank
AE
3,707
315,270
*,†
Amagerbanken
AS
0
1,746
Amalgamated
Financial
Corp
31
17,151
Amerant
Bancorp
Inc
373
354
American
National
Bankshares,
Inc
11
70,678
Ameris
Bancorp
2,585
913,334
AMMB
Holdings
BHD
778
124,400
e
Aozora
Bank
Ltd
2,254
289,771
Arab
National
Bank
2,001
482
Arrow
Financial
Corp
12
6,065
Associated
Banc-Corp
109
3,765
Atlantic
Union
Bankshares
Corp
132
159,757
g
AU
Small
Finance
Bank
Ltd
1,130
4,340,259
Australia
&
New
Zealand
Banking
Group
Ltd
66,884
27,044
e
Awa
Bank
Ltd
399
1,884,583
Axis
Bank
Ltd
19,744
292,008
*
Axos
Financial,
Inc
10,781
1,871
Banc
of
California,
Inc
23
424,422
*,e
Banca
Monte
dei
Paschi
di
Siena
S.p.A
922
814,252
Banca
Popolare
di
Sondrio
SCARL
3,448
33,879
Bancfirst
Corp
2,815
97,300
Banco
ABC
Brasil
S.A.
323
16,966,268
e
Banco
Bilbao
Vizcaya
Argentaria
S.A.
121,298
1,637,792
e
Banco
BPM
S.p.A.
6,398
6,804,586
Banco
Bradesco
S.A.
15,909
18,754,059
Banco
Bradesco
S.A.
(Preference)
48,731
39,109,122
Banco
Comercial
Portugues
S.A.
8,667
55,298,455
Banco
de
Chile
5,371
26,413
Banco
de
Credito
e
Inversiones
774
9,429,258
e
Banco
de
Sabadell
S.A.
10,141
2,046,600
e,g
Banco
del
Bajio
S.A.
7,450
425,901
Banco
do
Brasil
S.A.
3,286
196,300
Banco
do
Estado
do
Rio
Grande
do
Sul
387
365,400
Banco
Pan
S.A.
368
CREF
Stock
Account
March
31,
2023
6
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
154,010
Banco
Santander
Brasil
S.A.
$
814
31,621,084
Banco
Santander
Chile
S.A.
1,402
325,763
Banco
Santander
S.A.
1,214
126,272
BanColombia
S.A.
949
378,690
e
BanColombia
S.A.
(ADR)
9,517
236,546
BanColombia
S.A.
(Preference)
1,482
309,353
*,g
Bandhan
Bank
Ltd
740
5,240,000
*
Bank
Aladin
Syariah
Tbk
PT
419
234,636
*
Bank
AlBilad
2,504
195,862
Bank
Al-Jazira
955
2,495,700
Bank
BTPN
Syariah
Tbk
PT
365
51,647,770
Bank
Central
Asia
Tbk
PT
30,216
541
e
Bank
First
Corp
40
36,947
Bank
Handlowy
w
Warszawie
S.A.
699
91,463
Bank
Hapoalim
Ltd
761
146,283
Bank
Leumi
Le-Israel
1,107
543,141
*
Bank
Millennium
S.A.
563
5,940,288
*
Bank
Neo
Commerce
Tbk
PT
239
13,108,686
Bank
of
America
Corp
374,908
1,010,161
Bank
of
Baroda
2,084
747,962
Bank
of
Beijing
Co
Ltd
479
229,900
Bank
of
Changsha
Co
Ltd
265
107,020
Bank
of
Chengdu
Co
Ltd
211
1,269,544
Bank
of
China
Ltd
-
A
624
76,839,912
Bank
of
China
Ltd
-
H
29,458
1,295,512
Bank
of
Communications
Co
Ltd
-
A
964
4,819,319
Bank
of
Communications
Co
Ltd
-
H
3,031
1,213,800
e
Bank
of
East
Asia
Ltd
1,542
35,924
Bank
of
Georgia
Group
plc
1,220
133,195
Bank
of
Hangzhou
Co
Ltd
225
2,879
e
Bank
of
Hawaii
Corp
150
7,406,479
Bank
of
Ireland
Group
plc
74,941
382,918
Bank
of
Jiangsu
Co
Ltd
392
430,400
Bank
of
Kaohsiung
174
58,400
e
Bank
of
Kyoto
Ltd
2,762
24,758
Bank
of
Marin
Bancorp
542
1,088,375
e
Bank
of
Montreal
96,943
253,814
Bank
of
Nanjing
Co
Ltd
331
184,474
Bank
of
Ningbo
Co
Ltd
733
1,190,392
e
Bank
of
Nova
Scotia
59,956
485,376
Bank
of
NT
Butterfield
&
Son
Ltd
13,105
626,559
Bank
of
Queensland
Ltd
(ASE)
2,732
476,299
Bank
of
Shanghai
Co
Ltd
415
226,000
Bank
of
Suzhou
Co
Ltd
229
941,881
Bank
of
the
Philippine
Islands
1,781
112,015
e
Bank
OZK
3,831
203,046
Bank
Pekao
S.A.
4,039
2,406,311
Bank
Pembangunan
Daerah
Jawa
Barat
Dan
Banten
Tbk
PT
218
6,823,200
*
Bank
Pembangunan
Daerah
Jawa
Timur
Tbk
PT
335
171,320,068
Bank
Rakyat
Indonesia
54,283
6,092,062
Bank
Tabungan
Negara
Persero
Tbk
PT
499
17,248
Bank
Zachodni
WBK
S.A.
1,168
644,718
e
Bankinter
S.A.
3,662
2,581
BankUnited
58
190
Bankwell
Financial
Group,
Inc
5
286,976
Banner
Corp
15,603
30,981
e
Banque
Cantonale
Vaudoise
2,924
281,909
Banque
Saudi
Fransi
2,735
513
Bar
Harbor
Bankshares
14
27,363,390
Barclays
plc
49,252
983,328
g
BAWAG
Group
AG.
47,759
CREF
Stock
Account
March
31,
2023
7
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
403
Baycom
Corp
$
7
489
BCB
Bancorp,
Inc
6
10,771,389
BDO
Unibank,
Inc
25,546
539,681
Bendigo
Bank
Ltd
3,139
113,858
Berkshire
Hills
Bancorp,
Inc
2,853
675,800
BIMB
Holdings
BHD
329
898
*
Blue
Foundry
Bancorp
9
12,166
Blue
Ridge
Bankshares,
Inc
124
1,434,871
BNP
Paribas
S.A.
85,687
3,137,625
BOC
Hong
Kong
Holdings
Ltd
9,768
1,610
BOK
Financial
Corp
136
622,179
Boubyan
Bank
KSCP
1,305
1,022,672
e
BPER
Banca
2,516
6,701
BRE
Bank
S.A.
478
554
*
Bridgewater
Bancshares,
Inc
6
535,793
Brookline
Bancorp,
Inc
5,626
255,733
BS
Financial
Group,
Inc
1,283
3,342,899
Bumiputra-Commerce
Holdings
BHD
4,029
2,854,513
Burgan
Bank
SAK
2,062
20,461
Business
First
Bancshares,
Inc
351
144,144
Byline
Bancorp,
Inc
3,116
7,947
Cadence
BanCorp
165
10,041,099
CaixaBank
S.A.
39,180
233
Cambridge
Bancorp
15
11,470
Camden
National
Corp
415
898,936
e
Canadian
Imperial
Bank
of
Commerce
38,119
361,538
Canadian
Western
Bank
6,624
258
Capital
Bancorp,
Inc
4
4,905
Capital
City
Bank
Group,
Inc
144
191,175
Capitec
Bank
Holdings
Ltd
18,121
602,620
Capitol
Federal
Financial
4,056
17,275
Capstar
Financial
Holdings,
Inc
262
830
*
Carter
Bankshares,
Inc
12
93,370
Cathay
General
Bancorp
3,223
340,304
Central
Pacific
Financial
Corp
6,091
2,305,011
Chang
Hwa
Commercial
Bank
1,316
1,346,900
Chiba
Bank
Ltd
8,693
11,234,490
China
Citic
Bank
5,652
537,907
China
Construction
Bank
Corp
-
A
465
92,570,546
China
Construction
Bank
Corp
-
H
59,911
1,355,204
China
Everbright
Bank
Co
Ltd
-
A
594
2,508,845
China
Everbright
Bank
Co
Ltd
-
H
761
5,172,481
China
Merchants
Bank
Co
Ltd
26,266
2,204,070
China
Merchants
Bank
Co
Ltd
(Class
A)
10,977
1,172,648
China
Minsheng
Banking
Corp
Ltd
-
A
589
9,376,991
e
China
Minsheng
Banking
Corp
Ltd
-
H
3,213
324,829
China
Zheshang
Bank
Co
Ltd
135
31,578,388
Chinatrust
Financial
Holding
Co
22,741
1,000,700
Chongqing
Rural
Commercial
Bank
Co
Ltd
535
133,000
Chugin
Financial
Group,
Inc
894
1,789,081
Citigroup,
Inc
83,890
480
Citizens
&
Northern
Corp
10
1,250,796
Citizens
Financial
Group,
Inc
37,987
924
City
Holding
Co
84
315,466
City
Union
Bank
Ltd
484
498
Civista
Bancshares,
Inc
8
144,749
Close
Brothers
Group
plc
1,614
557
CNB
Financial
Corp
11
12,031
*
Coastal
Financial
Corp
433
67,468
*
Collector
Bank
AB
234
554
Colony
Bankcorp
Inc
6
CREF
Stock
Account
March
31,
2023
8
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
271,395
Columbia
Banking
System,
Inc
$
5,813
1,941
*
Columbia
Financial,
Inc
36
47,674
e
Comerica,
Inc
2,070
50,252
Commerce
Bancshares,
Inc
2,932
1,541,886
Commercial
Bank
of
Qatar
QSC
2,470
1,248,491
Commercial
International
Bank
2,066
5,557,490
*
Commerzbank
AG.
58,511
2,143,015
Commonwealth
Bank
of
Australia
141,494
205,737
Community
Bank
System,
Inc
10,799
34,382
Community
Trust
Bancorp,
Inc
1,305
1,075,700
e
Concordia
Financial
Group
Ltd
3,965
149,788
e
ConnectOne
Bancorp,
Inc
2,648
273,600
Credicorp
Ltd
36,222
155,515
Credito
Emiliano
S.p.A.
1,150
1,543
*,e
CrossFirst
Bankshares,
Inc
16
2,729
Cullen/Frost
Bankers,
Inc
288
124,096
*
Customers
Bancorp,
Inc
2,298
4,833
CVB
Financial
Corp
81
5,646,074
*,†
Cyprus
Popular
Bank
Public
Co
Ltd
61
480,427
Dah
Sing
Banking
Group
Ltd
368
135,508
Dah
Sing
Financial
Holdings
Ltd
348
33,686
Daishi
Hokuetsu
Financial
Group,
Inc
736
6,536
Danske
Bank
AS
132
1,575,065
DBS
Group
Holdings
Ltd
39,159
146,934
DCB
Bank
Ltd
191
144,483
DGB
Financial
Group
Co
Ltd
767
2,367
Dime
Community
Bancshares,
Inc
54
32,456
DNB
Bank
ASA
581
2,313,249
Doha
Bank
QSC
1,036
2,764,915
Dubai
Islamic
Bank
PJSC
3,947
12,727,105
E.Sun
Financial
Holding
Co
Ltd
10,599
35,154
Eagle
Bancorp,
Inc
1,177
176,629
e
East
West
Bancorp,
Inc
9,803
6,078
Eastern
Bankshares,
Inc
77
918,738
Emirates
NBD
Bank
PJSC
3,288
319
Enterprise
Bancorp,
Inc
10
107,190
Enterprise
Financial
Services
Corp
4,780
23,646
e
Equitable
Group,
Inc
1,020
439,174
*,g
Equitas
Small
Finance
Bank
Ltd
360
6,905
Equity
Bancshares,
Inc
168
525
Esquire
Financial
Holdings,
Inc
21
1,222,015
*
Eurobank
Ergasias
S.A.
1,619
2,348,578
Far
Eastern
International
Bank
858
284
e
Farmers
&
Merchants
Bancorp,
Inc
7
44,961
Farmers
National
Banc
Corp
568
1,230
FB
Financial
Corp
38
1,733,697
Federal
Bank
Ltd
2,799
16,738
FIBI
Holdings
Ltd
630
1,898,469
Fifth
Third
Bancorp
50,575
515
Financial
Institutions,
Inc
10
907,793
FinecoBank
Banca
Fineco
S.p.A
13,908
328,122
First
Bancorp
3,747
2,235
First
Bancorp
79
307
First
Bancorp,
Inc
8
674
First
Bancshares,
Inc
17
447
First
Bank
5
136,293
First
Busey
Corp
2,772
271
First
Business
Financial
Services,
Inc
8
19,740
e
First
Citizens
Bancshares,
Inc
(Class
A)
19,209
721,755
First
Commonwealth
Financial
Corp
8,971
559
First
Community
Bancshares,
Inc
14
CREF
Stock
Account
March
31,
2023
9
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
24,495
First
Financial
Bancorp
$
533
517,448
First
Financial
Bankshares,
Inc
16,507
47,696
First
Financial
Corp
1,788
5,311,584
First
Financial
Holding
Co
Ltd
4,623
1,718
First
Foundation,
Inc
13
185
e
First
Guaranty
Bancshares,
Inc
3
165,111
First
Hawaiian,
Inc
3,406
433,642
First
Horizon
National
Corp
7,710
172,675
First
International
Bank
Of
Israel
Ltd
6,112
2,091
First
Internet
Bancorp
35
123,681
First
Interstate
Bancsystem,
Inc
3,693
59,029
First
Merchants
Corp
1,945
630
First
Mid-Illinois
Bancshares,
Inc
17
762
First
of
Long
Island
Corp
10
269
*
First
Western
Financial,
Inc
5
279
Five
Star
Bancorp
6
980
Flushing
Financial
Corp
15
19,441
FNB
Corp
226
5,200
*,†
FS
Finans
A.S.
0
176,300
Fukuoka
Financial
Group,
Inc
3,392
8,013
Fulton
Financial
Corp
111
477
*
FVCBankcorp,
Inc
5
6,456
German
American
Bancorp,
Inc
215
62,172
Glacier
Bancorp,
Inc
2,612
3,146
Great
Southern
Bancorp,
Inc
159
688
e
Greene
County
Bancorp,
Inc
16
8,855,885
e
Grupo
Financiero
Banorte
S.A.
de
C.V.
74,651
1,010,577
*,e
Grupo
Financiero
Inbursa
S.A.
2,173
1,656,374
Grupo
Security
S.A.
331
293
Guaranty
Bancshares,
Inc
8
734,001
Gulf
Bank
KSCP
715
337,400
Gunma
Bank
Ltd
1,128
346,700
Hachijuni
Bank
Ltd
1,506
521,061
Haci
Omer
Sabanci
Holding
AS
1,078
289,398
Hana
Financial
Group,
Inc
9,064
4,818
Hancock
Whitney
Corp
175
647,335
Hang
Seng
Bank
Ltd
9,202
1,840
Hanmi
Financial
Corp
34
1,553
HarborOne
Northeast
Bancorp,
Inc
19
353
HBT
Financial,
Inc
7
494,334
HDFC
Bank
Ltd
(ADR)
32,957
43,613
Heartland
Financial
USA,
Inc
1,673
80,164
Heritage
Commerce
Corp
668
1,183
Heritage
Financial
Corp
25
1,703
Hilltop
Holdings,
Inc
51
47
e
Hingham
Institution
for
Savings
11
242,002
Hirogin
Holdings,
Inc
1,144
20,600
e
Hokkoku
Financial
Holdings,
Inc
644
111,260
e
Hokuhoku
Financial
Group,
Inc
779
225
Home
Bancorp,
Inc
7
905,193
Home
Bancshares,
Inc
19,652
19,687
HomeStreet,
Inc
354
406
HomeTrust
Bancshares,
Inc
10
289,212
Hong
Leong
Bank
BHD
1,327
63,370
Hong
Leong
Credit
BHD
258
3,953
Hope
Bancorp,
Inc
39
1,379
Horizon
Bancorp
15
11,685,318
HSBC
Holdings
plc
79,419
4,338,510
Hua
Nan
Financial
Holdings
Co
Ltd
3,192
480,986
Huaxia
Bank
Co
Ltd
377
906,670
Huntington
Bancshares,
Inc
10,155
181,674
Hyakugo
Bank
Ltd
509
CREF
Stock
Account
March
31,
2023
10
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
5,118,729
ICICI
Bank
Ltd
$
54,701
2,758,613
*
IDFC
Bank
Ltd
1,855
2,760
Independent
Bank
Corp
181
26,151
Independent
Bank
Corp
465
767
Independent
Bank
Group,
Inc
36
235,603
Indian
Bank
830
2,049,039
Industrial
&
Commercial
Bank
of
China
Ltd
-
A
1,330
54,575,914
Industrial
&
Commercial
Bank
of
China
Ltd
-
H
29,004
607,205
Industrial
Bank
Co
Ltd
1,495
124,991
Industrial
Bank
of
Korea
972
24,900,627
ING
Groep
NV
295,703
187,931
*
Inter
&
Co,
Inc
323
33,023
Intercorp
Financial
Services,
Inc
754
62,327
International
Bancshares
Corp
2,669
6,441,413
Intesa
Sanpaolo
S.p.A.
16,532
2,453,813
Investimentos
Itau
S.A.
-
PR
3,980
1,907,693
iShares
Core
MSCI
EAFE
ETF
127,529
1,082,382
iShares
Core
MSCI
Emerging
Markets
ETF
52,809
1,129,571
Israel
Discount
Bank
Ltd
5,549
221,909,749
*
Itau
CorpBanca
Chile
SA
547
13,345,702
Itau
Unibanco
Holding
S.A.
65,143
204,554
e
Iyogin
Holdings,
Inc
1,163
280,668
*
Jammu
&
Kashmir
Bank
Ltd
168
1,392,400
e
Japan
Post
Bank
Co
Ltd
11,372
288,362
JB
Financial
Group
Co
Ltd
1,938
383
John
Marshall
Bancorp,
Inc
8
5,090,699
JPMorgan
Chase
&
Co
663,369
612,086
*
Judo
Capital
Holdings
Ltd
503
30,140
Juroku
Financial
Group,
Inc
643
85,112
*
Jyske
Bank
5,964
68,454
e
KakaoBank
Corp
1,279
148,616
Karnataka
Bank
Ltd
247
394,051
Karur
Vysya
Bank
Ltd
503
282,300
Kasikornbank
PCL
(Foreign)
1,095
653,381
KB
Financial
Group,
Inc
23,863
33,684
KBC
Ancora
1,552
757,155
KBC
Groep
NV
52,025
50,241
Kearny
Financial
Corp
408
106,148
e
Keiyo
Bank
Ltd
455
46,837
e
Keycorp
586
199,700
Kiatnakin
Bank
PCL
(Foreign)
370
745,000
King's
Town
Bank
864
52,919
Kiyo
Bank
Ltd
594
37,396
Komercni
Banka
AS
1,241
273,417
Kotak
Mahindra
Bank
Ltd
5,779
3,582,696
Krung
Thai
Bank
PCL
1,729
6,072,944
Kuwait
Finance
House
16,431
658,160
Kuwait
International
Bank
KSCP
402
2,187,054
Kuwait
Projects
Co
Holding
KSCP
882
341,400
e
Kyushu
Financial
Group,
Inc
1,232
17,481
Lakeland
Bancorp,
Inc
273
13,451
Lakeland
Financial
Corp
843
42,356
e
Laurentian
Bank
of
Canada
997
315,737
e
Live
Oak
Bancshares,
Inc
7,695
5,098,621
Lloyds
TSB
Group
plc
2,998
3,175
Luther
Burbank
Corp
30
448,482
M&T
Bank
Corp
53,625
848
Macatawa
Bank
Corp
9
2,373,130
Malayan
Banking
BHD
4,612
2,263,500
Malaysia
Building
Society
301
2,748,793
Masraf
Al
Rayan
2,243
944,100
Mebuki
Financial
Group
Inc
2,308
CREF
Stock
Account
March
31,
2023
11
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
538,998
Mediobanca
S.p.A.
$
5,416
11,215,402
Mega
Financial
Holding
Co
Ltd
12,155
474
Mercantile
Bank
Corp
15
7,214
Meta
Financial
Group,
Inc
299
1,862
Metrocity
Bankshares,
Inc
32
868,074
Metropolitan
Bank
&
Trust
936
311
*
Metropolitan
Bank
Holding
Corp
11
486
Mid
Penn
Bancorp,
Inc
12
14,722
Midland
States
Bancorp,
Inc
315
447
MidWestOne
Financial
Group,
Inc
11
15,640,026
Mitsubishi
UFJ
Financial
Group,
Inc
100,232
19,276
Mizrahi
Tefahot
Bank
Ltd
604
2,459,524
Mizuho
Financial
Group,
Inc
34,845
128,556
g
Moneta
Money
Bank
AS
516
29,768
Musashino
Bank
Ltd
500
349
MVB
Financial
Corp
7
28,049
e
Nanto
Bank
Ltd
493
2,720,920
National
Australia
Bank
Ltd
50,700
111,347
National
Bank
Holdings
Corp
3,726
3,964,913
National
Bank
of
Abu
Dhabi
PJSC
13,926
331,730
e
National
Bank
of
Canada
23,728
260,558
*
National
Bank
of
Greece
S.A.
1,269
7,011,629
National
Bank
of
Kuwait
SAKP
24,189
1,799,013
National
Commercial
Bank
22,030
16,107,990
NatWest
Group
plc
52,561
41,806
NBT
Bancorp,
Inc
1,409
469,930
Nedbank
Group
Ltd
5,723
221,112
New
York
Community
Bancorp,
Inc
1,999
371
*
Nicolet
Bankshares,
Inc
23
137,264
Nishi-Nippon
Financial
Holdings,
Inc
1,129
9,557,543
e
Nordea
Bank
Abp
102,122
3,115,665
e
Nordea
Bank
Abp
33,270
306,597
North
Pacific
Bank
Ltd
644
229
Northeast
Bank
8
1,495
Northfield
Bancorp,
Inc
18
55,748
e
Northwest
Bancshares,
Inc
671
2,983,161
*
NU
Holdings
Ltd
14,200
1,321,000
O-Bank
Co
Ltd
421
228,899
OceanFirst
Financial
Corp
4,230
482,156
e
OFG
Bancorp
12,025
36,207
e
Ogaki
Kyoritsu
Bank
Ltd
489
18,000
Okinawa
Financial
Group,
Inc
283
395,566
Old
National
Bancorp
5,704
155,296
Old
Second
Bancorp,
Inc
2,183
56,415
Origin
Bancorp,
Inc
1,814
327
Orrstown
Financial
Services,
Inc
7
102,623
OTP
Bank
2,930
3,239,246
Oversea-Chinese
Banking
Corp
30,196
3,256
Pacific
Premier
Bancorp,
Inc
78
387
e
PacWest
Bancorp
4
778
e
Park
National
Corp
92
343
e
Parke
Bancorp,
Inc
6
398
PCB
Bancorp
6
7,479
Peapack
Gladstone
Financial
Corp
222
14,111
e
Peoples
Bancorp,
Inc
363
238
Peoples
Financial
Services
Corp
10
1,732,155
*
Permanent
TSB
Group
Holdings
plc
4,339
1,338,684
Ping
An
Bank
Co
Ltd
2,439
3,796
Pinnacle
Financial
Partners,
Inc
209
285
*
Pioneer
Bancorp,
Inc
3
4,880,230
*
Piraeus
Financial
Holdings
S.A.
10,659
915,523
PNC
Financial
Services
Group,
Inc
116,363
CREF
Stock
Account
March
31,
2023
12
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
32,962
Popular,
Inc
$
1,892
857,337
Postal
Savings
Bank
of
China
Co
Ltd
-
A
581
8,555,972
e,g
Postal
Savings
Bank
of
China
Co
Ltd
-
H
5,074
926,358
Powszechna
Kasa
Oszczednosci
Bank
Polski
S.A.
6,148
161,348
Preferred
Bank
8,844
1,209
Premier
Financial
Corp
25
30,016
Primis
Financial
Corp
289
60,229
Prosperity
Bancshares,
Inc
3,705
6,349
Provident
Bancorp
Inc
43
185,576
Provident
Financial
Services,
Inc
3,559
23,327,000
*
PT
Bank
Bukopin
Tbk
171
74,976,385
PT
Bank
Mandiri
Persero
Tbk
51,632
25,103,353
PT
Bank
Negara
Indonesia
15,708
14,237,205
Public
Bank
BHD
12,920
486,489
Qatar
International
Islamic
Bank
QSC
1,325
803,939
Qatar
Islamic
Bank
SAQ
3,940
5,802,143
Qatar
National
Bank
25,635
34,449
QCR
Holdings,
Inc
1,513
229,566
Raiffeisen
International
Bank
Holding
AG.
3,524
480
RBB
Bancorp
7
385,327
*,g
RBL
Bank
Ltd
664
152
Red
River
Bancshares
Inc
7
455,891
e
Regional
SAB
de
C.V.
3,483
41,880
Regions
Financial
Corp
777
274,101
Renasant
Corp
8,382
295
Republic
Bancorp,
Inc
(Class
A)
13
1,589
*,e
Republic
First
Bancorp,
Inc
2
3,802,600
Resona
Holdings,
Inc
18,344
660,700
RHB
Capital
BHD
836
26,015
Ringkjoebing
Landbobank
A.S.
3,674
1,253,004
Riyad
Bank
9,975
1,398,134
e
Royal
Bank
of
Canada
133,710
14,067
S&T
Bancorp,
Inc
442
1,510
Sandy
Spring
Bancorp,
Inc
39
133,464
San-In
Godo
Bank
Ltd
745
445,744
Saudi
British
Bank
4,200
442,075
Saudi
Investment
Bank
1,963
818,661
SCB
X
PCL
2,460
1,630
Seacoast
Banking
Corp
of
Florida
39
413,250
Security
Bank
Corp
701
23,614
ServisFirst
Bancshares,
Inc
1,290
619,900
e
Seven
Bank
Ltd
1,239
1,857,331
Shanghai
Commercial
&
Savings
Bank
Ltd
2,867
815,034
Shanghai
Pudong
Development
Bank
Co
Ltd
853
830,800
Shanghai
Rural
Commercial
Bank
Co
Ltd
697
1,241,147
Sharjah
Islamic
Bank
643
36,000
e
Shiga
Bank
Ltd
729
443,748
Shinhan
Financial
Group
Co
Ltd
12,055
73,100
*
Shinsei
Bank
Ltd
1,288
499,500
Shizuoka
Financial
Group,
Inc
3,587
601
Shore
Bancshares,
Inc
9
486
Sierra
Bancorp
8
5,830
Simmons
First
National
Corp
(Class
A)
102
11,243,527
SinoPac
Financial
Holdings
Co
Ltd
6,147
5,715,561
*,e
Skandinaviska
Enskilda
Banken
AB
(Class
A)
63,090
524
SmartFinancial,
Inc
12
22,226
Societe
Generale
501
996,362
*
South
Indian
Bank
Ltd
178
16,195
South
Plains
Financial
Inc
347
217,858
South
State
Corp
15,525
258
*
Southern
First
Bancshares,
Inc
8
251
Southern
Missouri
Bancorp,
Inc
9
CREF
Stock
Account
March
31,
2023
13
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
50,506
Southside
Bancshares,
Inc
$
1,677
84,318
Spar
Nord
Bank
AS
1,332
49,551
Sparebank
Oestlandet
538
181,122
SpareBank
SR-Bank
ASA
2,094
129,183
e
Sparebanken
Midt-Norge
1,526
198,834
Sparebanken
Nord-Norge
1,678
2,780
St
Galler
Kantonalbank
1,496
2,624,368
Standard
Bank
Group
Ltd
25,445
6,166,280
Standard
Chartered
plc
46,735
879,755
State
Bank
of
India
5,624
35,844
Stellar
Bancorp,
Inc
882
576
*
Sterling
Bancorp,
Inc
3
1,567
Stock
Yards
Bancorp,
Inc
86
2,603,197
Sumitomo
Mitsui
Financial
Group,
Inc
104,174
427,671
Sumitomo
Mitsui
Trust
Holdings,
Inc
14,693
340
e
Summit
Financial
Group,
Inc
7
221,964
Suruga
Bank
Ltd
778
10,093
e
Svenska
Handelsbanken
AB
87
27,694
e
Swedbank
AB
(A
Shares)
455
152,176
Sydbank
AS
6,842
7,629
Synovus
Financial
Corp
235
3,309,680
Taichung
Commercial
Bank
1,509
5,352,496
Taishin
Financial
Holdings
Co
Ltd
2,929
3,081,000
Taiwan
Business
Bank
1,365
4,805,659
Taiwan
Cooperative
Financial
Holding
4,127
48,253
TBC
Bank
Group
plc
1,333
2,537
*
Texas
Capital
Bancshares,
Inc
124
282,300
Thanachart
Capital
PCL
378
138,249
*,e
The
Bancorp,
Inc
3,850
411
*,e
Third
Coast
Bancshares,
Inc
6
1,055,800
Tisco
Bank
PCL
3,103
184,543
e
Toho
Bank
Ltd
302
25,100
Tokyo
TY
Financial
Group,
Inc
499
107,364
e
Tomony
Holdings,
Inc
287
480
Tompkins
Financial
Corp
32
1,827,154
Toronto-Dominion
Bank
109,440
28,425
Towne
Bank
758
1,843
Trico
Bancshares
77
11,597
Triumph
Bancorp,
Inc
673
620,405
Truist
Financial
Corp
21,156
13,029
e
TrustCo
Bank
Corp
NY
416
160,817
Trustmark
Corp
3,972
1,798,181
*
Turkiye
Is
Bankasi
(Series
C)
1,217
2,610
UMB
Financial
Corp
151
3,811,287
e,g
Unicaja
Banco
S.A.
4,098
27,937
UniCredit
S.p.A.
527
2,110,337
Union
Bank
Of
Taiwan
1,103
6,022
United
Bankshares,
Inc
212
4,981
United
Community
Banks,
Inc
140
1,035,317
United
Overseas
Bank
Ltd
23,221
237
Unity
Bancorp,
Inc
5
83,843
e
Univest
Financial
Corp
1,990
2,090,957
US
Bancorp
75,379
369
*,e
USCB
Financial
Holdings,
Inc
4
14,829
Valiant
Holding
1,594
874,085
Valley
National
Bancorp
8,077
264,760
Van
Lanschot
Kempen
NV
8,086
88,254
Veritex
Holdings,
Inc
1,612
3,010,091
Virgin
Money
UK
plc
5,440
635,093
*,†
VTB
Bank
PJSC
(GDR)
Equiduct
6
664,707
*,†
VTB
Bank
PJSC
(GDR)
Tradegate
7
CREF
Stock
Account
March
31,
2023
14
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,092,844
*
Warba
Bank
KSCP
$
815
65,761
Washington
Federal,
Inc
1,981
12,111
Washington
Trust
Bancorp,
Inc
420
9,029
Webster
Financial
Corp
356
11,063,504
Wells
Fargo
&
Co
413,554
53,118
WesBanco,
Inc
1,631
453
e
West
Bancorporation,
Inc
8
122,993
Westamerica
Bancorporation
5,449
5,822
Western
Alliance
Bancorp
207
3,032,411
Westpac
Banking
Corp
44,151
223,503
Wintrust
Financial
Corp
16,305
269,231
Woori
Financial
Group,
Inc
2,368
35,556
WSFS
Financial
Corp
1,337
196,399
Yamaguchi
Financial
Group,
Inc
1,203
1,420,095
Yapi
ve
Kredi
Bankasi
711
5,589,762
*
Yes
Bank
Ltd
1,027
9,001
Zions
Bancorporation
269
TOTAL
BANKS
6,426,838
CAPITAL
GOODS
-
8.0%
4,325
*
3D
Systems
Corp
46
245,726
3M
Co
25,828
2,842
3M
India
Ltd
795
105,503
A.O.
Smith
Corp
7,296
153,034
Aalberts
Industries
NV
7,229
1,802,566
Aamal
Co
404
67,192
Aaon,
Inc
6,497
48,949
*
AAR
Corp
2,670
730,423
ABB
Ltd
25,128
50,162
ABB
Ltd
India
2,058
10,911
ABB
Power
Products
&
Systems
India
Ltd
445
1,572,659
Aboitiz
Equity
Ventures,
Inc
1,405
407,000
AcBel
Polytech,
Inc
517
22,308
Ackermans
&
Van
Haaren
3,677
8,670
Acuity
Brands,
Inc
1,584
163,237
Adani
Enterprises
Ltd
3,493
424,317
AddTech
AB
7,886
20,947
e
ADENTRA,
Inc
400
54,706
Advanced
Drainage
Systems,
Inc
4,607
19,000
Advanced
Energy
Solution
Holding
Co
Ltd
453
46,727
AECC
Aero-Engine
Control
Co
Ltd
166
113,952
AECC
Aviation
Power
Co
Ltd
717
190,567
Aecom
Technology
Corp
16,069
69,250
e
Aecon
Group,
Inc
704
170,496
*
AerCap
Holdings
NV
9,587
31,562
*
Aerojet
Rocketdyne
Holdings,
Inc
1,773
972
*
Aerovironment,
Inc
89
536
*,e
AerSale
Corp
9
48,595
e
AFG
Arbonia-Forster
Hldg
585
62,308
AG
Growth
International
Inc
2,827
17,121
AGCO
Corp
2,315
40,421
AIA
Engineering
Ltd
1,429
40,400
Aichi
Corp
243
119,541
Aida
Engineering
Ltd
739
83,888
Air
Lease
Corp
3,303
1,257,150
Airbus
SE
167,914
167,226
Airtac
International
Group
6,540
20,675
Aker
ASA
(A
Shares)
1,330
5,966
Alamo
Group,
Inc
1,099
140,376
Alarko
Holding
AS
475
1,603
Albany
International
Corp
(Class
A)
143
CREF
Stock
Account
March
31,
2023
15
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
2,802,000
e
Alfa
S.A.
de
C.V.
(Class
A)
$
1,776
20,793
*,e,g
Alfen
Beheer
BV
1,657
76,076
e,g
Alimak
Group
AB
542
281,944
Allegion
plc
30,092
3,046,200
Alliance
Global
Group,
Inc
694
184,040
Allison
Transmission
Holdings,
Inc
8,326
109,253
Alstom
RGPT
2,975
191,644
Alta
Equipment
Group,
Inc
3,038
1,489,700
Amada
Co
Ltd
13,964
391,291
Amara
Raja
Batteries
Ltd
2,765
1,348
*
Ameresco,
Inc
66
1,139
*
American
Woodmark
Corp
59
838,488
Ametek,
Inc
121,857
195,912
Andritz
AG.
13,256
29,823
*
Antares
Vision
S.p.A
203
11,272
Apar
Industries
Ltd
345
481,472
*
API
Group
Corp
10,823
23,163
Apogee
Enterprises,
Inc
1,002
153,020
Applied
Industrial
Technologies,
Inc
21,749
119,818
*
Aprogen
KIC,
Inc
138
2,896
Arad
Investment
&
Industrial
Development
Ltd
324
201,300
Arcadis
NV
8,242
334,272
*,e
Archer
Aviation,
Inc
956
258,924
Arcosa,
Inc
16,341
478
Argan,
Inc
19
104,800
Armac
Locacao
Logistica
E
Servicos
S.A.
238
38,764
Armstrong
World
Industries,
Inc
2,762
223,758
*
Array
Technologies,
Inc
4,896
178,100
Asahi
Glass
Co
Ltd
6,640
638,119
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
1,730
1,370,400
Ashok
Leyland
Ltd
2,332
2,265,934
Ashtead
Group
plc
139,139
37,732
Ashtrom
Group
Ltd
568
915,108
Assa
Abloy
AB
21,919
16,488
Astec
Industries,
Inc
680
31,976
Astra
Industrial
Group
543
4,933
*,e
Astra
Space,
Inc
2
116,152
Astral
Polytechnik
Ltd
1,894
864
*
Astronics
Corp
12
174,509
*
Atkore
International
Group,
Inc
24,515
60,777
Atlas
Copco
AB
699
2,000,959
Atlas
Copco
AB
25,349
117,691
*
ATS
Corp
4,928
277,124
Austal
Ltd
320
857,037
e
AviChina
Industry
&
Technology
Co
450
24,959
AVICOPTER
plc
154
25,239
Avon
Rubber
plc
288
57,326
*
Axon
Enterprise,
Inc
12,890
115,881
Ayala
Corp
1,393
2,215
*,†
Ayala
Corp
Preferred
0^
93,674
*
AZEK
Co,
Inc
2,205
62,177
AZZ,
Inc
2,564
237,368
*
Babcock
International
Group
877
31,797
Badger
Infrastructure
Solution
769
2,901,071
BAE
Systems
plc
35,092
573,529
Balfour
Beatty
plc
2,635
234,113
*,e
Ballard
Power
Systems,
Inc
1,306
141,241
Barloworld
Ltd
708
1,030
Barnes
Group,
Inc
41
20,521
Bawan
Co
154
12,156
BayWa
AG.
537
CREF
Stock
Account
March
31,
2023
16
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
63,163
*
Beacon
Roofing
Supply,
Inc
$
3,717
87,845
e
Beijer
Alma
AB
1,750
318,911
e
Beijer
Ref
AB
5,596
25,100
Beijing
Easpring
Material
Technology
Co
Ltd
211
90,012
Beijing
New
Building
Materials
plc
351
22,800
Beijing
United
Information
Technology
Co
Ltd
275
11,596
Belimo
Holding
AG.
5,605
25,021
*,†
BEML
Land
Assets
Ltd
108
17,973
BEML
Ltd
276
1,429,000
BES
Engineering
Corp
435
334,834
Bharat
Dynamics
Ltd
4,043
3,657,409
Bharat
Electronics
Ltd
4,353
726,410
Bharat
Heavy
Electricals
621
271,477
e
Bidvest
Group
Ltd
3,864
15,467
Biesse
S.p.A.
246
126,000
Bizlink
Holdings
Inc
1,159
3,565
*,e
Blink
Charging
Co
31
944,133
*
Bloom
Energy
Corp
18,817
315
*
Blue
Bird
Corp
6
55,070
Blue
Star
Ltd
926
932
*
BlueLinx
Holdings,
Inc
63
990,806
g
BOC
Aviation
Ltd
7,684
186,593
Bodycote
plc
1,501
1,553,871
*
Boeing
Co
330,089
74,601
Boise
Cascade
Co
4,719
82,012
*
Bombardier,
Inc
4,477
19,230
Bonheur
ASA
427
5,731
Bossard
Holding
AG.
1,448
231,729
Bouygues
S.A.
7,815
577,510
Brenntag
AG.
43,461
335,000
Brighton-Best
International
Taiwan,
Inc
397
1,338
e
Brookfield
Business
Corp
27
15,388
Bucher
Industries
AG.
7,197
11,958
Budimex
S.A.
876
29,038
Bufab
AB
775
215,001
*
Builders
FirstSource,
Inc
19,088
69,100
e
Bunka
Shutter
Co
Ltd
578
387,470
Bunzl
plc
14,636
13,416
Burckhardt
Compression
Holding
AG.
8,342
5,459
Burkhalter
Holding
AG.
520
25,915
BWX
Technologies,
Inc
1,634
90,746
*
Cadeler
A.S.
369
980
Cadre
Holdings,
Inc
21
380,578
*
CAE,
Inc
8,606
7,841
e
Caesarstone
Sdot-Yam
Ltd
32
17,049
Carbone
Lorraine
758
38,130
g
Carel
Industries
S.p.A
1,041
37,196
Cargotec
Corp
(B
Shares)
1,811
26,003
Carlisle
Cos,
Inc
5,879
4,224,710
Carrier
Global
Corp
193,280
727,438
Caterpillar,
Inc
166,467
24,100
Central
Glass
Co
Ltd
535
5,180
Cera
Sanitaryware
Ltd
405
112,817
*,e
Ceres
Power
Holdings
plc
548
1,049,700
CH
Karnchang
PCL
636
211,738
*,e
ChargePoint
Holdings,
Inc
2,217
19,448
e
Chargeurs
S.A.
329
1,839
*
Chart
Industries,
Inc
231
937,340
Chemring
Group
plc
3,235
126,000
Chicony
Power
Technology
Co
Ltd
336
776,800
Chin
Hin
Group
Bhd
843
CREF
Stock
Account
March
31,
2023
17
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
290,000
China
Aircraft
Leasing
Group
Holdings
Ltd
$
183
144,522
China
Baoan
Group
Co
Ltd
239
1,638,000
China
Communications
Services
Corp
Ltd
806
806,574
China
Conch
Venture
Holdings
Ltd
1,412
274,900
China
CSSC
Holdings
Ltd
938
2,226,600
China
Energy
Engineering
Corp
Ltd
781
517,000
*
China
High
Speed
Transmission
Equipment
Group
Co
Ltd
193
595,036
China
Lesso
Group
Holdings
Ltd
532
170,900
China
National
Chemical
Engineering
Co
Ltd
231
701,618
China
Railway
Group
Ltd
-
A
702
2,405,000
China
Railway
Group
Ltd
-
H
1,468
754,000
e
China
State
Construction
Development
Holdings
Ltd
196
1,260,600
China
State
Construction
Engineering
Corp
Ltd
1,063
1,026,000
China
State
Construction
International
Holdings
Ltd
1,161
19,053
e
China
Yuchai
International
Ltd
150
138,545
*
Chiyoda
Corp
411
63,400
e
Chudenko
Corp
1,022
422,000
Chung
Hsin
Electric
&
Machinery
Manufacturing
Corp
1,317
676,000
CIMC
Enric
Holdings
Ltd
654
42,114
*
CIRCOR
International,
Inc
1,311
2,954,517
Citic
Pacific
Ltd
3,453
10,042,000
Citic
Resources
Holdings
Ltd
595
13,956
CJ
Corp
1,119
2,093,086
CK
Hutchison
Holdings
Ltd
12,949
47,893
CKD
Corp
782
1,116,110
CNH
Industrial
NV
17,043
8,360
CNH
Industrial
NV
128
138,982
g
Cochin
Shipyard
Ltd
806
6,123
Colt
CZ
Group
SE
165
24,621
Columbus
McKinnon
Corp
915
279,420
Comfort
Systems
USA,
Inc
40,784
3,029,879
Compagnie
de
Saint-Gobain
172,229
107,917
e
COMSYS
Holdings
Corp
1,993
966
*
Concrete
Pumping
Holdings
Inc
7
20,791
Construcciones
y
Auxiliar
de
Ferrocarriles
S.A.
577
76,238
*
Construction
Partners
Inc
2,054
138,253
Contemporary
Amperex
Technology
Co
Ltd
8,183
406,000
Continental
Engineering
Corp
412
1,312
e
Conzzeta
AG.
947
57,598
*,e
Core
&
Main,
Inc
1,331
770,800
COSCO
SHIPPING
Development
Co
Ltd
277
4,762
Craftsman
Automation
Ltd
189
28,988
Crane
Holdings
Co
3,290
38,617
*
Creative
&
Innovative
System
429
294,754
Crompton
Greaves
Ltd
1,078
2,134,000
CRRC
Corp
Ltd
1,165
23,859
CS
Wind
Corp
1,340
570,000
*
CSBC
Corp
Taiwan
439
8,085
CSW
Industrials,
Inc
1,123
504,000
CTCI
Corp
694
119,067
Cummins
India
Ltd
2,367
74,244
Cummins,
Inc
17,735
94,271
Curtiss-Wright
Corp
16,616
36,501
*,e
Custom
Truck
One
Source,
Inc
248
11,477
Daelim
Industrial
Co
471
7,621
e
Daetwyler
Holding
AG.
1,574
193,995
*
Daewoo
Engineering
&
Construction
Co
Ltd
603
109,117
Daewoo
International
Corp
1,878
39,832
*
Daewoo
Shipbuilding
&
Marine
Engineering
Co
Ltd
754
156,300
Daifuku
Co
Ltd
2,902
18,548
Daihen
Corp
623
CREF
Stock
Account
March
31,
2023
18
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
6,489
e
Daiho
Corp
$
180
452,777
Daikin
Industries
Ltd
81,231
817,139
*
Daimler
Truck
Holding
AG.
27,578
30,500
Daiwa
Industries
Ltd
319
25,300
Dajin
Heavy
Industry
Co
Ltd
130
20,074
e
Danieli
&
Co
S.p.A.
532
94,717
Danieli
&
Co
S.p.A.
(RSP)
1,879
27,258
Dassault
Aviation
S.A.
5,392
14,928
Data
Patterns
India
Ltd
250
32,675
*
Dawonsys
Co
Ltd
352
101,531
DCC
plc
5,918
15,178
*,e
Decarbonization
Plus
Acquisition
Corp
12
782,688
Deere
&
Co
323,156
192
*,e
Desktop
Metal,
Inc
0^
107,960
Deutz
AG.
701
56,403
g
Dilip
Buildcon
Ltd
116
276,826
Diploma
plc
9,638
89,874
DiscoverIE
Group
plc
855
30,394
DL
E&C
Co
Ltd
759
9,672,960
DMCI
Holdings,
Inc
2,050
109,438
Donaldson
Co,
Inc
7,151
147,929
Dongfang
Electric
Corp
Ltd
408
46,332
Doosan
Bobcat,
Inc
1,558
5,591
Doosan
Corp
423
40,990
*
Doosan
Fuel
Cell
Co
Ltd
1,063
199,370
*
Doosan
Heavy
Industries
and
Construction
Co
Ltd
2,618
110,887
Doosan
Infracore
Co
Ltd
644
471
Douglas
Dynamics,
Inc
15
1,115,458
Dover
Corp
169,483
392,953
*,†
Drake
&
Scull
International
PJSC
1
7,185
*
Dredging
Environmental
&
Marine
Engineering
NV
921
2,108,295
Dubai
Investments
PJSC
1,323
383
*
Ducommun,
Inc
21
51,310
Duerr
AG.
1,844
521
*
DXP
Enterprises,
Inc
14
38,849
*
Dycom
Industries,
Inc
3,638
4,087,800
Dynasty
Ceramic
PCL
277
2,009,536
Eaton
Corp
344,314
88,100
Ebara
Corp
4,102
16,489
*,e
Ebusco
Holding
NV
171
1,478,000
E-Commodities
Holdings
Ltd
275
45,570
Ecopro
BM
Co
Ltd
7,897
27,365
Elbit
Systems
Ltd
4,661
8,947
Elco
Holdings
Ltd
326
39,412
Elecon
Engineering
Co
Ltd
184
2,012
Electra
Israel
Ltd
854
3,871,954
Electrocomponents
plc
43,778
225,151
e
Electrolux
Professional
AB
1,180
173,354
Elgi
Equipments
Ltd
928
650,608
ElSewedy
Electric
Co
318
9,112,300
*
Embraer
S.A.
37,377
83,521
EMCOR
Group,
Inc
13,580
33,352
Emerson
Electric
Co
2,906
82,321
Encore
Wire
Corp
15,257
5,558
Energiekontor
AG.
401
21,240
*
Energy
Recovery,
Inc
490
10,912
*,e
Energy
Vault
Holdings,
Inc
23
540,477
Enerpac
Tool
Group
Corp
13,782
1,370
EnerSys
119
27,352
*
Engcon
AB
207
228,293
Engineers
India
Ltd
207
3,796
*,e
Enovix
Corp
57
CREF
Stock
Account
March
31,
2023
19
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
156,713
EnPro
Industries,
Inc
$
16,281
24,564
Epiroc
AB
419
113,051
Esab
Corp
6,678
5,279
ESAB
India
Ltd
227
172,648
ESCO
Technologies,
Inc
16,479
31,399
Escorts
Ltd
725
7,635
*,e
ESS
Tech,
Inc
11
745,225
*
Estithmar
Holding
QPSC
426
117,907
Eve
Energy
Co
Ltd
1,197
184,884
*
Evoqua
Water
Technologies
Corp
9,192
90,429
Fagerhult
AB
540
144,600
Fangda
Carbon
New
Material
Co
Ltd
136
300,680
Fanuc
Ltd
10,858
3,404,631
Far
Eastern
Textile
Co
Ltd
3,504
491,212
Fastenal
Co
26,496
66,578
Federal
Signal
Corp
3,609
194,515
Ferguson
plc
25,717
501,197
Ferrovial
S.A.
14,759
543,313
*,e
Fincantieri
S.p.A
348
406,395
Finning
International,
Inc
10,131
323,493
Finolex
Cables
Ltd
3,207
420,000
First
Tractor
Co
214
1,637,371
Fletcher
Building
Ltd
4,480
863,401
Flowserve
Corp
29,356
354,341
FLSmidth
&
Co
AS
13,575
162,639
*,e
Fluence
Energy,
Inc
3,293
94,261
e
Fluidra
S.A.
1,661
501,031
*
Fluor
Corp
15,487
856
e
Forbo
Holding
AG.
1,237
832,493
Fortive
Corp
56,751
108,121
Fortune
Brands
Home
&
Security,
Inc
6,350
2,834,008
e
Fosun
International
2,077
2,653
Franklin
Electric
Co,
Inc
250
348,200
e
Frencken
Group
Ltd
298
6,046
*,e
FTC
Solar,
Inc
14
1,681
*,e
FuelCell
Energy,
Inc
5
503,890
*
Fugro
NV
6,403
120,400
*
Fuji
Electric
Holdings
Co
Ltd
4,755
299,845
Fuji
Machine
Manufacturing
Co
Ltd
5,077
994,278
Fujikura
Ltd
7,063
58,739
e
Fujitec
Co
Ltd
1,461
13,339
Fukushima
Industries
Corp
482
20,256
Furukawa
Co
Ltd
196
67,844
Furukawa
Electric
Co
Ltd
1,264
17,934
*
G
R
Infraprojects
Ltd
220
1,652,332
Gamuda
BHD
1,531
8,000
Gaona
Aero
Material
Co
Ltd
44
11,779
Garden
Reach
Shipbuilders
&
Engineers
Ltd
65
35,082
GARO
AB
259
85,879
*
Gates
Industrial
Corp
plc
1,193
1,205
GATX
Corp
133
14,862
GEA
Group
AG.
678
197
Geberit
AG.
110
51,398
GEK
Group
of
Cos
S.A.
613
53,395
*
Generac
Holdings,
Inc
5,767
213,105
General
Dynamics
Corp
48,633
53,015
General
Electric
Co
5,068
78,841
Georg
Fischer
AG.
6,136
59,571
*
Gibraltar
Industries,
Inc
2,889
13,501
e
Giken
Seisakusho
Co,
Inc
284
18,500
*
Ginlong
Technologies
Co
Ltd
360
23,859
*
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS.
328
CREF
Stock
Account
March
31,
2023
20
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
1,108
Global
Industrial
Co
$
30
45,256
e
Glory
Ltd
991
93,728
GMM
Pfaudler
Ltd
1,674
59,796
*
GMS,
Inc
3,462
51,213
*
Godrej
Industries
Ltd
252
4,809
GoodWe
Technologies
Co
Ltd
203
639
Gorman-Rupp
Co
16
101,827
Gotion
High-tech
Co
Ltd
442
49,705
Graco,
Inc
3,629
9,277
GrafTech
International
Ltd
45
280,293
Grafton
Group
plc
3,070
1,371
Granite
Construction,
Inc
56
49,541
Graphite
India
Ltd
159
1,680
*
Great
Lakes
Dredge
&
Dock
Corp
9
822,049
Greaves
Cotton
Ltd
1,264
529
Greenbrier
Cos,
Inc
17
2,721,000
g
Greentown
Management
Holdings
Co
Ltd
2,553
246,190
Griffon
Corp
7,881
42,390
Grindwell
Norton
Ltd
971
441,393
e
Grupo
Carso
S.A.
de
C.V.
(Series
A1)
2,194
130,199
e
Grupo
Rotoplas
SAB
de
C.V.
199
63,643
GS
Engineering
&
Construction
Corp
1,016
43,908
GS
Holdings
Corp
1,362
64,654
e
GS
Yuasa
Corp
1,168
77,250
GT
Capital
Holdings,
Inc
735
15,115
Guangdong
Kinlong
Hardware
Products
Co
Ltd
177
16,800
Guangzhou
Great
Power
Energy
&
Technology
Co
Ltd
139
88,232
Gulf
Cable
&
Electrical
Industries
Co
KSCP
316
77,910
*,e,g
GVS
S.p.A
519
244,903
GWA
International
Ltd
269
49,283
H&E
Equipment
Services,
Inc
2,180
696,497
Haitian
International
Holdings
Ltd
1,805
271,390
Hangzhou
Steam
Turbine
Co
389
51,479
Hanwa
Co
Ltd
1,539
34,836
Hanwha
Corp
705
13,757
Hanwha
Corp
(3P)
148
281,507
Hanwha
Systems
Co
Ltd
3,007
535,881
HAP
Seng
Consolidated
BHD
620
1,260,000
*
Harbin
Power
Equipment
582
46,200
e
Harmonic
Drive
Systems,
Inc
1,541
237,129
Havells
India
Ltd
3,438
54,217
*
Hayward
Holdings,
Inc
635
156,036
e
Hazama
Ando
Corp
1,009
40,648
HDC
Hyundai
Development
Co-Engineering
&
Construction
354
5,286
HEG
Ltd
59
3,871
HEICO
Corp
662
67,863
HEICO
Corp
(Class
A)
9,223
222,410
*
Heidelberger
Druckmaschinen
413
677
Helios
Technologies,
Inc
44
195,134
Hensoldt
AG.
7,034
1,378
Herc
Holdings,
Inc
157
104,697
*
Hexagon
Composites
ASA
332
51,889
*,e
Hexagon
Purus
Holding
AS.
129
156,804
Hexatronic
Group
AB
1,789
69,350
Hexcel
Corp
4,733
18,750
HG
Infra
Engineering
Ltd
179
2,338
Hillenbrand,
Inc
111
4,586
*
Hillman
Solutions
Corp
39
278,800
Hino
Motors
Ltd
1,167
9,900
e
Hirata
Corp
514
202,500
*
Hitachi
Construction
Machinery
Co
Ltd
4,720
2,688,991
*
Hitachi
Ltd
147,789
CREF
Stock
Account
March
31,
2023
21
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
957,720
Hitachi
Zosen
Corp
$
6,284
269,643
Hiwin
Technologies
Corp
2,225
26,394
Hochtief
AG.
2,207
2,047,160
Honeywell
International,
Inc
391,253
32,585
Hongfa
Technology
Co
Ltd
155
100,600
Hoshizaki
Electric
Co
Ltd
3,717
45,481
Hosken
Consolidated
Investments
Ltd
517
1,771,031
Howden
Joinery
Group
plc
15,292
596,199
Howmet
Aerospace,
Inc
25,261
2,285,000
*,†
Hsin
Chong
Group
Holdings
Ltd
3
306,850
Hubbell,
Inc
74,660
15,078
Huber
&
Suhner
AG.
1,295
3,041
*
Hudson
Technologies,
Inc
27
57,075
Huntington
Ingalls
11,816
431,583
e
Husqvarna
AB
(B
Shares)
3,746
26,753
*,e
Hydrofarm
Holdings
Group,
Inc
46
23,424
*,e
Hyliion
Holdings
Corp
46
7,345
Hyosung
Corp
382
5,090
*
Hyosung
Heavy
Industries
Corp
262
353
Hyster-Yale
Materials
Handling,
Inc
18
11,897
Hyundai
Construction
Equipment
Co
Ltd
478
20,655
Hyundai
Electric
&
Energy
System
Co
Ltd
603
27,010
Hyundai
Elevator
Co
Ltd
659
38,516
Hyundai
Engineering
&
Construction
Co
Ltd
1,083
41,139
*
Hyundai
Heavy
Industries
2,460
16,650
*
Hyundai
Heavy
Industries
Co
Ltd
1,287
12,276
*
Hyundai
Mipo
Dockyard
664
80,850
*
Hyundai
Rotem
Co
Ltd
1,605
26,477
Idec
Corp
690
21,009
e
IDEX
Corp
4,854
96
*
IES
Holdings,
Inc
4
2,717,000
IJM
Corp
BHD
988
253,126
Illinois
Tool
Works,
Inc
61,624
57,110
IMCD
Group
NV
9,338
517,202
IMI
plc
9,790
13,752
Implenia
AG.
577
104,836
Inaba
Denki
Sangyo
Co
Ltd
2,292
38,998
Inabata
&
Co
Ltd
793
12,174
g
IndiaMart
InterMesh
Ltd
746
21,860
Indus
Holding
AG.
593
16,206
*,e
Industrie
De
Nora
S.p.A
326
1,485,221
Industries
Qatar
QSC
5,322
303,919
e
Indutrade
AB
6,468
290,160
INFRONEER
Holdings,
Inc
2,243
897,176
Ingersoll
Rand,
Inc
52,198
9,108
Ingersoll-Rand
India
Ltd
291
2,803,600
*,†
Inovisi
Infracom
Tbk
PT
0^
266,732
*
InPost
S.A.
2,439
166,171
e
Instalco
AB
803
1,073
Insteel
Industries,
Inc
30
83,776
Interpump
Group
S.p.A.
4,698
612
e
Interroll
Holding
AG.
2,199
152,275
Investment
AB
Latour
3,100
43,342
INVISIO
AB
893
155,320
Inwido
AB
1,655
113,000
Iochpe-Maxion
S.A.
268
113,535
IRB
Infrastructure
Developers
Ltd
35
15,459
e
IS
Dongseo
Co
Ltd
484
24,857
ISGEC
Heavy
Engineering
Ltd
132
133,700
e
Ishikawajima-Harima
Heavy
Industries
Co
Ltd
3,358
368,011
*,e
Itm
Power
plc
385
1,112,449
e
Itochu
Corp
36,229
CREF
Stock
Account
March
31,
2023
22
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
141,159
ITT,
Inc
$
12,182
193,246
*
Iveco
Group
NV
1,828
241,191
Jamna
Auto
Industries
Ltd
293
906,653
*
Janus
International
Group,
Inc
8,940
9,232
e
Japan
Pulp
&
Paper
Co
Ltd
359
59,861
Japan
Steel
Works
Ltd
1,126
77,700
Jardine
Cycle
&
Carriage
Ltd
1,830
124,336
Jardine
Matheson
Holdings
Ltd
6,048
47,400
JDC
Corp
216
792,678
*
JELD-WEN
Holding,
Inc
10,035
2,843,976
JG
Summit
Holdings
(Series
B)
2,511
343,800
JGC
Corp
4,273
77,104
Jiangsu
Hengli
Hydraulic
Co
Ltd
743
211,118
Jiangsu
Zhongtian
Technology
Co
Ltd
526
88,700
*
Jiangxi
Special
Electric
Motor
Co
Ltd
199
35,752
John
Bean
Technologies
Corp
3,907
153,625
Johns
Lyng
Group
Ltd
662
1,168,928
Johnson
Controls
International
plc
70,393
12,655
g
JOST
Werke
AG.
667
4,800
Judges
Scientific
plc
503
45,686
Jungheinrich
AG.
1,597
2,818
Kaba
Holding
AG.
1,206
413
Kadant,
Inc
86
76,019
Kajaria
Ceramics
Ltd
977
390,350
Kajima
Corp
4,711
66,804
Kalpataru
Power
Transmission
Ltd
435
956
Kaman
Corp
22
66,200
Kanamoto
Co
Ltd
1,091
221,001
Kandenko
Co
Ltd
1,561
72,500
e
Kanematsu
Corp
900
78,000
Kaori
Heat
Treatment
Co
Ltd
602
2,819,330
KAP
Industrial
Holdings
Ltd
503
35,481
e
Kardex
AG.
7,719
14,400
Katakura
Industries
Co
Ltd
202
276,600
e
Kawasaki
Heavy
Industries
Ltd
6,055
10,584
KCC
Glass
Corp
323
129,180
KEC
International
Ltd
718
68,000
Keda
Industrial
Group
Co
Ltd
143
57,358
KEI
Industries
Ltd
1,189
91,100
Keihan
Electric
Railway
Co
Ltd
2,377
102,061
Keller
Group
plc
855
13,622
*,e
Kempower
Oyj
367
6,320
Kennametal
India
Ltd
167
1,686
Kennametal,
Inc
47
12,124
KEPCO
Engineering
&
Construction
Co,
Inc
700
1,130,227
Keppel
Corp
Ltd
4,795
766,164
*
Kier
Group
plc
645
250,271
Kinden
Corp
3,016
5,163
Kingspan
Group
plc
354
110,000
Kinik
Co
430
69,118
KION
Group
AG.
2,680
246,700
Kitz
Corp
1,735
158,624
Kloeckner
&
Co
AG.
1,705
728,524
Knorr-Bremse
AG.
48,528
134,623
KNR
Constructions
Ltd
416
727,248
KOC
Holding
AS
2,905
969,559
Komatsu
Ltd
24,069
3,709
e
Komax
Holding
AG.
1,041
205,985
Kone
Oyj
(Class
B)
10,743
59,777
Konecranes
Oyj
2,005
335,133
Kongsberg
Gruppen
ASA
13,547
236,305
*
Koninklijke
BAM
Groep
NV
563
CREF
Stock
Account
March
31,
2023
23
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
61,059
Kontrolmatik
Enerji
Ve
Muhendislik
AS.
$
452
69,909
Korea
Aerospace
Industries
Ltd
2,553
6,290
Korea
Electric
Terminal
Co
Ltd
300
501,462
*
Kornit
Digital
Ltd
9,708
1,339,523
*
Kratos
Defense
&
Security
Solutions,
Inc
18,057
14,311
Krones
AG.
1,693
13,858
KSB
Ltd
354
141,276
Kuang-Chi
Technologies
Co
Ltd
341
950,509
Kubota
Corp
14,411
31,204
Kumagai
Gumi
Co
Ltd
626
45,000
Kung
Long
Batteries
Industrial
Co
Ltd
212
96,500
e
Kurita
Water
Industries
Ltd
4,420
30,754
e
Kyokuto
Kaihatsu
Kogyo
Co
Ltd
376
86,755
e
Kyowa
Exeo
Corp
1,570
41,022
e
Kyudenko
Corp
1,043
7,837
Kyung
Dong
Navien
Co
Ltd
205
70,296
L3Harris
Technologies,
Inc
13,795
3,506
Lakshmi
Machine
Works
Ltd
427
662,801
Larsen
&
Toubro
Ltd
17,495
10,120
Legrand
S.A.
925
26,408
Lennox
International,
Inc
6,636
389,095
Leonardo
S.p.A.
4,563
91,530
LG
Corp
5,828
33,175
*,e
LG
Energy
Solution
14,947
25,088
LG
International
Corp
559
259,115
Lifco
AB
5,587
41,216
LIG
Nex1
Co
Ltd
2,292
17,685
Lincoln
Electric
Holdings,
Inc
2,991
71,256
Lindab
International
AB
1,092
232
Lindsay
Corp
35
68,951
*,e
Lion
Electric
Co
129
21,366
e
LISI
565
265,514
LIXIL
Group
Corp
4,383
522,500
e
LK
Technology
Holdings
Ltd
649
208,906
Lockheed
Martin
Corp
98,756
2,252,000
Lonking
Holdings
Ltd
404
86,526
LS
Cable
Ltd
5,302
13,832
LS
Industrial
Systems
Co
Ltd
602
2,318,300
LT
Group,
Inc
423
184,000
*,e
Luoyang
Glass
Co
Ltd
194
11,330
Luoyang
Xinqianglian
Slewing
Bearing
Co
Ltd
75
8,582
*
LU-VE
S.p.A
299
180,113
Luxfer
Holdings
plc
3,044
34,405
LX
Holdings
Corp
226
45,593
e
Maas
Group
Holdings
Ltd
86
132,032
Mabuchi
Motor
Co
Ltd
3,853
161,405
e
Maire
Tecnimont
S.p.A
693
35,739
Makino
Milling
Machine
Co
Ltd
1,313
207,347
e
Makita
Corp
5,164
2,025,200
Malaysian
Resources
Corp
BHD
159
11,755
e
Manitou
BF
S.A.
274
70,011
*
Manitowoc
Co,
Inc
1,196
45,646
Mannai
Corp
QSC
71
550,800
Marcopolo
S.A.
346
28,925
*,e
Markforged
Holding
Corp
28
1,472,316
Marubeni
Corp
20,023
17,000
MARUKA
FURUSATO
Corp
362
851,342
Masco
Corp
42,329
188,230
*,e
Masonite
International
Corp
17,086
49,882
*
Mastec,
Inc
4,711
112,100
*
Masterbrand,
Inc
901
20,900
Max
Co
Ltd
335
CREF
Stock
Account
March
31,
2023
24
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
3,530
Maxar
Technologies,
Inc
$
180
2,387
MBB
SE
207
14,212
McGrath
RentCorp
1,326
58,578
*,e
McPhy
Energy
S.A.
821
169,318
*
MDA
Ltd
877
165,111
MDU
Resources
Group,
Inc
5,033
1,155,500
e
MECOM
Power
and
Construction
Ltd
241
35,271
Meidensha
Corp
513
1,573,964
Melrose
Industries
plc
3,242
44,113
*
Mercury
Systems,
Inc
2,255
551,603
Metallurgical
Corp
of
China
Ltd
313
72,900
METAWATER
Co
Ltd
953
682,096
Metso
Outotec
Oyj
7,448
14,711
*,e
Microvast
Holdings,
Inc
18
14,657
*
Middleby
Corp
2,149
38,094
Mie
Kotsu
Group
Holdings,
Inc
161
370
Miller
Industries,
Inc
13
62,200
Mills
Estruturas
e
Servicos
de
119
335,600
Minebea
Co
Ltd
6,409
126,000
Ming
Yang
Smart
Energy
Group
Ltd
413
323,062
Miraito
Holdings
Corp
4,023
279,300
MISUMI
Group,
Inc
7,018
1,187,203
Mitsubishi
Corp
42,664
3,318,500
Mitsubishi
Electric
Corp
39,657
298,262
Mitsubishi
Heavy
Industries
Ltd
10,988
29,800
e
Mitsubishi
Nichiyu
Forklift
Co
Ltd
212
22,050
e
Mitsuboshi
Belting
Co
Ltd
656
1,600,926
Mitsui
&
Co
Ltd
49,901
84,500
e
Miura
Co
Ltd
2,167
23,902
*,e
Momentus,
Inc
14
307,427
Monadelphous
Group
Ltd
2,590
4,879,120
MonotaRO
Co
Ltd
61,456
29,944
*,g
Montana
Aerospace
AG.
490
1,115
Moog,
Inc
(Class
A)
112
371,309
Morgan
Crucible
Co
plc
1,304
76,095
Morgan
Sindall
plc
1,591
116,744
Mori
Seiki
Co
Ltd
1,974
75,400
Morita
Holdings
Corp
759
1,289,882
*
MRC
Global,
Inc
12,538
36,295
MSC
Industrial
Direct
Co
(Class
A)
3,049
13,325
*
MTAR
Technologies
Ltd
257
74,447
MTU
Aero
Engines
Holding
AG.
18,630
233,453
Mueller
Industries,
Inc
17,154
3,305
Mueller
Water
Products,
Inc
(Class
A)
46
3,127,202
*
Multiply
Group
2,764
397,326
g
Munters
Group
AB
3,670
97,110
*
MYR
Group,
Inc
12,237
87,144
Mytilineos
Holdings
S.A.
2,484
281,800
Nabtesco
Corp
6,931
11,933
Nachi-Fujikoshi
Corp
357
3,460,043
Nagarjuna
Construction
Co
4,483
96,600
Nagase
&
Co
Ltd
1,488
414,316
NARI
Technology
Co
Ltd
1,634
1,692,915
National
Industries
Group
Holding
SAK
1,082
180
National
Presto
Industries,
Inc
13
1,953,963
NBCC
India
Ltd
846
174,372
e
NCC
AB
(B
Shares)
1,547
1,522,434
*,e
NEL
ASA
2,070
66,713
Nexans
S.A.
6,647
59,619
e
NFI
Group,
Inc
363
70,900
NGK
Insulators
Ltd
940
1,595,795
e
Nibe
Industrier
AB
18,191
CREF
Stock
Account
March
31,
2023
25
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
54,440
Nichias
Corp
$
1,097
3,800
Nichiden
Corp
55
26,445
Nichiha
Corp
541
144,500
Nidec
Corp
7,520
54,067
Nikkiso
Co
Ltd
385
21,991
*,e
Nikola
Corp
27
7,711
*
Nilfisk
Holding
A.S.
152
10,300
Ningbo
Deye
Technology
Co
Ltd
388
35,000
Ningbo
Orient
Wires
&
Cables
Co
Ltd
251
16,506
Ningbo
Ronbay
New
Energy
Technology
Co
Ltd
165
16,300
Nippon
Carbon
Co
Ltd
505
29,959
Nippon
Densetsu
Kogyo
Co
Ltd
359
3,100
Nippon
Road
Co
Ltd
171
12,517
Nippon
Steel
Trading
Co
Ltd
878
32,365
e
Nishimatsu
Construction
Co
Ltd
837
22,000
Nishio
Rent
All
Co
Ltd
517
129,231
Nisshinbo
Industries,
Inc
990
20,100
Nitta
Corp
446
21,200
e
Nitto
Boseki
Co
Ltd
324
29,935
e
Nitto
Kogyo
Corp
598
116,402
*
NKT
Holding
AS
6,071
204,755
Nolato
AB
1,040
131,341
*,e
Nordex
AG.
1,930
55,799
Nordson
Corp
12,402
5,183
Noritake
Co
Ltd
180
69,551
Noritsu
Koki
Co
Ltd
1,179
21,631
Noritz
Corp
284
28,466
NORMA
Group
673
104,300
North
Industries
Group
Red
Arrow
Co
Ltd
347
327,392
Northrop
Grumman
Corp
151,163
5,206
*
Northwest
Pipe
Co
163
998,000
*
NOW,
Inc
11,128
404,130
NRW
Holdings
Ltd
651
364,800
e
NSK
Ltd
2,087
383,061
e
NTN
Corp
977
1,094
*,e
NuScale
Power
Corp
10
5,794
*
NV5
Global
Inc
602
1,481,545
nVent
Electric
plc
63,618
1,557,000
NWS
Holdings
Ltd
1,394
10,846
e
Obara
Corp
324
610,200
Obayashi
Corp
4,670
704,804
OC
Oerlikon
Corp
AG.
3,996
5,961
OHB
AG.
203
35,021
e
Oiles
Corp
445
114,367
e
Okuma
Holdings,
Inc
5,122
25,800
Okumura
Corp
610
26,851
Olectra
Greentech
Ltd
203
23,648
e
Organo
Corp
646
83,506
OSG
Corp
1,259
18,008
Oshkosh
Corp
1,498
9
OSRAM
Licht
AG.
0^
254,648
Otis
Worldwide
Corp
21,492
6,890
*
Otokar
Otobus
Karoseri
Sanayi
AS
330
213,842
Owens
Corning,
Inc
20,486
75,136
*
OX2
AB
560
545,704
PACCAR,
Inc
39,946
11,801
*
Palfinger
AG.
368
686
Park
Aerospace
Corp
9
634,690
Parker-Hannifin
Corp
213,326
33,486
*
Parsons
Corp
1,498
175,596
Peab
AB
(Series
B)
880
161,193
Pentair
plc
8,909
CREF
Stock
Account
March
31,
2023
26
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
1,501,400
Pentamaster
Corp
BHD
$
1,675
267,546
Penta-Ocean
Construction
Co
Ltd
1,278
16,734
People
&
Technology,
Inc
626
37,206
PER
Aarsleff
A.S.
1,598
2,948
Pfeiffer
Vacuum
Technology
AG.
498
2,184
*
PGT
Innovations,
Inc
55
429,073
*,e
Plug
Power,
Inc
5,029
122,385
PNC
Infratech
Ltd
432
36,923
PNE
AG.
550
127,788
Polycab
India
Ltd
4,492
493,422
Polypipe
Group
plc
1,698
19,901
Porr
AG.
291
313
Powell
Industries,
Inc
13
519,169
Power
Construction
Corp
of
China
Ltd
538
41,399
*
PowerCell
Sweden
AB
471
3,397,000
*
PP
Persero
Tbk
PT
132
81,990
Praj
Industries
Ltd
341
85
Preformed
Line
Products
Co
11
21,970
Primoris
Services
Corp
542
40,560
Prince
Pipes
&
Fittings
Ltd
268
788
*
Proto
Labs,
Inc
26
12,620
Prysmian
S.p.A.
530
6,371
Pylon
Technologies
Co
Ltd
228
1,879,718
*
Q
Holding
PJSC
1,301
1,743,906
QinetiQ
plc
7,006
57,035
*
Qua
Granite
Hayal
209
2,943
e
Quanex
Building
Products
Corp
63
133,335
Quanta
Services,
Inc
22,219
7,257
*
Rainbow
Robotics
712
98,000
Raito
Kogyo
Co
Ltd
1,443
211,700
Randon
Participacoes
S.A.
314
527,424
Ras
Al
Khaimah
Ceramics
386
5,262
Rational
AG.
3,537
4,388,442
Raytheon
Technologies
Corp
429,760
1,189
*
RBC
Bearings,
Inc
277
372,000
*,e
Realord
Group
Holdings
Ltd
257
16,882
*,e
Redwire
Corp
51
175,926
Reece
Ltd
2,062
53,559
Regal-Beloit
Corp
7,537
744,901
Reliance
Worldwide
Corp
Ltd
1,853
20,800
*,e
ReneSola
Ltd
(ADR)
93
6,224
*
Resideo
Technologies,
Inc
114
144,564
Reunert
Ltd
490
1,182
REV
Group,
Inc
14
981,124
Rexel
S.A.
23,326
120,618
Rheinmetall
AG.
35,733
52,383
e
Richelieu
Hardware
Ltd
1,447
2,674
e
Rieter
Holding
AG.
280
50,000
Riyue
Heavy
Industry
Co
Ltd
162
16,261
*,e
Rocket
Lab
USA,
Inc
66
85,740
Rockwell
Automation,
Inc
25,160
8,419
*
Rolex
Rings
Ltd
205
8,734,434
*
Rolls-Royce
Group
plc
16,088
1,995,177
Rotork
plc
7,774
35,000
Ruentex
Engineering
&
Construction
Co
143
168,950
Run
Long
Construction
Co
Ltd
390
265,638
Rush
Enterprises,
Inc
(Class
A)
14,504
742
e
Rush
Enterprises,
Inc
(Class
B)
44
62,456
Russel
Metals,
Inc
1,586
133,916
Saab
AB
(Class
B)
8,136
396,389
Sacyr
Vallehermoso
S.A.
1,274
538,670
Safran
S.A.
79,743
CREF
Stock
Account
March
31,
2023
27
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
26,834
Salcef
S.p.A
$
624
82,900
Sam
Engineering
&
Equipment
M
Bhd
85
268,969
*
SAM
KANG
M&T
Co
Ltd
4,117
80,168
Samsung
C&T
Corp
6,676
152,678
*
Samsung
Engineering
Co
Ltd
3,731
598,157
*
Samsung
Heavy
Industries
Co
Ltd
2,385
34,604
Samsung
Techwin
Co
Ltd
2,636
2,563,841
Sandvik
AB
54,420
35,900
Sanki
Engineering
Co
Ltd
397
175,041
Sanwa
Shutter
Corp
1,878
1,131,000
e
Sany
Heavy
Equipment
International
1,176
493,357
Sany
Heavy
Industry
Co
Ltd
1,226
9,500
Sanyo
Denki
Co
Ltd
443
287,416
*
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS.
459
43,364
Saudi
Ceramic
Co
364
45,335
e
Savaria
Corp
531
121,954
Schindler
Holding
AG.
27,022
125,461
Schindler
Holding
AG.
(Registered)
26,550
659,449
Schneider
Electric
S.A.
110,210
958
e
Schweiter
Technologies
AG.
724
11,368
*
Scope
Metals
Group
Ltd
380
15,395
e
Sekisui
Jushi
Corp
242
37,729,104
*
SembCorp
Marine
Ltd
3,386
7,304
Semperit
AG.
Holding
196
68,889
Sensata
Technologies
Holding
plc
3,446
157,762
e
Seven
Group
Holdings
Ltd
2,451
15,552
SFA
Engineering
Corp
472
18,387
e
SFS
Group
AG.
2,387
50,102
*,e
SGL
Carbon
AG.
495
312,627
Shanghai
Construction
Group
Co
Ltd
124
456,300
Shanghai
Diesel
Engine
Co
Ltd
183
814,703
Shanghai
Electric
Group
Co
Ltd
524
387,800
Shanghai
Highly
Group
Co
Ltd
177
399,000
Shanghai
Industrial
Holdings
Ltd
533
129,300
Shanghai
Mechanical
and
Electrical
Industry
Co
Ltd
138
135,909
Shapir
Engineering
and
Industry
Ltd
962
154,840
Shenzhen
Inovance
Technology
Co
Ltd
1,586
35,200
Shenzhen
Kstar
Science
And
Technology
Co
Ltd
240
106,536
Shibaura
Machine
Co
Ltd
2,545
22,700
Shibuya
Kogyo
Co
Ltd
429
285,754
*
Shikun
&
Binui
Ltd
535
28,200
e
Shima
Seiki
Manufacturing
Ltd
403
505,800
e
Shimizu
Corp
2,866
444,000
Shin
Zu
Shing
Co
Ltd
1,272
53,284
Shinko
Plantech
Co
Ltd
587
43,500
e
Shinmaywa
Industries
Ltd
388
8,213
*
Shoals
Technologies
Group,
Inc
187
39,708
SHO-BOND
Holdings
Co
Ltd
1,644
119,044
e
Shyft
Group,
Inc
2,708
54,000
*
Sichuan
New
Energy
Power
Co
Ltd
125
281,100
Sichuan
Road
&
Bridge
Co
Ltd
564
1,498,160
Siemens
AG.
242,708
2,769,998
e
Siemens
Energy
AG.
61,083
69,257
Siemens
India
Ltd
2,810
23,300
Sieyuan
Electric
Co
Ltd
155
787,051
*,e
SIG
plc
426
316,757
g
Signify
NV
10,562
2,581,859
Sime
Darby
BHD
1,259
69,002
Simpson
Manufacturing
Co,
Inc
7,565
240,304
Singapore
Technologies
Engineering
Ltd
662
2,113,300
Sino
Thai
Engineering
&
Construction
PCL
780
1,817,500
Sinopec
Engineering
Group
Co
Ltd
903
CREF
Stock
Account
March
31,
2023
28
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
37,827
*
SiteOne
Landscape
Supply,
Inc
$
5,177
39,106
SK
Holdings
Co
Ltd
5,211
543,134
SK
Networks
Co
Ltd
1,885
364,061
SKF
AB
(B
Shares)
7,171
25,333
SKF
India
Ltd
1,314
119,268
SM
Investments
Corp
1,958
17,928
SMC
Corp
9,504
1,975,695
Smiths
Group
plc
41,902
48,976
Snap-On,
Inc
12,092
167,663
e
SNC-Lavalin
Group,
Inc
4,121
227,302
Sojitz
Holdings
Corp
4,750
11,154
Solar
Holdings
AS
(B
Shares)
900
21,523
*
Soltec
Power
Holdings
S.A.
142
79,091
Spirax-Sarco
Engineering
plc
11,612
89,355
Spirit
Aerosystems
Holdings,
Inc
(Class
A)
3,085
289,414
*
SPX
Technologies,
Inc
20,427
24,593
Stabilus
SE
1,719
47,086
e
Stadler
Rail
AG.
1,841
407
Standex
International
Corp
50
127,172
Stanley
Black
&
Decker,
Inc
10,248
56,766
Star
Micronics
Co
Ltd
775
5,480,900
*
STARK
Corp
PCL
286
6,110
Steico
SE
359
9,669
*,e
Stem,
Inc
55
55,655
*
Sterling
&
Wilson
Solar
Ltd
198
56,880
*
Sterling
Construction
Co,
Inc
2,155
1,375,853
e
Storskogen
Group
AB
1,149
18,543
e
Sulzer
AG.
1,573
1,050,177
Sumitomo
Corp
18,604
17,297
e
Sumitomo
Densetsu
Co
Ltd
334
237,200
Sumitomo
Heavy
Industries
Ltd
5,817
144,137
Sumitomo
Mitsui
Construction
Co
Ltd
418
1,452,000
*,e
Sun
King
Power
Electronics
Group
Ltd
345
83,670
Sungrow
Power
Supply
Co
Ltd
1,280
2,754
*,e
SunPower
Corp
38
315,544
*,e
Sunrun,
Inc
6,358
109,163
Sunwoda
Electronic
Co
Ltd
320
2,444,500
*,†,e
Superb
Summit
International
Group
Ltd
3
9,700
Suzhou
Maxwell
Technologies
Co
Ltd
431
5,638,675
*
Suzlon
Energy
Ltd
544
208,108
Sweco
AB
2,643
639,280
Ta
Ya
Electric
Wire
&
Cable
546
90,422
Tadano
Ltd
715
511,995
*,e
Taihan
Electric
Wire
Co
Ltd
595
7,343
e
Taihei
Dengyo
Kaisha
Ltd
225
25,853
Taikisha
Ltd
720
167,041
e
Taisei
Corp
5,168
1,555,000
Taiwan
Glass
Industrial
Corp
1,052
11,439
Takamatsu
Corp
175
22,564
Takara
Standard
Co
Ltd
250
85,641
Takasago
Thermal
Engineering
Co
Ltd
1,366
186,300
Takeuchi
Manufacturing
Co
Ltd
4,136
56,700
Takuma
Co
Ltd
570
77,852
e,g
Talgo
S.A.
264
1,683,000
*
Tatung
Co
Ltd
1,827
75,000
Taurus
Armas
S.A.
239
230,366
TBEA
Co
Ltd
728
1,107,969
Techtronic
Industries
Co
12,005
1,619,000
Teco
Electric
and
Machinery
Co
Ltd
2,265
163,166
Tekfen
Holding
AS
277
351
Tennant
Co
24
CREF
Stock
Account
March
31,
2023
29
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
247,848
Terex
Corp
$
11,991
807
*,e
Terran
Orbital
Corp
1
830
Textainer
Group
Holdings
Ltd
27
131,005
Textron,
Inc
9,253
69,306
Thales
S.A.
10,247
5,160,000
*,e
Theme
International
Holdings
Ltd
559
39,824
Thermax
Ltd
1,113
208,359
*
Thermon
Group
Holdings
5,192
114,500
*
THK
Co
Ltd
2,654
8,619,900
Thoresen
Thai
Agencies
PCL
1,981
17,661
Timken
Co
1,443
22,191
Timken
India
Ltd
746
241,155
*
Titan
International,
Inc
2,527
169,548
*
Titan
Machinery,
Inc
5,163
80,046
Titan
Wind
Energy
Suzhou
Co
Ltd
172
37,421
TKH
Group
NV
1,950
5,600
e
Toa
Corp/Tokyo
112
50,911
Tocalo
Co
Ltd
500
201,456
Toda
Corp
1,053
4,615
e
Toenec
Corp
119
85,900
Tokai
Corp
566
66,902
Tokyu
Construction
Co
Ltd
341
44,347
Toro
Co
4,930
155,477
Toromont
Industries
Ltd
12,761
369,700
Toshiba
Corp
12,414
25,577
e
Totetsu
Kogyo
Co
Ltd
523
130,950
Toto
Ltd
4,387
73,503
Toyo
Construction
Co
Ltd
508
16,900
Toyo
Tanso
Co
Ltd
526
135,500
Toyota
Industries
Corp
7,549
208,700
Toyota
Tsusho
Corp
8,898
2,171
*
TPI
Composites,
Inc
28
1,150,869
Trane
Technologies
plc
211,737
51,271
TransDigm
Group,
Inc
37,789
201,968
Travis
Perkins
plc
2,391
458,851
Trelleborg
AB
(B
Shares)
13,060
117,375
*
Trex
Co,
Inc
5,713
3,170
Trinity
Industries,
Inc
77
2,362
Triton
International
Ltd
149
355,155
*
Triumph
Group,
Inc
4,116
638,005
Triveni
Turbine
Ltd
2,595
41,091
Troax
Group
AB
853
50,410
Trusco
Nakayama
Corp
856
63,690
Tsubakimoto
Chain
Co
1,551
32,500
Tsugami
Corp
354
80,300
Tupy
S.A.
384
14,468
Turk
Traktor
ve
Ziraat
Makineleri
AS
378
1,299,420
Turkiye
Sise
ve
Cam
Fabrikalari
AS
2,867
7,202
*
Tutor
Perini
Corp
44
12,012
TY
Holdings
Co
Ltd
98
219,052
Tyman
plc
650
162,140
UFP
Industries,
Inc
12,885
10,000
Union
Tool
Co
249
159,000
United
Integrated
Services
Co
Ltd
1,107
79,670
United
Rentals,
Inc
31,530
297,317
*
Univar
Solutions
Inc
10,415
51,432
e
Uponor
Oyj
952
95,900
e
Ushio,
Inc
1,210
417,500
UWC
BHD
329
159,296
e
Valmet
Corp
5,171
7,471
Valmont
Industries,
Inc
2,385
CREF
Stock
Account
March
31,
2023
30
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
15,861
e
Varta
AG.
$
435
27,770
e,g
VAT
Group
AG.
10,033
75,722
*
Vectrus,
Inc
3,008
137,622
Veidekke
ASA
1,461
13,054
*,e
Velo3D,
Inc
30
453,973
Ventia
Services
Group
Pty
Ltd
805
29,728
Veritiv
Corp
4,017
587,407
Vertiv
Holdings
Co
8,406
508,262
Vestas
Wind
Systems
A.S.
14,813
95,999
*,e
Vestum
AB
119
238,275
Vesuvius
plc
1,216
173,269
V-Guard
Industries
Ltd
528
462
*
Vicor
Corp
22
3,836
*,e
View,
Inc
2
872,202
Vinci
S.A.
99,991
2,122
*,e
Virgin
Galactic
Holdings,
Inc
9
25,575
Volati
AB
232
132,803
Volex
plc
354
201,109
Voltas
Ltd
2,009
62,000
Voltronic
Power
Technology
Corp
3,531
202,035
Volution
Group
plc
1,079
269,422
e
Volvo
AB
(B
Shares)
5,552
9,242
Vossloh
AG.
429
211,914
W.W.
Grainger,
Inc
145,968
557,917
Wabash
National
Corp
13,719
100,469
Wacker
Construction
Equipment
AG.
2,104
62,600
Wakita
&
Co
Ltd
576
2,478,848
Walsin
Lihwa
Corp
3,992
446,591
Wartsila
Oyj
(B
Shares)
4,215
9,448,700
*
Waskita
Karya
Persero
Tbk
PT
143
27,918
e
Watsco,
Inc
8,882
1,552
Watts
Water
Technologies,
Inc
(Class
A)
261
336,749
e
Webuild
SpA
765
1,565,450
Weg
S.A.
12,524
1,906,709
Weichai
Power
Co
Ltd
3,060
257,686
Weichai
Power
Co
Ltd
(Class
A)
473
833,094
Weir
Group
plc
19,112
112,148
WESCO
International,
Inc
17,331
890,423
Westinghouse
Air
Brake
Technologies
Corp
89,986
3,505,300
*
Wijaya
Karya
Persero
Tbk
PT
121
170,800
*
WillScot
Mobile
Mini
Holdings
Corp
8,007
59,750
Wilson
Bayly
Holmes-Ovcon
Ltd
355
47,710
Woodward
Inc
4,646
8,118
*
W-Scope
Chungju
Plant
Co
Ltd
300
115,207
WSP
Global,
Inc
15,091
16,680
Wuxi
Shangji
Automation
Co
Ltd
248
17,660
XANO
Industri
AB
166
730,038
XCMG
Construction
Machinery
Co
Ltd
736
134,311
Xiamen
C
&
D,
Inc
236
195,667
Xinjiang
Goldwind
Science
&
Technology
Co
Ltd
-
A
315
1,443,578
Xinyi
Glass
Holdings
Co
Ltd
2,582
709
*,e
Xometry,
Inc
11
18,007
e
XP
Power
Ltd
452
93,000
Xxentria
Technology
Materials
Corp
203
49,265
Xylem,
Inc
5,158
25,780
YAMABIKO
Corp
257
63,470
Yamazen
Corp
488
2,439,000
Yangzijiang
Shipbuilding
2,206
71,700
Yaskawa
Electric
Corp
3,145
162,549
*,g
Yellow
Cake
plc
741
61,379
Yokogawa
Bridge
Holdings
Corp
1,004
CREF
Stock
Account
March
31,
2023
31
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
13,552
Yuasa
Trading
Co
Ltd
$
388
47,100
Yurtec
Corp
295
22,261
Zehnder
Group
AG.
1,820
24,900
Zhefu
Holding
Group
Co
Ltd
15
130,563
Zhejiang
Chint
Electrics
Co
Ltd
532
13,992
Zhejiang
Dingli
Machinery
Co
Ltd
112
8,993
Zhejiang
HangKe
Technology,
Inc
Co
59
84,351
Zhejiang
Weixing
New
Building
Materials
Co
Ltd
298
42,125
Zhuzhou
CRRC
Times
Electric
Co
Ltd
293
549,800
Zhuzhou
CSR
Times
Electric
Co
Ltd
2,392
164,600
Zhuzhou
Kibing
Group
Co
Ltd
250
507,739
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
-
A
459
4,165
Zurn
Water
Solutions
Corp
89
TOTAL
CAPITAL
GOODS
8,793,849
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.3%
256,439
ABM
Industries,
Inc
11,524
73,383
*,e
Accelleron
Industries
AG.
1,738
329,093
ACCO
Brands
Corp
1,751
1,969
*
ACV
Auctions,
Inc
25
244,868
Adecco
S.A.
8,919
49,020
Aeon
Delight
Co
Ltd
1,126
209,979
AF
AB
3,784
1,986,949
*,e
Aker
Carbon
Capture
AS.
2,801
185,783
*,e
Aker
Horizons
Holding
ASA
166
1,513,976
*
Alight,
Inc
13,944
115,638
Alpha
Financial
Markets
Consulting
plc
608
441,933
ALS
Ltd
3,670
7,567
Amadeus
Fire
AG
1,139
51,400
Ambipar
Participacoes
e
Empreendimentos
S
215
231,665
e
APM
Human
Services
International
ltd
308
275,035
Applus
Services
S.A.
2,146
432
Aris
Water
Solution,
Inc
3
145,312
*
ASGN
Inc
12,013
19,309
*,e
Atlas
Technical
Consultants,
Inc
235
385,246
Automatic
Data
Processing,
Inc
85,767
27,885
Barrett
Business
Services,
Inc
2,472
782,500
BayCurrent
Consulting,
Inc
32,488
38,522
g
Befesa
S.A.
1,750
38,000
e
Bell
System24
Holdings,
Inc
415
76,200
e
Benefit
One,
Inc
1,087
56,547
BeNEXT
Group
Inc
823
6,245
Bertrandt
AG.
339
29,427
Bilfinger
Berger
AG.
1,248
61,500
Binjiang
Service
Group
Co
Ltd
208
54,042
BLS
International
Services
Ltd
109
167,800
Boa
Vista
Servicos
S.A.
250
265,763
Booz
Allen
Hamilton
Holding
Co
24,634
78,851
e
Boyd
Group
Services,
Inc
12,604
2,524
Brady
Corp
(Class
A)
136
1,160,186
Brambles
Ltd
10,460
192,993
g
Bravida
Holding
AB
2,183
37,228
*
BrightView
Holdings,
Inc
209
43,988
Brink's
Co
2,938
9,425
Broadridge
Financial
Solutions,
Inc
1,381
21,259
Brunel
International
NV
296
327,144
Bureau
Veritas
S.A.
9,400
1,138
*
CACI
International,
Inc
(Class
A)
337
12,258
Calian
Group
Ltd
591
1,870,832
*
Capita
Group
plc
845
2,878
*
Casella
Waste
Systems,
Inc
(Class
A)
238
CREF
Stock
Account
March
31,
2023
32
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
93,173
Caverion
Corp
$
866
158,895
*
CBIZ,
Inc
7,864
5,950
Cewe
Color
Holding
AG.
613
1,834,500
*,e
China
Conch
Environment
Protection
Holdings
Ltd
571
1,984,085
China
Everbright
International
Ltd
851
438
*
Cimpress
plc
19
71,156
Cintas
Corp
32,922
24,711
*
Clarivate
Analytics
plc
232
2,896
*
Clean
Harbors,
Inc
413
71,000
Cleanaway
Co
Ltd
439
2,140,461
Cleanaway
Waste
Management
Ltd
3,425
50,986
CMS
Info
Systems
Ltd
172
25,590
Computer
Age
Management
Services
Ltd
634
83,082
Computershare
Ltd
1,207
24,637
Concentrix
Corp
2,995
5,778
*
Conduent,
Inc
20
86,062
g
Coor
Service
Management
Holding
AB
548
363,656
*
Copart,
Inc
27,351
4,113
*
CoreCivic,
Inc
38
290,399
*
CoStar
Group,
Inc
19,994
1,785
CSG
Systems
International,
Inc
96
1,320,000
*,†,e
CT
Environmental
Group
Ltd
2
1,222,900
CTOS
Digital
Bhd
364
205,400
Dai
Nippon
Printing
Co
Ltd
5,751
42,665
Daiseki
Co
Ltd
1,356
4,454
Danel
Adir
Yeoshua
Ltd
327
1,477
Deluxe
Corp
24
305,260
Derichebourg
1,793
34,564
Dip
Corp
926
91,773
DKSH
Holding
AG.
7,399
6,325
*
DO
&
CO
AG.
741
633,033
Downer
EDI
Ltd
1,461
51,120
*
Driven
Brands
Holdings,
Inc
1,549
203,919
Dun
&
Bradstreet
Holdings,
Inc
2,394
37,998
Duskin
Co
Ltd
915
451,000
e
Dynagreen
Environmental
Protection
Group
Co
Ltd
153
25,221
eClerx
Services
Ltd
397
8,914
Ecopro
HN
Co
Ltd
528
26,000
ECOVE
Environment
Corp
231
325,991
Elis
S.A.
6,235
28,720
e
en-japan,
Inc
496
93,281
Ennis,
Inc
1,967
8,046
Equifax,
Inc
1,632
108,399
*
ExlService
Holdings,
Inc
17,542
799,679
Experian
Group
Ltd
26,332
24,649
Exponent,
Inc
2,457
29,016
e
Fila
S.p.A
218
108,403
*,†,g
Finablr
plc
1
63,359
*
First
Advantage
Corp
884
311,087
Firstsource
Solutions
Ltd
401
30,253
*
Fiverr
International
Ltd
1,056
227
*
Forrester
Research,
Inc
7
60,158
*
Franklin
Covey
Co
2,314
1,038,800
Frontken
Corp
BHD
739
28,306
*
FTI
Consulting,
Inc
5,586
20,365
Fullcast
Co
Ltd
373
34,154
Funai
Soken
Holdings,
Inc
701
14,539
*
GDI
Integrated
Facility
Services,
Inc
476
53,855
Genpact
Ltd
2,489
705
*,e
Geo
Group,
Inc
6
167,255
GFL
Environmental,
Inc
5,767
CREF
Stock
Account
March
31,
2023
33
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
234,900
*,g
GPS
Participacoes
e
Empreendimentos
S.A.
$
561
19,473
Grupa
Pracuj
S.A.
262
288,450
*
Harsco
Corp
1,970
1,525,085
Hays
plc
2,111
99,114
Healthcare
Services
Group
1,375
664
Heidrick
&
Struggles
International,
Inc
20
68,151
*
Heritage-Crystal
Clean,
Inc
2,427
2,589
Herman
Miller,
Inc
53
869
HNI
Corp
24
23,415
*
Huron
Consulting
Group,
Inc
1,882
181,123
ICF
International,
Inc
19,869
218,635
Indian
Railway
Catering
&
Tourism
Corp
Ltd
1,528
3,805,900
Infomart
Corp
7,995
217,112
Insource
Co
Ltd
2,221
43,344
Insperity,
Inc
5,268
30,740
*
Insun
ENT
Co
Ltd
205
21,256
Interface,
Inc
173
165,997
Intertek
Group
plc
8,314
912,628
e
Intrum
Justitia
AB
9,836
7,087
ION
Exchange
India
Ltd
295
205,285
IPH
Ltd
1,024
156,724
*
ISS
AS
3,199
11,600
JAC
Recruitment
Co
Ltd
229
103,816
Jacobs
Solutions,
Inc
12,199
802,500
Japan
Elevator
Service
Holdings
Co
Ltd
13,098
981,709
Johnson
Service
Group
plc
1,482
4,111
*,e
KAR
Auction
Services,
Inc
56
173,120
KBR,
Inc
9,530
1,195
Kelly
Services,
Inc
(Class
A)
20
20,573
KEPCO
Plant
Service
&
Engineering
Co
Ltd
599
89,451
Kforce,
Inc
5,657
24,297
e
Kimball
International,
Inc
(Class
B)
301
80,708
Kokuyo
Co
Ltd
1,146
3,050
Korn/Ferry
International
158
111,329
*
Latent
View
Analytics
Ltd
437
183,731
Leidos
Holdings,
Inc
16,914
2,782
*,e
Li-Cycle
Holdings
Corp
16
501,332
Link
Administration
Holdings
Ltd
712
24,689
e
Link
And
Motivation,
Inc
98
15,811
*
Liquidity
Services,
Inc
208
72,720
Loomis
AB
2,491
12,556
Maharah
Human
Resources
Co
202
7,600
e
Management
Solutions
Co
Ltd
191
33,561
Manpower,
Inc
2,770
68,998
*
Marlowe
plc
494
11,962
e
Matsuda
Sangyo
Co
Ltd
206
1,039
Matthews
International
Corp
(Class
A)
37
114,180
MAXIMUS,
Inc
8,986
64,121
McMillan
Shakespeare
Ltd
619
70,584
Meitec
Corp
1,264
97,136
*
Meltwater
Holding
BV
164
316,595
Michael
Page
International
plc
1,782
9,100
Midac
Holdings
Co
Ltd
149
1,407,163
Mitie
Group
1,424
34,444
Mitsubishi
Pencil
Co
Ltd
424
578
*
Montrose
Environmental
Group,
Inc
21
24,137
Moshi
Moshi
Hotline,
Inc
266
30,887
MSA
Safety,
Inc
4,123
5,237,138
My
EG
Services
BHD
910
35,688
NICE
Information
Service
Co
Ltd
339
293,070
Nihon
M&A
Center,
Inc
2,197
CREF
Stock
Account
March
31,
2023
34
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
12,700
†
Nippon
Kanzai
Co
Ltd
$
262
218,111
Nippon
Parking
Development
Co
Ltd
384
278
NL
Industries,
Inc
2
338,348
Nomura
Co
Ltd
2,318
48,628
Okamura
Corp
502
39,700
*
Orizon
Valorizacao
de
Residuos
S.A.
287
109,009
Outsourcing,
Inc
1,075
120,500
Park24
Co
Ltd
1,763
22,700
Pasona
Group,
Inc
323
208,480
Paychex,
Inc
23,890
162,634
Persol
Holdings
Co
Ltd
3,275
28,142
Pilot
Corp
916
3,501
Pitney
Bowes,
Inc
14
676
*,e
Planet
Labs
PBC
3
105,927
Prestige
International,
Inc
478
333,167
e,g
Prosegur
Cash
S.A.
255
427,923
Prosegur
Cia
de
Seguridad
S.A.
849
11,125
*
Quad
Graphics,
Inc
48
84,491
g
Quess
Corp
Ltd
381
847,306
*,e
Raksul,
Inc
8,897
122,985
e
Randstad
Holdings
NV
7,301
3,817,171
Recruit
Holdings
Co
Ltd
105,007
2,157,155
RELX
plc
69,864
71,633
*
Renewi
plc
536
2,606,922
Rentokil
Initial
plc
19,053
169,862
Republic
Services,
Inc
22,969
110,541
Resources
Connection,
Inc
1,886
105,003
Restore
plc
350
62,273
Ritchie
Bros
Auctioneers,
Inc
3,505
166,572
e
Ritchie
Bros
Auctioneers,
Inc
9,372
38,711
RITES
Ltd
168
8,793
Robert
Half
International,
Inc
708
198,170
Rollins,
Inc
7,437
305,460
RWS
Holdings
plc
1,127
20,471
S1
Corp
(Korea)
870
29,052
Sato
Corp
481
205,322
*
Saudi
Airlines
Catering
Co
4,709
2,569
Science
Applications
International
Corp
276
82,161
*
Sdiptech
AB
1,909
2,766
e
Seche
Environnement
S.A.
310
190,882
Secom
Co
Ltd
11,764
506,090
Securitas
AB
(B
Shares)
4,502
1,149,074
Serco
Group
plc
2,174
6,553
SGS
S.A.
14,454
59,835
Shanghai
M&G
Stationery,
Inc
428
100,500
*,†
Shanghai
Youngsun
Investment
Co
Ltd
1
34,894
*
SIS
Ltd
136
369
*,e
Skillsoft
Corp
1
123,706
Smart
Metering
Systems
plc
1,132
396,374
SmartGroup
Corp
Ltd
1,707
804,987
SMS
Co
Ltd
19,578
22,925
Societe
BIC
S.A.
1,446
72,800
Sohgo
Security
Services
Co
Ltd
1,961
474
*
SP
Plus
Corp
16
687,452
SPIE
S.A.
19,953
51,691
*,e
Spire
Global,
Inc
35
74,032
e
S-Pool,
Inc
334
58,000
Sporton
International,
Inc
516
9,758
SS&C
Technologies
Holdings,
Inc
551
107,202
Stantec,
Inc
6,267
2,939
Steelcase,
Inc
(Class
A)
25
CREF
Stock
Account
March
31,
2023
35
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
28,743
*
Stericycle,
Inc
$
1,253
112,112
Sthree
plc
576
2,728
*
Sungeel
Hitech
Co
Ltd
338
63,000
Sunny
Friend
Environmental
Technology
Co
Ltd
342
474,000
Taiwan
Secom
Co
Ltd
1,644
216,000
Taiwan-Sogo
Shinkong
Security
Corp
289
28,701
Takkt
AG.
453
31,955
e
Talenom
Oyj
286
13,600
*,e
TDCX,
Inc
(ADR)
121
10,648
*
TeamLease
Services
Ltd
291
1,058,354
TechnoPro
Holdings,
Inc
29,354
220,400
Teleperformance
53,256
82,813
Tetra
Tech,
Inc
12,166
166,328
Thomson
Reuters
Corp
21,640
22,896
e
Tinexta
S.p.A
497
55,240
e
TKC
1,534
228,151
TOMRA
Systems
ASA
3,852
262,300
Toppan
Printing
Co
Ltd
5,286
22,661
*
Trans
Cosmos,
Inc/Japan
538
51,651
e
TransUnion
3,210
38,800
e
TRE
Holdings
Corp
420
138,321
*
TriNet
Group,
Inc
11,150
1,119
*
TrueBlue,
Inc
20
15,007
TTEC
Holdings,
Inc
559
836
Unifirst
Corp
147
2,511
*
Upwork,
Inc
28
31,199
UT
Group
Co
Ltd
583
501,331
Vakrangee
Ltd
98
431,998
Verisk
Analytics,
Inc
82,883
1,032,184
*
Verra
Mobility
Corp
17,465
693
*
Viad
Corp
14
35,800
*
Visional,
Inc
2,014
369
VSE
Corp
17
448,394
Waste
Connections,
Inc
62,358
502,458
Waste
Management,
Inc
81,986
9,900
e
WDB
Holdings
Co
Ltd
149
6,500
Weathernews,
Inc
326
359
*
Willdan
Group,
Inc
6
295,237
Wolters
Kluwer
NV
37,270
231,000
*,†,e
Youyuan
International
Holdings
Ltd
0^
82,160
Zhejiang
Weiming
Environment
Protection
Co
Ltd
218
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,452,492
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.2%
914
*
1-800-FLOWERS.COM,
Inc
(Class
A)
11
797
*,e
1stdibs.com,
Inc
3
4,704
Aaron's
Co,
Inc
45
31,000
e
ABC-Mart,
Inc
1,716
1,210
*
Abercrombie
&
Fitch
Co
(Class
A)
34
41,232
*,e
About
You
Holding
SE
229
3,152,383
Abu
Dhabi
National
Oil
Co
for
Distribution
PJSC
3,588
147,773
e
Academy
Sports
&
Outdoors,
Inc
9,642
343,122
Accent
Group
Ltd
547
7,414,600
Ace
Hardware
Indonesia
Tbk
PT
237
24,430
Adastria
Holdings
Co
Ltd
452
49,973
Advance
Auto
Parts,
Inc
6,077
13,768
*,e
aka
Brands
Holding
Corp
8
94,574
Ali
Alghanim
Sons
Automotive
Co
KSCC
284
29,395,341
*
Alibaba
Group
Holding
Ltd
372,306
582,123
*
Alibaba
Group
Holding
Ltd
(ADR)
59,481
329,692
*,g
Allegro.eu
S.A.
2,251
CREF
Stock
Account
March
31,
2023
36
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
18,490
e
Alpen
Co
Ltd
$
279
17,184,119
*
Amazon.com,
Inc
1,774,948
148,890
American
Eagle
Outfitters,
Inc
2,001
205
*
America's
Car-Mart,
Inc
16
480,802
*
AO
World
plc
378
101,800
e
AOKI
Holdings,
Inc
656
149,387
AP
Eagers
Ltd
1,356
24,422
Arata
Corp
749
20,676
Arc
Land
Sakamoto
Co
Ltd
233
84,256
*
Aritzia,
Inc
2,704
279,076
Arko
Corp
2,369
57,317
*
Arvind
Fashions
Ltd
196
19,143
*
Asbury
Automotive
Group,
Inc
4,020
523,128
ASKUL
Corp
6,811
60,665
*
ASOS
plc
616
450,000
*
Aurora
Design
PCL
237
81,075
*,g
Auto1
Group
SE
575
65,488
e
Autobacs
Seven
Co
Ltd
714
19,914
*
AutoCanada,
Inc
293
67,891
*
Autonation,
Inc
9,122
16,556
*
AutoZone,
Inc
40,697
2,468,262
B&M
European
Value
Retail
S.A.
14,705
33,132
g
B&S
Group
Sarl
147
1,703,174
*,e
Baozun,
Inc
(ADR)
10,253
335,151
Bapcor
Ltd
1,439
4,011
*,e
BARK,
Inc
6
37,952
Bath
&
Body
Works,
Inc
1,388
30,005
Belluna
Co
Ltd
159
1,836,700
Berjaya
Auto
BHD
962
172,575
e
Best
Buy
Co,
Inc
13,507
88,400
e
BIC
CAMERA,
Inc
743
5,580
e
Big
5
Sporting
Goods
Corp
43
3,621
e
Big
Lots,
Inc
40
61,672
Bilia
AB
762
1,126,524
*
boohoo.com
plc
828
215,909
*
Boot
Barn
Holdings,
Inc
16,547
49,143
*,e,g
Boozt
AB
598
537,000
*,†,e
Boshiwa
International
Holding
Ltd
1
64,177
Buckle,
Inc
2,290
137
Build-A-Bear
Workshop,
Inc
3
56,857,700
*
Bukalapak.com
PT
Tbk
946
321,746
*
Burlington
Stores,
Inc
65,025
1,117
e
Caleres,
Inc
24
501
Camping
World
Holdings,
Inc
10
50,660
e
Canadian
Tire
Corp
Ltd
6,611
53,871
Carasso
Motors
Ltd
255
131,064
*
CarMax,
Inc
8,425
889,923
*
CarParts.com,
Inc
4,752
181,737
Cato
Corp
(Class
A)
1,607
140,966
*
Ceconomy
AG
384
1,678,065
Central
Retail
Corp
PCL
2,203
486,544
*
Chico's
FAS,
Inc
2,676
167,714
*,e
Children's
Place,
Inc
6,751
110,141
China
International
Travel
Service
Corp
Ltd
2,941
614,629
China
Meidong
Auto
Holdings
Ltd
1,326
161,000
China
Tobacco
International
HK
Co
Ltd
209
72,300
*,e,g
China
Tourism
Group
Duty
Free
Corp
Ltd
1,784
2,059,600
e
Chow
Tai
Fook
Jewellery
Group
Ltd
4,093
57,913
*
Citi
Trends,
Inc
1,102
42,243
e
Clas
Ohlson
AB
(B
Shares)
314
32,032
*,e
Conn's,
Inc
194
CREF
Stock
Account
March
31,
2023
37
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
444,466
*
Container
Store
Group,
Inc
$
1,525
19,477
*,e
ContextLogic,
Inc
9
560,089
*
Coupang,
Inc
8,961
8,505
Cuckoo
Homesys
Co
Ltd
173
155,946
e
DCM
Holdings
Co
Ltd
1,359
56,887
Delek
Automotive
Systems
Ltd
530
222,277
e
Designer
Brands,
Inc
1,943
5,531
*
Destination
XL
Group,
Inc
30
2,757
Dick's
Sporting
Goods,
Inc
391
25,596
Dieteren
S.A.
4,981
157
e
Dillard's,
Inc
(Class
A)
48
1,028,671
Dixons
Carphone
plc
750
1,123,946
Dogan
Sirketler
Grubu
Holdings
548
20,963
Dogus
Otomotiv
Servis
ve
Ticaret
AS
134
1,133,432
Dohome
PCL
475
1,097,000
Dollarama,
Inc
65,560
366,548
Don
Quijote
Co
Ltd
7,091
15,500
Doshisha
Co
Ltd
227
183,231
*,e
Dufry
Group
8,172
228
*
Duluth
Holdings,
Inc
1
108,330
Dunelm
Group
plc
1,477
539,542
eBay,
Inc
23,939
69,378
e
EDION
Corp
671
9,259,000
Erajaya
Swasembada
Tbk
PT
321
124,029
*
Etsy,
Inc
13,808
160,033
g
Europris
ASA
1,111
2,048
*,e
EVgo,
Inc
16
642,000
Far
Eastern
Department
Stores
Co
Ltd
480
25,305
*,e
Farfetch
Ltd
124
157,165
Fast
Retailing
Co
Ltd
34,405
4,800
*,e
Fastned
BV
182
19,375
*
Fawaz
Abdulaziz
Al
Hokair
&
Co
78
23,958
Fielmann
AG.
999
52,287
*
Five
Below,
Inc
10,770
88,740
*,e
Floor
&
Decor
Holdings,
Inc
8,716
14,992
Fnac
Darty
SA
554
3,043
e
Foot
Locker,
Inc
121
314,707
Foschini
Ltd
1,607
7,615
Fox
Wizel
Ltd
651
1,788
e
Franchise
Group,
Inc
49
164,978
*
Frasers
Group
plc
1,582
607
*,e
Funko,
Inc
6
219,842
*,e
GameStop
Corp
(Class
A)
5,061
552,391
e
Gap,
Inc
5,546
1,414
*
Genesco,
Inc
52
37,947
Genuine
Parts
Co
6,349
25,700
Geo
Holdings
Corp
311
80,776
*
Global
Fashion
Group
S.A.
85
21,560
*
Go
Fashion
India
Ltd
265
31,161,000
*,e
GOME
Electrical
Appliances
Holdings
Ltd
417
604
Group
1
Automotive,
Inc
137
4,629
*,e
Groupon,
Inc
20
11,981
*
GrowGeneration
Corp
41
50,300
Grupo
SBF
S.A.
82
124
Guess?,
Inc
2
61,400
Gulliver
International
Co
Ltd
397
192,252
Halfords
Group
plc
415
116,725
*
Hanwha
Galleria
Co
Ltd
191
517,443
e
Harvey
Norman
Holdings
Ltd
1,245
522
Haverty
Furniture
Cos,
Inc
17
487,273
e
Hennes
&
Mauritz
AB
(B
Shares)
6,967
CREF
Stock
Account
March
31,
2023
38
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
106
Hibbett
Sports,
Inc
$
6
19,200
Hikari
Tsushin,
Inc
2,698
1,368,941
Home
Depot,
Inc
404,002
5,282,367
Home
Product
Center
PCL
2,230
10,506
Hornbach
Holding
AG.
&
Co
KGaA
841
276,482
Hotai
Motor
Co
Ltd
5,835
28,704
Hotel
Shilla
Co
Ltd
1,804
196,200
Hour
Glass
Ltd
322
12,712
Hyundai
Department
Store
Co
Ltd
536
3,902
Hyundai
Home
Shopping
Network
Corp
145
1,429,789
Inchcape
plc
13,706
390,088
*
Indiabulls
Infrastructure
and
Power
Ltd
167
701,235
Industria
De
Diseno
Textil
S.A.
23,558
325,400
e
Isetan
Mitsukoshi
Holdings
Ltd
3,643
28,600
Izumi
Co
Ltd
680
232,900
J
Front
Retailing
Co
Ltd
2,326
57,908
Jarir
Marketing
Co
2,522
113,607
JB
Hi-Fi
Ltd
3,242
3,676,280
JD.com,
Inc
80,276
14,742
e
JINS
Holdings,
Inc
402
14,112
e
JOANN,
Inc
22
8,720
e
Joshin
Denki
Co
Ltd
129
45,774
Joyful
Honda
Co
Ltd
593
108,814
JUMBO
S.A.
2,309
5,025
K
Car
Co
Ltd
49
42,387
Keiyo
Co
Ltd
270
5,500
*
Kintetsu
Department
Store
Co
Ltd
101
4,295
Kohl's
Corp
101
22,005
Kohnan
Shoji
Co
Ltd
540
126,452
Komeri
Co
Ltd
2,612
154,828
K's
Holdings
Corp
1,359
483
*,e
Lands'
End,
Inc
5
19,418
e
Leon's
Furniture
Ltd
248
147,410
*
Leslie's,
Inc
1,623
22,098
Lithia
Motors,
Inc
(Class
A)
5,059
66,831
LKQ
Corp
3,793
890,480
Lojas
Renner
S.A.
2,911
11,119
Lotte
Shopping
Co
Ltd
702
55,875
Lovisa
Holdings
Ltd
915
1,282,649
Lowe's
Companies,
Inc
256,491
337,561
Luk
Fook
Holdings
International
Ltd
1,080
12,298
*,e
Lulu's
Fashion
Lounge
Holdings,
Inc
29
346,496
*
Lumber
Liquidators,
Inc
1,317
13,735
Macy's,
Inc
240
32,002,325
*
Magazine
Luiza
S.A.
20,899
32,117
e,g
Maisons
du
Monde
S.A.
347
689,500
*
Map
Aktif
Adiperkasa
PT
222
406
*
MarineMax,
Inc
12
2,967,400
Matahari
Department
Store
Tbk
PT
976
72,078
Matas
A.S.
884
80,508
Mekonomen
AB
958
47,951
*
MercadoLibre,
Inc
63,202
394,200
*,e
Mercari,
Inc
6,948
93,400
MINISO
Group
Holding
Ltd
(ADR)
1,657
9,020,800
*
Mitra
Adiperkasa
Tbk
PT
910
38,214
Mobilezone
Holding
AG.
625
60,800
momo.com,
Inc
1,811
692
Monro
Muffler,
Inc
34
161,363
*
Moonpig
Group
plc
245
135,715
Motus
Holdings
Ltd
739
1,507,600
g
MR
DIY
Group
M
Bhd
531
CREF
Stock
Account
March
31,
2023
39
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
238,341
Mr
Price
Group
Ltd
$
1,930
15,054
Murphy
USA,
Inc
3,885
29,110
Musti
Group
Oyj
508
8,300
e
Nafco
Co
Ltd
110
204,985
Naspers
Ltd
(N
Shares)
37,983
2,672
*
National
Vision
Holdings,
Inc
50
9,776
Next
plc
795
41,920
e
Nextage
Co
Ltd
876
71,964
Nick
Scali
Ltd
453
42,935
Nishimatsuya
Chain
Co
Ltd
530
73,343
Nitori
Co
Ltd
8,857
56,024
e
Nojima
Corp
592
6,742
e
Nordstrom,
Inc
110
251,371
*
ODP
Corp
11,307
289,976
*
Ollie's
Bargain
Outlet
Holdings,
Inc
16,801
1,872
*,e
OneWater
Marine,
Inc
52
53,235
*
O'Reilly
Automotive,
Inc
45,195
367,092
*
Overstock.com,
Inc
7,441
59,677
*,†,e
Ozon
Holdings
plc
(ADR)
1
343,700
Padini
Holdings
BHD
311
23,328
Pal
Co
Ltd
544
646,615
Paltac
Corp
24,569
191,192
*
PC
Jeweller
Ltd
62
21,031
Penske
Auto
Group,
Inc
2,982
158,973
*,g
Pepco
Group
NV
1,531
1,848,657
g
Pepkor
Holdings
Ltd
1,790
282,600
Pet
Center
Comercio
e
Participacoes
S.A.
346
25,568
Pet
Valu
Holdings
Ltd
712
66,715
*,e
Petco
Health
&
Wellness
Co,
Inc
600
107
e
PetMed
Express,
Inc
2
466,420
Pets
at
Home
Group
plc
2,123
473,731
*
Pinduoduo,
Inc
(ADR)
35,956
32,430
Pool
Corp
11,105
552,400
e,g
Pop
Mart
International
Group
Ltd
1,504
2,915,000
Pou
Sheng
International
Holdings
Ltd
244
53,650
Poya
Co
Ltd
1,008
86,213
Premier
Investments
Ltd
1,517
837,643
Prosus
NV
65,591
1,138,500
PTG
Energy
PCL
(Foreign)
467
2,273,500
PTT
Oil
&
Retail
Business
PCL
1,418
56,431
e
Puuilo
Oyj
411
35,886
*,e
Qurate
Retail
Group,
Inc
QVC
Group
35
547,900
*
Rakuten,
Inc
2,555
42,711
*,e
RealReal,
Inc
54
18,663
*,e
Rent
the
Runway,
Inc
53
1,403
Rent-A-Center,
Inc
34
13,490
Retailors
Ltd
247
15,426
*
RH
3,757
216,334
Ross
Stores,
Inc
22,960
43,914
Rvrc
Holding
AB
138
782,500
Ryohin
Keikaku
Co
Ltd
8,917
1,273,831
*
SA
SA
International
Holdings
Ltd
298
664,361
SACI
Falabella
1,528
624,316
*
Sally
Beauty
Holdings,
Inc
9,727
51,500
Sanrio
Co
Ltd
2,309
33,605
Saudi
Automotive
Services
Co
333
20,302
Saudi
Co
For
Hardware
CJSC
157
222,781
Seria
Co
Ltd
4,418
170,004
Shanghai
Yuyuan
Tourist
Mart
Group
Co
Ltd
201
35,200
Shimamura
Co
Ltd
3,583
7,257
Shinsegae
Co
Ltd
1,204
CREF
Stock
Account
March
31,
2023
40
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
15,499
Shinsegae
International
Co
Ltd
$
259
2,503
e
Shoe
Carnival,
Inc
64
44,018
*
Shopper's
Stop
Ltd
349
2,211
Signet
Jewelers
Ltd
172
368,300
Singer
Thailand
PCL
194
34,013
e,g
Sleep
Country
Canada
Holdings,
Inc
593
415
*
Sleep
Number
Corp
13
47,445
*,g
SMCP
S.A.
423
340
e
Sonic
Automotive,
Inc
(Class
A)
18
352,611
*
Sportsman's
Warehouse
Holdings,
Inc
2,990
408,536
*,e
Stitch
Fix
Inc
2,088
614,982
Super
Group
Ltd
1,128
592,682
Super
Retail
Group
Ltd
5,012
113,964
e
Synsam
AB
445
3,798
Tadiran
Holdings
Ltd
346
139,351
Takashimaya
Co
Ltd
2,032
12,869
e
Telepark
Corp
162
63,550
*,e
Temple
&
Webster
Group
Ltd
148
2,229,994
*,e
THG
Holdings
Ltd
1,868
1,447
*,e
ThredUp,
Inc
4
1,199
*,e
Tile
Shop
Holdings,
Inc
6
851
*
Tilly's,
Inc
7
3,564,841
TJX
Companies,
Inc
279,341
45,638
e
Tokmanni
Group
Corp
630
8,862,489
g
Topsports
International
Holdings
Ltd
8,079
6,094
*,e
Torrid
Holdings,
Inc
27
94,609
Tractor
Supply
Co
22,237
545
*
TravelCenters
of
America,
Inc
47
172,194
Trent
Ltd
2,889
360,793
Truworths
International
Ltd
1,083
90,148
*
Ulta
Beauty,
Inc
49,191
38,736
*
Uni-Select,
Inc
1,336
426,799
e
United
Arrows
Ltd
6,199
34,356
United
Electronics
Co
713
545
*
Urban
Outfitters,
Inc
15
220,300
USS
Co
Ltd
3,822
1,437,700
*
Via
S
533
8,611,372
Vibra
Energia
S.A.
24,483
4,570
*
Victoria's
Secret
&
Co
156
4,282,111
*,d
Vipshop
Holdings
Ltd
(ADR)
65,002
9,315
V-Mart
Retail
Ltd
246
49,488
VT
Holdings
Co
Ltd
190
65,201
*
Warby
Parker,
Inc
690
68,492
Warehouse
Group
Ltd
79
227,777
*,g
Watches
of
Switzerland
Group
plc
2,297
64,285
*,e
Wayfair,
Inc
2,208
919,951
Wesfarmers
Ltd
31,093
201
Weyco
Group,
Inc
5
186,851
WH
Smith
plc
3,459
288,620
Wickes
Group
plc
492
1,522,400
Wilcon
Depot,
Inc
841
56,119
Williams-Sonoma,
Inc
6,827
1,328
Winmark
Corp
426
931,659
Woolworths
Holdings
Ltd
3,345
230,100
e
Workman
Co
Ltd
9,761
392,583
Wuchan
Zhongda
Group
Co
Ltd
277
413,000
Xinhua
Winshare
Publishing
and
Media
Co
Ltd
324
1,135,600
*,e
Yamada
Denki
Co
Ltd
3,904
91,633
Yellow
Hat
Ltd
1,262
680,328
*,g
Zalando
SE
28,513
568,072
Zhongsheng
Group
Holdings
Ltd
2,799
CREF
Stock
Account
March
31,
2023
41
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
104,800
e
ZOZO
Inc
$
2,397
535
*
Zumiez,
Inc
10
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
4,586,874
CONSUMER
DURABLES
&
APPAREL
-
2.2%
921,000
*
361
Degrees
International
Ltd
457
1,765
Acushnet
Holdings
Corp
90
242,214
Adidas-Salomon
AG.
42,938
322,259
*
Aditya
Birla
Fashion
and
Retail
Ltd
843
134,763
Aksa
Akrilik
Kimya
Sanayii
504
18,000
Alexander
Marine
Co
Ltd
305
15,040
*,e
Allbirds,
Inc
18
2,383,142
*
Alok
Industries
Ltd
338
201,600
*
Alpargatas
S.A.
324
19,689
*
Amber
Enterprises
India
Ltd
438
2,977
*,e
AMMO,
Inc
6
1,147,955
Anta
Sports
Products
Ltd
16,667
69,900
Arezzo
Industria
e
Comercio
S.A.
876
83,975
Ariston
Holding
NV
925
154,973
Asics
Corp
4,414
86,990
Azorim-Investment
Development
&
Construction
Co
Ltd
218
95,552
Bajaj
Electricals
Ltd
1,224
200,100
Bandai
Namco
Holdings
Inc
4,314
46,949
Bata
India
Ltd
812
266
*
Beazer
Homes
USA,
Inc
4
117,864
Bellway
plc
3,210
71,322
Beneteau
S.A.
1,192
29,001
*
Borosil
Ltd
116
3,176,472
Bosideng
International
Holdings
Ltd
1,773
332,198
Bovis
Homes
Group
plc
3,214
100,675
e
Breville
Group
Ltd
1,298
33,375
e
BRP,
Inc
(Toronto)
2,612
33,464
Brunello
Cucinelli
S.p.A
3,320
60,730
Brunswick
Corp
4,980
6,657,765
Cairn
Homes
plc
7,365
7,199,671
Cairn
Homes
plc
(London)
7,993
650,958
*,e
Callaway
Golf
Co
14,074
58,262
*
Campus
Activewear
Ltd
237
54,613
*,e
Canada
Goose
Holdings,
Inc
1,050
546,868
*
Capri
Holdings
Ltd
25,703
2,279
e
Carter's,
Inc
164
177,300
*,e
Casio
Computer
Co
Ltd
1,745
13,431
*
Cavco
Industries,
Inc
4,268
29,645
*
CCC
S.A.
266
566
Century
Communities,
Inc
36
88,300
Chervon
Holdings
Ltd
459
481,000
China
Lilang
Ltd
238
14,000
Chofu
Seisakusho
Co
Ltd
235
324,357
Chow
Sang
Sang
Holding
451
724,635
Cie
Financiere
Richemont
S.A.
116,200
1,378,000
*
Citychamp
Watch
&
Jewellery
Group
Ltd
205
5,711
e
Clarus
Corp
54
1,631,196
Coats
Group
plc
1,483
1,465
Columbia
Sportswear
Co
132
52,840
Coway
Co
Ltd
2,133
240,088
Crest
Nicholson
Holdings
plc
647
132,002
*
Crocs,
Inc
16,690
576,620
Crompton
Greaves
Consumer
Electricals
Ltd
2,060
1,447
Cuckoo
Electronics
Co
Ltd
17
94,900
Cury
Construtora
e
Incorporadora
S.A.
240
CREF
Stock
Account
March
31,
2023
42
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
309,500
Cyrela
Brazil
Realty
S.A.
$
860
18,200
e
Daiwa
Seiko,
Inc
341
24,468
Danya
Cebus
Ltd
485
22,421
*
Deckers
Outdoor
Corp
10,079
71,649
De'Longhi
S.p.A.
1,635
9,867
Delta-Galil
Industries
Ltd
391
24,302
e
Descente
Ltd
764
92,700
Direcional
Engenharia
S.A.
292
29,344
Dixon
Technologies
India
Ltd
1,026
263,771
DR
Horton,
Inc
25,768
538,388
Dr.
Martens
PLC
944
72,361
*,e
Dream
Finders
Homes,
Inc
959
35,144
*
Duni
AB
317
1,122,869
Eclat
Textile
Co
Ltd
18,334
29,100
Ecovacs
Robotics
Co
Ltd
349
1,830
Einhell
Germany
AG.
325
13,051
Electra
Consumer
Products
1970
Ltd
354
735,364
e
Electrolux
AB
8,938
4,176
Ermenegildo
Zegna
Holditalia
S.p.A
57
42,257
ES-Con
Japan
Ltd
278
790
e
Ethan
Allen
Interiors,
Inc
22
78,200
Ez
Tec
Empreendimentos
e
Participacoes
S.A.
188
15,487
F&F
Co
Ltd
1,666
1,465,689
Feng
TAY
Enterprise
Co
Ltd
9,330
24,654
*,†
FF
Group
0^
227,700
e
Fields
Corp
3,573
47,831
Fila
Korea
Ltd
1,345
770,000
Formosa
Taffeta
Co
Ltd
712
8,783
*
Fossil
Group,
Inc
28
339,999
*,†
Fuguiniao
Co
Ltd
0^
57,321
e
Fujitsu
General
Ltd
1,619
136,000
Fulgent
Sun
International
Holding
Co
Ltd
598
80,000
Fusheng
Precision
Co
Ltd
598
31,351
Games
Workshop
Group
plc
3,734
69,113
*
Garmin
Ltd
6,975
8,937
Garware
Technical
Fibres
Ltd
317
283,139
Giant
Manufacturing
Co
Ltd
1,646
117,445
*
G-III
Apparel
Group
Ltd
1,826
165,097
Gildan
Activewear,
Inc
5,485
1,432,178
*,g
Glenveagh
Properties
plc
1,553
3,460,973
*,g
Glenveagh
Properties
plc
(London)
3,690
802,000
*,e
Golden
Solar
New
Energy
Technology
Holdings
Ltd
722
22,847
Goldwin,
Inc
2,180
17,158
Golfzon
co
Ltd
1,691
4,472
*
GoPro,
Inc
22
166,500
Gree
Electric
Appliances,
Inc
of
Zhuhai
889
252
*
Green
Brick
Partners,
Inc
9
241,300
Grendene
S.A.
342
552,400
GRUPO
DE
MODA
SOMA
S.A.
884
25,400
Guararapes
Confeccoes
S.A.
22
15,718
Gunze
Ltd
532
368,307
Haier
Smart
Home
Co
Ltd
1,215
2,183,801
Haier
Smart
Home
Co
Ltd
6,838
7,881
Handsome
Co
Ltd
158
7,033
Hanesbrands,
Inc
37
54,005
Hangzhou
Robam
Appliances
Co
Ltd
223
20,103
Hansae
Co
Ltd
241
10,343
Hanssem
Co
Ltd
406
106,733
Hasbro,
Inc
5,730
228,672
e
Haseko
Corp
2,658
620
*
Helen
of
Troy
Ltd
59
CREF
Stock
Account
March
31,
2023
43
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
20,560
Hermes
International
$
41,639
466,000
*,†
HOSA
International
Ltd
1
504
*
Hovnanian
Enterprises,
Inc
34
161,526
Hugo
Boss
AG.
11,615
2,284
Hwaseung
Enterprise
Co
Ltd
15
135,200
e
Iida
Group
Holdings
Co
Ltd
2,207
75,375
Indo
Count
Industries
Ltd
103
102,619
Installed
Building
Products,
Inc
11,702
560
*,e
iRobot
Corp
24
33,410
Japan
Wool
Textile
Co
Ltd
249
41,584
Jason
Furniture
Hangzhou
Co
Ltd
245
48,795
e
JM
AB
810
485,500
JNBY
Design
Ltd
556
119,000
Johnson
Health
Tech
Co
Ltd
262
182
Johnson
Outdoors,
Inc
11
14,322
Kaufman
&
Broad
S.A.
426
3,411
KB
Home
137
342,985
Kering
223,773
1,151,000
Kinpo
Electronics
498
6,700
e
Ki-Star
Real
Estate
Co
Ltd
210
38,000
KMC
Kuei
Meng
International
In
179
785,700
Konka
Group
Co
Ltd
181
2,714
Kontoor
Brands,
Inc
131
94,178
KPR
Mill
Ltd
664
45,018
LA
Opala
RG
Ltd
187
7,860
*
Landsea
Homes
Corp
48
8,180
*
Latham
Group,
Inc
23
1,482
La-Z-Boy,
Inc
43
1,808
*
Legacy
Housing
Corp
41
111,524
Leggett
&
Platt,
Inc
3,555
205,413
Lennar
Corp
(Class
A)
21,591
12,684
Lennar
Corp
(Class
B)
1,133
180,358
e
Levi
Strauss
&
Co
3,288
17,373
LF
Corp
232
170,371
LG
Electronics,
Inc
15,205
988
*
LGI
Homes,
Inc
113
2,216,621
Li
Ning
Co
Ltd
17,431
477
e
Lifetime
Brands,
Inc
3
168,380
*,e
Lovesac
Co
4,866
1,014
LPP
S.A.
2,251
190,819
*
Lululemon
Athletica,
Inc
69,494
9,119
*
LUX
Industries
Ltd
129
378,561
LVMH
Moet
Hennessy
Louis
Vuitton
S.A.
347,484
379
*
M/I
Homes,
Inc
24
207,000
Makalot
Industrial
Co
Ltd
1,474
42,571
*
Malibu
Boats,
Inc
2,403
1,677,784
Man
Wah
Holdings
Ltd
1,383
6,442
*,†
Mariella
Burani
S.p.A.
0
47,206
Marimekko
Oyj
500
2,574
Marine
Products
Corp
34
100,899
*
MasterCraft
Boat
Holdings,
Inc
3,070
295,669
*
Mattel,
Inc
5,443
59,642
g
Mavi
Giyim
Sanayi
Ve
Ticaret
AS.
327
44,313
Maytronics
Ltd
472
2,067
MDC
Holdings,
Inc
80
386,000
Merida
Industry
Co
Ltd
2,147
1,929
Meritage
Homes
Corp
225
184,881
Merry
Electronics
Co
Ltd
537
53,129
e
MIPS
AB
2,694
82,300
Mizuno
Corp
1,933
43,031
*
Mohawk
Industries,
Inc
4,313
CREF
Stock
Account
March
31,
2023
44
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,563,220
Moncler
S.p.A
$
107,974
541
Movado
Group,
Inc
16
352,100
MRV
Engenharia
e
Participacoes
S.A.
443
5,800
e
Nagawa
Co
Ltd
300
30,767
g
Neinor
Homes
S.A.
302
39,452
New
Wave
Group
AB
(B
Shares)
677
2,725,704
Newell
Brands
Inc
33,908
160,448
Nien
Made
Enterprise
Co
Ltd
1,728
1,909,801
Nike,
Inc
(Class
B)
234,218
1,923,600
Nikon
Corp
19,748
141,221
Nobia
AB
242
13,741
*
NVR,
Inc
76,567
393,539
*,e
On
Holding
AG.
12,212
72,300
Open
House
Co
Ltd
2,711
26,532
Oppein
Home
Group,
Inc
467
126,391
Orient
Electric
Ltd
416
192,015
g
OVS
S.p.A
504
86,519
Oxford
Industries,
Inc
9,136
991,778
Pacific
Textile
Holdings
Ltd
320
5,519
Page
Industries
Ltd
2,549
4,803,989
Panasonic
Corp
42,982
3,002
Pandora
AS
288
402,000
*,†
Peace
Mark
Holdings
Ltd
0
283,243
*,e
Peloton
Interactive,
Inc
3,212
20,656
*,†
PIK
Group
(GDR)
0^
12,391
*,e
PLBY
Group,
Inc
25
46,428
e
Polaris
Inc
5,136
2,165,006
Pou
Chen
Corp
2,225
7,145,440
Prada
S.p.A
50,669
27,985
Pressance
Corp
378
228,464
Pulte
Homes,
Inc
13,315
8,113
*,e
Purple
Innovation,
Inc
21
3,452
PVH
Corp
308
579,000
e
Q
Technology
Group
Co
Ltd
317
44,000
Quang
Viet
Enterprise
Co
Ltd
165
50,297
Rajesh
Exports
Ltd
375
2,329
e
Ralph
Lauren
Corp
272
30,060
Raymond
Ltd
449
837,841
Redrow
plc
4,956
43,517
Relaxo
Footwears
Ltd
451
107,100
Rinnai
Corp
2,623
1,483
Rocky
Brands,
Inc
34
15,400
Roland
Corp
465
613,027
Ruentex
Industries
Ltd
1,141
12,459
Safari
Industries
India
Ltd
311
249,538
*
Safilo
Group
S.p.A.
382
48,824
e
Salvatore
Ferragamo
Italia
S.p.A
893
43,624
Sangetsu
Co
Ltd
736
204,400
Sankyo
Co
Ltd
8,534
9,954
e
Sanlorenzo
S.p.A
433
25,612
SEB
S.A.
2,914
257,700
Sega
Sammy
Holdings,
Inc
4,898
29,700
Seiko
Holdings
Corp
651
44,793
e
Seiren
Co
Ltd
791
330,500
Sekisui
Chemical
Co
Ltd
4,694
694,000
Sekisui
House
Ltd
14,145
210,400
e
Sharp
Corp
1,488
30,636
*
Sheela
Foam
Ltd
371
777,938
Shenzhou
International
Group
Holdings
Ltd
8,161
68,499
Shimano,
Inc
11,877
7,059
*
Skechers
U.S.A.,
Inc
(Class
A)
335
CREF
Stock
Account
March
31,
2023
45
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
152,915
*
Skyline
Champion
Corp
$
11,504
1,388,000
e
Skyworth
Digital
Holdings
Ltd
715
49,154
Smith
&
Wesson
Brands,
Inc
605
623
*,e
Snap
One
Holdings
Corp
6
23,400
e
Snow
Peak,
Inc
362
1,070
*,e
Solo
Brands,
Inc
8
4,472
*
Sonos,
Inc
88
3,432,222
Sony
Corp
312,618
78,383
e,g
Spin
Master
Corp
2,179
545,500
Stella
International
Holdings
Ltd
581
520,131
Steven
Madden
Ltd
18,725
43
e
Sturm
Ruger
&
Co,
Inc
2
133,497
Sumitomo
Forestry
Co
Ltd
2,652
3,392
Superior
Uniform
Group,
Inc
27
1,372
Swatch
Group
AG.
473
14,878
Symphony
Ltd
184
1,181,000
Tainan
Spinning
Co
Ltd
655
230,000
Taiwan
Paiho
Ltd
447
16,500
e
Tama
Home
Co
Ltd
456
51,028
e
Tamron
Co
Ltd
1,216
94,814
Tapestry,
Inc
4,087
3,724
*
Taylor
Morrison
Home
Corp
142
5,477,493
Taylor
Wimpey
plc
8,058
1,001,000
TCL
Multimedia
Technology
Holdings
Ltd
422
962,845
TCL
Technology
Group
Corp
620
137,436
e,g
Technogym
S.p.A
1,223
136,513
Tempur
Sealy
International,
Inc
5,391
319,500
Texhong
Textile
Group
Ltd
245
99,962
e,g
Thule
Group
AB
2,466
329,946
Titan
Industries
Ltd
10,134
7,920
*
Tod's
S.p.A.
328
5,490
Token
Corp
330
92,104
Toll
Brothers,
Inc
5,529
86,601
Tomy
Co
Ltd
970
45,816
*,e
Tonies
SE
242
56,270
*
TopBuild
Corp
11,712
56,000
Topkey
Corp
386
529,402
*,e
Traeger,
Inc
2,176
4,626
*
TRI
Pointe
Homes,
Inc
117
1,045,978
Trident
Ltd
357
44,648
TTK
Prestige
Ltd
381
11,010
*
Tupperware
Brands
Corp
28
232,040
*
Under
Armour,
Inc
(Class
A)
2,202
728,965
*
Under
Armour,
Inc
(Class
C)
6,218
6,901
*
Unifi,
Inc
56
425
*
Universal
Electronics,
Inc
4
252,943
*
Universal
Entertainment
Corp
4,710
47,259
Vaibhav
Global
Ltd
157
119,336
*
Vardhman
Textiles
Ltd
428
323,152
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
170
75,616
*
Vestel
Elektronik
Sanayi
187
287,000
Vesync
Co
Ltd
117
161,867
VF
Corp
3,708
52,526
*,e
Victoria
plc
318
66,725
VIP
Industries
Ltd
466
1,904
*
Vista
Outdoor,
Inc
53
4,248,000
*,e
Viva
China
Holdings
Ltd
735
115,200
Vivara
Participacoes
S.A.
502
2,598
*,e
Vizio
Holding
Corp
24
43,700
Vulcabras
Azaleia
S.A.
104
279
*,e
Vuzix
Corp
1
CREF
Stock
Account
March
31,
2023
46
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
2,428
*
V-ZUG
Holding
AG.
$
219
44,713
e
Wacoal
Holdings
Corp
840
255,087
Welspun
India
Ltd
198
284,504
Whirlpool
Corp
37,560
28,916
Whirlpool
of
India
Ltd
463
2,374
e
Wolverine
World
Wide,
Inc
40
1,307,500
XTEP
International
Holdings
1,665
129,600
Yamaha
Corp
5,006
332,887
*
YETI
Holdings,
Inc
13,315
107,409
e
YIT
Oyj
286
215,600
Yonex
Co
Ltd
2,345
20,686
Youngone
Corp
728
4,197
Youngone
Holdings
Co
Ltd
207
782,000
Yue
Yuen
Industrial
Holdings
1,100
23,213
Zhejiang
Supor
Co
Ltd
183
8,743
Zinus,
Inc
190
35,300
e
Zojirushi
Corp
426
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,443,319
CONSUMER
SERVICES
-
2.8%
7,397
*
2U,
Inc
51
416,569
*
888
Holdings
plc
267
59,162
g
AcadeMedia
AB
294
1,187
*,e
Accel
Entertainment,
Inc
11
351,341
Accor
S.A.
11,422
344,408
ADT,
Inc
2,490
1,784
*
Adtalem
Global
Education,
Inc
69
3,100
*,e
Adventure,
Inc
238
321,790
*
Airbnb,
Inc
40,031
147,800
*,e
Airtrip
Corp
2,930
12,563
Alamar
Foods
482
518,100
*,e
Alsea
SAB
de
C.V.
1,241
926,725
*
Amadeus
IT
Holding
S.A.
62,168
33,847
*
American
Public
Education,
Inc
183
79,143
*
AmRest
Holdings
SE
346
341,600
*
Anima
Holding
S.A.
169
95,358
ARAMARK
Holdings
Corp
3,414
12,460
e
ARCLAND
SERVICE
Co
Ltd
211
8,812,494
Arcos
Dorados
Holdings,
Inc
67,944
455,879
Aristocrat
Leisure
Ltd
11,398
5,870,468
Asset
World
Corp
PCL
997
17,784
Ataa
Educational
Co
300
101,400
*,e
Atom
Corp
612
248,357
*
Auction
Technology
Group
plc
1,881
176,357
*,e
Autogrill
S.p.A.
1,263
32,000
Bafang
Yunji
International
Co
Ltd
195
66
*
Bally's
Corp
1
22,855
*
Barbeque
Nation
Hospitality
Ltd
176
50,489
*,e,g
Basic-Fit
NV
1,991
2,991
*,e
Beachbody
Co,
Inc
1
72,000
Benesse
Holdings,
Inc
1,055
772,472
Berjaya
Sports
Toto
BHD
261
109,702
Betsson
AB
1,044
27
*,e
Biglari
Holdings,
Inc
(B
Shares)
5
774
*
BJ's
Restaurants,
Inc
23
4,097,500
*
Bloomberry
Resorts
Corp
741
506,415
Bloomin'
Brands,
Inc
12,990
1,593
e
Bluegreen
Vacations
Holding
Corp
44
164,870
*
Booking
Holdings,
Inc
437,303
598,324
*,e
Bowlero
Corp
10,142
151,140
Boyd
Gaming
Corp
9,691
CREF
Stock
Account
March
31,
2023
47
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
48,311
*
Bright
Horizons
Family
Solutions
$
3,719
124,310
*
Brinker
International,
Inc
4,724
43,600
BTG
Hotels
Group
Co
Ltd
148
276,062
*
Burger
King
India
Ltd
304
174,016
*
Caesars
Entertainment,
Inc
8,494
310,000
Cafe
de
Coral
Holdings
Ltd
411
329,435
Cairo
Investment
&
Real
Estate
Development
Co
SAE
114
815,369
*,e
Carnival
Corp
8,276
137,686
*,e
Carnival
plc
1,242
1,086
Carriage
Services,
Inc
33
454,200
*
Central
Plaza
Hotel
PCL
745
3,579
*
Century
Casinos,
Inc
26
65,027
*
Chalet
Hotels
Ltd
288
2,367
e
Cheesecake
Factory
83
23,696
*
Chegg,
Inc
386
606,000
e,g
China
East
Education
Holdings
Ltd
358
849,000
e
China
Education
Group
Holdings
Ltd
817
2,128,000
*,†
China
Maple
Leaf
Educational
Systems
Ltd
3
4,143,000
g
China
New
Higher
Education
Group
Ltd
1,343
2,572,000
*
China
Travel
International
Inv
HK
529
44,209
*
Chipotle
Mexican
Grill,
Inc
(Class
A)
75,522
27,744
Choice
Hotels
International,
Inc
3,251
30,816
Churchill
Downs,
Inc
7,921
641
*,e
Chuy's
Holdings,
Inc
23
33,800
Cie
des
Alpes
470
5,853,900
*
Cogna
Educacao
2,160
905,120
Collins
Foods
Ltd
5,058
70,200
e
Colowide
Co
Ltd
1,021
2,496,819
Compass
Group
plc
62,749
121,503
Corporate
Travel
Management
Ltd
1,483
2,403
*
Coursera,
Inc
28
604
e
Cracker
Barrel
Old
Country
Store,
Inc
69
109,400
e
Create
Restaurants
Holdings,
Inc
835
57,900
Curves
Holdings
Co
Ltd
335
195,429
Dadi
Early-Childhood
Education
Group
Ltd
751
181,300
*
Dalata
Hotel
Group
plc
822
170,089
Darden
Restaurants,
Inc
26,391
1,995
*
Dave
&
Buster's
Entertainment,
Inc
73
841,734
*,g
Deliveroo
plc
950
181,596
*,g
Delivery
Hero
AG.
6,195
62,125
Delta
Corp
Ltd
137
50,800
*,e
Demae-Can
Co
Ltd
168
260,636
*
Denny's
Corp
2,909
193,695
*
Devyani
International
Ltd
342
724
Dine
Brands
Global
Inc.
49
57,317
Domino's
Pizza
Enterprises
Ltd
1,924
360,985
Domino's
Pizza
Group
plc
1,273
30,199
Domino's
Pizza,
Inc
9,962
213,048
*
DoorDash,
Inc
13,541
9,983
DoubleUGames
Co
Ltd
340
70,218
Doutor
Nichires
Holdings
Co
Ltd
1,004
304,335
*
DraftKings,
Inc
5,892
39,803
*
Duolingo,
Inc
5,675
48,176
*
Dur
Hospitality
Co
305
340,674
*
Easy
Trip
Planners
Ltd
182
416,000
e
EC
Healthcare
332
68,898
*
eDreams
ODIGEO
S.A.
422
157,036
*
EIH
Ltd
317
680
El
Pollo
Loco
Holdings,
Inc
7
334,551
*,e,g
Elior
Participations
S.C.A
1,177
66,798
*
Emerson
Pacific,
Inc
350
CREF
Stock
Account
March
31,
2023
48
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
605,646
Entain
PLC
$
9,406
2,865,900
*
Erawan
Group
PCL
413
1,279,362
*
Everi
Holdings,
Inc
21,941
380,617
g
Evolution
Gaming
Group
AB
50,994
237,378
*
Expedia
Group,
Inc
23,033
9,263
*,e
F45
Training
Holdings,
Inc
11
21,354
*
Fattal
Holdings
1998
Ltd
2,000
82,511
*
First
Watch
Restaurant
Group,
Inc
1,325
150,678
*,e
Flight
Centre
Travel
Group
Ltd
1,876
364,192
*
Flutter
Entertainment
plc
65,716
203,811
*
Flutter
Entertainment
plc
37,088
63,000
Formosa
International
Hotels
Corp
579
177,400
*,g
Fosun
Tourism
Group
228
1,710
*
frontdoor,
Inc
48
2,931,000
Fu
Shou
Yuan
International
Group
Ltd
2,372
23,299
Fuji
Kyuko
Co
Ltd
773
5,400
*,e
Fujio
Food
System
Co
Ltd
56
4,279
*,e
Full
House
Resorts,
Inc
31
824,757
G8
Education
Ltd
669
1,803,608
*
Galaxy
Entertainment
Group
Ltd
12,065
2,041,997
Genting
BHD
2,161
2,860,481
Genting
Malaysia
BHD
1,721
4,747,712
Genting
Singapore
Ltd
4,007
1,388
*
Golden
Entertainment,
Inc
60
75,000
Gourmet
Master
Co
Ltd
359
177
Graham
Holdings
Co
105
25,432
*
Grand
Canyon
Education,
Inc
2,897
33,439
*
Grand
Korea
Leisure
Co
Ltd
516
286,660
Greggs
plc
9,844
247,016
H&R
Block,
Inc
8,707
3,163,000
*,e,g
Haichang
Ocean
Park
Holdings
Ltd
690
1,042,776
e,g
Haidilao
International
Holding
Ltd
2,826
11,672
*
Hana
Tour
Service,
Inc
550
161,789
Heiwa
Corp
3,210
203,000
*,e
Helens
International
Holdings
Co
ltd
348
11,338
Herfy
Food
Services
Co
99
19,537
Hiday
Hidaka
Corp
317
413,037
*
Hilton
Grand
Vacations,
Inc
18,351
804,429
Hilton
Worldwide
Holdings,
Inc
113,320
48,828
*,e
HIS
Co
Ltd
738
4,308,000
e,g
Hope
Education
Group
Co
Ltd
340
233,000
Huangshan
Tourism
Development
Co
Ltd
192
181,255
*
Huazhu
Group
Ltd
(ADR)
8,878
168,816
*
Humansoft
Holding
Co
KSC
2,143
38,884
*
Hyatt
Hotels
Corp
4,347
11,900
e
Ichibanya
Co
Ltd
453
1,726,503
IDP
Education
Ltd
31,817
797,878
Indian
Hotels
Co
Ltd
3,159
13,843
*,e
Inspirato,
Inc
13
101,318
*,e
Inspired
Entertainment,
Inc
1,296
187,071
InterContinental
Hotels
Group
plc
12,247
687,986
e
International
Game
Technology
plc
18,438
129,568
e
Invocare
Ltd
1,028
624
Jack
in
the
Box,
Inc
55
755,000
e,g
Jiumaojiu
International
Holdings
Ltd
1,795
403,083
Jollibee
Foods
Corp
1,662
363,811
Jubilant
Foodworks
Ltd
1,954
284,727
Jumbo
Interactive
Ltd
2,411
195,085
*,g
Just
Eat
Takeaway.com
NV
3,723
54,133
*
Kambi
Group
plc
970
86,608
Kangwon
Land,
Inc
1,328
CREF
Stock
Account
March
31,
2023
49
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
14,970
*,e
Kappa
Create
Co
Ltd
$
163
33,800
e
Kentucky
Fried
Chicken
Japan
Ltd
721
298,184
Kindred
Group
plc
3,339
18,500
e
Kisoji
Co
Ltd
309
43,300
KOMEDA
Holdings
Co
Ltd
769
380,000
*,e,g
Koolearn
Technology
Holding
Ltd
1,627
49,494
Koshidaka
Holdings
Co
Ltd
359
1,800
e
Krispy
Kreme,
Inc
28
17,804
e
Kura
Corp
439
635
*,e
Kura
Sushi
USA,
Inc
42
29,983
e
Kyoritsu
Maintenance
Co
Ltd
1,212
117,492
g
La
Francaise
des
Jeux
SAEM
4,897
3,005,299
*
Las
Vegas
Sands
Corp
172,654
895,424
Laureate
Education,
Inc
10,530
23,488
Leejam
Sports
Co
JSC
661
354,268
*,g
Lemon
Tree
Hotels
Ltd
334
410
*
Life
Time
Group
Holdings,
Inc
7
3,530
*,e
Lindblad
Expeditions
Holdings,
Inc
34
15,500
e
LITALICO,
Inc
303
42,260
*
Lotte
Tour
Development
Co
Ltd
448
1,731,909
Lottery
Corp
Ltd
5,957
533,000
Lung
Yen
Life
Service
Corp
688
837,100
Magnum
BHD
216
68,987
*
Mahindra
Holidays
&
Resorts
India
Ltd
227
260,437
Marriott
International,
Inc
(Class
A)
43,243
31,463
Marriott
Vacations
Worldwide
Corp
4,243
4,600
e
Matsuya
Foods
Co
Ltd
142
1,821,797
McDonald's
Corp
509,393
85,000
e
McDonald's
Holdings
Co
Japan
Ltd
3,534
8,466
MegaStudyEdu
Co
Ltd
381
5,679,797
*,g
Meituan
Dianping
(Class
B)
103,044
2,976,840
*
Melco
Crown
Entertainment
Ltd
(ADR)
37,895
632,817
*
Melco
International
Development
738
113,701
*,e
Melia
Hotels
International
S.A.
735
928,400
*,e
MGM
China
Holdings
Ltd
1,148
510,710
MGM
Resorts
International
22,686
3,012,900
*
Minor
International
PCL
2,848
63,587
*,e
Mister
Car
Wash,
Inc
548
225,890
*
Mitchells
&
Butlers
plc
459
309,300
MK
Restaurants
Group
PCL
464
6,486
Monarch
Casino
&
Resort,
Inc
481
83,802
Monogatari
Corp
1,706
81,300
e
MOS
Food
Services,
Inc
1,843
19,453
e
MTY
Food
Group,
Inc
874
18,599
National
Co
for
Learning
&
Education
498
288,500
*,e
Nayuki
Holdings
Ltd
312
8,690
*
NEOGAMES
S.A.
132
130,210
*,e
Nerdy,
Inc
544
1,422,840
*
New
Oriental
Education
&
Technology
Group,
Inc
5,460
100,019
*
Noodles
&
Co
485
337,541
*,e
Norwegian
Cruise
Line
Holdings
Ltd
4,540
317,000
*
Offcn
Education
Technology
Co
Ltd
225
11,000
Ohsho
Food
Service
Corp
500
22,052
*
ONE
Group
Hospitality,
Inc
179
111,619
*
OneSpaWorld
Holdings
Ltd
1,338
193,384
OPAP
S.A.
3,102
13,584
*,e
Open
Door,
Inc
160
1,209,545
Oriental
Land
Co
Ltd
41,414
128,605
e
Papa
John's
International,
Inc
9,636
49,099
*
Paradise
Co
Ltd
636
31,101
e
Park
Lawn
Corp
641
CREF
Stock
Account
March
31,
2023
50
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
38,470
*,†
Patisserie
Holdings
plc
$
0^
128,072
*
Penn
National
Gaming,
Inc
3,799
2,315
*
Perdoceo
Education
Corp
31
404,000
e
Perfect
Shape
Medical
Ltd
203
132,661
*
Pierre
&
Vacances
241
70,797
*
Planet
Fitness,
Inc
5,499
209,725
*
Playtech
Ltd
1,363
3,572,481
*,e
PointsBet
Holdings
Ltd
2,958
11,836
e
Pollard
Banknote
Ltd
216
458,973
*
Portillo's,
Inc
9,808
233,124
*
Rank
Group
plc
211
495
RCI
Hospitality
Holdings,
Inc
39
53,807
Red
Rock
Resorts,
Inc
2,398
384,900
Resorttrust,
Inc
6,133
275,732
Restaurant
Brands
International,
Inc
(Toronto)
18,511
20,500
e
Ringer
Hut
Co
Ltd
350
692,300
Riso
Kyoiku
Co
Ltd
1,721
186,183
e
Round
One
Corp
720
214,810
*,e
Royal
Caribbean
Cruises
Ltd
14,027
31,700
*,e
Royal
Holdings
Co
Ltd
667
6,922
*
Rush
Street
Interactive,
Inc
22
99,070
Ruth's
Hospitality
Group
Inc
1,627
8,853
*,e
Sabre
Corp
38
31,300
Saizeriya
Co
Ltd
779
2,937,167
*
Sands
China
Ltd
10,204
24,963
*
Sapphire
Foods
India
Ltd
371
132,857
*,e,g
Scandic
Hotels
Group
AB
447
4,016
*
Scientific
Games
Corp
(Class
A)
241
1,608
*
SeaWorld
Entertainment,
Inc
99
139,224
*
Seera
Group
Holding
829
29,684
Seobu
Truck
Terminal
Co
Ltd
177
121,425
Service
Corp
International
8,352
781
*
Shake
Shack,
Inc
43
43,339
Shanghai
Jinjiang
International
Hotels
Development
Co
Ltd
397
1,066,000
*
Shangri-La
Asia
Ltd
999
531,472
Shenzhen
Overseas
Chinese
Town
Co
Ltd
373
61,392
*
Six
Flags
Entertainment
Corp
1,640
2,492,000
*,e
SJM
Holdings
Ltd
1,247
44,347
SkiStar
AB
533
689,390
Sky
City
Entertainment
Group
Ltd
1,032
220,282
Skylark
Co
Ltd
2,876
221,700
*
Smartfit
Escola
de
Ginastica
e
Danca
S.A.
