Portfolio

of

Investments

CREF

Stock

Account

September

30,

2023

1

See

Notes

to

Portfolio

of

Investments

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.3%

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

193

TOTAL

U.S.

TREASURY

SECURITIES

193

TOTAL

GOVERNMENT

BONDS

193

(Cost

$210)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

2.2%

13,843

AB

Dynamics

plc

292

57,198

Actron

Technology

Corp

296

180,100

(a)

Adient

plc

6,610

37,000

AIMA

Technology

Group

Co

Ltd

150

226,711

Aisin

Seiki

Co

Ltd

8,566

111,000

(a)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

201

267,173

Apollo

Tyres

Ltd

1,184

304,728

(a)

Aptiv

plc

30,043

65,372

(b)

ARB

Corp

Ltd

1,306

59,946

Asahi

India

Glass

Ltd

453

411,171

(a),(c)

Aston

Martin

Lagonda

Global

Holdings

plc

1,428

122,662,007

Astra

International

Tbk

PT

49,268

523,478

(a)

Atmus

Filtration

Technologies,

Inc

10,915

216,114

Autoliv,

Inc

20,851

239,235

Autoliv,

Inc

23,123

1,947

(b)

Autoneum

Holding

AG.

253

235,400

(a)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

170

59,750

Bajaj

Auto

Ltd

3,634

64,946

Balkrishna

Industries

Ltd

1,996

463,201

Bayerische

Motoren

Werke

AG.

47,046

58,099

Bayerische

Motoren

Werke

AG.

(Preference)

5,408

431,600

(a)

Beiqi

Foton

Motor

Co

Ltd

205

16,200

Bethel

Automotive

Safety

Systems

Co

Ltd

163

218,841

Bharat

Forge

Ltd

2,872

479,678

BorgWarner,

Inc

19,365

597,663

Brembo

S.p.A

7,409

485,700

Bridgestone

Corp

18,927

962,898

BYD

Co

Ltd

31,489

899,862

BYD

Co

Ltd

(H

shares)

27,725

16,678

Ceat

Ltd

426

9,339

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

194

1,702,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,243

206,000

China

Motor

Corp

623

91,208

Chongqing

Changan

Automobile

Co

Ltd

169

CREF

Stock

Account

September

30,

2023

2

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,508

CIE

Automotive

India

Ltd

$

598

34,909

CIE

Automotive

S.A.

944

1,082,642

Cie

Generale

des

Etablissements

Michelin

S.C.A

33,136

169,477

Cie

Plastic

Omnium

SA

2,748

619,975

(a)

Cofide

S.p.A.

265

359,276

Continental

AG.

25,243

49,138

Cub

Elecparts,

Inc

213

623,118

Daimler

AG.

(Registered)

43,367

794,141

Dana

Inc

11,650

1,472,400

Denso

Corp

23,626

70,000

Depo

Auto

Parts

Ind

Co

Ltd

291

2,906

DN

Automotive

Corp

172

255,442

(c)

Dometic

Group

AB

1,614

3,054,517

Dongfeng

Motor

Group

Co

Ltd

1,202

2,794,828

Dowlais

Group

plc

3,662

269,296

Dr

ING

hc

F

Porsche

AG.

25,267

948,700

DRB-Hicom

Bhd

288

10,100

Eagle

Industry

Co

Ltd

114

1,054

EGE

Endustri

VE

Ticaret

AS.

292

116,795

Eicher

Motors

Ltd

4,839

82,330

ElringKlinger

AG.

509

26,260

(c)

Endurance

Technologies

Ltd

503

29,882

Exedy

Corp

522

363,662

Exide

Industries

Ltd

1,139

132,119

Faurecia

2,718

189,586

FAW

Jiefang

Group

Co

Ltd

226

109,300

FCC

Co

Ltd

1,375

155,912

Ferrari

NV

45,961

2,231,929

Ford

Motor

Co

27,721

57,612

Ford

Otomotiv

Sanayi

AS

1,776

50,200

Fras-Le

S.A.

162

523,500

Fuji

Heavy

Industries

Ltd

10,179

85,863

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

435

557,362

(c)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

2,550

27,977,302

Geely

Automobile

Holdings

Ltd

32,810

1,379,487

General

Motors

Co

45,482

47,813

Gentex

Corp

1,556

510,051

(c)

Gestamp

Automocion

S.A.

2,126

36,000

Global

PMX

Co

Ltd

152

103,560

(a)

Goodyear

Tire

&

Rubber

Co

1,287

2,058,246

(b)

Great

Wall

Motor

Co

Ltd

2,441

121,759

Great

Wall

Motor

Co

Ltd

431

214,000

G-Tekt

Corp

2,605

237,400

Guangzhou

Automobile

Group

Co

Ltd

327

2,905,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,432

112,135

GUD

Holdings

Ltd

843

8,639

Hanil

E-Hwa

Co

Ltd

106

62,050

Hankook

Tire

&

Technology

Co

Ltd

1,815

20,592

Hankook

Tire

Worldwide

Co

Ltd

169

150,559

Hanon

Systems

1,050

99,172

Harley-Davidson,

Inc

3,279

96,619

Hero

Honda

Motors

Ltd

3,550

26,967

HL

Mando

Co

Ltd

839

3,922,350

Honda

Motor

Co

Ltd

44,125

3,390,000

Hota

Industrial

Manufacturing

Co

Ltd

6,721

56,000

Hu

Lane

Associate,

Inc

255

165,215

Huayu

Automotive

Systems

Co

Ltd

426

586,000

(b)

Huazhong

In-Vehicle

Holdings

Co

Ltd

190

26,976

Huizhou

Desay

Sv

Automotive

Co

Ltd

533

13,570

Hwa

Shin

Co

Ltd

128

51,925

Hyundai

Mobis

9,242

118,171

Hyundai

Motor

Co

16,710

3

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

32,397

Hyundai

Motor

Co

Ltd

(2nd

Preference)

$

2,540

48,975

Hyundai

Motor

Co

Ltd

(Preference)

3,807

13,070

Hyundai

Wia

Corp

617

10,776

(a)

Iljin

Hysolus

Co

ltd

180

363,000

(b)

Intron

Technology

Holdings

Ltd

149

496,000

Isuzu

Motors

Ltd

6,236

19,420

JBM

Auto

Ltd

320

67,689

JK

Tyre

&

Industries

Ltd

226

309,342

Johnson

Electric

Holdings

Ltd

379

167,200

JTEKT

Corp

1,578

14,596

Kayaba

Industry

Co

Ltd

472

501,904

Kenda

Rubber

Industrial

Co

Ltd

458

224,322

Kia

Motors

Corp

13,502

3,454

Knaus

Tabbert

AG.

190

176,600

(a)

Koito

Manufacturing

Co

Ltd

2,663

34,840

Kordsa

Teknik

Tekstil

AS.

126

96,921

(a)

Kumho

Tire

Co,

Inc

332

43,681

Lear

Corp

5,862

968,800

(a)

Li

Auto,

Inc

17,289

36,093

Linamar

Corp

1,739

564,723

(a),(b)

Lucid

Group,

Inc

3,157

246,914

(b)

Magna

International,

Inc

13,232

3,509

Maharashtra

Scooters

Ltd

322

4,916,564

Mahindra

&

Mahindra

Ltd

91,811

32,100

Mahle

Metal

Leve

S.A.

308

408,602

Martinrea

International,

Inc

3,763

116,716

Maruti

Suzuki

India

Ltd

14,881

483,673

Mazda

Motor

Corp

5,492

81,462

Minda

Corp

Ltd

326

673,426

Minth

Group

Ltd

1,731

562,700

Mitsubishi

Motors

Corp

2,452

71,157

(a),(b)

Mobileye

Global,

Inc

2,957

310,455

(a)

Modine

Manufacturing

Co

14,203

1,506,024

Motherson

Sumi

Wiring

India

Ltd

1,165

1,653

MRF

Ltd

2,133

34,038

Musashi

Seimitsu

Industry

Co

Ltd

370

25,834

(a)

Myoung

Shin

Industrial

Co

Ltd

344

293,000

(a)

Nan

Kang

Rubber

Tire

Co

Ltd

345

4,611,810

(a),(b),(c)

Nemak

SAB

de

C.V.

887

18,798

Nexen

Tire

Corp

109

590,000

Nexteer

Automotive

Group

Ltd

320

128,600

NGK

Spark

Plug

Co

Ltd

2,911

162,015

NHK

Spring

Co

Ltd

1,239

66,112

Nifco,

Inc

1,709

55,511

Ningbo

Joyson

Electronic

Corp

133

49,778

Ningbo

Tuopu

Group

Co

Ltd

509

1,192,172

(a)

NIO,

Inc

(ADR)

10,777

82,353

Nippon

Seiki

Co

Ltd

643

1,967,100

Nissan

Motor

Co

Ltd

8,681

57,310

Nissan

Shatai

Co

Ltd

328

64,188

NOK

Corp

852

108,878

Nokian

Renkaat

Oyj

855

31,600

Pacific

Industrial

Co

Ltd

303

9,519

Phinia,

Inc

255

655,511

Piaggio

&

C

S.p.A.

2,092

19,094

Piolax,

Inc

292

251,860

(c)

Pirelli

&

C

S.p.A

1,208

234,226

Porsche

AG.

11,521

69,772

PWR

Holdings

Ltd

492

60,123

(a),(b)

QuantumScape

Corp

402

515,614

Renault

S.A.

21,097

503,312

(a),(b)

Rivian

Automotive,

Inc

12,220

CREF

Stock

Account

September

30,

2023

4

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

36,708

SAF-Holland

SE

$

473

447,023

SAIC

Motor

Corp

Ltd

910

161,700

Sailun

Group

Co

Ltd

281

2,042,518

Samvardhana

Motherson

International

Ltd

2,353

24,460

(c)

Sansera

Engineering

Ltd

278

428,000

Sanyang

Motor

Co

Ltd

1,031

409,335

Schaeffler

AG.

2,352

6,290

Sebang

Global

Battery

Co

Ltd

276

37,993

(b)

Seiren

Co

Ltd

595

74,500

(a)

Seres

Group

Co

Ltd

573

47,805

Shandong

Linglong

Tyre

Co

Ltd

133

11,400

Shenzhen

Kedali

Industry

Co

Ltd

150

37,400

(b)

Shoei

Co

Ltd

572

12,221

SL

Corp

295

5,914

SNT

Motiv

Co

Ltd

191

348,829

(c)

Sona

Blw

Precision

Forgings

Ltd

2,446

5,142,200

Sri

Trang

Agro-Industry

PCL

2,071

37,999

(a)

Ssangyong

Motor

Co

243

12,830

Standard

Motor

Products,

Inc

431

107,200

Stanley

Electric

Co

Ltd

1,693

971,525

Stellantis

NV

18,603

95,403

(a)

Stoneridge,

Inc

1,915

607,900

Sumitomo

Electric

Industries

Ltd

7,323

134,600

Sumitomo

Rubber

Industries,

Inc

1,486

4,973

(a),(d)

Sundaram-Clayton

DCD

Pvt

Ltd

60

5,191,812

(a)

Sundaram-Clayton

Ltd

6

4,973

Sundaram-Clayton

Ltd

327

89,899

Sundram

Fasteners

Ltd

1,362

38,861

Sungwoo

Hitech

Co

Ltd

264

67,753

Suprajit

Engineering

Ltd

314

313,400

Suzuki

Motor

Corp

12,605

1,436,791

Tata

Motors

Ltd

10,868

3,328,996

(a)

Tesla,

Inc

832,981

38,806

(b)

Thor

Industries,

Inc

3,692

227,287

(c)

TI

Fluid

Systems

plc

342

548,000

(b)

Tianneng

Power

International

Ltd

518

110,617

Tofas

Turk

Otomobil

Fabrik

1,191

40,147

Tokai

Rika

Co

Ltd

629

19,517

Tokai

Rubber

Industries,

Inc

146

332,000

Tong

Yang

Industry

Co

Ltd

806

26,068

Topre

Corp

296

601,725

Toyo

Tire

&

Rubber

Co

Ltd

9,262

52,300

Toyoda

Gosei

Co

Ltd

1,123

71,995

Toyota

Boshoku

Corp

1,312

16,710,198

(a)

Toyota

Motor

Corp

299,786

9,340

Trigano

S.A.

1,265

70,400

TS

Tech

Co

Ltd

799

89,480

Tube

Investments

of

India

Ltd

3,211

53,000

Tung

Thih

Electronic

Co

Ltd

216

199,037

TVS

Motor

Co

Ltd

3,637

285,000

UMW

Holdings

BHD

289

141,104

UNO

Minda

Ltd

1,017

1,283,557

Valeo

22,026

44,391

(a),(c)

Varroc

Engineering

Ltd

259

31,200

(a)

Visteon

Corp

4,308

280,926

(a)

Vitesco

Technologies

Group

AG.

22,735

33,987

Volkswagen

AG.

(Preference)

3,905

638,993

(a)

Volvo

Car

AB

2,585

1,380,000

(b)

Wuling

Motors

Holdings

Ltd

96

892,000

(a),(b)

XPeng,

Inc

8,151

1,071,031

(c)

Yadea

Group

Holdings

Ltd

1,983

253,200

Yamaha

Motor

Co

Ltd

6,656

5

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

99,200

Yokohama

Rubber

Co

Ltd

$

2,064

480,480

Yulon

Motor

Co

Ltd

1,238

4,144

ZF

Commercial

Vehicle

Control

Systems

India

Ltd

776

TOTAL

AUTOMOBILES

&

COMPONENTS

2,390,212

BANKS

-

6.3%

12,030

(b)

1st

Source

Corp

506

42,003

77

Bank

Ltd

890

610,516

(c)

ABN

AMRO

Bank

NV

8,628

354,171

Absa

Group

Ltd

3,264

1,222,092

Abu

Dhabi

Commercial

Bank

PJSC

2,878

602,769

Abu

Dhabi

Islamic

Bank

PJSC

1,848

671,461

(a)

AFFIN

Holdings

Bhd

305

44,353,383

Agricultural

Bank

of

China

Ltd

16,493

2,367,562

Agricultural

Bank

of

China

Ltd

(Class

A)

1,168

15,942,538

AIB

Group

plc

71,458

31,600

Aichi

Financial

Group,

Inc

517

1,085,917

(a)

Ajman

Bank

PJSC

668

4,489,900

Akbank

TAS

5,469

48,537

Aktia

Bank

Oyj

467

830,849

Al

Ahli

Bank

of

Kuwait

KSCP

656

4,465,333

Al

Rajhi

Bank

80,896

2,055,429

Alinma

Bank

18,321

76,171

(a)

Alior

Bank

S.A.

900

830,300

Alliance

Financial

Group

BHD

597

2,747,929

(a)

Alpha

Services

and

Holdings

S.A.

3,634

315,270

(a),(d)

Amagerbanken

AS

0^

27,050

Amalgamated

Financial

Corp

466

372,270

Ameris

Bancorp

14,291

591,934

AMMB

Holdings

BHD

466

116,000

(b)

Aozora

Bank

Ltd

2,370

271,615

Arab

National

Bank

1,738

72,873

(c)

AU

Small

Finance

Bank

Ltd

624

4,519,591

Australia

&

New

Zealand

Banking

Group

Ltd

74,129

27,044

Awa

Bank

Ltd

414

8,357,676

Axis

Bank

Ltd

104,034

382,890

(a)

Axos

Financial,

Inc

14,496

425,812

(a)

Banca

Monte

dei

Paschi

di

Siena

S.p.A

1,077

887,375

Banca

Popolare

di

Sondrio

SPA

4,554

11,900

Bancfirst

Corp

1,032

66,700

Banco

ABC

Brasil

S.A.

264

16,851,986

(b)

Banco

Bilbao

Vizcaya

Argentaria

S.A.

136,382

1,139,189

Banco

BPM

S.p.A.

5,425

6,371,986

Banco

Bradesco

S.A.

16,049

10,775,359

Banco

Bradesco

S.A.

(Preference)

30,655

37,455,001

(a)

Banco

Comercial

Portugues

S.A.

10,279

50,209,255

Banco

de

Chile

5,108

27,940

Banco

de

Credito

e

Inversiones

715

11,741,895

Banco

de

Sabadell

S.A.

13,584

1,986,100

(b),(c)

Banco

del

Bajio

S.A.

6,246

362,101

Banco

do

Brasil

S.A.

3,399

196,300

Banco

do

Estado

do

Rio

Grande

do

Sul

481

64,081

Banco

Itau

Chile

S.A.

618

265,100

Banco

Pan

S.A.

426

156,810

Banco

Santander

Brasil

S.A.

813

26,770,189

Banco

Santander

Chile

S.A.

1,238

803,303

Banco

Santander

S.A.

3,059

106,901

BanColombia

S.A.

807

201,940

BanColombia

S.A.

(Preference)

1,340

299,713

(a)

Bancorp,

Inc

10,340

320,348

(c)

Bandhan

Bank

Ltd

968

5,584,900

(a)

Bank

Aladin

Syariah

Tbk

PT

388

CREF

Stock

Account

September

30,

2023

6

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

198,641

Bank

AlBilad

$

2,242

148,834

(a)

Bank

Al-Jazira

667

1,959,600

Bank

BTPN

Syariah

Tbk

PT

241

29,657,386

(a)

Bank

Bukopin

Tbk

PT

178

48,132,970

Bank

Central

Asia

Tbk

PT

27,423

140,540

Bank

Hapoalim

Ltd

1,252

561,100

Bank

Islam

Malaysia

Bhd

256

175,324

Bank

Leumi

Le-Israel

1,453

460,828

(a)

Bank

Millennium

S.A.

599

23,421,953

Bank

Negara

Indonesia

Persero

Tbk

PT

15,623

5,940,288

(a)

Bank

Neo

Commerce

Tbk

PT

119

11,814,115

Bank

of

America

Corp

323,470

440,811

Bank

of

Baroda

1,132

633,262

Bank

of

Beijing

Co

Ltd

402

286,100

Bank

of

Changsha

Co

Ltd

322

90,620

Bank

of

Chengdu

Co

Ltd

171

1,074,844

Bank

of

China

Ltd

-

A

556

69,336,912

Bank

of

China

Ltd

-

H

24,155

1,096,812

Bank

of

Communications

Co

Ltd

-

A

867

4,243,319

Bank

of

Communications

Co

Ltd

-

H

2,563

971,600

Bank

of

East

Asia

Ltd

1,202

29,897

Bank

of

Georgia

Group

plc

1,346

112,795

Bank

of

Hangzhou

Co

Ltd

173

4,921,549

Bank

of

Ireland

Group

plc

48,111

324,218

Bank

of

Jiangsu

Co

Ltd

319

443,312

(a)

Bank

of

Kaohsiung

Co

Ltd

165

49,600

Bank

of

Kyoto

Ltd

2,796

1,109,005

(b)

Bank

of

Montreal

93,554

214,914

Bank

of

Nanjing

Co

Ltd

237

156,174

Bank

of

Ningbo

Co

Ltd

578

1,165,361

(b)

Bank

of

Nova

Scotia

52,234

804,993

Bank

of

NT

Butterfield

&

Son

Ltd

21,799

559,028

(b)

Bank

of

Queensland

Ltd

2,052

403,299

Bank

of

Shanghai

Co

Ltd

341

206,200

Bank

of

Suzhou

Co

Ltd

195

853,778

Bank

of

the

Philippine

Islands

1,688

130,800

Bank

OZK

4,849

178,795

Bank

Pekao

S.A.

4,112

2,724,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

206

7,304,400

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

300

204,566,568

Bank

Rakyat

Indonesia

69,089

4,944,462

Bank

Tabungan

Negara

Persero

Tbk

PT

390

14,602

(a)

Bank

Zachodni

WBK

S.A.

1,199

704,954

Bankinter

S.A.

4,485

135,900

BankUnited,

Inc

3,085

285,162

Banner

Corp

12,085

33,035

(b)

Banque

Cantonale

Vaudoise

3,457

247,239

Banque

Saudi

Fransi

2,408

17,917,148

Barclays

plc

34,534

954,025

(c)

BAWAG

Group

AG.

43,605

10,550,499

BDO

Unibank,

Inc

26,407

473,913

Bendigo

Bank

Ltd

2,703

84,065

Berkshire

Hills

Bancorp,

Inc

1,686

215,950

BNK

Financial

Group,

Inc

1,095

1,445,519

BNP

Paribas

S.A.

91,915

3,401,125

BOC

Hong

Kong

Holdings

Ltd

9,285

598,279

Boubyan

Bank

KSCP

1,169

1,305,116

(b)

BPER

Banca

3,967

6,449

(a)

BRE

Bank

S.A.

581

629,831

Brookline

Bancorp,

Inc

5,738

2,682,799

Bumiputra-Commerce

Holdings

BHD

3,099

568,691

Burgan

Bank

SAK

335

7

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

47,050

Business

First

Bancshares,

Inc

$

883

195,375

Byline

Bancorp,

Inc

3,851

10,026,545

CaixaBank

S.A.

39,946

883,749

(b)

Canadian

Imperial

Bank

of

Commerce

34,114

77,985

(b)

Canadian

Western

Bank

1,616

177,192

(b)

Capitec

Bank

Holdings

Ltd

16,022

1,065,910

(b)

Capitol

Federal

Financial,

Inc

5,084

16,613

Capstar

Financial

Holdings,

Inc

236

89,448

Cathay

General

Bancorp

3,109

98,471

Central

Pacific

Financial

Corp

1,643

2,000,811

Chang

Hwa

Commercial

Bank

1,070

1,784,000

Chiba

Bank

Ltd

12,961

21,500,490

China

Citic

Bank

9,977

455,407

China

Construction

Bank

Corp

-

A

394

83,345,546

China

Construction

Bank

Corp

-

H

46,853

1,339,504

China

Everbright

Bank

Co

Ltd

-

A

564

2,124,845

China

Everbright

Bank

Co

Ltd

-

H

636

4,724,981

China

Merchants

Bank

Co

Ltd

19,616

8,774,041

China

Merchants

Bank

Co

Ltd

(Class

A)

39,913

992,848

China

Minsheng

Banking

Corp

Ltd

-

A

522

8,504,991

(b)

China

Minsheng

Banking

Corp

Ltd

-

H

2,905

670,537

China

Zheshang

Bank

Co

Ltd

236

29,002,388

Chinatrust

Financial

Holding

Co

22,035

1,002,200

Chongqing

Rural

Commercial

Bank

Co

Ltd

550

116,600

Chugin

Financial

Group,

Inc

869

1,469,231

Citigroup,

Inc

60,429

1,188,700

Citizens

Financial

Group,

Inc

31,857

315,466

City

Union

Bank

Ltd

480

122,947

Close

Brothers

Group

plc

1,324

67,468

(a)

Collector

Bank

AB

217

159,065

Columbia

Banking

System,

Inc

3,229

38,791

Comerica,

Inc

1,612

43,972

(b)

Commerce

Bancshares,

Inc

2,110

1,355,557

Commercial

Bank

PSQC

2,011

1,102,115

Commercial

International

Bank

2,142

5,595,562

Commerzbank

AG.

63,506

2,208,931

Commonwealth

Bank

of

Australia

141,098

279,062

Community

Bank

System,

Inc

11,779

51,380

(b)

Community

Trust

Bancorp,

Inc

1,760

972,000

Concordia

Financial

Group

Ltd

4,428

21,950

ConnectOne

Bancorp,

Inc

391

256,921

Credicorp

Ltd

32,878

60,077

Credit

Agricole

S.A.

739

175,587

Credito

Emiliano

S.p.A.

1,438

20,530

(a),(b)

CrossFirst

Bankshares,

Inc

207

71,700

CVB

Financial

Corp

1,188

5,646,074

(a),(d)

Cyprus

Popular

Bank

PCL

60

299,627

Dah

Sing

Banking

Group

Ltd

197

135,508

Dah

Sing

Financial

Holdings

Ltd

286

28,586

Daishi

Hokuetsu

Financial

Group,

Inc

725

34,236

Danske

Bank

AS

794

1,660,765

DBS

Group

Holdings

Ltd

40,788

80,886

DCB

Bank

Ltd

121

125,006

DGB

Financial

Group,

Inc

728

45,940

DNB

Bank

ASA

923

1,870,201

Doha

Bank

QPSC

835

1,193,887

Dubai

Islamic

Bank

PJSC

1,902

1,726,243

Dukhan

Bank

1,883

12,122,748

E.Sun

Financial

Holding

Co

Ltd

9,113

207,460

Eagle

Bancorp,

Inc

4,450

170,610

East

West

Bancorp,

Inc

8,993

794,637

Emirates

NBD

Bank

PJSC

3,851

84,565

Enterprise

Financial

Services

Corp

3,171

23,210

(a),(b)

Equitable

Group,

Inc

1,288

CREF

Stock

Account

September

30,

2023

8

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

439,174

(c)

Equitas

Small

Finance

Bank

Ltd

$

473

17,067

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

589

1,034,549

(a)

Eurobank

Ergasias

Services

and

Holdings

S.A.

1,591

1,903,578

Far

Eastern

International

Bank

687

46,510

Farmers

National

Banc

Corp

538

1,438,829

Federal

Bank

Ltd

2,543

13,451

FIBI

Holdings

Ltd

611

2,852,930

Fifth

Third

Bancorp

72,265

24,750

Financial

Institutions,

Inc

417

914,797

FinecoBank

Banca

Fineco

S.p.A

11,046

1,842,883

First

Abu

Dhabi

Bank

PJSC

6,824

167,391

First

BanCorp

2,253

85,400

First

Bancshares,

Inc

2,303

90,707

First

Busey

Corp

1,743

49,656

First

Citizens

Bancshares,

Inc

(Class

A)

68,530

130,000

First

Commonwealth

Financial

Corp

1,587

573,241

First

Financial

Bankshares,

Inc

14,400

57,240

First

Financial

Corp

1,935

4,420,331

First

Financial

Holding

Co

Ltd

3,638

103,170

First

Hawaiian,

Inc

1,862

399,859

First

Horizon

National

Corp

4,406

194,290

First

International

Bank

Of

Israel

Ltd

8,369

8,740

First

Mid

Bancshares,

Inc

232

5,200

(a),(d)

FS

Finans

A.S.

0^

145,900

Fukuoka

Financial

Group,

Inc

3,491

7,482,085

(b)

Grupo

Financiero

Banorte

S.A.

de

C.V.

62,729

750,877

(a),(b)

Grupo

Financiero

Inbursa

S.A.

1,477

1,205,431

Grupo

Security

S.A.

282

652,470

Gulf

Bank

KSCP

555

277,800

Gunma

Bank

Ltd

1,294

299,100

(b)

Hachijuni

Bank

Ltd

1,649

441,127

Haci

Omer

Sabanci

Holding

AS

960

125,966

Hana

Financial

Group,

Inc

3,946

703,035

Hang

Seng

Bank

Ltd

8,723

26,740

Hanmi

Financial

Corp

434

24,500

HarborOne

Bancorp,

Inc

233

5,494,282

HDFC

Bank

Ltd

100,765

882,477

HDFC

Bank

Ltd

(ADR)

52,075

250,482

Heartland

Financial

USA,

Inc

7,372

204,302

Hirogin

Holdings,

Inc

1,252

17,600

Hokkoku

Financial

Holdings,

Inc

612

95,760

Hokuhoku

Financial

Group,

Inc

1,024

718,468

Home

Bancshares,

Inc

15,045

244,912

Hong

Leong

Bank

BHD

1,016

95,670

Hong

Leong

Credit

BHD

361

12,042,165

HSBC

Holdings

plc

94,235

3,447,510

Hua

Nan

Financial

Holdings

Co

Ltd

2,191

407,286

Huaxia

Bank

Co

Ltd

319

726,912

Huntington

Bancshares,

Inc

7,560

147,374

Hyakugo

Bank

Ltd

528

3,486,594

ICICI

Bank

Ltd

39,945

2,854,050

(a)

IDFC

First

Bank

Ltd

3,269

70,410

Independent

Bank

Corp

1,291

235,603

Indian

Bank

1,199

1,734,739

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,112

52,702,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

25,278

514,105

Industrial

Bank

Co

Ltd

1,150

116,443

Industrial

Bank

of

Korea

966

24,289,184

ING

Groep

NV

320,133

28,790

Intercorp

Financial

Services,

Inc

648

134,200

International

Bancshares

Corp

5,816

6,933,184

Intesa

Sanpaolo

S.p.A.

17,757

2,101,213

Investimentos

Itau

S.A.

-

PR

3,783

3,796,561

(b)

iShares

Core

MSCI

EAFE

ETF

244,309

9

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

2,170,255

iShares

Core

MSCI

Emerging

Markets

ETF

$

103,282

1,702,789

Israel

Discount

Bank

Ltd

9,229

13,041,202

Itau

Unibanco

Holding

S.A.

70,595

28,143

(a),(e)

Itausa

S.A.

51

219,054

Iyogin

Holdings,

Inc

1,572

254,750

Jammu

&

Kashmir

Bank

Ltd

322

1,256,900

Japan

Post

Bank

Co

Ltd

10,937

322,667

JB

Financial

Group

Co

Ltd

2,376

5,017,231

JPMorgan

Chase

&

Co

727,599

777,958

(a)

Judo

Capital

Holdings

Ltd

498

25,740

Juroku

Financial

Group,

Inc

644

90,875

(a)

Jyske

Bank

6,629

70,391

KakaoBank

Corp

1,218

96,536

Karnataka

Bank

Ltd

289

394,051

Karur

Vysya

Bank

Ltd

633

239,000

Kasikornbank

PCL

(Foreign)

826

1,353,753

KB

Financial

Group,

Inc

55,215

29,591

KBC

Ancora

1,207

652,820

KBC

Groep

NV

40,642

102,750

Kearny

Financial

Corp

712

65,248

Keiyo

Bank

Ltd

302

181,000

Kiatnakin

Phatra

Bank

PCL

274

647,000

King's

Town

Bank

Co

Ltd

744

43,819

Kiyo

Bank

Ltd

438

28,989

Komercni

Banka

AS

843

956,661

Kotak

Mahindra

Bank

Ltd

19,937

3,052,896

Krung

Thai

Bank

PCL

1,589

3,391,349

Kuwait

Finance

House

KSCP

8,030

773,031

Kuwait

International

Bank

KSCP

380

1,832,555

Kuwait

Projects

Co

Holding

KSCP

694

284,500

Kyushu

Financial

Group,

Inc

1,466

67,890

Lakeland

Bancorp,

Inc

857

31,180

Lakeland

Financial

Corp

1,480

34,846

(b)

Laurentian

Bank

of

Canada

777

364,241

Live

Oak

Bancshares,

Inc

10,545

5,197,669

Lloyds

TSB

Group

plc

2,793

449,944

(b)

M&T

Bank

Corp

56,895

2,325,230

Malayan

Banking

BHD

4,350

1,784,600

Malaysia

Building

Society

Bhd

277

2,327,109

Masraf

Al

Rayan

QSC

1,425

893,400

Mebuki

Financial

Group,

Inc

2,470

1,074,960

(b)

Mediobanca

S.p.A.

14,172

10,197,141

Mega

Financial

Holding

Co

Ltd

11,920

734,914

Metropolitan

Bank

&

Trust

701

20,650

Mid

Penn

Bancorp,

Inc

416

19,500

Midland

States

Bancorp,

Inc

401

17,942,326

Mitsubishi

UFJ

Financial

Group,

Inc

152,046

17,235

Mizrahi

Tefahot

Bank

Ltd

626

2,213,224

Mizuho

Financial

Group,

Inc

37,576

138,602

(c)

Moneta

Money

Bank

AS

503

25,668

(b)

Musashino

Bank

Ltd

474

21,849

Nanto

Bank

Ltd

389

2,884,042

National

Australia

Bank

Ltd

53,540

131,795

National

Bank

Holdings

Corp

3,922

329,919

(b)

National

Bank

of

Canada

21,917

220,587

(a)

National

Bank

of

Greece

S.A.

1,242

3,180,367

National

Bank

of

Kuwait

SAKP

9,320

10,422,641

NatWest

Group

plc

29,815

190,835

Nedbank

Group

Ltd

2,039

109,164

(b)

Nishi-Nippon

Financial

Holdings,

Inc

1,246

2,686,471

Nordea

Bank

Abp

29,454

9,041,118

Nordea

Bank

Abp

99,257

212,597

North

Pacific

Bank

Ltd

513

27,150

(b)

Northeast

Community

Bancorp,

Inc

401

CREF

Stock

Account

September

30,

2023

10

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

16,240

Northrim

BanCorp,

Inc

$

643

250,030

Northwest

Bancshares,

Inc

2,558

4,525,407

(a)

NU

Holdings

Ltd

32,809

1,135,000

O-Bank

Co

Ltd

335

282,957

OceanFirst

Financial

Corp

4,094

509,734

OFG

Bancorp

15,221

23,107

Ogaki

Kyoritsu

Bank

Ltd

320

18,000

Okinawa

Financial

Group,

Inc

292

233,800

Old

National

Bancorp

3,399

26,604

Old

Second

Bancorp,

Inc

362

9,892

Origin

Bancorp,

Inc

286

94,397

OTP

Bank

Rt

3,403

3,364,646

Oversea-Chinese

Banking

Corp

31,466

74,200

Pacific

Premier

Bancorp,

Inc

1,615

153,810

Pathward

Financial,

Inc

7,089

6,574

Peapack

Gladstone

Financial

Corp

169

45,950

Peoples

Bancorp,

Inc

1,166

1,687,687

(a)

Permanent

TSB

Group

Holdings

plc

3,836

466,584

Ping

An

Bank

Co

Ltd

719

609,082

(a)

Piraeus

Financial

Holdings

S.A.

1,798

498,759

PNC

Financial

Services

Group,

Inc

61,233

28,774

Popular,

Inc

1,813

725,837

Postal

Savings

Bank

of

China

Co

Ltd

-

A

496

7,691,972

(c)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

3,873

834,552

(a)

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

6,602

160,879

(b)

Preferred

Bank

10,015

201,840

Premier

Financial

Corp

3,443

29,250

Primis

Financial

Corp

238

87,092

Prosperity

Bancshares,

Inc

4,753

497,910

Provident

Financial

Services,

Inc

7,613

138,797,170

PT

Bank

Mandiri

Persero

Tbk

54,024

5,969,880

Public

Bank

Bhd

5,158

411,239

Qatar

International

Islamic

Bank

QSC

1,085

681,662

Qatar

Islamic

Bank

SAQ

3,476

3,860,092

Qatar

National

Bank

QPSC

16,333

88,212

QCR

Holdings,

Inc

4,280

159,620

(a)

Raiffeisen

International

Bank

Holding

AG.

2,326

58,000

(a),(b)

Rakuten

Bank

Ltd

888

373,523

(c)

RBL

Bank

Ltd

1,134

206,600

(b)

Regional

SAB

de

C.V.

1,484

59,987

Renasant

Corp

1,571

2,912,500

Resona

Holdings,

Inc

16,104

566,369

RHB

Capital

BHD

654

23,446

Ringkjoebing

Landbobank

A.S.

3,384

1,327,743

Riyad

Bank

9,831

1,360,881

Royal

Bank

of

Canada

118,930

115,164

San-In

Godo

Bank

Ltd

744

416,928

Saudi

Awwal

Bank

3,837

204,962

Saudi

Investment

Bank

864

2,143,940

Saudi

National

Bank

18,759

43,900

(b)

SBI

Sumishin

Net

Bank

Ltd

458

740,761

SCB

X

PCL

2,081

346,690

Security

Bank

Corp

490

60,320

ServisFirst

Bancshares,

Inc

3,147

512,700

Seven

Bank

Ltd

1,066

1,606,331

Shanghai

Commercial

&

Savings

Bank

Ltd

2,154

690,034

Shanghai

Pudong

Development

Bank

Co

Ltd

673

555,400

Shanghai

Rural

Commercial

Bank

Co

Ltd

460

1,062,496

Sharjah

Islamic

Bank

688

30,600

Shiga

Bank

Ltd

715

393,724

Shinhan

Financial

Group

Co

Ltd

10,362

426,300

Shizuoka

Financial

Group,

Inc

3,474

9,616,037

SinoPac

Financial

Holdings

Co

Ltd

5,187

5,318,876

Skandinaviska

Enskilda

Banken

AB

(Class

A)

63,411

11

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

321,998

Societe

Generale

$

7,792

855,824

South

Indian

Bank

Ltd

279

130,713

(b)

Southside

Bancshares,

Inc

3,751

203,288

SouthState

Corp

13,693

59,593

Spar

Nord

Bank

A.S.

922

29,425

Sparebank

Oestlandet

367

147,336

SpareBank

SR-Bank

ASA

1,687

116,462

Sparebanken

Midt-Norge

1,490

203,928

Sparebanken

Nord-Norge

1,823

2,681

St

Galler

Kantonalbank

1,463

2,433,955

Standard

Bank

Group

Ltd

23,617

6,133,736

Standard

Chartered

plc

56,415

744,794

State

Bank

of

India

5,350

189,848

(b)

Stellar

Bancorp,

Inc

4,048

2,640,397

Sumitomo

Mitsui

Financial

Group,

Inc

129,712

399,671

Sumitomo

Mitsui

Trust

Holdings,

Inc

15,046

172,364

Suruga

Bank

Ltd

729

72,397

Svenska

Handelsbanken

AB

644

42,140

Swedbank

AB

(A

Shares)

775

113,170

Sydbank

AS

5,372

2,665,102

Taichung

Commercial

Bank

Co

Ltd

1,210

4,501,956

Taishin

Financial

Holdings

Co

Ltd

2,498

2,445,312

Taiwan

Business

Bank

1,001

4,249,192

Taiwan

Cooperative

Financial

Holding

Co

Ltd

3,372

47,203

TBC

Bank

Group

plc

1,719

245,000

Thanachart

Capital

PCL

336

22,893,900

(a)

TMB

Bank

PCL

(Foreign)

1,079

116,343

Toho

Bank

Ltd

219

18,900

Tokyo

Kiraboshi

Financial

Group,

Inc

569

107,364

TOMONY

Holdings,

Inc

331

1,799,290

(b)

Toronto-Dominion

Bank

108,401

44,070

Towne

Bank

1,011

1,068,686

Truist

Financial

Corp

30,575

48,910

(b)

TrustCo

Bank

Corp

NY

1,335

293,532

Trustmark

Corp

6,378

5,312,493

Turkiye

Is

Bankasi

(Series

C)

4,975

487,047

(c)

Ujjivan

Small

Finance

Bank

Ltd

316

3,373,321

(c)

Unicaja

Banco

S.A.

3,618

1,699,428

UniCredit

S.p.A

40,491

1,806,353

Union

Bank

Of

Taiwan

745

132,390

United

Bankshares,

Inc

3,653

1,154,217

United

Overseas

Bank

Ltd

24,040

117,400

Univest

Financial

Corp

2,040

13,289

Valiant

Holding

AG.

1,376

145,030

Van

Lanschot

Kempen

NV

3,890

235,575

Veritex

Holdings,

Inc

4,229

4,157,666

Virgin

Money

UK

plc

8,502

635,093

(a),(d)

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

(a),(d)

VTB

Bank

PJSC

(GDR)

Tradegate

7

904,530

Warba

Bank

KSCP

540

81,900

Washington

Trust

Bancorp,

Inc

2,156

11,038,969

Wells

Fargo

&

Co

451,052

249,180

WesBanco,

Inc

6,085

39,790

Westamerica

Bancorporation

1,721

3,230,226

Westpac

Banking

Corp

43,665

241,130

Wintrust

Financial

Corp

18,205

258,299

Woori

Financial

Group,

Inc

2,342

238,960

WSFS

Financial

Corp

8,722

160,399

Yamaguchi

Financial

Group,

Inc

1,404

1,417,348

Yapi

ve

Kredi

Bankasi

952

5,355,780

(a)

Yes

Bank

Ltd

1,111

TOTAL

BANKS

6,870,940

CREF

Stock

Account

September

30,

2023

12

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

CAPITAL

GOODS

-

8.0%

593,056

3M

Co

$

55,522

2,279

3M

India

Ltd

873

93,321

A.O.

Smith

Corp

6,171

81,716

Aalberts

Industries

NV

2,982

47,800

(a)

AAR

Corp

2,846

8,700

(a),(b)

Abalance

Corp

196

800,975

ABB

Ltd

28,589

46,807

ABB

Ltd

India

2,306

1,380,349

Aboitiz

Equity

Ventures,

Inc

1,224

459,749

AcBel

Polytech,

Inc

623

296,008

Accelleron

Industries

AG.

7,673

19,015

Ackermans

&

Van

Haaren

2,873

10,873

ACS

Actividades

de

Construccion

y

Servicios

S.A.

391

86,000

Acter

Co

Ltd

436

28,149

Action

Construction

Equipment

Ltd

233

6,628

Acuity

Brands,

Inc

1,129

145,812

Adani

Enterprises

Ltd

4,223

214,284

(b)

AddTech

AB

3,420

14,985

(b)

ADENTRA,

Inc

338

51,676

Advanced

Drainage

Systems,

Inc

5,882

25,000

Advanced

Energy

Solution

Holding

Co

Ltd

496

42,827

AECC

Aero-Engine

Control

Co

Ltd

126

144,252

AECC

Aviation

Power

Co

Ltd

735

117,371

Aecom

Technology

Corp

9,746

56,439

(b)

Aecon

Group,

Inc

472

190,753

(a)

AerCap

Holdings

NV

11,954

42,690

(a)

Aerovironment,

Inc

4,761

216,060

(a)

AerSale

Corp

3,228

39,954

(b)

AFG

Arbonia-Forster

Hldg

366

15,108

(b)

AG.

Growth

International,

Inc

592

13,839

AGCO

Corp

1,637

34,797

AIA

Engineering

Ltd

1,469

87,400

Aichi

Corp

585

119,841

Aida

Engineering

Ltd

803

78,251

Air

Lease

Corp

3,084

1,262,718

Airbus

SE

169,013

118,226

Airtac

International

Group

3,592

17,469

Aker

ASA

(A

Shares)

1,073

13,300

Alamo

Group,

Inc

2,299

141,918

Alarko

Holding

AS.

639

14,900

Albany

International

Corp

(Class

A)

1,286

14,361

Alfa

Laval

AB

492

2,454,500

(b)

Alfa

S.A.

de

C.V.

(Class

A)

1,597

18,163

(a),(b),(c)

Alfen

,NV

767

107,912

(c)

Alimak

Group

AB

657

252,966

(b)

Allegion

plc

26,359

2,357,300

Alliance

Global

Group,

Inc

513

175,169

Allison

Transmission

Holdings,

Inc

10,345

95,573

Alstom

RGPT

2,271

41,396

Alstom

T&D

India

Ltd

221

260,250

Alta

Equipment

Group,

Inc

3,139

2,007,900

Amada

Co

Ltd

20,186

486,420

Amara

Raja

Batteries

Ltd

3,728

793,875

Ametek,

Inc

117,303

121,348

Andritz

AG.

6,115

29,823

(a)

Antares

Vision

S.p.A

108

12,665

Apar

Industries

Ltd

833

792,701

(a)

API

Group

Corp

20,555

59,640

Apogee

Enterprises,

Inc

2,808

204,866

Applied

Industrial

Technologies,

Inc

31,674

2,896

Arad

Investment

&

Industrial

Development

Ltd

321

13

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

363,081

Arcosa,

Inc

$

26,106

91,400

Armac

Locacao

Logistica

E

Servicos

S.A.

233

93,279

Armstrong

World

Industries,

Inc

6,716

571,906

(a)

Array

Technologies,

Inc

12,691

164,100

Asahi

Glass

Co

Ltd

5,751

907,387

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

1,349

606,315

Ashok

Leyland

Ltd

1,289

2,295,284

Ashtead

Group

plc

139,192

37,919

Ashtrom

Group

Ltd

517

971,383

Assa

Abloy

AB

21,107

26,350

Astec

Industries,

Inc

1,241

29,633

Astra

Industrial

Group

696

345,777

Astral

Ltd

7,940

172,775

(a)

Atkore,

Inc

25,776

77,474

Atlas

Copco

AB

906

2,114,985

Atlas

Copco

AB

28,406

126,174

(a)

ATS

Corp

5,379

277,939

Austal

Ltd

336

726,037

AviChina

Industry

&

Technology

Co

Ltd

344

22,959

AVICOPTER

plc

119

52,760

(a)

Axon

Enterprise,

Inc

10,499

99,741

Ayala

Corp

1,098

2,215

(a),(d)

Ayala

Corp

Preferred

0^

172,783

(a)

AZEK

Co,

Inc

5,139

495,410

(a)

Babcock

&

Wilcox

Enterprises,

Inc

2,086

193,036

(a)

Babcock

International

Group

970

106,902

(b)

Badger

Infrastructure

Solutions

Ltd

2,730

2,991,945

BAE

Systems

plc

36,358

148,428

(a),(d)

Bajel

Projects

Ltd

209

488,467

Balfour

Beatty

plc

1,913

193,892

(a),(b)

Ballard

Power

Systems,

Inc

714

118,897

Barloworld

Ltd

545

20,521

Bawan

Co

180

9,895

BayWa

AG.

352

35,360

(a)

Beacon

Roofing

Supply,

Inc

2,729

416,718

(b)

Beijer

Ref

AB

4,384

18,400

Beijing

Easpring

Material

Technology

Co

Ltd

106

83,712

Beijing

New

Building

Materials

plc

346

29,870

Beijing

United

Information

Technology

Co

Ltd

136

19,764

Belimo

Holding

AG.

9,380

17,973

BEML

Ltd

501

1,252,000

BES

Engineering

Corp

421

430,382

Bharat

Dynamics

Ltd

5,333

3,251,384

Bharat

Electronics

Ltd

5,402

860,702

Bharat

Heavy

Electricals

Ltd

1,353

242,905

(b)

Bidvest

Group

Ltd

3,500

72,820

(a)

Bien

Yapi

Urunleri

Sanayi

Turizm

ve

Ticaret

AS.

171

7,105

(b)

Biesse

S.p.A.

83

106,937

Bizlink

Holding,

Inc

897

139,990

(a)

Blue

Bird

Corp

2,989

94,596

Blue

Star

Ltd

995

1,485,306

(c)

BOC

Aviation

Ltd

10,348

164,485

Bodycote

plc

1,309

1,858,517

(a)

Boeing

Co

356,241

72,490

Boise

Cascade

Co

7,469

71,595

(a),(b)

Bombardier,

Inc

2,496

19,230

Bonheur

ASA

403

4,715

Bossard

Holding

AG.

1,034

207,710

Bouygues

S.A.

7,262

612,334

Brenntag

SE

47,380

335,000

Brighton-Best

International

Taiwan,

Inc

350

5,496

Bucher

Industries

AG.

2,097

CREF

Stock

Account

September

30,

2023

14

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,157

Budimex

S.A.

$

1,107

23,827

Bufab

AB

599

140,415

(a)

Builders

FirstSource,

Inc

17,480

36,700

Bunka

Shutter

Co

Ltd

271

409,525

Bunzl

plc

14,585

13,611

Burckhardt

Compression

Holding

AG.

7,407

15,199

Burkhalter

Holding

AG.

1,454

18,628

BWX

Technologies,

Inc

1,397

1,170

(b)

Bystronic

AG.

726

90,746

(a)

Cadeler

A.S.

309

377,280

(a)

CAE,

Inc

8,808

19,965

Carbone

Lorraine

795

31,515

(c)

Carel

Industries

S.p.A

754

32,151

Cargotec

Corp

(B

Shares)

1,344

10,317

Carlisle

Cos,

Inc

2,675

4,891,586

Carrier

Global

Corp

270,016

617,619

Caterpillar,

Inc

168,610

15,400

Central

Glass

Co

Ltd

305

5,180

Cera

Sanitaryware

Ltd

531

112,817

(a),(b)

Ceres

Power

Holdings

plc

432

249,537

CG

Power

&

Industrial

Solutions

Ltd

1,326

1,049,700

CH

Karnchang

PCL

599

228,334

(a),(b)

ChargePoint

Holdings,

Inc

1,135

1,066,001

Chemring

Group

plc

3,609

874,000

Chicony

Power

Technology

Co

Ltd

3,102

534,300

(a)

Chin

Hin

Group

Bhd

457

290,000

China

Aircraft

Leasing

Group

Holdings

Ltd

143

96,122

China

Baoan

Group

Co

Ltd

137

1,210,000

China

Communications

Services

Corp

Ltd

508

593,074

China

Conch

Venture

Holdings

Ltd

505

257,800

China

CSSC

Holdings

Ltd

985

2,048,200

China

Energy

Engineering

Corp

Ltd

635

2,738,000

(a)

China

High

Speed

Transmission

Equipment

Group

Co

Ltd

787

299,000

China

Lesso

Group

Holdings

Ltd

159

144,700

China

National

Chemical

Engineering

Co

Ltd

155

594,018

China

Railway

Group

Ltd

-

A

558

3,773,000

China

Railway

Group

Ltd

-

H

1,940

754,000

China

State

Construction

Development

Holdings

Ltd

224

1,067,300

China

State

Construction

Engineering

Corp

Ltd

811

1,658,000

China

State

Construction

International

Holdings

Ltd

1,742

331,300

China

XD

Electric

Co

Ltd

220

138,545

(a),(b)

Chiyoda

Corp

351

6,392

Chosun

Refractories

Co

Ltd

35

107,300

Chudenko

Corp

1,732

300,000

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp

1,000

612,000

CIMC

Enric

Holdings

Ltd

532

23,750

(a)

CIRCOR

International,

Inc

1,324

2,603,517

Citic

Pacific

Ltd

2,383

12,952,000

Citic

Resources

Holdings

Ltd

578

8,955

CJ

Corp

594

2,281,086

CK

Hutchison

Holdings

Ltd

12,110

41,593

CKD

Corp

572

1,775,383

(b)

CNH

Industrial

NV

21,482

50,791

CNH

Industrial

NV

617

433,500

CNPC

Capital

Co

Ltd

393

41,554

(c)

Cochin

Shipyard

Ltd

542

6,123

Colt

CZ

Group

SE

148

48,254

Columbus

McKinnon

Corp

1,685

250,356

Comfort

Systems

USA,

Inc

42,663

43,060

(a)

Commercial

Vehicle

Group,

Inc

334

2,736,697

Compagnie

de

Saint-Gobain

163,792

94,717

COMSYS

Holdings

Corp

1,980

15

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

38,364

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

$

1,197

11,220

(a)

Construction

Partners,

Inc

410

2,328,548

Contemporary

Amperex

Technology

Co

Ltd

65,043

239,000

Continental

Holdings

Corp

199

179,634

(a)

Core

&

Main,

Inc

5,182

583,900

COSCO

SHIPPING

Development

Co

Ltd

191

4,762

Craftsman

Automation

Ltd

265

59,779

Crane

Co

5,311

26,089

Crane

NXT

Co

1,450

38,617

(a)

Creative

&

Innovative

System

285

21,361

CS

Wind

Corp

861

472,000

(a)

CSBC

Corp

Taiwan

335

500,000

CTCI

Corp

611

120,444

Cummins

India

Ltd

2,455

28,954

Cummins,

Inc

6,615

153,085

Curtiss-Wright

Corp

29,948

30,600

(a),(b)

Custom

Truck

One

Source,

Inc

190

25,393

(a)

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS.

335

11,539

Daelim

Industrial

Co

362

6,047

(b)

Daetwyler

Holding

AG.

1,158

162,077

(a)

Daewoo

Engineering

&

Construction

Co

Ltd

505

171,397

(b)

Daewoo

International

Corp

9,005

19,001

(a)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

434

135,400

Daifuku

Co

Ltd

2,556

16,548

Daihen

Corp

560

2,589

Daiho

Corp

68

435,577

Daikin

Industries

Ltd

68,286

1,039,068

Daimler

Truck

Holding

AG.

35,977

23,900

Daiwa

Industries

Ltd

221

21,800

Dajin

Heavy

Industry

Co

Ltd

78

9,046

(b)

Danieli

&

Co

S.p.A.

257

112,759

Danieli

&

Co

S.p.A.

(RSP)

2,353

26,742

Dassault

Aviation

S.A.

5,037

14,928

Data

Patterns

India

Ltd

377

22,330

Dawonsys

Co

Ltd

275

107,797

DCC

plc

6,035

536,056

Deere

&

Co

202,297

216,932

Deutz

AG.

955

309,349

Diploma

plc

11,294

83,309

DiscoverIE

Group

plc

689

26,394

DL

E&C

Co

Ltd

608

2,507,100

DMCI

Holdings,

Inc

461

96,722

Donaldson

Co,

Inc

5,768

150,529

Dongfang

Electric

Corp

Ltd

323

48,678

Doosan

Bobcat,

Inc

1,837

6,655

Doosan

Corp

557

40,304

(a)

Doosan

Engine

Co

Ltd

264

38,176

(a)

Doosan

Fuel

Cell

Co

Ltd

569

384,108

(a)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

4,671

325,806

Doosan

Infracore

Co

Ltd

2,558

135,510

Douglas

Dynamics,

Inc

4,090

1,101,653

Dover

Corp

153,692

392,953

(a),(d)

Drake

&

Scull

International

PJSC

1

5,776

Dredging

Environmental

&

Marine

Engineering

NV

634

1,556,435

Dubai

Investments

PJSC

1,047

44,455

Duerr

AG.

1,203

49,120

(a)

DXP

Enterprises,

Inc

1,716

1

(a)

Dycom

Industries,

Inc

0^

4,087,800

Dynasty

Ceramic

PCL

191

1,922,345

Eaton

Corp

plc

409,998

77,000

Ebara

Corp

3,603

5,947

(a),(b)

Ebusco

Holding

NV

29

CREF

Stock

Account

September

30,

2023

16

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

1,120,000

E-Commodities

Holdings

Ltd

$

207

42,051

(b)

Ecopro

BM

Co

Ltd

7,855

3,648

Eiffage

S.A.

346

29,108

Elbit

Systems

Ltd

5,769

8,947

Elco

Ltd

264

39,412

Elecon

Engineering

Co

Ltd

366

1,737

Electra

Israel

Ltd

668

25,218

Electrical

Industries

Co

276

4,365,771

Electrocomponents

plc

38,991

192,233

Electrolux

Professional

AB

991

157,618

Elgi

Equipments

Ltd

967

513,503

ElSewedy

Electric

Co

391

11,691,700

(a)

Embraer

S.A.

40,054

65,228

EMCOR

Group,

Inc

13,723

5,558

Energiekontor

AG.

451

147,853

Enerpac

Tool

Group

Corp

3,908

39,800

EnerSys

3,768

37,823

(b)

Engcon

AB

257

228,293

Engineers

India

Ltd

404

48,146

(a)

Enplus

Co

Ltd

216

151,110

EnPro

Industries,

Inc

18,313

32,710

Epiroc

AB

621

19,356

Epiroc

AB

310

107,948

Esab

Corp

7,580

12,833

ESAB

India

Ltd

781

124,418

ESCO

Technologies,

Inc

12,994

26,341

Escorts

Kubota

Ltd

1,008

607,332

(a)

Estithmar

Holding

QPSC

354

59,468

(a),(b)

Eurogroup

Laminations

S.p.A

263

54,893

(a)

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS.

467

101,707

Eve

Energy

Co

Ltd

632

78,000

Evergreen

Aviation

Technologies

Corp

256

167,100

Fangda

Carbon

New

Material

Co

Ltd

132

210,780

Fanuc

Ltd

5,482

2,627,631

Far

Eastern

Textile

Co

Ltd

2,343

26,798

(a)

Farasis

Energy

Gan

Zhou

Co

Ltd

74

433,620

Fastenal

Co

23,693

55,352

Federal

Signal

Corp

3,306

194,515

Ferguson

plc

32,011

156,958

Ferguson

plc

25,815

556,636

Ferrovial

SE

17,009

443,723

(a),(b)

Fincantieri

S.p.A

221

395,596

Finning

International,

Inc

11,668

573,920

Finolex

Cables

Ltd

7,730

420,000

First

Tractor

Co

Ltd

213

1,782,590

Fletcher

Building

Ltd

5,011

1,178,481

Flowserve

Corp

46,868

405,647

FLSmidth

&

Co

AS

18,284

82,925

(b)

Fluidra

S.A.

