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)