583
92,654
Sodexho
Alliance
S.A.
9,050
145,314
Songcheng
Performance
Development
Co
Ltd
345
749,024
*
SSP
Group
plc
2,274
1,396,236
*
Star
Entertainment
Grp
Ltd
1,344
1,697,569
Starbucks
Corp
176,768
667
Strategic
Education,
Inc
60
246,472
*
Stride,
Inc
9,674
106,693
Sushiro
Global
Holdings
Ltd
2,784
6,858
*,e
Sweetgreen,
Inc
54
248,745
*
Taaleem
Holdings
PSC
177
2,262,505
Tabcorp
Holdings
Ltd
1,508
414,883
*
TAL
Education
Group
(ADR)
2,659
2,226
*,e
Target
Hospitality
Corp
29
350,785
Texas
Roadhouse,
Inc
(Class
A)
37,906
244,585
Tokyotokeiba
Co
Ltd
7,487
632,820
*
Tongcheng-Elong
Holdings
Ltd
1,377
41,259
e
Toridoll.corp
849
440,213
*,g
Trainline
plc
1,351
66,908
Travel
&
Leisure
Co
2,623
CREF
Stock
Account
March
31,
2023
51
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
543,219
Travelsky
Technology
Ltd
$
1,012
519,239
*
Trip.com
Group
Ltd
(ADR)
19,560
110,792
*,e
TUI
AG.
854
1,516
*
Udemy,
Inc
13
4,446
*
Universal
Technical
Institute,
Inc
33
28,156
*,e
Vacasa,
Inc
27
36,216
Vail
Resorts,
Inc
8,463
355,786
*,e
Webjet
Ltd
1,681
217,375
Wendy's
4,734
79,908
*
Westlife
Development
Ltd
666
86,522
*
Wetherspoon
(J.D.)
plc
763
218,637
Whitbread
plc
8,077
1,351
Wingstop,
Inc
248
11,989
*,e
WW
International
Inc
49
413,808
Wyndham
Hotels
&
Resorts,
Inc
28,077
29,510,600
*,e
Wynn
Macau
Ltd
29,103
89,146
*
Wynn
Resorts
Ltd
9,976
538,500
g
Xiabuxiabu
Catering
Management
China
Holdings
Co
Ltd
491
56,384
*
Xponential
Fitness,
Inc
1,713
261,600
YDUQS
Part
364
59,019
e
Yoshinoya
D&C
Co
Ltd
1,083
22,600
*,e
Youdao,
Inc
(ADR)
192
24,389
Young
&
Co's
Brewery
plc
309
486,436
Yum
China
Holdings,
Inc
30,835
697,599
Yum!
Brands,
Inc
92,139
88,922
e
Zensho
Co
Ltd
2,635
2,861,826
*
Zomato
Ltd
1,790
TOTAL
CONSUMER
SERVICES
3,077,413
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.9%
152,784
Abdullah
Al
Othaim
Markets
Co
5,224
593,600
Aeon
Co
Ltd
11,516
44,200
e
Aeon
Hokkaido
Corp
269
24,283
Ain
Pharmaciez
Inc
1,018
74,327
*
Al
Meera
Consumer
Goods
Co
310
259,475
Albertsons
Cos,
Inc
5,392
28,237
Al-Dawaa
Medical
Services
Co
604
2,341,829
*
Alibaba
Health
Information
Technology
Ltd
1,689
2,051,394
Alimentation
Couche-Tard,
Inc
103,139
20,561
Almunajem
Foods
Co
320
12,978
Andersons,
Inc
536
33,079
Arcs
Co
Ltd
561
5,162,495
Atacadao
Distribuicao
Comercio
e
Industria
Ltd
12,620
151,344
*,g
Avenue
Supermarts
Ltd
6,280
106,953
Axfood
AB
2,612
14,655
Axial
Retailing,
Inc
380
8,300
Belc
Co
Ltd
351
1,101,112
Berli
Jucker
PCL
1,234
7,526
BGF
retail
Co
Ltd
1,048
316,093
e
Bid
Corp
Ltd
7,075
446,490
BIM
Birlesik
Magazalar
AS
3,468
24,706
BinDawood
Holding
Co
434
112,052
*
BJ's
Wholesale
Club
Holdings,
Inc
8,524
7,208
Carrefour
S.A.
146
30,744
Casey's
General
Stores,
Inc
6,655
37,691
*,e
Casino
Guichard
Perrachon
S.A.
267
6,151
e
Cawachi
Ltd
106
1,361,564
Cencosud
S.A.
2,631
268,631
*
Chefs'
Warehouse
Holdings,
Inc
9,147
11,611,161
Cia
Brasileira
de
Distribuicao
33,745
213,056
Clicks
Group
Ltd
3,077
CREF
Stock
Account
March
31,
2023
52
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,016,581
Coles
Group
Ltd
$
12,283
50,620
e
Colruyt
S.A.
1,483
19,500
Cosmos
Pharmaceutical
Corp
1,756
912,611
Costco
Wholesale
Corp
453,449
5,459,216
CP
ALL
plc
9,941
24,600
Create
SD
Holdings
Co
Ltd
625
54,900
*,e
Dada
Nexus
Ltd
(ADR)
465
2,618
e
Daikokutenbussaan
Co
Ltd
99
63,951
DaShenLin
Pharmaceutical
Group
Co
Ltd
347
72,900
*,e
DingDong
Cayman
Ltd
(ADR)
281
44,744
*,g
Dino
Polska
S.A.
4,064
383,825
g
Dis-Chem
Pharmacies
Ltd
559
16,397,216
*
Distribuidora
Internacional
de
Alimentacion
S.A.
263
954,838
Dollar
General
Corp
200,955
208,100
*
Dollar
Tree,
Inc
29,873
30,649
Dongsuh
Co,
Inc
463
20,048
E-Mart
Co
Ltd
1,630
164,601
Empire
Co
Ltd
4,412
1,032,718
Endeavour
Group
Ltd
4,692
92,265
Eurocash
S.A.
400
19,900
e
Fuji
Co
Ltd
260
24,400
e
G-7
Holdings,
Inc
267
8,600
Genky
DrugStores
Co
Ltd
254
70,722
George
Weston
Ltd
9,372
218,582
GrainCorp
Ltd-A
1,014
43,308
Great
Tree
Pharmacy
Co
Ltd
519
71,478
*,e
Grocery
Outlet
Holding
Corp
2,020
177,500
e
Grupo
Comercial
Chedraui
S.a.
DE
C.V.
1,019
579,500
*
Grupo
Mateus
S.A.
654
39,725
GS
Retail
Co
Ltd
867
6,100
Halows
Co
Ltd
147
78,025
Hankyu
Department
Stores,
Inc
878
21,858
e
Heiwado
Co
Ltd
336
1,117,382
*
HelloFresh
SE
26,647
1,217
*,e
HF
Foods
Group
Inc
5
614,000
e
Hong
Kong
Television
Network
Ltd
357
38,584
†
Hyundai
Greenfood
Co
Ltd
215
13,800
e
Inageya
Co
Ltd
134
1,048
Ingles
Markets,
Inc
(Class
A)
93
2,770
e
Itochu-Shokuhin
Co
Ltd
107
550,500
*,g
JD
Health
International,
Inc
4,082
1,439,132
Jeronimo
Martins
SGPS
S.A.
33,781
19,923
Kato
Sangyo
Co
Ltd
529
164,054
Kesko
Oyj
(B
Shares)
3,526
44,900
Kobe
Bussan
Co
Ltd
1,254
667,942
Koninklijke
Ahold
Delhaize
NV
22,820
595,569
Kroger
Co
29,403
15,134
Kusuri
no
Aoki
Holdings
Co
Ltd
768
458,100
e
La
Comer
SAB
de
C.V.
1,067
43,800
Lawson,
Inc
1,854
19,696
Life
Corp
384
149,234
Loblaw
Cos
Ltd
13,601
5,635
M
Yochananof
&
Sons
Ltd
260
1,889,491
*
Marks
&
Spencer
Group
plc
3,898
36,710
MARR
S.p.A.
528
106,000
Matsumotokiyoshi
Holdings
Co
Ltd
5,615
21,900
Maxvalu
Tokai
Co
Ltd
443
40,870
*
Medplus
Health
Services
Ltd
323
912,872
Metcash
Ltd
2,360
116,030
*
Metro
Wholesale
&
Food
Specialist
AG.
997
216,669
e
Metro,
Inc
11,918
CREF
Stock
Account
March
31,
2023
53
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
486,951
*
Migros
Ticaret
AS
$
4,256
40,015
Nahdi
Medical
Co
1,976
1,529
e
Natural
Grocers
by
Vitamin
C
18
20,979
e
Neighbourly
Pharmacy,
Inc
347
167,344
North
West
Co,
Inc
4,679
18,225
*
Ocado
Ltd
121
23,300
*,e
Oisix
ra
daichi,
Inc
407
917,344
e
Olam
Group
Ltd
1,088
586,457
*
Performance
Food
Group
Co
35,387
1,453,623
Pick'n
Pay
Stores
Ltd
3,451
239,959
*,e,g
Ping
An
Healthcare
and
Technology
Co
Ltd
604
542,717
President
Chain
Store
Corp
4,810
1,292
Pricesmart,
Inc
92
16,436,800
PT
Sumber
Alfaria
Trijaya
Tbk
3,162
1,087,900
Puregold
Price
Club,
Inc
628
1,001,235
Raia
Drogasil
S.A.
4,830
17,469
Rami
Levi
Chain
Stores
Hashikma
Marketing
Ltd
1,039
27,712
e
Retail
Partners
Co
Ltd
286
1,014
*,e
Rite
Aid
Corp
2
726,550
Robinsons
Retail
Holdings,
Inc
722
29,741
Ryoshoku
Ltd
731
19,200
e
San-A
Co
Ltd
592
7,750,028
Sendas
Distribuidora
S.A.
23,762
926,269
Seven
&
I
Holdings
Co
Ltd
41,843
2,042,510
Sheng
Siong
Group
Ltd
2,596
11,911
Shoei
Foods
Corp
363
13,664
*,g
Shop
Apotheke
Europe
NV
1,236
480,045
Shoprite
Holdings
Ltd
5,991
666,446
Shufersal
Ltd
3,234
18,254
Sligro
Food
Group
NV
312
3,280,321
SMU
S.A.
601
1,317,017
Sok
Marketler
Ticaret
AS.
1,990
876,142
Sonae
SPGS
S.A.
956
184,150
e
Spar
Group
Ltd
1,459
1,218
SpartanNash
Co
30
5,552
*
Sprouts
Farmers
Market,
Inc
194
32,896
Sugi
Pharmacy
Co
Ltd
1,414
276,800
Sundrug
Co
Ltd
7,594
987,607
SYSCO
Corp
76,273
872,722
e
Target
Corp
144,549
18,798,977
Tesco
plc
61,631
37,900
Tsuruha
Holdings,
Inc
2,535
96,945
*
United
Natural
Foods,
Inc
2,554
41,650
United
Super
Markets
Holdings,
Inc
350
322,289
*
US
Foods
Holding
Corp
11,905
30,894
Valor
Co
Ltd
450
288
Village
Super
Market
(Class
A)
7
394,523
Walgreens
Boots
Alliance,
Inc
13,643
4,957,736
e
Wal-Mart
de
Mexico
SAB
de
C.V.
19,817
3,197,032
Walmart,
Inc
471,402
559
Weis
Markets,
Inc
47
85,400
Welcia
Holdings
Co
Ltd
1,828
1,008,032
Woolworths
Ltd
25,627
17,000
e
Yaoko
Co
Ltd
885
43,359
Yifeng
Pharmacy
Chain
Co
Ltd
366
32,200
Yokohama
Reito
Co
Ltd
233
10,822
*,e
Zur
Rose
Group
AG.
501
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
2,140,400
ENERGY
-
5.2%
179,200
*
3R
PETROLEUM
OLEO
E
GAS
S.A.
1,042
CREF
Stock
Account
March
31,
2023
54
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,181,000
g
AAG
Energy
Holdings
Ltd
$
252
15,756,161
Adaro
Energy
Tbk
3,054
166,055
*
Advantage
Energy
Ltd
960
136,963
Aegis
Logistics
Ltd
633
8,331
*,e
Aemetis,
Inc
19
377,641
e
Africa
Oil
Corp
847
985,490
Aker
BP
ASA
24,169
281,897
Aker
Solutions
ASA
1,029
33,349
*
Aldrees
Petroleum
and
Transport
Services
Co
845
780,513
*
Alto
Ingredients,
Inc
1,171
512
e
Altus
Midstream
Co
16
4,232
*
Amplify
Energy
Corp
29
186,315
Ampol
Ltd
3,799
270,060
Antero
Midstream
Corp
2,833
1,295,249
*
Antero
Resources
Corp
29,907
163,880
APA
Corp
5,910
621,802
e
ARC
Resources
Ltd
7,053
22,721
Arch
Resources,
Inc
2,987
4,604
Archrock,
Inc
45
3,323
Ardmore
Shipping
Corp
49
562,210
*,e
Athabasca
Oil
Corp
1,344
1,014,572
Baker
Hughes
Co
29,281
988,000
Bangchak
Corp
PCL
896
9,488,000
Banpu
PCL
(Foreign)
3,001
524,546
*,e
Baytex
Energy
Trust
1,968
5,428,664
Beach
Petroleum
Ltd
5,140
548,718
Berry
Petroleum
Co
LLC
4,307
921,988
Bharat
Petroleum
Corp
Ltd
3,870
252,761
e
Birchcliff
Energy
Ltd
1,433
3,372
Bonanza
Creek
Energy,
Inc
230
9,277
*
Borr
Drilling
Ltd
70
187,311
*
Borr
Drilling
Ltd
1,436
286,458
*
Boss
Energy
Ltd
455
30,535,456
BP
plc
193,000
4,650,000
*,†
Brightoil
Petroleum
Holdings
Ltd
666
801
*
Bristow
Group,
Inc
18
2,991,000
*
Bumi
Armada
BHD
428
101,022
*,e
BW
Energy
Ltd
262
299,172
g
BW
LPG
Ltd
2,243
289,986
BW
Offshore
Ltd
827
125,165
Cabot
Oil
&
Gas
Corp
3,072
2,231
Cactus,
Inc
92
299,130
*,e
Cairn
Energy
plc
862
69,959
California
Resources
Corp
2,693
568
*
Callon
Petroleum
Co
19
1,442,506
Cameco
Corp
37,773
1,142,577
Canadian
Natural
Resources
Ltd
63,229
124,203
e
Cardinal
Energy
Ltd
654
1,445,544
Cenovus
Energy,
Inc
(Toronto)
25,221
337
*
Centrus
Energy
Corp
11
228,810
CES
Energy
Solutions
Corp
454
3,802,916
*,e
CGG
S.A.
2,933
2,145,000
CGN
Mining
Co
Ltd
227
233,362
ChampionX
Corp
6,331
292,368
Cheniere
Energy,
Inc
46,077
90,811
e
Chesapeake
Energy
Corp
6,905
3,388,142
Chevron
Corp
552,809
2,534,000
China
Coal
Energy
Co
1,923
763,800
China
Merchants
Energy
Shipping
Co
Ltd
780
2,203,122
China
Oilfield
Services
Ltd
2,265
497,976
China
Shenhua
Energy
Co
Ltd
-
A
2,040
CREF
Stock
Account
March
31,
2023
55
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
3,270,455
China
Shenhua
Energy
Co
Ltd
-
H
$
10,292
5,784
*
Clean
Energy
Fuels
Corp
25
6,046
*
CNX
Resources
Corp
97
1,644,211
Coal
India
Ltd
4,286
118
*,†,b
Cobalt
International
Energy,
Inc
0^
362,826
Computer
Modelling
Group
Ltd
1,949
455,461
e
Comstock
Resources
Inc
4,914
4,242,496
ConocoPhillips
420,898
1,225
CONSOL
Energy,
Inc
71
15,909
Cool
Co
Ltd
194
9,182,004
Cosan
SA
Industria
e
Comercio
27,337
315,893
COSCO
SHIPPING
Energy
Transportation
Co
Ltd
622
73,558
Cosmo
Energy
Holdings
Co
Ltd
2,383
302,118
e
Crescent
Energy,
Inc
3,417
539,313
e
Crescent
Point
Energy
Corp
3,807
127,400
*
Crew
Energy,
Inc
447
20,106
CropEnergies
AG.
247
63,809
e
CVR
Energy,
Inc
2,092
2,572,805
*
d'aAmico
International
Shipping
S.A.
1,303
3,704,694
Dana
Gas
PJSC
823
8,866
Delek
Group
Ltd
987
515,691
Delek
US
Holdings,
Inc
11,835
150,568
*
Denbury,
Inc
13,194
1,572,183
*,e
Denison
Mines
Corp
1,710
137,332
Devon
Energy
Corp
6,950
127,843
DHT
Holdings,
Inc
1,382
3,941,712
Dialog
Group
BHD
2,113
699,644
*
Diamond
Offshore
Drilling,
Inc
8,424
1,408,586
Diamondback
Energy,
Inc
190,399
832,095
Diversified
Gas
&
Oil
plc
971
71,701
*
DMC
Global,
Inc
1,575
391,964
e
DNO
International
ASA
384
1,040
Dorian
LPG
Ltd
21
1,162
*
Dril-Quip,
Inc
33
15,970
DT
Midstream,
Inc
788
2,749
*
Earthstone
Energy,
Inc
36
27,093
*,e
Empire
Petroleum
Corp
336
391,597
Empresas
COPEC
S.A.
2,764
1,161,000
Enauta
Participacoes
S.A.
2,595
1,824,921
Enbridge,
Inc
69,581
3,001,401
ENEOS
Holdings,
Inc
10,530
622,506
Enerflex
Ltd
3,708
117,795
Energean
plc
1,892
1,168,600
*,†
Energy
Earth
PCL
0^
6,966
*,e
Energy
Fuels,
Inc
39
151,320
*,e
Energy
Fuels,
Inc
844
1
Energy
Transfer
LP
0^
258,921
e
Enerplus
Corp
3,732
1,529,505
ENI
S.p.A.
21,331
1,661,191
*
Enquest
plc
(London)
381
262,399
*
Ensign
Energy
Services,
Inc
590
24,361
e
Enviva,
Inc
704
3,276,873
EOG
Resources,
Inc
375,628
784,312
EQT
Corp
25,027
3,544,459
Equinor
ASA
100,763
19,295
*
Equital
Ltd
462
14,083
Equitrans
Midstream
Corp
81
1,080,900
Esso
Thailand
PCL
(Foreign)
280
378,906
Etablissements
Maurel
et
Prom
1,416
419,697
Euronav
NV
7,014
633
Excelerate
Energy,
Inc
14
CREF
Stock
Account
March
31,
2023
56
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
25,703
e
Exmar
NV
$
271
273,727
Exxaro
Resources
Ltd
2,861
5,466,376
Exxon
Mobil
Corp
599,443
2,167
e
FLEX
LNG
Ltd
73
42,655
e
FLEX
LNG
Ltd
1,409
1,082,269
Formosa
Petrochemical
Corp
3,026
2,636
*
Frank's
International
NV
48
468,226
e
Freehold
Royalty
Trust
5,034
57,015
*
Frontera
Energy
Corp
492
4,422
e
Frontline
plc
73
128,926
Frontline
plc
2,108
24,823
Gaztransport
Et
Technigaz
S.A.
2,540
163,179
Genel
Energy
PLC
236
27,325
*,e
Gevo,
Inc
42
136,848
e
Gibson
Energy,
Inc
2,187
295,091
*
Golar
LNG
Ltd
6,374
86,207
Great
Eastern
Shipping
Co
Ltd
678
1,795
*
Green
Plains
Inc
56
701,686
Guanghui
Energy
Co
Ltd
945
851,033
Gujarat
Mineral
Development
Corp
Ltd
1,316
988,493
Gulf
International
Services
QSC
484
192,674
Gulf
Keystone
Petroleum
Ltd
347
383
*
Gulfport
Energy
Operating
Corp
31
117,661
Hafnia
Ltd
675
969,466
Halliburton
Co
30,674
411,373
Harbour
Energy
plc
1,394
1,056,475
e
Headwater
Exploration,
Inc
4,933
5,010
*
Helix
Energy
Solutions
Group,
Inc
39
134,813
Hellenic
Petroleum
S.A.
1,108
4,390
Helmerich
&
Payne,
Inc
157
244,136
Hess
Corp
32,309
50,873
HF
Sinclair
Corp
2,461
1,644,500
Hibiscus
Petroleum
BHD
370
698,820
Hindustan
Petroleum
Corp
Ltd
2,019
365,582
Hunting
plc
1,064
26,609
Hyundai
Robotics
Co
Ltd
1,189
204,794
e
Idemitsu
Kosan
Co
Ltd
4,484
251,538
Imperial
Oil
Ltd
12,792
3,193,860
Indian
Oil
Corp
Ltd
3,034
375,800
Indo
Tambangraya
Megah
Tbk
PT
989
226,900
Inner
Mongolia
Dian
Tou
Energy
Corp
Ltd
444
1,179,600
Inner
Mongolia
Yitai
Coal
Co
1,734
1,011,028
Inpex
Holdings,
Inc
10,699
152,802
*
International
Petroleum
Corp
1,468
92,030
International
Seaways,
Inc
3,836
10,556,386
IRPC
PCL
(Foreign)
811
109,450
Itochu
Enex
Co
Ltd
933
41,622
Iwatani
International
Corp
1,821
185,277
Japan
Petroleum
Exploration
Co
6,244
430,700
Jizhong
Energy
Resources
Co
Ltd
429
669,979
*
John
Wood
Group
plc
1,659
523,974
*
Karoon
Gas
Australia
Ltd
753
1,535,886
*
Kelt
Exploration
Ltd
5,216
204,809
e
Keyera
Corp
4,484
304,023
Kinder
Morgan,
Inc
5,323
4,440,000
Kinetic
Development
Group
Ltd
373
67,197
Koninklijke
Vopak
NV
2,372
27,701
*
Kosmos
Energy
Ltd
206
1,044
*
Laredo
Petroleum,
Inc
48
655,666
Liberty
Oilfield
Services,
Inc
8,399
357,193
e
Magnolia
Oil
&
Gas
Corp
7,815
CREF
Stock
Account
March
31,
2023
57
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
862,735
Marathon
Oil
Corp
$
20,671
689,146
Marathon
Petroleum
Corp
92,918
387,175
Matador
Resources
Co
18,449
363,338
*
MEG
Energy
Corp
5,837
28,000
e
Mitsuuroko
Co
Ltd
274
22,930
Modec,
Inc
243
469,744
MOL
Hungarian
Oil
&
Gas
plc
3,440
192,050
Motor
Oil
Hellas
Corinth
Refineries
S.A.
4,929
6,246
Murphy
Oil
Corp
231
22,808
*
Nabors
Industries
Ltd
2,781
137
Nacco
Industries,
Inc
(Class
A)
5
33,969
Naphtha
Israel
Petroleum
Corp
Ltd
144
6,696
*
National
Energy
Services
Reunited
Corp
35
53,246
Neste
Oil
Oyj
2,631
47,607
e
New
Fortress
Energy,
Inc
1,401
1,640,520
e
New
Hope
Corp
Ltd
6,238
783,651
*
Newpark
Resources,
Inc
3,017
408,717
*,e
NexGen
Energy
Ltd
1,570
215,597
*
NexTier
Oilfield
Solutions,
Inc
1,714
69,541
*
Noble
Corp
plc
2,745
1,210,594
Nordic
American
Tankers
Ltd
4,794
692,788
e
Northern
Oil
and
Gas,
Inc
21,026
225,795
NOV,
Inc
4,179
184,860
*
NuVista
Energy
Ltd
1,495
78,977
Oasis
Petroleum,
Inc
10,630
57,401
*
Obsidian
Energy
Ltd
367
848,851
Occidental
Petroleum
Corp
52,994
6,848
*
Oceaneering
International,
Inc
121
344,240
*
Odfjell
Drilling
Ltd
879
631,727
Offshore
Oil
Engineering
Co
Ltd
564
233,547
Oil
India
Ltd
718
2,240,375
Oil
Refineries
Ltd
613
139
*
Oil
States
International,
Inc
1
6,447
OMV
AG.
296
73,014
ONEOK,
Inc
4,639
44,672
Ovintiv,
Inc
1,612
2,698,246
*
Paladin
Resources
Ltd
1,182
695,334
*,e
Pantheon
Resources
plc
203
410,640
*
Par
Pacific
Holdings,
Inc
11,991
74,300
Paramount
Resources
Ltd
(Class
A)
1,627
106,664
Parex
Resources,
Inc
1,984
322,837
Parkland
Corp
7,739
78,766
Pason
Systems,
Inc
707
7,204
Patterson-UTI
Energy,
Inc
84
9,884
*
Paz
Oil
Co
Ltd
968
226,467
PBF
Energy,
Inc
9,820
16,009
PDC
Energy,
Inc
1,027
441,539
*
Peabody
Energy
Corp
11,303
439,846
e
Pembina
Pipeline
Income
Fund
14,248
1,378
Penn
Virginia
Corp
56
8,675,469
Permian
Resources
Corp
91,092
3,773,200
*
Petro
Rio
S.A.
23,219
491,243
*,e
Petrofac
Ltd
477
3,660,095
Petroleo
Brasileiro
S.A.
19,129
4,668,327
Petroleo
Brasileiro
S.A.
(Preference)
21,599
831,035
*
Petroleum
Geo-Services
ASA
772
328,380
Petronas
Dagangan
BHD
1,587
833,660
Petronet
LNG
Ltd
2,326
122,200
Petroreconcavo
S.A.
490
162,514
e
Peyto
Exploration
&
Development
Corp
1,456
1,005,212
Phillips
66
101,908
CREF
Stock
Account
March
31,
2023
58
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
232,919
Pingdingshan
Tianan
Coal
Mining
Co
Ltd
$
351
952,575
Pioneer
Natural
Resources
Co
194,554
77,653
e
Pipestone
Energy
Corp
159
625,835
Polski
Koncern
Naftowy
Orlen
S.A.
8,448
100,100
*,†
Poseidon
Concepts
Corp
1
204,746
e
PrairieSky
Royalty
Ltd
3,242
11,813
*
Precision
Drilling
Corp
607
961,500
Prima
Marine
PCL
206
3,346,000
*,e
Productive
Technologies
Co
Ltd
362
226,448
*,e
ProFrac
Holding
Corp
2,869
7,543
*
ProPetro
Holding
Corp
54
8,773,500
PT
AKR
Corporindo
Tbk
907
46,741,900
*
PT
Bumi
Resources
Minerals
Tbk
531
69,654,100
*
PT
Bumi
Resources
Tbk
590
9,691,100
*
PT
Energi
Mega
Persada
Tbk
145
19,653,400
PT
Harum
Energy
Indonesia
Tbk
1,918
14,418,700
PT
Indika
Energy
Tbk
2,324
8,286,500
PT
Medco
Energi
Internasional
Tbk
558
8,228,300
PT
Tambang
Batubara
Bukit
Asam
Tbk
2,192
1,578,206
PT
United
Tractors
Tbk
3,067
1,608,848
PTT
Exploration
&
Production
PCL
7,070
3,615,100
PTT
Exploration
&
Production
PCL
(ADR)
15,886
10,773,309
PTT
PCL
9,989
667,881
Qatar
Fuel
QSC
3,192
2,514,020
Qatar
Gas
Transport
Co
Ltd
2,395
429,039
*
Rabigh
Refining
&
Petrochemical
Co
1,153
122,145
Range
Resources
Corp
3,233
6,741,212
Reliance
Industries
Ltd
191,683
1,186,165
Repsol
YPF
S.A.
18,241
539
*
Rex
American
Resources
Corp
15
998
e
Riley
Exploration
Permian,
Inc
38
14,205
*,e
Ring
Energy,
Inc
27
590,298
e
RPC,
Inc
4,539
1,044,656
*,e
Saipem
S.p.A
1,564
46,252
San-Ai
Oil
Co
Ltd
480
2,464,537
Santos
Ltd
11,343
706,306
*,e
Saras
S.p.A.
1,097
8,015
Saudi
Arabia
Refineries
Co
171
5,048,394
g
Saudi
Arabian
Oil
Co
43,513
210,740
SBM
Offshore
NV
3,129
1,710,249
Schlumberger
Ltd
83,973
9,087
Schoeller-Bleckmann
Oilfield
Equipment
AG.
586
1,976
Scorpio
Tankers,
Inc
111
640,663
e
Secure
Energy
Services,
Inc
2,991
460,051
Select
Energy
Services,
Inc
3,202
3,856,900
Semirara
Mining
&
Power
Corp
2,301
190,957
Serica
Energy
plc
526
50
*,†
Serval
Integrated
Energy
Services
0
3,907
SFL
Corp
Ltd
37
727,738
Shaanxi
Coal
Industry
Co
Ltd
2,154
213,200
Shan
XI
Hua
Yang
Group
New
Energy
Co
Ltd
428
218,286
Shanxi
Lu'an
Environmental
Energy
Development
Co
Ltd
696
321,899
Shanxi
Xishan
Coal
&
Electricity
Power
Co
Ltd
515
66,552
*
ShawCor
Ltd
613
14,407,740
Shell
plc
410,600
108,963
e
Shell
plc
(ADR)
6,270
181,000
Siamgas
&
Petrochemicals
PCL
49
822
*,e
SilverBow
Resources,
Inc
19
2,292,000
Sinopec
Kantons
Holdings
Ltd
847
2,317
Sitio
Royalties
Corp
52
7,350
SK
Discovery
Co
Ltd
179
CREF
Stock
Account
March
31,
2023
59
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,232
SK
Gas
Co
Ltd
$
113
52,985
*
SK
Innovation
Co
Ltd
7,341
262,277
SM
Energy
Co
7,386
46,443
S-Oil
Corp
2,861
3,642
Solaris
Oilfield
Infrastructure,
Inc
31
926,815
*
Southwestern
Energy
Co
4,634
121,995
Spartan
Delta
Corp
1,273
1,735,500
Star
Petroleum
Refining
PCL
548
1,861,399
*,e
Strike
Energy
Ltd
468
229,824
Subsea
7
S.A.
2,728
1,944,810
Suncor
Energy,
Inc
60,380
61,314
e
Surge
Energy,
Inc
399
3,429
*
Talos
Energy,
Inc
51
1,892,605
e
Tamarack
Valley
Energy
Ltd
5,531
44,289
Targa
Resources
Investments,
Inc
3,231
910,560
e
TC
Energy
Corp
35,419
328,406
Technip
Energies
NV
7,006
35,469
*
Tecnicas
Reunidas
S.A.
389
948,573
*
Teekay
Corp
5,862
538
*
Teekay
Tankers
Ltd
23
27,681
*,e
Tellurian,
Inc
34
16,633
Tenaris
S.A.
236
620,240
Terracom
Ltd
278
437,243
*
Tetra
Technologies,
Inc
1,159
4,871
Texas
Pacific
Land
Corp
8,286
425,385
TGS
Nopec
Geophysical
Co
ASA
7,654
1,499,032
Thai
Oil
PCL
2,304
124,667
Thungela
Resources
Ltd
1,423
2,528
*
Tidewater,
Inc
111
371,879
e
Topaz
Energy
Corp
5,258
85,993
TORM
plc
2,645
3,633,901
e
Total
S.A.
214,268
399,965
Tourmaline
Oil
Corp
16,667
584,243
Trican
Well
Service
Ltd
1,331
1,266,759
*,e
Tullow
Oil
plc
493
136,277
Turkiye
Petrol
Rafinerileri
AS
3,773
9,195,861
Ultrapar
Participacoes
S.A.
25,328
8,420,000
*,e
United
Energy
Group
Ltd
996
16,817
*,e
Uranium
Energy
Corp
48
26,322
*,e
Ur-Energy,
Inc
28
3,619
*
US
Silica
Holdings,
Inc
43
466,775
e
Vaalco
Energy,
Inc
2,115
2,728
*
Valaris
Ltd
177
1,873,307
Valero
Energy
Corp
261,514
130,606
*,e
Vallourec
S.A.
1,650
22,013
Verbio
AG.
1,034
155,524
e
Vermilion
Energy,
Inc
2,017
3,793
*,e
Vertex
Energy,
Inc
37
61,631
e
Vitesse
Energy,
Inc
1,173
787,162
g
Viva
Energy
Group
Ltd
1,600
4,666
*
W&T
Offshore,
Inc
24
5,553
*,e
Waga
Energy
S.A.
148
167,969
Washington
H
Soul
Pattinson
&
Co
Ltd
3,404
100,855
*
Weatherford
International
Ltd
5,986
603,767
e
Whitecap
Resources,
Inc
4,668
806,425
Whitehaven
Coal
Ltd
3,630
186,785
Williams
Cos,
Inc
5,577
2,367,246
Woodside
Energy
Group
Ltd
52,885
65,024
World
Fuel
Services
Corp
1,661
300,755
Worley
Ltd
2,913
156,533
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd
645
CREF
Stock
Account
March
31,
2023
60
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,513,540
e
Yanzhou
Coal
Mining
Co
Ltd
$
5,419
172,069
Yanzhou
Coal
Mining
Co
Ltd
(Class
A)
892
1,367,220
Yinson
Holdings
BHD
797
TOTAL
ENERGY
5,701,634
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2.2%
1,191,676
Abacus
Property
Group
2,083
173,198
e
Acadia
Realty
Trust
2,416
777
Activia
Properties
Inc
2,217
1,251
Advance
Residence
Investment
Corp
2,987
112,418
e
Aedifica
S.A.
9,057
1,544
AEON
REIT
Investment
Corp
1,688
7,502
Agree
Realty
Corp
515
596,900
AIMS
AMP
Capital
Industrial
REIT
593
113,873
e
Alexander
&
Baldwin,
Inc
2,153
137
Alexander's,
Inc
27
158,761
Alexandria
Real
Estate
Equities,
Inc
19,939
60,966
Allied
Properties
Real
Estate
Investment
Trust
1,099
3,578
e
Altarea
SCA
440
148,454
American
Assets
Trust,
Inc
2,760
38,866
American
Finance
Trust,
Inc
244
2,307,203
e
American
Homes
4
Rent
72,561
581,607
American
Tower
Corp
118,846
378,681
Americold
Realty
Trust
10,773
143,807
Apartment
Income
REIT
Corp
5,150
3,275
Apartment
Investment
and
Management
Co
25
956,449
Apple
Hospitality
REIT,
Inc
14,844
583,200
AREIT,
Inc
350
328,684
Arena
REIT
802
196,685
Armada
Hoffler
Properties,
Inc
2,323
55,044
Artis
Real
Estate
Investment
Trust
310
2,807,778
Ascendas
REIT
6,054
1,947,404
Ascott
Trust
1,458
154,783
*,e
Ashford
Hospitality
Trust,
Inc
497
2,803,367
Assura
Group
Ltd
1,690
317,891
AvalonBay
Communities,
Inc
53,425
1,291,161
Axis
Real
Estate
Investment
Trust
550
213,089
Big
Yellow
Group
plc
3,072
834,858
BMO
Commercial
Property
Trust
Ltd
849
21,222
Boardwalk
REIT
866
119,076
e
Boston
Properties,
Inc
6,444
985,238
BraeMar
Hotels
&
Resorts,
Inc
3,803
336,837
Brandywine
Realty
Trust
1,593
94,300
British
Land
Co
plc
452
169,822
Brixmor
Property
Group,
Inc
3,655
677,968
Broadstone
Net
Lease,
Inc
11,532
124,376
g
Brookfield
India
Real
Estate
Trust
423
340
Brt
Realty
Trust
7
29,199
BSR
Real
Estate
Investment
Trust
387
435,579
Bunnings
Warehouse
Property
Trust
1,105
5,182,262
Cambridge
Industrial
Trust
1,268
35,206
Camden
Property
Trust
3,691
239,504
Canadian
Apartment
Properties
REIT
8,402
2,191,487
Capital
&
Counties
Properties
3,101
4,181,773
CapitaMall
Trust
6,237
1,189,987
CapitaRetail
China
Trust
1,002
5,580
CareTrust
REIT,
Inc
109
53,782
Carmila
S.A.
807
763
CBL
&
Associates
Properties,
Inc
20
884,168
CDL
Hospitality
Trusts
792
523
Centerspace
29
CREF
Stock
Account
March
31,
2023
61
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
452,174
Centuria
Capital
Group
$
461
557,574
Centuria
Industrial
REIT
1,126
325,189
Centuria
Office
REIT
312
2,654,806
Champion
Real
Estate
Investment
Trust
1,142
315,629
Charter
Hall
Education
Trust
633
455,769
Charter
Hall
Group
3,386
2,124,843
Charter
Hall
Long
Wale
REIT
5,977
175,524
Chatham
Lodging
Trust
1,841
157,051
Choice
Properties
REIT
1,687
1,451
City
Office
REIT,
Inc
10
624,894
Civitas
Social
Housing
plc
414
4,756
Clipper
Realty,
Inc
27
130,049
CLS
Holdings
plc
216
29,227
e
Cofinimmo
2,590
639
Comforia
Residential
REIT,
Inc
1,520
480
Community
Healthcare
Trust,
Inc
18
225,200
Concentradora
Fibra
Danhos
S.A.
de
C.V.
300
5,592
Corporate
Office
Properties
Trust
133
119,850
Cousins
Properties,
Inc
2,562
496
CRE
Logistics
REIT,
Inc
633
43,920
Crombie
Real
Estate
Investment
Trust
495
300,500
Cromwell
European
Real
Estate
Investment
Trust
492
1,529,691
Cromwell
Group
570
913,853
Crown
Castle
International
Corp
122,310
51,005
CT
Real
Estate
Investment
Trust
605
228,916
e
CTO
Realty
Growth,
Inc
3,951
103,803
e
CubeSmart
4,798
338,366
Custodian
Reit
plc
372
2,135
Daiwa
House
REIT
Investment
Corp
4,375
288
Daiwa
Office
Investment
Corp
1,317
1,875
Daiwa
Securities
Living
Investments
Corp
1,540
287,198
Derwent
London
plc
8,359
239,993
Dexus
Industria
REIT
427
165,482
Dexus
Property
Group
837
151,618
DiamondRock
Hospitality
Co
1,233
877,100
e
Digital
Core
REIT
Management
Pte
Ltd
392
186,258
Digital
Realty
Trust,
Inc
18,311
257,483
e
Diversified
Healthcare
Trust
348
5,056
e
Douglas
Emmett,
Inc
62
119,295
Dream
Industrial
Real
Estate
Investment
Trust
1,298
16,218
Dream
Office
Real
Estate
Investment
Trust
174
437,000
*,†
Eagle
Hospitality
Trust
4
3,090
e
Easterly
Government
Properties,
Inc
42
270,313
EastGroup
Properties,
Inc
44,688
419,172
Embassy
Office
Parks
REIT
1,593
2,058,402
Emlak
Konut
Gayrimenkul
Yatiri
664
4,722
e
Empire
State
Realty
Trust,
Inc
31
540,120
Empiric
Student
Property
plc
602
189,421
EPR
Properties
7,217
94,383
Equinix,
Inc
68,054
664,877
Equites
Property
Fund
Ltd
574
249,999
Equity
Commonwealth
5,177
1,143,276
e
Equity
Lifestyle
Properties,
Inc
76,748
429,595
Equity
Residential
25,776
115,908
ESR
Kendall
Square
REIT
Co
Ltd
347
429,376
Essential
Properties
Realty
Trust,
Inc
10,670
49,951
Essex
Property
Trust,
Inc
10,447
41,204
Eurocommercial
Properties
NV
939
377,253
Extra
Space
Storage,
Inc
61,466
1,101,705
Far
East
Hospitality
Trust
485
1,561
e
Farmland
Partners,
Inc
17
CREF
Stock
Account
March
31,
2023
62
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
100,148
Federal
Realty
Investment
Trust
$
9,898
2,910,197
Fibra
Uno
Administracion
S.A.
de
C.V.
4,065
109,628
First
Capital
Real
Estate
Investment
Trust
1,276
182,520
First
Industrial
Realty
Trust,
Inc
9,710
1,478,000
Fortune
Real
Estate
Investment
Trust
1,224
309,297
Four
Corners
Property
Trust,
Inc
8,308
564,717
Franklin
Street
Properties
Corp
887
956,977
Frasers
Centrepoint
Trust
1,650
853,000
Frasers
Hospitality
Trust
289
2,903,845
Frasers
Logistics
&
Industrial
Trust
2,866
461
Frontier
Real
Estate
Investment
Corp
1,652
584
e
Fukuoka
REIT
Corp
714
256,268
Gaming
and
Leisure
Properties,
Inc
13,341
2,519
Gecina
S.A.
261
2,684
e
Getty
Realty
Corp
97
117
e
Gladstone
Commercial
Corp
1
12,925
e
Gladstone
Land
Corp
215
2,065
Global
Medical
REIT,
Inc
19
3,542
Global
Net
Lease,
Inc
46
900
Global
One
Real
Estate
Investment
Corp
710
1,337
GLP
J-Reit
1,445
1,309,259
Goodman
Group
16,614
952,364
Goodman
Property
Trust
1,277
1,496,465
GPT
Group
4,276
141,538
Granite
REIT
8,765
3,035,459
Great
Portland
Estates
plc
18,985
329,740
Growthpoint
Properties
Australia
Ltd
676
3,265,738
Growthpoint
Properties
Ltd
2,395
127,451
H&R
Real
Estate
Investment
Trust
1,188
62,121
Hamborner
REIT
AG.
493
3,691,709
e
Hammerson
plc
1,187
610
Hankyu
Reit,
Inc
638
423,573
e
Healthcare
Realty
Trust,
Inc
8,188
648,645
Healthpeak
Properties
Inc
14,251
917
Heiwa
Real
Estate
REIT,
Inc
1,055
389,973
Hersha
Hospitality
Trust
2,621
4,227
Highwoods
Properties,
Inc
98
116,499
Home
Consortium
283
896,843
†
Home
Reit
plc
315
2,201,218
HomeCo
Daily
Needs
REIT
1,714
239
Hoshino
Resorts
REIT,
Inc
1,244
882,122
Host
Hotels
and
Resorts,
Inc
14,546
113,011
Hudson
Pacific
Properties
751
1,455
Hulic
Reit,
Inc
1,642
317,327
Hyprop
Investments
Ltd
529
35,863
Icade
1,689
1,139
Ichigo
Real
Estate
Investment
Corp
831
3,356,600
IGB
Real
Estate
Investment
Trust
1,323
252,563
Impact
Healthcare
Reit
plc
287
25,385
e
Independence
Realty
Trust,
Inc
407
181
e
Indus
Realty
Trust,
Inc
12
1,927
Industrial
&
Infrastructure
Fund
Investment
Corp
2,097
525,030
Industrial
Logistics
Properties
Trust
1,612
1,724,021
Ingenia
Communities
Group
4,383
292,655
Inmobiliaria
Colonial
S.A.
1,855
5,090
e
Innovative
Industrial
Properties,
Inc
387
63,101
InterRent
Real
Estate
Investment
Trust
625
23,400
e
Intervest
Offices
444
2,307
e
InvenTrust
Properties
Corp
54
670,785
Investec
Property
Fund
Ltd
311
5,838
Invincible
Investment
Corp
2,457
CREF
Stock
Account
March
31,
2023
63
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
527,937
Invitation
Homes,
Inc
$
16,487
397,512
Irish
Residential
Properties
REIT
plc
401
22,478
Iron
Mountain,
Inc
1,189
475,275
*
Is
Gayrimenkul
Yatirim
Ortakligi
AS
225
3,152
e
iStar,
Inc
93
709
ITOCHU
Advance
Logistics
Investment
Corp
707
163,994
Jadwa
REIT
Saudi
Fund
566
1,062
Japan
Excellent,
Inc
961
4,287
Japan
Hotel
REIT
Investment
Corp
2,431
793
Japan
Logistics
Fund
Inc
1,762
795
Japan
Prime
Realty
Investment
Corp
2,094
1,152
Japan
Real
Estate
Investment
Corp
4,591
6,436
Japan
Retail
Fund
Investment
Corp
4,700
3,330
JBG
SMITH
Properties
50
118,845
JR
Reit
XXVII
403
879
Kenedix
Realty
Investment
Corp
2,033
950
Kenedix
Residential
Investment
Corp
1,468
592
Kenedix
Retail
REIT
Corp
1,049
1,300,317
Keppel
DC
REIT
2,016
1,874,291
Keppel
REIT
1,248
998,214
Keppel-KBS
US
REIT
379
211,292
Killam
Apartment
Real
Estate
Investment
Trust
2,683
115,052
Kilroy
Realty
Corp
3,728
31,211
Kimco
Realty
Corp
610
206,563
Kite
Realty
Group
Trust
4,321
1,547,240
Kiwi
Property
Group
Ltd
881
388,654
e
Klepierre
8,812
74,759
Lamar
Advertising
Co
7,468
69,154
Land
Securities
Group
plc
531
38,180
Lar
Espana
Real
Estate
Socimi
S.A.
204
1,719
LaSalle
Logiport
REIT
1,995
1,710,844
Lendlease
Global
Commercial
REIT
876
482,509
Lexington
Realty
Trust
4,975
59,844
Life
Storage,
Inc
7,845
2,133,327
e
Link
REIT
13,718
2,606,681
LondonMetric
Property
plc
5,678
94,286
LOTTE
Reit
Co
Ltd
267
2,542
LTC
Properties,
Inc
89
1,577,407
LXI
REIT
plc
1,920
8,269
Macerich
Co
88
122,357
*
Mack-Cali
Realty
Corp
1,791
1,455,119
Macquarie
CountryWide
Trust
3,682
1,380,300
g
Macquarie
Mexico
Real
Estate
Management
SA
de
CV
2,191
1,897,250
Manulife
US
Real
Estate
Investment
Trust
409
1,814,622
Mapletree
Commercial
Trust
2,460
1,975,947
Mapletree
Industrial
Trust
3,528
2,622,855
Mapletree
Logistics
Trust
3,383
141,075
e
Medical
Properties
Trust,
Inc
1,160
76,682
Mercialys
S.A
783
343,356
Merlin
Properties
Socimi
S.A.
3,004
13,245
Mid-America
Apartment
Communities,
Inc
2,000
153,353
g
Mindspace
Business
Parks
REIT
610
23,212
g
Minto
Apartment
Real
Estate
REIT
NPV
253
1,614
Mirai
Corp
549
3,075,367
Mirvac
Group
4,307
483
e
Mitsubishi
Estate
Logistics
REIT
Investment
Corp
1,423
902
Mitsui
Fudosan
Logistics
Park,
Inc
3,165
12,334
Montea
C.V.A
1,001
20,243
Morguard
North
American
Resid
261
1,550
Mori
Hills
REIT
Investment
Corp
1,726
2,298
e
Mori
Trust
Sogo
Reit,
Inc
1,187
CREF
Stock
Account
March
31,
2023
64
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,153,400
MREIT,
Inc
$
307
1,650
National
Health
Investors,
Inc
85
98,756
e
National
Retail
Properties,
Inc
4,360
296,851
National
Storage
Affiliates
Trust
12,402
4,411,998
National
Storage
REIT
7,473
484,669
e
NETSTREIT
Corp
8,860
68,202
NexPoint
Residential
Trust,
Inc
2,978
32,398
Nexus
Real
Estate
Investment
Trust
234
489
Nippon
Accommodations
Fund,
Inc
2,203
1,409
Nippon
Building
Fund,
Inc
5,865
1,969
Nippon
ProLogis
REIT,
Inc
4,168
442
NIPPON
REIT
Investment
Corp
1,068
4,332
Nomura
Real
Estate
Master
Fund,
Inc
4,854
108,437
NorthWest
Healthcare
Properties
Real
Estate
Investment
Trust
680
18,175
NSI
NV
457
1,630
Office
Properties
Income
Trust
20
77,870
e
Omega
Healthcare
Investors,
Inc
2,134
566
One
Liberty
Properties,
Inc
13
209
One
REIT,
Inc
364
1,944
e
Orion
Office
REIT,
Inc
13
2,683
Orix
JREIT,
Inc
3,402
2,268,174
OUE
Commercial
Real
Estate
Investment
Trust
538
334,082
Outfront
Media,
Inc
5,422
355,377
Paramount
Group,
Inc
1,620
98,304
Park
Hotels
&
Resorts,
Inc
1,215
380,524
Parkway
Life
Real
Estate
Investment
Trust
1,142
2,737
e
Pebblebrook
Hotel
Trust
38
180,106
e
Phillips
Edison
&
Co,
Inc
5,875
193,759
Physicians
Realty
Trust
2,893
599,433
Picton
Property
Income
Ltd
513
869,550
e
Piedmont
Office
Realty
Trust,
Inc
6,348
744,700
PLA
Administradora
Industrial
S
de
RL
de
C.V.
1,374
792
Plymouth
Industrial
REIT,
Inc
17
265
e
Postal
Realty
Trust,
Inc
4
3,859
e
PotlatchDeltic
Corp
191
1,342,519
Precinct
Properties
New
Zealand
Ltd
1,068
1,286
Premier
Investment
Co
1,308
90,288
Primaris
REIT
903
1,205,716
Primary
Health
Properties
plc
1,510
743,700
Prime
US
REIT
238
534,849
ProLogis
Property
Mexico
S.A.
de
C.V.
1,935
3,227,641
Prologis,
Inc
402,713
1,432,000
Prosperity
REIT
365
455,951
PRS
REIT
PLC
455
154,047
Public
Storage,
Inc
46,544
117,041
e
Rayonier,
Inc
3,893
152,979
Realty
Income
Corp
9,687
6,700,846
Redefine
Properties
Ltd
1,381
487,376
e
Regency
Centers
Corp
29,818
2,079,724
Region
RE
Ltd
3,285
457,467
g
Regional
REIT
Ltd
306
192,157
Reit
Ltd
842
302,502
Resilient
REIT
Ltd
792
10,410
Retail
Estates
NV
734
471,650
Retail
Opportunities
Investment
Corp
6,584
985,178
Rexford
Industrial
Realty,
Inc
58,766
173,777
RioCan
Real
Estate
Investment
Trust
2,622
91,372
Riyad
REIT
Fund
224
4,630,300
RL
Commercial
REIT,
Inc
494
1,235,653
RLJ
Lodging
Trust
13,098
2,831
e
RPT
Realty
27
CREF
Stock
Account
March
31,
2023
65
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
346,359
Rural
Funds
Group
$
464
209,208
Ryman
Hospitality
Properties
18,772
304,982
Sabra
Healthcare
REIT,
Inc
3,507
627,971
Safestore
Holdings
plc
7,371
442
Samty
Residential
Investment
Corp
372
612,900
Sasseur
Real
Estate
Investment
Trust
343
777
Saul
Centers,
Inc
30
250,511
SBA
Communications
Corp
65,401
4,049,133
Scentre
Group
7,495
78,583
Segro
plc
749
3,908
Sekisui
House
Reit,
Inc
2,120
176,095
Sella
Capital
Real
Estate
Ltd
356
1,373,501
e
Service
Properties
Trust
13,680
986,689
Simon
Property
Group,
Inc
110,480
391,489
e
SITE
Centers
Corp
4,807
73,826
SK
REITs
Co
Ltd
283
61,013
e
SL
Green
Realty
Corp
1,435
21,934
Slate
Grocery
REIT
222
66,058
SmartCentres
Real
Estate
Investment
Trust
1,299
602
SOSiLA
Logistics
REIT,
Inc
590
1,116,658
SPH
REIT
793
294,947
e
Spirit
Realty
Capital,
Inc
11,751
567,675
e
STAG
Industrial,
Inc
19,199
2,829
Star
Asia
Investment
Corp
1,170
1,130
*
Star
Holdings
20
1,440,629
Starhill
Global
REIT
564
279
Starts
Proceed
Investment
Corp
479
364,007
Stockland
Trust
Group
975
1,455,546
Summit
Hotel
Properties,
Inc
10,189
220,428
Sun
Communities,
Inc
31,054
1,132,000
Sunlight
Real
Estate
Investment
Trust
462
7,495
Sunstone
Hotel
Investors,
Inc
74
2,160,100
Suntec
Real
Estate
Investment
Trust
2,324
1,568,400
Sunway
Real
Estate
Investment
569
4,628,188
Supermarket
Income
Reit
plc
4,955
640
Takara
Leben
Real
Estate
Investment
Corp
433
5,969
e
Tanger
Factory
Outlet
Centers,
Inc
117
684,582
Target
Healthcare
REIT
plc
592
20,023
Terreno
Realty
Corp
1,293
877
Tokyu
REIT,
Inc
1,197
13,674,195
Tritax
Big
Box
REIT
plc
23,662
8,662,453
g
Tritax
EuroBox
plc
6,487
15,905
UDR,
Inc
653
870,464
UK
Commercial
Property
REIT
Ltd
554
317,132
UMH
Properties,
Inc
4,690
5,117
*
Unibail-Rodamco-Westfield
274
2,972
United
Urban
Investment
Corp
3,207
16,277
Uniti
Group,
Inc
58
3,903
e
Urban
Edge
Properties
59
510,466
Urban
Logistics
REIT
plc
806
1,045
Urstadt
Biddle
Properties,
Inc
(Class
A)
18
9,197
Vastned
Retail
NV
212
524,380
Ventas,
Inc
22,732
1,073,351
VICI
Properties,
Inc
35,013
2,953,308
Vicinity
Centres
3,862
7,435
e
Vornado
Realty
Trust
114
872,912
Vukile
Property
Fund
Ltd
610
451,411
Warehouse
REIT
plc
569
523,876
Warehouses
De
Pauw
CVA
15,578
15,909
Washington
REIT
284
640,952
Waypoint
REIT
1,116
CREF
Stock
Account
March
31,
2023
66
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
388,142
Welltower,
Inc
$
27,826
29,828
Wereldhave
NV
460
641,341
Weyerhaeuser
Co
19,324
296,722
e
Whitestone
REIT
2,730
183,147
Workspace
Group
plc
987
10,203
WP
Carey,
Inc
790
3,897
Xenia
Hotels
&
Resorts,
Inc
51
22,187
e
Xior
Student
Housing
NV
749
2,290,000
e
Yuexiu
Real
Estate
Investment
Trust
583
1,013,240
Ziraat
Gayrimenkul
Yatirim
Ortakligi
AS.
239
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,422,916
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.0%
332,741
Unite
Group
plc
3,942
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
3,942
FINANCIAL
SERVICES
-
6.3%
116,600
360
Finance,
Inc
(ADR)
2,262
135,064
360
ONE
WAM
Ltd
709
34,431
3i
Group
plc
718
58,414
*
Aareal
Bank
AG.
1,913
45,345
*
Aavas
Financiers
Ltd
891
24,572
ABC
Arbitrage
162
26,500
e
Acom
Co
Ltd
64
439,653
*
Aditya
Birla
Capital
Ltd
824
54,896
*,g
Adyen
NV
87,473
98,100
Aeon
Credit
Service
M
BHD
254
105,300
AEON
Financial
Service
Co
Ltd
983
83,900
Aeon
Thana
Sinsap
Thailand
PCL
452
348,364
*,†
AET&D
Holdings
No
1
Ptd
Ltd
0
16,859
AFC
Gamma,
Inc
205
40,179
Affiliated
Managers
Group,
Inc
5,722
177,049
*,e
Affirm
Holdings,
Inc
1,995
464,693
e
AGNC
Investment
Corp
4,684
303,600
e
Aiful
Corp
824
312,403
AJ
Bell
plc
1,330
1,051,081
Al
Waha
Capital
PJSC
367
535
Alerus
Financial
Corp
9
418,045
Allfunds
Group
PLC
2,770
244,528
Ally
Financial,
Inc
6,233
28,875
Alpha
FX
Group
plc
687
84,220
Altshuler
Shaham
Financial
Ltd
166
1,117,006
Amanat
Holdings
PJSC
292
89,804
A-Mark
Precious
Metals,
Inc
3,112
2,211,464
American
Express
Co
364,781
400,289
Ameriprise
Financial,
Inc
122,689
29,181
Amlak
International
for
Real
Estate
Finance
Co
119
3,047,464
AMP
Ltd
2,150
553
e
Angel
Oak
Mortgage,
Inc
4
22,124
Angel
One
Ltd
314
226,931
g
Anima
Holding
S.p.A
922
173,133
Annaly
Capital
Management,
Inc
3,309
32,489
Antin
Infrastructure
Partners
S.A.
589
4,790
e
Apollo
Commercial
Real
Estate
Finance,
Inc
45
450,929
Apollo
Global
Management,
Inc
28,481
113,230
Aptus
Value
Housing
Finance
India
Ltd
335
147,542
e
Arbor
Realty
Trust,
Inc
1,695
1,520
e
Ares
Commercial
Real
Estate
Corp
14
286,443
e
Ares
Management
Corp
23,901
CREF
Stock
Account
March
31,
2023
67
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
3,508
e
ARMOUR
Residential
REIT,
Inc
$
18
335,830
Artisan
Partners
Asset
Management,
Inc
10,740
458,997
Ashmore
Group
plc
1,358
280,100
Asia
Sermkij
Leasing
PCL
232
118,474
*
Assetmark
Financial
Holdings,
Inc
3,726
69
Associated
Capital
Group,
Inc
3
53
*,e
Atlanticus
Holdings
Corp
1
25,009
e
Aurelius
AG.
403
91,956
Australian
Ethical
Investment
Ltd
185
107,636
Australian
Stock
Exchange
Ltd
4,701
318,874
e
Avanza
Bank
Holding
AB
7,479
99,814
Avic
Capital
Co
Ltd
60
1,316,046
*
AvidXchange
Holdings,
Inc
10,265
107,219
e
Azimut
Holding
S.p.A.
2,288
76,898
e
B.
Riley
Financial,
Inc
2,183
5,645,329
B3
SA-Brasil
Bolsa
Balcao
11,528
129,000
*,e,g
Bairong,
Inc
205
23,998
Bajaj
Auto
Ltd
1,733
260,842
Bajaj
Finance
Ltd
17,898
185,977
Bajaj
Finserv
Ltd
2,877
26,750
*,e
Bakkt
Holdings,
Inc
46
155,287
g
Banca
Farmafactoring
S.p.A
1,541
58,388
e
Banca
Generali
S.p.A
1,859
21,333
Banca
IFIS
S.p.A.
323
223,309
Banca
Mediolanum
S.p.A
2,021
3,237,854
Banco
BTG
Pactual
S.A.
-
Unit
12,553
47,694
Banco
Latinoamericano
de
Exportaciones
S.A.
(Class
E)
829
1,691,100
Bangkok
Commercial
Asset
Management
PCL
674
2,355,871
Bank
of
New
York
Mellon
Corp
107,051
1,885,034
*
Berkshire
Hathaway,
Inc
(Class
B)
582,042
1,154,800
*
Beyond
Securities
PCL
300
7,778,100
BFI
Finance
Indonesia
Tbk
PT
683
10,897
BGC
Partners,
Inc
(Class
A)
57
239,873
BlackRock,
Inc
160,504
5,833
e
Blackstone
Mortgage
Trust,
Inc
104
726,671
Blackstone,
Inc
63,831
49,154
*
Block,
Inc
3,489
462,387
*
Block,
Inc
31,743
54,809
*,e
Blucora,
Inc
1,443
355,735
e
Blue
Owl
Capital,
Inc
3,942
74,800
BOC
International
China
Co
Ltd
117
407,500
e
Bolsa
Mexicana
de
Valores
S.A.
de
C.V.
873
89,188
Boursa
Kuwait
Securities
Co
KPSC
522
1,518
Bread
Financial
Holdings,
Inc
46
953,694
Bridgepoint
Group
Ltd
2,616
214,435
Brightsphere
Investment
Group,
Inc
5,056
3,235
BrightSpire
Capital,
Inc
19
4,511
e
Broadmark
Realty
Capital,
Inc
21
333,258
Brookfield
Asset
Management
Ltd
10,916
1,338,653
*
Brookfield
Corp
43,611
48,703
BSE
Ltd
256
146,908
Bure
Equity
AB
3,511
170,665
Burford
Capital
Ltd
1,590
561,900
Bursa
Malaysia
BHD
814
240,052
Caitong
Securities
Co
Ltd
263
46,754
Can
Fin
Homes
Ltd
302
85,493
e
Canaccord
Financial,
Inc
693
151,725
*
Cannae
Holdings,
Inc
3,062
399,969
*
Cantaloupe,
Inc
2,280
17,754
Capital
One
Financial
Corp
1,707
1,775,000
Capital
Securities
Corp
701
242,316
Carlyle
Group,
Inc
7,526
CREF
Stock
Account
March
31,
2023
68
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
382
Cass
Information
Systems,
Inc
$
17
148,743
CBOE
Global
Markets,
Inc
19,967
28,651
Cembra
Money
Bank
AG.
2,255
50,915
Central
Depository
Services
India
Ltd
564
1,333,132
Chailease
Holding
Co
Ltd
9,804
554,294
Challenger
Financial
Services
Group
Ltd
2,326
91,264
Changjiang
Securities
Co
Ltd
74
5,393,775
Charles
Schwab
Corp
282,526
218
e
Chicago
Atlantic
Real
Estate
Finance,
Inc
3
15,501
e
Chimera
Investment
Corp
87
1,758,000
China
Bills
Finance
Corp
867
5,042,574
China
Cinda
Asset
Management
Co
Ltd
637
896,000
China
Everbright
Ltd
643
3,667,959
China
Galaxy
Securities
Co
Ltd
1,847
134,950
China
Galaxy
Securities
Co
Ltd
(Class
A)
197
62,700
China
Great
Wall
Securities
Co
Ltd
76
1,552,937
g
China
International
Capital
Corp
Ltd
3,116
34,800
China
International
Capital
Corp
Ltd
197
139,936
China
Merchants
Securities
Co
Ltd
281
100,900
e,g
China
Renaissance
Holdings
Ltd
93
93,068
Cholamandalam
Financial
Holdings
Ltd
618
197,797
Cholamandalam
Investment
and
Finance
Co
Ltd
1,838
193,857
e
CI
Financial
Corp
1,833
1,248,900
Cielo
S.A.
1,195
2,011,965
CITIC
Securities
Co
Ltd
4,304
399,816
CITIC
Securities
Co
Ltd
(Class
A)
1,193
3,129
e
Claros
Mortgage
Trust,
Inc
36
101,934
g
CMC
Markets
plc
221
360,697
CME
Group,
Inc
69,081
100,639
Coface
S.A.
1,426
74,329
Cohen
&
Steers,
Inc
4,754
130,356
*,e
Coinbase
Global,
Inc
8,808
199,134
e
Compass
Diversified
Trust
3,799
488
*,e
Consumer
Portfolio
Services,
Inc
5
811,448
Coronation
Fund
Managers
Ltd
1,379
97,637
e
Creades
AB
756
5,610
*,e
Credit
Acceptance
Corp
2,446
64,866
e
Credit
Corp
Group
Ltd
742
351,500
e
Credit
Saison
Co
Ltd
4,468
102,630
e
Credit
Suisse
Group
92
45,762
*
CreditAccess
Grameen
Ltd
511
14,441
CRISIL
Ltd
566
142,425
CSC
Financial
Co
Ltd
532
2,400,000
CSSC
Hong
Kong
Shipping
Co
Ltd
407
7,138
e
Curo
Group
Holdings
Corp
12
114,623
Daishin
Securities
Co
Ltd
1,132
27,728
Daishin
Securities
Co
Ltd
PF
265
1,328,100
*,e
Daiwa
Securities
Group,
Inc
6,235
63,118
*
Danal
Co
Ltd
243
11,520
Daou
Data
Corp
443
24,504
Daou
Technology,
Inc
395
24,425
Deutsche
Bank
AG.
(Registered)
248
15,628
Deutsche
Beteiligungs
AG.
473
231,856
Deutsche
Boerse
AG.
45,145
132,369
g
Deutsche
Pfandbriefbank
AG.
1,147
276,759
*
Dhani
Services
Ltd
90
617,506
Discover
Financial
Services
61,034
65,734
g
doBank
S.p.A
450
81,525
Dongxing
Securities
Co
Ltd
100
880
*
Donnelley
Financial
Solutions,
Inc
36
128,379
*
Draper
Esprit
plc
435
1,611,186
Dubai
Financial
Market
559
CREF
Stock
Account
March
31,
2023
69
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
1,236
Dynex
Capital,
Inc
$
15
1,074,789
East
Money
Information
Co
Ltd
3,135
256,054
e
ECN
Capital
Corp
530
17,244,480
Edelweiss
Capital
Ltd
11,067
259,701
Edenred
15,370
85,739
EFG
International
840
516,498
E-Finance
for
Digital
&
Financial
Investments
289
38,586
eGuarantee,
Inc
635
534,129
*
Egyptian
Financial
Group-Hermes
Holding
291
686,164
Element
Financial
Corp
9,012
1,933
e
Ellington
Financial
Inc
24
135,925
e
Enact
Holdings,
Inc
3,107
818
*
Encore
Capital
Group,
Inc
41
1,085
*
Enova
International,
Inc
48
471,716
e
EQT
AB
9,636
1,606,577
Equitable
Holdings,
Inc
40,791
401,678
Essent
Group
Ltd
16,087
30,238
*
Euronet
Worldwide,
Inc
3,384
1,097,049
g
Euronext
NV
84,006
124,906
Everbright
Securities
Co
Ltd
277
168,408
Evercore
Inc
19,431
43,803
EVERTEC,
Inc
1,478
34,278
EXOR
NV
2,827
77,266
*
EXOR
NV
6,371
300,674
*,e
Ezcorp,
Inc
(Class
A)
2,586
47,904
Factset
Research
Systems,
Inc
19,884
627,401
e
Far
East
Horizon
Ltd
563
1,118,533
*
Fawry
for
Banking
&
Payment
Technology
Services
SAE
192
659
Federal
Agricultural
Mortgage
Corp
(FAMC)
88
77,492
Federated
Investors,
Inc
(Class
B)
3,111
2,722,261
Fidelity
National
Information
Services,
Inc
147,900
55,663
e
Fiera
Capital
Corp
319
31,844
*,e
Finance
Of
America
Cos,
Inc
39
56,600
Financial
Products
Group
Co
Ltd
495
123,900
FinVolution
Group
(ADR)
517
184,091
First
Capital
Securities
Co
Ltd
160
14,351
e
First
National
Financial
Corp
405
260,620
FirstCash
Holdings,
Inc
24,855
3,509,728
e
FirstRand
Ltd
11,896
1,994,723
*
Fiserv,
Inc
225,464
134,489
*
flatexDEGIRO
AG.
1,163
121,687
*
FleetCor
Technologies,
Inc
25,658
207,014
*
FleetPartners
Group
Ltd
290
31,266
Flow
Traders
906
537,834
*
Flywire
Corp
15,791
1,220
*
Focus
Financial
Partners,
Inc
63
2,868
e
Franklin
BSP
Realty
Trust,
Inc
34
231,740
Franklin
Resources,
Inc
6,243
10,046,618
Fuhwa
Financial
Holdings
Co
Ltd
7,388
46,300
*,e
Futu
Holdings
Ltd
(ADR)
2,401
40,084
Fuyo
General
Lease
Co
Ltd
2,727
852
e
GCM
Grosvenor,
Inc
7
1,224,000
g
Genertec
Universal
Medical
Group
Company
Limited
741
1,104,200
e
Gentera
SAB
de
C.V.
1,211
605,636
GF
Securities
Co
Ltd
857
199,208
GF
Securities
Co
Ltd
(Class
A)
457
307,818
Global
Payments,
Inc
32,395
3,800
GMO
Financial
Gate,
Inc
288
40,301
*,e
GMO
Financial
Holdings,
Inc
176
283,977
GMO
Payment
Gateway,
Inc
24,586
140,337
e
goeasy
Ltd
9,915
526,501
Goldman
Sachs
Group,
Inc
172,224
CREF
Stock
Account
March
31,
2023
70
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
1,771,100
*
Grab
Holdings
Ltd.
$
5,331
1,822
Granite
Point
Mortgage
Trust,
Inc
9
957
*
Green
Dot
Corp
16
24,694
GRENKE
AG.
685
29,612
Groupe
Bruxelles
Lambert
S.A.
2,527
23,897
Gruppo
MutuiOnline
S.p.A
676
12,112
Guangzhou
Yuexiu
Financial
Holdings
Group
Co
Ltd
12
34,104
Guolian
Securities
Co
Ltd
53
196,249
Guosen
Securities
Co
Ltd
268
3,107,800
e
Guotai
Junan
International
Hol
254
230,016
Guotai
Junan
Securities
Co
Ltd
481
133,654
Guoyuan
Securities
Co
Ltd
132
2,662,810
e
Haitong
International
Securities
Group
Ltd
221
1,680,373
Haitong
Securities
Co
Ltd
1,049
295,612
Haitong
Securities
Co
Ltd
(Class
A)
380
2,620,000
e,g
Haitong
UniTrust
International
Leasing
Co
Ltd
314
41,443
Hamilton
Lane,
Inc
3,066
13,670
e
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc
391
123,618
*
Hanwha
Securities
Co
259
23,918
Hargreaves
Lansdown
plc
237
391,481
Helia
Group
Ltd
753
17,486
Hithink
RoyalFlush
Information
Network
Co
Ltd
521
36,807
e
Home
Capital
Group,
Inc
1,125
26,101
*,g
Home
First
Finance
Co
India
Ltd
237
1,488,111
Hong
Kong
Exchanges
and
Clearing
Ltd
65,960
153,000
Hotai
Finance
Co
Ltd
607
2,715
Houlihan
Lokey,
Inc
238
3,119,276
Housing
Development
Finance
Corp
100,029
762,540
g
Huatai
Securities
Co
Ltd
870
125,934
Huatai
Securities
Co
Ltd
(Class
A)
234
35,200
Huaxi
Securities
Co
Ltd
42
74,806
HUB24
Ltd
1,394
3,582
*
Hypoport
AG.
495
60,993
*
I3
Verticals,
Inc
1,496
89,595
g
ICICI
Securities
Ltd
468
1,105,043
IDFC
Ltd
1,061
133,900
iFAST
Corp
Ltd
496
1,628,918
IG
Group
Holdings
plc
14,057
81,764
e
IGM
Financial,
Inc
2,444
121,915
IIFL
Finance
Ltd
726
62,695
*,e
Illimity
Bank
S.p.A
418
80,102
Impax
Asset
Management
Group
plc
794
249,466
*
Indiabulls
Housing
Finance
Ltd
297
2,098,847
g
Indian
Energy
Exchange
Ltd
3,279
263,954
Industrial
Securities
Co
Ltd
235
134,117
Industrivarden
AB
3,625
860,724
*
Infibeam
Incorporation
Ltd
149
289,392
IntegraFin
Holdings
plc
971
76,466
Interactive
Brokers
Group,
Inc
(Class
A)
6,313
616,768
Intercontinental
Exchange
Group,
Inc
64,323
280,963
Intermediate
Capital
Group
plc
4,241
822,000
*,e,g
International
Alliance
Financial
Leasing
Co
Ltd
526
635
*
International
Money
Express
Inc
16
303,913
Invesco
Ltd
4,984
1,136
e
Invesco
Mortgage
Capital,
Inc
13
356,845
Investec
Ltd
1,967
671,817
Investec
plc
3,728
46,596
Investment
AB
Oresund
532
7,064
Investor
AB
141
512,931
e
Investor
AB
10,466
617,354
IOOF
Holdings
Ltd
1,139
976,103
IP
Group
plc
666
CREF
Stock
Account
March
31,
2023
71
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
135,079
Is
Yatirim
Menkul
Degerler
AS
$
302
2,800
iShares
Core
S&P
500
ETF
1,151
367,206
e
iShares
MSCI
Canada
Index
Fund
12,551
27,500
e
iShares
MSCI
EAFE
Index
Fund
1,967
6,580
e
iShares
Russell
2000
Index
Fund
1,174
188,729
Isracard
Ltd
789
70,400
e
J
Trust
Co
Ltd
211
19,325
Jaccs
Co
Ltd
642
59,146
Jack
Henry
&
Associates,
Inc
8,914
3,643
Jackson
Financial,
Inc
136
312,254
Jafco
Co
Ltd
4,473
110,686
Janus
Henderson
Group
plc
2,949
86,100
Japan
Securities
Finance
Co
Ltd
662
164,531
Jefferies
Financial
Group,
Inc
5,222
430,325
JM
Financial
Ltd
313
543,700
JMT
Network
Services
PCL
742
74,335
JSE
Ltd
409
131,124
g
JTC
plc
1,143
2,272
Julius
Baer
Group
Ltd
155
452,293
Jupiter
Investment
Management
Group
Ltd
758
24,369
*,e
Kakaopay
Corp
1,051
3,690,000
*,e
Kingkey
Financial
International
Holdings
Ltd
851
15,222
KIWOOM
Securities
Co
Ltd
1,187
533,187
KKR
&
Co,
Inc
28,003
1,756
e
KKR
Real
Estate
Finance
Trust,
Inc
20
17,541
Korea
Investment
Holdings
Co
Ltd
745
16,648
KRUK
S.A.
1,190
748,728
Krungthai
Card
PCL
1,189
371,552
Kumho
Investment
Bank
214
770,522
L&T
Finance
Holdings
Ltd
772
1,597,042
Ladder
Capital
Corp
15,092
69,025
Lazard
Ltd
(Class
A)
2,285
269,782
*
LendingClub
Corp
1,945
124,061
*
LendingTree,
Inc
3,307
32,111
e
Leonteq
A.G.
1,797
69,600
*
LexinFintech
Holdings
Ltd
(ADR)
189
272,094
LIC
Housing
Finance
Ltd
1,092
66,032
Liontrust
Asset
Management
plc
835
468,262
London
Stock
Exchange
Group
plc
45,482
408,090
LPL
Financial
Holdings,
Inc
82,597
337,400
Lufax
Holding
Ltd
(ADR)
688
12,300
*
M&A
Capital
Partners
Co
Ltd
345
5,200
*,e
M&A
Research
Institute,
Inc
387
1,761,120
M&G
plc
4,317
107,370
e
MA
Financial
Group
Ltd
286
314,748
Macquarie
Group
Ltd
37,266
138,180
Magellan
Financial
Group
Ltd
809
207,434
Magma
Fincorp
Ltd
741
518,627
Mahindra
&
Mahindra
Financial
Services
Ltd
1,467
13,194,405
Man
Group
plc
38,438
410,424
Manappuram
General
Finance
&
Leasing
Ltd
620
48,600
MarketAxess
Holdings,
Inc
19,017
14,582
*
Marqeta,
Inc
67
168,700
e
Marui
Co
Ltd
2,582
11,381
g
MAS
Financial
Services
Ltd
111
2,306,678
e
Mastercard,
Inc
(Class
A)
838,270
142,700
e
Matsui
Securities
Co
Ltd
844
23,454
Merchants
Bancorp
611
63,696
Meritz
finance
Holdings
Co
Ltd
1,898
117,915
Meritz
Securities
Co
Ltd
553
10,536,000
Metro
Pacific
Investments
Corp
714
3,503
MFA
Financial,
Inc
35
CREF
Stock
Account
March
31,
2023
72
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
95,628
MGIC
Investment
Corp
$
1,283
136,292
Mirae
Asset
Daewoo
Co
Ltd
679
805,300
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
4,158
24,600
Mizuho
Leasing
Co
Ltd
653
3,311
Moelis
&
Co
127
158,952
e
Monex
Group,
Inc
578
549
*
MoneyGram
International,
Inc
6
4,624
*,e
Moneylion,
Inc
3
135,496
Moody's
Corp
41,464
3,233,148
Morgan
Stanley
283,870
21,020
Morningstar,
Inc
4,268
39,542
Motilal
Oswal
Financial
Services
Ltd
294
4,218
*
Mr
Cooper
Group,
Inc
173
71,269
e
MSCI,
Inc
(Class
A)
39,889
349,382
Muangthai
Capital
PCL
354
21,600
Multi
Commodity
Exchange
of
India
Ltd
399
57,802
Muthoot
Finance
Ltd
691
281,135
Nasdaq
Inc
15,370
367,093
National
Investments
Co
KSCP
290
76,079
Navient
Corp
1,217
40,156
Nayifat
Finance
Co
198
507
Nelnet,
Inc
(Class
A)
47
89,340
*,e
NerdWallet,
Inc
1,446
115,564
Netwealth
Group
Ltd
1,058
473,234
*,g
Network
International
Holdings
plc
1,429
343,400
New
Residential
Investment
Corp
2,747
3,243
New
York
Mortgage
Trust,
Inc
32
20,235
e
Nexpoint
Real
Estate
Finance,
Inc
317
22,894
NHN
KCP
Corp
223
18,149
NICE
Holdings
Co
Ltd
170
167,552
Ninety
One
Ltd
381
399,427
Ninety
One
plc
911
140,336
g
Nippon
Life
India
Asset
Management
Ltd
359
302,794
*
NMI
Holdings,
Inc
6,761
27,200
*,e
Noah
Holdings
Ltd
(ADR)
450
2,903,100
*
Nomura
Holdings,
Inc
11,192
132,927
Nordnet
AB
publ
2,192
18,049
Northern
Trust
Corp
1,591
106,725
*,e,g
Nuvei
Corp
4,645
201,303
*
Nuvei
Corp
8,770
119,593
e
Okasan
Holdings,
Inc
426
1,894,408
*
Omni
Bridgeway
Ltd
3,378
93,734
OneMain
Holdings,
Inc
3,476
70,586
Onex
Corp
3,300
4,098
*
Open
Lending
Corp
29
299
Oppenheimer
Holdings,
Inc
12
14,567
*,e
OppFi,
Inc
30
1,215
e
Orchid
Island
Capital,
Inc
13
41,250
e
Orient
Corp
344
231,551
Orient
Securities
Co
Ltd
330
2,559,340
ORIX
Corp
42,198
665,377
Osaka
Securities
Exchange
Co
Ltd
10,176
417,893
OSB
Group
plc
2,500
58,954
Oyak
Yatirim
Menkul
Degerler
AS.
110
8,042,200
*
Pacific
Strategic
Financial
Tbk
PT
657
3,480,132
*,e
Pagseguro
Digital
Ltd
29,825
245,390
Paisalo
Digital
Ltd
158
224,001
Paragon
Group
of
Cos
plc
1,437
705
Partners
Group
664
4,500
*
Payoneer
Global,
Inc
28
1,626,204
*
PayPal
Holdings,
Inc
123,494
CREF
Stock
Account
March
31,
2023
73
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
179
*
Paysafe
Ltd
$
3
1,761
PennyMac
Financial
Services,
Inc
105
30,925
e
PennyMac
Mortgage
Investment
Trust
381
1,578,934
*,e
Pensionbee
Group
plc
1,850
202,171
Pepper
Money
Ltd
179
105,472
Perpetual
Trustees
Australia
Ltd
1,559
113,659
e
Pinnacle
Investment
Management
Group
Ltd
604
107,155
Piper
Jaffray
Cos
14,853
3,889,438
Piramal
Healthcare
Ltd
32,182
1,465
PJT
Partners,
Inc
106
469,072
Platinum
Asset
Mangement
Ltd
542
362,868
Plus500
Ltd
7,574
45,089
*,g
PNB
Housing
Finance
Ltd
283
217,927
Polar
Capital
Holdings
plc
1,216
1,353
*
PRA
Group,
Inc
53
780,000
President
Securities
Corp
414
28,184
*
PROG
Holdings,
Inc
670
211,854
Provident
Financial
plc
620
1,101,830
PSG
Konsult
Ltd
748
1,093,123
*
Pushpay
Holdings
Ltd
955
1,329,409
g
Quilter
plc
1,381
320,728
Radian
Group,
Inc
7,088
1,793,800
Ratchthani
Leasing
PCL
192
56,605
Rathbone
Brothers
1,340
217,557
e
Ratos
AB
(B
Shares)
665
159,724
Raymond
James
Financial,
Inc
14,897
2,518
e
Ready
Capital
Corp
26
2,154,447
REC
Ltd
3,036
3,969
Redwood
Trust,
Inc
27
262
Regional
Management
Corp
7
63,961
Reinet
Investments
S.C.A
1,311
483,135
Remgro
Ltd
3,648
605,097
*,e
Remitly
Global,
Inc
10,256
191,442
*
Repay
Holdings
Corp
1,258
94,644
g
Resurs
Holding
AB
211
15,161
e
Ricoh
Leasing
Co
Ltd
436
471,803
*
Robinhood
Markets,
Inc
4,581
92,234
*,e
Rocket
Cos,
Inc
836
625,500
S&P
Global,
Inc
215,654
485,700
Sabuy
Technology
PCL
172
31,143
Samsung
Securities
Co
Ltd
761
36,465
Saudi
Home
Loans
Co
196
43,036
Saudi
Tadawul
Group
Holding
Co
1,660
116,186
SBI
Cards
&
Payment
Services
Ltd
1,049
1,184,776
e
SBI
Holdings,
Inc
23,529
23,041
e
Sculptor
Capital
Management,
Inc
198
180,900
SDIC
Capital
Co
Ltd
183
426,291
Sealand
Securities
Co
Ltd
211
83,619
SEI
Investments
Co
4,812
9,187
*
Share
India
Securities
Ltd
119
452,500
e
Sheng
Ye
Capital
Ltd
333
785,744
Shenwan
Hongyuan
Group
Co
Ltd
477
43,045
*,e
Shift4
Payments,
Inc
3,263
5,373
*
Shinyoung
Securities
Co
Ltd
230
106,687
Shriram
Transport
Finance
Co
Ltd
1,640
735,874
Singapore
Exchange
Ltd
5,211
204,740
SLM
Corp
2,537
40,922,032
Sociedad
de
Inversiones
Oro
Blanco
S.A.
395
5,599
Societe
Fonciere
Financiere
et
de
Participations
FFP
600
1,208,528
*,e
SoFi
Technologies,
Inc
7,336
15,852
Sofina
S.A.
3,560
CREF
Stock
Account
March
31,
2023
74
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
141,835
SooChow
Securities
Co
Ltd
$
143
345,973
Southwest
Securities
Co
Ltd
196
20,048
*
Spandana
Sphoorty
Financial
Ltd
131
18,871
e
Sparx
Group
Co
Ltd
207
4,500
e
SPDR
S&P
500
ETF
Trust
1,842
183,043
*,e
SPDR
S&P
Biotech
ETF
13,950
23,685
e
Sprott,
Inc
866
768,475
*,†,e
SRH
NV
8
499,510
Srisawad
Corp
PCL
773
452,492
e
Starwood
Property
Trust,
Inc
8,005
139,598
State
Street
Corp
10,566
122,746
StepStone
Group,
Inc
2,979
85,532
Stifel
Financial
Corp
5,054
1,445,371
*
StoneCo
Ltd
13,789
71,494
*
StoneX
Group,
Inc
7,402
10,624
Strike
Co
Ltd
307
588,735
Sun
Hung
Kai
&
Co
Ltd
225
24,396
*,e
Sunlight
Financial
Holdings,
Inc
8
81,795
Svolder
AB
461
30,946
Swissquote
Group
Holding
S.A.
6,044
112
*,e
SWK
Holdings
Corp
2
21,255
Synchrony
Financial
618
179,001
T
Rowe
Price
Group,
Inc
20,209
184,027
Taiwan
Acceptance
Corp
1,089
236,022
Tamburi
Investment
Partners
S.p.A.
2,127
15,383
Tata
Investment
Corp
Ltd
328
1,169,295
*
Tel
Aviv
Stock
Exchange
Ltd
5,096
5,977
e
TFS
Financial
Corp
75
69,715
e
Timbercreek
Financial
Corp
413
54,873
TMX
Group
Ltd
5,542
393,171
*
Toast,
Inc
6,979
173,480
e
Tokai
Tokyo
Securities
Co
Ltd
480
37,600
Tokyo
Century
Corp
1,255
84,132
Tong
Yang
Investment
Bank
173
739,972
TP
Icap
Group
plc
1,644
83,965
e
TPG
RE
Finance
Trust,
Inc
610
90,159
Tradeweb
Markets,
Inc
7,124
554,789
Transaction
Capital
Ltd
396
2,793,174
Turkiye
Sinai
Kalkinma
Bankasi
AS
598
2,914
e
Two
Harbors
Investment
Corp
43
330,880
*,e
Tyro
Payments
Ltd
321
5,195,969
UBS
Group
AG
109,951
225,651
e
UBS
Group
AG
4,815
86,600
*,e
Up
Fintech
Holding
Ltd
(ADR)
288
58,286
*,e
Upstart
Holdings,
Inc
926
43,062
UTI
Asset
Management
Co
Ltd
337
81,947
e
UWM
Holdings
Corp
402
1,052,011
e
Value
Partners
Group
Ltd
335
301
*
Velocity
Financial,
Inc
3
137,494
Victory
Capital
Holdings,
Inc
4,024
238,271
Virtu
Financial,
Inc
4,503
216
Virtus
Investment
Partners,
Inc
41
3,218,645
Visa,
Inc
(Class
A)
725,676
26,722
Vontobel
Holding
AG.
1,734
237,542
e
Voya
Financial,
Inc
16,975
2,013
Walker
&
Dunlop,
Inc
153
23,175
Warsaw
Stock
Exchange
193
2,436,395
Waterland
Financial
Holdings
988
688
Waterstone
Financial,
Inc
10
32,100
*,e
WealthNavi,
Inc
292
27,405
Wendel
2,898
CREF
Stock
Account
March
31,
2023
75
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
132,903
Western
Securities
Co
Ltd
$
123
332,836
Western
Union
Co
3,711
36,863
*
WEX,
Inc
6,779
70,145
Woori
Investment
&
Securities
Co
Ltd
476
590
*,e
World
Acceptance
Corp
49
3,055
*,g
Worldline
S.A.
130
455,619
*
XP,
Inc
5,408
155,476
g
X-Trade
Brokers
Dom
Maklerski
S.A.
1,143
2,621,800
*,e
Yangzijiang
Financial
Holding
Pte
Ltd
743
184,400
*,e
Yeahka
Ltd
548
1,698,000
*,e,g
Yixin
Group
Ltd
221
49,865
e
Zenkoku
Hosho
Co
Ltd
1,882
57,891
Zheshang
Securities
Co
Ltd
85
284,600
Zhongtai
Securities
Co
Ltd
278
670,858
*,e
Zip
Co
Ltd
255
TOTAL
FINANCIAL
SERVICES
6,922,536
FOOD,
BEVERAGE
&
TOBACCO
-
4.0%
1,156,986
*,e
a2
Milk
Co
Ltd
4,520
178,293
AAK
AB
3,228
140,508
AG.
Barr
plc
873
6,963
Agrana
Beteiligungs
AG.
123
241,807
Agthia
Group
PJSC
271
420,637
Ajinomoto
Co,
Inc
14,633
17,197
Al
Jouf
Agricultural
Development
Co
239
213
e
Alico,
Inc
5
242,093
Almarai
Co
JSC
3,647
915,552
Altria
Group,
Inc
40,852
4,496,409
AMBEV
S.A.
12,713
197,315
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
660
53,411
Angel
Yeast
Co
Ltd
324
1,604,850
Anheuser-Busch
InBev
S.A.
106,979
101,828
Anhui
Gujing
Distillery
Co
Ltd
1,818
23,314
Anhui
Gujing
Distillery
Co
Ltd
(Class
A)
1,003
31,517
Anhui
Kouzi
Distillery
Co
Ltd
323
44,600
Anhui
Yingjia
Distillery
Co
Ltd
432
26,523
e
Anora
Group
Oyj
159
83,782
Archer-Daniels-Midland
Co
6,674
16,772
e
Ariake
Japan
Co
Ltd
618
3,621,181
*
Aryzta
AG.
6,159
294,935
Asahi
Breweries
Ltd
10,977
32,130
*
Aseer
Trading
Tourism
&
Manufacturing
Co
94
682,451
Associated
British
Foods
plc
16,377
32,112
Astral
Foods
Ltd
285
405,000
e
Ausnutria
Dairy
Corp
Ltd
198
94,348
*,h
AustAsia
Group
Ltd
39
87,182
Austevoll
Seafood
ASA
781
141,351
*
Australian
Agricultural
Co
Ltd
146
54,581
Avanti
Feeds
Ltd
226
303,441
AVI
Ltd
1,202
2,285
e
B&G
Foods,
Inc
(Class
A)
35
48,207
e
Bakkafrost
P
3,112
853,640
Baladna
310
111,909
Balrampur
Chini
Mills
Ltd
541
1,092
Barry
Callebaut
AG.
2,314
271,115
Bega
Cheese
Ltd
659
256,401
Beijing
Dabeinong
Technology
Group
Co
Ltd
291
191,000
Beijing
Yanjing
Brewery
Co
Ltd
389
1,855
*
Bell
AG.
569
2,989
*,e
Benson
Hill,
Inc
3
650,100
Betagro
PCL
499
CREF
Stock
Account
March
31,
2023
76
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
228
*,e
Beyond
Meat,
Inc
$
4
17,447
Bombay
Burmah
Trading
Co
173
6,948
e
Bonduelle
S.C.A.
91
8,034
*
Boston
Beer
Co,
Inc
(Class
A)
2,641
52,500
BrasilAgro-Co
Brasileira
de
Propriedades
Agricolas
250
622,500
*
BRF
S.A.
763
102,142
Britannia
Industries
Ltd
5,384
117,800
British
American
Tobacco
Malaysia
BHD
290
2,070,788
British
American
Tobacco
plc
72,590
1,380,977
Britvic
plc
15,209
7,883
Brown-Forman
Corp
(Class
A)
514
33,349
Brown-Forman
Corp
(Class
B)
2,143
1,351,880
g
Budweiser
Brewing
Co
APAC
Ltd
4,114
1,691,300
e
Bumitama
Agri
Ltd
721
64,962
e
Bunge
Ltd
6,205
362,513
*
C&C
Group
plc
705
84,000
Calbee,
Inc
1,754
49,418
Cal-Maine
Foods,
Inc
3,009
73,000
Camil
Alimentos
S.A.
98
31,875
Campbell
Soup
Co
1,752
213,500
Carabao
Group
PCL
600
277,777
Carlsberg
AS
(Class
B)
43,102
214,700
Carlsberg
Brewery-Malay
BHD
1,051
75,046
CCL
Products
India
Ltd
520
2,884
*,e
Celsius
Holdings,
Inc
268
1,321,700
Century
Pacific
Food,
Inc
628
162,800
Charoen
Pokphand
Enterprise
445
3,430,731
Charoen
Pokphand
Foods
PCL
2,127
3,502,021
g
China
Feihe
Ltd
2,625
4,375,889
*,†
China
Huishan
Dairy
Holdings
Co
Ltd
6
370,000
*,†
China
Huiyuan
Juice
Group
Ltd
0^
2,991,227
China
Mengniu
Dairy
Co
Ltd
12,262
3,105,000
e
China
Modern
Dairy
Holdings
400
1,529,392
China
Resources
Beer
Holdings
Company
Ltd
12,286
937,000
*,e,g
China
Youran
Dairy
Group
Ltd
228
28,227
Chongqing
Brewery
Co
Ltd
514
39,380
Chongqing
Fuling
Zhacai
Group
Co
Ltd
145
101,919
Cia
Cervecerias
Unidas
S.A.
784
1,248,200
Cisarua
Mountain
Dairy
PT
TBK
385
7,794
CJ
CheilJedang
Corp
1,953
199,718
Cloetta
AB
421
5,887,816
Coca-Cola
Co
365,221
190
Coca-Cola
Consolidated
Inc
102
223,932
*
Coca-Cola
European
Partners
plc
(Class
A)
13,255
509,233
e
Coca-Cola
Femsa
SAB
de
C.V.
4,090
200,396
Coca-Cola
HBC
AG.
5,486
510,400
Coca-Cola
West
Japan
Co
Ltd
5,578
2,448,000
Cofco
International
Ltd
913
2,280,000
COFCO
Meat
Holdings
Ltd
602
379,909
ConAgra
Brands,
Inc
14,269
92,219
Constellation
Brands,
Inc
(Class
A)
20,831
16,781
Corby
Spirit
and
Wine
Ltd
192
442,911
Costa
Group
Holdings
Ltd
768
50,715
Cranswick
plc
1,888
15,133
Daesang
Corp
228
1,994,320
g
Dali
Foods
Group
Co
Ltd
832
301,606
Danone
18,767
130,469
*,e
Darling
International,
Inc
7,619
5,919,254
Davide
Campari-Milano
NV
72,226
2,962,790
Diageo
plc
132,228
517
Dongwon
F&B
Co
Ltd
64
CREF
Stock
Account
March
31,
2023
77
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
16,822
Dongwon
Industries
Co
Ltd
$
661
1,826
*
Duckhorn
Portfolio,
Inc
29
5,800
e
Dydo
Drinco,
Inc
213
1,736,340
Eastern
Tobacco
989
61,963
e
Ebro
Puleva
S.A.
1,096
385,307
Embotelladora
Andina
S.A.
994
425,926
e
Embotelladoras
Arca
SAB
de
C.V.
3,868
2,014
e
Emmi
AG.
2,020
43,315
Ezaki
Glico
Co
Ltd
1,089
789,800
Farm
Fresh
Bhd
269
1,654,734
Fevertree
Drinks
plc
26,210
4,598,000
First
Pacific
Co
1,478
1,787,400
First
Resources
Ltd
2,121
32,383
Flowers
Foods,
Inc
888
1,856,083
e
Fomento
Economico
Mexicano
S.A.
de
C.V.
17,696
1,420,671
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR)
135,234
216,418
Foshan
Haitian
Flavouring
&
Food
Co
Ltd
2,410
125,200
Fraser
&
Neave
Holdings
BHD
740
120,231
Fresh
Del
Monte
Produce,
Inc
3,620
37,937
*
Freshpet,
Inc
2,511
16,545
Fu
Jian
Anjoy
Foods
Co
Ltd
395
42,127
e
Fuji
Oil
Co
Ltd
612
75,816
Fujian
Sunner
Development
Co
Ltd
272
14,232
e
Fujicco
Co
Ltd
199
4,382
Fujiya
Co
Ltd
82
986,257
Futuris
Corp
Ltd
5,705
201,149
General
Mills,
Inc
17,190
214,500
Genting
Plantations
BHD
287
517,600
GFPT
PCL
(Foreign)
172
206,538
Glanbia
plc
2,983
130,087
Godfrey
Phillips
India
Ltd
2,888
23,603,825
Golden
Agri-Resources
Ltd
5,071
539,500
Great
Wall
Enterprise
Co
908
592,088
*
Greencore
Group
plc
593
52,510
Grieg
Seafood
ASA
410
179,936
e
Gruma
SAB
de
C.V.
2,655
1,260,941
e
Grupo
Bimbo
S.A.
de
C.V.
(Series
A)
6,345
140,500
e
Grupo
Herdez
SAB
de
C.V.
362
311,100
Guan
Chong
Bhd
171
96,745
Guangdong
Haid
Group
Co
Ltd
822
302,200
Guinness
Anchor
BHD
1,815
93,430
Gujarat
Ambuja
Exports
Ltd
265
2,564
*
Hain
Celestial
Group,
Inc
44
15,173
Halwani
Brothers
Co
223
50,355
Harim
Holdings
Co
Ltd
623
172,314
Health
&
Happiness
H&H
International
Holdings
Ltd
288
136,632
Heilongjiang
Agriculture
Co
Ltd
267
110,076
Heineken
Holding
NV
10,099
2,056,669
Heineken
NV
220,991
204,723
Henan
Shuanghui
Investment
&
Development
Co
Ltd
773
28,381
Hershey
Co
7,220
33,088
*
Hindustan
Foods
Ltd
203
28,834
Hite
Jinro
Co
Ltd
497
14,500
e
Hokuto
Corp
203
45,580
Hormel
Foods
Corp
1,818
143,184
*
Hostess
Brands,
Inc
3,562
58,762
House
Foods
Corp
1,246
11,412
*
Hyundai
Feed,
Inc
319
773,100
Ichitan
Group
PCL
302
933,451
Imperial
Tobacco
Group
plc
21,465
2,124,709
Indofood
CBP
Sukses
Makmur
Tbk
1,415
CREF
Stock
Account
March
31,
2023
78
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
380,001
Inghams
Group
Ltd
$
796
10,532
Ingredion,
Inc
1,071
387,053
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd
1,637
9,135,000
*,†
Inti
Agri
Resources
Tbk
PT
0^
2,333,306
IOI
Corp
BHD
2,020
2,813,729
ITC
Ltd
13,165
51,300
Ito
En
Ltd
1,679
131,400
Itoham
Yonekyu
Holdings,
Inc
694
782
J&J
Snack
Foods
Corp
116
16,860
J.M.
Smucker
Co
2,653
504,800
Jalles
Machado
S.A.
673
653,100
Japan
Tobacco,
Inc
13,796
5,689,000
Japfa
Comfeed
Indonesia
Tbk
PT
427
718,582
JBS
S.A.
2,531
71,616
JDE
Peet's
BV
2,083
71,126
Jiangsu
King's
Luck
Brewery
JSC
Ltd
671
85,481
Jiangsu
Yanghe
Brewery
Joint-Stock
Co
Ltd
2,052
22,562
JiuGui
Liquor
Co
Ltd
424
50,277
John
B.
Sanfilippo
&
Son,
Inc
4,873
13,046
e
J-Oil
Mills,
Inc
150
52,364
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co
Ltd
283
29,501
Juewei
Food
Co
Ltd
188
71,046
Kagome
Co
Ltd
1,657
10,900
e
Kameda
Seika
Co
Ltd
361
138,353
Kaveri
Seed
Co
Ltd
806
46,526
Kellogg
Co
3,115
61,585
Kerry
Group
plc
(Class
A)
6,142
213,920
Keurig
Dr
Pepper,
Inc
7,547
85,197
Kewpie
Corp
1,431
1,959,100
Khon
Kaen
Sugar
Industry
PCL
182
132,900
Kikkoman
Corp
6,785
600,179
Kirin
Brewery
Co
Ltd
9,495
18,680
Kotobuki
Spirits
Co
Ltd
1,325
3,481,876
Kraft
Heinz
Co
134,644
42,521
KRBL
Ltd
179
104,779
KT&G
Corp
6,734
396,335
Kuala
Lumpur
Kepong
BHD
1,871
70,685
Kweichow
Moutai
Co
Ltd
18,672
19,048
KWS
Saat
AG.
1,262
250,752
Lamb
Weston
Holdings,
Inc
26,209
1,155
Lancaster
Colony
Corp
234
3,482
Lassonde
Industries,
Inc
269
276,465
Leroy
Seafood
Group
ASA
1,432
95,010
Lian
HWA
Food
Corp
281
795,400
Lien
Hwa
Industrial
Corp
1,467
699
Lindt
&
Spruengli
AG.
8,256
100
Lindt
&
Spruengli
AG.
(Registered)
11,844
2,829
Lotte
Chilsung
Beverage
Co
Ltd
359
1,838
Lotte
Confectionery
Co
Ltd
155
773
Lotus
Bakeries
NV
5,410
113,162
LT
Foods
Ltd
133
84,623
Luzhou
Laojiao
Co
Ltd
3,125
76,500
M
Dias
Branco
S.A.
381
80,927
e
Maple
Leaf
Foods,
Inc
1,566
340,800
Marfrig
Global
Foods
S.A.
446
477,284
Marico
Ltd
2,791
39,600
Maruha
Nichiro
Corp
710
41,195
McCormick
&
Co,
Inc
3,428
43,687
Megmilk
Snow
Brand
Co
Ltd
582
287,500
Meihua
Holdings
Group
Co
Ltd
409
206,198
e
MEIJI
Holdings
Co
Ltd
4,904
CREF
Stock
Account
March
31,
2023
79
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
58,371
Mezzan
Holding
Co
KSCC
$
70
158,547
e
MGP
Ingredients,
Inc
15,335
255,300
Minerva
S.A.
531
1,155
*
Mission
Produce,
Inc
13
38,000
Mitsui
Sugar
Co
Ltd
583
28,854
Molson
Coors
Brewing
Co
(Class
B)
1,491
6,351,500
g
Monde
Nissin
Corp
1,149
5,071,084
Mondelez
International,
Inc
353,556
5,393,367
*
Monster
Beverage
Corp
291,296
32,479
Morinaga
&
Co
Ltd
920
193,513
Morinaga
Milk
Industry
Co
Ltd
6,960
415,774
Mowi
ASA
7,690
299,338
Muyuan
Foodstuff
Co
Ltd
2,132
108,000
Namchow
Chemical
Industrial
Ltd
167
54,771
*
National
Agriculture
Development
Co
405
1,258
*
National
Beverage
Corp
66
31,644
Nestle
India
Ltd
7,598
65,714
Nestle
Malaysia
BHD
2,042
3,470,612
Nestle
S.A.
423,173
12,488
*
Neto
Malinda
Trading
Ltd
245
235,905
*
New
Hope
Liuhe
Co
Ltd
454
365,292
Nichirei
Corp
7,392
41,397
Nippon
Flour
Mills
Co
Ltd
518
76,800
e
Nippon
Meat
Packers,
Inc
2,222
287,459
Nippon
Suisan
Kaisha
Ltd
1,179
23,722
Nisshin
Oillio
Group
Ltd
582
180,100
Nisshin
Seifun
Group,
Inc
2,108
57,600
Nissin
Food
Products
Co
Ltd
5,267
681,568
e
Nissin
Foods
Co
Ltd
602
15,679
Nong
Shim
Co
Ltd
4,558
1,728,000
g
Nongfu
Spring
Co
Ltd
9,963
63,745
Oceana
Group
Ltd
248
256,888
Origin
Enterprises
plc
1,151
15,947
Orion
Corp
209
22,602
Orion
Corp/Republic
of
Korea
2,372
14,488
Orior
AG.
1,288
710,718
Orkla
ASA
5,041
1,323,417
Osotspa
PCL
1,191
1,466
Ottogi
Corp
504
2,884,202
PepsiCo,
Inc
525,790
331,623
Pernod-Ricard
S.A.
75,090
556
Philip
Morris
CR
453
4,008,487
Philip
Morris
International,
Inc
389,825
9,416
*
Pilgrim's
Pride
Corp
218
9,650
*
Post
Holdings,
Inc
867
595,241
PPB
Group
BHD
2,234
604,799
Premier
Foods
plc
906
42,807
e
Premium
Brands
Holdings
Corp
3,167
18,138
Prima
Meat
Packers
Ltd
301
2,055,634
e
Primo
Water
Corp
31,554
153,497
Primo
Water
Corp
(Toronto)
2,357
2,412,100
PT
Astra
Agro
Lestari
Tbk
1,303
6,945,618
PT
Charoen
Pokphand
Indonesia
Tbk
2,314
413,300
PT
Gudang
Garam
Tbk
717
4,050,609
PT
Indofood
Sukses
Makmur
Tbk
1,677
12,439,200
PT
Perusahaan
Perkebunan
London
Sumatra
Indonesia
Tbk
846
13,537,900
PT
Sawit
Sumbermas
Sarana
Tbk
1,526
866,100
QL
Resources
BHD
1,140
463,300
R&B
Food
Supply
PCL
156
79,415
Radico
Khaitan
Ltd
1,157
45,538
Remy
Cointreau
S.A.
8,292
CREF
Stock
Account
March
31,
2023
80
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
12,500
Riken
Vitamin
Co
Ltd
$
181
451,400
*,e
RLX
Technology,
Inc
(ADR)
1,309
101,843
e
Rogers
Sugar,
Inc
459
48,306
Royal
Unibrew
A.S.
4,211
14,294
S
Foods,
Inc
308
27,055
Sakata
Seed
Corp
799
65,970
Salmar
ASA
2,874
258
Samlip
General
Foods
Co
Ltd
14
4,655
Samyang
Foods
Co
Ltd
427
4,106
Samyang
Holdings
Corp
238
148,900
Sao
Martinho
S.A.
794
64,786
Sapporo
Holdings
Ltd
1,665
231,123
Saputo,
Inc
5,980
22,496
*
Saudi
Fisheries
Co
163
14,834
Saudia
Dairy
&
Foodstuff
Co
940
227,488
Savola
Group
1,699
54,021
g
Scandinavian
Tobacco
Group
A.S.
1,075
11,991
Schouw
&
Co
1,005
204
Seaboard
Corp
769
94,666
e
Select
Harvests
Ltd
263
199
*
Seneca
Foods
Corp
10
60,639
Shanghai
Bairun
Investment
Holding
Group
Co
Ltd
361
69,042
Shanxi
Xinghuacun
Fen
Wine
Factory
Co
Ltd
2,730
14,987
e
Showa
Sangyo
Co
Ltd
287
548,372
*
Shree
Renuka
Sugars
Ltd
295
25,001
Sichuan
Swellfun
Co
Ltd
274
1,950,778
Sime
Darby
Plantation
BHD
1,894
4,365
*
Simply
Good
Foods
Co
174
113,370
SLC
Agricola
S.A.
1,020
1,700,171
e,g
Smoore
International
Holdings
Ltd
2,177
300
*
Sovos
Brands,
Inc
5
329,700
*
Srinanaporn
Marketing
PCL
237
401,000
Standard
Foods
Corp
539
52,125
*
Strauss
Group
Ltd
1,179
69,811
Suedzucker
AG.
1,173
155,860
*
SunOpta,
Inc
1,200
73,761
*
SunOpta,
Inc
566
47,600
Suntory
Beverage
&
Food
Ltd
1,773
181,000
Ta
Ann
Holdings
BHD
130
123,000
Taisun
Enterprise
Co
Ltd
117
581,000
*
Taiwan
TEA
Corp
408
132,603
e
Takara
Holdings,
Inc
1,025
6,988
Tanmiah
Food
Co
239
67,645
Tata
Coffee
Ltd
170
523,150
Tata
Tea
Ltd
4,521
385,778
Tate
&
Lyle
plc
3,736
2,742,303
Thai
Union
Group
PCL
1,132
399,230
Thai
Vegetable
Oil
PCL
(Foreign)
310
770,800
Thaifoods
Group
PCL
119
149,805
Tiger
Brands
Ltd
1,687
1,913,301
Tingyi
Cayman
Islands
Holding
Corp
3,202
62,739
Toly
Bread
Co
Ltd
142
1,686
Tootsie
Roll
Industries,
Inc
76
198,000
Toyo
Suisan
Kaisha
Ltd
8,275
548,764
Treasury
Wine
Estates
Ltd
4,817
1,710
*
TreeHouse
Foods,
Inc
86
138,300
Tres
Tentos
Agroindustrial
S.A.
333
52,366
Triveni
Engineering
&
Industries
Ltd
173
4,383,700
TSH
Resources
BHD
1,015
585,471
Tsingtao
Brewery
Co
Ltd
6,399
44,793
Tsingtao
Brewery
Co
Ltd
(Class
A)
786
CREF
Stock
Account
March
31,
2023
81
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
39,000
Ttet
Union
Corp
$
190
20,269
Turning
Point
Brands,
Inc
426
53,656
Tyson
Foods,
Inc
(Class
A)
3,183
168,146
Ulker
Biskuvi
Sanayi
AS
273
1,264,616
Uni-President
China
Holdings
Ltd
1,275
4,592,384
Uni-President
Enterprises
Corp
10,856
284,939
United
Malt
Grp
Ltd
911
101,100
United
Plantations
BHD
376
274,137
*
United
Spirits
Ltd
2,530
81,252
Universal
Corp
4,297
816,800
Universal
Robina
2,170
193,910
e
Utz
Brands,
Inc
3,194
218,592
Varun
Beverages
Ltd
3,699
5,934
Vector
Group
Ltd
71
6,496
Vilmorin
&
Cie
307
411,847
Vina
Concha
y
Toro
S.A.
527
10,412
*,e
Vintage
Wine
Estates,
Inc
11
37,391
Viscofan
S.A.
2,678
130,860
*,e
Vita
Coco
Co,
Inc
2,567
127,656
*
Vital
Farms,
Inc
1,953
808,000
Vitasoy
International
Holdings
Ltd
1,565
5,688
VST
Industries
Ltd
218
4,528,694
Want
Want
China
Holdings
Ltd
2,914
297,000
Wei
Chuan
Food
Corp
195
384,170
Wens
Foodstuffs
Group
Co
Ltd
1,144
6,548,196
g
WH
Group
Ltd
3,904
1,370
*,e
Whole
Earth
Brands,
Inc
4
1,508,319
Wilmar
International
Ltd
4,779
881,134
Wuliangye
Yibin
Co
Ltd
25,174
111,600
Yakult
Honsha
Co
Ltd
8,109
112,400
Yamazaki
Baking
Co
Ltd
1,358
453,407
e
Yihai
International
Holding
Ltd
1,332
87,600
Yihai
Kerry
Arawana
Holdings
Co
Ltd
549
110,517
*
Yuan
Longping
High-tech
Agriculture
Co
Ltd
267
1,075,000
e,g
Zhou
Hei
Ya
International
Holdings
Co
Ltd
509
42,306
Zydus
Wellness
Ltd
799
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
4,352,536
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.9%
4,097,821
Abbott
Laboratories
414,945
109,499
*
Acadia
Healthcare
Co,
Inc
7,911
57,003
*
Accolade,
Inc
820
2,460
*
AdaptHealth
Corp
31
622
*
Addus
HomeCare
Corp
66
204,329
Advanced
Medical
Solutions
Group
plc
561
142,691
*
AGFA-Gevaert
NV
418
1,278
*,e
Agiliti,
Inc
20
157,616
*,e
agilon
health,
Inc
3,743
411,201
Aier
Eye
Hospital
Group
Co
Ltd
1,858
7,158
e
AirSculpt
Technologies,
Inc
36
522,000
g
AK
Medical
Holdings
Ltd
611
74,975
Al
Hammadi
Co
for
Development
and
Investment
978
552,827
Alcon,
Inc
39,244
277,500
Alfresa
Holdings
Corp
3,556
256,282
*
Align
Technology,
Inc
85,634
1,775
*
Alignment
Healthcare,
Inc
11
47,200
*
Alliar
Medicos
A
Frente
S.A.
210
231,485
*
Allscripts
Healthcare
Solutions,
Inc
3,021
611,967
*
Alphatec
Holdings
Inc
9,547
103,621
g
Ambea
AB
362
162,225
Ambu
A.S.
2,439
CREF
Stock
Account
March
31,
2023
82
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
17,246
*
Amedisys,
Inc
$
1,268
7,824
*
American
Well
Corp
18
146,829
AmerisourceBergen
Corp
23,509
1,850
*
AMN
Healthcare
Services,
Inc
153
729,213
e
Amplifon
S.p.A.
25,275
37,500
e
Amvis
Holdings,
Inc
873
16,126
Andlauer
Healthcare
Group,
Inc
609
68,369
*
Angiodynamics,
Inc
707
125,745
Ansell
Ltd
2,240
93,494
Apollo
Hospitals
Enterprise
Ltd
4,917
2,350
*,e
Apollo
Medical
Holdings,
Inc
86
597,365
Arjo
AB
2,339
170,500
*,e,g
Arrail
Group
Ltd
315
29,344
e
As
One
Corp
1,249
615,800
Asahi
Intecc
Co
Ltd
10,880
119,031
*,g
Aster
DM
Healthcare
Ltd
349
319,969
*
AtriCure,
Inc
13,263
17
Atrion
Corp
11
116,113
*,g
Attendo
AB
332
77,866
e
Australian
Clinical
Labs
Ltd
184
18,900
Autobio
Diagnostics
Co
Ltd
168
1,602
*
Avanos
Medical,
Inc
48
1,515
*,e
Aveanna
Healthcare
Holdings,
Inc
2
307,354
*
Axonics
Modulation
Technologies,
Inc
16,769
4,589
*,e
Babylon
Holdings
Ltd
23
1,312,400
Bangkok
Chain
Hospital
PCL
785
5,039,471
Bangkok
Dusit
Medical
Services
PCL
4,351
5,919,500
Bangkok
Dusit
Medical
Services
PCL
5,110
1,901,655
Baxter
International,
Inc
77,131
265,462
Becton
Dickinson
&
Co
65,712
57,250
Beijing
Chunlizhengda
Medical
Instruments
Co
Ltd
139
708
*,e
BioLife
Solutions
Inc
15
42,860
BioMerieux
4,518
19,845
BML,
Inc
463
2,918,866
*
Boston
Scientific
Corp
146,031
6,346
*,e
Brookdale
Senior
Living,
Inc
19
294,038
Bumrungrad
Hospital
PCL
1,946
23,125
*,e
Butterfly
Network,
Inc
43
863,472
Cardinal
Health,
Inc
65,192
117,744
*
Cardiovascular
Systems,
Inc
2,338
2,038
*,e
CareMax,
Inc
5
584,000
e
Carenet,
Inc
4,794
12,123
Carl
Zeiss
Meditec
AG.
1,689
815
*
Castle
Biosciences,
Inc
19
11,828
Cellavision
AB
211
44,538
Celltrion
Healthcare
Co
Ltd
2,075
879,981
*
Centene
Corp
55,624
97,763
*
Certara,
Inc
2,357
64,512
*
Cerus
Corp
192
44,161
*
Chabiotech
Co
Ltd
428
8,241
Chemed
Corp
4,432
100,400
China
Meheco
Co
Ltd
201
816,500
China
Resources
Phoenix
Healthcare
Holdings
Co
Ltd
708
5,533,000
Chularat
Hospital
PCL
586
952,104
Cigna
Corp
243,291
20,684
Classys,
Inc
348
814,984
*
Cleopatra
Hospital
117
108,100
CM
Hospitalar
S.A.
333
640,000
C-Mer
Eye
Care
Holdings
Ltd
376
26,269
Cochlear
Ltd
4,182
121,587
Coloplast
AS
16,009
CREF
Stock
Account
March
31,
2023
83
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
2,230
Coltene
Holding
AG.
$
176
1,174
*
Community
Health
Systems,
Inc
6
114,960
CompuGroup
Medical
SE
&
Co
KgaA
5,922
495
*
Computer
Programs
&
Systems,
Inc
15
960
Conmed
Corp
100
1,603,341
g
ConvaTec
Group
plc
4,531
7,959
Cooper
Cos,
Inc
2,972
346
*
Corvel
Corp
66
23,501
Craneware
plc
333
163,598
*
Cross
Country
Healthcare,
Inc
3,652
179
*,e
CryoLife,
Inc
2
18,099
*,e
Cue
Health,
Inc
33
1,505
*,e
Cutera,
Inc
36
300,232
CVS
Group
plc
6,864
950,098
CVS
Health
Corp
70,602
122,331
*,e
CYBERDYNE,
Inc
263
32,869
Dallah
Healthcare
Co
1,352
32,272
*
DaVita,
Inc
2,618
24,938
*,e
Definitive
Healthcare
Corp
258
94,313
*
Demant
A.S.
3,311
353,368
*,e
dentalcorp
Holdings
Ltd
2,353
5,873
Dentium
Co
Ltd
633
244,297
Dentsply
Sirona,
Inc
9,596
1,499,745
*
Dexcom,
Inc
174,240
25,767
e
DiaSorin
S.p.A.
2,715
5,274
*
DocGo,
Inc
46
89,040
*,e
Doximity,
Inc
2,883
34,697
g
Dr
Lal
PathLabs
Ltd
774
82,039
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
6,386
9,260
Draegerwerk
AG.
426
3,463
Draegerwerk
AG.
&
Co
KGaA
147
305,903
Ebos
Group
Ltd
8,914
24,123
Eckert
&
Ziegler
Strahlen-
und
Medizintechnik
AG.
1,090
1,246,462
*
Edwards
Lifesciences
Corp
103,120
49,800
Eiken
Chemical
Co
Ltd
589
40,017
El.En.
S.p.A
523
34,138
e
Elan
Corp
271
364,037
e
Elekta
AB
(B
Shares)
2,782
1,065,401
Elevance
Health,
Inc
489,882
37,900
EM
Systems
Co
Ltd
242
1,572
Embecta
Corp
44
57,775
EMIS
Group
plc
1,069
337,391
Encompass
Health
Corp
18,253
140,713
*
Enhabit,
Inc
1,957
41,100
*
Enovis
Corp
2,198
2,726
Ensign
Group,
Inc
260
131,978
*
Envista
Holdings
Corp
5,395
1,219,977
Essilor
International
S.A.
219,990
136,161
*,e
Establishment
Labs
Holdings,
Inc
9,224
499,841
*,e
Evolent
Health,
Inc
16,220
65,100
e
Extendicare,
Inc
308
156,003
Fagron
NV
2,665
3,732
*
Figs,
Inc
23
556,167
Fisher
&
Paykel
Healthcare
Corp
9,297
257,089
Fleury
S.A.
737
432,371
*
Fortis
Healthcare
Ltd
1,369
281,612
Fresenius
Medical
Care
AG.
11,953
3,584
Fresenius
SE
97
734
*,e
Fulgent
Genetics,
Inc
23
47,609
g
Galenica
AG.
4,028
367,409
*
GE
HealthCare
Technologies,
Inc
30,139
CREF
Stock
Account
March
31,
2023
84
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
250,825
e
Getinge
AB
(B
Shares)
$
6,117
1,668
*
Glaukos
Corp
84
49,711
*
Global
Health
Ltd
320
62,564
*
Globus
Medical,
Inc
3,544
129,230
GN
Store
Nord
2,898
8,138
Guangzhou
Kingmed
Diagnostics
Group
Co
Ltd
104
101,275
*
Guardant
Health,
Inc
2,374
71,600
*
Gushengtang
Holdings
Ltd
520
2,358
*
Haemonetics
Corp
195
3,334,098
*,g
Hapvida
Participacoes
e
Investimentos
S.A.
1,723
1,685,600
Hartalega
Holdings
BHD
728
439,768
HCA
Healthcare,
Inc
115,958
592,224
Healius
Ltd
1,258
6,036
*
Health
Catalyst,
Inc
70
287,954
*
HealthEquity,
Inc
16,906
1,287
*
HealthStream,
Inc
35
73,934
*
Henry
Schein,
Inc
6,029
368,801
*
Hims
&
Hers
Health,
Inc
3,659
78,591
*,e
HLB
Life
Science
CO
Ltd
666
99,390
*
HLB,
Inc
2,674
24,200
Hogy
Medical
Co
Ltd
581
197,168
*
Hologic,
Inc
15,911
91,900
Hospital
Mater
Dei
S.A.
142
428,769
*
Hoya
Corp
47,384
49,878
Huadong
Medicine
Co
Ltd
336
268,993
Humana,
Inc
130,585
103,924
*
Humasis
Co
Ltd
364
339,400
*,e,g
Hygeia
Healthcare
Holdings
Co
Ltd
2,420
16,808
*
ICU
Medical,
Inc
2,773
64,070
*
IDEXX
Laboratories,
Inc
32,040
814,489
IHH
Healthcare
BHD
1,061
23,312
*,e
Implantica
AG.
52
23,472
*
Inari
Medical,
Inc
1,449
220,338
*
Inmode
Ltd
7,042
4,839
*,e
Innovage
Holding
Corp
39
740
*
Inogen,
Inc
9
1,505
*
Inspire
Medical
Systems,
Inc
352
50,700
Instituto
Hermes
Pardini
S.A.
198
58,513
*
Insulet
Corp
18,663
54,436
*
Integer
Holding
Corp
4,219
58,804
*
Integra
LifeSciences
Holdings
Corp
3,376
159,013
e
Integral
Diagnostics
Ltd
313
846,589
*
Intuitive
Surgical,
Inc
216,278
23,151
Ion
Beam
Applications
401
615
iRadimed
Corp
24
3,436
iRay
Technology
Co
Ltd
181
1,189
*
iRhythm
Technologies,
Inc
147
23,244
Jafron
Biomedical
Co
Ltd
103
63,600
Japan
Lifeline
Co
Ltd
441
50,841
*
Jeisys
Medical,
Inc
339
44,088
Jeol
Ltd
1,425
34,750
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
161
1,709,500
g
Jinxin
Fertility
Group
Ltd
1,150
99,300
*
JMDC,
Inc
3,443
26,375
*
Joint
Corp
444
542,868
Jointown
Pharmaceutical
Group
Co
Ltd
1,180
244,000
e
Kangji
Medical
Holdings
Ltd
298
935,551
Koninklijke
Philips
Electronics
NV
17,183
71,262
Korian-Medica
534
1,399,500
Kossan
Rubber
Industries
416
2,124,500
KPJ
Healthcare
BHD
544
CREF
Stock
Account
March
31,
2023
85
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
26,427
*,g
Krishna
Institute
of
Medical
Sciences
Ltd
$
451
88,991
Laboratory
Corp
of
America
Holdings
20,416
318,082
*
Lantheus
Holdings,
Inc
26,261
1,206
LeMaitre
Vascular,
Inc
62
19,013
Lepu
Medical
Technology
Beijing
Co
Ltd
64
1,320,115
Life
Healthcare
Group
Holdings
Pte
Ltd
1,430
2,591
*,e
LifeStance
Health
Group,
Inc
19
3,808,000
*
Lifetech
Scientific
Corp
1,353
2,491
*
LivaNova
plc
109
22,698
Lutronic
Corp
446
276,900
M3,
Inc
6,969
74,663
Mani,
Inc
1,022
40,086
*
Masimo
Corp
7,397
749,223
*
Max
Healthcare
Institute
Ltd
4,030
124,491
McKesson
Corp
44,325
6,726
g
Medacta
Group
S.A.
730
4,379
*,g
Medartis
Holding
AG.
344
223,567
Medicare
Group
356
177,600
Mediceo
Paltac
Holdings
Co
Ltd
2,420
395,689
Mediclinic
International
plc
2,428
64,506
e
Medicover
AB
1,043
5,694,200
Medikaloka
Hermina
Tbk
PT
515
34,749
*
Medios
AG.
769
210,300
*
Medley,
Inc
6,451
120,500
e,g
Medlive
Technology
Co
Ltd
166
25,564
g
Medmix
AG.
534
2,924
*
MEDNAX,
Inc
44
333,100
*,e
MedPeer,
Inc
2,796
2,015,939
Medtronic
plc
162,525
1,197,593
*
Meinian
Onehealth
Healthcare
Holdings
Co
Ltd
1,312
62,384
e
Menicon
Co
Ltd
1,329
82,398
*
Merit
Medical
Systems,
Inc
6,093
156
Metall
Zug
AG.(B
Shares)
323
19,737,800
*
Metro
Healthcare
Indonesia
TBK
PT
650
24,367
g
Metropolis
Healthcare
Ltd
371
763,395
e
Microport
Scientific
Corp
1,798
47,482
*
Middle
East
Healthcare
Co
480
52,100
Miraca
Holdings,
Inc
1,049
89,133
*,g
MLP
Saglik
Hizmetleri
AS.
330
264
*
ModivCare,
Inc
22
33,098
*
Molina
Healthcare,
Inc
8,853
145,099
Mouwasat
Medical
Services
Co
9,112
54,614
*,e
Multiplan
Corp
58
20,836
Nagaileben
Co
Ltd
322
70,622
Nakanishi,
Inc
1,403
236,500
*
Nanosonics
Ltd
814
44,429
*,e
Nano-X
Imaging
Ltd
256
70,225
Narayana
Hrudayalaya
Ltd
663
423
National
Healthcare
Corp
25
18,636
National
Medical
Care
Co
449
809
National
Research
Corp
35
797,139
*
Neogen
Corp
14,763
1,086,396
Network
Healthcare
Holdings
Ltd
907
2,360
Neuca
S.A.
335
729
*
Nevro
Corp
26
143,000
*,e,g
New
Horizon
Health
Ltd
496
2,562
*
NextGen
Healthcare,
Inc
45
79,777
Nihon
Kohden
Corp
2,165
144,852
e
Nipro
Corp
1,116
159,379
*,†
NMC
Health
plc
0^
88,894
*
Novocure
Ltd
5,346
CREF
Stock
Account
March
31,
2023
86
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
13,331
*,e
Nutex
Health,
Inc
$
13
1,837
*
NuVasive,
Inc
76
94,089
*
Oak
Street
Health,
Inc
3,639
800,406
Oceania
Healthcare
Ltd
367
551,153
Odontoprev
S.A.
1,196
1,386,700
Olympus
Corp
24,354
1,054
*
Omnicell,
Inc
62
73,400
*
Oncoclinicas
do
Brasil
Servicos
Medicos
S.A.
118
13,761
*,e
Opko
Health,
Inc
20
1,080,655
*
Option
Care
Health,
Inc
34,332
304,643
*
OraSure
Technologies,
Inc
1,843
130,251
e
Oriola-KD
Oyj
(B
Shares)
200
1,163
*
Orthofix
Medical
Inc
19
3,119
*
Outset
Medical,
Inc
57
19,966
Ovctek
China,
Inc
96
400,663
*
Owens
&
Minor,
Inc
5,830
2,834
*
Paragon
28,
Inc
48
42,644
Paramount
Bed
Holdings
Co
Ltd
761
486,043
e
Patterson
Cos,
Inc
13,011
35,000
Pegavision
Corp
473
313,000
*,g
Peijia
Medical
Ltd
392
107,500
*
Pennant
Group,
Inc
1,535
45,716
*
Penumbra,
Inc
12,741
278,536
*
PetIQ,
Inc
3,186
5,186
Pharmagest
Inter@ctive
403
247,700
PHC
Holdings
Corp
2,688
161,245
*
Phreesia,
Inc
5,207
79,000
*,†
Pihsiang
Machinery
Manufacturing
Co
Ltd
0^
23,620
Poly
Medicure
Ltd
274
552,012
*
PolyNovo
Ltd
666
64,412
Premier,
Inc
2,085
433,274
*
Privia
Health
Group,
Inc
11,963
47,283
e
Pro
Medicus
Ltd
2,039
2,187
*,e
PROCEPT
BioRobotics
Corp
62
83,715
*,†
Progenics
Pharmaceuticals,
Inc
0
703,302
*
Progyny,
Inc
22,590
4,990
*
Project
Roadrunner
Parent,
Inc
75
2,476,200
PT
Siloam
International
Hospitals
Tbk
250
23,837
*
Pulmonx
Corp
266
59,300
Qualicorp
S.A.
43
60,979
Quest
Diagnostics,
Inc
8,627
39,210
*
QuidelOrtho
Corp
3,493
1,292
*
RadNet,
Inc
32
787,099
Raffles
Medical
Group
Ltd
883
31,138
Rainbow
Children's
Medicare
Ltd
278
340,100
Ramkhamhaeng
Hospital
PCL
531
129,254
Ramsay
Health
Care
Ltd
5,775
268,676
g
Rede
D'Or
Sao
Luiz
S.A.
1,126
122,750
Resmed,
Inc
26,881
23,520
Revenio
Group
Oyj
986
491,300
Riverstone
Holdings
Ltd
222
542,312
Ryman
Healthcare
Ltd
1,781
25,030
Sartorius
AG.
10,549
44,744
Saudi
Chemical
Co
346
1,729
*
Schrodinger,
Inc
46
30,529
SD
Biosensor,
Inc
497
239,935
Sectra
AB
3,753
117,828
*
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
AS
195
405,620
Select
Medical
Holdings
Corp
10,485
5,459
*
Sema4
Holdings
Corp
2
23,546
*,e
Senseonics
Holdings,
Inc
17
CREF
Stock
Account
March
31,
2023
87
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,973,482
Shandong
Weigao
Group
Medical
Polymer
Co
Ltd
$
3,153
80,532
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
A
239
528,027
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
H
986
10,035
*,e
Sharecare,
Inc
14
136,932
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd
6,213
41,400
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd
369
315,836
e
Ship
Healthcare
Holdings,
Inc
5,819
72,149
*
Shockwave
Medical
Inc
15,644
288,615
g
Siemens
Healthineers
AG.
16,639
79,020
e
Sienna
Senior
Living,
Inc
628
42,168
*
Sight
Sciences,
Inc
369
1,168,753
Sigma
Healthcare
Ltd
548
58,020
*
Silk
Road
Medical
Inc
2,270
1,630,987
Sinopharm
Group
Co
4,928
94,000
g
Sisram
Medical
Ltd
168
938,790
Smith
&
Nephew
plc
13,050
35,500
Solasto
Corp
171
475,643
Sonic
Healthcare
Ltd
11,150
53,654
Sonova
Holdings
AG
15,827
255,716
*,g
Spire
Healthcare
Group
plc
670
1,145,900
Sri
Trang
Gloves
Thailand
PCL
342
53,000
St.
Shine
Optical
Co
Ltd
453
196,508
*
Staar
Surgical
Co
12,567
81,233
STERIS
plc
15,538
7,751
STRATEC
Biomedical
AG.
528
133,285
e
Straumann
Holding
AG.
19,991
452,159
Stryker
Corp
129,078
212,316
Summerset
Group
Holdings
Ltd
1,170
1,882,801
Supermax
Corp
BHD
396
43,978
*
Surgery
Partners,
Inc
1,516
29,166
*
Surgical
Science
Sweden
AB
475
224,000
Suzuken
Co
Ltd
5,658
65,257
Synlab
AG.
679
98,644
Sysmex
Corp
6,474
164,093
*
Tactile
Systems
Technology,
Inc
2,694
62,000
TaiDoc
Technology
Corp
377
276,613
*
Tandem
Diabetes
Care,
Inc
11,233
166,295
*
Teladoc,
Inc
4,307
38,243
Teleflex,
Inc
9,687
313,887
*
Tenet
Healthcare
Corp
18,651
713,100
Terumo
Corp
19,286
424,680
Thonburi
Healthcare
Group
PCL
845
19,177
g
Thyrocare
Technologies
Ltd
100
90,430
e
Toho
Pharmaceutical
Co
Ltd
1,605
32,009
Tokai
Corp
(GIFU)
479
2,479,886
Top
Glove
Corp
BHD
530
10,080
*
Topchoice
Medical
Corp
190
887
*
Transmedics
Group,
Inc
67
191,887
*
Treace
Medical
Concepts,
Inc
4,834
11,224
*
UFP
Technologies,
Inc
1,457
212,083
Uniphar
plc
685
2,087,568
UnitedHealth
Group,
Inc
986,564
39,137
Universal
Health
Services,
Inc
(Class
B)
4,974
44,250
Universal
Vision
Biotechnology
Co
Ltd
578
333
US
Physical
Therapy,
Inc
33
7,813
Value
Added
Technologies
Co
Ltd
196
1,313
*
Varex
Imaging
Corp
24
544,975
*
Veeva
Systems,
Inc
100,161
226,500
*,e,g
Venus
MedTech
Hangzhou,
Inc
310
5,082
*,e
VG
Acquisition
Corp
12
4,499,700
Vibhavadi
Medical
Center
PCL
(Foreign)
345
CREF
Stock
Account
March
31,
2023
88
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
15,003
*,e
Vicarious
Surgical,
Inc
$
34
9,921
*
ViewRay,
Inc
34
46,530
Vijaya
Diagnostic
Centre
Pvt
Ltd
222
139,488
*,e
Vimian
Group
AB
441
37,000
Visco
Vision,
Inc
325
1,216,197
*,e
Well
Health
Technologies
Corp
4,373
185,856
*
Xvivo
Perfusion
AB
4,368
248,900
*,e,g
Yidu
Tech,
Inc
232
4,309
Ypsomed
Holding
AG.
908
432,502
Zimmer
Biomet
Holdings,
Inc
55,879
2,164
*,e
Zynex
Inc
26
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,435,907
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.5%
27,199
e
Amorepacific
Corp
2,871
2,675
*,e
Beauty
Health
Co
34
441,293
Beiersdorf
AG.
57,407
1,258,069
*
BellRing
Brands,
Inc
42,774
130,700
*
Best
World
International
Ltd
242
15,168
Blackmores
Ltd
715
105,983
By-health
Co
Ltd
329
213
*
Central
Garden
&
Pet
Co
9
875
*
Central
Garden
and
Pet
Co
(Class
A)
34
29,000
Chlitina
Holding
Ltd
203
360,524
Church
&
Dwight
Co,
Inc
31,874
31,534
Clorox
Co
4,990
770,550
Colgate-Palmolive
Co
57,907
109,743
Colgate-Palmolive
India
Ltd
2,015
6,686
Cosmax,
Inc
417
339,982
*
Coty,
Inc
4,100
582,459
Dabur
India
Ltd
3,868
13,630
Earth
Chemical
Co
Ltd
488
1,855
Edgewell
Personal
Care
Co
79
132,606
*
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
190
348,010
*
elf
Beauty,
Inc
28,659
206,598
Emami
Ltd
903
1,426
Energizer
Holdings,
Inc
49
4,065
e
Essity
AB
116
733,871
Estee
Lauder
Cos
(Class
A)
180,870
92,200
*,e
Euglena
Co
Ltd
655
73,684
Fancl
Corp
1,356
11,440
Gillette
India
Ltd
602
382,772
*
Godrej
Consumer
Products
Ltd
4,518
122,000
Grape
King
Industrial
Co
722
22,125,096
Haleon
plc
87,890
620,136
Hengan
International
Group
Co
Ltd
2,873
29,517
e
Henkel
KGaA
2,147
86,926
Henkel
KGaA
(Preference)
6,801
203,876
*
Herbalife
Nutrition
Ltd
3,282
770,129
Hindustan
Lever
Ltd
24,051
2,259
*
Honest
Co,
Inc
4
33,476
*
Hyundai
Bioscience
Co
Ltd
534
29,250,700
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk
PT
1,697
18,027
Inter
Parfums
S.A.
1,357
1,141
Inter
Parfums,
Inc
162
105,451
g
Jamieson
Wellness,
Inc
2,613
143,997
Jyothy
Laboratories
Ltd
334
473,788
Kao
Corp
18,442
186,162
Kimberly-Clark
Corp
24,987
1,403,218
e
Kimberly-Clark
de
Mexico
S.A.
de
C.V.
(Class
A)
2,956
15,100
Kobayashi
Pharmaceutical
Co
Ltd
924
CREF
Stock
Account
March
31,
2023
89
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
14,991
Kolmar
BNH
Co
Ltd
$
274
15,160
Kolmar
Korea
Co
Ltd
489
31,000
Kose
Corp
3,685
8,858
LG
Household
&
Health
Care
Ltd
4,092
228,600
Lion
Corp
2,470
322,540
L'Oreal
S.A.
144,125
72,072
Mandom
Corp
805
28,399
Medifast,
Inc
2,944
337,999
Microbio
Co
Ltd
740
26,798
Milbon
Co
Ltd
1,105
822,364
Natura
&
Co
Holding
S.A.
2,142
351
*
Nature's
Sunshine
Products,
Inc
4
22,000
Noevir
Holdings
Co
Ltd
898
967
Nu
Skin
Enterprises,
Inc
(Class
A)
38
106,601
*,e
Olaplex
Holdings,
Inc
455
54,477
*,e
Ontex
Group
NV
406
27,043
e
Pacific
Corp
800
3,381
e
Pharmanutra
S.p.A
204
112,500
Pigeon
Corp
1,743
442,600
Pola
Orbis
Holdings,
Inc
5,769
3,136,920
Procter
&
Gamble
Co
466,429
8,777
Proya
Cosmetics
Co
Ltd
232
7,345,110
PT
Unilever
Indonesia
Tbk
2,131
181,745
PZ
Cussons
plc
415
1,318,536
Reckitt
Benckiser
Group
plc
100,311
7,515
Reynolds
Consumer
Products,
Inc
207
181,590
Rohto
Pharmaceutical
Co
Ltd
3,800
64,049
Sarantis
S.A.
474
961,190
Shiseido
Co
Ltd
45,064
447,589
Spectrum
Brands
Holdings,
Inc
29,639
69,000
TCI
Co
Ltd
458
375,241
Uni-Charm
Corp
15,425
2,893,709
Unilever
plc
149,949
8,185
Unilever
plc
424
1,329
*,e
Veru,
Inc
2
356,536
Vinda
International
Holdings
Ltd
860
739
e
WD-40
Co
132
30,800
e
YA-MAN
Ltd
277
11,600
Yunnan
Botanee
Bio-Technology
Group
Co
Ltd
216
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,599,683
INSURANCE
-
2.9%
1,795,141
Aegon
NV
7,707
278,874
Aflac,
Inc
17,993
156,995
Ageas
6,791
10,270,559
AIA
Group
Ltd
107,711
17,322
*
Al
Rajhi
Co
for
Co-operative
Insurance
477
428,899
Allianz
AG.
99,005
84,144
Allstate
Corp
9,324
1,009,128
Alm
Brand
AS
1,886
535,633
*
AMBAC
Financial
Group,
Inc
8,292
273,727
American
Equity
Investment
Life
Holding
Co
9,988
61,760
American
Financial
Group,
Inc
7,504
5,042,748
American
International
Group,
Inc
253,953
26,910
Amerisafe,
Inc
1,317
82,100
e
Anicom
Holdings,
Inc
317
208,173
Aon
plc
65,635
1,296,405
*
Arch
Capital
Group
Ltd
87,987
1,082
Argo
Group
International
Holdings
Ltd
32
174,937
Arthur
J.
Gallagher
&
Co
33,467
314,321
ASR
Nederland
NV
12,507
CREF
Stock
Account
March
31,
2023
90
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,083,010
Assicurazioni
Generali
S.p.A.
$
21,579
45,056
Assurant,
Inc
5,410
48,291
Assured
Guaranty
Ltd
2,428
340,333
AUB
Group
Ltd
5,848
2,733,651
*
Aviva
plc
13,655
1,839,262
AXA
S.A.
56,130
203,340
Axis
Capital
Holdings
Ltd
11,086
45,064
Baloise
Holding
AG.
7,017
449,200
Bangkok
Life
Assurance
PCL
368
488,900
Bangkok
Life
Assurance
PCL
401
669,246
BB
Seguridade
Participacoes
S.A.
4,293
4,743,437
Beazley
plc
35,075
22,563
*
Brighthouse
Financial,
Inc
995
10,898
Brookfield
Reinsurance
Ltd
357
319,932
Brown
&
Brown,
Inc
18,370
191,175
*
BRP
Group,
Inc
4,867
68,476
Bupa
Arabia
for
Cooperative
Insurance
Co
3,171
8,242,136
Cathay
Financial
Holding
Co
Ltd
11,348
7,427,435
China
Development
Financial
Holding
Corp
3,073
1,601,132
China
Insurance
International
Holdings
Co
Ltd
1,702
7,342,790
China
Life
Insurance
Co
Ltd
12,050
188,975
China
Life
Insurance
Co
Ltd
(Class
A)
916
461,500
China
Pacific
Insurance
Group
Co
Ltd
-
A
1,741
2,648,009
China
Pacific
Insurance
Group
Co
Ltd
-
H
7,020
1,746,134
Chubb
Ltd
339,064
48,733
Cincinnati
Financial
Corp
5,462
63,726
*
Clal
Insurance
867
23,813
CNA
Financial
Corp
929
59,833
*
Co
for
Cooperative
Insurance
1,677
124,550
Conseco,
Inc
2,764
3,630,000
*,†
Convoy
Global
Holdings
Ltd
5
699,817
e
Corebridge
Financial,
Inc
11,211
11,942
Crawford
&
Co
100
986,400
Dai-ichi
Mutual
Life
Insurance
Co
18,133
184,566
Definity
Financial
Corp
4,817
390,800
Dhipaya
Group
Holdings
PCL
484
1,244,652
Direct
Line
Insurance
Group
plc
2,114
451,029
*
Discovery
Holdings
Ltd
3,532
519
e
Donegal
Group,
Inc
(Class
A)
8
45,071
Dongbu
Insurance
Co
Ltd
2,593
268,807
*
eHealth,
Inc
2,516
141,371
Employers
Holdings,
Inc
5,894
429
*
Enstar
Group
Ltd
99
8,717
Erie
Indemnity
Co
(Class
A)
2,019
296,347
Everest
Re
Group
Ltd
106,098
15,119
F&G
Annuities
&
Life,
Inc
274
22,944
Fairfax
Financial
Holdings
Ltd
15,259
82,273
Fidelity
National
Financial
Inc
2,874
32,233
First
American
Financial
Corp
1,794
7,233,668
Fubon
Financial
Holding
Co
Ltd
13,463
16,632
*
Genworth
Financial,
Inc
(Class
A)
83
85,515
e
Gjensidige
Forsikring
BA
1,398
309,510
Globe
Life,
Inc
34,052
224,042
*
Goosehead
Insurance,
Inc
11,695
275,471
e
Great-West
Lifeco,
Inc
7,301
890
*
Greenlight
Capital
Re
Ltd
(Class
A)
8
14,709
Grupo
Catalana
Occidente
S.A.
463
61,881
Hannover
Rueckversicherung
AG.
12,103
11,206
Hanover
Insurance
Group,
Inc
1,440
1,970,208
Hanwha
Life
Insurance
Co
Ltd
3,640
286,121
Harel
Insurance
Investments
&
Finances
Ltd
2,413
CREF
Stock
Account
March
31,
2023
91
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
124,728
Hartford
Financial
Services
Group,
Inc
$
8,692
902,172
g
HDFC
Life
Insurance
Co
Ltd
5,486
84,264
Helvetia
Holding
AG.
11,745
545
*,e
Hippo
Holdings,
Inc
9
330,625
Hiscox
Ltd
4,524
1,416
Horace
Mann
Educators
Corp
47
210,791
Hyundai
Marine
&
Fire
Insurance
Co
Ltd
5,473
104,072
iA
Financial
Corp,
Inc
6,596
217,512
g
ICICI
Lombard
General
Insurance
Co
Ltd
2,835
308,310
g
ICICI
Prudential
Life
Insurance
Co
Ltd
1,638
5,261
IDI
Insurance
Co
Ltd
129
2,072,882
Insurance
Australia
Group
Ltd
6,525
170,619
Intact
Financial
Corp
24,418
31
Investors
Title
Co
5
55,153
*
IRB
Brasil
Resseguros
S
242
116,146
James
River
Group
Holdings
Ltd
2,398
2,302,600
Japan
Post
Holdings
Co
Ltd
18,688
199,200
Japan
Post
Insurance
Co
Ltd
3,105
2,294,162
Just
Retirement
Group
plc
2,430
19,811
Kemper
Corp
1,083
909
Kinsale
Capital
Group,
Inc
273
88,203
Korean
Reinsurance
Co
493
235,628
Lancashire
Holdings
Ltd
1,608
5,837,596
Legal
&
General
Group
plc
17,265
4,985
*,e
Lemonade,
Inc
71
47,400
*
Lifenet
Insurance
Co
417
206,368
Lincoln
National
Corp
4,637
587,698
e
Linea
Directa
Aseguradora
S.A.
Cia
de
Seguros
y
Reaseguros
633
61,892
Loews
Corp
3,591
1,860,422
Manulife
Financial
Corp
34,139
869,634
Mapfre
S.A.
1,753
4,329
*
Markel
Corp
5,530
1,567,790
Marsh
&
McLennan
Cos,
Inc
261,115
215,107
*
Max
Financial
Services
Ltd
1,665
33,891
*
MBIA,
Inc
314
2,470,371
Medibank
Pvt
Ltd
5,575
21,918
Menorah
Mivtachim
Holdings
Ltd
446
328,890
Mercuries
&
Associates
Holding
Ltd
166
2,583,944
*
Mercuries
Life
Insurance
Co
Lt
428
224,737
Mercury
General
Corp
7,133
2,830,205
Metlife,
Inc
163,982
364,312
*
Migdal
Insurance
Holdings
Ltd
389
1,079,264
e
Momentum
Metropolitan
Holdings
1,069
445,249
MS&AD
Insurance
Group
Holdings
Inc
13,799
140,083
Muenchener
Rueckver
AG.
48,978
77
National
Western
Life
Group,
Inc
19
160,165
New
China
Life
Insurance
Co
Ltd
-
A
710
991,465
New
China
Life
insurance
Co
Ltd
-
H
2,355
301
*
NI
Holdings,
Inc
4
440,098
nib
holdings
Ltd
2,085
324,646
NN
Group
NV
11,788
4,613,433
Old
Mutual
Ltd
3,058
281,354
Old
Republic
International
Corp
7,025
853,614
*
Oscar
Health,
Inc
5,583
758,117
OUTsurance
Group
Ltd
1,487
505
*
Palomar
Holdings,
Inc
28
194,561
*
PB
Fintech
Ltd
1,518
9,735,388
People's
Insurance
Co
Group
of
China
Ltd
3,249
907,415
People's
Insurance
Co
Group
of
China
Ltd
(Class
A)
687
771,573
Phoenix
Group
Holdings
plc
5,213
144,779
Phoenix
Holdings
Ltd
1,438
CREF
Stock
Account
March
31,
2023
92
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
6,957,556
PICC
Property
&
Casualty
Co
Ltd
$
7,097
6,199,476
Ping
An
Insurance
Group
Co
of
China
Ltd
40,106
4,638,133
Ping
An
Insurance
Group
Co
of
China
Ltd
(Class
A)
30,726
542,925
e
Power
Corp
Of
Canada
13,875
567,112
Powszechny
Zaklad
Ubezpieczen
S.A.
4,618
98,902
Primerica,
Inc
17,035
77,969
Principal
Financial
Group
5,795
1,836
ProAssurance
Corp
34
814,545
Progressive
Corp
116,529
57,969
Protector
Forsikring
ASA
770
117,074
Prudential
Financial,
Inc
9,687
2,914,343
Prudential
plc
39,902
12,478,400
PT
Panin
Life
Tbk
306
1,721,377
Qatar
Insurance
Co
SAQ
757
1,263,270
QBE
Insurance
Group
Ltd
12,368
193,200
e
Qualitas
Controladora
SAB
de
C.V.
1,236
21,191
Reinsurance
Group
of
America,
Inc
(Class
A)
2,813
71,486
RenaissanceRe
Holdings
Ltd
14,322
1,961
RLI
Corp
261
8,981
*,e
Root,
Inc
41
70,461
*
Ryan
Specialty
Group
Holdings,
Inc
2,835
482
Safety
Insurance
Group,
Inc
36
606,745
Sampo
Oyj
(A
Shares)
28,629
29,475
Samsung
Fire
&
Marine
Insurance
Co
Ltd
4,659
73,575
Samsung
Life
Insurance
Co
Ltd
3,548
1,657,044
Sanlam
Ltd
5,246
39,741
e
Santam
Ltd
635
426,179
g
SBI
Life
Insurance
Co
Ltd
5,718
146,838
SCOR
SE
3,339
3,145
Selective
Insurance
Group,
Inc
300
570,562
*,e
Selectquote,
Inc
1,238
12,615,866
Shin
Kong
Financial
Holding
Co
Ltd
3,499
384,000
Shinkong
Insurance
Co
Ltd
631
2,890
*
SiriusPoint
Ltd
24
419,154
Sompo
Holdings,
Inc
16,609
986,338
Steadfast
Group
Ltd
3,874
914
Stewart
Information
Services
Corp
37
1,088,696
Storebrand
ASA
8,363
603,170
Sun
Life
Financial,
Inc
28,179
1,129,553
Suncorp-Metway
Ltd
9,178
30,038
Swiss
Life
Holding
18,537
302,001
Swiss
Re
Ltd
31,026
248,500
Syarikat
Takaful
Malaysia
BHD
187
525,700
T&D
Holdings,
Inc
6,515
11,097
Tiptree
Inc
162
1,866,300
Tokio
Marine
Holdings,
Inc
35,917
28,505
Tongyang
Life
Insurance
Co
Ltd
84
43,393
Topdanmark
AS
2,320
531,400
TQM
Corp
PCL
513
195,509
Travelers
Cos,
Inc
33,512
27,767
*,e
Trean
Insurance
Group,
Inc
170
41,357
*
Trisura
Group
Ltd
1,013
1,869
*,e
Trupanion,
Inc
80
352,614
Tryg
A.S.
7,710
1,130,579
Unipol
Gruppo
Finanziario
S.p.A
5,804
108,719
Uniqa
Versicherungen
AG.
916
727
United
Fire
Group
Inc
19
732
Universal
Insurance
Holdings,
Inc
13
165,524
Unum
Group
6,548
37,575
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
1,010
302,537
W.R.
Berkley
Corp
18,836
CREF
Stock
Account
March
31,
2023
93
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
2,804
White
Mountains
Insurance
Group
Ltd
$
3,862
258,540
e
Willis
Towers
Watson
plc
60,080
16,912
Wuestenrot
&
Wuerttembergische
AG.
296
359,705
*,e,g
ZhongAn
Online
P&C
Insurance
Co
Ltd
1,130
414,273
Zurich
Insurance
Group
AG
198,519
TOTAL
INSURANCE
3,186,857
MATERIALS
-
5.0%
250,381
e
29Metals
Ltd
199
195,525
Aarti
Industries
1,236
59,842
*
Aarti
Pharmalabs
Ltd
201
1,244,260
Abou
Kir
Fertilizers
&
Chemical
Industries
1,774
185,991
Acerinox
S.A.
1,914
79,538
ADEKA
Corp
1,362
398,972
Adelaide
Brighton
Ltd
425
45,110
Advanced
Enzyme
Technologies
Ltd
127
7,312
Advanced
Nano
Products
Co
Ltd
823
123,531
Advanced
Petrochemical
Co
1,579
622
AdvanSix,
Inc
24
89,213
Aeci
Ltd
471
92,370
e
African
Rainbow
Minerals
Ltd
1,197
101,581
Afrimat
Ltd
281
478,702
Agnico-Eagle
Mines
Ltd
24,404
50,272
Agnico-Eagle
Mines
Ltd
2,562
48,452
e
Aica
Kogyo
Co
Ltd
1,113
676,515
Air
Liquide
113,241
161,930
Air
Products
&
Chemicals,
Inc
46,508
175,800
Air
Water,
Inc
2,209
7,443
Akzo
Nobel
India
Ltd
208
51,400
Akzo
Nobel
NV
4,020
23,628
Al
Masane
Al
Kobra
Mining
Co
470
373,393
Alamos
Gold,
Inc
4,559
107,051
Albemarle
Corp
23,663
534,411
Alcoa
Corp
22,745
222,505
Algoma
Steel
Group,
Inc
1,803
14,012
Alkyl
Amines
Chemicals
368
5,861
*
Allegheny
Technologies,
Inc
231
661,577
*
Alleima
AB
3,268
39,000
Allied
Supreme
Corp
388
552,898
*
Allkem
Ltd
4,429
389
Alpha
Metallurgical
Resources,
Inc
61
37,796
Altius
Minerals
Corp
643
57,606
e
Altri
SGPS
S.A.
297
28,369
Alujain
Corp
278
2,346,394
Alumina
Ltd
2,300
4,171,964
Aluminum
Corp
of
China
Ltd
2,113
859,587
Aluminum
Corp
of
China
Ltd
(Class
A)
691
560,560
*
Ambuja
Cements
Ltd
2,503
66,971
Amcor
plc
762
598
e
American
Vanguard
Corp
13
121,117
AMG
Advanced
Metallurgical
Group
NV
5,165
49,097
e
Anglo
American
Platinum
Ltd
2,636
1,133,471
Anglo
American
plc
37,701
384,254
AngloGold
Ashanti
Ltd
9,358
643,065
Anhui
Conch
Cement
Co
Ltd
2,229
134,645
Anhui
Conch
Cement
Co
Ltd
(Class
A)
553
13,520
Anhui
Honglu
Steel
Construction
Group
Co
Ltd
65
255,231
Antofagasta
plc
4,999
46,411
APERAM
1,731
189,427
APL
Apollo
Tubes
Ltd
2,787
2,712
Aptargroup,
Inc
321
CREF
Stock
Account
March
31,
2023
94
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
38,396
Arabian
Cement
Co
$
372
1,666,710
*
Arafura
Resources
Ltd
555
332,909
ArcelorMittal
10,086
29,351
*
Archean
Chemical
Industries
Ltd
233
374,231
*
Arconic
Corp
9,816
21,277
*,†,e
Ardagh
Group
S.A.
217
117,715
Ardagh
Metal
Packaging
S.A.
480
1,302,728
*
Argosy
Minerals
Ltd
388
186,260
Arkema
18,391
76,434
e
Asahi
Holdings,
Inc
1,168
1,227,608
Asahi
Kasei
Corp
8,598
39,312
Ashland
Global
Holdings,
Inc
4,038
586,000
Asia
Cement
China
Holdings
Corp
252
1,120,044
Asia
Cement
Corp
1,595
438,000
Asia
Polymer
416
358,675
Asian
Paints
Ltd
12,084
62,700
*
Asia-Potash
International
Investment
Guangzhou
Co
Ltd
250
623,288
*
Aspen
Aerogels,
Inc
4,643
61,668
Associated
Cement
Co
Ltd
1,255
7,026
Astec
Lifesciences
Ltd
119
96,354
Atalaya
Mining
plc
405
14,080
Atul
Ltd
1,194
48,960
Aurubis
AG.
4,536
50,465
Avery
Dennison
Corp
9,030
380,749
Avient
Corp
15,672
3,056,195
*,†,e
AVZ
Minerals
Ltd
1,593
864,706
*,e
Axalta
Coating
Systems
Ltd
26,192
81,318
*
Aya
Gold
&
Silver,
Inc
655
1,025,068
B2Gold
Corp
4,050
11,265
Balaji
Amines
Ltd
267
1,844
Balchem
Corp
233
226,524
Ball
Corp
12,484
1,631,385
Baoshan
Iron
&
Steel
Co
Ltd
1,481
1,863,838
Barrick
Gold
Corp
34,601
10,963
BASF
India
Ltd
304
927,610
BASF
SE
48,698
12,753
Bayer
CropScience
Ltd
634
623,800
BBMG
Corp
222
34,792
Bekaert
S.A.