1,692

583,548

(a)

Fluor

Corp

21,416

811

(b)

Forbo

Holding

AG.

988

571,124

Fortive

Corp

42,355

96,467

Fortune

Brands

Innovations,

Inc

5,996

98,000

Fortune

Electric

Co

Ltd

824

2,377,508

(b)

Fosun

International

1,497

71,520

FTAI

Aviation

Ltd

2,543

349,033

(a)

Fugro

NV

5,351

112,500

(a)

Fuji

Electric

Holdings

Co

Ltd

5,067

366,045

Fuji

Machine

Manufacturing

Co

Ltd

5,679

556,778

Fujikura

Ltd

4,474

51,339

(b)

Fujitec

Co

Ltd

1,183

11,139

Fukushima

Galilei

Co

Ltd

361

20,256

Furukawa

Co

Ltd

227

58,444

Furukawa

Electric

Co

Ltd

931

17

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

17,934

(a)

G

R

Infraprojects

Ltd

$

261

1,566,985

Gamuda

BHD

1,478

23,773

Garden

Reach

Shipbuilders

&

Engineers

Ltd

240

80,340

(a)

Gates

Industrial

Corp

plc

933

7,615

GEA

Group

AG.

281

1,659

Geberit

AG.

827

43,618

GEK

Group

of

Cos

S.A.

607

99,964

(a)

Generac

Holdings,

Inc

10,892

133,907

General

Dynamics

Corp

29,589

667,535

Genuit

Group

plc

2,672

23,032

(a)

Geolit

Energy

Co

Ltd

175

172,174

Georg

Fischer

AG.

9,669

44,413

(a)

Gibraltar

Industries,

Inc

2,998

13,501

Giken

Seisakusho

Co,

Inc

181

14,300

Ginlong

Technologies

Co

Ltd

154

116,629

(a)

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

447

33,556

Glory

Ltd

669

106,566

GMM

Pfaudler

Ltd

2,386

39,902

(a)

GMS,

Inc

2,553

51,213

(a)

Godrej

Industries

Ltd

351

25,600

Gongniu

Group

Co

Ltd

365

6,318

GoodWe

Technologies

Co

Ltd

115

20,450

Gorman-Rupp

Co

673

82,127

Gotion

High-tech

Co

Ltd

262

34,099

Graco,

Inc

2,485

158,907

Grafton

Group

plc

1,753

49,541

Graphite

India

Ltd

293

1,600,780

Greaves

Cotton

Ltd

2,659

2,882,000

(c)

Greentown

Management

Holdings

Co

Ltd

2,081

88,100

Griffon

Corp

3,495

44,532

Grindwell

Norton

Ltd

1,113

520,793

(b)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

3,815

130,199

(b)

Grupo

Rotoplas

SAB

de

C.V.

188

56,409

GS

Engineering

&

Construction

Corp

587

44,366

GS

Holdings

Corp

1,309

52,854

GS

Yuasa

Corp

941

79,980

GT

Capital

Holdings,

Inc

804

16,100

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

73

88,232

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

335

48,989

(a),(b),(c)

GVS

S.p.A

265

616,497

Haitian

International

Holdings

Ltd

1,301

4,838

(a)

Hana

Technology

Co

Ltd

395

325,668

Hangzhou

Steam

Turbine

Power

Group

Co

Ltd

346

44,979

Hanwa

Co

Ltd

1,426

29,715

Hanwha

Corp

527

13,757

Hanwha

Corp

141

500,585

Hanwha

Systems

Co

Ltd

4,544

1,828,000

Harbin

Power

Equipment

555

44,400

Harmonic

Drive

Systems,

Inc

984

206,914

Havells

India

Ltd

3,452

101,891

(a)

Hayward

Holdings,

Inc

1,437

123,436

Hazama

Ando

Corp

963

84,247

HBL

Power

Systems

Ltd

270

9,754

HD

Hyundai

Construction

Equipment

Co

Ltd

528

17,951

HD

Hyundai

Electric

Co

Ltd

882

18,534

(a)

HD

Hyundai

Heavy

Industries

Co

Ltd

1,662

28,827

HDC

Hyundai

Development

Co-Engineering

&

Construction

218

9,493

HEG

Ltd

197

55,079

HEICO

Corp

8,919

60,613

HEICO

Corp

(Class

A)

7,832

222,410

(a)

Heidelberger

Druckmaschinen

284

71,750

(a)

Hellenic

Technodomiki

Tev

S.A.

159

186,069

Hensoldt

AG.

5,486

104,697

(a)

Hexagon

Composites

ASA

268

CREF

Stock

Account

September

30,

2023

18

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

130,028

(a)

Hexagon

Purus

ASA

$

168

135,269

(b)

Hexatronic

Group

AB

548

64,023

Hexcel

Corp

4,170

10,368

HG

Infra

Engineering

Ltd

117

1,497,679

(a)

Hillman

Solutions

Corp

12,356

154,474

Hindustan

Aeronautics

Ltd

3,579

18,211

Hindware

Home

Innovation

Ltd

121

243,900

Hino

Motors

Ltd

930

8,200

Hirata

Corp

410

199,900

(a)

Hitachi

Construction

Machinery

Co

Ltd

6,066

8,699

Hitachi

Energy

India

Ltd

429

1,702,391

(a)

Hitachi

Ltd

105,510

1,133,220

Hitachi

Zosen

Corp

6,346

233,643

Hiwin

Technologies

Corp

1,476

19,574

Hochtief

AG.

1,974

2,573,930

Honeywell

International,

Inc

475,508

25,385

Hongfa

Technology

Co

Ltd

117

92,100

Hoshizaki

Corp

3,197

40,978

Hosken

Consolidated

Investments

Ltd

431

2,269,554

Howden

Joinery

Group

plc

20,307

812,768

Howmet

Aerospace,

Inc

37,591

3,394

Hoymiles

Power

Electronics,

Inc

128

21,631

Hoyuan

Green

Energy

Co

Ltd

124

2,285,000

(a),(d)

Hsin

Chong

Group

Holdings

Ltd

3

438,139

Hubbell,

Inc

137,317

23,232

Huber

&

Suhner

AG.

1,675

54,734

Huntington

Ingalls

Industries,

Inc

11,197

382,903

(b)

Husqvarna

AB

(B

Shares)

2,922

16,845

(a)

Hydro

Lithium,

Inc

166

5,369

Hyosung

Corp

246

3,921

(a)

Hyosung

Heavy

Industries

Corp

494

19,287

Hyundai

Elevator

Co

Ltd

626

67,902

Hyundai

Engineering

&

Construction

Co

Ltd

1,822

37,475

(a)

Hyundai

Heavy

Industries

3,080

10,144

(a)

Hyundai

Mipo

Dockyard

622

64,547

(a)

Hyundai

Rotem

Co

Ltd

1,326

26,477

Idec

Corp

525

15,433

IDEX

Corp

3,210

21,770

(a)

IES

Holdings,

Inc

1,434

4,658,400

IJM

Corp

BHD

1,842

225,709

Illinois

Tool

Works,

Inc

51,983

59,939

IMCD

NV

7,578

636,667

IMI

plc

12,115

17,042

Implenia

AG.

559

118,236

Inaba

Denki

Sangyo

Co

Ltd

2,557

35,398

Inabata

&

Co

Ltd

741

24,348

(c)

IndiaMart

InterMesh

Ltd

841

17,231

Indus

Holding

AG.

366

25,964

(b)

Industrie

De

Nora

S.p.A

444

1,336,841

Industries

Qatar

QSC

5,038

298,187

Indutrade

AB

5,507

146,325

INFRONEER

Holdings,

Inc

1,514

18,513

Ingersoll

Rand

India

Ltd

653

878,056

(b)

Ingersoll

Rand,

Inc

55,950

2,803,600

(a),(d)

Inovisi

Infracom

Tbk

PT

0^

241,095

(a)

InPost

S.A.

2,795

222,080

Instalco

AB

659

78,157

Interpump

Group

S.p.A.

3,575

572

Interroll

Holding

AG.

1,562

159,624

Investment

AB

Latour

2,806

37,281

INVISIO

AB

673

124,468

Inwido

AB

1,251

113,000

Iochpe-Maxion

S.A.

308

1,255,664

IRB

Infrastructure

Developers

Ltd

476

19

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

208,430

(c)

IRCON

International

Ltd

$

362

13,337

IS

Dongseo

Co

Ltd

283

24,857

ISGEC

Heavy

Engineering

Ltd

217

118,000

(b)

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

2,473

15,000

(a),(b)

Ispace,

Inc

142

368,011

(a),(b)

ITM

Power

plc

339

1,009,449

(b)

Itochu

Corp

36,455

401,711

ITT,

Inc

39,332

144,227

(a)

Iveco

Group

NV

1,344

1,066,317

Jamna

Auto

Industries

Ltd

1,499

1,198,124

(a)

Janus

International

Group,

Inc

12,820

9,132

Japan

Pulp

&

Paper

Co

Ltd

298

49,161

Japan

Steel

Works

Ltd

911

83,500

Jardine

Cycle

&

Carriage

Ltd

1,947

134,736

Jardine

Matheson

Holdings

Ltd

6,244

23,600

JDC

Corp

105

7,782

(a)

Jeio

Co

Ltd

144

573,276

(a)

JELD-WEN

Holding,

Inc

7,659

2,056,956

JG

Summit

Holdings

(Series

B)

1,382

322,400

JGC

Corp

4,480

74,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

656

194,918

Jiangsu

Zhongtian

Technology

Co

Ltd

398

50,900

(a)

Jiangxi

Special

Electric

Motor

Co

Ltd

62

179,580

Johns

Lyng

Group

Ltd

750

812,492

Johnson

Controls

International

plc

43,233

15,401

(c)

JOST

Werke

SE

738

4,812

Judges

Scientific

plc

518

39,955

Jungheinrich

AG.

1,195

77,647

Jupiter

Wagons

Ltd

306

2,673

(b)

Kaba

Holding

AG.

1,312

65,457

Kajaria

Ceramics

Ltd

1,041

359,850

Kajima

Corp

5,858

66,804

Kalpataru

Projects

International

Ltd

507

10,750

Kaman

Corp

211

163,900

Kanamoto

Co

Ltd

2,878

314,701

Kandenko

Co

Ltd

2,898

72,500

Kanematsu

Corp

1,002

12,045

(a)

Kangwon

Energy

Co

Ltd

171

65,000

Kaori

Heat

Treatment

Co

Ltd

598

2,404,554

KAP

Ltd

305

42,361

Kardex

Holding

AG.

9,236

14,400

Katakura

Industries

Co

Ltd

168

128,700

Kawasaki

Heavy

Industries

Ltd

3,114

7,294

KCC

Glass

Corp

221

106,168

KEC

International

Ltd

845

44,100

Keda

Industrial

Group

Co

Ltd

70

48,229

KEI

Industries

Ltd

1,537

85,000

Keihan

Electric

Railway

Co

Ltd

2,256

141,651

Keller

Group

plc

1,298

13,622

(a),(b)

Kempower

Oyj

700

143,000

Kenmec

Mechanical

Engineering

Co

Ltd

285

6,320

Kennametal

India

Ltd

203

11,837

KEPCO

Engineering

&

Construction

Co,

Inc

565

1,239,027

Keppel

Corp

Ltd

6,153

425,820

(a)

Kier

Group

plc

597

267,835

(a)

Kiler

Holding

AS.

372

287,971

Kinden

Corp

4,188

7,676

Kingspan

Group

plc

573

83,000

Kinik

Co

398

206,037

KION

Group

AG.

7,881

18,681

Kirloskar

Brothers

Ltd

188

22,735

Kirloskar

Pneumatic

Co

Ltd

181

245,700

Kitz

Corp

1,699

241,836

Kloeckner

&

Co

AG.

1,744

CREF

Stock

Account

September

30,

2023

20

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

682,067

Knorr-Bremse

AG.

$

43,241

134,623

KNR

Constructions

Ltd

460

656,146

KOC

Holding

AS

3,507

886,759

Komatsu

Ltd

23,917

3,231

(b)

Komax

Holding

AG

742

314,840

Kone

Oyj

(Class

B)

13,267

238,194

Konecranes

Oyj

7,896

284,647

Kongsberg

Gruppen

ASA

11,731

608,746

Koninklijke

BAM

Groep

NV

1,291

74,538

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

905

63,957

Korea

Aerospace

Industries

Ltd

2,309

4,002

Korea

Electric

Terminal

Co

Ltd

151

498,641

(a)

Kornit

Digital

Ltd

9,429

945,353

(a)

Kratos

Defense

&

Security

Solutions,

Inc

14,199

11,349

Krones

AG.

1,168

9,687

KSB

Ltd

348

113,176

Kuang-Chi

Technologies

Co

Ltd

224

861,209

Kubota

Corp

12,669

26,204

Kumagai

Gumi

Co

Ltd

618

63,000

Kung

Long

Batteries

Industrial

Co

Ltd

257

88,300

Kurita

Water

Industries

Ltd

3,073

18,310

Kvutzat

Acro

Ltd

183

24,454

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

288

77,255

(b)

Kyowa

Exeo

Corp

1,583

34,122

Kyudenko

Corp

1,068

3,812

Kyung

Dong

Navien

Co

Ltd

123

110,174

L3Harris

Technologies,

Inc

19,183

3,506

Lakshmi

Machine

Works

Ltd

614

599,583

Larsen

&

Toubro

Ltd

21,785

13,244

Legrand

S.A.

1,217

35,790

Lennox

International,

Inc

13,401

341,965

Leonardo

S.p.A.

4,926

82,347

LG

Corp

5,119

40,075

(a)

LG

Energy

Solution

Ltd

14,133

254,639

Lifco

AB

4,454

29,928

LIG

Nex1

Co

Ltd

1,946

37,710

(a)

Limbach

Holdings,

Inc

1,197

11,388

Lincoln

Electric

Holdings,

Inc

2,070

62,857

Lindab

International

AB

918

68,951

(a),(b)

Lion

Electric

Co

131

16,460

LISI

387

243,014

LIXIL

Group

Corp

2,824

427,500

(b)

LK

Technology

Holdings

Ltd

423

155,222

Lockheed

Martin

Corp

63,480

6,221,000

Lonking

Holdings

Ltd

1,085

14,638

LS

Cable

Ltd

1,099

11,703

LS

Electric

Co

Ltd

810

1,539,800

LT

Group,

Inc

245

8,582

LU-VE

S.p.A

196

14,737

Luxfer

Holdings

plc

192

34,405

LX

Holdings

Corp

191

20,292

LX

INTERNATIONAL

CORP

429

82,908

(b)

Maas

Group

Holdings

Ltd

176

122,932

Mabuchi

Motor

Co

Ltd

3,669

133,353

Maire

Tecnimont

S.p.A

546

18,239

Makino

Milling

Machine

Co

Ltd

796

189,747

Makita

Corp

4,679

2,025,200

Malaysian

Resources

Corp

Bhd

198

11,755

Manitou

BF

S.A.

282

461,000

Marcopolo

S.A.

534

1,226,316

Marubeni

Corp

19,116

17,000

MARUKA

FURUSATO

Corp

305

753,831

Masco

Corp

40,292

153,636

(a)

Masonite

International

Corp

14,322

21

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

47,677

(a)

Mastec,

Inc

$

3,431

199,970

(a)

Masterbrand,

Inc

2,430

20,900

Max

Co

Ltd

383

1,326

MBB

SE

106

7,840

McGrath

RentCorp

786

304,923

(a)

MDA

Ltd

2,588

154,814

MDU

Resources

Group,

Inc

3,031

1,733,250

(b)

MECOM

Power

and

Construction

Ltd

99

128,771

Meidensha

Corp

1,932

5,990

Meier

Tobler

Group

AG.

263

1,995,179

Melrose

Industries

plc

11,373

467,003

Metallurgical

Corp

of

China

Ltd

235

61,500

METAWATER

Co

Ltd

767

724,744

Metso

Outotec

Oyj

7,600

10,854

(a)

Middleby

Corp

1,389

38,094

Mie

Kotsu

Group

Holdings,

Inc

145

92,000

Mills

Estruturas

e

Servicos

de

Engenharia

S.A.

222

307,200

Minebea

Co

Ltd

5,005

115,600

Ming

Yang

Smart

Energy

Group

Ltd

250

375,962

MIRAIT

ONE

corp

4,942

240,700

MISUMI

Group,

Inc

3,748

1,026,403

Mitsubishi

Corp

48,908

2,149,800

Mitsubishi

Electric

Corp

26,560

272,662

Mitsubishi

Heavy

Industries

Ltd

15,208

29,800

Mitsubishi

Logisnext

Co

Ltd

272

22,050

(b)

Mitsuboshi

Belting

Co

Ltd

676

1,412,326

Mitsui

&

Co

Ltd

51,225

72,800

Miura

Co

Ltd

1,463

71,357

Monadelphous

Group

Ltd

644

5,058,770

MonotaRO

Co

Ltd

53,932

49,315

(a),(c)

Montana

Aerospace

AG.

607

216,778

Morgan

Crucible

Co

plc

646

36,552

Morgan

Sindall

plc

912

96,944

Mori

Seiki

Co

Ltd

1,645

96,100

Morita

Holdings

Corp

1,023

75,771

Mota

Engil

SGPS

S.A.

274

640,455

(a)

MRC

Global,

Inc

6,565

35,068

MSC

Industrial

Direct

Co

(Class

A)

3,442

13,325

(a)

MTAR

Technologies

Ltd

406

75,462

MTU

Aero

Engines

Holding

AG.

13,667

190,550

Mueller

Industries,

Inc

14,322

3,350,526

(a)

Multiply

Group

PJSC

3,650

366,003

(c)

Munters

Group

AB

4,695

66,494

(a)

MYR

Group,

Inc

8,961

91,917

Mytilineos

Holdings

S.A.

3,383

529,700

Nabtesco

Corp

9,532

11,933

Nachi-Fujikoshi

Corp

320

78,400

Nagase

&

Co

Ltd

1,232

456,619

NARI

Technology

Co

Ltd

1,389

1,587,456

National

Industries

Group

Holding

SAK

1,028

48,835

Nava

Bharat

Ventures

Ltd

265

9,261,465

NBCC

India

Ltd

6,516

64,556

(b)

NCC

AB

(B

Shares)

698

3,919,827

NCC

Ltd

7,301

1,380,436

(a)

NEL

ASA

1,072

21,532

Nexans

S.A.

1,746

135,700

(a)

NEXTracker,

Inc

5,450

71,189

NFI

Group,

Inc

677

51,500

NGK

Insulators

Ltd

683

1,654,669

Nibe

Industrier

AB

10,818

42,940

Nichias

Corp

880

10,300

Nichiden

Corp

171

22,145

Nichiha

Corp

435

91,800

Nidec

Corp

4,239

CREF

Stock

Account

September

30,

2023

22

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

142,967

Nikkiso

Co

Ltd

$

968

7,711

(a)

Nilfisk

Holding

A.S.

135

17,480

Ningbo

Deye

Technology

Co

Ltd

186

31,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

174

15,213

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

88

13,500

Nippon

Carbon

Co

Ltd

411

29,959

Nippon

Densetsu

Kogyo

Co

Ltd

439

15,500

Nippon

Road

Co

Ltd

195

26,165

(b)

Nishimatsu

Construction

Co

Ltd

649

18,900

Nishio

Rent

All

Co

Ltd

446

100,531

Nisshinbo

Industries,

Inc

747

48,700

Nitta

Corp

1,081

21,200

(b)

Nitto

Boseki

Co

Ltd

494

19,835

(b)

Nitto

Kogyo

Corp

475

44,150

(a)

NKT

Holding

AS

2,300

149,360

Nolato

AB

611

96,566

(a)

Nordex

AG.

1,185

43,350

Nordson

Corp

9,674

5,183

Noritake

Co

Ltd

215

20,251

Noritsu

Koki

Co

Ltd

450

21,631

Noritz

Corp

229

24,405

Norma

Group

SE

451

81,200

North

Industries

Group

Red

Arrow

Co

Ltd

164

246,446

Northrop

Grumman

Corp

108,483

1,290,664

(a)

NOW,

Inc

15,320

341,248

NRW

Holdings

Ltd

591

325,500

NSK

Ltd

1,830

357,961

(b)

NTN

Corp

681

1,396,168

nVent

Electric

plc

73,983

1,246,000

NWS

Holdings

Ltd

1,416

45,446

Obara

Corp

1,172

552,400

Obayashi

Corp

4,861

176,576

(b)

OC

Oerlikon

Corp

AG.

748

53,421

Oiles

Corp

717

21,567

(b)

Okuma

Holdings,

Inc

947

21,500

Okumura

Corp

646

33,784

Olectra

Greentech

Ltd

487

6,850

Omega

Flex,

Inc

539

23,648

Organo

Corp

663

70,506

OSG

Corp

829

68,501

Oshkosh

Corp

6,537

9

OSRAM

Licht

AG.

0^

228,154

Otis

Worldwide

Corp

18,323

34,450

(a)

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

458

212,464

Owens

Corning,

Inc

28,982

121,078

(a),(b)

OX2

AB

575

512,520

PACCAR,

Inc

43,574

11,801

Palfinger

AG.

278

532,998

Parker-Hannifin

Corp

207,613

177,600

(a)

Parsons

Corp

9,653

166,909

(a)

Patel

Engineering

Ltd

103

161,877

Peab

AB

(Series

B)

664

149,642

Pentair

plc

9,689

1,411,800

Pentamaster

Corp

Bhd

1,552

223,546

Penta-Ocean

Construction

Co

Ltd

1,329

16,734

People

&

Technology,

Inc

759

40,043

Per

Aarsleff

Holding

A.S.

1,835

3,051

Pfeiffer

Vacuum

Technology

AG.

472

181,890

(a)

PGT

Innovations,

Inc

5,047

232,000

(a)

Phihong

Technology

Co

Ltd

424

400,132

(a),(b)

Plug

Power,

Inc

3,041

93,136

PNC

Infratech

Ltd

410

24,133

PNE

AG.

335

28,112

Porr

AG.

349

23

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

19,210

Powell

Industries,

Inc

$

1,592

439,569

Power

Construction

Corp

of

China

Ltd

323

4,286

Power

Mech

Projects

Ltd

216

41,388

(a),(b)

PowerCell

Sweden

AB

202

3,397,000

(a)

PP

Persero

Tbk

PT

166

81,990

Praj

Industries

Ltd

578

18,250

Primoris

Services

Corp

597

40,560

(a)

Prince

Pipes

&

Fittings

Ltd

340

13,035

Prysmian

S.p.A.

523

7,928,200

(a)

PSG

Corp

PCL

174

5,884

Pylon

Technologies

Co

Ltd

106

1,852,740

QinetiQ

plc

7,176

672,420

(a)

Qua

Granite

Hayal

162

119,507

Quanta

Services,

Inc

22,356

265,435

Rail

Vikas

Nigam

Ltd

540

6,816

(a)

Rainbow

Robotics

850

155,800

Raito

Kogyo

Co

Ltd

2,150

146,500

Randon

S.A.

Implementos

e

Participacoes

340

440,401

Ras

Al

Khaimah

Ceramics

312

5,594

Rational

AG.

3,539

21,418

(a)

RBC

Bearings,

Inc

5,015

372,000

(a),(b)

Realord

Group

Holdings

Ltd

265

190,893

Reece

Ltd

2,272

50,675

Regal-Beloit

Corp

7,240

632,710

Reliance

Worldwide

Corp

Ltd

1,572

55,568

Renew

Holdings

plc

485

138,535

Reunert

Ltd

440

1,226,486

Rexel

S.A.

27,481

86,647

Rheinmetall

AG.

22,290

43,443

Richelieu

Hardware

Ltd

1,272

1,682

(b)

Rieter

Holding

AG.

156

31,051

Riyadh

Cables

Group

Co

571

45,200

Riyue

Heavy

Industry

Co

Ltd

99

32,192

Rockwell

Automation,

Inc

9,203

457

Rockwool

International

AS

(B

Shares)

110

8,419

(a)

Rolex

Rings

Ltd

223

9,072,870

(a)

Rolls-Royce

Holdings

plc

24,310

2,246,426

Rotork

plc

8,510

2,766,273

RTX

Corp

199,089

35,000

Ruentex

Engineering

&

Construction

Co

109

168,950

Run

Long

Construction

Co

Ltd

481

377,559

Rush

Enterprises,

Inc

(Class

A)

15,416

53,124

Russel

Metals,

Inc

1,487

86,750

Saab

AB

(Class

B)

4,415

351,635

(b)

Sacyr

Vallehermoso

S.A.

1,032

547,901

Safran

S.A.

85,861

13,478

Salcef

Group

S.p.A

314

181,700

Sam

Engineering

&

Equipment

M

Bhd

173

146,849

(a)

Sambu

Construction

Co

Ltd

342

69,656

Samsung

C&T

Corp

5,554

139,121

(a)

Samsung

Engineering

Co

Ltd

3,113

562,017

(a)

Samsung

Heavy

Industries

Co

Ltd

3,260

15,242

Samsung

Techwin

Co

Ltd

1,180

2,436,137

Sandvik

AB

44,826

259,200

Sanki

Engineering

Co

Ltd

2,812

150,041

Sanwa

Shutter

Corp

1,991

1,058,000

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

1,667

454,257

Sany

Heavy

Industry

Co

Ltd

992

8,100

Sanyo

Denki

Co

Ltd

370

280,528

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS.

409

30,905

Saudi

Ceramic

Co

234

43,936

(b)

Savaria

Corp

459

150,804

Schindler

Holding

AG.

30,040

143,820

Schindler

Holding

AG.

(Registered)

27,672

CREF

Stock

Account

September

30,

2023

24

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

24,395

(a)

Schneider

Electric

Infrastructure

Ltd

$

107

629,632

Schneider

Electric

S.A.

103,758

828

(b)

Schweiter

Technologies

AG.

528

15,977

(a)

Scope

Metals

Group

Ltd

502

24,995

(b)

Sekisui

Jushi

Corp

398

37,673,904

(a)

SembCorp

Marine

Ltd

3,684

7,304

Semperit

AG.

Holding

132

57,294

Sensata

Technologies

Holding

plc

2,167

131,987

Seven

Group

Holdings

Ltd

2,629

12,236

SFA

Engineering

Corp

286

14,689

SFS

Group

AG.

1,602

50,102

(a),(b)

SGL

Carbon

AG.

349

36,500

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

176

264,727

Shanghai

Construction

Group

Co

Ltd

100

830,803

Shanghai

Electric

Group

Co

Ltd

533

387,800

Shanghai

Highly

Group

Co

Ltd

121

321,000

Shanghai

Industrial

Holdings

Ltd

402

129,300

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

130

24,100

Shanghai

Moons'

Electric

Co

Ltd

229

224,100

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co

Ltd

164

141,900

Shanxi

Coal

International

Energy

Group

Co

Ltd

366

121,795

Shapir

Engineering

and

Industry

Ltd

822

67,140

Shenzhen

Inovance

Technology

Co

Ltd

614

32,200

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

127

148,136

Shibaura

Machine

Co

Ltd

4,082

28,400

Shibuya

Corp

476

193,000

Shihlin

Electric

&

Engineering

Corp

691

272,024

(a)

Shikun

&

Binui

Ltd

735

16,200

(b)

Shima

Seiki

Manufacturing

Ltd

194

469,900

Shimizu

Corp

3,264

548,000

Shin

Zu

Shing

Co

Ltd

1,363

79,884

Shinko

Plantech

Co

Ltd

776

43,500

Shinmaywa

Industries

Ltd

371

35,408

SHO-BOND

Holdings

Co

Ltd

1,391

62,700

Shuangliang

Eco-Energy

Systems

Co

Ltd

91

29,400

(a)

Sichuan

New

Energy

Power

Co

Ltd

48

395,360

Sichuan

Road

and

Bridge

Group

Co

Ltd

469

1,425,322

Siemens

AG.

203,691

1,069,912

Siemens

Energy

AG.

13,944

77,952

Siemens

India

Ltd

3,441

32,700

Sieyuan

Electric

Co

Ltd

232

651,195

(a)

SIG

plc

285

412,524

(c)

Signify

NV

11,069

2,219,259

Sime

Darby

BHD

1,043

1,762,804

Singapore

Technologies

Engineering

Ltd

5,031

193,900

Sinoma

International

Engineering

Co

301

2,607,500

Sinopec

Engineering

Group

Co

Ltd

1,172

1,096,500

Sino-Thai

Engineering

&

Construction

PCL

282

679,500

Sinotruk

Hong

Kong

Ltd

1,307

33,786

(a)

SiteOne

Landscape

Supply,

Inc

5,522

96,366

SK

Networks

Co

Ltd

435

21,677

(a)

SK

oceanplant

Co

Ltd

295

32,193

SK,

Inc

3,481

16,887

Skanska

AB

(B

Shares)

277

16,914

SKF

AB

(B

Shares)

281

22,570

SKF

India

Ltd

1,389

100,978

SM

Investments

Corp

1,504

33,928

SMC

Corp

15,209

2,246,958

Smiths

Group

plc

44,238

46,862

Snap-On,

Inc

11,953

145,930

(b)

SNC-Lavalin

Group,

Inc

4,868

193,402

Sojitz

Holdings

Corp

4,237

13,550

Solar

Holdings

AS

(B

Shares)

910

21,523

(a)

Soltec

Power

Holdings

S.A.

70

25

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

11,012

SPG

Co

Ltd

$

335

80,542

Spirax-Sarco

Engineering

plc

9,323

79,495

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,283

402,319

(a)

SPX

Technologies,

Inc

32,749

20,462

Stabilus

SE

1,143

49,993

(b)

Stadler

Rail

AG.

1,946

121,167

Stanley

Black

&

Decker,

Inc

10,127

100,892

(b)

Stantec,

Inc

6,546

62,366

Star

Micronics

Co

Ltd

782

5,480,900

(a)

STARK

Corp

PCL

1

4,088

(b)

Steico

SE

114

55,655

(a)

Sterling

and

Wilson

Renewable

241

1,155,761

(b)

Storskogen

Group

AB

835

50,125

Sulzer

AG.

4,781

888,177

Sumitomo

Corp

17,726

63,697

Sumitomo

Densetsu

Co

Ltd

1,181

229,900

Sumitomo

Heavy

Industries

Ltd

5,822

106,237

Sumitomo

Mitsui

Construction

Co

Ltd

292

1,188,000

(a)

Sun

King

Technology

Group

Ltd

236

76,270

Sungrow

Power

Supply

Co

Ltd

935

157,000

Sunonwealth

Electric

Machine

Industry

Co

Ltd

567

159,935

(a),(b)

Sunrun,

Inc

2,009

50,163

Sunwoda

Electronic

Co

Ltd

116

2,444,500

(a),(b),(d)

Superb

Summit

International

Group

Ltd

3

9,940

Suzhou

Maxwell

Technologies

Co

Ltd

173

5,979,704

(a)

Suzlon

Energy

Ltd

1,851

178,393

Sweco

AB

1,664

561,625

Ta

Ya

Electric

Wire

&

Cable

670

77,022

Tadano

Ltd

653

43,266

(a)

Taihan

Electric

Wire

Co

Ltd

388

7,343

Taihei

Dengyo

Kaisha

Ltd

200

18,353

Taikisha

Ltd

554

144,541

Taisei

Corp

5,087

937,000

Taiwan

Glass

Industrial

Corp

555

11,439

Takamatsu

Corp

204

36,364

(b)

Takara

Standard

Co

Ltd

450

91,641

Takasago

Thermal

Engineering

Co

Ltd

1,780

230,100

Takeuchi

Manufacturing

Co

Ltd

7,524

56,700

Takuma

Co

Ltd

586

48,667

(b),(c)

Talgo

S.A.

181

1,277,000

(a)

Tatung

Co

Ltd

1,757

75,000

Taurus

Armas

S.A.

240

277,375

TBEA

Co

Ltd

565

38,565

TD

Power

Systems

Ltd

120

40,882

Techno

Electric

&

Engineering

Co

Ltd

248

1,171,469

Techtronic

Industries

Co

11,309

969,000

Teco

Electric

and

Machinery

Co

Ltd

1,562

9,186

Tega

Industries

Ltd

103

109,417

Tekfen

Holding

AS

214

32,030

Tennant

Co

2,375

232,249

Terex

Corp

13,382

59,250

Textron,

Inc

4,630

74,304

Thales

S.A.

10,443

4,210,000

(a),(b)

Theme

International

Holdings

Ltd

349

34,237

Thermax

Ltd

1,280

243,519

(a)

Thermon

Group

Holdings,

Inc

6,689

98,200

(a)

THK

Co

Ltd

1,793

6,566,900

Thoresen

Thai

Agencies

PCL

1,100

12,950

Timken

Co

952

24,981

Timken

India

Ltd

930

44,957

Titagarh

Rail

System

Ltd

421

257,054

(a)

Titan

Machinery,

Inc

6,832

74,646

Titan

Wind

Energy

Suzhou

Co

Ltd

132

31,574

(e)

TK

Corp

420

CREF

Stock

Account

September

30,

2023

26

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

33,122

TKH

Group

NV

$

1,309

10,000

Toa

Corp/Tokyo

251

77,811

Tocalo

Co

Ltd

708

183,756

Toda

Corp

994

4,615

Toenec

Corp

131

90,400

TOKAI

Holdings

Corp

560

66,902

Tokyu

Construction

Co

Ltd

349

2,370

(a)

Top

Material

Co

Ltd

94

21,390

Toro

Co

1,777

189,950

Toromont

Industries

Ltd

15,470

15,877

Totetsu

Kogyo

Co

Ltd

312

112,950

Toto

Ltd

2,915

235,203

Toyo

Construction

Co

Ltd

1,916

11,100

Toyo

Tanso

Co

Ltd

402

124,800

Toyota

Industries

Corp

9,824

180,000

Toyota

Tsusho

Corp

10,587

1,003,040

Trane

Technologies

plc

203,527

47,050

(a)

TransDigm

Group,

Inc

39,669

179,528

Travis

Perkins

plc

1,835

511,838

Trelleborg

AB

(B

Shares)

12,717

82,285

(a)

Trex

Co,

Inc

5,071

799,450

(a)

Triumph

Group,

Inc

6,124

184,000

(a),(b)

Triumph

New

Energy

Co

Ltd

119

1,134,263

(a)

Triveni

Turbine

Ltd

5,973

31,567

(b)

Troax

Group

AB

447

35,910

Trusco

Nakayama

Corp

588

94,290

Tsubakimoto

Chain

Co

2,440

32,500

Tsugami

Corp

252

67,800

Tupy

S.A.

367

20,651

Turk

Traktor

ve

Ziraat

Makineleri

AS

664

1,150,748

Turkiye

Sise

ve

Cam

Fabrikalari

AS

2,289

12,012

TY

Holdings

Co

Ltd

54

185,533

Tyman

plc

654

51,510

UFP

Industries,

Inc

5,275

10,000

Union

Tool

Co

259

133,000

United

Integrated

Services

Co

Ltd

938

209,128

United

Rentals,

Inc

92,972

45,603

Uponor

Oyj

1,369

75,700

Ushio,

Inc

919

328,800

(a)

UWC

BHD

259

66,307

(a)

V2X,

Inc

3,425

129,505

(b)

Valmet

Oyj

2,957

15,861

(a),(b)

Varta

AG.

300

29,485

(c)

VAT

Group

AG.

10,522

177,837

Veidekke

ASA

1,623

606,700

Ventia

Services

Group

Pty

Ltd

1,098

25,500

Veritiv

Corp

4,307

595,617

Vertiv

Holdings

Co

22,157

453,813

Vestas

Wind

Systems

A.S.

9,709

95,999

(a)

Vestum

AB

39

5,614

Vesuvius

India

Ltd

211

204,603

Vesuvius

plc

1,081

240,026

V-Guard

Industries

Ltd

888

892,025

Vinci

S.A.

98,686

395,997

Volex

plc

1,520

3,617

Voltamp

Transformers

Ltd

195

166,293

Voltas

Ltd

1,725

56,000

Voltronic

Power

Technology

Corp

2,758

166,503

Volution

Group

plc

735

9,939

Volvo

AB

(A

Shares)

206

332,496

Volvo

AB

(B

Shares)

6,849

7,879

Vossloh

AG.

329

27

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

197,941

W.W.

Grainger,

Inc

$

136,943

587,810

Wabash

National

Corp

12,415

94,964

Wacker

Construction

Equipment

AG.

1,933

103,000

Waffer

Technology

Corp

470

66,500

Wakita

&

Co

Ltd

624

2,429,848

Walsin

Lihwa

Corp

2,775

470,087

Wartsila

Oyj

(B

Shares)

5,328

9,448,700

(a),(d)

Waskita

Karya

Persero

Tbk

PT

93

25,465

(b)

Watsco,

Inc

9,619

336,749

Webuild

SpA

597

1,424,250

WEG

S.A.

10,277

834,709

Weichai

Power

Co

Ltd

1,131

218,186

Weichai

Power

Co

Ltd

(Class

A)

375

1,070,220

Weir

Group

plc

24,727

310,330

WESCO

International,

Inc

44,632

1,125,377

Westinghouse

Air

Brake

Technologies

Corp

119,594

3,505,300

(a)

Wijaya

Karya

Persero

Tbk

PT

104

149,308

(a)

WillScot

Mobile

Mini

Holdings

Corp

6,210

59,750

Wilson

Bayly

Holmes-Ovcon

Ltd

393

89,443

Woodward

Inc

11,114

8,118

(a)

W-Scope

Chungju

Plant

Co

Ltd

311

113,208

(b)

WSP

Global,

Inc

15,978

17,660

(a)

XANO

Industri

AB

129

677,038

XCMG

Construction

Machinery

Co

Ltd

592

204,711

Xiamen

C

&

D,

Inc

279

159,367

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

201

1,407,578

Xinyi

Glass

Holdings

Co

Ltd

1,814

13,988

XP

Power

Ltd

400

102,300

Xxentria

Technology

Materials

Corp

240

101,929

Xylem,

Inc

9,279

25,780

YAMABIKO

Corp

248

66,670

Yamazen

Corp

524

7,272,200

Yangzijiang

Shipbuilding

Holdings

Ltd

8,815

36,511

Yankey

Engineering

Co

Ltd

297

52,800

Yaskawa

Electric

Corp

1,901

165,274

(a),(c)

Yellow

Cake

plc

1,129

82,179

Yokogawa

Bridge

Holdings

Corp

1,534

13,552

Yuasa

Trading

Co

Ltd

374

2,369

Yunsung

F&C

Co

Ltd

298

55,500

Yurtec

Corp

356

19,598

Zehnder

Group

AG.

1,149

24,900

Zhefu

Holding

Group

Co

Ltd

13

119,663

Zhejiang

Chint

Electrics

Co

Ltd

383

19,792

Zhejiang

Dingli

Machinery

Co

Ltd

143

46,500

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

190

79,151

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

198

117,200

Zhengzhou

Yutong

Bus

Co

Ltd

213

38,825

Zhuzhou

CRRC

Times

Electric

Co

Ltd

212

498,300

Zhuzhou

CSR

Times

Electric

Co

Ltd

1,721

117,700

Zhuzhou

Kibing

Group

Co

Ltd

133

493,539

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

464

TOTAL

CAPITAL

GOODS

8,730,193

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

154,100

(a)

ACV

Auctions,

Inc

2,339

254,188

Adecco

S.A.

10,440

15,020

Aeon

Delight

Co

Ltd

331

202,938

AFRY

AB

2,376

1,190,837

(a)

Aker

Carbon

Capture

ASA

1,252

185,783

(a)

Aker

Horizons

Holding

AS.

79

1,320,122

(a)

Alight,

Inc

9,360

82,890

Alpha

Financial

Markets

Consulting

plc

349

CREF

Stock

Account

September

30,

2023

28

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

380,518

ALS

Ltd

$

2,795

6,771

(b)

Amadeus

Fire

AG

799

26,600

Ambipar

Participacoes

e

Empreendimentos

S

109

231,665

(b)

APM

Human

Services

International

ltd

273

111,889

Applus

Services

S.A.

1,171

312,950

Arcadis

NV

14,041

163,260

(a)

ASGN,

Inc

13,335

339,869

Automatic

Data

Processing,

Inc

81,766

25,230

Barrett

Business

Services,

Inc

2,277

772,200

BayCurrent

Consulting,

Inc

25,732

33,462

(c)

Befesa

S.A.

1,020

27,600

(b)

Bell

System24

Holdings,

Inc

292

66,800

Benefit

One,

Inc

482

4,149

Bertrandt

AG.

193

25,189

Bilfinger

Berger

AG.

861

61,500

Binjiang

Service

Group

Co

Ltd

137

85,236

BLS

International

Services

Ltd

256

65,113

Booz

Allen

Hamilton

Holding

Corp

7,115

62,900

Boyd

Group

Services,

Inc

11,185

1,222,852

Brambles

Ltd

11,234

166,187

(c)

Bravida

Holding

AB

1,223

260,700

(a)

BrightView

Holdings,

Inc

2,020

26,750

Brink's

Co

1,943

15,719

Brunel

International

NV

216

322,366

Bureau

Veritas

S.A.

7,993

10,973

Calian

Group

Ltd

412

1,553,645

(a)

Capita

Group

plc

323

81,358

Caverion

Oyj

741

200,240

(a)

CECO

Environmental

Corp

3,198

4,558

Cewe

Stiftung

&

Co

KGAA

424

1,069,000

(a),(b)

China

Conch

Environment

Protection

Holdings

Ltd

229

1,680,085

China

Everbright

Environment

Group

Ltd

577

9,400

(a)

Cimpress

plc

658

61,560

Cintas

Corp

29,611

357,370

(a),(b)

Clarivate

plc

2,398

71,000

Cleanaway

Co

Ltd

388

1,819,492

Cleanaway

Waste

Management

Ltd

2,834

50,986

CMS

Info

Systems

Ltd

214

25,590

Computer

Age

Management

Services

Ltd

772

620,723

Computershare

Ltd

10,344

22,712

Concentrix

Corp

1,819

197,840

(a)

Conduent,

Inc

688

226,468

(c)

Coor

Service

Management

Holding

AB

920

650,820

(a)

Copart,

Inc

28,044

259,640

(a)

CoStar

Group,

Inc

19,964

1,320,000

(a),(b),(d)

CT

Environmental

Group

Ltd

2

1,417,700

CTOS

Digital

Bhd

422

187,400

Dai

Nippon

Printing

Co

Ltd

4,876

32,700

(a)

Daiei

Kankyo

Co

Ltd

461

34,965

Daiseki

Co

Ltd

935

4,454

Danel

Adir

Yeoshua

Ltd

366

319,556

Derichebourg

1,606

28,564

dip

Corp

703

30,939

DKSH

Holding

AG.

2,093

5,455

DO

&

CO

AG.

599

544,284

Downer

EDI

Ltd

1,435

48,213

(a)

Driven

Brands

Holdings,

Inc

607

208,788

Dun

&

Bradstreet

Holdings,

Inc

2,086

33,398

Duskin

Co

Ltd

724

451,000

Dynagreen

Environmental

Protection

Group

Co

Ltd

136

18,137

eClerx

Services

Ltd

393

8,914

Ecopro

HN

Co

Ltd

469

29

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,000

ECOVE

Environment

Corp

$

295

611,163

Elis

S.A.

10,734

22,920

en-japan,

Inc

356

155,018

Ennis,

Inc

3,289

41,573

Equifax,

Inc

7,615

598,095

(a)

ExlService

Holdings,

Inc

16,771

1,105,125

Experian

Group

Ltd

36,146

29,016

Fila

S.p.A

229

108,403

(a),(c),(d)

Finablr

plc

1

311,087

Firstsource

Solutions

Ltd

626

26,799

(a),(b)

Fiverr

International

Ltd

656

853,200

Frontken

Corp

Bhd

571

25,556

(a)

FTI

Consulting,

Inc

4,559

14,265

Fullcast

Co

Ltd

179

28,454

Funai

Soken

Holdings,

Inc

496

11,303

(a),(b)

GDI

Integrated

Facility

Services,

Inc

320

210,990

GFL

Environmental,

Inc

6,700

5,914

GL

Events

102

274,200

(c)

GPS

Participacoes

e

Empreendimentos

S.A.

938

146,151

(a)

Harsco

Corp

1,055

1,318,722

Hays

plc

1,749

730,470

Healthcare

Services

Group

7,619

130,630

Herman

Miller,

Inc

3,194

46,160

(a)

Huron

Consulting

Group,

Inc

4,808

121,807

ICF

International,

Inc

14,716

185,745

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,520

3,210,900

Infomart

Corp

8,610

42,012

(b)

Insource

Co

Ltd

291

41,260

Insperity,

Inc

4,027

14,062

(a)

Insun

ENT

Co

Ltd

80

176,286

Intertek

Group

plc

8,816

60,317

(b)

Intrum

Justitia

AB

352

70,870

ION

Exchange

India

Ltd

441

174,441

IPH

Ltd

826

246,188

ISS

A.S.

3,782

15,800

JAC

Recruitment

Co

Ltd

268

95,347

Jacobs

Solutions,

Inc

13,015

156,300

Japan

Elevator

Service

Holdings

Co

Ltd

2,289

1,577,900

Johnson

Service

Group

plc

2,606

102,627

KBR,

Inc

6,049

17,075

KEPCO

Plant

Service

&

Engineering

Co

Ltd

415

68,328

Kforce,

Inc

4,076

66,508

Kokuyo

Co

Ltd

1,054

14,700

Kosaido

Holdings

Co

Ltd

292

124,000

L&K

Engineering

Co

Ltd

452

41,370

(a)

Latent

View

Analytics

Ltd

204

423,056

(b)

Link

Administration

Holdings

Ltd

373

49,589

Link

And

Motivation,

Inc

144

83,693

Loomis

AB

2,252

32,564

(b)

Mader

Group

Ltd

133

19,869

Maharah

Human

Resources

Co

352

7,600

Management

Solutions

Co

Ltd

142

39,869

Manpower,

Inc

2,923

65,438

(a),(b)

Marlowe

plc

466

5,762

Matsuda

Sangyo

Co

Ltd

91

190,336

MAXIMUS,

Inc

14,214

47,042

McMillan

Shakespeare

Ltd

486

59,784

Meitec

Corp

1,081

263,651

Michael

Page

International

plc

1,348

28,520

(a),(b)

Mistras

Group,

Inc

155

1,121,247

Mitie

Group

1,399

27,844

Mitsubishi

Pencil

Co

Ltd

357

CREF

Stock

Account

September

30,

2023

30

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

152,080

(a)

Montrose

Environmental

Group,

Inc

$

4,450

28,297

MSA

Safety,

Inc

4,461

4,839,454

My

EG

Services

Bhd

818

23,660

NICE

Information

Service

Co

Ltd

173

434,370

Nihon

M&A

Center

Holdings,

Inc

2,088

12,700

Nippon

Kanzai

Holdings

Co

Ltd

218

153,211

Nippon

Parking

Development

Co

Ltd

218

226,748

Nomura

Co

Ltd

1,447

46,128

Okamura

Corp

697

48,847

Open

Up

Group,

Inc

599

40,700

(a)

Orizon

Valorizacao

de

Residuos

S.A.

298

100,009

Outsourcing,

Inc

772

107,600

Park24

Co

Ltd

1,363

14,600

Pasona

Group,

Inc

159

140,761

Paychex,

Inc

16,234

1,483,340

Persol

Holdings

Co

Ltd

2,409

23,042

Pilot

Corp

791

65,627

(b)

Prestige

International,

Inc

271

333,167

(c)

Prosegur

Cash

S.A.

206

560,002

Prosegur

Cia

de

Seguridad

S.A.

901

51,175

(c)

Quess

Corp

Ltd

257

511,006

(a),(b)

Raksul,

Inc

4,539

120,634

Randstad

Holdings

NV

6,665

165,294

(b)

RB

Global,

Inc

10,349

137,734

RB

Global,

Inc

8,608

3,655,971

Recruit

Holdings

Co

Ltd

111,854

2,215,933

RELX

plc

74,765

58,186

(a)

Renewi

plc

520

2,752,908

Rentokil

Initial

plc

20,439

92,695

Republic

Services,

Inc

13,210

170,672

RITES

Ltd

1,010

80,946

Robert

Half

International,

Inc

5,932

195,720

Rollins,

Inc

7,306

252,755

RWS

Holdings

plc

740

13,937

S1

Corp

(Korea)

585

25,152

Sato

Corp

355

165,553

Saudi

Airlines

Catering

Co

4,547

90,866

(a)

Sdiptech

AB

1,835

1,845

Seche

Environnement

S.A.

215

171,682

Secom

Co

Ltd

11,647

537,000

Securitas

AB

(B

Shares)

4,246

966,993

Serco

Group

plc

1,758

163,728

SGS

S.A.

13,741

48,935

Shanghai

M&G

Stationery,

Inc

245

100,500

(a),(d)

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

(a)

SIS

Ltd

181

177,441

Smart

Metering

Systems

plc

1,347

104,963

SmartGroup

Corp

Ltd

557

58,287

SMS

Co

Ltd

991

19,651

Societe

BIC

S.A.

1,296

316,500

Sohgo

Security

Services

Co

Ltd

1,910

11,510

(a)

SP

Plus

Corp

416

805,993

(b)

SPIE

S.A.

23,391

51,332

(b)

S-Pool,

Inc

164

63,000

Sporton

International,

Inc

494

112,112

Sthree

plc

508

2,211

(a)

Sungeel

Hitech

Co

Ltd

183

48,350

Sunny

Friend

Environmental

Technology

Co

Ltd

170

196,000

Taiwan

Secom

Co

Ltd

647

216,000

Taiwan-Sogo

Shinkong

Security

Corp

268

18,773

Takkt

AG.

255

10,648

(a)

TeamLease

Services

Ltd

333

31

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

979,354

TechnoPro

Holdings,

Inc

$

21,285

234,844

Teleperformance

29,486

56,568

(a),(b)

TELUS

International

CDA,

Inc

430

70,049

Tetra

Tech,

Inc

10,650

156,183

Thomson

Reuters

Corp

19,106

19,443

(b)

Tinexta

Spa

317

63,840

TKC

1,553

197,724

TOMRA

Systems

ASA

2,247

208,300

Toppan

Printing

Co

Ltd

4,983

18,261

(a)

Trans

Cosmos,

Inc/Japan

390

82,853

TransUnion

5,948

38,800

TRE

Holdings

Corp

313

128,977

(a)

TriNet

Group,

Inc

15,023

24,530

(a)

TrueBlue,

Inc

360

59,120

TTEC

Holdings,

Inc

1,550

631,620

(a)

Upwork,

Inc

7,175

26,099

UT

Group

Co

Ltd

389

371,100

Verisk

Analytics,

Inc

87,669

176,240

(a)

Viad

Corp

4,618

36,700

(a)

Visional,

Inc

1,846

7,790

VSE

Corp

393

401,640

Waste

Connections,

Inc

53,940

483,022

Waste

Management,

Inc

73,632

9,900

WDB

Holdings

Co

Ltd

135

22,000

Weathernews,

Inc

930

304,210

Wolters

Kluwer

NV

36,832

231,000

(a),(b),(d)

Youyuan

International

Holdings

Ltd

0^

74,060

Zhejiang

Weiming

Environment

Protection

Co

Ltd

180

50,000

(a)

Zonqing

Environmental

Ltd

168

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,305,171

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4.5%

81,600

ABC-Mart,

Inc

1,467

316,820

(a)

Abercrombie

&

Fitch

Co

(Class

A)

17,859

22,145

(a),(b)

About

You

Holding

SE

124

2,758,342

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

2,816

276,261

Academy

Sports

&

Outdoors,

Inc

13,059

286,095

Accent

Group

Ltd

358

7,414,600

ACE

Hardware

Indonesia

Tbk

PT

360

20,230

Adastria

Holdings

Co

Ltd

390

45,506

Advance

Auto

Parts,

Inc

2,545

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

355

32,103,941

(a)

Alibaba

Group

Holding

Ltd

348,077

169,129

(a)

Alibaba

Group

Holding

Ltd

(ADR)

14,670

395,922

(a),(c)

Allegro.eu

S.A.

2,906

11,190

Alpen

Co

Ltd

145

85,510

AlSaif

Stores

For

Development

&

Investment

Co

188

18,207,990

(a)

Amazon.com,

Inc

2,314,600

360,504

American

Eagle

Outfitters,

Inc

5,988

399,863

(a)

AO

World

plc

417

124,700

(b)

AOKI

Holdings,

Inc

843

11,322

Arata

Corp

422

43,976

Arc

Land

Sakamoto

Co

Ltd

469

73,686

(a)

Aritzia,

Inc

1,282

120,506

Arko

Corp

862

57,317

Arvind

Fashions

Ltd

225

589,128

ASKUL

Corp

7,718

65,419

(a),(b)

ASOS

plc

305

450,000

Aurora

Design

PCL

218

82,297

(a),(c)

Auto1

Group

SE

525

113,388

Autobacs

Seven

Co

Ltd

1,200

17,740

(a),(b)

AutoCanada,

Inc

317

CREF

Stock

Account

September

30,

2023

32

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,190

Autohellas

Tourist

and

Trading

S.A.

$

196

38,677

(a)

Autonation,

Inc

5,856

14,305

(a)

Autozone,

Inc

36,335

1,570,042

B&M

European

Value

Retail

S.A.

11,199

33,132

(b),(c)

B&S

Group

Sarl

123

1,566,385

(a),(b)

Baozun,

Inc

(ADR)

4,856

962,221

Bapcor

Ltd

4,186

26,361

Bath

&

Body

Works,

Inc

891

30,005

(b)

Belluna

Co

Ltd

135

4,307,300

Bermaz

Auto

Bhd

2,282

157,218

Best

Buy

Co,

Inc

10,922

75,000

(b)

BIC

CAMERA,

Inc

554

375,140

Big

Lots,

Inc

1,917

53,507

(b)

Bilia

AB

520

936,644

(a),(b)

boohoo

Group

plc

360

41,443

(a),(b),(c)

Boozt

AB

343

537,000

(a),(b),(d)

Boshiwa

International

Holding

Ltd

1

168,760

Buckle,

Inc

5,635

38,550

Build-A-Bear

Workshop,

Inc

1,134

50,923,700

(a)

Bukalapak.com

PT

Tbk

716

195,137

(a)

Burlington

Stores,

Inc

26,402

47,710

(b)

Canadian

Tire

Corp

Ltd

5,130

81,298

Carasso

Motors

Ltd

348

119,979

(a)

Carmax,

Inc

8,486

1,147,893

(a)

CarParts.com,

Inc

4,729

119,900

Cato

Corp

(Class

A)

918

105,919

(a)

Ceconomy

AG

224

1,497,665

Central

Retail

Corp

PCL

1,589

165,526

(a)

Cettire

Ltd

304

568,629

China

Meidong

Auto

Holdings

Ltd

311

161,000

(b)

China

Tobacco

International

HK

Co

Ltd

229

75,800

(b),(c)

China

Tourism

Group

Duty

Free

Corp

Ltd

1,001

98,941

China

Tourism

Group

Duty

Free

Corp

Ltd

1,448

1,812,400

Chow

Tai

Fook

Jewellery

Group

Ltd

2,721

42,243

Clas

Ohlson

AB

(B

Shares)

452

531,000

Com7

PCL

(Foreign)

454

834,460

(a)

Coupang,

Inc

14,186

8,505

Cuckoo

Homesys

Co

Ltd

131

930,189

Currys

plc

548

83,846

DCM

Holdings

Co

Ltd

681

44,565

Delek

Automotive

Systems

Ltd

275

79,160

(b)

Designer

Brands,

Inc

1,002

23,430

Dieteren

S.A.

3,950

995,077

Dogan

Sirketler

Grubu

Holdings

485

45,901

Dogus

Otomotiv

Servis

ve

Ticaret

AS

448

768,632

Dohome

PCL

229

981,321

Dollarama,

Inc

67,611

331,548

Don

Quijote

Co

Ltd

6,958

15,500

Doshisha

Co

Ltd

231

164,261

(a)

Dufry

Group

6,236

102,268

Dunelm

Group

plc

1,310

126,922

Eagers

Automotive

Ltd

1,129

452,041

eBay,

Inc

19,930

59,278

(b)

EDION

Corp

586

7,146,100

Erajaya

Swasembada

Tbk

PT

209

109,796

(a)

Etsy,

Inc

7,091

128,467

(c)

Europris

ASA

716

553,000

Far

Eastern

Department

Stores

Co

Ltd

404

25,305

(a),(b)

Farfetch

Ltd

53

138,865

Fast

Retailing

Co

Ltd

30,247

5,899

(a),(b)

Fastned

BV

176

38,123

(a)

Fawaz

Abdulaziz

Al

Hokair

&

Co

212

33

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

19,918

Fielmann

AG.