1,571
1,007,047
*
Bellevue
Gold
Ltd
861
215,719
Berger
Paints
India
Ltd
1,530
20,163,000
†
Berkah
Beton
Sadaya
Tbk
PT
800
96,215
Berry
Global
Group,
Inc
5,667
51,080
e
BEWi
ASA
214
6,348,702
BHP
Billiton
Ltd
200,707
196,506
BHP
Group
Ltd
6,242
371,143
Billerud
AB
3,815
4,000
*,†,e
Bio
On
S.p.A.
0^
28,588
Birla
Corp
Ltd
310
396,359
BlueScope
Steel
Ltd
5,365
607,276
Boliden
AB
23,856
357,038
*,e
Boral
Ltd
844
89,934
Borregaard
ASA
1,504
377,025
Boubyan
Petrochemicals
Co
KSCP
962
241,400
Bradespar
S.A.
1,277
17,900
Bradespar
S.A.
87
1,454,894
Breedon
Group
plc
1,373
73,234
Brickworks
Ltd
1,113
92,657
e
Buzzi
Unicem
S.p.A.
2,249
9,600
C
Uyemura
&
Co
Ltd
471
2,492
Cabot
Corp
191
CREF
Stock
Account
March
31,
2023
95
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,119,571
*
Calibre
Mining
Corp
$
1,093
295,991
*,e
Calix
Ltd
944
58,695
*
Canfor
Corp
943
59,107
CAP
S.A.
492
262,834
*
Capricorn
Metals
Ltd
835
327,303
*,e
Capstone
Copper
Corp
1,477
99,850
Carborundum
Universal
Ltd
1,200
42,429
Carpenter
Technology
Corp
1,899
58,955
e
Cascades,
Inc
479
1,294,034
Castrol
India
Ltd
1,750
136,728
CCL
Industries
6,792
474,347
Celanese
Corp
(Series
A)
51,652
51,358
Cementir
Holding
NV
439
529,128
Cementos
Argos
S.A.
343
14,618,130
*,e
Cemex
S.A.
de
C.V.
8,023
1,059,189
Centamin
plc
1,365
215,335
e
Centerra
Gold,
Inc
1,391
376,493
Central
Asia
Metals
plc
1,098
3,080
*
Century
Aluminum
Co
31
153,000
Century
Iron
&
Steel
Industrial
Co
Ltd
477
62,863
Century
Plyboards
India
Ltd
357
58,051
Century
Textile
&
Industries
Ltd
449
149,192
CF
Industries
Holdings,
Inc
10,815
309,813
*
Chalice
Gold
Mines
Ltd
1,557
166,364
Chambal
Fertilizers
&
Chemicals
Ltd
536
313,317
Champion
Iron
Ltd
1,501
194
Chase
Corp
20
64,501
Chemours
Co
1,931
81,624
*
Chemplast
Sanmar
Ltd
346
948,000
Cheng
Loong
Corp
881
145,000
Chengtun
Mining
Group
Co
Ltd
121
35,000
Chengxin
Lithium
Group
Co
Ltd
176
511,000
Chia
Hsin
Cement
Corp
319
5,638,000
China
BlueChemical
Ltd
1,456
406,000
China
General
Plastics
Corp
351
2,490,105
China
Hongqiao
Group
Ltd
2,393
119,729
China
Jushi
Co
Ltd
255
1,236,000
China
Manmade
Fibers
Corp
339
150,000
China
Metal
Products
175
49,700
China
Minmetals
Rare
Earth
Co
Ltd
244
3,724,614
China
Molybdenum
Co
Ltd
2,255
1,076,244
China
Molybdenum
Co
Ltd
(Class
A)
937
1,996,276
China
National
Building
Material
Co
Ltd
1,641
1,352,000
China
Nonferrous
Mining
Corp
Ltd
639
193,529
China
Northern
Rare
Earth
Group
High-Tech
Co
Ltd
735
2,246,000
China
Oriental
Group
Co
Ltd
424
3,446,000
China
Petrochemical
Development
Corp
1,118
1,354,248
China
Resources
Cement
Holdings
Ltd
665
134,000
China
Steel
Chemical
Corp
510
11,164,181
China
Steel
Corp
11,342
3,245,251
China
XLX
Fertiliser
Ltd
1,716
4,462,240
*,†,e
China
Zhongwang
Holdings
Ltd
6
59,070
Chr
Hansen
Holding
A/S
4,493
23,078
Chugoku
Marine
Paints
Ltd
191
512,000
Chun
Yuan
Steel
270
4,802
Chunbo
Co
Ltd
928
880,000
Chung
Hung
Steel
Corp
766
418,000
Chung
Hwa
Pulp
Corp
223
113,000
Cia
Brasileira
de
Aluminio
169
193,522
Cia
de
Minas
Buenaventura
S.A.
(ADR)
(Series
B)
1,583
38,600
Cia
Ferro
Ligas
da
Bahia
-
FERBASA
404
CREF
Stock
Account
March
31,
2023
96
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
574,650
Cia
Siderurgica
Nacional
S.A.
$
1,751
69,172
Ciech
S.A.
929
52,042
*
Cimsa
Cimento
Sanayi
Ve
Tica
254
51,901
City
Cement
Co
286
217,259
Clariant
AG.
3,604
20,523
Clean
Science
&
Technology
Ltd
317
559
*
Clearwater
Paper
Corp
19
634,559
*
Cleveland-Cliffs,
Inc
11,631
18,300
CNGR
Advanced
Material
Co
Ltd
191
196,380
CNNC
Hua
Yuan
Titanium
Dioxide
Co
Ltd
186
777,847
*
Coeur
Mining,
Inc
3,104
5,991
Commercial
Metals
Co
293
86,132
*
Companhia
Vale
do
Rio
Doce
6
41,207
Compass
Minerals
International,
Inc
1,413
1,134,702
*
Constellium
SE
17,338
56,468
Corbion
NV
1,859
1,485,100
*,e
Core
Lithium
Ltd
867
452,753
Coromandel
International
Ltd
4,855
4,137,649
g
Coronado
Global
Resources,
Inc
4,521
4,579,016
Corteva,
Inc
276,160
28,489
e
Corticeira
Amorim
SGPS
S.A.
309
23,298
*
Cosmochemical
Co
Ltd
900
130,645
g
Covestro
AG.
5,410
3,195,215
CRH
plc
161,423
33,131
Croda
International
plc
2,663
1,829,323
Crown
Holdings,
Inc
151,303
448,152
CSR
Ltd
1,429
2,272,100
D&L
Industries
Inc
343
242,800
Daicel
Chemical
Industries
Ltd
1,835
26,231
e
Daido
Steel
Co
Ltd
1,032
4,100
Daiken
Corp
71
26,300
e
Daiki
Aluminium
Industry
Co
Ltd
285
76,099
e
Daio
Paper
Corp
595
3,773
*,e
Dakota
Gold
Corp
14
70,130
Dalmia
Bharat
Ltd
1,685
4,425
*,e
Danimer
Scientific,
Inc
15
1,199,375
*
De
Grey
Mining
Ltd
1,243
48,522
Deepak
Fertilizers
&
Petrochemicals
Corp
Ltd
326
62,205
Deepak
Nitrite
Ltd
1,398
71,849
Denki
Kagaku
Kogyo
KK
1,487
386,088
Deterra
Royalties
Ltd
1,242
421,410
Dexco
S.A.
489
74,101
DIC
Corp
1,335
1,009
*
Diversey
Holdings
Ltd
8
53,900
Do-Fluoride
New
Materials
Co
Ltd
261
12,560
Dongbu
Steel
Co
Ltd
98
29,087
Dongjin
Semichem
Co
Ltd
744
59,128
Dongkuk
Steel
Mill
Co
Ltd
556
5,728
*
Dongwha
Enterprise
Co
Ltd
252
6,322
Dongwon
Systems
Corp
208
1,499,000
Dongyue
Group
1,549
2,552
*
Dottikon
Es
Holding
AG.
729
685,974
Dow,
Inc
37,605
50,679
e
Dowa
Holdings
Co
Ltd
1,630
456,413
DRDGOLD
Ltd
439
1,494,324
DS
Smith
plc
5,818
310,219
DSM
NV
36,713
183,065
Dundee
Precious
Metals,
Inc
1,336
2,743,875
DuPont
de
Nemours,
Inc
196,928
62,924
Eagle
Materials,
Inc
9,234
960,500
Eastern
Polymer
Group
PCL
228
CREF
Stock
Account
March
31,
2023
97
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
40,083
Eastern
Province
Cement
Co
$
433
77,116
Eastman
Chemical
Co
6,504
65,710
Ecolab,
Inc
10,877
18,667
Ecopro
Co
Ltd
7,192
85,064
EID
Parry
India
Ltd
486
191,974
El
Ezz
Steel
Co
217
172,026
*,e
Eldorado
Gold
Corp
1,782
412,669
Element
Solutions,
Inc
7,969
538,356
*
Elementis
plc
791
270,136
g
Elkem
ASA
918
128,913
e
Elopak
ASA
268
1,034,222
Empresas
CMPC
S.A.
1,728
7,217
EMS-Chemie
Holding
AG.
5,966
412,568
Ence
Energia
y
Celulosa
S.A.
1,537
5,959
*,e
Enchem
Co
Ltd
326
204,561
*
Endeavour
Silver
Corp
790
283,038
*,e
Equinox
Gold
Corp
1,453
9,611
Eramet
1,005
1,257,513
*
Eregli
Demir
ve
Celik
Fabrikalari
TAS
2,327
74,737
*
ERO
Copper
Corp
1,322
122,091
Essel
Propack
Ltd
242
284,816
Essentra
plc
682
773,850
Eternal
Chemical
Co
Ltd
797
85,000
EVERGREEN
Steel
Corp
156
446,000
Everlight
Chemical
Industrial
Corp
276
1,756,508
Evolution
Mining
Ltd
3,647
210,155
Evonik
Industries
AG.
4,421
710,000
Feng
Hsin
Iron
&
Steel
Co
1,589
258,319
Ferrexpo
plc
376
77,757
*
Filo
Mining
Corp
1,337
7,567
Fine
Organic
Industries
Ltd
398
33,792
Fineotex
Chemical
Ltd
96
220,875
Finolex
Industries
Ltd
459
1,286,478
*,†,e
Firefinch
Ltd
172
226,022
e
First
Majestic
Silver
Corp
1,631
550,124
First
Quantum
Minerals
Ltd
12,647
15,776
FMC
Corp
1,927
42,872
e
Foosung
Co
Ltd
522
3,345,139
Formosa
Chemicals
&
Fibre
Corp
7,592
3,960,019
Formosa
Plastics
Corp
11,955
223,573
g
Forterra
plc
548
1,337,266
Fortescue
Metals
Group
Ltd
20,101
291,184
*,e
Fortuna
Silver
Mines,
Inc
1,110
45,220
e
FP
Corp
1,123
190,789
e
Franco-Nevada
Corp
27,829
2,522,605
e
Freeport-McMoRan,
Inc
(Class
B)
103,200
67,927
FUCHS
PETROLUB
SE
2,770
1,656,000
Fufeng
Group
Ltd
954
46,377
Fuji
Seal
International,
Inc
530
64,275
Fujimi,
Inc
3,559
10,730
Fujimori
Kogyo
Co
Ltd
259
9,684,676
Fushan
International
Energy
Group
Ltd
3,079
74,700
e
Fuso
Chemical
Co
Ltd
2,135
964
FutureFuel
Corp
7
11,151
Galaxy
Surfactants
Ltd
316
93,480
Ganfeng
Lithium
Co
Ltd
906
357,680
g
Ganfeng
Lithium
Co
Ltd
2,229
246,679
GEM
Co
Ltd
268
1,071,340
Gerdau
S.A.
(Preference)
5,346
62,969
GHCL
Ltd
387
640,168
*,e
Ginkgo
Bioworks
Holdings,
Inc
851
11,447
Givaudan
S.A.
37,258
CREF
Stock
Account
March
31,
2023
98
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
291,894
Glatfelter
Corp
$
931
19,853,901
Glencore
Xstrata
plc
114,244
134,311
*
Global
Atomic
Corp
289
579,000
Global
New
Material
International
Holdings
Ltd
335
343,000
*
Gloria
Material
Technology
Corp
582
22,142
Godawari
Power
and
Ispat
Ltd
94
221,415
*
GoGold
Resources,
Inc
342
829,236
Gold
Fields
Ltd
11,108
1,015,084
Gold
Road
Resources
Ltd
1,152
972,000
Goldsun
Development
&
Construction
Co
Ltd
893
950,000
Grand
Pacific
Petrochemical
626
577,222
Grange
Resources
Ltd
279
99,451
Granges
AB
949
1,021,146
Graphic
Packaging
Holding
Co
26,029
251,944
Grasim
Industries
Ltd
5,015
605,755
*,†
Great
Basin
Gold
Ltd
4
4,805,166
*,e
Greatland
Gold
plc
456
47,969
Greenpanel
Industries
Ltd
159
1,197
Greif,
Inc
(Class
A)
76
157
Greif,
Inc
(Class
B)
12
125,536
*
Grupa
Azoty
S.A.
1,046
229,626
Grupo
Argos
S.A.
448
162,300
e
Grupo
Cementos
de
Chihuahua
SAB
de
C.V.
1,287
2,906,438
e
Grupo
Mexico
S.A.
de
C.V.
(Series
B)
13,763
179,500
Guangdong
HEC
Technology
Holding
Co
Ltd
234
120,824
Guangzhou
Tinci
Materials
Technology
Co
Ltd
739
17,665
Gujarat
Alkalies
&
Chemicals
Ltd
126
21,772
Gujarat
Fluorochemicals
Ltd
803
424,810
Gujarat
Narmada
Valley
Fertilizers
Co
Ltd
2,639
149,044
Gujarat
State
Fertilisers
&
Chemicals
Ltd
216
4,008
e
Gurit
Holding
AG.
363
3,196
H.B.
Fuller
Co
219
46,800
Hangzhou
Oxygen
Plant
Group
Co
Ltd
227
23,151
Hanil
Cement
Co
Ltd
231
8,926
Hansol
Chemical
Co
Ltd
1,649
102,469
*
Hanwha
Chemical
Corp
4,227
488,237
Harmony
Gold
Mining
Co
Ltd
2,024
250
Hawkins,
Inc
11
417
Haynes
International,
Inc
21
27,240
Hecla
Mining
Co
172
958,768
HeidelbergCement
AG.
70,006
67,346
HeidelbergCement
India
Ltd
132
1,015,758
*
Hektas
Ticaret
TAS
1,433
176,900
Henan
Shenhuo
Coal
&
Power
Co
Ltd
455
333,969
Hengli
Petrochemical
Co
Ltd
788
272,394
Hengyi
Petrochemical
Co
Ltd
322
1,150,016
Hesteel
Co
Ltd
390
286,028
Hexpol
AB
3,543
153,322
Hill
&
Smith
Holdings
plc
2,541
151,316
Himadri
Speciality
Chemical
Ltd
161
1,247,102
Hindalco
Industries
Ltd
6,183
191,678
Hindustan
Copper
Ltd
230
346,577
Hochschild
Mining
plc
362
113,929
e
Hokuetsu
Paper
Mills
Ltd
764
5,809
Holcim
Ltd
375
96,489
e
Holmen
AB
3,720
20,243
Honam
Petrochemical
Corp
2,974
35,900
Hoshine
Silicon
Industry
Co
Ltd
434
173,000
Hsin
Kuang
Steel
Co
Ltd
273
1,082,000
e
Huabao
International
Holdings
Ltd
506
207,000
Huafon
Chemical
Co
Ltd
225
224,700
Huaibei
Mining
Holdings
Co
Ltd
443
CREF
Stock
Account
March
31,
2023
99
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
46,501
Huaxin
Cement
Co
Ltd
$
105
30,351
Hubei
Feilihua
Quartz
Glass
Co
Ltd
194
54,900
Hubei
Xingfa
Chemicals
Group
Co
Ltd
244
12,591
Huchems
Fine
Chemical
Corp
212
203,245
HudBay
Minerals,
Inc
1,066
93,063
e
Huhtamaki
Oyj
3,457
28,550
Hunan
Changyuan
Lico
Co
Ltd
62
556,211
Hunan
Valin
Steel
Co
Ltd
451
9,913
Huntsman
Corp
271
2,519
Hyosung
Advanced
Materials
Corp
840
2,426
Hyosung
TNC
Co
Ltd
827
82,014
Hyundai
Steel
Co
2,192
134,279
*
i-80
Gold
Corp
327
445,191
*
IAMGOLD
Corp
1,216
379,060
g
Ibstock
plc
807
624,911
Iluka
Resources
Ltd
4,460
370,521
Imdex
Ltd
559
33,517
Imerys
S.A.
1,448
802,522
Impala
Platinum
Holdings
Ltd
7,387
1,878,638
Incitec
Pivot
Ltd
3,959
531,686
Independence
Group
NL
4,559
76,930
India
Cements
Ltd
174
9,864
Indigo
Paints
Ltd
121
1,547,304
Indorama
Ventures
PCL
1,563
123,211
*,e
Industrias
Penoles
S.A.
de
C.V.
1,817
44,076
*
Ingevity
Corp
3,152
2,918,318
Inner
Mongolia
BaoTou
Steel
Union
Co
Ltd
803
88,960
Inner
Mongolia
ERDOS
Resources
Co
Ltd
199
631,088
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co
Ltd
415
204,400
Inner
Mongolia
Yuan
Xing
Energy
Co
Ltd
257
116,473
Innospec,
Inc
11,958
51,678
*
Interfor
Corp
842
752,000
International
CSRC
Investment
Holdings
Co
489
825,075
International
Flavors
&
Fragrances,
Inc
75,874
17,381
International
Paper
Co
627
381
*
Intrepid
Potash,
Inc
11
1,628,340
*
ioneer
Ltd
319
215,948
Israel
Chemicals
Ltd
1,463
3,510
Israel
Corp
Ltd
1,158
14,666
ISU
Chemical
Co
Ltd
540
243
*,e
Ivanhoe
Electric,
Inc
3
558,090
*,e
Ivanhoe
Mines
Ltd
5,042
363,121
James
Hardie
Industries
NV
7,816
48,968
*
Jastrzebska
Spolka
Weglowa
S.A.
538
20,900
JCU
Corp
547
478,649
JFE
Holdings,
Inc
6,075
13,000
Jiangsu
Yangnong
Chemical
Co
Ltd
184
26,000
Jiangsu
Yoke
Technology
Co
Ltd
197
1,278,115
Jiangxi
Copper
Co
Ltd
2,164
124,009
Jiangxi
Copper
Co
Ltd
(Class
A)
357
32,000
Jinan
Acetate
Chemical
Co
Ltd
368
3,551,000
e
Jinchuan
Group
International
Resources
Co
Ltd
286
121,205
Jindal
Saw
Ltd
216
179,297
*
Jindal
Stainless
Hisar
Ltd
635
336,206
Jindal
Steel
&
Power
Ltd
2,244
33,287
JK
Cement
Ltd
1,188
53,685
JK
Lakshmi
Cement
Ltd
519
60,349
JK
Paper
Ltd
281
184,917
Johnson
Matthey
plc
4,533
127,508
*
JSL
Ltd
452
174,428
JSR
Corp
4,126
685,266
JSW
Steel
Ltd
5,754
CREF
Stock
Account
March
31,
2023
100
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
60,729
Jubilant
Ingrevia
Ltd
$
267
388,483
K&S
AG.
8,273
217,133
*
K92
Mining,
Inc
1,234
948
Kaiser
Aluminum
Corp
71
47,915
Kaneka
Corp
1,252
126,875
Kansai
Nerolac
Paints
Ltd
598
171,300
Kansai
Paint
Co
Ltd
2,322
162,100
Kanto
Denka
Kogyo
Co
Ltd
1,268
707,162
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS
(Class
D)
701
186,845
*
Karora
Resources,
Inc
628
4,225
KCC
Corp
724
11,200
KeePer
Technical
Laboratory
Co
Ltd
419
120,257
Kemira
Oyj
2,119
126,296
KGHM
Polska
Miedz
S.A.
3,587
31,000
KH
Neochem
Co
Ltd
564
35,241
*
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS.
162
1,399,019
Kinross
Gold
Corp
6,584
48,552
Kirloskar
Ferrous
Industries
Ltd
275
61,202
Kirloskar
Oil
Engines
Ltd
296
733,038
Klabin
S.A.
2,616
795,000
Kobe
Steel
Ltd
6,338
16,044
Kolon
Industries,
Inc
551
30,158
e
Konishi
Co
Ltd
438
698
Koppers
Holdings,
Inc
24
15,609
Korea
Kumho
Petrochemical
1,727
3,160
Korea
Petrochemical
Ind
Co
Ltd
447
12,240
Korea
Zinc
Co
Ltd
5,208
875,043
Koza
Altin
Isletmeleri
AS
987
177,603
*
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
340
48,831
e
Kronos
Worldwide,
Inc
450
29,491
*
Kum
Yang
Co
Ltd
1,794
59,675
e
Kumba
Iron
Ore
Ltd
1,509
65,448
Kumiai
Chemical
Industry
Co
Ltd
421
303,900
Kuraray
Co
Ltd
2,795
15,700
e
Kureha
CORP
1,006
22,716
e
Kyoei
Steel
Ltd
276
57,922
e
Labrador
Iron
Ore
Royalty
Corp
1,371
1,345,561
*,e
Lake
Resources
NL
406
78,535
Lanxess
AG.
3,231
25,133
*
Largo,
Inc
130
63,295
Laxmi
Organic
Industries
Ltd
172
1,472,000
e
Lee
&
Man
Paper
Manufacturing
Ltd
589
12,299
Lenzing
AG.
932
1,003,349
*
Leo
Lithium
Ltd
352
84,094
LG
Chem
Ltd
46,184
7,073
LG
Chem
Ltd
(Preference)
1,695
25,081
Linde
India
Ltd
1,232
448,873
Linde
plc
157,773
1,563,476
Linde
plc
555,722
46,600
Lintec
Corp
763
1,654,055
*,e
Liontown
Resources
Ltd
2,890
93,933
*,e
Lithium
Americas
Corp
2,043
561,957
*,e
Lithium
Americas
Corp
12,228
7,813
*,e
Livent
Corp
170
185,054
Lomon
Billions
Group
Co
Ltd
545
799,477
Long
Chen
Paper
Co
Ltd
446
2,024,276
g
Lotte
Chemical
Titan
Holding
BHD
619
59,436
Louisiana-Pacific
Corp
3,222
200,917
*
LSB
Industries,
Inc
2,075
77,521
Lundin
Gold,
Inc
905
644,651
Lundin
Mining
Corp
4,379
249,300
Luxi
Chemical
Group
Co
Ltd
495
CREF
Stock
Account
March
31,
2023
101
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
1,788,158
*
Lynas
Corp
Ltd
$
7,612
12,591
LyondellBasell
Industries
NV
1,182
107,539
Madras
Cements
Ltd
993
19,333
e
Maeda
Kosen
Co
Ltd
471
89,228
*,e
MAG.
Silver
Corp
1,128
111,346
*
Major
Drilling
Group
International
876
216,599
Marshalls
plc
837
17,196
e
Martin
Marietta
Materials,
Inc
6,106
57,200
Maruichi
Steel
Tube
Ltd
1,259
754
Materion
Corp
87
12,421
Meghmani
Finechem
Ltd
143
11,534,976
*
Merdeka
Copper
Gold
Tbk
PT
3,230
3,827,978
Mesaieed
Petrochemical
Holding
Co
2,027
59,500
Metalurgica
Gerdau
S.A.
130
1,686,200
Metalurgica
Gerdau
S.A.
3,936
53,660
e
Methanex
Corp
2,497
38,440
*
Methanol
Chemicals
Co
252
19,427
Middle
East
Paper
Co
163
405,308
*,e
Mincor
Resources
NL
382
555,960
Mineral
Resources
Ltd
30,053
62,576
Minerals
Technologies,
Inc
3,781
16,864
Miquel
y
Costas
&
Miquel
S.A.
222
89,616
Misr
Fertilizers
Production
Co
SAE
464
7,500
e
Mitani
Sekisan
Co
Ltd
265
1,182,834
Mitsubishi
Chemical
Holdings
Corp
7,035
149,800
Mitsubishi
Gas
Chemical
Co,
Inc
2,229
111,700
Mitsubishi
Materials
Corp
1,821
169,100
e
Mitsui
Chemicals,
Inc
4,366
50,364
e
Mitsui
Mining
&
Smelting
Co
Ltd
1,225
910
Miwon
Commercial
Co
Ltd
119
3,300,000
*,e
MMG
Ltd
968
382,489
Mondi
plc
6,073
12,981
*,†
Mongolian
Metals
Corporation
0
16,821
Mosaic
Co
772
668,895
e
Mount
Gibson
Iron
Ltd
239
16,491
*
MP
Materials
Corp
465
168,587
e
M-real
Oyj
(B
Shares)
1,359
293,250
Myers
Industries,
Inc
6,284
54,610
Najran
Cement
Co
189
26,509
Namhae
Chemical
Corp
185
45,000
Nan
Pao
Resins
Chemical
Co
Ltd
214
4,557,887
Nan
Ya
Plastics
Corp
11,610
181,300
e
Nanofilm
Technologies
International
Ltd
221
137,093
*,e
NanoXplore,
Inc
331
200,000
Nantex
Industry
Co
Ltd
264
4,784,351
National
Aluminium
Co
Ltd
4,582
272,114
*
National
Industrialization
Co
891
30,005
Navin
Fluorine
International
Ltd
1,563
11,762
Neogen
Chemicals
Ltd
185
520,515
*
Neometals
Ltd
211
592,384
*
New
Gold,
Inc
644
57,284
*
New
Pacific
Metals
Corp
155
708,782
Newcrest
Mining
Ltd
12,652
4,828
NewMarket
Corp
1,762
908,998
Newmont
Goldcorp
Corp
44,559
2,401,343
Nickel
Mines
Ltd
1,457
74,681
Nihon
Parkerizing
Co
Ltd
561
1,898,151
Nine
Dragons
Paper
Holdings
Ltd
1,421
137,500
Ningbo
Shanshan
Co
Ltd
345
443,006
Ningxia
Baofeng
Energy
Group
Co
Ltd
952
124,466
Nippon
Kayaku
Co
Ltd
1,128
54,003
e
Nippon
Light
Metal
Holdings
Co
Ltd
597
CREF
Stock
Account
March
31,
2023
102
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
810,500
Nippon
Paint
Co
Ltd
$
7,621
92,280
Nippon
Paper
Industries
Co
Ltd
713
16,900
e
Nippon
Pillar
Packing
Co
Ltd
480
27,428
Nippon
Shokubai
Co
Ltd
1,095
20,584
Nippon
Soda
Co
Ltd
718
768,527
Nippon
Steel
Corp
18,123
117,600
Nissan
Chemical
Industries
Ltd
5,341
35,914
e
Nittetsu
Mining
Co
Ltd
973
140,401
Nitto
Denko
Corp
9,087
102,670
NOCIL
Ltd
259
167,682
NOF
Corp
7,836
2,704,656
Norsk
Hydro
ASA
20,186
68,883
*,g
Norske
Skog
ASA
381
298,883
*
Northam
Platinum
Holdings
Ltd
2,430
55,538
Northern
Region
Cement
Co
166
918,698
Northern
Star
Resources
Ltd
7,533
221,261
*
Novagold
Resources
Inc
1,376
228,486
*
Novagold
Resources,
Inc
1,415
159,830
Novozymes
AS
8,184
195,600
Nucor
Corp
30,214
1,464,444
Nufarm
Ltd
5,622
57,599
Nuh
Cimento
Sanayi
AS.
406
862,106
e
Nutrien
Ltd
63,668
109,674
*
Nuvoco
Vistas
Corp
Ltd
462
665,490
OceanaGold
Corp
1,650
17,325
OCI
Co
Ltd
1,368
105,586
OCI
NV
3,579
643,882
*
O-I
Glass,
Inc
14,623
813,805
OJI
Paper
Co
Ltd
3,222
13,100
Okamoto
Industries,
Inc
393
118,707
Olin
Corp
6,588
321
Olympic
Steel,
Inc
17
151,693
Omnia
Holdings
Ltd
479
924,648
Orbia
Advance
Corp
SAB
de
C.V.
2,010
353,224
Orica
Ltd
3,649
572,000
Oriental
Union
Chemical
Corp
375
1,436
*,e
Origin
Materials,
Inc
6
445,836
Orion
Engineered
Carbons
SA
11,632
184,928
*
Orla
Mining
Ltd
877
3,470,056
Orora
Ltd
7,985
9,100
Osaka
Organic
Chemical
Industry
Ltd
149
14,800
e
Osaka
Soda
Co
Ltd
488
97,700
e
Osaka
Titanium
Technologies
2,360
164,059
Osisko
Gold
Royalties
Ltd
2,593
275,341
*
Osisko
Mining,
Inc
876
348,625
e
Outokumpu
Oyj
1,899
322,419
Oxiana
Ltd
6,072
334,375
*
Oyak
Cimento
Fabrikalari
AS
571
89,100
e
Pacific
Metals
Co
Ltd
1,305
457,733
Packaging
Corp
of
America
63,547
49,299
Pactiv
Evergreen,
Inc
394
1,931,470
Pan
African
Resources
plc
395
1,612,259
Pan
American
Silver
Corp
29,343
284,489
e
Pan
American
Silver
Corp
(Toronto)
5,191
557,466
*
Pangang
Group
Vanadium
Titanium
&
Resources
Co
Ltd
401
229,073
*,g
Paradeep
Phosphates
Ltd
141
133,015
PCBL
Ltd
188
2,034,810
Perenti
Global
Ltd
1,651
4,167
*
Perimeter
Solutions
S.A.
34
4,520,270
Perseus
Mining
Ltd
7,175
979,003
*
Petkim
Petrokimya
Holding
709
2,335,415
Petronas
Chemicals
Group
BHD
3,753
CREF
Stock
Account
March
31,
2023
103
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
16,204
PI
Advanced
Materials
Co
Ltd
$
470
73,242
PI
Industries
Ltd
2,706
141,493
Pidilite
Industries
Ltd
4,059
429
*,e
Piedmont
Lithium,
Inc
26
1,979,187
Pilbara
Minerals
Ltd
5,265
162,900
*
PMB
Technology
Bhd
160
592
*
PolyMet
Mining
Corp
1
15,541
Polyplex
Corp
Ltd
217
229,500
Polyplex
PCL
118
591
*,†,e
Polyus
PJSC
(GDR)
0^
16,434
Poongsan
Corp
478
196,441
Portucel
Empresa
Produtora
de
Pasta
e
Papel
S.A.
702
68,690
POSCO
19,434
25,572
POSCO
Refractories
&
Environment
Co
Ltd
5,390
139,498
PPG
Industries,
Inc
18,634
905,002
*
PQ
Group
Holdings,
Inc
10,000
3,329,668
Press
Metal
BHD
3,688
126,676
*
Prism
Cement
Ltd
163
9,028
Privi
Speciality
Chemicals
Ltd
116
8,224,800
PT
Aneka
Tambang
Tbk
1,148
25,117,021
PT
Barito
Pacific
Tbk
1,385
2,673,097
PT
Indah
Kiat
Pulp
and
Paper
Corp
Tbk
1,340
1,292,100
PT
Indocement
Tunggal
Prakarsa
Tbk
908
1,382,800
PT
Pabrik
Kertas
Tjiwi
Kimia
Tbk
621
3,258,423
PT
Semen
Gresik
Persero
Tbk
1,372
2,862,200
PT
Timah
Tbk
197
2,186,900
*
PT
Vale
Indonesia
Tbk
972
2,346,609
PTT
Global
Chemical
PCL
3,147
4,433
*,e
PureCycle
Technologies,
Inc
31
38,057
Qassim
Cement
Co
682
2,758,484
Qatar
Aluminum
Manufacturing
Co
1,170
239,990
Qatar
National
Cement
Co
277
378,316
Qatari
Investors
Group
176
315,200
*
Qinghai
Salt
Lake
Industry
Co
Ltd
1,025
344
Quaker
Chemical
Corp
68
167,961
Rain
Commodities
Ltd
305
15,226
Rajratan
Global
Wire
Ltd
138
69,861
Rallis
India
Ltd
164
3,430
e
Ramaco
Resources,
Inc
30
957,425
Ramelius
Resources
Ltd
810
62,215
Ramkrishna
Forgings
Ltd
218
1,491
*
Ranpak
Holdings
Corp
8
60,963
Rashtriya
Chemicals
&
Fertilizers
Ltd
71
26,741
Ratnamani
Metals
&
Tubes
Ltd
646
6,224
*
Rayonier
Advanced
Materials,
Inc
39
38,007
e
Recticel
S.A.
709
733,714
Regis
Resources
Ltd
1,017
246,079
Reliance
Steel
&
Aluminum
Co
63,178
185,383
Rengo
Co
Ltd
1,204
34,481
Rhi
Magnesita
India
Ltd
265
23,950
Rhi
Magnesita
NV
664
298,448
Rio
Tinto
Ltd
23,980
1,320,859
Rio
Tinto
plc
89,657
55,751
Riyadh
Cement
Co
475
619,024
Rongsheng
Petro
Chemical
Co
Ltd
1,364
12,742
Rossari
Biotech
Ltd
93
81,100
e
Royal
Bafokeng
Platinum
Ltd
653
61,146
Royal
Gold,
Inc
7,931
5,986
RPM
International,
Inc
522
163,325
Ryerson
Holding
Corp
5,942
98,639
e
Sa
des
Ciments
Vicat
2,960
203,131
SABIC
Agri-Nutrients
Co
6,925
CREF
Stock
Account
March
31,
2023
104
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
346,875
*
Sabina
Gold
&
Silver
Corp
$
526
346,881
Sahara
International
Petrochemical
Co
3,520
32,600
Sakata
INX
Corp
256
29,676
Salzgitter
AG.
1,175
15,720
Samsung
Fine
Chemicals
Co
Ltd
707
41,000
San
Fu
Chemical
Co
Ltd
176
457,497
Sandfire
Resources
NL
1,942
424,821
e
Sandstorm
Gold
Ltd
2,471
8,411
Sanyo
Chemical
Industries
Ltd
272
21,106
Sanyo
Special
Steel
Co
Ltd
392
528,777
e
Sappi
Ltd
1,360
10,250
Sarda
Energy
&
Minerals
Ltd
133
419,240
*
Sasa
Polyester
Sanayi
AS
2,195
544,137
Sasol
Ltd
7,353
809,776
*
Saudi
Arabian
Mining
Co
13,898
859,867
Saudi
Basic
Industries
Corp
20,750
69,817
Saudi
Cement
Co
1,044
347,445
Saudi
Industrial
Investment
Group
2,320
699,917
*
Saudi
Kayan
Petrochemical
Co
2,264
7,134,031
*,e
Sayona
Mining
Ltd
993
1,121,700
SCG
Packaging
PCL
1,521
67,424
Schnitzer
Steel
Industries,
Inc
(Class
A)
2,097
92,121
Schweitzer-Mauduit
International,
Inc
1,978
664,000
Scientex
BHD
520
33,360
e
Scotts
Miracle-Gro
Co
(Class
A)
2,327
60,360
*
Seabridge
Gold,
Inc
779
7,230
Seah
Besteel
Corp
126
1,415
SeAH
Steel
Corp
158
2,171,901
Sealed
Air
Corp
99,712
8,218,300
*,†
Sekawan
Intipratama
Tbk
PT
0^
10,829
Semapa-Sociedade
de
Investimento
e
Gestao
161
2,024
Sensient
Technologies
Corp
155
831,204
Sesa
Sterlite
Ltd
2,784
1,684,000
Sesoda
Corp
2,366
584,600
Shandong
Chenming
Paper
Holdings
Ltd
(Class
B)
170
211,468
Shandong
Gold
Mining
Co
Ltd
-
A
678
743,005
e,g
Shandong
Gold
Mining
Co
Ltd
-
H
1,510
128,207
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
658
819,866
Shandong
Nanshan
Aluminum
Co
Ltd
405
142,211
Shandong
Sun
Paper
Industry
JSC
Ltd
252
16,400
Shandong
Weifang
Rainbow
Chemical
Co
Ltd
163
453,200
Shanghai
Chlor-Alkali
Chemical
Co
Ltd
294
64,764
Shanghai
Putailai
New
Energy
Technology
Co
Ltd
471
414,100
*
Shanghai
Zhongyida
Co
Ltd
196
226,629
Shanxi
Meijin
Energy
Co
Ltd
303
513,963
Shanxi
Taigang
Stainless
Steel
Co
Ltd
325
35,775
Sharda
Cropchem
Ltd
214
45,400
Shenghe
Resources
Holding
Co
Ltd
94
37,848
Shenzhen
Capchem
Technology
Co
Ltd
270
6,000
Shenzhen
Dynanonic
Co
Ltd
166
75,660
Shenzhen
Senior
Technology
Material
Co
Ltd
212
51,300
Shenzhen
YUTO
Packaging
Technology
Co
Ltd
208
228,759
Sherwin-Williams
Co
51,418
154,000
*
Shihlin
Paper
Corp
221
31,000
Shikoku
Chemicals
Corp
329
663,000
Shin-Etsu
Chemical
Co
Ltd
21,522
61,203
Shin-Etsu
Polymer
Co
Ltd
692
1,221,000
Shinkong
Synthetic
Fibers
Corp
724
78,000
Shiny
Chemical
Industrial
Co
Ltd
317
167,600
Showa
Denko
KK
2,767
10,075
Shree
Cement
Ltd
3,217
750,183
Siam
Cement
PCL
6,920
CREF
Stock
Account
March
31,
2023
105
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
86,800
Siam
City
Cement
PCL
$
354
2,714,831
e
Sibanye
Stillwater
Ltd
5,606
590,300
Sichuan
Hebang
Biotechnology
Co
Ltd
257
56,400
Sichuan
Yahua
Industrial
Group
Co
Ltd
174
314,541
e
SIG
Combibloc
Group
AG.
8,104
52,380
e
Sika
AG.
14,692
505,325
Silgan
Holdings,
Inc
27,121
945,939
*
Silver
Lake
Resources
Ltd
738
195,219
Silvercorp
Metals,
Inc
742
139,500
*,e
SilverCrest
Metals,
Inc
992
156,607
Sims
Ltd
1,633
1,490,000
e
Sinofert
Holdings
Ltd
188
87,300
Sinoma
Science
&
Technology
Co
Ltd
307
27,820
Sinomine
Resource
Group
Co
Ltd
285
307,000
Sinon
Corp
383
824,167
Sinopec
Shanghai
Petrochemical
Co
Ltd
(Class
A)
405
9,856
SK
Chemicals
Co
Ltd
565
21,130
*,g
SK
IE
Technology
Co
Ltd
1,166
18,569
SKC
Co
Ltd
1,641
66,170
*
Skeena
Resources
Ltd
405
24,406
Skshu
Paint
Co
Ltd
413
855,818
Smurfit
Kappa
Group
plc
31,041
137,799
Sociedad
Quimica
y
Minera
de
Chile
S.A.
(Class
B)
11,073
42,153
SOL
S.p.A.
1,126
491,000
Solar
Applied
Materials
Technology
Co
592
25,781
Solar
Industries
India
Ltd
1,192
31,921
*,e
Solaris
Resources,
Inc
155
1,285,132
*,e
SolGold
plc
306
51,336
Solvay
S.A.
5,871
99,423
Sonoco
Products
Co
6,065
3,530
Soulbrain
Co
Ltd
643
3,642,571
South32
Ltd
10,675
280,149
South32
Ltd
(W/I)
825
98,698
Southern
Copper
Corp
7,526
64,042
Southern
Province
Cement
Co
854
137,666
SRF
Ltd
4,051
332,177
Ssab
Svenskt
Stal
AB
(Series
A)
2,454
1,770,387
Ssab
Svenskt
Stal
AB
(Series
B)
12,655
387,889
SSR
Mining,
Inc
5,865
761,007
e
SSR
Mining,
Inc
11,509
148,088
Steel
Dynamics,
Inc
16,743
35,973
Stelco
Holdings,
Inc
1,393
51,045
Stella-Jones,
Inc
1,956
23,598
Stepan
Co
2,431
2,735
STO
AG.
506
226,199
Stora
Enso
Oyj
(R
Shares)
2,943
103,300
Straits
Trading
Co
Ltd
173
34,512
Sumitomo
Bakelite
Co
Ltd
1,351
1,376,400
e
Sumitomo
Chemical
Co
Ltd
4,634
94,336
Sumitomo
Chemical
India
Ltd
490
241,901
Sumitomo
Metal
Mining
Co
Ltd
9,256
29,021
e
Sumitomo
Osaka
Cement
Co
Ltd
818
573,019
*
Summit
Materials,
Inc
16,325
1,042,126
SunCoke
Energy,
Inc
9,358
60,829
Supreme
Industries
Ltd
1,863
64,386
Supreme
Petrochem
Ltd
291
8,609,900
Surya
Esa
Perkasa
Tbk
PT
543
695,317
Suzano
SA
5,707
15,417
*
Suzhou
TA&A
Ultra
Clean
Technology
Co
Ltd
115
630,524
e
Svenska
Cellulosa
AB
(B
Shares)
8,304
220,647
Sylvamo
Corp
10,207
254,787
Symrise
AG.
27,727
CREF
Stock
Account
March
31,
2023
106
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
613,930
*
Syrah
Resources
Ltd
$
760
35,100
e
T
Hasegawa
Co
Ltd
790
1,469,620
TA
Chen
Stainless
Pipe
2,202
269
Taekwang
Industrial
Co
Ltd
149
110,300
Taiheiyo
Cement
Corp
2,073
3,008,145
Taiwan
Cement
Corp
3,598
2,476,000
Taiwan
Fertilizer
Co
Ltd
4,561
331,000
Taiwan
Hon
Chuan
Enterprise
Co
Ltd
1,059
32,600
Taiyo
Ink
Manufacturing
Co
Ltd
618
167,119
Taiyo
Nippon
Sanso
Corp
3,019
13,755
e
Takasago
International
Corp
272
26,914
e
Takiron
Co
Ltd
100
165,800
Tangshan
Jidong
Cement
Co
Ltd
209
248,216
*,e
Taseko
Mines
Ltd
411
133,907
Tata
Chemicals
Ltd
1,588
6,898,555
*
Tata
Steel
Ltd
8,813
6,430
Tatva
Chintan
Pharma
Chem
Ltd
131
567,725
e
Teck
Cominco
Ltd
20,730
102,576
Teck
Resources
Ltd
3,744
173,400
Teijin
Ltd
1,830
13,100
e
Tenma
Corp
233
21,979
*
Tessenderlo
Chemie
NV
687
2,876,430
ThyssenKrupp
AG.
20,715
1,560,000
e
Tiangong
International
Co
Ltd
502
86,800
Tianqi
Lithium
Corp
956
157,700
Tianshan
Aluminum
Group
Co
Ltd
174
42,900
*
Tibet
Summit
Resources
Co
Ltd
143
638,816
*
Tietto
Minerals
Ltd
288
1,604
*
TimkenSteel
Corp
29
677,000
Tipco
Asphalt
PCL
388
38,507
Titan
Cement
International
S.A.
613
582,400
TOA
Paint
Thailand
PCL
529
86,403
Toagosei
Co
Ltd
806
30,524
e
Toho
Titanium
Co
Ltd
510
194,229
Tokai
Carbon
Co
Ltd
1,855
4,100
Tokushu
Tokai
Holdings
Co
Ltd
91
58,741
e
Tokuyama
Corp
936
32,514
Tokyo
Ohka
Kogyo
Co
Ltd
1,897
231,904
e
Tokyo
Steel
Manufacturing
Co
Ltd
2,395
867,000
Ton
Yi
Industrial
Corp
552
103,978
Tongkun
Group
Co
Ltd
217
719,500
Tongling
Nonferrous
Metals
Group
Co
Ltd
337
1,360,981
Toray
Industries,
Inc
7,786
280,322
*
Torex
Gold
Resources,
Inc
4,665
736,300
Tosoh
Corp
10,006
5,400
e
Toyo
Gosei
Co
Ltd
370
26,700
Toyo
Ink
Manufacturing
Co
Ltd
415
125,100
e
Toyo
Seikan
Kaisha
Ltd
1,729
73,448
Toyobo
Co
Ltd
578
5,268,000
TPI
Polene
PCL
247
67,418
e
Transcontinental,
Inc
700
944
Tredegar
Corp
9
1,444
Trimas
Corp
40
123
Trinseo
plc
3
41,338
e
Triple
Flag
Precious
Metals
Corp
616
738,777
Tronox
Holdings
plc
10,624
590,000
TSRC
Corp
548
1,077,990
Tung
Ho
Steel
Enterprise
Corp
1,986
40,271
*
Turpaz
Industries
Ltd
137
328,143
e
UACJ
Corp
6,561
310,926
UBE
Industries
Ltd
4,830
96,290
Ultra
Tech
Cement
Ltd
8,948
CREF
Stock
Account
March
31,
2023
107
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
48,114
Umicore
S.A.
$
1,632
66,453
Uniao
de
Industrias
Petroquimicas
S.A.
918
4,106
Unid
Co
Ltd
246
17
United
States
Lime
&
Minerals,
Inc
3
133,799
United
States
Steel
Corp
3,492
400,000
Universal
Cement
Corp
349
727,000
UPC
Technology
Corp
345
474,699
UPL
Ltd
4,153
313,213
*,e
UPM-Kymmene
Oyj
10,520
129,890
Usha
Martin
Ltd
340
779,000
USI
Corp
680
434,300
Usinas
Siderurgicas
de
Minas
Gerais
S.A.
(Preference)
625
6,414,810
Vale
S.A.
101,618
2,107
Valhi,
Inc
37
311,344
Valvoline,
Inc
10,878
70,605
g
Verallia
S.A.
3,007
20,614
Vetropack
Holding
AG.
1,039
32,102
*
Victoria
Gold
Corp
213
81,650
Victrex
plc
1,612
46,771
Vidrala
S.A.
5,122
43,135
Vinati
Organics
Ltd
951
162,492
Voestalpine
AG.
5,525
94,076
*,e
Vulcan
Energy
Resources
Ltd
359
38,253
Vulcan
Materials
Co
6,563
36,622
Vulcan
Steel
Ltd
188
192,296
Wanhua
Chemical
Group
Co
Ltd
2,680
1,389
Warrior
Met
Coal,
Inc
51
37,289
Weihai
Guangwei
Composites
Co
Ltd
277
121,822
Welspun-Gujarat
Stahl
Ltd
298
133,764
*
Wesdome
Gold
Mines
Ltd
766
966,070
*
West
African
Resources
Ltd
618
2,728,000
West
China
Cement
Ltd
334
30,238
West
Coast
Paper
Mills
Ltd
196
57,192
West
Fraser
Timber
Co
Ltd
4,079
24,823
Western
Superconducting
Technologies
Co
Ltd
295
274,580
Westlake
Chemical
Corp
31,846
23,565
WestRock
Co
718
530,853
Wheaton
Precious
Metals
Corp
25,567
83,759
e
Wheaton
Precious
Metals
Corp
4,034
107,695
Wienerberger
AG.
3,118
30,286
Winpak
Ltd
962
55,882
Worthington
Industries,
Inc
3,613
47,700
*,e
W-Scope
Corp
454
75,615
Xiamen
Tungsten
Co
Ltd
224
175,800
Xinjiang
Zhongtai
Chemical
Co
Ltd
186
91,199
Yamama
Cement
Co
748
925,628
Yamana
Gold,
Inc
5,397
145,405
Yamato
Kogyo
Co
Ltd
5,878
69,993
Yanbu
Cement
Co
654
261,508
Yanbu
National
Petrochemical
Co
2,947
132,785
Yara
International
ASA
5,771
366,000
Yeun
Chyang
Industrial
Co
Ltd
356
975,150
Yieh
Phui
Enterprise
504
174,623
Yintai
Gold
Co
Ltd
334
14,955
e
Yodogawa
Steel
Works
Ltd
308
21,200
YongXing
Special
Materials
Technology
Co
Ltd
260
9,732
Youlchon
Chemical
Co
Ltd
305
379
Young
Poong
Corp
169
14,400
*
Youngy
Co
Ltd
159
1,156,000
Yuen
Foong
Yu
Paper
Manufacturing
Co
Ltd
1,011
348,200
Yule
Catto
&
Co
plc
505
CREF
Stock
Account
March
31,
2023
108
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
171,700
Yunnan
Aluminium
Co
Ltd
$
340
49,684
Yunnan
Energy
New
Material
Co
Ltd
824
87,600
Yunnan
Tin
Co
Ltd
189
105,100
*
Yunnan
Yuntianhua
Co
Ltd
325
112,100
Zangge
Mining
Co
Ltd
395
122,716
e
Zeon
Corp
1,301
1,163,500
e
Zhaojin
Mining
Industry
Co
Ltd
1,764
85,978
Zhejiang
Huayou
Cobalt
Co
Ltd
689
190,536
Zhejiang
Juhua
Co
Ltd
490
202,020
Zhejiang
Satellite
Petrochemical
Co
Ltd
470
35,000
Zhejiang
Yongtai
Technology
Co
Ltd
107
72,000
Zibo
Qixiang
Tengda
Chemical
Co
Ltd
75
68,405
Zignago
Vetro
S.p.A.
1,331
5,585,232
Zijin
Mining
Group
Co
Ltd
9,318
1,259,216
Zijin
Mining
Group
Co
Ltd
(Class
A)
2,263
TOTAL
MATERIALS
5,471,561
MEDIA
&
ENTERTAINMENT
-
5.3%
635,920
Activision
Blizzard,
Inc
54,428
299,734
*
Adevinta
ASA
2,128
17,362
*
Advantage
Solutions,
Inc
27
47,589
*
Affle
India
Ltd
574
7,335
AfreecaTV
Co
Ltd
482
12,660,000
*,e
Alibaba
Pictures
Group
Ltd
822
8,584,713
*
Alphabet,
Inc
(Class
A)
890,492
8,857,321
*
Alphabet,
Inc
(Class
C)
921,161
41,032
*
Altice
USA,
Inc
140
416,234
*,e
AMC
Entertainment
Holdings,
Inc
2,085
73
*
AMC
Networks,
Inc
1
16,379
Arabian
Contracting
Services
Co
534
147,636
Arnoldo
Mondadori
Editore
S.p.A.
313
439,604
*
Ascential
plc
1,307
782,200
Astro
Malaysia
Holdings
BHD
123
67,023
Atresmedia
Corp
de
Medios
de
Comunicacion
S.A.
253
2,250,739
g
Auto
Trader
Group
plc
17,168
37,623
Autohome,
Inc
(ADR)
1,259
35,259
e
Avex
Group
Holdings,
Inc
399
8,373,848
*
Baidu,
Inc
157,774
15,348
*
Baidu,
Inc
(ADR)
2,316
1,056,000
BEC
World
PCL
(Foreign)
265
129,857
Beijing
Enlight
Media
Co
Ltd
168
20,018
*,e
Believe
S.A.
211
110,400
*,e
Bengo4.com,
Inc
2,025
27,053
*
Better
Collective
A.S.
526
173,028
*
Bilibili,
Inc
4,071
910,363
e
Bollore
5,628
294,880
*
Borussia
Dortmund
GmbH
&
Co
KGaA
1,313
628
*
Boston
Omaha
Corp
15
982,960
Brightcom
Group
Ltd
176
78,740
*
Bumble,
Inc
1,539
26,200
*,e
Bushiroad,
Inc
153
4,910
Cable
One,
Inc
3,447
160,200
Capcom
Co
Ltd
5,734
7,902
*,e
Cardlytics,
Inc
27
2,111
*
Cargurus,
Inc
39
2,041
*
Cars.com,
Inc
39
853,262
carsales.com
Ltd
12,752
31,437
CD
Projekt
Red
S.A.
814
186,840
*
Charter
Communications,
Inc
66,816
61,481
Cheil
Communications,
Inc
881
161,865
*,†
Chennai
Super
Kings
Cricket
Ltd
14
CREF
Stock
Account
March
31,
2023
109
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
408,558
*,e,g
China
Literature
Ltd
$
2,110
2,608
*,e
Cinemark
Holdings,
Inc
39
70,979
*,e
Cineplex
Galaxy
Income
Fund
464
25,963
*
CJ
CGV
Co
Ltd
311
10,440
CJ
O
Shopping
Co
Ltd
692
750,731
*,e
Clear
Channel
901
1,294,000
e
CMGE
Technology
Group
Ltd
381
14,973
Cogeco
Communications,
Inc
729
5,716
Cogeco,
Inc
257
67,518
*
COLOPL,
Inc
305
7,186
Com2uSCorp
403
8,713,825
Comcast
Corp
(Class
A)
330,341
2,785,400
*
Converge
ICT
Solutions,
Inc
658
227,089
e
Corus
Entertainment,
Inc
289
264,648
*
CTS
Eventim
AG.
16,545
633
*
Cumulus
Media
Inc
2
379,700
e
CyberAgent,
Inc
3,217
226,574
Cyfrowy
Polsat
S.A.
880
76,462
Daiichikosho
Co
Ltd
1,264
41
*
Daily
Journal
Corp
12
8,606
*
Danawa
Co
Ltd
91
83,111
*,e
Dena
Co
Ltd
1,136
194,300
Dentsu,
Inc
6,849
3,734
*
Devsisters
Co
Ltd
164
837
*
DHI
Group,
Inc
3
974
e
Digital
Bros
S.p.A
22
21,900
Direct
Marketing
MiX,
Inc
225
243,304
*
DISH
Network
Corp
(Class
A)
2,270
219,482
e
Domain
Holdings
Australia
Ltd
521
99,224
*
DouYu
International
Holdings
Ltd
(ADR)
118
3,836
Echo
Marketing,
Inc
37
173,349
Electronic
Arts,
Inc
20,880
674,278
*,e
Embracer
Group
AB
3,161
567
Entravision
Communications
Corp
(Class
A)
3
163,985
e
Eutelsat
Communications
1,094
106,665
EVENT
Hospitality
and
Entertainment
Ltd
874
139,017
*,e
Eventbrite
Inc
1,193
4,957
*
EW
Scripps
Co
(Class
A)
47
3,834,000
*,†,e
Fire
Rock
Holdings
Ltd
205
439,000
*
Flowing
Cloud
Technology
Ltd
150
1,012,207
Focus
Media
Information
Technology
Co
Ltd
1,011
14,303
Fox
Corp
(Class
A)
487
116,967
Fox
Corp
(Class
B)
3,662
1,675,975
*,e
fuboTV,
Inc
2,028
37,300
Fuji
Television
Network,
Inc
337
336,874
Future
plc
4,842
25,509
*
Gannett
Co,
Inc
48
3,570
G-bits
Network
Technology
Xiamen
Co
Ltd
247
127,264
Gray
Television,
Inc
1,110
51,750
Gree,
Inc
271
2,254,729
e
Grupo
Televisa
S.A.
2,386
4,449,750
e
Grupo
Televisa
SAB
(ADR)
23,539
41,643
*
GungHo
Online
Entertainment
Inc
763
213,700
Hakuhodo
DY
Holdings,
Inc
2,423
135,800
e
Hello
Group,
Inc
(ADR)
1,236
80,770
e
Hemnet
Group
AB
1,359
4,988,000
*,e
HengTen
Networks
Group
Ltd
1,304
4,754,301
*,e
HUYA,
Inc
(ADR)
17,163
17,285
*
HYBE
Co
Ltd
2,524
63,065
*
IAC
3,254
453,706
*
iClick
Interactive
Asia
Group
Ltd
(ADR)
1,543
CREF
Stock
Account
March
31,
2023
110
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
798,800
*,g
iDreamSky
Technology
Holdings
Ltd
$
443
886,000
IGG,
Inc
348
10,495
*
iHeartMedia,
Inc
41
670
*,e
Imax
Corp
13
65,750
Info
Edge
India
Ltd
2,991
18,553
e
Infocom
Corp
329
1,572,420
Informa
plc
13,478
9,598
Innocean
Worldwide,
Inc
300
18,638
*,e
Innovid
Corp
26
883
*,e
Integral
Ad
Science
Holding
Corp
13
316,000
International
Games
System
Co
Ltd
5,960
257,733
Interpublic
Group
of
Cos,
Inc
9,598
39,226
IPSOS
2,431
1,330,306
*
IQIYI,
Inc
(ADR)
9,685
3,565,573
ITV
plc
3,662
59,902
*
JC
Decaux
S.A.
1,256
904
John
Wiley
&
Sons,
Inc
(Class
A)
35
1,261,000
*,e
Joy
Spreader
Interactive
Technology
Ltd
188
22,816
JOYY,
Inc
(ADR)
711
23,699
*
Just
Dial
Ltd
172
1,109,327
*,e
Juventus
Football
Club
S.p.A.
399
27,308
JYP
Entertainment
Corp
1,632
88,324
e
Kadokawa
Dwango
Corp
1,886
1,841,032
*,e
Kahoot!
AS.
4,254
129,900
e
Kakaku.com,
Inc
1,783
153,884
Kakao
Corp
7,288
32,130
*
Kakao
Games
Corp
1,041
175,600
*,e
Kanzhun
Ltd
(ADR)
3,342
12,215
*,e
Kinepolis
Group
NV
628
924,710
Kingsoft
Corp
Ltd
4,546
107,540
e
Koei
Tecmo
Holdings
Co
Ltd
1,944
86,000
Konami
Corp
3,947
27,052
*,g
Krafton,
Inc
3,848
1,636,300
*,g
Kuaishou
Technology
12,582
828
*
Liberty
Braves
Group
(Class
C)
28
3,055
Liberty
Broadband
Corp
(Class
A)
251
105,059
*
Liberty
Broadband
Corp
(Class
C)
8,583
17,682
*
Liberty
Media
Group
(Class
A)
1,194
250,795
*
Liberty
Media
Group
(Class
C)
18,767
63,468
*
Liberty
SiriusXM
Group
(Class
A)
1,783
129,372
*
Liberty
SiriusXM
Group
(Class
C)
3,621
128,082
*,e
Lions
Gate
Entertainment
Corp
(Class
A)
1,418
5,087
*
Lions
Gate
Entertainment
Corp
(Class
B)
53
79,459
*
Live
Nation,
Inc
5,562
26,464
e
M6-Metropole
Television
429
38,377
Madison
Square
Garden
Co
7,478
880
*
Madison
Square
Garden
Entertainment
Corp
52
1,275,332
*
Magnite,
Inc
11,810
713,100
Major
Cineplex
Group
PCL
(Foreign)
353
101,422
Mango
Excellent
Media
Co
Ltd
550
372,800
*,e,g
Maoyan
Entertainment
401
813
e
Marcus
Corp
13
866,499
*
Match
Group,
Inc
33,265
7,194,900
*
Media
Nusantara
Citra
Tbk
PT
284
34,955
e
Mediaset
Espana
Comunicacion
SA
114
2,131,500
*,e,g
Meitu,
Inc
715
5,104,985
*
Meta
Platforms,
Inc
1,081,950
762,964
e
MFE-MediaForEurope
NV
351
333,502
e
MFE-MediaForEurope
NV
228
37,890
Mixi
Inc
762
474,000
*,e,g
Mobvista,
Inc
252
CREF
Stock
Account
March
31,
2023
111
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
84,687
Modern
Times
Group
MTG
AB
$
616
527,405
Moneysupermarket.com
Group
plc
1,620
351,345
MultiChoice
Group
Ltd
2,434
64,609
Naver
Corp
10,124
15,799
*
Nazara
Technologies
Ltd
100
7,874
NCsoft
2,256
10,837
*
Neowiz
336
227,000
NetDragon
Websoft,
Inc
399
1,894,230
NetEase,
Inc
33,439
148,997
e
NetEase,
Inc
(ADR)
13,177
613,310
*
Netflix,
Inc
211,886
8,671
g
Netmarble
Corp
445
206,936
*
Network
18
Media
&
Investments
Ltd
137
133,161
New
York
Times
Co
(Class
A)
5,177
311,274
News
Corp
(Class
A)
5,376
100,824
News
Corp
(Class
B)
1,757
834,000
Nexon
Co
Ltd
19,915
25,703
*
Nexon
Games
Co
Ltd
369
30,485
Nexstar
Media
Group
Inc
5,264
83,665
Next
Fifteen
Communications
Group
plc
865
18,689
*
NHN
Corp
379
1,377,229
Nine
Entertainment
Co
Holdings
Ltd
1,831
1,794,090
Nintendo
Co
Ltd
69,685
42,300
Nippon
Television
Network
Corp
365
70,603
*
Nordic
Entertainment
Group
AB
1,805
724,710
Omnicom
Group,
Inc
68,369
923,800
*
One
Enterprise
Public
Co
Ltd
153
429,950
oOh!media
Ltd
469
12,583
*
Outbrain,
Inc
52
27,580
Paradox
Interactive
AB
687
8,156
Paramount
Global
(Class
A)
211
577,254
Paramount
Global
(Class
B)
12,879
14,014
*
Pearl
Abyss
Corp
503
668,809
Pearson
plc
6,999
41,634
Perfect
World
Co
Ltd
103
38,434
*
Perion
Network
Ltd
1,498
548,865
*
Pinterest,
Inc
14,968
2,263,300
Plan
B
Media
PCL
567
1,356
*,e
Playstudios,
Inc
5
76,716
*
Playtika
Holding
Corp
864
94,300
*,e
PR
Times,
Inc
1,340
171,365
ProSiebenSat.
Media
AG.
1,746
298,385
Publicis
Groupe
S.A.
23,292
879
*
PubMatic,
Inc
12
66,739
*
PVR
Ltd
1,249
142,378
Quebecor,
Inc
3,520
1,657
*
QuinStreet,
Inc
26
2,706
*
Quotient
Technology,
Inc
9
40,132
REA
Group
Ltd
3,742
234,522
RELX
plc
7,596
797,154
Rightmove
plc
5,549
795,881
*
ROBLOX
Corp
35,799
118,499
*,e
Roku,
Inc
7,800
45,669
g
Rovio
Entertainment
Oyj
387
483,600
RS
PCL
215
357,964
*
S4
Capital
plc
718
71,563
e
Sanoma-WSOY
Oyj
628
64,820
Saregama
India
Ltd
261
33,891
*
Saudi
Research
&
Marketing
Group
1,785
75,002
Schibsted
ASA
1,273
92,325
Schibsted
ASA
(B
Shares)
1,484
CREF
Stock
Account
March
31,
2023
112
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
926
Scholastic
Corp
$
32
243,126
g
Scout24
AG.
14,461
1,212,470
*
Sea
Ltd
(ADR)
104,939
255,255
Seek
Ltd
4,126
33,400
Septeni
Holdings
Co
Ltd
91
365,998
SES
S.A.
2,403
441,869
Shaw
Communications,
Inc
(B
Shares)
13,222
8,701
e
Shochiku
Co
Ltd
752
207,377
Shutterstock,
Inc
15,056
115,200
e
Sinclair
Broadcast
Group,
Inc
(Class
A)
1,977
44,748
e
Sirius
XM
Holdings,
Inc
178
10,508
*,e
Skillz,
Inc
6
1,036,000
Sky
Perfect
Jsat
Corp
4,046
11,453
SM
Entertainment
Co
826
617,600
*,†,e
SMI
Holdings
Group
Ltd
1
48,410
Societe
Television
Francaise
1
428
31,000
Soft-World
International
Corp
94
17,800
*,e
Sohu.com
Ltd
(ADR)
262
120,386
*
Spotify
Technology
S.A.
16,086
25,600
Square
Enix
Co
Ltd
1,230
2,415
*
Stagwell,
Inc
18
2,187,379
*
Stillfront
Group
AB
4,232
32,160
Stroer
Out-of-Home
Media
AG.
1,699
12,258
*
Studio
Dragon
Corp
667
75,084
Sun
TV
Network
Ltd
381
20,124,700
Surya
Citra
Media
Tbk
PT
253
179,722
*,e
Taboola.com
Ltd
489
209,870
*
Take-Two
Interactive
Software,
Inc
25,037
2,450
Tamedia
AG.
287
99,226
*
Team17
Group
plc
465
571
*
TechTarget,
Inc
21
137,927
TEGNA,
Inc
2,332
41,291
Telenet
Group
Holding
NV
939
11,820,125
Tencent
Holdings
Ltd
577,641
355,797
*
Tencent
Music
Entertainment
(ADR)
2,946
651
*,e
Thryv
Holdings,
Inc
15
8,400
e
Toei
Animation
Co
Ltd
839
5,584
e
Toei
Co
Ltd
724
101,900
Toho
Co
Ltd
3,907
27,300
Tokyo
Broadcasting
System,
Inc
393
129,200
*,e
Tongdao
Liepin
Group
169
374,992
*
Trade
Desk,
Inc
22,841
96,885
*,e
Tremor
International
Ltd
251
234,671
Trinity
Mirror
plc
218
172,395
*
TripAdvisor,
Inc
3,424
3,162
*
TrueCar,
Inc
7
255,232
*,g
Trustpilot
Group
plc
279
15,151
TV
Asahi
Corp
173
480,108
*
TV18
Broadcast
Ltd
168
258,771
*
Ubisoft
Entertainment
6,897
1,690,840
Universal
Music
Group
NV
42,820
292
*,e
Urban
One,
Inc
2
419
*
Urban
One,
Inc
2
10,958
ValueCommerce
Co
Ltd
141
32,335
Vector,
Inc
373
4,280,800
VGI
PCL
492
468,500
*
Vimeo,
Inc
1,794
2,656
*
Vinco
Ventures,
Inc
1
1,677,904
Vivendi
Universal
S.A.
16,966
639
*,e
Vivid
Seats,
Inc
5
2,890,185
*
Walt
Disney
Co
289,394
CREF
Stock
Account
March
31,
2023
113
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
144,300
*
Wanda
Film
Holding
Co
Ltd
$
300
2,023,700
*
Warner
Bros
Discovery,
Inc
30,558
9,693
Webzen,
Inc
127
833,267
*
Weibo
Corp
(ADR)
16,715
17,901
e
WeMade
Entertainment
Co
Ltd
698
1,061,741
*
West
Australian
Newspapers
Holdings
Ltd
296
734
*,e
WideOpenWest,
Inc
8
36,820
e
World
Wrestling
Entertainment,
Inc
(Class
A)
3,360
1,187,803
WPP
plc
14,112
125,723
Wuhu
Shunrong
Sanqi
Interactive
Entertainment
Network
Technology
Co
Ltd
520
26,022
*
Wysiwyg
Studios
Co
Ltd
315
193,400
*
XD,
Inc
662
52,537
*
Yelp,
Inc
1,613
14,469
YG
Entertainment,
Inc
635
218,812
YouGov
plc
2,447
2,423,100
Z
Holdings
Corp
6,871
816,944
ZEE
Telefilms
Ltd
2,113
19,150
Zenrin
Co
Ltd
121
515,613
*
Zhejiang
Century
Huatong
Group
Co
Ltd
452
175,394
*
Ziff
Davis
Inc
13,689
1,665
*
ZipRecruiter,
Inc
27
721,699
*
ZoomInfo
Technologies,
Inc
17,833
TOTAL
MEDIA
&
ENTERTAINMENT
5,811,791
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.5%
77,301
*
10X
Genomics,
Inc
4,313
1,275
*
2seventy
bio,
Inc
13
755,151
g
3SBio,
Inc
752
3,470
*
4D
Molecular
Therapeutics,
Inc
60
33,648
Aarti
Drugs
Ltd
139
15,220
*,e
AB
Science
S.A.
94
3,755,656
AbbVie,
Inc
598,539
471,197
*
Abcam
plc
(ADR)
6,342
7,328
*,e
AbCellera
Biologics,
Inc
55
238,984
*
ABLBio,
Inc
3,930
21,009
*,e
Absci
Corp
37
199,204
*
Acadia
Pharmaceuticals,
Inc
3,749
1,672
*
Aclaris
Therapeutics,
Inc
14
24,725
*,e
Adagio
Therapeutics,
Inc
30
123,724
*
Adaptive
Biotechnologies
Corp
1,093
74,914
Adcock
Ingram
Holdings
Ltd
216
113,209
AddLife
AB
1,028
964
*,e
Adicet
Bio,
Inc
6
350,000
Adimmune
Corp
454
2,564,291
*
ADMA
Biologics,
Inc
8,488
1,918
*
Aerovate
Therapeutics,
Inc
39
119,421
*
Agenus,
Inc
182
343,935
Agilent
Technologies,
Inc
47,580
1,856
*
Agios
Pharmaceuticals,
Inc
43
39,343
Ajanta
Pharma
Ltd
579
1,601
*
Akero
Therapeutics,
Inc
61
1,333,000
*,e,g
Akeso,
Inc
6,883
1,334
*
Alector,
Inc
8
64,664
Alembic
Pharmaceuticals
Ltd
391
125,443
*
ALK-Abello
A.S.
1,946
546,712
*
Alkermes
plc
15,412
611,213
e
Alliance
Pharma
plc
520
2,713
*,e
Allogene
Therapeutics,
Inc
13
1,065
*,e
Allovir,
Inc
4
67,822
Almirall
S.A.
632
220,609
*
Alnylam
Pharmaceuticals,
Inc
44,192
CREF
Stock
Account
March
31,
2023
114
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
5,293
*,e
Alpha
Teknova,
Inc
$
16
377,000
*,e,g
Alphamab
Oncology
632
292
*,e
Alpine
Immune
Sciences,
Inc
2
34,899
*
Alteogen,
Inc
1,074
1,992,137
*,e
Altimmune,
Inc
8,407
736
*,e
ALX
Oncology
Holdings,
Inc
3
653,179
Amgen,
Inc
157,906
14,401
*
Amicus
Therapeutics,
Inc
160
16,748
*
Amneal
Pharmaceuticals,
Inc
23
784
*
Amphastar
Pharmaceuticals,
Inc
29
339,413
*,e
Amylyx
Pharmaceuticals,
Inc
9,958
689
*,e
AnaptysBio,
Inc
15
429
*
ANI
Pharmaceuticals,
Inc
17
78,276
*
Anika
Therapeutics,
Inc
2,248
361,500
*,g
Antengene
Corp
Ltd
134
64,788
*,e
Apellis
Pharmaceuticals,
Inc
4,273
32,971
Apeloa
Pharmaceutical
Co
Ltd
102
1,701
*,e
Arbutus
Biopharma
Corp
5
172
*,e
Arcellx,
Inc
5
1,504
*
Arcturus
Therapeutics
Holdings,
Inc
36
1,749
*
Arcus
Biosciences,
Inc
32
53,148
*
Argenx
SE
19,737
1,123
*
Argenx
SE
415
5,048
*
Arrowhead
Pharmaceuticals
Inc
128
1,069
*
Arvinas,
Inc
29
143,000
*,e,g
Ascentage
Pharma
Group
International
406
444,000
*,e,g
Ascletis
Pharma,
Inc
141
314,640
Aspen
Pharmacare
Holdings
Ltd
3,253
1,193,920
Astellas
Pharma,
Inc
16,962
11,301
AstraZeneca
Pharma
India
Ltd
448
3,282,438
AstraZeneca
plc
454,796
1,781,818
AstraZeneca
plc
(ADR)
123,676
7,662
Asymchem
Laboratories
Tianjin
Co
Ltd
149
724,681
*
Atara
Biotherapeutics,
Inc
2,102
2,598
*
Atea
Pharmaceuticals,
Inc
9
1,190
*
Athira
Pharma,
Inc
3
1,106,423
*,e
Aurinia
Pharmaceuticals,
Inc
12,126
118,390
Aurobindo
Pharma
Ltd
748
346,205
*,e
Aurora
Cannabis,
Inc
241
1,269,661
*
Avantor,
Inc
26,841
2,155
*
Avid
Bioservices,
Inc
40
1,664
*
Avidity
Biosciences,
Inc
26
1,795
*,e
Axsome
Therapeutics,
Inc
111
34,134
e
Bachem
Holding
AG.
3,433
11,130
*,e
Basilea
Pharmaceutica
610
279,007
*
Bausch
Health
Cos,
Inc
2,261
68,277
*
Bavarian
Nordic
AS
1,967
4,023,623
Bayer
AG.
257,036
2,136
*,e
Beam
Therapeutics,
Inc
65
303,900
*
BeiGene
Ltd
5,058
13,200
*
BeiGene
Ltd
(ADR)
2,845
205,000
e
Beijing
Tong
Ren
Tang
Chinese
Medicine
Co
Ltd
352
40,600
Beijing
Tongrentang
Co
Ltd
326
31,775
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co
Ltd
537
71,254
*
BELLUS
Health,
Inc
512
18,067
*
Berkeley
Lights,
Inc
21
13,061
Betta
Pharmaceuticals
Co
Ltd
112
12,220
BGI
Genomics
Co
Ltd
123
31,750
*,g
BioArctic
AB
771
398,114
Biocon
Ltd
1,001
128,047
*
BioCryst
Pharmaceuticals,
Inc
1,068
CREF
Stock
Account
March
31,
2023
115
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
133,925
BioGaia
AB
$
1,183
137,337
*
Biogen,
Inc
38,184
688
*
Biohaven
Ltd
9
228,252
*
BioMarin
Pharmaceutical,
Inc
22,195
30,396
*,e
Bionano
Genomics,
Inc
34
19,907
*
Bioneer
Corp
669
152,347
BioNTech
SE
(ADR)
18,978
31,210
*
Bio-Rad
Laboratories,
Inc
(Class
A)
14,950
66,618
Biotage
AB
850
132,572
Bio-Techne
Corp
9,836
657
*,e
Bioxcel
Therapeutics
Inc
12
306,000
Blau
Farmaceutica
S.A.
1,455
25,748
Bloomage
Biotechnology
Corp
Ltd
425
2,447
*
Bluebird
Bio,
Inc
8
2,033
*
Blueprint
Medicines
Corp
91
5,035
Boiron
S.A.
217
52,520
*,g
BoneSupport
Holding
AB
422
32,000
Bora
Pharmaceuticals
Co
Ltd
778
160,697
Boryung
Pharmaceutical
Co
Ltd
1,079
200,896
*
Bridgebio
Pharma,
Inc
3,331
164,000
*,e
Brii
Biosciences
Ltd
90
4,566,072
Bristol-Myers
Squibb
Co
316,474
56,641
*
Brooks
Automation,
Inc
2,527
91,152
Bruker
BioSciences
Corp
7,186
57,634
Bukwang
Pharmaceutical
Co
Ltd
356
1,438
*
C4
Therapeutics,
Inc
5
34,483
*,e
Calliditas
Therapeutics
AB
418
57,690
*
Camurus
AB
1,222
290,259
*,e
Canopy
Growth
Corp
(Toronto)
509
56,811
Caplin
Point
Laboratories
Ltd
413
1,531
*
Cara
Therapeutics,
Inc
8
1,036
*
CareDx,
Inc
9
2,619
Caregen
Co
Ltd
395
1,842
*,e
Caribou
Biosciences,
Inc
10
72,000
*,e,g
CARsgen
Therapeutics
Holdings
Ltd
117
1,835
*,e
Cassava
Sciences,
Inc
44
306,444
*
Catalent,
Inc
20,136
5,725
*
Catalyst
Pharmaceuticals,
Inc
95
3,287
*
Celldex
Therapeutics,
Inc
118
28,469
*,†
Cellivery
Therapeutics,
Inc
73
7,500
*,e
CellSource
Co
Ltd
177
7,849
*
Celltrion
Pharm
Inc
503
96,368
Celltrion,
Inc
11,139
24,199
*,e
Celularity,
Inc
15
428,947
Center
Laboratories,
Inc
652
682
*,e
Century
Therapeutics,
Inc
2
2,096
*,e
Cerevel
Therapeutics
Holdings,
Inc
51
11,714
Changchun
High
&
New
Technology
Industry
Group,
Inc
279
39,289
*
Charles
River
Laboratories
International,
Inc
7,929
16,640
*
Chemometec
A.S.
957
482,094
*,e
Chimerix,
Inc
607
3,779,000
China
Grand
Pharmaceutical
and
Healthcare
Holdings
Ltd
2,166
1,027,660
China
Medical
System
Holdings
Ltd
1,621
1,528,500
g
China
Resources
Pharmaceutical
Group
Ltd
1,209
188,420
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co
Ltd
1,575
663,000
China
Shineway
Pharmaceutical
Group
Ltd
624
197,334
*
Chinook
Therapeutics,
Inc
4,568
18,432
Chong
Kun
Dang
Pharmaceutical
Corp
1,100
44,780
Chongqing
Zhifei
Biological
Products
Co
Ltd
535
14,617
Choongwae
Pharma
Corp
234
503,100
Chugai
Pharmaceutical
Co
Ltd
12,423
CREF
Stock
Account
March
31,
2023
116
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
239,381
Cipla
Ltd
$
2,627
3,266,000
e
CK
Life
Sciences
International
Holdings,
Inc
317
39,904
e
Clinuvel
Pharmaceuticals
Ltd
519
857,480
*
Codexis,
Inc
3,550
2,179
*
Cogent
Biosciences,
Inc
24
16,811
*
Collegium
Pharmaceutical,
Inc
403
326,689
*,e
Columbia
Care,
Inc
172
3,251
*,e
Corcept
Therapeutics,
Inc
70
8,108
e
COSMO
Pharmaceuticals
NV
503
1,540
*
Crinetics
Pharmaceuticals,
Inc
25
189,422
*,e
Cronos
Group,
Inc
364
1,317
*
CryoPort,
Inc
32
396,158
CSL
Ltd
76,724
32,992,054
CSPC
Pharmaceutical
Group
Ltd
32,343
637,500
*,e,g
CStone
Pharmaceuticals
289
2,541
*,e
CTI
BioPharma
Corp
11
1,015
*,e
Cullinan
Oncology,
Inc
10
106,607
*
CureVac
NV
743
252,063
*
Cytek
Biosciences,
Inc
2,316
82,032
*
Cytokinetics,
Inc
2,887
35,971
Da
An
Gene
Co
Ltd
of
Sun
Yat-Sen
University
84
91,794
Daewoong
Co
Ltd
1,073
4,381
Daewoong
Pharmaceutical
Co
Ltd
355
5,006,600
Daiichi
Sankyo
Co
Ltd
182,629
888,772
Danaher
Corp
224,006
33,825
*,e
Day
One
Biopharmaceuticals,
Inc
452
984,267
Dechra
Pharmaceuticals
plc
32,224
635,397
*
Deciphera
Pharmaceuticals,
Inc
9,817
3,684
*
Denali
Therapeutics,
Inc
85
17,555
Dermapharm
Holding
SE
722
32,712
*,e
Design
Therapeutics,
Inc
189
2,222
*,e
DICE
Therapeutics,
Inc
64
65,446
Divi
S
Laboratories
Ltd
2,254
6,122
Dong-A
Pharmaceutical
Co
Ltd
400
10,068
Dong-A
ST
Co
Ltd
425
205,271
Dong-E-E-Jiao
Co
Ltd
1,584
27,395
DongKook
Pharmaceutical
Co
Ltd
329
153,716
Dr
Reddy's
Laboratories
Ltd
8,668
182,012
*
Dynavax
Technologies
Corp
1,786
1,097
*
Dyne
Therapeutics,
Inc
13
26,545
*
Eagle
Pharmaceuticals,
Inc
753
1,016
*,e
Edgewise
Therapeutics,
Inc
7
2,363
*,e
Editas
Medicine,
Inc
17
198,000
*
EirGenix,
Inc
759
205,500
Eisai
Co
Ltd
11,672
246,232
*
Elanco
Animal
Health,
Inc
2,315
1,133,170
Eli
Lilly
&
Co
389,153
5,025
*
Emergent
Biosolutions,
Inc
52
595
*
Enanta
Pharmaceuticals,
Inc
24
691
*,e
Enochian
Biosciences
Inc
1
22,722
*,e
EQRx,
Inc
44
184,942
*
Erasca,
Inc
557
37,411
*
Ergomed
plc
469
34,908
g
Eris
Lifesciences
Ltd
243
89,919
*
Euroapi
S.A.
1,026
138,634
e
Eurofins
Scientific
SE
9,283
24,100
Ever
Supreme
Bio
Technology
Co
Ltd
172
139,500
*,e,g
Everest
Medicines
Ltd
274
133,211
*,e
Evolus,
Inc
1,127
136,931
*
Evotec
AG.
2,892
248,333
*
Exact
Sciences
Corp
16,839
747,519
*
Exelixis,
Inc
14,509
CREF
Stock
Account
March
31,
2023
117
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
485
*,e
EyePoint
Pharmaceuticals,
Inc
$
1
706,923
Faes
Farma
S.A.
(Sigma)
2,416
1,771
*
Fate
Therapeutics,
Inc
10
49,876
*
FDC
Ltd
156
173,783
*
FibroGen,
Inc
3,243
1,168
*,e
Fulcrum
Therapeutics,
Inc
3
1,962
*
Galapagos
NV
75
41,717
*
Galapagos
NV
1,598
85,890
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS.
214
56,770
*
GeneOne
Life
Science,
Inc
280
113,980
*
Generation
Bio
Co
490
27,314
*
Genexine
Co
Ltd
261
29,675
*
Genmab
AS
11,217
759,300
e
Genomma
Lab
Internacional
S.A.
de
C.V.
611
589,386
*
Genscript
Biotech
Corp
1,261
96,282
Genus
plc
3,422
354,679
*
Geron
Corp
770
86,189
Gerresheimer
AG.
8,546
2,782,010
Gilead
Sciences,
Inc
230,823
29,482
*,g
Gland
Pharma
Ltd
456
93,846
GlaxoSmithKline
Pharmaceuticals
Ltd
1,514
198,233
Glenmark
Pharmaceuticals
Ltd
1,124
48,101
*,e
GNI
Group
Ltd
379
150,548
Granules
India
Ltd
534
6,448
Green
Cross
Corp
607
23,854
Green
Cross
Holdings
Corp
283
10,614
Green
Cross
LabCell
Corp
341
15,570
*,e
Grifols
S.A.
154
2,966,517
GSK
plc
52,416
46,512
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co
Ltd
224
77,997
H
Lundbeck
A.S.
331
269,581
H
Lundbeck
A.S.
1,247
524,341
*
Halozyme
Therapeutics,
Inc
20,025
36,024
*
Hanall
Biopharma
Co
Ltd
511
8,821
Hangzhou
Tigermed
Consulting
Co
Ltd
-
A
123
60,853
g
Hangzhou
Tigermed
Consulting
Co
Ltd
-
H
573
3,568
Hanmi
Pharm
Co
Ltd
703
573,839
g
Hansoh
Pharmaceutical
Group
Co
Ltd
995
165,328
*,e
Harmony
Biosciences
Holdings,
Inc
5,398
27,195
*
Helixmith
Co
Ltd
194
12,149
*,e
Heron
Therapeutics,
Inc
18
39,992
Hikal
Ltd
137
217,204
Hikma
Pharmaceuticals
plc
4,502
356
*,e
HilleVax,
Inc
6
44,400
Hisamitsu
Pharmaceutical
Co,
Inc
1,270
13,177
HK
inno
N
Corp
347
400,324
*
Horizon
Therapeutics
Plc
43,691
2,548,684
*,†,e
Hua
Han
Health
Industry
Holdings
Ltd
20
787,500
*,g
Hua
Medicine
363
752,620
Hualan
Biological
Engineering,
Inc
2,397
130,300
Hubei
Jumpcan
Pharmaceutical
Co
Ltd
541
7,063
*
Hugel,
Inc
698
221,154
Humanwell
Healthcare
Group
Co
Ltd
862
1,791,000
*,e
HUTCHMED
China
Ltd
4,729
513,144
Hypermarcas
S.A.
3,817
757
*,e
Icosavax,
Inc
4
1,207
*
Ideaya
Biosciences,
Inc
17
110,340
*,e
Idorsia
Ltd
1,213
14,335
*
Il
Dong
Pharmaceutical
Co
Ltd
241
365,114
*
Illumina,
Inc
84,907
33,500
*,e
I-Mab
(ADR)
116
11,600
Imeik
Technology
Development
Co
Ltd
944
CREF
Stock
Account
March
31,
2023
118
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
672
*,e
ImmunityBio,
Inc
$
1
1,482,968
*
Immunogen,
Inc
5,695
3,553
*
Immunovant,
Inc
55
5,515,604
*
Imugene
Ltd
484
106,144
*
Incyte
Corp
7,671
131,536
*
Indivior
plc
2,247
34,969
Indoco
Remedies
Ltd
139
2,728
*,e
Inhibrx,
Inc
52
931,073
*,g
Innovent
Biologics,
Inc
4,176
132,802
*
Innoviva,
Inc
1,494
7,497
*,e
Inovio
Pharmaceuticals,
Inc
6
4,598
*
Insmed,
Inc
78
420,485
*
Intellia
Therapeutics,
Inc
15,671
250,147
*
Intercept
Pharmaceuticals,
Inc
3,359
236,457
*
Intra-Cellular
Therapies,
Inc
12,804
29,121
*,e
Ionis
Pharmaceuticals,
Inc
1,041
822,518
*
Iovance
Biotherapeutics,
Inc
5,026
132,461
Ipca
Laboratories
Ltd
1,308
1,977
Ipsen
218
191,345
*
IQVIA
Holdings,
Inc
38,057
970,766
*
Ironwood
Pharmaceuticals,
Inc
10,212
14,151
*
iTeos
Therapeutics,
Inc
193
360,725
*
IVERIC
bio,
Inc
8,776
163,500
*,g
Jacobio
Pharmaceuticals
Group
Co
Ltd
152
581
*,e
Janux
Therapeutics,
Inc
7
79,562
*
Jazz
Pharmaceuticals
plc
11,642
35,325
JB
Chemicals
&
Pharmaceuticals
Ltd
850
61,144
e
JCR
Pharmaceuticals
Co
Ltd
655
194,111
Jiangsu
Hengrui
Medicine
Co
Ltd
1,209
3,539,170
Johnson
&
Johnson
548,571
549,452
Joincare
Pharmaceutical
Group
Industry
Co
Ltd
1,054
15,112
Joinn
Laboratories
China
Co
Ltd
115
28,012
*
Jounce
Therapeutics,
Inc
52
63,434
Jubilant
Organosys
Ltd
216
40,579
Kaken
Pharmaceutical
Co
Ltd
1,133
20,085,506
Kalbe
Farma
Tbk
PT
2,815
831
*
KalVista
Pharmaceuticals
Inc
7
4,044
*
Kangmei
Pharmaceutical
Co
Ltd
1
20,331
*
Karuna
Therapeutics,
Inc
3,693
397,118
*
Karyopharm
Therapeutics,
Inc
1,545
504
*
Keros
Therapeutics,
Inc
22
148,000
*,g
Keymed
Biosciences,
Inc
1,094
129,621
*
Kezar
Life
Sciences,
Inc
406
37,026
*,e
Kiniksa
Pharmaceuticals
Ltd
398
875
*,e
Kinnate
Biopharma,
Inc
5
294,500
*,e,g
Kintor
Pharmaceutical
Ltd
243
26,700
Kissei
Pharmaceutical
Co
Ltd
533
81,441
*
Knight
Therapeutics,
Inc
265
49,364
*
Kodiak
Sciences,
Inc
306
43,569
*
Komipharm
International
Co
Ltd
227
25,384
*,e
Kronos
Bio,
Inc
37
1,106
*
Krystal
Biotech
Inc
89
106,558
*
Kura
Oncology,
Inc
1,303
3,036
*
Kymera
Therapeutics,
Inc
90
31,381
Kyorin
Co
Ltd
404
80,600
Kyowa
Hakko
Kogyo
Co
Ltd
1,760
17,401
L&C
Bio
Co
Ltd
346
17,819
Laboratorios
Farmaceuticos
Rovi
S.A
744
317,530
g
Laurus
Labs
Ltd
1,134
57,740
*
Legend
Biotech
Corp
(ADR)
2,784
21,400
*
LegoChem
Biosciences,
Inc
611
7,055
*
Lexicon
Pharmaceuticals,
Inc
17
CREF
Stock
Account
March
31,
2023
119
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
13,151
*
Ligand
Pharmaceuticals,
Inc
(Class
B)
$
967
987
*,e
Liquidia
Corp
7
17,317
Livzon
Pharmaceutical
Group,
Inc
94
254,928
Lonza
Group
AG.
153,467
127,000
Lotus
Pharmaceutical
Co
Ltd
1,052
98,307
Lupin
Ltd
777
1,897,000
*,g
Luye
Pharma
Group
Ltd
880
5,890
*,e
Lyell
Immunopharma,
Inc
14
486,548
*
MacroGenics,
Inc
3,489
618
*
Madrigal
Pharmaceuticals,
Inc
150
1,567,729
*,e
MannKind
Corp
6,428
93,052
*
Maravai
LifeSciences
Holdings,
Inc
1,304
2,964
*,e
MaxCyte,
Inc
15
37,514
Mayne
Pharma
Group
Ltd
94
1,242,466
*
Medigen
Vaccine
Biologics
Corp
2,364
59,709
*
Medpace
Holdings,
Inc
11,228
10,925
*
MedPacto,
Inc
163
28,817
Medy-Tox,
Inc
4,938
923,000
Mega
Lifesciences
PCL
1,127
956
*
MeiraGTx
Holdings
plc
5
4,950,714
Merck
&
Co,
Inc
526,706
427,923
Merck
KGaA
79,780
14,155
Merck
Ltd
807
2,984
*
Mersana
Therapeutics,
Inc
12
705,560
*,e
Mesoblast
Ltd
450
29,902
*
Mettler-Toledo
International,
Inc
45,756
3,843
*,e
MiMedx
Group,
Inc
13
35,192
*
Mirati
Therapeutics,
Inc
1,308
20,175
Mochida
Pharmaceutical
Co
Ltd
510
248,981
*
Moderna,
Inc
38,239
979
*,e
Monte
Rosa
Therapeutics,
Inc
8
47,762
*
Morphic
Holding,
Inc
1,798
32,316
*,e
Morphosys
AG.
513
2,723
*
Myriad
Genetics,
Inc
63
39,033
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co
Ltd
93
60,875
*
NanoString
Technologies,
Inc
603
85,933
Natco
Pharma
Ltd
590
84,271
*
Natera,
Inc
4,679
46,059
*
Naturecell
Co
Ltd
644
1,609
*,e
Nautilus
Biotechnology,
Inc
4
6,188
*
Nektar
Therapeutics
4
5,131
*
NeoGenomics,
Inc
89
98,715
*
Neuren
Pharmaceuticals
Ltd
894
56,444
*
Neurocrine
Biosciences,
Inc
5,713
219,922
*,e
NGM
Biopharmaceuticals
Inc
897
21,200
Nippon
Shinyaku
Co
Ltd
935
1,106
*,e
Nkarta,
Inc
4
27,759
*
NKMax
Co
Ltd
224
2,940,174
Novartis
AG.
269,962
18,183
*,e
Novavax,
Inc
126
3,536,105
Novo
Nordisk
AS
561,609
232,350
Novo
Nordisk
AS
(ADR)
36,976
1,510
*
Nurix
Therapeutics,
Inc
13
1,890
*,e
Nuvalent,
Inc
49
93,476
*
Nuvation
Bio,
Inc
155
134,452
*
OBI
Pharma,
Inc
361
16,796
*,e
Ocugen,
Inc
14
253,500
*,e,g
Ocumension
Therapeutics
323
59,018
*,e
OmniAb,
Inc
217
3,120
*,†
OmniAb,
Inc
0
3,120
*,†
OmniAb,
Inc
0
222,000
*
Oneness
Biotech
Co
Ltd
1,955
CREF
Stock
Account
March
31,
2023
120
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
126,600
Ono
Pharmaceutical
Co
Ltd
$
2,638
305,448
*,e
Organigram
Holdings,
Inc
194
1,318
*
Organogenesis
Holdings
Inc
3
139,427
Organon
&
Co
3,279
25,864
*
Oscotec,
Inc
362
116,600
Otsuka
Holdings
KK
3,702
80,936
*
Oxford
Biomedica
plc
434
317,007
*
Oxford
Nanopore
Technologies
plc
869
10,895
*
Pacific
Biosciences
of
California,
Inc
126
944
*
Pacira
BioSciences
Inc
39
424,930
*
Paion
AG.
324
962
*,e
Pardes
Biosciences,
Inc
1
11,830
*,e
PepGen,
Inc
145
93,300
*
PeptiDream,
Inc
1,335
102,325
PerkinElmer,
Inc
13,636
21,435
Perrigo
Co
plc
769
5,228,716
Pfizer,
Inc
213,332
12,600
e
Pharma
Foods
International
Co
Ltd
135
61,598
e
Pharma
Mar
S.A.
2,955
6,196
PHARMA
RESEARCH
PRODUCTS
Co
Ltd
335
76,000
PharmaEngine
Inc
270
725,000
*
PharmaEssentia
Corp
10,203
69,951
*,†
Pharmally
International
Holding
Co
Ltd
0^
33,750
Pharmaron
Beijing
Co
Ltd
-
A
241
95,223
g
Pharmaron
Beijing
Co
Ltd
-
H
399
64,159
*
Pharmicell
Co
Ltd
453
620,719
*,e
Pharming
Group
NV
828
113,573
Phibro
Animal
Health
Corp
1,740
15,273,420
*
Piramal
Pharma
Ltd
12,757
1,253
*
PMV
Pharmaceuticals,
Inc
6
143,279
*,e
Point
Biopharma
Global,
Inc
1,042
241,000
*
Polaris
Group
770
12,923
e,g
PolyPeptide
Group
AG.
262
29,100
Porton
Pharma
Solutions
Ltd
157
841
*,e
Praxis
Precision
Medicines,
Inc
1
195,533
*,e
Precigen,
Inc
207
108,800
*
Prestige
Consumer
Healthcare,
Inc.
6,814
27,414
*
Prometheus
Biosciences,
Inc
2,942
250,529
*
Protagonist
Therapeutics,
Inc
5,762
148,768
*
Prothena
Corp
plc
7,211
3,193
*,e
Provention
Bio,
Inc
77
3,541
*
PTC
Therapeutics,
Inc
172
415,400
*
QIAGEN
NV
18,920
341,297
*
QIAGEN
NV
15,676
2,513
*
Quanterix
Corp
28
26,713
*,e
Quantum-Si,
Inc
47
4,801
*
Rallybio
Corp
27
277
*
RAPT
Therapeutics,
Inc
5
768
*
Reata
Pharmaceuticals,
Inc
70
2,881
*,e
Recursion
Pharmaceuticals,
Inc
19
94,641
*
Regeneron
Pharmaceuticals,
Inc
77,764
1,364
*
REGENXBIO,
Inc
26
1,612
*
Relay
Therapeutics,
Inc
27
8,710
*,e
Relmada
Therapeutics,
Inc
20
47,074
*
Repligen
Corp
7,925
1,366
*
Replimune
Group,
Inc
24
3,879
*
Revance
Therapeutics,
Inc
125
4,083
*
REVOLUTION
Medicines,
Inc
88
61,404
Richter
Gedeon
Rt
1,282
295,270
*
Rigel
Pharmaceuticals,
Inc
390
700,279
Roche
Holding
AG.
200,099
3,964
*
Rocket
Pharmaceuticals,
Inc
68
CREF
Stock
Account
March
31,
2023
121
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
302,687
Royalty
Pharma
plc
$
10,906
1,770
*
Sage
Therapeutics,
Inc
74
15,014
*
Sam
Chun
Dang
Pharm
Co
Ltd
936
20,190
*,g
Samsung
Biologics
Co
Ltd
12,238
14,689
*,e
Sana
Biotechnology,
Inc
48
38,824
*,e
SanBio
Co
Ltd
201
804,362
*
Sangamo
Therapeutics
Inc
1,416
8,296
Sanofi
India
Ltd
579
2,505,926
Sanofi-Aventis
271,840
1,267,870
Sanofi-Aventis
S.A.
(ADR)
68,998
332,300
Santen
Pharmaceutical
Co
Ltd
2,839
232,139
*
Sarepta
Therapeutics,
Inc
31,996
55,553
Sartorius
Stedim
Biotech
17,043
46,649
Saudi
Pharmaceutical
Industries
&
Medical
Appliances
Corp
296
36,317
Sawai
Group
Holdings
Co
Ltd
1,002
279,000
Scinopharm
Taiwan
Ltd
239
117,165
*
Seagen,
Inc
23,722
34,144
Seegene,
Inc
654
9,192
*
Seer,
Inc
36
1,464
*
Seres
Therapeutics,
Inc
8
14,713
Shandong
Buchang
Pharmaceuticals
Co
Ltd
42
60,988
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
A
288
258,929
e
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
H
736
526,700
Shanghai
Haixin
Group
Co
161
16,100
g
Shanghai
Haohai
Biological
Technology
Co
Ltd
85
14,500
*,g
Shanghai
Henlius
Biotech,
Inc
21
30,584
*
Shanghai
Junshi
Biosciences
Co
Ltd
214
5,252
Shanghai
Medicilon,
Inc
119
915,737
Shanghai
RAAS
Blood
Products
Co
Ltd
857
19,068
Shenzhen
Kangtai
Biological
Products
Co
Ltd
88
28,925
Shenzhen
Salubris
Pharmaceuticals
Co
Ltd
149
45,207
Shijiazhuang
Yiling
Pharmaceutical
Co
Ltd
191
17,800
Shin
Nippon
Biomedical
Laboratories
Ltd
370
30,396
Shin
Poong
Pharmaceutical
Co
Ltd
422
87,200
Shionogi
&
Co
Ltd
3,933
1,048,598
Sichuan
Kelun
Pharmaceutical
Co
Ltd
4,343
3,823
Siegfried
Holding
AG.
2,813
11,763,000
e
Sihuan
Pharmaceutical
Holdings
1,187
74,791
*
SillaJen,
Inc
316
21,358
*,e
Singular
Genomics
Systems,
Inc
26
6,966,236
Sino
Biopharmaceutical
3,905
14,445
*
SK
Biopharmaceuticals
Co
Ltd
704
20,431
*,e
SK
Bioscience
Co
Ltd
1,137
8,448
e
SKAN
Group
AG.
773
4,446
*
SomaLogic,
Inc
11
65,629
*,†,e
Sorrento
Therapeutics,
Inc
494
429,308
*,e
Sosei
Group
7,363
84,529
*
Sotera
Health
Co
1,514
952
*
SpringWorks
Therapeutics,
Inc
25
1,400,000
SSY
Group
Ltd
844
9,879
ST
Pharm
Co
Ltd
564
763
*
Stoke
Therapeutics,
Inc
6
66,177
*
Strides
Arcolab
Ltd
231
638,900
e
Sumitomo
Dainippon
Pharma
Co
Ltd
3,915
90,296
*
Sun
Pharma
Advanced
Research
Company
Ltd
198
1,620,623
Sun
Pharmaceutical
Industries
Ltd
19,419
209,442
*
Supernus
Pharmaceuticals,
Inc
7,588
47,094
*
Sutro
Biopharma,
Inc
218
116,385
Suven
Pharmaceuticals
Ltd
669
97,060
e
SwedenCare
AB
239
1,345
*
Syndax
Pharmaceuticals,
Inc
28
CREF
Stock
Account
March
31,
2023
122
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
125,937
*
Syneos
Health,
Inc
$
4,486
118,345
g
Syngene
International
Ltd
858
243,000
Synmosa
Biopharma
Corp
366
374,000
*
Taigen
Biopharmaceuticals
Holdings
Ltd
184
155,000
*
TaiMed
Biologics,
Inc
468
81,600
Taisho
Pharmaceutical
Holdings
Co
Ltd
3,402
266,633
Takara
Bio,
Inc
3,498
2,001,400
Takeda
Pharmaceutical
Co
Ltd
65,733
1,587
*,e
Tango
Therapeutics,
Inc
6
21,682
*
Tanvex
BioPharma,
Inc
57
6,702
*
Taro
Pharmaceutical
Industries
Ltd
163
18,858
*
Tarsons
Products
Ltd
122
619
*,e
Tarsus
Pharmaceuticals,
Inc
8
12,274
Tecan
Group
AG.
5,377
211,974
*
Telix
Pharmaceuticals
Ltd
987
20,407
*,e
Tenaya
Therapeutics,
Inc
58
8,700
*
Teva
Pharmaceutical
Industries
Ltd
(ADR)
77
151,672
*
TG
Therapeutics,
Inc
2,281
218
*,e
Theravance
Biopharma,
Inc
2
399,071
Thermo
Fisher
Scientific,
Inc
230,013
580
*,e
Theseus
Pharmaceuticals,
Inc
5
659,000
Tong
Ren
Tang
Technologies
Co
Ltd
579
44,665
Torii
Pharmaceutical
Co
Ltd
1,074
97,666
Torrent
Pharmaceuticals
Ltd
1,829
22,813
Towa
Pharmaceutical
Co
Ltd
327
1,292
*
Travere
Therapeutics,
Inc
29
51,400
Tsumura
&
Co
1,022
715,000
TTY
Biopharm
Co
Ltd
1,791
2,100
*
Twist
Bioscience
Corp
32
199
*,e
Tyra
Biosciences,
Inc
3
55,501
*
Ultragenyx
Pharmaceutical,
Inc
2,226
1,199,562
United
Laboratories
Ltd
833
163,320
*
United
Therapeutics
Corp
36,577
410,429
*
Vaccibody
AS.
857
102,517
*,e
Valneva
SE
539
52,934
*
Vanda
Pharmaceuticals,
Inc
359
1,246,881
*,e
Vaxart
Inc
944
10,397
*
Vaxcell-Bio
Therapeutics
Co
Ltd
312
3,792
*
Vaxcyte,
Inc
142
6,774
*,e
VBI
Vaccines,
Inc
2
97,204
*,e
Ventyx
Biosciences,
Inc
3,256
323,997
*
Veracyte,
Inc
7,225
980
*
Vericel
Corp
29
288,359
*
Vertex
Pharmaceuticals,
Inc
90,853
1,317
*,e
Verve
Therapeutics,
Inc
19
665,520
Viatris,
Inc
6,402
119,717
*
Vir
Biotechnology,
Inc
2,786
3,953
Virbac
S.A.
1,270
196,013
*,e
Viridian
Therapeutics,
Inc
4,987
193,226
e
Vitrolife
AB
4,018
855,500
*,e,g
Viva
Biotech
Holdings
163
38,628
Walvax
Biotechnology
Co
Ltd
194
86,829
*
Waters
Corp
26,885
30,007
West
Pharmaceutical
Services,
Inc
10,397
2,924,404
Winteam
Pharmaceutical
Group
Ltd
1,532
57,541
*
Wockhardt
Ltd
108
78,458
WuXi
AppTec
Co
Ltd
-
A
907
611,837
g
WuXi
AppTec
Co
Ltd
-
H
6,408
2,152,000
*,g
Wuxi
Biologics
Cayman,
Inc
13,261
1,949
*
Xencor,
Inc
54
316,800
*,e,g
YiChang
HEC
ChangJiang
Pharmaceutical
Co
Ltd
302
CREF
Stock
Account
March
31,
2023
123
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
236,585
*
Y-mAbs
Therapeutics,
Inc
$
1,185
26,140
Yuhan
Corp
1,018
100,882
*
Yungjin
Pharmaceutical
Co
Ltd
229
182,000
YungShin
Global
Holding
Corp
263
63,807
Yunnan
Baiyao
Group
Co
Ltd
508
43,717
*
Zai
Lab
Ltd
(ADR)
1,454
251,785
*
Zealand
Pharma
AS
7,888
1,321
*
Zentalis
Pharmaceuticals,
Inc
23
19,600
Zeria
Pharmaceutical
Co
Ltd
333
18,201
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd
753
35,458
Zhejiang
Huahai
Pharmaceutical
Co
Ltd
104
10,800
Zhejiang
Jiuzhou
Pharmaceutical
Co
Ltd
52
105,199
Zhejiang
NHU
Co
Ltd
275
9,567
Zhejiang
Wolwo
Bio-Pharmaceutical
Co
Ltd
66
1,040,844
Zoetis,
Inc
173,238
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
8,278,185
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.5%
94,800
Aeon
Mall
Co
Ltd
1,244
2,750
*
AFI
Properties
Ltd
72
7,116
Africa
Israel
Residences
Ltd
281
1,412,000
e
Agile
Property
Holdings
Ltd
314
60,632
*
Airport
City
Ltd
803
3,728,920
Aldar
Properties
PJSC
4,729
410,742
Aliansce
Sonae
Shopping
Centers
sa
1,426
695,250
g
A-Living
Services
Co
Ltd
603
14,266
Allreal
Holding
AG.
2,408
154,730
Alony
Hetz
Properties
&
Investments
Ltd
1,215
42,843
Altus
Group
Ltd
1,819
796,800
Amata
Corp
PCL
(Foreign)
530
215,425
Amot
Investments
Ltd
1,093
247,610
e
Aroundtown
S.A.
354
69,199
Arriyadh
Development
Co
338
948,700
Ascendas
India
Trust
779
2,291,700
Asian
Property
Development
PCL
(Foreign)
798
41,973
e
Atrium
Ljungberg
AB
686
6,882,508
Ayala
Land,
Inc
3,373
10,549,900
Bangkok
Land
PCL
303
2,007,108
Barwa
Real
Estate
Co
1,441
11,027
*
Big
Shopping
Centers
Ltd
915
5,522
Blue
Square
Real
Estate
Ltd
301
3,100
BR
Properties
S.A.
143
114,684
Brigade
Enterprises
Ltd
664
7,785,300
*
Bumi
Serpong
Damai
Tbk
PT
510
628,000
e
C&D
International
Investment
Group
Ltd
2,062
466,000
e
C&D
Property
Management
Group
Co
Ltd
299
37,840
CA
Immobilien
Anlagen
AG.
1,017
2,236,844
Capitaland
Investment
Ltd
6,206
248,909
e
Castellum
AB
2,896
32,299
Catena
AB
1,202
490,000
Cathay
Real
Estate
Development
Co
Ltd
276
306,177
*
CBRE
Group,
Inc
22,293
462,750
Cencosud
Shopping
S.A.
745
392,000
Central
China
New
Life
Ltd
135
1,936,482
Central
Pattana
PCL
3,900
1,221,000
*,†,e
China
Aoyuan
Group
Ltd
138
1,833,156
China
Jinmao
Holdings
Group
Ltd
357
454,927
China
Merchants
Shekou
Industrial
Zone
Holdings
Co
Ltd
899
1,134,000
China
Overseas
Grand
Oceans
Group
Ltd
497
3,126,786
China
Overseas
Land
&
Investment
Ltd
7,543
CREF
Stock
Account
March
31,
2023
124
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
430,119
China
Overseas
Property
Holdings
Ltd
$
525
3,056,602
China
Resources
Land
Ltd
13,919
696,200
g
China
Resources
Mixc
Lifestyle
Services
Ltd
3,660
1,761,000
e
China
SCE
Group
Holdings
Ltd
164
5,560,000
e
China
South
City
Holdings
Ltd
368
1,831,438
China
Vanke
Co
Ltd
2,890
585,119
China
Vanke
Co
Ltd
(Class
A)
1,293
547,000
Chinese
Estates
Holdings
Ltd
172
149,000
Chong
Hong
Construction
Co
384
48,743
e
Cibus
Nordic
Real
Estate
AB
509
683,507
City
Developments
Ltd
3,793
74,705
e
Citycon
Oyj
511
1,548,817
CK
Asset
Holdings
Ltd
9,390
32,317
e
Colliers
International
Group,
Inc
3,411
374,000
*,†,e
Colour
Life
Services
Group
22
1,635,882
Commercial
Real
Estate
Co
KSC
536
429
*
Compass,
Inc
1
627,392
e
Corem
Property
Group
AB
438
595,100
e
Corp
Inmobiliaria
Vesta
SAB
de
C.V.
1,870
1,768,000
*,e
Cosmopolitan
International
Holdings
Ltd
322
11,827,898
e
Country
Garden
Holdings
Co
Ltd
3,321
2,082,400
Country
Garden
Services
Holdings
Co
Ltd
3,590
3,192
*
Cushman
&
Wakefield
plc
34
61,014
Daito
Trust
Construction
Co
Ltd
6,079
555,300
Daiwa
House
Industry
Co
Ltd
13,084
276,896
*
Dar
Al
Arkan
Real
Estate
Development
Co
1,189
405,000
Delpha
Construction
Co
Ltd
244
373,734
e
Deutsche
Annington
Immobilien
SE
7,039
14,583
Deutsche
Euroshop
AG.
305
35,771
DIC
Asset
AG.
307
2,750
e
DigitalBridge
Group,
Inc
33
78,137
Dios
Fastigheter
AB
519
604,675
DLF
Ltd
2,635
4,242
*,e
Doma
Holdings,
Inc
2
1,404
e
Douglas
Elliman,
Inc
4
19,086
e
DREAM
Unlimited
Corp
334
17,877
Electra
Real
Estate
Ltd
159
213,402
*
Emaar
Economic
City
459
6,370,059
Emaar
Properties
PJSC
9,733
60,459
g
Entra
ASA
585
7,031,100
g
ESR
Cayman
Ltd
12,609
916,000
†,e
Ever
Sunshine
Lifestyle
Services
Group
Ltd
178
688,000
e
Excellence
Commercial
Property
&
Facilities
Management
Group
Ltd
259
137,044
e
eXp
World
Holdings
Inc
1,739
263,187
e
Fabege
AB
2,019
1,397,995
Far
East
Consortium
344
222,000
Farglory
Land
Development
Co
Ltd
414
821,923
*
Fastighets
AB
Balder
3,377
36,571
FirstService
Corp
5,153
445
*
Forestar
Group,
Inc
7
1,130,716
Fortress
REIT
Ltd
288
1,279,547
Fortress
REIT
Ltd
(Class
A)
834
227
*
FRP
Holdings,
Inc
13
119,532
Gazit
Globe
Ltd
397
309,764
Gemdale
Corp
377
7,170,000
Gemdale
Properties
and
Investment
Corp
Ltd
492
104,276
*
Godrej
Properties
Ltd
1,313
7,880
e
Goldcrest
Co
Ltd
102
698,169
Grainger
plc
2,007
94,042
Grand
City
Properties
S.A.
669
833,822
Greentown
China
Holdings
Ltd
1,079
CREF
Stock
Account
March
31,
2023
125
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,480,379
e
Greentown
Service
Group
Co
Ltd
$
934
1,938,400
e
Guangzhou
R&F
Properties
Co
Ltd
417
1,686,442
Hang
Lung
Group
Ltd
2,978
3,034,318
Hang
Lung
Properties
Ltd
5,678
199,000
Hangzhou
Binjiang
Real
Estate
Group
Co
Ltd
264
30,522
Heiwa
Real
Estate
Co
Ltd
874
95,456
Helical
Bar
plc
353
368,201
Heliopolis
Housing
107
1,341,899
Henderson
Land
Development
Co
Ltd
4,643
938,065
Highwealth
Construction
Corp
1,269
1,030,645
Hongkong
Land
Holdings
Ltd
4,534
837,801
Hopson
Development
Holdings
Ltd
766
29,993
*
Howard
Hughes
Corp
2,399
289,000
Huaku
Development
Co
Ltd
883
104,607
Hufvudstaden
AB
(Series
A)
1,419
1,530,500
Hulic
Co
Ltd
12,589
574,696
Hysan
Development
Co
Ltd
1,634
232,425
Ichigo
Holdings
Co
Ltd
487
278,400
Iguatemi
S.A.
133
204,800
Iguatemi
S.A.
779
5,630
e
Immobel
S.A.
293
30,280
*
IMMOFINANZ
AG.
425
342,940
*
Indiabulls
Real
Estate
Ltd
205
569,548
Industrial
Buildings
Corp
1,576
40,586
g
Instone
Real
Estate
Group
AG.
344
988
Intershop
Holding
AG.
719
1,332,500
IOI
Properties
Group
BHD
333
96,359
Israel
Canada
T.R
Ltd
176
18,480
Israel
Land
Development
Co
Ltd
153
1,424
Isras
Investment
Co
Ltd
235
721,980
*
IWG
plc
1,466
404,600
JHSF
Participacoes
S.A.
295
1,596,750
*,†
Jiangsu
Future
Land
Co
Ltd
16
913,100
e
Jinke
Smart
Services
Group
Co
Ltd
1,394
28,725
*
Jones
Lang
LaSalle,
Inc
4,179
1,057,329
K
Wah
International
Holdings
Ltd
376
2,718,000
*,e
Kaisa
Group
Holdings
Ltd
114
52,052
Katitas
Co
Ltd
1,019
1,234,680
*
KE
Holdings,
Inc
(ADR)
23,261
20,900
Keihanshin
Building
Co
Ltd
189
3,215
e
Kennedy-Wilson
Holdings,
Inc
53
537,000
Kerry
Properties
Ltd
1,371
66,116
*,e
K-fast
Holding
AB
130
450,800
Kindom
Construction
Co
445
130,819
e
Kojamo
Oyj
1,540
1,499,000
*,e
KWG
Group
Holdings
Ltd
238
78,938
*
Lamda
Development
S.A.
500
8,353,377
Land
and
Houses
PCL
Co
Reg
2,408
7,753
LEG
Immobilien
AG.
426
588,837
Lend
Lease
Corp
Ltd
2,866
135,443
*
Leopalace21
Corp
366
92,824
e
Lifestyle
Communities
Ltd
995
35,003,300
*
Lippo
Karawaci
Tbk
PT
215
49,100
LOG
Commercial
Properties
e
Participacoes
S.A.
153
1,800,093
g
Longfor
Properties
Co
Ltd
5,077
609,762
Mabanee
Co
KPSC
1,451
88,733
Mahindra
Lifespace
Developers
Ltd
381
35,779
*,†,e
Mapeley
Ltd
0^
41,073
Marcus
&
Millichap,
Inc
1,319
790,500
Matrix
Concepts
Holdings
BHD
260
833,100
MBK
PCL
396
CREF
Stock
Account
March
31,
2023
126
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
22,598
Mega
Or
Holdings
Ltd
$
487
10,158,000
Megaworld
Corp
374
22,655
Melisron
Ltd
1,424
310,000
g
Midea
Real
Estate
Holding
Ltd
379
1,161,018
Mitsubishi
Estate
Co
Ltd
13,810
860,133
Mitsui
Fudosan
Co
Ltd
16,157
7,006
e
Mobimo
Holding
AG.
1,827
11,526
Morguard
Corp
885
277,500
Multiplan
Empreendimentos
Imobiliarios
S.A.
1,349
1,119,155
*
National
Real
Estate
Co
KPSC
310
449,111
NEPI
Rockcastle
NV
2,606
21,640
NESCO
Ltd
137
1,415,688
New
World
Development
Co
Ltd
3,795
4,658
Newmark
Group,
Inc
33
40,493
Nexity
1,017
109,400
Nomura
Real
Estate
Holdings,
Inc
2,422
23,923
e
NP3
Fastigheter
AB
432
243,736
Nyfosa
AB
1,697
117,555
Oberoi
Realty
Ltd
1,209
377,458
*,e
Opendoor
Technologies,
Inc
664
1,126,700
Origin
Property
PCL
383
16,118,400
Pakuwon
Jati
Tbk
PT
488
89,749
*
Pandox
AB
1,120
475,445
Parque
Arauco
S.A.
676
41,309
Patrizia
Immobilien
AG.
431
5,050
e
Peach
Property
Group
AG.
68
161,344
*
PEXA
Group
Ltd
1,464
93,891
Phoenix
Mills
Ltd
1,490
50,802
Platzer
Fastigheter
Holding
AB
394
346,146
Plaza
S.A.
455
1,773,000
Poly
Hong
Kong
Investment
Ltd
390
699,462
Poly
Real
Estate
Group
Co
Ltd
1,436
1,453,000
e
Powerlong
Real
Estate
Holdings
Ltd
250
4,327
Prashkovsky
Investments
and
Construction
Ltd
94
134,583
Prestige
Estates
Projects
Ltd
662
1,075,000
Prince
Housing
&
Development
Corp
414
1,316
*
Property
&
Building
Corp
63
750,400
Pruksa
Holding
PCL
274
47,455
PSP
Swiss
Property
AG.
5,400
9,093,600
PT
Ciputra
Development
Tbk
603
16,315,400
*,†
PT
Hanson
International
Tbk
0^
7,146,900
Quality
House
PCL
497
916,000
e
Radiance
Holdings
Group
Co
Ltd
519
650
Re/Max
Holdings,
Inc
12
10,067
*
Realogy
Holdings
Corp
53
1,040,000
†,e,g
Redco
Properties
Group
Ltd
176
895,406
*,e
Redfin
Corp
8,112
102,128
Relo
Holdings,
Inc
1,630
10,137
Retal
Urban
Development
Co
322
27,096
RMR
Group,
Inc
711
1,939,000
Robinsons
Land
Corp
525
1,627,062
Ruentex
Development
Co
Ltd
1,895
196,105
e
Sagax
AB
4,520
190,000
Sakura
Development
Co
Ltd
233
368,724
Salhia
Real
Estate
Co
KSCP
635
180,259
e
Samhallsbyggnadsbolaget
i
-
D
280
1,004,156
e
Samhallsbyggnadsbolaget
i
Norden
AB
1,373
26,230
e
SAMTY
Co
Ltd
436
11,623,600
Sansiri
PCL
593
132,852
*
Saudi
Real
Estate
Co
439
137,751
Savills
plc
1,681
CREF
Stock
Account
March
31,
2023
127
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,663,000
SC
Asset
Corp
PCL
$
208
656,000
e
SCE
Intelligent
Commercial
Management
Holdings
Ltd
145
2,216,000
Seazen
Group
Ltd
573
132,023
Seazen
Holdings
Co
Ltd
313
293,192
Shanghai
Jinqiao
Export
Processing
Zone
Development
Co
Ltd
280
60,137
Shanghai
Lingang
Holdings
Corp
Ltd
111
1,650,492
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co
Ltd
1,276
3,292,000
e
Shenzhen
Investment
Ltd
582
928,370
*,†
Shimao
Property
Holdings
Ltd
390
1,155,000
*,e,g
Shimao
Services
Holdings
Ltd
289
2,896,000
Shoucheng
Holdings
Ltd
746
4,435,500
Shui
On
Land
Ltd
537
1,513,469
*
Shun
TAK
Holdings
Ltd
278
24,044
*
Shurgard
Self
Storage
Ltd
1,150
2,618,600
Sime
Darby
Property
BHD
289
2,389,200
Singha
Estate
PCL
121
2,713,322
Sino
Land
Co
3,669
3,721,000
Sino-Ocean
Land
Holdings
Ltd
421
236,000
Sinyi
Realty
Co
224
1,093,921
Sirius
Real
Estate
Ltd
1,035
3,212
SK
D&D
Co
Ltd
47
11,215,588
SM
Prime
Holdings
6,786
48,906
Sobha
Ltd
257
2,395,000
*
Soho
China
Ltd
399
1,878,400
SP
Setia
BHD
254
11,100
*,e
SRE
Holdings
Corp
285
1,864
St.
Joe
Co
78
27,300
Starts
Corp,
Inc
526
878,525
e
StorageVault
Canada,
Inc
3,991
201
Stratus
Properties,
Inc
4
286,005
Sumitomo
Realty
&
Development
Co
Ltd
6,458
11,220,400
Summarecon
Agung
Tbk
PT
397
32,673
Summit
Real
Estate
Holdings
Ltd
362
15,739
Sumou
Real
Estate
Co
187
18,780
Sun
Frontier
Fudousan
Co
Ltd
182
1,232,908
Sun
Hung
Kai
Properties
Ltd
17,273
3,507,197
*,†,e
Sunac
China
Holdings
Ltd
4
1,207,000
e,g
Sunac
Services
Holdings
Ltd
514
58,429
Sunteck
Realty
Ltd
203
1,896,000
Supalai
PCL
1,232
377,924
Swire
Pacific
Ltd
(Class
A)
2,904
918,726
Swire
Properties
Ltd
2,365
82,053
Swiss
Prime
Site
AG.
6,823
169,926
TAG
Tegernsee
Immobilien
und
Beteiligungs
AG.
1,176
1,048,154
Talaat
Moustafa
Group
296
11,412
*
Tejon
Ranch
Co
208
14,271
*
TKP
Corp
309
33,880
e
TOC
Co
Ltd
163
261,293
Tokyo
Tatemono
Co
Ltd
3,190
583,700
Tokyu
Fudosan
Holdings
Corp
2,803
35,643
Tosei
Corp
397
43
*
Transcontinental
Realty
Investors,
Inc
2
251,711
e
Tricon
Capital
Group,
Inc
1,952
579,800
*
Tropicana
Corp
BHD
192
1,808,367
United
Development
Co
PSC
546
360,509
UOL
Group
Ltd
1,882
11,948
e
VGP
NV
1,065
8,189
VIB
Vermoegen
AG.
155
360,094
e
Wallenstam
AB
1,363
7,923,800
WHA
Corp
PCL
999
1,392,756
Wharf
Real
Estate
Investment
Co
Ltd
8,019
CREF
Stock
Account
March
31,
2023
128
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
331,293
Wihlborgs
Fastigheter
AB
$
2,539
684,442
Yanlord
Land
Group
Ltd
469
6,464
YH
Dimri
Construction
&
Development
Ltd
369
1,394,426
Yuexiu
Property
Co
Ltd
2,108
455,000
Yuexiu
Services
Group
Ltd
221
251,900
Zhejiang
China
Commodities
City
Group
Co
Ltd
212
2,440,000
*,e
Zhuguang
Holdings
Group
Co
Ltd
255
143,344
*
Zillow
Group,
Inc
(Class
A)
6,264
129,883
*
Zillow
Group,
Inc
(Class
C)
5,776
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
504,917
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
5.7%
5,372
3peak,
Inc
190
177,189
*
ACM
Research,
Inc
2,073
278,000
A-DATA
Technology
Co
Ltd
731
3,270,814
*
Advanced
Micro
Devices,
Inc
320,572
34,769
*
Advanced
Micro-Fabrication
Equipment,
Inc
China
749
115,000
Advanced
Wireless
Semiconductor
Co
331
198,500
e
Advantest
Corp
18,402
248,400
e
AEM
Holdings
Ltd
597
181,783
Aixtron
AG.
6,178
69,000
Alchip
Technologies
Ltd
2,826
192,817
*
Allegro
MicroSystems,
Inc
9,253
455
*
Alpha
&
Omega
Semiconductor
Ltd
12
223,585
*,e
Alphawave
IP
Group
plc
325
69,613
Amazing
Microelectronic
Corp
283
33,983
*
Ambarella,
Inc
2,631
401,596
Amkor
Technology,
Inc
10,450
19,280
*
Amlogic
Shanghai
Co
Ltd
236
259,525
*
ams
AG.
2,022
717,097
Analog
Devices,
Inc
141,426
32,000
Andes
Technology
Corp
549
77,000
AP
Memory
Technology
Corp
824
1,800,633
Applied
Materials,
Inc
221,172
398,000
Ardentec
Corp
755
1,631,925
ASE
Technology
Holding
Co
Ltd
6,056
49,362
ASM
International
NV
20,036
802,900
ASM
Pacific
Technology
7,963
25,000
ASMedia
Technology,
Inc
945
818,307
ASML
Holding
NV
557,634
28,000
ASPEED
Technology,
Inc
2,444
1,862
*
Axcelis
Technologies,
Inc
248
1,342
*
AXT,
Inc
5
155,261
BE
Semiconductor
Industries
NV
13,571
266,000
BOE
Varitronix
Ltd
460
45,231
*
Borosil
Renewables
Ltd
227
1,191,909
Broadcom,
Inc
764,657
25,940
*
Camtek
Ltd
718
309,500
Chang
Wah
Technology
Co
Ltd
459
11,538
*,†
China
Energy
Savings
Technology,
Inc
0
70,059
China
Resources
Microelectronics
Ltd
618
2,060,000
Chipbond
Technology
Corp
4,699
508,000
ChipMOS
Technologies,
Inc
642
45,284
*
Cirrus
Logic,
Inc
4,953
97,395
*
Coherent
Corp
3,709
79,685
*
Cohu,
Inc
3,059
5,366
*
Credo
Technology
Group
Holding
Ltd
51
429,500
D&O
Green
Technologies
Bhd
423
56,900
*
Daqo
New
Energy
Corp
(ADR)
2,665
34,196
*
Diodes,
Inc
3,172
80,100
Disco
Corp
9,318
CREF
Stock
Account
March
31,
2023
129
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
38,076
Dongbu
HiTek
Co
Ltd
$
2,135
12,379
*
Duk
San
Neolux
Co
Ltd
464
261,000
Elan
Microelectronics
Corp
860
223,000
Elite
Semiconductor
Memory
Technology,
Inc
614
20,644
Elmos
Semiconductor
AG.
2,009
61,000
eMemory
Technology,
Inc
3,755
612,000
ENNOSTAR,
Inc
1,075
118,069
*
Enphase
Energy,
Inc
24,828
127,373
Entegris,
Inc
10,446
9,455
Eo
Technics
Co
Ltd
653
232,595
Episil
Holdings,
Inc
698
85,860
Episil-Precision,
Inc
202
201,157
Etron
Technology,
Inc
316
16,635
Eugene
Technology
Co
Ltd
408
479,000
Everlight
Electronics
Co
Ltd
632
513,000
Faraday
Technology
Corp
3,335
43,133
Ferrotec
1,091
86,946
*
First
Solar,
Inc
18,911
107,000
Fitipower
Integrated
Technology,
Inc
596
97,900
Flat
Glass
Group
Co
Ltd
489
428,000
e
Flat
Glass
Group
Co
Ltd
1,224
59,148
*
Formfactor,
Inc
1,884
112,000
Formosa
Advanced
Technologies
Co
Ltd
164
62,200
Formosa
Sumco
Technology
Corp
342
83,000
Foxsemicon
Integrated
Technology,
Inc
542
10,126,000
*,e
GCL
Poly
Energy
Holdings
Ltd
2,621
38,019
*
GemVax
&
Kael
Co
Ltd
417
43,006
Gigadevice
Semiconductor
Beijing,
Inc
766
75,000
Global
Mixed
Mode
Technology,
Inc
447
165,000
Global
Unichip
Corp
5,904
50,479
*,e
GLOBALFOUNDRIES,
Inc
3,644
210,988
Globalwafers
Co
Ltd
3,607
297,700
*
Greatech
Technology
Bhd
336
238,000
Greatek
Electronics,
Inc
418
59,000
Gudeng
Precision
Industrial
Co
Ltd
728
12,118
HAESUNG
DS
Co
Ltd
495
9,678
Hana
Materials,
Inc
318
41,134
e
Hana
Micron,
Inc
521
30,200
Hangzhou
Chang
Chuan
Technology
Co
Ltd
213
73,900
Hangzhou
First
Applied
Material
Co
Ltd
632
39,400
Hangzhou
Lion
Electronics
Co
Ltd
313
85,344
Hangzhou
Silan
Microelectronics
Co
Ltd
460
43,075
Hanmi
Semiconductor
Co
Ltd
692
201,000
Holtek
Semiconductor,
Inc
490
21,848
HPSP
Co
Ltd
424
301,531
*,g
Hua
Hong
Semiconductor
Ltd
1,337
1,240,324
Hynix
Semiconductor,
Inc
84,881
6,600
Hyundai
Energy
Solutions
Co
Ltd
269
959
*
Ichor
Holdings
Ltd
31
278,605
*
Impinj,
Inc
37,757
2,285,200
Inari
Amertron
BHD
1,283
143,120
*,e
indie
Semiconductor,
Inc
1,510
2,401,739
Infineon
Technologies
AG.
98,628
23,556
Ingenic
Semiconductor
Co
Ltd
306
15,619
Innox
Advanced
Materials
Co
Ltd
488
3,408,283
Intel
Corp
111,349
10,827
ISC
Co
Ltd
336
154,000
ITE
Technology,
Inc
456
8,221
ITM
Semiconductor
Co
Ltd
175
146,784
JA
Solar
Technology
Co
Ltd
1,222
66,213
Japan
Material
Co
Ltd
1,184
CREF
Stock
Account
March
31,
2023
130
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
70,097
Jentech
Precision
Industrial
Co
Ltd
$
1,102
21,500
Jiangsu
Pacific
Quartz
Co
Ltd
386
40,900
*,e
JinkoSolar
Holding
Co
Ltd
(ADR)
2,087
40,176
Jusung
Engineering
Co
Ltd
502
1,036,000
King
Yuan
Electronics
Co
Ltd
1,656
299,000
Kinsus
Interconnect
Technology
Corp
1,147
243,751
KLA
Corp
97,298
49,716
Koh
Young
Technology,
Inc
652
7,087
KoMiCo
Ltd
276
80,618
Kulicke
&
Soffa
Industries,
Inc
4,248
266,347
Lam
Research
Corp
141,196
65,000
Land
Mark
Optoelectronics
Corp
284
63,400
Lasertec
Corp
11,265
375,539
*
Lattice
Semiconductor
Corp
35,864
9,668
LEENO
Industrial
Inc
1,072
450,168
LONGi
Green
Energy
Technology
Co
Ltd
2,649
17,000
M31
Technology
Corp
374
194,915
*
MACOM
Technology
Solutions
Holdings,
Inc
13,808
1,767,000
Macronix
International
2,043
67,800
Malaysian
Pacific
Industries
BHD
448
86,000
Marketech
International
Corp
379
1,023,331
Marvell
Technology,
Inc
44,310
20,937
*,e
Maxeon
Solar
Technologies
Ltd
556
17,053
*
MaxLinear,
Inc
600
3,637,020
MediaTek,
Inc
94,294
10,689
*,e
Megachips
Corp
265
31,535
Melexis
NV
3,652
3,122,265
*,e
Meyer
Burger
Technology
AG.
2,194
257,162
Microchip
Technology,
Inc
21,545
1,495,129
Micron
Technology,
Inc
90,216
30,700
Micronics
Japan
Co
Ltd
311
93,391
Mimasu
Semiconductor
Industry
Co
Ltd
2,087
19,706
Mitsui
High-Tec,
Inc
1,253
26,395
MKS
Instruments,
Inc
2,339
113,015
Monolithic
Power
Systems,
Inc
56,569
68,188
Montage
Technology
Co
Ltd
692
61,491
*
Nanometrics,
Inc
5,404
639,075
Nanya
Technology
Corp
1,402
30,514
NAURA
Technology
Group
Co
Ltd
1,184
19,949
*
NEPES
Corp
368
5,995
NEXTIN,
Inc
308
162,646
*,e
Nordic
Semiconductor
ASA
2,507
27,467
*
Nova
Measuring
Instruments
Ltd
2,872
285,758
Novatek
Microelectronics
Corp
Ltd
4,061
178,000
Nuvoton
Technology
Corp
880
4,483,888
NVIDIA
Corp
1,245,490
234,089
NXP
Semiconductors
NV
43,652
205,901
*
ON
Semiconductor
Corp
16,950
270,000
Opto
Technology
Corp
345
34,452
Optorun
Co
Ltd
579
159,000
Orise
Technology
Co
Ltd
409
289,000
Pan
Jit
International,
Inc
682
37,000
Parade
Technologies
Ltd
1,281
38,618
*
PDF
Solutions,
Inc
1,637
151,000
Phison
Electronics
Corp
1,951
545,657
*
Photronics,
Inc
9,047
149,000
Pixart
Imaging,
Inc
530
3,120
Power
Integrations,
Inc
264
2,782,000
Powerchip
Semiconductor
Manufacturing
Corp
3,039
683,000
Powertech
Technology,
Inc
2,046
22,532
PSK,
Inc
364
CREF
Stock
Account
March
31,
2023
131
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
73,172
*
PVA
TePla
AG.
$
1,724
45,124
*
Qorvo,
Inc
4,583
1,424,694
QUALCOMM,
Inc
181,762
407,000
Radiant
Opto-Electronics
Corp
1,481
103,551
*
Rambus,
Inc
5,308
53,000
Raydium
Semiconductor
Corp
724
37,000
*
RDC
Semiconductor
Co
Ltd
238
226,261
Realtek
Semiconductor
Corp
2,888
229,382
*,e
REC
Silicon
ASA
382
2,151,000
*
Renesas
Electronics
Corp
31,148
20,073
RFHIC
Corp
427
61,311
RichWave
Technology
Corp
254
1,104
*,e
Rigetti
Computing,
Inc
1
71,400
*
Risen
Energy
Co
Ltd
290
122,600
Rohm
Co
Ltd
10,218
10,207
Rorze
Corp
906
14,400
RS
Technologies
Co
Ltd
355
16,611
S&S
Tech
Corp
520
22,613
Sanken
Electric
Co
Ltd
1,815
37,669
e
SCREEN
Holdings
Co
Ltd
3,341
116,000
SDI
Corp
506
363,538
*
Semtech
Corp
8,776
46,500
Seoul
Semiconductor
Co
Ltd
413
20,934
SG
Micro
Corp
474
67,200
*
Shanghai
Aiko
Solar
Energy
Co
Ltd
324
32,130
Shanghai
Fudan
Microelectronics
Group
Co
Ltd
306
275,000
Shanghai
Fudan
Microelectronics
Group
Co
Ltd
1,016
20,221
Shenzhen
SC
New
Energy
Technology
Corp
337
64,700
e
Shinko
Electric
Industries
2,013
389,000
Sigurd
Microelectronics
Corp
717
3,535,312
Silergy
Corp
56,129
147,917
*
Silex
Systems
Ltd
388
82,516
*
Silicon
Laboratories,
Inc
14,448
10,790
Silicon
Works
Co
Ltd
937
13,608
Siltronic
AG.
995
19,427
SIMMTECH
Co
Ltd
478
474,000
Sino-American
Silicon
Products,
Inc
2,440
341
*
SiTime
Corp
49
109,000
Sitronix
Technology
Corp
855
89,999
*
SK
Square
Co
Ltd
2,763
37,710
*,e
SkyWater
Technology,
Inc
429
71,528
Skyworks
Solutions,
Inc
8,439
9,547
SMA
Solar
Technology
AG.
1,028
421,102
*
SMART
Global
Holdings,
Inc
7,260
62,725
*
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS.
232
21,300
e
Socionext,
Inc
1,572
25,389
*
SOITEC
4,074
10,600
StarPower
Semiconductor
Ltd
424
1,015,475
STMicroelectronics
NV
54,108
84,380
*
STS
Semiconductor
&
Telecommunications
370
315,642
Sumco
Corp
4,749
524,000
Sunplus
Technology
Co
Ltd
431
1,311
*
Synaptics,
Inc
146
212,000
Taiwan
Mask
Corp
648
204,000
Taiwan
Semiconductor
Co
Ltd
702
43,541,146
Taiwan
Semiconductor
Manufacturing
Co
Ltd
763,041
1,268,424
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR)
117,989
492,000
Taiwan
Surface
Mounting
Technology
Co
Ltd
1,578
224,869
*,e
Technoprobe
S.p.A
1,625
76,169
Teradyne,
Inc
8,189
1,539,190
Texas
Instruments,
Inc
286,305
CREF
Stock
Account
March
31,
2023
132
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
191,025
Tianjin
Zhonghuan
Semiconductor
Co
Ltd
$
1,346
321,161
Tianshui
Huatian
Technology
Co
Ltd
473
18,902
Tokai
Carbon
Korea
Co
Ltd
1,530
522,600
Tokyo
Electron
Ltd
63,844
65,000
Tokyo
Seimitsu
Co
Ltd
2,523
137,048
TongFu
Microelectronics
Co
Ltd
444
262,939
Tongwei
Co
Ltd
1,490
412,000
Topco
Scientific
Co
Ltd
2,563
112,403
*
Tower
Semiconductor
Ltd
(Tel
Aviv)
4,792
44,600
Tri
Chemical
Laboratories,
Inc
823
123,619
Trina
Solar
Co
Ltd
937
1,746,000
*,†
Trony
Solar
Holdings
Co
Ltd.
2
147
TSE
Co
Ltd
5
413,881
*
TSEC
Corp
525
6,375
U-Blox
AG.
891
89,528
*
Ultra
Clean
Holdings
2,969
45,944
Ulvac,
Inc
2,007
538,700
*
UMS
Holdings
Ltd
452
50,468
Unigroup
Guoxin
Microelectronics
Co
Ltd
816
527,000
Unisem
M
BHD
372
5,902,071
United
Microelectronics
Corp
10,328
1,317,000
*
United
Renewable
Energy
Co
Ltd/Taiwan
910
21,261
Universal
Display
Corp
3,298
34,000
UPI
Semiconductor
Corp
349
449,744
Vanguard
International
Semiconductor
Corp
1,439
300,423
*
Veeco
Instruments,
Inc
6,348
177,000
Via
Technologies,
Inc
502
101,000
VisEra
Technologies
Co
Ltd
759
165,000
Visual
Photonics
Epitaxy
Co
Ltd
502
281,100
ViTrox
Corp
BHD
510
517,000
Wafer
Works
Corp
829
59,584
Will
Semiconductor
Ltd
792
154,000
Win
Semiconductors
Corp
928
1,444,389
Winbond
Electronics
Corp
1,264
254,433
*,e
Wolfspeed,
Inc
16,525
26,560
WONIK
IPS
Co
Ltd
721
17,546
Wonik
QnC
Corp
345
8,800
Wuhan
DR
Laser
Technology
Corp
Ltd
139
7,938
Wuxi
Autowell
Technology
Co
Ltd
211
50,385
*,g
X-Fab
Silicon
Foundries
SE
476
4,455
*,g
X-Fab
Silicon
Foundries
SE
42
147,000
XinTec,
Inc
524
3,707,214
Xinyi
Solar
Holdings
Ltd
4,444
30,500
Yangzhou
Yangjie
Electronic
Technology
Co
Ltd
244
82,006
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
782
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
6,328,604
SOFTWARE
&
SERVICES
-
8.3%
88,200
*,e
21Vianet
Group,
Inc
(ADR)
286
217,987
360
Security
Technology,
Inc
555
14,563
*
8x8,
Inc
61
3,513
A10
Networks,
Inc
54
45,390
Absolute
Software
Corp
355
1,280,589
Accenture
plc
366,005
6,943
*,e
ACI
Worldwide,
Inc
187
3,541
Adeia,
Inc
31
3,559
Adesso
SE
570
343,568
*,e
Adobe,
Inc
132,401
790
*
Agilysys,
Inc
65
49,190
*
AGMO
HOLDINGS
BHD
7
CREF
Stock
Account
March
31,
2023
133
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
53,800
*,e
Agora,
Inc
(ADR)
$
195
6,670
Ahnlab,
Inc
319
64,471
*
Akamai
Technologies,
Inc
5,048
16,241
Al
Moammar
Information
Systems
Co
494
52,415
*
Alarm.com
Holdings,
Inc
2,635
120,070
*,e
Alkami
Technology,
Inc
1,520
3,900
e
Alpha
Systems,
Inc
120
2,965
*
Altair
Engineering,
Inc
214
28,132
Alten
4,492
119,187
*
Alteryx,
Inc
7,013
233,052
Altium
Ltd
5,988
167,763
Amdocs
Ltd
16,110
27,595
American
Software,
Inc
(Class
A)
348
5,829
*
Ansys,
Inc
1,940
906
*
Appfolio,
Inc
113
839
*,e
Appian
Corp
37
51,500
*
Appier
Group,
Inc
661
190,011
*,e
AppLovin
Corp
2,993
21,438
Arabian
Internet
&
Communications
Services
Co
1,425
12,400
Argo
Graphics,
Inc
345
3,557
*
Asana,
Inc
75
140,800
g
AsiaInfo
Technologies
Ltd
260
2,272
*
Aspen
Technology,
Inc
520
120,607
Asseco
Poland
S.A.
2,129
132,629
Atea
ASA
1,621
417,732
*
Atlassian
Corp
71,503
96,451
e
Atos
Origin
S.A.
1,197
3,666
Atoss
Software
AG.
663
8,244
Aubay
423
18,517
*
Autodesk,
Inc
3,855
1,628,700
*,e
BASE,
Inc
3,369
302,498
Bechtle
AG.
14,486
27,307
Beijing
Kingsoft
Office
Software,
Inc
1,880
61,656
Beijing
Shiji
Information
Technology
Co
Ltd
230
226,417
Bentley
Systems,
Inc
9,734
5,175
*
BigCommerce
Holdings,
Inc
46
125,771
*
Bill.Com
Holdings,
Inc
10,205
148,460
Birlasoft
Ltd
475
85,811
*
Black
Knight,
Inc
4,939
39,460
*,e
Blackbaud,
Inc
2,735
528,146
*
Blackberry
Ltd
(New)
2,423
2,656
*
Blackline,
Inc
178
5,494
*
Box,
Inc
147
1,484,937
*,e
BrainChip
Holdings
Ltd
478
75,200
*
Brightcove,
Inc
335
405,102
Bytes
Technology
Group
plc
1,941
52,713
*,e
C3.ai,
Inc
1,770
169,200
*
Cadence
Design
Systems,
Inc
35,547
86,466
Cancom
SE
2,964
604,412
Cap
Gemini
S.A.
112,321
12,116
cBrain
A.S.
248
137,598
*
CCC
Intelligent
Solutions
Holdings,
Inc
1,234
15,363
*
CE
Info
Systems
Ltd
186
40,664
*,e
Cellebrite
DI
Ltd
248
1,338
*
Cerence
Inc
38
58,673
*
Ceridian
HCM
Holding,
Inc
4,296
194,274
*
CGI,
Inc
18,723
34,700
e
Change,
Inc
619
310,800
*,e
Chatwork
Co
Ltd
2,054
122,261
*
Check
Point
Software
Technologies
15,894
14,276,000
*
China
Youzan
Ltd
363
CREF
Stock
Account
March
31,
2023
134
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
2,814,000
Chinasoft
International
Ltd
$
1,783
127,000
*
Chindata
Group
Holdings
Ltd
(ADR)
888
401,255
*
Cint
Group
AB
547
8,017
*,e
Cipher
Mining,
Inc
19
189,897
*,e
Cleanspark,
Inc
528
417,969
e
Clear
Secure,
Inc
10,938
236,007
*,e
Cloudflare,
Inc
14,552
14,146
*,e
CM.com
NV
139
25,424
Coforge
Ltd
1,187
213,795
Cognizant
Technology
Solutions
Corp
(Class
A)
13,027
225,557
*
Commvault
Systems,
Inc
12,798
120,800
Computacenter
plc
3,204
37,588
Comture
Corp
591
104,837
*
Confluent,
Inc
2,523
286
*
Consensus
Cloud
Solutions,
Inc
10
19,073
Constellation
Software,
Inc
35,859
188,518
*
Converge
Technology
Solutions
Corp
569
653
*,e
Couchbase,
Inc
9
76,169
*,e,g
Crayon
Group
Holding
ASA
629
361,911
*
Crowdstrike
Holdings,
Inc
49,676
1,507
*,e
Cvent
Holding
Corp
13
125,818
*
CyberArk
Software
Ltd
18,619
23,700
e
Cybozu,
Inc
529
79,098
Cyient
Ltd
960
2,659,500
Dagang
NeXchange
Bhd
364
5,197,839
*,e
Darktrace
plc
16,514
701,550
Dassault
Systemes
SE
28,940
131,237
Data#3
Ltd
641
224,309
*
Datadog,
Inc
16,298
4,422
Datagroup
SE
316
7,949
*
Dear
U
Co
Ltd
284
211,053
*
Descartes
Systems
Group,
Inc
17,034
72,877
DHC
Software
Co
Ltd
88
88,000
Digital
Arts,
Inc
3,414
2,528,000
Digital
China
Holdings
Ltd
1,167
34,013
e
Digital
Garage,
Inc
1,124
2,699,800
*
Digital
Mediatama
Maxima
Tbk
PT
145
5,970
*
Digital
Turbine,
Inc
74
3,750
*,e
Digital
Value
S.p.A
271
1,466
*,e
DigitalOcean
Holdings,
Inc
57
20,191
*
Docebo,
Inc
822
229,229
*
DocuSign,
Inc
13,364
26,787
Dolby
Laboratories,
Inc
(Class
A)
2,288
79,322
*
Domo,
Inc
1,126
7,231
*
DoubleVerify
Holdings,
Inc
218
242,231
*
Dropbox,
Inc
5,237
33,900
DTS
Corp
826
17,508
DuzonBIzon
Co
Ltd
474
60,880
*
DXC
Technology
Co
1,556
187,242
e
Dye
&
Durham
Ltd
2,491
325,706
*
Dynatrace,
Inc
13,777
6,781
*,e
E2open
Parent
Holdings,
Inc
39
710
e
Ebix,
Inc
9
110,840
e
Econocom
Group
S.A.
356
446
*
eGain
Corp
3
134,452
*
Elastic
NV
7,785
22,598
Elm
Co
2,671
652,585
*
EngageSmart,
Inc
12,562
42,812
e
Enghouse
Systems
Ltd
1,212
2,701
*
Envestnet,
Inc
158
99,584
*
EPAM
Systems,
Inc
29,776
CREF
Stock
Account
March
31,
2023
135
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
7,282
Esker
S.A.
$
1,038
294,078
*
Everbridge,
Inc
10,196
706
*,e
EverCommerce,
Inc
7
13,673
*
Fair
Isaac
Corp
9,608
4,046
*
Fastly,
Inc
72
21,006
*
First
Derivatives
plc
444
298,538
*
Five9,
Inc
21,581
1,425
*,e
ForgeRock,
Inc
29
10,548
Formula
Systems
1985
Ltd
700
293,576
*
Fortinet,
Inc
19,511
472,253
Fortnox
AB
3,231
85,500
*,e
Freee
KK
2,203
88,547
e
F-Secure
Corp
308
25,084
e
FUJI
SOFT,
Inc
1,456
165,600
Fujitsu
Ltd
22,378
7,127
e
Fukui
Computer
Holdings,
Inc
148
38,700
Future
Architect,
Inc
535
157,567
*
Gartner,
Inc
51,331
344,617
GB
Group
plc
1,274
1,820,724
*
GDS
Holdings
Ltd
4,277
522,852
*
GDS
Holdings
Ltd
(ADR)
9,756
2,694,314
Gen
Digital,
Inc
46,234
15,517
GFT
Technologies
AG.
604
77,537
g
Global
Dominion
Access
S.A.
304
40,042
*
Globant
S.A.
6,567
5,500
e
GMO
GlobalSign
Holdings
KK
170
68,970
*
GMO
internet,
Inc
1,344
127,741
*
GoDaddy,
Inc
9,928
240,623
*,e
Grid
Dynamics
Holdings,
Inc
2,758
4,790
*
Guidewire
Software,
Inc
393
553
Hackett
Group,
Inc
10
145,395
Hansen
Technologies
Ltd
451
91,391
Happiest
Minds
Technologies
Ltd
859
474,583
HCL
Technologies
Ltd
6,300
13,541
Hilan
Ltd
565
21,703
Hinduja
Global
Solutions
Ltd
273
3,911
*
HubSpot,
Inc
1,677
63,752
Hundsun
Technologies,
Inc
494
6,227
Hyundai
Autoever
Corp
542
40,002
*
IBEX
Ltd
976
69,083
Iflytek
Co
Ltd
640
140,157
Indra
Sistemas
S.A.
1,897
28,442
*,e
Informatica,
Inc
466
658
e
Information
Services
Group,
Inc
3
24,648
Information
Services
International-Dentsu
Ltd
972
1,656,412
Infosys
Technologies
Ltd
28,959
1,641
*,e
Instructure
Holdings,
Inc
43
96,424
*
Intapp,
Inc
4,324
82,202
Intellect
Design
Arena
Ltd
412
651
e
InterDigital,
Inc
47
398,165
International
Business
Machines
Corp
52,195
519,265
Intuit,
Inc
231,504
173,712
Iress
Market
Technology
Ltd
1,162
28,600
Itochu
Techno-Science
Corp
705
45,412
*
Jamf
Holding
Corp
882
498,257
e
Justsystems
Corp
13,322
75,788
Kainos
Group
plc
1,296
6,152
*,e
Kaleyra,
Inc
10
342,200
*,e
Kaonavi,
Inc
6,582
150,860
*
Kape
Technologies
plc
529
847,613
Keywords
Studios
plc
28,838
CREF
Stock
Account
March
31,
2023
136
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
155,152
*
Kinaxis,
Inc
$
21,302
2,313,495
*
Kingdee
International
Software
Group
Co
Ltd
3,737
83,200
*,e
Kingsoft
Cloud
Holdings
Ltd
(ADR)
740
28,479
KNOW
IT
AB
566
151,872
KPIT
Engineering
Ltd
1,718
334,015
*
Kyndryl
Holdings,
Inc
4,930
477,531
g
Larsen
&
Toubro
Infotech
Ltd
27,808
2,440
*
Latch,
Inc
2
3,498,238
Learning
Technologies
Group
plc
5,567
1,248,525
*
Lightspeed
Commerce,
Inc
18,984
923,500
*,g
Linklogis,
Inc
425
16,186
LiveChat
Software
S.A.
538
2,286
*
LiveRamp
Holdings,
Inc
50
407,000
*,g
Locaweb
Servicos
de
Internet
S.A.
385
46,539
Magic
Software
Enterprises
Ltd
613
7,324
*
Magnet
Forensics,
Inc
239
22,561
Malam-Team
Ltd
418
48,216
*
Manhattan
Associates,
Inc
7,466
31,767
*,e
Marathon
Digital
Holdings,
Inc
277
14,076
Mastek
Ltd
265
36,659
Matrix
IT
Ltd
646
18,222
*,e
Matterport,
Inc
50
225,637
*,e
Megaport
Ltd
632
14,494,571
Microsoft
Corp
4,178,785
328
*,e
MicroStrategy,
Inc
(Class
A)
96
786,000
e
Ming
Yuan
Cloud
Group
Holdings
Ltd
502
29,167
e
Mitsubishi
Research
Institute,
Inc
1,123
179,844
*
Model
N,
Inc
6,019
42,688
*
Money
Forward,
Inc
1,494
56,090
*
MongoDB,
Inc
13,076
78,467
Mphasis
Ltd
1,725
2,533
*
N-Able,
Inc
33
8,248
*,e
Nagarro
SE
840
852,000
*,†,e
National
Agricultural
Holdings
Ltd
1
24,867
NavInfo
Co
Ltd
49
284,353
NCC
Group
plc
358
44,756
*
nCino
OpCo,
Inc
1,109
107,208
*
NCR
Corp
2,529
73,200
NEC
Corp
2,826
62,943
NEC
Networks
&
System
Integration
Corp
769
62,692
Nemetschek
AG.
4,328
76,606
NET
One
Systems
Co
Ltd
1,838
259,562
g
Netcompany
Group
A.S.
9,472
39,109
*
New
Relic,
Inc
2,945
3,963,929
*
NEXTDC
Ltd
28,052
65,344
*
Nice
Systems
Ltd
14,885
443,238
Nihon
Unisys
Ltd
10,892
82,799
*
NIIT
Ltd
330
176,200
Nippon
System
Development
Co
Ltd
3,178
327,000
Nomura
Research
Institute
Ltd
7,648
29,392
NS
Solutions
Corp
787
188,000
NTT
Data
Corp
2,472
378,491
*
Nutanix,
Inc
9,837
29,200
OBIC
Business
Consultants
Ltd
1,106
20,800
Obic
Co
Ltd
3,295
25,295
Objective
Corp
Ltd
219
114,841
*
Okta,
Inc
9,904
3,067
*,e
Olo,
Inc
25
1,417
*
ON24,
Inc
12
42,568
One
Software
Technologies
Ltd
434
876
*
OneSpan,
Inc
15
CREF
Stock
Account
March
31,
2023
137
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
248,466
Open
Text
Corp
(Toronto)
$
9,584
4,646,376
Oracle
Corp
431,741
11,500
*
Oracle
Corp
Japan
831
60,954
Oracle
Financial
Services
Software
Ltd
2,427
34,000
Otsuka
Corp
1,208
36,936
*
Pagerduty,
Inc
1,292
1,508,163
*
Palantir
Technologies,
Inc
12,744
1,649,118
*
Palo
Alto
Networks,
Inc
329,395
23,316
*
Paycom
Software,
Inc
7,088
50,688
*,e
Paycor
HCM,
Inc
1,344
62,869
*
Paylocity
Holding
Corp
12,497
27,902
e
Pegasystems,
Inc
1,353
4,417
Perfect
Presentation
For
Commercial
Services
Co
246
27,791
*
Perficient,
Inc
2,006
48,330
Persistent
Systems
Ltd
2,726
559
PFSweb,
Inc
2
19,200
*,e
PKSHA
Technology,
Inc
264
13,700
Plus
Alpha
Consulting
Co
Ltd
313
58,655
Posco
ICT
Co
Ltd
429
721,141
*
PowerSchool
Holdings,
Inc
14,293
49,896
*
Procore
Technologies,
Inc
3,125
19,150
e
Progress
Software
Corp
1,100
1,364
*
PROS
Holdings,
Inc
37
93,886
*
PTC,
Inc
12,039
1,174
*,e
Q2
Holdings,
Inc
29
15,383
*,e
QT
Group
Oyj
1,125
1,342,981
*
Qualtrics
International,
Inc
23,945
1,851
*
Qualys,
Inc
241
15,218
*,e
Rackspace
Technology,
Inc
29
91,600
Rakus
Co
Ltd
1,330
19,453
*
Rapid7,
Inc
893
31,556
*
Rategain
Travel
Technologies
Ltd
132
41,229
Reply
S.p.A
5,177
118,308
*
RingCentral,
Inc
3,629
5,770
*,e
Riot
Blockchain,
Inc
58
55,603
*
Riskified
Ltd
314
208,227
Roper
Technologies,
Inc
91,764
45,862
Route
Mobile
Ltd
765
39,543
S&T
AG.
826
1,048,733
Sage
Group
plc
10,064
29,919
Saipens
International
Corp
NV
644
2,458,887
*
Salesforce,
Inc
491,236
17,422
Samsung
SDS
Co
Ltd
1,558
13,880
Sangfor
Technologies,
Inc
299
68,300
*
Sansan,
Inc
783
1,111,838
SAP
AG.
140,392
12,226
e
Sapiens
International
Corp
NV
266
1,315
Secunet
Security
Networks
AG.
291
349
*
SecureWorks
Corp
3
1,098,636
*
SentinelOne,
Inc
17,974
572,657
*
ServiceNow,
Inc
266,125
527,210
Shanghai
Baosight
Software
Co
Ltd
1,743
48,735
Shanghai
Baosight
Software
Co
Ltd
413
193,872
*
SHIFT,
Inc
34,676
2,979,972
*
Shopify,
Inc
(Class
A)
142,880
929,741
Silverlake
Axis
Ltd
231
38,765
SimCorp
AS
2,932
21,500
Simplex
Holdings,
Inc
398
525,848
*,e,g
Sinch
AB
1,422
2,847,601
*
SiteMinder
Ltd
6,553
107,152
*
Smartsheet,
Inc
5,122
CREF
Stock
Account
March
31,
2023
138
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
328,276
*
Snowflake,
Inc
$
50,650
10,700
e
Softbank
Technology
Corp
161
377,210
Softcat
plc
6,059
50,834
Software
AG.
1,115
1,631
*
SolarWinds
Corp
14
109,407
Sonata
Software
Ltd
1,117
49,074
Sopra
Group
S.A.
10,313
138,547
*
Splunk,
Inc
13,284
450,779
*
Sprout
Social,
Inc
27,443
116,984
*
SPS
Commerce,
Inc
17,817
320,103
*
Squarespace,
Inc
10,170
485,100
Sumisho
Computer
Systems
Corp
7,103
2,385
*
Sumo
Logic,
Inc
29
766,224
SUNeVision
Holdings
Ltd
436
39,550
*,e
SUSE
S.A.
719
2,682
*
SVMK,
Inc
25
719,332
*
Synopsys,
Inc
277,842
288,912
Systena
Corp
635
127,000
Systex
Corp
329
57,195
Tanla
Platforms
Ltd
365
1,171,911
Tata
Consultancy
Services
Ltd
45,936
31,571
Tata
Elxsi
Ltd
2,299
134,287
*,g
TeamViewer
AG.
2,288
287,811
Tech
Mahindra
Ltd
3,880
41,100
e
TechMatrix
Corp
463
278,874
Technology
One
Ltd
2,740
69,105
e
Temenos
Group
AG.
4,809
310,958
*
Tenable
Holdings,
Inc
14,774
310,520
*
Teradata
Corp
12,508
23,561
Thunder
Software
Technology
Co
Ltd
372
83,877
Tietoenator
Oyj
2,635
411,300
TIS,
Inc
10,877
64,142
*,e
TomTom
NV
526
446,052
Totvus
S.A.
2,478
39,900
*
Trend
Micro,
Inc
1,958
11,507
e
Trifork
Holding
AG.
266
173,825
*,e
Truecaller
AB
513
70,119
*
Turing
Holding
Corp
516
170,400
*,e
Tuya,
Inc
(ADR)
322
436,355
*
Twilio,
Inc
29,074
3,300
*
Tyler
Technologies,
Inc
1,170
478,785
*
UiPath,
Inc
8,407
526
*,e
Unisys
Corp
2
200,369
*,e
Unity
Software,
Inc
6,500
95,518
*
Upland
Software,
Inc
411
161,630
*
Varonis
Systems,
Inc
4,204
4,227
*
Verint
Systems,
Inc
157
76,495
*
VeriSign,
Inc
16,166
5,850
*,e
Veritone,
Inc
34
27,800
Vitec
Software
Group
AB
1,433
92,839
*
VMware,
Inc
(Class
A)
11,591
1,505,000
*,e
Vobile
Group
Ltd
634
56,928
*
Volue
ASA
114
9,064
e
Wavestone
437
1,952,000
*,e,g
Weimob,
Inc
1,208
12,559
e
Wiit
S.p.A
273
20,700
e
WingArc1st,
Inc
306
686,705
Wipro
Ltd
3,064
118,674
Wisetech
Global
Ltd
5,228
104,638
*
Wix.com
Ltd
10,443
18,943
*,e
WM
Technology,
Inc
16
CREF
Stock
Account
March
31,
2023
139
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
381,749
*
Workday,
Inc
$
78,846
198,659
*
Workiva,
Inc
20,345
105,031
*
Xero
Ltd
6,370
2,312
*
Yext,
Inc
22
105,587
Yonyou
Network
Technology
Co
Ltd
387
67,502
Zensar
Technologies
Ltd
226
1,317,495
*
Zeta
Global
Holdings
Corp
14,268
60,277
*
Zoom
Video
Communications,
Inc
4,451
134,983
*
Zscaler,
Inc
15,770
27,800
Zuken,
Inc
724
716,344
*
Zuora
Inc
7,077
TOTAL
SOFTWARE
&
SERVICES
9,163,193
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.9%
6,496
*,e
908
Devices,
Inc
56
361,944
e
AAC
Technologies
Holdings,
Inc
895
466,402
Accton
Technology
Corp
4,902
1,370,532
Acer,
Inc
1,270
78,000
Adlink
Technology,
Inc
161
1,461
e
ADTRAN
Holdings,
Inc
23
30,000
Advanced
Ceramic
X
Corp
231
1,932
Advanced
Energy
Industries,
Inc
189
203,331
Advantech
Co
Ltd
2,487
25,520
*,e
Aeva
Technologies,
Inc
30
37,406
Ai
Holdings
Corp
649
389,000
Alpha
Networks,
Inc
447
191,900
e
Alps
Electric
Co
Ltd
1,847
6,208
ALSO
Holding
AG.
1,264
53,350
Amano
Corp
1,008
280,877
Amphenol
Corp
(Class
A)
22,953
121,793
Anritsu
Corp
1,126
1,287,120
*,†
Anxin-China
Holdings
Ltd
2
139,000
Apex
International
Co
Ltd
272
23,262,203
d
Apple,
Inc
3,835,937
132,000
Arcadyan
Technology
Corp
464
754,411
*
Arista
Networks,
Inc
126,635
563,609
*
Arlo
Technologies,
Inc
3,415
26,538
*
Arrow
Electronics,
Inc
3,314
252,000
Asia
Optical
Co,
Inc
548
1,101,000
Asia
Vital
Components
Co
Ltd
5,120
51,000
ASROCK,
Inc
238
344,026
Asustek
Computer,
Inc
3,087
3,318,827
AU
Optronics
Corp
2,016
26,233
Audiocodes
Ltd
387
72,000
AURAS
Technology
Co
Ltd
525
33,000
Aurora
Corp
86
23,826
Austria
Technologie
&
Systemtechnik
AG.
735
113,600
Avary
Holding
Shenzhen
Co
Ltd
514
320
*,e
Aviat
Networks,
Inc
11
742
*
Avid
Technology,
Inc
24
135,026
Avnet,
Inc
6,103
106,800
Azbil
Corp
2,925
1,378
Badger
Meter,
Inc
168
65,619
Barco
NV
1,956
8,800
Basler
AG.
213
3,800
Beijing
Yuanliu
Hongyuan
Electronic
Technology
Co
Ltd
43
195,608
Belden
CDT,
Inc
16,973
1,190
Benchmark
Electronics,
Inc
28
1,490,000
Benq
Corp
1,555
26,758
BH
Co
Ltd
518
1,512,137
BOE
Technology
Group
Co
Ltd
977
CREF
Stock
Account
March
31,
2023
140
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
69,300
Brother
Industries
Ltd
$
1,044
342,939
BYD
Electronic
International
Co
Ltd
1,067
2,550
*
Calix,
Inc
137
9,580
*
Cambium
Networks
Corp
170
137,500
*,e
Canaan,
Inc
(ADR)
371
44,200
*
Canon
Electronics,
Inc
618
43,590
Canon
Marketing
Japan,
Inc
1,039
304,600
Canon,
Inc
6,783
473,000
Career
Technology
Co
Ltd
376
317,947
Catcher
Technology
Co
Ltd
1,988
287,241
CDW
Corp
55,980
130,382
*
Celestica,
Inc
1,681
344,000
Chang
Wah
Electromaterials,
Inc
419
105,545
Chaozhou
Three-Circle
Group
Co
Ltd
463
511,000
Cheng
Uei
Precision
Industry
Co
Ltd
696
567,000
Chicony
Electronics
Co
Ltd
1,775
489,600
*,†
China
Fiber
Optic
Network
System
Group
Ltd
1
115,257
China
Greatwall
Technology
Group
Co
Ltd
208
385,108
China
Railway
Signal
&
Communication
Corp
Ltd
304
28,600
China
Zhenhua
Group
Science
&
Technology
Co
Ltd
375
281,000
Chin-Poon
Industrial
Co
301
349,000
Chroma
ATE,
Inc
2,041
18,000
Chunghwa
Precision
Test
Tech
Co
Ltd
338
673,378
*
Ciena
Corp
35,366
5,997,944
Cisco
Systems,
Inc
313,543
222,900
e
Citizen
Watch
Co
Ltd
1,311
22,802
*
Clearfield,
Inc
1,062
264,000
Clevo
Co
264
80,962
Codan
Ltd
296
149,296
Cognex
Corp
7,398
2,140,312
Comba
Telecom
Systems
Holdings
Ltd
404
25,331
e
Comet
Holding
AG.
7,046
15,044
*
CommScope
Holding
Co,
Inc
96
2,145,524
Compal
Electronics,
Inc
1,782
941,000
Compeq
Manufacturing
Co
1,440
45,414
Comtech
Telecommunications
Corp
567
283,000
Coretronic
Corp
633
332,596
Corning,
Inc
11,734
577
*
Corsair
Gaming,
Inc
11
22,006
*
CosmoAM&T
Co
Ltd
2,619
238,000
Co-Tech
Development
Corp
473
241,000
*
Cowell
e
Holdings,
Inc
576
662
CTS
Corp
33
31,406
Daeduck
Electronics
Co
Ltd
577
9,989
Daejoo
Electronic
Materials
Co
Ltd
788
81,670
e
Daiwabo
Co
Ltd
1,349
218,000
Darfon
Electronics
Corp
316
22,642
e
Datalogic
S.p.A.
190
161,818
DataTec
Ltd
346
193,059
Dell
Technologies,
Inc
7,763
152,357
Delta
Electronics
Thai
PCL
5,088
7,241,673
Delta
Electronics,
Inc
71,849
52,801
e
Dexerials
Corp
1,079
49,811
Dicker
Data
Ltd
274
20,455
*
Digi
International,
Inc
689
181,560
Ditto
Thailand
PCL
182
31,912
Dreamtech
Co
Ltd
250
79,452
g
Dustin
Group
AB
291
103,000
Dynapack
International
Technology
Corp
280
371,300
Eastern
Communications
Co
Ltd
163
17,522
*,e
Eastman
Kodak
Co
72
CREF
Stock
Account
March
31,
2023
141
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
13,924
Eizo
Nanao
Corp
$
431
44,496
Elecom
Co
Ltd
423
266,000
Elite
Material
Co
Ltd
1,599
308,000
Elitegroup
Computer
Systems
Co
Ltd
231
59,679
Ennoconn
Corp
522
26,759
*
ePlus,
Inc
1,312
3,044,551
e
Ericsson
(LM)
(B
Shares)
17,847
19,441
Esprinet
S.p.A.
195
32,127
Evertz
Technologies
Ltd
263
2,872
*,e
Evolv
Technologies
Holdings,
Inc
9
715,459
*
Extreme
Networks,
Inc
13,680
26,953
*
F5
Networks,
Inc
3,927
85,747
*
Fabrinet
10,183
580
*
FARO
Technologies,
Inc
14
3,892,000
*,e
FIH
Mobile
Ltd
422
650,000
FLEXium
Interconnect,
Inc
2,121
294,100
Forth
Corp
PCL
276
12,558,009
Foxconn
Industrial
Internet
Co
Ltd
31,415
1,222,000
Foxconn
Technology
Co
Ltd
2,249
149,228
Fujifilm
Holdings
Corp
7,575
223,000
General
Interface
Solution
Holding
Ltd
602
81,000
Genius
Electronic
Optical
Co
Ltd
1,033
342,000
Getac
Technology
Corp
602
484,000
Gigabyte
Technology
Co
Ltd
2,134
46,319
*
Gilat
Satellite
Networks
Ltd
234
329,000
Global
Brands
Manufacture
Ltd
367
84,722
GoerTek,
Inc
264
331,400
Gold
Circuit
Electronics
Ltd
1,064
197,536
GRG
Banking
Equipment
Co
Ltd
352
98,197
Guangzhou
Haige
Communications
Group,
Inc
Co
150
39,918
Guangzhou
Shiyuan
Electronic
Technology
Co
Ltd
435
12,100
e
Hakuto
Co
Ltd
451
745,264
Halma
plc
20,574
52,200
Hamamatsu
Photonics
KK
2,816
533,900
Hana
Microelectronics
PCL
(Foreign)
787
241,000
Hannstar
Board
Corp
282
2,117,000
HannStar
Display
Corp
892
140,426
*
Harmonic,
Inc
2,049
105,000
Hengdian
Group
DMEGC
Magnetics
Co
Ltd
314
142,900
Hengtong
Optic-electric
Co
Ltd
314
5,191,418
Hewlett
Packard
Enterprise
Co
82,699
2,314,103
Hexagon
AB
26,634
650,000
*
High
Tech
Computer
Corp
1,345
8,500
Hioki
EE
Corp
557
13,500
Hirose
Electric
Co
Ltd
1,766
26,361
e
HMS
Networks
AB
1,077
107,000
Holystone
Enterprise
Co
Ltd
354
6,274,640
Hon
Hai
Precision
Industry
Co,
Ltd
21,478
34,599
Horiba
Ltd
2,077
50,900
Hosiden
Corp
620
821,370
HP,
Inc
24,107
110,100
e
Ibiden
Co
Ltd
4,415
19,761
Iljin
Materials
Co
Ltd
1,051
15,754
e
Incap
Oyj
307
1,929
Inficon
Holding
AG.
2,092
122,939
*,e
Infinera
Corp
954
72,718
Innodisk
Corp
752
4,564,690
InnoLux
Display
Corp
2,190
94,427
*,e
Innoviz
Technologies
Ltd
330
48,964
*,e
Inseego
Corp
28
114,793
*
Insight
Enterprises,
Inc
16,411
32,700
Inspur
Electronic
Information
Industry
Co
Ltd
167
CREF
Stock
Account
March
31,
2023
142
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
65,600
Intelbras
S.A.
Industria
de
Telecomunicacao
Eletronica
Brasileira
$
296
6,426
Intellian
Technologies,
Inc
465
12,799
INTOPS
Co
Ltd
351
1,151,172
Inventec
Co
Ltd
1,210
1,412
*,e
IonQ,
Inc
9
14,856
*
IPG
Photonics
Corp
1,832
18,400
e
Iriso
Electronics
Co
Ltd
685
189,000
ITEQ
Corp
488
1,537
*
Itron,
Inc
85
22,258
Ituran
Location
and
Control
Ltd
485
130,162
Jabil
Inc
11,475
42,942
e
Japan
Aviation
Electronics
Industry
Ltd
748
1,103,394
*,e
Japan
Display,
Inc
334
610,900
Jaymart
PCL
411
49,113
Jenoptik
AG.
1,674
1,320,528
Juniper
Networks,
Inc
45,453
15,000
Kaga
Electronics
Co
Ltd
570
744,200
KCE
Electronics
PCL
988
322,370
Keyence
Corp
157,996
86,850
*
Keysight
Technologies,
Inc
14,025
8,211
*
Kimball
Electronics,
Inc
198
53,000
King
Slide
Works
Co
Ltd
671
347,705
Kingboard
Chemical
Holdings
Ltd
1,069
967,746
e
Kingboard
Laminates
Holdings
Ltd
1,012
28,522
*
KMW
Co
Ltd
493
3,053
*
Knowles
Corp
52
30,000
e
Koa
Corp
419
431,000
e
Konica
Minolta
Holdings,
Inc
1,856
95,800
Kyocera
Corp
4,997
21,594
L&F
Co
Ltd
5,235
21,696
Landis&Gyr
Group
AG.
1,670
49,625
Largan
Precision
Co
Ltd
3,558
1,002
LEM
Holding
S.A.
2,153
3,658,399
Lenovo
Group
Ltd
3,964
328,623
Lens
Technology
Co
Ltd
646
112,679
LG
Display
Co
Ltd
1,431
6,856
LG
Innotek
Co
Ltd
1,438
3,500
*,e
Lightwave
Logic,
Inc
18
430,084
*
Lingyi
iTech
Guangdong
Co
388
994,277
Lite-On
Technology
Corp
2,393
6,712
Littelfuse,
Inc
1,799
179,582
Logitech
International
S.A.
10,482
78,999
Lotes
Co
Ltd
2,388
56,673
*
Lumentum
Holdings,
Inc
3,061
428,724
Luxshare
Precision
Industry
Co
Ltd
1,894
47,607
Macnica
Fuji
Electronics
Holdings,
Inc
1,356
8,700
e
Maruwa
Co
Ltd
1,213
50,900
Maxell
Holdings
Ltd
592
27,834
Maxscend
Microelectronics
Co
Ltd
505
73,091
Mcj
Co
Ltd
515
8,801
Mcnex
Co
Ltd
213
22,400
e
Meiko
Electronics
Co
499
7,065
Melco
Holdings,
Inc
175
1,235
Methode
Electronics,
Inc
54
5,681,900
Metrodata
Electronics
Tbk
PT
220
198,000
*,†,e
MH
Development
Ltd
0^
74,506
e
Micronic
AB
1,833
315,200
Micro-Star
International
Co
Ltd
1,498
4,668
*,e
Mirion
Technologies,
Inc
40
782,000
Mitac
Holdings
Corp
702
715,445
Motorola
Solutions,
Inc
204,710
253,400
Multilaser
Industrial
S.A.
68
CREF
Stock
Account
March
31,
2023
143
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
564,230
Murata
Manufacturing
Co
Ltd
$
34,387
112,000
Nan
Ya
Printed
Circuit
Board
Corp
1,050
236,100
*,e
Nano
Dimension
Ltd
(ADR)
682
215,355
*
Napco
Security
Technologies,
Inc
8,093
210,705
National
Instruments
Corp
11,043
9,166
*
Nayax
Ltd
156
30,583
Neopost
S.A.
559
186,383
NetApp,
Inc
11,901
965
*
Netgear,
Inc
18
3,576
*
Netscout
Systems,
Inc
102
408,800
*
Nex
Point
Parts
PCL
164
48,650
Nichicon
Corp
509
87,715
Ninestar
Corp
573
65,500
Nippon
Ceramic
Co
Ltd
1,342
79,676
Nippon
Electric
Glass
Co
Ltd
1,536
46,256
Nippon
Signal
Co
Ltd
372
42,260
Nissha
Printing
Co
Ltd
596
1,501
*
nLight,
Inc
15
22,772
e
Nohmi
Bosai
Ltd
291
1
Nokia
Corp
(ADR)
0^
5,629,931
Nokia
Oyj
27,637
18,545
*
Note
AB
414
1,847
*
Novanta,
Inc
294
228,372
*,e
Novonix
Ltd
196
70,936
e
Oki
Electric
Industry
Co
Ltd
385
94,589
Omron
Corp
5,536
20,004
*,e
Ondas
Holdings,
Inc
22
35,579
Optex
Co
Ltd
560
710
*
OSI
Systems,
Inc
73
89,689
*,e
Ouster,
Inc
75
52,335
Oxford
Instruments
plc
1,617
335,000
Pan-International
Industrial
434
566
*,e
PAR
Technology
Corp
19
5,301
Park
Systems
Corp
623
44,840
Partron
Co
Ltd
286
774,000
PAX
Global
Technology
Ltd
650
33,367
PC
Connection,
Inc
1,500
979,915
Pegatron
Technology
Corp
2,249
43,483
*
Penta
Teknoloji
Urunleri
Dagitim
Ticaret
AS.
39
1,525
*
Plexus
Corp
149
390,000
Primax
Electronics
Ltd
775
5,127,385
Prime
View
International
Co
Ltd
31,296
245,190
*
Pure
Storage,
Inc
6,255
1,340,390
Quanta
Computer,
Inc
3,927
37,491
*
Radware
Ltd
808
15,954
Raytron
Technology
Co
Ltd
114
720,201
Redington
India
Ltd
1,466
34,008
Renishaw
plc
1,722
10,947
Restar
Holdings
Corp
179
2,470
*
Ribbon
Communications,
Inc
8
163,500
Ricoh
Co
Ltd
1,226
11,126
Riken
Keiki
Co
Ltd
479
14,898
e
Riso
Kagaku
Corp
260
814
*
Rogers
Corp
133
16,033
e
Ryosan
Co
Ltd
398
16,000
e
Ryoyo
Electro
Corp
298
27,477
Samsung
Electro-Mechanics
Co
Ltd
3,244
7,365,986
Samsung
Electronics
Co
Ltd
364,255
405,223
Samsung
Electronics
Co
Ltd
(Preference)
16,863
99,234
Samsung
SDI
Co
Ltd
56,369
10,879
Sang-A
Frontec
Co
Ltd
273
270,187
*
Sanmina
Corp
16,479
CREF
Stock
Account
March
31,
2023
144
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
48,282
*
Scansource,
Inc
$
1,470
18,778
*,e
Seco
S.p.A
93
83,500
e
Seiko
Epson
Corp
1,193
8,892
*,g
Sensirion
Holding
AG.
977
26,000
Sensortek
Technology
Corp
304
30,128
Seojin
System
Co
Ltd
424
221,000
Sercomm
Corp
691
30,070
Sesa
S.p.A
4,019
4,333
*,e
SES-imagotag
S.A.
515
6,259
Shanghai
Friendess
Electronic
Technology
Corp
Ltd
167
96,184
Shengyi
Technology
Co
Ltd
259
21,205
Shennan
Circuits
Co
Ltd
285
45,400
Shenzhen
Sunlord
Electronics
Co
Ltd
173
44,711
Shenzhen
Transsion
Holdings
Co
Ltd
659
109,100
Shimadzu
Corp
3,425
32,100
Siix
Corp
343
462,000
Simplo
Technology
Co
Ltd
4,609
290,000
Sinbon
Electronics
Co
Ltd
3,264
1,000,800
SKP
Resources
Bhd
284
24,077
e
Softchoice
Corp
309
665,346
e
Softwareone
Holding
AG.
9,491
34,065
*
SOLUM
Co
Ltd
588
14,743
Solus
Advanced
Materials
Co
Ltd
536
389,533
Spectris
plc
17,674
120,000
Speed
Tech
Corp
225
1,748,510
Spirent
Communications
plc
3,758
35,082
*
STCUBE
492
164,392
Sterlite
Technologies
Ltd
296
2,151,249
Sunny
Optical
Technology
Group
Co
Ltd
25,958
199,595
*
Super
Micro
Computer,
Inc
21,267
357,000
Supreme
Electronics
Co
Ltd
524
114,841
Suzhou
Dongshan
Precision
Manufacturing
Co
Ltd
507
67,312
SYNNEX
Corp
6,515
634,621
Synnex
Technology
International
Corp
1,280
211,000
Taiwan
Union
Technology
Corp
495
415,840
Taiyo
Yuden
Co
Ltd
14,021
463,200
TDK
Corp
16,627
872,386
TE
Connectivity
Ltd
114,413
53,850
*,g
Tejas
Networks
Ltd
382
29,582
*
Teledyne
Technologies,
Inc
13,234
108,000
Test
Research,
Inc
226
71,000
Thinking
Electronic
Industrial
Co
Ltd
359
21,304
Tianjin
712
Communication
&
Broadcasting
Co
Ltd
96
78,130
Tianma
Microelectronics
Co
Ltd
120
6,100
Tokyo
Electron
Device
Ltd
406
128,800
Tong
Hsing
Electronic
Industries
Ltd
844
102,156
Topcon
Corp
1,382
23,085
Toshiba
TEC
Corp
684
280,000
TPK
Holding
Co
Ltd
316
189,000
Transcend
Information,
Inc
454
110,836
*
Trimble
Inc
5,810
436,000
Tripod
Technology
Corp
1,606
2,052,000
Truly
International
Holdings
286
1,063,577
*
TTM
Technologies,
Inc
14,348
125
*,e
Turtle
Beach
Corp
1
275,000
TXC
Corp
806
3,439
e
Ubiquiti,
Inc
934
610,011
Unimicron
Technology
Corp
2,975
161,311
Unisplendour
Corp
Ltd
689
42,670
e
Venture
Corp
Ltd
568
8,000
VIA
Labs,
Inc
61
160,482
*,e
Viasat,
Inc
5,431
CREF
Stock
Account
March
31,
2023
145
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
7,724
*
Viavi
Solutions,
Inc
$
84
7,298
Vishay
Intertechnology,
Inc
165
72,076
*
Vishay
Precision
Group,
Inc
3,010
34,000
Vivotek,
Inc
292
789,109
Vontier
Corp
21,574
3,146,100
VS
Industry
BHD
576
721,042
VST
Holdings
Ltd
423
155,885
Vtech
Holdings
Ltd
933
139,500
e
Wacom
Co
Ltd
731
126,000
Wah
Lee
Industrial
Corp
363
301,000
Walsin
Technology
Corp
959
158,907
*,e
Weebit
Nano
Ltd
532
143,851
*
Western
Digital
Corp
5,419
74,184
Wingtech
Technology
Co
Ltd
598
190,500
*,†,b
Wintek
Corp
0^
2,628,000
Wistron
Corp
3,618
277,000
Wistron
NeWeb
Corp
945
83,049
Wiwynn
Corp
3,081
706,519
WPG
Holdings
Co
Ltd
1,167
377,000
WT
Microelectronics
Co
Ltd
839
140,981
Wuhan
Guide
Infrared
Co
Ltd
248
126,852
WUS
Printed
Circuit
Kunshan
Co
Ltd
397
3,889
Xerox
Holdings
Corp
60
14,400
Xiamen
Faratronic
Co
Ltd
306
7,543,200
*,g
Xiaomi
Corp
11,609
1,416
*
Xperi,
Inc
15
15,750
*,†
Ya
Hsin
Industrial
Co
Ltd
0
167,801
Yageo
Corp
2,925
41,947
Yealink
Network
Technology
Corp
Ltd
465
68,100
Yokogawa
Electric
Corp
1,109
19,884
e
Yokowo
Co
Ltd
314
43,155
*
Zebra
Technologies
Corp
(Class
A)
13,723
125,518
Zhejiang
Dahua
Technology
Co
Ltd
413
24,020
Zhejiang
Supcon
Technology
Co
Ltd
364
330,558
Zhen
Ding
Technology
Holding
Ltd
1,244
28,123
Zhongji
Innolight
Co
Ltd
241
15,200
Zhuzhou
Hongda
Electronics
Corp
Ltd
101
259,303
ZTE
Corp
1,229
395,999
ZTE
Corp
(Class
H)
1,161
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
6,453,936
TELECOMMUNICATION
SERVICES
-
1.3%
594,571
Advanced
Info
Service
PCL
3,688
872,230
g
Airtel
Africa
plc
1,144
916,297
AL
Yah
Satellite
Communications
Co-Pjsc-Yah
Sat
664
26,238,332
e
America
Movil
SAB
de
C.V.
27,563
431
*
Anterix,
Inc
14
15,500
ARTERIA
Networks
Corp
149
1,794,000
*
Asia
Pacific
Telecom
Co
Ltd
381
15,730,213
AT&T,
Inc
302,807
372
ATN
International,
Inc
15
199,857
*,e
Aussie
Broadband
Ltd
419
1,486,906
Axiata
Group
Bhd
1,017
48,127
*
Bandwidth
Inc
732
66,745
e
BCE,
Inc
2,990
4,091,824
Bezeq
Israeli
Telecommunication
Corp
Ltd
5,571
2,142,465
Bharti
Airtel
Ltd
19,538
7,362,936
BT
Group
plc
13,263
77,442
*
Cellcom
Israel
Ltd
280
593,650
g
Cellnex
Telecom
SAU
23,086
21,000
Chief
Telecom,
Inc
266
24,071,912
g
China
Tower
Corp
Ltd
2,913
CREF
Stock
Account
March
31,
2023
146
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
416,390
Chorus
Ltd
$
2,193
3,589,653
Chunghwa
Telecom
Co
Ltd
14,111
3,837,641
Citic
Telecom
International
Holdings
Ltd
1,565
2,426
Cogent
Communications
Group,
Inc
155
2,293
*
Consolidated
Communications
Holdings,
Inc
6
3,580,841
Deutsche
Telekom
AG.
86,772
1,540,144
Digi.Com
BHD
1,517
37,488
Drillisch
AG.
412
1,200
*
EchoStar
Corp
(Class
A)
22
146,292
Elisa
Oyj
(Series
A)
8,823
3,292,996
Emirates
Telecommunications
Group
Co
PJSC
19,786
105,726
Empresa
Nacional
de
Telecomunicaciones
S.A.
417
372,693
Etihad
Etisalat
Co
4,109
1,514,282
Far
EasTone
Telecommunications
Co
Ltd
3,742
107,708
Freenet
AG.
2,799
134,895
*
Frontier
Communications
Parent,
Inc
3,072
81,907
Gamma
Communications
plc
1,099
1,177,188
*,e
Globalstar,
Inc
1,366
40,381
*
Gogo,
Inc
586
697,354
*
Helios
Towers
plc
894
202,195
Hellenic
Telecommunications
Organization
S.A.
2,961
587,007
Himachal
Futuristic
Communications
437
961,620
HKBN
Ltd
711
2,910,437
HKT
Trust
and
HKT
Ltd
3,864
1,641,607
Hutchison
Telecommunications
Hong
Kong
Holdings
Ltd
259
52,090
*
IDT
Corp
(Class
B)
1,775
668,252
Indus
Towers
Ltd
1,165
345,657
g
Infrastrutture
Wireless
Italiane
S.p.A
4,541
98,848
Internet
Initiative
Japan,
Inc
2,061
1,020,800
Intouch
Holdings
PCL
(Class
F)
2,212
28,792
Iridium
Communications,
Inc
1,783
4,399,900
Jasmine
International
PCL
276
531,600
*,e
JTOWER,
Inc
19,825
1,289,396
KDDI
Corp
39,762
13,028,332
Koninklijke
KPN
NV
46,036
1,202
*,e
KORE
Group
Holdings,
Inc
1
222,725
*,†,e
Let's
GOWEX
S.A.
2
105,412
LG
Telecom
Ltd
878
34,377
*
Liberty
Global
plc
(Class
A)
670
1,320
*
Liberty
Latin
America
Ltd
(Class
A)
11
670,176
*
Liberty
Latin
America
Ltd
(Class
C)
5,536
850,710
Lumen
Technologies,
Inc
2,254
432,728
Magyar
Telekom
495
1,151,683
Maxis
BHD
1,080
167,918
*,e
Millicom
International
Cellular
S.A.
3,186
2,281,192
Mobile
Telecommunications
Co
KSC
4,024
397,506
*
Mobile
Telecommunications
Co
Saudi
Arabia
1,380
1,621,862
*
MTN
Group
Ltd
11,620
8,382,866
NetLink
NBN
Trust
5,424
878,224
Nippon
Telegraph
&
Telephone
Corp
26,244
189,971
NOS
SGPS
S.A.
868
23,000
Okinawa
Cellular
Telephone
Co
526
125,689
*
Ooma,
Inc
1,572
886,670
Ooredoo
QSC
2,290
1,080,800
Operadora
de
Sites
Mexicanos
S.A.
de
C.V.
1,069
2,174,553
Orange
S.
A.
25,834
132,775
*
Partner
Communications
615
5,002,000
PCCW
Ltd
2,497
44,104
PLDT,
Inc
1,155
145,686
Proximus
plc
1,409
806,363
*
Radius
Global
Infrastructure,
Inc
11,829
CREF
Stock
Account
March
31,
2023
147
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
75,764
g
RAI
Way
S.p.A
$
456
94,951
Railtel
Corp
of
India
Ltd
117
325,847
e
Rogers
Communications,
Inc
(Class
B)
15,103
16,457,933
Sarana
Menara
Nusantara
Tbk
PT
1,018
1,438,923
Saudi
Telecom
Co
15,391
1,650
Shenandoah
Telecom
Co
31
5,243,428
Singapore
Telecommunications
Ltd
9,715
87,977
*,†
Sistema
PJSFC
(GDR)
(London)
1
1,715,360
*,e
Sitios
Latinoamerica
SAB
de
C.V.
710
53,631
SK
Telecom
Co
Ltd
1,990
103,978,004
*
Smartfren
Telecom
Tbk
PT
425
342,641
SmarTone
Telecommunications
Holding
Ltd
220
1,682,600
Softbank
Corp
19,424
1,127,798
Softbank
Group
Corp
44,338
617,414
StarHub
Ltd
483
26,640
Swisscom
AG.
17,001
880,506
Taiwan
Mobile
Co
Ltd
2,922
95,434
Tata
Communications
Ltd
1,451
478,318
*
Tata
Teleservices
Maharashtra
Ltd
324
583,813
Tele2
AB
(B
Shares)
5,811
1,590,342
Telecom
Corp
of
New
Zealand
Ltd
5,038
276,074
Telecom
Egypt
222
10,765,173
e
Telecom
Italia
S.p.A.
3,550
509,685
Telefonica
Brasil
S.A.
3,888
1,070,791
Telefonica
Deutschland
Holding
AG.
3,296
5,841,329
Telefonica
S.A.
25,157
561,509
Telekom
Malaysia
BHD
624
634,995
Telekomunikacja
Polska
S.A.
1,007
719,689
Telenor
ASA
8,438
3,432
e
Telephone
&
Data
Systems,
Inc
36
2,812,193
e
TeliaSonera
AB
7,141
46,744,801
Telkom
Indonesia
Persero
Tbk
PT
12,693
275,324
*,e
Telkom
S.A.
Ltd
552
3,691,347
Telstra
Corp
Ltd
10,452
430,919
TELUS
Corp
8,555
589,800
*
Thaicom
PCL
249
865,349
TIM
S.A.
2,148
2,007,400
Time
dotCom
BHD
2,525
1,346,568
*
T-Mobile
US,
Inc
195,037
3,693,653
True
Corp
PCL
907
1,129,227
Turkcell
Iletisim
Hizmet
AS
1,890
88,865
United
Internet
AG.
1,532
503
*
US
Cellular
Corp
10
16,700
Usen-Next
Holdings
Co
Ltd
324
3,242,599
Verizon
Communications,
Inc
126,105
1,194,942
*,e
Vision,
Inc
14,489
624,142
Vodacom
Group
Pty
Ltd
4,278
29,105,664
Vodafone
Group
plc
32,106
9,286,787
*
Vodafone
Idea
Ltd
657
1,568,953
Vodafone
Qatar
747
4,107,900
XL
Axiata
Tbk
PT
544
TOTAL
TELECOMMUNICATION
SERVICES
1,411,211
TRANSPORTATION
-
1.8%
498,099
Adani
Ports
&
Special
Economic
Zone
Ltd
3,847
95,819
*
Aegean
Airlines
S.A.
789
77,139
*,g
Aena
S.A.
12,474
30,535
Aeroports
de
Paris
4,359
1,446,336
Agility
Public
Warehousing
Co
KSC
2,944
2,351,606
Air
Arabia
PJSC
1,359
161,191
*,e
Air
Canada
2,284
CREF
Stock
Account
March
31,
2023
148
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
214,129
*
Air
China
Ltd
$
334
935,910
*,e
Air
China
Ltd
(H
shares)
837
3,637,235
*,e
Air
France-KLM
6,703
1,832,750
*
Air
New
Zealand
Ltd
879
143,901
*
Air
Transport
Services
Group,
Inc
2,997
3,951,388
Airports
of
Thailand
PCL
8,211
130,760
*,e
Alaska
Air
Group,
Inc
5,487
138,870
g
ALD
S.A.
1,628
122,595
*,e
All
Nippon
Airways
Co
Ltd
2,665
57,694
Allcargo
Logistics
Ltd
250
215
*
Allegiant
Travel
Co
20
66,442
AMERCO
3,445
7,471
e
Amerco,
Inc
446
536,934
*
American
Airlines
Group,
Inc
7,920
634,771
*,†,b,e
AMR
Corporation
6
488,000
Anhui
Expressway
Co
492
3,306
AP
Moller
-
Maersk
AS
(Class
A)
5,865
5,167
AP
Moller
-
Maersk
AS
(Class
B)
9,392
725,347
Aramex
PJSC
650
901
ArcBest
Corp
83
3,686,500
*
Asia
Aviation
PCL
305
41,018
*
Asiana
Airlines
436
1,398,283
Atlas
Arteria
Ltd
5,904
192,592
*
Auckland
International
Airport
Ltd
1,048
1,495,163
Aurizon
Holdings
Ltd
3,368
20,778
*
Avis
Budget
Group,
Inc
4,048
253,000
*
Azul
S.A.
601
641,900
*
Bangkok
Airways
Co
Ltd
254
363,400
*
Bangkok
Aviation
Fuel
Services
PCL
338
6,172,262
Bangkok
Expressway
&
Metro
PCL
1,598
1,922,810
*
Beijing
Capital
International
Airport
Co
Ltd
1,416
10,048
*,e
Blade
Air
Mobility,
Inc
34
8,136
Blue
Dart
Express
Ltd
616
89,994
bpost
S.A.
513
3,572,937
BTS
Group
Holdings
PCL
743
667,195
Canadian
National
Railway
Co
78,726
873,717
Canadian
Pacific
Railway
Ltd
67,279
7,906
e
Cargojet,
Inc
644
57,960
*,e
Cathay
Pacific
Airways
Ltd
56
218,200
*
Cebu
Air,
Inc
167
153,963
Central
Japan
Railway
Co
18,371
95,657
CH
Robinson
Worldwide,
Inc
9,505
2,935,000
China
Airlines
1,890
350,100
*
China
Eastern
Airlines
Corp
Ltd
262
724,667
China
Merchants
Holdings
International
Co
Ltd
1,113
980,447
*,e
China
Southern
Airlines
Co
Ltd
700
334,359
*
China
Southern
Airlines
Co
Ltd
(Class
A)
383
57,888
*,e
Chorus
Aviation,
Inc
137
1,019,872
Cia
de
Concessoes
Rodoviarias
2,576
66,204
Cia
de
Distribucion
Integral
Logista
Holdings
SAU
1,652
37,944
Clarkson
plc
1,447
2,144,300
ComfortDelgro
Corp
Ltd
1,905
15,327,064
Compania
SudAmericana
de
Vapores
S.A.
1,528
265,117
Container
Corp
Of
India
Ltd
1,876
806,600
*,e
Controladora
Vuela
Cia
de
Aviacion
SAB
de
C.V.
994
75,522
*,e
Copa
Holdings
S.A.
(Class
A)
6,974
644,000
Cosco
International
Holdings
Ltd
205
1,095,536
COSCO
Pacific
Ltd
733
919,315
COSCO
SHIPPING
Holdings
Co
Ltd
-
A
1,478
1,569,809
e
COSCO
SHIPPING
Holdings
Co
Ltd
-
H
1,770
750
Costamare,
Inc
7
CREF
Stock
Account
March
31,
2023
149
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
376
Covenant
Transportation
Group,
Inc
$
13
2,953,522
CSX
Corp
88,428
107,636
e
CTT-Correios
de
Portugal
S.A.
423
21,747
D/S
Norden
1,462
2,762,700
Dalian
Port
PDA
Co
Ltd
644
1,059,405
Daqin
Railway
Co
Ltd
1,110
296,141
*
Daseke,
Inc
2,289
314,955
*
Delhivery
Ltd
1,272
774,914
*
Delta
Air
Lines,
Inc
27,060
632,148
*
Deutsche
Lufthansa
AG.
7,031
1,703,288
Deutsche
Post
AG.
79,775
34,363
Dfds
A.S.
1,394
432,473
DSV
AS
83,855
457
e
Eagle
Bulk
Shipping,
Inc
21
324,479
e
East
Japan
Railway
Co
17,957
1,342,864
*
easyJet
plc
8,582
278,300
EcoRodovias
Infraestrutura
e
Logistica
S.A.
284
270,510
g
Enav
S.p.A
1,132
574,094
e
Eneti,
Inc
5,368
2,371,000
Eva
Airways
Corp
2,104
527,000
Evergreen
International
Storage
&
Transport
Corp
482
488,013
Evergreen
Marine
Corp
Taiwan
Ltd
2,556
18,273
e
Exchange
Income
Corp
724
131,060
Expeditors
International
of
Washington,
Inc
14,432
111,000
Farglory
F
T
Z
Investment
Holding
Co
Ltd
242
202,646
FedEx
Corp
46,303
701,355
*
Finnair
Oyj
389
709,831
Firstgroup
plc
903
19,465
*
Flughafen
Zuerich
AG.
3,566
69,748
Forward
Air
Corp
7,516
37,338
*
Fraport
AG.
Frankfurt
Airport
Services
Worldwide
1,882
2,942
*
Frontier
Group
Holdings,
Inc
29
19,660
Fukuyama
Transporting
Co
Ltd
535
1,248
e
Genco
Shipping
&
Trading
Ltd
20
458,060
Getlink
S.E.
7,544
2,060,258
*
GMR
Infrastructure
Ltd
1,019
115,500
*
Gol
Linhas
Aereas
Inteligentes
S.A.
152
128,592
Golden
Ocean
Group
Ltd
1,215
4,179
Golden
Ocean
Group
Ltd
40
1,012,448
*
Grab
Holdings
Ltd
3,047
653,200
Grindrod
Ltd
335
282,300
e
Grupo
Aeroportuario
del
Centro
Norte
Sab
de
C.V.
3,153
342,749
e
Grupo
Aeroportuario
del
Pacifico
S.A.
de
C.V.
(B
Shares)
6,669
179,363
e
Grupo
Aeroportuario
del
Sureste
S.A.
de
C.V.
(Class
B)
5,487
301,200
*,e,g
Grupo
Traxion
SAB
de
C.V.
622
248,552
Gujarat
Pipavav
Port
Ltd
353
243,579
Gulf
Warehousing
Co
252
185,956
*
GXO
Logistics,
Inc
9,383
194,000
*
Hainan
Meilan
International
Airport
Co
Ltd
471
17,000
Hamakyorex
Co
Ltd
415
18,172
Hamburger
Hafen
und
Logistik
AG.
224
210,798
Hankyu
Hanshin
Holdings,
Inc
6,251
6,124
*
Hawaiian
Holdings,
Inc
56
1,583
Heartland
Express,
Inc
25
155,265
*
Hertz
Global
Holdings,
Inc
2,529
544,100
*
Hidrovias
do
Brasil
S.A.
231
52,520
Hoegh
Autoliners
ASA
295
181,564
*
Hub
Group,
Inc
(Class
A)
15,240
5,292,751
Hutchison
Port
Holdings
Trust
991
17,050
Hyundai
Glovis
Co
Ltd
2,082
130,666
e
Hyundai
Merchant
Marine
Co
Ltd
2,055
CREF
Stock
Account
March
31,
2023
150
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
2,322
*
ID
Logistics
Group
$
691
532,738
Iino
Kaiun
Kaisha
Ltd
4,053
86,125
*,g
InterGlobe
Aviation
Ltd
2,007
977,185
International
Container
Term
Services,
Inc
3,837
267,142
Japan
Airlines
Co
Ltd
5,209
59,800
*
Japan
Airport
Terminal
Co
Ltd
2,987
2,251,800
*
Jasa
Marga
Tbk
PT
484
73,126
Jazeera
Airways
Co
KSCP
431
16,292
JB
Hunt
Transport
Services,
Inc
2,859
25,019
*
Jeju
Air
Co
Ltd
304
154,855
JET2
plc
2,526
253,133
*
JetBlue
Airways
Corp
1,843
794,915
Jiangsu
Express
739
17,707
*
Jin
Air
Co
Ltd
236
5,373
*,e
Joby
Aviation,
Inc
23
79,500
Juneyao
Airlines
Co
Ltd
208
212,900
JWD
Infologistics
PCL
125
90,700
Kamigumi
Co
Ltd
1,905
150,464
e
Kawasaki
Kisen
Kaisha
Ltd
3,451
214,400
e
Keihin
Electric
Express
Railway
Co
Ltd
2,037
94,295
e
Keio
Corp
3,311
119,500
Keisei
Electric
Railway
Co
Ltd
3,681
114,774
Kelsian
Group
Ltd
452
601,700
*
Kerry
Express
Thailand
PCL
278
333,009
Kerry
Logistics
Network
Ltd
517
158,107
Kintetsu
Corp
5,093
309,484
*
Kirby
Corp
21,571
128,573
Knight-Swift
Transportation
Holdings,
Inc
7,275
23,668
Konoike
Transport
Co
Ltd
267
8,204
Korea
Express
Co
Ltd
504
945,287
*
Korea
Line
Corp
1,594
87,493
Korean
Air
Lines
Co
Ltd
1,562
55,889
Kuehne
&
Nagel
International
AG.
16,646
127,200
e
Kyushu
Railway
Co
2,830
2,886
Landstar
System,
Inc
517
2,314,001
Localiza
Rent
A
Car
24,380
10,445
Lotte
Rental
Co
Ltd
208
271,546
*
Lyft,
Inc
(Class
A)
2,517
35,500
g
Mahindra
Logistics
Ltd
153
582,454
*
Malaysia
Airports
Holdings
BHD
898
3,439
Marten
Transport
Ltd
72
42,550
e
Maruwa
Unyu
Kikan
Co
Ltd
641
33,430
Maruzen
Showa
Unyu
Co
Ltd
814
1,428
Matson,
Inc
85
1,633,240
MISC
BHD
2,677
49,928
Mitsubishi
Logistics
Corp
1,174
321,800
e
Mitsui
OSK
Lines
Ltd
8,070
64,914
e
Mitsui-Soko
Co
Ltd
1,928
92,600
Movida
Participacoes
S.A.
148
230,951
MPC
Container
Ships
AS.
370
1,217,793
MTR
Corp
5,877
89,141
e
Mullen
Group
Ltd
974
177,500
e
Nagoya
Railroad
Co
Ltd
2,740
98,827
Nankai
Electric
Railway
Co
Ltd
2,182
1,558,711
*
National
Express
Group
plc
2,340
76,600
Nippon
Express
Holdings,
Inc
4,622
50,849
e
Nippon
Konpo
Unyu
Soko
Co
Ltd
953
453,903
e
Nippon
Yusen
Kabushiki
Kaisha
10,602
53,400
e
Nishi-Nippon
Railroad
Co
Ltd
966
10,491
Norfolk
Southern
Corp
2,224
617,878
*
Norwegian
Air
Shuttle
AS
632
CREF
Stock
Account
March
31,
2023
151
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
8,576
*
NTG
Nordic
Transport
Group
A.S.
$
511
271,499
e
Odakyu
Electric
Railway
Co
Ltd
3,532
32,293
Oesterreichische
Post
AG.
1,195
84,824
Old
Dominion
Freight
Line
28,911
136,500
Orient
Overseas
International
Ltd
2,620
5,051,290
Pacific
Basin
Shipping
Ltd
1,955
1,163
*
PAM
Transportation
Services,
Inc
33
123,015
Pan
Ocean
Co
Ltd
551
36,672
*
Pegasus
Hava
Tasimaciligi
AS.
869
1,073,400
Precious
Shipping
PCL
430
191,477
e
Promotora
y
Operadora
de
Infraestructura
SAB
de
C.V.
1,912
254,426,600
*
PT
Benakat
Petroleum
Energy
2,548
757,873
*
Qantas
Airways
Ltd
3,383
520,043
Qatar
Navigation
QSC
1,174
3,533,930
Qube
Logistics
Holdings
Ltd
6,824
188,781
*
Radiant
Logistics,
Inc
1,238
226,639
Redde
Northgate
plc
966
546,960
Regional
Container
Lines
PCL
425
733,359
Royal
Mail
plc
2,031
1,193,846
Rumo
S.A.
4,440
282,463
*
RXO,
Inc
5,548
45,148
Ryder
System,
Inc
4,029
281,030
e
Safe
Bulkers,
Inc
1,037
72,197
Sagami
Railway
Co
Ltd
1,237
1,291
*
Saia,
Inc
351
96
*,†
SAir
Group
0
11,570
Sakai
Moving
Service
Co
Ltd
405
259,150
Sankyu,
Inc
9,617
489,400
Santos
Brasil
Participacoes
S.A.
784
149
*,e
SAS
AB
0^
80,377
*
Saudi
Ground
Services
Co
481
45,803
Saudi
Industrial
Services
Co
345
68,797
*
Saudi
Public
Transport
Co
332
19,604
SBS
Holdings,
Inc
498
179,997
Schneider
National,
Inc
4,815
10,301
Sebang
Co
Ltd
364
213,500
Seibu
Holdings,
Inc
2,191
118,906
Seino
Holdings
Corp
1,313
93,196
Senko
Co
Ltd
666
145,039
SF
Holding
Co
Ltd
1,168
265,750
SG
Holdings
Co
Ltd
3,941
78,396
*
Shanghai
International
Airport
Co
Ltd
636
295,160
Shanghai
International
Port
Group
Co
Ltd
238
855,402
Shenzhen
International
Holdings
Ltd
757
4,827
Shenzhen
Investment
Holdings
Bay
Area
Development
Co
Ltd
1
142,560
e
Shinwa
Kaiun
Kaisha
Ltd
4,444
99,784
*,†
Shipping
Corp
of
India
Land
And
Assets
Ltd
32
99,784
Shipping
Corp
of
India
Ltd
114
401,000
*
SIA
Engineering
Co
Ltd
680
974,000
e
Sichuan
Expressway
Co
Ltd
233
279,400
SIMPAR
S.A.
412
4,609,000
Sincere
Navigation
3,775
1,127,473
e
Singapore
Airlines
Ltd
4,863
912,024
*
Singapore
Airport
Terminal
Services
Ltd
1,919
1,592,619
Singapore
Post
Ltd
598
1,038,000
SITC
International
Co
Ltd
2,231
13,716
Sixt
AG.
1,827
16,085
Sixt
AG.
(Preference)
1,307
1,585
*
Skywest,
Inc
35
483,792
Southwest
Airlines
Co
15,743
5,225
Spirit
Airlines,
Inc
90
CREF
Stock
Account
March
31,
2023
152
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
24,086
Stolt-Nielsen
S.A.
$
771
50,283
e
Sumitomo
Warehouse
Co
Ltd
827
2,453
Sun
Kwang
Co
Ltd
299
137,000
T.Join
Transportation
Co
171
64,000
T3EX
Global
Holdings
Corp
165
1,686,501
Taiwan
High
Speed
Rail
Corp
1,676
174,179
*
TAV
Havalimanlari
Holding
AS
672
14,214
TCI
Express
Ltd
259
1,100,600
Temas
Tbk
PT
219
72,748
TFI
International,
Inc
8,681
16,586
Theeb
Rent
A
Car
Co
348
3,044,000
Tianjin
Port
Development
Holdings
Ltd
225
308,525
e
TNT
NV
560
174,629
Tobu
Railway
Co
Ltd
4,181
489,911
e
Tokyu
Corp
6,522
5,648,600
*,†
Trada
Alam
Minera
Tbk
PT
0^
7,907
e
Trancom
Co
Ltd
443
1,088,500
Transcoal
Pacific
Tbk
PT
619
26,549
Transport
Corp
of
India
Ltd
203
2,419,348
Transurban
Group
23,101
525,750
*
Turk
Hava
Yollari
3,256
28,631
*,e
TuSimple
Holdings,
Inc
42
3,651,025
*
Uber
Technologies,
Inc
115,738
396,000
U-Ming
Marine
Transport
Corp
729
2,131,780
Union
Pacific
Corp
429,042
267,545
*
United
Airlines
Holdings
Inc
11,839
27,314
United
International
Transportation
Co
425
938,953
United
Parcel
Service,
Inc
(Class
B)
182,147
945
Universal
Logistics
Holdings
Inc
28
270,200
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
S.A.
712
67,336
*,†
Virgin
Australia
Int
Holdings
0^
30,917
*
VRL
Logistics
Ltd
239
102,637
Wallenius
Wilhelmsen
ASA
743
312,350
Wan
Hai
Lines
Ltd
707
3,299
Werner
Enterprises,
Inc
150
203,100
West
Japan
Railway
Co
8,366
38,291
e
Westshore
Terminals
Investment
Corp
766
34,848
*
Wheels
Up
Experience,
Inc
22
154,300
Wilson
Sons
Holdings
Brasil
S.A.
293
109,354
Wincanton
plc
291
1,951,000
Wisdom
Marine
Lines
Co
Ltd
4,133
83,917
*
XPO
Logistics,
Inc
2,677
263,436
Yamato
Transport
Co
Ltd
4,522
1,133,455
Yang
Ming
Marine
Transport
2,406
89,459
YTO
Express
Group
Co
Ltd
238
1,138,000
Yuexiu
Transport
Infrastructure
Ltd
603
80,815
Yunda
Holding
Co
Ltd
139
980,968
Zhejiang
Expressway
Co
Ltd
780
86,550
e
ZIM
Integrated
Shipping
Services
Ltd
2,041
210,283
ZTO
Express
Cayman,
Inc
(ADR)
6,027
TOTAL
TRANSPORTATION
1,943,833
UTILITIES
-
2.6%
1,547,412
e
A2A
S.p.A.
2,469
1,589,000
*
Absolute
Clean
Energy
PCL
106
600,891
*
AC
Energy
Corp
68
25,390
Acciona
S.A.
5,094
123,364
ACEA
S.p.A.
1,687
73,814
ACWA
Power
Co
2,775
258,243
Adani
Gas
Ltd
2,723
296,483
*
Adani
Green
Energy
Ltd
3,183
CREF
Stock
Account
March
31,
2023
153
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
710,681
*
Adani
Power
Ltd
$
1,659
260,992
*
Adani
Transmissions
Ltd
3,158
266,023
AES
Brasil
Energia
S.A.
522
334,845
AES
Corp
8,063
643,247
AGL
Energy
Ltd
3,470
3,120,842
Aguas
Andinas
S.A.
885
665,513
e
Algonquin
Power
&
Utilities
Corp
5,584
6,442
AlKhorayef
Water
&
Power
Technologies
Co
230
199,633
Allete,
Inc
12,850
2,648,090
Alliant
Energy
Corp
141,408
280,967
e
AltaGas
Ltd
4,684
962
*,e
Altus
Power,
Inc
5
132,300
Alupar
Investimento
S.A.
702
1,716,399
Ameren
Corp
148,280
2,383,882
American
Electric
Power
Co,
Inc
216,909
1,979
American
States
Water
Co
176
72,943
American
Water
Works
Co,
Inc
10,685
982,910
APA
Group
6,677
94
Artesian
Resources
Corp
5
66,898
Ascopiave
S.p.A.
193
177,620
Atco
Ltd
5,693
45,766
Athens
Water
Supply
&
Sewage
Co
S.A.
323
22,935
Atmos
Energy
Corp
2,577
310,018
Auren
Energia
S.A.
897
11,090
e
Avangrid,
Inc
442
3,512
Avista
Corp
149
42,370
Aygaz
AS
148
824,430
B
Grimm
Power
PCL
981
708,200
Banpu
Power
PCL
332
1,501,900
BCPG
PCL
438
300,679
Beijing
Enterprises
Holdings
Ltd
1,082
2,402,586
Beijing
Enterprises
Water
Group
Ltd
600
1,576,000
Beijing
Jingneng
Clean
Energy
Co
Ltd
376
21,722
BKW
S.A.
3,415
372,752
Black
Hills
Corp
23,521
87,929
Boralex,
Inc
2,677
4,138
e
Brookfield
Infrastructure
Corp
191
95,419
e
Brookfield
Infrastructure
Corp
4,398
105,507
Brookfield
Renewable
Corp
3,687
128,583
e
Brookfield
Renewable
Corp
4,496
3,391
California
Water
Service
Group
197
118,060
e
Canadian
Utilities
Ltd
3,290
544,000
e
Canvest
Environment
Protection
Group
Co
Ltd
251
252,219
e
Capital
Power
Corp
7,771
119,117
Capital
Stage
AG.
2,046
155,800
CECEP
Solar
Energy
Co
Ltd
155
463,010
CECEP
Wind-Power
Corp
261
2,123,302
Centerpoint
Energy,
Inc
62,553
1,151,651
Centrais
Eletricas
Brasileiras
S.A.
7,562
242,639
Centrais
Eletricas
Brasileiras
S.A.
(Preference)
1,737
5,681,059
Centrica
plc
7,440
566,175
CESC
Ltd
460
160,027
CEZ
AS
7,772
910,000
e
CGN
New
Energy
Holdings
Co
Ltd
289
6,773,000
g
CGN
Power
Co
Ltd
1,622
979
Chesapeake
Utilities
Corp
125
2,285,000
China
Datang
Corp
Renewable
Power
Co
Ltd
818
931,000
e,g
China
Everbright
Greentech
Ltd
191
2,197,365
China
Gas
Holdings
Ltd
3,094
1,693,044
China
Longyuan
Power
Group
Corp
1,931
638,200
China
National
Nuclear
Power
Co
Ltd
594
CREF
Stock
Account
March
31,
2023
154
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
4,896,847
China
Power
International
Development
Ltd
$
1,950
715,812
China
Resources
Gas
Group
Ltd
2,633
974,373
China
Resources
Power
Holdings
Co
2,079
1,709,200
China
Three
Gorges
Renewables
Group
Co
Ltd
1,364
818,000
China
Water
Affairs
Group
Ltd
668
440,301
China
Yangtze
Power
Co
Ltd
1,361
640,891
Chubu
Electric
Power
Co,
Inc
6,761
269,400
Chugoku
Electric
Power
Co,
Inc
1,368
323,001
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
3,225
1,027,383
Cia
de
Saneamento
de
Minas
Gerais-COPASA
3,189
125,500
Cia
de
Saneamento
do
Parana
448
453,700
Cia
de
Saneamento
do
Parana
(Preference)
325
1,440,355
Cia
Energetica
de
Minas
Gerais
3,251
14,700
Cia
Energetica
do
Ceara
129
525,559
CK
Infrastructure
Holdings
Ltd
2,860
1,921,700
CK
Power
PCL
233
68,293
Clearway
Energy,
Inc
(Class
A)
2,051
212,346
Clearway
Energy,
Inc
(Class
C)
6,653
1,440,875
CLP
Holdings
Ltd
10,412
46,653
CMS
Energy
Corp
2,864
20,542,685
Colbun
S.A.
2,714
7,070,000
Concord
New
Energy
Group
Ltd
631
119,848
Consolidated
Edison,
Inc
11,466
341,847
Constellation
Energy
Corp
26,835
1,052,524
Contact
Energy
Ltd
5,107
66,486
Corp
ACCIONA
Energias
Renovables
S.A.
2,578
195,900
CPFL
Energia
S.A.
1,223
5,213
Daesung
Holdings
Co
Ltd
549
691,900
Datang
International
Power
Generation
Co
Ltd
306
2,496,158
Dominion
Energy,
Inc
139,560
74,509
*
Doral
Group
Renewable
Energy
Resources
Ltd
159
902,245
Drax
Group
plc
6,777
31,059
DTE
Energy
Co
3,402
247,642
Duke
Energy
Corp
23,890
3,036,356
E.ON
AG.
37,878
127,891
Edison
International
9,028
257,600
EDP
-
Energias
do
Brasil
S.A.
1,135
271,258
EDP
Renovaveis
S.A.
6,213
428,300
Electric
Power
Development
Co
6,884
252,217
Electricity
Generating
PCL
1,148
34,004
e
Elia
System
Operator
S.A.
4,490
246,627
Emera,
Inc
10,132
1,939,501
*
Emirates
Central
Cooling
Systems
Corp
930
736,800
*
Enea
S.A.
1,081
27,426,209
Enel
Chile
S.A.
1,496
15,512,896
Enel
S.p.A.
94,612
2,299,384
Energias
de
Portugal
S.A.
12,529
174,933
Energisa
S.A.
1,387
227,390
Energix-Renewable
Energies
Ltd
638
1,547,044
Energy
Absolute
PCL
3,442
256,510
g
Enerjisa
Enerji
AS.
366
21,023,042
Enersis
S.A.
2,769
946,800
*
Eneva
S.A.
1,956
166,948
Engie
Brasil
Energia
S.A.
1,323
546,999
*
Engie
Energia
Chile
S.A.
402
3,541,055
Engie
S.A.
56,036
114,215
*
Enlight
Renewable
Energy
Ltd
1,913
663,335
ENN
Energy
Holdings
Ltd
9,083
144,000
ENN
Natural
Gas
Co
Ltd
437
46,520
Entergy
Corp
5,012
932,419
Equatorial
Energia
S.A.
4,960
CREF
Stock
Account
March
31,
2023
155
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
26,243
e
eRex
Co
Ltd
$
364
56,735
ERG
S.p.A.
1,722
75,912
Essential
Utilities
Inc
3,314
125,104
Evergy,
Inc
7,646
122,383
Eversource
Energy
9,578
33,128
EVN
AG.
736
487,861
Exelon
Corp
20,437
125,404
*,e
Fersa
Energias
Renovables
S.A.
155
2,915,256
e
FirstEnergy
Corp
116,785
441,617
e
Fortis,
Inc
18,772
307,894
*
Fortum
Oyj
4,717
2,283,964
GAIL
India
Ltd
2,931
693,600
GD
Power
Development
Co
Ltd
384
517,485
Genesis
Energy
Ltd
898
630,857
Global
Power
Synergy
Co
Ltd
1,260
48,443
*,e
Greenvolt-Energias
Renovaveis
S.A.
349
13,515
*,e
Grenergy
Renovables
S.A.
411
1,455,210
Guangdong
Investments
Ltd
1,489
164,476
Gujarat
Gas
Ltd
923
266,219
Gujarat
State
Petronet
Ltd
860
2,704,427
Gulf
Energy
Development
PCL
4,180
3,863,300
Gunkul
Engineering
PCL
458
17,628
Hawaiian
Electric
Industries,
Inc
677
905,988
Hera
S.p.A.
2,561
154,293
Hokkaido
Electric
Power
Co,
Inc
566
158,077
Hokuriku
Electric
Power
Co
708
248,974
Holding
CO
ADMIE
IPTO
S.A.
476
9,747,739
Hong
Kong
&
China
Gas
Ltd
8,582
1,155,512
Hong
Kong
Electric
Holdings
Ltd
6,199
349,919
Huadian
Power
International
Corp
Ltd
(Class
A)
295
269,666
Huaneng
Power
International,
Inc
-
A
336
4,116,751
e
Huaneng
Power
International,
Inc
-
H
2,163
302,766
g
Hydro
One
Ltd
8,620
6,114,139
Iberdrola
S.A.
76,169
8,130
Idacorp,
Inc
881
303,130
Indraprastha
Gas
Ltd
1,584
691,649
Infratil
Ltd
3,986
135,845
e
Innergex
Renewable
Energy,
Inc
1,476
1,027,900
*,†
Inter
Far
East
Energy
Corp
0^
441,125
Interconexion
Electrica
S.A.
1,435
539,606
Inversiones
Aguas
Metropolitanas
S.A.
367
2,048,713
Iride
S.p.A.
3,929
464,248
e
Italgas
S.p.A
2,832
14,540,095
*
Jaiprakash
Power
Ventures
Ltd
985
244,900
Jiangsu
Eastern
Shenghong
Co
Ltd
485
691,563
Kansai
Electric
Power
Co,
Inc
6,735
20,473
Kenon
Holdings
Ltd
602
3,443,893
e
Keppel
Infrastructure
Trust
1,361
129,857
Korea
Electric
Power
Corp
1,800
376,300
Kyushu
Electric
Power
Co,
Inc
2,150
313,066
Light
S.A.
151
874,898
e
Lundin
Petroleum
AB
1,150
68,080
Mahanagar
Gas
Ltd
816
3,971,000
Malakoff
Corp
BHD
621
298,072
Manila
Electric
Co
1,708
1,138,600
Manila
Water
Co,
Inc
412
576,900
Mega
First
Corp
BHD
458
547,369
Mercury
NZ
Ltd
2,165
1,052,050
Meridian
Energy
Ltd
3,461
63,826
MGE
Energy,
Inc
4,957
721
Middlesex
Water
Co
56
CREF
Stock
Account
March
31,
2023
156
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,330
*,e
Montauk
Renewables,
Inc
$
10
681,042
National
Central
Cooling
Co
PJSC
556
13,586
National
Fuel
Gas
Co
784
31,641
National
Gas
&
Industrialization
Co
489
5,533,216
National
Grid
plc
74,848
65,249
e,g
Neoen
S.A.
2,057
282,445
New
Jersey
Resources
Corp
15,026
6,392,801
NextEra
Energy,
Inc
492,757
100,787
Nippon
Gas
Co
Ltd
1,463
67,502
NiSource,
Inc
1,887
224,472
e
Northland
Power
Income
Fund
5,627
58,360
Northwest
Natural
Holding
Co
2,776
2,724
NorthWestern
Corp
158
242,859
NRG
Energy,
Inc
8,328
3,842,847
NTPC
Ltd
8,204
1,243,020
*
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS.
398
31,617
OGE
Energy
Corp
1,191
34,001
Okinawa
Electric
Power
Co,
Inc
277
310,700
*
Omega
Energia
S.A.
585
1,873
ONE
Gas,
Inc
148
91,203
*
OPC
Energy
Ltd
680
52,454
*,e
Opdenergy
Holdings
S.A.
216
1,358,091
Origin
Energy
Ltd
7,563
52,582
e
Ormat
Technologies,
Inc
4,457
200,455
g
Orsted
AS
17,092
345,180
Osaka
Gas
Co
Ltd
5,671
58,605
e
Otter
Tail
Corp
4,235
38,378
*
OY
Nofar
Energy
Ltd
898
290,485
Pennon
Group
plc
3,139
947,178
Petronas
Gas
BHD
3,538
1,502,609
*,b
PG&E
Corp
24,297
879,992
*
PGE
Polska
Grupa
Energetyczna
S.A.
1,282
47,334
Pinnacle
West
Capital
Corp
3,751
3,959
PNM
Resources,
Inc
193
281,334
Portland
General
Electric
Co
13,754
3,085,822
Power
Grid
Corp
of
India
Ltd
8,496
118,368
PPL
Corp
3,289
11,126,800
PT
Perusahaan
Gas
Negara
Persero
Tbk
1,027
187,191
*
Public
Power
Corp
1,629
306,340
Public
Service
Enterprise
Group,
Inc
19,131
34,076
*
Pure
Cycle
Corp
322
435,843
Qatar
Electricity
&
Water
Co
2,020
525,740
Ratch
Group
PCL
593
360,757
Redes
Energeticas
Nacionais
S.A.
1,057
151,480
*
Reliance
Energy
Ltd
267
7,468,832
*
Reliance
Power
Ltd
907
32,300
*,e
RENOVA,
Inc
487
150,648
Rubis
S.C.A
4,031
2,101,350
RWE
AG.
90,418
13,100
Saibu
Gas
Co
Ltd
172
7,211
Sam
Kwang
Glass
Ind
Co
Ltd
169
1,635
Samchully
Co
Ltd
647
838,701
Saudi
Electricity
Co
5,234
120,109
g
Scatec
Solar
ASA
802
959,098
Scottish
&
Southern
Energy
plc
21,401
936,378
SembCorp
Industries
Ltd
3,090
306,741
Sempra
Energy
46,367
558,685
Shamal
Az-Zour
Al-Oula
for
the
First
Phase
of
Az-Zour
Power
Plant
KSC
323
48,900
Shanghai
Electric
Power
Co
Ltd
71
151,288
Shenzhen
Energy
Group
Co
Ltd
135
336,842
Shikoku
Electric
Power
Co,
Inc
1,915
CREF
Stock
Account
March
31,
2023
157
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
78,000
Shinfox
Energy
Co
Ltd
$
227
41,110
e
Shizuoka
Gas
Co
Ltd
357
101,900
Sichuan
Chuantou
Energy
Co
Ltd
196
920
e
SJW
Corp
70
243,390
*
Solaria
Energia
y
Medio
Ambiente
S.A.
4,390
128,000
*,†
Sound
Global
Ltd
0^
526,213
Southern
Co
36,614
2,247
Southwest
Gas
Holdings
Inc
140
633,900
SPCG
PCL
256
211,947
Spire,
Inc
14,866
2,079
*,e
Sunnova
Energy
International,
Inc
33
21,332,200
Super
Energy
Corp
PCL
(Foreign)
412
168,893
e
Superior
Plus
Corp
1,392
1,411,100
Synergy
Grid
&
Development
Phils,
Inc
279
273,000
Taiwan
Cogeneration
Corp
382
1,395,604
Tata
Power
Co
Ltd
3,243
1,153,363
*
Tauron
Polska
Energia
S.A.
515
40,882
Techno
Electric
&
Engineering
Co
Ltd
168
58,396
Telecom
Plus
plc
1,362
2,649,304
Tenaga
Nasional
BHD
5,544
45,544
Terna
Energy
S.A.
970
1,309,580
Terna
Rete
Elettrica
Nazionale
S.p.A.
10,748
72,600
e
Toho
Gas
Co
Ltd
1,352
441,500
Tohoku
Electric
Power
Co,
Inc
2,195
1,503,651
*
Tokyo
Electric
Power
Co,
Inc
5,371
432,910
Tokyo
Gas
Co
Ltd
8,136
157,009
Torrent
Power
Ltd
977
1,109,000
Towngas
China
Co
Ltd
481
2,368,300
TPI
Polene
Power
PCL
233
234,947
e
TransAlta
Corp
2,055
513,603
e
TransAlta
Renewables,
Inc
4,728
206,400
Transmissora
Alianca
de
Energia
Eletrica
S.A.
1,418
1,554,000
TTW
PCL
398
35,822
UGI
Corp
1,245
528
Unitil
Corp
30
726,880
Veolia
Environnement
22,429
73,820
Verbund
AG.
6,421
206
e
Via
Renewables,
Inc
4
579,289
Vistra
Energy
Corp
13,903
35,976
*,e
Voltalia
S.A.
570
1,281,707
WEC
Energy
Group,
Inc
121,493
21,530
e
West
Holdings
Corp
529
1,095,100
*
WHA
Utilities
and
Power
PCL
125
775,617
Xcel
Energy,
Inc
52,308
13,450
York
Water
Co
601
7,968,100
YTL
Corp
BHD
1,113
2,132,100
YTL
Power
International
BHD
448
723,144
*
Zorlu
Enerji
Elektrik
Uretim
AS
163
TOTAL
UTILITIES
2,912,642
TOTAL
COMMON
STOCKS
108,899,205
(Cost
$103,476,467)
CREF
Stock
Account
March
31,
2023
158
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
EXPIRATION
DATE
VALUE
(000)
RIGHTS/WARRANTS
-
0.0%
CAPITAL
GOODS
-
0.0%
26,206
†,e
Webuild
S.p.A
08/02/30
$
24
TOTAL
CAPITAL
GOODS
24
CONSUMER
DURABLES
&
APPAREL
-
0.0%
1,277,413
e
Cie
Financiere
Richemont
S.A.
11/27/23
1,606
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,606
CONSUMER
SERVICES
-
0.0%
90,578
PointsBet
Holdings
Ltd
07/08/24
0
142,339
†
Ryman
Healthcare
Ltd
0
295,445
e
TUI
AG.
390
TOTAL
CONSUMER
SERVICES
390
ENERGY
-
0.0%
8,715
e
Weatherford
International
plc
12/13/23
4
TOTAL
ENERGY
4
FINANCIAL
SERVICES
-
0.0%
13,502
†
Kelsian
Group
Ltd
04/16/23
0
1,059
Magellan
Financial
Group
Ltd
04/16/27
0^
TOTAL
FINANCIAL
SERVICES
0^
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
12,599
†
Chinook
Therapeutics,
Inc
0
20,027
†,e
Tobira
Therapeutics,
Inc
1
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1
TRANSPORTATION
-
0.0%
9,630
Localiza
Rent
a
Car
S.A.
25
TOTAL
TRANSPORTATION
25
TOTAL
RIGHTS/WARRANTS
2,050
(Cost
$368)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
2.2%
GOVERNMENT
AGENCY
DEBT
-
0.5%
$
50,000,000
Federal
Farm
Credit
Bank
(FFCB)
0.000
%
04/06/23
49,981
10,000,000
FFCB
0.000
04/11/23
9,990
12,585,000
Federal
Home
Loan
Bank
(FHLB)
0.000
04/03/23
12,585
46,145,000
FHLB
0.000
04/05/23
46,133
30,000,000
FHLB
0.000
04/10/23
29,974
300,000
FHLB
0.000
04/12/23
300
35,000,000
FHLB
0.000
04/14/23
34,952
12,500,000
FHLB
0.000
04/19/23
12,475
75,200,000
FHLB
0.000
04/24/23
75,002
24,000,000
FHLB
0.000
05/02/23
23,912
50,000,000
FHLB
0.000
05/03/23
49,810
50,000,000
FHLB
0.000
05/05/23
49,794
9,650,000
FHLB
0.000
05/12/23
9,602
9,000,000
FHLB
0.000
05/17/23
8,950
10,000,000
FHLB
0.000
05/24/23
9,936
25,000,000
FHLB
0.000
06/09/23
24,783
50,000,000
FHLB
0.000
06/12/23
49,546
CREF
Stock
Account
March
31,
2023
159
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
(000)
$
29,460,000
FHLB
0.000
%
06/28/23
$
29,132
TOTAL
GOVERNMENT
AGENCY
DEBT
526,857
REPURCHASE
AGREEMENT
-
0.4%
396,680,000
r
Fixed
Income
Clearing
Corp
(FICC)
4.810
04/03/23
396,680
TOTAL
REPURCHASE
AGREEMENT
396,680
TREASURY
DEBT
-
0.0%
5,000,000
United
States
Treasury
Bill
0.000
04/04/23
4,999
TOTAL
TREASURY
DEBT
4,999
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
-
1.3%
CERTIFICATE
OF
DEPOSIT
-
0.3%
12,500,000
Australia
and
New
Zealand
Banking
Group
5.420
04/05/23
12,500
9,000,000
Australia
and
New
Zealand
Banking
Group
5.070
02/28/24
9,000
10,000,000
Credit
Agricole
5.500
05/03/23
10,000
72,000,000
Handelsbanken
4.770
04/03/23
72,000
10,000,000
ING
US
Funding
LLC
5.290
09/29/23
10,000
13,000,000
Lloyds
Bank
PLC
5.530
05/08/23
13,000
5,000,000
Lloyds
Bank
PLC
5.020
08/21/23
5,000
9,500,000
Mizuho
Bank
Ltd
5.610
04/26/23
9,500
11,000,000
Mizuho
Bank
Ltd
5.010
08/24/23
11,000
7,000,000
MUFG
Bank
4.970
07/11/23
7,000
10,000,000
MUFG
Bank
5.080
07/18/23
10,000
9,000,000
MUFG
Bank
5.000
09/08/23
9,000
10,000,000
National
Australia
Bank
5.310
11/30/23
10,000
11,000,000
National
Australia
Bank
5.020
12/01/23
11,000
9,000,000
National
Australia
Bank
5.070
03/06/24
9,000
9,000,000
Nordea
Bank
AB
publ
5.490
06/07/23
9,000
9,000,000
Nordea
Bank
AB
publ
5.070
06/23/23
9,000
7,000,000
Nordea
Bank
AB
publ
5.060
09/07/23
7,000
9,000,000
Royal
Bank
of
Canada
5.520
03/27/24
9,000
9,000,000
Skandinaviska
Enskilda
Banken
5.290
10/03/23
9,000
13,000,000
Skandinaviska
Enskilda
Banken
AG
5.440
04/20/23
13,000
10,000,000
Skandinaviska
Enskilda
Banken
AG
5.510
04/28/23
10,000
14,500,000
Skandinaviska
Enskilda
Banken
AG
5.260
09/25/23
14,500
13,000,000
The
Canadian
Imperial
Bank
of
Commerce
5.520
06/02/23
13,000
9,500,000
The
Canadian
Imperial
Bank
of
Commerce
5.560
08/09/23
9,500
5,000,000
The
Canadian
Imperial
Bank
of
Commerce
5.250
09/22/23
5,000
8,250,000
The
Canadian
Imperial
Bank
of
Commerce
5.270
10/23/23
8,250
5,000,000
The
Canadian
Imperial
Bank
of
Commerce
5.520
04/01/24
5,000
TOTAL
CERTIFICATE
OF
DEPOSIT
329,250
REPURCHASE
AGREEMENT
-
1.0%
25,000,000
s
Calyon
4.800
04/03/23
25,000
50,000,000
t
Calyon
4.820
04/03/23
50,000
25,000,000
u
Citigroup
4.800
04/03/23
25,000
5,467,000
v
Citigroup
4.750
04/03/23
5,467
125,000,000
w
Citigroup
4.830
04/03/23
125,000
50,000,000
x
Citigroup
4.810
04/06/23
50,000
15,000,000
y
Deutsche
Bank
4.800
04/03/23
15,000
75,000,000
z
HSBC
4.810
04/03/23
75,000
190,000,000
aa
JP
Morgan
4.800
04/03/23
190,000
150,000,000
ab
Merrill
Lynch
4.820
04/03/23
150,000
20,000,000
ac
Merrill
Lynch
4.800
04/03/23
20,000
81,000,000
ad
Nomura
4.800
04/03/23
81,000
96,000,000
ae
Royal
Bank
of
Scotland
4.790
04/03/23
96,000
75,000,000
af
Royal
Bank
of
Scotland
4.820
04/06/23
75,000
95,000,000
ag
Societe
Generale
4.800
04/03/23
95,000
50,000,000
ah
Societe
Generale
4.810
04/03/23
50,000
CREF
Stock
Account
March
31,
2023
160
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
(000)
$
9,000,000
ai
Societe
Generale
4.800
%
04/06/23
$
9,000
TOTAL
REPURCHASE
AGREEMENT
1,136,467
TOTAL
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
1,465,717
TOTAL
SHORT-TERM
INVESTMENTS
2,394,253
(Cost
$2,394,061)
TOTAL
INVESTMENTS
-
101.2%
111,295,773
(Cost
$105,871,170)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(1.2)%
(1,298,175)
NET
ASSETS
-
100.0%
$109,997,598
ADR
American
Depositary
Receipt
DCB
Debt
Conversion
Bonds
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
CREF
Stock
Account
March
31,
2023
161
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
Cost
amounts
are
in
thousands.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
^
Amount
represents
less
than
$1,000.
*
Non-income
producing
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
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
$1,926,374,435.
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.
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$396,680,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.250%–3.125%
and
maturity
dates
7/31/25–8/15/25,
valued
at
$404,613,862.
s
Agreement
with
Calyon,
4.800%
dated
3/31/23
to
be
repurchased
at
$25,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.875%
and
maturity
date
4/30/29,
valued
at
$25,500,042.
t
Agreement
with
Calyon,
4.820%
dated
3/31/23
to
be
repurchased
at
$50,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–2.500%
and
maturity
dates
8/1/51–2/1/52,
valued
at
$51,000,000.
u
Agreement
with
Citigroup,
4.800%
dated
3/31/23
to
be
repurchased
at
$25,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.250%–3.250%
and
maturity
dates
10/31/24–7/15/29,
valued
at
$25,500,073.
v
Agreement
with
Citigroup,
4.750%
dated
3/31/23
to
be
repurchased
at
$5,467,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.125%–2.500%
and
maturity
dates
10/31/24–4/15/26,
valued
at
$5,576,378.
w
Agreement
with
Citigroup,
4.830%
dated
3/31/23
to
be
repurchased
at
$125,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.000%–2.750%
and
maturity
dates
7/31/28–11/20/51,
valued
at
$127,500,010.
x
Agreement
with
Citigroup,
4.810%
dated
3/30/23
to
be
repurchased
at
$50,000,000
on
4/6/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.125%–2.750%
and
maturity
dates
2/15/24–1/15/25,
valued
at
$51,000,058.
y
Agreement
with
Deutsche
Bank,
4.800%
dated
3/31/23
to
be
repurchased
at
$15,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.625%
and
maturity
date
3/31/25,
valued
at
$15,300,001.
z
Agreement
with
HSBC,
4.810%
dated
3/31/23
to
be
repurchased
at
$75,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–6.000%
and
maturity
dates
7/1/34–4/1/53,
valued
at
$76,500,001.
aa
Agreement
with
JP
Morgan,
4.800%
dated
3/31/23
to
be
repurchased
at
$190,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–6.000%
and
maturity
dates
9/1/32–2/1/53,
valued
at
$193,800,001.
ab
Agreement
with
Merrill
Lynch,
4.820%
dated
3/31/23
to
be
repurchased
at
$150,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.500%–4.000%
and
maturity
dates
2/15/25–10/31/29,
valued
at
$153,000,093.
ac
Agreement
with
Merrill
Lynch,
4.800%
dated
3/31/23
to
be
repurchased
at
$20,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.375%
and
maturity
date
1/15/27,
valued
at
$20,400,090.
ad
Agreement
with
Nomura,
4.800%
dated
3/31/23
to
be
repurchased
at
$81,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.000%–3.625%
and
maturity
dates
5/16/23–2/15/51,
valued
at
$82,620,034.
ae
Agreement
with
Royal
Bank
of
Scotland,
4.790%
dated
3/31/23
to
be
repurchased
at
$96,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.250%–3.875%
and
maturity
dates
1/15/26–8/15/31,
valued
at
$97,920,070.
af
Agreement
with
Royal
Bank
of
Scotland,
4.820%
dated
3/31/23
to
be
repurchased
at
$75,000,000
on
4/6/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.500%
and
maturity
date
11/30/28,
valued
at
$76,500,085.
ag
Agreement
with
Societe
Generale,
4.800%
dated
3/31/23
to
be
repurchased
at
$95,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
5.000%
and
maturity
date
12/20/52,
valued
at
$96,900,001.
ah
Agreement
with
Societe
Generale,
4.810%
dated
3/31/23
to
be
repurchased
at
$50,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
4/6/23,
valued
at
$51,000,082.
ai
Agreement
with
Societe
Generale,
4.800%
dated
3/31/23
to
be
repurchased
at
$9,000,000
on
4/6/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.250%
and
maturity
date
8/15/46,
valued
at
$9,180,008.
Futures
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
Description
Number
of
long
(short)
contracts
Expiration
date
Notional
amount
Value
Unrealized
appreciation
(depreciation)
CME
E-mini
Russell
2000
Index
Futures
458‌
06/16/23
 $
40,922‌
$
41,529‌
$
607‌
S&P
500
E
Mini
Index
2,996‌
06/16/23
583,582‌
619,835‌
36,253‌
S&P
Mid-Cap
400
E
Mini
Index
249‌
06/16/23
61,525‌
62,990‌
1,465‌
Total
3,703‌
 $
686,029‌
 $
724,354‌
 $
38,325‌
CREF
Global
Equities
Account
March
31,
2023
Portfolio
of
Investments
(unaudited)
162
See
Notes
to
Portfolio
of
Investments
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
-
98.4%
AUSTRALIA
-
1.5%
754,543
AMP
Ltd
532
85,925
AngloGold
Ashanti
Ltd
2,093
210,098
APA
Group
1,427
1,950,500
Australia
&
New
Zealand
Banking
Group
Ltd
30,058
42,503
Australian
Stock
Exchange
Ltd
1,856
1,205,121
BHP
Billiton
Ltd
38,099
388,674
Commonwealth
Bank
of
Australia
25,662
151,692
Endeavour
Group
Ltd
689
187,016
*
Flutter
Entertainment
plc
33,746
68,480
*
Flutter
Entertainment
plc
12,461
17,559,871
Glencore
Xstrata
plc
101,043
728,973
IDP
Education
Ltd
13,434
4,317,113
Ingenia
Communities
Group
10,976
507,415
Insurance
Australia
Group
Ltd
1,597
77,029
Macquarie
Group
Ltd
9,120
28,820
Magellan
Financial
Group
Ltd
169
604,671
Medibank
Pvt
Ltd
1,365
283,513
*,e
Megaport
Ltd
794
293,592
Mineral
Resources
Ltd
15,871
701,764
National
Australia
Bank
Ltd
13,076
2,624,976
*,e
PointsBet
Holdings
Ltd
2,173
205,075
*
Qantas
Airways
Ltd
915
322,581
QBE
Insurance
Group
Ltd
3,158
276,854
Suncorp-Metway
Ltd
2,250
807,824
Telstra
Corp
Ltd
2,287
86,541
Wesfarmers
Ltd
2,925
805,384
Westpac
Banking
Corp
11,726
117,826
Woodside
Energy
Group
Ltd
2,632
151,692
Woolworths
Ltd
3,857
TOTAL
AUSTRALIA
345,991
AUSTRIA
-
0.1%
232,820
g
BAWAG
Group
AG.
11,308
12,165
Verbund
AG.
1,058
TOTAL
AUSTRIA
12,366
BELGIUM
-
0.1%
91,103
Anheuser-Busch
InBev
S.A.
6,073
239,884
KBC
Groep
NV
16,483
TOTAL
BELGIUM
22,556
CREF
Global
Equities
Account
March
31,
2023
163
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
BERMUDA
-
0.0%
10,387
RenaissanceRe
Holdings
Ltd
$
2,081
TOTAL
BERMUDA
2,081
BRAZIL
-
1.3%
1,021,700
AMBEV
S.A.
2,889
122,300
Atacadao
Distribuicao
Comercio
e
Industria
Ltd
299
1,314,800
B3
SA-Brasil
Bolsa
Balcao
2,685
1,888,218
Banco
Bradesco
S.A.
4,415
15,603,918
Banco
Bradesco
S.A.
(Preference)
40,546
816,100
Banco
BTG
Pactual
S.A.
-
Unit
3,164
65,532
Banco
do
Brasil
S.A.
506
26,000
Banco
Santander
Brasil
S.A.
137
151,500
BB
Seguridade
Participacoes
S.A.
972
261,073
Centrais
Eletricas
Brasileiras
S.A.
1,714
56,200
Centrais
Eletricas
Brasileiras
S.A.
(Preference)
402
228,700
Cia
de
Concessoes
Rodoviarias
578
72,400
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
723
285,605
Cia
Energetica
de
Minas
Gerais
645
131,200
Cia
Siderurgica
Nacional
S.A.
400
2,296,738
Companhia
Vale
do
Rio
Doce
(ADR)
36,242
254,568
Cosan
SA
Industria
e
Comercio
758
41,600
CPFL
Energia
S.A.
260
39,100
Energisa
S.A.
310
217,600
*
Eneva
S.A.
449
39,650
Engie
Brasil
Energia
S.A.
314
206,499
Equatorial
Energia
S.A.
1,098
243,390
Gerdau
S.A.
(Preference)
1,214
587,214
*,g
Hapvida
Participacoes
e
Investimentos
S.A.
303
138,700
Hypermarcas
S.A.
1,032
381,380
Investimentos
Itau
S.A.
-
PR
618
10,350,019
Itau
Unibanco
Holding
S.A.
50,520
159,400
Klabin
S.A.
569
1,292,736
Localiza
Rent
A
Car
13,620
197,792
Lojas
Renner
S.A.
647
19,969,200
*
Magazine
Luiza
S.A.
13,041
10,892
*
MercadoLibre,
Inc
14,356
187,395
Natura
&
Co
Holding
S.A.
488
2,060,604
*
NU
Holdings
Ltd
9,808
2,195,800
*
Petro
Rio
S.A.
13,512
826,800
Petroleo
Brasileiro
S.A.
4,321
1,053,638
Petroleo
Brasileiro
S.A.
(Preference)
4,875
221,100
Raia
Drogasil
S.A.
1,067
89,629
g
Rede
D'Or
Sao
Luiz
S.A.
376
269,900
Rumo
S.A.
1,004
258,686
Sendas
Distribuidora
S.A.
793
338,112
*
StoneCo
Ltd
3,226
157,022
Suzano
SA
1,289
117,900
Telefonica
Brasil
S.A.
899
201,800
TIM
S.A.
501
98,600
Totvus
S.A.
548
173,700
Ultrapar
Participacoes
S.A.
478
1,936,264
Vale
S.A.
30,673
225,800
Vibra
Energia
S.A.
642
353,520
Weg
S.A.
2,828
370,659
Wheaton
Precious
Metals
Corp
17,851
134,000
*
XP,
Inc
1,591
TOTAL
BRAZIL
292,196
CANADA
-
2.5%
204,810
Agnico-Eagle
Mines
Ltd
10,441
CREF
Global
Equities
Account
March
31,
2023
164
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,145,102
Alimentation
Couche-Tard,
Inc
$
57,573
434,231
Bank
of
Montreal
38,678
266,360
Bank
of
Nova
Scotia
13,416
616,781
Barrick
Gold
Corp
11,450
15,424
Brookfield
Asset
Management
Ltd
505
61,268
*
Brookfield
Corp
1,996
423
Brookfield
Reinsurance
Ltd
14
731,199
Cameco
Corp
19,147
195,466
e
Canadian
Imperial
Bank
of
Commerce
8,289
408,329
Canadian
National
Railway
Co
48,181
209,139
Canadian
Natural
Resources
Ltd
11,573
852,618
Canadian
Pacific
Railway
Ltd
65,654
45,888
e
CI
Financial
Corp
434
477,226
Dollarama,
Inc
28,521
5,872
Fairfax
Financial
Holdings
Ltd
3,905
23,493
First
Capital
Real
Estate
Investment
Trust
273
43,683
Franco-Nevada
Corp
6,372
61,101
e
Great-West
Lifeco,
Inc
1,619
23,480
iA
Financial
Corp,
Inc
1,488
18,204
e
IGM
Financial,
Inc
544
42,556
Imperial
Oil
Ltd
2,164
31,398
Intact
Financial
Corp
4,494
761,302
Kinross
Gold
Corp
3,583
724,647
*
Lightspeed
Commerce,
Inc
11,019
425,828
Manulife
Financial
Corp
7,814
73,740
e
National
Bank
of
Canada
5,274
239,353
Nutrien
Ltd
17,677
18,277
Onex
Corp
854
291,691
e
Pan
American
Silver
Corp
(Toronto)
5,322
122,014
e
Power
Corp
Of
Canada
3,118
122,537
RioCan
Real
Estate
Investment
Trust
1,849
312,514
Royal
Bank
of
Canada
29,887
1,948,295
*
Shopify,
Inc
(Class
A)
93,414
128,359
Sun
Life
Financial,
Inc
5,997
459,862
Suncor
Energy,
Inc
14,277
466,977
Teck
Cominco
Ltd
17,052
38,094
Thomson
Reuters
Corp
4,956
12,372
TMX
Group
Ltd
1,250
397,224
Toronto-Dominion
Bank
23,792
12,421
West
Fraser
Timber
Co
Ltd
886
TOTAL
CANADA
584,752
CHILE
-
0.0%
13,282,256
Banco
de
Chile
1,290
3,931
Banco
de
Credito
e
Inversiones
115
4,682,771
Banco
Santander
Chile
S.A.
208
312,877
Cencosud
S.A.
605
22,882
Cia
Cervecerias
Unidas
S.A.
176
3,362,345
Compania
SudAmericana
de
Vapores
S.A.
335
245,070
Empresas
CMPC
S.A.
409
86,874
Empresas
COPEC
S.A.
613
5,872,930
Enel
Chile
S.A.
320
4,750,446
Enersis
S.A.
626
149,033
SACI
Falabella
343
31,054
Sociedad
Quimica
y
Minera
de
Chile
S.A.
(Class
B)
2,495
TOTAL
CHILE
7,535
CHINA
-
3.0%
27,000
360
Finance,
Inc
(ADR)
524
33,200
360
Security
Technology,
Inc
84
1,347
3peak,
Inc
48
CREF
Global
Equities
Account
March
31,
2023
165
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
120,500
g
3SBio,
Inc
$
120
62,500
e
AAC
Technologies
Holdings,
Inc
155
7,833
*
Advanced
Micro-Fabrication
Equipment,
Inc
China
169
12,600
AECC
Aero-Engine
Control
Co
Ltd
45
24,700
AECC
Aviation
Power
Co
Ltd
155
6,575,000
Agricultural
Bank
of
China
Ltd
2,435
470,900
Agricultural
Bank
of
China
Ltd
(Class
A)
213
177,229
Aier
Eye
Hospital
Group
Co
Ltd
801
35,800
*
Air
China
Ltd
56
148,000
*,e
Air
China
Ltd
(H
shares)
132
30,207
Airtac
International
Group
1,181
136,000
*,g
Akeso,
Inc
702
4,040,672
*
Alibaba
Group
Holding
Ltd
51,177
743,035
*
Alibaba
Group
Holding
Ltd
(ADR)
75,923
380,000
*
Alibaba
Health
Information
Technology
Ltd
274
942,000
Aluminum
Corp
of
China
Ltd
477
194,200
Aluminum
Corp
of
China
Ltd
(Class
A)
156
4,484
*
Amlogic
Shanghai
Co
Ltd
55
11,300
Angel
Yeast
Co
Ltd
69
95,500
Anhui
Conch
Cement
Co
Ltd
331
20,000
Anhui
Conch
Cement
Co
Ltd
(Class
A)
82
23,800
Anhui
Gujing
Distillery
Co
Ltd
425
5,400
Anhui
Gujing
Distillery
Co
Ltd
(Class
A)
232
2,730
Anhui
Honglu
Steel
Construction
Group
Co
Ltd
13
9,100
Anhui
Kouzi
Distillery
Co
Ltd
93
9,800
Anhui
Yingjia
Distillery
Co
Ltd
95
258,800
Anta
Sports
Products
Ltd
3,758
8,400
Apeloa
Pharmaceutical
Co
Ltd
26
14,800
*
Asia-Potash
International
Investment
Guangzhou
Co
Ltd
59
1,820
Asymchem
Laboratories
Tianjin
Co
Ltd
35
2,800
Autobio
Diagnostics
Co
Ltd
25
5,700
Autohome,
Inc
(ADR)
191
24,200
Avary
Holding
Shenzhen
Co
Ltd
109
6,200
Avic
Capital
Co
Ltd
4
88,000
AviChina
Industry
&
Technology
Co
46
5,600
AVICOPTER
plc
34
826,316
*
Baidu,
Inc
15,569
100,200
Bank
of
Beijing
Co
Ltd
64
72,700
Bank
of
Changsha
Co
Ltd
84
18,800
Bank
of
Chengdu
Co
Ltd
37
215,500
Bank
of
China
Ltd
-
A
106
16,890,000
Bank
of
China
Ltd
-
H
6,475
212,400
Bank
of
Communications
Co
Ltd
-
A
158
748,000
Bank
of
Communications
Co
Ltd
-
H
470
29,400
Bank
of
Hangzhou
Co
Ltd
50
69,380
Bank
of
Jiangsu
Co
Ltd
71
44,300
Bank
of
Nanjing
Co
Ltd
58
28,800
Bank
of
Ningbo
Co
Ltd
114
64,522
Bank
of
Shanghai
Co
Ltd
56
75,600
Bank
of
Suzhou
Co
Ltd
77
361,900
Baoshan
Iron
&
Steel
Co
Ltd
329
82,300
BBMG
Corp
29
47,000
*
BeiGene
Ltd
782
7,000
*
BeiGene
Ltd
(ADR)
1,509
414,000
*
Beijing
Capital
International
Airport
Co
Ltd
305
65,200
Beijing
Dabeinong
Technology
Group
Co
Ltd
74
6,300
Beijing
Easpring
Material
Technology
Co
Ltd
53
45,100
Beijing
Enlight
Media
Co
Ltd
58
44,000
Beijing
Enterprises
Holdings
Ltd
158
342,000
Beijing
Enterprises
Water
Group
Ltd
85
6,302
Beijing
Kingsoft
Office
Software,
Inc
434
CREF
Global
Equities
Account
March
31,
2023
166
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
20,700
Beijing
New
Building
Materials
plc
$
81
11,424
Beijing
Shiji
Information
Technology
Co
Ltd
43
6,900
Beijing
Tongrentang
Co
Ltd
55
4,345
Beijing
United
Information
Technology
Co
Ltd
52
6,630
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co
Ltd
112
41,100
Beijing
Yanjing
Brewery
Co
Ltd
84
2,000
Beijing
Yuanliu
Hongyuan
Electronic
Technology
Co
Ltd
22
4,400
Bethel
Automotive
Safety
Systems
Co
Ltd
46
3,400
Betta
Pharmaceuticals
Co
Ltd
29
2,200
BGI
Genomics
Co
Ltd
22
39,080
*
Bilibili,
Inc
920
6,136
Bloomage
Biotechnology
Corp
Ltd
101
16,600
g
BOC
Aviation
Ltd
129
812,000
BOC
Hong
Kong
Holdings
Ltd
2,528
5,700
BOC
International
China
Co
Ltd
9
189,300
BOE
Technology
Group
Co
Ltd
122
696,000
Bosideng
International
Holdings
Ltd
388
16,000
BTG
Hotels
Group
Co
Ltd
54
22,900
BYD
Co
Ltd
853
174,500
BYD
Co
Ltd
(H
shares)
5,133
55,000
BYD
Electronic
International
Co
Ltd
171
22,060
By-health
Co
Ltd
68
147,000
e
C&D
International
Investment
Group
Ltd
483
30,030
Caitong
Securities
Co
Ltd
33
49,600
CECEP
Solar
Energy
Co
Ltd
49
93,770
CECEP
Wind-Power
Corp
53
1,524,000
g
CGN
Power
Co
Ltd
365
2,000
Changchun
High
&
New
Technology
Industry
Group,
Inc
48
24,000
Changjiang
Securities
Co
Ltd
19
3,800
Changzhou
Xingyu
Automotive
Lighting
Systems
Co
Ltd
66
24,300
Chaozhou
Three-Circle
Group
Co
Ltd
106
17,000
Chengtun
Mining
Group
Co
Ltd
14
7,300
Chengxin
Lithium
Group
Co
Ltd
37
30,500
China
Baoan
Group
Co
Ltd
50
854,000
China
Cinda
Asset
Management
Co
Ltd
108
2,726,000
China
Citic
Bank
1,371
551,000
China
Coal
Energy
Co
418
224,000
China
Communications
Services
Corp
Ltd
110
124,000
China
Conch
Venture
Holdings
Ltd
217
72,100
China
Construction
Bank
Corp
-
A
62
20,581,000
China
Construction
Bank
Corp
-
H
13,320
60,200
China
CSSC
Holdings
Ltd
205
36,600
*
China
Eastern
Airlines
Corp
Ltd
27
480,900
China
Energy
Engineering
Corp
Ltd
169
219,200
China
Everbright
Bank
Co
Ltd
-
A
96
353,000
China
Everbright
Bank
Co
Ltd
-
H
107
305,555
China
Everbright
International
Ltd
131
761,000
g
China
Feihe
Ltd
570
795,500
China
Galaxy
Securities
Co
Ltd
400
24,500
China
Galaxy
Securities
Co
Ltd
(Class
A)
36
442,200
China
Gas
Holdings
Ltd
623
9,700
China
Great
Wall
Securities
Co
Ltd
12
27,400
China
Greatwall
Technology
Group
Co
Ltd
49
575,000
China
Hongqiao
Group
Ltd
553
403,400
China
Insurance
International
Holdings
Co
Ltd
429
4,600
China
International
Capital
Corp
Ltd
26
352,800
g
China
International
Capital
Corp
Ltd
708
24,625
China
International
Travel
Service
Corp
Ltd
658
194,000
China
Jinmao
Holdings
Group
Ltd
38
19,429
China
Jushi
Co
Ltd
41
88,000
China
Lesso
Group
Holdings
Ltd
79
CREF
Global
Equities
Account
March
31,
2023
167
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
1,666,000
China
Life
Insurance
Co
Ltd
$
2,734
42,000
China
Life
Insurance
Co
Ltd
(Class
A)
204
98,200
*,g
China
Literature
Ltd
507
252,000
China
Longyuan
Power
Group
Corp
287
112,000
China
Medical
System
Holdings
Ltd
177
21,700
China
Meheco
Co
Ltd
43
140,000
e
China
Meidong
Auto
Holdings
Ltd
302
673,000
China
Mengniu
Dairy
Co
Ltd
2,759
1,253,000
China
Merchants
Bank
Co
Ltd
6,363
566,000
China
Merchants
Bank
Co
Ltd
(Class
A)
2,819
165,600
China
Merchants
Energy
Shipping
Co
Ltd
169
115,426
China
Merchants
Holdings
International
Co
Ltd
177
36,020
China
Merchants
Securities
Co
Ltd
72
107,700
China
Merchants
Shekou
Industrial
Zone
Holdings
Co
Ltd
213
9,600
China
Minmetals
Rare
Earth
Co
Ltd
47
192,400
China
Minsheng
Banking
Corp
Ltd
-
A
97
2,306,800
e
China
Minsheng
Banking
Corp
Ltd
-
H
790
819,000
China
Molybdenum
Co
Ltd
496
234,000
China
Molybdenum
Co
Ltd
(Class
A)
204
300,000
China
National
Building
Material
Co
Ltd
247
32,900
China
National
Chemical
Engineering
Co
Ltd
44
94,300
China
National
Nuclear
Power
Co
Ltd
88
42,300
China
Northern
Rare
Earth
Group
High-Tech
Co
Ltd
161
490,000
China
Oilfield
Services
Ltd
504
612,435
China
Overseas
Land
&
Investment
Ltd
1,477
45,000
China
Overseas
Property
Holdings
Ltd
55
106,200
China
Pacific
Insurance
Group
Co
Ltd
-
A
401
605,400
China
Pacific
Insurance
Group
Co
Ltd
-
H
1,605
1,159,000
China
Power
International
Development
Ltd
462
102,500
China
Railway
Group
Ltd
-
A
103
353,000
China
Railway
Group
Ltd
-
H
215
107,856
China
Railway
Signal
&
Communication
Corp
Ltd
85
344,000
China
Resources
Beer
Holdings
Company
Ltd
2,763
215,999
China
Resources
Cement
Holdings
Ltd
106
146,200
China
Resources
Gas
Group
Ltd
538
689,836
China
Resources
Land
Ltd
3,141
15,886
China
Resources
Microelectronics
Ltd
140
160,200
g
China
Resources
Mixc
Lifestyle
Services
Ltd
842
133,000
g
China
Resources
Pharmaceutical
Group
Ltd
105
146,000
China
Resources
Power
Holdings
Co
311
4,700
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co
Ltd
39
107,200
China
Shenhua
Energy
Co
Ltd
-
A
439
761,500
China
Shenhua
Energy
Co
Ltd
-
H
2,396
154,000
*,e
China
Southern
Airlines
Co
Ltd
110
46,700
*
China
Southern
Airlines
Co
Ltd
(Class
A)
53
201,100
China
State
Construction
Engineering
Corp
Ltd
170
162,000
China
State
Construction
International
Holdings
Ltd
183
400,200
China
Three
Gorges
Renewables
Group
Co
Ltd
319
16,500
*,e,g
China
Tourism
Group
Duty
Free
Corp
Ltd
407
4,658,000
g
China
Tower
Corp
Ltd
564
441,900
China
Vanke
Co
Ltd
697
134,500
China
Vanke
Co
Ltd
(Class
A)
297
44,900
China
Yangtze
Power
Co
Ltd
139
6,300
China
Zhenhua
Group
Science
&
Technology
Co
Ltd
83
87,800
China
Zheshang
Bank
Co
Ltd
37
638,000
Chinasoft
International
Ltd
404
6,100
Chongqing
Brewery
Co
Ltd
111
17,154
Chongqing
Changan
Automobile
Co
Ltd
30
13,300
Chongqing
Fuling
Zhacai
Group
Co
Ltd
49
249,600
Chongqing
Rural
Commercial
Bank
Co
Ltd
133
47,300
Chongqing
Zhifei
Biological
Products
Co
Ltd
565
472,000
Chow
Tai
Fook
Jewellery
Group
Ltd
938
CREF
Global
Equities
Account
March
31,
2023
168
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
471,000
Citic
Pacific
Ltd
$
550
462,274
CITIC
Securities
Co
Ltd
989
59,570
CITIC
Securities
Co
Ltd
(Class
A)
178
3,100
CNGR
Advanced
Material
Co
Ltd
32
42,630
CNNC
Hua
Yuan
Titanium
Dioxide
Co
Ltd
40
31,100
Contemporary
Amperex
Technology
Co
Ltd
1,841
158,445
COSCO
Pacific
Ltd
106
186,300
COSCO
SHIPPING
Development
Co
Ltd
67
69,900
COSCO
SHIPPING
Energy
Transportation
Co
Ltd
138
218,160
COSCO
SHIPPING
Holdings
Co
Ltd
-
A
351
240,150
COSCO
SHIPPING
Holdings
Co
Ltd
-
H
271
2,692,000
e
Country
Garden
Holdings
Co
Ltd
756
471,000
Country
Garden
Services
Holdings
Co
Ltd
812
669,000
CRRC
Corp
Ltd
365
18,800
CSC
Financial
Co
Ltd
70
2,010,880
CSPC
Pharmaceutical
Group
Ltd
1,971
3,984
Da
An
Gene
Co
Ltd
of
Sun
Yat-Sen
University
9
5,100
Dajin
Heavy
Industry
Co
Ltd
26
459,500
g
Dali
Foods
Group
Co
Ltd
192
649,300
Dalian
Port
PDA
Co
Ltd
151
249,895
Daqin
Railway
Co
Ltd
262
12,800
*
Daqo
New
Energy
Corp
(ADR)
600
11,708
DaShenLin
Pharmaceutical
Group
Co
Ltd
63
169,500
Datang
International
Power
Generation
Co
Ltd
75
10,400
DHC
Software
Co
Ltd
13
11,200
Do-Fluoride
New
Materials
Co
Ltd
54
6,200
Dong-E-E-Jiao
Co
Ltd
48
33,900
Dongfang
Electric
Corp
Ltd
94
646,000
Dongfeng
Motor
Group
Co
Ltd
303
11,300
Dongxing
Securities
Co
Ltd
14
338,000
Dongyue
Group
349
269,922
East
Money
Information
Co
Ltd
787
6,500
Ecovacs
Robotics
Co
Ltd
78
147,600
ENN
Energy
Holdings
Ltd
2,021
35,900
ENN
Natural
Gas
Co
Ltd
109
25,670
Eve
Energy
Co
Ltd
261
21,000
Everbright
Securities
Co
Ltd
47
32,643
Fangda
Carbon
New
Material
Co
Ltd
31
72,000
e
Far
East
Horizon
Ltd
65
36,600
FAW
Jiefang
Group
Co
Ltd
44
25,700
First
Capital
Securities
Co
Ltd
22
96,000
e
Flat
Glass
Group
Co
Ltd
275
22,500
Flat
Glass
Group
Co
Ltd
112
244,900
Focus
Media
Information
Technology
Co
Ltd
245
48,685
Foshan
Haitian
Flavouring
&
Food
Co
Ltd
542
659,500
Fosun
International
483
47,600
Foxconn
Industrial
Internet
Co
Ltd
119
3,300
Fu
Jian
Anjoy
Foods
Co
Ltd
79
14,400
Fujian
Sunner
Development
Co
Ltd
52
25,200
Fuyao
Glass
Industry
Group
Co
Ltd
-
A
127
129,400
g
Fuyao
Glass
Industry
Group
Co
Ltd
-
H
564
21,320
Ganfeng
Lithium
Co
Ltd
207
83,480
g
Ganfeng
Lithium
Co
Ltd
520
4,500
Gaona
Aero
Material
Co
Ltd
25
500
G-bits
Network
Technology
Xiamen
Co
Ltd
35
1,575,000
*
GCL
Poly
Energy
Holdings
Ltd
408
90,000
GD
Power
Development
Co
Ltd
50
197,884
*
GDS
Holdings
Ltd
465
188,900
*
GDS
Holdings
Ltd
(ADR)
3,525
1,282,000
Geely
Automobile
Holdings
Ltd
1,652
59,300
GEM
Co
Ltd
65
69,900
Gemdale
Corp
85
CREF
Global
Equities
Account
March
31,
2023
169
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
88,000
*
Genscript
Biotech
Corp
$
188
90,600
GF
Securities
Co
Ltd
128
31,000
GF
Securities
Co
Ltd
(Class
A)
71
8,872
Gigadevice
Semiconductor
Beijing,
Inc
158
4,800
*
Ginlong
Technologies
Co
Ltd
93
16,600
GoerTek,
Inc
52
1,400
GoodWe
Technologies
Co
Ltd
59
22,100
Gotion
High-tech
Co
Ltd
96
30,700
Great
Wall
Motor
Co
Ltd
125
639,500
e
Great
Wall
Motor
Co
Ltd
791
37,600
Gree
Electric
Appliances,
Inc
of
Zhuhai
201
198,500
Greentown
China
Holdings
Ltd
257
336,000
e
Greentown
Service
Group
Co
Ltd
212
46,800
GRG
Banking
Equipment
Co
Ltd
83
21,100
Guangdong
Haid
Group
Co
Ltd
179
37,300
Guangdong
HEC
Technology
Holding
Co
Ltd
49
242,000
Guangdong
Investments
Ltd
248
2,800
Guangdong
Kinlong
Hardware
Products
Co
Ltd
33
148,800
Guanghui
Energy
Co
Ltd
200
69,500
Guangzhou
Automobile
Group
Co
Ltd
113
634,000
Guangzhou
Automobile
Group
Co
Ltd
-
H
401
10,500
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co
Ltd
51
5,800
Guangzhou
Great
Power
Energy
&
Technology
Co
Ltd
48
37,100
Guangzhou
Haige
Communications
Group,
Inc
Co
57
1,800
Guangzhou
Kingmed
Diagnostics
Group
Co
Ltd
23
8,595
Guangzhou
Shiyuan
Electronic
Technology
Co
Ltd
94
24,600
Guangzhou
Tinci
Materials
Technology
Co
Ltd
150
13,486
Guangzhou
Yuexiu
Financial
Holdings
Group
Co
Ltd
13
12,200
Guolian
Securities
Co
Ltd
19
28,300
Guosen
Securities
Co
Ltd
39
41,000
Guotai
Junan
Securities
Co
Ltd
86
25,790
Guoyuan
Securities
Co
Ltd
25
238,000
e,g
Haidilao
International
Holding
Ltd
645
490,000
Haier
Smart
Home
Co
Ltd
1,534
82,300
Haier
Smart
Home
Co
Ltd
271
159,000
Haitian
International
Holdings
Ltd
412
263,600
Haitong
Securities
Co
Ltd
165
53,100
Haitong
Securities
Co
Ltd
(Class
A)
68
45,100
Hangzhou
Binjiang
Real
Estate
Group
Co
Ltd
60
6,300
Hangzhou
Chang
Chuan
Technology
Co
Ltd
44
13,936
Hangzhou
First
Applied
Material
Co
Ltd
119
8,400
Hangzhou
Lion
Electronics
Co
Ltd
67
12,900
Hangzhou
Oxygen
Plant
Group
Co
Ltd
63
14,730
Hangzhou
Robam
Appliances
Co
Ltd
61
18,600
Hangzhou
Silan
Microelectronics
Co
Ltd
100
1,800
Hangzhou
Tigermed
Consulting
Co
Ltd
-
A
25
10,600
g
Hangzhou
Tigermed
Consulting
Co
Ltd
-
H
100
90,000
g
Hansoh
Pharmaceutical
Group
Co
Ltd
156
25,300
Heilongjiang
Agriculture
Co
Ltd
50
41,800
Henan
Shenhuo
Coal
&
Power
Co
Ltd
108
45,700
Henan
Shuanghui
Investment
&
Development
Co
Ltd
172
139,000
Hengan
International
Group
Co
Ltd
644
22,100
Hengdian
Group
DMEGC
Magnetics
Co
Ltd
66
75,080
Hengli
Petrochemical
Co
Ltd
177
1,176,000
*,e
HengTen
Networks
Group
Ltd
308
31,500
Hengtong
Optic-electric
Co
Ltd
69
66,530
Hengyi
Petrochemical
Co
Ltd
79
271,600
Hesteel
Co
Ltd
92
2,800
Hithink
RoyalFlush
Information
Network
Co
Ltd
83
7,360
Hongfa
Technology
Co
Ltd
35
9,500
Hoshine
Silicon
Industry
Co
Ltd
115
47,000
*,g
Hua
Hong
Semiconductor
Ltd
208
CREF
Global
Equities
Account
March
31,
2023
170
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
41,700
Huadian
Power
International
Corp
Ltd
(Class
A)
$
35
9,740
Huadong
Medicine
Co
Ltd
66
34,000
Huafon
Chemical
Co
Ltd
37
56,200
Huaibei
Mining
Holdings
Co
Ltd
111
259,360
Hualan
Biological
Engineering,
Inc
826
44,300
Huaneng
Power
International,
Inc
-
A
55
954,000
e
Huaneng
Power
International,
Inc
-
H
501
132,200
g
Huatai
Securities
Co
Ltd
151
15,500
Huatai
Securities
Co
Ltd
(Class
A)
29
14,200
Huaxi
Securities
Co
Ltd
17
57,600
Huaxia
Bank
Co
Ltd
45
3,500
Huaxin
Cement
Co
Ltd
8
42,200
Huayu
Automotive
Systems
Co
Ltd
103
40,874
*
Huazhu
Group
Ltd
(ADR)
2,002
5,900
Hubei
Feilihua
Quartz
Glass
Co
Ltd
38
104,700
Hubei
Jumpcan
Pharmaceutical
Co
Ltd
435
16,400
Hubei
Xingfa
Chemicals
Group
Co
Ltd
73
5,800
Huizhou
Desay
Sv
Automotive
Co
Ltd
94
104,700
Humanwell
Healthcare
Group
Co
Ltd
408
6,648
Hunan
Changyuan
Lico
Co
Ltd
15
115,000
Hunan
Valin
Steel
Co
Ltd
93
8,412
Hundsun
Technologies,
Inc
65
78,200
*,g
Hygeia
Healthcare
Holdings
Co
Ltd
558
25,131
*
iClick
Interactive
Asia
Group
Ltd
(ADR)
85
10,500
Iflytek
Co
Ltd
97
2,600
Imeik
Technology
Development
Co
Ltd
211
329,900
Industrial
&
Commercial
Bank
of
China
Ltd
-
A
214
12,033,000
Industrial
&
Commercial
Bank
of
China
Ltd
-
H
6,395
94,100
Industrial
Bank
Co
Ltd
232
40,790
Industrial
Securities
Co
Ltd
36
6,300
Ingenic
Semiconductor
Co
Ltd
82
620,800
Inner
Mongolia
BaoTou
Steel
Union
Co
Ltd
171
54,400
Inner
Mongolia
Dian
Tou
Energy
Corp
Ltd
106
24,680
Inner
Mongolia
ERDOS
Resources
Co
Ltd
55
155,300
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co
Ltd
102
85,300
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd
361
296,500
Inner
Mongolia
Yitai
Coal
Co
436
56,900
Inner
Mongolia
Yuan
Xing
Energy
Co
Ltd
71
229,500
*,g
Innovent
Biologics,
Inc
1,029
5,000
Inspur
Electronic
Information
Industry
Co
Ltd
26
382,512
*
IQIYI,
Inc
(ADR)
2,785
715
iRay
Technology
Co
Ltd
38
32,500
JA
Solar
Technology
Co
Ltd
271
3,760
Jafron
Biomedical
Co
Ltd
17
9,410
Jason
Furniture
Hangzhou
Co
Ltd
56
85,850
*,g
JD
Health
International,
Inc
637
1,153,155
JD.com,
Inc
25,181
49,100
Jiangsu
Eastern
Shenghong
Co
Ltd
97
116,000
Jiangsu
Express
108
16,804
Jiangsu
Hengli
Hydraulic
Co
Ltd
162
29,182
Jiangsu
Hengrui
Medicine
Co
Ltd
182
16,400
Jiangsu
King's
Luck
Brewery
JSC
Ltd
155
4,800
Jiangsu
Pacific
Quartz
Co
Ltd
86
19,300
Jiangsu
Yanghe
Brewery
Joint-Stock
Co
Ltd
463
3,000
Jiangsu
Yangnong
Chemical
Co
Ltd
42
4,700
Jiangsu
Yoke
Technology
Co
Ltd
36
5,200
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
24
47,500
Jiangsu
Zhongtian
Technology
Co
Ltd
118
296,000
Jiangxi
Copper
Co
Ltd
501
28,958
Jiangxi
Copper
Co
Ltd
(Class
A)
83
20,000
*
Jiangxi
Special
Electric
Motor
Co
Ltd
45
4,700
JiuGui
Liquor
Co
Ltd
88
CREF
Global
Equities
Account
March
31,
2023
171
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
172,000
e,g
Jiumaojiu
International
Holdings
Ltd
$
409
102,100
Jizhong
Energy
Resources
Co
Ltd
102
158,877
Joincare
Pharmaceutical
Group
Industry
Co
Ltd
305
2,156
Joinn
Laboratories
China
Co
Ltd
16
107,900
Jointown
Pharmaceutical
Group
Co
Ltd
235
12,200
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co
Ltd
66
3,700
JOYY,
Inc
(ADR)
115
7,500
Juewei
Food
Co
Ltd
48
16,300
Juneyao
Airlines
Co
Ltd
43
40,300
*
Kanzhun
Ltd
(ADR)
767
330,534
*
KE
Holdings,
Inc
(ADR)
6,227
27,700
Keda
Industrial
Group
Co
Ltd
58
52,500
Kingboard
Chemical
Holdings
Ltd
161
518,000
*
Kingdee
International
Software
Group
Co
Ltd
837
217,200
Kingsoft
Corp
Ltd
1,068
86,500
*,e,g
Koolearn
Technology
Holding
Ltd
370
372,700
*,g
Kuaishou
Technology
2,866
31,900
Kuang-Chi
Technologies
Co
Ltd
77
15,997
Kweichow
Moutai
Co
Ltd
4,226
564,000
Lenovo
Group
Ltd
611
75,000
Lens
Technology
Co
Ltd
147
1,300
Lepu
Medical
Technology
Beijing
Co
Ltd
4
245,900
*
Li
Auto,
Inc
3,075
500,500
Li
Ning
Co
Ltd
3,936
85,000
*
Lingyi
iTech
Guangdong
Co
77
2,100
Livzon
Pharmaceutical
Group,
Inc
11
41,300
Lomon
Billions
Group
Co
Ltd
122
411,000
g
Longfor
Properties
Co
Ltd
1,159
99,989
LONGi
Green
Energy
Technology
Co
Ltd
588
53,300
Lufax
Holding
Ltd
(ADR)
109
1,970
Luoyang
Xinqianglian
Slewing
Bearing
Co
Ltd
13
59,100
Luxi
Chemical
Group
Co
Ltd
117
95,609
Luxshare
Precision
Industry
Co
Ltd
422
18,700
Luzhou
Laojiao
Co
Ltd
691
25,790
Mango
Excellent
Media
Co
Ltd
140
5,308
Maxscend
Microelectronics
Co
Ltd
96
68,700
Meihua
Holdings
Group
Co
Ltd
98
218,795
*
Meinian
Onehealth
Healthcare
Holdings
Co
Ltd
240
1,802,700
*,g
Meituan
Dianping
(Class
B)
32,705
85,700
Metallurgical
Corp
of
China
Ltd
49
210,400
Microport
Scientific
Corp
496
27,400
Ming
Yang
Smart
Energy
Group
Ltd
90
21,400
MINISO
Group
Holding
Ltd
(ADR)
380
164,000
Minth
Group
Ltd
498
13,383
Montage
Technology
Co
Ltd
136
67,244
Muyuan
Foodstuff
Co
Ltd
479
7,265
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co
Ltd
17
86,460
NARI
Technology
Co
Ltd
341
6,700
NAURA
Technology
Group
Co
Ltd
260
3,500
NavInfo
Co
Ltd
7
444,895
NetEase,
Inc
7,854
33,300
New
China
Life
Insurance
Co
Ltd
-
A
148
228,600
New
China
Life
insurance
Co
Ltd
-
H
543
59,600
*
New
Hope
Liuhe
Co
Ltd
115
323,640
*
New
Oriental
Education
&
Technology
Group,
Inc
1,242
21,400
Ninestar
Corp
140
2,700
Ningbo
Deye
Technology
Co
Ltd
102
16,300
Ningbo
Joyson
Electronic
Corp
36
6,900
Ningbo
Orient
Wires
&
Cables
Co
Ltd
49
5,713
Ningbo
Ronbay
New
Energy
Technology
Co
Ltd
57
28,200
Ningbo
Shanshan
Co
Ltd
71
14,000
Ningbo
Tuopu
Group
Co
Ltd
131
CREF
Global
Equities
Account
March
31,
2023
172
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
97,700
Ningxia
Baofeng
Energy
Group
Co
Ltd
$
210
289,430
*
NIO,
Inc
(ADR)
3,042
393,400
g
Nongfu
Spring
Co
Ltd
2,268
21,200
North
Industries
Group
Red
Arrow
Co
Ltd
70
910
NXP
Semiconductors
NV
170
78,500
*
Offcn
Education
Technology
Co
Ltd
56
147,700
Offshore
Oil
Engineering
Co
Ltd
132
7,040
Oppein
Home
Group,
Inc
124
46,728
Orient
Securities
Co
Ltd
67
3,809
Ovctek
China,
Inc
18
119,700
*
Pangang
Group
Vanadium
Titanium
&
Resources
Co
Ltd
86
2,113,000
People's
Insurance
Co
Group
of
China
Ltd
705
214,400
People's
Insurance
Co
Group
of
China
Ltd
(Class
A)
162
11,200
Perfect
World
Co
Ltd
28
4,950
Pharmaron
Beijing
Co
Ltd
-
A
35
16,450
g
Pharmaron
Beijing
Co
Ltd
-
H
69
1,580,000
PICC
Property
&
Casualty
Co
Ltd
1,612
109,078
*
Pinduoduo,
Inc
(ADR)
8,279
324,200
Ping
An
Bank
Co
Ltd
591
43,100
*,e,g
Ping
An
Healthcare
and
Technology
Co
Ltd
109
4,993,203
Ping
An
Insurance
Group
Co
of
China
Ltd
32,302
150,800
Ping
An
Insurance
Group
Co
of
China
Ltd
(Class
A)
999
68,800
Pingdingshan
Tianan
Coal
Mining
Co
Ltd
104
162,800
Poly
Real
Estate
Group
Co
Ltd
334
129,600
e,g
Pop
Mart
International
Group
Ltd
353
6,000
Porton
Pharma
Solutions
Ltd
32
129,500
Postal
Savings
Bank
of
China
Co
Ltd
-
A
88
1,939,000
e,g
Postal
Savings
Bank
of
China
Co
Ltd
-
H
1,150
73,900
Power
Construction
Corp
of
China
Ltd
77
1,860
Proya
Cosmetics
Co
Ltd
49
1,642
Pylon
Technologies
Co
Ltd
59
73,300
*
Qinghai
Salt
Lake
Industry
Co
Ltd
238
3,001
Raytron
Technology
Co
Ltd
21
16,500
*
Risen
Energy
Co
Ltd
67
12,000
Riyue
Heavy
Industry
Co
Ltd
39
126,850
Rongsheng
Petro
Chemical
Co
Ltd
280
105,600
SAIC
Motor
Corp
Ltd
221
31,700
Sailun
Group
Co
Ltd
50
2,500
Sangfor
Technologies,
Inc
54
279,000
e
Sany
Heavy
Equipment
International
290
111,100
Sany
Heavy
Industry
Co
Ltd
276
28,600
SDIC
Capital
Co
Ltd
29
48,700
Sealand
Securities
Co
Ltd
24
37,800
Seazen
Holdings
Co
Ltd
90
23,400
SF
Holding
Co
Ltd
188
4,800
SG
Micro
Corp
109
157,800
Shaanxi
Coal
Industry
Co
Ltd
467
55,800
Shan
XI
Hua
Yang
Group
New
Energy
Co
Ltd
112
7,670
Shandong
Buchang
Pharmaceuticals
Co
Ltd
22
51,620
Shandong
Gold
Mining
Co
Ltd
-
A
165
180,000
g
Shandong
Gold
Mining
Co
Ltd
-
H
366
31,550
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
162
17,600
Shandong
Linglong
Tyre
Co
Ltd
50
162,400
Shandong
Nanshan
Aluminum
Co
Ltd
80
36,500
Shandong
Sun
Paper
Industry
JSC
Ltd
65
3,400
Shandong
Weifang
Rainbow
Chemical
Co
Ltd
34
186,400
Shandong
Weigao
Group
Medical
Polymer
Co
Ltd
298
15,400
*
Shanghai
Aiko
Solar
Energy
Co
Ltd
74
12,432
Shanghai
Bairun
Investment
Holding
Group
Co
Ltd
74
5,763
Shanghai
Baosight
Software
Co
Ltd
49
117,520
Shanghai
Baosight
Software
Co
Ltd
389
CREF
Global
Equities
Account
March
31,
2023
173
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
51,300
Shanghai
Construction
Group
Co
Ltd
$
20
199,900
Shanghai
Electric
Group
Co
Ltd
129
15,300
Shanghai
Electric
Power
Co
Ltd
22
8,500
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
A
40
38,500
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
H
109
1,482
Shanghai
Friendess
Electronic
Technology
Corp
Ltd
40
66,000
Shanghai
Fudan
Microelectronics
Group
Co
Ltd
244
6,744
Shanghai
Fudan
Microelectronics
Group
Co
Ltd
64
16,400
*
Shanghai
International
Airport
Co
Ltd
133
46,300
Shanghai
International
Port
Group
Co
Ltd
37
11,200
Shanghai
Jinjiang
International
Hotels
Development
Co
Ltd
103
8,618
*
Shanghai
Junshi
Biosciences
Co
Ltd
60
19,960
Shanghai
Lingang
Holdings
Corp
Ltd
37
363,969
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co
Ltd
281
11,400
Shanghai
M&G
Stationery,
Inc
81
1,155
Shanghai
Medicilon,
Inc
26
16,300
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
A
48
69,600
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
H
130
139,700
Shanghai
Pudong
Development
Bank
Co
Ltd
146
15,680
Shanghai
Putailai
New
Energy
Technology
Co
Ltd
114
21,200
Shanghai
RAAS
Blood
Products
Co
Ltd
20
186,800
Shanghai
Rural
Commercial
Bank
Co
Ltd
157
55,700
Shanghai
Yuyuan
Tourist
Mart
Group
Co
Ltd
66
57,479
Shanxi
Lu'an
Environmental
Energy
Development
Co
Ltd
183
61,300
Shanxi
Meijin
Energy
Co
Ltd
82
19,330
Shanxi
Securities
Co
Ltd
16
116,700
Shanxi
Taigang
Stainless
Steel
Co
Ltd
74
15,380
Shanxi
Xinghuacun
Fen
Wine
Factory
Co
Ltd
608
81,970
Shanxi
Xishan
Coal
&
Electricity
Power
Co
Ltd
131
16,800
Shenghe
Resources
Holding
Co
Ltd
35
18,900
Shengyi
Technology
Co
Ltd
51
4,680
Shennan
Circuits
Co
Ltd
63
116,200
Shenwan
Hongyuan
Group
Co
Ltd
71
7,580
Shenzhen
Capchem
Technology
Co
Ltd
54
1,600
Shenzhen
Dynanonic
Co
Ltd
44
28,300
Shenzhen
Energy
Group
Co
Ltd
25
33,900
Shenzhen
Inovance
Technology
Co
Ltd
347
119,985
Shenzhen
International
Holdings
Ltd
106
11,260
Shenzhen
Investment
Holdings
Bay
Area
Development
Co
Ltd
3
4,640
Shenzhen
Kangtai
Biological
Products
Co
Ltd
21
2,900
Shenzhen
Kedali
Industry
Co
Ltd
55
7,400
Shenzhen
Kstar
Science
And
Technology
Co
Ltd
50
5,500
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd
250
8,800
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd
78
117,600
Shenzhen
Overseas
Chinese
Town
Co
Ltd
83
6,000
Shenzhen
Salubris
Pharmaceuticals
Co
Ltd
31
4,600
Shenzhen
SC
New
Energy
Technology
Corp
77
15,882
Shenzhen
Senior
Technology
Material
Co
Ltd
45
13,100
Shenzhen
Sunlord
Electronics
Co
Ltd
50
9,739
Shenzhen
Transsion
Holdings
Co
Ltd
144
10,900
Shenzhen
YUTO
Packaging
Technology
Co
Ltd
44
175,300
Shenzhou
International
Group
Holdings
Ltd
1,839
8,380
Shijiazhuang
Yiling
Pharmaceutical
Co
Ltd
35
144,500
*,†
Shimao
Property
Holdings
Ltd
61
23,700
Sichuan
Chuantou
Energy
Co
Ltd
46
110,500
Sichuan
Hebang
Biotechnology
Co
Ltd
48
273,500
Sichuan
Kelun
Pharmaceutical
Co
Ltd
1,133
18,700
*
Sichuan
New
Energy
Power
Co
Ltd
43
68,500
Sichuan
Road
&
Bridge
Co
Ltd
138
6,700
Sichuan
Swellfun
Co
Ltd
73
12,200
Sichuan
Yahua
Industrial
Group
Co
Ltd
38
CREF
Global
Equities
Account
March
31,
2023
174
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
8,000
Sieyuan
Electric
Co
Ltd
$
53
1,061,600
Silergy
Corp
16,855
21,400
Sinoma
Science
&
Technology
Co
Ltd
75
5,620
Sinomine
Resource
Group
Co
Ltd
58
195,300
Sinopec
Shanghai
Petrochemical
Co
Ltd
(Class
A)
96
356,000
Sinopharm
Group
Co
1,076
4,900
Skshu
Paint
Co
Ltd
83
382,000
e,g
Smoore
International
Holdings
Ltd
489
31,400
Songcheng
Performance
Development
Co
Ltd
74
28,262
SooChow
Securities
Co
Ltd
28
29,700
Southwest
Securities
Co
Ltd
17
2,200
StarPower
Semiconductor
Ltd
88
699,000
*,†,e
Sunac
China
Holdings
Ltd
1
18,600
Sungrow
Power
Supply
Co
Ltd
284
619,400
Sunny
Optical
Technology
Group
Co
Ltd
7,474
23,500
Sunwoda
Electronic
Co
Ltd
69
26,300
Suzhou
Dongshan
Precision
Manufacturing
Co
Ltd
116
2,140
Suzhou
Maxwell
Technologies
Co
Ltd
95
5,200
*
Suzhou
TA&A
Ultra
Clean
Technology
Co
Ltd
39
96,200
*
TAL
Education
Group
(ADR)
617
21,400
Tangshan
Jidong
Cement
Co
Ltd
27
58,200
TBEA
Co
Ltd
184
233,100
TCL
Technology
Group
Corp
150
2,749,100
Tencent
Holdings
Ltd
134,347
55,200
*
Tencent
Music
Entertainment
(ADR)
457
4,400
Thunder
Software
Technology
Co
Ltd
69
4,900
Tianjin
712
Communication
&
Broadcasting
Co
Ltd
22
43,600
Tianjin
Zhonghuan
Semiconductor
Co
Ltd
307
19,200
Tianma
Microelectronics
Co
Ltd
29
19,100
Tianqi
Lithium
Corp
210
40,400
Tianshan
Aluminum
Group
Co
Ltd
45
74,200
Tianshui
Huatian
Technology
Co
Ltd
109
10,400
*
Tibet
Summit
Resources
Co
Ltd
35
420,000
Tingyi
Cayman
Islands
Holding
Corp
703
26,000
Titan
Wind
Energy
Suzhou
Co
Ltd
56
17,356
Toly
Bread
Co
Ltd
39
92,000
*
Tongcheng-Elong
Holdings
Ltd
200
27,500
TongFu
Microelectronics
Co
Ltd
89
28,500
Tongkun
Group
Co
Ltd
60
163,800
Tongling
Nonferrous
Metals
Group
Co
Ltd
77
57,100
Tongwei
Co
Ltd
324
1,500
*
Topchoice
Medical
Corp
28
409,000
g
Topsports
International
Holdings
Ltd
373
76,000
Travelsky
Technology
Ltd
142
27,449
Trina
Solar
Co
Ltd
208
122,262
*
Trip.com
Group
Ltd
(ADR)
4,606
134,000
Tsingtao
Brewery
Co
Ltd
1,465
9,800
Tsingtao
Brewery
Co
Ltd
(Class
A)
172
10,399
Unigroup
Guoxin
Microelectronics
Co
Ltd
168
298,000
Uni-President
China
Holdings
Ltd
301
34,100
Unisplendour
Corp
Ltd
146
561,486
*
Vipshop
Holdings
Ltd
(ADR)
8,523
8,700
Walvax
Biotechnology
Co
Ltd
44
30,700
*
Wanda
Film
Holding
Co
Ltd
64
42,200
Wanhua
Chemical
Group
Co
Ltd
588
1,019,000
Want
Want
China
Holdings
Ltd
656
255,684
*
Weibo
Corp
(ADR)
5,129
448,000
Weichai
Power
Co
Ltd
719
33,600
Weichai
Power
Co
Ltd
(Class
A)
62
7,800
Weihai
Guangwei
Composites
Co
Ltd
58
84,075
Wens
Foodstuffs
Group
Co
Ltd
250
CREF
Global
Equities
Account
March
31,
2023
175
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
26,400
Western
Securities
Co
Ltd
$
24
5,010
Western
Superconducting
Technologies
Co
Ltd
60
13,490
Will
Semiconductor
Ltd
179
16,900
Wingtech
Technology
Co
Ltd
136
628,000
Winteam
Pharmaceutical
Group
Ltd
329
80,300
Wuchan
Zhongda
Group
Co
Ltd
57
1,900
Wuhan
DR
Laser
Technology
Corp
Ltd
30
38,199
Wuhan
Guide
Infrared
Co
Ltd
67
33,600
Wuhu
Shunrong
Sanqi
Interactive
Entertainment
Network
Technology
Co
Ltd
139
49,335
Wuliangye
Yibin
Co
Ltd
1,410
23,550
WUS
Printed
Circuit
Kunshan
Co
Ltd
74
156,336
WuXi
AppTec
Co
Ltd
-
A
1,808
26,485
g
WuXi
AppTec
Co
Ltd
-
H
277
1,703
Wuxi
Autowell
Technology
Co
Ltd
45
404,500
*,g
Wuxi
Biologics
Cayman,
Inc
2,492
4,320
Wuxi
Shangji
Automation
Co
Ltd
64
170,300
XCMG
Construction
Machinery
Co
Ltd
172
39,600
Xiamen
C
&
D,
Inc
69
3,000
Xiamen
Faratronic
Co
Ltd
64
17,300
Xiamen
Tungsten
Co
Ltd
51
1,177,000
*,g
Xiaomi
Corp
1,811
53,800
Xinjiang
Goldwind
Science
&
Technology
Co
Ltd
-
A
87
53,900
Xinjiang
Zhongtai
Chemical
Co
Ltd
57
788,863
Xinyi
Solar
Holdings
Ltd
946
181,100
*,e
XPeng,
Inc
1,005
307,000
XTEP
International
Holdings
391
262,000
g
Yadea
Group
Holdings
Ltd
675
6,300
Yangzhou
Yangjie
Electronic
Technology
Co
Ltd
50
39,600
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd
163
354,000
Yanzhou
Coal
Mining
Co
Ltd
1,267
42,100
Yanzhou
Coal
Mining
Co
Ltd
(Class
A)
218
10,150
Yealink
Network
Technology
Corp
Ltd
112
8,982
Yifeng
Pharmacy
Chain
Co
Ltd
76
104,000
Yihai
International
Holding
Ltd
306
20,100
Yihai
Kerry
Arawana
Holdings
Co
Ltd
126
36,820
Yintai
Gold
Co
Ltd
70
5,300
YongXing
Special
Materials
Technology
Co
Ltd
65
17,959
Yonyou
Network
Technology
Co
Ltd
66
3,400
*
Youngy
Co
Ltd
38
16,800
YTO
Express
Group
Co
Ltd
45
25,700
*
Yuan
Longping
High-tech
Agriculture
Co
Ltd
62
327,200
Yuexiu
Property
Co
Ltd
495
310,628
Yum
China
Holdings,
Inc
19,691
17,180
Yunda
Holding
Co
Ltd
30
48,400
Yunnan
Aluminium
Co
Ltd
96
8,900
Yunnan
Baiyao
Group
Co
Ltd
71
3,200
Yunnan
Botanee
Bio-Technology
Group
Co
Ltd
60
11,300
Yunnan
Energy
New
Material
Co
Ltd
187
15,400
Yunnan
Tin
Co
Ltd
33
28,800
*
Yunnan
Yuntianhua
Co
Ltd
89
6,678
*
Zai
Lab
Ltd
(ADR)
222
22,800
Zangge
Mining
Co
Ltd
80
2,800
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd
116
255,500
Zhaojin
Mining
Industry
Co
Ltd
387
20,000
Zhefu
Holding
Group
Co
Ltd
12
78,720
*
Zhejiang
Century
Huatong
Group
Co
Ltd
69
44,100
Zhejiang
China
Commodities
City
Group
Co
Ltd
37
27,500
Zhejiang
Chint
Electrics
Co
Ltd
112
31,000
Zhejiang
Dahua
Technology
Co
Ltd
102
6,060
Zhejiang
Dingli
Machinery
Co
Ltd
48
142,000
Zhejiang
Expressway
Co
Ltd
113
CREF
Global
Equities
Account
March
31,
2023
176
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
2,538
Zhejiang
HangKe
Technology,
Inc
Co
$
17
9,350
Zhejiang
Huahai
Pharmaceutical
Co
Ltd
27
19,703
Zhejiang
Huayou
Cobalt
Co
Ltd
158
17,700
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
169
5,000
Zhejiang
Jiuzhou
Pharmaceutical
Co
Ltd
24
39,200
Zhejiang
Juhua
Co
Ltd
101
16,304
Zhejiang
NHU
Co
Ltd
43
39,173
Zhejiang
Satellite
Petrochemical
Co
Ltd
91
5,002
Zhejiang
Supcon
Technology
Co
Ltd
76
7,900
Zhejiang
Supor
Co
Ltd
62
18,590
Zhejiang
Weiming
Environment
Protection
Co
Ltd
49
24,100
Zhejiang
Weixing
New
Building
Materials
Co
Ltd
85
2,400
Zhejiang
Wolwo
Bio-Pharmaceutical
Co
Ltd
17
12,500
Zhejiang
Yongtai
Technology
Co
Ltd
38
18,500
Zheshang
Securities
Co
Ltd
27
58,500
*,g
ZhongAn
Online
P&C
Insurance
Co
Ltd
184
9,200
Zhongji
Innolight
Co
Ltd
79
128,000
Zhongsheng
Group
Holdings
Ltd
631
67,400
Zhongtai
Securities
Co
Ltd
66
9,447
Zhuzhou
CRRC
Times
Electric
Co
Ltd
66
127,100
Zhuzhou
CSR
Times
Electric
Co
Ltd
553
2,900
Zhuzhou
Hongda
Electronics
Corp
Ltd
19
40,500
Zhuzhou
Kibing
Group
Co
Ltd
62
38,500
Zibo
Qixiang
Tengda
Chemical
Co
Ltd
40
1,286,000
Zijin
Mining
Group
Co
Ltd
2,145
284,800
Zijin
Mining
Group
Co
Ltd
(Class
A)
512
91,600
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
-
A
83
55,900
ZTE
Corp
265
62,200
ZTE
Corp
(Class
H)
182
32,746
d
ZTO
Express
Cayman,
Inc
(ADR)
938
TOTAL
CHINA
696,328
COLOMBIA
-
0.0%
20,180
BanColombia
S.A.
152
37,411
BanColombia
S.A.
(Preference)
234
98,649
Interconexion
Electrica
S.A.
321
TOTAL
COLOMBIA
707
CZECH
REPUBLIC
-
0.0%
36,016
CEZ
AS
1,749
5,403
Komercni
Banka
AS
179
19,141
g
Moneta
Money
Bank
AS
77
TOTAL
CZECH
REPUBLIC
2,005
DENMARK
-
0.6%
109,774
Carlsberg
AS
(Class
B)
17,033
731,400
Novo
Nordisk
AS
116,162
10,000
Novo
Nordisk
AS
(ADR)
1,592
75,716
g
Orsted
AS
6,456
179,010
*
Zealand
Pharma
AS
5,608
TOTAL
DENMARK
146,851
EGYPT
-
0.0%
196,758
Commercial
International
Bank
325
365,159
Eastern
Tobacco
208
133,926
*
Egyptian
Financial
Group-Hermes
Holding
73
TOTAL
EGYPT
606
FINLAND
-
0.2%
1,431,955
Nordea
Bank
Abp
15,301
1,796,020
Nordea
Bank
Abp
19,178
CREF
Global
Equities
Account
March
31,
2023
177
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
391,497
Sampo
Oyj
(A
Shares)
$
18,473
TOTAL
FINLAND
52,952
FRANCE
-
3.0%
336,043
Accor
S.A.
10,925
140,072
Air
Liquide
23,447
949,926
Airbus
SE
126,879
677,999
BNP
Paribas
S.A.
40,488
266,914
Cap
Gemini
S.A.
49,602
436,441
Cie
Generale
des
Etablissements
Michelin
S.C.A
13,341
539,242
Compagnie
de
Saint-Gobain
30,653
282,000
Danone
17,547
1,147,725
Engie
S.A.
18,162
215,778
Essilor
International
S.A.
38,910
12,196
*
Euroapi
S.A.
139
8,166
Gecina
S.A.
848
10,988
Icade
517
122,093
Kering
79,657
170,654
L'Oreal
S.A.
76,256
79,854
LVMH
Moet
Hennessy
Louis
Vuitton
S.A.
73,299
354,133
Orange
S.
A.
4,207
9,138
Pernod-Ricard
S.A.
2,069
19,857
Sartorius
Stedim
Biotech
6,092
169,518
Teleperformance
40,961
273,005
e
Total
S.A.
16,097
118,723
Veolia
Environnement
3,664
1,610,146
Vivendi
Universal
S.A.
16,281
TOTAL
FRANCE
690,041
GERMANY
-
2.8%
63,639
Adidas-Salomon
AG.
11,281
47,872
Allianz
AG.
11,051
612,692
e
Aroundtown
S.A.
876
152,959
BASF
SE
8,030
1,677,299
Bayer
AG.
107,149
253,256
Beiersdorf
AG.
32,945
10,172
BioNTech
SE
(ADR)
1,267
688,218
*
Borussia
Dortmund
GmbH
&
Co
KGaA
3,066
311,923
Brenntag
AG.
23,474
29,787
Carl
Zeiss
Meditec
AG.
4,149
137,852
Deutsche
Annington
Immobilien
SE
2,596
105,213
Deutsche
Boerse
AG.
20,486
680,894
Deutsche
Telekom
AG.
16,500
327,108
*
Dr
ING
hc
F
Porsche
AG.
41,984
1,515,530
E.ON
AG.
18,906
583,808
HeidelbergCement
AG.
42,628
382,531
*
HelloFresh
SE
9,122
38,173
Henkel
KGaA
2,777
1,545,743
Infineon
Technologies
AG.
63,476
14,292
LEG
Immobilien
AG.
785
59,572
Merck
KGaA
11,106
1,014
OSRAM
Licht
AG.
54
726,145
*
Paion
AG.
554
1,803,960
RWE
AG.
77,621
766,435
Siemens
AG.
124,166
49,644
g
Siemens
Healthineers
AG.
2,862
TOTAL
GERMANY
638,911
GREECE
-
0.0%
748,053
*
Alpha
Bank
AE
919
180,305
*
Eurobank
Ergasias
S.A.
239
CREF
Global
Equities
Account
March
31,
2023
178
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
5,760
*,†
FF
Group
$
0
^
47,873
Hellenic
Telecommunications
Organization
S.A.
701
23,847
JUMBO
S.A.
506
15,236
Motor
Oil
Hellas
Corinth
Refineries
S.A.
391
19,431
Mytilineos
Holdings
S.A.
554
39,441
*
National
Bank
of
Greece
S.A.
192
42,745
OPAP
S.A.
686
810,000
*
Piraeus
Financial
Holdings
S.A.
1,769
41,755
*
Public
Power
Corp
364
10,568
Terna
Energy
S.A.
225
TOTAL
GREECE
6,546
HONG
KONG
-
0.4%
2,654,100
AIA
Group
Ltd
27,834
288,000
e
Bank
of
East
Asia
Ltd
366
217,000
*,e
Cathay
Pacific
Airways
Ltd
209
107,230
CK
Infrastructure
Holdings
Ltd
583
333,000
CLP
Holdings
Ltd
2,406
815,000
Hang
Lung
Properties
Ltd
1,525
167,900
Hang
Seng
Bank
Ltd
2,387
304,000
Henderson
Land
Development
Co
Ltd
1,052
2,115,806
Hong
Kong
&
China
Gas
Ltd
1,863
246,712
Hong
Kong
Electric
Holdings
Ltd
1,324
264,482
Hong
Kong
Exchanges
and
Clearing
Ltd
11,723
510,400
Hongkong
Land
Holdings
Ltd
2,245
219,500
Kingboard
Laminates
Holdings
Ltd
229
368,339
Link
REIT
2,369
599,652
*
Melco
Crown
Entertainment
Ltd
(ADR)
7,634
355,000
New
World
Development
Co
Ltd
952
441,000
Nine
Dragons
Paper
Holdings
Ltd
330
31,000
Orient
Overseas
International
Ltd
595
598,274
Prudential
plc
8,191
803,250
Sino
Biopharmaceutical
450
309,000
Sun
Hung
Kai
Properties
Ltd
4,329
82,000
Vinda
International
Holdings
Ltd
198
252,000
Wharf
Real
Estate
Investment
Co
Ltd
1,451
TOTAL
HONG
KONG
80,245
HUNGARY
-
0.0%
104,056
MOL
Hungarian
Oil
&
Gas
plc
762
15,958
OTP
Bank
455
59,470
Richter
Gedeon
Rt
1,242
TOTAL
HUNGARY
2,459
INDIA
-
0.8%
11,316
ABB
Ltd
India
464
36,883
Adani
Enterprises
Ltd
789
57,813
Adani
Gas
Ltd
610
66,333
*
Adani
Green
Energy
Ltd
712
111,698
Adani
Ports
&
Special
Economic
Zone
Ltd
863
159,616
*
Adani
Power
Ltd
373
58,674
*
Adani
Transmissions
Ltd
710
127,792
*
Ambuja
Cements
Ltd
571
23,457
Apollo
Hospitals
Enterprise
Ltd
1,234
81,112
Asian
Paints
Ltd
2,733
13,944
Associated
Cement
Co
Ltd
284
32,847
g
AU
Small
Finance
Bank
Ltd
232
21,109
Aurobindo
Pharma
Ltd
133
34,310
*,g
Avenue
Supermarts
Ltd
1,424
371,303
Axis
Bank
Ltd
3,890
5,595
Bajaj
Auto
Ltd
404
CREF
Global
Equities
Account
March
31,
2023
179
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
58,680
Bajaj
Finance
Ltd
$
4,026
29,007
Bajaj
Finserv
Ltd
449
14,642
Bajaj
Holdings
and
Investment
Ltd
693
16,453
Balkrishna
Industries
Ltd
392
49,333
*,g
Bandhan
Bank
Ltd
118
228,774
Bank
of
Baroda
472
50,801
Berger
Paints
India
Ltd
360
832,977
Bharat
Electronics
Ltd
991
53,974
Bharat
Forge
Ltd
507
207,769
Bharat
Petroleum
Corp
Ltd
872
485,418
Bharti
Airtel
Ltd
4,427
23,001
Britannia
Industries
Ltd
1,212
29,386
Cholamandalam
Investment
and
Finance
Co
Ltd
273
37,390
Cipla
Ltd
410
374,101
Coal
India
Ltd
975
25,957
Colgate-Palmolive
India
Ltd
477
58,324
Container
Corp
Of
India
Ltd
413
46,436
Crompton
Greaves
Ltd
170
131,998
Dabur
India
Ltd
876
10,047
Divi
S
Laboratories
Ltd
346
134,979
DLF
Ltd
588
35,932
Dr
Reddy's
Laboratories
Ltd
2,026
28,881
Eicher
Motors
Ltd
1,038
525,465
GAIL
India
Ltd
674
85,407
*
Godrej
Consumer
Products
Ltd
1,008
23,883
*
Godrej
Properties
Ltd
301
56,589
Grasim
Industries
Ltd
1,126
52,500
Havells
India
Ltd
761
73,382
HCL
Technologies
Ltd
974
203,730
g
HDFC
Life
Insurance
Co
Ltd
1,239
23,115
Hero
Honda
Motors
Ltd
662
280,387
Hindalco
Industries
Ltd
1,390
173,922
Hindustan
Lever
Ltd
5,431
165,518
Hindustan
Petroleum
Corp
Ltd
478
373,219
Housing
Development
Finance
Corp
11,968
1,139,040
ICICI
Bank
Ltd
12,172
48,820
g
ICICI
Lombard
General
Insurance
Co
Ltd
636
68,379
g
ICICI
Prudential
Life
Insurance
Co
Ltd
363
181,905
Indian
Hotels
Co
Ltd
720
712,359
Indian
Oil
Corp
Ltd
677
49,030
Indian
Railway
Catering
&
Tourism
Corp
Ltd
343
68,396
Indraprastha
Gas
Ltd
357
144,923
Indus
Towers
Ltd
253
14,743
Info
Edge
India
Ltd
671
258,047
Infosys
Technologies
Ltd
4,511
19,574
*,g
InterGlobe
Aviation
Ltd
456
632,636
ITC
Ltd
2,960
75,819
Jindal
Steel
&
Power
Ltd
506
152,999
JSW
Steel
Ltd
1,285
84,016
Jubilant
Foodworks
Ltd
451
42,692
Kotak
Mahindra
Bank
Ltd
902
292,528
g
Larsen
&
Toubro
Infotech
Ltd
17,035
150,049
Larsen
&
Toubro
Ltd
3,961
16,213
Lupin
Ltd
128
184,105
Mahindra
&
Mahindra
Ltd
2,602
108,355
Marico
Ltd
634
25,550
Maruti
Suzuki
India
Ltd
2,584
427,677
Motherson
Sumi
Systems
Ltd
350
18,031
Mphasis
Ltd
396
406
MRF
Ltd
416
8,347
Muthoot
Finance
Ltd
100
CREF
Global
Equities
Account
March
31,
2023
180
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
7,170
Nestle
India
Ltd
$
1,722
875,391
NTPC
Ltd
1,869
1,276
Page
Industries
Ltd
589
187,677
Petronet
LNG
Ltd
524
15,456
PI
Industries
Ltd
571
32,301
Pidilite
Industries
Ltd
927
464,000
*
Piramal
Pharma
Ltd
388
705,485
Power
Grid
Corp
of
India
Ltd
1,942
654,055
Reliance
Industries
Ltd
18,598
16,946
SBI
Cards
&
Payment
Services
Ltd
153
96,019
g
SBI
Life
Insurance
Co
Ltd
1,288
187,126
Sesa
Sterlite
Ltd
627
2,274
Shree
Cement
Ltd
726
16,715
Shriram
Transport
Finance
Co
Ltd
257
15,484
Siemens
India
Ltd
628
30,547
SRF
Ltd
899
136,915
State
Bank
of
India
875
469,170
Sun
Pharmaceutical
Industries
Ltd
5,622
70,446
Tata
Consultancy
Services
Ltd
2,761
7,062
Tata
Elxsi
Ltd
514
351,825
*
Tata
Motors
Ltd
1,813
310,264
Tata
Power
Co
Ltd
721
1,562,214
*
Tata
Steel
Ltd
1,996
116,152
Tata
Tea
Ltd
1,004
44,939
Tech
Mahindra
Ltd
606
74,858
Titan
Industries
Ltd
2,299
21,578
Torrent
Pharmaceuticals
Ltd
404
37,653
Trent
Ltd
632
22,168
Tube
Investments
of
India
Ltd
689
43,266
TVS
Motor
Co
Ltd
569
21,901
Ultra
Tech
Cement
Ltd
2,035
61,053
*
United
Spirits
Ltd
563
107,673
UPL
Ltd
942
49,674
Varun
Beverages
Ltd
840
105,533
Wipro
Ltd
471
870,902
*
Yes
Bank
Ltd
160
616,884
*
Zomato
Ltd
386
TOTAL
INDIA
176,628
INDONESIA
-
0.2%
3,588,900
Adaro
Energy
Tbk
696
4,301,400
Astra
International
Tbk
PT
1,724
11,571,500
Bank
Central
Asia
Tbk
PT
6,770
77,816,193
Bank
Rakyat
Indonesia
24,656
486,200
Indofood
CBP
Sukses
Makmur
Tbk
324
4,365,600
Kalbe
Farma
Tbk
PT
612
2,515,188
*
Merdeka
Copper
Gold
Tbk
PT
704
1,705,600
PT
Aneka
Tambang
Tbk
238
7,675,447
PT
Bank
Mandiri
Persero
Tbk
5,286
6,884,600
PT
Bank
Negara
Indonesia
4,308
5,738,597
PT
Barito
Pacific
Tbk
316
1,527,500
PT
Charoen
Pokphand
Indonesia
Tbk
509
564,100
PT
Indah
Kiat
Pulp
and
Paper
Corp
Tbk
283
937,800
PT
Indofood
Sukses
Makmur
Tbk
388
725,333
PT
Semen
Gresik
Persero
Tbk
305
3,652,100
PT
Sumber
Alfaria
Trijaya
Tbk
703
1,599,200
PT
Unilever
Indonesia
Tbk
464
364,500
PT
United
Tractors
Tbk
708
480,300
*
PT
Vale
Indonesia
Tbk
213
3,809,800
Sarana
Menara
Nusantara
Tbk
PT
236
CREF
Global
Equities
Account
March
31,
2023
181
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
10,578,400
Telkom
Indonesia
Persero
Tbk
PT
$
2,872
TOTAL
INDONESIA
52,315
IRELAND
-
0.6%
3,625,738
AIB
Group
plc
14,675
1,945,851
Bank
of
Ireland
Group
plc
19,689
1,316,453
CRH
plc
66,507
15,017
Kerry
Group
plc
(Class
A)
1,498
428,877
Keywords
Studios
plc
14,591
71,419
*
Prothena
Corp
plc
3,462
493,757
Smurfit
Kappa
Group
plc
17,909
TOTAL
IRELAND
138,331
ISRAEL
-
0.0%
249,295
Bank
Hapoalim
Ltd
2,075
318,977
Bank
Leumi
Le-Israel
2,413
255,553
Israel
Discount
Bank
Ltd
1,255
30,781
Mizrahi
Tefahot
Bank
Ltd
965
TOTAL
ISRAEL
6,708
ITALY
-
0.9%
421,320
e
Amplifon
S.p.A.