$

859

7,997

(a)

Five

Below,

Inc

1,287

78,752

(a)

Floor

&

Decor

Holdings,

Inc

7,127

9,035

(b)

Fnac

Darty

SA

221

276,586

Foschini

Ltd

1,439

6,386

Fox

Wizel

Ltd

444

117,263

(a)

Frasers

Group

plc

1,150

339,464

(a),(b)

GameStop

Corp

(Class

A)

5,588

679,177

(b)

Gap,

Inc

7,220

29,429

Genuine

Parts

Co

4,249

44,300

Geo

Holdings

Corp

704

832,000

Giordano

International

Ltd

265

98,673

(a)

Global-e

Online

Ltd

3,921

21,560

(a)

Go

Fashion

India

Ltd

329

23,722,000

(a),(b)

GOME

Electrical

Appliances

Holdings

Ltd

166

3,709,389,300

(a)

GoTo

Gojek

Tokopedia

Tbk

PT

20,295

50,300

Grupo

SBF

S.A.

68

51,100

(b)

Gulliver

International

Co

Ltd

249

192,252

Halfords

Group

plc

465

116,725

(a)

Hanwha

Galleria

Co

Ltd

98

451,956

(b)

Harvey

Norman

Holdings

Ltd

1,120

32,058

(b)

Hennes

&

Mauritz

AB

(B

Shares)

455

17,400

Hikari

Tsushin,

Inc

2,650

1,156,871

Home

Depot,

Inc

349,560

4,588,667

Home

Product

Center

PCL

1,571

11,140

Hornbach

Holding

AG.

&

Co

KGaA

710

259,591

Hotai

Motor

Co

Ltd

5,276

27,190

Hotel

Shilla

Co

Ltd

1,702

196,200

Hour

Glass

Ltd

278

10,147

Hyundai

Department

Store

Co

Ltd

477

3,902

Hyundai

Home

Shopping

Network

Corp

121

1,713,085

Inchcape

plc

15,778

532,613

Industria

de

Diseno

Textil

S.A.

19,820

282,000

(b)

Isetan

Mitsukoshi

Holdings

Ltd

3,267

24,200

Izumi

Co

Ltd

641

205,800

J

Front

Retailing

Co

Ltd

2,106

505,393

Jarir

Marketing

Co

1,954

91,540

(b)

JB

Hi-Fi

Ltd

2,659

128,632

JD

Sports

Fashion

plc

234

5,635,830

JD.com,

Inc

81,995

11,142

JINS

Holdings,

Inc

238

8,720

Joshin

Denki

Co

Ltd

137

37,374

Joyful

Honda

Co

Ltd

439

100,633

JUMBO

S.A.

2,766

13,450

K

Car

Co

Ltd

108

21,287

(b)

Keiyo

Co

Ltd

117

94,549

Kingfisher

plc

257

5,500

(a)

Kintetsu

Department

Store

Co

Ltd

105

153

Kohl's

Corp

3

18,405

Kohnan

Shoji

Co

Ltd

480

26,452

(b)

Komeri

Co

Ltd

557

114,828

K's

Holdings

Corp

1,054

19,418

(b)

Leon's

Furniture

Ltd

263

20,649

Lithia

Motors,

Inc

(Class

A)

6,098

54,866

LKQ

Corp

2,716

786,180

Lojas

Renner

S.A.

2,096

10,077

Lotte

Shopping

Co

Ltd

532

49,465

Lovisa

Holdings

Ltd

611

1,232,998

Lowe's

Cos,

Inc

256,266

383,561

Luk

Fook

Holdings

International

Ltd

992

87,687,325

(a)

Magazine

Luiza

S.A.

36,983

21,770

(b),(c)

Maisons

du

Monde

S.A.

167

CREF

Stock

Account

September

30,

2023

34

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,895,000

Map

Aktif

Adiperkasa

PT

$

357

93,754

Matas

A.S.

1,296

107,093

Mekonomen

AB

931

15,797

(a)

Mercadolibre,

Inc

20,029

381,300

(a),(b)

Mercari,

Inc

8,204

84,000

MINISO

Group

Holding

Ltd

(ADR)

2,176

6,657,100

Mitra

Adiperkasa

Tbk

PT

784

52,308

(b)

Mobilezone

Holding

AG.

780

68,180

momo.com,

Inc

1,065

200,068

(a)

Moonpig

Group

plc

398

147,038

Motus

Holdings

Ltd

730

1,487,000

(c)

MR

DIY

Group

M

Bhd

478

221,311

Mr

Price

Group

Ltd

1,624

33,286

Murphy

USA,

Inc

11,375

24,045

Musti

Group

Oyj

457

8,300

Nafco

Co

Ltd

107

167,706

Naspers

Ltd

26,831

15,994

Next

plc

1,419

37,720

(b)

Nextage

Co

Ltd

575

60,965

Nick

Scali

Ltd

432

27,435

Nishimatsuya

Chain

Co

Ltd

299

66,043

Nitori

Co

Ltd

7,363

46,224

Nojima

Corp

404

249,451

(a)

ODP

Corp

11,512

242,509

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

18,717

46,984

(a)

O'Reilly

Automotive,

Inc

42,702

59,677

(a),(b),(d)

Ozon

Holdings

plc

(ADR)

1

659,000

Padini

Holdings

Bhd

554

38,256

Pal

Co

Ltd

496

725,015

PALTAC

Corp

22,711

15,000

Pan

German

Universal

Motors

Ltd

143

1,314,618

(a)

PDD

Holdings,

Inc

(ADR)

128,925

15,426

Penske

Auto

Group,

Inc

2,577

130,945

(a),(c)

Pepco

Group

NV

605

1,553,044

(c)

Pepkor

Holdings

Ltd

1,411

282,600

Pet

Center

Comercio

e

Participacoes

S.A.

265

33,477

(b)

Pet

Valu

Holdings

Ltd

601

61,628

(a),(b)

Petco

Health

&

Wellness

Co,

Inc

252

405,971

Pets

at

Home

Group

PLC

1,650

28,804

Pool

Corp

10,257

435,200

(c)

Pop

Mart

International

Group

Ltd

1,280

43,076

Poya

International

Co

Ltd

644

392,649

Premier

Investments

Ltd

6,263

1,670,142

(a)

Prosus

NV

49,212

720,600

PTG

Energy

PCL

(Foreign)

184

2,371,700

PTT

Oil

&

Retail

Business

PCL

1,216

33,436

Puuilo

Oyj

284

569,500

(a)

Rakuten,

Inc

2,340

390,088

(a)

RattanIndia

Enterprises

Ltd

266

38,676

(a),(b)

RealReal,

Inc

82

15,735

Retailors

Ltd

309

13,120

(a)

RH

3,468

184,802

Ross

Stores,

Inc

20,873

43,914

Rvrc

Holding

AB

155

355,200

Ryohin

Keikaku

Co

Ltd

4,594

1,273,831

(a)

SA

SA

International

Holdings

Ltd

167

741,304

SACI

Falabella

1,656

44,600

Sanrio

Co

Ltd

2,118

12,964

(a),(d)

Saregama

India

Ltd

14

23,904

Saudi

Automotive

Services

Co

415

20,302

Saudi

Co

For

Hardware

CJSC

168

89,260

(a)

Savers

Value

Village,

Inc

1,666

35

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

230,481

Seria

Co

Ltd

$

3,393

198,804

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

203

32,200

Shimamura

Co

Ltd

3,182

6,141

Shinsegae

Co

Ltd

864

8,588

Shinsegae

International,

Inc

119

31,534

(a)

Shoppers

Stop

Ltd

260

28,122

(c)

Sleep

Country

Canada

Holdings,

Inc

482

39,646

(a),(b),(c)

SMCP

S.A.

160

67,600

Sonic

Automotive,

Inc

(Class

A)

3,229

830,500

(a),(b)

Stitch

Fix,

Inc

2,865

304,002

Super

Group

Ltd

531

273,149

Super

Retail

Group

Ltd

2,087

51,535

Synsam

AB

171

2,579

Tadiran

Group

Ltd

182

120,851

Takashimaya

Co

Ltd

1,770

12,869

Telepark

Corp

152

63,550

(a),(b)

Temple

&

Webster

Group

Ltd

244

1,561,622

(a),(b)

THG

plc

1,328

3,322,337

TJX

Cos,

Inc

295,289

38,927

(b)

Tokmanni

Group

Corp

540

15,046,489

(c)

Topsports

International

Holdings

Ltd

11,376

199,504

Tractor

Supply

Co

40,509

154,993

Trent

Ltd

3,874

299,436

(b)

Truworths

International

Ltd

1,210

65,762

(a)

Ulta

Beauty,

Inc

26,269

466,999

(b)

United

Arrows

Ltd

6,115

33,485

United

Electronics

Co

674

462,240

(a)

Urban

Outfitters,

Inc

15,111

176,400

USS

Co

Ltd

2,916

986,172

Vibra

Energia

S.A.

3,712

599,046

(a)

Vipshop

Holdings

Ltd

(ADR)

9,591

9,315

V-Mart

Retail

Ltd

221

49,488

VT

Holdings

Co

Ltd

169

179,600

(a)

Warby

Parker,

Inc

2,364

68,492

Warehouse

Group

Ltd

71

200,078

(a),(c)

Watches

of

Switzerland

Group

plc

1,303

62,347

(a)

Wayfair,

Inc

3,776

951,546

Wesfarmers

Ltd

32,204

548,116

WH

Smith

plc

8,949

187,602

Wickes

Group

plc

314

1,180,800

Wilcon

Depot,

Inc

459

48,818

(b)

Williams-Sonoma,

Inc

7,586

826,118

Woolworths

Holdings

Ltd

2,960

223,200

(b)

Workman

Co

Ltd

6,774

296,883

Wuchan

Zhongda

Group

Co

Ltd

193

342,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

269

905,400

Yamada

Denki

Co

Ltd

2,784

111,233

Yellow

Hat

Ltd

1,411

763,929

(a),(c)

Zalando

SE

16,973

739,572

Zhongsheng

Group

Holdings

Ltd

2,071

97,100

(b)

ZOZO,

Inc

1,778

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,870,058

CONSUMER

DURABLES

&

APPAREL

-

1.9%

756,000

361

Degrees

International

Ltd

381

235,927

Adidas-Salomon

AG.

41,384

273,352

(a)

Aditya

Birla

Fashion

and

Retail

Ltd

704

107,255

Aksa

Akrilik

Kimya

Sanayii

AS.

402

139,809

Alaseel

Co

187

18,000

Alexander

Marine

Co

Ltd

210

1,277,040

(a)

Alok

Industries

Ltd

290

189,800

(a)

Alpargatas

S.A.

304

CREF

Stock

Account

September

30,

2023

36

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,762

(a)

Amber

Enterprises

India

Ltd

$

493

100,330

(a),(b)

AMMO,

Inc

203

1,103,955

Anta

Sports

Products

Ltd

12,353

60,800

Arezzo

Industria

e

Comercio

S.A.

786

53,161

Ariston

Holding

NV

347

134,573

Asics

Corp

4,686

86,990

(a)

Azorim-Investment

Development

&

Construction

Co

Ltd

312

148,428

Bajaj

Electricals

Ltd

1,967

48,374

Barratt

Developments

plc

259

52,226

Bata

India

Ltd

1,010

3,225

Beijing

Roborock

Technology

Co

Ltd

130

102,946

Bellway

plc

2,860

34,096

Beneteau

S.A.

412

5,284

Berkeley

Group

Holdings

plc

264

29,001

(a)

Borosil

Ltd

138

3,260,472

Bosideng

International

Holdings

Ltd

1,400

844,742

Bovis

Homes

Group

plc

9,345

81,473

(b)

Breville

Group

Ltd

1,144

33,016

(b)

BRP,

Inc

2,499

28,122

Brunello

Cucinelli

S.p.A

2,133

54,311

Brunswick

Corp

4,291

18,721

Burberry

Group

plc

434

7,422,431

Cairn

Homes

plc

8,564

7,014,843

Cairn

Homes

plc

8,138

803,102

(a)

Callaway

Golf

Co

11,115

58,262

(a)

Campus

Activewear

Ltd

203

49,461

(a),(b)

Canada

Goose

Holdings,

Inc

725

240,055

(a)

Capri

Holdings

Ltd

12,629

157,900

(a),(b)

Casio

Computer

Co

Ltd

1,322

40,205

(a)

CCC

S.A.

358

106,300

Chervon

Holdings

Ltd

318

481,000

China

Lilang

Ltd

226

23,800

Chofu

Seisakusho

Co

Ltd

333

249,357

Chow

Sang

Sang

Hldg

306

790,667

Cie

Financiere

Richemont

S.A.

96,290

956,000

(a)

Citychamp

Watch

&

Jewellery

Group

Ltd

144

1,327,535

Coats

Group

plc

1,187

40,339

Coway

Co

Ltd

1,231

189,907

Crest

Nicholson

Holdings

plc

402

106,110

(a)

Crocs,

Inc

9,362

2,184,546

Crompton

Greaves

Consumer

Electricals

Ltd

8,138

94,900

Cury

Construtora

e

Incorporadora

S.A.

307

230,500

Cyrela

Brazil

Realty

S.A.

930

18,200

(b)

Daiwa

Seiko,

Inc

246

8,575

Danya

Cebus

Ltd

225

19,873

(a)

Deckers

Outdoor

Corp

10,217

60,139

De'Longhi

S.p.A.

1,306

9,867

Delta

Galil

Ltd

382

28,602

Descente

Ltd

817

12,925

DI

Dong

Il

Corp

263

92,700

Direcional

Engenharia

S.A.

354

24,585

Dixon

Technologies

India

Ltd

1,562

237,605

DR

Horton,

Inc

25,535

539,323

Dr.

Martens

PLC

924

25,240

(a),(b)

Dream

Finders

Homes,

Inc

561

1,399,869

Eclat

Textile

Co

Ltd

21,123

21,600

Ecovacs

Robotics

Co

Ltd

144

1,830

Einhell

Germany

AG.

275

8,296

Electra

Consumer

Products

1970

Ltd

177

183,372

Electrolux

AB

1,890

291,733

(b)

Ermenegildo

Zegna

NV

4,061

37,257

ES-Con

Japan

Ltd

232

37

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

93,600

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

$

350

13,671

F&F

Co

Ltd

1,144

1,582,451

Feng

TAY

Enterprise

Co

Ltd

8,981

24,654

(a),(d)

FF

Group

0^

385,225

Fields

Corp

5,276

40,154

Fila

Holdings

Corp

1,073

697,000

Formosa

Taffeta

Co

Ltd

549

339,999

(a),(b),(d)

Fuguiniao

Co

Ltd

0^

50,021

Fujitsu

General

Ltd

940

110,000

Fulgent

Sun

International

Holding

Co

Ltd

407

66,000

Fusheng

Precision

Co

Ltd

416

27,173

Games

Workshop

Group

plc

3,499

57,924

(a)

Garmin

Ltd

6,094

8,937

Garware

Technical

Fibres

Ltd

341

243,139

Giant

Manufacturing

Co

Ltd

1,343

117,570

(a)

G-III

Apparel

Group

Ltd

2,930

161,925

Gildan

Activewear,

Inc

4,539

2,678,965

(a),(c)

Glenveagh

Properties

plc

2,824

3,460,973

(a),(c)

Glenveagh

Properties

plc

(London)

3,677

736,000

(a),(b)

Golden

Solar

New

Energy

Technology

Holdings

Ltd

588

19,647

Goldwin,

Inc

1,330

3,002

GOLFZON

Co

Ltd

209

170,000

Gree

Electric

Appliances,

Inc

of

Zhuhai

848

241,300

Grendene

S.A.

322

413,800

GRUPO

DE

MODA

SOMA

S.A.

547

10,718

Gunze

Ltd

323

2,133,201

Haier

Smart

Home

Co

Ltd

6,667

338,207

Haier

Smart

Home

Co

Ltd

1,099

7,881

Handsome

Co

Ltd

109

55,500

Hang

Zhou

Great

Star

Industrial

Co

Ltd

148

46,205

Hangzhou

Robam

Appliances

Co

Ltd

171

12,552

Hansae

Co

Ltd

183

5,846

Hanssem

Co

Ltd

244

100,141

Hasbro,

Inc

6,623

201,072

(b)

Haseko

Corp

2,563

22,058

Hermes

International

40,208

98,000

Hisense

Visual

Technology

Co

Ltd

302

466,000

(a),(d)

HOSA

International

Ltd

1

160,705

Hugo

Boss

AG.

10,158

2,284

Hwaseung

Enterprise

Co

Ltd

13

134,200

Iida

Group

Holdings

Co

Ltd

2,227

75,375

Indo

Count

Industries

Ltd

202

117,270

Installed

Building

Products,

Inc

14,646

35,010

Japan

Wool

Textile

Co

Ltd

315

34,984

Jason

Furniture

Hangzhou

Co

Ltd

195

54,189

JM

AB

733

578,000

JNBY

Design

Ltd

748

70,000

Johnson

Health

Tech

Co

Ltd

163

1,155,500

(b),(c)

JS

Global

Lifestyle

Co

Ltd

191

184,012

Kalyan

Jewellers

India

Ltd

503

12,383

(b)

Kaufman

&

Broad

S.A.

361

399,503

Kering

181,519

991,000

Kinpo

Electronics

473

6,700

(b)

Ki-Star

Real

Estate

Co

Ltd

207

38,000

KMC

Kuei

Meng

International,

Inc

152

785,700

Konka

Group

Co

Ltd

124

58,200

Kontoor

Brands,

Inc

2,556

73,551

KPR

Mill

Ltd

666

45,018

LA

Opala

RG

Ltd

233

19,470

(a)

Landsea

Homes

Corp

175

101,679

Leggett

&

Platt,

Inc

2,584

189,866

Lennar

Corp

(Class

A)

21,309

CREF

Stock

Account

September

30,

2023

38

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,185

(b)

Lennar

Corp

(Class

B)

$

1,041

175,027

(b)

Levi

Strauss

&

Co

2,377

17,373

LF

Corp

184

44,840

LG

Electronics,

Inc

3,346

2,030,621

Li

Ning

Co

Ltd

8,479

947

LPP

S.A.

2,811

176,676

(a)

Lululemon

Athletica,

Inc

68,128

9,119

LUX

Industries

Ltd

163

409,493

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

309,098

183,000

Makalot

Industrial

Co

Ltd

1,906

1,290,984

Man

Wah

Holdings

Ltd

902

6,442

(a),(d)

Mariella

Burani

S.p.A.

0^

28,747

(b)

Marimekko

Oyj

319

266,795

(a)

Mattel,

Inc

5,878

119,284

(c)

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

490

41,648

Maytronics

Ltd

439

355,000

Merida

Industry

Co

Ltd

1,924

147,881

Merry

Electronics

Co

Ltd

387

48,783

MIPS

AB

1,649

14,100

Mizuno

Corp

447

40,008

(a)

Mohawk

Industries,

Inc

3,433

1,590,486

Moncler

S.p.A

92,177

325,700

(a)

MRV

Engenharia

e

Participacoes

S.A.

691

5,800

(b)

Nagawa

Co

Ltd

270

131,900

Namco

Bandai

Holdings,

Inc

2,683

19,486

(a),(c)

Neinor

Homes

S.A.

194

71,678

(a),(b)

New

Wave

Group

AB

498

4,000,479

Newell

Rubbermaid,

Inc

36,124

136,448

Nien

Made

Enterprise

Co

Ltd

1,310

1,369,419

Nike,

Inc

(Class

B)

130,944

2,070,300

Nikon

Corp

21,804

12,200

(a)

NVR,

Inc

72,752

1,032,058

(a)

On

Holding

AG.

28,712

85,300

(a)

Onward

Kashiyama

Co

Ltd

297

66,200

Open

House

Group

Co

Ltd

2,245

20,832

Oppein

Home

Group,

Inc

275

126,391

Orient

Electric

Ltd

337

990,153

(c)

OVS

S.p.A

2,052

4,749

Page

Industries

Ltd

2,225

2,014,989

Panasonic

Corp

22,745

4,197

Pandora

A.S.

433

402,000

(a),(d)

Peace

Mark

Holdings

Ltd

1

278,084

(a)

Peloton

Interactive,

Inc

1,404

15,854

Persimmon

plc

208

83,569

(a)

Photo-Me

International

plc

161

20,656

(a),(d)

PIK

Group

(GDR)

0^

41,004

Polaris

Industries,

Inc

4,270

1,844,006

Pou

Chen

Corp

1,638

7,749,140

PRADA

S.p.A

45,414

22,485

Pressance

Corp

275

269,371

Pulte

Homes,

Inc

19,947

5,240

Puma

AG.

Rudolf

Dassler

Sport

324

579,000

(b)

Q

Technology

Group

Co

Ltd

236

44,000

Quang

Viet

Enterprise

Co

Ltd

153

50,297

(a)

Rajesh

Exports

Ltd

304

25,195

Raymond

Ltd

547

1,085,737

Redrow

plc

6,533

43,517

Relaxo

Footwears

Ltd

471

85,900

(b)

Rinnai

Corp

1,606

9,500

Roland

Corp

260

559,027

Ruentex

Industries

Ltd

1,019

6,814

Safari

Industries

India

Ltd

321

39

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

208,136

(a),(b)

Safilo

Group

S.p.A.

$

186

50,013

(b)

Salvatore

Ferragamo

S.p.A

661

38,424

Sangetsu

Co

Ltd

749

193,700

Sankyo

Co

Ltd

8,877

9,954

Sanlorenzo

S.p.A

373

26,848

SEB

S.A.

2,505

236,600

Sega

Sammy

Holdings,

Inc

4,363

24,800

Seiko

Holdings

Corp

433

301,700

Sekisui

Chemical

Co

Ltd

4,341

630,100

Sekisui

House

Ltd

12,540

46,220

(a),(e)

SharkNinja

Global

SPV

Ltd

2,143

221,400

(b)

Sharp

Corp

1,378

30,636

(a)

Sheela

Foam

Ltd

420

717,238

Shenzhou

International

Group

Holdings

Ltd

6,821

62,799

Shimano,

Inc

8,405

1,251,504

Skyworth

Group

Ltd

468

23,400

(b)

Snow

Peak,

Inc

185

39,820

(a),(b)

Solo

Brands,

Inc

203

3,073,222

Sony

Corp

251,314

77,768

(c)

Spin

Master

Corp

1,955

1,030,000

Stella

International

Holdings

Ltd

1,033

516,821

Steven

Madden

Ltd

16,419

124,097

Sumitomo

Forestry

Co

Ltd

3,148

1,933

(a)

Swatch

Group

AG.

495

14,878

Symphony

Ltd

157

1,003,000

Tainan

Spinning

Co

Ltd

457

175,000

Taiwan

Paiho

Ltd

294

13,700

Tama

Home

Co

Ltd

326

17,900

Tamron

Co

Ltd

547

93,380

Tapestry,

Inc

2,685

62,440

(a)

Taylor

Morrison

Home

Corp

2,661

5,677,345

Taylor

Wimpey

plc

8,097

821,000

TCL

Electronics

Holdings

Ltd

318

1,078,629

TCL

Technology

Group

Corp

604

105,233

(c)

Technogym

S.p.A

812

128,257

Tempur

Sealy

International,

Inc

5,559

319,500

Texhong

International

Group

Ltd

177

87,219

(b),(c)

Thule

Group

AB

2,281

302,733

Titan

Co

Ltd

11,452

7,920

(a),(b)

Tod's

S.p.A.

286

5,490

Token

Corp

293

83,417

Toll

Brothers,

Inc

6,170

73,101

Tomy

Co

Ltd

1,056

52,801

(a)

TopBuild

Corp

13,285

41,000

Topkey

Corp

212

521,050

(a)

Traeger,

Inc

1,422

1,051,807

Trident

Ltd

475

44,648

TTK

Prestige

Ltd

420

526,560

(a)

Under

Armour,

Inc

(Class

A)

3,607

1,094,362

(a),(b)

Under

Armour,

Inc

(Class

C)

6,982

310,443

Universal

Entertainment

Corp

4,576

47,259

Vaibhav

Global

Ltd

250

82,419

Vardhman

Textiles

Ltd

370

323,152

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

198

125,384

(a)

Vestel

Elektronik

Sanayi

ve

Ticaret

AS.

289

144,984

VF

Corp

2,562

52,526

(a),(b)

Victoria

plc

333

52,655

VIP

Industries

Ltd

415

3,168,000

(a),(b)

Viva

Goods

Company

Ltd

523

100,900

Vivara

Participacoes

S.A.

539

63,240

(a),(b)

Vizio

Holding

Corp

342

95,900

Vulcabras

Azaleia

S.A.

378

CREF

Stock

Account

September

30,

2023

40

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,428

(a),(b)

V-ZUG

Holding

AG.

$

168

37,213

Wacoal

Holdings

Corp

841

170,540

Welspun

India

Ltd

249

285,254

Whirlpool

Corp

38,138

28,916

Whirlpool

of

India

Ltd

565

1,209,000

Xtep

International

Holdings

Ltd

1,114

119,500

Yamaha

Corp

3,264

329,734

(a),(b)

YETI

Holdings,

Inc

15,900

107,409

(b)

YIT

Oyj

246

53,800

Yonex

Co

Ltd

574

17,645

Youngone

Corp

631

4,197

Youngone

Holdings

Co

Ltd

250

651,500

Yue

Yuen

Industrial

Holdings

746

43,913

Zhejiang

Supor

Co

Ltd

292

8,743

Zinus,

Inc

144

29,400

Zojirushi

Corp

350

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,062,729

CONSUMER

SERVICES

-

2.7%

349,058

(a)

888

Holdings

plc

424

124,235

(c)

AcadeMedia

AB

532

379,768

Accor

S.A.

12,773

160,750

ADT,

Inc

964

40,500

Adventure,

Inc

1,401

287,876

(a)

Airbnb,

Inc

39,499

143,000

(a),(b)

Airtrip

Corp

2,029

9,590

Alamar

Foods

318

1,935,838

(a),(b)

Alsea

SAB

de

C.V.

7,044

944,678

Amadeus

IT

Holding

S.A.

57,061

109,000

Ambassador

Hotel

174

2,199,096

Americana

Restaurants

International

plc

2,455

79,143

(a)

AmRest

Holdings

SE

456

47,786

(a)

Ananti,

Inc

260

306,302

Aramark

10,629

8,812,494

(f)

Arcos

Dorados

Holdings,

Inc

83,366

486,659

Aristocrat

Leisure

Ltd

12,715

4,818,268

Asset

World

Corp

PCL

514

16,650

Ataa

Educational

Co

320

106,400

(a),(b)

Atom

Corp

635

235,184

(a)

Auction

Technology

Group

plc

1,874

29,000

Bafang

Yunji

International

Co

Ltd

161

22,855

(a)

Barbeque

Nation

Hospitality

Ltd

204

45,953

(a),(b),(c)

Basic-Fit

NV

1,301

58,600

(b)

Benesse

Holdings,

Inc

717

772,472

Berjaya

Sports

Toto

BHD

243

195,194

Betsson

AB

2,145

2,924,900

(a)

Bloomberry

Resorts

Corp

522

124,063

(a)

Booking

Holdings,

Inc

382,604

55,561

Boyd

Gaming

Corp

3,380

44,032

(a)

Bright

Horizons

Family

Solutions,

Inc

3,587

223,148

(a)

Brinker

International,

Inc

7,049

28,600

BTG

Hotels

Group

Co

Ltd

68

155,758

(a)

Caesars

Entertainment,

Inc

7,219

238,000

Cafe

de

Coral

Holdings

Ltd

257

329,435

Cairo

Investment

&

Real

Estate

Development

Co

SAE

109

2,247,730

(a)

Carnival

Corp

30,839

521,268

(a)

Carnival

plc

6,312

12,533

(a),(b)

Cava

Group,

Inc

384

377,500

(a)

Central

Plaza

Hotel

PCL

486

65,027

(a)

Chalet

Hotels

Ltd

435

144,000

China

Chunlai

Education

Group

Co

Ltd

134

491,000

(c)

China

East

Education

Holdings

Ltd

201

41

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,893,200

China

Education

Group

Holdings

Ltd

$

4,776

2,128,000

(a),(d)

China

Maple

Leaf

Educational

Systems

Ltd

3

3,886,000

(c)

China

New

Higher

Education

Group

Ltd

1,061

1,836,000

(b)

China

Travel

International

Inv

HK

351

59,521

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

109,032

23,082

(b)

Choice

Hotels

International,

Inc

2,828

54,431

Churchill

Downs,

Inc

6,316

32,464

Cie

des

Alpes

445

1,569,900

(a)

Cogna

Educacao

S.A.

831

1,356,226

Collins

Foods

Ltd

8,293

57,700

(b)

Colowide

Co

Ltd

932

2,714,958

Compass

Group

plc

66,086

100,886

Corporate

Travel

Management

Ltd

1,085

95,600

Create

Restaurants

Holdings,

Inc

730

30,200

Curves

Holdings

Co

Ltd

143

195,429

Dadi

Early-Childhood

Education

Group

Ltd

467

181,300

Dalata

Hotel

Group

plc

770

42,976

Darden

Restaurants,

Inc

6,155

799,101

(a),(c)

Deliveroo

plc

1,166

191,209

(a),(c)

Delivery

Hero

SE

5,460

52,117

Delta

Corp

Ltd

89

46,700

(a),(b)

Demae-Can

Co

Ltd

115

259,520

(a)

Denny's

Corp

2,198

248,061

(a)

Devyani

International

Ltd

639

55,985

Domino's

Pizza

Enterprises

Ltd

1,901

330,155

Domino's

Pizza

Group

plc

1,516

132,707

Domino's

Pizza,

Inc

50,268

107,799

(a)

DoorDash,

Inc

8,567

19,792

(e)

DoubleUGames

Co

Ltd

587

80,218

Doutor

Nichires

Holdings

Co

Ltd

1,250

316,923

(a)

DraftKings,

Inc

9,330

105,430

(a)

Duolingo,

Inc

17,488

32,591

(a)

Dur

Hospitality

Co

225

364,000

(a),(b),(c)

East

Buy

Holding

Ltd

1,709

229,289

(a)

Easy

Trip

Planners

Ltd

112

416,000

(b)

EC

Healthcare

161

121,617

(a)

eDreams

ODIGEO

S.A.

830

157,036

EIH

Ltd

421

113,436

(a),(b),(c)

Elior

Group

S.A.

232

697,230

Entain

plc

7,908

2,018,200

(a)

Erawan

Group

PCL

305

1,277,552

(a)

Everi

Holdings,

Inc

16,889

387,159

(c)

Evolution

AB

39,068

220,569

(a)

Expedia

Group,

Inc

22,734

5,796

(a)

Fattal

Holdings

1998

Ltd

586

210,490

(a)

First

Watch

Restaurant

Group,

Inc

3,639

144,252

(b)

Flight

Centre

Travel

Group

Ltd

1,786

394,593

(a)

Flutter

Entertainment

plc

64,203

221,585

(a)

Flutter

Entertainment

plc

36,147

92,593

Food

&

Life

Cos

Ltd

1,553

52,000

Formosa

International

Hotels

Corp

345

177,400

(a),(c)

Fosun

Tourism

Group

168

427,230

(a)

Frontdoor,

Inc

13,069

1,149,000

Fu

Shou

Yuan

International

Group

Ltd

799

18,499

Fuji

Kyuko

Co

Ltd

576

5,400

(a)

Fujio

Food

Group,

Inc

50

701,323

G8

Education

Ltd

478

1,948,608

Galaxy

Entertainment

Group

Ltd

11,660

1,802,897

Genting

BHD

1,600

2,459,581

Genting

Malaysia

BHD

1,308

5,147,912

Genting

Singapore

Ltd

3,178

228,000

Gourmet

Master

Co

Ltd

746

CREF

Stock

Account

September

30,

2023

42

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,196

(a)

Grand

Canyon

Education,

Inc

$

2,711

28,765

(a)

Grand

Korea

Leisure

Co

Ltd

346

555,557

Greggs

plc

16,539

266,396

H&R

Block,

Inc

11,471

2,837,000

(a),(b),(c)

Haichang

Ocean

Park

Holdings

Ltd

423

1,468,776

(c)

Haidilao

International

Holding

Ltd

3,916

10,172

(a)

Hana

Tour

Service,

Inc

350

279,189

(b)

Heiwa

Corp

4,007

370,500

(b)

Helens

International

Holdings

Co

ltd

290

21,523

Herfy

Food

Services

Co

189

19,537

Hiday

Hidaka

Corp

355

714,219

Hilton

Worldwide

Holdings,

Inc

107,261

48,828

(a),(b)

HIS

Co

Ltd

589

3,494,000

(b),(c)

Hope

Education

Group

Co

Ltd

220

233,000

Huangshan

Tourism

Development

Co

Ltd

168

178,955

(a)

Huazhu

Group

Ltd

(ADR)

7,056

220,053

Humansoft

Holding

Co

KSC

2,224

34,845

Hyatt

Hotels

Corp

3,696

13,379

(a)

Hyundai

Green

Food

111

11,900

Ichibanya

Co

Ltd

434

277,467

IDP

Education

Ltd

3,797

731,319

Indian

Hotels

Co

Ltd

3,611

183,867

InterContinental

Hotels

Group

plc

13,598

684,244

International

Game

Technology

plc

20,746

107,184

Invocare

Ltd

865

3,977

(a)

Jahez

International

Co

478

815,000

(b),(c)

Jiumaojiu

International

Holdings

Ltd

1,103

380,513

Jollibee

Foods

Corp

1,541

337,561

Jubilant

Foodworks

Ltd

2,161

432,394

Jumbo

Interactive

Ltd

4,304

149,493

(a),(c)

Just

Eat

Takeaway.com

NV

1,848

87,516

(a)

Kambi

Group

plc

1,299

68,092

Kangwon

Land,

Inc

762

21,870

(a),(b)

Kappa

Create

Co

Ltd

223

38,900

Kentucky

Fried

Chicken

Japan

Ltd

780

287,758

Kindred

Group

plc

2,625

18,500

(b)

Kisoji

Co

Ltd

304

38,000

KOMEDA

Holdings

Co

Ltd

737

41,094

Koshidaka

Holdings

Co

Ltd

322

17,804

(b)

Kura

Sushi,

Inc

404

25,883

(b)

Kyoritsu

Maintenance

Co

Ltd

1,077

114,883

(c)

La

Francaise

des

Jeux

SAEM

3,731

2,706,073

Las

Vegas

Sands

Corp

124,046

1,079,753

Laureate

Education,

Inc

15,225

20,066

Leejam

Sports

Co

JSC

761

279,607

(a),(c)

Lemon

Tree

Hotels

Ltd

382

15,040

(a)

LIBERTY

MEDIA

CORP-LIBERTY-A

480

77,300

(a)

Lincoln

Educational

Services

Corp

653

15,500

LITALICO,

Inc

208

39,682

(a)

Lotte

Tour

Development

Co

Ltd

410

1,893,504

Lottery

Corp

Ltd

5,722

48,811

(a)

Lottomatica

Group

Spa

454

632,000

Lung

Yen

Life

Service

Corp

716

1,139,600

Magnum

Bhd

272

68,987

(a)

Mahindra

Holidays

&

Resorts

India

Ltd

328

222,236

Marriott

International,

Inc

(Class

A)

43,683

28,126

Marriott

Vacations

Worldwide

Corp

2,830

7,200

(b)

Matsuyafoods

Holdings

Co

Ltd

198

1,792,711

McDonald's

Corp

472,272

59,100

(b)

McDonald's

Holdings

Co

Japan

Ltd

2,258

5,998

MegaStudyEdu

Co

Ltd

225

5,515,540

(a),(c)

Meituan

79,844

43

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,939,740

(a)

Melco

Crown

Entertainment

Ltd

(ADR)

$

38,964

537,817

(a)

Melco

International

Development

429

495,655

MGM

Resorts

International

18,220

2,627,100

Minor

International

PCL

2,255

57,290

(a),(b)

Mister

Car

Wash,

Inc

316

225,890

(a)

Mitchells

&

Butlers

plc

623

909,100

MK

Restaurants

Group

PCL

1,129

11,300

Monarch

Casino

&

Resort,

Inc

702

183,422

Monogatari

Corp

5,065

97,300

(b)

MOS

Food

Services,

Inc

2,142

15,686

MTY

Food

Group,

Inc

670

14,121

National

Co

for

Learning

&

Education

361

430,500

(a)

Nayuki

Holdings

Ltd

226

11,497

(a)

NEOGAMES

S.A.

310

1,373,890

(a),(b)

Nerdy,

Inc

5,083

1,297,340

(a)

New

Oriental

Education

&

Technology

Group,

Inc

7,678

61,234

(a)

NIIT

Learning

Systems

Ltd

311

94,563

(a)

Noodles

&

Co

233

320,240

(a),(b)

Norwegian

Cruise

Line

Holdings

Ltd

5,278

296,200

(a)

Offcn

Education

Technology

Co

Ltd

152

46,100

Ohsho

Food

Service

Corp

2,131

144,380

(a)

OneSpaWorld

Holdings

Ltd

1,620

151,142

OPAP

S.A.

2,530

1,796,445

Oriental

Land

Co

Ltd

58,937

167,831

Papa

John's

International,

Inc

11,449

41,856

(a)

Paradise

Co

Ltd

504

26,171

Park

Lawn

Corp

360

38,470

(a),(d)

Patisserie

Holdings

plc

0^

116,368

(a)

Penn

National

Gaming,

Inc

2,671

404,000

Perfect

Medical

Health

Management

Ltd

194

125,019

(a),(b)

Pierre

&

Vacances

165

65,158

(a)

Planet

Fitness,

Inc

3,204

427,990

(a)

PlayAGS,

Inc

2,790

182,868

(a)

Playtech

PLC

1,008

11,836

(b)

Pollard

Banknote

Ltd

217

243,493

(a)

Portillo's,

Inc

3,747

52,620

(a)

Potbelly

Corp

410

233,124

(a)

Rank

Group

plc

238

540,100

Resorttrust,

Inc

8,060

276,062

(a)

Restaurant

Brands

Asia

Ltd

414

392,463

(b)

Restaurant

Brands

International,

Inc

26,146

268,599

Restaurant

Brands

International,

Inc

17,887

18,600

Ringer

Hut

Co

Ltd

289

799,600

Riso

Kyoiku

Co

Ltd

1,326

186,183

Round

One

Corp

697

44,680

(a),(b)

Rover

Group,

Inc

280

210,687

(a)

Royal

Caribbean

Cruises

Ltd

19,413

25,700

(a)

Royal

Holdings

Co

Ltd

456

848,170

(a)

Rush

Street

Interactive,

Inc

3,919

23,000

Saizeriya

Co

Ltd

745

2,976,767

(a)

Sands

China

Ltd

9,052

24,963

(a)

Sapphire

Foods

India

Ltd

436

132,857

(a),(b),(c)

Scandic

Hotels

Group

AB

451

121,591

(a)

Seera

Group

Holding

822

29,684

Seobu

T&D

173

112,564

Service

Corp

International

6,432

34,739

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

180

1,034,000

(a)

Shangri-La

Asia

Ltd

707

540,772

Shenzhen

Overseas

Chinese

Town

Co

Ltd

315

192,900

SISB

PCL

165

2,107,000

(a),(b)

SJM

Holdings

Ltd

826

38,325

(b)

SkiStar

AB

391

CREF

Stock

Account

September

30,

2023

44

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

188,182

Skylark

Holdings

Co

Ltd

$

2,574

220,500

(a)

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

943

96,699

Sodexho

Alliance

S.A.

9,955

87,043

(a),(b)

Sol

Melia

S.A.

528

109,714

Songcheng

Performance

Development

Co

Ltd

184

655,587

(a)

SSP

Group

PLC

1,621

1,265,768

(a),(b)

Star

Entertainment

Grp

Ltd

493

767,133

(a)

Star

Entertainment

Grp

Ltd

301

2,180,364

Starbucks

Corp

199,002

48,800

Strategic

Education,

Inc

3,672

54,320

(a),(b)

Stride,

Inc

2,446

55,600

(a),(b)

Super

Group

SGHC

Ltd

205

131,000

(a),(b)

Super

Hi

International

Holding

Ltd

257

248,745

(a)

Taaleem

Holdings

PJSC

269

4,546,913

TABCORP

Holdings

Ltd

2,740

391,683

(a),(b)

TAL

Education

Group

(ADR)

3,568

133,785

Texas

Roadhouse,

Inc

(Class

A)

12,857

1,085,000

Tianli

Education

International

Holdings

Ltd

349

374,285

Tokyotokeiba

Co

Ltd

10,074

526,820

(a)

Tongcheng

Travel

Holdings

Ltd

1,152

37,959

Toridoll

Holdings

Corp

935

384,118

(a),(c)

Trainline

plc

1,308

55,096

Travel

&

Leisure

Co

2,024

460,219

Travelsky

Technology

Ltd

794

472,450

(a)

Trip.com

Group

Ltd

16,652

243,538

(a)

Trip.com

Group

Ltd

(ADR)

8,517

639,408

(a)

TUI

AG.

3,505

29,296

Vail

Resorts,

Inc

6,500

1,520,407

(a),(b)

Webjet

Ltd

6,554

228,514

(b)

Wendy's

Co

4,664

51,621

Westlife

Foodworld

Ltd

581

74,090

(a)

Wetherspoon

(J.D.)

plc

625

216,111

Whitbread

plc

9,097

22,713

Wingstop,

Inc

4,085

56,075

Wowprime

Corp

456

683,826

Wyndham

Hotels

&

Resorts,

Inc

47,553

40,537,800

(a),(b)

Wynn

Macau

Ltd

38,552

318,024

Wynn

Resorts

Ltd

29,389

538,500

(c)

Xiabuxiabu

Catering

Management

China

Holdings

Co

Ltd

226

217,700

YDUQS

Participacoes

S.A.

861

53,419

Yoshinoya

D&C

Co

Ltd

1,005

22,600

(a),(b)

Youdao,

Inc

(ADR)

91

21,342

Young

&

Co's

Brewery

plc

279

456,729

Yum

China

Holdings,

Inc

25,449

68,443

Yum!

Brands,

Inc

8,551

78,900

Zensho

Co

Ltd

3,426

3,706,277

(a)

Zomato

Ltd

4,514

TOTAL

CONSUMER

SERVICES

2,968,089

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

1,706,076

Abdullah

Al

Othaim

Markets

Co

6,176

533,700

Aeon

Co

Ltd

10,572

27,600

Aeon

Hokkaido

Corp

161

22,483

Ain

Holdings,

Inc

663

76,556

Al

Meera

Consumer

Goods

Co

QSC

291

134,245

Albertsons

Cos,

Inc

3,054

27,877

Al-Dawaa

Medical

Services

Co

708

2,255,829

(a),(b)

Alibaba

Health

Information

Technology

Ltd

1,394

1,844,691

Alimentation

Couche-Tard,

Inc

93,684

13,862,583

(a)

Almacenes

Exito

S.A.

38,390

18,648

Almunajem

Foods

Co

349

72,700

Andersons,

Inc

3,745

45

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

33,079

Arcs

Co

Ltd

$

603

6,701,195

Atacadao

S.A.

11,865

138,457

(a),(c)

Avenue

Supermarts

Ltd

6,115

90,216

Axfood

AB

2,068

14,655

Axial

Retailing,

Inc

367

8,300

Belc

Co

Ltd

381

766,412

Berli

Jucker

PCL

645

7,433

BGF

retail

Co

Ltd

777

288,541

(b)

Bid

Corp

Ltd

6,435

392,687

BIM

Birlesik

Magazalar

AS

3,928

184,760

BinDawood

Holding

Co

303

309,801

(a)

BJ's

Wholesale

Club

Holdings,

Inc

22,110

29,657

(b)

Carrefour

S.A.

509

28,504

Casey's

General

Stores,

Inc

7,739

6,151

Cawachi

Ltd

102

1,154,933

Cencosud

S.A.

2,190

343,157

(a)

Chefs'

Warehouse,

Inc

7,268

14,578,000

(a),(f)

Cia

Brasileira

de

Distribuicao

10,151

195,546

Clicks

Group

Ltd

2,671

1,088,170

Coles

Group

Ltd

10,861

49,751

Colruyt

S.A.

2,151

17,100

Cosmos

Pharmaceutical

Corp

1,748

912,392

Costco

Wholesale

Corp

515,465

5,001,416

CP

ALL

plc

8,294

1,737,600

CP

Axtra

PCL

1,535

24,600

Create

SD

Holdings

Co

Ltd

557

18,803

(a)

Curexo,

Inc

240

38,800

(a)

Dada

Nexus

Ltd

(ADR)

173

4,418

Daikokutenbussan

Co

Ltd

186

70,141

DaShenLin

Pharmaceutical

Group

Co

Ltd

243

72,900

(a),(b)

DingDong

Cayman

Ltd

(ADR)

142

40,684

(a),(c)

Dino

Polska

S.A.

3,297

372,492

(c)

Dis-Chem

Pharmacies

Ltd

467

16,397,216

(a)

Distribuidora

Internacional

de

Alimentacion

S.A.

230

9,669

(a),(b)

DocMorris

AG.

533

163,421

Dollar

General

Corp

17,290

230,316

(a)

Dollar

Tree,

Inc

24,517

30,720

Dongsuh

Cos,

Inc

382

14,636

E-MART,

Inc

763

131,582

Empire

Co

Ltd

3,580

1,112,340

Endeavour

Group

Ltd

3,756

53,148

Eurocash

S.A.

168

19,900

Fuji

Co

Ltd

238

24,400

G-7

Holdings,

Inc

202

8,600

Genky

DrugStores

Co

Ltd

318

56,745

George

Weston

Ltd

6,293

183,060

GrainCorp

Ltd-A

827

55,642

Great

Tree

Pharmacy

Co

Ltd

603

72,964

(a)

Grocery

Outlet

Holding

Corp

2,105

480,100

(a)

Grupo

Mateus

S.A.

653

34,485

GS

Retail

Co

Ltd

603

6,100

Halows

Co

Ltd

171

71,125

Hankyu

Department

Stores,

Inc

864

21,858

Heiwado

Co

Ltd

381

1,074,201

(a)

HelloFresh

SE

31,919

503,000

(b)

Hong

Kong

Technology

Venture

Co

Ltd

194

13,800

(b)

Inageya

Co

Ltd

134

2,770

Itochu-Shokuhin

Co

Ltd

127

82,228

J

Sainsbury

plc

253

466,050

(a),(c)

JD

Health

International,

Inc

2,395

1,067,249

Jeronimo

Martins

SGPS

S.A.

23,968

19,923

Kato

Sangyo

Co

Ltd

529

CREF

Stock

Account

September

30,

2023

46

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

210,752

Kesko

Oyj

(B

Shares)

$

3,776

33,100

Kobe

Bussan

Co

Ltd

775

396,191

Koninklijke

Ahold

Delhaize

NV

11,941

100,129

Kroger

Co

4,481

13,834

Kusuri

no

Aoki

Holdings

Co

Ltd

801

391,900

(b)

La

Comer

SAB

de

C.V.

823

39,600

Lawson,

Inc

1,820

21,796

Life

Corp

531

145,114

Loblaw

Cos

Ltd

12,329

12,180

M

Yochananof

&

Sons

Ltd

497

1,647,167

(a)

Marks

&

Spencer

Group

plc

4,738

23,973

MARR

S.p.A.

303

291,000

Matsumotokiyoshi

Holdings

Co

Ltd

5,213

25,100

Maxvalu

Tokai

Co

Ltd

493

40,870

(a)

Medplus

Health

Services

Ltd

378

765,518

Metcash

Ltd

1,853

118,903

(a)

METRO

AG.

819

210,476

Metro,

Inc

10,931

561,790

Migros

Ticaret

AS

7,483

35,434

Nahdi

Medical

Co

1,363

20,979

(b)

Neighbourly

Pharmacy,

Inc

194

39,143

(b)

North

West

Co,

Inc

986

28,743

(a)

Ocado

Group

plc

209

23,300

(a),(b)

Oisix

ra

daichi,

Inc

250

782,344

(b)

Olam

Group

Ltd

599

298,174

(a)

Performance

Food

Group

Co

17,550

1,285,315

(b)

Pick'n

Pay

Stores

Ltd

2,512

239,759

(a),(b),(c)

Ping

An

Healthcare

and

Technology

Co

Ltd

558

511,195

President

Chain

Store

Corp

4,156

740,700

Puregold

Price

Club,

Inc

378

1,068,024

Raia

Drogasil

S.A.

5,869

25,921

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006

Ltd

1,482

12,715

(a),(c)

Redcare

Pharmacy

NV

1,352

17,112

(b)

Retail

Partners

Co

Ltd

200

726,550

Robinsons

Retail

Holdings,

Inc

600

41,041

Ryoshoku

Ltd

1,071

18,200

San-A

Co

Ltd

582

17,250,779

Sendas

Distribuidora

S.A.

41,732

845,669

Seven

&

I

Holdings

Co

Ltd

33,108

2,337,710

Sheng

Siong

Group

Ltd

2,598

9,911

(b)

Shoei

Foods

Corp

322

429,544

(b)

Shoprite

Holdings

Ltd

5,441

759,398

(a)

Shufersal

Ltd

3,527

18,254

Sligro

Food

Group

NV

323

2,683,021

SMU

S.A.

471

1,747,082

Sok

Marketler

Ticaret

AS.

3,708

696,771

Sonae

SPGS

S.A.

677

160,804

(b)

SPAR

Group

Ltd

988

118,500

SpartanNash

Co

2,607

29,396

Sugi

Pharmacy

Co

Ltd

1,168

14,576,500

Sumber

Alfaria

Trijaya

Tbk

PT

2,792

317,400

Sundrug

Co

Ltd

8,603

134,849

Sysco

Corp

8,907

270,033

Target

Corp

29,858

19,416,546

Tesco

plc

62,453

31,200

Tsuruha

Holdings,

Inc

2,096

114,356

(a)

United

Natural

Foods,

Inc

1,617

41,650

United

Super

Markets

Holdings,

Inc

298

189,461

(a)

US

Foods

Holding

Corp

7,522

30,894

Valor

Co

Ltd

452

359,828

Walgreens

Boots

Alliance,

Inc

8,003

4,506,036

(b)

Wal-Mart

de

Mexico

SAB

de

C.V.

16,961

47

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,189,244

Walmart,

Inc

$

510,056

77,500

Welcia

Holdings

Co

Ltd

1,338

1,065,232

Woolworths

Ltd

25,503

14,900

(b)

Yaoko

Co

Ltd

766

55,942

Yifeng

Pharmacy

Chain

Co

Ltd

269

32,200

Yokohama

Reito

Co

Ltd

261

237,400

Yonghui

Superstores

Co

Ltd

105

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,809,195

ENERGY

-

5.7%

198,743

(a)

3R

PETROLEUM

OLEO

E

GAS

S.A.

1,249

14,173,561

Adaro

Energy

Indonesia

Tbk

PT

2,607

148,270

(a),(b)

Advantage

Energy

Ltd

1,012

136,963

Aegis

Logistics

Ltd

542

325,622

Africa

Oil

Corp

654

1,001,175

Aker

BP

ASA

27,645

223,104

Aker

Solutions

ASA

898

6,406,200

AKR

Corporindo

Tbk

PT

640

29,896

Aldrees

Petroleum

and

Transport

Services

Co

1,117

202,088

Ampol

Ltd

4,363

258,806

Antero

Midstream

Corp

3,101

17,899

APA

Corp

736

581,844

(b)

ARC

Resources

Ltd

9,287

187,480

Archrock,

Inc

2,362

72,780

Ardmore

Shipping

Corp

947

488,066

(a)

Athabasca

Oil

Corp

1,563

398,791

(b)

Atlas

Energy

Solutions,

Inc

8,865

1,546,050

Baker

Hughes

Co

54,606

848,200

Bangchak

Corp

PCL

951

7,652,700

Banpu

PCL

(Foreign)

1,677

569,523

(b)

Baytex

Energy

Corp

2,512

6,412,663

Beach

Petroleum

Ltd

6,693

716,663

Bharat

Petroleum

Corp

Ltd

2,990

224,840

Birchcliff

Energy

Ltd

1,281

18,743

(a)

BLUENORD

ASA

909

162,145

(a)

Borr

Drilling

Ltd

1,135

268,529

(a)

Boss

Energy

Ltd

831

30,581,231

BP

plc

197,125

4,650,000

(a),(d)

Brightoil

Petroleum

Holdings

Ltd

6

14,930

(a)

Bristow

Group,

Inc

421

2,542,000

(a)

Bumi

Armada

Bhd

305

44,109,300

(a)

Bumi

Resources

Minerals

Tbk

PT

605

102,487

(a)

BW

Energy

Ltd

262

66,433

(c)

BW

LPG

Ltd

837

323,079

BW

Offshore

Ltd

742

38,990

Cabot

Oil

&

Gas

Corp

1,055

110,320

California

Resources

Corp

6,179

9,070

(a)

Callon

Petroleum

Co

355

1,419,149

Cameco

Corp

56,306

1,110,178

Canadian

Natural

Resources

Ltd

71,797

1

Capricorn

Energy

plc

0^

124,203

(b)

Cardinal

Energy

Ltd

677

1,441,698

Cenovus

Energy,

Inc

(Toronto)

30,017

228,810

CES

Energy

Solutions

Corp

649

4,435,418

(a)

CGG

S.A.

3,147

2,145,000

(a),(b)

CGN

Mining

Co

Ltd

417

202,062

ChampionX

Corp

7,197

314,002

Cheniere

Energy,

Inc

52,112

23,383

Chennai

Petroleum

Corp

Ltd

143

725,754

Chesapeake

Energy

Corp

62,582

3,239,855

Chevron

Corp

546,304

2,253,000

China

Coal

Energy

Co

1,764

CREF

Stock

Account

September

30,

2023

48

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

700,900

China

Merchants

Energy

Shipping

Co

Ltd

$

617

2,163,122

China

Oilfield

Services

Ltd

2,589

451,276

China

Shenhua

Energy

Co

Ltd

-

A

1,935

3,135,455

China

Shenhua

Energy

Co

Ltd

-

H

10,146

634,000

(b)

China

Shipping

Development

Co

Ltd

690

74,446

Chord

Energy

Corp

12,065

1,545,127

Coal

India

Ltd

5,480

118

(a),(d),(g)

Cobalt

International

Energy,

Inc

0^

362,826

Computer

Modelling

Group

Ltd

2,271

3,885,318

ConocoPhillips

465,461

19,649

Cool

Co

Ltd

267

1,042,504

Cosan

SA

Industria

e

Comercio

3,555

292,193

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

541

50,858

Cosmo

Energy

Holdings

Co

Ltd

1,784

83,476

Crescent

Energy

Co

1,055

469,257

Crescent

Point

Energy

Corp

3,890

98,671

(a)

Crew

Energy,

Inc

424

20,106

CropEnergies

AG.

168

392,223

d'Amico

International

Shipping

S.A.

1,910

4,524,778

Dana

Gas

PJSC

1,085

7,846

Delek

Group

Ltd

1,157

556,930

Delek

US

Holdings,

Inc

15,822

98,436

(a)

Denbury,

Inc

9,648

2,038,468

(a),(b)

Denison

Mines

Corp

3,347

32,057

Devon

Energy

Corp

1,529

3,703,112

Dialog

Group

Bhd

1,669

1,564,525

(a)

Diamond

Offshore

Drilling,

Inc

22,967

1,641,492

Diamondback

Energy,

Inc

254,234

839,051

Diversified

Energy

Co

plc

824

156,663

(a)

DMC

Global,

Inc

3,834

391,964

DNO

International

ASA

386

8,112

DT

Midstream,

Inc

429

40,470

(a)

Earthstone

Energy,

Inc

819

27,093

(a),(b)

Empire

Petroleum

Corp

261

354,751

Empresas

COPEC

S.A.