14,603
3,648,291
e
Davide
Campari-Milano
NV
44,516
9,071,358
Enel
S.p.A.
55,326
129,794
e
Ferrari
NV
35,172
637,023
Moncler
S.p.A
44,000
1,864,181
Prada
S.p.A
13,219
TOTAL
ITALY
206,836
JAPAN
-
5.2%
87,600
e
Acom
Co
Ltd
211
353
Activia
Properties
Inc
1,007
300
Aeon
Mall
Co
Ltd
4
323,500
e
Aisin
Seiki
Co
Ltd
8,916
10,008
*
All
Nippon
Airways
Co
Ltd
218
26,000
e
Aozora
Bank
Ltd
471
49,300
Asahi
Intecc
Co
Ltd
871
217,279
Asahi
Kasei
Corp
1,522
359,600
Astellas
Pharma,
Inc
5,109
12,600
Bank
of
Kyoto
Ltd
596
460,000
BayCurrent
Consulting,
Inc
19,098
67,337
Central
Japan
Railway
Co
8,035
116,400
Chiba
Bank
Ltd
751
152,500
Chubu
Electric
Power
Co,
Inc
1,609
225,700
Concordia
Financial
Group
Ltd
832
216,000
Daifuku
Co
Ltd
4,011
236,800
Dai-ichi
Mutual
Life
Insurance
Co
4,353
2,620,391
Daiichi
Sankyo
Co
Ltd
95,586
95,531
Daikin
Industries
Ltd
17,139
7,600
Daito
Trust
Construction
Co
Ltd
757
348
Daiwa
House
REIT
Investment
Corp
713
317,200
*,e
Daiwa
Securities
Group,
Inc
1,489
140,686
East
Japan
Railway
Co
7,786
73,400
Eisai
Co
Ltd
4,169
523,000
ENEOS
Holdings,
Inc
1,835
20,100
Fast
Retailing
Co
Ltd
4,400
37,800
Fukuoka
Financial
Group,
Inc
727
178,499
GMO
Payment
Gateway,
Inc
15,454
258,500
*
Hitachi
Construction
Machinery
Co
Ltd
6,025
2,538,564
*
Hitachi
Ltd
139,521
167,900
Hulic
Co
Ltd
1,381
CREF
Global
Equities
Account
March
31,
2023
182
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
812
e
Hulic
Reit,
Inc
$
917
36,637
e
Idemitsu
Kosan
Co
Ltd
802
4,143,800
Infomart
Corp
8,705
161,074
Inpex
Holdings,
Inc
1,705
8
Invincible
Investment
Corp
3
371,700
e
Japan
Elevator
Service
Holdings
Co
Ltd
6,067
88,800
e
Japan
Post
Bank
Co
Ltd
725
345,900
Japan
Post
Holdings
Co
Ltd
2,807
49,400
Japan
Post
Insurance
Co
Ltd
770
4
Japan
Retail
Fund
Investment
Corp
3
204,040
Japan
Tobacco,
Inc
4,310
443,900
e
JGC
Corp
5,517
33,673
JSR
Corp
797
144,000
Kansai
Electric
Power
Co,
Inc
1,402
99,600
Kao
Corp
3,877
321,400
KDDI
Corp
9,911
142
Kenedix
Realty
Investment
Corp
328
203,700
Mebuki
Financial
Group
Inc
498
763,600
Mitsubishi
Electric
Corp
9,125
396,573
Mitsubishi
Estate
Co
Ltd
4,717
8,579,400
Mitsubishi
UFJ
Financial
Group,
Inc
54,983
88,400
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
456
813,400
Mitsui
&
Co
Ltd
25,354
8,350
Mitsui
Fudosan
Co
Ltd
157
1,306
Mitsui
Fudosan
Logistics
Park,
Inc
4,582
529,600
Mizuho
Financial
Group,
Inc
7,503
1,250,450
MonotaRO
Co
Ltd
15,750
308
Mori
Hills
REIT
Investment
Corp
343
97,700
MS&AD
Insurance
Group
Holdings
Inc
3,028
269,500
Murata
Manufacturing
Co
Ltd
16,425
1,120,900
Nikon
Corp
11,507
1,390,000
Nintendo
Co
Ltd
53,990
136,200
Nippon
Paint
Co
Ltd
1,281
250,900
Nippon
Telegraph
&
Telephone
Corp
7,498
28,100
Nitto
Denko
Corp
1,819
690,400
*
Nomura
Holdings,
Inc
2,662
836
Nomura
Real
Estate
Master
Fund,
Inc
937
138,395
OJI
Paper
Co
Ltd
548
129,611
Omron
Corp
7,586
166,000
Oriental
Land
Co
Ltd
5,684
288,300
ORIX
Corp
4,753
565
Orix
JREIT,
Inc
716
111,900
Osaka
Securities
Exchange
Co
Ltd
1,711
167,200
Paltac
Corp
6,353
443,700
Panasonic
Corp
3,970
1,758,700
Recruit
Holdings
Co
Ltd
48,380
459,200
Resona
Holdings,
Inc
2,215
51,800
e
SBI
Holdings,
Inc
1,029
149,600
Sekisui
House
Ltd
3,049
101,000
Seven
&
I
Holdings
Co
Ltd
4,563
129,500
e
Seven
Bank
Ltd
259
85,998
*
SHIFT,
Inc
15,382
253,500
Shin-Etsu
Chemical
Co
Ltd
8,229
34,100
*
Shinsei
Bank
Ltd
601
21,600
Shiseido
Co
Ltd
1,013
91,500
Shizuoka
Financial
Group,
Inc
657
485,300
SMS
Co
Ltd
11,803
73,700
Sompo
Holdings,
Inc
2,920
2,194,865
Sony
Corp
199,916
3,568
Star
Asia
Investment
Corp
1,475
88,501
Sumitomo
Heavy
Industries
Ltd
2,170
CREF
Global
Equities
Account
March
31,
2023
183
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
42,400
Sumitomo
Metal
Mining
Co
Ltd
$
1,622
1,698,501
Sumitomo
Mitsui
Financial
Group,
Inc
67,970
74,200
Sumitomo
Mitsui
Trust
Holdings,
Inc
2,549
20
Sumitomo
Realty
&
Development
Co
Ltd
0
^
118,000
T&D
Holdings,
Inc
1,462
20,382
Taiyo
Nippon
Sanso
Corp
368
429,200
Takeda
Pharmaceutical
Co
Ltd
14,096
644,897
TechnoPro
Holdings,
Inc
17,887
415,600
Tokio
Marine
Holdings,
Inc
7,998
9,400
Tokyo
Century
Corp
314
302,900
*
Tokyo
Electric
Power
Co,
Inc
1,082
126,900
Tokyo
Electron
Ltd
15,503
159,900
Tokyo
Gas
Co
Ltd
3,005
272,600
Tokyo
Tatemono
Co
Ltd
3,328
248,701
Toray
Industries,
Inc
1,423
6,982,710
*
Toyota
Motor
Corp
99,402
518
United
Urban
Investment
Corp
559
TOTAL
JAPAN
1,199,407
KOREA,
REPUBLIC
OF
-
1.3%
6,150
Amorepacific
Corp
649
1,677
BGF
retail
Co
Ltd
234
6,504
Celltrion
Healthcare
Co
Ltd
303
1,253
*
Celltrion
Pharm
Inc
80
21,814
Celltrion,
Inc
2,521
14,631
Cheil
Communications,
Inc
210
1,756
CJ
CheilJedang
Corp
440
3,243
CJ
Corp
260
11,574
Coway
Co
Ltd
467
9,749
Dongbu
Insurance
Co
Ltd
561
10,697
Doosan
Bobcat,
Inc
360
30,794
*
Doosan
Heavy
Industries
and
Construction
Co
Ltd
404
10,284
Ecopro
BM
Co
Ltd
1,782
4,571
E-Mart
Co
Ltd
372
3,365
F&F
Co
Ltd
362
10,137
GS
Holdings
Corp
314
66,781
Hana
Financial
Group,
Inc
2,092
15,656
Hankook
Tire
Co
Ltd
419
534
Hanmi
Pharm
Co
Ltd
105
40,212
Hanon
Systems
272
22,122
*
Hanwha
Chemical
Corp
913
24,950
*
Hanwha
Galleria
Co
Ltd
41
22,691
*
HLB,
Inc
610
4,515
Honam
Petrochemical
Corp
663
6,383
Hotel
Shilla
Co
Ltd
401
3,754
*
HYBE
Co
Ltd
548
189,925
Hynix
Semiconductor,
Inc
12,998
6,230
Hyundai
Engineering
&
Construction
Co
Ltd
175
3,912
Hyundai
Glovis
Co
Ltd
478
9,505
*
Hyundai
Heavy
Industries
568
3,663
*
Hyundai
Heavy
Industries
Co
Ltd
283
20,243
Hyundai
Merchant
Marine
Co
Ltd
318
1,844
*
Hyundai
Mipo
Dockyard
100
12,976
Hyundai
Mobis
2,155
29,392
Hyundai
Motor
Co
4,182
7,850
Hyundai
Motor
Co
Ltd
(2nd
Preference)
580
5,030
Hyundai
Motor
Co
Ltd
(Preference)
366
3,805
Hyundai
Robotics
Co
Ltd
170
18,324
Hyundai
Steel
Co
490
4,417
Iljin
Materials
Co
Ltd
235
19,499
Industrial
Bank
of
Korea
152
CREF
Global
Equities
Account
March
31,
2023
184
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
23,739
Kakao
Corp
$
1,124
7,256
*
Kakao
Games
Corp
235
10,696
KakaoBank
Corp
200
5,467
*
Kakaopay
Corp
236
20,397
Kangwon
Land,
Inc
313
165,841
KB
Financial
Group,
Inc
6,057
55,715
Kia
Motors
Corp
3,477
15,828
Korea
Aerospace
Industries
Ltd
578
20,020
Korea
Electric
Power
Corp
277
2,984
Korea
Investment
Holdings
Co
Ltd
127
3,509
Korea
Kumho
Petrochemical
388
1,875
Korea
Zinc
Co
Ltd
798
13,572
Korean
Air
Lines
Co
Ltd
242
6,083
*,g
Krafton,
Inc
865
23,507
KT&G
Corp
1,511
4,789
L&F
Co
Ltd
1,161
104,921
LG
Chem
Ltd
57,622
1,638
LG
Chem
Ltd
(Preference)
392
20,613
LG
Corp
1,313
18,688
LG
Display
Co
Ltd
237
8,181
LG
Electronics,
Inc
730
7,513
*
LG
Energy
Solution
3,385
1,957
LG
Household
&
Health
Care
Ltd
904
1,037
LG
Innotek
Co
Ltd
217
18,388
LG
Telecom
Ltd
153
2,507
Lotte
Shopping
Co
Ltd
158
14,470
Meritz
finance
Holdings
Co
Ltd
431
17,445
Meritz
Securities
Co
Ltd
82
20,553
Mirae
Asset
Daewoo
Co
Ltd
102
10,010
Naver
Corp
1,569
1,249
NCsoft
358
1,443
g
Netmarble
Corp
74
4,974
Orion
Corp/Republic
of
Korea
522
21,188
Pan
Ocean
Co
Ltd
95
2,148
*
Pearl
Abyss
Corp
77
15,597
POSCO
4,413
5,760
POSCO
Refractories
&
Environment
Co
Ltd
1,214
4,467
S1
Corp
(Korea)
190
5,199
*,g
Samsung
Biologics
Co
Ltd
3,151
18,019
Samsung
C&T
Corp
1,501
4,278
Samsung
Electro-Mechanics
Co
Ltd
505
2,598,841
Samsung
Electronics
Co
Ltd
128,515
63,293
Samsung
Electronics
Co
Ltd
(Preference)
2,634
35,197
*
Samsung
Engineering
Co
Ltd
860
6,742
Samsung
Fire
&
Marine
Insurance
Co
Ltd
1,066
136,900
*
Samsung
Heavy
Industries
Co
Ltd
546
16,764
Samsung
Life
Insurance
Co
Ltd
808
26,114
Samsung
SDI
Co
Ltd
14,834
2,592
Samsung
SDS
Co
Ltd
232
4,850
Samsung
Securities
Co
Ltd
119
8,039
SD
Biosensor,
Inc
131
18,000
Seegene,
Inc
345
100,986
Shinhan
Financial
Group
Co
Ltd
2,743
4,172
*
SK
Biopharmaceuticals
Co
Ltd
203
4,823
*
SK
Bioscience
Co
Ltd
268
8,815
SK
Holdings
Co
Ltd
1,175
4,995
*,g
SK
IE
Technology
Co
Ltd
276
12,171
*
SK
Innovation
Co
Ltd
1,686
20,140
*
SK
Square
Co
Ltd
618
4,219
SKC
Co
Ltd
373
10,751
S-Oil
Corp
662
CREF
Global
Equities
Account
March
31,
2023
185
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
41,915
Woori
Financial
Group,
Inc
$
369
11,333
Woori
Investment
&
Securities
Co
Ltd
77
3,960
Yuhan
Corp
154
TOTAL
KOREA,
REPUBLIC
OF
294,311
KUWAIT
-
0.1%
331,812
Agility
Public
Warehousing
Co
KSC
676
91,558
Boubyan
Bank
KSCP
192
118,410
Gulf
Bank
KSCP
115
1,288,345
Kuwait
Finance
House
3,486
134,506
Mabanee
Co
KPSC
320
520,532
Mobile
Telecommunications
Co
KSC
918
1,572,026
National
Bank
of
Kuwait
SAKP
5,423
TOTAL
KUWAIT
11,130
LUXEMBOURG
-
0.0%
10,399
Reinet
Investments
S.C.A
213
TOTAL
LUXEMBOURG
213
MACAU
-
0.0%
281,000
*
Galaxy
Entertainment
Group
Ltd
1,880
TOTAL
MACAU
1,880
MALAYSIA
-
0.1%
137,100
AMMB
Holdings
BHD
117
197,043
Axiata
Group
Bhd
135
525,479
Bumiputra-Commerce
Holdings
BHD
633
877,500
Dialog
Group
BHD
471
222,300
Digi.Com
BHD
219
358,200
Gamuda
BHD
332
457,500
Genting
BHD
484
610,100
Genting
Malaysia
BHD
367
109,500
HAP
Seng
Consolidated
BHD
127
47,200
Hong
Leong
Bank
BHD
217
10,600
Hong
Leong
Credit
BHD
43
827,100
IHH
Healthcare
BHD
1,077
518,100
Inari
Amertron
BHD
291
522,300
IOI
Corp
BHD
452
90,730
Kuala
Lumpur
Kepong
BHD
428
374,229
Malayan
Banking
BHD
727
133,300
*
Malaysia
Airports
Holdings
BHD
205
167,400
Maxis
BHD
157
362,300
MISC
BHD
594
330,150
g
MR
DIY
Group
M
Bhd
116
14,800
Nestle
Malaysia
BHD
460
531,800
Petronas
Chemicals
Group
BHD
855
77,700
Petronas
Dagangan
BHD
376
213,600
Petronas
Gas
BHD
798
131,080
PPB
Group
BHD
492
745,200
Press
Metal
BHD
825
3,274,800
Public
Bank
BHD
2,972
184,450
QL
Resources
BHD
243
114,828
RHB
Capital
BHD
145
593,300
Sime
Darby
BHD
289
436,400
Sime
Darby
Plantation
BHD
424
87,641
Telekom
Malaysia
BHD
97
601,700
Tenaga
Nasional
BHD
1,259
368,400
Top
Glove
Corp
BHD
79
TOTAL
MALAYSIA
16,506
CREF
Global
Equities
Account
March
31,
2023
186
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
MEXICO
-
0.3%
623,000
Alfa
S.A.
de
C.V.
(Class
A)
$
395
5,952,500
America
Movil
SAB
de
C.V.
6,253
165,000
g
Banco
del
Bajio
S.A.
601
3,300,494
*
Cemex
S.A.
de
C.V.
1,811
116,520
Coca-Cola
Femsa
SAB
de
C.V.
936
96,500
Embotelladoras
Arca
SAB
de
C.V.
876
643,600
Fibra
Uno
Administracion
S.A.
de
C.V.
899
420,300
e
Fomento
Economico
Mexicano
S.A.
de
C.V.
4,007
372,372
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR)
35,446
40,990
Gruma
SAB
de
C.V.
605
75,900
e
Grupo
Aeroportuario
del
Pacifico
S.A.
de
C.V.
(B
Shares)
1,477
40,210
Grupo
Aeroportuario
del
Sureste
S.A.
de
C.V.
(Class
B)
1,230
287,500
e
Grupo
Bimbo
S.A.
de
C.V.
(Series
A)
1,447
103,000
e
Grupo
Carso
S.A.
de
C.V.
(Series
A1)
512
1,008,700
Grupo
Financiero
Banorte
S.A.
de
C.V.
8,503
154,627
*,e
Grupo
Financiero
Inbursa
S.A.
332
660,800
Grupo
Mexico
S.A.
de
C.V.
(Series
B)
3,129
504,800
e
Grupo
Televisa
S.A.
534
27,995
*,e
Industrias
Penoles
S.A.
de
C.V.
413
313,100
Kimberly-Clark
de
Mexico
S.A.
de
C.V.
(Class
A)
660
240,300
Operadora
de
Sites
Mexicanos
S.A.
de
C.V.
238
208,800
Orbia
Advance
Corp
SAB
de
C.V.
454
41,680
Promotora
y
Operadora
de
Infraestructura
SAB
de
C.V.
416
18,917
Southern
Copper
Corp
1,442
1,126,100
e
Wal-Mart
de
Mexico
SAB
de
C.V.
4,501
TOTAL
MEXICO
77,117
NETHERLANDS
-
2.5%
44,520
*,g
Adyen
NV
70,939
299
*
Argenx
SE
111
18,995
*
Argenx
SE
7,054
197,166
ASML
Holding
NV
134,358
46,554
DSM
NV
5,509
122,379
g
Euronext
NV
9,371
203,939
Heineken
NV
21,913
8,647,562
ING
Groep
NV
102,693
251,637
Koninklijke
Ahold
Delhaize
NV
8,597
624,694
Koninklijke
KPN
NV
2,207
5,662,545
Shell
plc
161,375
1,610,146
Universal
Music
Group
NV
40,777
TOTAL
NETHERLANDS
564,904
NORWAY
-
0.6%
676,678
Aker
BP
ASA
16,596
3,360,918
Equinor
ASA
95,546
193,752
e
Gjensidige
Forsikring
BA
3,168
1,627,987
Norsk
Hydro
ASA
12,150
TOTAL
NORWAY
127,460
PERU
-
0.0%
43,400
Cia
de
Minas
Buenaventura
S.A.
(ADR)
(Series
B)
355
15,800
Credicorp
Ltd
2,092
TOTAL
PERU
2,447
PHILIPPINES
-
0.1%
358,530
Aboitiz
Equity
Ventures,
Inc
320
651,550
*
AC
Energy
Corp
74
18,120
Ayala
Corp
218
1,553,970
Ayala
Land,
Inc
762
146,120
Bank
of
the
Philippine
Islands
276
CREF
Global
Equities
Account
March
31,
2023
187
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
601,150
BDO
Unibank,
Inc
$
1,426
213,670
International
Container
Term
Services,
Inc
839
617,355
JG
Summit
Holdings
(Series
B)
545
92,900
Jollibee
Foods
Corp
383
68,650
Manila
Electric
Co
394
128,103
Metropolitan
Bank
&
Trust
138
1,350,600
g
Monde
Nissin
Corp
244
6,620
PLDT,
Inc
173
5,826,950
Robinsons
Retail
Holdings,
Inc
5,790
18,340
SM
Investments
Corp
301
2,561,800
SM
Prime
Holdings
1,550
183,440
Universal
Robina
487
TOTAL
PHILIPPINES
13,920
POLAND
-
0.0%
74,990
*,g
Allegro.eu
S.A.
512
46,794
Bank
Pekao
S.A.
931
2,599
Bank
Zachodni
WBK
S.A.
176
979
BRE
Bank
S.A.
70
4,895
CD
Projekt
Red
S.A.
127
50,847
Cyfrowy
Polsat
S.A.
198
10,151
*,g
Dino
Polska
S.A.
922
28,509
KGHM
Polska
Miedz
S.A.
810
227
LPP
S.A.
504
198,782
*
PGE
Polska
Grupa
Energetyczna
S.A.
289
142,800
Polski
Koncern
Naftowy
Orlen
S.A.
1,927
213,315
Powszechna
Kasa
Oszczednosci
Bank
Polski
S.A.
1,416
128,588
Powszechny
Zaklad
Ubezpieczen
S.A.
1,047
TOTAL
POLAND
8,929
PORTUGAL
-
0.1%
899,973
Jeronimo
Martins
SGPS
S.A.
21,125
TOTAL
PORTUGAL
21,125
QATAR
-
0.1%
453,186
Barwa
Real
Estate
Co
325
237,547
Commercial
Bank
of
Qatar
QSC
381
336,905
Industries
Qatar
QSC
1,207
429,371
Masraf
Al
Rayan
350
842,860
Mesaieed
Petrochemical
Holding
Co
446
209,681
Ooredoo
QSC
542
100,728
Qatar
Electricity
&
Water
Co
467
149,929
Qatar
Fuel
QSC
717
562,002
Qatar
Gas
Transport
Co
Ltd
535
72,345
Qatar
International
Islamic
Bank
QSC
197
125,390
Qatar
Islamic
Bank
SAQ
615
1,383,088
Qatar
National
Bank
6,111
TOTAL
QATAR
11,893
ROMANIA
-
0.0%
103,177
NEPI
Rockcastle
NV
599
TOTAL
ROMANIA
599
RUSSIA
-
0.0%
12,672
*,†,e
Ozon
Holdings
plc
(ADR)
0
^
211,169
*,†
VTB
Bank
PJSC
(GDR)
Tradegate
2
TOTAL
RUSSIA
2
SAUDI
ARABIA
-
0.3%
16,414
ACWA
Power
Co
617
26,537
Advanced
Petrochemical
Co
339
CREF
Global
Equities
Account
March
31,
2023
188
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
498,736
Al
Rajhi
Bank
$
9,818
584,530
Alinma
Bank
4,609
55,394
Almarai
Co
JSC
835
45,440
Arab
National
Bank
314
4,869
Arabian
Internet
&
Communications
Services
Co
324
36,897
*
Bank
AlBilad
394
29,288
Bank
Al-Jazira
143
44,680
Banque
Saudi
Fransi
433
15,458
Bupa
Arabia
for
Cooperative
Insurance
Co
716
7,502
Dallah
Healthcare
Co
308
42,226
*
Dar
Al
Arkan
Real
Estate
Development
Co
181
47,104
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
3,667
4,916
Elm
Co
581
32,548
*
Emaar
Economic
City
70
83,298
Etihad
Etisalat
Co
918
13,052
Jarir
Marketing
Co
568
89,180
*
Mobile
Telecommunications
Co
Saudi
Arabia
310
43,361
Mouwasat
Medical
Services
Co
2,723
9,150
Nahdi
Medical
Co
452
377,929
National
Commercial
Bank
4,628
58,023
*
National
Industrialization
Co
190
93,691
*
Rabigh
Refining
&
Petrochemical
Co
252
278,346
Riyad
Bank
2,216
45,840
SABIC
Agri-Nutrients
Co
1,563
76,580
Sahara
International
Petrochemical
Co
777
183,273
*
Saudi
Arabian
Mining
Co
3,145
537,640
g
Saudi
Arabian
Oil
Co
4,634
195,913
Saudi
Basic
Industries
Corp
4,728
70,141
Saudi
British
Bank
661
191,451
Saudi
Electricity
Co
1,195
76,816
Saudi
Industrial
Investment
Group
513
98,913
Saudi
Investment
Bank
439
157,901
*
Saudi
Kayan
Petrochemical
Co
511
7,509
*
Saudi
Research
&
Marketing
Group
395
9,408
Saudi
Tadawul
Group
Holding
Co
363
327,988
Saudi
Telecom
Co
3,508
49,856
Savola
Group
372
57,538
Yanbu
National
Petrochemical
Co
648
TOTAL
SAUDI
ARABIA
59,058
SINGAPORE
-
0.5%
607,800
e
Ascendas
REIT
1,311
491,142
Capitaland
Investment
Ltd
1,363
72,904
CapitaMall
Trust
109
394,000
DBS
Group
Holdings
Ltd
9,795
725,861
e
Oversea-Chinese
Banking
Corp
6,766
478,110
*
Sea
Ltd
(ADR)
41,380
176,500
Singapore
Exchange
Ltd
1,250
1,569,600
e
Singapore
Telecommunications
Ltd
2,908
961,711
STMicroelectronics
NV
51,243
258,216
United
Overseas
Bank
Ltd
5,792
TOTAL
SINGAPORE
121,917
SOUTH
AFRICA
-
0.2%
65,028
Absa
Group
Ltd
665
20,596
e
African
Rainbow
Minerals
Ltd
267
11,381
e
Anglo
American
Platinum
Ltd
611
77,798
Aspen
Pharmacare
Holdings
Ltd
804
71,490
e
Bid
Corp
Ltd
1,600
61,191
e
Bidvest
Group
Ltd
871
50,529
Capitec
Bank
Holdings
Ltd
4,789
CREF
Global
Equities
Account
March
31,
2023
189
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
47,893
Clicks
Group
Ltd
$
692
100,487
*
Discovery
Holdings
Ltd
787
61,972
Exxaro
Resources
Ltd
648
695,032
e
FirstRand
Ltd
2,356
73,321
Foschini
Ltd
374
188,256
Gold
Fields
Ltd
2,522
690,375
Growthpoint
Properties
Ltd
506
107,751
Harmony
Gold
Mining
Co
Ltd
447
181,221
e
Impala
Platinum
Holdings
Ltd
1,668
13,990
e
Kumba
Iron
Ore
Ltd
354
53,160
Mr
Price
Group
Ltd
430
368,152
*
MTN
Group
Ltd
2,637
76,283
MultiChoice
Group
Ltd
528
46,391
Naspers
Ltd
(N
Shares)
8,596
115,626
Nedbank
Group
Ltd
1,408
66,021
*
Northam
Platinum
Holdings
Ltd
537
1,046,978
Old
Mutual
Ltd
694
173,339
OUTsurance
Group
Ltd
340
424,152
g
Pepkor
Holdings
Ltd
411
104,995
Remgro
Ltd
793
377,798
Sanlam
Ltd
1,196
123,572
e
Sasol
Ltd
1,670
107,441
Shoprite
Holdings
Ltd
1,341
614,440
e
Sibanye
Stillwater
Ltd
1,269
680,361
Standard
Bank
Group
Ltd
6,597
140,173
Vodacom
Group
Pty
Ltd
961
207,865
Woolworths
Holdings
Ltd
746
TOTAL
SOUTH
AFRICA
50,115
SPAIN
-
0.5%
287,054
*
Amadeus
IT
Holding
S.A.
19,257
8,883,507
e
Banco
Bilbao
Vizcaya
Argentaria
S.A.
63,511
3,721,171
CaixaBank
S.A.
14,520
789,263
Iberdrola
S.A.
9,832
275,366
Industria
De
Diseno
Textil
S.A.
9,251
108,528
*,†,e
Let's
GOWEX
S.A.
1
16,859
Merlin
Properties
Socimi
S.A.
148
1,052,287
Telefonica
S.A.
4,532
TOTAL
SPAIN
121,052
SWEDEN
-
0.5%
1,094,721
Assa
Abloy
AB
26,221
213,159
Boliden
AB
8,374
126,224
g
Evolution
Gaming
Group
AB
16,911
392,102
*
Fastighets
AB
Balder
1,611
1,954,210
Hexagon
AB
22,492
532,161
e
Intrum
Justitia
AB
5,735
1,239,512
Sandvik
AB
26,310
26,421
*,e
SAS
AB
1
1,534,814
*,e
Skandinaviska
Enskilda
Banken
AB
(Class
A)
16,942
TOTAL
SWEDEN
124,597
SWITZERLAND
-
1.1%
107,753
Alcon,
Inc
7,649
103,935
Cie
Financiere
Richemont
S.A.
16,667
4,635
Givaudan
S.A.
15,086
181,955
Lonza
Group
AG.
109,537
413,243
Novartis
AG.
37,943
262,152
*
On
Holding
AG.
8,135
10,209
PSP
Swiss
Property
AG.
1,162
9,238
Sonova
Holdings
AG
2,725
CREF
Global
Equities
Account
March
31,
2023
190
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
53,147
e
Straumann
Holding
AG.
$
7,971
10,209
Swiss
Prime
Site
AG.
849
816,244
UBS
Group
AG
17,272
71,414
Zurich
Insurance
Group
AG
34,221
TOTAL
SWITZERLAND
259,217
TAIWAN
-
2.1%
104,000
Accton
Technology
Corp
1,093
212,000
Acer,
Inc
196
33,391
Advantech
Co
Ltd
408
253,000
ASE
Technology
Holding
Co
Ltd
939
177,000
Asia
Cement
Corp
252
55,000
Asustek
Computer,
Inc
493
489,800
AU
Optronics
Corp
298
50,189
Catcher
Technology
Co
Ltd
314
1,870,217
Cathay
Financial
Holding
Co
Ltd
2,575
299,671
Chailease
Holding
Co
Ltd
2,204
345,026
Chang
Hwa
Commercial
Bank
197
377,000
Cheng
Shin
Rubber
Industry
Co
Ltd
453
662,000
China
Airlines
426
1,187,844
China
Development
Financial
Holding
Corp
491
2,534,000
China
Steel
Corp
2,574
7,918,000
Chinatrust
Financial
Holding
Co
5,702
819,000
Chunghwa
Telecom
Co
Ltd
3,219
327,000
Compal
Electronics,
Inc
272
929,727
Dadi
Early-Childhood
Education
Group
Ltd
3,573
1,299,000
Delta
Electronics,
Inc
12,888
2,922,532
E.Sun
Financial
Holding
Co
Ltd
2,434
678,000
Eclat
Textile
Co
Ltd
11,070
14,000
eMemory
Technology,
Inc
862
509,000
Eva
Airways
Corp
452
78,292
Evergreen
Marine
Corp
Taiwan
Ltd
410
779,000
Far
Eastern
Textile
Co
Ltd
802
345,000
Far
EasTone
Telecommunications
Co
Ltd
853
91,040
Feng
TAY
Enterprise
Co
Ltd
579
812,228
First
Financial
Holding
Co
Ltd
707
763,000
Formosa
Chemicals
&
Fibre
Corp
1,732
244,000
Formosa
Petrochemical
Corp
682
898,000
Formosa
Plastics
Corp
2,711
1,621,979
Fubon
Financial
Holding
Co
Ltd
3,019
2,469,778
Fuhwa
Financial
Holdings
Co
Ltd
1,816
64,797
Giant
Manufacturing
Co
Ltd
377
17,000
Globalwafers
Co
Ltd
291
958,000
Hon
Hai
Precision
Industry
Co,
Ltd
3,279
1,934,278
Hota
Industrial
Manufacturing
Co
Ltd
4,585
64,000
Hotai
Motor
Co
Ltd
1,351
674,069
Hua
Nan
Financial
Holdings
Co
Ltd
496
678,145
InnoLux
Display
Corp
325
172,000
Inventec
Co
Ltd
181
7,604
Largan
Precision
Co
Ltd
545
148,000
Lite-On
Technology
Corp
356
542,242
MediaTek,
Inc
14,058
2,586,000
Mega
Financial
Holding
Co
Ltd
2,803
49,000
Micro-Star
International
Co
Ltd
233
13,400
momo.com,
Inc
399
1,035,000
Nan
Ya
Plastics
Corp
2,636
18,000
Nan
Ya
Printed
Circuit
Board
Corp
169
100,000
Nanya
Technology
Corp
219
36,000
Nien
Made
Enterprise
Co
Ltd
388
45,000
Novatek
Microelectronics
Corp
Ltd
639
149,000
Pegatron
Technology
Corp
342
CREF
Global
Equities
Account
March
31,
2023
191
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
291,000
*
PharmaEssentia
Corp
$
4,095
472,000
Pou
Chen
Corp
485
641,000
Powerchip
Semiconductor
Manufacturing
Corp
700
123,000
President
Chain
Store
Corp
1,090
1,504,000
Prime
View
International
Co
Ltd
9,180
207,000
Quanta
Computer,
Inc
606
35,000
Realtek
Semiconductor
Corp
447
356,310
Ruentex
Development
Co
Ltd
415
290,791
Shanghai
Commercial
&
Savings
Bank
Ltd
449
2,791,684
Shin
Kong
Financial
Holding
Co
Ltd
774
2,673,153
SinoPac
Financial
Holdings
Co
Ltd
1,462
99,000
Synnex
Technology
International
Corp
200
797,908
Taishin
Financial
Holdings
Co
Ltd
437
457,000
Taiwan
Business
Bank
202
465,579
Taiwan
Cement
Corp
557
750,545
Taiwan
Cooperative
Financial
Holding
645
387,000
Taiwan
High
Speed
Rail
Corp
385
137,000
Taiwan
Mobile
Co
Ltd
455
19,018,100
Taiwan
Semiconductor
Manufacturing
Co
Ltd
333,285
237,482
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR)
22,091
97,000
Unimicron
Technology
Corp
473
1,029,000
Uni-President
Enterprises
Corp
2,433
915,000
United
Microelectronics
Corp
1,601
70,000
Vanguard
International
Semiconductor
Corp
224
14,000
Voltronic
Power
Technology
Corp
797
562,650
Walsin
Lihwa
Corp
906
50,810
Wan
Hai
Lines
Ltd
115
25,000
Win
Semiconductors
Corp
151
221,000
Winbond
Electronics
Corp
193
20,000
Wiwynn
Corp
742
119,640
WPG
Holdings
Co
Ltd
198
26,739
Yageo
Corp
466
128,000
Yang
Ming
Marine
Transport
272
49,000
Zhen
Ding
Technology
Holding
Ltd
184
TOTAL
TAIWAN
487,083
THAILAND
-
0.1%
92,400
Advanced
Info
Service
PCL
573
905,500
Airports
of
Thailand
PCL
1,882
1,282,500
Asset
World
Corp
PCL
218
195,500
B
Grimm
Power
PCL
233
792,700
Bangkok
Dusit
Medical
Services
PCL
684
1,360,400
Bangkok
Expressway
&
Metro
PCL
352
2,158,200
Banpu
PCL
(Foreign)
683
263,100
Berli
Jucker
PCL
295
882,490
BTS
Group
Holdings
PCL
184
45,200
Bumrungrad
Hospital
PCL
299
51,800
Carabao
Group
PCL
146
454,200
Central
Pattana
PCL
915
380,275
Central
Retail
Corp
PCL
499
816,900
Charoen
Pokphand
Foods
PCL
507
1,224,900
CP
ALL
plc
2,230
24,000
Delta
Electronics
Thai
PCL
802
60,400
Electricity
Generating
PCL
275
354,697
Energy
Absolute
PCL
789
148,400
Global
Power
Synergy
Co
Ltd
296
625,030
Gulf
Energy
Development
PCL
966
1,228,200
Home
Product
Center
PCL
519
356,000
Indorama
Ventures
PCL
360
240,600
Intouch
Holdings
PCL
(Class
F)
521
113,100
JMT
Network
Services
PCL
154
CREF
Global
Equities
Account
March
31,
2023
192
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
44,700
Kasikornbank
PCL
(Foreign)
$
173
871,900
Krung
Thai
Bank
PCL
421
178,400
Krungthai
Card
PCL
283
1,969,500
Land
and
Houses
PCL
Co
Reg
568
662,600
*
Minor
International
PCL
626
68,500
Muangthai
Capital
PCL
69
310,600
Osotspa
PCL
280
338,100
PTT
Exploration
&
Production
PCL
1,486
550,500
PTT
Global
Chemical
PCL
738
523,400
PTT
Oil
&
Retail
Business
PCL
326
2,329,900
PTT
PCL
2,160
90,850
Ratch
Group
PCL
103
184,900
SCB
X
PCL
556
265,800
SCG
Packaging
PCL
360
175,000
Siam
Cement
PCL
1,614
96,500
Srisawad
Corp
PCL
149
337,602
Thai
Oil
PCL
519
598,300
Thai
Union
Group
PCL
247
554,926
True
Corp
PCL
136
TOTAL
THAILAND
25,196
TURKEY
-
0.0%
228,355
Akbank
TAS
202
142,480
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
386
101,630
BIM
Birlesik
Magazalar
AS
789
283,672
*
Eregli
Demir
ve
Celik
Fabrikalari
TAS
525
14,292
Ford
Otomotiv
Sanayi
AS
436
81,798
Haci
Omer
Sabanci
Holding
AS
169
233,727
*
Hektas
Ticaret
TAS
330
172,167
KOC
Holding
AS
688
193,593
Koza
Altin
Isletmeleri
AS
218
8,169
*
Pegasus
Hava
Tasimaciligi
AS.
194
95,416
*
Sasa
Polyester
Sanayi
AS
500
119,640
*
Turk
Hava
Yollari
741
262,225
Turkcell
Iletisim
Hizmet
AS
439
266,498
*
Turkiye
Is
Bankasi
(Series
C)
180
31,169
Turkiye
Petrol
Rafinerileri
AS
863
287,049
Turkiye
Sise
ve
Cam
Fabrikalari
AS
633
225,243
Yapi
ve
Kredi
Bankasi
113
TOTAL
TURKEY
7,406
UNITED
ARAB
EMIRATES
-
0.1%
220,827
Abu
Dhabi
Commercial
Bank
PJSC
500
110,459
Abu
Dhabi
Islamic
Bank
PJSC
300
738,351
Abu
Dhabi
National
Oil
Co
for
Distribution
PJSC
840
849,749
Aldar
Properties
PJSC
1,078
620,222
Dubai
Islamic
Bank
PJSC
885
1,443,557
Emaar
Properties
PJSC
2,206
144,062
Emirates
NBD
Bank
PJSC
516
745,751
Emirates
Telecommunications
Group
Co
PJSC
4,481
705,965
*
Multiply
Group
624
869,659
National
Bank
of
Abu
Dhabi
PJSC
3,054
5,358
*,†
NMC
Health
plc
0
^
409,524
*
Q
Holding
PJSC
283
TOTAL
UNITED
ARAB
EMIRATES
14,767
UNITED
KINGDOM
-
2.9%
579,471
Allfunds
Group
PLC
3,840
1,229,919
Ashtead
Group
plc
75,523
136,726
Associated
British
Foods
plc
3,281
1,235,421
AstraZeneca
plc
171,173
CREF
Global
Equities
Account
March
31,
2023
193
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,994,150
Beazley
plc
$
14,746
132,749
Big
Yellow
Group
plc
1,914
7,891,965
BP
plc
49,881
640,676
British
American
Tobacco
plc
22,458
306,346
British
Land
Co
plc
1,469
95,335
*
Coca-Cola
European
Partners
plc
(Class
A)
5,643
665,717
Compass
Group
plc
16,730
2,971,182
*,e
Darktrace
plc
9,440
308,987
Dechra
Pharmaceuticals
plc
10,116
40,844
Derwent
London
plc
1,189
1,157,278
Diageo
plc
51,649
1,927,917
Electrocomponents
plc
21,798
851,306
Fevertree
Drinks
plc
13,484
204,229
Great
Portland
Estates
plc
1,277
303,496
Informa
plc
2,601
212,656
*,g
Just
Eat
Takeaway.com
NV
4,058
224,652
Land
Securities
Group
plc
1,725
108,826
*
Liberty
Global
plc
(Class
A)
2,122
21,684
*
Liberty
Global
plc
(Class
C)
442
14,759,728
Lloyds
TSB
Group
plc
8,678
142,800
London
Stock
Exchange
Group
plc
13,870
6,167,621
Man
Group
plc
17,968
741,377
National
Grid
plc
10,029
1,980,655
NatWest
Group
plc
6,463
32,274
Next
plc
2,623
35,830
*,g
Pepco
Group
NV
345
141,779
Reckitt
Benckiser
Group
plc
10,786
243,546
RELX
plc
7,888
760,360
RELX
plc
24,627
163,382
Safestore
Holdings
plc
1,918
202,495
Scottish
&
Southern
Energy
plc
4,518
263,090
Segro
plc
2,506
1,894,292
Standard
Chartered
plc
14,357
4,683,577
Tesco
plc
15,355
1,416,604
*,e
THG
Holdings
Ltd
1,187
5,371,958
Tritax
Big
Box
REIT
plc
9,295
410,583
Unilever
plc
21,276
5,239,750
Vodafone
Group
plc
5,780
254,427
WPP
plc
3,023
TOTAL
UNITED
KINGDOM
669,051
UNITED
STATES
-
61.7%
62,438
3M
Co
6,563
447
A.O.
Smith
Corp
31
1,038,945
Abbott
Laboratories
105,204
621,181
AbbVie,
Inc
98,998
2,212
Accenture
plc
632
2,748
Activision
Blizzard,
Inc
235
14,782
*
Adobe,
Inc
5,697
207
Advance
Auto
Parts,
Inc
25
1,354,968
*
Advanced
Micro
Devices,
Inc
132,800
464
Aecom
Technology
Corp
39
2,352
AES
Corp
57
41,029
Aflac,
Inc
2,647
115,395
Agilent
Technologies,
Inc
15,964
11,908
Agree
Realty
Corp
817
10,061
Air
Products
&
Chemicals,
Inc
2,890
1,328
*
Airbnb,
Inc
165
552
*
Akamai
Technologies,
Inc
43
27,262
Albemarle
Corp
6,026
547,270
Alcoa
Corp
23,292
CREF
Global
Equities
Account
March
31,
2023
194
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
63,931
Alexandria
Real
Estate
Equities,
Inc
$
8,029
50,026
*
Align
Technology,
Inc
16,716
310
Allegion
plc
33
437,373
Alliant
Energy
Corp
23,356
931
Allstate
Corp
103
1,058
Ally
Financial,
Inc
27
60,150
*
Alnylam
Pharmaceuticals,
Inc
12,049
1,693,570
*
Alphabet,
Inc
(Class
A)
175,674
2,008,284
*
Alphabet,
Inc
(Class
C)
208,862
1,275,924
*
Altimmune,
Inc
5,384
323,791
Altria
Group,
Inc
14,448
2,765,813
*
Amazon.com,
Inc
285,681
5,231
Amcor
plc
60
277
AMERCO
14
279,892
Ameren
Corp
24,180
317,411
American
Electric
Power
Co,
Inc
28,881
244,799
American
Express
Co
40,380
249
American
Financial
Group,
Inc
30
291,724
American
Homes
4
Rent
9,175
599,720
American
International
Group,
Inc
30,202
88,066
American
Tower
Corp
17,995
677
American
Water
Works
Co,
Inc
99
92,508
Americold
Realty
Trust
2,632
73,023
Ameriprise
Financial,
Inc
22,382
66,467
AmerisourceBergen
Corp
10,642
172,056
Ametek,
Inc
25,005
136,958
Amgen,
Inc
33,110
2,089
Amphenol
Corp
(Class
A)
171
1,788
Analog
Devices,
Inc
353
1,654
Annaly
Capital
Management,
Inc
32
306
*
Ansys,
Inc
102
3,069,593
*
Antero
Resources
Corp
70,877
42,125
Aon
plc
13,282
1,127
APA
Corp
41
1,406
Apollo
Global
Management,
Inc
89
5,428,639
d
Apple,
Inc
895,183
3,020
Applied
Materials,
Inc
371
31,204
*
Aptiv
plc
3,501
906
ARAMARK
Holdings
Corp
32
302,168
*
Arch
Capital
Group
Ltd
20,508
1,929
Archer-Daniels-Midland
Co
154
548
Ares
Management
Corp
46
858
*
Arista
Networks,
Inc
144
215
*
Arrow
Electronics,
Inc
27
740
Arthur
J.
Gallagher
&
Co
142
102
*
Aspen
Technology,
Inc
23
186
Assurant,
Inc
22
1,953,694
AT&T,
Inc
37,609
524
*
Atlassian
Corp
90
494
Atmos
Energy
Corp
55
758
*
Autodesk,
Inc
158
1,456
Automatic
Data
Processing,
Inc
324
1,816
*
AutoZone,
Inc
4,464
47,618
AvalonBay
Communities,
Inc
8,003
2,368
*
Avantor,
Inc
50
284
Avery
Dennison
Corp
51
237
*
Axon
Enterprise,
Inc
53
10,026
Baker
Hughes
Co
289
1,103
Ball
Corp
61
1,416,497
Bank
of
America
Corp
40,512
589,544
Bank
of
New
York
Mellon
Corp
26,789
CREF
Global
Equities
Account
March
31,
2023
195
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
790
Bath
&
Body
Works,
Inc
$
29
63,502
Baxter
International,
Inc
2,576
54,047
Becton
Dickinson
&
Co
13,379
757
Bentley
Systems,
Inc
33
363,955
*
Berkshire
Hathaway,
Inc
(Class
B)
112,378
25,517
Best
Buy
Co,
Inc
1,997
327
*
Bill.Com
Holdings,
Inc
27
27,016
*
Biogen,
Inc
7,511
655
*
BioMarin
Pharmaceutical,
Inc
64
12,007
*
Bio-Rad
Laboratories,
Inc
(Class
A)
5,752
550
Bio-Techne
Corp
41
549
*
Black
Knight,
Inc
32
38,901
BlackRock,
Inc
26,029
142,242
Blackstone,
Inc
12,495
1,887
*
Block,
Inc
130
385,697
*
Boeing
Co
81,934
6,344
*
Booking
Holdings,
Inc
16,827
465
Booz
Allen
Hamilton
Holding
Co
43
824
BorgWarner,
Inc
40
23,986
Boston
Properties,
Inc
1,298
1,967,057
*
Boston
Scientific
Corp
98,412
1,774,549
Bristol-Myers
Squibb
Co
122,994
314,709
Broadcom,
Inc
201,898
413
Broadridge
Financial
Solutions,
Inc
61
846
Brown
&
Brown,
Inc
49
1,088
Brown-Forman
Corp
(Class
B)
70
525
Bunge
Ltd
50
74,434
*
Burlington
Stores,
Inc
15,043
2,768
Cabot
Oil
&
Gas
Corp
68
963
*
Cadence
Design
Systems,
Inc
202
760
*
Caesars
Entertainment,
Inc
37
413
Camden
Property
Trust
43
737
Campbell
Soup
Co
40
2,049
Capital
One
Financial
Corp
197
922
Cardinal
Health,
Inc
70
182
Carlisle
Cos,
Inc
41
825
Carlyle
Group,
Inc
26
559
*
CarMax,
Inc
36
74,346
*,e
Carnival
Corp
755
1,475,909
Carrier
Global
Corp
67,523
100,034
*
Catalent,
Inc
6,573
469,973
Caterpillar,
Inc
107,549
373
CBOE
Global
Markets,
Inc
50
1,109
*
CBRE
Group,
Inc
81
265,195
CDW
Corp
51,684
203,978
Celanese
Corp
(Series
A)
22,211
109,348
*
Centene
Corp
6,912
623,511
Centerpoint
Energy,
Inc
18,369
485
*
Ceridian
HCM
Holding,
Inc
35
693
CF
Industries
Holdings,
Inc
50
414
CH
Robinson
Worldwide,
Inc
41
14,966
*
Charles
River
Laboratories
International,
Inc
3,020
518,204
Charles
Schwab
Corp
27,144
50,887
*
Charter
Communications,
Inc
18,198
210,906
Cheniere
Energy,
Inc
33,239
13,490
e
Chesapeake
Energy
Corp
1,026
374,349
Chevron
Corp
61,079
247
*,e
Chewy,
Inc
9
3,442
*
Chipotle
Mexican
Grill,
Inc
(Class
A)
5,880
317,208
Chubb
Ltd
61,595
856
Church
&
Dwight
Co,
Inc
76
CREF
Global
Equities
Account
March
31,
2023
196
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
122,774
Cigna
Corp
$
31,372
524
Cincinnati
Financial
Corp
59
321
Cintas
Corp
148
14,422
Cisco
Systems,
Inc
754
66,099
Citigroup,
Inc
3,099
218,574
Citizens
Financial
Group,
Inc
6,638
820
*
Clarivate
Analytics
plc
8
17,921
*
Cleveland-Cliffs,
Inc
328
25,157
Clorox
Co
3,981
908
*
Cloudflare,
Inc
56
99,960
CME
Group,
Inc
19,144
1,019
CMS
Energy
Corp
63
2,805,749
Coca-Cola
Co
174,041
608
Cognex
Corp
30
1,804
Cognizant
Technology
Solutions
Corp
(Class
A)
110
444
*,e
Coinbase
Global,
Inc
30
198,789
Colgate-Palmolive
Co
14,939
1,017,153
Comcast
Corp
(Class
A)
38,560
239,179
ConAgra
Brands,
Inc
8,984
677,494
ConocoPhillips
67,214
1,246
Consolidated
Edison,
Inc
119
59,661
Constellation
Brands,
Inc
(Class
A)
13,477
87,012
Constellation
Energy
Corp
6,830
173
Cooper
Cos,
Inc
65
1,505
*
Copart,
Inc
113
494,927
Corebridge
Financial,
Inc
7,929
2,821
Corning,
Inc
99
1,547,271
Corteva,
Inc
93,316
1,428
*
CoStar
Group,
Inc
98
363,586
Costco
Wholesale
Corp
180,655
8,801
*
Coty,
Inc
106
717
*
Crowdstrike
Holdings,
Inc
98
183,377
Crown
Castle
International
Corp
24,543
919,507
Crown
Holdings,
Inc
76,052
93,271
CSL
Ltd
18,064
449,785
CSX
Corp
13,467
13,460
Cummins,
Inc
3,215
299,298
CVS
Health
Corp
22,241
246,047
Danaher
Corp
62,014
31,994
Darden
Restaurants,
Inc
4,964
564
*
Darling
International,
Inc
33
872
*
Datadog,
Inc
63
158
*
DaVita,
Inc
13
161,929
Deere
&
Co
66,857
910
Dell
Technologies,
Inc
37
214,171
*
Delta
Air
Lines,
Inc
7,479
25,758
Dentsply
Sirona,
Inc
1,012
2,181
Devon
Energy
Corp
110
201,257
*
Dexcom,
Inc
23,382
641,270
Diamondback
Energy,
Inc
86,680
42,634
Digital
Realty
Trust,
Inc
4,191
191,604
Discover
Financial
Services
18,938
56,113
*
DISH
Network
Corp
(Class
A)
524
711
*
DocuSign,
Inc
41
147,342
Dollar
General
Corp
31,010
67,517
*
Dollar
Tree,
Inc
9,692
557,995
Dominion
Energy,
Inc
31,197
124
Domino's
Pizza,
Inc
41
822
*
DoorDash,
Inc
52
493
Dover
Corp
75
124,689
Dow,
Inc
6,835
CREF
Global
Equities
Account
March
31,
2023
197
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
1,149
DR
Horton,
Inc
$
112
967
*
Dropbox,
Inc
21
680
DTE
Energy
Co
74
149,667
Duke
Energy
Corp
14,438
708,708
DuPont
de
Nemours,
Inc
50,864
842
*
Dynatrace,
Inc
36
423
Eastman
Chemical
Co
36
309,616
Eaton
Corp
53,050
179,869
eBay,
Inc
7,981
44,917
Ecolab,
Inc
7,435
95,149
Edison
International
6,717
299,463
*
Edwards
Lifesciences
Corp
24,775
1,288
*
Elanco
Animal
Health,
Inc
12
969
Electronic
Arts,
Inc
117
92,989
Elevance
Health,
Inc
42,757
227,414
Eli
Lilly
&
Co
78,098
2,076
Emerson
Electric
Co
181
477
*
Enphase
Energy,
Inc
100
523
Entegris,
Inc
43
2,790
Entergy
Corp
301
242,771
EOG
Resources,
Inc
27,829
202
*
EPAM
Systems,
Inc
60
1,168
EQT
Corp
37
430
Equifax,
Inc
87
10,006
Equinix,
Inc
7,215
953,590
Equitable
Holdings,
Inc
24,212
153,486
Equity
Lifestyle
Properties,
Inc
10,303
97,933
Equity
Residential
5,876
76
Erie
Indemnity
Co
(Class
A)
18
875
Essential
Utilities
Inc
38
16,466
Essex
Property
Trust,
Inc
3,444
82,132
Estee
Lauder
Cos
(Class
A)
20,242
8,335
*
Etsy,
Inc
928
52,002
Everest
Re
Group
Ltd
18,618
807
Evergy,
Inc
49
1,223
Eversource
Energy
96
80,200
*
Exact
Sciences
Corp
5,438
166,204
Exelon
Corp
6,962
28,543
*
Expedia
Group,
Inc
2,770
559
Expeditors
International
of
Washington,
Inc
62
31,102
Extra
Space
Storage,
Inc
5,067
2,777,221
Exxon
Mobil
Corp
304,550
212
*
F5
Networks,
Inc
31
133
Factset
Research
Systems,
Inc
55
87
*
Fair
Isaac
Corp
61
2,010
Fastenal
Co
108
4,215
FedEx
Corp
963
116,158
Ferguson
plc
15,357
730
Ferguson
plc
98
912
Fidelity
National
Financial
Inc
32
2,083
Fidelity
National
Information
Services,
Inc
113
774,724
Fifth
Third
Bancorp
20,639
7,976
First
Citizens
Bancshares,
Inc
(Class
A)
7,761
1,789
First
Horizon
National
Corp
32
602
e
First
Republic
Bank
8
337
*
First
Solar,
Inc
73
776,713
FirstEnergy
Corp
31,115
582,609
*
Fiserv,
Inc
65,852
246
*
FleetCor
Technologies,
Inc
52
24,896
Flowserve
Corp
846
443
FMC
Corp
54
13,869
Ford
Motor
Co
175
CREF
Global
Equities
Account
March
31,
2023
198
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
2,331
*
Fortinet,
Inc
$
155
491,358
Fortive
Corp
33,496
452
Fortune
Brands
Home
&
Security,
Inc
27
1,063
Fox
Corp
(Class
A)
36
477
Fox
Corp
(Class
B)
15
1,050
Franklin
Resources,
Inc
28
3,357,362
Freeport-McMoRan,
Inc
(Class
B)
137,350
94,444
Gaming
and
Leisure
Properties,
Inc
4,917
538
*
Garmin
Ltd
54
277
*
Gartner,
Inc
90
100,849
*
GE
HealthCare
Technologies,
Inc
8,273
2,059
Gen
Digital,
Inc
35
224
*
Generac
Holdings,
Inc
24
819
General
Dynamics
Corp
187
3,836
General
Electric
Co
367
65,585
General
Mills,
Inc
5,605
4,989
General
Motors
Co
183
496
Genuine
Parts
Co
83
477,312
Gilead
Sciences,
Inc
39,603
87,194
Global
Payments,
Inc
9,176
134,723
Globe
Life,
Inc
14,822
545
*
GoDaddy,
Inc
42
32,873
Goldman
Sachs
Group,
Inc
10,753
591
Graco,
Inc
43
302,274
GSK
plc
5,341
1,113,819
Haleon
plc
4,425
341,545
Halliburton
Co
10,806
1,117
Hartford
Financial
Services
Group,
Inc
78
464
Hasbro,
Inc
25
77,848
HCA
Healthcare,
Inc
20,527
28,324
Healthcare
Realty
Trust,
Inc
547
160,714
Healthpeak
Properties
Inc
3,531
152
HEICO
Corp
26
259
HEICO
Corp
(Class
A)
35
477
*
Henry
Schein,
Inc
39
516
Hershey
Co
131
176,547
Hess
Corp
23,364
4,517
Hewlett
Packard
Enterprise
Co
72
477
HF
Sinclair
Corp
23
949
Hilton
Worldwide
Holdings,
Inc
134
39,384
*
Hologic,
Inc
3,178
553,160
Home
Depot,
Inc
163,249
709,799
Honeywell
International,
Inc
135,657
113,540
*
Horizon
Therapeutics
Plc
12,392
1,054
Hormel
Foods
Corp
42
165,907
Host
Hotels
and
Resorts,
Inc
2,736
1,308
Howmet
Aerospace,
Inc
55
3,532
HP,
Inc
104
183,466
Hubbell,
Inc
44,639
162
*
HubSpot,
Inc
69
15,445
Humana,
Inc
7,498
5,067
Huntington
Bancshares,
Inc
57
42,835
Huntington
Ingalls
8,868
265
IDEX
Corp
61
31,939
*
IDEXX
Laboratories,
Inc
15,972
35,654
Illinois
Tool
Works,
Inc
8,680
84,141
*
Illumina,
Inc
19,567
664
*
Incyte
Corp
48
57,374
Independence
Realty
Trust,
Inc
920
769,114
Ingersoll
Rand,
Inc
44,747
13,394
e
Innovative
Industrial
Properties,
Inc
1,018
244
*
Insulet
Corp
78
CREF
Global
Equities
Account
March
31,
2023
199
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
14,489
Intel
Corp
$
473
254,651
Intercontinental
Exchange
Group,
Inc
26,558
3,174
International
Business
Machines
Corp
416
895
International
Flavors
&
Fragrances,
Inc
82
1,186
International
Paper
Co
43
196,776
Interpublic
Group
of
Cos,
Inc
7,328
937
Intuit,
Inc
418
123,270
*
Intuitive
Surgical,
Inc
31,492
1,158
Invesco
Ltd
19
56,273
Invitation
Homes,
Inc
1,757
41,932
*
IQVIA
Holdings,
Inc
8,340
1,026
Iron
Mountain,
Inc
54
283,258
iShares
MSCI
Canada
Index
Fund
9,682
69,164
e
iShares
MSCI
South
Korea
Index
Fund
4,234
374
J.M.
Smucker
Co
59
255
Jack
Henry
&
Associates,
Inc
38
444
Jacobs
Solutions,
Inc
52
221
*
Jazz
Pharmaceuticals
plc
32
4,656
JB
Hunt
Transport
Services,
Inc
817
163,700
JBS
S.A.
576
682,171
Johnson
&
Johnson
105,736
2,411
Johnson
Controls
International
plc
145
1,331,054
JPMorgan
Chase
&
Co
173,450
1,637,112
Juniper
Networks,
Inc
56,349
899
Kellogg
Co
60
1,329,799
Keurig
Dr
Pepper,
Inc
46,915
3,303
Keycorp
41
627
*
Keysight
Technologies,
Inc
101
20,421
Kilroy
Realty
Corp
662
85,054
Kimberly-Clark
Corp
11,416
2,185
Kimco
Realty
Corp
43
31,166
Kinder
Morgan,
Inc
546
30,533
KKR
&
Co,
Inc
1,604
172,379
KLA
Corp
68,808
538
Knight-Swift
Transportation
Holdings,
Inc
30
282,384
Kraft
Heinz
Co
10,920
200,006
Kroger
Co
9,874
668
L3Harris
Technologies,
Inc
131
312
Laboratory
Corp
of
America
Holdings
72
479
Lam
Research
Corp
254
505
Lamb
Weston
Holdings,
Inc
53
153,941
*
Las
Vegas
Sands
Corp
8,844
251
Lear
Corp
35
13,071
*
Legend
Biotech
Corp
(ADR)
630
457
Leidos
Holdings,
Inc
42
894
Lennar
Corp
(Class
A)
94
111
Lennox
International,
Inc
28
425
*
Liberty
Broadband
Corp
(Class
C)
35
694
*
Liberty
Media
Group
(Class
C)
52
147
*
Liberty
SiriusXM
Group
(Class
A)
4
528
*
Liberty
SiriusXM
Group
(Class
C)
15
393,685
Linde
plc
138,375
176,400
Linde
plc
62,700
607
*
Live
Nation,
Inc
42
891
LKQ
Corp
51
828
Lockheed
Martin
Corp
391
773
Loews
Corp
45
96,662
Lowe's
Companies,
Inc
19,329
280
LPL
Financial
Holdings,
Inc
57
1,196
*,e
Lucid
Group,
Inc
10
119,268
*
Lululemon
Athletica,
Inc
43,436
915
LyondellBasell
Industries
NV
86
CREF
Global
Equities
Account
March
31,
2023
200
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
155,746
M&T
Bank
Corp
$
18,623
2,230
Marathon
Oil
Corp
53
244,123
Marathon
Petroleum
Corp
32,915
47
*
Markel
Corp
60
132
MarketAxess
Holdings,
Inc
52
16,726
Marriott
International,
Inc
(Class
A)
2,777
113,463
Marsh
&
McLennan
Cos,
Inc
18,897
218
Martin
Marietta
Materials,
Inc
77
2,994
Marvell
Technology,
Inc
130
792
Masco
Corp
39
179
*
Masimo
Corp
33
429,374
Mastercard,
Inc
(Class
A)
156,039
988
*
Match
Group,
Inc
38
880
McCormick
&
Co,
Inc
73
633,813
McDonald's
Corp
177,220
69,357
McKesson
Corp
24,695
1,629
e
Medical
Properties
Trust,
Inc
13
228,468
Medtronic
plc
18,419
1,343,460
Merck
&
Co,
Inc
142,931
1,556,734
*
Meta
Platforms,
Inc
329,934
252,039
Metlife,
Inc
14,603
565
*
Mettler-Toledo
International,
Inc
865
1,086
MGM
Resorts
International
48
1,931
Microchip
Technology,
Inc
162
3,817
Micron
Technology,
Inc
230
3,236,201
Microsoft
Corp
932,997
24,908
Mid-America
Apartment
Communities,
Inc
3,762
47,272
*
Moderna,
Inc
7,260
172
*
Mohawk
Industries,
Inc
17
205
*
Molina
Healthcare,
Inc
55
633
Molson
Coors
Brewing
Co
(Class
B)
33
663,138
Mondelez
International,
Inc
46,234
243
*
MongoDB,
Inc
57
157
Monolithic
Power
Systems,
Inc
79
1,833,420
*
Monster
Beverage
Corp
99,023
579
Moody's
Corp
177
1,354,703
Morgan
Stanley
118,943
1,195
Mosaic
Co
55
587
Motorola
Solutions,
Inc
168
2,877
MSCI,
Inc
(Class
A)
1,610
1,207
Nasdaq
Inc
66
52,173
National
Storage
Affiliates
Trust
2,180
596,811
Nestle
S.A.
72,769
763
NetApp,
Inc
49
264,370
*
Netflix,
Inc
91,335
328
*
Neurocrine
Biosciences,
Inc
33
1,277
Newell
Brands
Inc
16
112,220
Newmont
Goldcorp
Corp
5,501
1,607
News
Corp
(Class
A)
28
785,346
NextEra
Energy,
Inc
60,534
968,877
Nike,
Inc
(Class
B)
118,823
1,426
NiSource,
Inc
40
20,894
*
Noble
Corp
plc
825
180
Nordson
Corp
40
813
Norfolk
Southern
Corp
172
695
Northern
Trust
Corp
61
131,003
Northrop
Grumman
Corp
60,487
293
*
Novocure
Ltd
18
64,986
NRG
Energy,
Inc
2,228
32,949
Nucor
Corp
5,090
1,558,900
NVIDIA
Corp
433,016
10
*
NVR,
Inc
56
CREF
Global
Equities
Account
March
31,
2023
201
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
237,123
Occidental
Petroleum
Corp
$
14,804
536
*
Okta,
Inc
46
330
Old
Dominion
Freight
Line
112
716
Omnicom
Group,
Inc
68
1,518
*
ON
Semiconductor
Corp
125
8,437
ONEOK,
Inc
536
1,028,343
Oracle
Corp
95,554
4,849
*
O'Reilly
Automotive,
Inc
4,117
88,338
Otis
Worldwide
Corp
7,456
878
Ovintiv,
Inc
32
34,905
Owens
Corning,
Inc
3,344
1,831
PACCAR,
Inc
134
324
Packaging
Corp
of
America
45
5,907
*
Palantir
Technologies,
Inc
50
480,741
*
Palo
Alto
Networks,
Inc
96,023
6,000
Parade
Technologies
Ltd
208
97,326
Paramount
Global
(Class
B)
2,171
168,208
Parker-Hannifin
Corp
56,536
1,139
Paychex,
Inc
130
179
*
Paycom
Software,
Inc
54
146
*
Paylocity
Holding
Corp
29
216,824
*
PayPal
Holdings,
Inc
16,466
35,034
PBF
Energy,
Inc
1,519
11,836
*
Peloton
Interactive,
Inc
134
695
Pentair
plc
38
5,000
*
Penumbra,
Inc
1,393
327,278
PepsiCo,
Inc
59,663
59,183
*
Performance
Food
Group
Co
3,571
444
PerkinElmer,
Inc
59
471,147
Permian
Resources
Corp
4,947
909,890
Pfizer,
Inc
37,123
383,882
*,b
PG&E
Corp
6,207
282,225
Philip
Morris
International,
Inc
27,446
65,798
Phillips
66
6,671
29,688
*
Pinterest,
Inc
810
141,622
Pioneer
Natural
Resources
Co
28,925
1,645
*,e
Plug
Power,
Inc
19
111,531
PNC
Financial
Services
Group,
Inc
14,176
137
Pool
Corp
47
825
PPG
Industries,
Inc
110
2,584
PPL
Corp
72
859
Principal
Financial
Group
64
1,393,389
Procter
&
Gamble
Co
207,183
243,294
Progressive
Corp
34,806
290,900
Prologis,
Inc
36,296
1,292
Prudential
Financial,
Inc
107
392
*
PTC,
Inc
50
1,752
Public
Service
Enterprise
Group,
Inc
109
36,277
Public
Storage,
Inc
10,961
805
Pulte
Homes,
Inc
47
34,750
*
QIAGEN
NV
1,583
356
*
Qorvo,
Inc
36
3,936
QUALCOMM,
Inc
502
502
Quanta
Services,
Inc
84
401
Quest
Diagnostics,
Inc
57
679
Raymond
James
Financial,
Inc
63
710,191
Raytheon
Technologies
Corp
69,549
54,818
Realty
Income
Corp
3,471
134,774
Regency
Centers
Corp
8,245
36,158
*
Regeneron
Pharmaceuticals,
Inc
29,710
3,281
Regions
Financial
Corp
61
3,308
Reliance
Steel
&
Aluminum
Co
849
CREF
Global
Equities
Account
March
31,
2023
202
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
186
*
Repligen
Corp
$
31
777
Republic
Services,
Inc
105
514
Resmed,
Inc
113
376,309
Rexford
Industrial
Realty,
Inc
22,447
1,133
*,e
Rivian
Automotive,
Inc
18
382
Robert
Half
International,
Inc
31
1,254
*
ROBLOX
Corp
56
179,279
Roche
Holding
AG.
51,228
11,490
Rockwell
Automation,
Inc
3,372
8,297
*
Roku,
Inc
546
736
Rollins,
Inc
28
66,092
Roper
Technologies,
Inc
29,126
36,551
Ross
Stores,
Inc
3,879
36,693
*
Royal
Caribbean
Cruises
Ltd
2,396
1,240
Royalty
Pharma
plc
45
452
RPM
International,
Inc
39
65,737
S&P
Global,
Inc
22,664
110,849
Sabra
Healthcare
REIT,
Inc
1,275
846,959
*
Salesforce,
Inc
169,205
365,612
Sanofi-Aventis
39,661
60,000
*
Sarepta
Therapeutics,
Inc
8,270
61,343
SBA
Communications
Corp
16,015
261,499
Schlumberger
Ltd
12,840
344,783
Schneider
Electric
S.A.
57,621
689
e
Seagate
Technology
Holdings
plc
46
489
*
Seagen,
Inc
99
129,748
Sealed
Air
Corp
5,957
401
SEI
Investments
Co
23
73,069
Sempra
Energy
11,045
539
Sensata
Technologies
Holding
plc
27
305,082
*
ServiceNow,
Inc
141,778
45,165
Sherwin-Williams
Co
10,152
120,889
Simon
Property
Group,
Inc
13,536
2,742
e
Sirius
XM
Holdings,
Inc
11
562
Skyworks
Solutions,
Inc
66
4,002
e
SL
Green
Realty
Corp
94
3,848
*
Snap,
Inc
43
187
Snap-On,
Inc
46
786
*
Snowflake,
Inc
121
196
*
SolarEdge
Technologies,
Inc
60
126,526
Southern
Co
8,804
542
Southwest
Airlines
Co
18
572
*
Splunk,
Inc
55
795
SS&C
Technologies
Holdings,
Inc
45
16,187
Stanley
Black
&
Decker,
Inc
1,304
248,427
Starbucks
Corp
25,869
1,288
State
Street
Corp
97
43,351
Steel
Dynamics,
Inc
4,901
351
STERIS
plc
67
418,040
Stryker
Corp
119,338
75,804
Sun
Communities,
Inc
10,679
1,587
Synchrony
Financial
46
204,380
*
Synopsys,
Inc
78,942
57,687
SYSCO
Corp
4,455
784
T
Rowe
Price
Group,
Inc
88
589
*
Take-Two
Interactive
Software,
Inc
70
756
Targa
Resources
Investments,
Inc
55
503,715
Target
Corp
83,430
166,396
TE
Connectivity
Ltd
21,823
165
*
Teledyne
Technologies,
Inc
74
165
Teleflex,
Inc
42
CREF
Global
Equities
Account
March
31,
2023
203
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
547
Teradyne,
Inc
$
59
52,617
Terreno
Realty
Corp
3,399
1,177,527
*
Tesla,
Inc
244,290
3,186
Texas
Instruments,
Inc
593
21
Texas
Pacific
Land
Corp
36
733
Textron,
Inc
52
113,138
Thermo
Fisher
Scientific,
Inc
65,209
282,558
TJX
Companies,
Inc
22,141
275,146
*
T-Mobile
US,
Inc
39,852
799
*
Toast,
Inc
14
366
Toro
Co
41
388
Tractor
Supply
Co
91
1,563
*
Trade
Desk,
Inc
95
389
Tradeweb
Markets,
Inc
31
252,298
*,e
Traeger,
Inc
1,037
259,636
Trane
Technologies
plc
47,768
181
TransDigm
Group,
Inc
133
677
TransUnion
42
823
Travelers
Cos,
Inc
141
864
*
Trimble
Inc
45
4,659
Truist
Financial
Corp
159
618
*
Twilio,
Inc
41
146
*
Tyler
Technologies,
Inc
52
28,118
Tyson
Foods,
Inc
(Class
A)
1,668
5,252
*
Uber
Technologies,
Inc
166
1,142
UDR,
Inc
47
696
UGI
Corp
24
20,333
*
Ulta
Beauty,
Inc
11,095
760,637
Union
Pacific
Corp
153,086
108,461
United
Parcel
Service,
Inc
(Class
B)
21,040
124,151
United
Rentals,
Inc
49,134
160
*
United
Therapeutics
Corp
36
452,470
UnitedHealth
Group,
Inc
213,833
878
*,e
Unity
Software,
Inc
28
236
Universal
Health
Services,
Inc
(Class
B)
30
4,956
US
Bancorp
179
5,621
Vail
Resorts,
Inc
1,313
796,243
Valero
Energy
Corp
111,155
766,455
Vanguard
Emerging
Markets
ETF
30,965
50,000
e
Vanguard
FTSE
Developed
Markets
ETF
2,258
25,052
*
Veeva
Systems,
Inc
4,604
123,518
Ventas,
Inc
5,354
335
*
VeriSign,
Inc
71
549
Verisk
Analytics,
Inc
105
862,373
Verizon
Communications,
Inc
33,538
43,612
*
Vertex
Pharmaceuticals,
Inc
13,741
32,173
VF
Corp
737
4,287
Viatris,
Inc
41
195,080
VICI
Properties,
Inc
6,363
857,988
Visa,
Inc
(Class
A)
193,442
88,364
Vistra
Energy
Corp
2,121
745
*
VMware,
Inc
(Class
A)
93
166,315
e
Voya
Financial,
Inc
11,885
467
Vulcan
Materials
Co
80
153,464
W.R.
Berkley
Corp
9,555
104,251
W.W.
Grainger,
Inc
71,809
2,582
Walgreens
Boots
Alliance,
Inc
89
1,013,352
Walmart,
Inc
149,419
1,144,535
*
Walt
Disney
Co
114,602
435,259
*
Warner
Bros
Discovery,
Inc
6,572
42,220
Washington
REIT
754
CREF
Global
Equities
Account
March
31,
2023
204
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
903
Waste
Connections,
Inc
$
126
1,441
Waste
Management,
Inc
235
209
*
Waters
Corp
65
615
Webster
Financial
Corp
24
1,107
WEC
Energy
Group,
Inc
105
3,974,766
Wells
Fargo
&
Co
148,577
74,698
Welltower,
Inc
5,355
260
West
Pharmaceutical
Services,
Inc
90
1,116
*
Western
Digital
Corp
42
235,441
Westinghouse
Air
Brake
Technologies
Corp
23,794
117,650
Westlake
Chemical
Corp
13,645
35,730
WestRock
Co
1,089
130,863
Weyerhaeuser
Co
3,943
192
Whirlpool
Corp
25
4,277
Williams
Cos,
Inc
128
380
Willis
Towers
Watson
plc
88
437
*
Wolfspeed,
Inc
28
706
*
Workday,
Inc
146
730
WP
Carey,
Inc
57
12,186
*
Wynn
Resorts
Ltd
1,364
38,987
Xcel
Energy,
Inc
2,629
633
Xylem,
Inc
66
430,704
*
YETI
Holdings,
Inc
17,228
110,682
Yum!
Brands,
Inc
14,619
181
*
Zebra
Technologies
Corp
(Class
A)
58
551
*
Zillow
Group,
Inc
(Class
C)
24
127,484
Zimmer
Biomet
Holdings,
Inc
16,471
156,699
Zoetis,
Inc
26,081
776
*
Zoom
Video
Communications,
Inc
57
911
*
ZoomInfo
Technologies,
Inc
22
303
*
Zscaler,
Inc
35
TOTAL
UNITED
STATES
14,258,228
TOTAL
COMMON
STOCKS
22,715,476
(Cost
$20,053,095)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
AUSTRALIA
-
0.0%
3,698
Magellan
Financial
Group
Ltd
04/16/27
1
TOTAL
AUSTRALIA
1
BRAZIL
-
0.0%
5,784
Localiza
Rent
a
Car
S.A.
15
TOTAL
BRAZIL
15
TOTAL
RIGHTS/WARRANTS
16
(Cost
$0)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
2.4%
GOVERNMENT
AGENCY
DEBT
-
0.6%
$
25,000,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
%
04/06/23
24,991
10,000,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
04/05/23
9,997
10,000,000
FHLB
0
.000
04/14/23
9,986
25,000,000
FHLB
0
.000
04/24/23
24,934
9,000,000
FHLB
0
.000
05/17/23
8,950
CREF
Global
Equities
Account
March
31,
2023
205
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
(000)
$
10,000,000
FHLB
0
.000
%
05/24/23
$
9,936
25,000,000
FHLB
0
.000
06/09/23
24,783
25,000,000
FHLB
0
.000
06/12/23
24,773
TOTAL
GOVERNMENT
AGENCY
DEBT
138,350
REPURCHASE
AGREEMENT
-
1.0%
217,445,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
04/03/23
217,445
TOTAL
REPURCHASE
AGREEMENT
217,445
TREASURY
DEBT
-
0.0%
5,000,000
United
States
Treasury
Bill
0
.000
04/04/23
4,999
TOTAL
TREASURY
DEBT
4,999
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
-
0.8%
CERTIFICATE
OF
DEPOSIT
-
0.0%
2,500,000
Australia
and
New
Zealand
Banking
Group
5
.420
04/05/23
2,500
1,000,000
Australia
and
New
Zealand
Banking
Group
5
.070
02/28/24
1,000
2,500,000
Canadian
Imperial
Bank
of
Commerce
5
.520
06/02/23
2,500
1,500,000
Canadian
Imperial
Bank
of
Commerce
5
.560
08/09/23
1,500
500,000
Canadian
Imperial
Bank
of
Commerce
5
.250
09/22/23
500
750,000
Canadian
Imperial
Bank
of
Commerce
5
.270
10/23/23
750
2,000,000
Credit
Agricole
S.A.
5
.500
05/03/23
2,000
1,000,000
ING
US
Funding
LLC
5
.290
09/29/23
1,000
2,500,000
Llodys
Bank
PLC
5
.530
05/08/23
2,500
1,500,000
Mizuho
Bank
Ltd
5
.620
04/26/23
1,500
1,000,000
Mizuho
Bank
Ltd
5
.010
08/24/23
1,000
1,000,000
MUFG
Bank
Ltd
5
.080
07/18/23
1,000
1,000,000
MUFG
Bank
Ltd
5
.000
09/08/23
1,000
1,000,000
National
Australia
Bank
Ltd
5
.310
11/30/23
1,000
1,000,000
National
Australia
Bank
Ltd
5
.020
12/01/23
1,000
1,000,000
National
Australia
Bank
Ltd
5
.070
03/06/24
1,000
1,500,000
Nordea
Bank
Abp
5
.490
06/07/23
1,500
2,000,000
Nordea
Bank
Abp
5
.070
06/23/23
2,000
1,000,000
Royal
Bank
of
Canada
5
.520
03/27/24
1,000
2,000,000
Skandinaviska
Enskilda
Banken
AB
5
.440
04/20/23
2,000
1,500,000
Skandinaviska
Enskilda
Banken
AB
5
.510
04/28/23
1,500
1,500,000
Skandinaviska
Enskilda
Banken
AB
5
.260
09/25/23
1,500
1,000,000
Skandinaviska
Enskilda
Banken
AB
5
.290
10/03/23
1,000
6,365,000
Svenska
Handelsbanken
AB
4
.770
04/03/23
6,365
TOTAL
CERTIFICATE
OF
DEPOSIT
38,615
REPURCHASE
AGREEMENT
-
0.8%
5,000,000
s
Calyon
4
.800
04/03/23
5,000
5,000,000
t
Calyon
4
.820
04/03/23
5,000
5,000,000
u
Citigroup
4
.800
04/03/23
5,000
10,000,000
v
Citigroup
4
.830
04/03/23
10,000
15,000,000
w
Deutsche
Bank
4
.800
04/03/23
15,000
35,000,000
x
JP
Morgan
4
.800
04/03/23
35,000
10,000,000
y
Merrill
Lynch
4
.800
04/03/23
10,000
10,000,000
z
Merrill
Lynch
4
.820
04/03/23
10,000
20,000,000
aa
Nomura
4
.800
04/03/23
20,000
20,000,000
ab
Royal
Bank
of
Scotland
4
.790
04/03/23
20,000
5,000,000
ac
Royal
Bank
of
Scotland
4
.820
04/06/23
5,000
19,000,000
ad
Societe
Generale
4
.810
04/03/23
19,000
CREF
Global
Equities
Account
March
31,
2023
206
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
Cost
amounts
are
in
thousands.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
(000)
$
1,000,000
ae
Societe
Generale
4
.800
%
04/06/23
$
1,000
TOTAL
REPURCHASE
AGREEMENT
160,000
TOTAL
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
198,615
TOTAL
SHORT-TERM
INVESTMENTS
559,409
(Cost
$559,342)
TOTAL
INVESTMENTS
-
100.8%
23,274,915
(Cost
$20,612,453)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.8)%
(
174,650
)
NET
ASSETS
-
100.0%
$23,100,265
ADR
American
Depositary
Receipt
ETF
Exchange
Traded
Fund
GDR
Global
Depositary
Receipt
INR
Indian
Rupee
REIT
Real
Estate
Investment
Trust
^
Amount
represents
less
than
$1,000.
*
Non-income
producing
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
b
In
bankruptcy
d
All
or
a
portion
of
these
securities
have
been
segregated
to
cover
margin
requirements
on
open
futures
contracts.
e
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$223,335,532.
g
Security
is
exempt
from
registration
under
Rule
144(A)
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$217,445,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.250%–3.125%
and
maturity
dates
7/31/25–8/15/25,
valued
at
$221,794,061.
s
Agreement
with
Calyon,
4.800%
dated
3/31/23
to
be
repurchased
at
$5,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
2/15/26,
valued
at
$10,200,016.
t
Agreement
with
Calyon,
4.820%
dated
3/31/23
to
be
repurchased
at
$5,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
2/15/26,
valued
at
$10,200,016.
u
Agreement
with
Citigroup,
4.800%
dated
3/31/23
to
be
repurchased
at
$5,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.125%–6.250%
and
maturity
dates
5/15/30–11/15/30,
valued
at
$5,100,069.
v
Agreement
with
Citigroup,
4.830%
dated
3/31/23
to
be
repurchased
at
$10,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.250%–4.500%
and
maturity
dates
7/31/23–3/20/51,
valued
at
$10,200,008.
w
Agreement
with
Deutsche
Bank,
4.800%
dated
3/31/23
to
be
repurchased
at
$15,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
8/24/23,
valued
at
$15,300,027.
x
Agreement
with
JP
Morgan,
4.800%
dated
3/31/23
to
be
repurchased
at
$35,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
5.000%
and
maturity
date
11/1/52,
valued
at
$35,700,002.
y
Agreement
with
Merrill
Lynch,
4.800%
dated
3/31/23
to
be
repurchased
at
$10,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.375%–4.250%
and
maturity
dates
9/15/24–7/15/27,
valued
at
$20,400,103.
z
Agreement
with
Merrill
Lynch,
4.820%
dated
3/31/23
to
be
repurchased
at
$10,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.375%–4.250%
and
maturity
dates
9/15/24–7/15/27,
valued
at
$20,400,103.
aa
Agreement
with
Nomura,
4.800%
dated
3/31/23
to
be
repurchased
at
$20,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.000%–2.750%
and
maturity
dates
4/25/23–8/15/32,
valued
at
$20,400,054.
ab
Agreement
with
Royal
Bank
of
Scotland,
4.790%
dated
3/31/23
to
be
repurchased
at
$20,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.625%–6.750%
and
maturity
dates
8/15/26–5/15/51,
valued
at
$20,400,030.
ac
Agreement
with
Royal
Bank
of
Scotland,
4.820%
dated
3/31/23
to
be
repurchased
at
$5,000,000
on
4/6/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.250%
and
maturity
date
5/15/39,
valued
at
$5,100,005.
ad
Agreement
with
Societe
Generale,
4.810%
dated
3/31/23
to
be
repurchased
at
$19,000,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
3/21/24,
valued
at
$19,380,040.
ae
Agreement
with
Societe
Generale,
4.800%
dated
3/31/23
to
be
repurchased
at
$1,000,000
on
4/6/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.250%
and
maturity
date
8/15/46,
valued
at
$1,020,009.
CREF
Global
Equities
Account
March
31,
2023
207
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
Futures
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
Description
Number
of
long
(short)
contracts
Expiration
date
Notional
amount
Value
Unrealized
appreciation
(depreciation)
ICE
US
mini
MSCI
EAFE
Index
Futures
785‌
06/16/23
 $
78,809‌
$
82,288‌
$
3,478‌
S&P
500
E
Mini
Index
947‌
06/16/23
184,376‌
195,922‌
11,547‌
Total
1,732‌
 $
263,185‌
 $
278,210‌
 $
15,025‌
CREF
Growth
Account
March
31,
2023
Portfolio
of
Investments
(unaudited)
208
See
Notes
to
Portfolio
of
Investments
SHARES
COMPANY
VALUE
(000)
COMMON
STOCKS
-
99.8%
AUTOMOBILES
&
COMPONENTS
-
1.7%
2,380,623
*
Tesla,
Inc
$
493,884
TOTAL
AUTOMOBILES
&
COMPONENTS
493,884
CAPITAL
GOODS
-
4.0%
1,765,631
*
Boeing
Co
375,073
3,925,419
Carrier
Global
Corp
179,588
660,339
Deere
&
Co
272,641
2,372,365
Raytheon
Technologies
Corp
232,325
537,820
Safran
S.A.
79,617
TOTAL
CAPITAL
GOODS
1,139,244
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.2%
1,524,207
Experian
Group
Ltd
50,188
521,256
Verisk
Analytics,
Inc
100,008
1,368,546
Waste
Connections,
Inc
190,324
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
340,520
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
7.6%
1,197,758
*
Alibaba
Group
Holding
Ltd
(ADR)
122,387
15,564,426
*
Amazon.com,
Inc
1,607,649
613,735
*
Burlington
Stores,
Inc
124,036
1,680,852
*
Coupang,
Inc
26,894
157,007
Kering
102,436
1,971,750
TJX
Companies,
Inc
154,506
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
2,137,908
CONSUMER
DURABLES
&
APPAREL
-
1.2%
437,039
Essilor
International
S.A.
78,808
1,555,456
Nike,
Inc
(Class
B)
190,761
9,782,100
Prada
S.p.A
69,366
TOTAL
CONSUMER
DURABLES
&
APPAREL
338,935
CONSUMER
SERVICES
-
4.7%
277,179
*
Booking
Holdings,
Inc
735,192
50,569
*
Chipotle
Mexican
Grill,
Inc
(Class
A)
86,386
364,642
*
Flutter
Entertainment
plc
65,797
6,362,572
*
Las
Vegas
Sands
Corp
365,530
711,783
Starbucks
Corp
74,118
TOTAL
CONSUMER
SERVICES
1,327,023
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.2%
1,269,895
Costco
Wholesale
Corp
630,973
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
630,973
ENERGY
-
2.5%
2,013,170
ConocoPhillips
199,727
2,875,181
EOG
Resources,
Inc
329,582
535,485
Pioneer
Natural
Resources
Co
109,367
519,922
Valero
Energy
Corp
72,581
TOTAL
ENERGY
711,257
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.3%
358,706
American
Tower
Corp
73,298
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
73,298
FINANCIAL
SERVICES
-
8.5%
35,298
*,g
Adyen
NV
56,245
CREF
Growth
Account
March
31,
2023
209
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
328,752
American
Express
Co
$
54,228
1,112,108
Charles
Schwab
Corp
58,252
850,494
*
Fiserv,
Inc
96,131
8,050,962
*
Grab
Holdings
Ltd.
24,233
1,464,591
e
iShares
Russell
1000
Growth
Index
Fund
357,844
2,113,677
Mastercard,
Inc
(Class
A)
768,131
1,540,124
*
PayPal
Holdings,
Inc
116,957
319,497
S&P
Global,
Inc
110,153
3,364,122
Visa,
Inc
(Class
A)
758,475
TOTAL
FINANCIAL
SERVICES
2,400,649
FOOD,
BEVERAGE
&
TOBACCO
-
3.6%
5,133,712
Davide
Campari-Milano
NV
62,641
9,205,364
*
Monster
Beverage
Corp
497,182
2,501,543
PepsiCo,
Inc
456,031
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,015,854
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
6.8%
466,961
*
Align
Technology,
Inc
156,030
3,561,254
*
Dexcom,
Inc
413,747
490,361
Elevance
Health,
Inc
225,473
1,470,818
*
Intuitive
Surgical,
Inc
375,750
1,298,076
UnitedHealth
Group,
Inc
613,458
782,031
*
Veeva
Systems,
Inc
143,729
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,928,187
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.8%
898,906
Estee
Lauder
Cos
(Class
A)
221,544
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
221,544
INSURANCE
-
0.3%
1,598,264
American
International
Group,
Inc
80,489
TOTAL
INSURANCE
80,489
MATERIALS
-
2.0%
4,748,971
Corteva,
Inc
286,410
787,930
Linde
plc
280,062
TOTAL
MATERIALS
566,472
MEDIA
&
ENTERTAINMENT
-
8.5%
5,993,925
*
Alphabet,
Inc
(Class
A)
621,750
5,955,380
*
Alphabet,
Inc
(Class
C)
619,359
1,323,812
*
Match
Group,
Inc
50,821
3,569,882
*
Meta
Platforms,
Inc
756,601
441,357
NetEase,
Inc
(ADR)
39,034
128,753
*
Netflix,
Inc
44,482
1,230,259
*
ROBLOX
Corp
55,337
2,780,500
Tencent
Holdings
Ltd
135,881
659,814
*
Walt
Disney
Co
66,067
TOTAL
MEDIA
&
ENTERTAINMENT
2,389,332
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
6.3%
1,187,996
AbbVie,
Inc
189,331
555,159
Amgen,
Inc
134,210
3,475,748
AstraZeneca
plc
(ADR)
241,252
2,557,080
*
Avantor,
Inc
54,057
1,211,604
Eli
Lilly
&
Co
416,089
811,823
Gilead
Sciences,
Inc
67,357
510,081
*
Horizon
Therapeutics
Plc
55,670
568,212
*
Illumina,
Inc
132,138
455,472
Novo
Nordisk
AS
72,338
CREF
Growth
Account
March
31,
2023
210
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
780,232
Novo
Nordisk
AS
(ADR)
$
124,166
1,693,873
Zoetis,
Inc
281,928
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,768,536
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
8.8%
2,510,686
*
Advanced
Micro
Devices,
Inc
246,072
1,755,061
Applied
Materials,
Inc
215,574
893,038
Broadcom,
Inc
572,920
160,921
Lam
Research
Corp
85,307
1,073,543
Marvell
Technology,
Inc
46,484
329,656
Monolithic
Power
Systems,
Inc
165,006
4,146,609
NVIDIA
Corp
1,151,804
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2,483,167
SOFTWARE
&
SERVICES
-
19.6%
258,899
Accenture
plc
73,996
621,293
*
Atlassian
Corp
106,347
361,825
*
Crowdstrike
Holdings,
Inc
49,664
635,142
*
DocuSign,
Inc
37,029
192,634
*
EPAM
Systems,
Inc
57,598
913,091
Intuit,
Inc
407,083
10,468,335
Microsoft
Corp
3,018,021
1,483,623
Oracle
Corp
137,858
2,044,320
*
Palo
Alto
Networks,
Inc
408,332
3,911,570
*
Qualtrics
International,
Inc
69,743
240,229
Roper
Technologies,
Inc
105,867
1,676,139
*
Salesforce,
Inc
334,859
682,122
*
ServiceNow,
Inc
316,996
837,883
*
Synopsys,
Inc
323,632
448,865
*
Workday,
Inc
92,709
TOTAL
SOFTWARE
&
SERVICES
5,539,734
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
7.9%
12,458,411
Apple,
Inc
2,054,392
1,031,190
*
Arista
Networks,
Inc
173,096
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,227,488
TRANSPORTATION
-
1.3%
5,873,380
*
Uber
Technologies,
Inc
186,186
907,402
Union
Pacific
Corp
182,624
TOTAL
TRANSPORTATION
368,810
TOTAL
COMMON
STOCKS
28,183,304
(Cost
$27,310,271)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.5%
GOVERNMENT
AGENCY
DEBT
-
0.1%
$
25,000,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
%
04/06/23
24,991
2,300,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
05/19/23
2,287
6,000,000
FHLB
0
.000
06/09/23
5,948
5,000,000
FHLB
0
.000
06/12/23
4,954
TOTAL
GOVERNMENT
AGENCY
DEBT
38,180
CREF
Growth
Account
March
31,
2023
211
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
Cost
amounts
are
in
thousands.
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
(000)
REPURCHASE
AGREEMENT
-
0.2%
$
57,945,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
%
04/03/23
$
57,945
TOTAL
REPURCHASE
AGREEMENT
57,945
TREASURY
DEBT
-
0.0%
4,700,000
United
States
Treasury
Bill
0
.000
04/04/23
4,700
TOTAL
TREASURY
DEBT
4,700
SHARES
COMPANY
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
-
0.2%
45,418,436
c
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.840
45,418
TOTAL
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
45,418
TOTAL
SHORT-TERM
INVESTMENTS
146,243
(Cost
$146,225)
TOTAL
INVESTMENTS
-
100.3%
28,329,547
(Cost
$27,456,496)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.3)%
(
94,246
)
NET
ASSETS
-
100.0%
$28,235,301
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
$70,980,308.
g
Security
is
exempt
from
registration
under
Rule
144(A)
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$57,945,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.125%
and
maturity
date
8/15/25,
valued
at
$59,104,011.
CREF
Equity
Index
Account
March
31,
2023
Portfolio
of
Investments
(unaudited)
212
See
Notes
to
Portfolio
of
Investments
SHARES
COMPANY
VALUE
(000)
COMMON
STOCKS
-
99.4%
AUTOMOBILES
&
COMPONENTS
-
1.9%
49,971
*
Adient
plc
$
2,047
60,325
*
American
Axle
&
Manufacturing
Holdings,
Inc
471
137,792
*
Aptiv
plc
15,459
115,559
BorgWarner,
Inc
5,675
43,545
*,e
Canoo,
Inc
28
94,328
*,e
Cenntro
Electric
Group
Ltd
43
76,541
Dana
Inc
1,152
12,642
*
Dorman
Products,
Inc
1,090
86,619
*,e
Fisker,
Inc
532
2,003,548
Ford
Motor
Co
25,245
23,054
*
Fox
Factory
Holding
Corp
2,798
715,901
General
Motors
Co
26,259
119,427
Gentex
Corp
3,347
18,149
*
Gentherm,
Inc
1,096
104,434
*
Goodyear
Tire
&
Rubber
Co
1,151
67,182
Harley-Davidson,
Inc
2,551
12,667
LCI
Industries,
Inc
1,392
27,234
Lear
Corp
3,799
61,192
*,e
Lordstown
Motors
Corp
41
274,188
*,e
Lucid
Group,
Inc
2,204
122,392
*,e
Luminar
Technologies,
Inc
794
6,489
*
Modine
Manufacturing
Co
150
13,147
*
Motorcar
Parts
of
America,
Inc
98
2,538
Patrick
Industries,
Inc
175
111,576
*,e
QuantumScape
Corp
913
266,811
*,e
Rivian
Automotive,
Inc
4,130
29,093
*,e
Solid
Power,
Inc
88
11,405
Standard
Motor
Products,
Inc
421
20,247
*
Stoneridge,
Inc
379
1,307,374
*
Tesla,
Inc
271,228
29,413
Thor
Industries,
Inc
2,342
12,140
*
Visteon
Corp
1,904
17,654
Winnebago
Industries,
Inc
1,019
67,449
*,e
Workhorse
Group,
Inc
90
9,934
*
XPEL,
Inc
675
TOTAL
AUTOMOBILES
&
COMPONENTS
380,786
BANKS
-
3.4%
4,682
1st
Source
Corp
202
4,331
e
ACNB
Corp
141
7,212
Amalgamated
Financial
Corp
128
12,491
Amerant
Bancorp
Inc
272
5,882
American
National
Bankshares,
Inc
186
38,500
Ameris
Bancorp
1,408
9,208
Arrow
Financial
Corp
229
63,489
Associated
Banc-Corp
1,142
42,326
Atlantic
Union
Bankshares
Corp
1,484
31,941
*
Axos
Financial,
Inc
1,179
31,112
Banc
of
California,
Inc
390
10,077
Bancfirst
Corp
837
3,732
e
Bank
First
Corp
275
3,554,851
Bank
of
America
Corp
101,669
23,380
e
Bank
of
Hawaii
Corp
1,218
7,728
Bank
of
Marin
Bancorp
169
25,484
Bank
of
NT
Butterfield
&
Son
Ltd
688
58,249
Bank
OZK
1,992
50,841
BankUnited
1,148
18,925
Banner
Corp
1,029
CREF
Equity
Index
Account
March
31,
2023
213
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
11,016
Bar
Harbor
Bankshares
$
291
6,589
Baycom
Corp
113
7,362
BCB
Bancorp,
Inc
97
26,834
Berkshire
Hills
Bancorp,
Inc
672
13,432
*
Blue
Foundry
Bancorp
128
8,721
Blue
Ridge
Bankshares,
Inc
89
15,941
BOK
Financial
Corp
1,346
10,571
*
Bridgewater
Bancshares,
Inc
115
38,089
Brookline
Bancorp,
Inc
400
6,436
Business
First
Bancshares,
Inc
110
5,576
Byline
Bancorp,
Inc
121
107,871
Cadence
BanCorp
2,239
2,502
Cambridge
Bancorp
162
19,741
Camden
National
Corp
714
4,609
Capital
Bancorp,
Inc
77
9,158
Capital
City
Bank
Group,
Inc
268
33,828
Capitol
Federal
Financial
228
5,956
Capstar
Financial
Holdings,
Inc
90
14,623
*
Carter
Bankshares,
Inc
205
25,721
Cathay
General
Bancorp
888
21,511
Central
Pacific
Financial
Corp
385
984,592
Citigroup,
Inc
46,167
9,568
Citizens
&
Northern
Corp
205
251,872
Citizens
Financial
Group,
Inc
7,649
4,775
City
Holding
Co
434
7,262
Civista
Bancshares,
Inc
123
9,772
CNB
Financial
Corp
188
5,328
*
Coastal
Financial
Corp
192
8,393
Colony
Bankcorp
Inc
86
109,266
Columbia
Banking
System,
Inc
2,340
17,061
*
Columbia
Financial,
Inc
312
69,667
Comerica,
Inc
3,025
55,801
Commerce
Bancshares,
Inc
3,256
29,222
Community
Bank
System,
Inc
1,534
16,516
Community
Trust
Bancorp,
Inc
627
21,722
ConnectOne
Bancorp,
Inc
384
2,974
*,e
CrossFirst
Bankshares,
Inc
31
31,366
Cullen/Frost
Bankers,
Inc
3,304
19,196
*
Customers
Bancorp,
Inc
355
45,531
CVB
Financial
Corp
759
19,153
Dime
Community
Bancshares,
Inc
435
17,266
Eagle
Bancorp,
Inc
578
71,752
East
West
Bancorp,
Inc
3,982
94,260
Eastern
Bankshares,
Inc
1,190
15,393
Enact
Holdings,
Inc
352
6,481
Enterprise
Bancorp,
Inc
204
16,077
Enterprise
Financial
Services
Corp
717
7,477
Equity
Bancshares,
Inc
182
3,546
Esquire
Financial
Holdings,
Inc
139
6,206
e
Farmers
&
Merchants
Bancorp,
Inc
151
18,150
Farmers
National
Banc
Corp
229
13,107
FB
Financial
Corp
407
351,476
Fifth
Third
Bancorp
9,363
10,211
Financial
Institutions,
Inc
197
114,850
First
Bancorp
1,312
15,371
First
Bancorp
546
6,485
First
Bancorp,
Inc
168
6,018
First
Bancshares,
Inc
155
7,950
First
Bank
80
26,747
First
Busey
Corp
544
4,107
First
Business
Financial
Services,
Inc
125
CREF
Equity
Index
Account
March
31,
2023
214
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
5,426
First
Citizens
Bancshares,
Inc
(Class
A)
$
5,280
52,091
First
Commonwealth
Financial
Corp
647
12,139
First
Community
Bancshares,
Inc
304
47,775
First
Financial
Bancorp
1,040
70,877
First
Financial
Bankshares,
Inc
2,261
505
First
Financial
Corp
19
19,660
First
Foundation,
Inc
146
71,845
First
Hawaiian,
Inc
1,482
250,188
First
Horizon
National
Corp
4,448
4,089
First
Internet
Bancorp
68
43,798
First
Interstate
Bancsystem,
Inc
1,308
29,933
First
Merchants
Corp
986
7,120
First
Mid-Illinois
Bancshares,
Inc
194
15,462
First
of
Long
Island
Corp
209
66,915
e
First
Republic
Bank
936
4,047
*
First
Western
Financial,
Inc
80
6,452
Five
Star
Bancorp
138
4,145
Flushing
Financial
Corp
62
157,037
FNB
Corp
1,822
80,429
Fulton
Financial
Corp
1,112
7,652
*
FVCBankcorp,
Inc
81
5,087
German
American
Bancorp,
Inc
170
63,141
Glacier
Bancorp,
Inc
2,653
1,871
Great
Southern
Bancorp,
Inc
95
1,346
Guaranty
Bancshares,
Inc
37
47,878
Hancock
Whitney
Corp
1,743
23,963
Hanmi
Financial
Corp
445
16,668
HarborOne
Northeast
Bancorp,
Inc
203
13,408
Heartland
Financial
USA,
Inc
514
25,661
Heritage
Commerce
Corp
214
22,188
Heritage
Financial
Corp
475
35,248
Hilltop
Holdings,
Inc
1,046
997
e
Hingham
Institution
for
Savings
233
4,264
Home
Bancorp,
Inc
141
81,882
Home
Bancshares,
Inc
1,778
15,022
HomeStreet,
Inc
270
13,541
HomeTrust
Bancshares,
Inc
333
59,403
Hope
Bancorp,
Inc
583
2,709
Horizon
Bancorp
30
728,267
Huntington
Bancshares,
Inc
8,157
17,558
Independent
Bank
Corp
312
25,003
Independent
Bank
Corp
1,641
20,253
Independent
Bank
Group,
Inc
939
29,344
International
Bancshares
Corp
1,256
5,837
e
John
Marshall
Bancorp,
Inc
126
1,474,342
JPMorgan
Chase
&
Co
192,121
8,268
Kearny
Financial
Corp
67
490,546
Keycorp
6,142
9,106
Lakeland
Bancorp,
Inc
142
13,317
Lakeland
Financial
Corp
834
14,926
Live
Oak
Bancshares,
Inc
364
89,764
M&T
Bank
Corp
10,733
19,210
Macatawa
Bank
Corp
196
1,529
Mercantile
Bank
Corp
47
20,574
Meta
Financial
Group,
Inc
854
10,190
Metrocity
Bankshares,
Inc
174
4,420
*,e
Metropolitan
Bank
Holding
Corp
150
7,348
Mid
Penn
Bancorp,
Inc
188
10,800
Midland
States
Bancorp,
Inc
231
7,821
MidWestOne
Financial
Group,
Inc
191
5,369
MVB
Financial
Corp
111
CREF
Equity
Index
Account
March
31,
2023
215
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
19,324
National
Bank
Holdings
Corp
$
647
21,431
NBT
Bancorp,
Inc
722
306,919
New
York
Community
Bancorp,
Inc
2,775
6,480
*
Nicolet
Bankshares,
Inc
409
3,442
Northeast
Bank
116
5,388
Northfield
Bancorp,
Inc
63
62,279
e
Northwest
Bancshares,
Inc
749
12,012
OceanFirst
Financial
Corp
222
33,903
OFG
Bancorp
846
133,138
Old
National
Bancorp
1,920
21,667
Old
Second
Bancorp,
Inc
305
11,057
Origin
Bancorp,
Inc
355
5,318
Orrstown
Financial
Services,
Inc
106
51,153
Pacific
Premier
Bancorp,
Inc
1,229
55,834
e
PacWest
Bancorp
543
7,855
Park
National
Corp
931
5,178
e
Parke
Bancorp,
Inc
92
5,966
PCB
Bancorp
86
267
Peapack
Gladstone
Financial
Corp
8
4,697
Peoples
Bancorp,
Inc
121
5,712
Peoples
Financial
Services
Corp
248
41,191
Pinnacle
Financial
Partners,
Inc
2,272
206,542
PNC
Financial
Services
Group,
Inc
26,251
38,321
Popular,
Inc
2,200
8,859
Preferred
Bank
486
20,188
Premier
Financial
Corp
418
8,140
Primis
Financial
Corp
78
41,648
Prosperity
Bancshares,
Inc
2,562
6,589
Provident
Bancorp
Inc
45
12,289
Provident
Financial
Services,
Inc
236
8,729
QCR
Holdings,
Inc
383
9,265
RBB
Bancorp
144
2,235
Red
River
Bancshares
Inc
107
482,164
Regions
Financial
Corp
8,949
30,881
Renasant
Corp
944
6,104
Republic
Bancorp,
Inc
(Class
A)
259
34,776
*,e
Republic
First
Bancorp,
Inc
47
13,081
S&T
Bancorp,
Inc
411
22,606
Sandy
Spring
Bancorp,
Inc
587
34,531
Seacoast
Banking
Corp
of
Florida
818
24,631
ServisFirst
Bancshares,
Inc
1,346
9,123
Shore
Bancshares,
Inc
130
8,919
Sierra
Bancorp
154
55,218
Simmons
First
National
Corp
(Class
A)
966
5,382
SmartFinancial,
Inc
125
5,202
South
Plains
Financial
Inc
111
38,442
South
State
Corp
2,739
4,079
*
Southern
First
Bancshares,
Inc
125
4,139
Southern
Missouri
Bancorp,
Inc
155
10,544
Southside
Bancshares,
Inc
350
23,920
Stellar
Bancorp,
Inc
589
11,262
Stock
Yards
Bancorp,
Inc
621
6,101
e
Summit
Financial
Group,
Inc
127
74,250
Synovus
Financial
Corp
2,289
27,678
*
Texas
Capital
Bancshares,
Inc
1,355
35,393
*
The
Bancorp,
Inc
986
6,549
*,e
Third
Coast
Bancshares,
Inc
103
7,201
Tompkins
Financial
Corp
477
34,516
Towne
Bank
920
19,212
Trico
Bancshares
799
10,668
Triumph
Bancorp,
Inc
619
CREF
Equity
Index
Account
March
31,
2023
216
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
686,348
Truist
Financial
Corp
$
23,404
2,656
TrustCo
Bank
Corp
NY
85
34,442
Trustmark
Corp
851
23,900
UMB
Financial
Corp
1,379
68,198
United
Bankshares,
Inc
2,401
48,352
United
Community
Banks,
Inc
1,360
5,426
Univest
Financial
Corp
129
692,843
US
Bancorp
24,977
218,557
Valley
National
Bancorp
2,019
22,054
Veritex
Holdings,
Inc
403
25,531
Washington
Federal,
Inc
769
3,676
Washington
Trust
Bancorp,
Inc
127
85,391
Webster
Financial
Corp
3,366
1,941,252
Wells
Fargo
&
Co
72,564
21,097
WesBanco,
Inc
648
11,970
e
West
Bancorporation,
Inc
219
13,352
Westamerica
Bancorporation
591
50,142
Western
Alliance
Bancorp
1,782
31,127
Wintrust
Financial
Corp
2,271
37,346
WSFS
Financial
Corp
1,405
81,460
Zions
Bancorporation
2,438
TOTAL
BANKS
693,077
CAPITAL
GOODS
-
6.4%
66,252
*
3D
Systems
Corp
710
282,839
3M
Co
29,729
66,416
A.O.
Smith
Corp
4,593
21,498
Aaon,
Inc
2,079
11,925
*
AAR
Corp
651
16,749
Acuity
Brands,
Inc
3,061
31,531
Advanced
Drainage
Systems,
Inc
2,655
65,914
Aecom
Technology
Corp
5,558
39,078
*
Aerojet
Rocketdyne
Holdings,
Inc
2,195
12,268
*
Aerovironment,
Inc
1,124
8,143
*
AerSale
Corp
140
29,823
AGCO
Corp
4,032
38,532
Air
Lease
Corp
1,517
5,157
Alamo
Group,
Inc
950
16,794
Albany
International
Corp
(Class
A)
1,501
44,803
Allegion
plc
4,782
6,739
Allied
Motion
Technologies,
Inc
260
34,500
Allison
Transmission
Holdings,
Inc
1,561
10,745
Alta
Equipment
Group,
Inc
170
13,776
*
Ameresco,
Inc
678
10,171
*
American
Woodmark
Corp
530
115,682
Ametek,
Inc
16,812
98,441
*
API
Group
Corp
2,213
13,802
Apogee
Enterprises,
Inc
597
21,181
Applied
Industrial
Technologies,
Inc
3,010
63,826
*,e
Archer
Aviation,
Inc
183
26,444
Arcosa,
Inc
1,669
10,471
Argan,
Inc
424
20,887
Armstrong
World
Industries,
Inc
1,488
69,116
*
Array
Technologies,
Inc
1,512
15,250
Astec
Industries,
Inc
629
73,791
*,e
Astra
Space,
Inc
31
15,755
*
Astronics
Corp
210
20,918
*
Atkore
International
Group,
Inc
2,939
35,579
*
Axon
Enterprise,
Inc
8,000
60,195
*
AZEK
Co,
Inc
1,417
13,571
AZZ,
Inc
560
CREF
Equity
Index
Account
March
31,
2023
217
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
30,289
*,e
Babcock
&
Wilcox
Enterprises,
Inc
$
184
25,595
Barnes
Group,
Inc
1,031
22,560
*
Beacon
Roofing
Supply,
Inc
1,328
19,926
*,e
Blink
Charging
Co
172
75,992
*
Bloom
Energy
Corp
1,515
3,946
*
Blue
Bird
Corp
81
4,896
*
BlueLinx
Holdings,
Inc
333
280,403
*
Boeing
Co
59,566
21,496
Boise
Cascade
Co
1,360
13,313
e
Brookfield
Business
Corp
264
73,255
*
Builders
FirstSource,
Inc
6,504
40,627
BWX
Technologies,
Inc
2,561
8,469
Cadre
Holdings,
Inc
182
14,163
e
Caesarstone
Sdot-Yam
Ltd
58
25,553
Carlisle
Cos,
Inc
5,777
422,437
Carrier
Global
Corp
19,326
264,446
Caterpillar,
Inc
60,516
120,169
*,e
ChargePoint
Holdings,
Inc
1,258
17,096
*
Chart
Industries,
Inc
2,144
12,045
*
CIRCOR
International,
Inc
375
14,727
Columbus
McKinnon
Corp
547
14,357
Comfort
Systems
USA,
Inc
2,096
11,212
*
Construction
Partners
Inc
302
18,969
*
Core
&
Main,
Inc
438
21,581
Crane
Holdings
Co
2,449
7,468
CSW
Industrials,
Inc
1,038
70,319
Cummins,
Inc
16,798
19,563
Curtiss-Wright
Corp
3,448
30,728
*,e
Custom
Truck
One
Source,
Inc
209
44,985
*,e
Decarbonization
Plus
Acquisition
Corp
37
137,405
Deere
&
Co
56,732
62,846
*,e
Desktop
Metal,
Inc
145
63,211
Donaldson
Co,
Inc
4,130
16,771
Douglas
Dynamics,
Inc
535
73,026
Dover
Corp
11,096
8,048
*
Ducommun,
Inc
440
11,117
*
DXP
Enterprises,
Inc
299
16,954
*
Dycom
Industries,
Inc
1,588
200,939
Eaton
Corp
34,429
24,435
EMCOR
Group,
Inc
3,973
287,390
Emerson
Electric
Co
25,043
8,964
Encore
Wire
Corp
1,661
24,905
*
Energy
Recovery,
Inc
574
12,892
*,e
Energy
Vault
Holdings,
Inc
28
32,971
Enerpac
Tool
Group
Corp
841
25,301
EnerSys
2,198
55,762
*,e
Enovix
Corp
831
11,263
EnPro
Industries,
Inc
1,170
21,428
Esab
Corp
1,266
13,003
ESCO
Technologies,
Inc
1,241
41,349
*,e
ESS
Tech,
Inc
57
63,155
*
Evoqua
Water
Technologies
Corp
3,140
297,190
Fastenal
Co
16,030
32,884
Federal
Signal
Corp
1,783
71,435
Flowserve
Corp
2,429
18,242
*,e
Fluence
Energy,
Inc
369
77,505
*
Fluor
Corp
2,396
173,487
Fortive
Corp
11,827
67,350
Fortune
Brands
Home
&
Security,
Inc
3,955
20,104
Franklin
Electric
Co,
Inc
1,892
21,243
*,e
FTC
Solar,
Inc
48
CREF
Equity
Index
Account
March
31,
2023
218
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
176,294
*,e
FuelCell
Energy,
Inc
$
502
30,738
*
Gates
Industrial
Corp
plc
427
12,741
GATX
Corp
1,402
31,919
*
Generac
Holdings,
Inc
3,448
122,239
General
Dynamics
Corp
27,896
548,443
General
Electric
Co
52,431
17,907
*
Gibraltar
Industries,
Inc
868
9,938
Global
Industrial
Co
267
21,710
*
GMS,
Inc
1,257
12,385
Gorman-Rupp
Co
310
85,810
Graco,
Inc
6,265
95,580
GrafTech
International
Ltd
465
24,972
Granite
Construction,
Inc
1,026
44,924
*
Great
Lakes
Dredge
&
Dock
Corp
244
19,838
Greenbrier
Cos,
Inc
638
20,793
Griffon
Corp
666
17,554
H&E
Equipment
Services,
Inc
776
21,061
*
Hayward
Holdings,
Inc
247
21,280
HEICO
Corp
3,640
38,786
HEICO
Corp
(Class
A)
5,271
16,194
Helios
Technologies,
Inc
1,059
13,619
Herc
Holdings,
Inc
1,551
41,915
Hexcel
Corp
2,861
32,149
Hillenbrand,
Inc
1,528
69,001
*
Hillman
Solutions
Corp
581
339,115
Honeywell
International,
Inc
64,812
178,854
Howmet
Aerospace,
Inc
7,578
27,556
Hubbell,
Inc
6,705
22,109
*
Hudson
Technologies,
Inc
193
17,459
Huntington
Ingalls
3,614
20,974
*
Hydrofarm
Holdings
Group,
Inc
36
63,978
*,e
Hyliion
Holdings
Corp
127
7,224
Hyster-Yale
Materials
Handling,
Inc
360
37,542
IDEX
Corp
8,673
5,334
*
IES
Holdings,
Inc
230
154,080
Illinois
Tool
Works,
Inc
37,511
210,036
Ingersoll
Rand,
Inc
12,220
3,056
Insteel
Industries,
Inc
85
39,987
ITT,
Inc
3,451
41,873
*
Janus
International
Group,
Inc
413
45,832
*
JELD-WEN
Holding,
Inc
580
16,888
John
Bean
Technologies
Corp
1,846
349,702
Johnson
Controls
International
plc
21,059
5,348
Kadant,
Inc
1,115
15,070
Kaman
Corp
344
45,625
Kennametal,
Inc
1,258
66,946
*
Kratos
Defense
&
Security
Solutions,
Inc
902
96,156
L3Harris
Technologies,
Inc
18,870
4,456
*
Lawson
Products,
Inc
203
16,699
Lennox
International,
Inc
4,196
28,514
Lincoln
Electric
Holdings,
Inc
4,822
5,950
Lindsay
Corp
899
115,233
Lockheed
Martin
Corp
54,474
17,575
Luxfer
Holdings
plc
297
22,630
*
Manitowoc
Co,
Inc
387
56,422
*,e
Markforged
Holding
Corp
54
107,444
Masco
Corp
5,342
13,395
*
Masonite
International
Corp
1,216
32,416
*
Mastec,
Inc
3,061
67,350
*
Masterbrand,
Inc
541
38,365
Maxar
Technologies,
Inc
1,959
CREF
Equity
Index
Account
March
31,
2023
219
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
8,494
McGrath
RentCorp
$
793
96,446
MDU
Resources
Group,
Inc
2,940
30,340
*
Mercury
Systems,
Inc
1,551
87,434
*,e
Microvast
Holdings,
Inc
108
27,681
*
Middleby
Corp
4,058
7,280
Miller
Industries,
Inc
257
14,585
Moog,
Inc
(Class
A)
1,469
43,932
*
MRC
Global,
Inc
427
19,273
MSC
Industrial
Direct
Co
(Class
A)
1,619
28,683
Mueller
Industries,
Inc
2,108
85,916
Mueller
Water
Products,
Inc
(Class
A)
1,198
6,055
*
MYR
Group,
Inc
763
3,534
National
Presto
Industries,
Inc
255
15,496
*
NEXTracker,
Inc
562
109,431
*,e
Nikola
Corp
132
28,439
Nordson
Corp
6,321
73,996
Northrop
Grumman
Corp
34,165
6,891
*
Northwest
Pipe
Co
215
78,206
*
NOW,
Inc
872
16,026
*,e
NuScale
Power
Corp
146
5,211
*
NV5
Global
Inc
542
74,858
nVent
Electric
plc
3,214
2,354
Omega
Flex,
Inc
262
33,865
Oshkosh
Corp
2,817
206,243
Otis
Worldwide
Corp
17,407
47,520
Owens
Corning,
Inc
4,552
258,963
PACCAR,
Inc
18,956
14,228
Park
Aerospace
Corp
191
64,796
Parker-Hannifin
Corp
21,779
12,058
*
Parsons
Corp
539
88,369
Pentair
plc
4,884
36,380
*
PGT
Innovations,
Inc
913
274,975
*,e
Plug
Power,
Inc
3,223
7,077
Powell
Industries,
Inc
301
1,801
Preformed
Line
Products
Co
231
28,783
Primoris
Services
Corp
710
15,505
*
Proto
Labs,
Inc
514
16,969
Quanex
Building
Products
Corp
365
71,936
Quanta
Services,
Inc
11,987
748,163
Raytheon
Technologies
Corp
73,268
13,498
*
RBC
Bearings,
Inc
3,141
32,418
Regal-Beloit
Corp
4,562
82,950
*
Resideo
Technologies,
Inc
1,516
8,757
REV
Group,
Inc
105
109,316
*,e
Rocket
Lab
USA,
Inc
442
58,884
Rockwell
Automation,
Inc
17,280
15,224
Rush
Enterprises,
Inc
(Class
A)
831
6,895
e
Rush
Enterprises,
Inc
(Class
B)
413
38,910
*
Sarcos
Technology
and
Robotics
Corp
18
80,042
Sensata
Technologies
Holding
plc
4,004
81,772
*
Shoals
Technologies
Group,
Inc
1,864
18,886
Shyft
Group,
Inc
430
19,894
Simpson
Manufacturing
Co,
Inc
2,181
24,415
*
SiteOne
Landscape
Supply,
Inc
3,342
25,706
Snap-On,
Inc
6,347
59,911
Spirit
Aerosystems
Holdings,
Inc
(Class
A)
2,069
23,935
*
SPX
Technologies,
Inc
1,689
4,143
Standex
International
Corp
507
77,790
Stanley
Black
&
Decker,
Inc
6,268
73,460
*,e
Stem,
Inc
417
18,886
*
Sterling
Construction
Co,
Inc
715
CREF
Equity
Index
Account
March
31,
2023
220
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
109,516
*
Sunrun,
Inc
$
2,207
10,075
Tennant
Co
690
35,787
Terex
Corp
1,731
13,596
Textainer
Group
Holdings
Ltd
437
104,739
Textron,
Inc
7,398
24,419
*
Thermon
Group
Holdings
609
35,263
Timken
Co
2,882
27,553
*
Titan
International,
Inc
289
11,613
*
Titan
Machinery,
Inc
354
51,928
Toro
Co
5,772
19,490
*
TPI
Composites,
Inc
254
115,072
Trane
Technologies
plc
21,171
3,856
*
Transcat
Inc
345
25,511
TransDigm
Group,
Inc
18,803
63,333
*
Trex
Co,
Inc
3,082
42,805
Trinity
Industries,
Inc
1,043
28,650
Triton
International
Ltd
1,811
32,779
*
Triumph
Group,
Inc
380
27,269
*
Tutor
Perini
Corp
168
26,618
UFP
Industries,
Inc
2,115
34,882
United
Rentals,
Inc
13,805
78,474
*
Univar
Solutions
Inc
2,749
10,628
Valmont
Industries,
Inc
3,393
7,860
*
Vectrus,
Inc
312
7,828
Veritiv
Corp
1,058
154,466
Vertiv
Holdings
Co
2,210
12,845
*
Vicor
Corp
603
57,371
*,e
View,
Inc
29
96,965
*,e
Virgin
Galactic
Holdings,
Inc
393
22,246
W.W.
Grainger,
Inc
15,323
2,535
Wabash
National
Corp
62
17,942
e
Watsco,
Inc
5,708
12,667
Watts
Water
Technologies,
Inc
(Class
A)
2,132
19,299
WESCO
International,
Inc
2,982
90,345
Westinghouse
Air
Brake
Technologies
Corp
9,130
105,633
*
WillScot
Mobile
Mini
Holdings
Corp
4,952
30,482
Woodward
Inc
2,968
17,318
*,e
Xometry,
Inc
259
89,028
Xylem,
Inc
9,321
65,462
Zurn
Water
Solutions
Corp
1,398
TOTAL
CAPITAL
GOODS
1,314,355
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.4%
27,128
ABM
Industries,
Inc
1,219
5,587
ACCO
Brands
Corp
30
57,811
*
ACV
Auctions,
Inc
746
174,070
*
Alight,
Inc
1,603
11,286
Aris
Water
Solution,
Inc
88
27,574
*
ASGN
Inc
2,280
5,145
Barrett
Business
Services,
Inc
456
66,781
Booz
Allen
Hamilton
Holding
Co
6,190
22,496
Brady
Corp
(Class
A)
1,209
16,522
*
BrightView
Holdings,
Inc
93
26,557
Brink's
Co
1,774
57,307
Broadridge
Financial
Solutions,
Inc
8,400
12,641
*
CACI
International,
Inc
(Class
A)
3,745
26,846
*
Casella
Waste
Systems,
Inc
(Class
A)
2,219
18,053
*
CBIZ,
Inc
893
8,021
*
Cimpress
plc
352
43,380
Cintas
Corp
20,071
226,376
*
Clarivate
Analytics
plc
2,126
CREF
Equity
Index
Account
March
31,
2023
221
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
27,814
*
Clean
Harbors,
Inc
$
3,965
21,043
Concentrix
Corp
2,558
91,431
*
Conduent,
Inc
314
214,998
*
Copart,
Inc
16,170
49,610
*
CoreCivic,
Inc
456
201,024
*
CoStar
Group,
Inc
13,841
3,881
CRA
International,
Inc
418
17,763
CSG
Systems
International,
Inc
954
22,984
Deluxe
Corp
368
20,676
*
Driven
Brands
Holdings,
Inc
627
129,661
Dun
&
Bradstreet
Holdings,
Inc
1,522
1,045
Ennis,
Inc
22
62,334
Equifax,
Inc
12,644
17,218
*
ExlService
Holdings,
Inc
2,786
28,338
Exponent,
Inc
2,825
15,944
*
First
Advantage
Corp
223
7,582
*
Forrester
Research,
Inc
245
7,620
*
Franklin
Covey
Co
293
16,142
*
FTI
Consulting,
Inc
3,186
81,103
Genpact
Ltd
3,749
42,598
*,e
Geo
Group,
Inc
336
42,732
*
Harsco
Corp
292
40,910
Healthcare
Services
Group
567
14,300
Heidrick
&
Struggles
International,
Inc
434
8,893
*
Heritage-Crystal
Clean,
Inc
317
37,280
Herman
Miller,
Inc
762
10,874
*
HireRight
Holdings
Corp
115
23,758
HNI
Corp
661
15,850
*
Huron
Consulting
Group,
Inc
1,274
6,267
ICF
International,
Inc
688
19,828
Insperity,
Inc
2,410
44,581
Interface,
Inc
362
64,684
Jacobs
Solutions,
Inc
7,601
67,918
*
KAR
Auction
Services,
Inc
929
66,111
KBR,
Inc
3,639
20,372
Kelly
Services,
Inc
(Class
A)
338
11,207
Kforce,
Inc
709
25,171
Kimball
International,
Inc
(Class
B)
312
29,134
Korn/Ferry
International
1,507
23,268
*,e
Legalzoom.com,
Inc
218
69,072
Leidos
Holdings,
Inc
6,359
67,802
*,e
Li-Cycle
Holdings
Corp
382
19,090
*
Liquidity
Services,
Inc
251
25,524
Manpower,
Inc
2,107
16,885
Matthews
International
Corp
(Class
A)
609
31,583
MAXIMUS,
Inc
2,486
12,017
*
Montrose
Environmental
Group,
Inc
429
19,573
MSA
Safety,
Inc
2,613
4,961
NL
Industries,
Inc
30
160,797
Paychex,
Inc
18,426
95,984
Pitney
Bowes,
Inc
373
79,689
*,e
Planet
Labs
PBC
313
4,854
*,e
Red
Violet,
Inc
85
104,675
Republic
Services,
Inc
14,154
20,546
Resources
Connection,
Inc
351
38,909
Ritchie
Bros
Auctioneers,
Inc
2,190
55,521
Robert
Half
International,
Inc
4,473
119,495
Rollins,
Inc
4,485
28,414
Science
Applications
International
Corp
3,053
41,609
*,e
Skillsoft
Corp
83
12,140
*
SP
Plus
Corp
416
CREF
Equity
Index
Account
March
31,
2023
222
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
111,085
SS&C
Technologies
Holdings,
Inc
$
6,273
61,807
Steelcase,
Inc
(Class
A)
520
49,051
*
Stericycle,
Inc
2,139
12,139
*
Sterling
Check
Corp
135
25,107
Tetra
Tech,
Inc
3,689
100,803
TransUnion
6,264
15,001
*
TriNet
Group,
Inc
1,209
19,072
*
TrueBlue,
Inc
340
10,054
TTEC
Holdings,
Inc
374
8,983
Unifirst
Corp
1,583
63,645
*
Upwork,
Inc
721
78,645
Verisk
Analytics,
Inc
15,089
63,620
*
Verra
Mobility
Corp
1,076
15,178
*
Viad
Corp
316
5,586
VSE
Corp
251
206,562
Waste
Management,
Inc
33,705
5,398
*
Willdan
Group,
Inc
84
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
281,567
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.8%
18,290
*
1-800-FLOWERS.COM,
Inc
(Class
A)
210
18,402
Aaron's
Co,
Inc
178
23,424
*
Abercrombie
&
Fitch
Co
(Class
A)
650
36,738
Academy
Sports
&
Outdoors,
Inc
2,397
31,209
Advance
Auto
Parts,
Inc
3,795
4,498,049
*
Amazon.com,
Inc
464,603
85,497
American
Eagle
Outfitters,
Inc
1,149
3,312
*
America's
Car-Mart,
Inc
262
65,041
Arko
Corp
552
10,565
*
Asbury
Automotive
Group,
Inc
2,219
17,038
*
Autonation,
Inc
2,289
9,686
*
AutoZone,
Inc
23,810
119,103
Bath
&
Body
Works,
Inc
4,357
103,686
Best
Buy
Co,
Inc
8,116
11,361
e
Big
5
Sporting
Goods
Corp
87
20,052
e
Big
Lots,
Inc
220
15,681
*
Boot
Barn
Holdings,
Inc
1,202
14,004
Buckle,
Inc
500
7,271
Build-A-Bear
Workshop,
Inc
169
33,332
*
Burlington
Stores,
Inc
6,736
20,111
Caleres,
Inc
435
22,123
Camping
World
Holdings,
Inc
462
85,911
*
CarMax,
Inc
5,522
19,398
*
CarParts.com,
Inc
104
12,003
Cato
Corp
(Class
A)
106
66,517
*
Chico's
FAS,
Inc
366
7,673
*
Children's
Place,
Inc
309
6,121
*
Citi
Trends,
Inc
116
13,169
*
Conn's,
Inc
80
11,400
*
Container
Store
Group,
Inc
39
291,707
*,e
ContextLogic,
Inc
130
32,814
Designer
Brands,
Inc
287
30,615
*
Destination
XL
Group,
Inc
169
28,635
Dick's
Sporting
Goods,
Inc
4,063
1,003
e
Dillard's,
Inc
(Class
A)
309
128,912
*
DoorDash,
Inc
8,194
7,236
*
Duluth
Holdings,
Inc
46
273,278
eBay,
Inc
12,125
66,094
*
Etsy,
Inc
7,358
34,837
*,e
EVgo,
Inc
271
27,604
*
Five
Below,
Inc
5,686
CREF
Equity
Index
Account
March
31,
2023
223
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
55,907
*
Floor
&
Decor
Holdings,
Inc
$
5,491
33,391
e
Foot
Locker,
Inc
1,325
11,421
e
Franchise
Group,
Inc
311
10,965
*,e
Funko,
Inc
103
138,452
*,e
GameStop
Corp
(Class
A)
3,187
81,317
e
Gap,
Inc
816
7,998
*
Genesco,
Inc
295
67,692
Genuine
Parts
Co
11,326
4,523
Group
1
Automotive,
Inc
1,024
12,244
*,e
Groupon,
Inc
52
29,518
*
GrowGeneration
Corp
101
21,962
e
Guess?,
Inc
427
9,098
Haverty
Furniture
Cos,
Inc
290
9,181
Hibbett
Sports,
Inc
541
515,732
Home
Depot,
Inc
152,203
65,995
Kohl's
Corp
1,554
9,431
*
Lands'
End,
Inc
92
59,869
*
Leslie's,
Inc
659
13,553
Lithia
Motors,
Inc
(Class
A)
3,103
121,330
LKQ
Corp
6,887
306,164
Lowe's
Companies,
Inc
61,224
19,294
*
Lumber
Liquidators,
Inc
73
136,925
Macy's,
Inc
2,395
11,739
*
MarineMax,
Inc
338
18,107
Monro
Muffler,
Inc
895
8,996
Murphy
USA,
Inc
2,321
47,869
*
National
Vision
Holdings,
Inc
902
24,457
e
Nordstrom,
Inc
398
18,624
*
ODP
Corp
838
35,834
*
Ollie's
Bargain
Outlet
Holdings,
Inc
2,076
5,690
*,e
OneWater
Marine,
Inc
159
31,919
*
O'Reilly
Automotive,
Inc
27,099
24,586
*
Overstock.com,
Inc
498
13,329
Penske
Auto
Group,
Inc
1,890
40,988
*
Petco
Health
&
Wellness
Co,
Inc
369
14,105
e
PetMed
Express,
Inc
229
18,519
Pool
Corp
6,342
130,909
*
Qurate
Retail
Group,
Inc
QVC
Group
129
27,217
Rent-A-Center,
Inc
667
19,596
*,e
Revolve
Group,
Inc
515
9,426
*
RH
2,296
169,891
Ross
Stores,
Inc
18,031
66,571
*
Sally
Beauty
Holdings,
Inc
1,037
4,712
Shoe
Carnival,
Inc
121
20,162
Signet
Jewelers
Ltd
1,568
13,058
*
Sleep
Number
Corp
397
11,945
Sonic
Automotive,
Inc
(Class
A)
649
19,952
*
Sportsman's
Warehouse
Holdings,
Inc
169
32,244
*,e
Stitch
Fix
Inc
165
30,109
*,e
ThredUp,
Inc
76
6,790
*
Tilly's,
Inc
52
588,622
TJX
Companies,
Inc
46,124
55,517
Tractor
Supply
Co
13,049
6,470
*
TravelCenters
of
America,
Inc
560
25,507
*
Ulta
Beauty,
Inc
13,918
13,265
*
Urban
Outfitters,
Inc
368
41,105
*
Victoria's
Secret
&
Co
1,404
42,783
*
Warby
Parker,
Inc
453
41,399
*,e
Wayfair,
Inc
1,422
32,140
Williams-Sonoma,
Inc
3,910
1,945
Winmark
Corp
623
CREF
Equity
Index
Account
March
31,
2023
224
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
11,661
*
Zumiez,
Inc
$
215
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
975,429
CONSUMER
DURABLES
&
APPAREL
-
1.3%
15,286
Acushnet
Holdings
Corp
779
48,382
*,e
Allbirds,
Inc
58
35,953
*,e
AMMO,
Inc
71
21,459
*
Beazer
Homes
USA,
Inc
341
35,190
Brunswick
Corp
2,886
63,158
*
Callaway
Golf
Co
1,365
56,416
*
Capri
Holdings
Ltd
2,652
19,479
e
Carter's,
Inc
1,401
5,040
*
Cavco
Industries,
Inc
1,601
13,611
Century
Communities,
Inc
870
14,289
e
Clarus
Corp
135
14,763
Columbia
Sportswear
Co
1,332
31,668
*
Crocs,
Inc
4,004
14,122
*
Deckers
Outdoor
Corp
6,349
159,525
DR
Horton,
Inc
15,584
10,739
*,e
Dream
Finders
Homes,
Inc
142
24,672
Ermenegildo
Zegna
Holditalia
S.p.A
337
18,783
Ethan
Allen
Interiors,
Inc
516
31,215
*
Fossil
Group,
Inc
100
74,771
*
Garmin
Ltd
7,546
24,084
*
G-III
Apparel
Group
Ltd
374
74,136
*
GoPro,
Inc
373
16,535
*
Green
Brick
Partners,
Inc
580
156,073
e
Hanesbrands,
Inc
821
67,084
Hasbro,
Inc
3,602
13,347
*
Helen
of
Troy
Ltd
1,270
2,792
*
Hovnanian
Enterprises,
Inc
189
13,822
Installed
Building
Products,
Inc
1,576
15,263
*,e
iRobot
Corp
666
3,583
Johnson
Outdoors,
Inc
226
36,885
KB
Home
1,482
30,075
Kontoor
Brands,
Inc
1,455
12,660
*
Latham
Group,
Inc
36
25,091
La-Z-Boy,
Inc
730
73,033
Leggett
&
Platt,
Inc
2,328
127,166
Lennar
Corp
(Class
A)
13,366
2,824
Lennar
Corp
(Class
B)
252
12,635
*
LGI
Homes,
Inc
1,441
7,210
e
Lifetime
Brands,
Inc
42
5,568
*
Lovesac
Co
161
55,390
*
Lululemon
Athletica,
Inc
20,172
5,951
*
M/I
Homes,
Inc
375
13,092
*
Malibu
Boats,
Inc
739
8,407
Marine
Products
Corp
111
13,690
*
MasterCraft
Boat
Holdings,
Inc
417
167,123
*
Mattel,
Inc
3,077
23,210
MDC
Holdings,
Inc
902
17,632
Meritage
Homes
Corp
2,059
28,443
*
Mohawk
Industries,
Inc
2,851
11,320
Movado
Group,
Inc
326
207,669
Newell
Brands
Inc
2,583
608,799
Nike,
Inc
(Class
B)
74,663
1,503
*
NVR,
Inc
8,375
8,770
Oxford
Industries,
Inc
926
145,284
*
Peloton
Interactive,
Inc
1,647
5,912
*,e
PLBY
Group,
Inc
12
CREF
Equity
Index
Account
March
31,
2023
225
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
27,935
e
Polaris
Inc
$
3,090
107,132
Pulte
Homes,
Inc
6,244
27,406
*,e
Purple
Innovation,
Inc
72
34,330
PVH
Corp
3,061
19,684
e
Ralph
Lauren
Corp
2,297
3,738
Rocky
Brands,
Inc
86
72,360
*
Skechers
U.S.A.,
Inc
(Class
A)
3,439
28,672
*
Skyline
Champion
Corp
2,157
29,016
Smith
&
Wesson
Brands,
Inc
357
67,337
*
Sonos,
Inc
1,321
44,766
Steven
Madden
Ltd
1,612
3,716
e
Sturm
Ruger
&
Co,
Inc
213
5,163
Superior
Uniform
Group,
Inc
41
129,498
Tapestry,
Inc
5,583
52,524
*
Taylor
Morrison
Home
Corp
2,010
87,531
Tempur
Sealy
International,
Inc
3,457
47,932
Toll
Brothers,
Inc
2,877
18,124
*
TopBuild
Corp
3,772
12,158
*
Traeger,
Inc
50
47,835
*
TRI
Pointe
Homes,
Inc
1,211
28,980
*
Tupperware
Brands
Corp
72
84,878
*
Under
Armour,
Inc
(Class
A)
805
110,542
*
Under
Armour,
Inc
(Class
C)
943
10,905
*
Unifi,
Inc
89
10,485
*
Universal
Electronics,
Inc
106
180,319
VF
Corp
4,131
94,396
*
Vinco
Ventures,
Inc
30
8,898
*
Vista
Outdoor,
Inc
247
34,786
*,e
Vizio
Holding
Corp
319
32,024
*,e
Vuzix
Corp
133
26,040
Whirlpool
Corp
3,438
48,726
Wolverine
World
Wide,
Inc
831
46,993
*
YETI
Holdings,
Inc
1,880
TOTAL
CONSUMER
DURABLES
&
APPAREL
254,248
CONSUMER
SERVICES
-
2.4%
36,774
*
2U,
Inc
252
25,118
*
Accel
Entertainment,
Inc
229
86,801
ADT,
Inc
628
22,794
*
Adtalem
Global
Education,
Inc
880
187,497
*
Airbnb,
Inc
23,325
12,233
*
American
Public
Education,
Inc
66
108,444
ARAMARK
Holdings
Corp
3,882
17,816
*
Bally's
Corp
348
769
*
Biglari
Holdings,
Inc
(B
Shares)
130
15,173
*
BJ's
Restaurants,
Inc
442
44,145
Bloomin'
Brands,
Inc
1,132
8,897
e
Bluegreen
Vacations
Holding
Corp
244
19,528
*
Booking
Holdings,
Inc
51,796
19,931
*
Bowlero
Corp
338
37,718
Boyd
Gaming
Corp
2,418
28,106
*
Bright
Horizons
Family
Solutions
2,164
25,489
*
Brinker
International,
Inc
969
109,557
*
Caesars
Entertainment,
Inc
5,347
468,051
*,e
Carnival
Corp
4,751
11,838
Carriage
Services,
Inc
361
16,727
*
Century
Casinos,
Inc
123
23,639
e
Cheesecake
Factory
829
54,286
*
Chegg,
Inc
885
14,017
*
Chipotle
Mexican
Grill,
Inc
(Class
A)
23,945
19,126
Choice
Hotels
International,
Inc
2,241
CREF
Equity
Index
Account
March
31,
2023
226
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
19,167
Churchill
Downs,
Inc
$
4,927
12,474
*
Chuy's
Holdings,
Inc
447
57,806
*
Coursera,
Inc
666
12,944
e
Cracker
Barrel
Old
Country
Store,
Inc
1,470
62,350
Darden
Restaurants,
Inc
9,674
23,587
*
Dave
&
Buster's
Entertainment,
Inc
868
41,277
*
Denny's
Corp
461
8,713
Dine
Brands
Global
Inc.
589
18,765
Domino's
Pizza,
Inc
6,190
173,206
*
DraftKings,
Inc
3,353
12,069
*
Duolingo,
Inc
1,721
14,501
El
Pollo
Loco
Holdings,
Inc
139
10,835
e
European
Wax
Center,
Inc
206
45,885
*
Everi
Holdings,
Inc
787
75,700
*
Expedia
Group,
Inc
7,345
45,952
*
frontdoor,
Inc
1,281
16,841
*,e
Full
House
Resorts,
Inc
122
7,389
*
Golden
Entertainment,
Inc
321
1,473
Graham
Holdings
Co
878
16,404
*
Grand
Canyon
Education,
Inc
1,868
70,456
H&R
Block,
Inc
2,484
34,161
*
Hilton
Grand
Vacations,
Inc
1,518
135,018
Hilton
Worldwide
Holdings,
Inc
19,020
24,452
*
Hyatt
Hotels
Corp
2,733
11,356
*
Inspired
Entertainment,
Inc
145
54,564
International
Game
Technology
plc
1,462
12,544
Jack
in
the
Box,
Inc
1,099
44,656
e
Krispy
Kreme,
Inc
694
167,139
*
Las
Vegas
Sands
Corp
9,602
62,559
Laureate
Education,
Inc
736
20,784
*
Life
Time
Group
Holdings,
Inc
332
10,890
*,e
Lindblad
Expeditions
Holdings,
Inc
104
133,278
Marriott
International,
Inc
(Class
A)
22,129
18,319
Marriott
Vacations
Worldwide
Corp
2,470
372,183
McDonald's
Corp
104,066
168,630
MGM
Resorts
International
7,491
22,276
*,e
Mister
Car
Wash,
Inc
192
7,140
Monarch
Casino
&
Resort,
Inc
529
3,043
*
NEOGAMES
S.A.
46
8,091
*
Noodles
&
Co
39
204,209
*,e
Norwegian
Cruise
Line
Holdings
Ltd
2,747
29,338
*
OneSpaWorld
Holdings
Ltd
352
18,811
Papa
John's
International,
Inc
1,410
85,767
*
Penn
National
Gaming,
Inc
2,544
46,334
*
Perdoceo
Education
Corp
622
45,756
*
Planet
Fitness,
Inc
3,554
12,559
*
Portillo's,
Inc
268
23,203
*
PowerSchool
Holdings,
Inc
460
6,547
RCI
Hospitality
Holdings,
Inc
512
26,499
Red
Rock
Resorts,
Inc
1,181
47,538
*,e
Rover
Group,
Inc
215
111,477
*
Royal
Caribbean
Cruises
Ltd
7,279
28,549
*
Rush
Street
Interactive,
Inc
89
21,790
Ruth's
Hospitality
Group
Inc
358
186,641
*,e
Sabre
Corp
801
52,481
*
Scientific
Games
Corp
(Class
A)
3,151
22,953
*
SeaWorld
Entertainment,
Inc
1,407
70,217
Service
Corp
International
4,830
20,425
*
Shake
Shack,
Inc
1,133
42,367
*
Six
Flags
Entertainment
Corp
1,132
578,687
Starbucks
Corp
60,259
CREF
Equity
Index
Account
March
31,
2023
227
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
11,328
Strategic
Education,
Inc
$
1,018
13,194
*
Stride,
Inc
518
44,740
*,e
Sweetgreen,
Inc
351
21,327
*,e
Target
Hospitality
Corp
280
35,053
Texas
Roadhouse,
Inc
(Class
A)
3,788
39,819
Travel
&
Leisure
Co
1,561
36,983
*
Udemy,
Inc
327
16,593
*
Universal
Technical
Institute,
Inc
122
57,183
*,e
Vacasa,
Inc
55
20,017
Vail
Resorts,
Inc
4,678
97,887
Wendy's
2,132
16,288
Wingstop,
Inc
2,990
26,120
*,e
WW
International
Inc
108
45,815
Wyndham
Hotels
&
Resorts,
Inc
3,109
52,771
*
Wynn
Resorts
Ltd
5,906
8,699
*
Xponential
Fitness,
Inc
264
140,288
Yum!
Brands,
Inc
18,529
TOTAL
CONSUMER
SERVICES
487,969
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.8%
117,789
Albertsons
Cos,
Inc
2,448
19,849
Andersons,
Inc
820
68,459
*
BJ's
Wholesale
Club
Holdings,
Inc
5,208
18,360
Casey's
General
Stores,
Inc
3,974
14,374
*
Chefs'
Warehouse
Holdings,
Inc
489
224,119
Costco
Wholesale
Corp
111,358
115,572
Dollar
General
Corp
24,323
106,419
*
Dollar
Tree,
Inc
15,276
47,990
*
Grocery
Outlet
Holding
Corp
1,356
21,180
*,e
HF
Foods
Group
Inc
83
7,244
Ingles
Markets,
Inc
(Class
A)
643
338,299
Kroger
Co
16,702
6,410
Natural
Grocers
by
Vitamin
C
75
71,529
*
Performance
Food
Group
Co
4,316
14,866
Pricesmart,
Inc
1,063
53,361
*
Quotient
Technology,
Inc
175
38,176
*,e
Rite
Aid
Corp
86
13,499
Shutterstock,
Inc
980
7,101
SpartanNash
Co
176
46,984
*
Sprouts
Farmers
Market,
Inc
1,646
255,327
SYSCO
Corp
19,719
232,770
Target
Corp
38,554
30,449
*
United
Natural
Foods,
Inc
802
108,028
*
US
Foods
Holding
Corp
3,991
4,843
Village
Super
Market
(Class
A)
111
364,496
Walgreens
Boots
Alliance,
Inc
12,604
719,171
Walmart,
Inc
106,042
8,426
Weis
Markets,
Inc
713
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
373,733
ENERGY
-
4.6%
39,034
*
Alto
Ingredients,
Inc
59
8,490
e
Altus
Midstream
Co
266
18,289
*,e
Amplify
Energy
Corp
126
183,627
Antero
Midstream
Corp
1,926
142,450
*
Antero
Resources
Corp
3,289
164,451
APA
Corp
5,930
7,811
Arch
Resources,
Inc
1,027
80,727
Archrock,
Inc
789
17,877
Ardmore
Shipping
Corp
266
477,668
Baker
Hughes
Co
13,785
CREF
Equity
Index
Account
March
31,
2023
228
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
36,376
Berry
Petroleum
Co
LLC
$
286
37,806
Bonanza
Creek
Energy,
Inc
2,584
160,803
*
Borr
Drilling
Ltd
1,219
4,788
*
Bristow
Group,
Inc
107
410,279
Cabot
Oil
&
Gas
Corp
10,068
29,784
Cactus,
Inc
1,228
30,263
California
Resources
Corp
1,165
21,769
*
Callon
Petroleum
Co
728
5,171
*
Centrus
Energy
Corp
166
110,556
ChampionX
Corp
2,999
125,855
Cheniere
Energy,
Inc
19,835
63,038
e
Chesapeake
Energy
Corp
4,793
976,787
Chevron
Corp
159,373
75,896
*
Clean
Energy
Fuels
Corp
331
87,769
*
CNX
Resources
Corp
1,406
7,387
e
Comstock
Resources
Inc
80
619,531
ConocoPhillips
61,464
16,946
CONSOL
Energy,
Inc
987
10,678
e
Crescent
Energy,
Inc
121
11,149
CVR
Energy,
Inc
365
27,497
Delek
US
Holdings,
Inc
631
20,324
*
Denbury,
Inc
1,781
329,703
Devon
Energy
Corp
16,686
55,111
DHT
Holdings,
Inc
596
51,211
*
Diamond
Offshore
Drilling,
Inc
617
88,232
Diamondback
Energy,
Inc
11,926
9,586
*
DMC
Global,
Inc
211
19,179
Dorian
LPG
Ltd
382
19,159
*
Dril-Quip,
Inc
550
52,968
DT
Midstream,
Inc
2,615
7,121
*,e
Earthstone
Energy,
Inc
93
56,201
*,e
Energy
Fuels,
Inc
314
15,785
Enviva,
Inc
456
295,926
EOG
Resources,
Inc
33,922
190,086
EQT
Corp
6,066
223,182
Equitrans
Midstream
Corp
1,290
9,511
e
Excelerate
Energy,
Inc
211
2,082,821
Exxon
Mobil
Corp
228,402
14,619
e
FLEX
LNG
Ltd
491
39,745
*
Frank's
International
NV
730
70,150
e
Frontline
plc
1,162
106,507
*,e
Gevo,
Inc
164
42,501
*
Golar
LNG
Ltd
918
26,945
*
Green
Plains
Inc
835
6,101
*
Gulfport
Energy
Operating
Corp
488
472,263
Halliburton
Co
14,942
100,808
*
Helix
Energy
Solutions
Group,
Inc
780
52,744
Helmerich
&
Payne,
Inc
1,886
146,598
Hess
Corp
19,401
74,422
HF
Sinclair
Corp
3,600
16,438
International
Seaways,
Inc
685
988,383
Kinder
Morgan,
Inc
17,307
234,852
*
Kosmos
Energy
Ltd
1,747
6,863
*
Laredo
Petroleum,
Inc
312
34,663
Liberty
Oilfield
Services,
Inc
444
85,538
Magnolia
Oil
&
Gas
Corp
1,872
324,498
Marathon
Oil
Corp
7,775
229,327
Marathon
Petroleum
Corp
30,920
61,756
Matador
Resources
Co
2,943
75,569
Murphy
Oil
Corp
2,794
4,194
*
Nabors
Industries
Ltd
511
CREF
Equity
Index
Account
March
31,
2023
229
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
16,237
*
National
Energy
Services
Reunited
Corp
$
85
24,850
e
New
Fortress
Energy,
Inc
731
63,344
*
Newpark
Resources,
Inc
244
76,759
*
NexTier
Oilfield
Solutions,
Inc
610
42,961
*
Noble
Corp
plc
1,696
68,002
Nordic
American
Tankers
Ltd
269
26,098
e
Northern
Oil
and
Gas,
Inc
792
214,007
NOV,
Inc
3,961
18,920
Oasis
Petroleum,
Inc
2,547
399,052
Occidental
Petroleum
Corp
24,913
54,360
*
Oceaneering
International,
Inc
958
38,178
*
Oil
States
International,
Inc
318
219,998
ONEOK,
Inc
13,979
128,970
Ovintiv,
Inc
4,653
23,180
*
Par
Pacific
Holdings,
Inc
677
101,807
Patterson-UTI
Energy,
Inc
1,191
59,487
PBF
Energy,
Inc
2,579
48,796
PDC
Energy,
Inc
3,132
60,358
*
Peabody
Energy
Corp
1,545
10,090
Penn
Virginia
Corp
412
98,820
Permian
Resources
Corp
1,038
240,559
Phillips
66
24,388
121,464
Pioneer
Natural
Resources
Co
24,808
11,921
*
ProFrac
Holding
Corp
151
48,018
*
ProPetro
Holding
Corp
345
112,319
Range
Resources
Corp
2,973
12,558
*
Rex
American
Resources
Corp
359
4,815
e
Riley
Exploration
Permian,
Inc
183
44,313
*,e
Ring
Energy,
Inc
84
42,512
RPC,
Inc
327
16,291
*
SandRidge
Energy,
Inc
235
724,666
Schlumberger
Ltd
35,581
27,682
Scorpio
Tankers,
Inc
1,559
6,869
Select
Energy
Services,
Inc
48
45,041
SFL
Corp
Ltd
428
6,017
*,e
SilverBow
Resources,
Inc
137
33,204
Sitio
Royalties
Corp
750
63,633
SM
Energy
Co
1,792
6,855
Solaris
Oilfield
Infrastructure,
Inc
59
541,965
*
Southwestern
Energy
Co
2,710
1,770
*
Talos
Energy,
Inc
26
114,858
Targa
Resources
Investments,
Inc
8,379
35,750
*
Teekay
Corp
221
11,719
*
Teekay
Tankers
Ltd
503
700,580
*,e
Tellurian,
Inc
862
66,939
*
Tetra
Technologies,
Inc
177
2,915
Texas
Pacific
Land
Corp
4,958
16,234
*
Tidewater,
Inc
716
282,816
*,e
Uranium
Energy
Corp
814
108,834
*,e
Ur-Energy,
Inc
115
37,988
*
US
Silica
Holdings,
Inc
454
29,976
Vaalco
Energy,
Inc
136
31,352
*
Valaris
Ltd
2,040
196,346
Valero
Energy
Corp
27,410
27,727
*,e
Vertex
Energy,
Inc
274
14,396
*
W&T
Offshore,
Inc
73
36,238
*
Weatherford
International
Ltd
2,151
628,435
Williams
Cos,
Inc
18,765
29,960
World
Fuel
Services
Corp
765
TOTAL
ENERGY
948,310
CREF
Equity
Index
Account
March
31,
2023
230
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
3.0%
46,252
Acadia
Realty
Trust
$
645
36,654
Agree
Realty
Corp
2,515
47,563
Alexander
&
Baldwin,
Inc
899
1,329
e
Alexander's,
Inc
258
83,569
Alexandria
Real
Estate
Equities,
Inc
10,495
28,646
American
Assets
Trust,
Inc
533
68,514
American
Finance
Trust,
Inc
430
152,675
American
Homes
4
Rent
4,802
234,198
American
Tower
Corp
47,856
133,721
Americold
Realty
Trust
3,804
85,829
Apartment
Income
REIT
Corp
3,074
11,738
Apartment
Investment
and
Management
Co
90
75,577
Apple
Hospitality
REIT,
Inc
1,173
31,681
Armada
Hoffler
Properties,
Inc
374
5,980
*
Ashford
Hospitality
Trust,
Inc
19
72,533
AvalonBay
Communities,
Inc
12,190
1,837
*
Bluerock
Homes
Trust,
Inc
36
81,787
Boston
Properties,
Inc
4,426
35,081
BraeMar
Hotels
&
Resorts,
Inc
135
92,621
Brandywine
Realty
Trust
438
162,598
Brixmor
Property
Group,
Inc
3,499
77,650
Broadstone
Net
Lease,
Inc
1,321
6,068
Brt
Realty
Trust
120
52,715
Camden
Property
Trust
5,527
50,740
CareTrust
REIT,
Inc
993
13,650
CBL
&
Associates
Properties,
Inc
350
9,060
Centerspace
495
28,285
Chatham
Lodging
Trust
297
21,833
City
Office
REIT,
Inc
151
10,462
Clipper
Realty,
Inc
60
9,586
Community
Healthcare
Trust,
Inc
351
61,652
Corporate
Office
Properties
Trust
1,462
84,914
Cousins
Properties,
Inc
1,815
218,330
Crown
Castle
International
Corp
29,221
11,994
e
CTO
Realty
Growth,
Inc
207
110,271
CubeSmart
5,097
114,160
DiamondRock
Hospitality
Co
928
146,213
Digital
Realty
Trust,
Inc
14,374
136,618
Diversified
Healthcare
Trust
184
91,371
Douglas
Emmett,
Inc
1,127
46,730
e
Easterly
Government
Properties,
Inc
642
21,698
EastGroup
Properties,
Inc
3,587
82,308
e
Empire
State
Realty
Trust,
Inc
534
24,958
EPR
Properties
951
46,900
Equinix,
Inc
33,817
43,426
Equity
Commonwealth
899
91,603
Equity
Lifestyle
Properties,
Inc
6,149
191,041
Equity
Residential
11,462
63,885
Essential
Properties
Realty
Trust,
Inc
1,588
34,070
Essex
Property
Trust,
Inc
7,125
69,414
Extra
Space
Storage,
Inc
11,310
19,962
e
Farmland
Partners,
Inc
214
39,750
Federal
Realty
Investment
Trust
3,928
67,202
First
Industrial
Realty
Trust,
Inc
3,575
41,086
Four
Corners
Property
Trust,
Inc
1,104
72,511
Franklin
Street
Properties
Corp
114
119,848
Gaming
and
Leisure
Properties,
Inc
6,239
18,198
Getty
Realty
Corp
656
17,811
e
Gladstone
Commercial
Corp
225
11,325
Gladstone
Land
Corp
189
CREF
Equity
Index
Account
March
31,
2023
231
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
30,930
Global
Medical
REIT,
Inc
$
282
44,961
e
Global
Net
Lease,
Inc
578
202,313
Healthcare
Realty
Trust,
Inc
3,911
279,927
Healthpeak
Properties
Inc
6,150
27,708
Hersha
Hospitality
Trust
186
46,362
Highwoods
Properties,
Inc
1,075
366,232
Host
Hotels
and
Resorts,
Inc
6,039
80,595
Hudson
Pacific
Properties
536
115,925
Independence
Realty
Trust,
Inc
1,858
2,737
e
Indus
Realty
Trust,
Inc
181
34,891
Industrial
Logistics
Properties
Trust
107
12,344
Innovative
Industrial
Properties,
Inc
938
34,736
e
InvenTrust
Properties
Corp
813
307,088
Invitation
Homes,
Inc
9,590
146,394
Iron
Mountain,
Inc
7,746
16,656
e
iStar,
Inc
489
64,898
JBG
SMITH
Properties
977
63,758
Kilroy
Realty
Corp
2,066
300,353
Kimco
Realty
Corp
5,866
118,460
Kite
Realty
Group
Trust
2,478
44,100
Lamar
Advertising
Co
4,405
144,484
Lexington
Realty
Trust
1,490
42,193
Life
Storage,
Inc
5,531
19,960
LTC
Properties,
Inc
701
107,859
Macerich
Co
1,143
47,939
*
Mack-Cali
Realty
Corp
702
283,531
e
Medical
Properties
Trust,
Inc
2,331
61,102
Mid-America
Apartment
Communities,
Inc
9,229
22,628
National
Health
Investors,
Inc
1,167
80,612
National
Retail
Properties,
Inc
3,559
38,309
National
Storage
Affiliates
Trust
1,601
21,654
NETSTREIT
Corp
396
12,730
NexPoint
Residential
Trust,
Inc
556
23,677
Office
Properties
Income
Trust
291
108,572
e
Omega
Healthcare
Investors,
Inc
2,976
9,166
One
Liberty
Properties,
Inc
210
29,999
e
Orion
Office
REIT,
Inc
201
76,197
Outfront
Media,
Inc
1,237
101,864
Paramount
Group,
Inc
465
132,332
Park
Hotels
&
Resorts,
Inc
1,636
71,223
e
Pebblebrook
Hotel
Trust
1,000
59,852
Phillips
Edison
&
Co,
Inc
1,952
107,460
Physicians
Realty
Trust
1,604
36,714
Piedmont
Office
Realty
Trust,
Inc
268
13,733
Plymouth
Industrial
REIT,
Inc
289
9,072
e
Postal
Realty
Trust,
Inc
138
40,727
PotlatchDeltic
Corp
2,016
465,560
Prologis,
Inc
58,088
79,744
Public
Storage,
Inc
24,094
75,814
Rayonier,
Inc
2,522
317,167
Realty
Income
Corp
20,083
92,769
Regency
Centers
Corp
5,676
63,462
Retail
Opportunities
Investment
Corp
886
98,830
Rexford
Industrial
Realty,
Inc
5,895
92,471
RLJ
Lodging
Trust
980
57,913
RPT
Realty
551
22,758
Ryman
Hospitality
Properties
2,042
116,469
Sabra
Healthcare
REIT,
Inc
1,339
6,451
Saul
Centers,
Inc
252
52,759
SBA
Communications
Corp
13,774
93,168
Service
Properties
Trust
928
CREF
Equity
Index
Account
March
31,
2023
232
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
164,473
Simon
Property
Group,
Inc
$
18,416
103,764
SITE
Centers
Corp
1,274
38,202
e
SL
Green
Realty
Corp
899
62,949
Spirit
Realty
Capital,
Inc
2,508
84,224
STAG
Industrial,
Inc
2,848
5,909
*
Star
Holdings
103
73,018
Summit
Hotel
Properties,
Inc
511
60,721
Sun
Communities,
Inc
8,554
117,301
Sunstone
Hotel
Investors,
Inc
1,159
54,135
Tanger
Factory
Outlet
Centers,
Inc
1,063
35,329
Terreno
Realty
Corp
2,282
162,250
UDR,
Inc
6,662
20,169
UMH
Properties,
Inc
298
121,658
Uniti
Group,
Inc
432
2,401
e
Universal
Health
Realty
Income
Trust
116
70,770
e
Urban
Edge
Properties
1,066
20,808
Urstadt
Biddle
Properties,
Inc
(Class
A)
366
205,950
Ventas,
Inc
8,928
506,910
VICI
Properties,
Inc
16,535
96,380
e
Vornado
Realty
Trust
1,481
46,196
Washington
REIT
825
234,476
d
Welltower,
Inc
16,810
368,298
Weyerhaeuser
Co
11,097
25,132
Whitestone
REIT
231
105,687
WP
Carey,
Inc
8,185
62,184
Xenia
Hotels
&
Resorts,
Inc
814
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
605,612
FINANCIAL
SERVICES
-
7.6%
8,101
AFC
Gamma,
Inc
98
17,614
Affiliated
Managers
Group,
Inc
2,509
110,488
*,e
Affirm
Holdings,
Inc
1,245
247,438
e
AGNC
Investment
Corp
2,494
8,948
Alerus
Financial
Corp
144
148,401
Ally
Financial,
Inc
3,783
9,522
A-Mark
Precious
Metals,
Inc
330
304,049
American
Express
Co
50,153
52,818
Ameriprise
Financial,
Inc
16,189
239,553
Annaly
Capital
Management,
Inc
4,578
68,911
e
Apollo
Commercial
Real
Estate
Finance,
Inc
641
239,600
Apollo
Global
Management,
Inc
15,133
61,262
e
Arbor
Realty
Trust,
Inc
704
22,112
e
Ares
Commercial
Real
Estate
Corp
201
78,238
Ares
Management
Corp
6,528
26,163
e
ARMOUR
Residential
REIT,
Inc
137
32,135
Artisan
Partners
Asset
Management,
Inc
1,028
8,796
*
Assetmark
Financial
Holdings,
Inc
277
4,316
Associated
Capital
Group,
Inc
159
75,147
*
AvidXchange
Holdings,
Inc
586
10,240
e
B.
Riley
Financial,
Inc
291
21,466
Banco
Latinoamericano
de
Exportaciones
S.A.
(Class
E)
373
366,494
Bank
of
New
York
Mellon
Corp
16,653
913,009
*
Berkshire
Hathaway,
Inc
(Class
B)
281,910
166,153
BGC
Partners,
Inc
(Class
A)
869
75,060
BlackRock,
Inc
50,224
87,301
e
Blackstone
Mortgage
Trust,
Inc
1,558
353,948
Blackstone,
Inc
31,091
267,045
*
Block,
Inc
18,333
30,473
*,e
Blucora,
Inc
802
207,831
e
Blue
Owl
Capital,
Inc
2,303
CREF
Equity
Index
Account
March
31,
2023
233
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
23,450
Brightsphere
Investment
Group,
Inc
$
553
46,061
BrightSpire
Capital,
Inc
272
37,551
Broadmark
Realty
Capital,
Inc
176
48,331
*
Cannae
Holdings,
Inc
975
31,787
*
Cantaloupe,
Inc
181
192,677
Capital
One
Financial
Corp
18,528
106,775
Carlyle
Group,
Inc
3,316
10,596
Cass
Information
Systems,
Inc
459
53,974
CBOE
Global
Markets,
Inc
7,245
767,351
Charles
Schwab
Corp
40,194
121,929
e
Chimera
Investment
Corp
688
47,158
e
Claros
Mortgage
Trust,
Inc
549
182,255
CME
Group,
Inc
34,905
15,440
Cohen
&
Steers,
Inc
987
79,947
*,e
Coinbase
Global,
Inc
5,402
31,056
e
Compass
Diversified
Trust
592
3,577
*,e
Credit
Acceptance
Corp
1,560
7,834
e
Curo
Group
Holdings
Corp
13
2,179
Diamond
Hill
Investment
Group,
Inc
359
134,659
Discover
Financial
Services
13,310
19,156
*
Donnelley
Financial
Solutions,
Inc
783
11,107
e
Dynex
Capital,
Inc
135
17,423
e
Ellington
Financial
Inc
213
10,179
*
Encore
Capital
Group,
Inc
513
14,291
*
Enova
International,
Inc
635
175,999
Equitable
Holdings,
Inc
4,469
42,181
Essent
Group
Ltd
1,689
22,022
*
Euronet
Worldwide,
Inc
2,464
18,622
Evercore
Inc
2,149
31,074
EVERTEC,
Inc
1,049
38,445
*
Ezcorp,
Inc
(Class
A)
331
19,752
Factset
Research
Systems,
Inc
8,199
1,343
Federal
Agricultural
Mortgage
Corp
(FAMC)
179
51,663
Federated
Investors,
Inc
(Class
B)
2,074
304,033
Fidelity
National
Information
Services,
Inc
16,518
17,545
FirstCash
Holdings,
Inc
1,673
293,782
*
Fiserv,
Inc
33,206
36,005
*
FleetCor
Technologies,
Inc
7,592
33,603
*
Flywire
Corp
986
32,102
*
Focus
Financial
Partners,
Inc
1,665
23,368
e
Franklin
BSP
Realty
Trust,
Inc
279
145,793
Franklin
Resources,
Inc
3,928
23,172
e
GCM
Grosvenor,
Inc
181
135,154
Global
Payments,
Inc
14,224
166,292
Goldman
Sachs
Group,
Inc
54,396
31,227
Granite
Point
Mortgage
Trust,
Inc
155
33,057
*
Green
Dot
Corp
568
18,233
Hamilton
Lane,
Inc
1,349
41,845
e
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc
1,197
25,893
Houlihan
Lokey,
Inc
2,265
9,245
*
I3
Verticals,
Inc
227
44,099
Interactive
Brokers
Group,
Inc
(Class
A)
3,641
275,961
Intercontinental
Exchange
Group,
Inc
28,780
13,645
*
International
Money
Express
Inc
352
183,237
Invesco
Ltd
3,005
10,073
e
Invesco
Mortgage
Capital,
Inc
112
37,546
Jack
Henry
&
Associates,
Inc
5,659
38,721
Jackson
Financial,
Inc
1,448
84,445
Janus
Henderson
Group
plc
2,250
110,637
Jefferies
Financial
Group,
Inc
3,512
289,960
KKR
&
Co,
Inc
15,229
CREF
Equity
Index
Account
March
31,
2023
234
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
17,625
e
KKR
Real
Estate
Finance
Trust,
Inc
$
201
49,932
Ladder
Capital
Corp
472
38,647
Lazard
Ltd
(Class
A)
1,280
42,896
*
LendingClub
Corp
309
6,343
*
LendingTree,
Inc
169
40,959
LPL
Financial
Holdings,
Inc
8,290
18,723
MarketAxess
Holdings,
Inc
7,326
222,577
*
Marqeta,
Inc
1,017
430,788
Mastercard,
Inc
(Class
A)
156,553
8,062
Merchants
Bancorp
210
46,018
MFA
Financial,
Inc
456
136,986
MGIC
Investment
Corp
1,838
33,380
Moelis
&
Co
1,283
35,218
*
MoneyGram
International,
Inc
367
74,135
*,e
Moneylion,
Inc
42
79,628
Moody's
Corp
24,368
622,160
Morgan
Stanley
54,626
12,847
Morningstar,
Inc
2,608
37,224
*
Mr
Cooper
Group,
Inc
1,525
38,535
MSCI,
Inc
(Class
A)
21,568
173,507
Nasdaq
Inc
9,486
35,663
Navient
Corp
570
3,424
Nelnet,
Inc
(Class
A)
315
13,129
*,e
NerdWallet,
Inc
212
185,902
New
Residential
Investment
Corp
1,487
18,284
New
York
Mortgage
Trust,
Inc
182
38,864
*
NMI
Holdings,
Inc
868
108,636
Northern
Trust
Corp
9,574
52,599
OneMain
Holdings,
Inc
1,950
56,898
*
Open
Lending
Corp
400
7,363
Oppenheimer
Holdings,
Inc
288
4,738
e
Orchid
Island
Capital,
Inc
51
110,964
*
Payoneer
Global,
Inc
697
578,999
*
PayPal
Holdings,
Inc
43,969
9,684
PennyMac
Financial
Services,
Inc
577
47,765
PennyMac
Mortgage
Investment
Trust
589
23,862
Perella
Weinberg
Partners
217
10,272
Piper
Jaffray
Cos
1,424
13,025
PJT
Partners,
Inc
940
24,781
*
PRA
Group,
Inc
965
36,804
*
PROG
Holdings,
Inc
875
73,149
Radian
Group,
Inc
1,617
95,906
Raymond
James
Financial,
Inc
8,945
22,908
e
Ready
Capital
Corp
233
49,700
e
Redwood
Trust,
Inc
335
8,577
Regional
Management
Corp
224
43,126
*
Remitly
Global,
Inc
731
42,004
*
Repay
Holdings
Corp
276
286,577
*
Robinhood
Markets,
Inc
2,783
74,318
*,e
Rocket
Cos,
Inc
673
163,775
S&P
Global,
Inc
56,465
10,879
Sculptor
Capital
Management,
Inc
94
50,003
SEI
Investments
Co
2,878
23,585
*,e
Shift4
Payments,
Inc
1,788
126,744
SLM
Corp
1,570
410,032
*,e
SoFi
Technologies,
Inc
2,489
137,605
e
Starwood
Property
Trust,
Inc
2,434
176,357
State
Street
Corp
13,348
20,369
StepStone
Group,
Inc
494
56,036
Stifel
Financial
Corp
3,311
120,616
*
StoneCo
Ltd
1,151
CREF
Equity
Index
Account
March
31,
2023
235
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
11,369
*
StoneX
Group,
Inc
$
1,177
223,832
Synchrony
Financial
6,509
112,790
T
Rowe
Price
Group,
Inc
12,734
34,383
TFS
Financial
Corp
434
116,597
*
Toast,
Inc
2,070
32,761
TPG
RE
Finance
Trust,
Inc
238
52,338
Tradeweb
Markets,
Inc
4,136
37,367
e
Two
Harbors
Investment
Corp
550
37,848
*,e
Upstart
Holdings,
Inc
601
23,393
e
UWM
Holdings
Corp
115
8,459
Victory
Capital
Holdings,
Inc
248
51,259
Virtu
Financial,
Inc
969
2,751
Virtus
Investment
Partners,
Inc
524
822,631
Visa,
Inc
(Class
A)
185,470
13,021
Vitesse
Energy,
Inc
248
48,558
Voya
Financial,
Inc
3,470
12,277
Walker
&
Dunlop,
Inc
935
19,189
Waterstone
Financial,
Inc
290
198,450
Western
Union
Co
2,213
20,819
*
WEX,
Inc
3,828
84,317
e
WisdomTree
Investments,
Inc
494
2,399
*,e
World
Acceptance
Corp
200
TOTAL
FINANCIAL
SERVICES
1,560,303
FOOD,
BEVERAGE
&
TOBACCO
-
3.3%
82,392
*,e
22nd
Century
Group,
Inc
63
3,213
e
Alico,
Inc
78
903,639
Altria
Group,
Inc
40,320
272,729
Archer-Daniels-Midland
Co
21,726
34,958
B&G
Foods,
Inc
(Class
A)
543
87,744
*,e
Benson
Hill,
Inc
101
31,483
*,e
Beyond
Meat,
Inc
511
5,121
*
Boston
Beer
Co,
Inc
(Class
A)
1,683
13,162
*,e
BRC,
Inc
68
25,010
Brown-Forman
Corp
(Class
A)
1,630
91,961
Brown-Forman
Corp
(Class
B)
5,910
70,268
Bunge
Ltd
6,712
11,455
Calavo
Growers,
Inc
330
22,629
Cal-Maine
Foods,
Inc
1,378
94,499
Campbell
Soup
Co
5,196
29,057
*
Celsius
Holdings,
Inc
2,701
1,966,307
Coca-Cola
Co
121,970
2,566
Coca-Cola
Consolidated
Inc
1,373
238,268
ConAgra
Brands,
Inc
8,949
77,123
Constellation
Brands,
Inc
(Class
A)
17,421
81,644
*
Darling
International,
Inc
4,768
11,007
*
Duckhorn
Portfolio,
Inc
175
85,884
Flowers
Foods,
Inc
2,354
20,613
Fresh
Del
Monte
Produce,
Inc
621
23,047
*
Freshpet,
Inc
1,526
302,674
General
Mills,
Inc
25,867
46,022
*
Hain
Celestial
Group,
Inc
789
73,926
Hershey
Co
18,808
143,109
Hormel
Foods
Corp
5,707
71,472
*
Hostess
Brands,
Inc
1,778
32,682
Ingredion,
Inc
3,325
8,046
J&J
Snack
Foods
Corp
1,193
51,061
J.M.
Smucker
Co
8,035
5,780
John
B.
Sanfilippo
&
Son,
Inc
560
121,480
Kellogg
Co
8,134
426,401
Keurig
Dr
Pepper,
Inc
15,043
CREF
Equity
Index
Account
March
31,
2023
236
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
360,590
Kraft
Heinz
Co
$
13,944
72,659
Lamb
Weston
Holdings,
Inc
7,594
10,268
Lancaster
Colony
Corp
2,083
123,083
McCormick
&
Co,
Inc
10,242
9,193
MGP
Ingredients,
Inc
889
20,226
*
Mission
Produce,
Inc
225
90,373
Molson
Coors
Brewing
Co
(Class
B)
4,670
690,126
Mondelez
International,
Inc
48,116
367,708
*
Monster
Beverage
Corp
19,860
12,819
*
National
Beverage
Corp
676
699,613
PepsiCo,
Inc
127,539
786,114
Philip
Morris
International,
Inc
76,450
24,393
*
Pilgrim's
Pride
Corp
565
27,833
*
Post
Holdings,
Inc
2,501
92,946
Primo
Water
Corp
1,427
131
Seaboard
Corp
494
5,451
*
Seneca
Foods
Corp
285
46,457
*
Simply
Good
Foods
Co
1,848
14,597
*
Sovos
Brands,
Inc
244
50,062
*
SunOpta,
Inc
386
25,510
*,e
Tattooed
Chef,
Inc
36
12,722
Tootsie
Roll
Industries,
Inc
571
29,630
*
TreeHouse
Foods,
Inc
1,494
4,760
Turning
Point
Brands,
Inc
100
140,077
Tyson
Foods,
Inc
(Class
A)
8,309
12,311
Universal
Corp
651
32,173
Utz
Brands,
Inc
530
78,380
Vector
Group
Ltd
941
16,593
*,e
Vintage
Wine
Estates,
Inc
18
14,289
*,e
Vita
Coco
Co,
Inc
280
13,394
*
Vital
Farms,
Inc
205
20,392
*,e
Whole
Earth
Brands,
Inc
52
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
670,571
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5.8%
867,367
Abbott
Laboratories
87,830
48,576
*
Acadia
Healthcare
Co,
Inc
3,510
27,471
*
Accolade,
Inc
395
42,027
*
AdaptHealth
Corp
522
8,397
*
Addus
HomeCare
Corp
897
12,333
*,e
Agiliti,
Inc
197
89,660
*,e
agilon
health,
Inc
2,129
39,702
*
Align
Technology,
Inc
13,266
14,356
*
Alignment
Healthcare,
Inc
91
51,829
*
Allscripts
Healthcare
Solutions,
Inc
676
31,277
*
Alphatec
Holdings
Inc
488
17,538
*
Amedisys,
Inc
1,290
106,234
*
American
Well
Corp
251
82,431
AmerisourceBergen
Corp
13,198
25,726
*
AMN
Healthcare
Services,
Inc
2,134
26,107
*
Angiodynamics,
Inc
270
16,786
*,e
Apollo
Medical
Holdings,
Inc
612
22,609
*
AtriCure,
Inc
937
1,019
Atrion
Corp
640
26,266
*
Avanos
Medical,
Inc
781
21,058
*,e
Aveanna
Healthcare
Holdings,
Inc
22
18,090
*
AxoGen,
Inc
171
22,714
*
Axonics
Modulation
Technologies,
Inc
1,239
263,385
Baxter
International,
Inc
10,683
141,575
Becton
Dickinson
&
Co
35,046
13,317
*,e
BioLife
Solutions
Inc
290
CREF
Equity
Index
Account
March
31,
2023
237
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
720,116
*
Boston
Scientific
Corp
$
36,027
100,981
*
Brookdale
Senior
Living,
Inc
298
98,379
*,e
Butterfly
Network,
Inc
185
126,195
Cardinal
Health,
Inc
9,528
23,626
*
Cardiovascular
Systems,
Inc
469
30,584
*,e
CareMax,
Inc
82
11,625
*
Castle
Biosciences,
Inc
264
277,027
*
Centene
Corp
17,511
71,201
*
Certara,
Inc
1,717
71,510
*
Cerus
Corp
212
7,521
Chemed
Corp
4,044
148,276
Cigna
Corp
37,889
195,629
*,e
Clover
Health
Investments
Corp
165
67,798
*
Community
Health
Systems,
Inc
332
8,700
*
Computer
Programs
&
Systems,
Inc
263
15,846
e
Conmed
Corp
1,646
24,480
Cooper
Cos,
Inc
9,140
4,814
*
Corvel
Corp
916
25,224
*
Cross
Country
Healthcare,
Inc
563
23,064
*
CryoLife,
Inc
302
55,246
*,e
Cue
Health,
Inc
101
10,004
*,e
Cutera,
Inc
236
649,607
CVS
Health
Corp
48,272
24,791
*
DaVita,
Inc
2,011
10,656
*
Definitive
Healthcare
Corp
110
106,534
Dentsply
Sirona,
Inc
4,185
196,396
*
Dexcom,
Inc
22,817
41,284
*
DocGo,
Inc
357
49,456
*,e
Doximity,
Inc
1,601
315,810
*
Edwards
Lifesciences
Corp
26,127
121,954
Elevance
Health,
Inc
56,076
30,207
Embecta
Corp
849
54,203
Encompass
Health
Corp
2,932
27,101
*
Enhabit,
Inc
377
21,428
*
Enovis
Corp
1,146
28,674
Ensign
Group,
Inc
2,740
79,184
*
Envista
Holdings
Corp
3,237
45,708
*
Evolent
Health,
Inc
1,483
65,385
*
Figs,
Inc
405
11,072
*,e
Fulgent
Genetics,
Inc
346
186,674
*
GE
HealthCare
Technologies,
Inc
15,313
24,523
*
Glaukos
Corp
1,229
36,060
*
Globus
Medical,
Inc
2,042
49,332
*
Guardant
Health,
Inc
1,156
19,668
*
Haemonetics
Corp
1,628
109,687
HCA
Healthcare,
Inc
28,922
24,393
*
Health
Catalyst,
Inc
285
42,554
*
HealthEquity,
Inc
2,498
18,780
*
HealthStream,
Inc
509
70,773
*
Henry
Schein,
Inc
5,771
4,605
*
Heska
Corp
450
62,220
*
Hims
&
Hers
Health,
Inc
617
119,793
*
Hologic,
Inc
9,667
63,960
Humana,
Inc
31,050
10,885
*
ICU
Medical,
Inc
1,796
40,842
*
IDEXX
Laboratories,
Inc
20,424
24,734
*
Inari
Medical,
Inc
1,527
10,000
*
Innovage
Holding
Corp
80
12,244
*
Inogen,
Inc
153
13,280
*
Inspire
Medical
Systems,
Inc
3,108
34,390
*
Insulet
Corp
10,969
CREF
Equity
Index
Account
March
31,
2023
238
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
17,928
*
Integer
Holding
Corp
$
1,389
39,699
*
Integra
LifeSciences
Holdings
Corp
2,279
178,491
*
Intuitive
Surgical,
Inc
45,599
3,653
iRadimed
Corp
144
16,105
*
iRhythm
Technologies,
Inc
1,998
7,427
*
Joint
Corp
125
45,181
Laboratory
Corp
of
America
Holdings
10,365
34,223
*
Lantheus
Holdings,
Inc
2,825
9,523
LeMaitre
Vascular,
Inc
490
25,006
*,e
LifeStance
Health
Group,
Inc
186
26,810
*
LivaNova
plc
1,168
24,240
*
Masimo
Corp
4,473
69,321
McKesson
Corp
24,682
43,753
*
MEDNAX,
Inc
652
677,674
Medtronic
plc
54,634
28,011
*
Merit
Medical
Systems,
Inc
2,071
2,255
Mesa
Laboratories,
Inc
394
6,780
*
ModivCare,
Inc
570
30,182
*
Molina
Healthcare,
Inc
8,073
193,725
*,e
Multiplan
Corp
205
21,550
*,e
Nano-X
Imaging
Ltd
124
2,600
National
Healthcare
Corp
151
5,598
National
Research
Corp
244
110,527
*
Neogen
Corp
2,047
19,942
*
Nevro
Corp
721
37,773
*
NextGen
Healthcare,
Inc
658
56,233
*
Novocure
Ltd
3,382
477,441
*,e
Nutex
Health,
Inc
482
28,270
*
NuVasive,
Inc
1,168
56,949
*
Oak
Street
Health,
Inc
2,203
23,061
*
Omnicell,
Inc
1,353
238,337
*,e
Opko
Health,
Inc
348
8,440
*
OptimizeRx
Corp
124
80,646
*
Option
Care
Health,
Inc
2,562
40,487
*
OraSure
Technologies,
Inc
245
18,671
*
Orthofix
Medical
Inc
313
5,177
*
OrthoPediatrics
Corp
229
24,964
*
Outset
Medical,
Inc
459
31,294
*
Owens
&
Minor,
Inc
455
23,637
*
Paragon
28,
Inc
404
44,685
Patterson
Cos,
Inc
1,196
17,723
*
Pennant
Group,
Inc
253
17,918
*
Penumbra,
Inc
4,994
14,406
*
PetIQ,
Inc
165
20,801
*
Phreesia,
Inc
672
56,653
Premier,
Inc
1,834
32,525
*
Privia
Health
Group,
Inc
898
13,124
*,e
PROCEPT
BioRobotics
Corp
373
34,423
*
Progyny,
Inc
1,106
72,154
*
Project
Roadrunner
Parent,
Inc
1,082
13,858
*
Pulmonx
Corp
155
54,552
Quest
Diagnostics,
Inc
7,718
26,154
*
QuidelOrtho
Corp
2,330
25,914
*
RadNet,
Inc
649
70,741
Resmed,
Inc
15,492
10,559
*,e
RxSight,
Inc
176
24,729
*
Schrodinger,
Inc
651
60,301
Select
Medical
Holdings
Corp
1,559
81,063
*,e
Sema4
Holdings
Corp
30
226,696
*,e
Senseonics
Holdings,
Inc
161
150,613
*,e
Sharecare,
Inc
214
CREF
Equity
Index
Account
March
31,
2023
239
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
18,412
*
Shockwave
Medical
Inc
$
3,992
17,531
*
SI-BONE,
Inc
345
18,916
*
Silk
Road
Medical
Inc
740
7,680
Simulations
Plus,
Inc
337
26,141
*
Staar
Surgical
Co
1,672
51,240
STERIS
plc
9,801
175,956
Stryker
Corp
50,230
17,295
*
Surgery
Partners,
Inc
596
10,275
*,e
SurModics,
Inc
234
10,460
*
Tactile
Systems
Technology,
Inc
172
35,006
*
Tandem
Diabetes
Care,
Inc
1,422
80,556
*
Teladoc,
Inc
2,086
23,691
Teleflex,
Inc
6,001
53,386
*
Tenet
Healthcare
Corp
3,172
11,786
*
Transmedics
Group,
Inc
893
5,968
*
Treace
Medical
Concepts,
Inc
150
4,630
*
UFP
Technologies,
Inc
601
473,360
UnitedHealth
Group,
Inc
223,705
33,482
Universal
Health
Services,
Inc
(Class
B)
4,256
6,975
US
Physical
Therapy,
Inc
683
2,349
Utah
Medical
Products,
Inc
223
27,229
*
Varex
Imaging
Corp
495
71,525
*
Veeva
Systems,
Inc
13,146
88,085
*,e
VG
Acquisition
Corp
201
27,942
*
Vicarious
Surgical,
Inc
63
74,317
*
ViewRay,
Inc
257
105,464
Zimmer
Biomet
Holdings,
Inc
13,626
10,840
*
Zynex
Inc
130
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,174,651
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.5%
46,991
*,e
Beauty
Health
Co
593
66,090
*
BellRing
Brands,
Inc
2,247
7,431
*
Central
Garden
&
Pet
Co
305
22,079
*
Central
Garden
and
Pet
Co
(Class
A)
863
125,208
Church
&
Dwight
Co,
Inc
11,070
61,531
Clorox
Co
9,737
419,527
Colgate-Palmolive
Co
31,527
159,439
*
Coty,
Inc
1,923
29,639
Edgewell
Personal
Care
Co
1,257
24,917
*
elf
Beauty,
Inc
2,052
34,187
Energizer
Holdings,
Inc
1,186
116,171
Estee
Lauder
Cos
(Class
A)
28,632
58,982
*
Herbalife
Nutrition
Ltd
950
13,542
*
Honest
Co,
Inc
24
12,258
Inter
Parfums,
Inc
1,744
167,466
Kimberly-Clark
Corp
22,477
6,191
Medifast,
Inc
642
5,868
*
Nature's
Sunshine
Products,
Inc
60
27,121
Nu
Skin
Enterprises,
Inc
(Class
A)
1,066
43,357
*
Olaplex
Holdings,
Inc
185
1,194,586
Procter
&
Gamble
Co
177,623
28,002
Reynolds
Consumer
Products,
Inc
770
21,541
Spectrum
Brands
Holdings,
Inc
1,426
8,349
*
USANA
Health
Sciences,
Inc
525
30,185
*,e
Veru,
Inc
35
7,178
e
WD-40
Co
1,278
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
300,197
INSURANCE
-
2.2%
312,941
Aflac,
Inc
20,191
CREF
Equity
Index
Account
March
31,
2023
240
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
135,512
Allstate
Corp
$
15,016
32,424
*
AMBAC
Financial
Group,
Inc
502
30,850
American
Equity
Investment
Life
Holding
Co
1,126
34,605
American
Financial
Group,
Inc
4,205
377,308
American
International
Group,
Inc
19,001
13,468
Amerisafe,
Inc
659
102,768
Aon
plc
32,402
184,638
*
Arch
Capital
Group
Ltd
12,531
17,301
Argo
Group
International
Holdings
Ltd
507
105,001
Arthur
J.
Gallagher
&
Co
20,088
27,795
Assurant,
Inc
3,337
36,683
Assured
Guaranty
Ltd
1,844
40,126
Axis
Capital
Holdings
Ltd
2,188
25,977
*
Brighthouse
Financial,
Inc
1,146
117,798
Brown
&
Brown,
Inc
6,764
25,189
*
BRP
Group,
Inc
641
209,126
Chubb
Ltd
40,608
74,945
Cincinnati
Financial
Corp
8,400
14,067
CNA
Financial
Corp
549
66,761
Conseco,
Inc
1,481
41,092
Corebridge
Financial,
Inc
658
7,812
e
Donegal
Group,
Inc
(Class
A)
119
15,165
*
eHealth,
Inc
142
6,714
Employers
Holdings,
Inc
280
4,741
*
Enstar
Group
Ltd
1,099
13,782
Erie
Indemnity
Co
(Class
A)
3,193
18,999
Everest
Re
Group
Ltd
6,802
9,274
F&G
Annuities
&
Life,
Inc
168
136,393
Fidelity
National
Financial
Inc
4,764
52,851
First
American
Financial
Corp
2,942
184,221
*
Genworth
Financial,
Inc
(Class
A)
925
41,690
Globe
Life,
Inc
4,587
9,663
*
Goosehead
Insurance,
Inc
504
20,683
*
Greenlight
Capital
Re
Ltd
(Class
A)
194
17,079
Hanover
Insurance
Group,
Inc
2,195
155,341
Hartford
Financial
Services
Group,
Inc
10,826
3,092
e
HCI
Group,
Inc
166
5,219
*,e
Hippo
Holdings,
Inc
85
22,775
Horace
Mann
Educators
Corp
763
1,119
Investors
Title
Co
169
19,526
James
River
Group
Holdings
Ltd
403
33,482
Kemper
Corp
1,830
10,502
Kinsale
Capital
Group,
Inc
3,152
20,988
*,e
Lemonade,
Inc
299
87,713
Lincoln
National
Corp
1,971
102,146
Loews
Corp
5,927
6,672
*
Markel
Corp
8,523
250,488
Marsh
&
McLennan
Cos,
Inc
41,719
26,174
*
MBIA,
Inc
242
12,675
Mercury
General
Corp
402
330,246
Metlife,
Inc
19,135
1,551
National
Western
Life
Group,
Inc
376
7,308
*
NI
Holdings,
Inc
95
135,376
Old
Republic
International
Corp
3,380
60,575
*
Oscar
Health,
Inc
396
13,408
*
Palomar
Holdings,
Inc
740
21,522
Primerica,
Inc
3,707
126,511
Principal
Financial
Group
9,402
37,307
ProAssurance
Corp
689
292,172
Progressive
Corp
41,798
186,200
Prudential
Financial,
Inc
15,406
CREF
Equity
Index
Account
March
31,
2023
241
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
34,463
Reinsurance
Group
of
America,
Inc
(Class
A)
$
4,575
21,969
RenaissanceRe
Holdings
Ltd
4,401
20,019
RLI
Corp
2,661
42,415
*
Ryan
Specialty
Group
Holdings,
Inc
1,707
4,020
Safety
Insurance
Group,
Inc
300
32,431
Selective
Insurance
Group,
Inc
3,092
73,128
*
Selectquote,
Inc
159
8,398
*
SiriusPoint
Ltd
68
15,315
Stewart
Information
Services
Corp
618
22,143
Tiptree
Inc
323
117,953
Travelers
Cos,
Inc
20,218
20,838
*,e
Trupanion,
Inc
894
16,104
United
Fire
Group
Inc
428
22,402
Universal
Insurance
Holdings,
Inc
408
99,041
Unum
Group
3,918
101,609
W.R.
Berkley
Corp
6,326
1,280
White
Mountains
Insurance
Group
Ltd
1,763
53,031
Willis
Towers
Watson
plc
12,323
TOTAL
INSURANCE
457,541
MATERIALS
-
2.9%
16,560
*,e
5E
Advanced
Materials,
Inc
90
14,906
AdvanSix,
Inc
570
112,477
Air
Products
&
Chemicals,
Inc
32,304
59,463
Albemarle
Corp
13,144
99,055
Alcoa
Corp
4,216
58,071
*
Allegheny
Technologies,
Inc
2,291
5,106
Alpha
Metallurgical
Resources,
Inc
797
726,379
Amcor
plc
8,266
20,501
American
Vanguard
Corp
449
30,628
Aptargroup,
Inc
3,620
57,334
*
Arconic
Corp
1,504
13,288
*,†
Ardagh
Group
S.A.
136
74,922
e
Ardagh
Metal
Packaging
S.A.
306
26,123
Ashland
Global
Holdings,
Inc
2,683
11,564
*
Aspen
Aerogels,
Inc
86
41,051
Avery
Dennison
Corp
7,345
49,682
Avient
Corp
2,045
113,646
*
Axalta
Coating
Systems
Ltd
3,442
15,070
Balchem
Corp
1,906
164,015
Ball
Corp
9,039
56,523
Berry
Global
Group,
Inc
3,329
23,466
Cabot
Corp
1,798
25,997
Carpenter
Technology
Corp
1,164
52,775
Celanese
Corp
(Series
A)
5,747
12,437
*
Century
Aluminum
Co
124
102,050
CF
Industries
Holdings,
Inc
7,398
5,158
Chase
Corp
540
78,774
Chemours
Co
2,358
11,678
*
Clearwater
Paper
Corp
390
267,350
*
Cleveland-Cliffs,
Inc
4,900
119,550
*
Coeur
Mining,
Inc
477
53,154
Commercial
Metals
Co
2,599
20,319
Compass
Minerals
International,
Inc
697
66,991
*
Constellium
SE
1,024
356,387
Corteva,
Inc
21,494
58,648
Crown
Holdings,
Inc
4,851
36,022
*,e
Danimer
Scientific,
Inc
124
28,159
*
Diversey
Holdings
Ltd
228
364,283
Dow,
Inc
19,970
231,914
DuPont
de
Nemours,
Inc
16,644
CREF
Equity
Index
Account
March
31,
2023
242
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
19,104
Eagle
Materials,
Inc
$
2,803
66,255
Eastman
Chemical
Co
5,588
125,486
Ecolab,
Inc
20,772
127,079
Element
Solutions,
Inc
2,454
64,363
FMC
Corp
7,861
720,705
Freeport-McMoRan,
Inc
(Class
B)
29,484
17,819
FutureFuel
Corp
131
423,235
*,e
Ginkgo
Bioworks
Holdings,
Inc
563
32,454
Glatfelter
Corp
103
145,764
Graphic
Packaging
Holding
Co
3,715
14,075
Greif,
Inc
(Class
A)
892
3,993
Greif,
Inc
(Class
B)
306
22,652
H.B.
Fuller
Co
1,550
15,846
Hawkins,
Inc
694
9,402
Haynes
International,
Inc
471
290,099
Hecla
Mining
Co
1,836
104,824
Huntsman
Corp
2,868
77,853
*,e
Hycroft
Mining
Holding
Corp
34
21,966
*
Ingevity
Corp
1,571
11,273
Innospec,
Inc
1,157
133,564
International
Flavors
&
Fragrances,
Inc
12,283
188,466
International
Paper
Co
6,796
6,735
*
Intrepid
Potash,
Inc
186
23,280
*,e
Ivanhoe
Electric,
Inc
283
8,625
Kaiser
Aluminum
Corp
644
15,231
Koppers
Holdings,
Inc
533
14,288
e
Kronos
Worldwide,
Inc
132
249,268
Linde
plc
88,600
80,227
*
Livent
Corp
1,742
34,555
Louisiana-Pacific
Corp
1,873
16,250
*
LSB
Industries,
Inc
168
129,559
LyondellBasell
Industries
NV
12,164
31,591
Martin
Marietta
Materials,
Inc
11,217
11,119
Materion
Corp
1,290
12,674
Minerals
Technologies,
Inc
766
166,909
Mosaic
Co
7,658
39,809
*
MP
Materials
Corp
1,122
18,118
Myers
Industries,
Inc
388
2,137
NewMarket
Corp
780
396,127
Newmont
Goldcorp
Corp
19,418
149,512
*
Novagold
Resources
Inc
930
129,760
Nucor
Corp
20,044
90,414
*
O-I
Glass,
Inc
2,053
62,167
Olin
Corp
3,450
6,559
Olympic
Steel,
Inc
342
54,529
*,e
Origin
Materials,
Inc
233
38,461
Orion
Engineered
Carbons
SA
1,003
45,269
Packaging
Corp
of
America
6,285
22,477
Pactiv
Evergreen,
Inc
180
62,456
*
Perimeter
Solutions
S.A.
505
8,901
*,e
Piedmont
Lithium,
Inc
534
115,690
PPG
Industries,
Inc
15,454
20,162
*
PQ
Group
Holdings,
Inc
223
108,680
*,e
PureCycle
Technologies,
Inc
761
7,360
Quaker
Chemical
Corp
1,457
11,495
e
Ramaco
Resources,
Inc
101
16,208
*
Ranpak
Holdings
Corp
85
31,957
*
Rayonier
Advanced
Materials,
Inc
200
28,345
Reliance
Steel
&
Aluminum
Co
7,277
32,757
Royal
Gold,
Inc
4,249
63,937
RPM
International,
Inc
5,578
CREF
Equity
Index
Account
March
31,
2023
243
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
8,418
Ryerson
Holding
Corp
$
306
14,147
Schnitzer
Steel
Industries,
Inc
(Class
A)
440
35,580
Schweitzer-Mauduit
International,
Inc
764
22,512
e
Scotts
Miracle-Gro
Co
(Class
A)
1,570
70,338
Sealed
Air
Corp
3,229
18,559
Sensient
Technologies
Corp
1,421
121,960
Sherwin-Williams
Co
27,413
31,746
Silgan
Holdings,
Inc
1,704
48,557
Sonoco
Products
Co
2,962
46,247
Southern
Copper
Corp
3,526
109,335
SSR
Mining,
Inc
1,653
83,444
Steel
Dynamics,
Inc
9,434
8,132
Stepan
Co
838
65,111
*
Summit
Materials,
Inc
1,855
48,451
SunCoke
Energy,
Inc
435
19,576
Sylvamo
Corp
906
29,755
*
TimkenSteel
Corp
546
19,671
Tredegar
Corp
180
23,586
Trimas
Corp
657
23,427
Trinseo
plc
488
62,538
Tronox
Holdings
plc
899
1,357
United
States
Lime
&
Minerals,
Inc
207
94,192
United
States
Steel
Corp
2,458
99,474
Valvoline,
Inc
3,476
66,639
Vulcan
Materials
Co
11,433
28,082
Warrior
Met
Coal,
Inc
1,031
14,533
Westlake
Chemical
Corp
1,686
130,721
WestRock
Co
3,983
18,895
Worthington
Industries,
Inc
1,222
TOTAL
MATERIALS
600,657
MEDIA
&
ENTERTAINMENT
-
6.4%
392,405
Activision
Blizzard,
Inc
33,586
41,683
*
Advantage
Solutions,
Inc
66
3,044,142
*
Alphabet,
Inc
(Class
A)
315,769
2,647,259
*
Alphabet,
Inc
(Class
C)
275,315
112,426
*
Altice
USA,
Inc
384
239,852
*,e
AMC
Entertainment
Holdings,
Inc
1,202
16,067
*
AMC
Networks,
Inc
282
7,354
*
Boston
Omaha
Corp
174
44,223
*
Bumble,
Inc
865
3,042
Cable
One,
Inc
2,135
17,446
*,e
Cardlytics,
Inc
59
51,402
*
Cargurus,
Inc
960
37,344
*
Cars.com,
Inc
721
53,982
*
Charter
Communications,
Inc
19,304
58,982
*
Cinemark
Holdings,
Inc
872
198,206
*
Clear
Channel
238
2,116,936
Comcast
Corp
(Class
A)
80,253
772
*
Daily
Journal
Corp
220
22,415
*
DHI
Group,
Inc
87
136,485
*
DISH
Network
Corp
(Class
A)
1,273
136,234
Electronic
Arts,
Inc
16,409
50,932
Entravision
Communications
Corp
(Class
A)
308
40,961
*
Eventbrite
Inc
351
8,345
*
EverQuote
Inc
116
31,270
*
EW
Scripps
Co
(Class
A)
294
155,691
Fox
Corp
(Class
A)
5,301
72,327
Fox
Corp
(Class
B)
2,265
71,756
*,e
fuboTV,
Inc
87
74,491
*
Gannett
Co,
Inc
139
CREF
Equity
Index
Account
March
31,
2023
244
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
46,930
Gray
Television,
Inc
$
409
42,355
*
IAC
2,185
61,117
*
iHeartMedia,
Inc
238
27,196
*
Imax
Corp
522
16,911
*,e
Integral
Ad
Science
Holding
Corp
241
183,140
Interpublic
Group
of
Cos,
Inc
6,820
23,547
John
Wiley
&
Sons,
Inc
(Class
A)
913
7,655
*
Liberty
Braves
Group
(Class
A)
265
25,374
*
Liberty
Braves
Group
(Class
C)
855
12,929
Liberty
Broadband
Corp
(Class
A)
1,062
58,788
*
Liberty
Broadband
Corp
(Class
C)
4,803
6,884
*
Liberty
Media
Group
(Class
A)
465
100,858
*
Liberty
Media
Group
(Class
C)
7,547
34,936
*
Liberty
SiriusXM
Group
(Class
A)
981
72,983
*
Liberty
SiriusXM
Group
(Class
C)
2,043
37,150
*,e
Lions
Gate
Entertainment
Corp
(Class
A)
411
71,817
*
Lions
Gate
Entertainment
Corp
(Class
B)
745
79,453
*
Live
Nation,
Inc
5,562
10,365
Madison
Square
Garden
Co
2,020
13,156
*
Madison
Square
Garden
Entertainment
Corp
777
61,168
*
Magnite,
Inc
566
14,211
e
Marcus
Corp
227
148,269
*
Match
Group,
Inc
5,692
11,302
*
MediaAlpha,
Inc
169
1,126,108
*
Meta
Platforms,
Inc
238,667
220,657
*
Netflix,
Inc
76,233
73,578
New
York
Times
Co
(Class
A)
2,861
213,357
News
Corp
(Class
A)
3,685
66,535
News
Corp
(Class
B)
1,160
18,525
Nexstar
Media
Group
Inc
3,199
97,357
Omnicom
Group,
Inc
9,185
20,470
*
Outbrain,
Inc
85
4,594
Paramount
Global
(Class
A)
119
305,131
Paramount
Global
(Class
B)
6,807
300,393
*
Pinterest,
Inc
8,192
40,614
*,e
Playstudios,
Inc
150
42,908
*
Playtika
Holding
Corp
483
21,386
*
PubMatic,
Inc
296
20,643
*
QuinStreet,
Inc
328
227,072
*
ROBLOX
Corp
10,214
63,324
*
Roku,
Inc
4,168
19,984
Scholastic
Corp
684
11,690
e
Sinclair
Broadcast
Group,
Inc
(Class
A)
201
319,108
e
Sirius
XM
Holdings,
Inc
1,267
161,762
*,e
Skillz,
Inc
96
72,151
*
Spotify
Technology
S.A.
9,641
33,238
*
Stagwell,
Inc
247
81,955
*
Take-Two
Interactive
Software,
Inc
9,777
12,153
*
TechTarget,
Inc
439
101,609
TEGNA,
Inc
1,718
13,027
*
Thryv
Holdings,
Inc
300
56,597
*
TripAdvisor,
Inc
1,124
44,667
*
TrueCar,
Inc
103
68,763
*
Vimeo,
Inc
263
12,686
*,e
Vivid
Seats,
Inc
97
920,011
*
Walt
Disney
Co
92,121
1,217,041
*
Warner
Bros
Discovery,
Inc
18,377
28,599
*
WideOpenWest,
Inc
304
18,467
World
Wrestling
Entertainment,
Inc
(Class
A)
1,685
41,665
*
Yelp,
Inc
1,279
23,417
*
Ziff
Davis
Inc
1,828
CREF
Equity
Index
Account
March
31,
2023
245
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
40,960
*
ZipRecruiter,
Inc
$
653
141,765
*
ZoomInfo
Technologies,
Inc
3,503
TOTAL
MEDIA
&
ENTERTAINMENT
1,316,092
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
8.2%
45,940
*
10X
Genomics,
Inc
2,563
11,229
*
2seventy
bio,
Inc
115
46,667
*
4D
Molecular
Therapeutics,
Inc
802
894,628
AbbVie,
Inc
142,577
106,154
*,e
AbCellera
Biologics,
Inc
800
29,156
*,e
Absci
Corp
51
70,913
*
Acadia
Pharmaceuticals,
Inc
1,335
23,691
*
Aclaris
Therapeutics,
Inc
192
11,379
*,e
Adagio
Therapeutics,
Inc
14
59,774
*
Adaptive
Biotechnologies
Corp
528
14,505
*,e
Adicet
Bio,
Inc
84
95,244
*
ADMA
Biologics,
Inc
315
43,765
*,e
Affimed
NV
33
107,560
*
Agenus,
Inc
163
150,692
Agilent
Technologies,
Inc
20,847
34,493
*
Agios
Pharmaceuticals,
Inc
792
14,029
*
Akero
Therapeutics,
Inc
537
31,429
*
Alector,
Inc
195
87,531
*
Alkermes
plc
2,467
28,864
*,e
Allogene
Therapeutics,
Inc
143
10,335
*,e
Allovir,
Inc
41
61,672
*
Alnylam
Pharmaceuticals,
Inc
12,354
9,675
*,e
ALX
Oncology
Holdings,
Inc
44
270,432
Amgen,
Inc
65,377
151,298
*
Amicus
Therapeutics,
Inc
1,678
53,162
*
Amneal
Pharmaceuticals,
Inc
74
25,774
*
Amphastar
Pharmaceuticals,
Inc
967
25,689
*
Amylyx
Pharmaceuticals,
Inc
754
12,566
*
AnaptysBio,
Inc
273
30,524
*,e
Anavex
Life
Sciences
Corp
262
5,767
*
ANI
Pharmaceuticals,
Inc
229
10,943
*
Anika
Therapeutics,
Inc
314
46,610
*
Apellis
Pharmaceuticals,
Inc
3,074
55,373
*,e
Arbutus
Biopharma
Corp
168
15,098
*,e
Arcellx,
Inc
465
7,756
*
Arcturus
Therapeutics
Holdings,
Inc
186
20,717
*
Arcus
Biosciences,
Inc
378
15,151
*
Arcutis
Biotherapeutics,
Inc
167
55,310
*
Arrowhead
Pharmaceuticals
Inc
1,405
23,815
*
Arvinas,
Inc
651
34,194
*
Atara
Biotherapeutics,
Inc
99
35,244
*
Atea
Pharmaceuticals,
Inc
118
7,303
*
Athira
Pharma,
Inc
18
9,389
*,e
Aura
Biosciences,
Inc
87
68,772
*
Aurinia
Pharmaceuticals,
Inc
754
318,550
*
Avantor,
Inc
6,734
33,858
*
Avid
Bioservices,
Inc
635
38,891
*
Avidity
Biosciences,
Inc
597
15,727
*,e
Axsome
Therapeutics,
Inc
970
25,636
*,e
Beam
Therapeutics,
Inc
785
26,163
*
Berkeley
Lights,
Inc
30
97,016
*
BioCryst
Pharmaceuticals,
Inc
809
73,489
*
Biogen,
Inc
20,432
60,908
*
Biohaven
Ltd
832
93,702
*
BioMarin
Pharmaceutical,
Inc
9,112
153,496
*,e
Bionano
Genomics,
Inc
170
CREF
Equity
Index
Account
March
31,
2023
246
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
11,654
*
Bio-Rad
Laboratories,
Inc
(Class
A)
$
5,582
78,368
Bio-Techne
Corp
5,814
6,302
*,e
Bioxcel
Therapeutics
Inc
118
33,689
*
Bluebird
Bio,
Inc
107
31,927
*
Blueprint
Medicines
Corp
1,436
58,721
*
Bridgebio
Pharma,
Inc
974
1,079,001
Bristol-Myers
Squibb
Co
74,786
39,365
*
Brooks
Automation,
Inc
1,756
56,206
Bruker
BioSciences
Corp
4,431
18,793
*
C4
Therapeutics,
Inc
59
19,366
*
Cara
Therapeutics,
Inc
95
27,306
*
CareDx,
Inc
250
10,333
*
Caribou
Biosciences,
Inc
55
20,876
*,e
Cassava
Sciences,
Inc
504
85,996
*
Catalent,
Inc
5,651
50,782
*
Catalyst
Pharmaceuticals,
Inc
842
21,395
*
Celldex
Therapeutics,
Inc
770
19,234
*
Cerevel
Therapeutics
Holdings,
Inc
469
27,377
*
Charles
River
Laboratories
International,
Inc
5,525
30,594
*
Chimerix,
Inc
39
7,917
*
Chinook
Therapeutics,
Inc
183
23,538
*
Codexis,
Inc
97
22,858
*
Cogent
Biosciences,
Inc
247
27,864
*
Coherus
Biosciences,
Inc
191
16,286
*
Collegium
Pharmaceutical,
Inc
391
52,750
*,e
Corcept
Therapeutics,
Inc
1,143
16,128
*
Crinetics
Pharmaceuticals,
Inc
259
22,130
*
CryoPort,
Inc
531
47,472
*,e
CTI
BioPharma
Corp
199
7,345
*,e
Cullinan
Oncology,
Inc
75
51,177
*
Cytek
Biosciences,
Inc
470
42,716
*
Cytokinetics,
Inc
1,503
327,317
Danaher
Corp
82,497
11,974
*
Day
One
Biopharmaceuticals,
Inc
160
22,263
*
Deciphera
Pharmaceuticals,
Inc
344
49,642
*
Denali
Therapeutics,
Inc
1,144
14,200
*,e
Design
Therapeutics,
Inc
82
14,558
*
DICE
Therapeutics,
Inc
417
58,823
*
Dynavax
Technologies
Corp
577
16,387
*
Dyne
Therapeutics,
Inc
189
6,368
*
Eagle
Pharmaceuticals,
Inc
181
20,664
*,e
Edgewise
Therapeutics,
Inc
138
35,681
*,e
Editas
Medicine,
Inc
259
242,401
*
Elanco
Animal
Health,
Inc
2,279
426,770
Eli
Lilly
&
Co
146,561
24,015
*
Emergent
Biosolutions,
Inc
249
11,786
*
Enanta
Pharmaceuticals,
Inc
477
70,095
*,e
EQRx,
Inc
136
33,527
*
Erasca,
Inc
101
17,590
*
Evolus,
Inc
149
84,199
*
Exact
Sciences
Corp
5,710
170,031
*
Exelixis,
Inc
3,300
52,399
*,e
EyePoint
Pharmaceuticals,
Inc
154
42,216
*
Fate
Therapeutics,
Inc
241
50,667
*
FibroGen,
Inc
945
10,305
*
Foghorn
Therapeutics,
Inc
64
14,355
*
Fulcrum
Therapeutics,
Inc
41
23,909
*
Generation
Bio
Co
103
114,325
*
Geron
Corp
248
638,395
Gilead
Sciences,
Inc
52,968
68,124
*
Halozyme
Therapeutics,
Inc
2,602
CREF
Equity
Index
Account
March
31,
2023
247
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
12,195
*
Harmony
Biosciences
Holdings,
Inc
$
398
52,161
*,e
Heron
Therapeutics,
Inc
79
114,482
*
Horizon
Therapeutics
Plc
12,495
7,208
*,e
Icosavax,
Inc
42
15,316
*
Ideaya
Biosciences,
Inc
210
2,211
*,e
IGM
Biosciences,
Inc
30
81,101
*
Illumina,
Inc
18,860
36,493
*,e
ImmunityBio,
Inc
66
106,612
*
Immunogen,
Inc
409
50,378
*
Immunovant,
Inc
781
87,640
*
Incyte
Corp
6,334
15,231
*,e
Inhibrx,
Inc
287
34,523
*
Innoviva,
Inc
388
112,816
*
Inovio
Pharmaceuticals,
Inc
92
60,247
*
Insmed,
Inc
1,027
34,856
*
Intellia
Therapeutics,
Inc
1,299
12,921
*
Intercept
Pharmaceuticals,
Inc
174
46,963
*
Intra-Cellular
Therapies,
Inc
2,543
79,163
*
Ionis
Pharmaceuticals,
Inc
2,829
74,052
*
Iovance
Biotherapeutics,
Inc
452
95,260
*
IQVIA
Holdings,
Inc
18,946
95,014
*
Ironwood
Pharmaceuticals,
Inc
1,000
11,046
*
iTeos
Therapeutics,
Inc
150
82,141
*
IVERIC
bio,
Inc
1,998
8,802
*,e
Janux
Therapeutics,
Inc
106
32,370
*
Jazz
Pharmaceuticals
plc
4,737
1,331,867
Johnson
&
Johnson
206,439
4,482
*,e
Jounce
Therapeutics,
Inc
8
10,666
*
KalVista
Pharmaceuticals
Inc
84
15,240
*
Karuna
Therapeutics,
Inc
2,768
46,110
*
Karyopharm
Therapeutics,
Inc
179
8,516
*
Keros
Therapeutics,
Inc
364
18,676
*
Kezar
Life
Sciences,
Inc
58
11,321
*,e
Kiniksa
Pharmaceuticals
Ltd
122
7,565
*,e
Kinnate
Biopharma,
Inc
47
18,276
*
Kodiak
Sciences,
Inc
113
21,178
*,e
Kronos
Bio,
Inc
31
9,785
*
Krystal
Biotech
Inc
783
31,598
*
Kura
Oncology,
Inc
386
15,771
*
Kymera
Therapeutics,
Inc
467
30,110
*
Lexicon
Pharmaceuticals,
Inc
73
8,586
*
Ligand
Pharmaceuticals,
Inc
(Class
B)
632
24,455
*,e
Liquidia
Corp
169
77,816
*,e
Lyell
Immunopharma,
Inc
184
32,187
*
MacroGenics,
Inc
231
6,193
*
Madrigal
Pharmaceuticals,
Inc
1,500
94,899
*
MannKind
Corp
389
54,984
*
Maravai
LifeSciences
Holdings,
Inc
770
51,230
*,e
MaxCyte,
Inc
254
12,929
*
Medpace
Holdings,
Inc
2,431
10,086
*
MeiraGTx
Holdings
plc
52
1,279,167
Merck
&
Co,
Inc
136,091
27,294
*
Mersana
Therapeutics,
Inc
112
11,133
*
Mettler-Toledo
International,
Inc
17,036
60,615
*,e
MiMedx
Group,
Inc
207
21,876
*
Mirati
Therapeutics,
Inc
813
8,147
*
Mirum
Pharmaceuticals,
Inc
196
165,972
*
Moderna,
Inc
25,490
14,704
*,e
Monte
Rosa
Therapeutics,
Inc
115
8,159
*
Morphic
Holding,
Inc
307
46,607
*
Myriad
Genetics,
Inc
1,083
CREF
Equity
Index
Account
March
31,
2023
248
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
22,499
*
NanoString
Technologies,
Inc
$
223
42,988
*
Natera,
Inc
2,387
106,507
*
Nektar
Therapeutics
75
58,635
*
NeoGenomics,
Inc
1,021
51,383
*
Neurocrine
Biosciences,
Inc
5,201
15,360
*
NGM
Biopharmaceuticals
Inc
63
9,374
*,e
Nkarta,
Inc
33
40,572
*,e
Novavax,
Inc
281
17,085
*
Nurix
Therapeutics,
Inc
152
10,256
*,e
Nuvalent,
Inc
268
35,946
*
Nuvation
Bio,
Inc
60
109,018
*,e
Ocugen,
Inc
93
41,830
*,e
Ocular
Therapeutix,
Inc
220
42,072
*
OmniAb,
Inc
155
13,691
*
Organogenesis
Holdings
Inc
29
127,492
Organon
&
Co
2,999
333,993
*,e
Outlook
Therapeutics,
Inc
364
100,456
*
Pacific
Biosciences
of
California,
Inc
1,163
23,821
*
Pacira
BioSciences
Inc
972
65,063
PerkinElmer,
Inc
8,670
69,259
Perrigo
Co
plc
2,484
2,857,425
Pfizer,
Inc
116,583
6,396
*,e
Phathom
Pharmaceuticals,
Inc
46
12,927
Phibro
Animal
Health
Corp
198
14,315
*
PMV
Pharmaceuticals,
Inc
68
37,958
*
Point
Biopharma
Global,
Inc
276
48,133
*,e
Praxis
Precision
Medicines,
Inc
39
39,456
*,e
Precigen,
Inc
42
27,333
*
Prestige
Consumer
Healthcare,
Inc.
1,712
15,994
*
Prometheus
Biosciences,
Inc
1,716
22,557
*
Protagonist
Therapeutics,
Inc
519
18,603
*
Prothena
Corp
plc
902
25,243
*,e
Provention
Bio,
Inc
608
37,990
*
PTC
Therapeutics,
Inc
1,840
114,179
*
QIAGEN
NV
5,244
16,838
*
Quanterix
Corp
190
46,832
*,e
Quantum-Si,
Inc
82
6,533
*
RAPT
Therapeutics,
Inc
120
14,987
*
Reata
Pharmaceuticals,
Inc
1,363
61,485
*,e
Recursion
Pharmaceuticals,
Inc
410
52,275
*
Regeneron
Pharmaceuticals,
Inc
42,953
19,715
*
REGENXBIO,
Inc
373
31,945
*
Relay
Therapeutics,
Inc
526
8,368
*,e
Relmada
Therapeutics,
Inc
19
30,248
*
Repligen
Corp
5,093
10,254
*
Replimune
Group,
Inc
181
33,815
*
Revance
Therapeutics,
Inc
1,089
32,407
*
REVOLUTION
Medicines,
Inc
702
86,450
*
Rigel
Pharmaceuticals,
Inc
114
20,281
*
Rocket
Pharmaceuticals,
Inc
347
189,332
Royalty
Pharma
plc
6,822
28,225
*
Sage
Therapeutics,
Inc
1,184
46,510
*,e
Sana
Biotechnology,
Inc
152
52,234
*
Sangamo
Therapeutics
Inc
92
41,917
*
Sarepta
Therapeutics,
Inc
5,777
31,930
*,e
Science
37
Holdings,
Inc
9
68,787
*
Seagen,
Inc
13,927
22,417
*
Seer,
Inc
87
37,976
*
Seres
Therapeutics,
Inc
215
35,191
SIGA
Technologies,
Inc
202
76,705
*
SomaLogic,
Inc
196
CREF
Equity
Index
Account
March
31,
2023
249
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
99,083
*,†,e
Sorrento
Therapeutics,
Inc
$
746
43,033
*
Sotera
Health
Co
771
15,930
*
SpringWorks
Therapeutics,
Inc
410
10,464
*
Stoke
Therapeutics,
Inc
87
26,807
*
Supernus
Pharmaceuticals,
Inc
971
15,843
*
Sutro
Biopharma,
Inc
73
24,529
*
Syndax
Pharmaceuticals,
Inc
518
55,220
*
Syneos
Health,
Inc
1,967
23,918
*
Tango
Therapeutics,
Inc
94
9,396
*,e
Tarsus
Pharmaceuticals,
Inc
118
69,942
*
TG
Therapeutics,
Inc
1,052
29,259
*,e
Theravance
Biopharma,
Inc
317
197,721
Thermo
Fisher
Scientific,
Inc
113,960
25,726
*
Travere
Therapeutics,
Inc
579
26,284
*
Twist
Bioscience
Corp
396
33,751
*
Ultragenyx
Pharmaceutical,
Inc
1,353
22,243
*
United
Therapeutics
Corp
4,982
31,395
*
Vanda
Pharmaceuticals,
Inc
213
608,466
*,e
Vaxart
Inc
460
36,531
*
Vaxcyte,
Inc
1,369
102,172
*,e
VBI
Vaccines,
Inc
31
11,485
*,e
Ventyx
Biosciences,
Inc
385
29,297
*,e
Vera
Therapeutics,
Inc
227
36,815
*
Veracyte,
Inc
821
24,994
*
Vericel
Corp
733
129,545
*
Vertex
Pharmaceuticals,
Inc
40,816
23,209
*,e
Verve
Therapeutics,
Inc
335
596,044
Viatris,
Inc
5,734
32,800
*
Vir
Biotechnology,
Inc
763
35,026
*
Viridian
Therapeutics,
Inc
891
30,893
*
Waters
Corp
9,565
37,278
West
Pharmaceutical
Services,
Inc
12,916
27,098
*
Xencor,
Inc
756
67,913
*,e
Xeris
Biopharma
Holdings,
Inc
111
19,065
*
Y-mAbs
Therapeutics,
Inc
96
18,143
*
Zentalis
Pharmaceuticals,
Inc
312
238,497
Zoetis,
Inc
39,695
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,681,734
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
158,267
*
CBRE
Group,
Inc
11,523
133,621
*
Compass,
Inc
432
66,192
*
Cushman
&
Wakefield
plc
698
69,755
e
DigitalBridge
Group,
Inc
836
39,190
Douglas
Elliman,
Inc
122
28,436
e
eXp
World
Holdings
Inc
361
425
*
Forestar
Group,
Inc
7
4,942
*
FRP
Holdings,
Inc
286
22,285
*
Howard
Hughes
Corp
1,783
23,806
*
Jones
Lang
LaSalle,
Inc
3,464
44,610
Kennedy-Wilson
Holdings,
Inc
740
11,498
Marcus
&
Millichap,
Inc
369
81,428
Newmark
Group,
Inc
577
228,590
*,e
Opendoor
Technologies,
Inc
402
13,117
Re/Max
Holdings,
Inc
246
62,854
*
Realogy
Holdings
Corp
332
57,095
*,e
Redfin
Corp
517
5,123
RMR
Group,
Inc
135
18,561
St.
Joe
Co
772
3,112
Stratus
Properties,
Inc
62
CREF
Equity
Index
Account
March
31,
2023
250
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
12,164
*
Tejon
Ranch
Co
$
222
32,630
*
Zillow
Group,
Inc
(Class
A)
1,426
74,688
*
Zillow
Group,
Inc
(Class
C)
3,321
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
28,633
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
5.7%
24,578
*
ACM
Research,
Inc
288
818,909
*
Advanced
Micro
Devices,
Inc
80,261
26,133
*
Allegro
MicroSystems,
Inc
1,254
15,539
*
Alpha
&
Omega
Semiconductor
Ltd
419
19,074
*
Ambarella,
Inc
1,477
55,705
Amkor
Technology,
Inc
1,449
255,848
Analog
Devices,
Inc
50,458
425,842
Applied
Materials,
Inc
52,306
10,142
*,e
Atomera,
Inc
65
16,075
*
Axcelis
Technologies,
Inc
2,142
26,991
*
AXT,
Inc
107
200,045
Broadcom,
Inc
128,337
15,710
*
Ceva,
Inc
478
26,804
*
Cirrus
Logic,
Inc
2,932
67,503
*
Coherent
Corp
2,571
26,675
*
Cohu,
Inc
1,024
86,696
*
Credo
Technology
Group
Holding
Ltd
817
23,788
*
Diodes,
Inc
2,207
66,786
*
Enphase
Energy,
Inc
14,044
72,011
Entegris,
Inc
5,906
51,096
*
First
Solar,
Inc
11,113
42,439
*
Formfactor,
Inc
1,352
32,223
*,e
GLOBALFOUNDRIES,
Inc
2,326
15,133
*
Ichor
Holdings
Ltd
495
13,074
*
Impinj,
Inc
1,772
51,148
*,e
indie
Semiconductor,
Inc
540
2,095,231
Intel
Corp
68,451
71,218
KLA
Corp
28,428
26,815
Kulicke
&
Soffa
Industries,
Inc
1,413
68,489
Lam
Research
Corp
36,307
68,594
*
Lattice
Semiconductor
Corp
6,551
19,269
*
MACOM
Technology
Solutions
Holdings,
Inc
1,365
436,898
Marvell
Technology,
Inc
18,918
38,172
*
MaxLinear,
Inc
1,344
268,931
Microchip
Technology,
Inc
22,531
542,476
Micron
Technology,
Inc
32,733
26,862
MKS
Instruments,
Inc
2,380
23,066
Monolithic
Power
Systems,
Inc
11,545
26,573
*
Nanometrics,
Inc
2,335
1,197,314
NVIDIA
Corp
332,578
220,276
*
ON
Semiconductor
Corp
18,133
20,605
*
PDF
Solutions,
Inc
874
10,799
*
Photronics,
Inc
179
25,919
Power
Integrations,
Inc
2,194
52,571
*
Qorvo,
Inc
5,340
563,207
QUALCOMM,
Inc
71,854
44,756
*
Rambus,
Inc
2,294
35,296
*
Semtech
Corp
852
18,610
*
Silicon
Laboratories,
Inc
3,258
7,023
*
SiTime
Corp
999
80,978
Skyworks
Solutions,
Inc
9,554
15,494
*
SMART
Global
Holdings,
Inc
267
42,585
*,e
SunPower
Corp
589
19,257
*
Synaptics,
Inc
2,140
81,009
Teradyne,
Inc
8,709
CREF
Equity
Index
Account
March
31,
2023
251
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
457,077
Texas
Instruments,
Inc
$
85,021
23,500
*
Ultra
Clean
Holdings
779
24,314
Universal
Display
Corp
3,772
34,384
*
Veeco
Instruments,
Inc
727
62,345
*
Wolfspeed,
Inc
4,049
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,154,603
SOFTWARE
&
SERVICES
-
11.1%
65,506
*
8x8,
Inc
273
32,215
A10
Networks,
Inc
499
320,605
Accenture
plc
91,632
68,208
*
ACI
Worldwide,
Inc
1,840
57,275
Adeia,
Inc
507
231,385
*
Adobe,
Inc
89,169
11,056
*
Agilysys,
Inc
912
75,911
*
Akamai
Technologies,
Inc
5,944
26,945
*
Alarm.com
Holdings,
Inc
1,355
15,192
*
Alkami
Technology,
Inc
192
24,769
*
Altair
Engineering,
Inc
1,786
32,290
*
Alteryx,
Inc
1,900
59,006
Amdocs
Ltd
5,666
15,720
American
Software,
Inc
(Class
A)
198
28,669
*
Amplitude,
Inc
357
43,728
*
Ansys,
Inc
14,553
9,509
*
Appfolio,
Inc
1,184
20,140
*,e
Appian
Corp
894
116,026
*
AppLovin
Corp
1,827
40,356
*
Asana,
Inc
853
14,242
*
Aspen
Technology,
Inc
3,260
70,590
*
Atlassian
Corp
12,083
108,663
*
Autodesk,
Inc
22,619
210,647
Automatic
Data
Processing,
Inc
46,896
66,029
*,e
AvePoint,
Inc
272
86,956
Bentley
Systems,
Inc
3,738
24,476
*
BigCommerce
Holdings,
Inc
219
49,304
*
Bill.Com
Holdings,
Inc
4,001
82,754
*
Black
Knight,
Inc
4,763
26,411
*
Blackbaud,
Inc
1,830
29,853
*
Blackline,
Inc
2,005
66,925
*
Box,
Inc
1,793
27,328
Bread
Financial
Holdings,
Inc
829
20,694
*
Brightcove,
Inc
92
42,696
*,e
C3.ai,
Inc
1,433
137,612
*
Cadence
Design
Systems,
Inc
28,911
87,215
*
CCC
Intelligent
Solutions
Holdings,
Inc
782
23,399
*,e
Cerberus
Cyber
Sentinel
Corp
8
22,039
*
Cerence
Inc
619
66,788
*
Ceridian
HCM
Holding,
Inc
4,890
17,869
*,e
Cleanspark,
Inc
50
31,897
e
Clear
Secure,
Inc
835
144,134
*
Cloudflare,
Inc
8,887
261,232
Cognizant
Technology
Solutions
Corp
(Class
A)
15,917
20,876
*
Commvault
Systems,
Inc
1,185
64,060
*
Confluent,
Inc
1,542
7,805
*
Consensus
Cloud
Solutions,
Inc
266
13,583
*,e
Couchbase,
Inc
191
108,468
*
Crowdstrike
Holdings,
Inc
14,888
6,968
*,e
CS
Disco,
Inc
46
43,093
*,e
Cvent
Holding
Corp
360
133,433
*
Datadog,
Inc
9,695
CREF
Equity
Index
Account
March
31,
2023
252
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
7,264
*,e
Digimarc
Corp
$
143
46,104
*
Digital
Turbine,
Inc
570
39,126
*,e
DigitalOcean
Holdings,
Inc
1,533
103,146
*
DocuSign,
Inc
6,013
29,210
Dolby
Laboratories,
Inc
(Class
A)
2,495
15,039
*
Domo,
Inc
213
35,232
*
DoubleVerify
Holdings,
Inc
1,062
118,133
*
Dropbox,
Inc
2,554
115,855
*
DXC
Technology
Co
2,961
106,722
*
Dynatrace,
Inc
4,514
87,429
*,e
E2open
Parent
Holdings,
Inc
509
17,480
e
Ebix,
Inc
231
10,699
*
eGain
Corp
81
37,517
*
Elastic
NV
2,172
13,046
*,e
Enfusion,
Inc
137
17,890
*
EngageSmart,
Inc
344
30,234
*
Envestnet,
Inc
1,774
27,283
*
EPAM
Systems,
Inc
8,158
21,053
*
Everbridge,
Inc
730
12,378
*,e
EverCommerce,
Inc
131
11,993
*
Fair
Isaac
Corp
8,427
58,075
*
Fastly,
Inc
1,031
37,675
*
Five9,
Inc
2,724
15,452
*,e
ForgeRock,
Inc
318
321,842
*
Fortinet,
Inc
21,390
37,831
*
Gartner,
Inc
12,324
283,454
Gen
Digital,
Inc
4,864
21,651
*
Globant
S.A.
3,551
81,487
*
GoDaddy,
Inc
6,333
15,258
*
Grid
Dynamics
Holdings,
Inc
175
46,084
*
Guidewire
Software,
Inc
3,781
17,956
Hackett
Group,
Inc
332
24,272
*
HubSpot,
Inc
10,407
17,943
*
Informatica,
Inc
294
18,219
e
Information
Services
Group,
Inc
93
8,870
*,e
Instructure
Holdings,
Inc
230
7,324
*
Intapp,
Inc
328
18,324
e
InterDigital,
Inc
1,336
455,192
International
Business
Machines
Corp
59,671
138,503
Intuit,
Inc
61,749
29,050
*
Jamf
Holding
Corp
564
95,867
*
Kyndryl
Holdings,
Inc
1,415
50,961
*,e
Limelight
Networks,
Inc
40
35,615
*
LiveRamp
Holdings,
Inc
781
32,654
*
Manhattan
Associates,
Inc
5,056
52,095
*,e
Marathon
Digital
Holdings,
Inc
454
112,247
*,e
Matterport,
Inc
306
11,893
*,e
MeridianLink,
Inc
206
3,786,658
Microsoft
Corp
1,091,694
4,156
*,e
MicroStrategy,
Inc
(Class
A)
1,215
22,456
*
Mitek
Systems,
Inc
215
14,483
*
Model
N,
Inc
485
33,619
*
MongoDB,
Inc
7,837
19,169
*
N-Able,
Inc
253
25,933
*,e
nCino
OpCo,
Inc
643
68,992
*
NCR
Corp
1,628
30,028
*
New
Relic,
Inc
2,261
105,783
*
Nutanix,
Inc
2,749
76,550
*
Okta,
Inc
6,602
46,103
*
Olo,
Inc
376
4,837
*
ON24,
Inc
42
CREF
Equity
Index
Account
March
31,
2023
253
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
21,489
*
OneSpan,
Inc
$
376
776,789
Oracle
Corp
72,179
41,005
*
Pagerduty,
Inc
1,434
933,059
*
Palantir
Technologies,
Inc
7,884
149,946
*
Palo
Alto
Networks,
Inc
29,950
26,407
*
Paycom
Software,
Inc
8,028
36,294
*
Paycor
HCM,
Inc
963
20,584
*
Paylocity
Holding
Corp
4,092
18,818
*
Paysafe
Ltd
325
22,404
Pegasystems,
Inc
1,086
17,663
*
Perficient,
Inc
1,275
8,474
e
PFSweb,
Inc
36
31,944
*
Procore
Technologies,
Inc
2,001
23,997
Progress
Software
Corp
1,379
19,034
*
PROS
Holdings,
Inc
522
52,897
*
PTC,
Inc
6,783
29,530
*
Q2
Holdings,
Inc
727
18,605
*
Qualys,
Inc
2,419
19,217
*,e
Rackspace
Technology,
Inc
36
31,056
*
Rapid7,
Inc
1,426
24,959
*
Rimini
Street,
Inc
103
44,149
*
RingCentral,
Inc
1,354
114,836
*,e
Riot
Blockchain,
Inc
1,147
52,557
Roper
Technologies,
Inc
23,161
484,791
*
Salesforce,
Inc
96,852
15,268
Sapiens
International
Corp
NV
332
4,599
*
SecureWorks
Corp
39
88,419
*
SentinelOne,
Inc
1,447
101,714
*
ServiceNow,
Inc
47,269
4,906
*
ShotSpotter,
Inc
193
66,115
*
Smartsheet,
Inc
3,160
157,505
*
Snowflake,
Inc
24,301
19,169
*
SolarWinds
Corp
165
85,374
*
Splunk,
Inc
8,186
24,107
*
Sprout
Social,
Inc
1,468
19,690
*
SPS
Commerce,
Inc
2,999
16,060
*
Squarespace,
Inc
510
44,512
*
Sumo
Logic,
Inc
533
70,963
*
SVMK,
Inc
661
77,041
*
Synopsys,
Inc
29,757
21,512
*
Telos
Corp
54
49,510
*
Tenable
Holdings,
Inc
2,352
51,680
*
Teradata
Corp
2,082
226,382
*
Trade
Desk,
Inc
13,789
6,516
*,e
Tucows,
Inc
127
22,872
*
Turing
Holding
Corp
168
85,658
*
Twilio,
Inc
5,707
21,091
*
Tyler
Technologies,
Inc
7,480
192,445
*
UiPath,
Inc
3,379
38,674
*,e
Unisys
Corp
150
107,430
*,e
Unity
Software,
Inc
3,485
15,606
*
Upland
Software,
Inc
67
56,469
*
Varonis
Systems,
Inc
1,469
35,164
*
Verint
Systems,
Inc
1,310
46,419
*
VeriSign,
Inc
9,810
13,662
*
Veritone,
Inc
80
6,012
*
Viant
Technology,
Inc
26
108,468
*
VMware,
Inc
(Class
A)
13,542
29,289
*
Wix.com
Ltd
2,923
36,785
*,e
WM
Technology,
Inc
31
100,015
*
Workday,
Inc
20,657
CREF
Equity
Index
Account
March
31,
2023
254
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
22,930
*
Workiva,
Inc
$
2,348
55,032
*
Yext,
Inc
529
55,743
*
Zeta
Global
Holdings
Corp
604
130,278
*
Zoom
Video
Communications,
Inc
9,620
41,021
*
Zscaler,
Inc
4,793
55,037
*
Zuora
Inc
544
TOTAL
SOFTWARE
&
SERVICES
2,270,635
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
8.0%
6,963
*,e
908
Devices,
Inc
60
35,649
ADTRAN
Holdings,
Inc
565
20,999
Advanced
Energy
Industries,
Inc
2,058
41,314
*,e
Aeva
Technologies,
Inc
49
18,515
*,e
Akoustis
Technologies,
Inc
57
294,062
Amphenol
Corp
(Class
A)
24,031
7,605,922
Apple,
Inc
1,254,216
123,543
*
Arista
Networks,
Inc
20,738
47,303
*
Arlo
Technologies,
Inc
287
28,727
*
Arrow
Electronics,
Inc
3,587
5,662
*,e
Aviat
Networks,
Inc
195
24,161
*
Avid
Technology,
Inc
773
46,118
Avnet,
Inc
2,084
15,939
Badger
Meter,
Inc
1,942
24,142
Belden
CDT,
Inc
2,095
19,531
Benchmark
Electronics,
Inc
463
28,887
*
Calix,
Inc
1,548
4,889
*
Cambium
Networks
Corp
87
66,275
CDW
Corp
12,916
79,273
*
Ciena
Corp
4,163
2,072,050
Cisco
Systems,
Inc
108,316
8,964
*
Clearfield,
Inc
418
93,925
Cognex
Corp
4,654
115,638
*
CommScope
Holding
Co,
Inc
737
16,237
Comtech
Telecommunications
Corp
203
381,511
Corning,
Inc
13,460
8,680
*
Corsair
Gaming,
Inc
159
17,421
CTS
Corp
862
127,201
Dell
Technologies,
Inc
5,115
18,652
*
Digi
International,
Inc
628
9,167
*
DZS,
Inc
72
24,605
*,e
Eastman
Kodak
Co
101
18,556
*
ePlus,
Inc
910
43,075
*,e
Evolv
Technologies
Holdings,
Inc
134
79,396
*
Extreme
Networks,
Inc
1,518
30,171
*
F5
Networks,
Inc
4,396
20,485
*
Fabrinet
2,433
9,925
*
FARO
Technologies,
Inc
244
13,613
*,e
Focus
Universal,
Inc
34
58,321
*
Harmonic,
Inc
851
639,437
Hewlett
Packard
Enterprise
Co
10,186
502,632
HP,
Inc
14,752
11,473
*
Identiv,
Inc
70
103,799
*,e
Infinera
Corp
805
40,550
*,e
Inseego
Corp
24
14,981
*
Insight
Enterprises,
Inc
2,142
60,908
*,e
IonQ,
Inc
375
19,271
*
IPG
Photonics
Corp
2,376
24,355
*
Itron,
Inc
1,350
59,846
Jabil
Inc
5,276
163,210
Juniper
Networks,
Inc
5,618
89,572
*
Keysight
Technologies,
Inc
14,464
CREF
Equity
Index
Account
March
31,
2023
255
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
21,162
*
Kimball
Electronics,
Inc
$
510
28,141
*
Knowles
Corp
478
57,291
*,e
Lightwave
Logic,
Inc
300
13,151
Littelfuse,
Inc
3,526
36,595
*
Lumentum
Holdings,
Inc
1,976
20,833
Methode
Electronics,
Inc
914
86,400
*,e
Microvision,
Inc
231
70,213
*
Mirion
Technologies,
Inc
600
82,239
Motorola
Solutions,
Inc
23,531
15,874
*
Napco
Security
Technologies,
Inc
597
60,249
National
Instruments
Corp
3,158
106,573
NetApp,
Inc
6,805
16,454
*
Netgear,
Inc
305
43,446
*
Netscout
Systems,
Inc
1,245
20,535
*
nLight,
Inc
209
18,332
*
Novanta,
Inc
2,916
17,528
*,e
Ondas
Holdings,
Inc
19
9,244
*
OSI
Systems,
Inc
946
47,493
*,e
Ouster,
Inc
40
12,941
*,e
PAR
Technology
Corp
439
8,216
PC
Connection,
Inc
369
17,083
*
Plexus
Corp
1,667
145,102
*
Pure
Storage,
Inc
3,702
37,508
*
Ribbon
Communications,
Inc
128
8,376
*
Rogers
Corp
1,369
36,299
*
Sanmina
Corp
2,214
17,777
*
Scansource,
Inc
541
61,017
*,e
SmartRent,
Inc
156
26,460
*
Super
Micro
Computer,
Inc
2,819
19,067
SYNNEX
Corp
1,845
22,686
*
Teledyne
Technologies,
Inc
10,149
129,908
*
Trimble
Inc
6,810
51,948
*
TTM
Technologies,
Inc
701
8,166
*,e
Turtle
Beach
Corp
82
1,436
e
Ubiquiti,
Inc
390
34,027
*,e
Viasat,
Inc
1,151
89,946
*
Viavi
Solutions,
Inc
974
52,971
Vishay
Intertechnology,
Inc
1,198
9,508
*
Vishay
Precision
Group,
Inc
397
92,880
Vontier
Corp
2,539
155,579
*
Western
Digital
Corp
5,861
58,625
Xerox
Holdings
Corp
903
22,910
*
Xperi,
Inc
250
26,184
*
Zebra
Technologies
Corp
(Class
A)
8,326
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,637,883
TELECOMMUNICATION
SERVICES
-
1.0%
7,472
*
Anterix,
Inc
247
3,637,068
AT&T,
Inc
70,014
7,918
ATN
International,
Inc
324
12,460
*
Bandwidth
Inc
189
55,430
*,e
Charge
Enterprises,
Inc
61
25,280
Cogent
Communications
Group,
Inc
1,611
48,355
*
Consolidated
Communications
Holdings,
Inc
125
22,558
*
EchoStar
Corp
(Class
A)
413
126,319
*
Frontier
Communications
Parent,
Inc
2,876
331,269
*,e
Globalstar,
Inc
384
13,459
*
Gogo,
Inc
195
11,096
*
IDT
Corp
(Class
B)
378
60,764
Iridium
Communications,
Inc
3,763
29,453
*
Liberty
Latin
America
Ltd
(Class
A)
245
CREF
Equity
Index
Account
March
31,
2023
256
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
84,348
*
Liberty
Latin
America
Ltd
(Class
C)
$
697
529,866
Lumen
Technologies,
Inc
1,404
13,047
*
Ooma,
Inc
163
23,995
*
Radius
Global
Infrastructure,
Inc
352
26,373
Shenandoah
Telecom
Co
502
55,138
Telephone
&
Data
Systems,
Inc
579
299,774
*
T-Mobile
US,
Inc
43,419
9,529
*
US
Cellular
Corp
198
2,131,020
Verizon
Communications,
Inc
82,875
TOTAL
TELECOMMUNICATION
SERVICES
211,014
TRANSPORTATION
-
1.8%
37,928
*
Air
Transport
Services
Group,
Inc
790
60,779
*
Alaska
Air
Group,
Inc
2,550
8,270
*
Allegiant
Travel
Co
761
38,763
AMERCO
2,010
4,307
e
Amerco,
Inc
257
347,869
*
American
Airlines
Group,
Inc
5,131
13,812
ArcBest
Corp
1,276
11,589
*
Avis
Budget
Group,
Inc
2,258
28,768
*,e
Blade
Air
Mobility,
Inc
97
56,673
CH
Robinson
Worldwide,
Inc
5,632
11,515
*,e
Copa
Holdings
S.A.
(Class
A)
1,063
23,634
Costamare,
Inc
222
8,672
Covenant
Transportation
Group,
Inc
307
1,059,536
CSX
Corp
31,723
14,173
*
Daseke,
Inc
110
316,616
*
Delta
Air
Lines,
Inc
11,056
4,116
e
Eagle
Bulk
Shipping,
Inc
187
79,798
Expeditors
International
of
Washington,
Inc
8,787
118,286
FedEx
Corp
27,027
14,836
Forward
Air
Corp
1,599
18,987
*
Frontier
Group
Holdings,
Inc
187
17,525
Genco
Shipping
&
Trading
Ltd
274
62,934
Golden
Ocean
Group
Ltd
599
50,638
*
GXO
Logistics,
Inc
2,555
27,588
*
Hawaiian
Holdings,
Inc
253
26,012
Heartland
Express,
Inc
414
69,982
*
Hertz
Global
Holdings,
Inc
1,140
18,067
*
Hub
Group,
Inc
(Class
A)
1,517
40,450
JB
Hunt
Transport
Services,
Inc
7,097
173,855
*
JetBlue
Airways
Corp
1,266
128,773
*,e
Joby
Aviation,
Inc
559
32,726
*
Kirby
Corp
2,281
79,606
Knight-Swift
Transportation
Holdings,
Inc
4,504
20,412
Landstar
System,
Inc
3,659
154,071
*
Lyft,
Inc
(Class
A)
1,428
34,852
Marten
Transport
Ltd
730
11,759
Matson,
Inc
702
115,001
Norfolk
Southern
Corp
24,380
50,477
Old
Dominion
Freight
Line
17,205
29,335
*
Radiant
Logistics,
Inc
192
52,508
*
RXO,
Inc
1,031
17,915
Ryder
System,
Inc
1,599
33,371
e
Safe
Bulkers,
Inc
123
13,620
*
Saia,
Inc
3,706
22,723
Schneider
National,
Inc
608
28,022
*
Skywest,
Inc
621
299,691
Southwest
Airlines
Co
9,752
50,261
Spirit
Airlines,
Inc
863
9,455
*
Sun
Country
Airlines
Holdings,
Inc
194
CREF
Equity
Index
Account
March
31,
2023
257
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
71,175
*
TuSimple
Holdings,
Inc
$
105
975,524
*
Uber
Technologies,
Inc
30,924
309,426
Union
Pacific
Corp
62,275
164,891
*
United
Airlines
Holdings
Inc
7,296
373,044
United
Parcel
Service,
Inc
(Class
B)
72,367
6,297
Universal
Logistics
Holdings
Inc
184
36,247
Werner
Enterprises,
Inc
1,649
81,596
*
Wheels
Up
Experience,
Inc
52
52,508
*
XPO
Logistics,
Inc
1,675
TOTAL
TRANSPORTATION
368,809
UTILITIES
-
2.8%
344,146
AES
Corp
8,287
29,387
Allete,
Inc
1,892
129,301
Alliant
Energy
Corp
6,905
21,469
*,e
Altus
Power,
Inc
118
128,677
Ameren
Corp
11,116
257,385
American
Electric
Power
Co,
Inc
23,419
20,132
American
States
Water
Co
1,789
93,596
American
Water
Works
Co,
Inc
13,711
4,909
Artesian
Resources
Corp
272
69,836
Atmos
Energy
Corp
7,847
36,552
e
Avangrid,
Inc
1,458
33,562
Avista
Corp
1,425
34,402
Black
Hills
Corp
2,171
57,977
e
Brookfield
Infrastructure
Corp
2,670
72,027
Brookfield
Renewable
Corp
2,517
27,522
California
Water
Service
Group
1,602
307,461
Centerpoint
Energy,
Inc
9,058
9,405
Chesapeake
Utilities
Corp
1,204
10,556
Clearway
Energy,
Inc
(Class
A)
317
47,061
Clearway
Energy,
Inc
(Class
C)
1,474
148,205
CMS
Energy
Corp
9,097
177,002
Consolidated
Edison,
Inc
16,934
164,317
Constellation
Energy
Corp
12,899
427,454
Dominion
Energy,
Inc
23,899
98,822
DTE
Energy
Co
10,825
391,762
Duke
Energy
Corp
37,793
195,908
Edison
International
13,829
106,399
Entergy
Corp
11,463
106,466
Essential
Utilities
Inc
4,647
112,667
Evergy,
Inc
6,886
177,794
Eversource
Energy
13,914
505,635
Exelon
Corp
21,181
263,997
FirstEnergy
Corp
10,576
6,410
Global
Water
Resources,
Inc
80
56,097
Hawaiian
Electric
Industries,
Inc
2,154
23,041
Idacorp,
Inc
2,496
22,843
MGE
Energy,
Inc
1,774
11,759
Middlesex
Water
Co
919
33,009
*,e
Montauk
Renewables,
Inc
260
35,960
National
Fuel
Gas
Co
2,076
52,723
New
Jersey
Resources
Corp
2,805
1,005,258
NextEra
Energy,
Inc
77,485
209,437
NiSource,
Inc
5,856
14,483
Northwest
Natural
Holding
Co
689
27,636
NorthWestern
Corp
1,599
114,095
NRG
Energy,
Inc
3,912
96,380
OGE
Energy
Corp
3,630
27,567
ONE
Gas,
Inc
2,184
24,734
e
Ormat
Technologies,
Inc
2,097
CREF
Equity
Index
Account
March
31,
2023
258
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
16,819
e
Otter
Tail
Corp
$
1,215
844,040
*,b
PG&E
Corp
13,648
55,268
Pinnacle
West
Capital
Corp
4,379
43,561
PNM
Resources,
Inc
2,121
40,332
Portland
General
Electric
Co
1,972
359,446
PPL
Corp
9,989
246,452
Public
Service
Enterprise
Group,
Inc
15,391
11,616
*
Pure
Cycle
Corp
110
158,866
Sempra
Energy
24,014
12,005
SJW
Corp
914
557,334
Southern
Co
38,779
31,668
Southwest
Gas
Holdings
Inc
1,978
21,354
Spire,
Inc
1,498
46,961
*,e
Sunnova
Energy
International,
Inc
733
105,006
UGI
Corp
3,650
10,272
Unitil
Corp
586
1,508
e
Via
Renewables,
Inc
28
194,785
Vistra
Energy
Corp
4,675
159,399
WEC
Energy
Group,
Inc
15,109
273,699
Xcel
Energy,
Inc
18,458
9,006
York
Water
Co
403
TOTAL
UTILITIES
562,861
TOTAL
COMMON
STOCKS
20,311,270
(Cost
$7,677,738)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
6,981
†
Tobira
Therapeutics,
Inc
0
^
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
0
^
TOTAL
RIGHTS/WARRANTS
0
^
(Cost
$0)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
1.1%
GOVERNMENT
AGENCY
DEBT
-
0.2%
$
25,000,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
%
04/06/23
24,991
5,000,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
06/12/23
4,954
TOTAL
GOVERNMENT
AGENCY
DEBT
29,945
REPURCHASE
AGREEMENT
-
0.3%
66,085,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
04/03/23
66,085
TOTAL
REPURCHASE
AGREEMENT
66,085
TREASURY
DEBT
-
0.0%
4,700,000
United
States
Treasury
Bill
0
.000
04/04/23
4,700
TOTAL
TREASURY
DEBT
4,700
CREF
Equity
Index
Account
March
31,
2023
259
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
Cost
amounts
are
in
thousands.
SHARES
COMPANY
RATE
VALUE
(000)
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
-
0.6%
120,969,295
c
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.840
%
$
120,969
TOTAL
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
120,969
TOTAL
SHORT-TERM
INVESTMENTS
221,699
(Cost
$221,688)
TOTAL
INVESTMENTS
-
100.5%
20,532,969
(Cost
$7,899,426)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.5)%
(
111,819
)
NET
ASSETS
-
100.0%
$20,421,150
REIT
Real
Estate
Investment
Trust
^
Amount
represents
less
than
$1,000.
*
Non-income
producing
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
b
In
bankruptcy
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
$148,414,647.
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$66,085,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.125%
and
maturity
date
8/15/25,
valued
at
$67,406,797.
Futures
contracts
outstanding
as
of
March
31,
2023
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
451‌
06/16/23
 $
87,849‌
$
93,306‌
$
5,457‌
CREF
Core
Bond
Account
March
31,
2023
Portfolio
of
Investments
(unaudited)
260
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
BANK
LOAN
OBLIGATIONS
-
0.4%
AUTOMOBILES
&
COMPONENTS
-
0.0%
$
380,435
i
Adient
US
LLC
LIBOR
12
M
+
3.250%
8
.090
%
04/10/28
$
381
618,326
i
Clarios
Global
LP
LIBOR
12
M
+
3.250%
8
.090
04/30/26
616
1,447,234
i
Gates
Global
LLC
SOFR
12M
+
2.500%
7
.407
03/31/27
1,441
TOTAL
AUTOMOBILES
&
COMPONENTS
2,438
CAPITAL
GOODS
-
0.0%
1,181,761
i
Alliance
Laundry
Systems
LLC
SOFR
4M
+
3.500%
8
.559
10/08/27
1,174
174,057
i
Avolon
TLB
Borrower
US
LLC
LIBOR
12
M
+
1.750%
6
.511
01/15/25
174
218,250
i
Avolon
TLB
Borrower
US
LLC
LIBOR
12
M
+
1.500%
6
.261
02/12/27
217
582,099
i
Beacon
Roofing
Supply,
Inc
LIBOR
12
M
+
2.250%
7
.090
05/19/28
580
348,622
i
Cornerstone
Building
Brands,
Inc
LIBOR
12
M
+
3.250%
7
.934
04/12/28
309
908,245
i
TransDigm,
Inc
LIBOR
4
M
+
2.250%
6
.980
05/30/25
908
TOTAL
CAPITAL
GOODS
3,362
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
465,943
i
AECOM
LIBOR
12
M
+
1.750%
6
.560
04/13/28
467
1,155,129
i
GFL
Environmental,
Inc
LIBOR
3
M
+
3.000%
3
.000
05/30/25
1,158
1,810,485
i
Prime
Security
Services
Borrower
LLC
LIBOR
3
M
+
2.750%
2
.750
09/23/26
1,807
552,563
i
Spin
Holdco,
Inc
LIBOR
4
M
+
4.000%
8
.986
03/04/28
466
2,766,628
i
Trans
Union
LLC
LIBOR
12
M
+
2.250%
7
.090
12/01/28
2,750
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
6,648
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
535,034
h,i
LS
Group
OpCo
Acquisition
LLC
LIBOR
4
M
+
3.250%
8
.064
11/02/27
532
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
532
CONSUMER
DURABLES
&
APPAREL
-
0.0%
279,583
i
Samsonite
IP
Holdings
Sarl
LIBOR
12
M
+
1.750%
6
.590
04/25/25
279
424,494
i
Weber-Stephen
Products
LLC
LIBOR
12
M
+
3.250%
8
.090
10/30/27
368
TOTAL
CONSUMER
DURABLES
&
APPAREL
647
CONSUMER
SERVICES
-
0.1%
432,479
i
1011778
BC
ULC
LIBOR
12
M
+
1.750%
6
.590
11/19/26
429
861,482
i
Carnival
Corp
LIBOR
12
M
+
3.250%
8
.090
10/18/28
844
358,588
i
IRB
Holding
Corp
SOFR
12M
+
3.000%
7
.907
12/15/27
353
942,059
i
KFC
Holding
Co
LIBOR
12
M
+
1.750%
6
.511
03/15/28
939
1,543,638
i
Sophia
LP
LIBOR
1
M
+
3.750%
8
.230
10/07/27
1,528
1,438,050
i
Stars
Group
Holdings
BV
LIBOR
4
M
+
2.250%
7
.409
07/21/26
1,439
TOTAL
CONSUMER
SERVICES
5,532
ENERGY
-
0.0%
1,419,980
i
Buckeye
Partners
LP
LIBOR
12
M
+
2.250%
7
.090
11/01/26
1,418
128,567
i
DT
Midstream,
Inc
LIBOR
12
M
+
2.000%
6
.845
06/26/28
129
TOTAL
ENERGY
1,547
FINANCIAL
SERVICES
-
0.0%
618,060
i
Lions
Gate
Capital
Holdings
LLC
LIBOR
12
M
+
2.250%
7
.090
03/24/25
610
TOTAL
FINANCIAL
SERVICES
610
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
427,214
i
Chobani
LLC
SOFR
12M
+
3.500%
8
.422
10/25/27
424
579,825
i
Hostess
Brands
LLC
LIBOR
4
M
+
2.250%
7
.075
08/03/25
581
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,005
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
697,300
i
DaVita,
Inc
LIBOR
12
M
+
1.750%
6
.590
08/12/26
688
300,449
i
Grifols
Worldwide
Operations
USA,
Inc
LIBOR
12
M
+
2.000%
6
.840
11/15/27
295
2,131,100
i
Select
Medical
Corp
LIBOR
12
M
+
2.500%
7
.350
03/06/25
2,127
CREF
Core
Bond
Account
March
31,
2023
261
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,710
h,i
Team
Health
Holdings,
Inc
SOFR
12M
+
5.250%
10
.057
%
03/02/27
$
3
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
3,113
INSURANCE
-
0.0%
1,416,051
i
NFP
Corp
LIBOR
12
M
+
3.250%
8
.090
02/15/27
1,384
TOTAL
INSURANCE
1,384
MATERIALS
-
0.0%
1,245,792
i
Asplundh
Tree
Expert
LLC
LIBOR
12
M
+
1.750%
6
.590
09/07/27
1,241
926,908
i
Berry
Global,
Inc
LIBOR
12
M
+
1.750%
6
.650
07/01/26
925
262,182
i
Messer
Industries
USA,
Inc
SOFR
4M
+
2.500%
7
.660
03/02/26
262
437,596
i
PolyOne
Corp
SOFR
4M
+
3.060%
7
.736
01/30/26
439
297,076
i
Reynolds
Consumer
Products
LLC
SOFR
12M
+
1.750%
6
.657
02/04/27
295
1,156,809
i
Reynolds
Group
Holdings,
Inc
LIBOR
12
M
+
3.250%
8
.090
02/05/26
1,154
TOTAL
MATERIALS
4,316
MEDIA
&
ENTERTAINMENT
-
0.1%
242,886
i
Arterra
Wines
Canada,
Inc
LIBOR
4
M
+
3.500%
8
.659
11/24/27
239
303,013
i
Cablevision
Lightpath
LLC
LIBOR
12
M
+
3.250%
7
.934
11/30/27
301
1,409,049
i
Charter
Communications
Operating
LLC
SOFR
12M
+
1.750%
6
.557
02/01/27
1,398
699,254
i
CNT
Holdings
I
Corp
LIBOR
1
M
+
3.500%
3
.500
11/08/27
690
512,466
i
CSC
Holdings
LLC
LIBOR
12
M
+
2.500%
7
.184
04/15/27
454
967,669
†,i
Diamond
Sports
Group
LLC
LIBOR
1
M
+
3.250%
8
.314
08/24/26
59
883,552
i
DIRECTV
Financing
LLC
LIBOR
12
M
+
5.000%
9
.840
08/02/27
852
577,624
i
Mozart
Borrower
LP
LIBOR
12
M
+
3.250%
8
.090
10/23/28
564
489,994
i
Rackspace
Technology
Global,
Inc
LIBOR
4
M
+
2.750%
7
.595
02/15/28
266
8,923
i
Radiate
Holdco
LLC
LIBOR
12
M
+
3.250%
8
.090
09/25/26
7
1,273,480
i
TK
Elevator
US
Newco,
Inc
LIBOR
2
M
+
3.500%
8
.602
07/30/27
1,244
1,642,000
i
Virgin
Media
Bristol
LLC
LIBOR
12
M
+
2.500%
7
.184
01/31/28
1,619
TOTAL
MEDIA
&
ENTERTAINMENT
7,693
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
421,061
i
Avantor,
Inc
LIBOR
12
M
+
2.250%
7
.090
11/08/27
421
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
421
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
932,935
i
Cushman
&
Wakefield
plc
LIBOR
12
M
+
2.750%
7
.590
08/21/25
912
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
912
SOFTWARE
&
SERVICES
-
0.1%
268,048
i
Camelot
Finance
S.A.
LIBOR
12
M
+
3.000%
7
.840
10/30/26
268
608,207
i
Camelot
US
Acquisition
LIBOR
12
M
+
3.000%
7
.840
10/30/26
608
1,791,627
i
NortonLifeLock,
Inc
SOFR
12M
+
2.000%
6
.907
09/12/29
1,776
706,293
i
Rocket
Software,
Inc
LIBOR
12
M
+
4.250%
9
.090
11/28/25
695
1,159,927
i
UKG,
Inc
LIBOR
6
M
+
3.250%
8
.032
05/04/26
1,132
TOTAL
SOFTWARE
&
SERVICES
4,479
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
483,536
i
TTM
Technologies,
Inc
LIBOR
12
M
+
2.500%
7
.348
09/28/24
483
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
483
TELECOMMUNICATION
SERVICES
-
0.0%
455,553
i
Zayo
Group
Holdings,
Inc
LIBOR
12
M
+
3.000%
7
.840
03/09/27
373
TOTAL
TELECOMMUNICATION
SERVICES
373
TRANSPORTATION
-
0.0%
401,963
i
Air
Canada
LIBOR
4
M
+
3.500%
8
.369
08/11/28
402
564,300
i
SkyMiles
IP
Ltd
LIBOR
4
M
+
3.750%
8
.558
10/20/27
586
TOTAL
TRANSPORTATION
988
CREF
Core
Bond
Account
March
31,
2023
262
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
UTILITIES
-
0.0%
$
705,351
i
Gopher
Resource
LLC
LIBOR
12
M
+
3.250%
8
.090
%
03/06/25
$
539
TOTAL
UTILITIES
539
TOTAL
BANK
LOAN
OBLIGATIONS
47,022
(Cost
$48,859)
BONDS
-
97.2%
CORPORATE
BONDS
-
33.1%
AUTOMOBILES
&
COMPONENTS
-
0.3%
EUR
300,000
Aptiv
plc
1
.500
03/10/25
311
EUR
500,000
g
Dana
Financing
Luxembourg
Sarl
3
.000
07/15/29
417
225,000
Dana,
Inc
5
.375
11/15/27
210
350,000
e
Dana,
Inc
5
.625
06/15/28
329
8,250,000
General
Motors
Co
6
.125
10/01/25
8,406
10,250,000
General
Motors
Co
5
.400
10/15/29
10,156
5,500,000
General
Motors
Co
5
.200
04/01/45
4,633
EUR
205,000
g
Goodyear
Europe
BV
2
.750
08/15/28
180
3,575,000
g
Hyundai
Capital
Services,
Inc
2
.125
04/24/25
3,352
EUR
400,000
g,o
IHO
Verwaltungs
GmbH
3
.750
09/15/26
389
200,000
g
Kia
Corp
2
.750
02/14/27
184
4,450,000
Magna
International,
Inc
3
.625
06/15/24
4,371
EUR
300,000
Volkswagen
Bank
GmbH
2
.500
07/31/26
310
TOTAL
AUTOMOBILES
&
COMPONENTS
33,248
BANKS
-
6.9%
2,000,000
g
Akbank
T.A.S.
6
.800
06/22/31
1,816
1,775,000
g
Banco
de
Credito
del
Peru
3
.125
07/01/30
1,598
2,500,000
g
Banco
de
Credito
e
Inversiones
S.A.
2
.875
10/14/31
2,025
3,000,000
g
Banco
del
Estado
de
Chile
2
.704
01/09/25
2,845
7,400,000
Banco
Santander
S.A.
5
.294
08/18/27
7,283
EUR
400,000
Banco
Santander
S.A.
0
.200
02/11/28
365
2,600,000
Banco
Santander
S.A.
3
.800
02/23/28
2,405
400,000
Banco
Santander
S.A.
7
.500
N/A‡
380
350,000
Bancolombia
S.A.
3
.000
01/29/25
329
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
2,457
2,750,000
g
Banistmo
S.A.
4
.250
07/31/27
2,516
8,100,000
g
Bank
Hapoalim
BM
3
.255
01/21/32
6,738
6,300,000
g
Bank
Leumi
Le-Israel
BM
3
.275
01/29/31
5,472
EUR
400,000
Bank
of
America
Corp
1
.375
03/26/25
417
EUR
300,000
Bank
of
America
Corp
1
.776
05/04/27
303
5,500,000
Bank
of
America
Corp
4
.948
07/22/28
5,468
5,800,000
Bank
of
America
Corp
6
.204
11/10/28
6,063
34,450,000
Bank
of
America
Corp
2
.496
02/13/31
29,177
55,925,000
Bank
of
America
Corp
2
.592
04/29/31
47,361
39,000,000
Bank
of
America
Corp
1
.922
10/24/31
31,106
13,450,000
Bank
of
America
Corp
2
.299
07/21/32
10,839
8,200,000
e
Bank
of
America
Corp
5
.015
07/22/33
8,109
26,750,000
Bank
of
America
Corp
2
.676
06/19/41
18,907
3,000,000
Bank
of
America
Corp
6
.100
N/A‡
2,941
5,000,000
Bank
of
America
Corp
6
.250
N/A‡
4,881
2,975,000
Bank
of
Montreal
3
.803
12/15/32
2,686
GBP
300,000
Banque
Federative
du
Credit
Mutuel
S.A.
4
.875
09/25/25
367
9,475,000
Barclays
plc
3
.932
05/07/25
9,218
6,075,000
Barclays
plc
3
.330
11/24/42
4,360
5,600,000
g
BNP
Paribas
S.A.
1
.904
09/30/28
4,762
5,000,000
g
BNP
Paribas
S.A.
2
.159
09/15/29
4,168
CREF
Core
Bond
Account
March
31,
2023
263
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,775,000
g
BNP
Paribas
S.A.
2
.588
%
08/12/35
$
2,131
36,375,000
Citigroup,
Inc
3
.200
10/21/26
34,316
13,835,000
Citigroup,
Inc
4
.450
09/29/27
13,416
7,125,000
Citigroup,
Inc
2
.572
06/03/31
6,011
15,100,000
Citigroup,
Inc
4
.910
05/24/33
14,821
39,225,000
Citigroup,
Inc
6
.270
11/17/33
42,422
4,000,000
Citigroup,
Inc
6
.300
N/A‡
3,800
5,000,000
Citigroup,
Inc
5
.000
N/A‡
4,675
8,425,000
Cooperatieve
Rabobank
UA
3
.750
07/21/26
7,970
EUR
200,000
Cooperatieve
Rabobank
UA
3
.250
N/A‡
175
6,100,000
g
Credit
Agricole
S.A.
4
.125
01/10/27
5,806
2,450,000
g
DBS
Group
Holdings
Ltd
4
.520
12/11/28
2,434
2,975,000
g
Development
Bank
of
Kazakhstan
JSC
2
.950
05/06/31
2,324
7,525,000
Discover
Bank
2
.450
09/12/24
7,133
7,305,000
Discover
Bank
3
.450
07/27/26
6,744
3,750,000
Discover
Bank
2
.700
02/06/30
3,040
3,325,000
g
Grupo
Aval
Ltd
4
.375
02/04/30
2,572
2,880,000
g
Hana
Bank
3
.500
N/A‡
2,438
9,925,000
HSBC
Holdings
plc
4
.292
09/12/26
9,504
6,200,000
HSBC
Holdings
plc
2
.013
09/22/28
5,311
12,400,000
HSBC
Holdings
plc
7
.390
11/03/28
13,198
11,925,000
HSBC
Holdings
plc
2
.206
08/17/29
9,999
3,750,000
HSBC
Holdings
plc
3
.973
05/22/30
3,383
7,000,000
Huntington
Bancshares,
Inc
5
.625
N/A‡
5,950
2,125,000
g
Intercorp
Financial
Services,
Inc
4
.125
10/19/27
1,843
200,000
g
Intesa
Sanpaolo
S.p.A
4
.198
06/01/32
145
4,850,000
JPMorgan
Chase
&
Co
2
.700
05/18/23
4,834
31,125,000
JPMorgan
Chase
&
Co
2
.301
10/15/25
29,763
14,600,000
JPMorgan
Chase
&
Co
3
.200
06/15/26
13,991
8,325,000
JPMorgan
Chase
&
Co
4
.323
04/26/28
8,121
EUR
600,000
JPMorgan
Chase
&
Co
1
.638
05/18/28
589
10,500,000
JPMorgan
Chase
&
Co
3
.702
05/06/30
9,761
12,675,000
JPMorgan
Chase
&
Co
1
.953
02/04/32
10,197
18,550,000
JPMorgan
Chase
&
Co
2
.963
01/25/33
15,861
27,775,000
JPMorgan
Chase
&
Co
4
.912
07/25/33
27,607
4,625,000
JPMorgan
Chase
&
Co
2
.525
11/19/41
3,192
20,750,000
JPMorgan
Chase
&
Co
3
.157
04/22/42
15,767
6,250,000
JPMorgan
Chase
&
Co
3
.650
N/A‡
5,469
5,500,000
JPMorgan
Chase
&
Co
5
.000
N/A‡
5,281
11,100,000
JPMorgan
Chase
&
Co
6
.100
N/A‡
10,843
GBP
500,000
Lloyds
Banking
Group
plc
1
.985
12/15/31
525
5,950,000
M&T
Bank
Corp
3
.500
N/A‡
4,189
3,675,000
g
Mizrahi
Tefahot
Bank
Ltd
3
.077
04/07/31
3,118
5,700,000
NatWest
Group
plc
5
.516
09/30/28
5,648
9,225,000
g
NBK
SPC
Ltd
1
.625
09/15/27
8,199
2,100,000
g
Oversea-Chinese
Banking
Corp
Ltd
1
.832
09/10/30
1,923
6,000,000
PNC
Financial
Services
Group,
Inc
3
.900
04/29/24
5,874
7,465,000
PNC
Financial
Services
Group,
Inc
3
.400
N/A‡
5,920
CNY
8,000,000
QNB
Finance
Ltd
3
.150
02/04/26
1,135
7,800,000
Sumitomo
Mitsui
Financial
Group,
Inc
1
.474
07/08/25
7,143
11,700,000
Toronto-Dominion
Bank
4
.285
09/13/24
11,565
2,350,000
Toronto-Dominion
Bank
3
.625
09/15/31
2,213
2,400,000
Truist
Financial
Corp
4
.000
05/01/25
2,316
5,000,000
Truist
Financial
Corp
4
.950
N/A‡
4,621
9,000,000
Truist
Financial
Corp
4
.800
N/A‡
7,875
3,050,000
g
Turkiye
Vakiflar
Bankasi
TAO
5
.500
10/01/26
2,727
3,065,000
g
UBS
Group
AG.
3
.179
02/11/43
2,181
3,000,000
g
United
Overseas
Bank
Ltd
1
.250
04/14/26
2,738
2,350,000
g
United
Overseas
Bank
Ltd
3
.750
04/15/29
2,304
3,500,000
g
United
Overseas
Bank
Ltd
2
.000
10/14/31
3,100
3,700,000
Wells
Fargo
&
Co
3
.750
01/24/24
3,655
CREF
Core
Bond
Account
March
31,
2023
264
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,300,000
Wells
Fargo
&
Co
3
.550
%
09/29/25
$
5,096
14,075,000
Wells
Fargo
&
Co
3
.526
03/24/28
13,280
16,375,000
Wells
Fargo
&
Co
2
.393
06/02/28
14,745
8,500,000
Wells
Fargo
&
Co
5
.875
N/A‡
8,351
6,000,000
Wells
Fargo
&
Co
5
.900
N/A‡
5,688
10,000,000
Wells
Fargo
&
Co
3
.900
N/A‡
8,827
4,521,000
Westpac
Banking
Corp
2
.668
11/15/35
3,521
TOTAL
BANKS
750,902
CAPITAL
GOODS
-
1.0%
3,250,000
Air
Lease
Corp
3
.125
12/01/30
2,757
25,400,000
Boeing
Co
2
.196
02/04/26
23,567
5,350,000
Boeing
Co
3
.250
02/01/28
4,985
7,600,000
Boeing
Co
2
.950
02/01/30
6,707
3,352,000
Boeing
Co
3
.250
02/01/35
2,737
3,350,000
Boeing
Co
5
.705
05/01/40
3,389
8,425,000
Boeing
Co
5
.805
05/01/50
8,481
3,075,000
g
H&E
Equipment
Services,
Inc
3
.875
12/15/28
2,695
EUR
500,000
Honeywell
International,
Inc
0
.000
03/10/24
524
5,425,000
Ingersoll-Rand
Luxembourg
Finance
S.A.
3
.800
03/21/29
5,137
3,000,000
g
Korea
East-West
Power
Co
Ltd
1
.750
05/06/25
2,813
1,875,000
g
Korea
East-West
Power
Co
Ltd
3
.600
05/06/25
1,826
450,000
L3Harris
Technologies,
Inc
3
.850
06/15/23
448
7,275,000
Northrop
Grumman
Corp
3
.250
01/15/28
6,912
15,300,000
Raytheon
Technologies
Corp
4
.125
11/16/28
15,080
EUR
500,000
Raytheon
Technologies
Corp
2
.150
05/18/30
476
5,575,000
Raytheon
Technologies
Corp
2
.250
07/01/30
4,776
4,850,000
Raytheon
Technologies
Corp
5
.150
02/27/33
5,047
5,390,000
Raytheon
Technologies
Corp
4
.500
06/01/42
5,109
325,000
g
Rolls-Royce
plc
5
.750
10/15/27
324
EUR
800,000
Thermo
Fisher
Scientific
Finance
I
BV
0
.800
10/18/30
714
4,000,000
g
TSMC
Global
Ltd
1
.000
09/28/27
3,443
300,000
g
WESCO
Distribution,
Inc
7
.250
06/15/28
308
TOTAL
CAPITAL
GOODS
108,255
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
EUR
1,000,000
g
Albion
Financing
1
SARL
5
.250
10/15/26
982
EUR
250,000
g
Allied
Universal
Holdco
LLC
3
.625
06/01/28
223
325,000
g
ASGN,
Inc
4
.625
05/15/28
303
925,000
g
Booz
Allen
Hamilton,
Inc
3
.875
09/01/28
844
250,000
g
GFL
Environmental,
Inc
4
.250
06/01/25
244
1,000,000
g
GFL
Environmental,
Inc
3
.750
08/01/25
961
2,350,000
g
Prime
Security
Services
Borrower
LLC
5
.250
04/15/24
2,323
2,000,000
g
Prime
Security
Services
Borrower
LLC
5
.750
04/15/26
1,985
1,325,000
g
Prime
Security
Services
Borrower
LLC
3
.375
08/31/27
1,187
725,000
g
Prime
Security
Services
Borrower
LLC
6
.250
01/15/28
678
3,771,000
Republic
Services,
Inc
2
.900
07/01/26
3,599
2,525,000
Waste
Management,
Inc
2
.500
11/15/50
1,640
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,969
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.4%
5,575,000
AutoZone,
Inc
1
.650
01/15/31
4,439
550,000
g
Group
1
Automotive,
Inc
4
.000
08/15/28
484
925,000
g
L
Brands,
Inc
6
.625
10/01/30
902
875,000
g
Lithia
Motors,
Inc
4
.625
12/15/27
814
5,100,000
O'Reilly
Automotive,
Inc
3
.550
03/15/26
4,965
6,875,000
O'Reilly
Automotive,
Inc
3
.600
09/01/27
6,637
4,075,000
O'Reilly
Automotive,
Inc
4
.200
04/01/30
3,919
12,400,000
O'Reilly
Automotive,
Inc
1
.750
03/15/31
9,972
5,050,000
g
Prosus
NV
4
.987
01/19/52
3,771
CREF
Core
Bond
Account
March
31,
2023
265
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,000,000
g
Staples,
Inc
7
.500
%
04/15/26
$
2,628
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
38,531
CONSUMER
DURABLES
&
APPAREL
-
0.0%
149,000
Newell
Brands,
Inc
4
.875
06/01/25
145
TOTAL
CONSUMER
DURABLES
&
APPAREL
145
CONSUMER
SERVICES
-
0.9%
9,820,000
Amherst
College
4
.100
11/01/45
8,522
29,085,000
Anheuser-Busch
Cos
LLC
3
.650
02/01/26
28,547
12,875,000
Anheuser-Busch
Cos
LLC
4
.900
02/01/46
12,583
1,825,000
g
Cedar
Fair
LP
5
.500
05/01/25
1,824
3,800,000
g
ENA
Master
Trust
4
.000
05/19/48
2,853
125,000
g
Hilton
Domestic
Operating
Co,
Inc
5
.750
05/01/28
125
1,151,000
g
International
Game
Technology
plc
6
.500
02/15/25
1,163
EUR
500,000
g
International
Game
Technology
plc
3
.500
06/15/26
522
6,400,000
McDonald's
Corp
4
.600
09/09/32
6,476
8,000,000
President
and
Fellows
of
Harvard
College
3
.529
10/01/31
7,709
14,250,000
President
and
Fellows
of
Harvard
College
3
.619
10/01/37
12,641
1,000,000
Sands
China
Ltd
2
.800
03/08/27
856
2,100,000
Sands
China
Ltd
5
.900
08/08/28
1,994
15,000,000
Smith
College
4
.620
07/01/45
14,017
TOTAL
CONSUMER
SERVICES
99,832
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.2%
4,000,000
Costco
Wholesale
Corp
1
.600
04/20/30
3,396
2,850,000
Diageo
Capital
plc
2
.000
04/29/30
2,428
EUR
500,000
SYSCO
Corp
1
.250
06/23/23
540
5,450,000
SYSCO
Corp
3
.150
12/14/51
3,808
6,625,000
e
Target
Corp
4
.400
01/15/33
6,586
GBP
500,000
Tesco
Corporate
Treasury
Services
plc
2
.750
04/27/30
524
8,500,000
Walmart,
Inc
1
.800
09/22/31
7,189
4,000,000
Walmart,
Inc
2
.500
09/22/41
3,025
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
27,496
ENERGY
-
2.8%
EUR
500,000
BP
Capital
Markets
plc
1
.231
05/08/31
448
5,000,000
Cenovus
Energy,
Inc
5
.400
06/15/47
4,648
900,000
Chevron
USA,
Inc
3
.900
11/15/24
897
4,550,000
Diamondback
Energy,
Inc
3
.125
03/24/31
3,945
4,250,000
Diamondback
Energy,
Inc
4
.250
03/15/52
3,334
2,500,000
Ecopetrol
S.A.
5
.375
06/26/26
2,387
2,000,000
Ecopetrol
S.A.
6
.875
04/29/30
1,844
2,125,000
Ecopetrol
S.A.
4
.625
11/02/31
1,635
3,000,000
g
Empresa
Nacional
del
Petroleo
5
.250
11/06/29
2,857
12,968,000
Enbridge,
Inc
3
.125
11/15/29
11,687
3,925,000
Enbridge,
Inc
5
.700
03/08/33
4,083
2,950,000
Enbridge,
Inc
3
.400
08/01/51
2,079
2,624,000
g
Energean
Israel
Finance
Ltd
4
.500
03/30/24
2,562
2,900,000
Energy
Transfer
LP
5
.750
02/15/33
2,970
2,500,000
Energy
Transfer
Operating
LP
4
.200
09/15/23
2,491
4,575,000
Energy
Transfer
Operating
LP
2
.900
05/15/25
4,360
4,725,000
Energy
Transfer
Operating
LP
4
.750
01/15/26
4,666
2,950,000
Energy
Transfer
Operating
LP
5
.500
06/01/27
2,982
6,350,000
Energy
Transfer
Operating
LP
4
.950
06/15/28
6,306
4,225,000
Energy
Transfer
Operating
LP
5
.250
04/15/29
4,209
8,700,000
Energy
Transfer
Operating
LP
6
.250
04/15/49
8,619
9,125,000
Energy
Transfer
Operating
LP
5
.000
05/15/50
7,788
5,125,000
Enterprise
Products
Operating
LLC
3
.700
02/15/26
5,004
5,425,000
Enterprise
Products
Operating
LLC
3
.125
07/31/29
4,970
2,650,000
Enterprise
Products
Operating
LLC
4
.250
02/15/48
2,258
CREF
Core
Bond
Account
March
31,
2023
266
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
6,200,000
Enterprise
Products
Operating
LLC
4
.200
%
01/31/50
$
5,260
10,600,000
Enterprise
Products
Operating
LLC
3
.700
01/31/51
8,194
4,500,000
Enterprise
Products
Operating
LLC
3
.200
02/15/52
3,201
6,500,000
Enterprise
Products
Operating
LLC
3
.300
02/15/53
4,702
450,000
g
EQM
Midstream
Partners
LP
6
.000
07/01/25
445
2,957,591
g
Galaxy
Pipeline
Assets
Bidco
Ltd
2
.160
03/31/34
2,546
3,300,000
g
Galaxy
Pipeline
Assets
Bidco
Ltd
2
.625
03/31/36
2,709
3,200,000
g
KazTransGas
JSC
4
.375
09/26/27
2,867
2,900,000
Kinder
Morgan
Energy
Partners
LP
5
.400
09/01/44
2,686
5,325,000
Magellan
Midstream
Partners
LP
3
.250
06/01/30
4,793
9,075,000
Marathon
Petroleum
Corp
3
.800
04/01/28
8,651
5,060,000
Marathon
Petroleum
Corp
4
.750
09/15/44
4,360
5,500,000
Marathon
Petroleum
Corp
5
.000
09/15/54
4,730
725,000
g
MEG
Energy
Corp
5
.875
02/01/29
698
8,950,000
MPLX
LP
1
.750
03/01/26
8,168
20,000,000
MPLX
LP
2
.650
08/15/30
16,960
5,825,000
MPLX
LP
4
.700
04/15/48
4,891
275,000
Murphy
Oil
Corp
5
.875
12/01/27
268
1,000,000
†,q
NAK
Naftogaz
Ukraine
via
Kondor
Finance
plc
7
.375
07/19/24
270
2,200,000
Occidental
Petroleum
Corp
5
.550
03/15/26
2,216
1,350,000
g
Oleoducto
Central
S.A.
4
.000
07/14/27
1,155
11,642,000
ONEOK,
Inc
4
.550
07/15/28
11,262
12,150,000
ONEOK,
Inc
4
.350
03/15/29
11,489
5,000,000
ONEOK,
Inc
4
.500
03/15/50
3,873
315,000
g
Parkland
Corp
4
.625
05/01/30
280
500,000
g
Parkland
Fuel
Corp
5
.875
07/15/27
485
1,425,000
g
Pertamina
Persero
PT
3
.650
07/30/29
1,334
1,200,000
Petrobras
Global
Finance
BV
5
.999
01/27/28
1,181
560,000
Petrobras
Global
Finance
BV
7
.250
03/17/44
542
5,300,000
Petroleos
Mexicanos
5
.950
01/28/31
4,056
3,000,000
Petroleos
Mexicanos
6
.700
02/16/32
2,388
13,575,000
Phillips
66
2
.150
12/15/30
11,202
3,225,000
Phillips
66
3
.300
03/15/52
2,280
2,375,000
g
Phillips
66
Co
4
.680
02/15/45
2,109
475,000
Plains
All
American
Pipeline
LP
3
.800
09/15/30
423
2,196,850
g
Rio
Oil
Finance
Trust
8
.200
04/06/28
2,213
6,200,000
Sabine
Pass
Liquefaction
LLC
5
.875
06/30/26
6,327
9,875,000
Sabine
Pass
Liquefaction
LLC
4
.200
03/15/28
9,487
4,800,000
Sabine
Pass
Liquefaction
LLC
4
.500
05/15/30
4,630
1,700,000
g
Santos
Finance
Ltd
3
.649
04/29/31
1,420
2,000,000
g
Saudi
Arabian
Oil
Co
2
.250
11/24/30
1,687
3,000,000
g
Saudi
Arabian
Oil
Co
3
.250
11/24/50
2,085
5,325,000
Shell
International
Finance
BV
3
.125
11/07/49
3,972
6,500,000
Sunoco
Logistics
Partners
Operations
LP
4
.000
10/01/27
6,195
775,000
Sunoco
Logistics
Partners
Operations
LP
5
.400
10/01/47
689
3,350,000
Targa
Resources
Corp
4
.200
02/01/33
3,014
425,000
Targa
Resources
Partners
LP
6
.500
07/15/27
433
4,300,000
g
Thaioil
Treasury
Center
Co
Ltd
2
.500
06/18/30
3,451
11,000,000
Total
Capital
International
S.A.
3
.127
05/29/50
8,155
4,675,000
Williams
Cos,
Inc
2
.600
03/15/31
3,932
9,250,000
Williams
Cos,
Inc
5
.650
03/15/33
9,553
TOTAL
ENERGY
308,946
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2.3%
5,100,000
Agree
LP
2
.000
06/15/28
4,322
1,675,000
e
Alexandria
Real
Estate
Equities,
Inc
3
.950
01/15/28
1,586
5,500,000
Alexandria
Real
Estate
Equities,
Inc
4
.900
12/15/30
5,350
2,418,000
American
Tower
Corp
3
.375
10/15/26
2,291
EUR
450,000
American
Tower
Corp
0
.450
01/15/27
426
1,600,000
American
Tower
Corp
3
.600
01/15/28
1,501
4,350,000
American
Tower
Corp
3
.800
08/15/29
4,043
CREF
Core
Bond
Account
March
31,
2023
267
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
13,700,000
American
Tower
Corp
2
.900
%
01/15/30
$
11,914
2,750,000
American
Tower
Corp
2
.100
06/15/30
2,247
3,825,000
American
Tower
Corp
1
.875
10/15/30
3,034
4,125,000
Brandywine
Operating
Partnership
LP
4
.100
10/01/24
3,804
5,825,000
Brixmor
Operating
Partnership
LP
3
.850
02/01/25
5,588
1,075,000
Brixmor
Operating
Partnership
LP
2
.250
04/01/28
922
14,275,000
Crown
Castle
International
Corp
2
.250
01/15/31
11,831
1,800,000
Crown
Castle
International
Corp
2
.100
04/01/31
1,471
3,200,000
CubeSmart
LP
2
.250
12/15/28
2,747
GBP
400,000
Digital
Stout
Holding
LLC
3
.750
10/17/30
427
2,275,000
Equinix,
Inc
2
.150
07/15/30
1,860
6,700,000
Essex
Portfolio
LP
3
.000
01/15/30
5,830
6,600,000
Healthcare
Realty
Holdings
LP
3
.875
05/01/25
6,367
3,000,000
Healthcare
Realty
Holdings
LP
3
.625
01/15/28
2,726
1,750,000
Healthcare
Realty
Holdings
LP
2
.400
03/15/30
1,397
1,050,000
Healthcare
Realty
Holdings
LP
2
.050
03/15/31
796
6,250,000
Healthcare
Trust
of
America
Holdings
LP
3
.500
08/01/26
5,814
8,975,000
Healthcare
Trust
of
America
Holdings
LP
3
.100
02/15/30
7,777
7,950,000
Highwoods
Realty
LP
3
.875
03/01/27
7,200
2,900,000
Highwoods
Realty
LP
4
.125
03/15/28
2,569
2,875,000
Highwoods
Realty
LP
4
.200
04/15/29
2,374
4,000,000
Highwoods
Realty
LP
3
.050
02/15/30
3,154
3,875,000
Life
Storage
LP
2
.400
10/15/31
3,123
5,224,000
Mid-America
Apartments
LP
4
.300
10/15/23
5,209
4,475,000
Mid-America
Apartments
LP
3
.750
06/15/24
4,396
4,300,000
Mid-America
Apartments
LP
4
.000
11/15/25
4,188
11,100,000
Mid-America
Apartments
LP
2
.750
03/15/30
9,712
3,025,000
Mid-America
Apartments
LP
1
.700
02/15/31
2,397
2,575,000
Mid-America
Apartments
LP
2
.875
09/15/51
1,658
600,000
National
Retail
Properties,
Inc
4
.000
11/15/25
582
3,000,000
National
Retail
Properties,
Inc
3
.600
12/15/26
2,839
1,600,000
ProLogis
LP
3
.250
06/30/26
1,539
1,275,000
ProLogis
LP
2
.875
11/15/29
1,137
3,125,000
ProLogis
LP
1
.750
07/01/30
2,537
6,350,000
Regency
Centers
LP
3
.900
11/01/25
6,090
1,025,000
Regency
Centers
LP
3
.600
02/01/27
981
5,500,000
Regency
Centers
LP
2
.950
09/15/29
4,761
5,300,000
Retail
Properties
of
America,
Inc
4
.750
09/15/30
4,789
9,150,000
g
SBA
Tower
Trust
2
.836
01/15/25
8,668
11,046,000
g
SBA
Tower
Trust
1
.884
01/15/26
9,979
25,000,000
g
SBA
Tower
Trust
1
.631
11/15/26
21,894
42,100,000
g
SBA
Tower
Trust
1
.840
04/15/27
36,710
2,968,000
SITE
Centers
Corp
3
.625
02/01/25
2,808
3,850,000
SITE
Centers
Corp
4
.700
06/01/27
3,635
3,025,000
Weingarten
Realty
Investors
4
.450
01/15/24
2,978
1,175,000
Weyerhaeuser
Co
4
.000
03/09/52
950
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
254,928
FINANCIAL
SERVICES
-
2.9%
8,975,000
AerCap
Ireland
Capital
DAC
1
.750
01/30/26
8,036
18,194,000
AerCap
Ireland
Capital
DAC
3
.000
10/29/28
15,884
2,650,000
AerCap
Ireland
Capital
DAC
3
.300
01/30/32
2,195
2,250,000
AerCap
Ireland
Capital
DAC
3
.850
10/29/41
1,721
4,000,000
American
Express
Co
3
.700
08/03/23
3,976
1,375,000
American
Express
Co
2
.550
03/04/27
1,269
7,500,000
American
Express
Co
3
.550
N/A‡
6,339
EUR
425,000
American
Honda
Finance
Corp
1
.950
10/18/24
450
10,000,000
Bank
of
New
York
Mellon
Corp
4
.700
N/A‡
9,463
300,000
g
BBVA
Bancomer
S.A.
5
.350
11/12/29
281
1,500,000
g
BBVA
Bancomer
S.A.
5
.125
01/18/33
1,283
449,000
g
BPCE
S.A.
4
.625
07/11/24
438
CREF
Core
Bond
Account
March
31,
2023
268
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
EUR
300,000
BPCE
S.A.
0
.500
%
09/15/27
$
285
EUR
500,000
Capital
One
Financial
Corp
0
.800
06/12/24
508
$
6,635,000
e
Capital
One
Financial
Corp
3
.950
N/A‡
4,968
EUR
100,000
Celanese
US
Holdings
LLC
0
.625
09/10/28
84
7,000,000
Charles
Schwab
Corp
5
.375
N/A‡
6,633
6,250,000
Community
Preservation
Corp
2
.867
02/01/30
5,288
2,950,000
g
Credit
Suisse
Group
AG.
2
.193
06/05/26
2,626
9,100,000
g
Credit
Suisse
Group
AG.
1
.305
02/02/27
7,680
6,200,000
g
Credit
Suisse
Group
AG.
6
.442
08/11/28
6,149
7,700,000
Credit
Suisse
Group
Funding
Guernsey
Ltd
3
.800
06/09/23
7,546
8,825,000
Credit
Suisse
Group
Funding
Guernsey
Ltd
3
.750
03/26/25
8,119
GBP
600,000
Danske
Bank
A.S.
2
.250
01/14/28
637
7,350,000
Deutsche
Bank
AG.
5
.371
09/09/27
7,203
5,575,000
Deutsche
Bank
AG.
2
.311
11/16/27
4,724
600,000
Deutsche
Bank
AG.
3
.742
01/07/33
434
3,543,000
Equitable
Holdings,
Inc
4
.950
N/A‡
3,229
8,080,000
Ford
Motor
Credit
Co
LLC
6
.950
03/06/26
8,201
4,525,000
Ford
Motor
Credit
Co
LLC
7
.350
03/06/30
4,649
20,000,000
General
Motors
Financial
Co,
Inc
2
.750
06/20/25
18,936
2,750,000
General
Motors
Financial
Co,
Inc
6
.050
10/10/25
2,795
19,850,000
General
Motors
Financial
Co,
Inc
5
.000
04/09/27
19,615
EUR
500,000
General
Motors
Financial
Co,
Inc
0
.600
05/20/27
469
12,000,000
General
Motors
Financial
Co,
Inc
2
.700
06/10/31
9,613
5,450,000
General
Motors
Financial
Co,
Inc
5
.700
N/A‡
4,691
12,825,000
Goldman
Sachs
Group,
Inc
3
.500
04/01/25
12,453
10,750,000
Goldman
Sachs
Group,
Inc
4
.482
08/23/28
10,514
6,000,000
Goldman
Sachs
Group,
Inc
1
.992
01/27/32
4,793
12,080,000
Goldman
Sachs
Group,
Inc
2
.615
04/22/32
10,063
3,550,000
Goldman
Sachs
Group,
Inc
4
.017
10/31/38
3,068
6,825,000
Goldman
Sachs
Group,
Inc
3
.436
02/24/43
5,260
3,000,000
Goldman
Sachs
Group,
Inc
3
.800
N/A‡
2,485
200,000
g
Indian
Railway
Finance
Corp
Ltd
3
.249
02/13/30
175
3,600,000
g
Indian
Railway
Finance
Corp
Ltd
2
.800
02/10/31
2,984
1,700,000
g
Indian
Railway
Finance
Corp
Ltd
3
.570
01/21/32
1,476
EUR
500,000
ING
Groep
NV
1
.250
02/16/27
497
3,000,000
g
Minejesa
Capital
BV
4
.625
08/10/30
2,636
10,000,000
Morgan
Stanley
2
.188
04/28/26
9,383
31,425,000
Morgan
Stanley
3
.125
07/27/26
29,761
EUR
700,000
Morgan
Stanley
1
.342
10/23/26
711
6,200,000
Morgan
Stanley
1
.512
07/20/27
5,510
3,850,000
Morgan
Stanley
1
.794
02/13/32
3,023
500,000
Morgan
Stanley
1
.928
04/28/32
393
EUR
500,000
Morgan
Stanley
2
.950
05/07/32
493
6,675,000
Morgan
Stanley
2
.239
07/21/32
5,356
3,100,000
Morgan
Stanley
6
.342
10/18/33
3,386
4,440,000
Northern
Trust
Corp
4
.600
N/A‡
4,045
3,350,000
g
Power
Finance
Corp
Ltd
3
.950
04/23/30
2,950
1,000,000
REC
Ltd
4
.625
03/22/28
951
4,125,000
g
Societe
Generale
S.A.
4
.027
01/21/43
2,752
550,000
Springleaf
Finance
Corp
5
.375
11/15/29
463
4,225,000
Visa,
Inc
2
.700
04/15/40
3,355
TOTAL
FINANCIAL
SERVICES
315,353
FOOD,
BEVERAGE
&
TOBACCO
-
1.0%
2,600,000
g
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS.
3
.375
06/29/28
2,079
16,850,000
Anheuser-Busch
InBev
Worldwide,
Inc
4
.750
01/23/29
17,208
4,720,000
Anheuser-Busch
InBev
Worldwide,
Inc
4
.439
10/06/48
4,307
11,500,000
BAT
Capital
Corp
2
.259
03/25/28
9,859
10,225,000
BAT
Capital
Corp
4
.906
04/02/30
9,873
4,400,000
BAT
Capital
Corp
2
.726
03/25/31
3,567
10,000,000
BAT
International
Finance
plc
4
.448
03/16/28
9,505
CREF
Core
Bond
Account
March
31,
2023
269
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,875,000
g
Cia
Cervecerias
Unidas
S.A.
3
.350
%
01/19/32
$
3,284
3,000,000
g
Coca-Cola
Icecek
AS.
4
.500
01/20/29
2,685
1,700,000
Constellation
Brands,
Inc
4
.400
11/15/25
1,677
2,675,000
Constellation
Brands,
Inc
3
.700
12/06/26
2,586
1,050,000
Constellation
Brands,
Inc
3
.150
08/01/29
960
6,900,000
Constellation
Brands,
Inc
2
.875
05/01/30
6,052
20,175,000
Constellation
Brands,
Inc
2
.250
08/01/31
16,575
750,000
g
Corp
Lindley
S.A.
4
.625
04/12/23
743
4,500,000
Diageo
Capital
plc
1
.375
09/29/25
4,157
8,050,000
Diageo
Capital
plc
2
.375
10/24/29
7,073
2,500,000
g
Grupo
Bimbo
SAB
de
C.V.
4
.700
11/10/47
2,206
250,000
g
Sigma
Alimentos
S.A.
de
C.V.
4
.125
05/02/26
238
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
104,634
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.6%
1,500,000
Abbott
Laboratories
5
.300
05/27/40
1,611
10,775,000
Anthem,
Inc
2
.250
05/15/30
9,251
EUR
430,000
Becton
Dickinson
&
Co
1
.401
05/24/23
465
1,925,000
Boston
Scientific
Corp
2
.650
06/01/30
1,701
3,285,000
Centene
Corp
2
.450
07/15/28
2,858
2,910,000
Centene
Corp
3
.000
10/15/30
2,450
19,230,000
Children's
Hospital
Medic
4
.268
05/15/44
17,897
1,766,000
CVS
Health
Corp
3
.750
04/01/30
1,652
30,950,000
CVS
Health
Corp
1
.750
08/21/30
25,161
9,750,000
CVS
Health
Corp
4
.780
03/25/38
9,295
4,050,000
CVS
Health
Corp
2
.700
08/21/40
2,896
18,350,000
CVS
Health
Corp
5
.050
03/25/48
17,167
1,950,000
CVS
Health
Corp
4
.250
04/01/50
1,629
4,105,000
Dartmouth-Hitchcock
Health
4
.178
08/01/48
3,362
4,750,000
Elevance
Health,
Inc
5
.125
02/15/53
4,731
4,225,000
HCA,
Inc
5
.625
09/01/28
4,274
6,200,000
g
HCA,
Inc
3
.625
03/15/32
5,466
4,300,000
HCA,
Inc
5
.500
06/15/47
4,036
5,350,000
g
HCA,
Inc
4
.625
03/15/52
4,442
3,500,000
g
Hologic,
Inc
3
.250
02/15/29
3,114
6,250,000
Humana,
Inc
3
.950
03/15/27
6,049
6,125,000
Humana,
Inc
2
.150
02/03/32
4,965
GBP
500,000
McKesson
Corp
3
.125
02/17/29
551
12,500,000
Mercy
Health
3
.382
11/01/25
11,933
5,000,000
New
York
and
Presbyterian
Hospital
3
.563
08/01/36
4,332
EUR
450,000
Stryker
Corp
2
.625
11/30/30
452
375,000
Tenet
Healthcare
Corp
4
.625
06/15/28
346
5,775,000
UnitedHealth
Group,
Inc
2
.950
10/15/27
5,453
10,700,000
UnitedHealth
Group,
Inc
2
.300
05/15/31
9,168
3,250,000
UnitedHealth
Group,
Inc
3
.750
10/15/47
2,727
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
169,434
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.1%
1,275,000
Church
&
Dwight
Co,
Inc
2
.300
12/15/31
1,070
5,625,000
Church
&
Dwight
Co,
Inc
5
.000
06/15/52
5,583
EUR
750,000
g
Coty,
Inc
3
.875
04/15/26
779
EUR
600,000
The
Procter
&
Gamble
Company
0
.625
10/30/24
625
EUR
400,000
The
Procter
&
Gamble
Company
1
.875
10/30/38
356
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
8,413
INSURANCE
-
1.4%
825,000
g
Alliant
Holdings
Intermediate
LLC
4
.250
10/15/27
739
4,925,000
Aon
Corp
2
.800
05/15/30
4,352
3,900,000
Aon
Corp
5
.350
02/28/33
4,040
8,306,000
Aon
plc
3
.500
06/14/24
8,152
5,250,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
4,236
CREF
Core
Bond
Account
March
31,
2023
270
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
16,000,000
Berkshire
Hathaway
Finance
Corp
2
.850
%
10/15/50
$
11,285
1,400,000
Berkshire
Hathaway
Finance
Corp
3
.850
03/15/52
1,171
EUR
500,000
Chubb
INA
Holdings,
Inc
1
.550
03/15/28
491
EUR
450,000
Chubb
INA
Holdings,
Inc
1
.400
06/15/31
403
1,500,000
CNA
Financial
Corp
3
.950
05/15/24
1,476
1,825,000
g
Equitable
Financial
Life
Global
Funding
1
.400
07/07/25
1,688
EUR
250,000
g
Fairfax
Financial
Holdings
Ltd
2
.750
03/29/28
241
5,575,000
g
Five
Corners
Funding
Trust
4
.419
11/15/23
5,540
7,325,000
g
Five
Corners
Funding
Trust
II
2
.850
05/15/30
6,292
3,000,000
g
Hanwha
Life
Insurance
Co
Ltd
3
.379
02/04/32
2,661
22,408,000
Hartford
Financial
Services
Group,
Inc
2
.800
08/19/29
19,724
1,100,000
Hartford
Financial
Services
Group,
Inc
4
.300
04/15/43
929
2,500,000
Hartford
Financial
Services
Group,
Inc
2
.900
09/15/51
1,681
EUR
750,000
Liberty
Mutual
Group,
Inc
2
.750
05/04/26
781
EUR
400,000
g
Liberty
Mutual
Group,
Inc
4
.625
12/02/30
437
4,100,000
g
Liberty
Mutual
Group,
Inc
3
.951
10/15/50
3,105
4,825,000
g
Liberty
Mutual
Group,
Inc
5
.500
06/15/52
4,589
440,000
Marsh
&
McLennan
Cos,
Inc
3
.500
03/10/25
429
7,000,000
MetLife,
Inc
3
.600
04/10/24
6,886
1,250,000
MetLife,
Inc
3
.600
11/13/25
1,223
1,750,000
MetLife,
Inc
5
.000
07/15/52
1,637
11,820,000
MetLife,
Inc
3
.850
N/A‡
10,414
GBP
200,000
Metropolitan
Life
Global
Funding
I
4
.125
09/02/25
241
8,200,000
g
Muenchener
Rueckversicherungs-Gesellschaft
AG.
in
Muenchen
5
.875
05/23/42
8,113
11,875,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
9,856
5,250,000
Principal
Financial
Group,
Inc
2
.125
06/15/30
4,380
1,450,000
Prudential
Financial,
Inc
3
.905
12/07/47
1,147
6,960,000
Prudential
Financial,
Inc
3
.700
10/01/50
5,669
3,875,000
Prudential
Financial,
Inc
5
.125
03/01/52
3,414
3,000,000
g
Prudential
Funding
LLC
6
.750
09/15/23
3,003
3,275,000
Reinsurance
Group
of
America,
Inc
3
.900
05/15/29
3,087
5,600,000
g
Swiss
Re
Finance
Luxembourg
SA
5
.000
04/02/49
5,250
TOTAL
INSURANCE
148,762
MATERIALS
-
1.1%
7,975,000
Albemarle
Corp
4
.650
06/01/27
7,843
1,925,000
g
Alpek
SAB
de
C.V.
4
.250
09/18/29
1,733
2,600,000
g
Alpek
SAB
de
C.V.
3
.250
02/25/31
2,102
9,400,000
Amcor
Flexibles
North
America,
Inc
2
.690
05/25/31
7,820
2,600,000
g
Anglo
American
Capital
plc
3
.875
03/16/29
2,391
4,550,000
g
Anglo
American
Capital
plc
2
.625
09/10/30
3,786
11,325,000
AngloGold
Ashanti
Holdings
plc
3
.750
10/01/30
9,906
2,000,000
g
Antofagasta
plc
5
.625
05/13/32
1,989
EUR
500,000
g
Ardagh
Metal
Packaging
Finance
USA
LLC
2
.000
09/01/28
447
EUR
250,000
g
Ardagh
Metal
Packaging
Finance
USA
LLC
3
.000
09/01/29
201
1,875,000
Ball
Corp
2
.875
08/15/30
1,562
852,000
Bemis
Co,
Inc
3
.100
09/15/26
803
4,879,000
Bemis
Co,
Inc
2
.630
06/19/30
4,093
14,250,000
Berry
Global,
Inc
1
.570
01/15/26
12,936
200,000
Celulosa
Arauco
y
Constitucion
S.A.
3
.875
11/02/27
183
3,000,000
g
Celulosa
Arauco
y
Constitucion
S.A.
4
.250
04/30/29
2,760
1,650,000
g
Celulosa
Arauco
y
Constitucion
S.A.
4
.200
01/29/30
1,499
2,500,000
g
Cemex
SAB
de
C.V.
5
.450
11/19/29
2,354
1,600,000
g
Cemex
SAB
de
C.V.
5
.125
N/A‡
1,433
4,200,000
g
Corp
Nacional
del
Cobre
de
Chile
3
.625
08/01/27
3,980
EUR
500,000
Dow
Chemical
Co
0
.500
03/15/27
474
1,800,000
g
Freeport
Indonesia
PT
4
.763
04/14/27
1,751
2,400,000
g
Fresnillo
plc
4
.250
10/02/50
1,806
1,850,000
g
Gold
Fields
Orogen
Holdings
BVI
Ltd
6
.125
05/15/29
1,869
1,519,000
International
Paper
Co
4
.350
08/15/48
1,317
CREF
Core
Bond
Account
March
31,
2023
271
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,600,000
g
Inversiones
CMPC
S.A.
3
.000
%
04/06/31
$
2,983
3,525,000
g
Midwest
Connector
Capital
Co
LLC
4
.625
04/01/29
3,304
1,100,000
Mosaic
Co
4
.875
11/15/41
988
4,000,000
Newmont
Corp
2
.250
10/01/30
3,360
3,400,000
Newmont
Corp
2
.600
07/15/32
2,846
6,675,000
Nutrien
Ltd
2
.950
05/13/30
5,876
1,920,000
g
OCI
NV
4
.625
10/15/25
1,822
875,000
g
OCP
S.A.
3
.750
06/23/31
714
EUR
250,000
g
Olympus
Water
US
Holding
Corp
3
.875
10/01/28
219
1,175,000
g
Orbia
Advance
Corp
SAB
de
C.V.
1
.875
05/11/26
1,047
375,000
g
PolyOne
Corp
5
.750
05/15/25
371
250,000
g
SABIC
Capital
II
BV
4
.000
10/10/23
248
2,075,000
Sasol
Financing
USA
LLC
4
.375
09/18/26
1,876
3,225,000
g
Sociedad
Quimica
y
Minera
de
Chile
S.A.
3
.500
09/10/51
2,256
4,300,000
e
Suzano
Austria
GmbH
3
.125
01/15/32
3,519
200,000
g
UltraTech
Cement
Ltd
2
.800
02/16/31
160
3,600,000
WRKCo,
Inc
4
.900
03/15/29
3,540
4,450,000
WRKCo,
Inc
3
.000
06/15/33
3,648
TOTAL
MATERIALS
115,815
MEDIA
&
ENTERTAINMENT
-
1.9%
2,200,000
Activision
Blizzard,
Inc
3
.400
09/15/26
2,130
1,950,000
g
Adani
Electricity
Mumbai
Ltd
3
.867
07/22/31
1,347
3,980,280
g
Alfa
Desarrollo
S.p.A
4
.550
09/27/51
2,919
1,550,000
Baidu,
Inc
1
.625
02/23/27
1,373
3,000,000
g
Banco
Nacional
de
Panama
2
.500
08/11/30
2,328
EUR
400,000
g
Blackstone
Private
Credit
Fund
1
.750
11/30/26
363
3,000,000
g
BOC
Aviation
USA
Corp
1
.625
04/29/24
2,878
EUR
750,000
g
BOI
Finance
BV
7
.500
02/16/27
626
1,775,000
g
Cable
Onda
S.A.
4
.500
01/30/30
1,468
5,000,000
g
CCO
Holdings
LLC
4
.250
02/01/31
4,088
10,200,000
e
Charter
Communications
Operating
LLC
4
.400
04/01/33
9,052
14,100,000
Charter
Communications
Operating
LLC
3
.500
03/01/42
9,527
6,150,000
Charter
Communications
Operating
LLC
5
.125
07/01/49
4,868
20,345,000
Charter
Communications
Operating
LLC
4
.800
03/01/50
15,507
3,000,000
Charter
Communications
Operating
LLC
3
.700
04/01/51
1,920
EUR
450,000
Comcast
Corp
0
.250
05/20/27
427
18,750,000
Comcast
Corp
4
.150
10/15/28
18,548
27,075,000
Comcast
Corp
1
.500
02/15/31
21,741
4,100,000
Comcast
Corp
4
.400
08/15/35
3,967
17,000,000
Comcast
Corp
3
.200
07/15/36
14,322
1,925,000
Comcast
Corp
3
.900
03/01/38
1,723
28,050,000
Comcast
Corp
2
.887
11/01/51
19,150
5,000,000
g
CSC
Holdings
LLC
3
.375
02/15/31
3,458
GBP
300,000
Discovery
Communications
LLC
2
.500
09/20/24
354
3,000,000
g
EIG
Pearl
Holdings
Sarl
3
.545
08/31/36
2,567
200,000
g
ENN
Clean
Energy
International
Investment
Ltd
3
.375
05/12/26
180
4,000,000
g
Genm
Capital
Labuan
Ltd
3
.882
04/19/31
3,108
5,975,000
GSK
Consumer
Healthcare
Capital
US
LLC
3
.375
03/24/27
5,665
3,500,000
GSK
Consumer
Healthcare
Capital
US
LLC
3
.625
03/24/32
3,179
650,000
Lamar
Media
Corp
3
.750
02/15/28
600
1,000,000
Lamar
Media
Corp
4
.000
02/15/30
886
9,800,000
g
Magallanes,
Inc
3
.755
03/15/27
9,229
18,225,000
g
Magallanes,
Inc
5
.050
03/15/42
15,244
2,375,000
g
Magallanes,
Inc
5
.141
03/15/52
1,924
3,260,000
g
Mexico
Remittances
Funding
Fiduciary
Estate
Management
Sarl
4
.875
01/15/28
2,918
2,675,000
g
Sirius
XM
Radio,
Inc
4
.125
07/01/30
2,187
GBP
200,000
Time
Warner
Cable
LLC
5
.750
06/02/31
238
4,400,000
Time
Warner
Cable
LLC
5
.875
11/15/40
3,988
3,450,000
Time
Warner
Cable
LLC
4
.500
09/15/42
2,649
CREF
Core
Bond
Account
March
31,
2023
272
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
EUR
700,000
g
VZ
Secured
Financing
BV
3
.500
%
01/15/32
$
604
$
2,105,000
Walt
Disney
Co
7
.625
11/30/28
2,407
2,700,000
Weibo
Corp
3
.375
07/08/30
2,197
EUR
500,000
Whirlpool
EMEA
Finance
Sarl
0
.500
02/20/28
461
TOTAL
MEDIA
&
ENTERTAINMENT
204,315
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.0%
3,250,000
AbbVie,
Inc
2
.850
05/14/23
3,240
EUR
550,000
AbbVie,
Inc
1
.250
06/01/24
581
23,650,000
AbbVie,
Inc
4
.050
11/21/39
21,125
16,075,000
Amgen,
Inc
5
.250
03/02/33
16,515
12,925,000
Amgen,
Inc
5
.650
03/02/53
13,451
7,350,000
AstraZeneca
Finance
LLC
1
.200
05/28/26
6,693
9,650,000
AstraZeneca
Finance
LLC
2
.250
05/28/31
8,302
6,510,000
AstraZeneca
plc
1
.375
08/06/30
5,307
EUR
500,000
g
Avantor
Funding,
Inc
3
.875
07/15/28
504
1,500,000
g
Avantor
Funding,
Inc
4
.625
07/15/28
1,421
5,275,000
Bristol-Myers
Squibb
Co
2
.350
11/13/40
3,801
2,000,000
Bristol-Myers
Squibb
Co
3
.550
03/15/42
1,701
3,125,000
Danaher
Corp
2
.800
12/10/51
2,180
2,500,000
Eli
Lilly
&
Co
4
.875
02/27/53
2,585
4,025,000
Merck
&
Co,
Inc
2
.750
12/10/51
2,849
EUR
600,000
g
Organon
Finance  LLC
2
.875
04/30/28
571
250,000
g
Organon
Finance  LLC
5
.125
04/30/31
222
20,175,000
Takeda
Pharmaceutical
Co
Ltd
2
.050
03/31/30
17,036
EUR
400,000
Takeda
Pharmaceutical
Co
Ltd
1
.375
07/09/32
351
EUR
500,000
Takeda
Pharmaceutical
Co
Ltd
2
.000
07/09/40
390
1,045,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4
.750
05/09/27
975
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
109,800
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
EUR
200,000
Vonovia
SE
0
.625
12/14/29
159
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
159
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.5%
5,094,000
g
Broadcom,
Inc
3
.187
11/15/36
3,860
25,131,000
g
Broadcom,
Inc
4
.926
05/15/37
22,854
1,675,000
Intel
Corp
3
.734
12/08/47
1,329
8,375,000
NVIDIA
Corp
2
.000
06/15/31
7,046
1,100,000
g
NXP
BV
2
.700
05/01/25
1,044
5,450,000
NXP
BV
3
.875
06/18/26
5,263
3,475,000
NXP
BV
4
.400
06/01/27
3,433
4,100,000
NXP
BV
3
.125
02/15/42
2,908
4,800,000
g
SK
Hynix,
Inc
1
.500
01/19/26
4,265
2,200,000
Texas
Instruments,
Inc
4
.150
05/15/48
2,046
1,575,000
TSMC
Arizona
Corp
1
.750
10/25/26
1,426
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
55,474
SOFTWARE
&
SERVICES
-
0.6%
7,350,000
Adobe,
Inc
2
.300
02/01/30
6,528
200,000
g
CA
Magnum
Holdings
5
.375
10/31/26
175
EUR
375,000
Fidelity
National
Information
Services,
Inc
1
.100
07/15/24
393
900,000
g
Gartner,
Inc
3
.750
10/01/30
808
EUR
400,000
International
Business
Machines
Corp
0
.650
02/11/32
335
EUR
500,000
g
IQVIA,
Inc
1
.750
03/15/26
504
1,413,000
g
j2
Global,
Inc
4
.625
10/15/30
1,219
26,300,000
Microsoft
Corp
2
.400
08/08/26
25,030
4,120,000
Microsoft
Corp
2
.525
06/01/50
2,915
550,000
g
Open
Text
Holdings,
Inc
4
.125
02/15/30
472
8,025,000
Oracle
Corp
4
.900
02/06/33
7,860
6,650,000
Oracle
Corp
5
.550
02/06/53
6,331
CREF
Core
Bond
Account
March
31,
2023
273
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,000,000
Roper
Technologies,
Inc
1
.400
%
09/15/27
$
2,601
10,050,000
Roper
Technologies,
Inc
2
.000
06/30/30
8,278
9,650,000
salesforce.com,
Inc
2
.700
07/15/41
7,250
TOTAL
SOFTWARE
&
SERVICES
70,699
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
4,325,000
Amphenol
Corp
2
.800
02/15/30
3,880
4,825,000
Apple,
Inc
2
.450
08/04/26
4,592
26,100,000
Apple,
Inc
2
.050
09/11/26
24,408
3,225,000
Apple,
Inc
4
.650
02/23/46
3,248
4,675,000
Apple,
Inc
2
.650
02/08/51
3,276
1,275,000
Corning,
Inc
4
.375
11/15/57
1,078
5,375,000
Dell
International
LLC
5
.300
10/01/29
5,416
2,175,000
Tyco
Electronics
Group
S.A.