2,515

282,500

Enauta

Participacoes

S.A.

1,012

1,905,729

Enbridge,

Inc

63,209

2,612,801

ENEOS

Holdings,

Inc

10,284

888,837

Enerflex

Ltd

5,104

112,289

Energean

plc

1,566

30,154,540

(a)

Energi

Mega

Persada

Tbk

PT

535

1,168,600

(a),(d)

Energy

Earth

PCL

0^

130,671

(a),(b)

Energy

Fuels,

Inc

1,074

1

Energy

Transfer

LP

0^

186,695

Enerplus

Corp

3,285

117,295

ENI

S.p.A.

1,884

1,398,107

(a)

Enquest

plc

(London)

259

3,076,315

EOG

Resources,

Inc

389,954

18,761

EQT

Corp

761

3,589,284

Equinor

ASA

117,628

19,295

(a)

Equital

Ltd

611

1,080,900

Esso

Thailand

PCL

(Foreign)

294

38,147

Etablissements

Maurel

et

Prom

197

224,839

Euronav

NV

3,651

286,790

(a)

Expro

Group

Holdings

NV

6,662

247,150

(b)

Exxaro

Resources

Ltd

2,250

6,047,495

Exxon

Mobil

Corp

711,064

24,805

(b)

FLEX

LNG

Ltd

739

1,046,878

Formosa

Petrochemical

Corp

2,614

106,780

(b)

Freehold

Royalties

Ltd

1,156

58,908

(a)

Frontera

Energy

Corp

466

112,412

Frontline

plc

2,060

49

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,424

Galp

Energia

SGPS

S.A.

$

362

27,855

Gaztransport

Et

Technigaz

S.A.

3,424

163,179

Genel

Energy

PLC

159

134,504

(b)

Gibson

Energy,

Inc

1,924

169,690

Golar

LNG

Ltd

4,117

101,170

Granite

Ridge

Resources,

Inc

617

86,207

Great

Eastern

Shipping

Co

Ltd

878

730,786

Guanghui

Energy

Co

Ltd

765

66,116

Gujarat

Mineral

Development

Corp

Ltd

252

843,123

Gulf

International

Services

QSC

677

192,674

Gulf

Keystone

Petroleum

Ltd

241

76,650

(a)

Gulfport

Energy

Operating

Corp

9,095

210,321

Hafnia

Ltd

1,305

19,260

(a),(b)

Hallador

Energy

Co

278

39,355

Halliburton

Co

1,594

521,385

Harbour

Energy

plc

1,633

1,609,500

Harum

Energy

Tbk

PT

196

20,185

HD

Hyundai

Co

Ltd

991

172,136

(b)

Headwater

Exploration,

Inc

907

154,137

Hellenic

Petroleum

S.A.

1,205

161,382

Hess

Corp

24,691

8,262

HF

Sinclair

Corp

470

5,708,700

Hibiscus

Petroleum

Bhd

1,365

550,396

(a)

Hindustan

Petroleum

Corp

Ltd

1,689

590,538

Hunting

plc

2,201

175,594

Idemitsu

Kosan

Co

Ltd

4,026

254,811

(b)

Imperial

Oil

Ltd

15,695

2,932,594

Indian

Oil

Corp

Ltd

3,208

12,386,200

Indika

Energy

Tbk

PT

1,763

327,400

Indo

Tambangraya

Megah

Tbk

PT

614

194,000

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

366

1,175,700

Inner

Mongolia

Yitai

Coal

Co

1,646

876,328

Inpex

Holdings,

Inc

13,143

76,094

(a)

International

Petroleum

Corp

724

8,460,186

IRPC

PCL

(Foreign)

477

115,550

Itochu

Enex

Co

Ltd

1,164

35,022

Iwatani

International

Corp

1,763

57,077

Japan

Petroleum

Exploration

Co

2,139

478,700

Jizhong

Energy

Resources

Co

Ltd

442

2,874,916

(a)

John

Wood

Group

plc

5,417

456,699

(a)

Karoon

Energy

Ltd

765

2,314,062

(a)

Kelt

Exploration

Ltd

12,352

207,837

(b)

Keyera

Corp

4,880

107,378

Kinder

Morgan,

Inc

1,780

4,794,000

Kinetic

Development

Group

Ltd

337

19,180

(a)

KLX

Energy

Services

Holdings,

Inc

227

84,820

(a)

Kodiak

Gas

Services,

Inc

1,517

57,973

Koninklijke

Vopak

NV

1,983

223,040

Liberty

Energy,

Inc

4,131

461,750

Magnolia

Oil

&

Gas

Corp

10,579

1,308,961

Marathon

Oil

Corp

35,015

559,666

(b)

Marathon

Petroleum

Corp

84,700

382,324

Matador

Resources

Co

22,741

6,899,200

Medco

Energi

Internasional

Tbk

PT

714

292,486

(a)

MEG

Energy

Corp

5,691

28,000

Mitsuuroko

Co

Ltd

239

12,330

Modec,

Inc

151

451,480

MOL

Hungarian

Oil

&

Gas

plc

3,420

61,213

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,549

488,380

Murphy

Oil

Corp

22,148

33,969

Naphtha

Israel

Petroleum

Corp

Ltd

195

189,535

(b)

Neste

Oil

Oyj

6,419

CREF

Stock

Account

September

30,

2023

50

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

49,636

(b)

New

Fortress

Energy,

Inc

$

1,627

478,818

New

Hope

Corp

Ltd

1,943

782,020

(a)

Newpark

Resources,

Inc

5,404

1,273,312

(a),(b)

NexGen

Energy

Ltd

7,622

42,910

Noble

Corp

plc

2,173

1,168,620

Nordic

American

Tankers

Ltd

4,815

19,889

North

American

Construction

Group

Ltd

431

676,858

Northern

Oil

and

Gas,

Inc

27,230

1,130,692

NOV,

Inc

23,631

150,209

(a)

NuVista

Energy

Ltd

1,438

57,401

(a)

Obsidian

Energy

Ltd

472

734,668

Occidental

Petroleum

Corp

47,665

372,671

Odfjell

Drilling

Ltd

1,314

696,427

Offshore

Oil

Engineering

Co

Ltd

618

203,707

Oil

India

Ltd

732

1,990,240

Oil

Refineries

Ltd

656

7,310

OMV

AG.

349

26,478

ONEOK,

Inc

1,680

15,180

Ovintiv,

Inc

722

2,278,471

(a)

Paladin

Resources

Ltd

1,592

306,930

(a)

Par

Pacific

Holdings,

Inc

11,031

67,410

Paramount

Resources

Ltd

(Class

A)

1,601

151,109

Parex

Resources,

Inc

2,836

431,233

Parkland

Corp

12,614

66,493

Pason

Systems,

Inc

660

8,080

(a)

Paz

Ashdod

Refinery

Ltd

223

8,080

(a)

Paz

Oil

Co

Ltd

665

205,220

PBF

Energy,

Inc

10,985

433,767

Pembina

Pipeline

Corp

13,043

11,052,684

(b)

Permian

Resources

Corp

154,295

949,900

(a)

Petrindo

Jaya

Kreasi

Tbk

PT

176

3,781,500

(a)

Petro

Rio

S.A.

35,388

402,240

(a),(b)

Petrofac

Ltd

373

3,335,195

Petroleo

Brasileiro

S.A.

25,141

4,237,427

Petroleo

Brasileiro

S.A.

(Preference)

29,202

1,342,241

(a)

Petroleum

Geo-Services

ASA

1,166

352,080

Petronas

Dagangan

BHD

1,678

765,353

Petronet

LNG

Ltd

2,206

124,500

Petroreconcavo

S.A.

519

145,256

(b)

Peyto

Exploration

&

Development

Corp

1,464

36,507

Phillips

66

4,386

964,589

Pioneer

Natural

Resources

Co

221,421

79,824

Pipestone

Energy

Corp

126

559,437

Polski

Koncern

Naftowy

Orlen

S.A.

7,495

100,100

(a),(d)

Poseidon

Concepts

Corp

1

176,322

PrairieSky

Royalty

Ltd

3,240

11,813

(a)

Precision

Drilling

Corp

792

961,500

Prima

Marine

PCL

181

2,850,000

(a)

Productive

Technologies

Co

Ltd

122

77,419,200

(a)

PT

Bumi

Resources

Tbk

686

3,252,100

PT

Tambang

Batubara

Bukit

Asam

Tbk

588

1,446,006

PT

United

Tractors

Tbk

2,638

1,495,048

PTT

Exploration

&

Production

PCL

6,976

4,965,900

PTT

Exploration

&

Production

PCL

(ADR)

23,172

9,822,009

PTT

PCL

9,008

611,995

Qatar

Fuel

QSC

2,774

2,303,911

Qatar

Gas

Transport

Co

Ltd

2,355

376,329

(a)

Rabigh

Refining

&

Petrochemical

Co

1,087

43,504,825

Raizen

S.A.

30,985

7,901,325

Reliance

Industries

Ltd

222,459

63,404

Repsol

YPF

S.A.

1,043

25,710

(a)

Rex

American

Resources

Corp

1,047

51

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

152,270

RPC,

Inc

$

1,361

995,643

(a)

Saipem

S.p.A

1,515

46,252

San-Ai

Oil

Co

Ltd

490

2,759,265

Santos

Ltd

13,910

457,746

Saras

S.p.A.

654

6,568

Saudi

Arabia

Refineries

Co

161

6,415,279

(c)

Saudi

Arabian

Oil

Co

59,765

118,938

SBM

Offshore

NV

1,559

1,484,642

Schlumberger

Ltd

86,555

9,087

Schoeller-Bleckmann

Oilfield

Equipment

AG.

535

153,670

(a)

Seadrill

Ltd

6,883

262,072

Secure

Energy

Services,

Inc

1,439

622,390

Select

Water

Solutions,

Inc

4,948

2,794,600

Semirara

Mining

&

Power

Corp

1,723

205,512

Serica

Energy

plc

623

50

(a),(d)

Serval

Integrated

Energy

Services

0^

669,838

Shaanxi

Coal

Industry

Co

Ltd

1,698

299,850

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

346

279,986

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

730

442,399

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

609

447,137

(a)

Shawcor

Ltd

5,231

15,074,582

Shell

plc

477,777

1,000,069

Shell

plc

(ADR)

64,384

181,000

Siamgas

&

Petrochemicals

PCL

40

3,884,000

Sinopec

Kantons

Holdings

Ltd

1,562

7,350

SK

Discovery

Co

Ltd

222

1,932

SK

Gas

Ltd

214

55,505

(a)

SK

Innovation

Co

Ltd

6,090

258,180

SM

Energy

Co

10,237

43,628

S-Oil

Corp

2,552

22,800

Solaris

Oilfield

Infrastructure,

Inc

243

715,850

(a)

Southwestern

Energy

Co

4,617

102,951

Spartan

Delta

Corp

307

220,688

(a)

Stanmore

Resources

Ltd

522

1,735,500

Star

Petroleum

Refining

PCL

432

1,629,143

(a),(b)

Strike

Energy

Ltd

423

184,504

Subsea

7

S.A.

2,535

1,877,931

Suncor

Energy,

Inc

64,582

80,637

(b)

Surge

Energy,

Inc

550

429,217

(b)

Tamarack

Valley

Energy

Ltd

1,232

28,271,813

(a)

Tamboran

Resources

Ltd

2,636

11,092

Targa

Resources

Corp

951

795,550

(b)

TC

Energy

Corp

27,359

317,194

Technip

Energies

NV

7,875

334,735

TechnipFMC

plc

6,809

39,579

(a)

Tecnicas

Reunidas

S.A.

386

986,778

(a)

Teekay

Corp

6,088

23,438

Tenaris

S.A.

370

466,640

(a)

Tetra

Technologies,

Inc

2,977

4,434

Texas

Pacific

Land

Corp

8,086

494,857

TGS

Nopec

Geophysical

Co

ASA

6,755

1,464,332

Thai

Oil

PCL

2,018

107,682

Thungela

Resources

Ltd

988

109,546

(b)

Topaz

Energy

Corp

1,728

237,177

TORM

plc

6,419

3,572,052

Total

S.A.

234,860

299,020

(b)

Tourmaline

Oil

Corp

15,047

192,630

Trican

Well

Service

Ltd

659

1,049,123

(a),(b)

Tullow

Oil

plc

440

877,465

Turkiye

Petrol

Rafinerileri

AS

5,084

9,270,361

Ultrapar

Participacoes

S.A.

34,580

6,476,000

United

Energy

Group

Ltd

949

CREF

Stock

Account

September

30,

2023

52

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

25,860

(a)

Valaris

Ltd

$

1,939

1,449,576

Valero

Energy

Corp

205,419

123,716

(a)

Vallourec

S.A.

1,506

17,638

VERBIO

Vereinigte

BioEnergie

AG.

708

137,546

(b)

Vermilion

Energy,

Inc

2,012

180,800

Vitesse

Energy,

Inc

4,139

901,952

(c)

Viva

Energy

Group

Ltd

1,729

5,553

(a),(b)

Waga

Energy

S.A.

141

199,603

Washington

H

Soul

Pattinson

&

Co

Ltd

4,164

97,466

(a)

Weatherford

International

plc

8,804

496,637

(b)

Whitecap

Resources,

Inc

4,194

737,377

Whitehaven

Coal

Ltd

3,344

69,072

Williams

Cos,

Inc

2,327

2,462,839

Woodside

Energy

Group

Ltd

57,264

167,800

World

Fuel

Services

Corp

3,764

306,767

Worley

Ltd

3,406

255,764

(b)

Yancoal

Australia

Ltd

847

185,133

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

806

2,119,310

(b)

Yanzhou

Coal

Mining

Co

Ltd

3,998

277,453

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

770

1,118,820

Yinson

Holdings

BHD

591

TOTAL

ENERGY

6,175,180

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.0%

1,746,927

Abacus

Property

Group

1,174

1,731,028

(a)

Abacus

Storage

King

1,157

859,890

Acadia

Realty

Trust

12,339

687

Activia

Properties,

Inc

1,895

481

Advance

Logistics

Investment

Corp

405

1,089

Advance

Residence

Investment

Corp

2,469

140,959

(b)

Aedifica

S.A.

8,011

1,370

AEON

REIT

Investment

Corp

1,342

74,204

Agree

Realty

Corp

4,099

396,922

AIMS

AMP

Capital

Industrial

REIT

377

170,744

Alexander

&

Baldwin,

Inc

2,857

150,210

(b)

Alexandria

Real

Estate

Equities,

Inc

15,036

50,980

Allied

Properties

Real

Estate

Investment

Trust

673

3,578

(b)

Altarea

SCA

328

421,400

(b)

American

Assets

Trust,

Inc

8,196

2,437,268

(b)

American

Homes

4

Rent

82,112

1,003,338

American

Tower

Corp

164,999

383,351

(b)

Americold

Realty

Trust,

Inc

11,658

134,890

Apartment

Income

REIT

Corp

4,141

893,191

(b)

Apple

Hospitality

REIT,

Inc

13,702

583,200

AREIT,

Inc

338

295,311

Arena

REIT

634

138,744

Armada

Hoffler

Properties,

Inc

1,421

55,044

Artis

Real

Estate

Investment

Trust

262

3,351,478

Ascendas

REIT

6,722

2,501,330

Assura

plc

1,290

306,371

AvalonBay

Communities,

Inc

52,616

1,291,161

Axis

Real

Estate

Investment

Trust

506

565,957

Balanced

Commercial

Property

Trust

Ltd

467

186,244

Big

Yellow

Group

plc

2,122

19,528

Boardwalk

REIT

961

111,174

(b)

Boston

Properties,

Inc

6,613

577,549

Braemar

Hotels

&

Resorts,

Inc

1,600

828,158

British

Land

Co

plc

3,190

152,800

Brixmor

Property

Group,

Inc

3,175

702,428

Broadstone

Net

Lease,

Inc

10,045

124,376

(c)

Brookfield

India

Real

Estate

Trust

361

29,199

BSR

Real

Estate

Investment

Trust

349

53

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

405,187

Bunnings

Warehouse

Property

Trust

$

869

5,348,962

Cambridge

Industrial

Trust

1,093

18,090

(b)

Camden

Property

Trust

1,711

269,667

Canadian

Apartment

Properties

REIT

8,950

1,733,761

CapitaLand

Ascott

Trust

1,215

4,535,973

CapitaMall

Trust

6,121

1,047,787

CapitaRetail

China

Trust

677

147,000

CareTrust

REIT,

Inc

3,014

46,944

Carmila

S.A.

702

802,868

CDL

Hospitality

Trusts

609

587,201

Centuria

Capital

Group

510

458,480

Centuria

Industrial

REIT

882

325,189

Centuria

Office

REIT

238

1,719,806

Champion

Real

Estate

Investment

Trust

566

396,445

Charter

Hall

Group

2,395

2,536,118

Charter

Hall

Long

Wale

REIT

5,218

269,317

Charter

Hall

Social

Infrastructure

REIT

433

386,278

(b)

Chatham

Lodging

Trust

3,697

136,546

Choice

Properties

Real

Estate

Investment

Trust

1,275

130,049

CLS

Holdings

plc

188

27,236

(b)

Cofinimmo

1,867

540

Comforia

Residential

REIT,

Inc

1,197

36,270

Community

Healthcare

Trust,

Inc

1,077

608,504

Concentradora

Fibra

Danhos

S.A.

de

C.V.

684

115,963

Cousins

Properties,

Inc

2,362

496

CRE

Logistics

REIT,

Inc

545

48,384

Crombie

Real

Estate

Investment

Trust

445

300,500

Cromwell

European

Real

Estate

Investment

Trust

407

1,316,575

Cromwell

Group

312

849,177

Crown

Castle,

Inc

78,150

46,944

CT

Real

Estate

Investment

Trust

473

60,198

CubeSmart

2,295

338,366

Custodian

Property

Income

Reit

plc

339

1,963

Daiwa

House

REIT

Investment

Corp

3,463

246

Daiwa

Office

Investment

Corp

1,099

1,581

Daiwa

Securities

Living

Investments

Corp

1,172

269,998

Derwent

London

plc

6,330

199,459

Dexus

Industria

REIT

328

236,677

Dexus

Property

Group

1,103

726,800

(b)

Digital

Core

REIT

Management

Pte

Ltd

384

172,891

Digital

Realty

Trust,

Inc

20,923

111,800

Dream

Industrial

Real

Estate

Investment

Trust

1,057

14,516

Dream

Office

Real

Estate

Investment

Trust

103

437,000

(a),(d)

Eagle

Hospitality

Trust

4

341,027

EastGroup

Properties,

Inc

56,791

447,229

Embassy

Office

Parks

REIT

1,619

1,745,119

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS.

514

540,120

Empiric

Student

Property

plc

590

171,874

EPR

Properties

7,140

87,222

Equinix,

Inc

63,346

664,877

Equites

Property

Fund

Ltd

442

1,026,462

(b)

Equity

Lifestyle

Properties,

Inc

65,396

401,303

(b)

Equity

Residential

23,561

115,908

ESR

Kendall

Square

REIT

Co

Ltd

325

709,114

Essential

Properties

Realty

Trust,

Inc

15,338

45,761

Essex

Property

Trust,

Inc

9,705

32,300

Eurocommercial

Properties

NV

716

140,483

Extra

Space

Storage,

Inc

17,080

933,805

Far

East

Hospitality

Trust

434

94,910

Federal

Realty

Investment

Trust

8,602

624,900

(c)

FIBRA

Macquarie

Mexico

1,047

2,456,897

Fibra

Uno

Administracion

S.A.

de

C.V.

4,095

CREF

Stock

Account

September

30,

2023

54

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

91,967

First

Capital

Real

Estate

Investment

Trust

$

901

175,823

First

Industrial

Realty

Trust,

Inc

8,367

2,739

Fonciere

Des

Regions

121

1,147,000

Fortune

Real

Estate

Investment

Trust

688

46,880

Four

Corners

Property

Trust,

Inc

1,040

876,877

Frasers

Centrepoint

Trust

1,402

853,000

Frasers

Hospitality

Trust

315

2,488,945

Frasers

Logistics

&

Commercial

Trust

1,943

405

Frontier

Real

Estate

Investment

Corp

1,239

564

Fukuoka

REIT

Corp

600

350,469

(b)

Gaming

and

Leisure

Properties,

Inc

15,964

4,801

Gecina

S.A.

490

34,500

Gladstone

Commercial

Corp

420

900

Global

One

Real

Estate

Investment

Corp

691

3,889

GLP

J-Reit

3,476

1,323,456

Goodman

Group

18,139

903,411

Goodman

Property

Trust

1,145

1,623,268

GPT

Group

4,042

25,439

Granite

REIT

1,350

4,658,690

Great

Portland

Estates

plc

23,748

487,402

Growthpoint

Properties

Australia

Ltd

688

2,786,282

Growthpoint

Properties

Ltd

1,553

111,669

H&R

Real

Estate

Investment

Trust

759

49,040

Hamborner

REIT

AG.

334

3,487,634

(b)

Hammerson

plc

1,067

521

Hankyu

Reit,

Inc

492

198,955

Healthcare

Realty

Trust,

Inc

3,038

621,753

(b)

Healthpeak

Properties,

Inc

11,415

837

Heiwa

Real

Estate

REIT,

Inc

820

317,904

Hersha

Hospitality

Trust

3,135

175,633

HMC

Capital

Ltd

529

896,843

(d)

Home

Reit

plc

1

2,211,194

HomeCo

Daily

Needs

REIT

1,633

205

Hoshino

Resorts

REIT,

Inc

898

846,848

(b)

Host

Marriott

Corp

13,609

25,497

(a)

Howard

Hughes

Holdings,

Inc

1,890

103,942

Hudson

Pacific

Properties,

Inc

691

1,339

Hulic

Reit,

Inc

1,428

259,138

Hyprop

Investments

Ltd

436

32,194

ICADE

1,060

1,139

Ichigo

Office

REIT

Investment

Corp

667

252,563

Impact

Healthcare

Reit

plc

255

17,745

Independence

Realty

Trust,

Inc

250

1,651

Industrial

&

Infrastructure

Fund

Investment

Corp

1,525

1,648,286

Ingenia

Communities

Group

4,410

261,894

Inmobiliaria

Colonial

Socimi

S.A.

1,485

4,153

(b)

Innovative

Industrial

Properties,

Inc

314

52,779

InterRent

Real

Estate

Investment

Trust

485

20,195

(b)

Intervest

Offices

293

670,785

Investec

Property

Fund

Ltd

266

5,560

Invincible

Investment

Corp

2,296

482,262

(b)

Invitation

Homes,

Inc

15,283

306,705

Irish

Residential

Properties

REIT

plc

301

475,275

(a)

Is

Gayrimenkul

Yatirim

Ortakligi

AS

410

163,994

Jadwa

REIT

Saudi

Fund

547

942

Japan

Excellent,

Inc

833

3,773

Japan

Hotel

REIT

Investment

Corp

1,970

739

Japan

Logistics

Fund

Inc

1,433

696

Japan

Prime

Realty

Investment

Corp

1,680

1,092

Japan

Real

Estate

Investment

Corp

4,255

5,948

Japan

Retail

Fund

Investment

Corp

3,858

148,633

JR

Global

Reit

448

55

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

777

Kenedix

Realty

Investment

Corp

$

1,797

896

Kenedix

Residential

Next

Investment

Corp

1,367

548

Kenedix

Retail

REIT

Corp

1,060

8,224,317

Keppel

DC

REIT

12,487

1,577,191

Keppel

REIT

984

40,864

Killam

Apartment

Real

Estate

Investment

Trust

524

110,230

Kilroy

Realty

Corp

3,484

196,700

Kite

Realty

Group

Trust

4,213

1,448,955

Kiwi

Property

Group

Ltd

734

381,356

Klepierre

9,338

66,587

(b)

Lamar

Advertising

Co

5,558

104,121

Land

Securities

Group

plc

746

38,180

Lar

Espana

Real

Estate

Socimi

S.A.

224

1,605

LaSalle

Logiport

REIT

1,539

1,710,844

Lendlease

Global

Commercial

REIT

681

313,900

(b)

Lexington

Realty

Trust

2,794

2,266,327

Link

REIT

11,081

4,226,670

LondonMetric

Property

plc

8,814

94,286

LOTTE

Reit

Co

Ltd

228

1,374,964

LXI

REIT

PLC

1,523

460,780

Mack-Cali

Realty

Corp

7,603

2,057,993

Macquarie

CountryWide

Trust

4,127

1,792,847

Mapletree

Industrial

Trust

2,960

2,940,455

Mapletree

Logistics

Trust

3,605

2,005,822

Mapletree

Pan

Asia

Commercial

Trust

2,093

120,391

(b)

Medical

Properties

Trust,

Inc

656

70,226

Mercialys

S.A

632

298,250

Merlin

Properties

Socimi

S.A.

2,509

7,548

(b)

Mid-America

Apartment

Communities,

Inc

971

211,493

(c)

Mindspace

Business

Parks

REIT

796

52,342

(c)

Minto

Apartment

Real

Estate

Investment

Trust

525

1,614

Mirai

Corp

511

3,336,559

Mirvac

Group

4,535

400

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

1,004

838

Mitsui

Fudosan

Logistics

Park,

Inc

2,639

11,269

Montea

NV

800

15,438

Morguard

North

American

Residential

Real

Estate

Investment

Trust

169

1,357

Mori

Hills

REIT

Investment

Corp

1,286

2,084

Mori

Trust

Sogo

Reit,

Inc

1,015

1,153,400

MREIT,

Inc

251

85,750

National

Retail

Properties,

Inc

3,030

289,558

National

Storage

Affiliates

Trust

9,191

6,324,031

National

Storage

REIT

8,800

121,790

NETSTREIT

Corp

1,897

32,398

Nexus

Industrial

REIT

172

129,265

(a)

Nexus

Select

Trust

193

417

Nippon

Accommodations

Fund,

Inc

1,760

1,302

Nippon

Building

Fund,

Inc

5,272

1,923

Nippon

ProLogis

REIT,

Inc

3,590

361

NIPPON

REIT

Investment

Corp

862

3,864

Nomura

Real

Estate

Master

Fund,

Inc

4,328

114,201

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

427

14,296

NSI

NV

271

135,426

Omega

Healthcare

Investors,

Inc

4,491

209

One

REIT,

Inc

362

2,345

Orix

JREIT,

Inc

2,813

811,458

PARAGON

REIT

495

90,297

Park

Hotels

&

Resorts,

Inc

1,112

301,624

Parkway

Life

Real

Estate

Investment

Trust

814

520,697

Picton

Property

Income

Ltd

432

624,182

Piedmont

Office

Realty

Trust,

Inc

3,508

39,550

Plymouth

Industrial

REIT,

Inc

829

CREF

Stock

Account

September

30,

2023

56

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,202

Premier

Investment

Co

$

1,110

33,341

Primaris

REIT

331

1,156,353

Primary

Health

Properties

plc

1,313

569,749

ProLogis

Property

Mexico

S.A.

de

C.V.

1,960

3,168,038

Prologis,

Inc

355,486

361,390

PRS

REIT

PLC

301

142,033

(b)

Public

Storage,

Inc

37,429

112,603

Rayonier,

Inc

3,205

124,186

Realty

Income

Corp

6,202

5,727,752

Redefine

Properties

Ltd

1,072

439,050

(b)

Regency

Centers

Corp

26,097

977,722

Region

RE

Ltd

1,262

177,103

Reit  Ltd

724

262,024

(b)

Resilient

REIT

Ltd

541

8,018

Retail

Estates

NV

480

1,078,674

(b)

Rexford

Industrial

Realty,

Inc

53,233

171,691

RioCan

Real

Estate

Investment

Trust

2,284

91,372

Riyad

REIT

Fund

206

1,031,557

RLJ

Lodging

Trust

10,099

138,410

RPT

Realty

1,462

279,324

Rural

Funds

Group

316

213,113

Ryman

Hospitality

Properties,

Inc

17,748

909,630

Sabra

Health

Care

REIT,

Inc

12,680

866,561

Safestore

Holdings

plc

7,742

315

(b)

Samty

Residential

Investment

Corp

243

493,300

Sasseur

Real

Estate

Investment

Trust

243

118,830

SBA

Communications

Corp

23,786

4,415,547

Scentre

Group

6,938

136,331

Segro

plc

1,192

3,454

Sekisui

House

Reit,

Inc

1,924

176,095

Sella

Capital

Real

Estate

Ltd

366

1,153,001

Service

Properties

Trust

8,867

1,199,033

Shaftesbury

Capital

plc

1,675

1,017,508

(b)

Simon

Property

Group,

Inc

109,921

384,631

SITE

Centers

Corp

4,743

101,462

SK

REITs

Co

Ltd

315

59,866

(b)

SL

Green

Realty

Corp

2,233

167,245

Slate

Grocery

REIT

1,368

59,290

SmartCentres

Real

Estate

Investment

Trust

994

609

SOSiLA

Logistics

REIT,

Inc

503

192,314

Spirit

Realty

Capital,

Inc

6,448

822,802

STAG

Industrial,

Inc

28,395

2,869

Star

Asia

Investment

Corp

1,110

1,275,029

Starhill

Global

REIT

452

166

Starts

Proceed

Investment

Corp

243

525,296

Stockland

Trust

Group

1,315

2,136,790

Summit

Hotel

Properties,

Inc

12,393

209,810

Sun

Communities,

Inc

24,829

820,000

Sunlight

Real

Estate

Investment

Trust

256

237,540

Sunstone

Hotel

Investors,

Inc

2,221

1,718,100

Suntec

Real

Estate

Investment

Trust

1,455

1,202,600

Sunway

Real

Estate

Investment

Trust

374

8,305,828

Supermarket

Income

Reit

plc

7,684

640

Takara

Leben

Real

Estate

Investment

Corp

416

427,670

Tanger

Factory

Outlet

Centers,

Inc

9,665

578,784

Target

Healthcare

REIT

plc

535

15,718

Terreno

Realty

Corp

893

645,200

TF

Administradora

Industrial

S

de

RL

de

C.V.

1,144

722

Tokyu

REIT,

Inc

884

12,073,772

Tritax

Big

Box

REIT

plc

20,547

8,440,072

(c)

Tritax

EuroBox

plc

5,169

754,711

UK

Commercial

Property

REIT

Ltd

488

57

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

657,280

UMH

Properties,

Inc

$

9,215

5,866

(a)

Unibail-Rodamco-Westfield

288

278,974

Unite

Group

plc

3,041

2,604

United

Urban

Investment

Corp

2,711

429,085

Urban

Logistics

REIT

plc

575

9,197

Vastned

Retail

NV

188

504,424

Ventas,

Inc

21,251

1,021,998

VICI

Properties,

Inc

29,740

3,159,059

Vicinity

Ltd

3,424

705,481

Vukile

Property

Fund

Ltd

488

377,759

(b)

Warehouse

REIT

plc

378

401,967

Warehouses

De

Pauw

CVA

9,934

12,936

Washington

REIT

176

579,135

Waypoint

REIT

Ltd

833

366,012

Welltower,

Inc

29,984

29,828

Wereldhave

NV

474

593,589

Weyerhaeuser

Co

18,199

123,394

Workspace

Group

plc

735

23,434

(b)

Xior

Student

Housing

NV

670

1,991,000

(b)

Yuexiu

Real

Estate

Investment

Trust

335

1,013,240

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

202

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,178,549

FINANCIAL

SERVICES

-

6.5%

101,400

(b)

360

Finance,

Inc

(ADR)

1,557

135,064

360

ONE

WAM

Ltd

815

48,311

3i

Group

plc

1,216

45,345

(a)

Aavas

Financiers

Ltd

948

24,572

ABC

arbitrage

151

87,734

abrdn

plc

166

27,200

Acom

Co

Ltd

63

46,729

(a),(c)

Adyen

NV

34,646

82,200

AEON

Financial

Service

Co

Ltd

709

65,800

Aeon

Thana

Sinsap

Thailand

PCL

294

27,009

Affiliated

Managers

Group,

Inc

3,520

165,298

(a),(b)

Affirm

Holdings,

Inc

3,516

453,823

(b)

AGNC

Investment

Corp

4,284

263,100

Aiful

Corp

683

248,151

AJ

Bell

plc

831

843,932

Al

Waha

Capital

PJSC

381

471,097

Allfunds

Group

PLC

2,595

729,000

(a),(b),(c)

Alliance

International

Education

Leasing

Holdings

Ltd

138

353,643

Ally

Financial,

Inc

9,435

28,624

Alpha

Group

International

plc

653

33,090

Altshuler

Shaham

Penn

Ltd

49

871,018

Amanat

Holdings

PJSC

249

2,147,925

American

Express

Co

320,449

415,052

Ameriprise

Financial,

Inc

136,834

29,181

Amlak

International

Finance

Co

108

2,698,167

AMP

Ltd

2,166

3,036

(c)

Amundi

S.A.

171

4,440

Anand

Rathi

Wealth

Ltd

90

410,585

Angel

One

Ltd

9,129

139,298

(c)

Anima

Holding

S.p.A

582

150,488

Annaly

Capital

Management,

Inc

2,831

26,492

(b)

Antin

Infrastructure

Partners

S.A.

342

349,734

Apollo

Global

Management,

Inc

31,392

113,230

Aptus

Value

Housing

Finance

India

Ltd

398

351,569

Ares

Management

Corp

36,166

363,608

Ashmore

Group

plc

830

280,100

Asia

Sermkij

Leasing

PCL

170

16,520

(a)

AssetMark

Financial

Holdings,

Inc

414

CREF

Stock

Account

September

30,

2023

58

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

186,935

Australian

Stock

Exchange

Ltd

$

6,838

404,122

(b)

Avanza

Bank

Holding

AB

6,969

84,514

AVIC

Industry-Finance

Holdings

Co

Ltd

41

90,919

Azimut

Holding

S.p.A.

1,979

138,115

(b)

B

Riley

Financial,

Inc

5,661

4,945,629

B3

SA-Brasil

Bolsa

Balcao

12,092

215,500

(a),(c)

Bairong,

Inc

279

233,991

Bajaj

Finance

Ltd

21,948

159,271

Bajaj

Finserv

Ltd

2,945

22,207

Bajaj

Holdings

&

Investment

Ltd

1,898

48,146

(b)

Banca

Generali

SpA

1,698

21,333

Banca

IFIS

S.p.A.

368

181,526

Banca

Mediolanum

S.p.A

1,547

6,819,254

Banco

BTG

Pactual

S.A.

-

Unit

42,151

16,980

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

360

1,691,100

Bangkok

Commercial

Asset

Management

PCL

486

2,489,852

Bank

of

New

York

Mellon

Corp

106,192

348,364

(a),(d)

BBI

EPS

Ltd

2

1,783,003

(a)

Berkshire

Hathaway,

Inc

624,586

1,154,800

(a)

Beyond

Securities

PCL

207

155,039

(c)

BFF

Bank

S.p.A

1,547

5,541,800

BFI

Finance

Indonesia

Tbk

PT

411

159,400

BGC

Group,

Inc

842

217,684

BlackRock,

Inc

140,731

495,628

Blackstone,

Inc

53,102

48,104

(a)

Block,

Inc

2,119

449,685

(a)

Block,

Inc

19,903

342,710

Blue

Owl

Capital,

Inc

4,442

63,400

BOC

International

China

Co

Ltd

99

355,400

(b)

Bolsa

Mexicana

de

Valores

SAB

de

C.V.

667

71,749

Boursa

Kuwait

Securities

Co

KPSC

427

934,914

Bridgepoint

Group

Holdings

Ltd

2,197

222,355

Brightsphere

Investment

Group,

Inc

4,311

323,201

(b)

Brookfield

Asset

Management

Ltd

10,770

1,297,751

(a),(b)

Brookfield

Corp

40,578

55,317

BSE

Ltd

863

156,636

(b)

Bure

Equity

AB

3,115

154,805

Burford

Capital

Ltd

2,118

533,500

Bursa

Malaysia

BHD

766

128,452

Caitong

Securities

Co

Ltd

139

65,294

Can

Fin

Homes

Ltd

600

85,493

Canaccord

Financial,

Inc

507

353,157

(a)

Cannae

Holdings,

Inc

6,583

300,130

(a)

Cantaloupe,

Inc

1,876

178

Capital

One

Financial

Corp

17

1,479,000

Capital

Securities

Corp

670

91,472

Carlyle

Group,

Inc

2,759

91,903

Cboe

Global

Markets,

Inc

14,356

25,176

Cembra

Money

Bank

AG.

1,707

42,362

Central

Depository

Services

India

Ltd

692

34,900

Century

Leasing

System,

Inc

1,391

1,297,325

Chailease

Holding

Co

Ltd

7,285

396,552

Challenger

Financial

Services

Group

Ltd

1,625

77,264

Changjiang

Securities

Co

Ltd

62

5,782,447

Charles

Schwab

Corp

317,456

2,009,000

China

Bills

Finance

Corp

893

4,269,574

China

Cinda

Asset

Management

Co

Ltd

429

896,000

China

Everbright

Ltd

517

1,647,959

China

Galaxy

Securities

Co

Ltd

848

114,250

China

Galaxy

Securities

Co

Ltd

(Class

A)

173

142,400

China

Great

Wall

Securities

Co

Ltd

163

29,500

China

International

Capital

Corp

Ltd

152

59

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,364,537

(c)

China

International

Capital

Corp

Ltd

$

2,491

167,636

China

Merchants

Securities

Co

Ltd

322

100,900

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

China

Renaissance

Holdings

Ltd

47

76,922

Cholamandalam

Financial

Holdings

Ltd

1,074

972,583

Cholamandalam

Investment

and

Finance

Co

Ltd

14,226

157,922

(b)

CI

Financial

Corp

1,798

1,011,500

Cielo

S.A.

706

1,766,965

CITIC

Securities

Co

Ltd

3,567

338,516

CITIC

Securities

Co

Ltd

(Class

A)

1,011

101,934

(c)

CMC

Markets

plc

131

307,048

CME

Group,

Inc

61,477

91,299

Coface

S.A.

1,162

72,660

Cohen

&

Steers,

Inc

4,555

126,337

(a),(b)

Coinbase

Global,

Inc

9,485

239,420

(b)

Compass

Diversified

Trust

4,494

649,015

Corebridge

Financial,

Inc

12,818

1,153,425

Coronation

Fund

Managers

Ltd

1,887

97,126

Creades

AB

552

4,876

(a),(b)

Credit

Acceptance

Corp

2,244

55,545

(b)

Credit

Corp

Group

Ltd

686

249,100

Credit

Saison

Co

Ltd

3,950

44,826

(a)

CreditAccess

Grameen

Ltd

710

14,441

CRISIL

Ltd

681

120,625

CSC

Financial

Co

Ltd

408

2,962,000

CSSC

Hong

Kong

Shipping

Co

Ltd

517

128,833

Daishin

Securities

Co

Ltd

1,388

28,638

Daishin

Securities

Co

Ltd

PF

287

1,227,200

(a),(b)

Daiwa

Securities

Group,

Inc

7,077

31,962

(a)

Danal

Co

Ltd

78

11,520

Daou

Data

Corp

109

17,593

Daou

Technology,

Inc

227

96,204

Deutsche

Bank

AG.

(Registered)

1,057

12,155

Deutsche

Beteiligungs

AG.

404

190,788

Deutsche

Boerse

AG.

32,948

115,689

(b),(c)

Deutsche

Pfandbriefbank

AG.

819

549,654

Discover

Financial

Services

47,617

69,025

Dongxing

Securities

Co

Ltd

77

41,449

(b),(c)

doValue

S.p.A

161

1,429,907

Dubai

Financial

Market

PJSC

619

1,172,306

East

Money

Information

Co

Ltd

2,460

172,210

(b)

ECN

Capital

Corp

292

17,097,080

Edelweiss

Financial

Services

Ltd

12,567

272,817

Edenred

17,066

74,818

EFG

International

847

399,265

E-Finance

for

Digital

&

Financial

Investments

239

25,886

eGuarantee,

Inc

337

918,084

(a)

Egyptian

Financial

Group-Hermes

Holding

438

867,740

Element

Fleet

Management

Corp

12,451

304,322

Enact

Holdings,

Inc

8,287

12,530

(a)

Enova

International,

Inc

637

491,228

(b)

EQT

AB

9,679

1,451,276

Equitable

Holdings,

Inc

41,202

208,811

Essent

Group

Ltd

9,875

1,895

Eurazeo

113

20,446

(a)

Euronet

Worldwide,

Inc

1,623

1,049,469

(c)

Euronext

NV

73,000

105,806

Everbright

Securities

Co

Ltd

243

165,450

Evercore

Partners,

Inc

(Class

A)

22,812

40,345

EVERTEC,

Inc

1,500

34,278

(a)

EXOR

NV

3,042

84,160

EXOR

NV

7,444

25,456

Factset

Research

Systems,

Inc

11,131

CREF

Stock

Account

September

30,

2023

60

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

531,401

Far

East

Horizon

Ltd

$

382

1,118,533

(a)

Fawry

for

Banking

&

Payment

Technology

Services

SAE

187

2,693,205

Fidelity

National

Information

Services,

Inc

148,853

55,663

(b)

Fiera

Capital

Corp

230

56,600

Financial

Partners

Group

Co

Ltd

509

94,600

FinVolution

Group

(ADR)

471

155,891

First

Capital

Securities

Co

Ltd

126

14,351

First

National

Financial

Corp

377

300,789

FirstCash

Holdings,

Inc

30,193

3,090,039

FirstRand

Ltd

10,405

2,164,769

(a)

Fiserv,

Inc

244,532

55,566

(a)

Five-Star

Business

Finance

Ltd

466

121,989

(a)

flatexDEGIRO

AG.

1,066

93,017

(a)

FleetCor

Technologies,

Inc

23,751

207,014

(a)

FleetPartners

Group

Ltd

363

27,392

Flow

Traders

510

536,655

(a)

Flywire

Corp

17,114

183,100

Founder

Securities

Co

Ltd

186

216,983

Franklin

Resources,

Inc

5,333

9,009,087

Fuhwa

Financial

Holdings

Co

Ltd

6,998

22,453

(a)

Fusion

Micro

Finance

Ltd

161

47,000

(a)

Futu

Holdings

Ltd

(ADR)

2,717

14,484

Fuyo

General

Lease

Co

Ltd

1,166

831,500

(c)

Genertec

Universal

Medical

Group

Co

Ltd

414

909,500

(b)

Gentera

SAB

de

C.V.

1,068

512,836

GF

Securities

Co

Ltd

685

168,708

GF

Securities

Co

Ltd

(Class

A)

340

343,831

Global

Payments,

Inc

39,675

2,500

(b)

GMO

Financial

Gate,

Inc

178

15,901

GMO

Financial

Holdings,

Inc

77

279,877

GMO

Payment

Gateway,

Inc

15,271

105,016

(b)

goeasy

Ltd

8,244

508,832

Goldman

Sachs

Group,

Inc

164,643

1,771,100

(a)

Grab

Holdings

Ltd

6,270

21,587

GRENKE

AG.

471

34,048

Groupe

Bruxelles

Lambert

S.A.

2,534

10,312

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

9

28,904

Guolian

Securities

Co

Ltd

42

166,149

Guosen

Securities

Co

Ltd

210

2,407,800

(b)

Guotai

Junan

International

Holdings

Ltd

187

194,816

Guotai

Junan

Securities

Co

Ltd

389

113,154

Guoyuan

Securities

Co

Ltd

105

2,662,810

(b)

Haitong

International

Securities

Group

Ltd

241

1,422,773

Haitong

Securities

Co

Ltd

851

250,312

Haitong

Securities

Co

Ltd

(Class

A)

342

2,298,000

(b),(c)

Haitong

UniTrust

International

Leasing

Co

Ltd

288

45,620

Hamilton

Lane,

Inc

4,126

1,020,487

(a)

Hanwha

Investment

&

Securities

Co

Ltd

1,806

17,657

Hargreaves

Lansdown

plc

166

37,394

(c)

HDFC

Asset

Management

Co

Ltd

1,191

298,847

Helia

Group

Ltd

669

14,886

Hithink

RoyalFlush

Information

Network

Co

Ltd

307

26,101

(c)

Home

First

Finance

Co

India

Ltd

254

1,322,711

Hong

Kong

Exchanges

and

Clearing

Ltd

49,089

178,000

Hotai

Finance

Co

Ltd

729

38,591

Houlihan

Lokey,

Inc

4,134

645,740

(c)

Huatai

Securities

Co

Ltd

823

106,634

Huatai

Securities

Co

Ltd

(Class

A)

232

29,800

Huaxi

Securities

Co

Ltd

34

62,369

HUB24

Ltd

1,297

3,582

(a)

Hypoport

SE

483

66,879

(a)

I3

Verticals,

Inc

1,414

68,982

(c)

ICICI

Securities

Ltd

516

1,116

ICRA

Ltd

74

61

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

914,517

IDFC

Ltd

$

1,415

103,100

(b)

iFAST

Corp

Ltd

422

2,392,964

IG

Group

Holdings

plc

18,734

81,467

(b)

IGM

Financial,

Inc

2,066

158,497

IIFL

Finance

Ltd

1,136

47,551

Illimity

Bank

S.p.A

264

82,749

Impax

Asset

Management

Group

plc

461

233,398

Indiabulls

Housing

Finance

Ltd

520

3,422,586

(c)

Indian

Energy

Exchange

Ltd

5,435

223,554

Industrial

Securities

Co

Ltd

198

7,664

(b)

Industrivarden

AB

202

140,578

Industrivarden

AB

3,707

860,724

Infibeam

Avenues

Ltd

183

236,392

IntegraFin

Holdings

plc

684

76,758

Interactive

Brokers

Group,

Inc

(Class

A)

6,644

1,402,011

Intercontinental

Exchange,

Inc

154,249

242,801

Intermediate

Capital

Group

plc

4,076

72,940

(a)

International

Money

Express,

Inc

1,235

278,422

Invesco

Ltd

4,043

395,250

Investec

Ltd

2,274

549,539

Investec

plc

3,230

51,104

Investment

AB

Oresund

446

85,910

Investor

AB

1,645

503,905

(b)

IOOF

Holdings

Ltd

777

976,103

IP

Group

plc

631

437,030

Is

Yatirim

Menkul

Degerler

AS

648

2,800

iShares

Core

S&P

500

ETF

1,202

1,832,024

(b)

iShares

MSCI

ACWI

ETF

169,224

728,853

(b)

iShares

MSCI

Canada

Index

Fund

24,387

27,500

(b)

iShares

MSCI

EAFE

Index

Fund

1,895

6,580

(b)

iShares

Russell

2000

Index

Fund

1,163

163,529

Isracard

Ltd

676

61,800

(b)

J

Trust

Co

Ltd

198

19,325

(b)

Jaccs

Co

Ltd

667

31,717

Jack

Henry

&

Associates,

Inc

4,794

120,100

Jackson

Financial,

Inc

4,590

450,854

Jafco

Co

Ltd

4,959

102,653

Janus

Henderson

Group

plc

2,650

72,100

(b)

Japan

Securities

Finance

Co

Ltd

692

294,672

Jefferies

Financial

Group,

Inc

10,794

430,325

JM

Financial

Ltd

447

549,200

JMT

Network

Services

PCL

717

55,914

JSE

Ltd

273

110,214

(c)

JTC

plc

975

280,211

Julius

Baer

Group

Ltd

17,936

404,358

Jupiter

Fund

Management

plc

472

21,315

(a)

Kakaopay

Corp

643

43,358

(a)

Kfin

Technologies

Ltd

245

2,710,000

(a),(b)

Kingkey

Financial

International

Holdings

Ltd

343

195,445

(a)

Kinnevik

AB

1,941

13,026

KIWOOM

Securities

Co

Ltd

910

780,090

KKR

&

Co,

Inc

48,054

17,429

Korea

Investment

Holdings

Co

Ltd

684

14,303

KRUK

S.A.

1,353

640,928

Krungthai

Card

PCL

773

3,294

L

E

Lundbergforetagen

AB

137

533,338

L&T

Finance

Holdings

Ltd

853

1,079,311

Ladder

Capital

Corp

11,074

150,618

Lazard

Ltd

(Class

A)

4,671

8,920

Leonteq

AG.

372

69,600

LexinFintech

Holdings

Ltd

(ADR)

154

250,092

LIC

Housing

Finance

Ltd

1,395

60,006

Liontrust

Asset

Management

plc

443

966,961

London

Stock

Exchange

Group

plc

96,914

CREF

Stock

Account

September

30,

2023

62

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

250,295

LPL

Financial

Holdings,

Inc

$

59,483

292,800

Lufax

Holding

Ltd

(ADR)

310

12,300

(b)

M&A

Capital

Partners

Co

Ltd

220

69,300

(a),(b)

M&A

Research

Institute

Holdings,

Inc

1,596

2,446,240

M&G

plc

5,861

66,988

(b)

MA

Financial

Group

Ltd

204

335,782

Macquarie

Group

Ltd

35,958

139,328

Magellan

Financial

Group

Ltd

820

385,365

Mahindra

&

Mahindra

Financial

Services

Ltd

1,394

20,052,152

Man

Group

plc

54,502

467,444

Manappuram

Finance

Ltd

841

16,099

MarketAxess

Holdings,

Inc

3,439

2,540,240

(a)

Marqeta,

Inc

15,191

147,800

(b)

Marui

Co

Ltd

2,401

11,381

(c)

MAS

Financial

Services

Ltd

124

2,298,090

Mastercard,

Inc

(Class

A)

909,837

110,300

(b)

Matsui

Securities

Co

Ltd

606

89,521

Meritz

Financial

Group,

Inc

3,664

8,592,000

Metro

Pacific

Investments

Corp

543

69,590

MGIC

Investment

Corp

1,161

113,599

Mirae

Asset

Daewoo

Co

Ltd

543

711,500

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,741

24,500

Mizuho

Leasing

Co

Ltd

804

99,654

(a)

Molten

Ventures

plc

277

158,952

Monex

Group,

Inc

591

64,700

Moody's

Corp

20,456

2,179,639

Morgan

Stanley

178,011

19,522

Morningstar,

Inc

4,573

39,542

Motilal

Oswal

Financial

Services

Ltd

418

80,060

(a)

Mr

Cooper

Group,

Inc

4,288

83,348

MSCI,

Inc

(Class

A)

42,764

478,382

Muangthai

Capital

PCL

470

21,600

Multi

Commodity

Exchange

of

India

Ltd

532

50,216

Muthoot

Finance

Ltd

756

99,600

Nanjing

Securities

Co

Ltd

111

328,734

Nasdaq

Stock

Market,

Inc

15,973

367,093

National

Investments

Co

KSCP

270

48,490

(a)

Nayifat

Finance

Co

182

98,567

Netwealth

Group

Ltd

951

413,849

(a),(c)

Network

International

Holdings

plc

1,970

29,312

(a),(c)

Nexi

S.p.A

179

1,044,400

Ngern

Tid

Lor

PCL

595

22,894

NHN

KCP

Corp

139

18,149

NICE

Holdings

Co

Ltd

175

164,299

Ninety

One

Ltd

338

224,311

Ninety

One

plc

468

120,074

(c)

Nippon

Life

India

Asset

Management

Ltd

474

323,994

(a)

NMI

Holdings,

Inc

8,777

35,400

Noah

Holdings

Ltd

(ADR)

441

2,765,900

(a)

Nomura

Holdings,

Inc

11,076

299,199

Nordnet

AB

publ

3,935

190,835

(a)

Nuvama

Wealth

Management

Ltd

5,539

413,344

(b)

Nuvei

Corp

6,199

106,725

(c)

Nuvei

Corp

1,601

119,593

Okasan

Holdings,

Inc

555

3,685,199

(a),(b)

Omni

Bridgeway

Ltd

4,235

209,515

OneMain

Holdings,

Inc

8,399

68,207

Onex

Corp

4,009

41,250

Orient

Corp

320

196,051

Orient

Securities

Co

Ltd

259

2,447,640

ORIX

Corp

45,703

467,277

Osaka

Securities

Exchange

Co

Ltd

8,657

1,931,601

OSB

Group

plc

7,664

88,688

(a)

Oyak

Yatirim

Menkul

Degerler

AS.

190

63

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

57,980

P10,

Inc

$

675

6,068,800

(a)

Pacific

Strategic

Financial

Tbk

PT

430

307,140

(a)

Pagseguro

Digital

Ltd

2,644

190,238

Paragon

Group

of

Cos

plc

1,137

1,126

Partners

Group

1,264

88,430

Patria

Investments

Ltd

1,289

1,072,800

(a)

Payoneer

Global,

Inc

6,566

2,033,047

(a)

PayPal

Holdings,

Inc

118,852

153,850

(a)

Paysafe

Ltd

1,845

1,538,400

(a),(b)

Pensionbee

Group

plc

1,308

202,171

Pepper

Money

Ltd

168

93,930

Perpetual

Trustees

Australia

Ltd

1,258

118,234

(b)

Pinnacle

Investment

Management

Group

Ltd

679

106,554

Piper

Jaffray

Cos

15,483

4,386,774

Piramal

Enterprises

Ltd

55,303

378,181

Platinum

Asset

Mangement

Ltd

314

416,028

Plus500

Ltd

6,990

86,280

(a),(c)

PNB

Housing

Finance

Ltd

719

64,698

Polar

Capital

Holdings

plc

367

188,830

Poonawalla

Fincorp

Ltd

862

243,530

(a)

Power

Finance

Corp

Ltd

739

974,118

Power

Finance

Corp

Ltd

2,950

669,000

President

Securities

Corp

389

177,730

Provident

Financial

plc

273

911,717

PSG

Konsult

Ltd

631

1,075,784

(c)

Quilter

plc

1,121

1,793,800

Ratchthani

Leasing

PCL

149

46,752

Rathbone

Brothers

990

187,173

Ratos

AB

(B

Shares)

557

143,986

Raymond

James

Financial,

Inc

14,461

1,962,507

REC

Ltd

6,779

7,940

Regional

Management

Corp

220

54,149

Reinet

Investments

S.C.A

1,189

12,485,688

(a)

Reliance

Strategic

Investments

Ltd

34,762

425,460

Remgro

Ltd

3,337

602,676

(a)

Remitly

Global,

Inc

15,199

94,644

(b),(c)

Resurs

Holding

AB

204

11,261

Ricoh

Leasing

Co

Ltd

330

368,750

Rithm

Capital

Corp

3,426

780,002

(a)

Robinhood

Markets,

Inc

7,652

94,909

(a),(b)

Rocket

Cos,

Inc

776

732,600

S&P

Global,

Inc

267,699

485,700

Sabuy

Technology

PCL

92

22,865

Samsung

Securities

Co

Ltd

622

19,589

Saudi

Tadawul

Group

Holding

Co

1,009

110,107

SBI

Cards

&

Payment

Services

Ltd

1,047

1,255,850

SBI

Holdings,

Inc

26,430

40,008

Schroders

plc

198

153,200

SDIC

Capital

Co

Ltd

145

76,488

SEI

Investments

Co

4,607

151,000

Shanxi

Securities

Co

Ltd

119

9,187

Share

India

Securities

Ltd

144

665,244

Shenwan

Hongyuan

Group

Co

Ltd

396

72,719

(a),(b)

Shift4

Payments,

Inc

4,026

3,847

Shinyoung

Securities

Co

Ltd

160

36,465

SHL

Finance

Co

178

118,805

Shriram

Finance

Ltd

2,742

805,674

Singapore

Exchange

Ltd

5,732

105,000

Sinolink

Securities

Co

Ltd

134

172,428

SLM

Corp

2,348

27,107,620

Sociedad

de

Inversiones

Oro

Blanco

S.A.

211

3,695

Societe

Fonciere

Financiere

et

de

Participations

FFP

389

695,298

(a),(b)

SoFi

Technologies,

Inc

5,555

16,872

(b)

Sofina

S.A.

3,410

CREF

Stock

Account

September

30,

2023

64

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

215,935

SooChow

Securities

Co

Ltd

$

250

292,973

Southwest

Securities

Co

Ltd

166

20,048

(a)

Spandana

Sphoorty

Financial

Ltd

201

18,871

Sparx

Group

Co

Ltd

190

4,500

SPDR

S&P

500

ETF

Trust

1,924

183,043

(b)

SPDR

S&P

Biotech

ETF

13,366

16,984

(b)

Sprott,

Inc

517

548,400

Srisawad

Corp

PCL

641

27,228

St.

James's

Place

plc

275

437,086

(b)

Starwood

Property

Trust,

Inc

8,458

87,373

State

Street

Corp

5,850

230,290

StepStone

Group,

Inc

7,273

77,889

Stifel

Financial

Corp

4,785

637,343

(a)

StoneCo

Ltd

6,800

79,352

(a)

StoneX

Group,

Inc

7,691

8,624

Strike

Co

Ltd

193

588,735

Sun

Hung

Kai

&

Co

Ltd

202

81,795

Svolder

AB

380

9,841

Swissquote

Group

Holding

S.A.

1,793

355,000

SY

Holdings

Group

Ltd

230

167,216

T

Rowe

Price

Group,

Inc

17,536

97,381

Tamburi

Investment

Partners

S.p.A.

862

10,866

Tata

Investment

Corp

Ltd

427

1,119,359

(a)

Tel

Aviv

Stock

Exchange

Ltd

6,459

69,715

(b)

Timbercreek

Financial

Corp

347

272,458

TMX

Group

Ltd

5,855

387,194

(a),(b)

Toast,

Inc

7,252

173,480

Tokai

Tokyo

Securities

Co

Ltd

562

84,132

Tong

Yang

Investment

Bank

156

662,090

TP

ICAP

Group

plc

1,374

49,223

TPG,

Inc

1,483

84,721

Tradeweb

Markets,

Inc

6,795

1,397,077

Turkiye

Sinai

Kalkinma

Bankasi

AS

413

379,671

(a)

Tyro

Payments

Ltd

329

223,394

(b)

UBS

Group

AG

5,507

3,868,497

UBS

Group

AG

95,290

85,600

(a),(b)

Up

Fintech

Holding

Ltd

(ADR)

438

43,062

UTI

Asset

Management

Co

Ltd

407

72,559

(b)

UWM

Holdings

Corp

352

848,011

Value

Partners

Group

Ltd

266

198,910

Victory

Capital

Holdings,

Inc

6,632

247,781

Virtu

Financial,

Inc

4,279

2,598,064

(b)

Visa,

Inc

(Class

A)

597,581

23,678

Vontobel

Holding

AG.

1,406

235,697

Voya

Financial,

Inc

15,662

23,175

Warsaw

Stock

Exchange

198

2,122,395

Waterland

Financial

Holdings

766

31,400

(a),(b)

WealthNavi,

Inc

266

28,727

Wendel

2,271

112,603

Western

Securities

Co

Ltd

102

534,074

Western

Union

Co

7,039

18,460

(a)

WEX,

Inc

3,472

665,972

(a)

Wise

plc

5,554

62,247

Woori

Investment

&

Securities

Co

Ltd

471

11,924

(a),(c)

Worldline

S.A.

335

798,638

XP,

Inc

18,409

33,975

(c)

XTB

S.A.

239

6,653,200

(b)

Yangzijiang

Financial

Holding

Ltd

1,750

185,200

(a),(b)

Yeahka

Ltd

348

1,698,000

(b),(c)

Yixin

Group

Ltd

153

199,129

Yulon

Finance

Corp

1,134

141,365

Zenkoku

Hosho

Co

Ltd

4,642

65

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

49,091

Zheshang

Securities

Co

Ltd

$

68

293,700

Zhongtai

Securities

Co

Ltd

286

TOTAL

FINANCIAL

SERVICES

7,024,048

FOOD,

BEVERAGE

&

TOBACCO

-

3.4%

1,053,788

(a),(b)

a2

Milk

Co

Ltd

2,880

150,157

AAK

AB

2,702

138,193

AG.

Barr

plc

828

6,963

Agrana

Beteiligungs

AG.

113

241,807

Agthia

Group

PJSC

309

377,437

Ajinomoto

Co,

Inc

14,553

15,719

Al

Jouf

Agricultural

Development

Co

203

221,987

Almarai

Co

JSC

3,767

326,406

Altria

Group,

Inc

13,725

4,041,209

Ambev

S.A.

10,540

165,160

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

637

39,511

Angel

Yeast

Co

Ltd

182

1,361,532

Anheuser-Busch

InBev

S.A.

75,478

109,828

Anhui

Gujing

Distillery

Co

Ltd

1,841

21,514

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

803

29,417

Anhui

Kouzi

Distillery

Co

Ltd

209

41,100

Anhui

Yingjia

Distillery

Co

Ltd

416

26,523

(b)

Anora

Group

Oyj

126

447,926

(b)

Arca

Continental

SAB

de

C.V.

4,068

33,562

Archer-Daniels-Midland

Co

2,531

16,072

Ariake

Japan

Co

Ltd

546

4,007,508

(a)

Aryzta

AG.

6,854

258,335

Asahi

Breweries

Ltd

9,650

725,862

Associated

British

Foods

plc

18,236

32,112

Astral

Foods

Ltd

232

405,000

(b)

Ausnutria

Dairy

Corp

Ltd

149

76,223

Austevoll

Seafood

ASA

534

141,351

(a)

Australian

Agricultural

Co

Ltd

117

54,581

Avanti

Feeds

Ltd

290

299,683

AVI

Ltd

1,180

41,845

Bakkafrost

P

2,133

642,706

Baladna

226

99,297

Balrampur

Chini

Mills

Ltd

521

177

Barry

Callebaut

AG.

281

227,536

Bega

Cheese

Ltd

367

235,601

Beijing

Dabeinong

Technology

Group

Co

Ltd

218

184,700

Beijing

Yanjing

Brewery

Co

Ltd

255

1,855

Bell

Food

Group

AG.

551

650,100

Betagro

PCL

404

53,080

Bikaji

Foods

International

Ltd

310

17,447

Bombay

Burmah

Trading

Co

265

6,948

(b)

Bonduelle

S.C.A.

77

7,218

(a)

Boston

Beer

Co,

Inc

(Class

A)

2,812

32,300

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

185

697,700

(a)

BRF

S.A.

1,414

94,458

Britannia

Industries

Ltd

5,158

117,800

British

American

Tobacco

Malaysia

BHD

233

1,410,198

British

American

Tobacco

plc

44,278

1,317,690

Britvic

plc

13,961

5,214

Brown-Forman

Corp

(Class

A)

303

19,486

Brown-Forman

Corp

(Class

B)

1,124

1,465,680

(c)

Budweiser

Brewing

Co

APAC

Ltd

2,880

660,322

Bunge

Ltd

71,480

311,591

C&C

Group

plc

527

69,200

Calbee,

Inc

1,316

73,000

Camil

Alimentos

S.A.

112

20,729

Campbell

Soup

Co

852

CREF

Stock

Account

September

30,

2023

66

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,581

CANARIABIO,

Inc

$

338

197,200

Carabao

Group

PCL

443

180,562

Carlsberg

AS

(Class

B)

22,766

201,200

Carlsberg

Brewery

Malaysia

Bhd

857

59,493

CCL

Products

India

Ltd

462

36,811

(a)

Celsius

Holdings,

Inc

6,317

947,800

Century

Pacific

Food,

Inc

469

163,800

Charoen

Pokphand

Enterprise

477

2,849,331

Charoen

Pokphand

Foods

PCL

1,618

6,181,218

(a)

Charoen

Pokphand

Indonesia

Tbk

PT

2,168

3,320,021

(c)

China

Feihe

Ltd

1,951

2,408,000

China

Foods

Ltd

791

4,375,889

(a),(d)

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

(a),(d)

China

Huiyuan

Juice

Group

Ltd

0^

2,763,227

China

Mengniu

Dairy

Co

Ltd

9,217

3,105,000

(b)

China

Modern

Dairy

Holdings

Ltd

305

1,415,392

China

Resources

Beer

Holdings

Company

Ltd

7,732

937,000

(b),(c)

China

Youran

Dairy

Group

Ltd

173

5

(b)

Chocoladefabriken

Lindt

&

Spruengli

AG.

547

22,427

Chongqing

Brewery

Co

Ltd

262

41,594

Chongqing

Fuling

Zhacai

Group

Co

Ltd

90

97,564

Cia

Cervecerias

Unidas

S.A.

619

6,973

CJ

CheilJedang

Corp

1,583

150,732

Cloetta

AB

252

3,283,463

Coca-Cola

Co

183,808

1,523,127

(a)

Coca-Cola

Europacific

Partners

plc

95,165

453,983

Coca-Cola

Femsa

SAB

de

C.V.

3,563

10,968

Coca-Cola

HBC

AG.

300

607,500

Coca-Cola

West

Japan

Co

Ltd

7,982

2,280,000

(a),(b)

COFCO

Joycome

Foods

Ltd

502

50,191

ConAgra

Brands,

Inc

1,376

85,813

Constellation

Brands,

Inc

(Class

A)

21,567

7,766

(b)

Corby

Spirit

and

Wine

Ltd

83

378,394

Costa

Group

Holdings

Ltd

759

43,371

Cranswick

plc

1,874

15,133

Daesang

Corp

209

330,271

Danone

18,217

121,579

(a)

Darling

International,

Inc

6,346

5,902,662

Davide

Campari-Milano

NV

69,488

2,470,606

Diageo

plc

91,087

2,585

Dongwon

F&B

Co

Ltd

60

8,500

Dydo

Drinco,

Inc

313

1,069,228

Eastern

Tobacco

836

14,100

Eastroc

Beverage

Group

Co

Ltd

354

57,943

(b)

Ebro

Puleva

S.A.

973

317,283

Embotelladora

Andina

S.A.

714

1,856

(b)

Emmi

AG.

1,750

39,215

Ezaki

Glico

Co

Ltd

1,076

591,100

Farm

Fresh

Bhd

151

1,226,948

Fevertree

Drinks

plc

17,964

5,760,000

First

Pacific

Co

2,275

469,000

First

Resources

Ltd

524

19,910

Flowers

Foods,

Inc

442

1,680,683

(b)

Fomento

Economico

Mexicano

S.A.

de

C.V.

18,355

1,566,570

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

170,991

231,161

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,211

96,600

Fraser

&

Neave

Holdings

Bhd

520

119,195

Fresh

Del

Monte

Produce,

Inc

3,080

35,018

(a)

Freshpet,

Inc

2,307

13,345

Fu

Jian

Anjoy

Foods

Co

Ltd

228

34,727

Fuji

Oil

Co

Ltd

527

69,816

Fujian

Sunner

Development

Co

Ltd

184

67

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

36,532

Fujicco

Co

Ltd

$

471

8,882

Fujiya

Co

Ltd

151

115,418

Futuris

Corp

Ltd

427

168,891

General

Mills,

Inc

10,807

517,600

GFPT

PCL

(Foreign)

148

167,446

Glanbia

plc

2,763

10,475

Godfrey

Phillips

India

Ltd

274

21,200,325

Golden

Agri-Resources

Ltd

4,107

522,500

Great

Wall

Enterprise

Co

Ltd

871

400,724

(a)

Greencore

Group

plc

371

41,836

Grieg

Seafood

ASA

306

155,566

(b)

Gruma

SAB

de

C.V.

2,664

1,133,041

(b)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

5,463

311,100

(a)

Guan

Chong

Bhd

144

67,845

Guangdong

Haid

Group

Co

Ltd

421

56,232

Gujarat

Ambuja

Exports

Ltd

235

7,885

(a)

Halwani

Brothers

Co

111

42,064

Harim

Holdings

Co

Ltd

219

172,314

Health

&

Happiness

H&H

International

Holdings

Ltd

213

63,000

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

201

115,700

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

388

123,832

Heilongjiang

Agriculture

Co

Ltd

223

116,509

Heineken

Holding

NV

8,780

332,700

Heineken

Malaysia

Bhd

1,723

2,302,032

Heineken

NV

202,951

206,723

Henan

Shuanghui

Investment

&

Development

Co

Ltd

748

15,704

Hershey

Co

3,142

58,007

(a)

Hilton

Food

Group

plc

506

33,088

(a)

Hindustan

Foods

Ltd

213

22,675

Hite

Jinro

Co

Ltd

317

14,500

(b)

Hokuto

Corp

177

30,573

Hormel

Foods

Corp

1,163

117,347

(a)

Hostess

Brands,

Inc

3,909

49,962

(b)

House

Foods

Corp

1,042

530,600

Ichitan

Group

PCL

244

42,854

Imperial

Tobacco

Group

plc

869

1,904,709

Indofood

CBP

Sukses

Makmur

Tbk

PT

1,365

291,423

Inghams

Group

Ltd

619

7,122

Ingredion,

Inc

701

354,353

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,293

9,135,000

(a),(d)

Inti

Agri

Resources

Tbk

PT

0^

1,927,106

IOI

Corp

BHD

1,631

424,500

I-TAIL

Corp

PCL

237

2,603,331

ITC

Ltd

13,910

38,300

Ito

En

Ltd

1,230

22,340

Itoham

Yonekyu

Holdings,

Inc

605

5,060

J&J

Snack

Foods

Corp

828

10,482

J.M.

Smucker

Co

1,288

564,100

Jalles

Machado

S.A.

961

516,200

Japan

Tobacco,

Inc

11,877

4,685,000

Japfa

Comfeed

Indonesia

Tbk

PT

389

649,182

JBS

S.A.

2,331

6,238

JDE

Peet's

NV

174

65,626

Jiangsu

King's

Luck

Brewery

JSC

Ltd

529

78,681

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

1,402

8,862

JiuGui

Liquor

Co

Ltd

108

13,046

J-Oil

Mills,

Inc

156

47,964

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

227

23,701

Juewei

Food

Co

Ltd

122

65,746

Kagome

Co

Ltd

1,427

10,900

(b)

Kameda

Seika

Co

Ltd

299

23,394

(a)

Kaveri

Seed

Co

Ltd

169

CREF

Stock

Account

September

30,

2023

68

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,692

Kellogg

Co

$

1,648

12,649

Kerry

Group

plc

(Class

A)

1,057

1,607,547

Keurig

Dr

Pepper,

Inc

50,750

84,797

Kewpie

Corp

1,363

1,984,200

Khon

Kaen

Sugar

Industry

PCL

153

117,400

Kikkoman

Corp

6,153

518,079

Kirin

Brewery

Co

Ltd

7,253

78,900

Kotobuki

Spirits

Co

Ltd

1,275

3,200,854

Kraft

Heinz

Co

107,677

42,521

KRBL

Ltd

207

89,591

KT&G

Corp

5,721

403,135

Kuala

Lumpur

Kepong

BHD

1,835

64,885

Kweichow

Moutai

Co

Ltd

16,092

180,403

Lamb

Weston

Holdings,

Inc

16,680

17,850

Lancaster

Colony

Corp

2,946

3,482

Lassonde

Industries,

Inc

323

225,195

Leroy

Seafood

Group

ASA

940

96,211

Lian

HWA

Food

Corp

263

718,398

Lien

Hwa

Industrial

Corp

1,390

48

Lindt

&

Spruengli

AG.

533

3,020

Lotte

Chilsung

Beverage

Co

Ltd

280

1,838

Lotte

Wellfood

Co

Ltd

149

904

(b)

Lotus

Bakeries

NV

7,350

113,162

LT

Foods

Ltd

226

77,723

Luzhou

Laojiao

Co

Ltd

2,325

57,700

M

Dias

Branco

S.A.

419

67,148

(b)

Maple

Leaf

Foods,

Inc

1,290

118,278

(a)

Marfrig

Global

Foods

S.A.

165

342,900

Marfrig

Global

Foods

S.A.

486

451,438

Marico

Ltd

3,048

33,900

Maruha

Nichiro

Corp

582

26,638

McCormick

&

Co,

Inc

2,015

36,387

Megmilk

Snow

Brand

Co

Ltd

558

0

(a)

Mehadrin

Ltd

0^

173,000

Meihua

Holdings

Group

Co

Ltd

229

188,798

MEIJI

Holdings

Co

Ltd

4,692

58,371

Mezzan

Holding

Co

KSCC

96

165,130

(b)

MGP

Ingredients,

Inc

17,418

255,300

Minerva

S.A.

411

45,200

Mitsui

Sugar

Co

Ltd

910

18,614

Molson

Coors

Brewing

Co

(Class

B)

1,184

4,903,041

Mondelez

International,

Inc

340,271

4,738,962

(a)

Monster

Beverage

Corp

250,928

28,779

Morinaga

&

Co

Ltd

1,040

310,413

Morinaga

Milk

Industry

Co

Ltd

11,680

24,366

Mowi

ASA

431

19,551

Mrs

Bectors

Food

Specialities

Ltd

245

269,438

Muyuan

Foods

Co

Ltd

1,401

108,000

Namchow

Holdings

Co

Ltd

166

39,157

(a)

National

Agriculture

Development

Co

496

29,199

Nestle

India

Ltd

7,903

51,414

Nestle

Malaysia

Bhd

1,385

3,359,052

Nestle

S.A.

380,231

12,488

(a)

Neto

Malinda

Trading

Ltd

147

219,305

(a)

New

Hope

Liuhe

Co

Ltd

331

403,992

Nichirei

Corp

8,872

43,797

Nippon

Flour

Mills

Co

Ltd

637

67,500

Nippon

Meat

Packers,

Inc

2,019

233,759

Nippon

Suisan

Kaisha

Ltd

1,144

19,122

Nisshin

Oillio

Group

Ltd

535

284,700

Nisshin

Seifun

Group,

Inc

3,628

52,000

Nissin

Food

Products

Co

Ltd

4,321

69

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

361,568

(b)

Nissin

Foods

Co

Ltd

$

277

1,576,600

(c)

Nongfu

Spring

Co

Ltd

9,042

9,386

NongShim

Co

Ltd

3,284

63,745

Oceana

Group

Ltd

254

249,829

Origin

Enterprises

plc

861

20,409

Orion

Corp/Republic

of

Korea

1,945

69,664

Orion

Holdings

Corp

788

4,959

Orior

AG.

395

45,418

Orkla

ASA

339

1,097,917

Osotspa

PCL

752

1,568

Ottogi

Corp

424

1,916,864

PepsiCo,

Inc

324,793

495,852

Pernod-Ricard

S.A.

82,554

12,535,800

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

PT

823

600

Philip

Morris

CR

AS.

446

4,579,572

Philip

Morris

International,

Inc

423,977

105,349

(a)

Pilgrim's

Pride

Corp

2,405

5,610

(a)

Post

Holdings,

Inc

481

473,541

PPB

Group

BHD

1,561

536,787

Premier

Foods

plc

786

37,224

(b)

Premium

Brands

Holdings

Corp

2,606

18,138

Prima

Meat

Packers

Ltd

298

2,231,312

(b)

Primo

Water

Corp

30,792

133,158

Primo

Water

Corp

(Toronto)

1,839

409,800

PT

Astra

Agro

Lestari

Tbk

199

3,732,709

PT

Indofood

Sukses

Makmur

Tbk

1,598

690,800

QL

Resources

Bhd

803

463,300

R&B

Food

Supply

PCL

135

60,269

Radico

Khaitan

Ltd

872

46,672

(b)

Remy

Cointreau

S.A.

5,690

12,500

Riken

Vitamin

Co

Ltd

185

472,400

(a),(b)

RLX

Technology,

Inc

(ADR)

713

60,708

(b)

Rogers

Sugar,

Inc

241

42,052

Royal

Unibrew

A.S.

3,248

14,294

S

Foods,

Inc

320

23,555

Sakata

Seed

Corp

684

78,610

Salmar

ASA

3,981

3,626

Samyang

Foods

Co

Ltd

542

2,268

Samyang

Holdings

Corp

117

136,600

Sao

Martinho

S.A.

1,067

89,100

Sappe

PCL

199

53,186

Sapporo

Holdings

Ltd

1,691

230,105

(b)

Saputo,

Inc

4,811

26,655

(a)

Saudi

Fisheries

Co

184

13,263

Saudia

Dairy

&

Foodstuff

Co

1,139

234,326

Savola

Group

2,254

17,448,500

Sawit

Sumbermas

Sarana

Tbk

PT

1,338

63,727

(c)

Scandinavian

Tobacco

Group

A.S.

971

10,671

Schouw

&

Co

711

196

Seaboard

Corp

736

94,666

(b)

Select

Harvests

Ltd

244

56,039

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

222

63,342

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

2,091

16,700

Shede

Spirits

Co

Ltd

289

14,987

(b)

Showa

Sangyo

Co

Ltd

306

529,285

(a)

Shree

Renuka

Sugars

Ltd

347

22,301

Sichuan

Swellfun

Co

Ltd

185

1,718,378

Sime

Darby

Plantation

Bhd

1,565

56,597

(a)

Sinad

Holding

Co

177

86,377

SLC

Agricola

S.A.

677

1,565,171

(b),(c)

Smoore

International

Holdings

Ltd

1,413

1,791

SPC

Samlip

Co

Ltd

88

CREF

Stock

Account

September

30,

2023

70

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

329,700

Srinanaporn

Marketing

PCL

$

188

340,000

Standard

Foods

Corp

397

49,597

(a)

Strauss

Group

Ltd

1,042

51,361

Suedzucker

AG.

764

17,446

Sula

Vineyards

Ltd

98

60,641

(a),(b)

SunOpta,

Inc

204

30,600

Suntory

Beverage

&

Food

Ltd

931

380,500

Ta

Ann

Holdings

Bhd

273

467,000

(a)

Taiwan

TEA

Corp

307

112,003

Takara

Holdings,

Inc

899

7,519

Tanmiah

Food

Co

188

67,645

Tata

Coffee

Ltd

209

467,188

Tata

Consumer

Products

Ltd

4,924

334,297

Tate

&

Lyle

plc

2,796

2,271,800

Thai

Union

Group

PCL

903

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

239

770,800

Thaifoods

Group

PCL

79

140,332

Tiger

Brands

Ltd

1,139

1,821,301

Tingyi

Cayman

Islands

Holding

Corp

2,544

329,900

Toyo

Suisan

Kaisha

Ltd

12,938

587,196

Treasury

Wine

Estates

Ltd

4,637

118,700

Tres

Tentos

Agroindustrial

S.A.

302

52,366

Triveni

Engineering

&

Industries

Ltd

239

639,100

TSH

Resources

Bhd

135

549,471

Tsingtao

Brewery

Co

Ltd

4,474

40,993

Tsingtao

Brewery

Co

Ltd

(Class

A)

492

39,000

Ttet

Union

Corp

171

141,290

Turning

Point

Brands,

Inc

3,262

29,726

Tyson

Foods,

Inc

(Class

A)

1,501

137,078

Ulker

Biskuvi

Sanayi

AS

469

1,279,616

Uni-President

China

Holdings

Ltd

899

4,292,934

Uni-President

Enterprises

Corp

9,331

204,038

United

Malt

Grp

Ltd

647

401,000

United

Plantations

BHD

1,421

252,509

(a)

United

Spirits

Ltd

3,056

735,260

Universal

Robina

Corp

1,545

393,606

Varun

Beverages

Ltd

4,469

411,847

Vina

Concha

y

Toro

S.A.

458

32,627

Viscofan

S.A.

1,992

54,570

(a)

Vita

Coco

Co,

Inc

1,421

712,000

Vitasoy

International

Holdings

Ltd

861

4,281

VST

Industries

Ltd

178

4,401,694

Want

Want

China

Holdings

Ltd

2,869

297,000

Wei

Chuan

Foods

Corp

170

366,070

Wens

Foodstuffs

Group

Co

Ltd

873

7,099,696

(c)

WH

Group

Ltd

3,716

1,635,419

Wilmar

International

Ltd

4,450

203,142

Wuliangye

Yibin

Co

Ltd

4,377

200,200

Yakult

Honsha

Co

Ltd

4,862

94,800

Yamazaki

Baking

Co

Ltd

1,743

496,407

Yihai

International

Holding

Ltd

852

67,700

Yihai

Kerry

Arawana

Holdings

Co

Ltd

320

115,917

(a)

Yuan

Longping

High-tech

Agriculture

Co

Ltd

238

903,000

(b),(c)

Zhou

Hei

Ya

International

Holdings

Co

Ltd

312

49,932

Zydus

Wellnes

Ltd

942

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,731,590

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.8%

4,304,722

Abbott

Laboratories

416,912

103,980

(a)

Acadia

Healthcare

Co,

Inc

7,311

186,400

(a)

Accolade,

Inc

1,972

168,987

Advanced

Medical

Solutions

Group

plc

414

71

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

123,734

(a),(b)

AGFA-Gevaert

NV

$

239

223,107

(a),(b)

agilon

health,

Inc

3,962

232,449

Aier

Eye

Hospital

Group

Co

Ltd

575

444,000

(b),(c)

AK

Medical

Holdings

Ltd

373

65,666

Al

Hammadi

Holding

912

546,567

Alcon,

Inc

42,177

544,500

Alfresa

Holdings

Corp

8,927

247,697

(a)

Align

Technology,

Inc

75,627

227,530

(a)

Allscripts

Healthcare

Solutions,

Inc

2,990

608,693

(a)

Alphatec

Holdings,

Inc

7,895

156,089

Ambu

A.S.

1,627

15,540

(a)

Amedisys,

Inc

1,451

132,561

AmerisourceBergen

Corp

23,857

735,520

(b)

Amplifon

S.p.A.

21,772

349,700

Amvis

Holdings,

Inc

6,081

16,293

(b)

Andlauer

Healthcare

Group,

Inc

496

58,000

(b),(c)

Angelalign

Technology,

Inc

359

106,017

Ansell

Ltd

1,503

90,723

Apollo

Hospitals

Enterprise

Ltd

5,602

768,505

Arjo

AB

2,970

109,500

(a),(b),(c)

Arrail

Group

Ltd

108

24,244

As

One

Corp

884

475,200

Asahi

Intecc

Co

Ltd

8,520

119,031

(a),(c)

Aster

DM

Healthcare

Ltd

469

510,724

(a)

AtriCure,

Inc

22,370

82,871

(a),(c)

Attendo

AB

215

77,866

(b)

Australian

Clinical

Labs

Ltd

142

16,100

Autobio

Diagnostics

Co

Ltd

101

305,087

(a)

Axonics,

Inc

17,122

1,076,200

Bangkok

Chain

Hospital

PCL

581

4,419,500

Bangkok

Dusit

Medical

Services

PCL

3,237

4,634,471

Bangkok

Dusit

Medical

Services

PCL

3,394

295,849

Baxter

International,

Inc

11,165

593,927

Becton

Dickinson

&

Co

153,548

57,250

Beijing

Chunlizhengda

Medical

Instruments

Co

Ltd

89

44,916

BioMerieux

4,345

19,845

BML,

Inc

371

3,385,910

(a)

Boston

Scientific

Corp

178,776

248,938

Bumrungrad

Hospital

PCL

1,828

374,474

Cardinal

Health,

Inc

32,512

1,170,400

(b)

Carenet,

Inc

7,022

1,998

Carl

Zeiss

Meditec

AG.

174

11,828

Cellavision

AB

166

43,718

Celltrion

Healthcare

Co

Ltd

2,041

882,795

(a)

Centene

Corp

60,807

91,680

(a)

Certara,

Inc

1,333

139,690

(a)

Cerus

Corp

226

37,366

(a)

Chabiotech

Co

Ltd

507

234,500

Chaoju

Eye

Care

Holdings

Ltd

123

7,194

Chemed

Corp

3,739

92,100

China

Meheco

Co

Ltd

156

30,700

China

National

Medicines

Corp

Ltd

140

723,500

China

Resources

Medical

Holdings

Co

Ltd

474

4,203,000

Chularat

Hospital

PCL

376

983,989

Cigna

Group

281,490

14,752

Classys,

Inc

412

814,984

(a)

Cleopatra

Hospital

102

133,878

CM

Hospitalar

S.A.

446

500,000

C-Mer

Eye

Care

Holdings

Ltd

243

34,688

Cochlear

Ltd

5,681

148,405

Coloplast

A.S.

15,704

2,230

Coltene

Holding

AG.

162

CREF

Stock

Account

September

30,

2023

72

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

201,140

CompuGroup

Medical

SE

&

Co

KgaA

$

7,854

1,353,310

(c)

ConvaTec

Group

plc

3,586

25,537

Cooper

Cos,

Inc

8,121

25,050

Craneware

plc

458

130,830

(a)

Cross

Country

Healthcare,

Inc

3,243

423,286

CVS

Group

plc

8,403

854,573

CVS

Health

Corp

59,666

75,531

(a)

CYBERDYNE,

Inc

136

14,370

Dallah

Healthcare

Co

546

26,198

(a)

DaVita,

Inc

2,477

110,208

(a)

Demant

A.S.

4,551

435,298

(a),(b)

dentalcorp

Holdings

Ltd

1,891

5,873

Dentium

Co

Ltd

464

123,702

Dentsply

Sirona,

Inc

4,226

1,699,042

(a)

DexCom,

Inc

158,521

118,300

Diagnosticos

da

America

S.A.

291

24,481

DiaSorin

S.p.A.

2,229

91,063

(a)

Doximity,

Inc

1,932

30,870

(c)

Dr

Lal

PathLabs

Ltd

937

95,359

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

5,993

7,885

Draegerwerk

AG.

353

129,785

EBOS

Group

Ltd

2,659

13,364

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

454

708,981

(a)

Edwards

Lifesciences

Corp

49,118

44,600

Eiken

Chemical

Co

Ltd

407

40,017

(b)

El.En.

S.p.A

368

34,138

(b)

Elan

Corp

187

290,976

Elekta

AB

(B

Shares)

1,976

1,064,520

Elevance

Health,

Inc

463,513

37,900

EM

Systems

Co

Ltd

186

50,744

EMIS

Group

plc

1,196

221,109

Encompass

Health

Corp

14,850

39,764

(a)

Enovis

Corp

2,097

74,933

(a)

Envista

Holdings

Corp

2,089

20,767

(a)

Eoflow

Co

Ltd

377

5,186

Equasens

399

1,299,691

Essilor

International

S.A.

226,076

147,780

(a),(b)

Establishment

Labs

Holdings,

Inc

7,252

65,100

(b)

Extendicare,

Inc

291

104,887

Fagron

NV

1,784

436,111

Fisher

&

Paykel

Healthcare

Corp

5,623

200,982

Fleury

S.A.

606

371,872

Fortis

Healthcare

Ltd

1,520

285,789

Fresenius

Medical

Care

AG.

12,287

20,967

Fresenius

SE

651

41,357

(c)

Galenica

AG.

3,055

253,908

GE

HealthCare

Technologies,

Inc

17,276

11,353

Getinge

AB

(B

Shares)

200

169,647

(a)

Glaukos

Corp

12,766

66,947

(a)

Global

Health

Ltd

577

12,395

(a)

Globus

Medical,

Inc

615

113,277

GN

Store

Nord

2,037

39,412

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

170

6,938

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

59

161,263

(a)

Guardant

Health,

Inc

4,780

119,400

(a)

Gushengtang

Holdings

Ltd

673

2,199,138

(a),(c)

Hapvida

Participacoes

e

Investimentos

S.A.

2,056

1,558,900

Hartalega

Holdings

Bhd

660

461,065

HCA,

Inc

113,413

477,844

Healius

Ltd

704

257,462

(a)

HealthEquity,

Inc

18,808

63,263

(a)

Henry

Schein,

Inc

4,697

73

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,661,830

(a)

Hims

&

Hers

Health,

Inc

$

10,453

66,081

(a)

HLB

Life

Science

CO

Ltd

448

99,651

(a)

HLB,

Inc

2,209

20,200

Hogy

Medical

Co

Ltd

432

183,221

(a)

Hologic,

Inc

12,716

94,000

Hospital

Mater

Dei

S.A.

163

206,169

(a)

Hoya

Corp

21,115

42,278

Huadong

Medicine

Co

Ltd

245

276,960

Humana,

Inc

134,747

103,924

(a)

Humasis

Co

Ltd

188

145,200

(b),(c)

Hygeia

Healthcare

Holdings

Co

Ltd

812

2,317

(a)

ICU

Medical,

Inc

276

63,024

(a)

IDEXX

Laboratories,

Inc

27,559

837,989

IHH

Healthcare

Bhd

1,041

231,710

(a)

Inari

Medical,

Inc

15,154

330,020

(a)

Inmode

Ltd

10,052

36,066

(a)

Inspire

Medical

Systems,

Inc

7,157

7,470

(a)

Insulet

Corp

1,191

7,608

(a)

Integra

LifeSciences

Holdings

Corp

291

159,013

Integral

Diagnostics

Ltd

293

792,008

(a)

Intuitive

Surgical,

Inc

231,496

2,615

iRay

Technology

Co

Ltd

88

14,469

i-SENS

Inc

288

46,600

Japan

Lifeline

Co

Ltd

362

44,436

(a)

Jeisys

Medical,

Inc

396

39,788

Jeol

Ltd

1,184

29,450

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

139

1,497,500

(a),(b),(c)

Jinxin

Fertility

Group

Ltd

713

106,000

(b)

JMDC,

Inc

3,845

71,040

(a)

Joint

Corp

639

66,704

Jointown

Pharmaceutical

Group

Co

Ltd

99

244,000

(b)

Kangji

Medical

Holdings

Ltd

209

1,014,359

Koninklijke

Philips

Electronics

NV

20,239

58,793

(b)

Korian-Medica

353

1,189,600

Kossan

Rubber

Industries

Bhd

334

902,400

KPJ

Healthcare

Bhd

219

35,786

(a),(c)

Krishna

Institute

of

Medical

Sciences

Ltd

852

178,229

Laboratory

Corp

of

America

Holdings

35,833

237,912

(a)

Lantheus

Holdings,

Inc

16,530

16,113

Lepu

Medical

Technology

Beijing

Co

Ltd

36

1,231,259

Life

Healthcare

Group

Holdings

Ltd

1,318

3,064,000

(a)

Lifetech

Scientific

Corp

936

94,820

(a)

LivaNova

plc

5,014

5,200

(a)

Lunit,

Inc

692

97,100

M3,

Inc

1,761

67,563

Mani,

Inc

819

5,019

(a)

Masimo

Corp

440

668,141

Max

Healthcare

Institute

Ltd

4,564

125,828

McKesson

Corp

54,716

5,388

(b),(c)

Medacta

Group

S.A.

680

4,379

(a),(c)

Medartis

Holding

AG.

402

223,567

Medicare

Group

356

490,300

Mediceo

Paltac

Holdings

Co

Ltd

8,288

53,493

Medicover

AB

702

5,694,200

Medikaloka

Hermina

Tbk

PT

483

31,878

(a)

Medios

AG.

507

20,100

(a)

Medley,

Inc

644

120,500

(b),(c)

Medlive

Technology

Co

Ltd

121

34,483

(c)

Medmix

AG.

876

340,200

(b)

MedPeer,

Inc

2,317

1,839,786

Medtronic

plc

144,166

1,174,993

(a)

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

1,097

CREF

Stock

Account

September

30,

2023

74

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

51,684

Menicon

Co

Ltd

$

664

66,570

(a)

Merit

Medical

Systems,

Inc

4,595

156

Metall

Zug

AG.(B

Shares)

244

13,123,400

(a)

Metro

Healthcare

Indonesia

TBK

PT

408

24,367

(c)

Metropolis

Healthcare

Ltd

428

897,000

(a),(b),(c)

Microport

Cardioflow

Medtech

Corp

190

1,584,195

Microport

Scientific

Corp

2,382

39,971

(a)

Middle

East

Healthcare

Co

587

47,300

(b)

Miraca

Holdings,

Inc

803

57,072

(a),(c)

MLP

Saglik

Hizmetleri

AS.

298

28,035

(a)

Molina

Healthcare,

Inc

9,192

286,124

Mouwasat

Medical

Services

Co

7,844

16,936

Nagaileben

Co

Ltd

241

59,022

Nakanishi,

Inc

1,380

216,889

(a)

Nanosonics

Ltd

584

41,159

(a),(b)

Nano-X

Imaging

Ltd

270

57,118

Narayana

Hrudayalaya

Ltd

746

38,620

(b)

National

Healthcare

Corp

2,471

18,636

National

Medical

Care

Co

609

1,120,328

Network

Healthcare

Holdings

Ltd

799

190,500

(a),(b),(c)

New

Horizon

Health

Ltd

455

65,577

Nihon

Kohden

Corp

1,619

566,552

(b)

Nipro

Corp

4,576

159,379

(a),(d)

NMC

Health

plc

0^

80,148

(a),(b)

Novocure

Ltd

1,294

813,825

Oceania

Healthcare

Ltd

346

211,350

Odontoprev

S.A.

458

1,978,600

Olympus

Corp

25,689

192,800

(a)

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

440

1,094,850

(a)

Option

Care

Health,

Inc

35,418

16,966

Ovctek

China,

Inc

60

506,835

(a)

Owens

&

Minor,

Inc

8,190

30,644

Paramount

Bed

Holdings

Co

Ltd

482

531,614

Patterson

Cos,

Inc

15,757

33,885

Pegavision

Corp

409

313,000

(a),(c)

Peijia

Medical

Ltd

278

142,960

(a)

Pennant

Group,

Inc

1,591

42,826

(a)

Penumbra,

Inc

10,360

379,950

(a)

PetIQ,

Inc

7,485

27,400

PHC

Holdings

Corp

279

51,300

(a)

Phreesia,

Inc

958

79,000

(a),(d)

Pihsiang

Machinery

Manufacturing

Co

Ltd

0^

23,620

Poly

Medicure

Ltd

390

462,181

(a)

PolyNovo

Ltd

385

59,817

Premier,

Inc

1,286

85,300

(a),(b)

Privia

Health

Group,

Inc

1,962

43,781

(b)

Pro

Medicus

Ltd

2,336

713,045

(a)

Progyny,

Inc

24,258

117,438

(a)

Project

Roadrunner

Parent,

Inc

1,770

54,499

Quest

Diagnostics,

Inc

6,641

5,892

(a)

QuidelOrtho

Corp

430

688,099

Raffles

Medical

Group

Ltd

628

41,762

Rainbow

Children's

Medicare

Ltd

516

340,100

Ramkhamhaeng

Hospital

PCL

385

140,543

Ramsay

Health

Care

Ltd

4,665

8,121

(a)

Ray

Co

Ltd

131

240,976

(c)

Rede

D'Or

Sao

Luiz

S.A.

1,218

15,851

Resmed,

Inc

2,344

20,069

(b)

Revenio

Group

Oyj

434

491,300

Riverstone

Holdings

Ltd

215

107,660

(a)

RxSight,

Inc

3,003

485,634

Ryman

Healthcare

Ltd

1,834

75

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

309,190

Saudi

Chemical

Co

Holding

$

378

30,741

SD

Biosensor,

Inc

259

112,343

Sectra

AB

1,327

97,672

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

236

400,624

Select

Medical

Holdings

Corp

10,124

1,071,882

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

939

68,232

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

169

362,427

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

564

30,922

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

1,149

17,600

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

153

562,103

Ship

Healthcare

Holdings,

Inc

8,519

49,028

(a)

Shockwave

Medical,

Inc

9,762

538,752

(a)

SI-BONE,

Inc

11,443

338,688

(c)

Siemens

Healthineers

AG.

17,132

67,253

(b)

Sienna

Senior

Living,

Inc

529

680,985

Sigma

Healthcare

Ltd

302

1,804,187

Sinopharm

Group

Co

Ltd

5,231

94,000

(c)

Sisram

Medical

Ltd

75

995,890

Smith

&

Nephew

plc

12,360

35,500

Solasto

Corp

147

345,451

Sonic

Healthcare

Ltd

6,596

56,780

Sonova

Holdings

AG

13,439

232,105

(c)

Spire

Healthcare

Group

plc

661

1,145,900

Sri

Trang

Gloves

Thailand

PCL

209

40,000

St.

Shine

Optical

Co

Ltd

239

53,661

STERIS

plc

11,774

6,821

STRATEC

SE

318

140,375

Straumann

Holding

AG.

17,867

441,426

Stryker

Corp

120,629

193,327

Summerset

Group

Holdings

Ltd

1,181

9,200

SUNWELS

Co

Ltd

181

1,524,701

Supermax

Corp

Bhd

269

29,166

(a)

Surgical

Science

Sweden

AB

400

59,340

(a),(b)

SurModics,

Inc

1,904

268,300

Suzuken

Co

Ltd

8,298

48,338

Synlab

AG.

516

50,244

Sysmex

Corp

2,387

44,000

TaiDoc

Technology

Corp

203

7,209

(a)

Tandem

Diabetes

Care,

Inc

150

236,444

(a),(b)

Teladoc

Health,

Inc

4,396

4,930

Teleflex,

Inc

968

321,965

(a)

Tenet

Healthcare

Corp

21,214

440,500

Terumo

Corp

11,660

277,500

Thonburi

Healthcare

Group

PCL

497

42,330

Toho

Pharmaceutical

Co

Ltd

907

35,809

Tokai

Corp

(GIFU)

455

3,064,200

Top

Glove

Corp

Bhd

505

8,580

(a)

Topchoice

Medical

Corp

104

262,665

(a)

Treace

Medical

Concepts,

Inc

3,444

212,083

Uniphar

plc

505

1,960,584

UnitedHealth

Group,

Inc

988,507

34,479

Universal

Health

Services,

Inc

(Class

B)

4,335

38,425

Universal

Vision

Biotechnology

Co

Ltd

400

7,813

Value

Added

Technology

Co

Ltd

185

634,990

(a)

Veeva

Systems,

Inc

129,189

156,500

(a),(b),(c)

Venus

MedTech

Hangzhou,

Inc

93

4,499,700

Vibhavadi

Medical

Center

PCL

277

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

280

139,488

(a),(b)

Vimian

Group

AB

304

27,000

Visco

Vision,

Inc

165

174,279

(a)

Well

Health

Technologies

Corp

533

36,844

(a)

Won

Tech

Co

Ltd

314

CREF

Stock

Account

September

30,

2023

76

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

134,211

(a)

Xvivo

Perfusion

AB

$

3,364

429,900

(a),(c)

Yidu

Tech,

Inc

218

4,087

Ypsomed

Holding

AG.

1,200

230,248

Zimmer

Biomet

Holdings,

Inc

25,838

108,400

(a)

Zimvie,

Inc

1,020

162,500

(a),(c)

Zylox-Tonbridge

Medical

Technology

Co

Ltd

162

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,177,758

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.6%

7,340

Aekyung

Industrial

Co

Ltd

115

24,480

Amorepacific

Corp

2,212

23,585

AMOREPACIFIC

Group

532

735,260

Beiersdorf

AG.

94,840

973,481

(a)

BellRing

Brands,

Inc

40,137

68,200

(a),(b)

Best

World

International

Ltd

84

97,383

By-health

Co

Ltd

254

29,000

Chlitina

Holding

Ltd

169

343,118

Church

&

Dwight

Co,

Inc

31,440

13,189

Clorox

Co

1,729

730,913

Colgate-Palmolive

Co

51,975

111,261

Colgate-Palmolive

India

Ltd

2,683

6,686

Cosmax,

Inc

638

322,922

(a)

Coty,

Inc

3,542

530,255

Dabur

India

Ltd

3,513

10,730

Earth

Chemical

Co

Ltd

353

113,717

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

230

256,876

(a)

elf

Beauty,

Inc

28,213

164,635

Emami

Ltd

1,066

30,234

Essity

AB

652

609,592

Estee

Lauder

Cos

(Class

A)

88,117

77,300

(a),(b)

euglena

Co

Ltd

412

67,384

Fancl

Corp

1,028

355,102

(a)

Godrej

Consumer

Products

Ltd

4,236

210,000

Grape

King

Bio

Ltd

1,015

22,343,534

Haleon

plc

92,616

630,636

Hengan

International

Group

Co

Ltd

2,006

34,964

Henkel

KGaA

2,205

9,039

Henkel

KGaA

(Preference)

644

706,606

Hindustan

Lever

Ltd

20,956

30,755

(a)

Hyundai

Bioscience

Co

Ltd

671

32,620,200

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,245

23,676

Inter

Parfums

S.A.

1,314

83,684

(c)

Jamieson

Wellness,

Inc

1,501

143,997

Jyothy

Labs

Ltd

624

426,988

Kao

Corp

15,826

12,577,486

Kenvue,

Inc

252,556

76,539

Kimberly-Clark

Corp

9,250

1,283,618

(b)

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,556

11,000

Kobayashi

Pharmaceutical

Co

Ltd

491

8,859

Kolmar

BNH

Co

Ltd

109

12,171

Kolmar

Korea

Co

Ltd

461

28,400

Kose

Corp

2,059

7,675

LG

Household

&

Health

Care

Ltd

2,532

195,100

Lion

Corp

1,924

328,853

L'Oreal

S.A.

136,281

129,872

Mandom

Corp

1,197

28,176

Medifast,

Inc

2,109

318,934

Microbio

Co

Ltd

478

21,298

Milbon

Co

Ltd

592

773,064

(a)

Natura

&

Co

Holding

S.A.

2,239

34,600

Noevir

Holdings

Co

Ltd

1,223

15,140

Oil-Dri

Corp

of

America

935

77

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

95,897

(a)

Olaplex

Holdings,

Inc

$

187

54,477

(a),(b)

Ontex

Group

NV

400

3,381

Pharmanutra

S.p.A

175

101,100

Pigeon

Corp

1,141

1,009,500

Pola

Orbis

Holdings,

Inc

12,115

3,349,987

Procter

&

Gamble

Co

488,629

6,744,610

PT

Unilever

Indonesia

Tbk

1,632

181,745

PZ

Cussons

plc

313

623,859

Reckitt

Benckiser

Group

plc

43,995

5,772

Reynolds

Consumer

Products,

Inc

148

157,290

Rohto

Pharmaceutical

Co

Ltd

4,265

36,854

Sarantis

S.A.

286

924,890

Shiseido

Co

Ltd

32,412

414,915

Spectrum

Brands

Holdings,

Inc

32,509

84,000

TCI

Co

Ltd

470

343,441

Uni-Charm

Corp

12,143

4,510,110

Unilever

plc

223,101

8,185

Unilever

plc

405

333,536

Vinda

International

Holdings

Ltd

799

29,000

(b)

YA-MAN

Ltd

196

15,300

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

196

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,771,302

INSURANCE

-

3.0%

231,567

Admiral

Group

plc

6,692

1,840,997

Aegon

NV

8,873

222,120

Aflac,

Inc

17,048

7,931

Ageas

S.A.

327

10,619,559

AIA

Group

Ltd

85,882

13,477

(a)

Al

Rajhi

Co

for

Co-operative

Insurance

546

316,681

Allianz

AG.

75,362

64,766

Allstate

Corp

7,216

1,675,584

Alm

Brand

AS

2,509

419,676

(a)

AMBAC

Financial

Group,

Inc

5,061

30,344

American

Financial

Group,

Inc

3,388

4,944,148

American

International

Group,

Inc

299,615

26,258

Amerisafe,

Inc

1,315

56,100

Anicom

Holdings,

Inc

230

195,514

Aon

plc

63,390

1,288,087

(a)

Arch

Capital

Group

Ltd

102,673

405,913

ASR

Nederland

NV

15,188

50,307

Assicurazioni

Generali

S.p.A.

1,027

40,632

(b)

Assurant,

Inc

5,834

63,780

Assured

Guaranty

Ltd

3,860

397,961

AUB

Group

Ltd

7,425

4,711,984

Aviva

plc

22,303

2,712,154

AXA

S.A.

80,467

164,546

Axis

Capital

Holdings

Ltd

9,275

2,273

Baloise

Holding

AG.

329

2,440,100

Bangkok

Life

Assurance

PCL

1,856

449,200

Bangkok

Life

Assurance

PCL

342

601,346

BB

Seguridade

Participacoes

S.A.

3,734

4,597,664

Beazley

plc

30,916

16,099

(a)

Brighthouse

Financial,

Inc

788

22,385

Brookfield

Reinsurance

Ltd

700

242,655

Brown

&

Brown,

Inc

16,947

259,127

(a)

BRP

Group,

Inc

6,020

64,732

Bupa

Arabia

for

Cooperative

Insurance

Co

3,590

8,271,768

Cathay

Financial

Holding

Co

Ltd

11,422

225,000

Central

Reinsurance

Co

Ltd

163

6,498,435

China

Development

Financial

Holding

Corp

2,376

1,413,332

China

Insurance

International

Holdings

Co

Ltd

1,400

CREF

Stock

Account

September

30,

2023

78

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,690,790

China

Life

Insurance

Co

Ltd

$

10,368

174,075

China

Life

Insurance

Co

Ltd

(Class

A)

869

400,300

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,580

2,389,209

China

Pacific

Insurance

Group

Co

Ltd

-

H

5,948

1,198,375

Chubb

Ltd

249,478

37,491

Cincinnati

Financial

Corp

3,835

51,184

(a)

Clal

Insurance

Enterprises

Holdings

Ltd

797

6,774

CNA

Financial

Corp

267

82,550

CNO

Financial

Group,

Inc

1,959

74,689

Co

for

Cooperative

Insurance

2,509

3,630,000

(a),(b),(d)

Convoy

Global

Holdings

Ltd

5

77,269

(b)

Crawford

&

Co

722

873,900

Dai-ichi

Life

Holdings,

Inc

18,041

256,377

Definity

Financial

Corp

7,078

390,800

Dhipaya

Group

Holdings

PCL

399

1,064,761

Direct

Line

Insurance

Group

plc

2,227

448,710

(a)

Discovery

Ltd

3,251

40,841

Dongbu

Insurance

Co

Ltd

2,706

229,326

Employers

Holdings,

Inc

9,162

2,670

(a)

Enstar

Group

Ltd

646

422,617

Everest

Re

Group

Ltd

157,074

24,010

F&G

Annuities

&

Life,

Inc

674

21,225

Fairfax

Financial

Holdings

Ltd

17,326

875,000

(a)

Fidelis

Insurance

Holdings

Ltd

12,845

926,437

Fidelity

National

Financial,

Inc

38,262

24,931

First

American

Financial

Corp

1,408

5,400

(a)

FP

Partner,

Inc

126

6,797,451

Fubon

Financial

Holding

Co

Ltd

12,798

161,403

Gallagher

(Arthur

J.)

&

Co

36,789

69,988

Gjensidige

Forsikring

ASA

1,027

386,011

Globe

Life,

Inc

41,971

183,045

(a)

Goosehead

Insurance,

Inc

13,642

272,750

Great-West

Lifeco

Inc

7,803

141,407

Hannover

Rueckversicherung

AG.

31,027

8,870

Hanover

Insurance

Group,

Inc

984

276,247

(a)

Hanwha

General

Insurance

Co

Ltd

895

2,460,041

Hanwha

Life

Insurance

Co

Ltd

5,194

313,801

Harel

Insurance

Investments

&

Financial

Services

Ltd

2,488

73,614

Hartford

Financial

Services

Group,

Inc

5,220

841,986

(c)

HDFC

Life

Insurance

Co

Ltd

6,449

44,209

Helvetia

Holding

AG.

6,175

654,482

Hiscox

Ltd

8,002

255,487

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

6,134

100,539

iA

Financial

Corp,

Inc

6,307

209,302

(c)

ICICI

Lombard

General

Insurance

Co

Ltd

3,292

312,108

(c)

ICICI

Prudential

Life

Insurance

Co

Ltd

2,124

2,239,432

Insurance

Australia

Group

Ltd

8,124

168,968

Intact

Financial

Corp

24,634

55,153

(a)

IRB-Brasil

Resseguros

S.A.

483

169,813

James

River

Group

Holdings

Ltd

2,607

2,018,200

Japan

Post

Holdings

Co

Ltd

16,146

178,100

Japan

Post

Insurance

Co

Ltd

2,995

2,626,641

Just

Group

plc

2,307

15,119

Kemper

Corp

635

16,542

Kinsale

Capital

Group,

Inc

6,851

304,608

Korean

Reinsurance

Co

1,861

199,273

Lancashire

Holdings

Ltd

1,434

3,742,531

Legal

&

General

Group

plc

10,099

46,600

(a),(b)

Lifenet

Insurance

Co

302

224,627

Lincoln

National

Corp

5,546

485,270

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

448

44,582

Loews

Corp

2,822

79

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,803,412

Manulife

Financial

Corp

$

32,955

754,912

Mapfre

S.A.

1,536

3,179

(a)

Markel

Corp

4,681

1,485,887

Marsh

&

McLennan

Cos,

Inc

282,764

199,885

(a)

Max

Financial

Services

Ltd

2,186

2,530,794

Medibank

Pvt

Ltd

5,586

17,084

Menora

Mivtachim

Holdings

Ltd

399

385,933

Mercuries

&

Associates

Holding

Ltd

149

2,094,944

Mercuries

Life

Insurance

Co

Ltd

333

257,120

Mercury

General

Corp

7,207

2,674,451

Metlife,

Inc

168,250

271,915

Migdal

Insurance

&

Financial

Holdings

Ltd

334

395,349

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

14,468

977,791

Momentum

Metropolitan

Holdings

1,020

188,149

Muenchener

Rueckver

AG.

73,275

142,265

New

China

Life

Insurance

Co

Ltd

-

A

721

861,465

New

China

Life

insurance

Co

Ltd

-

H

2,066

399,807

nib

holdings

Ltd

1,903

675,580

NN

Group

NV

21,658

4,298,697

Old

Mutual

Ltd

2,738

65,678

Old

Republic

International

Corp

1,769

1,402,951

(a)

Oscar

Health,

Inc

7,814

696,902

(b)

OUTsurance

Group

Ltd

1,574

9,718,600

(a)

Panin

Financial

Tbk

PT

183

168,075

(a)

PB

Fintech

Ltd

1,544

9,228,388

People's

Insurance

Co

Group

of

China

Ltd

3,301

747,915

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

607

818,598

Phoenix

Group

Holdings

plc

4,797

143,737

Phoenix

Holdings

Ltd

1,509

6,213,556

PICC

Property

&

Casualty

Co

Ltd

7,956

5,976,476

Ping

An

Insurance

Group

Co

of

China

Ltd

33,896

591,027

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

3,940

569,952

(c)

Poste

Italiane

S.p.A

5,985

562,841

(b)

Power

Corp

of

Canada

14,329

511,860

Powszechny

Zaklad

Ubezpieczen

S.A.

4,835

80,128

Primerica,

Inc

15,546

60,463

Principal

Financial

Group

4,358

730,693

Progressive

Corp

101,786

50,445

Protector

Forsikring

ASA

818

92,269

Prudential

Financial,

Inc

8,755

3,818,399

Prudential

plc

41,045

1,369,441

QBE

Insurance

Group

Ltd

13,718

163,400

(b)

Qualitas

Controladora

SAB

de

C.V.

1,228

29,387

Reinsurance

Group

of

America,

Inc

(Class

A)

4,267

81,993

(a)

Religare

Enterprises

Ltd

238

117,034

RenaissanceRe

Holdings

Ltd

23,163

30,941

RLI

Corp

4,205

70,359

(a)

Ryan

Specialty

Holdings,

Inc

3,405

25,250

Safety

Insurance

Group,

Inc

1,722

626,054

Sampo

Oyj

(A

Shares)

27,065

26,952

Samsung

Fire

&

Marine

Insurance

Co

Ltd

5,184

69,317

Samsung

Life

Insurance

Co

Ltd

3,606

1,539,977

Sanlam

Ltd

5,342

40,935

Santam

Ltd

651

387,176

(c)

SBI

Life

Insurance

Co

Ltd

6,073

119,551

SCOR

SE

3,712

876,251

(a)

Selectquote,

Inc

1,025

11,219,866

Shin

Kong

Financial

Holding

Co

Ltd

3,225

521,000

Shinkong

Insurance

Co

Ltd

975

26,270

(a)

Skyward

Specialty

Insurance

Group,

Inc

719

368,254

Sompo

Holdings,

Inc

15,782

90,556

(a)

Star

Health

&

Allied

Insurance

Co

Ltd

655

CREF

Stock

Account

September

30,

2023

80

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

772,456

Steadfast

Group

Ltd

$

2,790

1,383,839

Storebrand

ASA

11,236

572,892

Sun

Life

Financial,

Inc

27,952

1,163,509

Suncorp-Metway

Ltd

10,366

33,563

Swiss

Life

Holding

20,882

14,971

Swiss

Re

AG.