3
.700
02/15/26
2,133
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
48,031
TELECOMMUNICATION
SERVICES
-
2.2%
2,300,000
g
America
Movil
SAB
de
C.V.
5
.375
04/04/32
2,056
200,000
America
Movil
SAB
de
C.V.
4
.700
07/21/32
197
EUR
500,000
AT&T,
Inc
2
.350
09/05/29
500
42,943,000
AT&T,
Inc
2
.550
12/01/33
34,541
8,325,000
AT&T,
Inc
4
.500
05/15/35
7,799
7,375,000
AT&T,
Inc
3
.500
06/01/41
5,820
38,320,000
AT&T,
Inc
3
.550
09/15/55
27,506
6,553,000
AT&T,
Inc
3
.800
12/01/57
4,865
4,225,000
g
Bharti
Airtel
Ltd
3
.250
06/03/31
3,649
3,000,000
g
C&W
Senior
Financing
Designated
Activity
Co
6
.875
09/15/27
2,681
850,000
Deutsche
Telekom
International
Finance
BV
8
.750
06/15/30
1,039
EUR
665,000
g
Iliad
Holding
SAS
5
.125
10/15/26
694
1,175,000
g
Millicom
International
Cellular
S.A.
4
.500
04/27/31
944
4,000,000
g
MTN
Mauritius
Investment
Ltd
6
.500
10/13/26
3,984
2,425,000
Orange
S.A.
5
.375
01/13/42
2,491
22,975,000
T-Mobile
USA,
Inc
2
.625
02/15/29
20,241
30,200,000
T-Mobile
USA,
Inc
3
.875
04/15/30
28,337
2,225,000
T-Mobile
USA,
Inc
3
.000
02/15/41
1,649
7,800,000
T-Mobile
USA,
Inc
3
.300
02/15/51
5,546
EUR
400,000
Verizon
Communications,
Inc
1
.875
10/26/29
388
2,325,000
Verizon
Communications,
Inc
1
.680
10/30/30
1,877
EUR
200,000
Verizon
Communications,
Inc
4
.250
10/31/30
224
8,000,000
Verizon
Communications,
Inc
1
.750
01/20/31
6,453
17,100,000
Verizon
Communications,
Inc
2
.550
03/21/31
14,567
35,551,000
Verizon
Communications,
Inc
2
.355
03/15/32
29,166
EUR
300,000
Verizon
Communications,
Inc
2
.875
01/15/38
280
14,450,000
Verizon
Communications,
Inc
2
.650
11/20/40
10,317
7,625,000
Verizon
Communications,
Inc
3
.400
03/22/41
6,062
GBP
1,000,000
g
Vmed
O2
UK
Financing
I
plc
4
.500
07/15/31
983
6,550,000
Vodafone
Group
plc
4
.375
02/19/43
5,561
5,125,000
Vodafone
Group
plc
4
.250
09/17/50
4,175
TOTAL
TELECOMMUNICATION
SERVICES
234,592
TRANSPORTATION
-
0.4%
1,850,000
g
Adani
Ports
&
Special
Economic
Zone
Ltd
4
.000
07/30/27
1,471
2,000,000
g
Adani
Ports
&
Special
Economic
Zone
Ltd
4
.200
08/04/27
1,585
2,700,000
g
Adani
Ports
&
Special
Economic
Zone
Ltd
3
.100
02/02/31
1,738
4,075,000
Burlington
Northern
Santa
Fe
LLC
3
.050
02/15/51
2,966
1,300,000
Canadian
Pacific
Railway
Co
2
.050
03/05/30
1,104
5,600,000
Canadian
Pacific
Railway
Co
3
.100
12/02/51
4,004
2,040,000
CSX
Corp
2
.600
11/01/26
1,918
4,000,000
CSX
Corp
3
.250
06/01/27
3,818
1,525,000
CSX
Corp
3
.800
03/01/28
1,484
14,175,000
CSX
Corp
4
.250
03/15/29
13,999
CREF
Core
Bond
Account
March
31,
2023
274
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,550,000
g
Empresa
de
los
Ferrocarriles
del
Estado
3
.068
%
08/18/50
$
965
3,175,000
g
Misc
Capital
Two
Labuan
Ltd
3
.625
04/06/25
3,082
3,260,000
g
Misc
Capital
Two
Labuan
Ltd
3
.750
04/06/27
3,082
5,100,000
Union
Pacific
Corp
2
.891
04/06/36
4,210
2,275,000
Union
Pacific
Corp
3
.839
03/20/60
1,842
TOTAL
TRANSPORTATION
47,268
UTILITIES
-
3.1%
1,650,000
AEP
Transmission
Co
LLC
3
.100
12/01/26
1,569
1,650,000
AEP
Transmission
Co
LLC
4
.000
12/01/46
1,410
4,750,000
AEP
Transmission
Co
LLC
2
.750
08/15/51
3,158
1,175,000
AEP
Transmission
Co
LLC
5
.400
03/15/53
1,224
1,450,000
g
Aeropuerto
Internacional
de
Tocumen
S.A.
4
.000
08/11/41
1,156
3,475,000
Alabama
Power
Co
4
.150
08/15/44
2,982
6,025,000
Alabama
Power
Co
3
.450
10/01/49
4,517
3,225,000
Ameren
Illinois
Co
5
.900
12/01/52
3,603
2,750,000
American
Water
Capital
Corp
3
.000
12/01/26
2,584
4,000,000
American
Water
Capital
Corp
2
.800
05/01/30
3,560
8,500,000
American
Water
Capital
Corp
2
.300
06/01/31
7,176
2,375,000
American
Water
Capital
Corp
4
.000
12/01/46
1,957
4,500,000
American
Water
Capital
Corp
3
.750
09/01/47
3,624
1,050,000
AmeriGas
Partners
LP
5
.875
08/20/26
1,004
5,788,000
Appalachian
Power
Co
4
.450
06/01/45
4,926
8,475,000
Atmos
Energy
Corp
1
.500
01/15/31
6,765
1,175,000
Atmos
Energy
Corp
4
.125
10/15/44
1,020
6,500,000
Baltimore
Gas
&
Electric
Co
3
.750
08/15/47
5,168
3,700,000
g
Becle
SAB
de
C.V.
2
.500
10/14/31
3,004
5,925,000
Berkshire
Hathaway
Energy
Co
3
.250
04/15/28
5,625
6,225,000
Black
Hills
Corp
4
.250
11/30/23
6,180
1,075,000
CenterPoint
Energy
Houston
Electric
LLC
3
.000
03/01/32
951
3,550,000
CenterPoint
Energy
Resources
Corp
6
.250
02/01/37
3,605
EUR
350,000
CEZ
AS.
0
.875
12/02/26
337
2,975,000
CMS
Energy
Corp
3
.600
11/15/25
2,845
3,500,000
Commonwealth
Edison
Co
5
.900
03/15/36
3,772
8,250,000
Commonwealth
Edison
Co
3
.000
03/01/50
5,818
5,100,000
Commonwealth
Edison
Co
2
.750
09/01/51
3,382
3,800,000
Consumers
Energy
Co
2
.650
08/15/52
2,504
2,650,000
Consumers
Energy
Co
2
.500
05/01/60
1,552
EUR
300,000
Credit
Agricole
Assurances
S.A.
1
.500
10/06/31
248
2,350,000
Dominion
Energy,
Inc
2
.250
08/15/31
1,935
4,000,000
Dominion
Energy,
Inc
3
.300
04/15/41
3,083
2,500,000
DTE
Electric
Co
3
.650
03/01/52
1,988
2,125,000
DTE
Electric
Co
5
.400
04/01/53
2,226
4,600,000
Duke
Energy
Florida
LLC
3
.400
10/01/46
3,509
8,850,000
Duke
Energy
Indiana
LLC
2
.750
04/01/50
5,847
6,100,000
Duke
Energy
Progress
LLC
2
.500
08/15/50
3,821
EUR
300,000
Electricite
de
France
S.A.
2
.000
10/02/30
282
3,445,000
g
Empresas
Publicas
de
Medellin
ESP
4
.250
07/18/29
2,637
2,000,000
g
EnfraGen
Energia
Sur
S.A.
5
.375
12/30/30
1,201
4,000,000
g
ENN
Energy
Holdings
Ltd
2
.625
09/17/30
3,364
6,900,000
Entergy
Corp
0
.900
09/15/25
6,212
2,800,000
g
Equate
Petrochemical
BV
2
.625
04/28/28
2,467
5,375,000
Eversource
Energy
1
.650
08/15/30
4,325
6,350,000
Eversource
Energy
3
.450
01/15/50
4,807
5,775,000
Florida
Power
&
Light
Co
3
.990
03/01/49
5,006
UGX
2,000,000,000
†,g
ICBC
Standard
Bank
plc
14
.250
06/26/34
456
2,900,000
Indiana
Michigan
Power
Co
3
.750
07/01/47
2,268
4,525,000
g
Israel
Electric
Corp
Ltd
4
.250
08/14/28
4,255
2,000,000
g
Kallpa
Generacion
SA
4
.125
08/16/27
1,856
3,200,000
g
Korea
Southern
Power
Co
Ltd
0
.750
01/27/26
2,856
7,625,000
Medtronic
Global
Holdings
S.C.A
4
.250
03/30/28
7,613
CREF
Core
Bond
Account
March
31,
2023
275
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
6,975,000
MidAmerican
Energy
Co
3
.650
%
04/15/29
$
6,653
5,400,000
MidAmerican
Energy
Co
3
.650
08/01/48
4,370
EUR
300,000
g
Mondelez
International
Holdings
Netherlands
BV
1
.250
09/09/41
207
7,350,000
Nevada
Power
Co
2
.400
05/01/30
6,355
3,335,000
Nevada
Power
Co
5
.450
05/15/41
3,293
12,700,000
NextEra
Energy
Capital
Holdings,
Inc
2
.250
06/01/30
10,735
20,060,000
NiSource,
Inc
1
.700
02/15/31
15,879
6,000,000
g
NRG
Energy,
Inc
2
.450
12/02/27
5,133
2,750,000
Ohio
Power
Co
2
.600
04/01/30
2,384
6,150,000
Ohio
Power
Co
4
.150
04/01/48
5,286
4,925,000
Ohio
Power
Co
4
.000
06/01/49
4,110
1,280,000
Oncor
Electric
Delivery
Co
LLC
5
.250
09/30/40
1,293
425,000
ONE
Gas,
Inc
3
.610
02/01/24
418
600,000
g
Pattern
Energy
Operations
LP
4
.500
08/15/28
549
2,775,000
PECO
Energy
Co
3
.000
09/15/49
1,981
3,700,000
PECO
Energy
Co
2
.800
06/15/50
2,510
650,000
g
Perusahaan
Listrik
Negara
PT
3
.875
07/17/29
589
3,000,000
g
Perusahaan
Listrik
Negara
PT
3
.375
02/05/30
2,603
200,000
g
Perusahaan
Listrik
Negara
PT
4
.875
07/17/49
163
5,000,000
g
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
4
.000
06/30/50
3,566
750,000
Potomac
Electric
Power
Co
7
.900
12/15/38
948
3,300,000
g
Promigas
S.A.
ESP
3
.750
10/16/29
2,602
6,800,000
Public
Service
Co
of
Colorado
1
.875
06/15/31
5,554
2,100,000
Public
Service
Co
of
Colorado
4
.050
09/15/49
1,772
4,450,000
Public
Service
Co
of
Colorado
3
.200
03/01/50
3,292
6,970,000
Public
Service
Electric
&
Gas
Co
3
.150
01/01/50
5,201
5,150,000
Public
Service
Electric
and
Gas
Co
4
.900
12/15/32
5,269
3,500,000
g
Saka
Energi
Indonesia
PT
4
.450
05/05/24
3,336
20,000,000
Southern
Co
4
.000
01/15/51
18,349
EUR
300,000
Southern
Co
1
.875
09/15/81
256
8,475,000
Southern
Co
Gas
Capital
Corp
3
.875
11/15/25
8,244
EUR
500,000
Southern
Power
Co
1
.850
06/20/26
512
2,440,000
Southwestern
Public
Service
Co
3
.400
08/15/46
1,812
4,089,036
g
Sweihan
PV
Power
Co
PJSC
3
.625
01/31/49
3,351
350,000
g
Tengizchevroil
Finance
Co
International
Ltd
2
.625
08/15/25
313
3,300,000
Union
Electric
Co
5
.450
03/15/53
3,449
3,250,000
Virginia
Electric
&
Power
Co
2
.950
11/15/26
3,056
3,250,000
Virginia
Electric
&
Power
Co
3
.500
03/15/27
3,121
8,879,000
Virginia
Electric
&
Power
Co
3
.800
04/01/28
8,602
4,125,000
Wisconsin
Power
&
Light
Co
4
.100
10/15/44
3,353
3,000,000
Wisconsin
Power
and
Light
Co
4
.950
04/01/33
3,019
2,240,000
Xcel
Energy,
Inc
4
.800
09/15/41
2,060
TOTAL
UTILITIES
334,788
TOTAL
CORPORATE
BONDS
3,604,789
(Cost
$4,057,101)
GOVERNMENT
BONDS
-
46.3%
AGENCY
SECURITIES
-
0.3%
2,911,000
Canal
Barge
Co,
Inc
4
.500
11/12/34
2,862
203
Export-Import
Bank
of
the
United
States
1
.822
05/03/25
0
^
25,000,000
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
1
.540
08/17/35
17,797
9,000,000
Federal
National
Mortgage
Association
(FNMA)
1
.625
08/24/35
6,473
8,225,000
Private
Export
Funding
Corp
(PEFCO)
1
.750
11/15/24
7,832
TOTAL
AGENCY
SECURITIES
34,964
FOREIGN
GOVERNMENT
BONDS
-
4.1%
2,000,000
g
Abu
Dhabi
Government
International
Bond
2
.500
09/30/29
1,821
750,000
g
Africa
Finance
Corp
2
.875
04/28/28
618
CREF
Core
Bond
Account
March
31,
2023
276
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,325,000
e,g
African
Export-Import
Bank
2
.634
%
05/17/26
$
2,077
3,925,000
g
Angolan
Government
International
Bond
8
.750
04/14/32
3,310
INR
41,700,000
Asian
Infrastructure
Investment
Bank
6
.000
12/08/31
472
AUD
1,250,000
Australia
Government
Bond
1
.000
12/21/30
713
AUD
1,775,000
Australia
Government
Bond
1
.250
05/21/32
996
AUD
1,960,000
Australia
Government
Bond
1
.750
06/21/51
843
8,500,000
g
Banque
Ouest
Africaine
de
Developpement
4
.700
10/22/31
6,955
EUR
3,650,000
g
Banque
Ouest
Africaine
de
Developpement
2
.750
01/22/33
2,929
EUR
850,000
g
Benin
Government
International
Bond
4
.950
01/22/35
632
200,000
g
Bermuda
Government
International
Bond
4
.750
02/15/29
199
12,400,000
g
BNG
Bank
NV
3
.000
09/20/23
12,286
5,000,000
g
BNG
Bank
NV
3
.500
08/26/24
4,930
8,000,000
g
BNG
Bank
NV
0
.875
05/18/26
7,256
1,950,000
g
Brazil
Minas
SPE
via
State
of
Minas
Gerais
5
.333
02/15/28
1,919
BRL
3,000,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/27
556
2,900,000
e
Brazilian
Government
International
Bond
4
.625
01/13/28
2,834
750,000
Brazilian
Government
International
Bond
3
.875
06/12/30
671
EUR
3,700,000
Bundesrepublik
Deutschland
1
.000
05/15/38
3,290
EUR
135,000
Bundesrepublik
Deutschland
1
.250
08/15/48
117
EUR
2,465,000
Bundesrepublik
Deutschland
0
.000
08/15/52
1,378
EUR
6,800,000
Bundesrepublik
Deutschland
Bundesanleihe
0
.000
08/15/31
6,134
EUR
380,000
Bundesrepublik
Deutschland
Bundesanleihe
0
.000
02/15/32
339
7,000,000
g
Caisse
d'Amortissement
de
la
Dette
Sociale
1
.125
11/29/24
6,632
CAD
1,400,000
g
Canada
Housing
Trust
No
1
.100
12/15/26
954
CAD
1,525,000
g
Canada
Housing
Trust
No
3
.550
09/15/32
1,149
CAD
1,650,000
Canadian
Government
Bond
3
.000
11/01/24
1,205
CAD
875,000
Canadian
Government
International
Bond
2
.000
09/01/23
641
CAD
1,475,000
Canadian
Government
International
Bond
2
.000
06/01/28
1,044
CAD
850,000
Canadian
Government
International
Bond
2
.000
06/01/32
584
CAD
1,000,000
Canadian
Government
International
Bond
5
.000
06/01/37
904
1,250,000
e
Chile
Government
International
Bond
2
.550
01/27/32
1,067
CNY
24,000,000
China
Government
Bond
2
.880
11/05/23
3,507
CNY
14,550,000
China
Government
Bond
2
.940
10/17/24
2,137
CNY
21,000,000
China
Government
Bond
1
.990
04/09/25
3,027
CNY
47,400,000
China
Government
Bond
3
.120
12/05/26
7,024
CNY
20,200,000
China
Government
Bond
2
.500
07/25/27
2,916
CNY
16,100,000
China
Government
Bond
3
.270
11/19/30
2,427
CNY
18,900,000
China
Government
Bond
3
.860
07/22/49
3,033
CNY
10,000,000
China
Government
Bond
3
.390
03/16/50
1,486
CNY
4,700,000
China
Government
Bond
3
.810
09/14/50
751
CNY
4,700,000
China
Government
Bond
3
.720
04/12/51
741
NOK
7,000,000
City
of
Oslo
Norway
2
.050
10/31/24
649
3,425,000
Colombia
Government
International
Bond
3
.250
04/22/32
2,546
1,700,000
Colombia
Government
International
Bond
5
.000
06/15/45
1,186
COP
3,300,000,000
Colombian
TES
7
.750
09/18/30
577
275,000
g
Costa
Rica
Government
International
Bond
6
.550
04/03/34
276
2,200,000
g
Costa
Rica
Government
International
Bond
5
.625
04/30/43
1,917
CZK
26,950,000
Czech
Republic
Government
Bond
1
.750
06/23/32
978
5,000,000
g
Development
Bank
of
Japan,
Inc
0
.500
03/04/24
4,799
DOP
8,000,000
g
Dominican
Republic
Government
International
Bond
9
.750
06/05/26
143
3,500,000
g
Dominican
Republic
Government
International
Bond
4
.875
09/23/32
2,968
2,950,000
g
Dominican
Republic
Government
International
Bond
6
.500
02/15/48
2,494
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
66
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
385
EGP
19,025,000
Egypt
Government
International
Bond
15
.900
07/02/24
568
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
504
EUR
1,100,000
g
Egypt
Government
International
Bond
5
.625
04/16/30
711
EUR
700,000
g
Egypt
Government
International
Bond
6
.375
04/11/31
452
CREF
Core
Bond
Account
March
31,
2023
277
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
325,000
g
Egypt
Government
International
Bond
7
.053
%
01/15/32
$
202
2,700,000
g
Egypt
Government
International
Bond
8
.500
01/31/47
1,564
650,000
g
El
Salvador
Government
International
Bond
6
.375
01/18/27
361
1,445,000
g
El
Salvador
Government
International
Bond
7
.125
01/20/50
656
1,425,000
Emirate
of
Dubai
Government
International
Bonds
3
.900
09/09/50
1,030
3,500,000
European
Investment
Bank
4
.875
02/15/36
3,881
2,000,000
g
Export-Import
Bank
of
India
3
.875
02/01/28
1,889
2,000,000
g
Export-Import
Bank
of
India
2
.250
01/13/31
1,611
2,800,000
Export-Import
Bank
of
Korea
0
.750
09/21/25
2,553
3,350,000
Export-Import
Bank
of
Korea
1
.250
09/21/30
2,690
EUR
1,325,000
French
Republic
Government
Bond
OAT
0
.750
11/25/28
1,297
EUR
1,525,000
French
Republic
Government
Bond
OAT
1
.250
05/25/36
1,334
EUR
2,775,000
g
French
Republic
Government
Bond
OAT
0
.500
05/25/40
1,963
EUR
860,000
French
Republic
Government
Bond
OAT
0
.750
05/25/52
511
EUR
960,000
g
French
Republic
Government
Bond
OAT
0
.750
05/25/53
554
2,325,000
†,g
Ghana
Government
International
Bond
8
.125
03/26/32
802
1,000,000
†,g
Ghana
Government
International
Bond
8
.627
06/16/49
330
450,000
g
Guatemala
Government
International
Bond
4
.375
06/05/27
434
EUR
1,250,000
g
Hellenic
Republic
Government
International
Bond
1
.500
06/18/30
1,137
EUR
725,000
g
Hellenic
Republic
Government
International
Bond
0
.750
06/18/31
601
4,305,000
g
Hong
Kong
Government
International
Bond
4
.625
01/11/33
4,556
HUF
345,000,000
Hungary
Government
Bond
5
.500
06/24/25
870
HUF
336,050,000
Hungary
Government
International
Bond
3
.000
06/26/24
854
1,565,000
g
Hungary
Government
International
Bond
6
.125
05/22/28
1,601
1,725,000
g
Hungary
Government
International
Bond
5
.250
06/16/29
1,676
1,150,000
g
Hungary
Government
International
Bond
2
.125
09/22/31
882
CAD
1,475,000
Hydro-Quebec
5
.000
02/15/45
1,225
10,575,000
g
Indonesia
Government
International
Bond
4
.625
04/15/43
9,836
IDR
7,750,000,000
Indonesia
Treasury
Bond
8
.125
05/15/24
528
IDR
10,000,000,000
Indonesia
Treasury
Bond
6
.375
04/15/32
656
AUD
500,000
Inter-American
Development
Bank
4
.750
08/27/24
339
AUD
900,000
Inter-American
Development
Bank
2
.750
10/30/25
589
CAD
1,300,000
International
Bank
for
Reconstruction
&
Development
1
.900
01/16/25
925
IDR
20,900,000,000
International
Bank
for
Reconstruction
&
Development
6
.250
01/12/28
1,400
GBP
500,000
International
Finance
Corp
0
.250
12/15/25
555
1,281,250
g
Iraq
Government
International
Bond
5
.800
01/15/28
1,193
ILS
3,100,000
Israel
Government
International
Bond
5
.500
01/31/42
1,032
ILS
3,200,000
Israel
Government
International
Bond
3
.750
03/31/47
852
EUR
5,150,000
Italy
Buoni
Poliennali
Del
Tesoro
0
.450
02/15/29
4,654
EUR
1,875,000
Italy
Buoni
Poliennali
Del
Tesoro
0
.950
08/01/30
1,666
EUR
425,000
†,g
Italy
Buoni
Poliennali
Del
Tesoro
1
.700
09/01/51
272
EUR
1,000,000
g
Ivory
Coast
Government
International
Bond
5
.875
10/17/31
889
EUR
100,000
g
Ivory
Coast
Government
International
Bond
4
.875
01/30/32
82
1,372,973
g
Ivory
Coast
Government
International
Bond
(Step
Bond)
5
.750
12/31/32
1,278
2,850,000
Jamaica
Government
International
Bond
7
.875
07/28/45
3,335
6,650,000
g
Japan
Finance
Organization
for
Municipalities
3
.375
09/27/23
6,592
2,500,000
g
Japan
Finance
Organization
for
Municipalities
1
.000
05/21/25
2,322
JPY
140,000,000
Japan
Finance
Organization
for
Municipalities
0
.020
03/13/26
1,054
JPY
498,000,000
Japan
Government
Five
Year
Bond
0
.005
09/20/26
3,754
JPY
327,000,000
Japan
Government
Ten
Year
Bond
0
.100
09/20/26
2,473
JPY
162,000,000
Japan
Government
Ten
Year
Bond
0
.100
12/20/29
1,213
JPY
225,000,000
Japan
Government
Thirty
Year
Bond
0
.500
09/20/46
1,475
JPY
105,000,000
Japan
Government
Thirty
Year
Bond
0
.600
09/20/50
670
JPY
132,000,000
Japan
Government
Thirty
Year
Bond
0
.700
09/20/51
861
JPY
118,500,000
Japan
Government
Thirty
Year
Bond
1
.300
06/20/52
898
JPY
119,300,000
Japan
Government
Thirty
Year
Bond
1
.600
12/20/52
970
JPY
202,000,000
Japan
Government
Twenty
Year
Bond
1
.400
09/20/34
1,666
JPY
93,000,000
Japan
Government
Twenty
Year
Bond
0
.600
12/20/36
691
JPY
219,000,000
Japan
Government
Twenty
Year
Bond
0
.500
12/20/38
1,571
JPY
153,000,000
Japan
Government
Twenty
Year
Bond
0
.300
06/20/39
1,055
CREF
Core
Bond
Account
March
31,
2023
278
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
JPY
385,000,000
Japan
Government
Twenty
Year
Bond
1
.100
%
09/20/42
$
2,943
JPY
320,000,000
Japan
Government
Two
Year
Bond
0
.005
11/01/24
2,414
$
925,000
g
Jordan
Government
International
Bond
4
.950
07/07/25
884
500,000
g
Jordan
Government
International
Bond
7
.750
01/15/28
507
1,025,000
g
Jordan
Government
International
Bond
5
.850
07/07/30
911
975,000
g
Kenya
Government
International
Bond
7
.000
05/22/27
823
EUR
1,875,000
g
Kingdom
of
Belgium
Government
Bond
0
.000
10/22/27
1,806
EUR
2,900,000
g
Kingdom
of
Belgium
Government
Bond
0
.350
06/22/32
2,505
EUR
3,950,000
g
Kingdom
of
Belgium
Government
Bond
1
.450
06/22/37
3,450
2,600,000
g
Kommunalbanken
AS.
2
.750
02/05/24
2,553
3,000,000
g
Kommunalbanken
AS.
1
.125
06/14/30
2,480
800,000
g
Kommuninvest
I
Sverige
AB
2
.875
07/03/24
783
6,975,000
g
Korea
Electric
Power
Corp
1
.125
06/15/25
6,442
KRW
1,050,000,000
Korea
Treasury
Bond
2
.875
06/10/24
803
KRW
1,270,000,000
Korea
Treasury
Bond
1
.500
03/10/25
943
KRW
1,800,000,000
Korea
Treasury
Bond
1
.500
12/10/26
1,299
KRW
2,400,000,000
Korea
Treasury
Bond
2
.000
06/10/31
1,675
KRW
1,225,000,000
Korea
Treasury
Bond
2
.375
12/10/31
876
KRW
2,380,000,000
Korea
Treasury
Bond
2
.375
09/10/38
1,624
KRW
400,000,000
Korea
Treasury
Bond
1
.875
09/10/41
246
KRW
365,000,000
Korea
Treasury
Bond
2
.500
03/10/52
237
MXN
7,800,000
Kreditanstalt
fuer
Wiederaufbau
4
.400
07/25/25
383
1,750,000
†,q
Lebanon
Government
International
Bond
6
.750
11/29/27
109
MYR
3,960,000
Malaysia
Government
Bond
3
.757
05/22/40
843
MYR
2,610,000
Malaysia
Government
Bond
4
.457
03/31/53
591
MXN
23,500,000
Mexican
Bonos
5
.750
03/05/26
1,176
MXN
13,700,000
Mexican
Bonos
8
.500
11/18/38
726
1,675,000
Mexico
Government
International
Bond
5
.400
02/09/28
1,724
3,375,000
e
Mexico
Government
International
Bond
3
.250
04/16/30
3,022
3,001,000
Mexico
Government
International
Bond
6
.050
01/11/40
3,050
6,650,000
Mexico
Government
International
Bond
4
.280
08/14/41
5,434
3,500,000
Mexico
Government
International
Bond
4
.600
02/10/48
2,851
5,075,000
Mexico
Government
International
Bond
4
.400
02/12/52
3,959
1,975,000
g
Morocco
Government
International
Bond
5
.950
03/08/28
2,018
EUR
900,000
g
Morocco
Government
International
Bond
1
.500
11/27/31
732
4,050,000
g
Morocco
Government
International
Bond
5
.500
12/11/42
3,507
1,675,000
g
Namibia
Government
International
Bond
5
.250
10/29/25
1,588
EUR
400,000
g
Netherlands
Government
International
Bond
2
.750
01/15/47
442
EUR
380,000
g
Netherlands
Government
International
Bond
0
.000
01/15/52
201
AUD
500,000
New
South
Wales
Treasury
Corp
4
.000
05/20/26
341
AUD
2,690,000
New
South
Wales
Treasury
Corp
3
.000
04/20/29
1,745
NZD
2,485,000
New
Zealand
Government
International
Bond
0
.500
05/15/24
1,481
NZD
1,175,000
New
Zealand
Government
International
Bond
2
.750
04/15/25
708
NZD
625,000
New
Zealand
Government
International
Bond
4
.500
04/15/27
393
NZD
735,000
New
Zealand
Government
International
Bond
2
.000
05/15/32
385
925,000
g
Nigeria
Government
International
Bond
8
.375
03/24/29
761
NOK
17,250,000
g
Norway
Government
Bond
2
.000
04/26/28
1,574
NOK
340,000
g
Norway
Government
Bond
1
.250
09/17/31
28
1,100,000
g
Oman
Government
International
Bond
6
.000
08/01/29
1,104
2,400,000
g
Oman
Government
International
Bond
6
.250
01/25/31
2,440
21,300,000
g
OMERS
Finance
Trust
2
.500
05/02/24
20,791
15,000,000
g
Ontario
Teachers'
Finance
Trust
1
.625
09/12/24
14,385
3,575,000
g
OPEC
Fund
for
International
Development
4
.500
01/26/26
3,573
500,000
g
Pakistan
Government
International
Bond
6
.000
04/08/26
181
5,400,000
Panama
Bonos
del
Tesoro
3
.362
06/30/31
4,482
2,025,000
Panama
Government
International
Bond
4
.300
04/29/53
1,482
3,150,000
Panama
Notas
del
Tesoro
3
.750
04/17/26
2,974
925,000
g
Paraguay
Government
International
Bond
5
.400
03/30/50
796
1,100,000
g
Perusahaan
Penerbit
SBSN
Indonesia
III
4
.700
06/06/32
1,097
3,000,000
Peruvian
Government
International
Bond
1
.862
12/01/32
2,267
1,970,000
Peruvian
Government
International
Bond
3
.000
01/15/34
1,606
CREF
Core
Bond
Account
March
31,
2023
279
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
PEN
3,515,000
g
Peruvian
Government
International
Bond
5
.400
%
08/12/34
$
781
$
2,645,000
Philippine
Government
International
Bond
4
.200
03/29/47
2,279
CAD
875,000
Province
of
Ontario
Canada
2
.150
06/02/31
583
CAD
875,000
Province
of
Ontario
Canada
1
.900
12/02/51
415
CAD
650,000
Province
of
Quebec
Canada
2
.750
09/01/27
468
6,000,000
Province
of
Quebec
Canada
7
.500
09/15/29
7,145
2,050,000
g
Qatar
Government
International
Bond
3
.750
04/16/30
2,002
EUR
425,000
g
Republic
of
Cameroon
International
Bond
5
.950
07/07/32
329
500,000
g
Republic
of
Guatemala
4
.650
10/07/41
410
7,000,000
Republic
of
Italy
Government
International
Bond
4
.000
10/17/49
5,273
1,000,000
g
Republic
of
Paraguay
6
.100
08/11/44
968
1,425,000
Republic
of
Poland
Government
International
Bond
5
.750
11/16/32
1,514
2,935,000
Republic
of
Poland
Government
International
Bond
5
.500
04/04/53
2,970
200,000
Republic
of
South
Africa
Government
International
Bond
5
.875
04/20/32
181
ZAR
18,725,000
Republic
of
South
Africa
Government
International
Bond
8
.875
02/28/35
902
ZAR
15,100,000
Republic
of
South
Africa
Government
International
Bond
8
.750
01/31/44
655
2,800,000
Republic
of
South
Africa
Government
International
Bond
5
.375
07/24/44
2,081
350,000
Republic
of
South
Africa
Government
International
Bond
7
.300
04/20/52
304
2,150,000
g
Republic
of
Uzbekistan
International
Bond
4
.750
02/20/24
2,112
UZS
5,708,925,000
g
Republic
of
Uzbekistan
International
Bond
14
.000
07/19/24
489
RON
6,075,000
Romanian
Government
International
Bond
4
.000
10/25/23
1,312
1,850,000
g
Romanian
Government
International
Bond
3
.000
02/14/31
1,519
EUR
600,000
g
Romanian
Government
International
Bond
2
.000
01/28/32
458
EUR
500,000
g
Romanian
Government
International
Bond
2
.000
04/14/33
369
3,300,000
g
Romanian
Government
International
Bond
4
.000
02/14/51
2,298
3,550,000
g
Rwanda
International
Government
Bond
5
.500
08/09/31
2,544
3,000,000
g
Saudi
Government
International
Bond
3
.250
10/26/26
2,885
5,100,000
g
Saudi
Government
International
Bond
4
.500
04/17/30
5,087
6,150,000
g
Saudi
Government
International
Bond
3
.750
01/21/55
4,723
EUR
1,000,000
g
Senegal
Government
International
Bond
4
.750
03/13/28
909
EUR
425,000
g
Senegal
Government
International
Bond
5
.375
06/08/37
295
1,000,000
g
Senegal
Government
International
Bond
6
.750
03/13/48
692
EUR
1,250,000
g
Serbia
Government
International
Bond
1
.500
06/26/29
1,033
EUR
575,000
g
Serbia
Government
International
Bond
2
.050
09/23/36
376
3,450,000
g
Serbia
International
Bond
2
.125
12/01/30
2,609
760,000
e,g
Serbia
International
Bond
6
.500
09/26/33
754
RSD
96,000,000
Serbia
Treasury
Bonds
5
.875
02/08/28
888
RSD
31,700,000
Serbia
Treasury
Bonds
4
.500
08/20/32
246
2,000,000
South
Africa
Government
International
Bond
5
.875
09/16/25
2,000
EUR
2,550,000
g
Spain
Government
International
Bond
2
.750
10/31/24
2,758
EUR
845,000
g
Spain
Government
International
Bond
1
.400
07/30/28
847
EUR
1,475,000
g
Spain
Government
International
Bond
0
.600
10/31/29
1,374
EUR
625,000
g
Spain
Government
International
Bond
0
.100
04/30/31
534
EUR
2,350,000
g
Spain
Government
International
Bond
1
.200
10/31/40
1,741
3,100,000
State
of
Israel
3
.375
01/15/50
2,369
6,590,000
Svensk
Exportkredit
AB
1
.750
12/12/23
6,447
THB
24,600,000
Thailand
Government
International
Bond
2
.875
12/17/28
750
THB
24,400,000
Thailand
Government
International
Bond
3
.300
06/17/38
759
EUR
1,000,000
g
Ukraine
Government
International
Bond
6
.750
06/20/28
179
EUR
2,025,000
g
Ukraine
Government
International
Bond
4
.375
01/27/32
374
GBP
485,000
United
Kingdom
Gilt
0
.125
01/31/28
512
GBP
1,220,000
United
Kingdom
Gilt
1
.625
10/22/28
1,375
GBP
425,000
United
Kingdom
Gilt
0
.500
01/31/29
442
GBP
2,665,000
United
Kingdom
Gilt
1
.750
09/07/37
2,560
GBP
275,000
United
Kingdom
Gilt
1
.250
10/22/41
225
GBP
575,000
United
Kingdom
Gilt
1
.500
07/22/47
444
GBP
1,875,000
United
Kingdom
Gilt
0
.625
10/22/50
1,057
CREF
Core
Bond
Account
March
31,
2023
280
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
GBP
1,475,000
United
Kingdom
Gilt
1
.500
%
07/31/53
$
1,061
UYU
21,800,000
g
Uruguay
Government
International
Bond
8
.500
03/15/28
520
$
5,280,000
Uruguay
Government
International
Bond
4
.375
01/23/31
5,243
UYU
20,300,000
Uruguay
Government
International
Bond
8
.250
05/21/31
462
1,400,000
Uruguay
Government
International
Bond
5
.100
06/18/50
1,400
TOTAL
FOREIGN
GOVERNMENT
BONDS
450,668
MORTGAGE
BACKED
-
19.4%
6,956,056
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
1.900%
6
.460
12/25/41
6,668
6,000,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.500%
9
.060
01/25/42
5,722
3,006,400
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
6.250%
6
.349
03/25/42
3,108
19,340,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.100%
7
.660
03/25/42
19,185
30,200,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.850%
8
.410
05/25/42
30,701
21,935,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.650%
9
.218
06/25/42
22,794
12,288,746
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
4
.500
11/01/37
12,249
3,979,056
i
FHLMC
LIBOR
1
M
+
5.920%
1
.236
03/15/44
385
8,366,612
i
FHLMC
LIBOR
1
M
+
9.920%
2
.425
06/15/48
8,244
6,312,779
i
FHLMC
LIBOR
1
M
+
9.840%
2
.345
10/15/48
6,063
13,598,499
FHLMC
3
.000
11/01/49
12,376
17,191,057
FHLMC
2
.000
09/25/50
2,004
36,889,814
FHLMC
2
.500
02/25/51
5,740
4,985,670
FHLMC
3
.000
11/01/51
4,519
34,341,056
FHLMC
3
.000
11/01/51
31,318
3,044,235
FHLMC
3
.000
11/01/51
2,786
4,361,364
FHLMC
3
.000
11/01/51
3,977
36,498,198
FHLMC
2
.000
02/01/52
30,294
40,884,843
FHLMC
2
.500
02/01/52
35,481
26,920,189
h
FHLMC
2
.500
03/01/52
23,354
7,100,894
FHLMC
4
.000
04/01/52
6,796
17,112,206
FHLMC
3
.500
05/01/52
15,908
1,086,743
FHLMC
3
.500
06/01/52
1,015
18,061,362
FHLMC
4
.500
06/01/52
17,695
17,283,687
FHLMC
4
.500
07/01/52
16,934
3,245,256
FHLMC
4
.000
08/25/52
2,845
6,003,319
FHLMC
4
.500
10/25/52
5,640
32,443,816
FHLMC
6
.000
11/01/52
33,139
7,182,356
FHLMC
5
.500
11/25/52
7,529
40
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
7
.000
05/01/23
0
^
6,076
FGLMC
8
.000
01/01/31
6
4,118
FGLMC
7
.000
01/01/32
4
229,398
FGLMC
4
.500
07/01/33
230
1,664,650
FGLMC
7
.000
12/01/33
1,760
487,559
FGLMC
4
.500
10/01/34
489
306,468
FGLMC
4
.500
04/01/35
308
461,429
FGLMC
7
.000
05/01/35
479
1,282,620
FGLMC
5
.000
06/01/36
1,311
443,727
FGLMC
5
.000
07/01/39
454
60,967
FGLMC
4
.500
12/01/43
61
33,965
FGLMC
4
.500
02/01/44
34
1,296,336
FGLMC
4
.500
10/01/44
1,296
608,455
FGLMC
4
.500
11/01/44
609
955,557
FGLMC
4
.500
11/01/44
956
582,230
FGLMC
4
.500
12/01/44
582
797,724
FGLMC
4
.500
12/01/44
798
3,357,968
FGLMC
3
.500
04/01/45
3,182
685,883
FGLMC
4
.500
05/01/45
672
14,741,095
FGLMC
3
.500
08/01/45
13,932
1,485,523
FGLMC
4
.500
06/01/47
1,497
2,628,317
FGLMC
4
.000
09/01/47
2,562
2,554,430
FGLMC
3
.500
12/01/47
2,415
9,312,787
FGLMC
4
.500
08/01/48
9,326
CREF
Core
Bond
Account
March
31,
2023
281
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,273,412
FGLMC
4
.500
%
10/01/48
$
4,279
6,888,889
FGLMC
3
.500
11/01/48
6,513
4,492
Federal
National
Mortgage
Association
(FNMA)
8
.000
07/01/24
5
1,758
FNMA
9
.000
11/01/25
2
2,094,204
FNMA
3
.500
05/01/32
2,040
13,042,587
FNMA
3
.000
10/01/32
12,472
225,002
FNMA
4
.500
10/01/33
226
406,430
FNMA
4
.500
05/01/35
407
2,505,962
FNMA
5
.000
05/01/35
2,559
1,173,856
FNMA
5
.000
10/01/35
1,199
984,284
FNMA
5
.000
02/01/36
1,005
25,255,825
FNMA
4
.000
11/01/37
24,864
2,779,309
FNMA
5
.500
11/01/38
2,886
1,013,881
FNMA
3
.000
10/01/39
948
12,269,622
FNMA
3
.000
05/01/40
11,408
1,682,222
FNMA
5
.000
09/01/40
1,718
3,523,034
FNMA
5
.000
05/01/41
3,598
29,265,673
FNMA
2
.000
03/01/42
25,156
9,434,064
FNMA
4
.000
09/01/42
9,210
7,250,683
FNMA
3
.500
04/01/43
6,915
6,340,396
FNMA
3
.500
09/01/43
6,060
5,234,044
i
FNMA
LIBOR
1
M
+
5.950%
1
.105
09/25/43
596
6,493,114
FNMA
4
.500
03/01/44
6,530
31,502,899
FNMA
4
.000
05/01/44
30,679
2,973,226
FNMA
4
.500
06/01/44
2,969
2,934,832
FNMA
4
.500
10/01/44
2,930
4,890,966
FNMA
4
.500
11/01/44
4,883
1,540,035
FNMA
5
.000
11/01/44
1,573
1,820,265
FNMA
4
.500
12/01/44
1,817
1,935,709
FNMA
4
.000
01/01/45
1,890
536,043
FNMA
4
.500
03/01/45
536
283,291
FNMA
4
.500
04/01/45
283
6,683,413
FNMA
3
.500
05/01/45
6,330
8,602,983
FNMA
3
.500
01/01/46
8,125
1,001,830
FNMA
4
.000
04/01/46
976
7,011,534
FNMA
3
.500
06/01/46
6,622
8,880,622
FNMA
3
.500
07/01/46
8,387
15,623,178
FNMA
3
.500
07/01/46
14,902
1,471,210
FNMA
3
.000
10/01/46
1,331
8,890,845
FNMA
3
.500
10/01/46
8,397
3,526,859
FNMA
4
.500
05/01/47
3,547
361,584
FNMA
3
.000
11/01/47
327
6,561,781
FNMA
3
.500
11/01/47
6,247
14,179,064
FNMA
3
.500
01/01/48
13,391
5,795,240
FNMA
4
.500
01/01/48
5,797
5,187,400
FNMA
4
.500
02/01/48
5,189
3,979,459
FNMA
4
.500
05/01/48
3,981
2,887,252
FNMA
4
.500
05/01/48
2,888
7,988,195
FNMA
5
.000
08/01/48
8,132
455,210
FNMA
3
.000
06/01/49
400
18,643,751
FNMA
3
.000
07/01/50
16,951
12,065,239
FNMA
2
.000
08/25/50
1,694
32,455,582
FNMA
2
.500
11/25/50
4,713
10,702,407
FNMA
3
.000
12/25/50
1,653
3,998,488
FNMA
3
.000
02/25/51
725
77,149,498
FNMA
2
.000
04/01/51
63,957
11,746,041
FNMA
3
.000
09/01/51
10,660
11,991,526
FNMA
2
.500
11/25/51
1,565
32,176,921
FNMA
2
.000
12/01/51
26,676
10,981,454
FNMA
2
.000
01/01/52
9,186
27,707,265
h
FNMA
2
.000
02/01/52
22,997
CREF
Core
Bond
Account
March
31,
2023
282
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
29,691,753
FNMA
2
.500
%
02/01/52
$
25,758
34,197,477
h
FNMA
2
.500
02/01/52
29,677
9,677,192
FNMA
2
.500
02/01/52
8,379
12,837,482
FNMA
3
.500
02/01/52
12,030
36,368,145
FNMA
2
.000
03/01/52
30,151
6,147,082
FNMA
2
.000
03/01/52
5,096
21,245,841
FNMA
3
.000
04/01/52
19,143
63,148,485
h
FNMA
3
.000
04/01/52
56,958
4,028,172
FNMA
3
.500
04/01/52
3,743
44,264,879
FNMA
4
.000
05/01/52
42,353
49,853,321
FNMA
3
.500
06/01/52
46,424
30,669,975
FNMA
4
.000
06/01/52
29,333
8,973,250
FNMA
4
.500
06/01/52
8,792
56,157,750
FNMA
4
.000
07/01/52
53,727
17,294,665
FNMA
4
.000
07/01/52
16,544
8,116,908
FNMA
4
.500
07/01/52
7,954
8,668,642
FNMA
4
.500
07/01/52
8,497
5,375,436
FNMA
4
.500
07/01/52
5,267
9,151,070
FNMA
4
.500
07/25/52
8,535
53,777,918
FNMA
5
.000
08/01/52
53,648
5,358,063
FNMA
4
.500
08/25/52
4,859
21,445,503
FNMA
4
.000
09/01/52
20,510
112,894,259
FNMA
4
.500
09/01/52
110,608
23,959,706
FNMA
5
.000
09/01/52
23,894
4,068,683
FNMA
4
.000
09/25/52
3,536
4,641,881
FNMA
4
.000
09/25/52
4,317
48,442,287
FNMA
4
.000
10/01/52
46,330
17,694,717
FNMA
5
.000
10/01/52
17,646
3,886,306
FNMA
4
.500
10/25/52
3,853
4,438,570
FNMA
4
.500
10/25/52
4,410
27,141,331
h
FNMA
4
.500
11/01/52
26,591
7,202,819
FNMA
5
.500
11/25/52
7,394
27,477,480
FNMA
5
.500
02/01/53
27,754
6,638,748
Freddie
Mac
REMICS
3
.000
10/25/50
4,910
835,547
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
1.650%
6
.210
01/25/34
820
1,284,796
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
1.500%
6
.060
10/25/41
1,224
1,465,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.400%
7
.960
10/25/41
1,377
2,590,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.500%
8
.060
03/25/42
2,575
4,165,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
5.650%
8
.647
04/25/42
4,072
1,410,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
4.350%
8
.910
04/25/42
1,388
25,280,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.350%
7
.910
05/25/42
25,487
3,100,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.550%
8
.110
08/25/42
3,037
15,170,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.700%
8
.260
09/25/42
15,455
970,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
3.650%
7
.578
11/25/41
913
22,630,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
2.400%
6
.960
02/25/42
22,012
31,100,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.500%
9
.060
06/25/42
32,313
16,775,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.000%
8
.560
07/25/42
16,747
10,780,423
Government
National
Mortgage
Association
(GNMA)
3
.700
10/15/33
10,442
176,253
GNMA
5
.000
04/15/38
181
227,252
GNMA
6
.500
11/20/38
241
822,077
GNMA
5
.000
06/15/39
846
440,196
GNMA
5
.000
06/15/39
451
9,769,491
GNMA
3
.700
08/15/40
9,435
10,303,427
GNMA
2
.500
12/20/43
9,347
4,448,040
GNMA
3
.000
03/20/45
3,995
4,436,540
GNMA
4
.500
12/20/45
4,424
3,986,910
GNMA
4
.000
06/20/46
524
7,670,658
i
GNMA
LIBOR
1
M
+
6.100%
1
.339
03/20/50
980
15,976,797
GNMA
3
.000
11/20/51
12,215
16,129,174
GNMA
3
.000
01/20/52
12,499
5,760,455
GNMA
2
.500
02/20/52
4,926
CREF
Core
Bond
Account
March
31,
2023
283
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,583,655
GNMA
2
.500
%
05/20/52
$
4,912
105,017,065
GNMA
3
.000
05/20/52
95,644
4,875,816
GNMA
3
.500
07/20/52
4,570
5,229,681
GNMA
4
.000
07/20/52
4,734
12,779,624
GNMA
4
.000
08/20/52
12,302
7,913,429
GNMA
4
.000
09/20/52
7,618
6,577,061
GNMA
4
.500
09/20/52
6,311
9,292,287
GNMA
4
.500
09/20/52
8,827
7,890,652
GNMA
4
.500
09/20/52
7,747
10,330,582
GNMA
5
.000
11/20/52
10,349
3,449,053
g,i
GS
Mortgage-Backed
Securities
Trust
2
.724
01/25/52
2,457
10,936,257
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
03/25/52
8,668
4,875,321
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
05/01/52
4,229
3,080,182
g,i
GS
Mortgage-Backed
Securities
Trust
2
.834
05/28/52
2,367
11,286,459
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
08/26/52
9,331
2,426,120
g,i
JP
Morgan
Mortgage
Trust
2
.882
08/25/51
1,853
2,737,400
g,i
JP
Morgan
Mortgage
Trust
2
.927
05/25/52
2,106
14,456,054
g,i
JP
Morgan
Mortgage
Trust
2
.500
07/25/52
11,444
24,739,496
g,i
JP
Morgan
Mortgage
Trust
3
.250
07/25/52
20,823
19,569,964
g,i
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
16,179
7,673,741
g,i
JP
Morgan
Mortgage
Trust
3
.000
09/25/52
6,369
10,525,863
g,i
JP
Morgan
Mortgage
Trust
3
.000
10/25/52
8,702
6,336,702
g,i
JP
Morgan
Mortgage
Trust
3
.000
11/25/52
5,239
6,943,759
g,i
JP
Morgan
Mortgage
Trust
3
.000
12/25/52
5,741
4,340,244
g,i
JP
Morgan
Mortgage
Trust
5
.000
06/25/53
4,111
4,345,126
g,i
JP
Morgan
Mortgage
Trust
5
.500
06/25/53
4,184
TOTAL
MORTGAGE
BACKED
2,114,698
MUNICIPAL
BONDS
-
3.0%
2,975,000
Chicago
Housing
Authority
3
.682
01/01/25
2,924
245,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.264
09/01/25
236
1,000,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.038
09/01/34
921
845,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.750
09/01/37
741
2,000,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.000
09/01/48
1,643
3,995,000
City
of
Los
Angeles
CA
Wastewater
System
Revenue
4
.029
06/01/39
3,656
4,940,000
City
of
New
York
NY
3
.200
12/01/26
4,742
1,575,000
City
of
San
Antonio
TX
Customer
Facility
Charge
Revenue
4
.353
07/01/25
1,552
4,055,000
Commonwealth
Financing
Authority
3
.864
06/01/38
3,695
19,355,000
Commonwealth
Financing
Authority
3
.807
06/01/41
16,867
1,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.368
10/01/23
1,481
2,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.285
10/01/23
2,481
3,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.504
10/01/24
3,383
2,250,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.405
10/01/24
2,203
4,365,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.604
10/01/25
4,160
2,375,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.505
10/01/25
2,313
2,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.704
10/01/26
2,356
3,940,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.049
10/01/26
3,757
3,750,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.612
10/01/26
3,643
4,700,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.529
10/01/30
4,088
3,730,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.732
10/01/37
3,293
3,900,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.982
10/01/41
3,379
9,160,000
County
of
Miami-Dade
FL
Aviation
Revenue
4
.280
10/01/41
8,331
2,000,000
Duke
University
3
.199
10/01/38
1,647
5,080,000
Illinois
Finance
Authority
3
.944
08/15/47
4,127
4,805,000
Los
Angeles
County
Redevelopment
Refunding
Authority
Redev
Agency
Successor
Agy
3
.375
09/01/35
4,196
1,360,000
New
York
City
Housing
Development
Corp
3
.523
05/01/23
1,358
CREF
Core
Bond
Account
March
31,
2023
284
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,815,000
New
York
City
Housing
Development
Corp
3
.573
%
11/01/23
$
1,799
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
5,105
10,605,000
New
York
State
Dormitory
Authority
4
.294
07/01/44
9,535
6,000,000
New
York
State
Dormitory
Authority
3
.879
07/01/46
4,962
5,000,000
New
York
State
Thruway
Authority
2
.256
01/01/25
4,787
6,460,000
New
York
State
Thruway
Authority
2
.406
01/01/26
6,097
4,750,000
New
York
State
Thruway
Authority
2
.500
01/01/27
4,437
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
1,467
1,000,000
Port
of
Corpus
Christi
Authority
of
Nueces
County
3
.487
12/01/25
973
1,910,000
Public
Finance
Authority
4
.269
07/01/40
1,726
6,360,000
San
Jose
Redevelopment
Agency
3
.375
08/01/34
5,767
13,060,000
State
of
California
4
.600
04/01/38
12,757
10,500,000
State
of
Illinois
3
.150
06/15/26
9,939
12,500,000
State
of
Illinois
3
.250
06/15/27
11,697
27,150,000
State
of
Illinois
5
.100
06/01/33
27,113
9,700,000
State
of
Oregon
Department
of
Administrative
Services
4
.103
05/01/39
8,889
9,900,000
State
of
Wisconsin
3
.154
05/01/27
9,476
25,860,000
University
of
California
3
.063
07/01/25
25,222
17,045,000
University
of
California
3
.931
05/15/45
15,721
21,000,000
University
of
Chicago
4
.151
10/01/45
18,733
7,620,000
University
of
Massachusetts
Building
Authority
3
.097
11/01/35
6,516
13,000,000
University
of
Massachusetts
Building
Authority
3
.434
11/01/40
10,914
20,000,000
University
of
New
Mexico
3
.532
06/20/32
19,002
1,500,000
Utah
Municipal
Power
Agency
2
.512
07/01/23
1,491
2,160,000
Virginia
Port
Authority
4
.228
07/01/36
2,008
390,000
Washington
Convention
&
Sports
Authority
3
.969
10/01/30
371
TOTAL
MUNICIPAL
BONDS
324,026
U.S.
TREASURY
SECURITIES
-
19.5%
4,500,000
United
States
Treasury
Bond
4
.750
02/15/37
5,131
22,750,000
United
States
Treasury
Bond
3
.500
02/15/39
22,475
12,050,000
United
States
Treasury
Bond
3
.875
08/15/40
12,357
20,935,000
United
States
Treasury
Bond
4
.375
05/15/41
22,775
6,000,000
United
States
Treasury
Bond
2
.750
11/15/42
5,088
35,680,000
United
States
Treasury
Bond
3
.000
05/15/45
31,068
41,710,000
United
States
Treasury
Bond
2
.875
08/15/45
35,542
52,140,000
United
States
Treasury
Bond
2
.500
05/15/46
41,402
1,075,000
United
States
Treasury
Bond
3
.000
05/15/47
936
30,710,000
United
States
Treasury
Bond
2
.750
11/15/47
25,549
6,155,000
United
States
Treasury
Bond
3
.125
05/15/48
5,493
51,995,000
United
States
Treasury
Bond
3
.000
08/15/48
45,404
20,120,000
United
States
Treasury
Bond
3
.375
11/15/48
18,820
36,288,540
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.500
04/15/24
35,703
9,875,000
United
States
Treasury
Note
0
.125
05/31/23
9,803
8,770,000
United
States
Treasury
Note
0
.125
08/31/23
8,606
73,500,000
United
States
Treasury
Note
0
.250
11/15/23
71,482
168,055,000
e
United
States
Treasury
Note
4
.625
02/28/25
169,690
10,000,000
United
States
Treasury
Note
3
.875
03/31/25
9,970
2,205,000
United
States
Treasury
Note
0
.250
10/31/25
2,010
177,485,000
United
States
Treasury
Note
4
.000
02/15/26
178,220
2,765,000
United
States
Treasury
Note
4
.625
03/15/26
2,828
30,850,000
United
States
Treasury
Note
0
.500
10/31/27
26,770
397,491,000
United
States
Treasury
Note
4
.000
02/29/28
404,664
1,250,000
United
States
Treasury
Note
1
.250
09/30/28
1,103
35,045,000
United
States
Treasury
Note
4
.000
02/28/30
35,970
71,248,000
United
States
Treasury
Note
2
.875
05/15/32
67,803
278,866,400
United
States
Treasury
Note
3
.500
02/15/33
279,302
10,000,000
United
States
Treasury
Note
1
.125
08/15/40
6,610
85,325,800
United
States
Treasury
Note
2
.375
02/15/42
68,614
CREF
Core
Bond
Account
March
31,
2023
285
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
26,721,000
United
States
Treasury
Note
3
.250
%
05/15/42
$
24,651
91,758,000
United
States
Treasury
Note
3
.375
08/15/42
86,152
46,545,000
United
States
Treasury
Note
3
.875
02/15/43
46,960
256,002,000
United
States
Treasury
Note
2
.250
02/15/52
190,902
117,961,100
United
States
Treasury
Note
4
.000
11/15/52
125,186
TOTAL
U.S.
TREASURY
SECURITIES
2,125,039
TOTAL
GOVERNMENT
BONDS
5,049,395
(Cost
$5,319,497)
STRUCTURED
ASSETS
-
17.8%
ASSET
BACKED
-
6.5%
5,000,000
g,i
AGL
CLO
19
Ltd
7
.403
07/21/35
5,016
Series
-
2022
19A
(Class
B1)
7,100,000
g,i
AIMCO
CLO
16
Ltd
LIBOR
3
M
+
1.650%
6
.442
01/17/35
6,953
Series
-
2021
16A
(Class
B)
7,500,000
g,i
AIMCO
CLO
Series
LIBOR
3
M
+
1.500%
6
.308
04/20/34
7,247
Series
-
2017
AA
(Class
BR)
4,120,000
AmeriCredit
Automobile
Receivables
Trust
2
.130
03/18/26
3,877
Series
-
2020
2
(Class
D)
6,190,000
AmeriCredit
Automobile
Receivables
Trust
1
.490
09/18/26
5,687
Series
-
2020
3
(Class
D)
3,499,000
g
AMSR
Trust
3
.148
01/19/39
3,240
Series
-
2019
SFR1
(Class
C)
3,347,000
g
AMSR
Trust
3
.247
01/19/39
3,084
Series
-
2019
SFR1
(Class
D)
74,236
†,g
Asset
Backed
Funding
Corp
NIM
Trust
5
.900
07/26/35
0
^
Series
-
2005
WMC1
(Class
N1)
9,500,000
g
Avis
Budget
Rental
Car
Funding
AESOP
LLC
1
.380
08/20/27
8,420
Series
-
2021
1A
(Class
A)
4,400,000
g
BHG
Securitization
Trust
1
.670
10/17/34
3,860
Series
-
2021
B
(Class
B)
1,945,631
g
BRE
Grand
Islander
Timeshare
Issuer
LLC
3
.280
09/26/33
1,853
Series
-
2019
A
(Class
A)
EUR
733,114
g,i
Bruegel
2021
DAC
EURIBOR
3
M
+
2.470%
5
.124
05/22/31
730
Series
-
2021
1A
(Class
D)
12,219,832
g
Capital
Automotive
REIT
2
.690
02/15/50
11,624
Series
-
2020
1A
(Class
A1)
5,748,708
g
Capital
Automotive
REIT
1
.440
08/15/51
5,054
Series
-
2021
1A
(Class
A1)
4,221,187
g
Capital
Automotive
REIT
1
.920
08/15/51
3,698
Series
-
2021
1A
(Class
A3)
9,787,500
g
Cars
Net
Lease
Mortgage
Notes
Series
2
.010
12/15/50
8,406
Series
-
2020
1A
(Class
A1)
5,000,000
Carvana
Auto
Receivables
Trust
0
.970
03/10/28
4,645
Series
-
2021
N2
(Class
A2)
848,701
Carvana
Auto
Receivables
Trust
1
.270
03/10/28
813
Series
-
2021
N2
(Class
D)
EUR
595,590
g,i
Cassia
SRL
EURIBOR
3
M
+
3.500%
6
.154
05/22/34
602
Series
-
2022
1A
(Class
B)
4,150,000
g,i
Cayuga
Park
CLO
Ltd
LIBOR
3
M
+
1.650%
1
.000
07/17/34
4,019
Series
-
2020
1A
(Class
B1R)
627,826
i
C-BASS
Trust
LIBOR
1
M
+
0.160%
3
.485
07/25/36
593
Series
-
2006
CB6
(Class
A1)
17,237,875
g
CF
Hippolyta
LLC
1
.690
07/15/60
15,653
Series
-
2020
1
(Class
A1)
5,069,288
g
CF
Hippolyta
LLC
1
.990
07/15/60
4,283
Series
-
2020
1
(Class
A2)
2,951,196
g
CF
Hippolyta
LLC
2
.280
07/15/60
2,665
Series
-
2020
1
(Class
B1)
CREF
Core
Bond
Account
March
31,
2023
286
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
18,912,962
g
CF
Hippolyta
LLC
1
.530
%
03/15/61
$
16,692
Series
-
2021
1A
(Class
A1)
4,491,828
g
CF
Hippolyta
LLC
1
.980
03/15/61
3,912
Series
-
2021
1A
(Class
B1)
428,194
i
Chase
Funding
Mortgage
Loan
Asset-Backed
Certificates
5
.700
02/26/35
414
Series
-
2004
2
(Class
1M2)
1,436,625
g,i
CIFC
Funding
Ltd
LIBOR
3
M
+
1.220%
6
.028
07/20/30
1,425
Series
-
2017
3A
(Class
A1)
2,000,000
g,i
CIFC
Funding
Ltd
LIBOR
3
M
+
1.600%
6
.392
11/16/30
1,958
Series
-
2017
5A
(Class
A2)
5,500,000
g,i
CIFC
Funding
Ltd
7
.214
10/22/35
5,558
Series
-
2022
7A
(Class
B1)
49,762
CIT
Group
Home
Equity
Loan
Trust
(Step
Bond)
6
.200
02/25/30
49
Series
-
2002
1
(Class
AF6)
6,520,000
i
Citibank
Credit
Card
Issuance
Trust
LIBOR
1
M
+
0.770%
5
.569
05/14/29
6,489
Series
-
2017
A6
(Class
A6)
7,941,950
g
DB
Master
Finance
LLC
4
.021
05/20/49
7,544
Series
-
2019
1A
(Class
A2II)
37,031,250
g
DB
Master
Finance
LLC
2
.045
11/20/51
32,576
Series
-
2021
1A
(Class
A2I)
29,230,000
g
DB
Master
Finance
LLC
2
.493
11/20/51
24,813
Series
-
2021
1A
(Class
A2II)
2,565,623
g
Diamond
Resorts
Owner
Trust
2
.890
02/20/32
2,454
Series
-
2019
1A
(Class
A)
372,314
g
Diamond
Resorts
Owner
Trust
2
.700
11/21/33
342
Series
-
2021
1A
(Class
C)
28,074,938
g
Domino's
Pizza
Master
Issuer
LLC
2
.662
04/25/51
24,096
Series
-
2021
1A
(Class
A2I)
3,800,000
g,i
Dryden
49
Senior
Loan
Fund
LIBOR
3
M
+
1.600%
6
.395
07/18/30
3,710
Series
-
2017
49A
(Class
BR)
4,000,000
g
DT
Auto
Owner
Trust
0
.840
10/15/26
3,879
Series
-
2021
1A
(Class
C)
838,783
g,i
Ellington
Loan
Acquisition
Trust
LIBOR
1
M
+
1.100%
5
.945
05/25/37
822
Series
-
2007
2
(Class
A2C)
3,197,909
g
FCI
Funding
LLC
1
.130
04/15/33
3,110
Series
-
2021
1A
(Class
A)
5,731,295
g
FNA
VI
LLC
1
.350
01/10/32
5,217
Series
-
2021
1A
(Class
A)
1,615,511
g,i
GoldenTree
Loan
Opportunities
IX
Ltd
LIBOR
3
M
+
1.110%
5
.912
10/29/29
1,608
Series
-
2014
9A
(Class
AR2)
43,700,000
g,i
Gracie
Point
International
Funding
30d
Avg
SOFR
+
2.750%
7
.371
07/01/24
43,713
Series
-
2022
2A
(Class
A)
6,925,000
g,i
Gracie
Point
International
Funding
30d
Avg
SOFR
+
3.350%
7
.971
07/01/24
6,927
Series
-
2022
2A
(Class
B)
4,000,000
g
GSCG
Trust
2
.936
09/06/34
3,519
Series
-
2019
600C
(Class
A)
246,103
g
HERO
Funding
Trust
3
.280
09/20/48
227
Series
-
2017
2A
(Class
A1)
492,206
g
HERO
Funding
Trust
4
.070
09/20/48
466
Series
-
2017
2A
(Class
A2)
24,000,000
g
Hertz
Vehicle
Financing
LLC
1
.210
12/26/25
22,465
Series
-
2021
1A
(Class
A)
1,262,083
g
Hilton
Grand
Vacations
Trust
2
.660
12/26/28
1,250
Series
-
2017
AA
(Class
A)
1,088,546
g
Hilton
Grand
Vacations
Trust
2
.960
12/26/28
1,074
Series
-
2017
AA
(Class
B)
3,081,959
g
Hilton
Grand
Vacations
Trust
2
.340
07/25/33
2,902
Series
-
2019
AA
(Class
A)
356,838
i
Home
Equity
Asset
Trust
LIBOR
1
M
+
1.500%
3
.986
06/25/33
348
Series
-
2003
1
(Class
M1)
CREF
Core
Bond
Account
March
31,
2023
287
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,499,931
g,i
Invitation
Homes
Trust
LIBOR
1
M
+
1.250%
5
.959
%
01/17/38
$
1,489
Series
-
2018
SFR4
(Class
B)
3,134,843
g
JG
Wentworth
XXII
LLC
3
.820
12/15/48
3,072
Series
-
2010
3A
(Class
A)
5,000,000
g,i
KKR
Clo
32
Ltd
LIBOR
3
M
+
1.750%
6
.542
01/15/32
4,875
Series
-
2020
32A
(Class
B)
3,500,000
g,i
Madison
Park
Funding
LV
Ltd
7
.532
07/18/35
3,520
Series
-
2022
55A
(Class
B1)
5,500,000
g,i
Madison
Park
Funding
XXI
Ltd
LIBOR
3
M
+
1.650%
6
.442
10/15/32
5,371
Series
-
2016
21A
(Class
A2RR)
530,000
g,i
Magnetite
XVIII
Ltd
LIBOR
3
M
+
1.500%
6
.364
11/15/28
521
Series
-
2016
18A
(Class
BR)
3,500,000
g,i
Massachusetts
St
LIBOR
3
M
+
1.650%
6
.442
01/15/35
3,409
Series
-
2021
3A
(Class
B)
3,795,864
g
MVW
LLC
1
.140
01/22/41
3,456
Series
-
2021
1WA
(Class
A)
1,172,204
g
MVW
Owner
Trust
2
.420
12/20/34
1,155
Series
-
2017
1A
(Class
A)
1,363,511
g
MVW
Owner
Trust
3
.450
01/21/36
1,328
Series
-
2018
1A
(Class
A)
1,477,671
g
MVW
Owner
Trust
2
.890
11/20/36
1,400
Series
-
2019
1A
(Class
A)
4,907,521
g
MVW
Owner
Trust
2
.220
10/20/38
4,597
Series
-
2019
2A
(Class
A)
2,937,303
g
Navient
Private
Education
Refi
Loan
Trust
1
.310
01/15/69
2,695
Series
-
2020
HA
(Class
A)
5,268,702
g
Navient
Private
Education
Refi
Loan
Trust
0
.840
05/15/69
4,607
Series
-
2021
A
(Class
A)
2,521,719
g
Navient
Student
Loan
Trust
3
.390
12/15/59
2,404
Series
-
2019
BA
(Class
A2A)
1,203,548
g,i
Navient
Student
Loan
Trust
LIBOR
1
M
+
0.980%
5
.664
12/15/59
1,180
Series
-
2019
BA
(Class
A2B)
500,000
g,i
NCMF
Trust
8
.162
03/15/39
488
Series
-
2022
MFP
(Class
D)
10,000,000
g,i
Neuberger
Berman
CLO
Ltd
6
.459
04/25/36
9,636
Series
-
2022
48A
(Class
B)
8,600,000
g,i
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd
LIBOR
3
M
+
1.550%
6
.358
04/20/31
8,412
Series
-
2019
31A
(Class
BR)
1,000,000
g,i
Neuberger
Berman
Loan
Advisers
Clo
43
Ltd
LIBOR
3
M
+
1.600%
6
.392
07/17/35
970
Series
-
2021
43A
(Class
B)
6,650,000
g,i
OHA
Credit
Funding
10
Ltd
LIBOR
3
M
+
1.650%
6
.445
01/18/36
6,502
Series
-
2021
10A
(Class
B)
2,250,000
g,i
OHA
Credit
Funding
6
Ltd
LIBOR
3
M
+
1.650%
6
.458
07/20/34
2,202
Series
-
2020
6A
(Class
BR)
5,091,490
g
OneMain
Financial
Issuance
Trust
3
.840
05/14/32
5,057
Series
-
2020
1A
(Class
A)
9,000,000
g
OneMain
Financial
Issuance
Trust
4
.890
10/14/34
8,845
Series
-
2022
2A
(Class
A)
17,350,000
g
OneMain
Financial
Issuance
Trust
1
.750
09/14/35
15,571
Series
-
2020
2A
(Class
A)
21,646,000
g,i
OneMain
Financial
Issuance
Trust
30d
Avg
SOFR
+
0.760%
5
.318
06/16/36
20,899
Series
-
2021
1A
(Class
A2)
5,000,000
g
Oportun
Funding
XIV
LLC
1
.210
03/08/28
4,733
Series
-
2021
A
(Class
A)
401,150
g
Orange
Lake
Timeshare
Trust
3
.100
11/08/30
390
Series
-
2018
A
(Class
A)
8,000,000
g,i
Palmer
Square
CLO
Ltd
6
.439
04/20/35
7,831
Series
-
2022
1A
(Class
B)
18,500,000
g
PFS
Financing
Corp
1
.270
06/15/25
18,351
Series
-
2020
A
(Class
A)
CREF
Core
Bond
Account
March
31,
2023
288
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,000,000
g
PFS
Financing
Corp
1
.000
%
10/15/25
$
8,783
Series
-
2020
E
(Class
A)
9,861,000
g
PFS
Financing
Corp
0
.970
02/15/26
9,482
Series
-
2020
G
(Class
A)
1,450,000
g
Progress
Residential
Trust
2
.711
11/17/40
1,215
Series
-
2021
SFR9
(Class
D)
1,000,000
g
Purchasing
Power
Funding
LLC
4
.370
10/15/25
931
Series
-
2021
A
(Class
D)
15,420,000
Santander
Drive
Auto
Receivables
Trust
2
.220
09/15/26
15,078
Series
-
2020
2
(Class
D)
3,690,000
Santander
Drive
Auto
Receivables
Trust
1
.480
01/15/27
3,552
Series
-
2020
4
(Class
D)
34,000,000
Santander
Drive
Auto
Receivables
Trust
1
.670
10/15/27
31,714
Series
-
2021
4
(Class
D)
20,288,625
g
SERVPRO
Master
Issuer
LLC
2
.394
04/25/51
16,599
Series
-
2021
1A
(Class
A2)
1,151,439
g
Sierra
Timeshare
Receivables
Funding
LLC
3
.500
06/20/35
1,137
Series
-
2018
2A
(Class
A)
1,271,985
g
Sierra
Timeshare
Receivables
Funding
LLC
3
.200
01/20/36
1,221
Series
-
2019
1A
(Class
A)
1,964,457
g
Sierra
Timeshare
Receivables
Funding
LLC
2
.590
05/20/36
1,894
Series
-
2019
2A
(Class
A)
1,149,141
g
Sierra
Timeshare
Receivables
Funding
LLC
2
.340
08/20/36
1,092
Series
-
2019
3A
(Class
A)
1,495,857
g
Sierra
Timeshare
Receivables
Funding
LLC
0
.990
11/20/37
1,394
Series
-
2021
1A
(Class
A)
1,621,913
g
Sierra
Timeshare
Receivables
Funding
LLC
1
.340
11/20/37
1,499
Series
-
2021
1A
(Class
B)
899,195
g
Sierra
Timeshare
Receivables
Funding
LLC
1
.790
11/20/37
829
Series
-
2021
1A
(Class
C)
2,497,481
g
SMB
Private
Education
Loan
Trust
2
.430
02/17/32
2,407
Series
-
2016
B
(Class
A2A)
4,248,342
g
SMB
Private
Education
Loan
Trust
2
.880
09/15/34
4,063
Series
-
2017
A
(Class
A2A)
5,206,933
g
SMB
Private
Education
Loan
Trust
2
.820
10/15/35
4,978
Series
-
2017
B
(Class
A2A)
2,337,574
g
SMB
Private
Education
Loan
Trust
3
.500
02/15/36
2,223
Series
-
2018
A
(Class
A2A)
1,025,261
g
SoFi
Professional
Loan
Program
LLC
2
.340
04/25/33
1,007
Series
-
2016
D
(Class
A2B)
97,161
g
SoFi
Professional
Loan
Program
LLC
2
.400
03/26/40
97
Series
-
2017
A
(Class
A2B)
262,046
g
SoFi
Professional
Loan
Program
LLC
2
.630
07/25/40
258
Series
-
2017
C
(Class
A2B)
2,568,266
g
SoFi
Professional
Loan
Program
LLC
2
.840
01/25/41
2,477
Series
-
2017
F
(Class
A2FX)
4,655,253
g
SoFi
Professional
Loan
Program
LLC
2
.950
02/25/42
4,501
Series
-
2018
A
(Class
A2B)
1,859,845
g
SoFi
Professional
Loan
Program
LLC
3
.690
06/15/48
1,787
Series
-
2019
A
(Class
A2FX)
4,117,573
g
SpringCastle
America
Funding
LLC
1
.970
09/25/37
3,747
Series
-
2020
AA
(Class
A)
9,021,000
g
SpringCastle
America
Funding
LLC
2
.660
09/25/37
8,189
Series
-
2020
AA
(Class
B)
6,475,000
g
Stack
Infrastructure
Issuer
LLC
1
.893
08/25/45
5,919
Series
-
2020
1A
(Class
A2)
5,875,000
g
Stack
Infrastructure
Issuer
LLC
1
.877
03/26/46
5,217
Series
-
2021
1A
(Class
A2)
129,522
i
Structured
Asset
Investment
Loan
Trust
LIBOR
1
M
+
0.900%
5
.745
09/25/34
126
Series
-
2004
8
(Class
M1)
CREF
Core
Bond
Account
March
31,
2023
289
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,790,750
g
Taco
Bell
Funding
LLC
4
.970
%
05/25/46
$
1,748
Series
-
2016
1A
(Class
A23)
26,534,125
g
Taco
Bell
Funding
LLC
1
.946
08/25/51
23,073
Series
-
2021
1A
(Class
A2I)
16,204,875
g
Taco
Bell
Funding
LLC
2
.294
08/25/51
13,532
Series
-
2021
1A
(Class
A2II)
7,000,000
g,i
TICP
CLO
VIII
Ltd
LIBOR
3
M
+
1.700%
6
.508
10/20/34
6,815
Series
-
2017
8A
(Class
A2R)
1,275,000
g
Tricon
American
Homes
Trust
2
.049
07/17/38
1,155
Series
-
2020
SFR1
(Class
B)
440,000
Verizon
Owner
Trust
0
.770
04/21/25
424
Series
-
2020
C
(Class
C)
19,384,725
g
Wendy's
Funding
LLC
2
.370
06/15/51
16,260
Series
-
2021
1A
(Class
A2I)
TOTAL
ASSET
BACKED
702,970
OTHER
MORTGAGE
BACKED
-
11.3%
3,000,000
g,i
20
Times
Square
Trust
3
.100
05/15/35
2,890
Series
-
2018
20TS
(Class
B)
12,000,000
g,i
20
TSQ
GROUNDCO
LLC
3
.100
05/15/35
9,777
Series
-
2018
20TS
(Class
E)
1,388,929
g,i
ACRE
Commercial
Mortgage
Ltd
LIBOR
1
M
+
0.830%
5
.591
12/18/37
1,366
Series
-
2021
FL4
(Class
A)
1,136,239
g,i
Agate
Bay
Mortgage
Trust
3
.500
09/25/45
1,024
Series
-
2015
6
(Class
A9)
5,000,000
g,i
Alen
Mortgage
Trust
LIBOR
1
M
+
2.250%
6
.934
04/15/34
3,982
Series
-
2021
ACEN
(Class
C)
5,176,000
g,i
Angel
Oak
Mortgage
Trust
2
.837
11/25/66
3,516
Series
-
2021
8
(Class
A3)
GBP
420,888
g,i
Atom
Mortgage
Securities
DAC
SONIA
Interest
Rate
Benchmark
+
1.900%
5
.821
07/22/31
465
Series
-
2021
1A
(Class
D)
1,067,340
i
BANK
3
.952
11/15/50
919
Series
-
2017
BNK8
(Class
B)
2,500,000
i
BANK
4
.096
11/15/50
2,084
Series
-
2017
BNK8
(Class
C)
1,000,000
BANK
3
.093
10/17/52
850
Series
-
2019
BN21
(Class
AS)
3,800,000
BANK
3
.203
12/15/52
3,250
Series
-
2019
BN23
(Class
AS)
1,000,000
i
BANK
3
.851
07/15/60
838
Series
-
2017
BNK6
(Class
C)
1,683,144
BANK
2
.758
09/15/62
1,470
Series
-
2019
BN20
(Class
A2)
8,000,000
i
BANK
3
.283
11/15/62
6,820
Series
-
2019
BN24
(Class
AS)
1,183,000
i
BANK
3
.518
11/15/62
907
Series
-
2019
BN24
(Class
C)
6,797,713
g,i
Bayview
MSR
Opportunity
Master
Fund
Trust
3
.000
10/25/51
5,620
Series
-
2021
6
(Class
A19)
1,250,000
g,i
BBCMS
Mortgage
Trust
4
.267
08/05/38
812
Series
-
2018
CHRS
(Class
E)
3,949,623
BBCMS
Mortgage
Trust
3
.488
02/15/50
3,796
Series
-
2017
C1
(Class
ASB)
4,600,000
g,i
Benchmark
Mortgage
Trust
2
.791
09/15/48
3,756
Series
-
2020
IG2
(Class
AM)
2,740,000
g,i
Benchmark
Mortgage
Trust
3
.132
09/15/48
2,300
Series
-
2020
IG3
(Class
AS)
2,500,000
g,i
Benchmark
Mortgage
Trust
3
.536
09/15/48
2,169
Series
-
2020
IG3
(Class
BXA)
CREF
Core
Bond
Account
March
31,
2023
290
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,452,143
Benchmark
Mortgage
Trust
4
.016
%
03/15/52
$
3,230
Series
-
2019
B9
(Class
A5)
3,000,000
Benchmark
Mortgage
Trust
3
.784
05/15/52
2,650
Series
-
2019
B11
(Class
AS)
1,500,000
Benchmark
Mortgage
Trust
3
.419
08/15/52
1,305
Series
-
2019
B12
(Class
AS)
830,000
Benchmark
Mortgage
Trust
4
.241
05/15/53
788
Series
-
2018
B7
(Class
A3)
5,921,744
i
Benchmark
Mortgage
Trust
4
.510
05/15/53
5,688
Series
-
2018
B7
(Class
A4)
1,000,000
Benchmark
Mortgage
Trust
2
.355
07/15/54
738
Series
-
2021
B27
(Class
B)
10,000,000
i
Benchmark
Mortgage
Trust
2
.244
08/15/54
7,314
Series
-
2021
B28
(Class
B)
10,000,000
Benchmark
Mortgage
Trust
2
.429
08/15/54
7,760
Series
-
2021
B28
(Class
AS)
3,000,000
i
BENCHMARK
Mortgage
Trust
4
.272
02/15/51
2,488
Series
-
2018
B2
(Class
C)
9,500,000
BMARK
AS
2
.612
09/15/54
7,476
Series
-
2021
B29
(Class
AS)
2,360,000
g
BWAY
Mortgage
Trust
3
.402
02/10/44
1,860
Series
-
2022
26BW
(Class
A)
5,000,000
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
0.921%
5
.605
12/15/38
4,826
Series
-
2021
CIP
(Class
A)
7,500,000
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.271%
5
.955
12/15/38
7,177
Series
-
2021
CIP
(Class
B)
1,235,704
g,i
BX
TRUST
7
.776
08/15/39
1,230
Series
-
2022
PSB
(Class
B)
1,325,000
g
BXP
Trust
3
.459
08/13/37
1,164
Series
-
2017
CC
(Class
A)
5,000,000
g
BXP
Trust
2
.618
01/15/44
3,865
Series
-
2021
601L
(Class
A)
10,000,000
g,i
BXP
Trust
2
.775
01/15/44
7,086
Series
-
2021
601L
(Class
C)
5,500,000
g,i
BXP
Trust
2
.775
01/15/44
3,593
Series
-
2021
601L
(Class
D)
3,601,711
CD
Mortgage
Trust
2
.622
08/10/49
3,422
Series
-
2016
CD1
(Class
ASB)
9,000,000
CD
Mortgage
Trust
2
.926
08/10/49
8,099
Series
-
2016
CD1
(Class
AM)
5,750,000
i
CD
Mortgage
Trust
3
.879
11/10/49
5,056
Series
-
2016
CD2
(Class
B)
1,000,000
i
CD
Mortgage
Trust
3
.980
11/10/49
809
Series
-
2016
CD2
(Class
C)
753,959
CD
Mortgage
Trust
3
.453
02/10/50
725
Series
-
2017
CD3
(Class
AAB)
500,000
i
CD
Mortgage
Trust
4
.546
02/10/50
327
Series
-
2017
CD3
(Class
C)
4,340,482
CD
Mortgage
Trust
3
.220
08/15/50
4,139
Series
-
2017
CD5
(Class
AAB)
3,457,000
CD
Mortgage
Trust
2
.812
08/15/57
3,161
Series
-
2019
CD8
(Class
ASB)
889,534
CFCRE
Commercial
Mortgage
Trust
3
.121
05/10/58
834
Series
-
2016
C4
(Class
AHR)
349,752
i
CHL
Mortgage
Pass-Through
Trust
3
.798
02/20/35
344
Series
-
2004
HYB9
(Class
1A1)
2,500,000
g,i
Citigroup
Commercial
Mortgage
Trust
3
.518
05/10/35
2,239
Series
-
2013
375P
(Class
B)
4,500,000
g
Citigroup
Commercial
Mortgage
Trust
3
.341
05/10/36
4,409
Series
-
2019
PRM
(Class
A)
CREF
Core
Bond
Account
March
31,
2023
291
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
731,301
i
Citigroup
Commercial
Mortgage
Trust
3
.732
%
04/10/46
$
730
Series
-
2013
GC11
(Class
B)
2,400,000
Citigroup
Commercial
Mortgage
Trust
4
.023
03/11/47
2,357
Series
-
2014
GC19
(Class
A4)
1,700,000
i
Citigroup
Commercial
Mortgage
Trust
3
.758
04/10/48
1,591
Series
-
2015
GC29
(Class
B)
3,000,000
i
Citigroup
Commercial
Mortgage
Trust
4
.140
04/10/48
2,735
Series
-
2015
GC29
(Class
C)
4,764,505
Citigroup
Commercial
Mortgage
Trust
3
.243
08/15/50
4,547
Series
-
2017
B1
(Class
AAB)
6,765,000
Citigroup
Commercial
Mortgage
Trust
3
.764
10/12/50
6,129
Series
-
2017
C4
(Class
AS)
2,000,000
Citigroup
Commercial
Mortgage
Trust
3
.778
09/10/58
1,919
Series
-
2015
GC33
(Class
A4)
5,000,000
g
COMM
Mortgage
Trust
3
.244
10/10/29
4,737
Series
-
2017
PANW
(Class
A)
3,000,000
g
COMM
Mortgage
Trust
3
.376
01/10/39
2,556
Series
-
2022
HC
(Class
C)
581,521
i
COMM
Mortgage
Trust
4
.489
07/10/45
580
Series
-
2013
CR9
(Class
A4)
266,329
COMM
Mortgage
Trust
2
.853
10/15/45
257
Series
-
2012
CR4
(Class
A3)
4,197,221
g,i
COMM
Mortgage
Trust
3
.969
06/10/46
3,994
Series
-
2013
CR8
(Class
B)
2,000,000
g,i
COMM
Mortgage
Trust
4
.866
08/10/46
1,981
Series
-
2013
CR10
(Class
B)
5,000,000
g,i
COMM
Mortgage
Trust
4
.866
08/10/46
4,903
Series
-
2013
CR10
(Class
C)
3,000,000
COMM
Mortgage
Trust
4
.199
03/10/47
2,929
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
.767
06/10/47
1,746
Series
-
2014
UBS3
(Class
D)
5,240,000
COMM
Mortgage
Trust
3
.917
10/10/47
5,090
Series
-
2014
LC17
(Class
A5)
5,205,000
i
COMM
Mortgage
Trust
4
.188
10/10/47
5,026
Series
-
2014
LC17
(Class
AM)
2,288,546
i
COMM
Mortgage
Trust
4
.490
10/10/47
2,195
Series
-
2014
LC17
(Class
B)
2,825,979
i
COMM
Mortgage
Trust
3
.829
02/10/48
2,653
Series
-
2015
LC19
(Class
B)
1,000,000
g
COMM
Mortgage
Trust
3
.000
03/10/48
713
Series
-
2015
CR22
(Class
E)
1,445,000
COMM
Mortgage
Trust
3
.309
03/10/48
1,384
Series
-
2015
CR22
(Class
A5)
3,382,775
i
COMM
Mortgage
Trust
3
.603
03/10/48
3,207
Series
-
2015
CR22
(Class
AM)
2,000,000
i
COMM
Mortgage
Trust
3
.926
03/10/48
1,878
Series
-
2015
CR22
(Class
B)
2,696,000
i
COMM
Mortgage
Trust
4
.070
03/10/48
2,449
Series
-
2015
CR22
(Class
C)
7,380,000
COMM
Mortgage
Trust
3
.801
05/10/48
6,978
Series
-
2015
CR23
(Class
AM)
4,500,000
i
COMM
Mortgage
Trust
4
.183
05/10/48
4,224
Series
-
2015
CR23
(Class
B)
2,549,000
i
COMM
Mortgage
Trust
4
.295
05/10/48
2,347
Series
-
2015
CR23
(Class
C)
2,073,925
COMM
Mortgage
Trust
3
.421
07/10/48
2,021
Series
-
2015
LC21
(Class
ASB)
CREF
Core
Bond
Account
March
31,
2023
292
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,000,000
i
COMM
Mortgage
Trust
3
.463
%
08/10/48
$
3,214
Series
-
2015
CR24
(Class
D)
2,550,000
COMM
Mortgage
Trust
3
.696
08/10/48
2,447
Series
-
2015
CR24
(Class
A5)
5,000,000
i
COMM
Mortgage
Trust
4
.028
08/10/48
4,742
Series
-
2015
CR24
(Class
AM)
2,000,000
i
COMM
Mortgage
Trust
4
.346
08/10/48
1,887
Series
-
2015
CR24
(Class
B)
1,467,000
i
COMM
Mortgage
Trust
4
.346
08/10/48
1,339
Series
-
2015
CR24
(Class
C)
1,352,000
COMM
Mortgage
Trust
3
.612
10/10/48
1,294
Series
-
2015
CR27
(Class
A4)
3,212,210
COMM
Mortgage
Trust
3
.630
10/10/48
3,075
Series
-
2015
CR26
(Class
A4)
2,075,000
COMM
Mortgage
Trust
3
.774
10/10/48
1,989
Series
-
2015
LC23
(Class
A4)
1,875,000
i
COMM
Mortgage
Trust
4
.467
10/10/48
1,754
Series
-
2015
CR26
(Class
B)
4,855,000
i
COMM
Mortgage
Trust
4
.565
10/10/48
4,421
Series
-
2015
LC23
(Class
C)
996,278
COMM
Mortgage
Trust
3
.651
02/10/49
946
Series
-
2016
CR28
(Class
AHR)
4,650,000
i
COMM
Mortgage
Trust
4
.605
02/10/49
4,386
Series
-
2016
CR28
(Class
B)
6,500,000
COMM
Mortgage
Trust
3
.263
08/15/57
5,543
Series
-
2019
GC44
(Class
AM)
2,000,000
i
COMM
Mortgage
Trust
3
.524
08/15/57
1,538
Series
-
2019
GC44
(Class
C)
2,600,000
i
COMM
MORTGAGE
TRUST
4
.341
05/10/51
2,438
Series
-
2018
COR3
(Class
AM)
18,155,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.500%
8
.060
03/25/42
18,294
Series
-
2022
R03
(Class
1M2)
5,970,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.000%
7
.560
04/25/42
5,830
Series
-
2022
R05
(Class
2M2)
9,405,000
g,i
Connecticut
Avenue
Securities
Trust
SOFR
+
3.600%
8
.160
07/25/42
9,422
Series
-
2022
R08
(Class
1M2)
11,490,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.750%
9
.318
09/25/42
11,911
Series
-
2022
R09
(Class
2M2)
10,250,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.750%
8
.318
12/25/42
10,346
Series
-
2023
R01
(Class
1M2)
7,400,000
g,i
Credit
Suisse
Commercial
Mortgage
Trust
3
.728
11/10/32
6,345
Series
-
2017
CALI
(Class
B)
1,905,260
g,i
Credit
Suisse
Mortgage
Capital
Certificates
LIBOR
1
M
+
1.600%
6
.284
05/15/36
1,864
Series
-
2019
ICE4
(Class
D)
8,374,901
g,i
Credit
Suisse
Mortgage
Capital
Certificates
2
.405
10/25/66
6,910
Series
-
2021
NQM8
(Class
A3)
4,270,400
g,i
CSMC
Series
3
.388
10/25/59
3,727
Series
-
2019
NQM1
(Class
M1)
9,250,000
DBGS
Mortgage
Trust
4
.466
10/15/51
8,825
Series
-
2018
C1
(Class
A4)
7,308,386
DBJPM
Mortgage
Trust
2
.756
08/10/49
7,000
Series
-
2016
C3
(Class
ASB)
8,374,798
DBJPM
Mortgage
Trust
3
.121
06/10/50
7,983
Series
-
2017
C6
(Class
ASB)
5,300,000
DBJPM
Mortgage
Trust
2
.340
08/15/53
4,209
Series
-
2020
C9
(Class
AM)
17,410,000
g
DBUBS
Mortgage
Trust
3
.452
10/10/34
16,475
Series
-
2017
BRBK
(Class
A)
15,500,000
g,i
DBUBS
Mortgage
Trust
3
.530
10/10/34
14,363
Series
-
2017
BRBK
(Class
B)
CREF
Core
Bond
Account
March
31,
2023
293
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,000,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.120%
5
.805
%
11/15/38
$
4,759
Series
-
2021
ELP
(Class
B)
7,000,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.320%
6
.005
11/15/38
6,634
Series
-
2021
ELP
(Class
C)
6,870,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
2.118%
6
.803
11/15/38
6,414
Series
-
2021
ELP
(Class
E)
4,999,900
g,i
EQUS
Mortgage
Trust
LIBOR
1
M
+
0.755%
5
.439
10/15/38
4,819
Series
-
2021
EQAZ
(Class
A)
4,729,905
g,i
EQUS
Mortgage
Trust
LIBOR
1
M
+
2.300%
6
.984
10/15/38
4,332
Series
-
2021
EQAZ
(Class
E)
2,387,404
g,i
Flagstar
Mortgage
Trust
4
.035
10/25/47
2,124
Series
-
2017
2
(Class
B3)
139,929
g,i
Flagstar
Mortgage
Trust
4
.000
09/25/48
131
Series
-
2018
5
(Class
A11)
3,246,160
g,i
Flagstar
Mortgage
Trust
2
.500
04/25/51
2,565
Series
-
2021
2
(Class
A4)
9,301,957
g,i
Flagstar
Mortgage
Trust
2
.500
06/01/51
7,350
Series
-
2021
4
(Class
A21)
1,000,000
Ford
Credit
Auto
Owner
Trust
5
.140
03/15/26
1,000
Series
-
2023
A
(Class
A2A)
1,000,000
i
Ford
Credit
Auto
Owner
Trust
30d
Avg
SOFR
+
0.720%
5
.322
03/15/26
1,001
Series
-
2023
A
(Class
A2B)
13,106,400
Freddie
Mac
REMICS
3
.000
09/25/50
9,827
Series
-
2021
5160
(Class
ZG)
4,040,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
2.500%
7
.060
01/25/42
3,738
Series
-
2022
DNA1
(Class
M2)
16,690,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
2.900%
7
.460
04/25/42
16,587
Series
-
2022
DNA3
(Class
M1B)
3,480,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.750%
9
.310
02/25/42
3,320
Series
-
2022
DNA2
(Class
B1)
GBP
897,804
g,i
Frost
CMBS
DAC
SONIA
Interest
Rate
Benchmark
+
2.900%
6
.993
11/20/33
997
Series
-
2021
1A
(Class
GBD)
4,430,000
g
GS
Mortgage
Securities
Corp
II
2
.954
11/05/34
3,288
Series
-
2012
BWTR
(Class
A)
5,000,000
g,i
GS
Mortgage
Securities
Corp
II
LIBOR
1
M
+
1.250%
5
.934
11/15/36
4,835
Series
-
2021
ARDN
(Class
A)
2,600,000
g,i
GS
Mortgage
Securities
Corp
II
LIBOR
1
M
+
3.350%
8
.034
11/15/36
2,465
Series
-
2021
ARDN
(Class
E)
1,130,000
g,i
GS
Mortgage
Securities
Corp
II
3
.475
09/10/37
1,018
Series
-
2017
375H
(Class
A)
2,500,000
g,i
GS
Mortgage
Securities
Corp
II
3
.483
09/10/37
2,174
Series
-
2017
375H
(Class
B)
1,350,000
i
GS
Mortgage
Securities
Corp
II
3
.777
05/10/50
1,273
Series
-
2015
GC30
(Class
AS)
5,235,000
g,i
GS
Mortgage
Securities
Corp
Trust
LIBOR
1
M
+
1.850%
6
.534
07/15/31
3,992
Series
-
2018
TWR
(Class
D)
2,000,000
g,i
GS
Mortgage
Securities
Trust
LIBOR
1
M
+
1.700%
6
.384
07/15/31
1,639
Series
-
2018
TWR
(Class
C)
542,987
GS
Mortgage
Securities
Trust
3
.206
02/10/48
529
Series
-
2015
GC28
(Class
AAB)
2,816,500
GS
Mortgage
Securities
Trust
3
.396
02/10/48
2,710
Series
-
2015
GC28
(Class
A5)
7,400,000
i
GS
Mortgage
Securities
Trust
4
.018
07/10/48
7,003
Series
-
2015
GC32
(Class
AS)
1,726,992
GS
Mortgage
Securities
Trust
3
.278
10/10/48
1,669
Series
-
2015
GC34
(Class
AAB)
2,000,000
GS
Mortgage
Securities
Trust
3
.143
10/10/49
1,819
Series
-
2016
GS3
(Class
AS)
1,500,000
i
GS
Mortgage
Securities
Trust
3
.954
11/10/49
1,244
Series
-
2016
GS4
(Class
C)
CREF
Core
Bond
Account
March
31,
2023
294
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,000,000
GS
Mortgage
Securities
Trust
3
.674
%
03/10/50
$
1,879
Series
-
2017
GS5
(Class
A4)
4,150,000
i
GS
Mortgage
Securities
Trust
3
.826
03/10/50
3,806
Series
-
2017
GS5
(Class
AS)
9,828,486
GS
Mortgage
Securities
Trust
3
.230
05/10/50
9,415
Series
-
2017
GS6
(Class
AAB)
6,000,000
GS
Mortgage
Securities
Trust
3
.433
05/10/50
5,574
Series
-
2017
GS6
(Class
A3)
2,540,000
i
GS
Mortgage
Securities
Trust
4
.025
05/10/50
2,321
Series
-
2015
GC30
(Class
B)
5,000,000
i
GS
Mortgage
Securities
Trust
4
.069
05/10/50
4,446
Series
-
2015
GC30
(Class
C)
3,000,000
GS
Mortgage
Securities
Trust
3
.837
11/10/50
2,817
Series
-
2017
GS8
(Class
ABP)
4,844,000
i
GS
Mortgage
Securities
Trust
4
.328
11/10/50
4,138
Series
-
2017
GS8
(Class
C)
3,050,000
i
GS
Mortgage
Securities
Trust
4
.158
02/10/52
2,775
Series
-
2019
GC38
(Class
AS)
2,500,000
i
GS
Mortgage
Securities
Trust
3
.173
02/13/53
2,101
Series
-
2020
GC45
(Class
AS)
178,766
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
4
.000
11/25/49
169
Series
-
2019
PJ2
(Class
A1)
466,971
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
4
.000
11/25/49
440
Series
-
2019
PJ2
(Class
A4)
935,790
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
01/25/51
797
Series
-
2020
PJ4
(Class
A4)
1,313,884
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
03/27/51
1,118
Series
-
2020
PJ5
(Class
A4)
1,981,418
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
05/25/51
1,561
Series
-
2020
PJ6
(Class
A4)
12,700,832
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
10/25/51
10,035
Series
-
2021
PJ5
(Class
A4)
12,367,166
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
06/25/52
10,224
Series
-
2022
PJ2
(Class
A36)
4,460,618
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
09/25/52
3,688
Series
-
2022
PJ4
(Class
A36)
1,035,506
g,i
GS
Mortgage-Backed
Securities
Trust
3
.641
05/25/50
862
Series
-
2020
PJ1
(Class
B2)
2,474,162
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
07/25/51
1,952
Series
-
2021
PJ2
(Class
A4)
18,231,183
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
11/25/51
14,405
Series
-
2021
PJ6
(Class
A4)
10,373,745
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
8,197
Series
-
2021
PJ8
(Class
A4)
22,196,244
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
17,538
Series
-
2021
PJ7
(Class
A4)
7,551,952
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
07/25/52
6,243
Series
-
2022
INV1
(Class
A4)
9,645,671
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
09/25/52
7,974
Series
-
2022
HP1
(Class
A4)
7,146,023
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
10/25/52
5,908
Series
-
2022
PJ5
(Class
A36)
5,905,338
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
01/25/53
4,882
Series
-
2022
PJ6
(Class
A24)
8,556,124
g,i
GS
Mortgage-Backed
Securities
Trust
3
.500
02/25/53
7,314
Series
-
2023
PJ1
(Class
A24)
1,698,654
i
HarborView
Mortgage
Loan
Trust
LIBOR
1
M
+
0.620%
5
.381
08/19/45
1,500
Series
-
2005
11
(Class
2A1A)
6,000,000
g
Hudson
Yards
Mortgage
Trust
2
.835
08/10/38
5,522
Series
-
2016
10HY
(Class
A)
CREF
Core
Bond
Account
March
31,
2023
295
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,500,000
g,i
Hudson
Yards
Mortgage
Trust
2
.977
%
08/10/38
$
2,243
Series
-
2016
10HY
(Class
B)
7,250,000
g,i
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
6,330
Series
-
2016
10HY
(Class
C)
2,750,000
†,g,i
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
1,842
Series
-
2019
55HY
(Class
E)
5,500,000
g,i
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
3,892
Series
-
2019
55HY
(Class
D)
299,588
i
Impac
CMB
Trust
LIBOR
1
M
+
0.660%
5
.505
03/25/35
274
Series
-
2004
11
(Class
2A1)
2,865,700
g,i
Imperial
Fund
Mortgage
Trust
2
.051
10/25/55
2,564
Series
-
2020
NQM1
(Class
A3)
1,043,500
g,i
Imperial
Fund
Mortgage
Trust
3
.531
10/25/55
881
Series
-
2020
NQM1
(Class
M1)
1,000,000
g,i
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
4
.613
07/05/31
715
Series
-
2018
AON
(Class
D)
1,780,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
3
.914
01/15/49
1,711
Series
-
2015
JP1
(Class
A5)
4,964,584
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
2
.713
08/15/49
4,731
Series
-
2016
JP2
(Class
ASB)
4,500,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
3
.379
09/15/50
4,353
Series
-
2017
JP7
(Class
A3)
3,155,000
g
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
3
.065
01/16/37
2,811
Series
-
2020
NNN
(Class
BFX)
260,000
i
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
4
.157
01/15/46
258
Series
-
2013
C13
(Class
AS)
3,759,978
g,i
JP
Morgan
Mortgage
Trust
LIBOR
1
M
-
0.000%
5
.695
12/25/44
3,546
Series
-
2015
1
(Class
B1)
211,898
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/45
192
Series
-
2015
3
(Class
A19)
2,241,629
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/45
2,040
Series
-
2015
6
(Class
A13)
421,922
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/46
379
Series
-
2016
1
(Class
A13)
1,135,183
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/47
1,008
Series
-
2017
2
(Class
A13)
2,272,923
g,i
JP
Morgan
Mortgage
Trust
3
.500
09/25/48
2,006
Series
-
2018
3
(Class
A13)
1,084,806
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
958
Series
-
2018
4
(Class
A13)
3,188,947
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
2,773
Series
-
2018
5
(Class
A13)
2,045,345
g,i
JP
Morgan
Mortgage
Trust
3
.300
10/26/48
1,932
Series
-
2017
5
(Class
A2)
243,566
g,i
JP
Morgan
Mortgage
Trust
4
.000
01/25/49
226
Series
-
2018
8
(Class
A13)
717,080
g,i
JP
Morgan
Mortgage
Trust
4
.000
02/25/49
666
Series
-
2018
9
(Class
A13)
646,625
g,i
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
603
Series
-
2019
1
(Class
A15)
355,686
g,i
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
333
Series
-
2019
1
(Class
A3)
1,262,265
g,i
JP
Morgan
Mortgage
Trust
LIBOR
1
M
+
0.950%
5
.567
10/25/49
1,213
Series
-
2019
INV1
(Class
A11)
6,676,361
g,i
JP
Morgan
Mortgage
Trust
3
.832
06/25/50
5,697
Series
-
2020
1
(Class
B2)
CREF
Core
Bond
Account
March
31,
2023
296
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,505,862
g,i
JP
Morgan
Mortgage
Trust
2
.500
%
10/25/51
$
5,940
Series
-
2021
6
(Class
A15)
5,374,236
g,i
JP
Morgan
Mortgage
Trust
2
.500
11/25/51
4,246
Series
-
2021
7
(Class
A15)
6,598,944
g,i
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
5,214
Series
-
2021
8
(Class
A15)
2,547,345
g,i
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
2,013
Series
-
2021
10
(Class
A15)
8,893,746
g,i
JP
Morgan
Mortgage
Trust
2
.500
01/25/52
7,049
Series
-
2021
11
(Class
A15)
2,597,978
g,i
JP
Morgan
Mortgage
Trust
2
.500
02/25/52
2,057
Series
-
2021
12
(Class
A15)
8,967,365
g,i
JP
Morgan
Mortgage
Trust
3
.349
04/25/52
7,222
Series
-
2021
INV6
(Class
B1)
5,738,147
g,i
JP
Morgan
Mortgage
Trust
3
.349
04/25/52
4,505
Series
-
2021
INV6
(Class
B2)
4,003,338
g,i
JP
Morgan
Mortgage
Trust
2
.500
05/25/52
3,169
Series
-
2021
14
(Class
A15)
11,412,590
g,i
JP
Morgan
Mortgage
Trust
2
.500
06/25/52
9,035
Series
-
2021
15
(Class
A15)
17,451,819
g,i
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
14,428
Series
-
2022
2
(Class
A25)
12,463,605
g,i
JP
Morgan
Mortgage
Trust
3
.500
09/25/52
10,731
Series
-
2022
LTV2
(Class
A6)
653,728
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.133
08/15/46
650
Series
-
2013
C14
(Class
A4)
5,172,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.997
08/15/47
4,986
Series
-
2014
C21
(Class
AS)
2,686,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.479
09/15/47
2,539
Series
-
2014
C23
(Class
B)
3,000,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.898
02/15/48
2,819
Series
-
2015
C27
(Class
B)
2,556,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.611
05/15/48
2,445
Series
-
2015
C29
(Class
A4)
2,500,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
3
.917
05/15/48
2,381
Series
-
2015
C29
(Class
AS)
2,350,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.118
05/15/48
2,160
Series
-
2015
C29
(Class
B)
3,500,000
JPMBB
Commercial
Mortgage
Securities
Trust
4
.106
08/15/48
3,314
Series
-
2015
C31
(Class
AS)
9,952,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.623
08/15/48
9,290
Series
-
2015
C31
(Class
B)
3,000,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.623
08/15/48
2,633
Series
-
2015
C31
(Class
C)
1,820,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.737
03/17/49
1,652
Series
-
2016
C1
(Class
C)
2,410,915
JPMCC
Commercial
Mortgage
Securities
Trust
3
.457
03/15/50
2,305
Series
-
2017
JP5
(Class
A4)
954,098
JPMCC
Commercial
Mortgage
Securities
Trust
3
.549
03/15/50
914
Series
-
2017
JP5
(Class
ASB)
1,000,000
i
JPMCC
Commercial
Mortgage
Securities
Trust
3
.762
03/15/50
774
Series
-
2017
JP5
(Class
C)
1,000,000
i
JPMDB
Commercial
Mortgage
Securities
Trust
3
.068
12/15/49
817
Series
-
2016
C4
(Class
C)
3,000,000
JPMDB
Commercial
Mortgage
Securities
Trust
3
.694
03/15/50
2,822
Series
-
2017
C5
(Class
A5)
9,000,000
JPMDB
Commercial
Mortgage
Securities
Trust
2
.536
05/13/53
7,235
Series
-
2020
COR7
(Class
AS)
2,605,073
g
Ladder
Capital
Commercial
Mortgage
Securities
3
.575
02/15/36
2,431
Series
-
2013
GCP
(Class
A1)
CREF
Core
Bond
Account
March
31,
2023
297
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,313,616
g
Ladder
Capital
Commercial
Mortgage
Securities
3
.357
%
07/12/50
$
4,126
Series
-
2017
LC26
(Class
ASB)
EUR
589,114
g,i
Last
Mile
Logistics
Pan
Euro
Finance
DAC
EURIBOR
3
M
+
2.700%
1
.000
08/17/33
579
Series
-
2021
1A
(Class
E)
EUR
599,877
g,i
Last
Mile
Securities
PE
2021
DAC
EURIBOR
3
M
+
2.350%
5
.032
08/17/31
595
Series
-
2021
1A
(Class
D)
7,250,000
g
Liberty
Street
Trust
3
.597
02/10/36
6,708
Series
-
2016
225L
(Class
A)
4,000,000
g,i
MAD
Mortgage
Trust
2
.976
08/15/34
3,794
Series
-
2017
330M
(Class
A)
1,500,000
g,i
Manhattan
West
2
.335
09/10/39
1,229
Series
-
2020
1MW
(Class
B)
539,246
i
Merrill
Lynch
Mortgage
Investors
Trust
LIBOR
1
M
+
0.520%
2
.278
01/25/37
503
Series
-
2006
WMC1
(Class
A1B)
2,736,535
g
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.989
12/15/46
2,606
Series
-
2014
C19
(Class
LNC1)
901,659
g
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.384
12/15/46
843
Series
-
2014
C19
(Class
LNC2)
4,650,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.832
12/15/47
4,450
Series
-
2014
C19
(Class
AS)
1,600,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.605
02/15/48
1,523
Series
-
2015
C20
(Class
AS)
1,250,000
i
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.455
02/15/48
1,162
Series
-
2015
C20
(Class
C)
2,500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.338
03/15/48
2,389
Series
-
2015
C21
(Class
A4)
6,500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.652
03/15/48
6,123
Series
-
2015
C21
(Class
AS)
3,000,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.561
04/15/48
2,834
Series
-
2015
C22
(Class
AS)
3,380,820
g,i
Morgan
Stanley
Capital
I
Inc
LIBOR
1
M
+
1.377%
6
.062
11/15/23
3,179
Series
-
2021
ILP
(Class
C)
2,795,000
i
Morgan
Stanley
Capital
I
Trust
3
.779
05/15/48
2,681
Series
-
2015
MS1
(Class
A4)
265,169
†,i
Morgan
Stanley
Capital
I
Trust
5
.674
12/12/49
111
Series
-
2007
IQ16
(Class
AJFX)
388,737
†,i
Morgan
Stanley
Capital
I
Trust
5
.674
12/12/49
163
Series
-
2007
IQ16
(Class
AJ)
4,880,176
Morgan
Stanley
Capital
I
Trust
3
.304
06/15/50
4,693
Series
-
2017
H1
(Class
ASB)
1,458,000
Morgan
Stanley
Capital
I
Trust
3
.587
12/15/50
1,351
Series
-
2017
HR2
(Class
A4)
2,840,000
i
Morgan
Stanley
Capital
I
Trust
4
.429
07/15/51
2,642
Series
-
2018
H3
(Class
AS)
5,027,114
Morgan
Stanley
Capital
I
Trust
4
.310
12/15/51
4,809
Series
-
2018
H4
(Class
A4)
675,544
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
07/25/51
594
Series
-
2021
4
(Class
A4)
8,358,327
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
08/25/51
6,630
Series
-
2021
5
(Class
A9)
2,065,421
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
1,792
Series
-
2021
6
(Class
A4)
5,591,107
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
4,426
Series
-
2021
6
(Class
A9)
3,000,000
g,i
MSDB
Trust
3
.316
07/11/39
2,674
Series
-
2017
712F
(Class
A)
1,200,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
3
.790
11/15/32
1,145
Series
-
2018
285M
(Class
A)
15,010,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
1.579%
5
.915
07/15/36
14,426
Series
-
2019
MILE
(Class
A)
CREF
Core
Bond
Account
March
31,
2023
298
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,000,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
1.800%
6
.707
%
07/15/36
$
4,643
Series
-
2019
MILE
(Class
B)
2,900,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
2.200%
7
.107
07/15/36
2,659
Series
-
2019
MILE
(Class
C)
5,000,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
2.829%
7
.657
07/15/36
4,507
Series
-
2019
MILE
(Class
D)
703,488
g
Natixis
Commercial
Mortgage
Securities
Trust
2
.966
12/15/38
658
Series
-
2020
2PAC
(Class
A)
1,138,571
g,i
New
Residential
Mortgage
Loan
Trust
2
.797
09/25/59
1,041
Series
-
2019
NQM4
(Class
A3)
980,000
g,i
New
Residential
Mortgage
Loan
Trust
2
.986
09/25/59
797
Series
-
2019
NQM4
(Class
M1)
292,281
i
New
York
Mortgage
Trust
LIBOR
1
M
+
0.480%
5
.325
02/25/36
285
Series
-
2005
3
(Class
A1)
1,825,000
g,i
NLT
Trust
2
.569
08/25/56
1,212
Series
-
2021
INV2
(Class
M1)
11,318,019
g,i
OBX
Trust
2
.500
07/25/51
8,943
Series
-
2021
J2
(Class
A19)
9,903,852
g,i
OBX
Trust
4
.000
10/25/52
8,772
Series
-
2022
INV5
(Class
A13)
900,754
g,i
OBX
Trust
LIBOR
1
M
+
0.650%
5
.495
06/25/57
843
Series
-
2018
1
(Class
A2)
3,487,846
g,i
Oceanview
Mortgage
Trust
2
.500
05/25/51
2,756
Series
-
2021
1
(Class
A19)
2,600,442
g,i
Oceanview
Mortgage
Trust
4
.500
11/25/52
2,442
Series
-
2022
1
(Class
A1)
5,434,000
g
Olympic
Tower
Mortgage
Trust
3
.566
05/10/39
4,904
Series
-
2017
OT
(Class
A)
5,120,000
g
One
Bryant
Park
Trust
2
.516
09/15/54
4,215
Series
-
2019
OBP
(Class
A)
2,000,000
g
RBS
Commercial
Funding,
Inc
Trust
3
.511
03/11/31
1,947
Series
-
2013
SMV
(Class
B)
15,120,353
g,i
RCKT
Mortgage
Trust
2
.500
02/25/52
11,985
Series
-
2022
2
(Class
A22)
3,363,714
g,i
RCKT
Mortgage
Trust
3
.500
06/25/52
2,888
Series
-
2022
4
(Class
A22)
644,247
g,i
Sequoia
Mortgage
Trust
3
.500
05/25/45
586
Series
-
2015
2
(Class
A1)
580,339
g,i
Sequoia
Mortgage
Trust
3
.500
06/25/46
523
Series
-
2016
1
(Class
A19)
143,134
g,i
Sequoia
Mortgage
Trust
3
.500
02/25/47
128
Series
-
2017
2
(Class
A19)
2,097,082
g,i
Sequoia
Mortgage
Trust
3
.726
09/25/47
1,920
Series
-
2017
6
(Class
B1)
953,595
g,i
Sequoia
Mortgage
Trust
3
.500
03/25/48
857
Series
-
2018
3
(Class
A1)
93,521
g,i
Sequoia
Mortgage
Trust
4
.000
09/25/48
87
Series
-
2018
7
(Class
A19)
307,200
g,i
Sequoia
Mortgage
Trust
4
.000
06/25/49
286
Series
-
2019
2
(Class
A19)
1,425,148
g,i
Sequoia
Mortgage
Trust
3
.500
12/25/49
1,279
Series
-
2019
5
(Class
A19)
6,043,051
g,i
Sequoia
Mortgage
Trust
3
.000
04/25/50
5,085
Series
-
2020
3
(Class
A19)
6,156,394
g,i
Sequoia
Mortgage
Trust
2
.500
06/25/51
4,864
Series
-
2021
4
(Class
A19)
444,827
g,i
Shellpoint
Co-Originator
Trust
3
.500
04/25/47
401
Series
-
2017
1
(Class
A19)
7,750,000
g
SLG
Office
Trust
2
.585
07/15/41
6,195
Series
-
2021
OVA
(Class
A)
CREF
Core
Bond
Account
March
31,
2023
299
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
26,865,000
g
SLG
Office
Trust
2
.851
%
07/15/41
$
19,934
Series
-
2021
OVA
(Class
D)
10,007,450
g,i
SMR
Mortgage
Trust
6
.477
02/15/39
9,574
Series
-
2022
IND
(Class
A)
9,530,905
g,i
SMR
Mortgage
Trust
7
.777
02/15/39
9,003
Series
-
2022
IND
(Class
C)
5,000,000
g,i
SREIT
Trust
LIBOR
1
M
+
0.822%
5
.506
11/15/36
4,807
Series
-
2021
MFP2
(Class
A)
6,930,000
g,i
SREIT
Trust
LIBOR
1
M
+
1.171%
5
.855
11/15/36
6,609
Series
-
2021
MFP2
(Class
B)
140,861
g,i
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
3
.789
02/25/48
132
Series
-
2018
SPI1
(Class
M2)
29,416
g,i
STACR
3
.834
05/25/48
28
Series
-
2018
SPI2
(Class
M2)
GBP
347,448
g,i
Taurus
UK
DAC
SONIA
Interest
Rate
Benchmark
+
1.300%
5
.381
05/17/31
405
Series
-
2021
UK1A
(Class
B)
GBP
506,281
g,i
Taurus
UK
DAC
SONIA
Interest
Rate
Benchmark
+
1.650%
5
.731
05/17/31
582
Series
-
2021
UK1A
(Class
C)
GBP
423,225
g,i
Taurus
UK
DAC
SONIA
Interest
Rate
Benchmark
+
1.500%
5
.581
08/17/31
499
Series
-
2021
UK4A
(Class
B)
10,091,698
UBS
Commercial
Mortgage
Trust
3
.256
06/15/50
9,665
Series
-
2017
C1
(Class
ASB)
1,790,550
UBS
Commercial
Mortgage
Trust
3
.366
10/15/50
1,713
Series
-
2017
C4
(Class
ASB)
1,450,000
UBS
Commercial
Mortgage
Trust
3
.563
10/15/50
1,346
Series
-
2017
C4
(Class
A4)
1,750,000
UBS
Commercial
Mortgage
Trust
4
.334
10/15/51
1,669
Series
-
2018
C13
(Class
A4)
2,070,000
g,i
Verus
Securitization
Trust
3
.207
11/25/59
1,766
Series
-
2019
4
(Class
M1)
1,265,943
g
Verus
Securitization
Trust
1
.733
05/25/65
1,161
Series
-
2020
5
(Class
A3)
1,904,994
g,i
Verus
Securitization
Trust
2
.240
10/25/66
1,555
Series
-
2021
7
(Class
A3)
1,367,358
g
VSE
VOI
Mortgage
LLC
2
.330
03/20/35
1,320
Series
-
2017
A
(Class
A)
1,740,030
Wells
Fargo
Commercial
Mortgage
Trust
3
.405
12/15/47
1,668
Series
-
2014
LC18
(Class
A5)
1,570,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.406
05/15/48
1,478
Series
-
2015
NXS1
(Class
AS)
2,000,000
i
Wells
Fargo
Commercial
Mortgage
Trust
3
.658
05/15/48
1,867
Series
-
2015
NXS1
(Class
B)
2,279,000
i
Wells
Fargo
Commercial
Mortgage
Trust
4
.149
05/15/48
1,894
Series
-
2015
NXS1
(Class
D)
6,115,137
Wells
Fargo
Commercial
Mortgage
Trust
2
.788
07/15/48
5,872
Series
-
2016
C35
(Class
ASB)
9,620,566
Wells
Fargo
Commercial
Mortgage
Trust
2
.514
08/15/49
9,201
Series
-
2016
BNK1
(Class
ASB)
9,580,690
Wells
Fargo
Commercial
Mortgage
Trust
2
.825
10/15/49
9,158
Series
-
2016
LC24
(Class
ASB)
872,111
Wells
Fargo
Commercial
Mortgage
Trust
3
.635
03/15/50
813
Series
-
2017
RB1
(Class
A5)
2,000,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.757
03/15/50
1,829
Series
-
2017
RB1
(Class
AS)
12,358,127
Wells
Fargo
Commercial
Mortgage
Trust
3
.261
07/15/50
11,871
Series
-
2017
C38
(Class
ASB)
2,197,255
i
Wells
Fargo
Commercial
Mortgage
Trust
3
.903
07/15/50
1,824
Series
-
2017
C38
(Class
C)
CREF
Core
Bond
Account
March
31,
2023
300
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
8,603,082
Wells
Fargo
Commercial
Mortgage
Trust
3
.212
%
09/15/50
$
8,227
Series
-
2017
C39
(Class
ASB)
4,000,000
i
Wells
Fargo
Commercial
Mortgage
Trust
3
.767
07/15/58
3,838
Series
-
2015
NXS2
(Class
A5)
1,000,000
i
Wells
Fargo
Commercial
Mortgage
Trust
4
.279
07/15/58
939
Series
-
2015
NXS2
(Class
B)
6,000,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.749
03/15/59
5,591
Series
-
2016
C33
(Class
AS)
204,692
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
4
.000
04/25/49
195
Series
-
2019
2
(Class
A17)
2,466,401
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.500
09/25/49
2,240
Series
-
2019
4
(Class
A1)
903,747
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
07/25/50
770
Series
-
2020
4
(Class
A17)
11,558,801
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
06/25/51
9,133
Series
-
2021
2
(Class
A17)
4,796,861
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
08/25/51
3,966
Series
-
2021
INV1
(Class
A17)
5,425,420
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.316
08/25/51
4,399
Series
-
2021
INV1
(Class
B1)
4,677,920
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
12/25/51
3,708
Series
-
2022
2
(Class
A18)
4,123,271
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
03/25/52
3,422
Series
-
2022
INV1
(Class
A18)
7,083,593
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.500
03/25/52
6,099
Series
-
2022
INV1
(Class
A17)
1,770,000
WFRBS
Commercial
Mortgage
Trust
3
.345
05/15/45
1,765
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
1,032
Series
-
2013
C18
(Class
A5)
2,185,281
WFRBS
Commercial
Mortgage
Trust
3
.995
05/15/47
2,139
Series
-
2014
C20
(Class
A5)
3,865,000
WFRBS
Commercial
Mortgage
Trust
3
.607
11/15/47
3,727
Series
-
2014
C24
(Class
A5)
251,027
g,i
WinWater
Mortgage
Loan
Trust
3
.918
06/20/44
211
Series
-
2014
1
(Class
B4)
6,568,520
g,i
Woodward
Capital
Management
3
.000
05/25/52
5,430
Series
-
2022
3
(Class
A21)
TOTAL
OTHER
MORTGAGE
BACKED
1,234,478
TOTAL
STRUCTURED
ASSETS
1,937,448
(Cost
$2,160,995)
TOTAL
BONDS
10,591,632
(Cost
$11,537,593)
SHARES
COMPANY
PREFERRED
STOCKS
-
0.1%
FINANCIAL
SERVICES
-
0.1%
470,597
*
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
748
1,527,061
*
Federal
National
Mortgage
Association
(FNMA)
2,627
173,925
e
Morgan
Stanley
4,416
TOTAL
FINANCIAL
SERVICES
7,791
TOTAL
PREFERRED
STOCKS
7,791
(Cost
$54,289)
CREF
Core
Bond
Account
March
31,
2023
301
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
2.0%
COMMERCIAL
PAPER
-
0.1%
$
8,000,000
g
HSBC
USA,
Inc
0
.000
%
05/01/23
$
7,966
TOTAL
COMMERCIAL
PAPER
7,966
GOVERNMENT
AGENCY
DEBT
-
0.2%
10,000,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
04/06/23
9,996
10,000,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
04/14/23
9,986
TOTAL
GOVERNMENT
AGENCY
DEBT
19,982
REPURCHASE
AGREEMENT
-
0.2%
25,710,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
04/03/23
25,710
TOTAL
REPURCHASE
AGREEMENT
25,710
TREASURY
DEBT
-
0.0%
4,000,000
United
States
Treasury
Bill
0
.000
04/04/23
4,000
TOTAL
TREASURY
DEBT
4,000
SHARES
COMPANY
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
-
1.5%
158,904,346
c
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.840
158,904
TOTAL
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
158,904
TOTAL
SHORT-TERM
INVESTMENTS
216,562
(Cost
$216,554)
TOTAL
INVESTMENTS
-
99.7%
10,863,007
(Cost
$11,857,295)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.3%
34,170
NET
ASSETS
-
100.0%
$10,897,177
CREF
Core
Bond
Account
March
31,
2023
302
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
Cost
amounts
are
in
thousands.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
COP
Colombia
Peso
CZK
Czech
Republic
Koruna
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
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
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
‡
Perpetual
security
c
Investments
made
with
cash
collateral
received
from
securities
on
loan.
e
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$156,759,814.
g
Security
is
exempt
from
registration
under
Rule
144(A)
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
h
All
or
a
portion
of
these
securities
were
purchased
on
a
delayed
delivery
basis.
i
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
k
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
o
Payment
in
Kind
Bond
q
In
default
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$25,710,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
3.000%–3.125%
and
maturity
dates
7/15/25–8/15/25,
valued
at
$26,224,362.
Futures
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
Description
Number
of
long
(short)
contracts
Expiration
date
Notional
amount
Value
Unrealized
appreciation
(depreciation)
US
10YR
Ultra
200‌
06/21/23
 $
23,500‌
$
24,228‌
$
727‌
CBOT
2
Year
US
Treasury
Note
Future
1,593‌
06/30/23
325,274‌
328,880‌
3,606‌
Ultra
U.S.
Treasury
Bond
Futures
500‌
06/21/23
68,991‌
70,562‌
1,572‌
Total
2,293‌
 $
417,765‌
 $
423,670‌
 $
5,905‌
CREF
Core
Bond
Account
March
31,
2023
303
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
Forward
foreign
currency
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
Currency
to
be
purchased
Receive
Currency
to
be
sold
Deliver
Counterparty
Settlement
date
Unrealized
appreciation
(depreciation)
$
26,758
CNY
184,659
Australia
and
New
Zealand
Banking
Group
Limited
04/17/23
 $
(
155‌
)
$
10,300
CAD
13,747
Citibank
N.A.
04/28/23
 $
124‌
$
538
COP
2,630,960
Citibank
N.A.
04/19/23
(
25‌
)
$
15,900
GBP
12,825
Citibank
N.A.
04/28/23
70‌
$
903
IDR
13,728,278
Citibank
N.A.
04/19/23
(
15‌
)
$
962
ILS
3,488
Citibank
N.A.
04/17/23
(
8‌
)
$
7,626
KRW
9,847,234
Citibank
N.A.
04/19/23
80‌
$
2,428
NOK
23,886
Citibank
N.A.
04/28/23
144‌
$
652
RON
3,029
Citibank
N.A.
04/18/23
(
12‌
)
EUR
669
$
728
Citibank
N.A.
04/28/23
(
1‌
)
EUR
210
$
227
Citibank
N.A.
04/28/23
1‌
GBP
45
$
53
Citibank
N.A.
04/28/23
2‌
GBP
144
$
172
Citibank
N.A.
04/28/23
5‌
Total
 $
365‌
$
372
PEN
1,422
Goldman
Sachs
04/19/23
 $
(
6‌
)
$
737
THB
25,469
Goldman
Sachs
04/17/23
(
9‌
)
Total
 $
(
15‌
)
$
8,287
AUD
11,600
Morgan
Stanley
Capital
Services
04/28/23
 $
526‌
$
472
CZK
10,588
Morgan
Stanley
Capital
Services
04/17/23
(
16‌
)
$
76,776
EUR
70,177
Morgan
Stanley
Capital
Services
04/28/23
549‌
$
2,444
EUR
2,232
Morgan
Stanley
Capital
Services
04/28/23
19‌
$
1,843
EUR
1,734
Morgan
Stanley
Capital
Services
04/28/23
(
40‌
)
$
32
EUR
30
Morgan
Stanley
Capital
Services
04/28/23
(
1‌
)
$
341
EUR
318
Morgan
Stanley
Capital
Services
04/28/23
(
4‌
)
$
189
GBP
158
Morgan
Stanley
Capital
Services
04/28/23
(
6‌
)
$
508
GBP
425
Morgan
Stanley
Capital
Services
04/28/23
(
17‌
)
$
851
HUF
310,827
Morgan
Stanley
Capital
Services
04/17/23
(
31‌
)
$
3,088
NZD
4,757
Morgan
Stanley
Capital
Services
04/28/23
113‌
EUR
316
$
340
Morgan
Stanley
Capital
Services
04/28/23
4‌
GBP
26
$
31
Morgan
Stanley
Capital
Services
04/28/23
1‌
JPY
120,109
$
899
Morgan
Stanley
Capital
Services
04/28/23
9‌
Total
 $
1,106‌
$
70
GBP
56
STANDARD
CHARTERED
BANK
04/28/23
 $
0‌
^
$
677
MXN
12,535
STANDARD
CHARTERED
BANK
04/17/23
(
16‌
)
AUD
3,385
$
2,252
STANDARD
CHARTERED
BANK
04/28/23
13‌
Total
 $
(
3‌
)
$
24,280
JPY
3,117,309
Toronto
Dominion
Bank
04/28/23
 $
695‌
JPY
97,910
$
742
Toronto
Dominion
Bank
04/28/23
(
1‌
)
$
379
ZAR
6,942
Toronto
Dominion
Bank
04/17/23
(
10‌
)
Total
 $
684‌
Total
 $
1,982‌
^
Amount
represents
less
than
$1,000.
CREF
Core
Bond
Account
March
31,
2023
304
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
AUD
Australian
Dollar
CAD
Canadian
Dollar
CNY
Chinese
Yuan
COP
Colombia
Peso
CZK
Czech
Republic
Koruna
EUR
Euro
GBP
Pound
Sterling
HUF
Hungary
Forint
IDR
Indonesia
Rupiah
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Sol
RON
Romanian
Leu
THB
Thai
Baht
ZAR
South
African
Rand
Centrally
cleared
credit
default
swap
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
SOLD
Reference
entity
Terms
of
payments
to
be
paid
Terms
of
payments
to
be
received
Counterparty
Fixed
rate
payment
frequency
Maturity
date
Notional
amount
*
Value
Premiums
paid
(received)
Unrealized
appreciation
(depreciation)
CDX-NAHYS40V1-5Y
Credit
event
as
specified
in
contract
5.000%
Citigroup
Global
Markets,
Inc
Quarterly
06/20/28
$
150,000‌
$
(
2,502‌
)
$
(
225‌
)
$
(
2,278‌
)
CDX-NAIGS40V1-5Y
Credit
event
as
specified
in
contract
1.000
Citigroup
Global
Markets,
Inc
Quarterly
06/20/28
450,000‌
(
5,297‌
)
(
3,476‌
)
(
1,820‌
)
Total
$
(
7,799‌
)
$
(
3,701‌
)
$
(
4,098‌
)
*  
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
March
31,
2023
305
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
BANK
LOAN
OBLIGATIONS
-
0.5%
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.0%
$
2,278,935
i
Trans
Union
LLC
LIBOR
12
M
+
2.250%
7
.090
%
12/01/28
$
2,266
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,266
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
2,962,500
i
Rexnord
LLC
LIBOR
12
M
+
2.000%
6
.840
10/04/28
2,964
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
2,964
CONSUMER
DURABLES
&
APPAREL
-
0.0%
1,938,000
i
Crocs,
Inc
SOFR
12M
+
3.500%
8
.407
02/20/29
1,935
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,935
CONSUMER
SERVICES
-
0.1%
2,954,198
i
1011778
BC
ULC
LIBOR
12
M
+
1.750%
6
.590
11/19/26
2,931
2,462,500
i
Stars
Group
Holdings
BV
LIBOR
4
M
+
2.250%
7
.409
07/21/26
2,464
TOTAL
CONSUMER
SERVICES
5,395
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.1%
3,000,000
i
Select
Medical
Corp
LIBOR
12
M
+
2.500%
7
.350
03/06/25
2,994
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,994
MEDIA
&
ENTERTAINMENT
-
0.1%
1,975,000
i
Fluidra
Finco
SL
SOFR
12M
+
2.000%
6
.907
01/29/29
1,949
2,103,544
i
Nascar
Holdings,
Inc
LIBOR
12
M
+
2.500%
7
.340
10/19/26
2,107
TOTAL
MEDIA
&
ENTERTAINMENT
4,056
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
2,294,908
i
Avantor,
Inc
LIBOR
12
M
+
2.250%
7
.090
11/08/27
2,296
2,219,864
i
Jazz
Financing
Lux
Sarl
LIBOR
12
M
+
3.500%
8
.340
05/05/28
2,214
2,124,060
i
Organon
&
Co
LIBOR
4
M
+
3.000%
8
.000
06/02/28
2,126
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
6,636
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
1
h,i
MKS
Instruments,
Inc
LIBOR
1
M
+
2.750%
7
.171
10/22/28
0
^
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
0
SOFTWARE
&
SERVICES
-
0.1%
2,454,538
i
NortonLifeLock,
Inc
SOFR
12M
+
2.000%
6
.907
09/12/29
2,433
1,289,931
i
SS&C
Technologies,
Inc
LIBOR
12
+
1.750%
6
.590
04/16/25
1,288
1,454,619
i
SS&C
Technologies,
Inc
LIBOR
12
M
+
1.750%
6
.590
04/16/25
1,452
TOTAL
SOFTWARE
&
SERVICES
5,173
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
359,330
i
Coherent
Corp
SOFR
12M
+
2.750%
7
.672
07/02/29
357
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
357
UTILITIES
-
0.0%
2,487,469
i
Core
&
Main
LP
LIBOR
4
M
+
2.500%
7
.416
07/27/28
2,475
TOTAL
UTILITIES
2,475
TOTAL
BANK
LOAN
OBLIGATIONS
34,251
(Cost
$34,216)
CREF
Inflation-Linked
Bond
Account
March
31,
2023
306
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
BONDS
-
98.4%
CORPORATE
BONDS
-
3.4%
BANKS
-
0.1%
$
3,000,000
Bank
of
America
Corp
2
.572
%
10/20/32
$
2,452
3,000,000
JPMorgan
Chase
&
Co
2
.545
11/08/32
2,487
TOTAL
BANKS
4,939
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
3,485,000
g
Albion
Financing
1
SARL
6
.125
10/15/26
3,102
5,000,000
g
Prime
Security
Services
Borrower
LLC
5
.750
04/15/26
4,962
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
8,064
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.1%
4,340,000
g
Asbury
Automotive
Group,
Inc
4
.625
11/15/29
3,884
645,000
e,g
Hanesbrands,
Inc
9
.000
02/15/31
660
3,600,000
g
Prosus
NV
3
.257
01/19/27
3,269
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
7,813
CONSUMER
DURABLES
&
APPAREL
-
0.1%
5,200,000
Newell
Brands,
Inc
6
.375
09/15/27
5,248
TOTAL
CONSUMER
DURABLES
&
APPAREL
5,248
CONSUMER
SERVICES
-
0.0%
3,900,000
e,g
Transnet
SOC
Ltd
8
.250
02/06/28
3,880
TOTAL
CONSUMER
SERVICES
3,880
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.0%
3,505,000
g
Albertsons
Cos,
Inc
6
.500
02/15/28
3,514
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,514
ENERGY
-
0.9%
1,665,000
Apache
Corp
5
.100
09/01/40
1,411
2,275,000
Ecopetrol
S.A.
4
.625
11/02/31
1,751
680,000
g
EQM
Midstream
Partners
LP
7
.500
06/01/27
683
6,000,000
g
EQM
Midstream
Partners
LP
6
.500
07/01/27
5,816
2,500,000
Genesis
Energy
LP
8
.000
01/15/27
2,472
2,305,000
g
Hess
Midstream
Operations
LP
5
.625
02/15/26
2,282
5,000,000
g
Hilcorp
Energy
I
LP
6
.000
04/15/30
4,609
2,000,000
g
Hilcorp
Energy
I
LP
6
.250
04/15/32
1,850
5,000,000
g
Kinetik
Holdings
LP
5
.875
06/15/30
4,812
5,000,000
Murphy
Oil
Corp
5
.875
12/01/27
4,870
5,000,000
Occidental
Petroleum
Corp
3
.500
08/15/29
4,525
10,000,000
Occidental
Petroleum
Corp
8
.875
07/15/30
11,631
3,150,000
g
Parkland
Corp
4
.625
05/01/30
2,800
2,375,000
Petroleos
Mexicanos
6
.700
02/16/32
1,891
1,110,000
g
Transocean,
Inc
8
.750
02/15/30
1,132
10,000,000
Western
Midstream
Operating
LP
4
.300
02/01/30
9,103
TOTAL
ENERGY
61,638
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.1%
5,000,000
g
RLJ
Lodging
Trust
LP
3
.750
07/01/26
4,577
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,577
FINANCIAL
SERVICES
-
0.5%
3,125,000
g
Banco
de
Chile
2
.990
12/09/31
2,563
1,000,000
g
Blackstone
Mortgage
Trust,
Inc
3
.750
01/15/27
785
2,000,000
Ford
Motor
Credit
Co
LLC
4
.950
05/28/27
1,908
2,500,000
Ford
Motor
Credit
Co
LLC
7
.350
11/04/27
2,575
20,000,000
Ford
Motor
Credit
Co
LLC
7
.350
03/06/30
20,550
CREF
Inflation-Linked
Bond
Account
March
31,
2023
307
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,700,000
g
Indian
Railway
Finance
Corp
Ltd
3
.570
%
01/21/32
$
1,476
3,000,000
Morgan
Stanley
2
.511
10/20/32
2,457
5,000,000
OneMain
Finance
Corp
3
.500
01/15/27
4,196
TOTAL
FINANCIAL
SERVICES
36,510
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.1%
6,000,000
Tenet
Healthcare
Corp
4
.375
01/15/30
5,385
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,385
INSURANCE
-
0.1%
4,360,000
g
Alliant
Holdings
Intermediate
LLC
6
.750
04/15/28
4,311
TOTAL
INSURANCE
4,311
MATERIALS
-
0.5%
600,000
e,g
Antofagasta
plc
5
.625
05/13/32
596
10,000,000
g
Corp
Nacional
del
Cobre
de
Chile
5
.125
02/02/33
10,077
5,000,000
g
FMG
Resources
August
2006
Pty
Ltd
5
.875
04/15/30
4,791
2,950,000
g
Freeport
Indonesia
PT
5
.315
04/14/32
2,747
3,275,000
g
GCC
SAB
de
C.V.
3
.614
04/20/32
2,748
1,785,000
g
Mauser
Packaging
Solutions
Holding
Co
7
.875
08/15/26
1,785
6,000,000
e
Olin
Corp
5
.000
02/01/30
5,626
7,000,000
g
POSCO
4
.375
08/04/25
6,892
5,000,000
g
SunCoke
Energy,
Inc
4
.875
06/30/29
4,353
TOTAL
MATERIALS
39,615
MEDIA
&
ENTERTAINMENT
-
0.2%
5,000,000
g
CCO
Holdings
LLC
5
.125
05/01/27
4,725
5,000,000
g
EIG
Pearl
Holdings
Sarl
3
.545
08/31/36
4,279
600,000
g
POSCO
5
.875
01/17/33
641
5,000,000
g
Sirius
XM
Radio,
Inc
3
.125
09/01/26
4,510
TOTAL
MEDIA
&
ENTERTAINMENT
14,155
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
3,400,000
g
Avantor
Funding,
Inc
3
.875
11/01/29
3,043
6,490,000
e
Teva
Pharmaceutical
Finance
Netherlands
III
BV
7
.875
09/15/29
6,790
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
9,833
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
1,715,000
g
SK
Hynix,
Inc
6
.500
01/17/33
1,703
1,575,000
TSMC
Arizona
Corp
1
.750
10/25/26
1,425
2,000,000
TSMC
Arizona
Corp
4
.250
04/22/32
1,983
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
5,111
SOFTWARE
&
SERVICES
-
0.1%
2,435,000
e,g
CA
Magnum
Holdings
5
.375
10/31/26
2,132
2,315,000
g
NortonLifeLock,
Inc
6
.750
09/30/27
2,327
455,000
g
Open
Text
Corp
6
.900
12/01/27
470
2,830,000
g
Open
Text
Corp
3
.875
12/01/29
2,382
TOTAL
SOFTWARE
&
SERVICES
7,311
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
3,000,000
g
Imola
Merger
Corp
4
.750
05/15/29
2,684
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,684
TELECOMMUNICATION
SERVICES
-
0.2%
2,900,000
AT&T,
Inc
2
.250
02/01/32
2,371
4,925,000
g
Iliad
Holding
SASU
6
.500
10/15/26
4,694
3,000,000
g
Telefonica
Moviles
Chile
S.A.
3
.537
11/18/31
2,392
3,100,000
Verizon
Communications,
Inc
2
.355
03/15/32
2,543
TOTAL
TELECOMMUNICATION
SERVICES
12,000
CREF
Inflation-Linked
Bond
Account
March
31,
2023
308
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
TRANSPORTATION
-
0.1%
$
5,000,000
g
Grupo
Aeromexico
SAB
de
C.V.
8
.500
%
03/17/27
$
4,396
3,260,000
g
Misc
Capital
Two
Labuan
Ltd
3
.750
04/06/27
3,082
TOTAL
TRANSPORTATION
7,478
UTILITIES
-
0.0%
2,500,000
g
Ferrellgas
Escrow
LLC
5
.875
04/01/29
2,137
1,450,000
g
Israel
Electric
Corp
Ltd
3
.750
02/22/32
1,266
TOTAL
UTILITIES
3,403
TOTAL
CORPORATE
BONDS
247,469
(Cost
$262,434)
GOVERNMENT
BONDS
-
91.4%
AGENCY
SECURITIES
-
0.3%
9,000,000
Federal
National
Mortgage
Association
(FNMA)
1
.625
08/24/35
6,473
14,875,000
Montefiore
Medical
Center
2
.895
04/20/32
13,425
1,973,684
Reliance
Industries
Ltd
2
.444
01/15/26
1,888
TOTAL
AGENCY
SECURITIES
21,786
FOREIGN
GOVERNMENT
BONDS
-
0.1%
6,250,000
g
Central
American
Bank
for
Economic
Integration
5
.000
02/09/26
6,300
TOTAL
FOREIGN
GOVERNMENT
BONDS
6,300
MORTGAGE
BACKED
-
2.5%
6,225,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
2.250%
6
.810
08/25/33
6,179
8,490,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
1.500%
6
.060
10/25/41
8,088
9,232,599
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
0.950%
5
.510
12/25/41
8,901
20,000,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.350%
7
.910
05/25/42
20,163
17,884,028
Government
National
Mortgage
Association
(GNMA)
3
.600
09/15/31
17,490
8,964,363
GNMA
3
.650
02/15/32
8,701
2,079,651
GNMA
3
.380
07/15/35
2,004
2,738,072
GNMA
3
.870
10/15/36
2,666
35,383,036
GNMA
1
.730
07/15/37
30,587
33,098,355
GNMA
4
.250
09/15/38
32,768
23,036,763
GNMA
1
.650
07/15/42
19,375
25,224,356
GNMA
2
.750
01/15/45
22,946
5,125,520
GNMA
4
.930
10/15/45
5,110
TOTAL
MORTGAGE
BACKED
184,978
U.S.
TREASURY
SECURITIES
-
88.5%
125,951,560
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/23
126,321
58,003,260
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
01/15/24
57,510
241,923,600
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.500
04/15/24
238,021
204,689,875
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/24
200,692
212,751,200
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
10/15/24
207,790
231,088,740
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.250
01/15/25
225,483
122,195,664
k
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
01/15/25
123,671
187,584,660
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/25
181,734
249,723,540
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/25
244,254
325,064,220
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
10/15/25
314,906
267,517,103
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
01/15/26
261,529
80,357,576
k
United
States
Treasury
Inflation
Indexed
Bonds
2
.000
01/15/26
81,517
165,371,050
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/26
158,687
184,671,440
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/26
177,874
310,046,611
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
10/15/26
297,689
245,778,730
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
01/15/27
236,860
123,039,635
k
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
01/15/27
127,538
132,413,750
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/27
126,117
165,674,495
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/27
160,031
CREF
Inflation-Linked
Bond
Account
March
31,
2023
309
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
147,411,820
k
United
States
Treasury
Inflation
Indexed
Bonds
1
.625
%
10/15/27
$
150,279
249,179,025
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.500
01/15/28
240,464
246,132,032
k
United
States
Treasury
Inflation
Indexed
Bonds
1
.750
01/15/28
251,814
131,340,851
k
United
States
Treasury
Inflation
Indexed
Bonds
3
.625
04/15/28
146,608
152,515,840
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.750
07/15/28
149,542
223,874,280
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.875
01/15/29
219,930
164,244,132
k
United
States
Treasury
Inflation
Indexed
Bonds
2
.500
01/15/29
175,839
9,260,644
k
United
States
Treasury
Inflation
Indexed
Bonds
3
.875
04/15/29
10,668
218,655,360
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.250
07/15/29
207,163
180,187,500
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/30
167,907
142,902,375
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/30
132,952
174,641,920
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/31
161,394
262,757,994
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/31
241,976
97,951,918
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/32
89,462
70,097,248
k
United
States
Treasury
Inflation
Indexed
Bonds
3
.375
04/15/32
82,899
153,896,795
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
07/15/32
146,986
72,294,480
k
United
States
Treasury
Inflation
Indexed
Bonds
1
.125
01/15/33
72,105
84,123,284
k
United
States
Treasury
Inflation
Indexed
Bonds
1
.500
02/15/53
85,357
10,000,000
e
United
States
Treasury
Note
4
.000
02/29/28
10,181
47,000,000
United
States
Treasury
Note
3
.500
02/15/33
47,073
42,478,000
United
States
Treasury
Note
3
.625
02/15/53
42,173
TOTAL
U.S.
TREASURY
SECURITIES
6,380,996
TOTAL
GOVERNMENT
BONDS
6,594,060
(Cost
$6,873,447)
STRUCTURED
ASSETS
-
3.6%
ASSET
BACKED
-
0.6%
4,214,000
i
Bayview
Financial
Mortgage
Pass-Through
Trust
LIBOR
1
M
+
1.125%
5
.956
02/28/41
4,164
Series
-
2006
A
(Class
M4)
9,250,000
CarMax
Auto
Owner
Trust
5
.230
01/15/26
9,240
Series
-
2023
1
(Class
A2A)
2,962,500
g
DB
Master
Finance
LLC
2
.045
11/20/51
2,606
Series
-
2021
1A
(Class
A2I)
5,826,250
g
DB
Master
Finance
LLC
2
.493
11/20/51
4,946
Series
-
2021
1A
(Class
A2II)
4,345,000
g
DB
Master
Finance
LLC
2
.791
11/20/51
3,508
Series
-
2021
1A
(Class
A23)
3,000,000
†,g
Industrial
DPR
Funding
Ltd
5
.380
04/15/34
2,589
Series
-
2022
1A
(Class
1)
5,453,763
g
MVW
LLC
1
.830
05/20/39
4,888
Series
-
2021
2A
(Class
B)
6,840,126
g
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2
.380
11/20/51
6,114
Series
-
2021
2A
(Class
A1)
4,465,130
g
Sunnova
Helios
VIII
Issuer
LLC
2
.790
02/22/49
3,860
Series
-
2022
A
(Class
A)
TOTAL
ASSET
BACKED
41,915
OTHER
MORTGAGE
BACKED
-
3.0%
5,000,000
g,i
BAMLL
Commercial
Mortgage
Securities
Trust
5
.978
01/15/39
4,811
Series
-
2022
DKLX
(Class
A)
7,500,000
g,i
BAMLL
Commercial
Mortgage
Securities
Trust
6
.978
01/15/39
7,110
Series
-
2022
DKLX
(Class
C)
2,500,000
g,i
BAMLL
Commercial
Mortgage
Securities
Trust
7
.828
01/15/39
2,370
Series
-
2022
DKLX
(Class
D)
2,000,000
i
BENCHMARK
Mortgage
Trust
4
.272
02/15/51
1,659
Series
-
2018
B2
(Class
C)
4,675,000
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
2.114%
2
.110
10/15/36
4,523
Series
-
2019
XL
(Class
F)
CREF
Inflation-Linked
Bond
Account
March
31,
2023
310
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
26,179,700
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.197%
5
.881
%
10/15/38
$
24,792
Series
-
2021
XL2
(Class
C)
4,476,960
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.846%
6
.530
10/15/38
4,176
Series
-
2021
XL2
(Class
E)
6,000,000
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.271%
5
.955
12/15/38
5,741
Series
-
2021
CIP
(Class
B)
2,000,000
g,i
BX
Commercial
Mortgage
Trust
6
.667
01/17/39
1,936
Series
-
2022
AHP
(Class
B)
5,650,000
g,i
Citigroup
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.900%
6
.585
10/15/38
5,339
Series
-
2021
PRM2
(Class
D)
7,500,000
g,i
Citigroup
Commercial
Mortgage
Trust
LIBOR
1
M
+
2.400%
7
.085
10/15/38
7,124
Series
-
2021
PRM2
(Class
E)
7,144,000
i
Citigroup
Commercial
Mortgage
Trust
4
.175
07/10/47
6,835
Series
-
2014
GC23
(Class
B)
937,574
g
COMM
Mortgage
Trust
3
.397
03/10/46
862
Series
-
2013
CR6
(Class
B)
5,550,000
i
COMM
Mortgage
Trust
4
.526
02/10/47
5,427
Series
-
2014
CR14
(Class
AM)
5,180,000
i
COMM
Mortgage
Trust
4
.588
02/10/47
4,942
Series
-
2014
CR14
(Class
B)
6,821,700
COMM
Mortgage
Trust
4
.377
05/10/47
6,240
Series
-
2014
CR17
(Class
B)
1,000,000
i
COMM
Mortgage
Trust
4
.543
10/10/47
937
Series
-
2014
LC17
(Class
C)
2,500,000
i
COMM
Mortgage
Trust
4
.467
10/10/48
2,339
Series
-
2015
CR26
(Class
B)
8,511,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
1.550%
6
.110
10/25/41
8,273
Series
-
2021
R01
(Class
1M2)
3,539,812
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
0.900%
5
.460
11/25/41
3,497
Series
-
2021
R02
(Class
2M1)
9,000,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
1.650%
6
.210
12/25/41
8,529
Series
-
2021
R03
(Class
1M2)
6,000,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.320%
6
.005
11/15/38
5,686
Series
-
2021
ELP
(Class
C)
4,500,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
2.118%
6
.803
11/15/38
4,201
Series
-
2021
ELP
(Class
E)
4,999,900
g,i
EQUS
Mortgage
Trust
LIBOR
1
M
+
2.300%
6
.984
10/15/38
4,579
Series
-
2021
EQAZ
(Class
E)
15,000,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
2.500%
7
.060
01/25/42
13,877
Series
-
2022
DNA1
(Class
M2)
959,243
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
1.300%
1
.349
02/25/42
950
Series
-
2022
DNA2
(Class
M1A)
4,000,000
g,i
GS
Mortgage
Securities
Corp
II
LIBOR
1
M
+
3.350%
8
.034
11/15/36
3,792
Series
-
2021
ARDN
(Class
E)
2,000,000
g
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
3
.620
01/16/37
1,678
Series
-
2020
NNN
(Class
DFX)
2,200,000
i
JPMBB
Commercial
Mortgage
Securities
Trust
4
.479
09/15/47
2,080
Series
-
2014
C23
(Class
B)
3,479,675
i
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.870
02/15/47
3,418
Series
-
2014
C14
(Class
B)
5,000,000
i
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014
C19
4
.000
12/15/47
4,653
Series
-
2014
C19
(Class
B)
3,986,816
g,i
Morgan
Stanley
Capital
I
Inc
LIBOR
1
M
+
1.377%
6
.062
11/15/23
3,749
Series
-
2021
ILP
(Class
C)
2,500,000
g
MRCD
Mortgage
Trust
2
.718
12/15/36
2,182
Series
-
2019
PARK
(Class
D)
2,500,000
g
MRCD
Mortgage
Trust
2
.718
12/15/36
2,143
Series
-
2019
PARK
(Class
E)
6,555,000
g,i
MTN
Commercial
Mortgage
Trust
2
.993
03/15/39
6,300
Series
-
2022
LPFL
(Class
D)
CREF
Inflation-Linked
Bond
Account
March
31,
2023
311
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,565,000
g,i
MTN
Commercial
Mortgage
Trust
6
.224
%
03/15/39
$
9,438
Series
-
2022
LPFL
(Class
A)
2,500,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
2.200%
7
.107
07/15/36
2,292
Series
-
2019
MILE
(Class
C)
7,624,724
g,i
SMR
Mortgage
Trust
7
.227
02/15/39
7,267
Series
-
2022
IND
(Class
B)
2,000,000
g,i
SREIT
Trust
LIBOR
1
M
+
1.171%
5
.855
11/15/36
1,907
Series
-
2021
MFP2
(Class
B)
7,165,000
UBS
Commercial
Mortgage
Trust
4
.036
06/15/50
6,256
Series
-
2017
C1
(Class
B)
1,529,456
g
Verus
Securitization
Trust
3
.000
11/25/59
1,460
Series
-
2019
4
(Class
A3)
8,037,951
g,i
Verus
Securitization
Trust
2
.240
10/25/66
6,563
Series
-
2021
7
(Class
A3)
1,951,000
i
WFRBS
Commercial
Mortgage
Trust
4
.091
03/15/45
1,636
Series
-
2013
C11
(Class
C)
TOTAL
OTHER
MORTGAGE
BACKED
213,569
TOTAL
STRUCTURED
ASSETS
255,484
(Cost
$270,589)
TOTAL
BONDS
7,097,013
(Cost
$7,406,470)
SHARES
COMPANY
COMMON
STOCKS
-
0.3%
FINANCIAL
SERVICES
-
0.3%
475,737
e
Invesco
Senior
Loan
ETF
9,895
64,943
e
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
4,907
52,966
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
4,916
TOTAL
FINANCIAL
SERVICES
19,718
TOTAL
COMMON
STOCKS
19,718
(Cost
$20,002)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.9%
REPURCHASE
AGREEMENT
-
0.4%
25,835,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
04/03/23
25,835
TOTAL
REPURCHASE
AGREEMENT
25,835
TREASURY
DEBT
-
0.0%
2,500,000
United
States
Treasury
Bill
0
.000
04/04/23
2,499
TOTAL
TREASURY
DEBT
2,499
CREF
Inflation-Linked
Bond
Account
March
31,
2023
312
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
Cost
amounts
are
in
thousands.
SHARES
COMPANY
RATE
VALUE
(000)
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
-
0.5%
35,917,835
c
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.840
%
$
35,918
TOTAL
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
35,918
TOTAL
SHORT-TERM
INVESTMENTS
64,252
(Cost
$64,252)
TOTAL
INVESTMENTS
-
100.1%
7,215,234
(Cost
$7,524,940)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.1)%
(
3,872
)
NET
ASSETS
-
100.0%
$7,211,362
ETF
Exchange
Traded
Fund
LIBOR
London
Interbank
Offered
Rate
M
Month
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secure
Overnight
Financing
Rate
SPDR
Standard
&
Poor's
Depositary
Receipts
^
Amount
represents
less
than
$1,000.
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
c
Investments
made
with
cash
collateral
received
from
securities
on
loan.
e
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$37,232,910.
g
Security
is
exempt
from
registration
under
Rule
144(A)
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
h
All
or
a
portion
of
these
securities
were
purchased
on
a
delayed
delivery
basis.
i
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
k
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$25,835,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.125%
and
maturity
date
8/15/25,
valued
at
$26,351,721.
Futures
contracts
outstanding
as
of
March
31,
2023
were
as
follows
(dollar
amounts
are
in
thousands):
Description
Number
of
long
(short)
contracts
Expiration
date
Notional
amount
Value
Unrealized
appreciation
(depreciation)
Ultra
U.S.