1,538

248,500

Syarikat

Takaful

Malaysia

Keluarga

Bhd

184

462,700

T&D

Holdings,

Inc

7,609

69,374

Talanx

AG.

4,391

40,087

Tiptree,

Inc

672

1,660,300

Tokio

Marine

Holdings,

Inc

38,442

135,385

Tongyang

Life

Insurance

Co

Ltd

472

37,145

Topdanmark

AS.

1,613

258,200

TQM

Alpha

PCL

237

175,742

Travelers

Cos,

Inc

28,700

37,010

(a)

Trisura

Group

Ltd

821

1,247,340

Tryg

A.S.

22,826

1,476,625

Unipol

Gruppo

S.p.A

7,970

291,370

Uniqa

Versicherungen

AG.

2,356

150,646

Unum

Group

7,410

31,025

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

865

274,003

W.R.

Berkley

Corp

17,396

2,150

White

Mountains

Insurance

Group

Ltd

3,216

352,503

Willis

Towers

Watson

plc

73,659

23,213

Wuestenrot

&

Wuerttembergische

AG.

355

304,605

(a),(c)

ZhongAn

Online

P&C

Insurance

Co

Ltd

893

474,078

Zurich

Insurance

Group

AG

216,917

TOTAL

INSURANCE

3,269,570

MATERIALS

-

4.7%

50,400

(a),(b)

5E

Advanced

Materials,

Inc

114

149,410

Aarti

Industries

Ltd

882

59,842

(a)

Aarti

Pharmalabs

Ltd

333

1,518,270

Abou

Kir

Fertilizers

&

Chemical

Industries

3,295

462,935

Acerinox

S.A.

4,473

65,338

ADEKA

Corp

1,116

326,825

Adelaide

Brighton

Ltd

424

45,110

Advanced

Enzyme

Technologies

Ltd

174

7,131

(b)

Advanced

Nano

Products

Co

Ltd

704

102,999

Advanced

Petrochemical

Co

1,102

87,812

AECI

Ltd

523

12,475

Aekyung

Chemical

Co

Ltd

121

86,668

African

Rainbow

Minerals

Ltd

779

66,625

Afrimat

Ltd

185

49,769

Agnico

Eagle

Mines

Ltd

2,262

501,100

Agnico-Eagle

Mines

Ltd

22,770

38,752

Aica

Kogyo

Co

Ltd

864

716,673

Air

Liquide

120,710

127,610

Air

Products

&

Chemicals,

Inc

36,165

148,800

Air

Water,

Inc

1,852

7,443

Akzo

Nobel

India

Ltd

225

90,219

Akzo

Nobel

NV

6,505

30,883

Al

Masane

Al

Kobra

Mining

Co

429

331,549

Alamos

Gold,

Inc

3,740

67,361

Albemarle

Corp

11,454

212,902

Alcoa

Corp

6,187

70,378

(b)

Algoma

Steel

Group,

Inc

477

14,012

Alkyl

Amines

Chemicals

388

801,114

Alleima

AB

4,200

33,000

Allied

Supreme

Corp

300

502,971

(a)

Allkem

Ltd

3,761

458,332

(a)

Alpha

HPA

Ltd

227

81

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

31,177

(b)

Altius

Minerals

Corp

$

504

57,606

(b)

Altri

SGPS

S.A.

261

28,369

(a)

Alujain

Corp

334

2,073,432

Alumina

Ltd

1,261

3,681,964

Aluminum

Corp

of

China

Ltd

2,048

825,687

Aluminum

Corp

of

China

Ltd

(Class

A)

712

524,566

Ambuja

Cements

Ltd

2,674

92

Amcor

plc

1

24,579

AMG

Advanced

Metallurgical

Group

NV

738

52,893

Anglo

American

Platinum

Ltd

1,974

1,089,129

Anglo

American

plc

29,907

350,831

AngloGold

Ashanti

UK

Ltd

5,637

561,565

Anhui

Conch

Cement

Co

Ltd

1,486

91,645

Anhui

Conch

Cement

Co

Ltd

(Class

A)

328

22,820

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

89

159,942

Antofagasta

plc

2,777

18,784

Anupam

Rasayan

India

Ltd

200

41,068

APERAM

S.A.

1,193

137,037

APL

Apollo

Tubes

Ltd

2,677

38,396

Arabian

Cement

Co

340

1,666,710

(a),(b)

Arafura

Rare

Earths

Ltd

277

210,088

(a)

ArcelorMittal

S.A.

5,260

29,351

Archean

Chemical

Industries

Ltd

208

21,277

(a),(d)

Ardagh

Group

S.A.

92

113,763

(b)

Ardagh

Metal

Packaging

S.A.

356

58,034

(b)

ARE

Holdings,

Inc

736

1,065,951

(a)

Argosy

Minerals

Ltd

132

234,857

Arkema

23,119

1,133,508

Asahi

Kasei

Corp

7,135

8,700

Asahi

Organic

Chemicals

Industry

Co

Ltd

215

36,945

Ashland,

Inc

3,018

348,000

Asia

Cement

China

Holdings

Corp

117

1,013,044

Asia

Cement

Corp

1,248

12,981

(a),(d)

Asia

Pacific

Investment

Partners

Limited

0^

369,000

Asia

Polymer

Corp

280

330,591

Asian

Paints

Ltd

12,565

59,100

(a)

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

228

869,640

(a),(b)

Aspen

Aerogels,

Inc

7,479

54,305

Associated

Cement

Co

Ltd

1,312

96,354

Atalaya

Mining

plc

400

12,057

Atul

Ltd

1,021

51,605

Aurubis

AG.

3,808

43,683

Avery

Dennison

Corp

7,980

377,716

Avient

Corp

13,341

3,056,195

(a),(b),(d)

AVZ

Minerals

Ltd

766

1,282,749

(a)

Axalta

Coating

Systems

Ltd

34,506

86,583

(a)

Aya

Gold

&

Silver,

Inc

465

1,070,801

B2Gold

Corp

3,075

11,265

Balaji

Amines

Ltd

294

204,209

Ball

Corp

10,166

1,440,385

Baoshan

Iron

&

Steel

Co

Ltd

1,204

23,089,321

Barito

Pacific

Tbk

PT

1,941

1,594,576

Barrick

Gold

Corp

23,163

10,963

BASF

India

Ltd

337

903,572

BASF

SE

40,900

12,753

Bayer

CropScience

Ltd

820

30,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

112

28,281

Bekaert

S.A.

1,266

895,942

(a)

Bellevue

Gold

Ltd

788

206,693

Berger

Paints

India

Ltd

1,414

41,339

(a)

Berger

Paints

India

Ltd

283

20,163,000

(a)

Berkah

Beton

Sadaya

Tbk

PT

65

CREF

Stock

Account

September

30,

2023

82

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

136,483

Berry

Global

Group,

Inc

$

8,450

51,080

BEWi

ASA

142

6,601,692

BHP

Billiton

Ltd

185,447

255,811

BHP

Group

Ltd

7,261

186,059

Billerud

AB

1,722

4,000

(a),(b),(d)

Bio

On

Spa

0^

28,588

Birla

Corp

Ltd

422

387,774

BlueScope

Steel

Ltd

4,802

606,594

Boliden

AB

17,407

314,579

(a)

Boral

Ltd

895

75,802

Borregaard

ASA

1,115

23,447

(a)

Borusan

Mannesmann

Boru

Sanayi

ve

Ticaret

AS.

602

294,305

Boubyan

Petrochemicals

Co

KSCP

660

17,900

Bradespar

S.A.

75

1,302,100

Bradespar

S.A.

5,885

251,188

Breedon

Group

plc

1,008

61,328

Brickworks

Ltd

980

78,140

Buzzi

Unicem

S.p.A.

2,135

43,500

C

Uyemura

&

Co

Ltd

2,741

291,181

(a)

Calibre

Mining

Corp

279

105,291

(a),(b)

Calix

Ltd

190

45,474

(a)

Canfor

Corp

565

18,482

Canmax

Technologies

Co

Ltd

65

45,797

CAP

S.A.

297

244,245

(a)

Capricorn

Metals

Ltd

639

347,117

(a),(b)

Capstone

Copper

Corp

1,472

85,783

Carborundum

Universal

Ltd

1,213

195,930

Carpenter

Technology

Corp

13,168

58,955

(b)

Cascades,

Inc

533

1,522,584

Castrol

India

Ltd

2,537

135,560

CCL

Industries

5,690

683,216

Celanese

Corp

(Series

A)

85,757

33,837

Cementir

Holding

NV

268

13,081,130

(a),(b)

Cemex

S.A.

de

C.V.

8,534

1,008,130

Centamin

plc

1,024

186,643

Centerra

Gold,

Inc

912

725,931

Central

Asia

Metals

plc

1,665

126,000

Century

Iron

&

Steel

Industrial

Co

Ltd

707

45,282

Century

Plyboards

India

Ltd

352

41,481

Century

Textiles

&

Industries

Ltd

557

15,158

CF

Industries

Holdings,

Inc

1,300

276,414

(a)

Chalice

Mining

Ltd

407

138,584

Chambal

Fertilisers

and

Chemicals

Ltd

461

320,666

Champion

Iron

Ltd

1,280

59,219

(a)

Chemplast

Sanmar

Ltd

344

632,000

Cheng

Loong

Corp

561

22,000

Chengxin

Lithium

Group

Co

Ltd

68

350,880

Chia

Hsin

Cement

Corp

202

29,700

(a)

Chifeng

Jilong

Gold

Mining

Co

Ltd

59

2,799,600

China

BlueChemical

Ltd

692

406,000

China

General

Plastics

Corp

314

2,200,605

(b)

China

Hongqiao

Group

Ltd

2,143

101,429

China

Jushi

Co

Ltd

188

1,236,000

China

Man-Made

Fiber

Corp

300

150,000

China

Metal

Products

165

3,436,614

China

Molybdenum

Co

Ltd

2,192

985,744

China

Molybdenum

Co

Ltd

(Class

A)

802

1,690,276

China

National

Building

Material

Co

Ltd

884

1,214,000

China

Nonferrous

Mining

Corp

Ltd

776

177,029

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

530

2,456,000

China

Oriental

Group

Co

Ltd

387

2,855,000

China

Petrochemical

Development

Corp

830

83

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,000

China

Rare

Earth

Resources

And

Technology

Co

Ltd

$

229

1,148,248

China

Resources

Cement

Holdings

Ltd

294

110,000

China

Steel

Chemical

Corp

385

10,047,181

China

Steel

Corp

7,862

2,791,251

China

XLX

Fertiliser

Ltd

1,398

4,462,240

(a),(b),(d)

China

Zhongwang

Holdings

Ltd

6

64,306

Chr

Hansen

Holding

A/S

3,934

23,078

Chugoku

Marine

Paints

Ltd

209

512,000

Chun

Yuan

Steel

Industry

Co

Ltd

269

4,030

Chunbo

Co

Ltd

390

801,000

Chung

Hung

Steel

Corp

560

328,000

Chung

Hwa

Pulp

Corp

230

113,000

Cia

Brasileira

de

Aluminio

103

32,800

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

328

193,122

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

1,645

541,150

Cia

Siderurgica

Nacional

S.A.

1,307

300,629

Cimsa

Cimento

Sanayi

VE

Ticaret

AS.

455

51,901

City

Cement

Co

257

161,076

Clariant

AG.

2,540

20,523

Clean

Science

&

Technology

Ltd

347

1,191,682

(a)

Cleveland-Cliffs,

Inc

18,626

21,800

CNGR

Advanced

Material

Co

Ltd

152

140,080

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

89

684,850

(a)

Coeur

Mining,

Inc

1,520

146,660

Commercial

Metals

Co

7,246

86,132

(a)

Companhia

Vale

do

Rio

Doce

5

159,582

Compass

Minerals

International,

Inc

4,460

1,128,773

(a)

Constellium

SE

20,544

48,247

Corbion

NV

960

1,374,790

(a),(b)

Core

Lithium

Ltd

354

50,680

(a)

Core

Molding

Technologies,

Inc

1,444

95,978

Coromandel

International

Ltd

1,323

3,312,784

(c)

Coronado

Global

Resources,

Inc

4,111

3,848,443

Corteva,

Inc

196,886

28,489

(b)

Corticeira

Amorim

SGPS

S.A.

293

20,254

(a)

Cosmochemical

Co

Ltd

573

220,831

(c)

Covestro

AG.

11,875

3,285,037

(a),(e)

CRH

plc

179,790

40,062

Croda

International

plc

2,393

1,772,056

Crown

Holdings,

Inc

156,792

1,041,452

CSR

Ltd

3,753

1,389,200

D&L

Industries,

Inc

158

211,200

Daicel

Chemical

Industries

Ltd

1,767

21,331

Daido

Steel

Co

Ltd

867

4,100

Daiken

Corp

82

26,300

Daiki

Aluminium

Industry

Co

Ltd

229

67,101

Dainippon

Ink

and

Chemicals,

Inc

1,089

77,899

(b)

Daio

Paper

Corp

637

73,330

(a),(b)

Dakota

Gold

Corp

189

61,699

Dalmia

Bharat

Ltd

1,783

984,426

(a)

De

Grey

Mining

Ltd

706

48,522

Deepak

Fertilisers

&

Petrochemicals

Corp

Ltd

377

53,599

Deepak

Nitrite

Ltd

1,366

64,949

Denki

Kagaku

Kogyo

KK

1,173

1,960,042

Deterra

Royalties

Ltd

5,991

335,310

Dexco

S.A.

514

51,700

Do-Fluoride

New

Materials

Co

Ltd

114

25,466

Dongjin

Semichem

Co

Ltd

631

15,213

(a)

Dongkuk

CM

Co

Ltd

85

25,243

(a)

Dongkuk

Steel

Mill

Co

Ltd

208

3,201

(a)

Dongwha

Enterprise

Co

Ltd

133

3,372

Dongwon

Systems

Corp

75

CREF

Stock

Account

September

30,

2023

84

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

1,430,000

Dongyue

Group

Ltd

$

1,071

2,309

(a),(b)

Dottikon

Es

Holding

AG.

541

485,292

Dow,

Inc

25,022

45,079

DOWA

HOLDINGS

CO

Ltd

1,401

385,527

DRDGOLD

Ltd

318

1,130,128

DS

Smith

plc

3,942

401,127

DSM-Firmenich

AG.

33,896

409,900

Dundee

Precious

Metals,

Inc

2,535

3,368,296

DuPont

de

Nemours,

Inc

251,241

26,577

Eagle

Materials,

Inc

4,426

7,764

East

Pipes

Integrated

Co

for

Industry

136

960,500

Eastern

Polymer

Group

PCL

174

40,083

Eastern

Province

Cement

Co

416

34,113

Eastman

Chemical

Co

2,617

21,369

Ecolab,

Inc

3,620

17,165

(b)

Ecopro

Co

Ltd

11,394

449,433

(a)

Ecovyst,

Inc

4,422

65,163

EID

Parry

India

Ltd

409

109,436

(a)

El

Ezz

Steel

Co

190

168,439

(a)

Eldorado

Gold

Corp

1,503

318,123

Element

Solutions,

Inc

6,238

464,438

(a)

Elementis

plc

701

241,189

(c)

Elkem

ASA

488

973,163

Empresas

CMPC

S.A.

1,792

7,667

EMS-Chemie

Holding

AG.

5,196

110,191

(b)

Ence

Energia

y

Celulosa

S.A.

369

7,212

(a)

Enchem

Co

Ltd

304

201,083

Endeavour

Mining

plc

3,882

172,991

(a)

Endeavour

Silver

Corp

423

122,091

EPL

Ltd

274

245,333

(a)

Equinox

Gold

Corp

1,031

7,897

(b)

Eramet

600

1,145,441

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,855

69,316

(a),(b)

ERO

Copper

Corp

1,195

239,748

Essentra

plc

473

668,850

Eternal

Chemical

Co

Ltd

588

725,000

EVERGREEN

Steel

Corp

1,595

446,000

Everlight

Chemical

Industrial

Corp

267

1,538,003

Evolution

Mining

Ltd

3,211

10,408

Evonik

Industries

AG.

190

343,000

Feng

Hsin

Iron

&

Steel

Co

714

258,319

Ferrexpo

plc

240

76,924

(a)

Filo

Corp

1,149

7,567

Fine

Organic

Industries

Ltd

436

33,792

Fineotex

Chemical

Ltd

130

519,640

Finolex

Industries

Ltd

1,399

1,286,478

(a),(b),(d)

Firefinch

Ltd

83

228,002

(b)

First

Majestic

Silver

Corp

1,168

535,063

First

Quantum

Minerals

Ltd

12,641

92,257

FMC

Corp

6,178

42,872

Foosung

Co

Ltd

325

3,025,139

Formosa

Chemicals

&

Fibre

Corp

5,765

3,296,019

Formosa

Plastics

Corp

8,148

316,820

(c)

Forterra

plc

575

1,440,631

Fortescue

Metals

Group

Ltd

19,150

235,507

(a),(b)

Fortuna

Silver

Mines,

Inc

642

37,020

FP

Corp

594

187,565

(b)

Franco-Nevada

Corp

25,040

2,405,213

Freeport-McMoRan,

Inc

(Class

B)

89,690

56,435

FUCHS

SE

2,188

1,275,000

Fufeng

Group

Ltd

716

29,877

Fuji

Seal

International,

Inc

356

43,425

Fujimi,

Inc

872

10,730

Fujimori

Kogyo

Co

Ltd

266

85

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

15,900

Fuso

Chemical

Co

Ltd

$

417

11,151

Galaxy

Surfactants

Ltd

341

352,880

(c)

Ganfeng

Lithium

Group

Co

Ltd

1,441

78,480

Ganfeng

Lithium

Group

Co

Ltd

482

136,600

(b)

GCC

SAB

de

C.V.

1,285

131,079

GEM

Co

Ltd

110

582,236

(a),(b)

Genesis

Minerals

Ltd

516

973,940

Gerdau

S.A.

(Preference)

4,675

62,969

GHCL

Ltd

466

1,164,318

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

2,107

9,844

Givaudan

S.A.

32,050

26,239,311

Glencore

plc

149,420

134,311

(a),(b)

Global

Atomic

Corp

225

579,000

(a),(b)

Global

New

Material

International

Holdings

Ltd

301

350,000

Gloria

Material

Technology

Corp

493

39,541

Godawari

Power

and

Ispat

Ltd

301

756,048

(a)

GoGold

Resources,

Inc

674

761,495

Gold

Fields

Ltd

8,254

870,112

Gold

Road

Resources

Ltd

894

666,000

Goldsun

Development

&

Construction

Co

Ltd

517

792,000

Grand

Pacific

Petrochemical

409

577,222

Grange

Resources

Ltd

175

88,061

Granges

AB

828

230,052

Graphic

Packaging

Holding

Co

5,126

224,351

Grasim

Industries

Ltd

5,234

11,397

Gravita

India

Ltd

125

605,755

(a),(d)

Great

Basin

Gold

Ltd

4

4,118,082

(a),(b)

Greatland

Gold

plc

322

47,969

Greenpanel

Industries

Ltd

219

2,920

Greif,

Inc

(Class

B)

194

29,721

(a)

Grupa

Azoty

S.A.

167

7,403

Grupa

Kety

S.A.

1,116

2,668,038

(b)

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

12,629

163,800

(a)

Guangdong

HEC

Technology

Holding

Co

Ltd

149

100,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

374

414,100

(a)

Guizhou

Zhongyida

Co

Ltd

131

17,665

Gujarat

Alkalies

&

Chemicals

Ltd

155

21,772

Gujarat

Fluorochemicals

Ltd

799

518,867

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd

3,816

199,152

Gujarat

State

Fertilizers

&

Chemicals

Ltd

415

2,267

(b)

Gurit

Holding

AG.

230

26,291

Han

Kuk

Carbon

Co

Ltd

244

47,200

Hangzhou

Oxygen

Plant

Group

Co

Ltd

210

11,998

Hanil

Cement

Co

Ltd

107

7,604

Hansol

Chemical

Co

Ltd

941

86,093

(a)

Hanwha

Chemical

Corp

1,898

32,600

Haohua

Chemical

Science

&

Technology

Co

Ltd

148

448,676

Harmony

Gold

Mining

Co

Ltd

1,685

1,074,148

HeidelbergCement

AG.

83,193

67,346

HeidelbergCement

India

Ltd

145

936,562

(a)

Hektas

Ticaret

TAS

917

162,700

Henan

Shenhuo

Coal

&

Power

Co

Ltd

382

380,669

Hengli

Petrochemical

Co

Ltd

752

196,094

Hengyi

Petrochemical

Co

Ltd

198

873,316

Hesteel

Co

Ltd

272

662,479

Hexpol

AB

5,870

174,295

Hill

&

Smith

Holdings

plc

3,647

151,316

Himadri

Speciality

Chemical

Ltd

442

1,052,618

Hindalco

Industries

Ltd

6,213

191,678

Hindustan

Copper

Ltd

374

682,601

Hochschild

Mining

plc

695

97,229

(b)

Hokuetsu

Paper

Mills

Ltd

705

25,870

(b)

Holcim

Ltd

1,656

102,653

Holmen

AB

3,990

CREF

Stock

Account

September

30,

2023

86

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

17,401

Honam

Petrochemical

Corp

$

1,767

33,400

Hoshine

Silicon

Industry

Co

Ltd

277

173,000

Hsin

Kuang

Steel

Co

Ltd

251

883,000

(b)

Huabao

International

Holdings

Ltd

300

245,900

Huafon

Chemical

Co

Ltd

238

277,100

Huaibei

Mining

Holdings

Co

Ltd

531

27,351

Hubei

Feilihua

Quartz

Glass

Co

Ltd

170

51,900

Hubei

Xingfa

Chemicals

Group

Co

Ltd

141

1,445,099

(b)

HudBay

Minerals,

Inc

7,033

80,022

Huhtamaki

Oyj

2,631

24,170

Hunan

Changyuan

Lico

Co

Ltd

28

509,411

Hunan

Valin

Steel

Co

Ltd

418

99

Huntsman

Corp

2

2,312

Hyosung

Advanced

Materials

Corp

671

2,114

Hyosung

TNC

Corp

551

74,093

Hyundai

Steel

Co

2,084

134,279

(a),(b)

i-80

Gold

Corp

203

377,190

(a)

Iamgold

Corp

814

327,531

(c)

Ibstock

plc

569

356,724

Iluka

Resources

Ltd

1,742

410,660

Imdex

Ltd

409

27,795

(b)

Imerys

S.A.

820

736,036

(b)

Impala

Platinum

Holdings

Ltd

3,834

1,619,428

Incitec

Pivot

Ltd

3,245

2,285,797

Indah

Kiat

Pulp

&

Paper

Tbk

PT

1,639

576,801

Independence

Group

NL

4,629

76,930

India

Cements

Ltd

215

9,864

Indigo

Paints

Ltd

176

1,381,704

Indorama

Ventures

PCL

984

173,111

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

2,041

2,536,318

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

599

551,288

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

309

189,600

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

184

140,221

Innospec,

Inc

14,331

216,040

(a)

Interfor

Corp

3,205

646,000

International

CSRC

Investment

Holdings

Co

403

1,263,858

International

Flavors

&

Fragrances,

Inc

86,157

1,628,340

(a),(b)

ioneer

Ltd

234

254,347

Israel

Chemicals

Ltd

1,404

3,161

(a)

Israel

Corp

Ltd

805

11,776

ISU

Chemical

Co

Ltd

134

3,118

(a)

ISU

Specialty

Chemical

477

727,804

(a)

Ivanhoe

Mines

Ltd

6,237

374,084

James

Hardie

Industries

plc

9,784

38,843

(a)

Jastrzebska

Spolka

Weglowa

S.A.

390

17,000

JCU

Corp

353

418,149

(b)

JFE

Holdings,

Inc

6,124

15,990

Jiangsu

Yangnong

Chemical

Co

Ltd

151

28,500

Jiangsu

Yoke

Technology

Co

Ltd

252

1,143,115

Jiangxi

Copper

Co

Ltd

1,783

114,409

Jiangxi

Copper

Co

Ltd

(Class

A)

302

26,129

Jinan

Acetate

Chemical

Co

Ltd

895

16,820,800

(b)

Jinchuan

Group

International

Resources

Co

Ltd

921

1,310,869

Jindal

Saw

Ltd

5,456

306,805

Jindal

Stainless

Ltd

1,753

309,005

Jindal

Steel

&

Power

Ltd

2,599

226,900

Jinduicheng

Molybdenum

Co

Ltd

345

28,600

JK

Cement

Ltd

1,094

53,685

JK

Lakshmi

Cement

Ltd

416

60,349

JK

Paper

Ltd

285

108,695

Johnson

Matthey

plc

2,152

160,328

JSR

Corp

4,301

520,990

JSW

Steel

Ltd

4,874

60,729

Jubilant

Ingrevia

Ltd

349

87

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

162,939

K&S

AG.

$

2,947

197,264

(a)

K92

Mining,

Inc

838

40,515

Kaneka

Corp

1,050

190,312

Kansai

Nerolac

Paints

Ltd

727

144,000

Kansai

Paint

Co

Ltd

2,059

192,700

(b)

Kanto

Denka

Kogyo

Co

Ltd

1,125

707,162

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS.

760

158,140

(a)

Karora

Resources,

Inc

446

3,618

KCC

Corp

660

11,200

KeePer

Technical

Laboratory

Co

Ltd

436

89,539

Kemira

Oyj

1,392

32,695

KG

Chemical

Corp

173

33,544

KG

DONGBUSTEEL

195

108,696

KGHM

Polska

Miedz

S.A.

2,769

25,100

KH

Neochem

Co

Ltd

385

55,113

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS.

172

1,352,094

Kinross

Gold

Corp

6,162

48,552

Kirloskar

Ferrous

Industries

Ltd

280

61,202

Kirloskar

Oil

Engines

Ltd

397

623,538

Klabin

S.A.

2,954

226,940

(a)

Knife

River

Corp

11,081

921,500

Kobe

Steel

Ltd

12,002

16,044

Kolon

Industries,

Inc

543

25,558

(b)

Konishi

Co

Ltd

389

2,299

Korea

Petrochemical

Ind

Co

Ltd

232

6,689

Korea

Zinc

Co

Ltd

2,506

801,369

Koza

Altin

Isletmeleri

AS

839

162,650

(a)

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

391

3,400

Krosaki

Harima

Corp

219

26,534

(a)

Kum

Yang

Co

Ltd

2,351

53,459

Kumba

Iron

Ore

Ltd

1,284

14,151

Kumho

Petrochemical

Co

Ltd

1,404

49,548

Kumiai

Chemical

Industry

Co

Ltd

367

231,600

Kuraray

Co

Ltd

2,744

12,900

KUREHA

CORP

717

22,716

Kyoei

Steel

Ltd

302

200,858

(b)

Labrador

Iron

Ore

Royalty

Corp

4,754

33,409

(a)

Lake

Materials

Co

Ltd

346

67,770

Lanxess

AG.

1,713

1,937,459

(a)

Latin

Resources

Ltd

304

63,295

Laxmi

Organic

Industries

Ltd

212

158,754

LB

Group

Co

Ltd

401

1,196,000

Lee

&

Man

Paper

Manufacturing

Ltd

349

15,574

Lenzing

AG.

638

816,893

(a),(b),(d)

Leo

Lithium

Ltd

265

42,413

LG

Chem

Ltd

15,529

6,985

LG

Chem

Ltd

(Preference)

1,607

24,766

Linde

India

Ltd

1,773

448,873

Linde

plc

167,006

1,563,657

Linde

plc

582,228

28,300

Lintec

Corp

452

1,280,264

(a),(b)

Liontown

Resources

Ltd

2,399

249,590

(a),(b)

Lithium

Americas

Corp

4,241

684,477

Longchen

Paper

&

Packaging

Co

Ltd

312

1,279,676

(c)

Lotte

Chemical

Titan

Holding

Bhd

315

13,421

LOTTE

Fine

Chemical

Co

Ltd

581

49,293

Louisiana-Pacific

Corp

2,724

89,340

Lundin

Gold,

Inc

1,003

803,664

(b)

Lundin

Mining

Corp

5,994

160,700

Luxi

Chemical

Group

Co

Ltd

250

2,223,473

(a)

Lynas

Corp

Ltd

9,602

248

LyondellBasell

Industries

NV

23

11,733

Maeda

Kosen

Co

Ltd

235

84,589

(a),(b)

MAG.

Silver

Corp

874

CREF

Stock

Account

September

30,

2023

88

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

26,429

Maharashtra

Seamless

Ltd

$

195

54,242

(a)

Major

Drilling

Group

International

330

173,713

Marshalls

plc

533

12,604

Martin

Marietta

Materials,

Inc

5,174

48,600

Maruichi

Steel

Tube

Ltd

1,208

12,421

Meghmani

Finechem

Ltd

148

9,355,576

(a)

Merdeka

Copper

Gold

Tbk

PT

1,738

3,564,988

Mesaieed

Petrochemical

Holding

Co

1,819

968,700

Metalurgica

Gerdau

S.A.

2,149

53,729

(b)

Methanex

Corp

2,421

27,128

(a)

Methanol

Chemicals

Co

164

29,246

Middle

East

Paper

Co

253

176,249

(a)

Mincor

Resources

NL

159

574,406

Mineral

Resources

Ltd

24,666

220,350

Minerals

Technologies,

Inc

12,066

27,572

(c)

Mishra

Dhatu

Nigam

Ltd

135

34,463

Misr

Fertilizers

Production

Co

SAE

409

7,500

Mitani

Sekisan

Co

Ltd

231

1,083,234

Mitsubishi

Chemical

Holdings

Corp

6,824

127,300

Mitsubishi

Gas

Chemical

Co,

Inc

1,711

103,000

Mitsubishi

Materials

Corp

1,665

145,200

Mitsui

Chemicals,

Inc

3,762

158,164

Mitsui

Mining

&

Smelting

Co

Ltd

4,010

910

Miwon

Commercial

Co

Ltd

109

2,560,000

(a),(b)

MMG

Ltd

779

18,734

MNTech

Co

Ltd

242

406,590

Mondi

plc

6,783

668,895

Mount

Gibson

Iron

Ltd

188

144,202

(b)

M-real

Oyj

(B

Shares)

1,158

148,720

(b)

Myers

Industries,

Inc

2,667

81,719

Najran

Cement

Co

267

10,190

Namhae

Chemical

Corp

56

32,000

Nan

Pao

Resins

Chemical

Co

Ltd

206

4,105,887

Nan

Ya

Plastics

Corp

8,471

181,300

Nanofilm

Technologies

International

Ltd

124

137,093

(a),(b)

NanoXplore,

Inc

264

200,000

Nantex

Industry

Co

Ltd

224

5,998,607

National

Aluminium

Co

Ltd

6,989

284,402

(a)

National

Industrialization

Co

964

26,332

Navin

Fluorine

International

Ltd

1,193

11,762

Neogen

Chemicals

Ltd

249

513,869

(a)

New

Gold,

Inc

473

57,284

(a)

New

Pacific

Metals

Corp

99

760,737

Newcrest

Mining

Ltd

11,987

4,785

NewMarket

Corp

2,177

849,080

Newmont

Goldcorp

Corp

31,374

1,533,766

Nickel

Industries

Ltd

731

80,681

Nihon

Parkerizing

Co

Ltd

596

1,687,151

Nine

Dragons

Paper

Holdings

Ltd

946

65,700

Ningbo

Shanshan

Co

Ltd

125

393,206

Ningxia

Baofeng

Energy

Group

Co

Ltd

772

104,566

Nippon

Kayaku

Co

Ltd

873

54,003

Nippon

Light

Metal

Holdings

Co

Ltd

607

848,400

Nippon

Paint

Co

Ltd

5,698

77,980

Nippon

Paper

Industries

Co

Ltd

703

155,200

Nippon

Pillar

Packing

Co

Ltd

4,046

22,728

Nippon

Shokubai

Co

Ltd

825

17,684

Nippon

Soda

Co

Ltd

650

726,427

(b)

Nippon

Steel

Corp

17,019

107,600

Nissan

Chemical

Industries

Ltd

4,574

48,714

Nittetsu

Mining

Co

Ltd

1,631

120,900

(b)

Nitto

Denko

Corp

7,928

623,733

(a)

NMDC

Steel

Ltd

385

102,670

NOCIL

Ltd

281

89

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

53,982

NOF

Corp

$

2,155

2,779,396

Norsk

Hydro

ASA

17,393

68,883

(c)

Norske

Skog

ASA

298

281,582

Northam

Platinum

Holdings

Ltd

1,708

55,538

Northern

Region

Cement

Co

163

980,398

Northern

Star

Resources

Ltd

6,510

212,183

(a),(b)

Novagold

Resources,

Inc

812

101,941

Novozymes

A.S.

4,102

241,140

Nucor

Corp

37,702

298,211

Nufarm

Ltd

903

42,692

Nuh

Cimento

Sanayi

AS.

557

839,380

(b)

Nutrien

Ltd

51,837

109,674

(a)

Nuvoco

Vistas

Corp

Ltd

490

2,915,704

OceanaGold

Corp

5,710

9,484

OCI

Co

Ltd

685

5,077

(a)

OCI

Co

Ltd

458

40,913

OCI

NV

1,138

638,716

(a)

O-I

Glass,

Inc

10,686

781,605

OJI

Paper

Co

Ltd

3,288

16,000

Okamoto

Industries,

Inc

542

114,366

Olin

Corp

5,716

119,157

Omnia

Holdings

Ltd

355

829,748

(b)

Orbia

Advance

Corp

SAB

de

C.V.

1,724

384,072

Orica

Ltd

3,829

474,000

Oriental

Union

Chemical

Corp

281

148,670

Orion

S.A.

3,164

184,329

(a)

Orla

Mining

Ltd

651

5,227,359

Orora

Ltd

9,196

9,100

Osaka

Organic

Chemical

Industry

Ltd

154

12,000

Osaka

Soda

Co

Ltd

516

25,300

Osaka

Titanium

Technologies

514

143,058

(b)

Osisko

Gold

Royalties

Ltd

1,680

277,515

(a)

Osisko

Mining,

Inc

503

314,013

(b)

Outokumpu

Oyj

1,315

302,332

(a)

Oyak

Cimento

Fabrikalari

AS

882

1,064,800

Pabrik

Kertas

Tjiwi

Kimia

Tbk

PT

660

480,670

Packaging

Corp

of

America

73,807

1,635,687

Pan

African

Resources

plc

287

2,214,701

(b)

Pan

American

Silver

Corp

32,069

419,180

(b)

Pan

American

Silver

Corp

(Toronto)

6,067

508,266

(a)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

256

229,073

(c)

Paradeep

Phosphates

Ltd

197

133,015

PCBL

Ltd

270

2,829,488

Perenti

Ltd

1,956

5,853,340

Perseus

Mining

Ltd

6,112

979,003

(a)

Petkim

Petrokimya

Holding

701

2,433,815

Petronas

Chemicals

Group

Bhd

3,720

13,469

PI

Advanced

Materials

Co

Ltd

271

74,302

PI

Industries

Ltd

3,086

128,839

Pidilite

Industries

Ltd

3,779

2,295,426

(b)

Pilbara

Minerals

Ltd

6,262

162,900

(a)

PMB

Technology

Bhd

110

15,541

Polyplex

Corp

Ltd

216

158,645

Poongsan

Corp

3,965

166,049

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

626

61,862

POSCO

24,372

26,642

POSCO

Future

M

Co

Ltd

7,048

17,535

POSCO

M-Tech

Co

Ltd

374

95,200

PPG

Industries,

Inc

12,357

3,021,068

Press

Metal

Aluminium

Holdings

Bhd

3,025

126,676

(a)

Prism

Johnson

Ltd

200

9,028

(a)

Privi

Speciality

Chemicals

Ltd

132

6,237,800

PT

Aneka

Tambang

Tbk

730

984,500

PT

Indocement

Tunggal

Prakarsa

Tbk

633

CREF

Stock

Account

September

30,

2023

90

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

2,912,223

PT

Semen

Gresik

Persero

Tbk

$

1,209

2,004,800

PT

Vale

Indonesia

Tbk

731

2,163

(a)

PTC

Industries

Ltd

153

1,919,509

PTT

Global

Chemical

PCL

1,810

38,116

Qassim

Cement

Co

651

2,262,375

Qatar

Aluminum

Manufacturing

Co

860

228,227

Qatari

Investors

Group

QSC

107

289,200

(a)

Qinghai

Salt

Lake

Industry

Co

Ltd

681

1,080

Quaker

Chemical

Corp

173

117,923

Rain

Industries

Ltd

232

15,226

Rajratan

Global

Wire

Ltd

141

69,861

Rallis

India

Ltd

176

87,191

Ramco

Cements

Ltd

953

792,699

Ramelius

Resources

Ltd

722

42,502

Ramkrishna

Forgings

Ltd

328

42,885

Rashtriya

Chemicals

&

Fertilizers

Ltd

65

34,466

Ratnamani

Metals

&

Tubes

Ltd

1,078

32,234

(b)

Recticel

S.A.

319

613,912

Regis

Resources

Ltd

579

179,476

Reliance

Steel

&

Aluminum

Co

47,064

155,683

Rengo

Co

Ltd

1,068

1,769,986

(a)

Resolute

Mining

Ltd

389

50,762

Rhi

Magnesita

India

Ltd

456

19,991

RHI

Magnesita

NV

675

315,238

Rio

Tinto

Ltd

22,737

1,058,753

Rio

Tinto

plc

66,482

568,824

Rongsheng

Petrochemical

Co

Ltd

930

12,742

Rossari

Biotech

Ltd

125

33,300

Royal

Gold,

Inc

3,541

426,840

Ryerson

Holding

Corp

12,417

204,143

SABIC

Agri-Nutrients

Co

7,245

302,405

Sahara

International

Petrochemical

Co

3,054

32,600

Sakata

INX

Corp

281

122,644

Salzgitter

AG.

3,239

4,273

Sam-A

Aluminum

Co

Ltd

322

19,000

San

Fu

Chemical

Co

Ltd

80

395,199

Sandfire

Resources

Ltd

1,540

208,264

(b)

Sandstorm

Gold

Ltd

974

58,211

Sanyo

Chemical

Industries

Ltd

1,594

15,206

Sanyo

Special

Steel

Co

Ltd

299

440,193

(b)

Sappi

Ltd

1,024

102,500

Sarda

Energy

&

Minerals

Ltd

272

928,254

(a)

Sasa

Polyester

Sanayi

AS

1,665

498,238

(b)

Sasol

Ltd

6,839

187,820

Satellite

Chemical

Co

Ltd

395

1,093,899

(a)

Saudi

Arabian

Mining

Co

11,777

43,826

Saudi

Aramco

Base

Oil

Co

1,739

781,199

Saudi

Basic

Industries

Corp

17,201

65,406

Saudi

Cement

Co

910

319,100

Saudi

Industrial

Investment

Group

2,024

635,181

(a)

Saudi

Kayan

Petrochemical

Co

2,118

6,180,973

(a),(b)

Sayona

Mining

Ltd

366

927,600

SCG

Packaging

PCL

970

64,260

Schnitzer

Steel

Industries,

Inc

(Class

A)

1,790

664,000

Scientex

BHD

525

31,662

Scotts

Miracle-Gro

Co

(Class

A)

1,636

58,512

(a)

Seabridge

Gold,

Inc

615

11,934

SeAH

Besteel

Holdings

Corp

217

1,348

SeAH

Steel

Holdings

Corp

217

142,277

Sealed

Air

Corp

4,675

8,218,300

(a),(d)

Sekawan

Intipratama

Tbk

PT

0^

10,829

Semapa-Sociedade

de

Investimento

e

Gestao

156

584,600

Shandong

Chenming

Paper

Holdings

Ltd

129

194,168

Shandong

Gold

Mining

Co

Ltd

-

A

665

91

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

730,255

(c)

Shandong

Gold

Mining

Co

Ltd

-

H

$

1,374

133,307

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

587

661,166

Shandong

Nanshan

Aluminum

Co

Ltd

285

129,511

Shandong

Sun

Paper

Industry

JSC

Ltd

218

241,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

118

93,677

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

376

157,629

(a)

Shanxi

Meijin

Energy

Co

Ltd

152

331,363

Shanxi

Taigang

Stainless

Steel

Co

Ltd

184

35,775

Sharda

Cropchem

Ltd

181

20,500

Shenghe

Resources

Holding

Co

Ltd

31

41,748

Shenzhen

Capchem

Technology

Co

Ltd

251

8,800

Shenzhen

Dynanonic

Co

Ltd

93

54,960

Shenzhen

Senior

Technology

Material

Co

Ltd

99

33,000

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

112

217,552

Sherwin-Williams

Co

55,487

154,000

(a)

Shihlin

Paper

Corp

265

25,100

Shikoku

Kasei

Holdings

Corp

277

654,200

Shin-Etsu

Chemical

Co

Ltd

19,002

248,703

Shin-Etsu

Polymer

Co

Ltd

2,223

1,007,000

Shinkong

Synthetic

Fibers

Corp

478

78,000

Shiny

Chemical

Industrial

Co

Ltd

316

11,310

Shivalik

Bimetal

Controls

Ltd

72

1,622,000

Shougang

Fushan

Resources

Group

Ltd

549

146,300

Showa

Denko

KK

2,447

7,645

Shree

Cement

Ltd

2,339

659,583

Siam

Cement

PCL

5,438

86,800

Siam

City

Cement

PCL

318

2,415,256

(b)

Sibanye

Stillwater

Ltd

3,708

149,500

Sichuan

Hebang

Biotechnology

Co

Ltd

48

35,900

Sichuan

Yahua

Industrial

Group

Co

Ltd

74

334,146

SIG

Group

AG.

8,232

57,879

(b)

Sika

AG.

14,664

410,830

Silgan

Holdings,

Inc

17,711

2,401,668

(a)

Silver

Lake

Resources

Ltd

1,286

162,896

Silvercorp

Metals,

Inc

379

127,678

(a),(b)

SilverCrest

Metals,

Inc

564

137,767

Sims

Ltd

1,185

1,490,000

(b)

Sinofert

Holdings

Ltd

175

81,600

Sinoma

Science

&

Technology

Co

Ltd

230

31,988

Sinomine

Resource

Group

Co

Ltd

160

297,000

Sinon

Corp

337

765,467

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

324

8,138

SK

Chemicals

Co

Ltd

380

21,404

(a),(c)

SK

IE

Technology

Co

Ltd

1,169

14,870

SKC

Co

Ltd

835

69,241

(a)

Skeena

Resources

Ltd

317

28,568

Skshu

Paint

Co

Ltd

270

863,702

Smurfit

Kappa

Group

plc

28,692

122,088

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

7,251

27,919

SOL

S.p.A.

789

434,000

Solar

Applied

Materials

Technology

Corp

491

22,312

Solar

Industries

India

Ltd

1,293

58,924

(a),(b)

Solaris

Resources,

Inc

228

1,285,132

(a),(b)

SolGold

plc

196

28,320

Solvay

S.A.

3,130

74,919

Sonoco

Products

Co

4,072

2,946

Soulbrain

Co

Ltd

499

86,274

South32

Ltd

189

3,862,709

South32

Ltd

8,340

76,776

Southern

Copper

Corp

5,780

52,872

Southern

Province

Cement

Co

622

125,183

SRF

Ltd

3,381

189,360

Ssab

Svenskt

Stal

AB

(Series

A)

1,067

1,995,484

Ssab

Svenskt

Stal

AB

(Series

B)

10,947

CREF

Stock

Account

September

30,

2023

92

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

566,138

(b)

SSR

Mining,

Inc

$

7,524

733,074

(b)

SSR

Mining,

Inc

9,737

75,086

Steel

Dynamics,

Inc

8,051

29,879

(b)

Stelco

Holdings,

Inc

826

43,787

Stella-Jones,

Inc

2,106

2,054

STO

AG.

282

393,996

Stora

Enso

Oyj

(R

Shares)

4,938

103,300

Straits

Trading

Co

Ltd

149

28,112

Sumitomo

Bakelite

Co

Ltd

1,224

1,197,500

Sumitomo

Chemical

Co

Ltd

3,257

94,336

Sumitomo

Chemical

India

Ltd

479

210,300

Sumitomo

Metal

Mining

Co

Ltd

6,176

25,221

Sumitomo

Osaka

Cement

Co

Ltd

620

1,009,635

(a)

Summit

Materials,

Inc

31,440

1,039,285

SunCoke

Energy,

Inc

10,549

29,100

Sunresin

New

Materials

Co

Ltd

233

162,891

Supreme

Industries

Ltd

8,085

64,386

Supreme

Petrochem

Ltd

370

7,067,200

Surya

Esa

Perkasa

Tbk

PT

364

665,217

Suzano

SA

7,183

662,175

Svenska

Cellulosa

AB

(B

Shares)

9,067

287,716

Symrise

AG.

27,390

14,148

(a),(b)

Synthomer

plc

40

512,291

(a),(b)

Syrah

Resources

Ltd

166

24,900

(b)

T

Hasegawa

Co

Ltd

507

1,405,344

TA

Chen

Stainless

Pipe

1,607

269

Taekwang

Industrial

Co

Ltd

113

93,300

Taiheiyo

Cement

Corp

1,653

2,696,145

Taiwan

Cement

Corp

2,778

1,235,000

Taiwan

Fertilizer

Co

Ltd

2,254

232,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

759

29,000

Taiyo

Ink

Manufacturing

Co

Ltd

497

153,319

Taiyo

Nippon

Sanso

Corp

3,630

13,755

Takasago

International

Corp

277

81,614

(b)

Takiron

Co

Ltd

313

140,400

Tangshan

Jidong

Cement

Co

Ltd

145

248,216

(a),(b)

Taseko

Mines

Ltd

311

125,523

Tata

Chemicals

Ltd

1,556

6,290,930

(a)

Tata

Steel

Ltd

9,730

6,430

Tatva

Chintan

Pharma

Chem

Pvt

Ltd

123

14,738

TCC

Steel

537

642,716

Teck

Cominco

Ltd

(Class

B)

27,663

120,534

Teck

Resources

Ltd

5,194

150,300

Teijin

Ltd

1,460

44,900

Tenma

Corp

716

19,203

(b)

Tessenderlo

Chemie

NV

553

4,433,504

ThyssenKrupp

AG.

33,705

1,306,000

Tiangong

International

Co

Ltd

424

75,000

Tianqi

Lithium

Corp

567

145,900

Tianshan

Aluminum

Group

Co

Ltd

131

638,816

(a)

Tietto

Minerals

Ltd

137

2,862,200

Timah

Tbk

PT

146

32,180

(a)

TimkenSteel

Corp

699

507,100

Tipco

Asphalt

PCL

224

104,135

Titan

Cement

International

S.A.

1,949

12,591

TKG

Huchems

Co

Ltd

197

582,400

TOA

Paint

Thailand

PCL

366

74,203

Toagosei

Co

Ltd

666

30,524

(b)

Toho

Titanium

Co

Ltd

366

169,529

Tokai

Carbon

Co

Ltd

1,326

4,100

Tokushu

Tokai

Paper

Co

Ltd

94

48,541

Tokuyama

Corp

762

27,214

Tokyo

Ohka

Kogyo

Co

Ltd

1,617

283,004

(b)

Tokyo

Steel

Manufacturing

Co

Ltd

3,188

93

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

564,000

Ton

Yi

Industrial

Corp

$

288

95,378

Tongkun

Group

Co

Ltd

193

659,000

Tongling

Nonferrous

Metals

Group

Co

Ltd

288

1,250,781

Toray

Industries,

Inc

6,508

454,073

(a)

Torex

Gold

Resources,

Inc

4,724

1,005,100

Tosoh

Corp

12,886

5,400

(b)

Toyo

Gosei

Co

Ltd

243

33,600

Toyo

Ink

Manufacturing

Co

Ltd

525

108,500

Toyo

Seikan

Kaisha

Ltd

1,773

73,448

Toyobo

Co

Ltd

529

5,268,000

TPI

Polene

PCL

210

56,992

Transcontinental,

Inc

479

114,000

Tredegar

Corp

617

41,338

Triple

Flag

Precious

Metals

Corp

541

506,000

TSRC

Corp

371

1,221,990

Tung

Ho

Steel

Enterprise

Corp

2,299

394,143

UACJ

Corp

8,263

255,226

UBE

Industries

Ltd

4,300

100,391

Ultra

Tech

Cement

Ltd

9,955

10,927

Umicore

S.A.

259

38,260

Uniao

de

Industrias

Petroquimicas

S.A.

617

2,087

Unid

Co

Ltd

95

115,157

United

States

Steel

Corp

3,740

336,810

Universal

Cement

Corp

272

727,000

UPC

Technology

Corp

335

400,469

UPL

Ltd

2,965

335,698

UPM-Kymmene

Oyj

11,495

129,890

Usha

Martin

Ltd

536

661,000

USI

Corp

425

434,300

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

574

6,934,110

Vale

S.A.

93,226

232,706

Valvoline,

Inc

7,502

751,594

Vedanta

Ltd

2,003

61,323

(c)

Verallia

S.A.

2,412

30,414

Vetropack

Holding

AG.

1,344

142,112

Vicat

S.A.

4,338

32,102

(a)

Victoria

Gold

Corp

138

72,887

Victrex

plc

1,249

54,581

Vidrala

S.A.

4,739

20,806

Vinati

Organics

Ltd

462

186,317

Voestalpine

AG.

5,073

66,549

(a),(b)

Vulcan

Energy

Resources

Ltd

123

27,050

Vulcan

Materials

Co

5,465

60,530

(b)

Vulcan

Steel

Ltd

286

19,785

Wacker

Chemie

AG.

2,825

172,696

Wanhua

Chemical

Group

Co

Ltd

2,098

43,562

Weihai

Guangwei

Composites

Co

Ltd

164

63,753

Welspun

Corp

Ltd

301

116,808

(a)

Wesdome

Gold

Mines

Ltd

610

862,225

(a)

West

African

Resources

Ltd

421

2,230,000

West

China

Cement

Ltd

207

30,238

West

Coast

Paper

Mills

Ltd

256

55,497

West

Fraser

Timber

Co

Ltd

4,029

92,400

Western

Mining

Co

Ltd

163

31,291

Western

Superconducting

Technologies

Co

Ltd

196

243,429

Westlake

Chemical

Corp

30,348

132,783

(h)

Westrock

Co

4,754

411,470

Wheaton

Precious

Metals

Corp

16,698

60,938

(b)

Wheaton

Precious

Metals

Corp

2,471

87,560

Wienerberger

AG.

2,216

27,465

Winpak

Ltd

781

58,800

Worthington

Industries,

Inc

3,635

CREF

Stock

Account

September

30,

2023

94

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

240,700

(a),(b)

W-Scope

Corp

$

1,632

47,515

Xiamen

Tungsten

Co

Ltd

112

78,778

Yamama

Cement

Co

697

172,205

Yamato

Kogyo

Co

Ltd

8,223

64,234

Yanbu

Cement

Co

582

248,923

Yanbu

National

Petrochemical

Co

2,764

8,218

Yara

International

ASA

310

233,000

YC

INOX

Co

Ltd

197

838,150

Yieh

Phui

Enterprise

Co

Ltd

396

161,723

Yintai

Gold

Co

Ltd

314

14,955

(b)

Yodogawa

Steel

Works

Ltd

354

21,840

YongXing

Special

Materials

Technology

Co

Ltd

136

9,285

Youlchon

Chemical

Co

Ltd

191

148

Young

Poong

Corp

56

18,929

Young

Poong

Paper

Manufacturing

Co

Ltd

669

904,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

912

171,900

Yunnan

Aluminium

Co

Ltd

357

333,200

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

242

41,684

Yunnan

Energy

New

Material

Co

Ltd

343

104,100

Yunnan

Tin

Co

Ltd

205

112,200

Yunnan

Yuntianhua

Co

Ltd

263

102,700

Zangge

Mining

Co

Ltd

322

114,716

(b)

Zeon

Corp

1,198

1,172,000

Zhaojin

Mining

Industry

Co

Ltd

1,616

78,878

Zhejiang

Huayou

Cobalt

Co

Ltd

407

174,836

Zhejiang

Juhua

Co

Ltd

364

225,300

Zhejiang

Longsheng

Group

Co

Ltd

287

364,500

Zhongjin

Gold

Corp

Ltd

544

133,100

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

117

79,720

Zignago

Vetro

S.p.A.

1,195

4,795,232

Zijin

Mining

Group

Co

Ltd

7,270

1,132,916

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,884

TOTAL

MATERIALS

5,112,516

MEDIA

&

ENTERTAINMENT

-

5.7%

130,923

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

391

23,494

4imprint

Group

plc

1,497

554,303

Activision

Blizzard,

Inc

51,899

314,199

(a)

Adevinta

ASA

3,095

175,550

(a),(b)

Advantage

Solutions,

Inc

499

47,589

(a)

Affle

India

Ltd

632

7,335

AfreecaTV

Co

Ltd

456

11,280,000

(a),(b)

Alibaba

Pictures

Group

Ltd

889

8,458,817

(a)

Alphabet,

Inc

1,115,295

9,297,924

(a)

Alphabet,

Inc

(Class

A)

1,216,726

15,800

(a),(b)

Anycolor,

Inc

370

12,459

Arabian

Contracting

Services

Co

687

212,000

(a),(c)

Archosaur

Games,

Inc

71

117,488

Arnoldo

Mondadori

Editore

S.p.A.

266

373,324

(a)

Ascential

plc

952

782,200

Astro

Malaysia

Holdings

Bhd

77

67,023

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

259

1,612,152

(c)

Auto

Trader

Group

plc

12,114

29,223

Autohome,

Inc

(ADR)

887

25,459

Avex

Group

Holdings,

Inc

246

5,573,348

(a)

Baidu,

Inc

93,803

15,194

(a)

Baidu,

Inc

(ADR)

2,041

667,700

BEC

World

PCL

(Foreign)

124

198,357

Beijing

Enlight

Media

Co

Ltd

234

20,018

(a),(b)

Believe

S.A.

182

6,400

(a),(b)

Bengo4.com,

Inc

207

22,086

(a)

Better

Collective

A.S.

495

95

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

162,448

(a)

Bilibili,

Inc

$

2,239

808,438

Bollore

SE

4,339

285,914

(a)

Borussia

Dortmund

GmbH

&

Co

KGaA

1,186

63,660

(a)

Boston

Omaha

Corp

1,043

1,021,373

Brightcom

Group

Ltd

232

110,200

(a)

Bumble,

Inc

1,644

26,200

(b)

Bushiroad,

Inc

99

667

Cable

One,

Inc

411

146,600

Capcom

Co

Ltd

5,276

53,300

(a),(b)

Cardlytics,

Inc

879

964,402

carsales.com

Ltd

17,277

26,614

CD

Projekt

S.A.

760

201,051

(a)

Charter

Communications,

Inc

88,426

56,488

Cheil

Worldwide,

Inc

839

161,865

(a),(d)

Chennai

Super

Kings

Cricket

Ltd

14

59,200

China

Film

Co

Ltd

115

374,158

(a),(c)

China

Literature

Ltd

1,362

4,640,000

(a),(b)

China

Ruyi

Holdings

Ltd

1,199

60,894

(a),(b)

Cineplex,

Inc

425

68,763

(a)

CJ

CGV

Co

Ltd

290

8,813

CJ

ENM

Co

Ltd

372

710,620

(a),(b)

Clear

Channel

Outdoor

Holdings,

Inc

1,123

53,550

(a),(c)

Cloud

Music,

Inc

581

1,070,000

(a),(b)

CMGE

Technology

Group

Ltd

182

11,647

Cogeco

Communications,

Inc

539

3,307

(b)

Cogeco,

Inc

120

44,018

(a),(b)

COLOPL,

Inc

174

7,186

Com2uSCorp

238

8,574,967

Comcast

Corp

(Class

A)

380,214

8,606

(a)

Connectwave

Co

Ltd

64

2,268,000

(a)

Converge

Information

and

Communications

Technology

Solutions,

Inc

384

6,600

(a),(b)

Cover

Corp

109

293,425

CTS

Eventim

AG.

16,656

337,900

CyberAgent,

Inc

1,819

157,942

Cyfrowy

Polsat

S.A.