Treasury
Bond
Futures
(
200‌
)
06/21/23
 $
(
27,210‌
)
$
(
28,225‌
)
$
(
1,015‌
)
Portfolio
of
Investments
(unaudited)
CREF
Social
Choice
Account
March
31,
2023
313
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
BANK
LOAN
OBLIGATIONS
-
0.2%
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
$
15,760,000
i
LTR
Intermediate
Holdings,
Inc
LIBOR
12
M
+
4.500%
9
.340
%
05/05/28
$
14,282
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,282
UTILITIES
-
0.1%
16,880,300
h,i
TerraForm
Power
Operating
LLC
CME
Term
SOFR
4
+
2.750%
7
.430
05/30/29
16,767
TOTAL
UTILITIES
16,767
TOTAL
BANK
LOAN
OBLIGATIONS
31,049
(Cost
$32,331)
BONDS
-
39.1%
CORPORATE
BONDS
-
11.6%
AUTOMOBILES
&
COMPONENTS
-
0.2%
5,790,000
Ford
Motor
Co
3
.250
02/12/32
4,551
12,866,000
Magna
International,
Inc
3
.625
06/15/24
12,636
8,000,000
Magna
International,
Inc
5
.500
03/21/33
8,298
8,727,000
e
Toyota
Motor
Credit
Corp
2
.150
02/13/30
7,657
TOTAL
AUTOMOBILES
&
COMPONENTS
33,142
BANKS
-
1.5%
15,000,000
g
ABN
AMRO
Bank
NV
2
.470
12/13/29
12,610
6,925,000
g
Banco
Nacional
de
Comercio
Exterior
SNC
2
.720
08/11/31
5,825
5,000,000
g
Bank
Hapoalim
BM
3
.255
01/21/32
4,159
11,181,000
Bank
of
America
Corp
0
.981
09/25/25
10,433
11,750,000
Bank
of
America
Corp
2
.687
04/22/32
9,806
10,000,000
Bank
of
Montreal
3
.803
12/15/32
9,030
5,000,000
Bank
of
Nova
Scotia
0
.650
07/31/24
4,714
4,350,000
g
BNP
Paribas
S.A.
1
.904
09/30/28
3,699
11,250,000
Citigroup,
Inc
0
.776
10/30/24
10,936
14,091,000
Citigroup,
Inc
1
.281
11/03/25
13,162
4,841,000
Citigroup,
Inc
2
.014
01/25/26
4,558
6,375,000
e,i
Citigroup,
Inc
SOFR
+
0.694%
5
.330
01/25/26
6,249
10,000,000
HSBC
Holdings
plc
5
.210
08/11/28
9,898
9,925,000
e
HSBC
Holdings
plc
6
.161
03/09/29
10,204
6,575,000
HSBC
Holdings
plc
5
.402
08/11/33
6,499
10,000,000
g
ING
Groep
NV
1
.400
07/01/26
9,118
8,300,000
ING
Groep
NV
4
.017
03/28/28
7,850
10,000,000
ING
Groep
NV
2
.727
04/01/32
8,239
1,825,000
g
Intesa
Sanpaolo
S.p.A
5
.017
06/26/24
1,753
9,750,000
g
Intesa
Sanpaolo
S.p.A
3
.250
09/23/24
9,364
6,000,000
g
Intesa
Sanpaolo
S.p.A
4
.950
06/01/42
3,977
5,000,000
JPMorgan
Chase
&
Co
1
.040
02/04/27
4,463
5,990,000
e
JPMorgan
Chase
&
Co
3
.650
N/A‡
5,241
4,000,000
Lloyds
Banking
Group
plc
4
.500
11/04/24
3,876
10,100,000
Lloyds
Banking
Group
plc
5
.871
03/06/29
10,183
11,125,000
g
National
Australia
Bank
Ltd
2
.332
08/21/30
8,686
12,638,000
National
Bank
of
Canada
0
.550
11/15/24
12,261
2,790,000
NatWest
Group
plc
2
.359
05/22/24
2,775
10,457,000
Santander
Holdings
USA,
Inc
5
.807
09/09/26
10,276
11,675,000
g
UBS
Group
AG.
1
.494
08/10/27
10,053
10,000,000
g
UBS
Group
AG.
2
.746
02/11/33
8,013
7,150,000
g
UBS
Group
AG.
3
.179
02/11/43
5,088
15,000,000
g
UniCredit
S.p.A
2
.569
09/22/26
13,578
3,600,000
g
UniCredit
S.p.A
5
.459
06/30/35
2,966
10,000,000
g
United
Overseas
Bank
Ltd
2
.000
10/14/31
8,856
CREF
Social
Choice
Account
March
31,
2023
314
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,450,000
Wells
Fargo
&
Co
4
.540
%
08/15/26
$
10,257
TOTAL
BANKS
278,655
CAPITAL
GOODS
-
0.1%
1,685,000
g
Korea
East-West
Power
Co
Ltd
3
.600
05/06/25
1,641
5,000,000
Otis
Worldwide
Corp
3
.112
02/15/40
3,878
10,500,000
g
Triton
Container
International
Ltd
1
.150
06/07/24
9,875
TOTAL
CAPITAL
GOODS
15,394
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.2%
9,500,000
Automatic
Data
Processing,
Inc
1
.700
05/15/28
8,477
10,000,000
Automatic
Data
Processing,
Inc
1
.250
09/01/30
8,196
10,000,000
Mather
Foundation
2
.675
10/01/31
8,561
4,600,000
Republic
Services,
Inc
5
.000
04/01/34
4,687
15,810,000
Rockefeller
Foundation
2
.492
10/01/50
10,469
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
40,390
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.2%
4,100,000
Advance
Auto
Parts,
Inc
1
.750
10/01/27
3,541
6,200,000
Genuine
Parts
Co
1
.750
02/01/25
5,857
11,000,000
Lowe's
Cos,
Inc
4
.800
04/01/26
11,063
5,575,000
Lowe's
Cos,
Inc
5
.150
07/01/33
5,628
5,525,000
Lowe's
Cos,
Inc
2
.800
09/15/41
3,916
5,300,000
Lowe's
Cos,
Inc
5
.750
07/01/53
5,401
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
35,406
CONSUMER
SERVICES
-
0.6%
2,900,000
Bush
Foundation
2
.754
10/01/50
1,986
3,125,000
Conservation
Fund
3
.474
12/15/29
2,691
10,000,000
Henry
J
Kaiser
Family
Foundation
3
.356
12/01/25
9,532
5,145,000
Low
Income
Investment
Fund
3
.711
07/01/29
4,545
7,725,000
Massachusetts
Higher
Education
Assistance
Corp
2
.673
07/01/31
6,321
3,440,000
i
Nature
Conservancy
LIBOR
3
M
+
1.080%
5
.894
02/01/24
3,451
1,720,000
Nature
Conservancy
2
.668
03/01/26
1,647
3,000,000
Nature
Conservancy
3
.001
03/01/29
2,778
10,437,000
Nature
Conservancy
3
.957
03/01/52
8,813
17,500,000
New
York
Public
Library
Astor
Lenox
&
Tilden
Foundations
4
.305
07/01/45
15,453
9,770,000
Preservation
Of
Affordable
Housing,
Inc
4
.479
12/01/32
9,174
2,855,000
Salvation
Army
5
.637
09/01/26
2,891
20,000,000
Salvation
Army
4
.528
09/01/48
18,187
8,400,000
Starbucks
Corp
2
.450
06/15/26
7,884
11,440,000
Wisconsin
Alumni
Research
Foundation
3
.564
10/01/49
8,482
11,065,000
YMCA
of
Greater
New
York
5
.151
08/01/48
9,801
TOTAL
CONSUMER
SERVICES
113,636
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.1%
13,598,000
SYSCO
Corp
2
.400
02/15/30
11,878
18,954,000
Walmart,
Inc
1
.800
09/22/31
16,030
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
27,908
ENERGY
-
0.7%
8,000,000
g
Aker
BP
ASA
2
.875
01/15/26
7,566
10,000,000
g
Aker
BP
ASA
4
.000
01/15/31
9,080
12,700,000
BP
Capital
Markets
America,
Inc
4
.812
02/13/33
12,895
9,875,000
BP
Capital
Markets
America,
Inc
2
.772
11/10/50
6,682
2,650,000
Cenovus
Energy,
Inc
2
.650
01/15/32
2,187
8,000,000
Cheniere
Energy
Partners
LP
4
.000
03/01/31
7,119
9,625,000
Enbridge,
Inc
2
.500
01/15/25
9,223
2,423,000
Enbridge,
Inc
5
.750
07/15/80
2,156
8,125,000
Equinor
ASA
2
.375
05/22/30
7,176
CREF
Social
Choice
Account
March
31,
2023
315
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,932,000
Equinor
ASA
3
.950
%
05/15/43
$
5,227
12,450,000
Equinor
ASA
3
.250
11/18/49
9,596
3,875,000
ONEOK,
Inc
4
.000
07/13/27
3,701
6,200,000
ONEOK,
Inc
4
.950
07/13/47
5,195
6,800,000
Pioneer
Natural
Resources
Co
5
.100
03/29/26
6,828
11,700,000
g
Santos
Finance
Ltd
3
.649
04/29/31
9,772
4,540,000
e,g
Sunnova
Energy
Corp
5
.875
09/01/26
3,848
12,850,000
Total
Capital
International
S.A.
2
.986
06/29/41
10,056
11,316,000
Total
Capital
International
S.A.
3
.127
05/29/50
8,389
TOTAL
ENERGY
126,696
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.4%
6,225,000
Brandywine
Operating
Partnership
LP
3
.950
11/15/27
4,767
8,595,000
Brixmor
Operating
Partnership
LP
3
.900
03/15/27
7,988
6,600,000
Brixmor
Operating
Partnership
LP
2
.250
04/01/28
5,659
1,500,000
ERP
Operating
LP
4
.150
12/01/28
1,446
8,800,000
Federal
Realty
Investment
Trust
1
.250
02/15/26
8,029
4,470,000
e,g
HAT
Holdings
I
LLC
3
.375
06/15/26
3,878
9,585,000
e,g
HAT
Holdings
I
LLC
3
.750
09/15/30
7,237
3,900,000
Host
Hotels
&
Resorts
LP
2
.900
12/15/31
3,043
23,371,000
Piedmont
Operating
Partnership
LP
3
.400
06/01/23
23,147
16,822,000
Regency
Centers
LP
3
.750
06/15/24
16,434
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
81,628
FINANCIAL
SERVICES
-
1.3%
9,400,000
i
AerCap
Ireland
Capital
DAC
SOFR
+
0.680%
5
.529
09/29/23
9,315
5,000,000
BB
Blue
Financing
DAC
4
.395
09/20/29
5,210
10,839,600
BB
Blue
Financing
DAC
4
.395
09/20/37
12,486
20,525,000
g
BPCE
S.A.
2
.045
10/19/27
17,977
14,750,000
g
BPCE
S.A.
3
.116
10/19/32
11,050
11,645,000
Community
Preservation
Corp
2
.867
02/01/30
9,853
2,150,000
g
Cooperatieve
Rabobank
UA
1
.004
09/24/26
1,926
4,750,000
Enterprise
Community
Loan
Fund,
Inc
4
.152
11/01/28
4,530
10,625,000
e,g
Federation
des
Caisses
Desjardins
du
Quebec
5
.700
03/14/28
10,885
10,000,000
Ford
Foundation
2
.815
06/01/70
6,213
10,000,000
Goldman
Sachs
Group,
Inc
0
.855
02/12/26
9,152
14,750,000
International
Finance
Corp
4
.750
03/16/26
15,084
7,725,000
Mastercard,
Inc
1
.900
03/15/31
6,565
10,000,000
Morgan
Stanley
0
.791
01/22/25
9,619
11,950,000
Morgan
Stanley
0
.985
12/10/26
10,650
11,400,000
g,i
NatWest
Markets
plc
SOFR
+
0.530%
5
.251
08/12/24
11,226
10,000,000
g
NongHyup
Bank
1
.250
07/20/25
9,211
1,211,000
Reinvestment
Fund,
Inc
3
.166
11/01/23
1,192
3,000,000
Reinvestment
Fund,
Inc
3
.600
02/15/24
2,961
10,250,000
Reinvestment
Fund,
Inc
3
.366
11/01/24
9,978
2,570,000
Reinvestment
Fund,
Inc
3
.513
11/01/25
2,456
15,240,000
Reinvestment
Fund,
Inc
3
.880
02/15/27
14,477
7,435,000
Reinvestment
Fund,
Inc
3
.930
02/15/28
6,982
1,325,000
g
Starwood
Property
Trust,
Inc
5
.500
11/01/23
1,327
4,430,000
g
Starwood
Property
Trust,
Inc
4
.375
01/15/27
3,661
7,500,000
Visa,
Inc
1
.900
04/15/27
6,899
17,000,000
Visa,
Inc
1
.100
02/15/31
13,571
3,450,000
g
WLB
Asset
II
B
Pte
Ltd
3
.950
12/10/24
3,239
5,500,000
g
WLB
Asset
II
C
Pte
Ltd
3
.900
12/23/25
5,180
15,750,000
g
WLB
Asset
II
D
Pte
Ltd
6
.500
12/21/26
15,826
1,925,000
g
WLB
Asset
II
Pte
Ltd
4
.000
01/14/24
1,886
TOTAL
FINANCIAL
SERVICES
250,587
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
3,400,000
General
Mills,
Inc
4
.950
03/29/33
3,453
10,000,000
g
NBM
US
Holdings,
Inc
6
.625
08/06/29
9,258
CREF
Social
Choice
Account
March
31,
2023
316
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
6,600,000
g
Nestle
Holdings,
Inc
4
.950
%
03/14/30
$
6,855
11,125,000
g
Nestle
Holdings,
Inc
4
.850
03/14/33
11,633
10,000,000
PepsiCo,
Inc
3
.900
07/18/32
9,767
16,674,000
PepsiCo,
Inc
2
.875
10/15/49
12,675
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
53,641
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.2%
15,000,000
CVS
Health
Corp
5
.050
03/25/48
14,033
2,250,000
Mary
Free
Bed
Rehabilitation
Hospital
3
.786
04/01/51
1,660
7,075,000
McKesson
Corp
5
.250
02/15/26
7,094
10,385,000
Stanford
Health
Care
3
.027
08/15/51
7,395
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
30,182
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.3%
5,300,000
Procter
&
Gamble
Co
3
.000
03/25/30
4,970
12,975,000
Procter
&
Gamble
Co
1
.200
10/29/30
10,601
11,075,000
Unilever
Capital
Corp
2
.000
07/28/26
10,341
5,523,000
e
Unilever
Capital
Corp
2
.125
09/06/29
4,817
6,125,000
Unilever
Capital
Corp
1
.375
09/14/30
4,986
8,475,000
Unilever
Capital
Corp
1
.750
08/12/31
6,963
9,425,000
e
Unilever
Capital
Corp
2
.625
08/12/51
6,510
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
49,188
INSURANCE
-
0.3%
11,400,000
g
Empower
Finance
2020
LP
1
.357
09/17/27
9,716
3,975,000
g
Five
Corners
Funding
Trust
4
.419
11/15/23
3,950
14,425,000
g
Five
Corners
Funding
Trust
II
2
.850
05/15/30
12,390
5,200,000
g
Muenchener
Rueckversicherungs-Gesellschaft
AG.
in
Muenchen
5
.875
05/23/42
5,145
10,000,000
Principal
Financial
Group,
Inc
2
.125
06/15/30
8,343
2,152,000
Prudential
Financial,
Inc
3
.700
10/01/50
1,753
7,885,000
g
USAA
Capital
Corp
2
.125
05/01/30
6,568
TOTAL
INSURANCE
47,865
MATERIALS
-
0.6%
10,500,000
Air
Products
and
Chemicals,
Inc
4
.800
03/03/33
10,791
6,550,000
e,g
Celulosa
Arauco
y
Constitucion
S.A.
4
.200
01/29/30
5,952
9,145,000
g
Celulosa
Arauco
y
Constitucion
S.A.
5
.150
01/29/50
7,769
7,000,000
e,g
Cemex
SAB
de
C.V.
9
.125
N/A‡
7,010
7,500,000
e
Fibria
Overseas
Finance
Ltd
5
.500
01/17/27
7,530
10,500,000
g
FMG
Resources
August
2006
Pty
Ltd
6
.125
04/15/32
10,106
3,409,000
International
Paper
Co
4
.800
06/15/44
3,117
12,000,000
g
Inversiones
CMPC
S.A.
4
.375
04/04/27
11,396
8,000,000
g
Klabin
Austria
GmbH
7
.000
04/03/49
7,972
6,855,000
g
LG
Chem
Ltd
4
.375
07/14/25
6,738
3,250,000
g
LG
Chem
Ltd
3
.625
04/15/29
3,062
5,000,000
Newmont
Corp
2
.250
10/01/30
4,200
9,875,000
PPG
Industries,
Inc
1
.200
03/15/26
8,851
11,500,000
Sonoco
Products
Co
1
.800
02/01/25
10,824
5,525,000
Sonoco
Products
Co
2
.250
02/01/27
5,008
12,736,000
Teck
Resources
Ltd
3
.900
07/15/30
11,700
TOTAL
MATERIALS
122,026
MEDIA
&
ENTERTAINMENT
-
0.1%
10,000,000
Alphabet,
Inc
1
.100
08/15/30
8,187
11,250,000
e
Comcast
Corp
4
.650
02/15/33
11,307
TOTAL
MEDIA
&
ENTERTAINMENT
19,494
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.6%
13,450,000
Amgen,
Inc
5
.250
03/02/33
13,819
13,200,000
Amgen,
Inc
5
.600
03/02/43
13,600
CREF
Social
Choice
Account
March
31,
2023
317
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
16,175,000
Amgen,
Inc
5
.650
%
03/02/53
$
16,833
14,984,000
AstraZeneca
plc
0
.700
04/08/26
13,485
4,800,000
Bristol-Myers
Squibb
Co
2
.350
11/13/40
3,458
4,500,000
Eli
Lilly
&
Co
4
.700
02/27/33
4,614
4,450,000
Eli
Lilly
&
Co
4
.875
02/27/53
4,601
4,650,000
Eli
Lilly
&
Co
4
.950
02/27/63
4,784
12,550,000
Merck
&
Co,
Inc
2
.150
12/10/31
10,625
8,800,000
Merck
&
Co,
Inc
2
.750
12/10/51
6,229
7,000,000
PerkinElmer,
Inc
2
.250
09/15/31
5,605
1,600,000
Pfizer,
Inc
2
.625
04/01/30
1,444
5,400,000
Pfizer,
Inc
1
.750
08/18/31
4,454
14,675,000
Takeda
Pharmaceutical
Co
Ltd
2
.050
03/31/30
12,392
8,500,000
Takeda
Pharmaceutical
Co
Ltd
3
.175
07/09/50
6,071
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
122,014
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
8,550,000
National
Community
Renaissance
of
California
3
.270
12/01/32
7,191
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
7,191
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
11,550,000
e
Intel
Corp
4
.150
08/05/32
11,141
7,208,000
NXP
BV
3
.400
05/01/30
6,482
10,000,000
g
SK
Hynix,
Inc
2
.375
01/19/31
7,488
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
25,111
SOFTWARE
&
SERVICES
-
0.0%
3,250,000
Autodesk,
Inc
2
.400
12/15/31
2,703
TOTAL
SOFTWARE
&
SERVICES
2,703
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
14,250,000
Apple,
Inc
3
.000
06/20/27
13,763
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
13,763
TELECOMMUNICATION
SERVICES
-
0.2%
9,000,000
i
Verizon
Communications,
Inc
SOFR
+
0.790%
5
.617
03/20/26
8,936
14,225,000
Verizon
Communications,
Inc
2
.550
03/21/31
12,118
10,000,000
Verizon
Communications,
Inc
3
.400
03/22/41
7,951
1,800,000
e
Vodafone
Group
plc
3
.250
06/04/81
1,526
8,200,000
Vodafone
Group
plc
4
.125
06/04/81
6,471
TOTAL
TELECOMMUNICATION
SERVICES
37,002
TRANSPORTATION
-
0.0%
8,799,000
Vessel
Management
Services,
Inc
5
.125
04/16/35
8,837
TOTAL
TRANSPORTATION
8,837
UTILITIES
-
3.5%
14,114,000
AES
Corp
2
.450
01/15/31
11,491
8,500,000
Algonquin
Power
&
Utilities
Corp
4
.750
01/18/82
6,800
12,325,000
Ameren
Illinois
Co
2
.900
06/15/51
8,504
4,500,000
Atlantic
City
Electric
Co
2
.300
03/15/31
3,788
3,345,000
Avangrid,
Inc
3
.150
12/01/24
3,242
9,950,000
Avangrid,
Inc
3
.200
04/15/25
9,522
13,200,000
Avangrid,
Inc
3
.800
06/01/29
12,389
10,275,000
Avista
Corp
4
.350
06/01/48
9,206
5,900,000
e,g
Azure
Power
Solar
Energy
Pvt
Ltd
5
.650
12/24/24
4,993
7,050,000
g
Brooklyn
Union
Gas
Co
4
.632
08/05/27
6,844
10,000,000
g
Brooklyn
Union
Gas
Co
4
.866
08/05/32
9,586
9,875,000
CenterPoint
Energy
Houston
Electric
LLC
2
.350
04/01/31
8,422
12,350,000
CenterPoint
Energy
Houston
Electric
LLC
3
.350
04/01/51
9,405
2,775,000
CenterPoint
Energy
Houston
Electric
LLC
5
.300
04/01/53
2,872
3,550,000
CMS
Energy
Corp
4
.750
06/01/50
3,067
CREF
Social
Choice
Account
March
31,
2023
318
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,100,000
CMS
Energy
Corp
3
.750
%
12/01/50
$
2,323
11,300,000
g
Colbun
S.A.
3
.150
01/19/32
9,365
17,500,000
Commonwealth
Edison
Co
2
.750
09/01/51
11,607
7,525,000
g
Consorcio
Transmantaro
SA
4
.700
04/16/34
6,885
9,376,000
Consumers
Energy
Co
2
.500
05/01/60
5,490
5,127,646
g
Continental
Wind
LLC
6
.000
02/28/33
5,249
7,110,000
Dominion
Energy,
Inc
3
.600
03/15/27
6,838
8,325,000
e
Dominion
Energy,
Inc
4
.350
N/A‡
6,887
4,000,000
Dominion
Energy,
Inc
(Step
Bond)
3
.071
08/15/24
3,879
22,625,000
DTE
Electric
Co
1
.900
04/01/28
19,967
9,025,000
DTE
Electric
Co
3
.250
04/01/51
6,694
10,000,000
Duke
Energy
Florida
LLC
2
.500
12/01/29
8,808
4,000,000
Duke
Energy
Progress
LLC
3
.450
03/15/29
3,739
8,850,000
Eastern
Energy
Gas
Holdings
LLC
2
.500
11/15/24
8,526
20,250,000
g
Electricite
de
France
S.A.
3
.625
10/13/25
19,723
9,375,000
Essential
Utilities,
Inc
3
.351
04/15/50
6,682
2,800,000
Eversource
Energy
0
.800
08/15/25
2,546
9,885,000
Georgia
Power
Co
3
.250
04/01/26
9,432
8,700,000
Georgia
Power
Co
5
.125
05/15/52
8,511
7,827,525
g
India
Cleantech
Energy
4
.700
08/10/26
6,914
9,700,000
Interstate
Power
&
Light
Co
3
.500
09/30/49
7,276
24,325,000
g
Korea
Hydro
&
Nuclear
Power
Co
Ltd
3
.750
07/25/23
24,234
16,441,000
e,g
Liberty
Utilities
Finance
GP
2
.050
09/15/30
12,920
1,000,000
MidAmerican
Energy
Co
3
.950
08/01/47
853
3,596,000
MidAmerican
Energy
Co
3
.150
04/15/50
2,636
12,350,000
National
Fuel
Gas
Co
5
.500
01/15/26
12,347
3,400,000
National
Fuel
Gas
Co
4
.750
09/01/28
3,280
11,250,000
National
Fuel
Gas
Co
2
.950
03/01/31
9,039
11,610,000
g
New
York
State
Electric
&
Gas
Corp
2
.150
10/01/31
9,295
13,164,000
g
Niagara
Mohawk
Power
Corp
1
.960
06/27/30
10,681
9,750,000
g
Niagara
Mohawk
Power
Corp
4
.119
11/28/42
8,022
5,250,000
Northwest
Natural
Gas
Co
3
.078
12/01/51
3,594
6,675,000
Pacific
Gas
and
Electric
Co
6
.700
04/01/53
6,864
16,250,000
e
PacifiCorp
2
.900
06/15/52
11,144
9,050,000
PacifiCorp
5
.350
12/01/53
9,261
7,113,000
Piedmont
Natural
Gas
Co,
Inc
3
.350
06/01/50
5,025
630,000
Public
Service
Co
of
Colorado
4
.750
08/15/41
573
5,000,000
Public
Service
Co
of
Colorado
3
.200
03/01/50
3,699
2,975,000
Public
Service
Co
of
New
Hampshire
3
.600
07/01/49
2,383
1,379,000
Public
Service
Co
of
Oklahoma
2
.200
08/15/31
1,127
6,134,000
Public
Service
Electric
&
Gas
Co
3
.200
08/01/49
4,599
7,675,000
Public
Service
Electric
and
Gas
Co
5
.125
03/15/53
7,864
17,875,000
Public
Service
Enterprise
Group,
Inc
0
.800
08/15/25
16,364
14,000,000
San
Diego
Gas
&
Electric
Co
2
.950
08/15/51
9,737
3,145,710
SCE
Recovery
Funding
LLC
1
.977
11/15/28
2,910
7,100,000
SCE
Recovery
Funding
LLC
2
.943
11/15/42
5,855
2,640,000
SCE
Recovery
Funding
LLC
3
.240
11/15/46
1,998
4,900,000
Sempra
Energy
4
.875
N/A‡
4,589
6,250,000
g
Sociedad
de
Transmision
Austral
S.A.
4
.000
01/27/32
5,187
20,292,066
g
Solar
Star
Funding
LLC
3
.950
06/30/35
17,802
19,253,611
g
Solar
Star
Funding
LLC
5
.375
06/30/35
19,648
750,000
Southern
California
Edison
Co
2
.750
02/01/32
644
5,000,000
Southern
California
Edison
Co
3
.450
02/01/52
3,659
10,348,000
Southern
Power
Co
4
.150
12/01/25
10,102
14,825,000
e
Southwestern
Electric
Power
Co
3
.250
11/01/51
10,313
5,613,000
Southwestern
Public
Service
Co
3
.750
06/15/49
4,405
18,650,000
Southwestern
Public
Service
Co
3
.150
05/01/50
13,428
19,134,880
g
Star
Energy
Geothermal
Wayang
Windu
Ltd
6
.750
04/24/33
18,715
15,333,885
g
Sweihan
PV
Power
Co
PJSC
3
.625
01/31/49
12,568
8,612,000
g
TerraForm
Power
Operating
LLC
5
.000
01/31/28
8,182
17,021,216
g
Topaz
Solar
Farms
LLC
4
.875
09/30/39
13,957
CREF
Social
Choice
Account
March
31,
2023
319
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,607,560
g
Topaz
Solar
Farms
LLC
5
.750
%
09/30/39
$
9,096
2,775,000
TransAlta
Corp
7
.750
11/15/29
2,916
8,083,302
g
UEP
Penonome
II
S.A.
6
.500
10/01/38
6,065
15,000,000
Union
Electric
Co
2
.150
03/15/32
12,279
8,325,000
Union
Electric
Co
2
.625
03/15/51
5,453
6,275,000
Union
Electric
Co
3
.900
04/01/52
5,262
3,775,000
g
Vistra
Corp
7
.000
N/A‡
3,322
10,049,000
Wisconsin
Power
and
Light
Co
3
.950
09/01/32
9,441
TOTAL
UTILITIES
660,809
TOTAL
CORPORATE
BONDS
2,203,268
(Cost
$2,478,226)
GOVERNMENT
BONDS
-
23.4%
AGENCY
SECURITIES
-
1.4%
3,635,000
Canal
Barge
Co,
Inc
4
.500
11/12/34
3,574
12,858,013
Crowley
Conro
LLC
4
.181
08/15/43
12,414
4,432,048
Ethiopian
Leasing
LLC
2
.566
08/14/26
4,320
691,378
Export-Import
Bank
of
the
United
States
2
.578
12/10/25
670
23,000,000
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
0
.375
05/05/23
22,917
18,700,000
FHLMC
0
.250
08/24/23
18,368
13,650,000
FHLMC
0
.250
09/08/23
13,380
23,636,000
FHLMC
0
.250
12/04/23
22,922
25,000,000
FHLMC
1
.540
08/17/35
17,797
20,000,000
Federal
National
Mortgage
Association
(FNMA)
0
.250
07/10/23
19,769
8,000,000
FNMA
0
.625
04/22/25
7,438
18,880,000
FNMA
0
.875
08/05/30
15,412
9,000,000
FNMA
1
.625
08/24/35
6,473
5,950,000
Hashemite
Kingdom
of
Jordan
Government
AID
Bond
3
.000
06/30/25
5,773
3,000,000
i
India
Government
AID
Bond
LIBOR
3
M
+
0.100%
4
.914
02/01/27
2,944
14,585,000
Montefiore
Medical
Center
2
.895
04/20/32
13,163
4,825,146
Overseas
Private
Investment
Corp
(OPIC)
1
.790
10/15/29
4,433
15,078,580
OPIC
2
.360
10/15/29
14,119
2,460,500
OPIC
2
.930
05/15/30
2,340
4,066,300
OPIC
3
.040
05/15/30
3,883
10,833,511
OPIC
3
.430
06/01/33
10,287
5,131,948
OPIC
2
.450
07/15/38
4,486
8,000,000
Private
Export
Funding
Corp
(PEFCO)
3
.250
06/15/25
7,801
11,676,708
Thirax  LLC
0
.968
01/14/33
10,107
3,707,323
Thirax
2
LLC
2
.320
01/22/34
3,370
1,775,000
United
States
International
Development
Finance
Corp
1
.440
04/15/28
1,577
1,000,000
United
States
International
Development
Finance
Corp
1
.650
04/15/28
897
8,315,656
United
States
International
Development
Finance
Corp
1
.630
07/15/38
6,839
2,266,000
US
Department
of
Housing
and
Urban
Development
(HUD)
2
.910
08/01/23
2,256
5,000,000
HUD
3
.535
08/01/36
4,514
TOTAL
AGENCY
SECURITIES
264,243
FOREIGN
GOVERNMENT
BONDS
-
3.2%
17,761,000
African
Development
Bank
0
.750
04/03/23
17,761
11,850,000
g
Arab
Petroleum
Investments
Corp
1
.483
10/06/26
10,595
9,500,000
Asian
Development
Bank
2
.125
03/19/25
9,130
6,500,000
Asian
Development
Bank
1
.750
08/14/26
6,072
19,194,000
Asian
Development
Bank
3
.125
09/26/28
18,575
12,500,000
Asian
Development
Bank
1
.500
03/04/31
10,665
EUR
7,925,000
g
Banque
Ouest
Africaine
de
Developpement
2
.750
01/22/33
6,360
12,400,000
g
BNG
Bank
NV
2
.625
02/27/24
12,148
CLP
9,475,000,000
g
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos
2
.300
10/01/28
10,300
1,900,000
g
Caisse
d'Amortissement
de
la
Dette
Sociale
0
.625
02/18/26
1,724
4,750,000
g
Caisse
d'Amortissement
de
la
Dette
Sociale
1
.375
01/20/31
3,968
CREF
Social
Choice
Account
March
31,
2023
320
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,000,000
g
Caisse
d'Amortissement
de
la
Dette
Sociale
2
.125
%
01/26/32
$
4,352
21,980,000
Canada
Government
International
Bond
2
.875
04/28/25
21,450
12,500,000
g
CDP
Financial,
Inc
1
.000
05/26/26
11,340
5,625,000
g
Central
American
Bank
for
Economic
Integration
5
.000
02/09/26
5,670
10,075,000
Chile
Government
International
Bond
3
.100
05/07/41
7,552
10,125,000
Council
Of
Europe
Development
Bank
3
.000
06/16/25
9,887
15,000,000
g
Development
Bank
of
Japan,
Inc
0
.500
03/04/24
14,398
19,500,000
European
Bank
for
Reconstruction
&
Development
1
.625
09/27/24
18,741
6,540,000
g
European
Investment
Bank
2
.876
06/13/25
6,385
3,750,000
European
Investment
Bank
2
.375
05/24/27
3,558
11,961,000
e
European
Investment
Bank
0
.625
10/21/27
10,413
3,750,000
European
Investment
Bank
3
.250
11/15/27
3,681
11,600,000
European
Investment
Bank
1
.625
10/09/29
10,234
19,749,000
European
Investment
Bank
0
.750
09/23/30
16,084
5,285,000
European
Investment
Bank
3
.750
02/14/33
5,346
2,000,000
European
Investment
Bank
4
.875
02/15/36
2,218
10,875,000
Export
Development
Canada
3
.375
08/26/25
10,713
13,050,000
Export
Development
Canada
3
.875
02/14/28
13,117
6,619,000
Inter-American
Development
Bank
0
.500
05/24/23
6,579
5,000,000
Inter-American
Development
Bank
1
.125
01/13/31
4,141
10,625,000
e
Inter-American
Investment
Corp
2
.625
04/22/25
10,280
16,750,000
Inter-American
Investment
Corp
4
.125
02/15/28
16,858
3,215,000
i
International
Bank
for
Reconstruction
&
Development
5
.202
06/17/24
3,225
12,850,000
International
Bank
for
Reconstruction
&
Development
0
.625
04/22/25
11,976
14,750,000
International
Bank
for
Reconstruction
&
Development
3
.125
11/20/25
14,445
28,030,000
International
Bank
for
Reconstruction
&
Development
0
.000
03/31/27
25,539
5,250,000
International
Bank
for
Reconstruction
&
Development
0
.000
03/31/28
5,273
10,000,000
International
Bank
for
Reconstruction
&
Development
1
.625
11/03/31
8,519
17,150,000
g
International
Development
Association
2
.750
04/24/23
17,129
8,750,000
Japan
International
Cooperation
Agency
1
.750
04/28/31
7,297
12,500,000
g
Kommunalbanken
AS.
2
.125
02/11/25
12,012
10,100,000
g
Korea
Electric
Power
Corp
1
.125
06/15/25
9,327
9,200,000
i
Kreditanstalt
fuer
Wiederaufbau
SOFR
+
1.000%
5
.708
02/12/24
9,273
11,250,000
Kreditanstalt
fuer
Wiederaufbau
0
.250
03/08/24
10,795
9,537,000
Kreditanstalt
fuer
Wiederaufbau
1
.000
10/01/26
8,663
6,500,000
Kreditanstalt
fuer
Wiederaufbau
1
.750
09/14/29
5,779
13,000,000
Landwirtschaftliche
Rentenbank
0
.875
09/03/30
10,584
18,250,000
e,g
Nederlandse
Waterschapsbank
NV
1
.750
01/15/25
17,436
19,000,000
g
Nederlandse
Waterschapsbank
NV
2
.375
03/24/26
18,098
4,430,000
g
Nederlandse
Waterschapsbank
NV
1
.000
05/28/30
3,642
11,250,000
g
OMERS
Finance
Trust
3
.500
04/19/32
10,554
9,000,000
g
OMERS
Finance
Trust
4
.000
04/19/52
7,624
16,375,000
g
OPEC
Fund
for
International
Development
4
.500
01/26/26
16,367
10,500,000
g
Perusahaan
Penerbit
SBSN
Indonesia
III
3
.900
08/20/24
10,400
8,225,000
Peruvian
Government
International
Bond
3
.000
01/15/34
6,704
10,000,000
Province
of
Quebec
Canada
2
.750
04/12/27
9,551
5,000,000
Province
of
Quebec
Canada
7
.500
09/15/29
5,954
15,250,000
Province
of
Quebec
Canada
1
.900
04/21/31
13,140
10,000,000
Republic
of
Italy
Government
International
Bond
2
.875
10/17/29
8,632
7,750,000
Republic
of
Italy
Government
International
Bond
4
.000
10/17/49
5,838
TOTAL
FOREIGN
GOVERNMENT
BONDS
614,071
MORTGAGE
BACKED
-
9.3%
2,805,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
1.900%
6
.460
12/25/41
2,689
3,000,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.500%
9
.060
01/25/42
2,861
10,555,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.100%
7
.660
03/25/42
10,470
15,710,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.850%
8
.410
05/25/42
15,970
17,917,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.650%
9
.218
06/25/42
18,619
5,420,392
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
2
.310
12/01/31
4,688
6,875,000
FHLMC
3
.740
06/01/37
6,356
5,646,500
FHLMC
4
.300
12/01/37
5,497
CREF
Social
Choice
Account
March
31,
2023
321
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
91,733
FHLMC
4
.000
%
06/01/42
$
90
944,147
i
FHLMC
LIBOR
1
M
+
5.920%
1
.236
03/15/44
91
3,187,691
i
FHLMC
LIBOR
1
M
+
9.920%
2
.425
06/15/48
3,141
2,194,442
i
FHLMC
LIBOR
1
M
+
9.840%
2
.345
10/15/48
2,108
5,000,519
FHLMC
3
.000
11/01/49
4,551
9,230,098
FHLMC
2
.000
09/25/50
1,076
17,223,304
FHLMC
2
.500
02/25/51
2,680
12,020,332
FHLMC
3
.000
11/01/51
10,962
1,427,782
FHLMC
3
.000
11/01/51
1,294
1,248,652
FHLMC
3
.000
11/01/51
1,143
1,707,591
FHLMC
3
.000
11/01/51
1,557
22,634,729
FHLMC
2
.500
02/01/52
19,643
12,566,523
FHLMC
2
.500
03/01/52
10,902
16,655,157
FHLMC
4
.000
04/01/52
15,939
19,708,573
FHLMC
3
.500
05/01/52
18,322
478,741
FHLMC
3
.500
06/01/52
447
9,752,739
FHLMC
4
.500
06/01/52
9,555
9,348,469
FHLMC
4
.500
07/01/52
9,159
1,555,875
FHLMC
4
.000
08/25/52
1,364
2,633,483
FHLMC
4
.500
10/25/52
2,474
10,807,512
FHLMC
6
.000
11/01/52
11,039
3,181,927
FHLMC
5
.500
11/25/52
3,335
16
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
7
.000
05/01/23
0
^
3,611
FGLMC
8
.000
01/01/31
4
100,678
FGLMC
4
.500
07/01/33
101
731,447
FGLMC
7
.000
12/01/33
774
202,667
FGLMC
7
.000
05/01/35
210
475,202
FGLMC
5
.000
06/01/36
486
138,558
FGLMC
5
.000
07/01/39
142
216,056
FGLMC
4
.500
10/01/44
216
270,424
FGLMC
4
.500
11/01/44
271
424,692
FGLMC
4
.500
11/01/44
425
258,769
FGLMC
4
.500
12/01/44
259
354,544
FGLMC
4
.500
12/01/44
355
1,110,850
FGLMC
3
.500
04/01/45
1,053
4,251,970
FGLMC
3
.500
10/01/45
4,025
535,301
FGLMC
4
.500
06/01/47
540
1,123,799
FGLMC
4
.000
09/01/47
1,096
802,091
FGLMC
3
.500
12/01/47
758
3,338,491
FGLMC
4
.500
08/01/48
3,343
1,243
Federal
National
Mortgage
Association
(FNMA)
8
.000
07/01/24
1
12,014,736
i
FNMA
2
.815
02/25/27
11,438
3,177,719
i
FNMA
3
.302
06/25/28
3,054
12,250,000
i
FNMA
1
.467
11/25/30
10,075
15,500,000
i
FNMA
1
.246
01/25/31
12,529
1,015,464
FNMA
3
.500
05/01/32
989
1,190,264
FNMA
3
.000
10/01/32
1,138
1,169,449
FNMA
5
.000
05/01/35
1,194
782,571
FNMA
5
.000
10/01/35
799
588,367
FNMA
5
.000
02/01/36
601
1,111,724
FNMA
5
.500
11/01/38
1,154
151,601
FNMA
3
.000
05/01/40
141
468,841
FNMA
5
.000
09/01/40
479
1,112,537
FNMA
5
.000
05/01/41
1,136
14,431,553
FNMA
2
.000
03/01/42
12,405
753,269
FNMA
4
.000
09/01/42
735
1,524,300
i
FNMA
LIBOR
1
M
+
5.950%
1
.105
09/25/43
174
1,229,951
FNMA
4
.500
03/01/44
1,237
60,034,095
FNMA
4
.000
05/01/44
58,464
321,149
FNMA
4
.500
06/01/44
321
3,773,116
FNMA
4
.500
06/01/44
3,767
CREF
Social
Choice
Account
March
31,
2023
322
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
801,393
FNMA
4
.500
%
08/01/44
$
800
2,053,817
FNMA
4
.500
10/01/44
2,051
3,667,645
FNMA
4
.500
11/01/44
3,662
676,350
FNMA
5
.000
11/01/44
691
1,014,459
FNMA
4
.500
12/01/44
1,013
408,700
FNMA
4
.000
01/01/45
399
178,681
FNMA
4
.500
03/01/45
179
283,291
FNMA
4
.500
04/01/45
283
2,128,475
FNMA
3
.500
05/01/45
2,016
3,072,494
FNMA
3
.500
01/01/46
2,902
604,862
FNMA
4
.000
04/01/46
589
3,505,767
FNMA
3
.500
06/01/46
3,311
2,310,975
FNMA
3
.500
07/01/46
2,183
3,784,082
FNMA
3
.500
07/01/46
3,609
1,050,383
FNMA
3
.500
08/01/46
992
306,502
FNMA
3
.000
10/01/46
277
2,886,875
FNMA
3
.500
10/01/46
2,726
1,194,042
FNMA
4
.500
05/01/47
1,201
1,576,401
FNMA
4
.000
10/01/47
1,533
240,920
FNMA
3
.500
11/01/47
229
291,797
FNMA
4
.500
11/01/47
292
3,109,807
FNMA
3
.500
01/01/48
2,933
2,076,326
FNMA
4
.500
01/01/48
2,077
1,719,753
FNMA
4
.500
02/01/48
1,720
1,431,878
FNMA
4
.500
05/01/48
1,432
1,030,504
FNMA
4
.500
05/01/48
1,031
2,620,820
FNMA
5
.000
08/01/48
2,668
12,571,028
FNMA
3
.000
07/01/50
11,429
5,581,461
FNMA
2
.000
08/25/50
784
14,373,186
FNMA
2
.500
11/25/50
2,087
4,924,241
FNMA
3
.000
12/25/50
761
4,071,188
FNMA
3
.000
02/25/51
738
35,426,974
FNMA
2
.000
04/01/51
29,369
4,507,726
FNMA
3
.000
09/01/51
4,091
5,143,838
FNMA
2
.500
11/25/51
671
7,992,902
FNMA
2
.000
12/01/51
6,626
6,378,059
FNMA
2
.000
01/01/52
5,335
3,672,279
FNMA
2
.000
02/01/52
3,048
13,927,499
FNMA
2
.500
02/01/52
12,082
12,271,711
FNMA
2
.500
02/01/52
10,650
4,873,739
FNMA
3
.500
02/01/52
4,567
6,227,098
FNMA
2
.000
03/01/52
5,163
1,991,402
FNMA
2
.500
04/01/52
1,727
31,027,926
FNMA
3
.000
04/01/52
27,986
9,886,177
FNMA
3
.000
04/01/52
8,908
1,391,124
FNMA
3
.500
04/01/52
1,293
13,448,522
FNMA
3
.500
05/01/52
12,497
38,860,562
FNMA
3
.500
05/01/52
36,117
23,335,800
FNMA
4
.000
05/01/52
22,328
16,495,656
FNMA
3
.500
06/01/52
15,361
19,397,038
FNMA
4
.000
06/01/52
18,551
4,853,212
FNMA
4
.500
06/01/52
4,755
43,155,840
FNMA
4
.000
07/01/52
41,288
4,137,260
FNMA
4
.000
07/01/52
3,958
4,174,809
FNMA
4
.500
07/01/52
4,091
34,830,908
FNMA
4
.500
07/01/52
34,126
6,399,169
FNMA
4
.500
07/25/52
5,969
30,304,786
FNMA
5
.000
08/01/52
30,231
2,349,305
FNMA
4
.500
08/25/52
2,131
27,940,953
FNMA
3
.500
09/01/52
25,968
24,883,066
h
FNMA
4
.000
09/01/52
23,798
CREF
Social
Choice
Account
March
31,
2023
323
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
208,235,748
FNMA
4
.500
%
09/01/52
$
204,018
5,774,289
FNMA
5
.000
09/01/52
5,758
1,791,244
FNMA
4
.000
09/25/52
1,557
2,231,378
FNMA
4
.000
09/25/52
2,075
113,669,132
FNMA
4
.000
10/01/52
108,713
83,336,409
FNMA
5
.000
10/01/52
83,107
1,707,929
FNMA
4
.500
10/25/52
1,693
1,960,196
FNMA
4
.500
10/25/52
1,948
8,776,853
FNMA
4
.500
11/01/52
8,599
3,437,709
FNMA
5
.500
11/25/52
3,529
53,969,077
FNMA
5
.500
12/01/52
54,512
11,655,192
Freddie
Mac
Multifamily
Variable
Rate
Certificate
2
.875
07/25/36
10,312
4,632,261
Freddie
Mac
REMICS
3
.000
10/25/50
3,426
265,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
1.500%
6
.060
10/25/41
253
2,060,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.500%
8
.060
03/25/42
2,048
17,140,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.350%
7
.910
05/25/42
17,280
10,390,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.550%
8
.110
08/25/42
10,179
6,670,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
3.700%
8
.260
09/25/42
6,795
10,020,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
2.400%
6
.960
02/25/42
9,746
14,900,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.500%
9
.060
06/25/42
15,481
7,005,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.000%
8
.560
07/25/42
6,993
1,874,268
Government
National
Mortgage
Association
(GNMA)
2
.580
08/15/25
1,870
8,045,554
GNMA
2
.690
06/15/33
7,386
6,702,109
GNMA
3
.700
10/15/33
6,492
53,633
GNMA
5
.000
04/15/38
55
113,626
GNMA
6
.500
11/20/38
121
7,035,462
GNMA
3
.700
08/15/40
6,795
8,062,662
GNMA
2
.500
12/20/43
7,314
11,383,319
GNMA
2
.750
01/15/45
10,355
2,268,500
GNMA
3
.000
03/20/45
2,038
1,635,375
GNMA
4
.500
12/20/45
1,631
1,336,512
GNMA
4
.000
06/20/46
176
4,398,845
GNMA
3
.500
12/20/46
4,183
2,992,292
GNMA
3
.500
01/20/47
2,849
3,365,438
i
GNMA
LIBOR
1
M
+
6.100%
1
.339
03/20/50
430
1,658,876
GNMA
3
.500
10/20/50
1,565
5,665,305
GNMA
3
.000
07/20/51
5,184
10,645,856
GNMA
3
.000
11/20/51
8,140
22,687,758
GNMA
2
.500
12/20/51
19,966
8,729,504
GNMA
3
.000
01/20/52
6,765
4,513,150
GNMA
2
.500
02/20/52
3,859
36,184,367
GNMA
2
.500
05/20/52
31,830
91,000,039
GNMA
3
.000
05/20/52
82,878
21,136,660
GNMA
3
.500
07/20/52
19,812
2,403,133
GNMA
4
.000
07/20/52
2,175
7,541,107
GNMA
4
.000
08/20/52
7,259
47,416,478
GNMA
4
.000
09/20/52
45,644
2,919,843
GNMA
4
.500
09/20/52
2,802
4,253,871
GNMA
4
.500
09/20/52
4,041
3,472,107
GNMA
4
.500
09/20/52
3,409
9,766,015
GNMA
5
.000
11/20/52
9,784
24,728,715
GNMA
3
.500
12/20/52
23,179
32,786,407
GNMA
4
.500
12/20/52
32,290
1,276,272
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
08/25/51
1,008
2,560,369
g,i
GS
Mortgage-Backed
Securities
Trust
2
.724
01/25/52
1,824
4,703,670
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
03/25/52
3,728
2,934,221
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
05/01/52
2,545
2,148,289
g,i
GS
Mortgage-Backed
Securities
Trust
2
.834
05/28/52
1,651
1,678,448
g,i
JP
Morgan
Mortgage
Trust
2
.882
08/25/51
1,282
1,236,671
g,i
JP
Morgan
Mortgage
Trust
2
.927
05/25/52
951
6,595,286
g,i
JP
Morgan
Mortgage
Trust
2
.500
07/25/52
5,221
CREF
Social
Choice
Account
March
31,
2023
324
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,116,394
g,i
JP
Morgan
Mortgage
Trust
3
.250
%
07/25/52
$
8,515
10,159,547
g,i
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
8,399
5,312,467
g,i
JP
Morgan
Mortgage
Trust
3
.000
10/25/52
4,392
4,812,082
g,i
JP
Morgan
Mortgage
Trust
3
.000
11/25/52
3,978
3,354,003
g,i
JP
Morgan
Mortgage
Trust
3
.000
12/25/52
2,773
439,395
g,i
JP
Morgan
Mortgage
Trust
5
.000
06/25/53
416
3,007,413
g,i
JP
Morgan
Mortgage
Trust
5
.500
06/25/53
2,896
TOTAL
MORTGAGE
BACKED
1,765,072
MUNICIPAL
BONDS
-
2.9%
2,000,000
g
Basin
Electric
Power
Coop
6
.127
06/01/41
2,193
1,170,000
Brunswick
&
Glynn
County
Development
Authority
3
.060
04/01/25
1,138
3,000,000
California
Earthquake
Authority
1
.477
07/01/23
2,973
1,990,000
California
Health
Facilities
Financing
Authority
2
.984
06/01/33
1,702
915,000
California
Health
Facilities
Financing
Authority
4
.353
06/01/41
849
145,000
g
California
Municipal
Finance
Authority
4
.250
11/01/23
143
455,000
California
Municipal
Finance
Authority
2
.138
08/15/27
407
350,000
California
Municipal
Finance
Authority
2
.288
08/15/28
307
500,000
California
Municipal
Finance
Authority
3
.694
08/15/56
347
16,250,000
Chicago
Housing
Authority
4
.361
01/01/38
15,385
11,645,000
Chicago
Metropolitan
Water
Reclamation
District-
Greater
Chicago
5
.720
12/01/38
12,829
3,035,000
City
&
County
of
Honolulu
HI
2
.668
10/01/27
2,833
5,645,000
City
&
County
of
Honolulu
HI
3
.974
09/01/35
5,285
1,615,000
City
&
County
of
Honolulu
HI
4
.004
09/01/36
1,504
7,085,000
City
&
County
of
San
Francisco
CA
4
.000
04/01/47
5,914
5,500,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.000
09/01/48
4,518
7,790,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.482
09/01/50
5,710
1,240,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
No
2014
6
.332
09/01/51
1,317
350,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
No
2014-1
3
.091
09/01/36
291
5,395,000
City
of
Chicago
IL
7
.750
01/01/42
5,657
1,250,000
City
of
Florence
SC
4
.250
12/01/34
1,195
1,000,000
City
of
Houston
TX
Combined
Utility
System
Revenue
3
.375
11/15/24
981
1,275,000
City
of
Houston
TX
Combined
Utility
System
Revenue
4
.172
11/15/38
1,210
7,500,000
City
of
Los
Angeles
CA
3
.880
09/01/38
6,756
7,190,000
City
of
Los
Angeles
CA
5
.000
09/01/42
7,109
1,530,000
City
of
Los
Angeles
Department
of
Airports
Customer
Facility
Charge
Revenue
3
.158
05/15/29
1,402
5,850,000
City
of
Los
Angeles
Department
of
Airports
Customer
Facility
Charge
Revenue
4
.242
05/15/48
5,189
1,780,000
g
City
of
Miami
FL
4
.808
01/01/39
1,655
3,665,000
City
of
Norfolk
VA
3
.050
10/01/36
3,083
4,835,000
City
of
Oakland
CA
2
.070
01/15/29
4,193
3,025,000
City
of
Port
Lions
AK
7
.500
10/01/52
3,200
3,345,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
3
.000
11/01/26
3,197
3,725,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
3
.950
11/01/36
3,424
8,615,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
3
.303
11/01/39
7,264
23,010,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
2
.825
11/01/41
17,764
18,500,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
4
.185
11/01/46
16,049
1,000,000
City
of
San
Juan
Capistrano
CA
3
.700
08/01/31
950
5,255,000
City
of
Seattle
WA
Local
Improvement
District
No
6751
2
.999
11/01/43
4,543
5,235,000
City
of
Seattle
WA
Local
Improvement
District
No
6751
3
.079
11/01/43
4,483
2,730,000
Commonwealth
Financing
Authority
3
.864
06/01/38
2,488
7,650,000
County
of
Alameda
CA
3
.820
08/01/38
6,850
CREF
Social
Choice
Account
March
31,
2023
325
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,430,000
g
County
of
Fond
Du
Lac
WI
5
.569
%
11/01/51
$
4,289
3,500,000
g
County
of
Gallatin
MT
11
.500
09/01/27
3,674
12,015,000
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
3
.490
10/01/42
9,924
3,500,000
District
of
Columbia
3
.432
04/01/42
2,868
15,000,000
District
of
Columbia
Water
&
Sewer
Authority
4
.814
10/01/14
14,304
6,500,000
g
Florida
Development
Finance
Corp
7
.250
07/01/57
6,551
3,125,000
Florida
Development
Finance
Corp
7
.500
07/01/57
3,086
1,000,000
Grant
County
Public
Utility
District
No
2
5
.470
01/01/34
1,001
1,250,000
Grant
County
Public
Utility
District
No
2
4
.164
01/01/35
1,221
22,445,000
Grant
County
Public
Utility
District
No
2
2
.918
01/01/40
18,210
9,255,000
Grant
County
Public
Utility
District
No
2
3
.210
01/01/40
7,754
3,230,000
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
3
.056
07/01/39
2,649
16,915,000
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
3
.473
07/01/41
14,332
1,100,000
Guadalupe
Valley
Electric
Coop,
Inc
5
.671
10/01/32
1,165
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
471
850,000
Henry
County
Water
Authority
3
.200
01/01/49
599
1,000,000
Honolulu
City
&
County
Board
of
Water
Supply
2
.327
07/01/32
836
2,000,000
Kern
County
Water
Agency
Improvement
District
No
4
4
.276
05/01/36
1,936
6,430,000
Lavaca-Navidad
River
Authority
4
.430
08/01/35
6,395
8,655,000
Los
Angeles
Community
College
District
2
.106
08/01/32
7,189
1,025,000
Maine
State
Housing
Authority
2
.331
11/15/30
873
2,495,000
Maryland
Community
Development
Administration
Housing
Revenue
3
.797
03/01/39
2,186
3,000,000
Massachusetts
Clean
Energy
Cooperative
Corp
2
.020
07/01/28
2,654
3,000,000
Massachusetts
Clean
Energy
Cooperative
Corp
2
.485
07/01/32
2,505
3,455,000
Massachusetts
Housing
Finance
Agency
5
.562
12/01/52
3,512
4,190,000
Massachusetts
St.
Water
Pollution
Abatement
5
.192
08/01/40
4,251
11,620,000
Metropolitan
Transportation
Authority
5
.175
11/15/49
10,600
2,000,000
Michigan
Finance
Authority
5
.000
07/01/31
2,044
7,400,000
New
Jersey
Economic
Development
Authority
5
.706
06/15/30
7,695
3,000,000
New
Jersey
Economic
Development
Authority
5
.756
06/15/31
3,129
720,000
New
Jersey
Economic
Development
Authority
5
.298
03/01/32
732
3,375,000
New
Mexico
Finance
Authority
4
.090
06/15/38
3,078
4,065,000
New
York
City
Housing
Development
Corp
3
.119
08/01/38
3,234
2,500,000
New
York
City
Housing
Development
Corp
3
.720
11/01/39
2,118
1,225,000
New
York
State
Environmental
Facilities
Corp
3
.195
06/15/25
1,194
2,120,000
New
York
State
Environmental
Facilities
Corp
3
.520
07/15/27
2,057
17,500,000
New
York
Transportation
Development
Corp
5
.000
01/01/26
17,932
11,245,000
Ohio
State
Water
Development
Authority
4
.879
12/01/34
11,457
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
2,425
4,020,000
Papio-Missouri
River
Natural
Resource
District
2
.088
12/15/24
3,918
4,500,000
Pend
Oreille
County
Public
Utility
District
No
Box
Canyon
5
.000
01/01/30
4,500
6,925,000
g
Pennsylvania
Economic
Development
Financing
Authority
10
.000
12/01/29
6,527
1,170,000
Pharr
Economic
Development
Corp
3
.513
08/15/30
1,093
1,140,000
Pharr
Economic
Development
Corp
3
.893
08/15/33
1,064
405,000
†
Public
Finance
Authority
15
.000
04/30/23
405
1,735,000
g
Public
Finance
Authority
7
.500
06/01/29
1,731
1,250,000
Redevelopment
Authority
of
the
City
of
Philadelphia
1
.927
09/01/27
1,110
1,710,000
Redevelopment
Authority
of
the
City
of
Philadelphia
3
.172
09/01/41
1,295
1,005,000
Sales
Tax
Securitization
Corp
5
.293
01/01/41
1,009
2,000,000
San
Francisco
City
&
County
Redevelopment
Agency
4
.375
08/01/44
1,774
3,870,000
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
3
.293
12/01/35
3,322
CREF
Social
Choice
Account
March
31,
2023
326
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,590,000
South
Dakota
Housing
Development
Authority
5
.460
%
05/01/53
$
1,620
36,330,000
State
of
California
3
.750
10/01/37
36,483
11,565,000
State
of
California
4
.600
04/01/38
11,297
10,050,000
State
of
California
4
.988
04/01/39
10,050
9,000,000
State
of
Illinois
5
.520
04/01/38
8,853
4,405,000
State
of
Michigan
3
.590
12/01/26
4,286
2,500,000
State
of
Ohio
5
.412
09/01/28
2,655
5,250,000
State
of
Oregon
4
.112
05/01/27
5,213
3,150,000
State
of
Oregon
4
.250
05/01/29
3,126
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
1,229
2,280,000
Tampa
Bay
Water
2
.612
10/01/25
2,184
3,225,000
Tampa
Bay
Water
2
.782
10/01/26
3,068
3,000,000
Tampa
Bay
Water
2
.952
10/01/27
2,839
1,255,000
Texas
Water
Development
Board
4
.248
10/15/35
1,232
5,880,000
Texas
Water
Development
Board
4
.340
10/15/48
5,346
4,170,000
Texas
Water
Development
Board
4
.648
04/15/50
3,980
5,000,000
Tuolumne
Wind
Project
Authority
6
.918
01/01/34
5,572
3,035,000
University
of
California
3
.809
05/15/28
2,948
11,400,000
University
of
California
4
.009
05/15/30
11,041
1,000,000
University
of
Cincinnati
3
.250
06/01/29
1,006
1,560,000
University
of
Cincinnati
3
.650
06/01/34
1,568
1,615,000
University
of
Cincinnati
3
.700
06/01/35
1,622
18,000,000
University
of
New
Mexico
3
.532
06/20/32
17,101
500,000
Upper
Allegheny
Joint
Sanitary
Authority
3
.550
09/01/39
425
1,500,000
Upper
Allegheny
Joint
Sanitary
Authority
3
.800
09/01/49
1,206
5,000,000
Vermont
Educational
&
Health
Buildings
Financing
Agency
4
.000
12/01/42
4,809
3,000,000
Vermont
Educational
&
Health
Buildings
Financing
Agency
4
.000
12/01/46
2,758
750,000
Village
of
Bellwood
IL
5
.375
12/01/32
703
4,500,000
Village
of
Bellwood
IL
6
.000
12/01/50
3,808
1,000,000
Washington
County
Clean
Water
Services
5
.078
10/01/24
1,009
TOTAL
MUNICIPAL
BONDS
557,989
U.S.
TREASURY
SECURITIES
-
6.6%
35,830,000
United
States
Treasury
Bond
2
.875
11/15/46
30,533
2,500,000
United
States
Treasury
Bond
3
.000
02/15/49
2,188
15,862,770
k
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
01/15/24
15,728
3,780,000
United
States
Treasury
Note
0
.250
09/30/23
3,699
31,765,000
United
States
Treasury
Note
2
.875
09/30/23
31,488
6,100,000
United
States
Treasury
Note
2
.625
12/31/23
6,009
1,525,000
United
States
Treasury
Note
2
.250
10/31/24
1,478
52,995,000
United
States
Treasury
Note
4
.625
02/28/25
53,510
1,500,000
United
States
Treasury
Note
0
.375
12/31/25
1,367
12,860,000
United
States
Treasury
Note
4
.000
02/15/26
12,913
4,665,000
United
States
Treasury
Note
4
.625
03/15/26
4,771
15,031,000
United
States
Treasury
Note
0
.500
10/31/27
13,043
35,275,000
United
States
Treasury
Note
0
.625
11/30/27
30,749
127,198,000
United
States
Treasury
Note
4
.000
02/29/28
129,494
28,250,000
United
States
Treasury
Note
1
.125
08/31/28
24,806
83,465,000
United
States
Treasury
Note
4
.000
02/28/30
85,669
264,475,400
United
States
Treasury
Note
3
.500
02/15/33
264,889
14,508,000
United
States
Treasury
Note
1
.875
02/15/41
10,850
4,700,000
United
States
Treasury
Note
2
.250
05/15/41
3,733
232,705,800
United
States
Treasury
Note
2
.375
02/15/42
187,128
29,796,000
United
States
Treasury
Note
3
.250
05/15/42
27,488
2,070,000
United
States
Treasury
Note
4
.000
11/15/42
2,126
82,325,000
United
States
Treasury
Note
3
.875
02/15/43
83,058
65,008,000
United
States
Treasury
Note
2
.250
02/15/52
48,477
CREF
Social
Choice
Account
March
31,
2023
327
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
171,988,800
United
States
Treasury
Note
4
.000
%
11/15/52
$
182,523
TOTAL
U.S.
TREASURY
SECURITIES
1,257,717
TOTAL
GOVERNMENT
BONDS
4,459,092
(Cost
$4,658,266)
STRUCTURED
ASSETS
-
4.1%
ASSET
BACKED
-
1.2%
900,000
g
AMSR
Trust
3
.148
01/19/39
833
Series
-
2019
SFR1
(Class
C)
800,000
g
AMSR
Trust
3
.247
01/19/39
737
Series
-
2019
SFR1
(Class
D)
2,000,000
g,i
BFLD
Trust
LIBOR
1
M
+
2.100%
6
.784
10/15/35
1,711
Series
-
2020
EYP
(Class
C)
225,237
i
C-BASS
Trust
LIBOR
1
M
+
0.160%
3
.485
07/25/36
213
Series
-
2006
CB6
(Class
A1)
1,743,559
Delta
Air
Lines
Pass
Through
Trust
4
.250
07/30/23
1,727
Series
-
2015
1
(Class
B)
11,775,000
Delta
Air
Lines
Pass
Through
Trust
3
.204
04/25/24
11,529
Series
-
2019
1
(Class
AA)
4,252,576
Delta
Air
Lines
Pass
Through
Trust
2
.000
06/10/28
3,742
Series
-
2020
1
(Class
AA)
17,647,220
Delta
Air
Lines
Pass
Through
Trust
2
.500
06/10/28
15,478
Series
-
2020
1
(Class
A)
87,124
g,i
Ellington
Loan
Acquisition
Trust
LIBOR
1
M
+
1.100%
5
.945
05/25/37
85
Series
-
2007
2
(Class
A2C)
3,363,438
g
GoodLeap
Sustainable
Home
Solutions
Trust
2
.100
05/20/48
2,651
Series
-
2021
3CS
(Class
A)
3,629,906
g
GoodLeap
Sustainable
Home
Solutions
Trust
1
.930
07/20/48
2,800
Series
-
2021
4GS
(Class
A)
13,292,384
g
GoodLeap
Sustainable
Home
Solutions
Trust
2
.310
10/20/48
10,522
Series
-
2021
5CS
(Class
A)
4,704,319
g
GoodLeap
Sustainable
Home
Solutions
Trust
2
.700
01/20/49
3,856
Series
-
2022
1GS
(Class
A)
3,153,851
g
GoodLeap
Sustainable
Home
Solutions
Trust
2
.940
01/20/49
2,422
Series
-
2022
1GS
(Class
B)
14,964,494
g
GoodLeap
Sustainable
Home
Solutions
Trust
4
.950
07/20/49
14,260
Series
-
2022
3CS
(Class
A)
8,297,000
g
Grace
Trust
2
.347
12/10/40
6,494
Series
-
2020
GRCE
(Class
A)
2,428,272
g
HERO
Funding
Trust
3
.840
09/21/40
2,324
Series
-
2015
1A
(Class
A)
650,116
g
HERO
Funding
Trust
3
.990
09/21/40
614
Series
-
2014
2A
(Class
A)
1,189,751
g
HERO
Funding
Trust
3
.750
09/20/41
1,132
Series
-
2016
2A
(Class
A)
1,102,936
g
HERO
Funding
Trust
4
.050
09/20/41
1,064
Series
-
2016
1A
(Class
A)
416,864
g
HERO
Funding
Trust
3
.080
09/20/42
385
Series
-
2016
3A
(Class
A1)
3,164,402
g
HERO
Funding
Trust
3
.710
09/20/47
2,974
Series
-
2017
1A
(Class
A1)
3,184,523
g
HERO
Funding
Trust
3
.190
09/20/48
2,927
Series
-
2017
3A
(Class
A1)
738,308
g
HERO
Funding
Trust
3
.280
09/20/48
682
Series
-
2017
2A
(Class
A1)
3,464,473
g
HERO
Funding
Trust
4
.670
09/20/48
3,324
Series
-
2018
1A
(Class
A2)
2,639,751
g
HERO
Funding
Trust
2
.240
09/20/51
2,295
Series
-
2021
1A
(Class
A)
CREF
Social
Choice
Account
March
31,
2023
328
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,375,000
g
Hertz
Vehicle
Financing
III
LLC
5
.570
%
09/25/29
$
7,484
Series
-
2023
2A
(Class
A)
13,685
i
Home
Equity
Asset
Trust
LIBOR
1
M
+
1.500%
3
.986
06/25/33
13
Series
-
2003
1
(Class
M1)
599,972
g,i
Invitation
Homes
Trust
LIBOR
1
M
+
1.250%
5
.959
01/17/38
596
Series
-
2018
SFR4
(Class
B)
3,365,105
g
Loanpal
Solar
Loan
Ltd
2
.290
01/20/48
2,655
Series
-
2021
1GS
(Class
A)
5,729,156
g
Loanpal
Solar
Loan
Ltd
2
.220
03/20/48
4,497
Series
-
2021
2GS
(Class
A)
2,220,179
†,g
Mosaic
Solar
Loan
Trust
0
.000
04/20/46
1,573
Series
-
2020
1A
(Class
R)
1,382,728
g
Mosaic
Solar
Loan
Trust
2
.100
04/20/46
1,205
Series
-
2020
1A
(Class
A)
1,913,597
g
Mosaic
Solar
Loan
Trust
3
.100
04/20/46
1,649
Series
-
2020
1A
(Class
B)
2,210,185
g
Mosaic
Solar
Loan
Trust
2
.050
12/20/46
1,786
Series
-
2021
1A
(Class
B)
3,278,735
g
Mosaic
Solar
Loan
Trust
1
.440
06/20/52
2,715
Series
-
2021
3A
(Class
A)
3,022,129
g
Mosaic
Solar
Loans
LLC
3
.820
06/22/43
2,805
Series
-
2017
2A
(Class
A)
3,473,634
g
Mosaic
Solar
Loans
LLC
1
.640
04/22/47
2,913
Series
-
2021
2A
(Class
A)
750,000
g
Progress
Residential
Trust
2
.711
11/17/40
628
Series
-
2021
SFR9
(Class
D)
2,104,469
g
Renew
3
.670
09/20/52
1,849
Series
-
2017
1A
(Class
A)
4,421,775
g
Renew
3
.950
09/20/53
3,912
Series
-
2018
1
(Class
A)
4,003,897
g
Renew
2
.060
11/20/56
3,474
Series
-
2021
1
(Class
A)
5,576,537
SCE
Recovery
Funding
LLC
0
.861
11/15/31
4,746
9,945
i
Structured
Asset
Investment
Loan
Trust
LIBOR
1
M
+
0.900%
5
.745
09/25/34
10
Series
-
2004
8
(Class
M1)
6,684,520
g
Sunnova
Helios
VII
Issuer
LLC
2
.030
10/20/48
5,647
Series
-
2021
C
(Class
A)
3,790,709
g
Sunnova
Helios
VIII
Issuer
LLC
2
.790
02/22/49
3,277
Series
-
2022
A
(Class
A)
2,700,210
g
Sunrun
Athena
Issuer
LLC
5
.310
04/30/49
2,597
Series
-
2018
1
(Class
A)
8,829,870
g
Sunrun
Atlas
Issuer
LLC
3
.610
02/01/55
7,865
Series
-
2019
2
(Class
A)
5,708,680
g
Sunrun
Callisto
Issuer
LLC
2
.270
01/30/57
4,568
Series
-
2021
2A
(Class
A)
6,828,261
g
Sunrun
Jupiter
Issuer
LLC
4
.750
07/30/57
6,375
Series
-
2022
1A
(Class
A)
5,400,000
g
Tesla
Auto
Lease
Trust
0
.560
03/20/25
5,301
Series
-
2021
A
(Class
A3)
6,650,000
g
Tesla
Auto
Lease
Trust
0
.660
03/20/25
6,445
Series
-
2021
A
(Class
A4)
1,400,000
g
Tesla
Auto
Lease
Trust
1
.020
03/20/25
1,357
Series
-
2021
A
(Class
B)
6,250,000
g
Tesla
Auto
Lease
Trust
1
.180
03/20/25
6,018
Series
-
2021
A
(Class
C)
4,500,000
g
Tesla
Auto
Lease
Trust
0
.600
09/22/25
4,302
Series
-
2021
B
(Class
A3)
5,000,000
g
Tesla
Auto
Lease
Trust
0
.630
09/22/25
4,745
Series
-
2021
B
(Class
A4)
8,137,378
Toyota
Auto
Receivables
Owner
Trust
0
.260
11/17/25
7,857
Series
-
2021
B
(Class
A3)
CREF
Social
Choice
Account
March
31,
2023
329
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,900,000
Toyota
Auto
Receivables
Owner
Trust
0
.530
%
10/15/26
$
9,123
Series
-
2021
B
(Class
A4)
475,000
g
Tricon
American
Homes
Trust
2
.049
07/17/38
431
Series
-
2020
SFR1
(Class
B)
13,727,158
g
Vivint
Colar
Financing
V
LLC
4
.730
04/30/48
12,419
Series
-
2018
1A
(Class
A)
4,682,601
g
Vivint
Solar
Financing
VII
LLC
2
.210
07/31/51
3,673
Series
-
2020
1A
(Class
A)
TOTAL
ASSET
BACKED
233,291
OTHER
MORTGAGE
BACKED
-
2.9%
81,160
g,i
Agate
Bay
Mortgage
Trust
3
.500
09/25/45
73
Series
-
2015
6
(Class
A9)
4,075,000
g,i
Alen
Mortgage
Trust
LIBOR
1
M
+
2.250%
6
.934
04/15/34
3,245
Series
-
2021
ACEN
(Class
C)
2,115,000
g,i
Angel
Oak
Mortgage
Trust
2
.837
11/25/66
1,437
Series
-
2021
8
(Class
A3)
5,000,000
g
BANK
2
.500
10/17/52
3,001
Series
-
2019
BN21
(Class
D)
6,500,000
i
BANK
3
.517
10/17/52
4,909
Series
-
2019
BN21
(Class
C)
8,000,000
i
BANK
3
.461
11/15/62
6,160
Series
-
2019
BN22
(Class
C)
4,940,000
g,i
BBCMS
Mortgage
Trust
4
.267
08/05/38
3,208
Series
-
2018
CHRS
(Class
E)
2,750,000
g
BBCMS
Trust
4
.798
08/10/35
2,543
Series
-
2015
SRCH
(Class
C)
8,870,000
g,i
Benchmark
Mortgage
Trust
3
.899
03/15/62
5,951
Series
-
2019
B10
(Class
3CCA)
5,200,000
g
BMO
360A
3
.776
02/17/55
4,331
Series
-
2022
C1
(Class
360A)
7,390,553
g,i
BX
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.197%
5
.881
10/15/38
6,999
Series
-
2021
XL2
(Class
C)
6,000,000
g,i
BX
Commercial
Mortgage
Trust
6
.667
01/17/39
5,807
Series
-
2022
AHP
(Class
B)
6,000,000
g,i
BX
TRUST
6
.317
01/17/39
5,780
Series
-
2022
AHP
(Class
AS)
2,901,500
g,i
CCRC
Affordable
Multifamily
Housing
Mortgage
Trust
5
.696
06/25/34
2,691
Series
-
2017
Q005
(Class
B)
2,000,000
i
CD
Mortgage
Trust
3
.879
11/10/49
1,759
Series
-
2016
CD2
(Class
B)
1,000,000
g,i
Century
Plaza
Towers
2
.997
11/13/39
712
Series
-
2019
CPT
(Class
B)
2,000,000
i
Citigroup
Commercial
Mortgage
Trust
4
.140
04/10/48
1,824
Series
-
2015
GC29
(Class
C)
1,615,000
Citigroup
Commercial
Mortgage
Trust
3
.018
08/10/56
1,365
Series
-
2019
GC41
(Class
AS)
3,000,000
g,i
Cityline
Commercial
Mortgage
Trust
2
.778
11/10/31
2,907
Series
-
2016
CLNE
(Class
A)
3,740,000
g,i
COMM
Mortgage
Trust
3
.413
10/10/29
3,513
Series
-
2017
PANW
(Class
B)
3,000,000
g,i
COMM
Mortgage
Trust
3
.538
10/10/29
2,806
Series
-
2017
PANW
(Class
C)
5,120,000
g
COMM
Mortgage
Trust
4
.353
08/10/30
4,933
Series
-
2013
300P
(Class
A1)
4,375,000
g
COMM
Mortgage
Trust
3
.376
01/10/39
3,728
Series
-
2022
HC
(Class
C)
3,500,000
g,i
COMM
Mortgage
Trust
4
.070
03/10/48
2,732
Series
-
2015
CR22
(Class
D)
1,000,000
i
COMM
Mortgage
Trust
4
.295
05/10/48
818
Series
-
2015
CR23
(Class
D)
CREF
Social
Choice
Account
March
31,
2023
330
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,100,000
i
COMM
Mortgage
Trust
4
.295
%
05/10/48
$
1,013
Series
-
2015
CR23
(Class
C)
2,500,000
i
COMM
Mortgage
Trust
3
.463
08/10/48
2,009
Series
-
2015
CR24
(Class
D)
1,000,000
COMM
Mortgage
Trust
3
.263
08/15/57
853
Series
-
2019
GC44
(Class
AM)
6,000,000
g,i
Commercial
Mortgage
Pass
Through
Certificates
3
.896
01/10/39
5,009
Series
-
2022
HC
(Class
D)
21,985,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.500%
8
.060
03/25/42
22,153
Series
-
2022
R03
(Class
1M2)
4,845,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.000%
7
.560
04/25/42
4,731
Series
-
2022
R05
(Class
2M2)
4,298,000
g,i
Connecticut
Avenue
Securities
Trust
SOFR
+
3.600%
8
.160
07/25/42
4,306
Series
-
2022
R08
(Class
1M2)
7,905,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
4.750%
9
.318
09/25/42
8,195
Series
-
2022
R09
(Class
2M2)
22,015,000
g,i
Connecticut
Avenue
Securities
Trust
30d
Avg
SOFR
+
3.750%
8
.318
12/25/42
22,220
Series
-
2023
R01
(Class
1M2)
15,000,000
g
CPT
Mortgage
Trust
2
.865
11/13/39
12,214
Series
-
2019
CPT
(Class
A)
2,000,000
g,i
CPT
Mortgage
Trust
2
.997
11/13/39
1,268
Series
-
2019
CPT
(Class
E)
5,000,000
g,i
Credit
Suisse
Commercial
Mortgage
Trust
3
.728
11/10/32
4,288
Series
-
2017
CALI
(Class
B)
3,284,636
g,i
Credit
Suisse
Mortgage
Capital
Certificates
2
.405
10/25/66
2,710
Series
-
2021
NQM8
(Class
A3)
6,650,000
g,i
CSAIL
Commercial
Mortgage
Trust
3
.677
06/15/37
5,979
Series
-
2017
C8
(Class
85BA)
6,100,000
g,i
CSAIL
Commercial
Mortgage
Trust
3
.677
06/15/37
5,126
Series
-
2017
C8
(Class
85BB)
2,000,000
g,i
CSMC
Series
3
.388
10/25/59
1,746
Series
-
2019
NQM1
(Class
M1)
102,725,000
g,i
DOLP
Trust
0
.665
05/10/41
4,083
Series
-
2021
NYC
(Class
X)
7,500,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
1.320%
6
.005
11/15/38
7,108
Series
-
2021
ELP
(Class
C)
5,000,000
g,i
ELP
Commercial
Mortgage
Trust
LIBOR
1
M
+
2.118%
6
.803
11/15/38
4,668
Series
-
2021
ELP
(Class
E)
522,598
g,i
Flagstar
Mortgage
Trust
4
.035
10/25/47
465
Series
-
2017
2
(Class
B3)
48,983
g,i
Flagstar
Mortgage
Trust
4
.000
09/25/48
46
Series
-
2018
5
(Class
A11)
1,422,858
g,i
Flagstar
Mortgage
Trust
2
.500
04/25/51
1,124
Series
-
2021
2
(Class
A4)
4,395,285
g,i
Flagstar
Mortgage
Trust
2
.500
06/01/51
3,473
Series
-
2021
4
(Class
A21)
10,260,000
Freddie
Mac
Multiclass
Certificates
Series
1
.878
01/25/31
8,699
Series
-
2021
P009
(Class
A2)
7,324,000
i
Freddie
Mac
Multiclass
Certificates
Series
2
.760
02/25/32
6,429
Series
-
2022
P013
(Class
A2)
6,682,861
Freddie
Mac
Multifamily
ML
Certificates
1
.877
07/25/37
5,226
Series
-
2021
ML08
(Class
ML08)
39,617,000
i
Freddie
Mac
Multifamily
ML
Certificates
1
.769
11/25/37
5,044
Series
-
2021
ML08
(Class
XCA)
3,162,971
Freddie
Mac
Multifamily
ML
Certificates
1
.896
11/25/37
2,512
Series
-
2021
ML08
(Class
ML08)
9,989,192
i
Freddie
Mac
Multifamily
ML
Certificates
3
.650
11/25/38
9,188
Series
-
2022
ML14
(Class
A)
16,555,152
Freddie
Mac
Multifamily
ML
Certificates
2
.340
07/25/41
13,117
Series
-
2021
ML12
(Class
AUS)
CREF
Social
Choice
Account
March
31,
2023
331
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,024,998
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.518
%
09/25/35
$
793
Series
-
2020
Q012
(Class
A3)
4,621,579
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.555
01/25/36
3,799
Series
-
2020
Q014
(Class
A1)
16,564,403
Freddie
Mac
Multifamily
Variable
Rate
Certificate
3
.150
10/15/36
14,639
Series
-
2022
M068
(Class
A)
1,737,157
Freddie
Mac
Multifamily
Variable
Rate
Certificate
4
.013
04/15/37
1,679
Series
-
2022
M069
(Class
A)
6,050,000
Freddie
Mac
Multifamily
Variable
Rate
Certificate
1
.761
09/15/38
4,993
Series
-
2020
M061
(Class
A)
6,069,936
Freddie
Mac
REMICS
3
.000
09/25/50
4,551
Series
-
2021
5160
(Class
ZG)
8,080,000
g,i
Freddie
Mac
STACR
REMIC
Trust
30d
Avg
SOFR
+
2.900%
7
.460
04/25/42
8,030
Series
-
2022
DNA3
(Class
M1B)
2,785,000
g,i
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
30d
Avg
SOFR
+
4.750%
9
.310
02/25/42
2,657
Series
-
2022
DNA2
(Class
B1)
2,972,000
g,i
GS
Mortgage
Securities
Corp
II
4
.577
03/10/33
2,511
Series
-
2018
GS10
(Class
WLSC)
2,000,000
g,i
GS
Mortgage
Securities
Trust
LIBOR
1
M
+
1.090%
5
.780
10/15/31
1,864
Series
-
2018
HART
(Class
A)
3,000,000
GS
Mortgage
Securities
Trust
3
.143
10/10/49
2,728
Series
-
2016
GS3
(Class
AS)
830,000
i
GS
Mortgage
Securities
Trust
3
.954
11/10/49
688
Series
-
2016
GS4
(Class
C)
371,089
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
01/25/51
316
Series
-
2020
PJ4
(Class
A4)
736,707
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
03/27/51
627
Series
-
2020
PJ5
(Class
A4)
1,026,915
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
05/25/51
809
Series
-
2020
PJ6
(Class
A4)
5,625,872
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
10/25/51
4,445
Series
-
2021
PJ5
(Class
A4)
4,992,671
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
06/25/52
4,128
Series
-
2022
PJ2
(Class
A36)
2,385,458
g,i
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
09/25/52
1,972
Series
-
2022
PJ4
(Class
A36)
414,202
g,i
GS
Mortgage-Backed
Securities
Trust
3
.641
05/25/50
345
Series
-
2020
PJ1
(Class
B2)
1,143,151
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
07/25/51
902
Series
-
2021
PJ2
(Class
A4)
8,329,318
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
11/25/51
6,581
Series
-
2021
PJ6
(Class
A4)
10,640,243
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
8,407
Series
-
2021
PJ7
(Class
A4)
4,824,012
g,i
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
3,812
Series
-
2021
PJ8
(Class
A4)
5,413,654
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
10/25/52
4,476
Series
-
2022
PJ5
(Class
A36)
3,100,302
g,i
GS
Mortgage-Backed
Securities
Trust
3
.000
01/25/53
2,563
Series
-
2022
PJ6
(Class
A24)
6,016,335
g,i
GS
Mortgage-Backed
Securities
Trust
3
.500
02/25/53
5,143
Series
-
2023
PJ1
(Class
A24)
610,035
i
HarborView
Mortgage
Loan
Trust
LIBOR
1
M
+
0.620%
5
.381
08/19/45
539
Series
-
2005
11
(Class
2A1A)
6,000,000
g
Hudson
Yards
Mortgage
Trust
2
.835
08/10/38
5,522
Series
-
2016
10HY
(Class
A)
5,000,000
g,i
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
4,485
Series
-
2016
10HY
(Class
B)
5,000,000
g,i
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
4,365
Series
-
2016
10HY
(Class
C)
CREF
Social
Choice
Account
March
31,
2023
332
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,000,000
g
Hudson
Yards
Mortgage
Trust
3
.228
%
07/10/39
$
6,037
Series
-
2019
30HY
(Class
A)
4,000,000
g,i
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
2,830
Series
-
2019
55HY
(Class
D)
7,000,000
†,g,i
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
4,688
Series
-
2019
55HY
(Class
E)
144,211
i
Impac
CMB
Trust
LIBOR
1
M
+
0.660%
5
.505
03/25/35
132
Series
-
2004
11
(Class
2A1)
480,000
g,i
Imperial
Fund
Mortgage
Trust
3
.531
10/25/55
405
Series
-
2020
NQM1
(Class
M1)
1,700,000
g,i
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
1.770%
6
.455
10/15/33
1,496
Series
-
2020
609M
(Class
B)
2,000,000
g,i
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
2.170%
6
.855
10/15/33
1,674
Series
-
2020
609M
(Class
C)
1,690,637
g,i
JP
Morgan
Mortgage
Trust
LIBOR
1
M
-
0.000%
5
.695
12/25/44
1,594
Series
-
2015
1
(Class
B1)
80,998
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/45
73
Series
-
2015
3
(Class
A19)
450,292
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/45
410
Series
-
2015
6
(Class
A13)
208,213
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/46
187
Series
-
2016
1
(Class
A13)
224,623
g,i
JP
Morgan
Mortgage
Trust
3
.500
05/25/47
200
Series
-
2017
2
(Class
A13)
305,509
g,i
JP
Morgan
Mortgage
Trust
3
.500
09/25/48
270
Series
-
2018
3
(Class
A13)
247,220
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
218
Series
-
2018
4
(Class
A13)
854,966
g,i
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
744
Series
-
2018
5
(Class
A13)
856,083
g,i
JP
Morgan
Mortgage
Trust
3
.300
10/26/48
809
Series
-
2017
5
(Class
A2)
95,118
g,i
JP
Morgan
Mortgage
Trust
4
.000
01/25/49
88
Series
-
2018
8
(Class
A13)
203,436
g,i
JP
Morgan
Mortgage
Trust
4
.000
02/25/49
189
Series
-
2018
9
(Class
A13)
31,739
g,i
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
30
Series
-
2019
1
(Class
A3)
205,921
g,i
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
192
Series
-
2019
1
(Class
A15)
444,652
g,i
JP
Morgan
Mortgage
Trust
LIBOR
1
M
+
0.950%
5
.567
10/25/49
427
Series
-
2019
INV1
(Class
A11)
1,573,160
g,i
JP
Morgan
Mortgage
Trust
3
.832
06/25/50
1,342
Series
-
2020
1
(Class
B2)
3,257,183
g,i
JP
Morgan
Mortgage
Trust
2
.500
10/25/51
2,578
Series
-
2021
6
(Class
A15)
2,276,147
g,i
JP
Morgan
Mortgage
Trust
2
.500
11/25/51
1,798
Series
-
2021
7
(Class
A15)
2,890,725
g,i
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
2,284
Series
-
2021
8
(Class
A15)
1,229,753
g,i
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
972
Series
-
2021
10
(Class
A15)
4,092,667
g,i
JP
Morgan
Mortgage
Trust
2
.500
01/25/52
3,244
Series
-
2021
11
(Class
A15)
1,131,378
g,i
JP
Morgan
Mortgage
Trust
2
.500
02/25/52
896
Series
-
2021
12
(Class
A15)
1,872,959
g,i
JP
Morgan
Mortgage
Trust
2
.500
05/25/52
1,483
Series
-
2021
14
(Class
A15)
5,929,201
g,i
JP
Morgan
Mortgage
Trust
2
.500
06/25/52
4,694
Series
-
2021
15
(Class
A15)
CREF
Social
Choice
Account
March
31,
2023
333
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,101,405
g,i
JP
Morgan
Mortgage
Trust
3
.000
%
08/25/52
$
5,871
Series
-
2022
2
(Class
A25)
6,502,418
g,i
JP
Morgan
Mortgage
Trust
3
.500
09/25/52
5,598
Series
-
2022
LTV2
(Class
A6)
5,000,000
g
Liberty
Street
Trust
3
.597
02/10/36
4,626
Series
-
2016
225L
(Class
A)
4,000,000
g,i
MAD
Mortgage
Trust
2
.976
08/15/34
3,794
Series
-
2017
330M
(Class
A)
4,000,000
g,i
MAD
Mortgage
Trust
3
.142
08/15/34
3,690
Series
-
2017
330M
(Class
B)
2,000,000
g,i
Manhattan
West
2
.335
09/10/39
1,585
Series
-
2020
1MW
(Class
C)
2,000,000
g
Manhattan
West
Mortgage
Trust
2
.130
09/10/39
1,724
Series
-
2020
1MW
(Class
A)
2,169,000
g,i
Menora
Mivtachim
Holdings
Ltd
3
.939
02/17/55
1,184
Series
-
2022
C1
(Class
360D)
132,584
†,i
Morgan
Stanley
Capital
I
Trust
5
.674
12/12/49
56
Series
-
2007
IQ16
(Class
AJFX)
952,475
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
07/25/51
837
Series
-
2021
4
(Class
A4)
3,893,153
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
08/25/51
3,088
Series
-
2021
5
(Class
A9)
2,907,949
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
2,522
Series
-
2021
6
(Class
A4)
2,509,306
g,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
1,986
Series
-
2021
6
(Class
A9)
3,000,000
g,i
MSDB
Trust
3
.316
07/11/39
2,674
Series
-
2017
712F
(Class
A)
5,750,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
1.579%
5
.915
07/15/36
5,526
Series
-
2019
MILE
(Class
A)
6,750,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
1.800%
6
.707
07/15/36
6,268
Series
-
2019
MILE
(Class
B)
4,250,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
2.200%
7
.107
07/15/36
3,897
Series
-
2019
MILE
(Class
C)
9,800,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
3.579%
8
.407
07/15/36
8,844
Series
-
2019
MILE
(Class
E)
1,500,000
g,i
Natixis
Commercial
Mortgage
Securities
Trust
LIBOR
1
M
+
4.250%
9
.157
07/15/36
1,344
Series
-
2019
MILE
(Class
F)
484,947
g,i
New
Residential
Mortgage
Loan
Trust
2
.797
09/25/59
443
Series
-
2019
NQM4
(Class
A3)
470,000
g,i
New
Residential
Mortgage
Loan
Trust
2
.986
09/25/59
382
Series
-
2019
NQM4
(Class
M1)
42,466
i
New
York
Mortgage
Trust
LIBOR
1
M
+
0.480%
5
.325
02/25/36
41
Series
-
2005
3
(Class
A1)
5,199,702
g,i
OBX
Trust
2
.500
07/25/51
4,108
Series
-
2021
J2
(Class
A19)
339,028
g,i
OBX
Trust
LIBOR
1
M
+
0.650%
5
.495
06/25/57
317
Series
-
2018
1
(Class
A2)
1,580,106
g,i
Oceanview
Mortgage
Trust
2
.500
05/25/51
1,248
Series
-
2021
1
(Class
A19)
1,860,170
g,i
Oceanview
Mortgage
Trust
4
.500
11/25/52
1,747
Series
-
2022
1
(Class
A1)
11,800,000
g
One
Bryant
Park
Trust
2
.516
09/15/54
9,715
Series
-
2019
OBP
(Class
A)
4,699,000
g
One
Market
Plaza
Trust
3
.614
02/10/32
4,317
Series
-
2017
1MKT
(Class
A)
1,000,000
g
One
Market
Plaza
Trust
3
.845
02/10/32
917
Series
-
2017
1MKT
(Class
B)
2,000,000
g
One
Market
Plaza
Trust
4
.146
02/10/32
1,775
Series
-
2017
1MKT
(Class
D)
CREF
Social
Choice
Account
March
31,
2023
334
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
PRINCIPAL
ISSUER
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,103,674
g,i
RCKT
Mortgage
Trust
2
.500
%
09/25/51
$
4,040
Series
-
2021
4
(Class
A21)
7,053,091
g,i
RCKT
Mortgage
Trust
2
.500
02/25/52
5,590
Series
-
2022
2
(Class
A22)
5,409,753
g,i
RCKT
Mortgage
Trust
3
.500
06/25/52
4,645
Series
-
2022
4
(Class
A22)
437,607
g,i
Sequoia
Mortgage
Trust
3
.500
05/25/45
398
Series
-
2015
2
(Class
A1)
193,445
g,i
Sequoia
Mortgage
Trust
3
.500
06/25/46
174
Series
-
2016
1
(Class
A19)
657,029
g,i
Sequoia
Mortgage
Trust
3
.726
09/25/47
601
Series
-
2017
6
(Class
B1)
12,470
g,i
Sequoia
Mortgage
Trust
4
.000
09/25/48
12
Series
-
2018
7
(Class
A19)
74,087
g,i
Sequoia
Mortgage
Trust
4
.000
06/25/49
69
Series
-
2019
2
(Class
A19)
187,131
g,i
Sequoia
Mortgage
Trust
3
.500
12/25/49
168
Series
-
2019
5
(Class
A19)
1,451,976
g,i
Sequoia
Mortgage
Trust
3
.000
04/25/50
1,222
Series
-
2020
3
(Class
A19)
2,989,488
g,i
Sequoia
Mortgage
Trust
2
.500
06/25/51
2,362
Series
-
2021
4
(Class
A19)
289,268
g,i
Shellpoint
Co-Originator
Trust
3
.500
10/25/47
265
Series
-
2017
2
(Class
A1)
78,068,000
g,i
SLG
Office
Trust
0
.258
07/15/41
1,241
Series
-
2021
OVA
(Class
X)
58,931
g,i
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
3
.789
02/25/48
55
Series
-
2018
SPI1
(Class
M2)
74,055
g,i
STACR
3
.834
05/25/48
71
Series
-
2018
SPI2
(Class
M2)
1,125,000
g,i
STWD
Mortgage
Trust
LIBOR
1
M
+
1.257%
5
.941
11/15/36
1,072
Series
-
2021
LIH
(Class
AS)
4,000,000
g
SUMIT
Mortgage
Trust
2
.789
02/12/41
3,323
Series
-
2022
BVUE
(Class
A)
982,000
g,i
Verus
Securitization
Trust
3
.207
11/25/59
838
Series
-
2019
4
(Class
M1)
486,901
g
Verus
Securitization
Trust
1
.733
05/25/65
446
Series
-
2020
5
(Class
A3)
2,672,619
g,i
Verus
Securitization
Trust
2
.240
10/25/66
2,182
Series
-
2021
7
(Class
A3)
54,094
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
4
.000
04/25/49
51
Series
-
2019
2
(Class
A17)
446,918
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
07/25/50
381
Series
-
2020
4
(Class
A17)
7,023,013
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
06/25/51
5,549
Series
-
2021
2
(Class
A17)
2,422,070
g,i
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
12/25/51
1,920
Series
-
2022
2
(Class
A18)
148,120
g,i
WinWater
Mortgage
Loan
Trust
3
.918
06/20/44
125
Series
-
2014
1
(Class
B4)
3,464,206
g,i
Woodward
Capital
Management
3
.000
05/25/52
2,864
Series
-
2022
3
(Class
A21)
TOTAL
OTHER
MORTGAGE
BACKED
538,375
TOTAL
STRUCTURED
ASSETS
771,666
(Cost
$879,984)
TOTAL
BONDS
7,434,026
(Cost
$8,016,476)
CREF
Social
Choice
Account
March
31,
2023
335
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
COMMON
STOCKS
-
58.5%
AUTOMOBILES
&
COMPONENTS
-
1.5%
229,881
*
American
Axle
&
Manufacturing
Holdings,
Inc
$
1,795
150,616
*
Aptiv
plc
16,898
160,321
Bayerische
Motoren
Werke
AG.
17,571
70,276
Bayerische
Motoren
Werke
AG.
(Preference)
7,183
14,525
BorgWarner,
Inc
713
290,490
*,e
Canoo,
Inc
190
441,981
Cie
Generale
des
Etablissements
Michelin
S.C.A
13,511
275,193
Daimler
AG.
(Registered)
21,163
88,915
*
Dr
ING
hc
F
Porsche
AG.
11,412
850,277
*,e
Lucid
Group,
Inc
6,836
201,021
Magna
International,
Inc
10,767
516,725
*,e
Rivian
Automotive,
Inc
7,999
642,700
*
Tesla,
Inc
133,335
2,732,400
*
Toyota
Motor
Corp
38,897
244,557
Valeo
S.A.
5,018
291,308
*,e
Workhorse
Group,
Inc
387
823
Yamaha
Motor
Co
Ltd
22
TOTAL
AUTOMOBILES
&
COMPONENTS
293,697
BANKS
-
2.6%
2,364
Ameris
Bancorp
86
1,156,720
Australia
&
New
Zealand
Banking
Group
Ltd
17,825
2,416,836
e
Banco
Bilbao
Vizcaya
Argentaria
S.A.
17,279
1,334,149
Bank
Hapoalim
Ltd
11,103
233,431
Bank
of
Montreal
20,792
421,775
e
Bank
of
Nova
Scotia
21,243
56,219
Bank
OZK
1,923
2,405
Banner
Corp
131
56,868
Berkshire
Hills
Bancorp,
Inc
1,425
3,266,000
BOC
Hong
Kong
Holdings
Ltd
10,168
8,511
Brookline
Bancorp,
Inc
89
1,840
Cadence
BanCorp
38
6,038
Camden
National
Corp
218
378,764
Canadian
Imperial
Bank
of
Commerce
16,061
1,121,090
Citigroup,
Inc
52,568
614,093
Citizens
Financial
Group,
Inc
18,650
2,120
Columbia
Banking
System,
Inc
45
19,917
Comerica,
Inc
865
823
Commerce
Bancshares,
Inc
48
889
Community
Trust
Bancorp,
Inc
34
54,845
*
Customers
Bancorp,
Inc
1,016
728,693
DBS
Group
Holdings
Ltd
18,117
65,339
DNB
Bank
ASA
1,169
219,408
Erste
Bank
der
Oesterreichischen
Sparkassen
AG.
7,269
7,030
First
Busey
Corp
143
1,019
Glacier
Bancorp,
Inc
43
1,984
Hancock
Whitney
Corp
72
616,500
Hang
Seng
Bank
Ltd
8,764
4,964
Heritage
Financial
Corp
106
19,873
HomeStreet,
Inc
358
5,103,665
HSBC
Holdings
plc
34,687
358,388
Huntington
Bancshares,
Inc
4,014
6,991,643
Intesa
Sanpaolo
S.p.A.
17,944
33,831
JPMorgan
Chase
&
Co
4,409
179,447
KBC
Groep
NV
12,330
275,971
Keycorp
3,455
73,078
Live
Oak
Bancshares,
Inc
1,781
30,945
National
Bank
Holdings
Corp
1,035
CREF
Social
Choice
Account
March
31,
2023
336
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
138,079
National
Bank
of
Canada
$
9,876
9,051
Old
National
Bancorp
131
165,267
Oversea-Chinese
Banking
Corp
1,541
67,298
Pinnacle
Financial
Partners,
Inc
3,712
313,176
PNC
Financial
Services
Group,
Inc
39,805
886,851
Regions
Financial
Corp
16,460
1,852,800
Resona
Holdings,
Inc
8,938
480,928
Societe
Generale
10,836
1,593,101
Standard
Chartered
plc
12,074
313,100
Sumitomo
Mitsui
Trust
Holdings,
Inc
10,757
1,164,210
e
Svenska
Handelsbanken
AB
10,083
2,226
*
Texas
Capital
Bancshares,
Inc
109
20,196
*
The
Bancorp,
Inc
562
498,355
Toronto-Dominion
Bank
29,850
4,787
Trico
Bancshares
199
691,886
Truist
Financial
Corp
23,593
2,114
UMB
Financial
Corp
122
18,027
Univest
Financial
Corp
428
2,021
Westamerica
Bancorporation
90
1,110
Wintrust
Financial
Corp
81
23,145
Zions
Bancorporation
693
TOTAL
BANKS
487,243
CAPITAL
GOODS
-
4.2%
459,246
3M
Co
48,271
362
A.O.
Smith
Corp
25
367,452
ABB
Ltd
12,641
790
Acuity
Brands,
Inc
144
247
Allegion
plc
26
181,708
Ashtead
Group
plc
11,158
510,377
Assa
Abloy
AB
12,225
1,130,260
Atlas
Copco
AB
13,001
1,105,709
Atlas
Copco
AB
14,007
688
*
Beacon
Roofing
Supply,
Inc
40
73,426
*,e
Blink
Charging
Co
635
11,104
*
Bloom
Energy
Corp
221
272,149
Bouygues
S.A.
9,179
39,132
Brenntag
AG.
2,945
387,083
*
CAE,
Inc
8,753
329,972
Carrier
Global
Corp
15,096
263,017
Caterpillar,
Inc
60,189
776,349
CNH
Industrial
NV
11,879
46,358
Cummins,
Inc
11,074
80,633
Curtiss-Wright
Corp
14,212
900
Daifuku
Co
Ltd
17
81,100
Daikin
Industries
Ltd
14,550
92,545
DCC
plc
5,395
145,357
Deere
&
Co
60,015
396
Dover
Corp
60
243,794
Eaton
Corp
41,772
98,775
Eiffage
S.A.
10,689
1,733
EMCOR
Group,
Inc
282
64,745
Emerson
Electric
Co
5,642
1,823
Epiroc
AB
36
2,655
Fanuc
Ltd
96
153,536
Fastenal
Co
8,282
576
Ferguson
plc
77
132,921
Fortive
Corp
9,061
1,653
Fortune
Brands
Home
&
Security,
Inc
97
99
Geberit
AG.
55
125,289
*
Generac
Holdings,
Inc
13,532
CREF
Social
Choice
Account
March
31,
2023
337
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
151,824
*
Great
Lakes
Dredge
&
Dock
Corp
$
824
180,585
Hexcel
Corp
12,325
1,155
e
Husqvarna
AB
(B
Shares)
10
2,459
IDEX
Corp
568
221,971
Illinois
Tool
Works,
Inc
54,039
1,115
Ingersoll
Rand,
Inc
65
423,415
Johnson
Controls
International
plc
25,498
1,220,570
Keppel
Corp
Ltd
5,179
346,500
Komatsu
Ltd
8,602
260,003
*
Kratos
Defense
&
Security
Solutions,
Inc
3,505
383,900
Kubota
Corp
5,820
289
Kurita
Water
Industries
Ltd
13
63,765
Legrand
S.A.
5,826
86
Lennox
International,
Inc
22
794
LIXIL
Group
Corp
13
14,172
Luxfer
Holdings
plc
240
36,237
*
Manitowoc
Co,
Inc
619
969,800
Marubeni
Corp
13,189
229,502
Masco
Corp
11,411
109,661
*
Mercury
Systems,
Inc
5,606
501,500
Mitsubishi
Corp
18,022
7,392
Moog,
Inc
(Class
A)
745
51,780
MTU
Aero
Engines
Holding
AG.
12,957
4,501
*
MYR
Group,
Inc
567
658
e
NGK
Insulators
Ltd
9
333,800
Obayashi
Corp
2,554
7,069
Owens
Corning,
Inc
677
120,486
PACCAR,
Inc
8,820
455
Pentair
plc
25
52,759
*
Proto
Labs,
Inc
1,749
396
Quanta
Services,
Inc
66
52,451
Rockwell
Automation,
Inc
15,392
4,744
Rush
Enterprises,
Inc
(Class
A)
259
127,111
Sandvik
AB
2,698
166,423
Schneider
Electric
S.A.
27,813
23,294,619
*
SembCorp
Marine
Ltd
2,091
355,600
e
Shimizu
Corp
2,015
212,334
Siemens
AG.
34,399
829,300
Singapore
Technologies
Engineering
Ltd
2,283
18,061
e
SKF
AB
(B
Shares)
356
11,819
Snap-On,
Inc
2,918
227
Toromont
Industries
Ltd
19
392
Toto
Ltd
13
93,555
Trane
Technologies
plc
17,212
124,121
*
Triumph
Group,
Inc
1,439
40,805
United
Rentals,
Inc
16,149
24,341
*
Vectrus,
Inc
967
229,354
Vestas
Wind
Systems
A.S.
6,684
697,434
e
Volvo
AB
(B
Shares)
14,372
17,291
W.W.
Grainger,
Inc
11,910
1,964
Wabash
National
Corp
48
295,210
Wartsila
Oyj
(B
Shares)
2,786
45,452
Woodward
Inc
4,426
40,621
WSP
Global,
Inc
5,321
46,755
Xylem,
Inc
4,895
700
Yaskawa
Electric
Corp
31
TOTAL
CAPITAL
GOODS
791,440
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.0%
834
ABM
Industries,
Inc
37
33,977
ACCO
Brands
Corp
181
CREF
Social
Choice
Account
March
31,
2023
338
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
1,000
*
ASGN
Inc
$
83
372
Booz
Allen
Hamilton
Holding
Co
35
3,969
Brambles
Ltd
36
222,321
Bureau
Veritas
S.A.
6,388
342,048
Computershare
Ltd
4,968
35,035
Concentrix
Corp
4,259
612,766
*
Copart,
Inc
46,086
64,745
CSG
Systems
International,
Inc
3,477
614
Dai
Nippon
Printing
Co
Ltd
17
50,780
*
ExlService
Holdings,
Inc
8,218
5,059
Heidrick
&
Struggles
International,
Inc
154
106,405
Intertek
Group
plc
5,329
188,119
*
KAR
Auction
Services,
Inc
2,573
45,168
Kelly
Services,
Inc
(Class
A)
749
50,425
*
Liquidity
Services,
Inc
664
37,996
e
Randstad
Holdings
NV
2,256
279,000
Recruit
Holdings
Co
Ltd
7,675
695,611
RELX
plc
22,529
304
Ritchie
Bros
Auctioneers,
Inc
17
69,414
Robert
Half
International,
Inc
5,593
3,908
SGS
S.A.
8,620
14,329
Teleperformance
3,462
40,510
Thomson
Reuters
Corp
5,271
157,678
TransUnion
9,798
2,948
*
TriNet
Group,
Inc
238
34,608
TTEC
Holdings,
Inc
1,288
18,384
Verisk
Analytics,
Inc
3,527
195,639
Waste
Management,
Inc
31,922
30,531
Wolters
Kluwer
NV
3,854
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
189,304
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.9%
45,506
*
1-800-FLOWERS.COM,
Inc
(Class
A)
523
355
Advance
Auto
Parts,
Inc
43
621
Best
Buy
Co,
Inc
49
80,844
e
Big
Lots,
Inc
886
184
*
Burlington
Stores,
Inc
37
158
Canadian
Tire
Corp
Ltd
21
2,874
*
CarMax,
Inc
185
28,621
Dieteren
S.A.
5,569
34,769
Dollarama,
Inc
2,078
951,593
eBay,
Inc
42,222
41,100
Fast
Retailing
Co
Ltd
8,997
7,052
*
Five
Below,
Inc
1,452
29,570
*
Genesco,
Inc
1,090
679
Genuine
Parts
Co
113
289,675
e
Hennes
&
Mauritz
AB
(B
Shares)
4,142
328,188
Home
Depot,
Inc
96,855
446,731
Industria
De
Diseno
Textil
S.A.
15,008
27,159
Kering
17,719
5,813
Kingfisher
plc
19
103,978
LKQ
Corp
5,902
309,444
Lowe's
Companies,
Inc
61,879
556,532
Macy's,
Inc
9,734
44,620
*
MarineMax,
Inc
1,283
370
*
MercadoLibre,
Inc
488
366
Next
plc
30
569
Pool
Corp
195
250,417
Prosus
NV
19,609
1,746
*
Sally
Beauty
Holdings,
Inc
27
34,896
Shoe
Carnival,
Inc
895
CREF
Social
Choice
Account
March
31,
2023
339
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
631,632
TJX
Companies,
Inc
$
49,495
20,726
Tractor
Supply
Co
4,871
401
*
TravelCenters
of
America,
Inc
35
62,274
Wesfarmers
Ltd
2,105
874
Winmark
Corp
280
8,809
*,g
Zalando
SE
369
20,869
*
Zumiez,
Inc
385
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
354,590
CONSUMER
DURABLES
&
APPAREL
-
0.9%
74,165
Adidas-Salomon
AG.
13,147
218,793
*,e
Allbirds,
Inc
263
385,655
Barratt
Developments
plc
2,219
68,119
Berkeley
Group
Holdings
plc
3,529
308,453
Burberry
Group
plc
9,877
61,568
DR
Horton,
Inc
6,015
622
Electrolux
AB
8
111,404
Essilor
International
S.A.
20,089
524
Gildan
Activewear,
Inc
17
58,468
*
GoPro,
Inc
294
9,916
*
Green
Brick
Partners,
Inc
348
804
Hasbro,
Inc
43
11,305
Hermes
International
22,895
28,312
*,e
iRobot
Corp
1,236
3,554
Johnson
Outdoors,
Inc
224
76,409
*
Latham
Group,
Inc
218
18,915
*
Lovesac
Co
547
36,998
*
Lululemon
Athletica,
Inc
13,474
156,205
Moncler
S.p.A
10,789
10,439
Newell
Brands
Inc
130
2,055
*
NVR,
Inc
11,451
990,000
Panasonic
Corp
8,858
262
Pandora
AS
25
880
Persimmon
plc
14
714
Pulte
Homes,
Inc
42
9,326
Puma
AG.
Rudolf
Dassler
Sport
578
2,388
PVH
Corp
213
22,299
SEB
S.A.
2,537
1,026
Sekisui
Chemical
Co
Ltd
15
237,400
Sekisui
House
Ltd
4,838
178,782
*
Sonos,
Inc
3,508
353,400
Sony
Corp
32,189
1,076,998
Taylor
Wimpey
plc
1,584
137,344
*,e
Traeger,
Inc
564
363,286
VF
Corp
8,323
389
e
Yamaha
Corp
15
TOTAL
CONSUMER
DURABLES
&
APPAREL
180,116
CONSUMER
SERVICES
-
1.3%
204,289
Accor
S.A.
6,642
38,630
ADT,
Inc
279
21,871
*
Booking
Holdings,
Inc
58,011
43,756
*
Bright
Horizons
Family
Solutions
3,369
33,285
Carriage
Services,
Inc
1,016
746,434
Compass
Group
plc
18,759
99,079
*
Dave
&
Buster's
Entertainment,
Inc
3,645
122,402
*,g
Delivery
Hero
AG.
4,176
318,495
Hilton
Worldwide
Holdings,
Inc
44,866
575
IDP
Education
Ltd
11
132,900
InterContinental
Hotels
Group
plc
8,700
CREF
Social
Choice
Account
March
31,
2023
340
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
183,378
*,g
Just
Eat
Takeaway.com
NV
$
3,499
423,500
Oriental
Land
Co
Ltd
14,500
33,446
*
Planet
Fitness,
Inc
2,598
3,541
*
Shake
Shack,
Inc
196
87,471
*
Six
Flags
Entertainment
Corp
2,336
593,475
Starbucks
Corp
61,799
25,529
Vail
Resorts,
Inc
5,966
129,335
Whitbread
plc
4,778
TOTAL
CONSUMER
SERVICES
245,146
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.9%
220,700
Aeon
Co
Ltd
4,282
357,167
Alimentation
Couche-Tard,
Inc
17,957
251,406
*
BJ's
Wholesale
Club
Holdings,
Inc
19,124
484,992
Coles
Group
Ltd
5,860
77,367
George
Weston
Ltd
10,253
1,743,514
J
Sainsbury
plc
6,000
752
Kesko
Oyj
(B
Shares)
16
1,880
Kroger
Co
93
136,504
Loblaw
Cos
Ltd
12,440
37,655
e
Metro,
Inc
2,071
105,299
*
Performance
Food
Group
Co
6,354
47,411
Pricesmart,
Inc
3,389
70,405
SpartanNash
Co
1,746
225,859
*
Sprouts
Farmers
Market,
Inc
7,912
297,278
Target
Corp
49,238
114,759
*
United
Natural
Foods,
Inc
3,024
325,703
*
US
Foods
Holding
Corp
12,032
455,103
Woolworths
Ltd
11,570
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
173,361
ENERGY
-
2.9%
453,909
Antero
Midstream
Corp
4,761
176,238
APA
Corp
6,355
517,908
e
ARC
Resources
Ltd
5,875
343,763
Baker
Hughes
Co
9,921
731,836
Cenovus
Energy,
Inc
(Toronto)
12,769
3,725
ChampionX
Corp
101
183,057
Cheniere
Energy,
Inc
28,850
191,652
Chevron
Corp
31,270
235,164
*
Clean
Energy
Fuels
Corp
1,025
565,629
ConocoPhillips
56,116
2,773
Delek
US
Holdings,
Inc
64
194,947
Devon
Energy
Corp
9,866
26,007
*
DMC
Global,
Inc
571
52,213
*
Dril-Quip,
Inc
1,498
637,666
Enbridge,
Inc
24,313
243,010
EOG
Resources,
Inc
27,856
277,513
EQT
Corp
8,855
416,218
Equinor
ASA
11,832
537,285
Galp
Energia
SGPS
S.A.
6,079
1,424
Halliburton
Co
45
129,315
Hess
Corp
17,114
212,089
e
Imperial
Oil
Ltd
10,786
202,500
Inpex
Holdings,
Inc
2,143
6,419
e
Keyera
Corp
140
1,278,203
Kinder
Morgan,
Inc
22,381
903,460
*
Kosmos
Energy
Ltd
6,722
1,874
Marathon
Oil
Corp
45
121,004
Marathon
Petroleum
Corp
16,315
263,195
Neste
Oil
Oyj
13,003
CREF
Social
Choice
Account
March
31,
2023
341
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
419,039
NOV,
Inc
$
7,756
5,830
*
Oceaneering
International,
Inc
103
115,623
OMV
AG.
5,310
26,543
ONEOK,
Inc
1,687
21,024
Ovintiv,
Inc
759
170,132
e
Parkland
Corp
4,079
1,331
Phillips
66
135
108,911
Pioneer
Natural
Resources
Co
22,244
662,957
Schlumberger
Ltd
32,551
1,290,892
Shell
plc
36,789
972,895
*
Southwestern
Energy
Co
4,864
522,200
Suncor
Energy,
Inc
16,213
644,025
e
Total
S.A.
37,974
230,541
Valero
Energy
Corp
32,183
3,371
Williams
Cos,
Inc
101
572,494
Woodside
Energy
Group
Ltd
12,790
TOTAL
ENERGY
552,209
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.3%
258,300
American
Tower
Corp
52,781
91,039
Boston
Properties,
Inc
4,927
135,687
Brandywine
Realty
Trust
642
545,111
British
Land
Co
plc
2,615
63,675
Brixmor
Property
Group,
Inc
1,370
14,677
CapitaMall
Trust
22
50,850
City
Office
REIT,
Inc
351
66,562
Crown
Castle
International
Corp
8,909
2,975
Dexus
Property
Group
15
401,487
DiamondRock
Hospitality
Co
3,264
784
Digital
Realty
Trust,
Inc
77
39,050
e
Douglas
Emmett,
Inc
481
49,246
Equinix,
Inc
35,508
39,506
First
Industrial
Realty
Trust,
Inc
2,102
51,892
Fonciere
Des
Regions
3,018
665
Gecina
S.A.
69
565,550
Goodman
Group
7,177
688,636
GPT
Group
1,968
254,830
Healthpeak
Properties
Inc
5,599
364,700
Hudson
Pacific
Properties
2,425
945
Iron
Mountain,
Inc
50
7,121
e
iStar,
Inc
209
4,380
Kilroy
Realty
Corp
142
255,081
e
Klepierre
5,783
1,939
Land
Securities
Group
plc
15
1,119,700
Link
REIT
7,200
297,561
Macerich
Co
3,154
1,050,750
Mirvac
Group
1,472
474,829
Park
Hotels
&
Resorts,
Inc
5,869
258,319
Piedmont
Office
Realty
Trust,
Inc
1,886
7,536
PotlatchDeltic
Corp
373
435,920
Prologis,
Inc
54,390
418
RioCan
Real
Estate
Investment
Trust
6
298
SBA
Communications
Corp
78
14,358
Scentre
Group
26
151,016
Segro
plc
1,438
4,605
*
Star
Holdings
80
6,604
Stockland
Trust
Group
18
35,424
*
Unibail-Rodamco-Westfield
1,897
104,837
*,e
Unibail-Rodamco-Westfield
5,641
83,177
Ventas,
Inc
3,606
190,252
Vicinity
Centres
249
CREF
Social
Choice
Account
March
31,
2023
342
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
238,946
Welltower,
Inc
$
17,130
310,688
Weyerhaeuser
Co
9,361
63,158
Xenia
Hotels
&
Resorts,
Inc
827
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
254,220
FINANCIAL
SERVICES
-
4.5%
697,929
3i
Group
plc
14,547
234,865
Ally
Financial,
Inc
5,987
342,139
American
Express
Co
56,436
82,678
Ameriprise
Financial,
Inc
25,341
6,128
Annaly
Capital
Management,
Inc
117
536
Australian
Stock
Exchange
Ltd
23
681,584
Bank
of
New
York
Mellon
Corp
30,971
83,616
BlackRock,
Inc
55,949
537,423
Charles
Schwab
Corp
28,150
84,822
Deutsche
Boerse
AG.
16,516
266,899
Discover
Financial
Services
26,380
51,668
Eurazeo
3,678
11,159
Factset
Research
Systems,
Inc
4,632
440,896
Fidelity
National
Information
Services,
Inc
23,954
3,347
Franklin
Resources,
Inc
90
175,228
Goldman
Sachs
Group,
Inc
57,319
10,629
*
Green
Dot
Corp
183
334,646
Hong
Kong
Exchanges
and
Clearing
Ltd
14,833
453,426
Intercontinental
Exchange
Group,
Inc
47,288
1,416
Invesco
Ltd
23
166,684
London
Stock
Exchange
Group
plc
16,190
221
LPL
Financial
Holdings,
Inc
45
147,247
Macquarie
Group
Ltd
17,434
260
MarketAxess
Holdings,
Inc
102
270,838
Mastercard,
Inc
(Class
A)
98,425
106,084
Moody's
Corp
32,464
664,595
Morgan
Stanley
58,351
17,431
*
Mr
Cooper
Group,
Inc
714
86,384
Nasdaq
Inc
4,723
2,220,800
*
Nomura
Holdings,
Inc
8,562
136,275
Northern
Trust
Corp
12,010
654,090
ORIX
Corp
10,785
714,540
*
PayPal
Holdings,
Inc
54,262
5,978
*
PRA
Group,
Inc
233
2,150
*
PROG
Holdings,
Inc
51
9,022
Raymond
James
Financial,
Inc
841
173,698
S&P
Global,
Inc
59,886
656,988
Schroders
plc
3,746
2,200
Singapore
Exchange
Ltd
16
96,869
St.
James's
Place
plc
1,454
2,388,396
Standard
Life
Aberdeen
plc
6,011
167,611
State
Street
Corp
12,686
1,437
Synchrony
Financial
42
85,274
T
Rowe
Price
Group,
Inc
9,627
6,965
TFS
Financial
Corp
88
154
TMX
Group
Ltd
16
1,113,941
UBS
Group
AG
23,572
30,353
e
Voya
Financial,
Inc
2,169
31,162
Wendel
3,295
78,805
*
WEX,
Inc
14,491
TOTAL
FINANCIAL
SERVICES
864,708
FOOD,
BEVERAGE
&
TOBACCO
-
2.2%
370,763
Ajinomoto
Co,
Inc
12,898
CREF
Social
Choice
Account
March
31,
2023
343
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
95,705
Archer-Daniels-Midland
Co
$
7,624
219,414
*,e
Benson
Hill,
Inc
252
124,961
*,e
Beyond
Meat,
Inc
2,028
1,758
Bunge
Ltd
168
63,490
Campbell
Soup
Co
3,491
1,349,057
Coca-Cola
Co
83,682
213,058
*
Coca-Cola
European
Partners
plc
(Class
A)
12,611
241,442
Coca-Cola
HBC
AG.
6,610
1,330
ConAgra
Brands,
Inc
50
289,412
Danone
18,008
15,327
*
Darling
International,
Inc
895
42,000
Fresh
Del
Monte
Produce,
Inc
1,265
494,878
General
Mills,
Inc
42,292
2,360
*
Hain
Celestial
Group,
Inc
40
276,686
Hormel
Foods
Corp
11,034
170,151
Kellogg
Co
11,393
133,885
Kerry
Group
plc
(Class
A)
13,352
2,155
Keurig
Dr
Pepper,
Inc
76
173,000
Kikkoman
Corp
8,832
94,445
McCormick
&
Co,
Inc
7,859
616
e
MEIJI
Holdings
Co
Ltd
15
116,254
Mowi
ASA
2,150
615,199
Nestle
S.A.
75,012
74,000
Nissin
Food
Products
Co
Ltd
6,767
304,982
Orkla
ASA
2,163
470,122
PepsiCo,
Inc
85,703
166,600
Suntory
Beverage
&
Food
Ltd
6,206
6,454
*
TreeHouse
Foods,
Inc
325
16,271
*
Vital
Farms,
Inc
249
1,637,414
Wilmar
International
Ltd
5,187
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
428,237
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.5%
138,102
*
Accolade,
Inc
1,986
71,383
*
Allscripts
Healthcare
Solutions,
Inc
932
149,137
e
Amplifon
S.p.A.
5,169
70,373
*
Angiodynamics,
Inc
728
8,730
*
AtriCure,
Inc
362
1,253
*
Axonics
Modulation
Technologies,
Inc
68
1,376
Baxter
International,
Inc
56
48,498
BioMerieux
5,113
381,856
*,e
Brookdale
Senior
Living,
Inc
1,127
4,607
Cardinal
Health,
Inc
348
86,906
*
Cardiovascular
Systems,
Inc
1,726
31,597
Carl
Zeiss
Meditec
AG.
4,401
46,122
*
Castle
Biosciences,
Inc
1,048
354,493
*
Cerus
Corp
1,053
123,489
Cigna
Corp
31,555
23,683
Cochlear
Ltd
3,770
50,637
Coloplast
AS
6,667
22,324
*
Computer
Programs
&
Systems,
Inc
674
54,738
*,e
CryoLife,
Inc
717
188
*
DaVita,
Inc
15
40,250
*
Demant
A.S.
1,413
254,738
*
Dexcom,
Inc
29,596
502,143
*
Edwards
Lifesciences
Corp
41,542
123,702
Elevance
Health,
Inc
56,879
96,606
*
Enhabit,
Inc
1,344
186,769
*
Envista
Holdings
Corp
7,635
256,151
Fisher
&
Paykel
Healthcare
Corp
4,282
44,000
*,e
Fulgent
Genetics,
Inc
1,374
CREF
Social
Choice
Account
March
31,
2023
344
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
13,596
*
Globus
Medical,
Inc
$
770
141,024
HCA
Healthcare,
Inc
37,185
113,131
*
Health
Catalyst,
Inc
1,320
21,864
*
Henry
Schein,
Inc
1,783
20,319
*
Heska
Corp
1,984
123,689
*
Hologic,
Inc
9,982
67,752
*
IDEXX
Laboratories,
Inc
33,881
47,984
*
Inogen,
Inc
599
527
*
Insulet
Corp
168
50,427
Laboratory
Corp
of
America
Holdings
11,569
30,526
LeMaitre
Vascular,
Inc
1,571
8,932
*
LivaNova
plc
389
46,044
*
Merit
Medical
Systems,
Inc
3,405
161
*
Molina
Healthcare,
Inc
43
76,842
*
Nevro
Corp
2,778
110,180
*
NextGen
Healthcare,
Inc
1,918
257
*
Novocure
Ltd
16
96,440
*
Omnicell,
Inc
5,658
832,141
*,e
Opko
Health,
Inc
1,215
112,552
*
OraSure
Technologies,
Inc
681
69,413
*
Orthofix
Medical
Inc
1,163
98,817
*
Outset
Medical,
Inc
1,818
16,134
*
Pennant
Group,
Inc
230
17,013
*
Penumbra,
Inc
4,741
2,830
Premier,
Inc
92
72,016
*
Pulmonx
Corp
805
29,961
Quest
Diagnostics,
Inc
4,239
144,984
Ramsay
Health
Care
Ltd
6,478
93,685
Resmed,
Inc
20,516
17,548
*
SI-BONE,
Inc
345
41,172
Sonova
Holdings
AG
12,145
24,596
*
Staar
Surgical
Co
1,573
37,052
STERIS
plc
7,087
34,000
Sysmex
Corp
2,232
53,992
*
Teladoc,
Inc
1,398
94,486
Terumo
Corp
2,555
158,063
UnitedHealth
Group,
Inc
74,699
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
470,611
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.2%
672
Church
&
Dwight
Co,
Inc
59
589
Clorox
Co
93
346,054
Colgate-Palmolive
Co
26,006
340,276
e
Essity
AB
9,720
172,700
Kao
Corp
6,722
69,830
Kimberly-Clark
Corp
9,373
70,097
L'Oreal
S.A.
31,322
713,663
Procter
&
Gamble
Co
106,115
193,300
Shiseido
Co
Ltd
9,063
138,700
Uni-Charm
Corp
5,701
578,642
Unilever
plc
29,985
131,058
*,e
Veru,
Inc
152
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
234,311
INSURANCE
-
2.2%
1,969,389
Aegon
NV
8,455
2,161,000
AIA
Group
Ltd
22,663
116,920
Allianz
AG.
26,989
129,259
Allstate
Corp
14,323
695,606
Assicurazioni
Generali
S.p.A.
13,860
147
Assurant,
Inc
18
CREF
Social
Choice
Account
March
31,
2023
345
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
676,895
AXA
S.A.
$
20,657
262,511
Chubb
Ltd
50,974
914
Hartford
Financial
Services
Group,
Inc
64
1,068
Insurance
Australia
Group
Ltd
3
4,265,379
Legal
&
General
Group
plc
12,615
319,566
Marsh
&
McLennan
Cos,
Inc
53,224
82,300
MS&AD
Insurance
Group
Holdings
Inc
2,551
37,587
Muenchener
Rueckver
AG.
13,142
225,357
NN
Group
NV
8,183
720
Principal
Financial
Group
53
334,631
Progressive
Corp
47,872
357,846
Prudential
Financial,
Inc
29,608
305,354
QBE
Insurance
Group
Ltd
2,990
149,200
Sompo
Holdings,
Inc
5,912
77,096
Sun
Life
Financial,
Inc
3,602
20,793
Swiss
Life
Holding
12,831
121,443
Swiss
Re
Ltd
12,476
171,903
Travelers
Cos,
Inc
29,466
16,637
Willis
Towers
Watson
plc
3,866
49,200
Zurich
Insurance
Group
AG
23,577
TOTAL
INSURANCE
419,974
MATERIALS
-
2.8%
114,270
Agnico-Eagle
Mines
Ltd
5,826
502
Akzo
Nobel
NV
39
19,088
Amcor
plc
217
100,173
Anglo
American
plc
3,332
478,842
Antofagasta
plc
9,379
12,214
Aptargroup,
Inc
1,444
480,800
Asahi
Kasei
Corp
3,368
473,129
Ball
Corp
26,074
220,460
BlueScope
Steel
Ltd
2,984
274,151
Boliden
AB
10,770
83,968
*
Century
Aluminum
Co
840
290
Chr
Hansen
Holding
A/S
22
103,486
Clariant
AG.
1,717
19,088
*
Coeur
Mining,
Inc
76
1,679
Compass
Minerals
International,
Inc
58
534
g
Covestro
AG.
22
335,807
CRH
plc
16,965
41,736
Croda
International
plc
3,354
38,143
*
Diversey
Holdings
Ltd
309
123,460
Dow,
Inc
6,768
45,775
DSM
NV
5,417
277,917
Ecolab,
Inc
46,004
127,774
Evonik
Industries
AG.
2,688
917,652
Fortescue
Metals
Group
Ltd
13,794
56,667
Franco-Nevada
Corp
8,265
3,439
Givaudan
S.A.
11,193
114,550
HeidelbergCement
AG.
8,364
41,648
e
Holmen
AB
1,606
190,067
Independence
Group
NL
1,630
76,786
International
Flavors
&
Fragrances,
Inc
7,061
1,576
International
Paper
Co
57
1,233
James
Hardie
Industries
NV
27
309,800
JFE
Holdings,
Inc
3,932
11,455
Johnson
Matthey
plc
281
84,990
JSR
Corp
2,011
42,157
Koppers
Holdings,
Inc
1,474
202,001
Linde
plc
71,799
19,009
Martin
Marietta
Materials,
Inc
6,749
CREF
Social
Choice
Account
March
31,
2023
346
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
181,711
Mineral
Resources
Ltd
$
9,823
306,342
Mitsubishi
Chemical
Holdings
Corp
1,822
602
e
Mitsui
Chemicals,
Inc
16
171,178
Mondi
plc
2,718
261,440
Mosaic
Co
11,995
605,266
Newcrest
Mining
Ltd
10,804
528,891
Newmont
Goldcorp
Corp
25,926
579,300
Nippon
Paint
Co
Ltd
5,447
566,000
Nippon
Steel
Corp
13,347
89,700
Nitto
Denko
Corp
5,805
1,499,635
Norsk
Hydro
ASA
11,192
375,868
Northern
Star
Resources
Ltd
3,082
566
Novozymes
AS
29
218,867
Nucor
Corp
33,808
215,124
e
Nutrien
Ltd
15,887
1,122
Orica
Ltd
12
905,449
Pilbara
Minerals
Ltd
2,409
24,233
PPG
Industries,
Inc
3,237
5,386
Schnitzer
Steel
Industries,
Inc
(Class
A)
167
584,000
Shin-Etsu
Chemical
Co
Ltd
18,957
62,483
SIG
Combibloc
Group
AG.
1,610
58,204
Sika
AG.
16,326
678
Smurfit
Kappa
Group
plc
25
204
Solvay
S.A.
23
527
Steel
Dynamics,
Inc
60
152,065
Stora
Enso
Oyj
(R
Shares)
1,978
1,346,023
e
Sumitomo
Chemical
Co
Ltd
4,532
290,200
Sumitomo
Metal
Mining
Co
Ltd
11,104
193,211
*
Summit
Materials,
Inc
5,505
482,659
e
Svenska
Cellulosa
AB
(B
Shares)
6,357
367
Symrise
AG.
40
9,000
Toray
Industries,
Inc
51
719
Tosoh
Corp
10
30,132
Trinseo
plc
628
209,511
Umicore
S.A.
7,107
25,842
*
UPM-Kymmene
Oyj
868
112,930
Voestalpine
AG.
3,840
703
WestRock
Co
21
135,146
Wheaton
Precious
Metals
Corp
6,509
TOTAL
MATERIALS
528,993
MEDIA
&
ENTERTAINMENT
-
2.2%
311
*
Charter
Communications,
Inc
111
232,206
*,e
Cinemark
Holdings,
Inc
3,434
843,216
*,e
Clear
Channel
1,012
1,445,658
Comcast
Corp
(Class
A)
54,805
172,502
Electronic
Arts,
Inc
20,778
870
Fox
Corp
(Class
A)
30
409
Fox
Corp
(Class
B)
13
184,668
Gray
Television,
Inc
1,610
151,699
*
iHeartMedia,
Inc
592
9,348
*
Imax
Corp
179
1,517,332
Informa
plc
13,006
131,967
Interpublic
Group
of
Cos,
Inc
4,914
14,063
John
Wiley
&
Sons,
Inc
(Class
A)
545
103,150
*
Liberty
Broadband
Corp
(Class
C)
8,427
40,259
*
MediaAlpha,
Inc
603
173,661
*
Netflix,
Inc
59,996
15,892
New
York
Times
Co
(Class
A)
618
402,000
Nintendo
Co
Ltd
15,614
287,247
Omnicom
Group,
Inc
27,099
CREF
Social
Choice
Account
March
31,
2023
347
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
1,668
Paramount
Global
(Class
B)
$
37
225,228
Pearson
plc
2,357
700,806
*
Pinterest,
Inc
19,111
160,212
Publicis
Groupe
S.A.
12,506
146
REA
Group
Ltd
14
51,127
*
ROBLOX
Corp
2,300
5,556
*
Roku,
Inc
366
13,853
Scholastic
Corp
474
10,426
Seek
Ltd
168
59,889
e
Sinclair
Broadcast
Group,
Inc
(Class
A)
1,028
1,560,108
e
Sirius
XM
Holdings,
Inc
6,194
9,104
*
Snap,
Inc
102
190,290
*
Take-Two
Interactive
Software,
Inc
22,701
9,574
TEGNA,
Inc
162
226,079
*
TripAdvisor,
Inc
4,490
425,056
*
Vimeo,
Inc
1,628
666,032
Vivendi
Universal
S.A.
6,735
734,489
*
Walt
Disney
Co
73,544
380,854
*
Warner
Bros
Discovery,
Inc
5,751
670,825
WPP
plc
7,970
133,506
*
Yelp,
Inc
4,099
2,798,400
e
Z
Holdings
Corp
7,935
121,571
*
ZipRecruiter,
Inc
1,938
585,307
*
ZoomInfo
Technologies,
Inc
14,463
TOTAL
MEDIA
&
ENTERTAINMENT
409,459
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
5.2%
256,847
*
Adaptive
Biotechnologies
Corp
2,268
306,157
Agilent
Technologies,
Inc
42,354
114,215
*
Agios
Pharmaceuticals,
Inc
2,623
119,809
*
Alector,
Inc
742
240,327
Amgen,
Inc
58,099
36,474
*
Arcturus
Therapeutics
Holdings,
Inc
874
789,014
Astellas
Pharma,
Inc
11,210
367,259
AstraZeneca
plc
50,885
8,612
AstraZeneca
plc
(ADR)
598
192,539
*
Atara
Biotherapeutics,
Inc
558
41,971
*
Atea
Pharmaceuticals,
Inc
141
2,859
*,e
Axsome
Therapeutics,
Inc
176
99,760
*
BioCryst
Pharmaceuticals,
Inc
832
8,992
*
Biogen,
Inc
2,500
950,040
Bristol-Myers
Squibb
Co
65,847
48,568
*,e
Caribou
Biosciences,
Inc
258
41,279
*,e
Cassava
Sciences,
Inc
996
157,043
*
Catalent,
Inc
10,319
462,391
Chugai
Pharmaceutical
Co
Ltd
11,418
141,250
CSL
Ltd
27,356
556,247
Daiichi
Sankyo
Co
Ltd
20,291
276,403
Danaher
Corp
69,665
15,154
*
Eagle
Pharmaceuticals,
Inc
430
117,600
Eisai
Co
Ltd
6,680
272,320
Eli
Lilly
&
Co
93,520
144,509
*
Erasca,
Inc
435
67,916
*,e
Fulcrum
Therapeutics,
Inc
194
37,690
*
Genmab
AS
14,247
447,862
Gilead
Sciences,
Inc
37,159
1,242,756
GSK
plc
21,959
16,584
*,e
IGM
Biosciences,
Inc
228
75,644
*
Illumina,
Inc
17,591
746,393
*
Inovio
Pharmaceuticals,
Inc
612
115,969
*
Intellia
Therapeutics,
Inc
4,322
CREF
Social
Choice
Account
March
31,
2023
348
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
18,922
*
Intra-Cellular
Therapies,
Inc
$
1,025
88,553
*
IQVIA
Holdings,
Inc
17,612
36,681
*
Jazz
Pharmaceuticals
plc
5,367
71,749
*
Kezar
Life
Sciences,
Inc
225
747
Kyowa
Hakko
Kogyo
Co
Ltd
16
31,241
Lonza
Group
AG.
18,807
832,100
Merck
&
Co,
Inc
88,527
71,239
Merck
KGaA
13,281
7,994
*
Mettler-Toledo
International,
Inc
12,232
55,708
*
Mirati
Therapeutics,
Inc
2,071
196,308
*
NeoGenomics,
Inc
3,418
54,572
*
NGM
Biopharmaceuticals
Inc
223
526,212
Novartis
AG.
48,316
391,599
Novo
Nordisk
AS
62,194
94,187
*
Nurix
Therapeutics,
Inc
836
98,272
*
Nuvation
Bio,
Inc
163
147,100
Ono
Pharmaceutical
Co
Ltd
3,065
66,248
Orion
Oyj
(Class
B)
2,961
31,371
Phibro
Animal
Health
Corp
481
88,249
*
Prothena
Corp
plc
4,277
49,532
*,e
Provention
Bio,
Inc
1,194
32,795
*
Regeneron
Pharmaceuticals,
Inc
26,947
59,225
*
Revance
Therapeutics,
Inc
1,908
240,956
*,e
Sana
Biotechnology,
Inc
788
101,433
Shionogi
&
Co
Ltd
4,575
85,477
UCB
S.A.
7,640
139,477
*
Ultragenyx
Pharmaceutical,
Inc
5,593
24,502
*
Waters
Corp
7,587
51,171
West
Pharmaceutical
Services,
Inc
17,729
312,596
Zoetis,
Inc
52,028
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
988,473
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.3%
1,726,973
Capitaland
Investment
Ltd
4,791
113,706
*
CBRE
Group,
Inc
8,279
177,700
City
Developments
Ltd
986
301,100
Daiwa
House
Industry
Co
Ltd
7,094
5,328
FirstService
Corp
751
1,608
*
Howard
Hughes
Corp
129
1,600
Hulic
Co
Ltd
13
6,486
*
Jones
Lang
LaSalle,
Inc
944
205
LEG
Immobilien
AG.
11
505,854
Lend
Lease
Corp
Ltd
2,462
560,472
Mitsubishi
Estate
Co
Ltd
6,667
359,317
Mitsui
Fudosan
Co
Ltd
6,749
97,100
Nomura
Real
Estate
Holdings,
Inc
2,150
237,484
*
Realogy
Holdings
Corp
1,254
2,740
RMR
Group,
Inc
72
604,000
Swire
Pacific
Ltd
(Class
A)
4,642
1,367,000
Swire
Properties
Ltd
3,518
1,300
UOL
Group
Ltd
7
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
50,519
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
3.1%
465,676
Applied
Materials,
Inc
57,199
93,749
ASML
Holding
NV
63,885
28,520
*
Cirrus
Logic,
Inc
3,120
11,446
*
First
Solar,
Inc
2,489
2,067,427
Intel
Corp
67,543
99,285
Lam
Research
Corp
52,633
CREF
Social
Choice
Account
March
31,
2023
349
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
531,101
Marvell
Technology,
Inc
$
22,997
598,020
NVIDIA
Corp
166,112
730
NXP
Semiconductors
NV
136
543,842
*
ON
Semiconductor
Corp
44,769
23,432
*
Silicon
Laboratories,
Inc
4,103
384,653
Texas
Instruments,
Inc
71,549
157,800
Tokyo
Electron
Ltd
19,278
15,749
Universal
Display
Corp
2,443
156,894
*
Wolfspeed,
Inc
10,190
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
588,446
SOFTWARE
&
SERVICES
-
7.1%
261,255
Accenture
plc
74,669
187,348
*
Adobe,
Inc
72,198
440
*
Akamai
Technologies,
Inc
34
11,456
*
Ansys,
Inc
3,813
225,507
*
Autodesk,
Inc
46,942
251,084
Automatic
Data
Processing,
Inc
55,899
428
*
Black
Knight,
Inc
25
50,477
*
Blackline,
Inc
3,390
183,284
*
Cadence
Design
Systems,
Inc
38,506
381
*
Ceridian
HCM
Holding,
Inc
28
300,529
Dassault
Systemes
SE
12,397
30,564
*
Descartes
Systems
Group,
Inc
2,467
553
*
DocuSign,
Inc
32
133,435
Dolby
Laboratories,
Inc
(Class
A)
11,398
503,634
*
DXC
Technology
Co
12,873
70
*
Fair
Isaac
Corp
49
12,659
*
Five9,
Inc
915
97,800
Fujitsu
Ltd
13,216
1,601
Gen
Digital,
Inc
27
123
*
HubSpot,
Inc
53
456,421
International
Business
Machines
Corp
59,832
138,265
Intuit,
Inc
61,643
1,586,061
Microsoft
Corp
457,261
265,881
NEC
Corp
10,264
99,528
*
New
Relic,
Inc
7,493
211,300
Nomura
Research
Institute
Ltd
4,942
160,722
*
Nutanix,
Inc
4,177
6,151
*
OneSpan,
Inc
108
165,017
Open
Text
Corp
(Toronto)
6,365
38,600
Otsuka
Corp
1,371
309
*
PTC,
Inc
40
33,075
*
Rapid7,
Inc
1,518
50,661
Roper
Technologies,
Inc
22,326
385,207
*
Salesforce,
Inc
76,957
285,179
SAP
AG.
36,010
123,207
*
ServiceNow,
Inc
57,257
409,970
*
Shopify,
Inc
(Class
A)
19,657
451
*
Splunk,
Inc
43
76,934
*
SPS
Commerce,
Inc
11,717
91,800
Sumisho
Computer
Systems
Corp
1,344
142,853
*
SVMK,
Inc
1,331
113,940
*
Synopsys,
Inc
44,009
73,484
*
Teradata
Corp
2,960
86,789
*
Trade
Desk,
Inc
5,286
267
*
VeriSign,
Inc
56
304,170
*
VMware,
Inc
(Class
A)
37,976
178,295
Wisetech
Global
Ltd
7,855
218,409
*
Workday,
Inc
45,110
CREF
Social
Choice
Account
March
31,
2023
350
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
122,223
*
Xero
Ltd
$
7,413
TOTAL
SOFTWARE
&
SERVICES
1,341,252
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.0%
187,442
Avnet,
Inc
8,472
3,200
Azbil
Corp
88
25,441
Badger
Meter,
Inc
3,099
79,361
Benchmark
Electronics,
Inc
1,880
172,279
*
Ciena
Corp
9,048
1,535,300
Cisco
Systems,
Inc
80,258
70,274
CTS
Corp
3,476
58,624
*
ePlus,
Inc
2,875
80,063
*
Fabrinet
9,508
36,066
*
FARO
Technologies,
Inc
888
85,100
Fujifilm
Holdings
Corp
4,320
2,277,428
Hewlett
Packard
Enterprise
Co
36,279
1,521,929
HP,
Inc
44,669
29,100
e
Ibiden
Co
Ltd
1,167
66,012
*
Insight
Enterprises,
Inc
9,437
4,037
*
Itron,
Inc
224
56,174
Keyence
Corp
27,531
254,348
*
Keysight
Technologies,
Inc
41,072
39,615
*
Kimball
Electronics,
Inc
955
199,997
*
Knowles
Corp
3,400
17,609
*
Lumentum
Holdings,
Inc
951
8,736
Methode
Electronics,
Inc
383
442,473
*,e
Microvision,
Inc
1,181
279,109
*
Mirion
Technologies,
Inc
2,384
4,828
Motorola
Solutions,
Inc
1,381
236,500
Murata
Manufacturing
Co
Ltd
14,414
150,976
National
Instruments
Corp
7,913
36,422
*
Netgear,
Inc
674
3,862
*
Novanta,
Inc
614
46,700
Omron
Corp
2,733
18,244
*
OSI
Systems,
Inc
1,868
51,066
*,e
PAR
Technology
Corp
1,734
41,876
*
Plexus
Corp
4,086
64,222
*
Ribbon
Communications,
Inc
220
40,576
*
Rogers
Corp
6,631
6,455
Shimadzu
Corp
203
151,500
TDK
Corp
5,438
534,010
*
Trimble
Inc
27,993
234,171
*
TTM
Technologies,
Inc
3,159
22,191
*
Vishay
Precision
Group,
Inc
927
344,264
Vontier
Corp
9,412
247,981
Xerox
Holdings
Corp
3,819
34,711
*
Xperi,
Inc
379
632
Yokogawa
Electric
Corp
10
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
387,153
TELECOMMUNICATION
SERVICES
-
1.0%
47,068
*
Bandwidth
Inc
715
4,985,806
e
BT
Group
plc
8,981
393
Elisa
Oyj
(Series
A)
24
10,000
HKT
Trust
and
HKT
Ltd
13
219,251
Iridium
Communications,
Inc
13,578
610,632
KDDI
Corp
18,831
555,864
Koninklijke
KPN
NV
1,964
2,960
*
Liberty
Global
plc
(Class
A)
58
7,192
*
Liberty
Global
plc
(Class
C)
147
1,239,392
Orange
S.
A.
14,724
CREF
Social
Choice
Account
March
31,
2023
351
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
VALUE
(000)
185,118
Rogers
Communications,
Inc
(Class
B)
$
8,580
3,175,800
Singapore
Telecommunications
Ltd
5,884
1,298,600
Softbank
Corp
14,991
14,787
Swisscom
AG.
9,437
8,252
Tele2
AB
(B
Shares)
82
5,177
Telecom
Corp
of
New
Zealand
Ltd
16
588,810
Telefonica
Deutschland
Holding
AG.
1,813
131,695
Telenor
ASA
1,544
1,677,759
e
TeliaSonera
AB
4,260
29,534
TELUS
Corp
586
1,766,154
Verizon
Communications,
Inc
68,686
13,012,801
Vodafone
Group
plc
14,354
TOTAL
TELECOMMUNICATION
SERVICES
189,268
TRANSPORTATION
-
1.8%
115,400
*,e
All
Nippon
Airways
Co
Ltd
2,508
243
AMERCO
13
54,722
ArcBest
Corp
5,057
445,387
*
Auckland
International
Airport
Ltd
2,424
620,413
Aurizon
Holdings
Ltd
1,397
194,025
Canadian
National
Railway
Co
22,894
71,702
CH
Robinson
Worldwide,
Inc
7,125
1,652,973
CSX
Corp
49,490
1,127,073
*
Delta
Air
Lines,
Inc
39,357
233,700
East
Japan
Railway
Co
12,933
135,172
Expeditors
International
of
Washington,
Inc
14,885
270,700
Hankyu
Hanshin
Holdings,
Inc
8,027
284
Keio
Corp
10
111,858
e
Keisei
Electric
Railway
Co
Ltd
3,446
24,300
Kintetsu
Corp
783
44,193
Kuehne
&
Nagel
International
AG.
13,162
459
Landstar
System,
Inc
82
1,879,864
MTR
Corp
9,073
82,713
Nippon
Express
Holdings,
Inc
4,991
279,975
e
Nippon
Yusen
Kabushiki
Kaisha
6,540
153,061
Norfolk
Southern
Corp
32,449
815
Odakyu
Electric
Railway
Co
Ltd
11
69,212
Old
Dominion
Freight
Line
23,590
101,200
SG
Holdings
Co
Ltd
1,501
1,185,349
e
Singapore
Airlines
Ltd
5,113
1,469
Tokyu
Corp
20
1,618,272
Transurban
Group
15,452
344,530
United
Parcel
Service,
Inc
(Class
B)
66,835
19,407
West
Japan
Railway
Co
799
TOTAL
TRANSPORTATION
349,967
UTILITIES
-
1.9%
1,850
e
Algonquin
Power
&
Utilities
Corp
16
689
Alliant
Energy
Corp
37
368,889
American
Electric
Power
Co,
Inc
33,565
500,415
APA
Group
3,399
1,021,500
CLP
Holdings
Ltd
7,381
797
CMS
Energy
Corp
49
215,402
Consolidated
Edison,
Inc
20,608
25,775
DTE
Energy
Co
2,823
3,252,520
Enel
S.p.A.
19,837
911,108
Energias
de
Portugal
S.A.
4,965
689
Essential
Utilities
Inc
30
93,348
Eversource
Energy
7,305
118,617
Fortis,
Inc
5,042
911
g
Hydro
One
Ltd
26
CREF
Social
Choice
Account
March
31,
2023
352
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
SHARES
COMPANY
VALUE
(000)
2,044,204
Iberdrola
S.A.
$
25,466
1,949
Mercury
NZ
Ltd
8
247,549
Meridian
Energy
Ltd
814
1,254,956
National
Grid
plc
16,976
172,595
e
Naturgy
Energy
Group
S.A.
5,196
856,339
NextEra
Energy,
Inc
66,007
1,123
NiSource,
Inc
31
746,374
Origin
Energy
Ltd
4,157
38,948
g
Orsted
AS
3,321
145,500
Osaka
Gas
Co
Ltd
2,390
1,123
Red
Electrica
Corp
S.A.
20
492,137
Scottish
&
Southern
Energy
plc
10,981
219,420
Sempra
Energy
33,168
674,492
Southern
Co
46,931
181,100
Tokyo
Gas
Co
Ltd
3,403
38,924
UGI
Corp
1,353
144,399
WEC
Energy
Group,
Inc
13,688
236,804
Xcel
Energy,
Inc
15,970
TOTAL
UTILITIES
354,963
TOTAL
COMMON
STOCKS
11,127,660
(Cost
$9,495,294)
PREFERRED
STOCKS
-
0.2%
FINANCIAL
SERVICES
-
0.0%
233,115
*,e
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
371
740,991
*,e
Federal
National
Mortgage
Association
(FNMA)
1,274
TOTAL
FINANCIAL
SERVICES
1,645
INSURANCE
-
0.0%
178,941
Assurant,
Inc
3,493
TOTAL
INSURANCE
3,493
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
390,000
Brookfield
Property
Partners
LP
5,881
695,000
Brookfield
Property
Partners
LP
8,653
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
14,534
UTILITIES
-
0.1%
490,000
Brookfield
Infrastructure
Partners
LP
9,168
308,000
e
Brookfield
Renewable
Partners
LP
6,080
TOTAL
UTILITIES
15,248
TOTAL
PREFERRED
STOCKS
34,920
(Cost
$75,901)
CREF
Social
Choice
Account
March
31,
2023
353
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
SHARES
COMPANY
EXPIRATION
DATE
VALUE
(000)
RIGHTS/WARRANTS
-
0.0%
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
774
†
ABIOMED,
Inc
12/31/29
$
1
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1
TOTAL
RIGHTS/WARRANTS
1
(Cost
$1)
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
2.6%
GOVERNMENT
AGENCY
DEBT
-
0.3%
$
25,000,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
%
04/06/23
24,991
10,000,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
04/05/23
9,997
8,000,000
FHLB
0
.000
05/17/23
7,955
2,300,000
FHLB
0
.000
05/19/23
2,287
10,000,000
FHLB
0
.000
06/09/23
9,913
5,000,000
FHLB
0
.000
06/12/23
4,955
TOTAL
GOVERNMENT
AGENCY
DEBT
60,098
REPURCHASE
AGREEMENT
-
1.1%
199,545,000
r
Fixed
Income
Clearing
Corp
(FICC)
4
.810
04/03/23
199,545
TOTAL
REPURCHASE
AGREEMENT
199,545
TREASURY
DEBT
-
0.0%
5,000,000
United
States
Treasury
Bill
0
.000
04/04/23
5,000
TOTAL
TREASURY
DEBT
5,000
SHARES
COMPANY
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
-
1.2%
235,786,454
c
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.840
235,786
TOTAL
INVESTMENTS
IN
REGISTERED
INVESTMENT
COMPANIES
235,786
TOTAL
SHORT-TERM
INVESTMENTS
500,429
(Cost
$500,402)
TOTAL
INVESTMENTS
-
100.6%
19,128,085
(Cost
$18,120,405)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.6)%
(
118,636
)
NET
ASSETS
-
100.0%
$19,009,449
ADR
American
Depositary
Receipt
CLP
Chilean
Peso
CCRC
Congregate
Care
Retirement
Center
EUR
Euro
LIBOR
London
Interbank
Offered
Rate
M
Month
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secure
Overnight
Financing
Rate
CREF
Social
Choice
Account
March
31,
2023
354
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(unaudited)
(continued)
Cost
amounts
are
in
thousands.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
^
Amount
represents
less
than
$1,000.
*
Non-income
producing
†
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
‡
Perpetual
security
c
Investments
made
with
cash
collateral
received
from
securities
on
loan.
e
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$266,931,572.
g
Security
is
exempt
from
registration
under
Rule
144(A)
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
h
All
or
a
portion
of
these
securities
were
purchased
on
a
delayed
delivery
basis.
i
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
k
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
q
In
default
r
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.810%
dated
3/31/23
to
be
repurchased
at
$199,545,000
on
4/3/23,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.625%–3.125%
and
maturity
dates
8/15/25–7/15/32,
valued
at
$203,536,030.
Notes
to
Portfolios
of
Investments
(unaudited)
College
Retirement
Equities
Fund
March
31,
2023
355
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
Adviser,
subject
to
the
review
and
oversight
of
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
that
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels:
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
Account
Level
1
Level
2
Level
3
Total
Stock
Corporate
bonds
$—
$55
$—
$55
Government
bonds
—
210
—
210
Common
stocks
75,088,123
33,804,831
6,251
108,899,205
Rights/Warrants
29
1,996
25
2,050
Short-term
investments
—
2,394,253
—
2,394,253
Futures
contracts*
38,325
—
—
38,325
Total
$75,126,477
$36,201,345
$6,276
$111,334,098
Global
Equities
Corporate
bonds
$—
$14
$—
$14
Common
stocks
15,060,615
7,654,796
65
22,715,476
Rights/Warrants
15
1
—
16
Short-term
investments
—
559,409
—
559,409
Futures
contracts*
15,025
—
—
15,025
Total
$15,075,655
$8,214,220
$65
$23,289,940
Growth
Common
stocks
$27,409,988
$773,316
$—
$28,183,304
Short-term
investments
45,418
100,825
—
146,243
Total
$27,455,406
$874,141
$—
$28,329,547
Equity
Index
Common
stocks
$20,310,388
$—
$882
$20,311,270
Short-term
investments
120,969
100,730
—
221,699
Futures
contracts*
5,457
—
—
5,457
Total
$20,436,814
$100,730
$882
$20,538,426
College
Retirement
Equities
Fund
March
31,
2023
356
Notes
to
Portfolios
of
Investments
(unaudited)
(continued)
Account
Level
1
Level
2
Level
3
Total
Core
Bond
Bank
loan
obligations
$—
$46,963
$59
$47,022
Corporate
bonds
—
3,604,063
726
3,604,789
Government
bonds
—
5,047,882
1,513
5,049,395
Structured
assets
—
1,935,332
2,116
1,937,448
Preferred
stocks
7,791
—
—
7,791
Short-term
investments
158,904
57,658
—
216,562
Futures
contracts*
5,905
—
—
5,905
Forward
foreign
currency
contracts*
—
1,982
—
1,982
Credit
default
swap
contracts*
—
(4,098)
—
(4,098)
Total
$172,600
$10,689,782
$4,414
$10,866,796
Inflation-Linked
Bond
Bank
loan
obligations
$—
$34,251
$—
$34,251
Corporate
bonds
—
247,469
—
247,469
Government
bonds
—
6,594,060
—
6,594,060
Structured
assets
—
252,895
2,589
255,484
Common
stocks
19,718
—
—
19,718
Short-term
investments
35,918
28,334
—
64,252
Futures
contracts*
(1,015)
—
—
(1,015)
Total
$54,621
$7,157,009
$2,589
$7,214,219
Social
Choice
Bank
loan
obligations
$—
$31,049
$—
$31,049
Corporate
bonds
—
2,203,268
—
2,203,268
Government
bonds
—
4,457,467
1,625
4,459,092
Structured
assets
—
765,349
6,317
771,666
Common
stocks
8,159,817
2,967,843
—
11,127,660
Preferred
stocks
34,920
—
—
34,920
Rights/Warrants
—
—
1
1
Short-term
investments
235,786
264,643
—
500,429
Total
$8,430,523
$10,689,619
$7,943
$19,128,085
*
Derivative
instruments,
excluding
purchased
options,
are
not
reflected
in
the
market
value
of
portfolio
investments.
A10944-B
(5/23)