436

64,762

Daiichikosho

Co

Ltd

1,051

59,311

(a)

Dena

Co

Ltd

596

175,600

Dentsu,

Inc

5,165

5,990

(a)

Devsisters

Co

Ltd

200

232,830

(a),(b)

DISH

Network

Corp

(Class

A)

1,364

174,994

(b)

Domain

Holdings

Australia

Ltd

446

99,224

(a),(b)

DouYu

International

Holdings

Ltd

(ADR)

97

13,672

Echo

Marketing,

Inc

110

174,466

Electronic

Arts,

Inc

21,006

618,832

(a),(b)

Embracer

Group

AB

1,234

58,650

Entravision

Communications

Corp

(Class

A)

214

113,339

(b)

Eutelsat

Communications

668

1,279,620

(a),(b)

Eventbrite,

Inc

12,617

70,104

EVT

Ltd

493

1,804,000

(b)

Fire

Rock

Holdings

Ltd

71

964,107

Focus

Media

Information

Technology

Co

Ltd

946

84,935

Fox

Corp

(Class

A)

2,650

340,000

(a),(b)

fuboTV,

Inc

908

37,300

Fuji

Television

Network,

Inc

400

268,765

Future

plc

2,903

1,495,230

(a)

Gannett

Co,

Inc

3,663

3,070

G-bits

Network

Technology

Xiamen

Co

Ltd

154

78,400

Giant

Network

Group

Co

Ltd

139

70,500

Gray

Television,

Inc

488

51,750

Gree,

Inc

206

43,880

(a),(b)

Grindr,

Inc

252

1,941,129

(b)

Grupo

Televisa

S.A.

1,180

CREF

Stock

Account

September

30,

2023

96

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,112,450

(b)

Grupo

Televisa

SAB

(ADR)

$

18,643

220,443

(a)

GungHo

Online

Entertainment,

Inc

3,480

190,500

(b)

Hakuhodo

DY

Holdings,

Inc

1,565

134,900

Hello

Group,

Inc

(ADR)

942

67,853

Hemnet

Group

AB

1,198

5,907,101

(a),(f)

HUYA,

Inc

(ADR)

16,776

16,066

(a)

HYBE

Co

Ltd

2,828

56,976

(a)

IAC,

Inc

2,871

452,006

(a),(f)

iClick

Interactive

Asia

Group

Ltd

(ADR)

877

6,777,840

(a),(b),(c)

iDreamSky

Technology

Holdings

Ltd

2,642

718,000

IGG,

Inc

295

58,573

Info

Edge

India

Ltd

2,929

18,553

Infocom

Corp

341

1,624,778

Informa

plc

14,837

15,155

Innocean

Worldwide,

Inc

495

643,170

(a)

Integral

Ad

Science

Holding

Corp

7,647

236,000

International

Games

System

Co

Ltd

4,775

176,008

Interpublic

Group

of

Cos,

Inc

5,044

33,631

IPSOS

1,545

1,290,306

(a)

iQIYI,

Inc

(ADR)

6,116

3,018,097

ITV

plc

2,593

55,373

(a)

JC

Decaux

S.A.

937

167,000

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

240

19,316

JOYY,

Inc

(ADR)

736

23,699

(a)

Just

Dial

Ltd

208

919,433

(a),(b)

Juventus

Football

Club

S.p.A

292

24,615

JYP

Entertainment

Corp

2,044

77,324

Kadokawa

Corp

1,547

1,676,821

(a),(b)

Kahoot!

ASA

5,416

114,800

Kakaku.com,

Inc

1,163

129,208

Kakao

Corp

4,217

24,683

(a)

Kakao

Games

Corp

465

187,500

(a)

Kanzhun

Ltd

(ADR)

2,844

10,177

(b)

Kinepolis

Group

NV

506

139,372

Kingnet

Network

Co

Ltd

240

842,910

Kingsoft

Corp

Ltd

3,037

99,240

Koei

Tecmo

Holdings

Co

Ltd

1,410

79,100

Konami

Corp

4,171

24,160

(a),(c)

Krafton,

Inc

2,697

1,723,000

(a),(c)

Kuaishou

Technology

13,708

36,400

Kunlun

Tech

Co

Ltd

191

13,386

(a)

Liberty

Broadband

Corp

1,222

1,766

(a)

Liberty

Broadband

Corp

(Class

A)

161

34,377

(a)

Liberty

Global

plc

(Class

A)

589

198,559

(a)

Liberty

Media

Corp-Liberty

Formula

One

12,370

18,383

(a)

Liberty

Media

Corp-Liberty

Formula

One

1,039

253,166

(a)

Liberty

Media

Corp-Liberty

SiriusXM

6,446

58,561

(a)

Liberty

Media

Corp-Liberty

SiriusXM

1,490

62,238

(a)

LIBERTY

MEDIA

CORP-LIBERTY-C

1,998

193,890

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

1,644

31,120

(a)

Live

Nation,

Inc

2,584

19,785

M6-Metropole

Television

250

14,338

Madison

Square

Garden

Sports

Corp

2,528

1,219,378

(a)

Magnite,

Inc

9,194

486,900

Major

Cineplex

Group

PCL

(Foreign)

187

93,922

Mango

Excellent

Media

Co

Ltd

365

273,400

(a),(b),(c)

Maoyan

Entertainment

405

2,507,548

(a)

Match

Group,

Inc

98,233

7,194,900

Media

Nusantara

Citra

Tbk

PT

226

246,500

(b)

Megacable

Holdings

SAB

de

C.V.

543

2,131,500

(b),(c)

Meitu,

Inc

945

4,327,388

(a)

Meta

Platforms,

Inc

1,299,125

97

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

333,502

(b)

MFE-MediaForEurope

NV

$

209

869,952

MFE-MediaForEurope

NV

368

34,590

(b)

Mixi

Inc

548

474,000

(a),(b),(c)

Mobvista,

Inc

191

70,656

(a)

Modern

Times

Group

MTG

AB

477

717,158

Moneysupermarket.com

Group

plc

2,123

214,280

MultiChoice

Group

838

112,203

Naver

Corp

16,776

26,530

(a)

Nazara

Technologies

Ltd

266

5,791

NCSoft

Corp

952

10,837

(a)

Neowiz

204

165,500

NetDragon

Websoft

Holdings

Ltd

305

2,589,630

NetEase,

Inc

51,925

294,159

(b)

NetEase,

Inc

(ADR)

29,463

473,187

(a)

NetFlix,

Inc

178,675

7,341

(c)

Netmarble

Corp

229

206,936

(a)

Network18

Media

&

Investments

Ltd

159

123,980

New

York

Times

Co

(Class

A)

5,108

292,967

News

Corp

(Class

A)

5,877

89,627

News

Corp

(Class

B)

1,871

953,100

Nexon

Co

Ltd

17,031

21,265

(a)

Nexon

Games

Co

Ltd

239

26,406

Nexstar

Media

Group,

Inc

3,786

76,089

Next

15

Group

plc

595

420,330

(a),(b)

Nextdoor

Holdings,

Inc

765

10,648

(a)

NHN

Corp

179

1,226,677

(b)

Nine

Entertainment

Co

Holdings

Ltd

1,606

2,782,490

Nintendo

Co

Ltd

115,621

42,300

Nippon

Television

Holdings,

Inc

428

267,740

Omnicom

Group,

Inc

19,941

923,800

One

Enterprise

Public

Co

Ltd

105

429,950

oOh!media

Ltd

389

144,300

Oriental

Pearl

Group

Co

Ltd

147

31,026

Paradox

Interactive

AB

652

7,038

Paramount

Global

(Class

A)

111

27,856

(b)

Paramount

Global

(Class

B)

359

14,065

(a)

Pearl

Abyss

Corp

485

700,801

Pearson

plc

7,394

73,400

People.cn

Co

Ltd

385

73,434

Perfect

World

Co

Ltd

133

38,719

(a)

Perion

Network

Ltd

1,191

508,689

(a)

Pinterest,

Inc

13,750

1,584,400

Plan

B

Media

Pcl

354

18,096

(a)

Playtika

Holding

Corp

174

137,548

(b)

ProSiebenSat.

Media

AG.

929

305,550

Publicis

Groupe

S.A.

23,128

58,139

(a)

PVR

Ltd

1,200

139,999

Quebecor,

Inc

3,000

42,946

REA

Group

Ltd

4,241

240,247

RELX

plc

8,121

689,159

Rightmove

plc

4,703

583,692

(a)

ROBLOX

Corp

16,904

110,428

(a)

Roku,

Inc

7,795

531,960

RS

PCL

213

320,278

(a)

S4

Capital

plc

263

64,820

Saregama

India

Ltd

282

27,546

(a)

Saudi

Research

&

Media

Group

1,208

61,671

Schibsted

ASA

1,384

81,526

Schibsted

ASA

(B

Shares)

1,693

157,933

(c)

Scout24

SE

10,951

2,748,787

(a)

Sea

Ltd

(ADR)

120,809

277,393

Seek

Ltd

3,919

CREF

Stock

Account

September

30,

2023

98

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

61,300

(a)

Septeni

Holdings

Co

Ltd

$

170

336,451

SES

S.A.

2,199

7,601

(b)

Shochiku

Co

Ltd

523

484,900

Sky

Perfect

Jsat

Corp

2,267

8,952

SM

Entertainment

Co

Ltd

851

617,600

(a),(b),(d)

SMI

Holdings

Group

Ltd

1

39,051

(b)

Societe

Television

Francaise

1

299

31,000

Soft-World

International

Corp

93

17,800

(a)

Sohu.com

Ltd

(ADR)

168

169,836

(a)

Spotify

Technology

S.A.

26,263

101,500

Square

Enix

Co

Ltd

3,478

2,194,581

(a)

Stillfront

Group

AB

3,204

28,715

Stroeer

SE

&

Co

KGaA

1,277

8,878

(a)

Studio

Dragon

Corp

339

75,084

Sun

TV

Network

Ltd

553

20,124,700

Surya

Citra

Media

Tbk

PT

205

102,615

(a),(b)

Taboola.com

Ltd

389

173,228

(a)

Take-Two

Interactive

Software,

Inc

24,319

97,105

(a)

Team17

Group

plc

314

10,363,225

Tencent

Holdings

Ltd

401,719

317,697

(a)

Tencent

Music

Entertainment

Group

(ADR)

2,027

33,214

(a),(b)

TKO

Group

Holdings,

Inc

2,792

7,000

(b)

Toei

Animation

Co

Ltd

618

4,384

Toei

Co

Ltd

550

91,800

Toho

Co

Ltd

3,132

27,300

Tokyo

Broadcasting

System,

Inc

459

242,800

(a)

Tongdao

Liepin

Group

215

61,403

(a),(b)

Tremor

International

Ltd

108

320,286

(a)

TripAdvisor,

Inc

5,310

155,070

(a),(c)

Trustpilot

Group

plc

194

15,151

TV

Asahi

Corp

171

480,108

(a)

TV18

Broadcast

Ltd

252

2,450

TX

Group

AG.

248

187,856

(a),(b)

Ubisoft

Entertainment

6,088

894,984

(b)

Universal

Music

Group

NV

23,356

10,958

ValueCommerce

Co

Ltd

93

32,335

Vector,

Inc

269

4,280,800

VGI

PCL

277

1,477,600

(a)

Vimeo,

Inc

5,231

739,423

Vivendi

Universal

S.A.

6,476

2,865,700

(a)

Walt

Disney

Co

232,265

156,500

(a)

Wanda

Film

Holding

Co

Ltd

290

2,854,554

(a)

Warner

Bros

Discovery,

Inc

31,000

38,032

Webzen,

Inc

376

812,967

Weibo

Corp

(ADR)

10,195

15,227

(b)

Wemade

Co

Ltd

416

1,061,741

(a)

West

Australian

Newspapers

Holdings

Ltd

214

1,253,234

WPP

plc

11,165

70,884

(a)

Wysiwyg

Studios

Co

Ltd

136

240,000

(a)

XD,

Inc

432

371,580

(a)

Yelp,

Inc

15,454

12,035

YG

Entertainment,

Inc

561

88,634

YouGov

plc

811

2,180,400

Z

Holdings

Corp

6,049

725,575

ZEE

Telefilms

Ltd

2,305

130,000

Zengame

Technology

Holding

Ltd

48

19,150

Zenrin

Co

Ltd

117

537,213

(a)

Zhejiang

Century

Huatong

Group

Co

Ltd

355

114,200

(a)

Zhihu,

Inc

236

172,690

(a)

Ziff

Davis,

Inc

10,999

34,000

(a)

ZIGExN

Co

Ltd

119

99

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

353,719

(a)

ZoomInfo

Technologies,

Inc

$

5,801

TOTAL

MEDIA

&

ENTERTAINMENT

6,229,701

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.3%

9,508

(a)

10X

Genomics,

Inc

392

782,651

(c)

3SBio,

Inc

654

85,300

(a)

89bio,

Inc

1,317

33,648

Aarti

Drugs

Ltd

219

3,262,726

AbbVie,

Inc

486,342

15,952

(a),(b)

Abivax

S.A.

253

28,409

(a)

ABLBio,

Inc

398

123,470

(a)

Acadia

Pharmaceuticals,

Inc

2,573

74,914

Adcock

Ingram

Holdings

Ltd

226

213,379

AddLife

AB

1,259

266,000

Adimmune

Corp

281

3,789,445

(a)

ADMA

Biologics,

Inc

13,566

16,998

(a)

Aether

Industries

Ltd

198

261,855

Agilent

Technologies,

Inc

29,281

39,343

Ajanta

Pharma

Ltd

853

212,000

(a),(c)

Akeso,

Inc

971

39,863

Alembic

Pharmaceuticals

Ltd

376

105,096

(a)

ALK-Abello

A.S.

1,179

567,398

(a)

Alkermes

plc

15,893

57,595

(b)

Almirall

S.A.

586

210,618

(a)

Alnylam

Pharmaceuticals,

Inc

37,300

328,000

(a),(b),(c)

Alphamab

Oncology

358

29,797

(a)

Alteogen,

Inc

1,507

1,998,335

(a),(b)

Altimmune,

Inc

5,196

529,393

Amgen,

Inc

142,280

7,380

AMI

Organics

Ltd

110

1,543,410

(a)

Amneal

Pharmaceuticals,

Inc

6,513

37,350

(a)

Amphastar

Pharmaceuticals,

Inc

1,718

493,840

(a),(b)

Amylyx

Pharmaceuticals,

Inc

9,042

118,630

(a)

ANI

Pharmaceuticals,

Inc

6,888

94,171

(a)

Anika

Therapeutics,

Inc

1,754

76,510

(a)

Apellis

Pharmaceuticals,

Inc

2,910

27,971

Apeloa

Pharmaceutical

Co

Ltd

69

549,190

(a)

Ardelyx,

Inc

2,241

102,297

(a)

Argenx

SE

49,815

53,148

(a)

Argenx

SE

25,980

179,900

(a),(b),(c)

Ascentage

Pharma

Group

International

478

336,315

(b)

Aspen

Pharmacare

Holdings

Ltd

3,052

1,234,420

Astellas

Pharma,

Inc

17,086

13,689

AstraZeneca

Pharma

India

Ltd

742

2,694,681

AstraZeneca

plc

363,470

1,412,292

AstraZeneca

plc

(ADR)

95,640

6,562

Asymchem

Laboratories

Tianjin

Co

Ltd

137

1,046,431

(a),(b)

Aurinia

Pharmaceuticals,

Inc

8,131

114,496

Aurobindo

Pharma

Ltd

1,258

74,425

(a)

Avantor,

Inc

1,569

50,100

(a),(b)

Axsome

Therapeutics,

Inc

3,501

36,558

(b)

Bachem

Holding

AG.

2,696

9,123

(a)

Basilea

Pharmaceutica

408

227,016

(a)

Bausch

Health

Cos,

Inc

1,872

64,431

(a)

Bavarian

Nordic

AS

1,442

2,224,638

Bayer

AG.

106,837

291,800

(a)

BeiGene

Ltd

4,026

45,200

(a),(b)

BeiGene

Ltd

(ADR)

8,130

43,400

Beijing

Tiantan

Biological

Products

Corp

Ltd

152

519,000

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

855

34,400

Beijing

Tongrentang

Co

Ltd

258

13,958

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

92

CREF

Stock

Account

September

30,

2023

100

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,061

Betta

Pharmaceuticals

Co

Ltd

$

87

10,420

BGI

Genomics

Co

Ltd

74

30,598

(a),(b),(c)

BioArctic

AB

791

319,816

Biocon

Ltd

1,047

1,131,980

(a),(b)

BioCryst

Pharmaceuticals,

Inc

8,014

174,540

BioGaia

AB

1,609

110,943

(a)

Biogen,

Inc

28,513

219,641

(a)

BioMarin

Pharmaceutical,

Inc

19,434

19,462

(a)

Bioneer

Corp

504

29,165

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

10,454

58,821

Biotage

AB

578

118,985

Bio-Techne

Corp

8,099

211,750

Blau

Farmaceutica

S.A.

674

9,649

Bloomage

Biotechnology

Corp

Ltd

115

5,035

(b)

Boiron

S.A.

285

52,520

(a),(c)

BoneSupport

Holding

AB

611

46,564

Bora

Pharmaceuticals

Co

Ltd

926

22,082

Boryung

165

369,500

(a)

Brii

Biosciences

Ltd

118

2,205,391

Bristol-Myers

Squibb

Co

128,001

49,387

(a)

Brooks

Automation,

Inc

2,479

126,416

Bruker

BioSciences

Corp

7,876

46,829

Bukwang

Pharmaceutical

Co

Ltd

215

34,686

(a),(b)

Calliditas

Therapeutics

AB

310

22,697

(a)

Camurus

AB

644

66,914

Caplin

Point

Laboratories

Ltd

830

9,443

Caregen

Co

Ltd

271

263,000

(a),(b),(c)

CARsgen

Therapeutics

Holdings

Ltd

279

356,452

(a)

Catalent,

Inc

16,229

28,469

(a),(d)

Cellivery

Therapeutics,

Inc

0^

8,191

(a)

Celltrion

Pharm

Inc

405

93,094

Celltrion,

Inc

9,606

470,385

Center

Laboratories,

Inc

669

10,014

Changchun

High

&

New

Technology

Industry

Group,

Inc

191

24,968

(a)

Charles

River

Laboratories

International,

Inc

4,893

13,057

(a)

Chemometec

A.S.

619

564,660

China

Medical

System

Holdings

Ltd

852

701,500

(c)

China

Resources

Pharmaceutical

Group

Ltd

465

28,320

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

194

984,000

China

Shineway

Pharmaceutical

Group

Ltd

982

389

(a),(d)

Chinook

Therapeutics,

Inc

0^

5,132

Chong

Kun

Dang

Pharmaceutical

Corp

357

40,200

(a)

Chongqing

Taiji

Industry

Group

Co

Ltd

257

56,970

Chongqing

Zhifei

Biological

Products

Co

Ltd

380

642,800

Chugai

Pharmaceutical

Co

Ltd

19,820

371,977

Cipla

Ltd

5,305

2,592,000

(b)

CK

Life

Sciences

International

Holdings,

Inc

231

31,807

Clinuvel

Pharmaceuticals

Ltd

300

856,174

(a)

Codexis,

Inc

1,618

288,000

Consun

Pharmaceutical

Group

Ltd

187

40,090

(a)

Corcept

Therapeutics,

Inc

1,092

8,187

(b)

COSMO

Pharmaceuticals

NV

357

158,025

(a)

Crinetics

Pharmaceuticals,

Inc

4,700

189,422

(a),(b)

Cronos

Group,

Inc

378

390,890

CSL

Ltd

62,974

40,714,054

CSPC

Pharmaceutical

Group

Ltd

29,776

516,500

(a),(b),(c)

CStone

Pharmaceuticals

122

45,210

(a)

Cue

Biopharma,

Inc

104

83,219

(a)

CureVac

NV

546

78,252

(a)

Cytokinetics,

Inc

2,305

100,745

Daewoong

Co

Ltd

1,168

3,152

Daewoong

Pharmaceutical

Co

Ltd

263

101

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,537,600

Daiichi

Sankyo

Co

Ltd

$

124,227

1,050,656

Danaher

Corp

260,668

532,604

Dechra

Pharmaceuticals

plc

24,564

615,438

(a)

Deciphera

Pharmaceuticals,

Inc

7,828

15,696

Dermapharm

Holding

SE

647

50,684

Divi's

Laboratories

Ltd

2,293

3,064

Dong-A

Socio

Holdings

Co

Ltd

229

5,219

Dong-A

ST

Co

Ltd

232

324,871

Dong-E-E-Jiao

Co

Ltd

2,187

13,689

DongKook

Pharmaceutical

Co

Ltd

151

173,225

Dr

Reddy's

Laboratories

Ltd

11,625

822,430

(a)

Dynavax

Technologies

Corp

12,147

110,660

(a)

Eagle

Pharmaceuticals,

Inc

1,745

139,000

(a)

EirGenix,

Inc

419

322,900

Eisai

Co

Ltd

17,896

660,011

(a)

Elanco

Animal

Health,

Inc

7,418

1,331,595

Eli

Lilly

&

Co

715,240

579,780

(a),(b)

Erasca,

Inc

1,142

37,411

(a)

Ergomed

plc

613

34,908

(a),(c)

Eris

Lifesciences

Ltd

368

40,550

(a)

Euroapi

S.A.

511

147,473

(b)

Eurofins

Scientific

SE

8,311

44,501

Ever

Supreme

Bio

Technology

Co

Ltd

276

123,000

(a),(b),(c)

Everest

Medicines

Ltd

391

712,570

(a)

Evolus,

Inc

6,513

477,718

(a)

Evotec

SE

9,510

240,026

(a)

Exact

Sciences

Corp

16,375

963,693

(a)

Exelixis,

Inc

21,057

771,001

Faes

Farma

S.A.

(Sigma)

2,604

49,876

(a)

FDC

Ltd

230

7,284

(a)

Formycon

AG.

448

44,558

(a)

Fortrea

Holdings,

Inc

1,274

1,962

(a),(b)

Galapagos

NV

68

36,826

(a)

Galapagos

NV

1,267

7,624

GC

Cell

Corp

188

74,079

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS.

169

80,975

(a)

GeneOne

Life

Science,

Inc

212

59,680

(a),(b)

Generation

Bio

Co

226

27,627

(a)

Genexine,

Inc

181

15,687

(a)

Genmab

AS

5,554

681,800

(b)

Genomma

Lab

Internacional

SAB

de

C.V.

525

499,386

(a)

Genscript

Biotech

Corp

1,307

54,707

Genus

plc

1,395

293,893

Gerresheimer

AG.

30,794

3,681,120

Gilead

Sciences,

Inc

275,863

29,482

(a),(c)

Gland

Pharma

Ltd

594

34,158

GlaxoSmithKline

Pharmaceuticals

Ltd

636

6,016

Glenmark

Life

Sciences

Ltd

45

120,282

Glenmark

Pharmaceuticals

Ltd

1,237

40,701

(a),(b)

GNI

Group

Ltd

555

958,500

Grand

Pharmaceutical

Group

Ltd

513

105,799

Granules

India

Ltd

451

4,522

Green

Cross

Corp

363

15,822

Green

Cross

Holdings

Corp

163

719,560

Grifols

S.A.

9,320

3,001,305

GSK

plc

54,305

226,097

H

Lundbeck

A.S.

1,218

47,284

H

Lundbeck

A.S.

223

593,950

(a)

Halozyme

Therapeutics,

Inc

22,689

28,412

(a)

Hanall

Biopharma

Co

Ltd

686

7,521

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

69

3,021

Hanmi

Pharm

Co

Ltd

670

CREF

Stock

Account

September

30,

2023

102

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,712

Hanmi

Science

Co

Ltd

$

407

485,839

(c)

Hansoh

Pharmaceutical

Group

Co

Ltd

660

210,256

(a)

Harmony

Biosciences

Holdings,

Inc

6,890

39,992

Hikal

Ltd

142

314,725

Hikma

Pharmaceuticals

plc

7,992

41,800

Hisamitsu

Pharmaceutical

Co,

Inc

1,521

10,878

HK

inno

N

Corp

339

233,381

(a)

Horizon

Therapeutics

PLC

27,000

2,548,684

(a),(b),(d)

Hua

Han

Health

Industry

Holdings

Ltd

3

667,820

Hualan

Biological

Engineering,

Inc

2,033

31,100

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

116

5,023

(a)

Hugel,

Inc

464

51,854

Humanwell

Healthcare

Group

Co

Ltd

172

2,246,500

(a)

HUTCHMED

China

Ltd

7,590

467,544

Hypera

S.A.

3,455

62,219

(a)

ICON

plc

15,321

174,780

(a)

Ideaya

Biosciences,

Inc

4,716

95,041

(a),(b)

Idorsia

Ltd

267

14,565

(a)

Il

Dong

Pharmaceutical

Co

Ltd

226

368,291

(a)

Illumina,

Inc

50,559

5,100

Imeik

Technology

Development

Co

Ltd

274

1,395,580

(a)

Immunogen,

Inc

22,148

299,985

(a)

Immunovant,

Inc

11,516

4,869,385

(a),(b)

Imugene

Ltd

143

93,011

(a)

Incyte

Corp

5,373

113,427

(a)

Indivior

plc

2,453

34,969

Indoco

Remedies

Ltd

143

1,263,073

(a),(c)

Innovent

Biologics,

Inc

6,135

170,320

(a)

Innoviva,

Inc

2,212

238,857

(a)

Intra-Cellular

Therapies,

Inc

12,442

15,906

(a)

Ionis

Pharmaceuticals,

Inc

721

114,682

Ipca

Laboratories

Ltd

1,292

1,872

Ipsen

245

110,787

(a)

IQVIA

Holdings,

Inc

21,797

723,327

(a)

Ironwood

Pharmaceuticals,

Inc

6,966

163,500

(a),(c)

Jacobio

Pharmaceuticals

Group

Co

Ltd

66

76,534

(a)

Jazz

Pharmaceuticals

plc

9,907

56,382

JB

Chemicals

&

Pharmaceuticals

Ltd

1,006

51,844

(b)

JCR

Pharmaceuticals

Co

Ltd

517

164,411

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

1,016

62,300

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

226

68,500

(a),(c)

Jiangsu

Recbio

Technology

Co

Ltd

105

2,834,968

Johnson

&

Johnson

441,546

671,852

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

1,142

63,434

Jubilant

Pharmova

Ltd

332

14,617

JW

Pharmaceutical

Corp

415

22,179

Kaken

Pharmaceutical

Co

Ltd

519

9,006,306

Kalbe

Farma

Tbk

PT

1,021

4,044

(a)

Kangmei

Pharmaceutical

Co

Ltd

1

51,417

(a)

Karuna

Therapeutics,

Inc

8,694

150,500

(a),(c)

Keymed

Biosciences,

Inc

954

153,480

(a)

Kiniksa

Pharmaceuticals

Ltd

2,666

21,500

Kissei

Pharmaceutical

Co

Ltd

487

81,441

(a),(b)

Knight

Therapeutics,

Inc

270

27,621

(a)

Komipharm

International

Co

Ltd

114

131,944

(a)

Krystal

Biotech,

Inc

15,305

60,300

(a)

Kura

Oncology,

Inc

550

32,281

Kyorin

Co

Ltd

395

59,400

Kyowa

Hakko

Kogyo

Co

Ltd

1,033

12,661

L&C

Bio

Co

Ltd

316

16,078

Laboratorios

Farmaceuticos

Rovi

S.A

870

289,294

(c)

Laurus

Labs

Ltd

1,376

103

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

73,240

(a)

Legend

Biotech

Corp

(ADR)

$

4,920

19,495

(a)

LegoChem

Biosciences,

Inc

535

469,000

(a),(b),(c)

Lepu

Biopharma

Co

Ltd

228

194,780

(a),(b)

Lexicon

Pharmaceuticals,

Inc

212

14,717

Livzon

Pharmaceutical

Group,

Inc

75

256,561

Lonza

Group

AG.

118,672

88,000

Lotus

Pharmaceutical

Co

Ltd

650

90,306

Lupin

Ltd

1,272

1,615,000

(a),(b),(c)

Luye

Pharma

Group

Ltd

722

330,299

(a)

MacroGenics,

Inc

1,539

12,983

(a)

Maravai

LifeSciences

Holdings,

Inc

130

123,332

Marksans

Pharma

Ltd

163

178,466

(a)

Medigen

Vaccine

Biologics

Corp

403

33,678

(a)

Medpace

Holdings,

Inc

8,154

10,925

(a)

MedPacto,

Inc

79

4,560

Medytox,

Inc

854

464,100

Mega

Lifesciences

PCL

566

4,998,851

Merck

&

Co,

Inc

514,632

335,257

Merck

KGaA

55,890

612,644

(a),(b)

Mesoblast

Ltd

151

14,340

(a)

Mettler-Toledo

International,

Inc

15,890

18,065

(a)

Mezzion

Pharma

Co

Ltd

557

35,053

(a)

Mirati

Therapeutics,

Inc

1,527

127,550

(a)

Mirum

Pharmaceuticals,

Inc

4,031

16,175

Mochida

Pharmaceutical

Co

Ltd

360

220,999

(a)

Moderna,

Inc

22,827

90,000

(a),(b)

MoonLake

Immunotherapeutics

5,130

27,757

(a)

Morphosys

AG.

755

200,607

(a)

Myriad

Genetics,

Inc

3,218

33,133

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

58

147,900

(a),(b)

NanoString

Technologies,

Inc

254

67,023

Natco

Pharma

Ltd

704

731,306

(a)

Natera,

Inc

32,360

47,368

(a)

Naturecell

Co

Ltd

272

5,645

Neuland

Laboratories

Ltd

251

96,464

(a)

Neuren

Pharmaceuticals

Ltd

684

111,206

(a)

Neurocrine

Biosciences,

Inc

12,511

219,059

(a)

NGM

Biopharmaceuticals,

Inc

234

43,500

Nippon

Shinyaku

Co

Ltd

1,837

27,759

(a)

NKMax

Co

Ltd

272

2,858,363

Novartis

AG.

291,921

7,323,998

Novo

Nordisk

A.S.

666,859

675,040

Novo

Nordisk

A.S.

(ADR)

61,388

120,669

(a)

Nykode

Therapeutics

ASA

267

134,452

(a)

OBI

Pharma,

Inc

340

253,500

(a),(b),(c)

Ocumension

Therapeutics

246

3,120

(a),(d)

OmniAb

Operations,

Inc

0^

3,120

(a),(d)

OmniAb

Operations,

Inc

0^

241,203

Oneness

Biotech

Co

Ltd

1,306

85,400

Ono

Pharmaceutical

Co

Ltd

1,638

55,090

(a)

Organogenesis

Holdings,

Inc

175

128,868

Organon

&

Co

2,237

34,010

(a),(b)

ORIC

Pharmaceuticals,

Inc

206

5,344

Orion

Oyj

(Class

B)

210

25,864

(a)

Oscotec,

Inc

558

606,500

Otsuka

Holdings

Co

Ltd

21,534

49,100

(a)

Oxford

Biomedica

plc

183

448,848

(a)

Oxford

Nanopore

Technologies

plc

1,126

20,390

(a)

Paion

AG.

94

81,300

(a),(b)

PeptiDream,

Inc

875

14,095

PerkinElmer,

Inc

1,560

15,149

Perrigo

Co

plc

484

CREF

Stock

Account

September

30,

2023

104

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,783,272

Pfizer,

Inc

$

125,491

19,100

(b)

Pharma

Foods

International

Co

Ltd

194

11,994

Pharma

Mar

S.A.

407

76,000

PharmaEngine,

Inc

204

99,000

(a)

PharmaEssentia

Corp

1,031

69,951

(a),(d)

Pharmally

International

Holding

Co

Ltd

0^

5,216

PharmaResearch

Co

Ltd

488

24,225

Pharmaron

Beijing

Co

Ltd

-

A

103

53,769

(a)

Pharmicell

Co

Ltd

288

530,257

(a),(b)

Pharming

Group

NV

680

34,261

Phibro

Animal

Health

Corp

437

20,715,105

(a)

Piramal

Pharma

Ltd

25,457

319,589

(a)

Point

Biopharma

Global,

Inc

2,132

250,000

(a)

Polaris

Group

616

12,923

(a),(b),(c)

PolyPeptide

Group

AG.

235

92,360

(a)

Poseida

Therapeutics,

Inc

220

15,958

Procter

&

Gamble

Health

Ltd

983

96,566

(a),(b)

Prothena

Corp

plc

4,659

382,880

(a)

QIAGEN

NV

15,449

316,061

(a)

QIAGEN

NV

12,800

12,490

(a)

Quanterix

Corp

339

5,190

Recordati

S.p.A.

245

73,415

(a)

Regeneron

Pharmaceuticals,

Inc

60,418

206,957

(a),(b)

Repligen

Corp

32,908

51,984

Richter

Gedeon

Rt

1,258

1,589

(b)

Roche

Holding

AG.

467

776,700

Roche

Holding

AG.

212,040

539,218

(a)

Roivant

Sciences

Ltd

6,298

285,041

Royalty

Pharma

plc

7,736

12,432

(a)

Sam

Chun

Dang

Pharm

Co

Ltd

710

18,883

(a),(c)

Samsung

Biologics

Co

Ltd

9,532

38,624

(a)

SanBio

Co

Ltd

162

1,918,038

Sanofi

(ADR)

102,884

7,152

Sanofi

India

Ltd

620

2,882,934

Sanofi-Aventis

309,556

292,600

Santen

Pharmaceutical

Co

Ltd

2,685

214,499

(a)

Sarepta

Therapeutics,

Inc

26,002

28,631

(b)

Sartorius

AG.

9,697

1,373

Sartorius

Stedim

Biotech

327

46,649

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

440

29,517

Sawai

Group

Holdings

Co

Ltd

903

177,500

(b),(c)

SciClone

Pharmaceuticals

Holdings

Ltd

226

209,000

ScinoPharm

Taiwan

Ltd

178

106,016

(a)

Seagen,

Inc

22,491

28,787

Seegene,

Inc

454

43,813

Shandong

Buchang

Pharmaceuticals

Co

Ltd

108

172,000

(b)

Shandong

Xinhua

Pharmaceutical

Co

Ltd

120

51,688

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

203

222,929

(b)

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

521

526,700

Shanghai

Haixin

Group

Co

160

16,100

(c)

Shanghai

Haohai

Biological

Technology

Co

Ltd

93

14,500

(a),(c)

Shanghai

Henlius

Biotech,

Inc

19

13,039

(a)

Shanghai

Junshi

Biosciences

Co

Ltd

69

1,482,737

Shanghai

RAAS

Blood

Products

Co

Ltd

1,417

16,168

Shenzhen

Kangtai

Biological

Products

Co

Ltd

65

24,525

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

100

38,307

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

123

17,800

(b)

Shin

Nippon

Biomedical

Laboratories

Ltd

223

29,390

Shin

Poong

Pharmaceutical

Co

Ltd

336

57,500

Shionogi

&

Co

Ltd

2,565

359,998

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,438

3,782

Siegfried

Holding

AG.

3,230

105

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,703,600

(b)

Sihuan

Pharmaceutical

Holdings

Group

Ltd

$

443

54,297

(a)

SillaJen,

Inc

198

4,365,236

Sino

Biopharmaceutical

Ltd

1,571

12,229

(a)

SK

Biopharmaceuticals

Co

Ltd

781

11,211

(a)

SK

Bioscience

Co

Ltd

564

8,455

SKAN

Group

AG.

719

65,629

(a),(b),(d)

Sorrento

Therapeutics,

Inc

87

64,408

(a),(b)

Sosei

Group

Corp

643

11,447

(a)

Sotera

Health

Co

171

1,112,000

SSY

Group

Ltd

643

8,214

ST

Pharm

Co

Ltd

465

20,200

(a)

StemRIM,

Inc

106

44,598

Strides

Pharma

Science

Ltd

272

747,300

Sumitomo

Dainippon

Pharma

Co

Ltd

2,673

90,296

(a)

Sun

Pharma

Advanced

Research

Co

Ltd

253

1,120,086

Sun

Pharmaceutical

Industries

Ltd

15,592

54,420

(a)

Supernus

Pharmaceuticals,

Inc

1,500

87,992

(a)

Suven

Pharmaceuticals

Ltd

594

53,563

(b)

SwedenCare

AB

200

10,236

(a)

Swedish

Orphan

Biovitrum

AB

209

145,680

(c)

Syngene

International

Ltd

1,408

273,841

Synmosa

Biopharma

Corp

322

374,000

(a)

Taigen

Biopharmaceuticals

Holdings

Ltd

168

150,000

(a)

TaiMed

Biologics,

Inc

411

98,900

Taisho

Pharmaceutical

Holdings

Co

Ltd

4,071

256,983

Takara

Bio,

Inc

2,375

2,067,900

Takeda

Pharmaceutical

Co

Ltd

64,098

6,702

(a)

Taro

Pharmaceutical

Industries

Ltd

253

18,858

(a)

Tarsons

Products

Ltd

119

10,595

Tecan

Group

AG.

3,561

1,680,985

(a)

Telix

Pharmaceuticals

Ltd

12,267

55,600

(a)

Teva

Pharmaceutical

Industries

Ltd

(ADR)

567

372,141

Thermo

Fisher

Scientific,

Inc

188,367

1,206,000

Tong

Ren

Tang

Technologies

Co

Ltd

956

52,265

Torii

Pharmaceutical

Co

Ltd

1,352

139,839

Torrent

Pharmaceuticals

Ltd

3,245

21,413

Towa

Pharmaceutical

Co

Ltd

407

222,320

(a)

Travere

Therapeutics,

Inc

1,988

48,300

Tsumura

&

Co

897

165,000

TTY

Biopharm

Co

Ltd

395

506,377

UCB

S.A.

41,477

51,997

(a)

Ultragenyx

Pharmaceutical,

Inc

1,854

893,562

United

Laboratories

Ltd

903

175,073

(a)

United

Therapeutics

Corp

39,544

83,447

(a),(b)

Valneva

SE

487

11,137

(a)

Vaxcell-Bio

Therapeutics

Co

Ltd

228

152,162

(a)

Ventyx

Biosciences,

Inc

5,285

95,300

(a),(b)

Vera

Therapeutics,

Inc

1,307

472,080

(a)

Veracyte,

Inc

10,542

243,977

(a)

Vericel

Corp

8,178

199,489

(a)

Vertex

Pharmaceuticals,

Inc

69,370

603,658

Viatris,

Inc

5,952

3,312

(b)

Virbac

S.A.

893

206,412

(b)

Vitrolife

AB

2,765

855,500

(a),(c)

Viva

Biotech

Holdings

137

7,650

(a)

Voronoi,

Inc

302

32,728

Walvax

Biotechnology

Co

Ltd

106

24,537

(a)

Waters

Corp

6,728

56,735

West

Pharmaceutical

Services,

Inc

21,288

2,822,404

Winteam

Pharmaceutical

Group

Ltd

1,315

49,033

(a)

Wockhardt

Ltd

139

65,458

WuXi

AppTec

Co

Ltd

-

A

778

CREF

Stock

Account

September

30,

2023

106

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

604,437

(b),(c)

WuXi

AppTec

Co

Ltd

-

H

$

7,208

3,617,500

(a),(c)

Wuxi

Biologics

Cayman,

Inc

21,024

293,130

(a),(b)

Xeris

Biopharma

Holdings,

Inc

545

247,800

(a),(c)

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

211

207,900

(a),(b)

Y-mAbs

Therapeutics,

Inc

1,133

22,130

Yuhan

Corp

1,242

55,137

(a)

Yungjin

Pharmaceutical

Co

Ltd

94

127,000

YungShin

Global

Holding

Corp

173

54,107

Yunnan

Baiyao

Group

Co

Ltd

396

825,500

(a),(b)

Zai

Lab

Ltd

2,020

80,000

(a),(b)

Zai

Lab

Ltd

(ADR)

1,945

250,752

(a)

Zealand

Pharma

AS

10,839

19,600

ZERIA

Pharmaceutical

Co

Ltd

291

15,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

586

30,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

70

9,200

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

37

89,099

Zhejiang

NHU

Co

Ltd

198

1,656,623

Zoetis,

Inc

288,219

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,996,631

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

2,649

(c)

Aedas

Homes

SAU

45

86,600

Aeon

Mall

Co

Ltd

1,019

1

(a)

AFI

Properties

Ltd

0^

7,116

Africa

Israel

Residences

Ltd

370

1,412,000

(b)

Agile

Property

Holdings

Ltd

167

52,422

(a)

Airport

City

Ltd

805

28,636

Alandalus

Property

Co

168

3,350,529

Aldar

Properties

PJSC

5,255

364,941

Aliansce

Sonae

Shopping

Centers

sa

1,640

695,250

(a),(b),(c)

A-Living

Smart

City

Services

Co

Ltd

391

13,035

Allreal

Holding

AG.

2,076

127,170

Alony

Hetz

Properties

&

Investments

Ltd

872

36,165

Altus

Group

Ltd

1,252

634,500

Amata

Corp

PCL

424

193,353

Amot

Investments

Ltd

938

39,272

Anant

Raj

Industries

Ltd

103

1,982,000

AP

Thailand

PCL

641

923,117

(b)

Aroundtown

S.A.

1,915

69,199

Arriyadh

Development

Co

392

43,011

(b)

Atrium

Ljungberg

AB

700

100,807

Aura

Investments

Ltd

236

5,794,508

Ayala

Land,

Inc

3,011

2,106

Azrieli

Group

Ltd

108

10,549,900

Bangkok

Land

PCL

223

1,748,301

Barwa

Real

Estate

Co

1,240

9,792

(a)

Big

Shopping

Centers

Ltd

811

5,522

Blue

Square

Real

Estate

Ltd

316

0

(a)

Brack

Capital

Properties

NV

0^

94,276

Brigade

Enterprises

Ltd

644

6,855,000

(a)

Bumi

Serpong

Damai

Tbk

PT

452

674,000

C&D

International

Investment

Group

Ltd

1,634

466,000

(b)

C&D

Property

Management

Group

Co

Ltd

192

34,114

CA

Immobilien

Anlagen

AG.

1,130

942,198

Capitaland

India

Trust

722

2,408,944

Capitaland

Investment

Ltd

5,443

322,543

Castellum

AB

3,269

26,400

Catena

AB

916

490,000

Cathay

Real

Estate

Development

Co

Ltd

228

285,927

(a)

CBRE

Group,

Inc

21,119

392,000

Central

China

New

Life

Ltd

114

1,704,782

Central

Pattana

PCL

2,951

107

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,553,156

China

Jinmao

Holdings

Group

Ltd

$

200

445,227

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

758

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

471

2,894,786

China

Overseas

Land

&

Investment

Ltd

5,981

365,119

China

Overseas

Property

Holdings

Ltd

411

2,866,602

China

Resources

Land

Ltd

11,384

628,200

(c)

China

Resources

Mixc

Lifestyle

Services

Ltd

2,529

5,560,000

(b)

China

South

City

Holdings

Ltd

322

2,074,238

China

Vanke

Co

Ltd

2,282

551,219

China

Vanke

Co

Ltd

(Class

A)

993

547,000

(a)

Chinese

Estates

Holdings

Ltd

109

145,000

Chong

Hong

Construction

Co

Ltd

333

41,625

(b)

Cibus

Nordic

Real

Estate

AB

412

8,098,100

Ciputra

Development

Tbk

PT

534

789,307

City

Developments

Ltd

3,809

60,714

(b)

Citycon

Oyj

340

1,678,317

CK

Asset

Holdings

Ltd

8,816

33,710

(b)

Colliers

International

Group,

Inc

3,210

1,385,515

Commercial

Real

Estate

Co

KSC

443

436,100

(a)

Compass,

Inc

1,265

516,627

(b)

Corem

Property

Group

AB

285

682,400

(b)

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

2,251

1,064,000

(a)

Cosmopolitan

International

Holdings

Ltd

148

11,042,898

(b)

Country

Garden

Holdings

Co

Ltd

1,273

1,940,400

(b)

Country

Garden

Services

Holdings

Co

Ltd

1,982

56,114

Daito

Trust

Construction

Co

Ltd

5,911

505,000

Daiwa

House

Industry

Co

Ltd

13,554

234,418

(a)

Dar

Al

Arkan

Real

Estate

Development

Co

986

310,000

Delpha

Construction

Co

Ltd

253

14,583

Deutsche

Euroshop

AG.

281

922,284

(a)

Deyaar

Development

PJSC

169

35,771

(b)

DIC

Asset

AG.

148

717,860

DigitalBridge

Group,

Inc

12,620

64,204

(b)

Dios

Fastigheter

AB

366

568,763

DLF

Ltd

3,627

183,300

Douglas

Elliman,

Inc

414

19,424

(b)

DREAM

Unlimited

Corp

263

17,877

Electra

Real

Estate

Ltd

172

308,269

(a)

Emaar

Economic

City

658

5,805,721

Emaar

Properties

PJSC

12,705

65,255

(c)

Entra

ASA

557

7,330,100

(c)

ESR

Group

Ltd

10,247

443,000

(b)

Excellence

Commercial

Property

&

Facilities

Management

Group

Ltd

114

155,500

(b)

eXp

World

Holdings,

Inc

2,525

223,234

(b)

Fabege

AB

1,778

1,753,995

Far

East

Consortium

360

222,000

Farglory

Land

Development

Co

Ltd

398

826,752

(a)

Fastighets

AB

Balder

3,706

36,480

FirstService

Corp

5,306

152,870

(a)

Forestar

Group,

Inc

4,118

654,229

(a)

Fortress

REIT

Ltd

210

1,069,747

(a)

Fortress

REIT

Ltd

(Class

A)

727

0

Gav-Yam

Lands

Corp

Ltd

0^

64,827

Gazit

Globe

Ltd

199

316,164

Gemdale

Corp

297

6,236,000

(b)

Gemdale

Properties

&

Investment

Corp

Ltd

258

106,458

(a)

Godrej

Properties

Ltd

1,987

7,880

(b)

Goldcrest

Co

Ltd

117

577,561

Grainger

plc

1,646

80,551

Grand

City

Properties

S.A.

760

230,500

Greenland

Holdings

Corp

Ltd

87

946,322

Greentown

China

Holdings

Ltd

979

CREF

Stock

Account

September

30,

2023

108

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

724,000

(b)

Greentown

Service

Group

Co

Ltd

$

324

1,609,600

(b)

Guangzhou

R&F

Properties

Co

Ltd

257

694,400

(a)

Hainan

Airport

Infrastructure

Co

Ltd

380

637,442

Hang

Lung

Group

Ltd

897

2,826,318

Hang

Lung

Properties

Ltd

3,867

213,200

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

281

16,315,400

(a),(d)

Hanson

International

Tbk

PT

0^

24,822

Heiwa

Real

Estate

Co

Ltd

660

368,201

Heliopolis

Housing

134

1,332,899

Henderson

Land

Development

Co

Ltd

3,500

1,080,271

Highwealth

Construction

Corp

1,321

280,100

Hong

Fok

Corp

Ltd

185

1,104,245

Hongkong

Land

Holdings

Ltd

3,938

1,002,041

Hopson

Development

Holdings

Ltd

603

178,000

Huaku

Development

Co

Ltd

495

88,186

Hufvudstaden

AB

(Series

A)

974

929,200

Hulic

Co

Ltd

8,332

509,696

Hysan

Development

Co

Ltd

987

181,125

Ichigo

Holdings

Co

Ltd

395

204,800

Iguatemi

S.A.

825

5,630

(b)

Immobel

S.A.

174

23,975

(a)

IMMOFINANZ

AG.

466

411,512

(a)

Indiabulls

Real

Estate

Ltd

411

847

Intershop

Holding

AG.

560

1,332,500

IOI

Properties

Group

Bhd

470

128,855

Israel

Canada

T.R

Ltd

323

1,424

Isras

Investment

Co

Ltd

266

608,839

(a)

IWG

plc

1,051

290,300

JHSF

Participacoes

S.A.

275

1,596,750

(a),(d)

Jiangsu

Future

Land

Co

Ltd

16

87,400

(b)

Jinke

Smart

Services

Group

Co

Ltd

110

26,377

(a)

Jones

Lang

LaSalle,

Inc

3,724

1,057,329

K

Wah

International

Holdings

Ltd

297

2,357,000

Kaisa

Group

Holdings

Ltd

66

41,152

Katitas

Co

Ltd

599

559,948

KE

Holdings,

Inc

(ADR)

8,690

20,900

Keihanshin

Building

Co

Ltd

192

453,000

Kerry

Properties

Ltd

768

269,000

Kindom

Development

Co

Ltd

276

104,055

Kojamo

Oyj

922

1,499,000

(b)

KWG

Property

Holding

Ltd

173

45,169

(a)

Lamda

Development

S.A.

292

7,229,877

Land

and

Houses

PCL

1,546

8,081

LEG

Immobilien

SE

556

578,934

Lend

Lease

Corp

Ltd

2,655

135,443

(a)

Leopalace21

Corp

297

75,959

(b)

Lifestyle

Communities

Ltd

784

35,003,300

(a)

Lippo

Karawaci

Tbk

PT

213

41,100

LOG

Commercial

Properties

e

Participacoes

S.A.

166

1,697,093

(c)

Longfor

Group

Holdings

Ltd

3,034

560,000

(a),(b)

LVGEM

China

Real

Estate

Investment

Co

Ltd

89

579,299

Mabanee

Co

SAK

1,545

63,301

Mahindra

Lifespace

Developers

Ltd

418

35,779

(a),(b),(d)

Mapeley

Ltd

0^

790,500

Matrix

Concepts

Holdings

Bhd

251

833,100

MBK

PCL

407

17,336

(a)

Mega

Or

Holdings

Ltd

310

8,221,000

Megaworld

Corp

293

22,022

Melisron

Ltd

1,377

222,800

(b),(c)

Midea

Real

Estate

Holding

Ltd

174

1,077,218

Mitsubishi

Estate

Co

Ltd

14,053

767,233

Mitsui

Fudosan

Co

Ltd

16,898

109

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

544,575

Mivne

Real

Estate

KD

Ltd

$

1,311

5,815

Mobimo

Holding

AG.

1,558

3,367

(b)

Morguard

Corp

252

241,300

Multiplan

Empreendimentos

Imobiliarios

S.A.

1,179

1,119,155

(a)

National

Real

Estate

Co

KPSC

261

440,351

NEPI

Rockcastle

NV

2,421

21,640

NESCO

Ltd

179

1,388,688

New

World

Development

Co

Ltd

2,693

32,731

(b)

Nexity

483

93,300

Nomura

Real

Estate

Holdings,

Inc

2,342

18,947

NP3

Fastigheter

AB

273

125,667

(b)

Nyfosa

AB

674

104,086

Oberoi

Realty

Ltd

1,443

776,200

(a),(b)

Opendoor

Technologies,

Inc

2,049

735,700

Origin

Property

PCL

201

12,089,800

Pakuwon

Jati

Tbk

PT

342

75,722

Pandox

AB

804

520,883

Parque

Arauco

S.A.

749

41,309

Patrizia

Immobilien

AG.

327

111,729

(a)

PEXA

Group

Ltd

814

80,558

Phoenix

Mills

Ltd

1,760

50,802

(b)

Platzer

Fastigheter

Holding

AB

312

346,146

Plaza

S.A.

476

682,062

Poly

Developments

and

Holdings

Group

Co

Ltd

1,196

1,773,000

Poly

Property

Group

Co

Ltd

402

1,453,000

(b)

Powerlong

Real

Estate

Holdings

Ltd

173

4,327

Prashkovsky

Investments

and

Construction

Ltd

96

114,635

Prestige

Estates

Projects

Ltd

830

1,075,000

Prince

Housing

&

Development

Corp

356

1,316

(a)

Property

&

Building

Corp

Ltd

58

459,100

Pruksa

Holding

PCL

161

41,583

PSP

Swiss

Property

AG.

4,906

5,805,300

Quality

Houses

PCL

356

733,000

(b)

Radiance

Holdings

Group

Co

Ltd

284

1,040,000

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

Redco

Properties

Group

Ltd

132

86,228

Relo

Group,

Inc

932

126,712

Retal

Urban

Development

Co

302

138,039

RMR

Group,

Inc

3,385

1,523,900

Robinsons

Land

Corp

408

1,343,755

Ruentex

Development

Co

Ltd

1,466

215,130

Sagax

AB

4,086

220,245

Sakura

Development

Co

Ltd

284

325,291

Salhia

Real

Estate

Co

KSCP

439

22,030

SAMTY

Co

Ltd

349

11,623,600

Sansiri

PCL

538

122,851

(a)

Saudi

Real

Estate

Co

447

116,236

Savills

plc

1,227

1,272,000

SC

Asset

Corp

PCL

136

656,000

(a),(b)

SCE

Intelligent

Commercial

Management

Holdings

Ltd

86

1,898,000

Seazen

Group

Ltd

345

148,223

Seazen

Holdings

Co

Ltd

272

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

261

52,137

Shanghai

Lingang

Holdings

Corp

Ltd

81

2,584,000

Shenzhen

Investment

Ltd

413

1,155,000

(a),(b),(c)

Shimao

Services

Holdings

Ltd

194

2,284,000

Shoucheng

Holdings

Ltd

469

3,562,500

Shui

On

Land

Ltd

322

917,469

(a)

Shun

TAK

Holdings

Ltd

133

22,584

Shurgard

Self

Storage

Ltd

894

2,618,600

Sime

Darby

Property

Bhd

387

3,127,322

Sino

Land

Co

3,517

3,154,500

(b)

Sino-Ocean

Land

Holdings

Ltd

183

CREF

Stock

Account

September

30,

2023

110

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

236,000

Sinyi

Realty,

Inc

$

209

1,009,885

Sirius

Real

Estate

Ltd

1,059

3,212

SK

D&D

Co

Ltd

67

8,682,488

SM

Prime

Holdings

4,650

31,999

Sobha

Ltd

271

2,009,500

(a)

Soho

China

Ltd

236

1,318,200

SP

Setia

BHD

289

6,900

(a)

SRE

Holdings

Corp

136

21,600

Starts

Corp,

Inc

422

755,682

(b)

StorageVault

Canada,

Inc

2,515

243,105

Sumitomo

Realty

&

Development

Co

Ltd

6,311

8,935,800

Summarecon

Agung

Tbk

PT

332

30,868

Summit

Real

Estate

Holdings

Ltd

395

15,739

Sumou

Real

Estate

Co

200

18,780

Sun

Frontier

Fudousan

Co

Ltd

189

1,328,408

Sun

Hung

Kai

Properties

Ltd

14,174

1,022,000

(b),(c)

Sunac

Services

Holdings

Ltd

321

58,429

Sunteck

Realty

Ltd

317

1,044,600

Supalai

PCL

576

368,924

Swire

Pacific

Ltd

(Class

A)

2,485

995,926

Swire

Properties

Ltd

2,071

86,982

Swiss

Prime

Site

AG.

7,963

147,789

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

1,544

816,010

Talaat

Moustafa

Group

363

23,830

(a)

Tejon

Ranch

Co

387

14,271

(a),(b)

TKP

Corp

249

243,193

Tokyo

Tatemono

Co

Ltd

3,362

516,600

Tokyu

Fudosan

Holdings

Corp

3,174

20,443

Tosei

Corp

264

220,914

(b)

Tricon

Residential,

Inc

1,633

1,414,986

United

Development

Co

QSC

420

391,209

UOL

Group

Ltd

1,830

11,437

(b)

VGP

NV

1,061

3,254

VIB

Vermoegen

AG.

45

404,426

Vonovia

SE

9,689

294,053

(b)

Wallenstam

AB

982

6,704,900

WHA

Corp

PCL

965

1,502,756

Wharf

Real

Estate

Investment

Co

Ltd

5,792

231,239

Wihlborgs

Fastigheter

AB

1,612

580,642

Yanlord

Land

Group

Ltd

280

6,217

YH

Dimri

Construction

&

Development

Ltd

405

155,400

Youngor

Group

Co

Ltd

152

1,548,652

Yuexiu

Property

Co

Ltd

1,780

455,000

Yuexiu

Services

Group

Ltd

171

213,300

Zhejiang

China

Commodities

City

Group

Co

Ltd

264

2,440,000

(a),(b)

Zhuguang

Holdings

Group

Co

Ltd

237

139,192

(a)

Zillow

Group,

Inc

(Class

A)

6,234

117,502

(a)

Zillow

Group,

Inc

(Class

C)

5,424

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

443,434

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.2%

4,866

3peak,

Inc

122

199,630

(a)

ACM

Research,

Inc

3,614

217,080

ADATA

Technology

Co

Ltd

569

854,809

(a)

Advanced

Micro

Devices,

Inc

87,891

32,025

Advanced

Micro-Fabrication

Equipment,

Inc

China

663

115,000

Advanced

Wireless

Semiconductor

Co

383

227,200

Advantest

Corp

6,337

204,100

AEM

Holdings

Ltd

511

424,753

Aixtron

AG.

15,558

88,000

Alchip

Technologies

Ltd

7,376

61,073

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS.

324

111

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

192,542

(a)

Allegro

MicroSystems,

Inc

$

6,150

223,585

(a)

Alphawave

IP

Group

plc

311

69,613

Amazing

Microelectronic

Corp

232

195,474

Amkor

Technology,

Inc

4,418

21,749

(a)

Amlogic

Shanghai

Co

Ltd

188

241,246

(a)

ams-OSRAM

AG.

1,129

479,047

Analog

Devices,

Inc

83,876

32,000

Andes

Technology

Corp

393

77,000

AP

Memory

Technology

Corp

917

2,593,195

Applied

Materials,

Inc

359,028

2,163,000

Ardentec

Corp

4,200

2,360,925

ASE

Technology

Holding

Co

Ltd

8,059

51,291

ASM

International

NV

21,419

251,400

ASM

Pacific

Technology

2,240

23,000

ASMedia

Technology,

Inc

826

826,070

ASML

Holding

NV

486,349

25,000

ASPEED

Technology,

Inc

2,154

20,318

(a)

ASR

Microelectronics

Co

Ltd

175

62,200

(a)

Axcelis

Technologies,

Inc

10,142

145,661

BE

Semiconductor

Industries

NV

14,247

45,231

(a)

Borosil

Renewables

Ltd

233

1,257,163

Broadcom,

Inc

1,044,174

25,130

(a)

Cambricon

Technologies

Corp

Ltd

429

44,924

(a)

Camtek

Ltd

2,764

359,500

Chang

Wah

Technology

Co

Ltd

370

11,538

(a),(d)

China

Energy

Savings

Technology,

Inc

0^

72,241

China

Resources

Microelectronics

Ltd

537

885,000

Chipbond

Technology

Corp

1,872

765,000

ChipMOS

Technologies,

Inc

887

42,341

(a)

Cirrus

Logic,

Inc

3,132

30,790

(a)

Cohu,

Inc

1,060

138,100

(a)

Credo

Technology

Group

Holding

Ltd

2,106

429,500

D&O

Green

Technologies

Bhd

311

50,400

(a),(b)

Daqo

New

Energy

Corp

(ADR)

1,526

27,533

DB

HiTek

Co

Ltd

996

46,800

(a)

Diodes,

Inc

3,690

186,000

Disco

Corp

34,365

11,793

(a)

Dongwoon

Anatech

Co

Ltd

183

10,272

(a)

Duk

San

Neolux

Co

Ltd

326

230,000

Elan

Microelectronics

Corp

952

223,000

Elite

Semiconductor

Microelectronics

Technology,

Inc

537

30,699

Elmos

Semiconductor

SE

2,065

55,000

eMemory

Technology,

Inc

3,453

514,000

(a)

Ennostar,

Inc

700

101,414

(a)

Enphase

Energy,

Inc

12,185

113,188

Entegris,

Inc

10,629

7,981

Eo

Technics

Co

Ltd

827

194,595

Episil

Technologies,

Inc

437

85,860

Episil-Precision,

Inc

152

203,973

Etron

Technology,

Inc

254

12,098

Eugene

Technology

Co

Ltd

344

272,000

Everlight

Electronics

Co

Ltd

395

548,000

Faraday

Technology

Corp

5,213

39,333

Ferrotec

Holdings

Corp

750

81,108

(a)

First

Solar,

Inc

13,106

110,350

Fitipower

Integrated

Technology,

Inc

950

395,000

(b)

Flat

Glass

Group

Co

Ltd

884

83,700

Flat

Glass

Group

Co

Ltd

325

159,000

FocalTech

Systems

Co

Ltd

373

56,184

(a)

Formfactor,

Inc

1,963

890,000

Formosa

Advanced

Technologies

Co

Ltd

1,063

62,200

Formosa

Sumco

Technology

Corp

277

CREF

Stock

Account

September

30,

2023

112

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

50,000

Foxsemicon

Integrated

Technology,

Inc

$

288

49,999

GalaxyCore,

Inc

105

8,573,000

GCL

Technology

Holdings

Ltd

1,590

22,612

(a)

GemVax

&

Kael

Co

Ltd

204

39,506

GigaDevice

Semiconductor,

Inc

535

2,024

(a)

GigaVis

Co

Ltd

106

46,000

Global

Mixed

Mode

Technology,

Inc

373

77,000

Global

Unichip

Corp

3,279

60,128

(a),(b)

GLOBALFOUNDRIES,

Inc

3,499

138,988

Globalwafers

Co

Ltd

1,960

297,700

(a)

Greatech

Technology

Bhd

276

1,654,000

Greatek

Electronics,

Inc

2,840

50,000

Gudeng

Precision

Industrial

Co

Ltd

535

10,231

HAESUNG

DS

Co

Ltd

425

6,608

Hana

Materials,

Inc

243

33,346

Hana

Micron,

Inc

618

26,600

Hangzhou

Chang

Chuan

Technology

Co

Ltd

122

69,900

Hangzhou

First

Applied

Material

Co

Ltd

275

36,100

Hangzhou

Lion

Electronics

Co

Ltd

164

68,644

Hangzhou

Silan

Microelectronics

Co

Ltd

229

39,025

Hanmi

Semiconductor

Co

Ltd

1,519

3,807

HD

Hyundai

Energy

Solutions

Co

Ltd

74

127,000

Holtek

Semiconductor,

Inc

244

207,927

HPSP

Co

Ltd

4,634

255,531

(a),(c)

Hua

Hong

Semiconductor

Ltd

642

1,133,982

Hynix

Semiconductor,

Inc

96,008

389,826

(a)

Ichor

Holdings

Ltd

12,069

2,183,200

Inari

Amertron

Bhd

1,345

1,726,781

Infineon

Technologies

AG.

57,192

22,156

Ingenic

Semiconductor

Co

Ltd

225

12,942

Innox

Advanced

Materials

Co

Ltd

305

7,171

Intekplus

Co

Ltd

168

9,452,566

Intel

Corp

336,039

27,930

(a)

inTEST

Corp

424

43,335

ISC

Co

Ltd

2,531

99,000

ITE

Technology,

Inc

482

8,221

ITM

Semiconductor

Co

Ltd

132

178,817

JA

Solar

Technology

Co

Ltd

629

55,113

Japan

Material

Co

Ltd

844

68,097

Jentech

Precision

Industrial

Co

Ltd

1,317

19,800

Jiangsu

Pacific

Quartz

Co

Ltd

290

322,289

Jinko

Solar

Co

Ltd

448

35,600

(a),(b)

JinkoSolar

Holding

Co

Ltd

(ADR)

1,081

33,333

Jusung

Engineering

Co

Ltd

664

3,897,000

King

Yuan

Electronics

Co

Ltd

9,190

244,000

Kinsus

Interconnect

Technology

Corp

822

52,187

KLA

Corp

23,936

163,807

Koh

Young

Technology,

Inc

1,507

7,087

KoMiCo

Ltd

255

223,546

(b)

Kulicke

&

Soffa

Industries,

Inc

10,871

419,624

Lam

Research

Corp

263,008

65,000

LandMark

Optoelectronics

Corp

236

42,800

Lasertec

Corp

6,656

207,743

(a)

Lattice

Semiconductor

Corp

17,851

7,866

LEENO

Industrial,

Inc

895

10,804

(a)

Lithium

for

earth,

Inc

88

403,768

LONGi

Green

Energy

Technology

Co

Ltd

1,515

9,771

LX

Semicon

Co

Ltd

598

18,700

M31

Technology

Corp

466

1

(a)

MACOM

Technology

Solutions

Holdings,

Inc

0^

1,528,000

Macronix

International

1,498

67,800

Malaysian

Pacific

Industries

Bhd

395

113

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

261,000

Marketech

International

Corp

$

1,118

626,378

Marvell

Technology,

Inc

33,906

25,963

(a),(b)

Maxeon

Solar

Technologies

Ltd

301

153,919

(a)

MaxLinear,

Inc

3,425

5,296,520

MediaTek,

Inc

121,094

10,689

(a),(b)

Megachips

Corp

299

16,131

Melexis

NV

1,388

2,711,353

(a),(b)

Meyer

Burger

Technology

AG.

1,094

203,237

Microchip

Technology,

Inc

15,863

1,506,081

Micron

Technology,

Inc

102,459

30,700

Micronics

Japan

Co

Ltd

434

167,891

Mimasu

Semiconductor

Industry

Co

Ltd

3,114

16,606

Mitsui

High-Tec,

Inc

860

25,288

MKS

Instruments,

Inc

2,188

64,677

Monolithic

Power

Systems,

Inc

29,881

62,605

Montage

Technology

Co

Ltd

426

541,075

Nanya

Technology

Corp

1,103

68,815

(a)

National

Silicon

Industry

Group

Co

Ltd

187

28,114

NAURA

Technology

Group

Co

Ltd

930

671,220

(a),(b)

Navitas

Semiconductor

Corp

4,665

19,949

(a)

NEPES

Corp

248

85,424

NEXTIN,

Inc

3,955

141,440

(a)

Nordic

Semiconductor

ASA

1,454

73,614

(a)

Nova

Measuring

Instruments

Ltd

8,118

242,758

Novatek

Microelectronics

Corp

Ltd

3,188

177,000

Nuvoton

Technology

Corp

688

4,106,538

Nvidia

Corp

1,786,303

240,005

NXP

Semiconductors

NV

47,982

163,035

(a)

ON

Semiconductor

Corp

15,154

115,281

(a)

Onto

Innovation,

Inc

14,701

196,052

Optorun

Co

Ltd

2,405

301,000

Orient

Semiconductor

Electronics

Ltd

392

289,000

Pan

Jit

International,

Inc

574

30,000

Parade

Technologies

Ltd

918

110,400

(a)

PDF

Solutions,

Inc

3,577

130,000

Phison

Electronics

Corp

1,841

223,050

(a)

Photronics,

Inc

4,508

10,081

Piotech,

Inc

331

126,000

Pixart

Imaging,

Inc

473

2,508,000

Powerchip

Semiconductor

Manufacturing

Corp

2,068

584,000

Powertech

Technology,

Inc

1,838

2,592

Protec

Co

Ltd

84

16,595

PSK,

Inc

237

92,724

(a)

PVA

TePla

AG.

1,501

38,168

(a)

Qorvo,

Inc

3,644

573,718

QUALCOMM,

Inc

63,717

350,000

Radiant

Opto-Electronics

Corp

1,334

239,616

(a)

Rambus,

Inc

13,368

45,000

Raydium

Semiconductor

Corp

496

203,261

Realtek

Semiconductor

Corp

2,496

229,382

(a)

REC

Silicon

ASA

342

2,123,300

(a)

Renesas

Electronics

Corp

32,433

16,345

RFHIC

Corp

184

61,311

RichWave

Technology

Corp

275

66,000

Risen

Energy

Co

Ltd

173

17,800

Rockchip

Electronics

Co

Ltd

150

465,200

Rohm

Co

Ltd

8,745

9,307

Rorze

Corp

641

392,700

RS

Technologies

Co

Ltd

7,487

13,825

S&S

Tech

Corp

451

268,500

Sanan

Optoelectronics

Co

Ltd

568

19,513

Sanken

Electric

Co

Ltd

1,180

CREF

Stock

Account

September

30,

2023

114

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

67,938

(b)

SCREEN

Holdings

Co

Ltd

$

3,301

116,000

SDI

Corp

384

65,047

(a)

Semtech

Corp

1,675

32,687

Seoul

Semiconductor

Co

Ltd

255

59,406

(a)

SFA

Semicon

Co

Ltd

221

14,344

SG

Micro

Corp

153

94,920

Shanghai

Aiko

Solar

Energy

Co

Ltd

291

29,410

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

193

18,721

Shenzhen

SC

New

Energy

Technology

Corp

195

8,400

(a)

Shibaura

Mechatronics

Corp

394

58,600

Shinko

Electric

Industries

2,274

119,613

(a)

Shinsung

Holdings

Co

Ltd

197

2,710,000

Sigurd

Microelectronics

Corp

4,825

2,897,512

Silergy

Corp

27,465

147,917

(a),(b)

Silex

Systems

Ltd

331

80,748

(a)

Silicon

Laboratories,

Inc

9,358

14,833

Siltronic

AG.

1,263

19,427

SIMMTECH

Co

Ltd

550

416,000

Sino-American

Silicon

Products,

Inc

2,029

95,000

Sitronix

Technology

Corp

821

81,986

(a)

SK

Square

Co

Ltd

2,574

102,750

(a),(b)

SkyWater

Technology,

Inc

619

61,248

Skyworks

Solutions,

Inc

6,038

13,010

(a)

SMA

Solar

Technology

AG.

841

421,102

(a)

SMART

Global

Holdings,

Inc

10,254

124,195

(a)

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

373

37,100

Socionext,

Inc

3,656

21,917

(a)

SOITEC

3,637

5,700

StarPower

Semiconductor

Ltd

141

746,489

STMicroelectronics

NV

32,191

14,753

SUESS

MicroTec

SE

341

297,142

Sumco

Corp

3,867

402,000

Sunplus

Technology

Co

Ltd

362

179,000

Taiwan

Mask

Corp

375

204,000

Taiwan

Semiconductor

Co

Ltd

541

43,974,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

717,053

1,096,557

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

95,291

548,000

Taiwan

Surface

Mounting

Technology

Corp

1,564

270,000

Taiwan-Asia

Semiconductor

Corp

397

211,781

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

678

233,129

(a),(b)

Technoprobe

S.p.A

1,832

58,927

Teradyne,

Inc

5,920

8,147

Tesna

Co

Ltd

266

1,113,361

Texas

Instruments,

Inc

177,035

248,161

Tianshui

Huatian

Technology

Co

Ltd

306

4,237

Tokai

Carbon

Korea

Co

Ltd

296

502,600

Tokyo

Electron

Ltd

68,651

32,100

Tokyo

Seimitsu

Co

Ltd

1,605

109,948

TongFu

Microelectronics

Co

Ltd

289

248,539

Tongwei

Co

Ltd

1,100

249,406

Topco

Scientific

Co

Ltd

1,311

92,261

(a)

Tower

Semiconductor

Ltd

(Tel

Aviv)

2,250

61,200

Tri

Chemical

Laboratories,

Inc

1,266

113,597

Trina

Solar

Co

Ltd

477

1,746,000

(a),(d)

Trony

Solar

Holdings

Co

Ltd

2

3,586

TSE

Co

Ltd

113

437,946

TSEC

Corp

385

5,592

(b)

u-blox

Holding

AG.

474

40,544

Ulvac,

Inc

1,461

2,384,400

UMS

Holdings

Ltd

2,261

46,068

Unigroup

Guoxin

Microelectronics

Co

Ltd

551

433,900

Unisem

M

Bhd

301

115

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,812,071

United

Microelectronics

Corp

$

6,757

1,224,000

United

Renewable

Energy

Co

Ltd/Taiwan

560

18,492

Universal

Display

Corp

2,903

34,000

UPI

Semiconductor

Corp

260

355,744

Vanguard

International

Semiconductor

Corp

752

368,006

(a)

Veeco

Instruments,

Inc

10,345

28,283

(a)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

233

177,000

Via

Technologies,

Inc

654

88,000

VisEra

Technologies

Co

Ltd

567

141,000

Visual

Photonics

Epitaxy

Co

Ltd

648

504,800

ViTrox

Corp

Bhd

799

449,000

Wafer

Works

Corp

614

151,758

(a),(b)

Weebit

Nano

Ltd

308

60,084

Will

Semiconductor

Co

Ltd

769

270,000

Win

Semiconductors

Corp

1,082

1,223,389

Winbond

Electronics

Corp

962

17,000

WinWay

Technology

Co

Ltd

358

245,945

(a),(b)

Wolfspeed,

Inc

9,370

216,559

WONIK

IPS

Co

Ltd

5,125

12,602

Wonik

QnC

Corp

259

7,279

Wuxi

Autowell

Technology

Co

Ltd

143

50,385

(a),(c)

X-Fab

Silicon

Foundries

SE

519

4,455

(a),(c)

X-Fab

Silicon

Foundries

SE

46

81,263

Xinjiang

Daqo

New

Energy

Co

Ltd

450

118,000

XinTec,

Inc

431

2,031,214

Xinyi

Solar

Holdings

Ltd

1,510

7,400

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

35

58,606

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

383

24,000

ZillTek

Technology

Corp

252

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

6,780,526

SOFTWARE

&

SERVICES

-

8.8%

83,400

(a),(b)

21Vianet

Group,

Inc

(ADR)

261

184,587

360

Security

Technology,

Inc

249

1,139,255

(b)

Accenture

plc

349,877

2,913

Adesso

SE

315

476,821

(a)

Adobe,

Inc

243,131

18,093

(a),(e)

AGMO

HOLDINGS

BHD

2

53,800

(a),(b)

Agora,

Inc

(ADR)

136

4,400

Ahnlab,

Inc

209

68,302

(a)

Akamai

Technologies,

Inc

7,277

12,462

Al

Moammar

Information

Systems

Co

471

51,890

(a)

Alarm.com

Holdings,

Inc

3,173

37,945

(a)

Alkami

Technology,

Inc

691

3,900

(b)

Alpha

Systems,

Inc

74

24,381

Alten

3,199

120,105

(a)

Alteryx,

Inc

4,527

503,530

Altium

Ltd

13,901

170,269

Amdocs

Ltd

14,386

65,540

(a)

Appfolio,

Inc

11,970

51,500

(a)

Appier

Group,

Inc

548

191,482

(a)

AppLovin

Corp

7,652

20,603

Arabian

Internet

&

Communications

Services

Co

1,758

30,700

Argo

Graphics,

Inc

681

286,210

(a)

Asana,

Inc

5,240

140,800

(c)

AsiaInfo

Technologies

Ltd

158

116,047

Asseco

Poland

S.A.

1,901

124,990

Atea

ASA

1,561

361,047

(a)

Atlassian

Corp

Ltd

72,755

92,465

(b)

Atos

Origin

S.A.

641

3,257

Atoss

Software

AG.

673

5,789

Aubay

237

CREF

Stock

Account

September

30,

2023

116

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,300

(a)

Base

Co

Ltd

$

153

1,638,300

(a)

BASE,

Inc

3,272

194,391

Bechtle

AG.

9,053

51,100

Beijing

E-Hualu

Information

Technology

Co

Ltd

242

24,645

Beijing

Kingsoft

Office

Software,

Inc

1,255

67,932

Beijing

Shiji

Information

Technology

Co

Ltd

106

152,866

Bentley

Systems,

Inc

7,668

77,741

(a)

BILL

Holdings,

Inc

8,440

148,460

Birlasoft

Ltd

860

22,098

(a),(b)

Bitdeer

Technologies

Group

213

21,545

(a)

Blackbaud,

Inc

1,515

465,116

(a)

BlackBerry

Ltd

2,202

1,484,937

(a),(b)

BrainChip

Holdings

Ltd

181

132,910

(a)

Braze,

Inc

6,211

74,426

(a)

Brightcove,

Inc

245

779,737

Bytes

Technology

Group

plc

4,745

54,560

(a)

Cadence

Design

Systems,

Inc

12,783

98,477

CANCOM

SE

2,621

582,537

Cap

Gemini

S.A.

101,649

12,116

cBrain

A.S.

342

155,089

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

2,070

15,363

CE

Info

Systems

Ltd

368

40,664

(a),(b)

Cellebrite

DI

Ltd

311

53,235

(a)

Ceridian

HCM

Holding,

Inc

3,612

192,314

(a)

CGI,

Inc

18,956

36,500

(b)

Change

Holdings,

Inc

429

283,100

(a),(b)

Chatwork

Co

Ltd

1,544

118,449

(a)

Check

Point

Software

Technologies

15,787

14,276,000

(a)

China

Youzan

Ltd

208

2,314,000

Chinasoft

International

Ltd

1,642

110,300

(a),(b)

Chindata

Group

Holdings

Ltd

(ADR)

915

592,070

(a)

Cleanspark,

Inc

2,256

415,571

Clear

Secure,

Inc

7,912

214,644

(a)

Cloudflare,

Inc

13,531

34,252

Coforge

Ltd

2,097

185,042

Cognizant

Technology

Solutions

Corp

(Class

A)

12,535

396,711

(a)

Commvault

Systems,

Inc

26,822

65,121

Computacenter

plc

2,005

33,688

Comture

Corp

521

140,288

(a)

Confluent,

Inc

4,154

18,224

Constellation

Software,

Inc

37,623

1,546,410

(b)

Converge

Technology

Solutions

Corp

3,165

65,642

(a),(c)

Crayon

Group

Holding

ASA

405

262,365

(a)

Crowdstrike

Holdings,

Inc

43,915

110,051

(a)

CyberArk

Software

Ltd

18,023

23,700

Cybozu,

Inc

321

68,430

Cyient

Ltd

1,394

2,659,500

(a)

Dagang

NeXchange

Bhd

249

5,055,983

(a)

Darktrace

plc

24,737

731,735

Dassault

Systemes

SE

27,178

110,640

Data#3

Ltd

502

565,055

(a)

Datadog,

Inc

51,471

4,422

Datagroup

SE

212

7,949

(a)

Dear

U

Co

Ltd

253

148,086

(a)

Descartes

Systems

Group,

Inc

10,869

61,777

DHC

Software

Co

Ltd

55

105,800

Digital

Arts,

Inc

3,269

2,721,000

Digital

China

Holdings

Ltd

863

30,513

Digital

Garage,

Inc

701

3,750

(b)

Digital

Value

S.p.A

199

13,905

(a)

Docebo,

Inc

564

22,881

Dolby

Laboratories,

Inc

(Class

A)

1,814

117

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

508,210

(a)

Domo,

Inc

$

4,986

13,434

Douzone

Bizon

Co

Ltd

288

201,072

(a)

Dropbox,

Inc

5,475

31,000

DTS

Corp

661

173,155

(b)

Dye

&

Durham

Ltd

1,694

305,264

(a)

Dynatrace,

Inc

14,265

128,209

(a)

Elastic

NV

10,416

21,142

Elm

Co

4,397

5,621

(a)

EMRO,

Inc

279

597,503

(a)

EngageSmart,

Inc

10,749

36,496

Enghouse

Systems

Ltd

806

189,651

(a)

EPAM

Systems,

Inc

48,492

4,709

Esker

S.A.

621

293,250

(a)

Everbridge,

Inc

6,575

17,134

(a)

Fair

Isaac

Corp

14,881

21,006

(a)

FD

Technologies

plc

374

64,104

FDM

Group

Holdings

plc

407

498,329

(a)

Five9,

Inc

32,043

13,679

Formula

Systems

1985

Ltd

1,009

254,561

(a)

Fortinet,

Inc

14,938

884,045

Fortnox

AB

4,706

82,500

(a),(b)

Freee

KK

1,630

585,640

(a)

Freshworks,

Inc

11,666

88,547

(b)

F-Secure

Oyj

163

41,768

FUJI

SOFT,

Inc

1,351

213,800

Fujitsu

Ltd

25,145

7,127

Fukui

Computer

Holdings,

Inc

127

112,800

Future

Architect,

Inc

1,134

43,253

(a)

Gartner,

Inc

14,862

197,603

GB

Group

plc

517

845,824

(a)

GDS

Holdings

Ltd

1,160

57,800

(a),(b)

GDS

Holdings

Ltd

(ADR)

633

3,480,721

Gen

Digital,

Inc

61,539

15,517

GFT

Technologies

SE

431

66,513

(a)

Gitlab,

Inc

3,008

77,537

(c)

Global

Dominion

Access

S.A.

275

35,921

(a)

Globant

S.A.

7,107

53,770

GMO

internet,

Inc

831

116,923

(a)

GoDaddy,

Inc

8,708

19,580

Hackett

Group,

Inc

462

143,517

Hansen

Technologies

Ltd

487

52,456

Happiest

Minds

Technologies

Ltd

551

73,714

(a)

HashiCorp,

Inc

1,683

401,427

HCL

Technologies

Ltd

5,950

14,294

Hilan

Ltd

742

13,613

Hinduja

Global

Solutions

Ltd

164

54,052

Hundsun

Technologies,

Inc

241

184,864

(a),(b)

Hut

8

Mining

Corp

363

5,807

Hyundai

Autoever

Corp

802

23,700

(a)

IBEX

Holdings

Ltd

366

58,583

Iflytek

Co

Ltd

408

102,494

Indra

Sistemas

S.A.

1,481

281,000

INESA

Intelligent

Tech,

Inc

167

32,754

(a)

Informatica,

Inc

690

22,548

Information

Services

International-Dentsu

Ltd

861

1,392,760

Infosys

Technologies

Ltd

23,935

17,890

(a),(b)

Instructure

Holdings,

Inc

454

189,190

(a)

Intapp,

Inc

6,342

67,768

Intellect

Design

Arena

Ltd

575

684,232

International

Business

Machines

Corp

95,998

487,005

Intuit,

Inc

248,830

41,532

(a)

Ionos

SE

628

CREF

Stock

Account

September

30,

2023

118

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

912,662

Iress

Market

Technology

Ltd

$

3,395

56,550

Isoftstone

Information

Technology

Group

Co

Ltd

206

585,957

Justsystems

Corp

11,718

69,570

Kainos

Group

plc

970

590,000

(a),(f)

Kaonavi,

Inc

8,731

818,779

Keywords

Studios

plc

15,394

121,690

(a)

Kinaxis,

Inc

13,724

1,171,495

(a)

Kingdee

International

Software

Group

Co

Ltd

1,434

83,200

(a),(b)

Kingsoft

Cloud

Holdings

Ltd

(ADR)

410

79,260

(a),(b)

Klaviyo,

Inc

2,734

24,382

KNOW

IT

AB

283

34,183

Kontron

AG.

662

359,883

KPIT

Technologies

Ltd

4,976

391,820

(a)

Kyndryl

Holdings,

Inc

5,916

1,768,754

Learning

Technologies

Group

plc

1,384

1,232,116

(a)

Lightspeed

Commerce,

Inc

17,308

779,000

(b),(c)

Linklogis,

Inc

173

15,137

LiveChat

Software

S.A.

503

242,750

(a)

LiveRamp

Holdings,

Inc

7,001

3,746,465

(c)

Locaweb

Servicos

de

Internet

S.A.

4,763

466,645

(c)

LTIMindtree

Ltd

29,157

53,463

Magic

Software

Enterprises

Ltd

606

43,860

(a)

Manhattan

Associates,

Inc

8,669

14,076

Mastek

Ltd

406

30,654

Matrix

IT

Ltd

627

488,170

(a)

Matterport,

Inc

1,059

207,791

(a)

Megaport

Ltd

1,560

13,539,379

Microsoft

Corp

4,275,059

671,000

(b)

Ming

Yuan

Cloud

Group

Holdings

Ltd

292

35,167

Mitsubishi

Research

Institute,

Inc

1,139

23,728

(a)

Monday.com

Ltd

3,778

36,488

(a)

Money

Forward,

Inc

1,165

24,113

(a)

MongoDB,

Inc

8,340

63,243

Mphasis

Ltd

1,803

7,477

(a),(b)

Nagarro

SE

539

852,000

(a),(b),(d)

National

Agricultural

Holdings

Ltd

1

21,067

NavInfo

Co

Ltd

29

207,027

NCC

Group

plc

298

41,413

(a),(b)

nCino

OpCo,

Inc

1,317

97,549

(a)

NCR

Corp

2,631

209,500

NEC

Corp

11,569

54,443

NEC

Networks

&

System

Integration

Corp

715

63,057

Nemetschek

SE

3,838

232,406

NET

One

Systems

Co

Ltd

4,410

219,707

(c)

Netcompany

Group

A.S.

8,328

16,959

Newgen

Software

Technologies

Ltd

183

1,268,066

(a)

NEXTDC

Ltd

10,033

69,128

(a)

Nice

Systems

Ltd

11,790

640,084

Nihon

Unisys

Ltd

15,983

201,800

Nippon

System

Development

Co

Ltd

3,825

85,000

Nomura

Research

Institute

Ltd

2,209

14,315

(a)

Northern

Data

AG.

349

25,292

NS

Solutions

Corp

719

138,900

NTT

Data

Corp

1,859

362,414

(a)

Nutanix,

Inc

12,641

84,200

OBIC

Business

Consultants

Ltd

3,485

15,400

Obic

Co

Ltd

2,333

25,295

Objective

Corp

Ltd

174

113,798

(a)

Okta,

Inc

9,276

280,780

(a)

Olo,

Inc

1,702

38,911

One

Software

Technologies

Ltd

491

245,942

Open

Text

Corp

(Toronto)

8,632

119

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,103,693

Oracle

Corp

$

434,663

8,300

(a)

Oracle

Corp

Japan

615

106,096

Oracle

Financial

Services

Software

Ltd

5,237

25,100

Otsuka

Corp

1,062

31,822

(a),(b)

OVH

Groupe

SAS

288

1,395,110

(a)

Palantir

Technologies,

Inc

22,322

1,430,101

(a)

Palo

Alto

Networks,

Inc

335,273

18,646

Paycom

Software,

Inc

4,834

42,495

(a),(b)

Paycor

HCM,

Inc

970

44,487

(a)

Paylocity

Holding

Corp

8,083

24,989

Pegasystems,

Inc

1,085

44,170

Perfect

Presentation

For

Commercial

Services

Co

262

41,285

Persistent

Systems

Ltd

2,869

64,200

(a),(b)

PKSHA

Technology,

Inc

1,164

19,900

Plus

Alpha

Consulting

Co

Ltd

373

50,603

(b)

POSCO

DX

Co

Ltd

2,023

747,861

(a),(b)

PowerSchool

Holdings,

Inc

16,947

43,190

(a)

Procore

Technologies,

Inc

2,821

249,978

(a)

PTC,

Inc

35,417

785,998

(a)

Q2

Holdings,

Inc

25,364

32,011

(a)

Qi

An

Xin

Technology

Group,

Inc

226

123,800

(a),(c)

Qingdao

Ainnovation

Technology

Group

Co

Ltd

189

15,874

(a),(b)

QT

Group

Oyj

869

76,700

Rakus

Co

Ltd

1,052

31,556

(a)

Rategain

Travel

Technologies

Ltd

225

20,500

Reply

S.p.A

1,924

59,410

(a)

RingCentral,

Inc

1,760

59,563

(a)

Riskified

Ltd

267

368,480

Roper

Industries,

Inc

178,447

27,825

Route

Mobile

Ltd

531

1,120,670

Sage

Group

plc

13,486

2,588,745

(a)

Salesforce,

Inc

524,946

16,312

Samsung

SDS

Co

Ltd

1,634

11,780

Sangfor

Technologies,

Inc

151

62,700

(a)

Sansan,

Inc

525

1,162,918

SAP

AG.

150,530

48,623

Sapiens

International

Corp

NV

1,395

165,350

Sapiens

International

Corp

NV

4,701

10,700

SB

Technology

Corp

161

1,315

Secunet

Security

Networks

AG.

278

149,600

(a)

SEMrush

Holdings,

Inc

1,272

443,396

(a)

SentinelOne,

Inc

7,476

389,935

(a)

ServiceNow,

Inc

217,958

49,602

Shanghai

Baosight

Software

Co

Ltd

307

583,332

Shanghai

Baosight

Software

Co

Ltd

1,229

220,372

(a)

SHIFT,

Inc

40,075

2,236,179

(a)

Shopify,

Inc

(Class

A)

122,062

20,592

(a)

SimilarWeb

Ltd

133

21,500

Simplex

Holdings,

Inc

389

564,445

(a),(c)

Sinch

AB

985

515,857

(a)

SiteMinder

Ltd

1,529

200,873

(a)

Smartsheet,

Inc

8,127

245,741

(a)

Snowflake,

Inc

37,542

483,421

Softcat

plc

8,605

89,023

Sonata

Software

Ltd

1,132

65,095

Sopra

Group

S.A.

13,438

119,098

(a)

Splunk,

Inc

17,418

741,640

(a)

Sprinklr,

Inc

10,264

463,044

(a),(b)

Sprout

Social,

Inc

23,097

29,837

(a)

SPS

Commerce,

Inc

5,090

86,600

(a)

Squarespace,

Inc

2,509

483,500

Sumisho

Computer

Systems

Corp

8,430

CREF

Stock

Account

September

30,

2023

120

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

637,224

SUNeVision

Holdings

Ltd

$

263

33,968

(b)

SUSE

S.A.

458

658,983

(a)

Synopsys,

Inc

302,453

6,427,712

Systena

Corp

11,553

122,000

Systex

Corp

400

57,195

Tanla

Platforms

Ltd

713

784,634

Tata

Consultancy

Services

Ltd

33,223

28,230

Tata

Elxsi

Ltd

2,450

117,159

(a),(c)

TeamViewer

SE

1,969

227,374

Tech

Mahindra

Ltd

3,338

166,700

TechMatrix

Corp

1,764

682,156

Technology

One

Ltd

6,765

69,625

Temenos

Group

AG.

4,870

467,606

(a)

Teradata

Corp

21,052

23,661

Thunder

Software

Technology

Co

Ltd

248

87,780

(b)

Tietoenator

Oyj

1,972

539,400

TIS,

Inc

11,861

64,142

(a)

TomTom

NV

457

405,752

TOTVS

S.A.

2,179

296,339

(a)

Trade

Desk,

Inc

23,159

198,100

(a)

Trend

Micro,

Inc

7,499

11,507

Trifork

Holding

AG.

193

191,265

(a),(b)

Truecaller

AB

664

188,800

(a)

Tuya,

Inc

(ADR)

293

153,729

(a)

Twilio,

Inc

8,998

384,959

(a)

UiPath,

Inc

6,587

217,820

(a)

Unity

Software,

Inc

6,837

216,910

(a)

Varonis

Systems,

Inc

6,624

68,640

(a)

VeriSign,

Inc

13,902

25,739

Vitec

Software

Group

AB

1,207

162,404

(a)

VMware,

Inc

(Class

A)

27,037

1,344,000

(a),(b)

Vobile

Group

Ltd

348

41,194

(a),(b)

WalkMe

Ltd

391

7,613

Wavestone

399

187,380

(a)

Weave

Communications,

Inc

1,527

1,765,000

(a),(b),(c)

Weimob,

Inc

757

12,559

(b)

Wiit

S.p.A

201

13,700

WingArc1st,

Inc

234

552,695

Wipro

Ltd

2,692

193,329

WiseTech

Global

Ltd

8,025

58,458

(a)

Wix.com

Ltd

5,366

535,711

(a)

Workday,

Inc

115,098

139,654

(a)

Workiva,

Inc

14,153

122,102

(a)

Xero

Ltd

8,781

89,487

Yonyou

Network

Technology

Co

Ltd

204

94,829

Zensar

Technologies

Ltd

589

277,970

(a)

Zeta

Global

Holdings

Corp

2,321

42,674

(a)

Zoom

Video

Communications,

Inc

2,985

82,188

(a)

Zscaler,

Inc

12,788

49,800

Zuken,

Inc

1,202

1,336,210

(a)

Zuora,

Inc

11,010

TOTAL

SOFTWARE

&

SERVICES

9,536,195

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

5.6%

306,444

(b)

AAC

Technologies

Holdings,

Inc

523

55,000

Ability

Opto-Electronics

Technology

Co

Ltd

249

51,700

Accelink

Technologies

Co

Ltd

230

433,831

Accton

Technology

Corp

6,656

1,231,532

Acer,

Inc

1,388

78,000

Adlink

Technology,

Inc

149

15,087

(a)

ADVA

Optical

Networking

SE

320

30,000

Advanced

Ceramic

X

Corp

195

121

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

189,543

Advantech

Co

Ltd

$

2,030

25,006

Ai

Holdings

Corp

396

4,393,000

Alpha

Networks,

Inc

5,370

154,100

(b)

Alps

Electric

Co

Ltd

1,336

5,288

ALSO

Holding

AG.

1,327

44,450

Amano

Corp

976

219,982

Amphenol

Corp

(Class

A)

18,476

19,500

Anker

Innovations

Technology

Co

Ltd

250

121,793

(b)

Anritsu

Corp

869

1,287,120

(a),(d)

Anxin-China

Holdings

Ltd

2

84,000

Apex

International

Co

Ltd

147

21,208,085

(i)

Apple,

Inc

3,631,036

128,000

Arcadyan

Technology

Corp

643

559,896

(a)

Arista

Networks,

Inc

102,982

1,246,379

(a)

Arlo

Technologies,

Inc

12,838

21,592

(a)

Arrow

Electronics,

Inc

2,704

175,000

Asia

Optical

Co,

Inc

342

1,024,385

Asia

Vital

Components

Co

Ltd

10,900

27,000

ASROCK,

Inc

178

298,026

Asustek

Computer,

Inc

3,391

20,622

AT&S

Austria

Technologie

&

Systemtechnik

AG.

609

2,809,827

AU

Optronics

Corp

1,428

637,000

AURAS

Technology

Co

Ltd

6,338

12,613

(a),(c)

Avalon

Technologies

Ltd

84

100,900

Avary

Holding

Shenzhen

Co

Ltd

282

35,698

Avnet,

Inc

1,720

97,700

Azbil

Corp

2,985

56,212

(b)

Barco

NV

1,091

8,800

Basler

AG.

91

51,300

Belden

CDT,

Inc

4,953

1,238,000

Benq

Corp

1,717

22,617

BH

Co

Ltd

349

1,119,337

BOE

Technology

Group

Co

Ltd

593

266,000

(b)

BOE

Varitronix

Ltd

245

51,000

Brother

Industries

Ltd

822

343,439

BYD

Electronic

International

Co

Ltd

1,560

92,100

(a)

Calix,

Inc

4,222

139,600

(a),(b)

Canaan,

Inc

(ADR)

254

47,200

(a)

Canon

Electronics,

Inc

597

36,290

Canon

Marketing

Japan,

Inc

941

612,400

Canon,

Inc

14,752

339,000

Career

Technology

MFG.

Co

Ltd

229

245,947

Catcher

Technology

Co

Ltd

1,392

102,712

CDW

Corp

20,723

437,209

(a)

Celestica,

Inc

10,700

344,000

Chang

Wah

Electromaterials,

Inc

331

133,000

Channel

Well

Technology

Co

Ltd

319

105,845

Chaozhou

Three-Circle

Group

Co

Ltd

450

48,000

Chenbro

Micom

Co

Ltd

325

296,000

Cheng

Uei

Precision

Industry

Co

Ltd

375

674,000

Chicony

Electronics

Co

Ltd

2,414

489,600

(a),(d)

China

Fiber

Optic

Network

System

Group

Ltd

1

107,557

China

Greatwall

Technology

Group

Co

Ltd

155

644,120

China

Railway

Signal

&

Communication

Corp

Ltd

466

23,300

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

259

281,000

Chin-Poon

Industrial

Co

Ltd

342

317,000

Chroma

ATE,

Inc

2,719

18,000

Chunghwa

Precision

Test

Tech

Co

Ltd

324

931,903

(a)

Ciena

Corp

44,042

5,249,009

Cisco

Systems,

Inc

282,187

182,400

(b)

Citizen

Watch

Co

Ltd

1,122

264,000

Clevo

Co

258

CREF

Stock

Account

September

30,

2023

122

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

80,962

Codan

Ltd

$

410

132,491

Cognex

Corp

5,623

90,280

(a)

Coherent

Corp

2,947

1,744,312

Comba

Telecom

Systems

Holdings

Ltd

227

34,001

Comet

Holding

AG.

7,560

6,663

(a)

CommScope

Holding

Co,

Inc

22

1,816,524

Compal

Electronics,

Inc

1,731

797,000

Compeq

Manufacturing

Co

Ltd

1,310

185,980

Comtech

Telecommunications

Corp

1,627

208,000

Coretronic

Corp

496

290,685

Corning,

Inc

8,857

20,284

(a)

CosmoAM&T

Co

Ltd

2,233

186,000

Co-Tech

Development

Corp

357

241,000

(a),(b)

Cowell

e

Holdings,

Inc

478

31,406

Daeduck

Electronics

Co

Ltd

607

8,723

Daejoo

Electronic

Materials

Co

Ltd

539

68,070

Daiwabo

Co

Ltd

1,305

142,000

Darfon

Electronics

Corp

190

9,381

Datalogic

S.p.A.

60

170,482

DataTec

Ltd

324

1,290,070

Delta

Electronics

Thailand

PCL

2,916

4,580,673

Delta

Electronics,

Inc

46,136

46,501

(b)

Dexerials

Corp

1,145

49,811

Dicker

Data

Ltd

309

3,977,060

Ditto

Thailand

PCL

2,966

31,912

Dreamtech

Co

Ltd

332

457,000

Dynapack

International

Technology

Corp

1,137

3,874,156

E

Ink

Holdings,

Inc

21,602

233,300

Eastern

Communications

Co

Ltd

93

10,724

Eizo

Nanao

Corp

363

33,996

Elecom

Co

Ltd

396

221,000

Elite

Material

Co

Ltd

2,939

454,000

Elitegroup

Computer

Systems

Co

Ltd

418

10,345

EM-Tech

Co

Ltd

381

63,679

Ennoconn

Corp

519

41,500

Eoptolink

Technology,

Inc

Ltd

262

26,208

(a)

ePlus,

Inc

1,665

3,198,459

(b)

Ericsson

(LM)

(B

Shares)

15,582

49,709

(a)

EV

Advanced

Material

Co

Ltd

138

109,493

(a)

Everdisplay

Optronics

Shanghai

Co

Ltd

39

32,127

Evertz

Technologies

Ltd

296

117,290

(a),(b)

Evolv

Technologies

Holdings,

Inc

570

808,272

(a)

Extreme

Networks,

Inc

19,568

22,636

(a)

F5

Networks,

Inc

3,648

66,380

(a)

Fabrinet

11,060

3,060,000

(a)

FIH

Mobile

Ltd

261

256,000

FLEXium

Interconnect,

Inc

699

2,049,554

(a)

Flextronics

International

Ltd

55,297

294,100

Forth

Corp

PCL

233

20,521,372

Foxconn

Industrial

Internet

Co

Ltd

55,653

2,709,000

Foxconn

Technology

Co

Ltd

4,847

184,228

FUJIFILM

Holdings

Corp

10,658

183,000

General

Interface

Solution

Holding

Ltd

335

68,000

Genius

Electronic

Optical

Co

Ltd

777

72,365

Genus

Power

Infrastructures

Ltd

222

291,000

Getac

Holdings

Corp

701

444,000

Gigabyte

Technology

Co

Ltd

3,903

230,000

Global

Brands

Manufacture

Ltd

442

71,822

GoerTek,

Inc

155

305,400

Gold

Circuit

Electronics

Ltd

2,081

187,236

GRG

Banking

Equipment

Co

Ltd

311

117,597

Guangzhou

Haige

Communications

Group,

Inc

Co

182

34,018

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

237

9,700

(b)

Hakuto

Co

Ltd

328

123

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

574,036

Halma

plc

$

13,525

30,900

Hamamatsu

Photonics

KK

1,299

480,000

Hana

Microelectronics

PCL

(Foreign)

779

368,000

Hannstar

Board

Corp

678

1,955,000

HannStar

Display

Corp

703

96,300

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

216

139,300

Hengtong

Optic-electric

Co

Ltd

270

5,629,597

Hewlett

Packard

Enterprise

Co

97,786

103,051

Hexagon

AB

877

551,000

(a)

High

Tech

Computer

Corp

824

7,500

Hioki

EE

Corp

362

6,800

Hirose

Electric

Co

Ltd

787

23,855

HMS

Networks

AB

869

112,350

Holy

Stone

Enterprise

Co

Ltd

341

10,368,640

Hon

Hai

Precision

Industry

Co,

Ltd

33,421

29,499

Horiba

Ltd

1,594

30,800

Hosiden

Corp

395

660,089

HP,

Inc

16,964

68,600

Huagong

Tech

Co

Ltd

316

90,000

Ibase

Technology,

Inc

265

95,200

Ibiden

Co

Ltd

5,049

15,754

(a),(b)

Incap

Oyj

141

1,411

Inficon

Holding

AG.

1,720

1

(a)

Infinera

Corp

0^

57,850

Innodisk

Corp

533

3,965,456

InnoLux

Display

Corp

1,617

94,427

(a),(b)

Innoviz

Technologies

Ltd

184

44,200

Inspur

Electronic

Information

Industry

Co

Ltd

228

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

270

6,763

Intellian

Technologies,

Inc

410

10,494

INTOPS

Co

Ltd

214

1,144,172

Inventec

Co

Ltd

1,744

11,711

(a)

IPG

Photonics

Corp

1,189

16,600

Iriso

Electronics

Co

Ltd

466

39,184

IsuPetasys

Co

Ltd

804

149,000

ITEQ

Corp

422

7,330

(a)

Itron,

Inc

444

26,501

Ituran

Location

and

Control

Ltd

792

83,753

Jabil

Inc

10,627

11,269

(a)

Jahwa

Electronics

Co

Ltd

204

37,642

Japan

Aviation

Electronics

Industry

Ltd

748

539,694

(a),(b)

Japan

Display,

Inc

137

610,900

Jaymart

Group

Holdings

PCL

381

42,543

Jenoptik

AG.

1,075

127,114

Juniper

Networks,

Inc

3,532

15,000

Kaga

Electronics

Co

Ltd

650

11,993

(a)

Kaynes

Technology

India

Ltd

332

744,200

KCE

Electronics

PCL

1,123

191,470

Keyence

Corp

70,811

66,936

(a)

Keysight

Technologies,

Inc

8,856

31,460

(a)

Kimball

Electronics,

Inc

861

48,000

King

Slide

Works

Co

Ltd

1,234

302,205

Kingboard

Chemical

Holdings

Ltd

677

951,246

Kingboard

Laminates

Holdings

Ltd

671

136,087

Kitron

ASA

450

17,232

(a)

KMW

Co

Ltd

164

30,000

(b)

Koa

Corp

361

384,700

Konica

Minolta

Holdings,

Inc

1,252

70,600

Kyocera

Corp

3,579

21,045

L&F

Co

Ltd

2,686

70,823

Landis&Gyr

Group

AG.

5,111

41,625

Largan

Precision

Co

Ltd

2,758

502

LEM

Holding

S.A.

1,122

3,098,399

Lenovo

Group

Ltd

3,177

CREF

Stock

Account

September

30,

2023

124

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

281,923

Lens

Technology

Co

Ltd

$

476

95,393

LG

Display

Co

Ltd

926

5,804

LG

Innotek

Co

Ltd

1,052

485,284

Lingyi

iTech

Guangdong

Co

380

842,277

Lite-On

Technology

Corp

3,180

5,295

Littelfuse,

Inc

1,310

179,646

Logitech

International

S.A.

12,359

67,999

Lotes

Co

Ltd

1,738

18,087

Lotte

Energy

Materials

Corp

532

52,694

(a),(b)

Lumentum

Holdings,

Inc

2,381

91,000

LuxNet

Corp

406

357,924

Luxshare

Precision

Industry

Co

Ltd

1,468

40,007

Macnica

Holdings,

Inc

1,878

7,100

(b)

Maruwa

Co

Ltd

1,111

31,100

Maxell

Holdings

Ltd

348

29,034

Maxscend

Microelectronics

Co

Ltd

465

205,991

MCJ

Co

Ltd

1,545

8,801

Mcnex

Co

Ltd

171

18,800

Meiko

Electronics

Co

426

28,765

Melco

Holdings,

Inc

599

5,681,900

Metrodata

Electronics

Tbk

PT

182

198,000

(a),(b),(d)

MH

Development

Ltd

0^

60,932

(b)

Micronic

AB

1,256

307,200

Micro-Star

International

Co

Ltd

1,563

2,572,000

Mitac

Holdings

Corp

3,248

683,010

Motorola

Solutions,

Inc

185,943

2,139,390

Murata

Manufacturing

Co

Ltd

39,027

87,000

Nan

Ya

Printed

Circuit

Board

Corp

721

195,400

(a),(b)

Nano

Dimension

Ltd

(ADR)

531

99,800

Napco

Security

Technologies,

Inc

2,221

174,578

National

Instruments

Corp

10,408

518,400

Nationgate

Holdings

Bhd

146

9,166

(a)

Nayax

Ltd

212

30,583

Neopost

S.A.

616

159,847

NetApp,

Inc

12,129

54,500

(a)

Netscout

Systems,

Inc

1,527

408,800

(a)

Nex

Point

Parts

PCL

126

40,450

Nichicon

Corp

381

417,700

(b)

Nihon

Dempa

Kogyo

Co

Ltd

3,889

64,615

Ninestar

Corp

229

73,600

Nippon

Ceramic

Co

Ltd

1,310

68,676

Nippon

Electric

Glass

Co

Ltd

1,279

26,556

Nippon

Signal

Co

Ltd

167

35,660

Nissha

Printing

Co

Ltd

400

14,572

Nohmi

Bosai

Ltd

172

1

Nokia

Corp

(ADR)

0^

5,845,033

Nokia

Oyj

21,978

15,517

(a)

Note

AB

223

70,936

Oki

Electric

Industry

Co

Ltd

477

79,389

Omron

Corp

3,533

29,179

Optex

Group

Co

Ltd

316

47,163

Oxford

Instruments

plc

1,254

254,000

Pan-International

Industrial

292

4,331

Park

Systems

Corp

523

28,295

Partron

Co

Ltd

165

623,000

PAX

Global

Technology

Ltd

439

24,790

PC

Connection,

Inc

1,323

829,915

Pegatron

Corp

1,970

334,000

Primax

Electronics

Ltd

717

213,599

(a)

Pure

Storage,

Inc

7,608

1,135,390

Quanta

Computer,

Inc

8,497

179,000

Quanta

Storage,

Inc

463

32,672

(a)

Radware

Ltd

553

21,636

Raytron

Technology

Co

Ltd

142

125

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

519,037

Redington

Ltd

$

964

29,143

Renishaw

plc

1,252

10,947

Restar

Holdings

Corp

179

67,210

(a)

Ribbon

Communications,

Inc

180

120,700

Ricoh

Co

Ltd

1,041

11,126

Riken

Keiki

Co

Ltd

448

14,898

Riso

Kagaku

Corp

233

11,333

(b)

Ryosan

Co

Ltd

337

15,400

Ryoyo

Electro

Corp

339

23,414

Samsung

Electro-Mechanics

Co

Ltd

2,379

8,336,055

Samsung

Electronics

Co

Ltd

421,422

347,610

Samsung

Electronics

Co

Ltd

(Preference)

14,004

81,923

Samsung

SDI

Co

Ltd

30,960

10,879

Sang-A

Frontec

Co

Ltd

163

294,702

(a)

Sanmina

Corp

15,996

32,264

(a)

Scansource,

Inc

978

18,778

(a),(b)

Seco

S.p.A

82

64,200

(b)

Seiko

Epson

Corp

1,008

7,861

(a),(b),(c)

Sensirion

Holding

AG.

629

26,000

Sensortek

Technology

Corp

309

24,870

Seojin

System

Co

Ltd

288

471,000

Sercomm

Corp

1,795

3,579

(a)

Seronics

Co

Ltd

75

32,359

Sesa

S.p.A

3,390

5,236

(a),(b)

SES-imagotag

S.A.

610

5,834

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

199

120,784

Shengyi

Technology

Co

Ltd

254

19,805

Shennan

Circuits

Co

Ltd

181

63,100

Shenzhen

SED

Industry

Co

Ltd

193

32,500

Shenzhen

Sunlord

Electronics

Co

Ltd

128

43,354

Shenzhen

Transsion

Holdings

Co

Ltd

868

292,500

Shimadzu

Corp

7,759

22,800

Siix

Corp

232

629,000

Simplo

Technology

Co

Ltd

6,539

292,000

Sinbon

Electronics

Co

Ltd

2,927

1,449,200

SKP

Resources

Bhd

307

24,077

(b)

Softchoice

Corp

265

353,215

Softwareone

Holding

AG.

6,976

34,065

(a)

SOLUM

Co

Ltd

779

14,743

Solus

Advanced

Materials

Co

Ltd

318

250,827

Spectris

plc

10,370

62,000

Speed

Tech

Corp

102

4,694,035

Spirent

Communications

plc

7,904

36,569

(a)

STCUBE

326

164,392

Sterlite

Technologies

Ltd

318

299,949

Sunny

Optical

Technology

Group

Co

Ltd

2,079

174,196

(a)

Super

Micro

Computer,

Inc

47,768

3,348,277

Supreme

Electronics

Co

Ltd

5,719

93,241

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

221

25,900

Suzhou

TFC

Optical

Communication

Co

Ltd

338

79,340

SYNNEX

Corp

7,923

473,621

Synnex

Technology

International

Corp

941

35,247

Syrma

SGS

Technology

Ltd

259

225,000

Taiwan

Union

Technology

Corp

950

351,540

(b)

Taiyo

Yuden

Co

Ltd

9,498

485,500

TDK

Corp

17,949

858,415

TE

Connectivity

Ltd

106,040

45,850

(a),(c)

Tejas

Networks

Ltd

482

149,000

Test

Research,

Inc

281

50,000

Thinking

Electronic

Industrial

Co

Ltd

227

20,004

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

69

73,730

Tianma

Microelectronics

Co

Ltd

93

18,300

(b)

Tokyo

Electron

Device

Ltd

433

146,640

Tong

Hsing

Electronic

Industries

Ltd

678

CREF

Stock

Account

September

30,

2023

126

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

80,356

Topcon

Corp

$

886

19,585

Toshiba

TEC

Corp

447

280,000

TPK

Holding

Co

Ltd

292

944,000

Transcend

Information,

Inc

2,124

93,087

(a)

Trimble

Inc

5,014

370,000

Tripod

Technology

Corp

2,210

5,716,000

Truly

International

Holdings

522

1,138,223

(a)

TTM

Technologies,

Inc

14,660

239,000

TXC

Corp

717

3,174

(b)

Ubiquiti,

Inc

461

575,011

Unimicron

Technology

Corp

3,102

170,611

Unisplendour

Corp

Ltd

551

60,300

Universal

Scientific

Industrial

Shanghai

Co

Ltd

121

1,088,700

Venture

Corp

Ltd

9,830

21,000

VIA

Labs,

Inc

134

304,616

(a)

Viasat,

Inc

5,623

11,920

(a)

Vishay

Precision

Group,

Inc

400

21,000

Vivotek,

Inc

100

798,019

Vontier

Corp

24,675

2,606,200

VS

Industry

Bhd

566

585,042

VSTECS

Holdings

Ltd

328

322,385

Vtech

Holdings

Ltd

1,929

126,900

Wacom

Co

Ltd

503

126,000

Wah

Lee

Industrial

Corp

364

275,000

Walsin

Technology

Corp

875

1,920,000

Wasion

Holdings

Ltd

711

120,981

(a)

Western

Digital

Corp

5,520

68,184

Wingtech

Technology

Co

Ltd

408

190,500

(a),(d),(g)

Wintek

Corp

0^

1,106,000

Wistron

Corp

3,503

245,000

Wistron

NeWeb

Corp

1,048

78,049

Wiwynn

Corp

3,639

667,519

WPG

Holdings

Ltd

1,254

366,000

WT

Microelectronics

Co

Ltd

1,265

120,615

Wuhan

Guide

Infrared

Co

Ltd

126

135,152

WUS

Printed

Circuit

Kunshan

Co

Ltd

417

822,300

Xerox

Holdings

Corp

12,902

10,700

Xiamen

Faratronic

Co

Ltd

142

13,142,400

(a),(c)

Xiaomi

Corp

20,589

15,750

(a),(d)

Ya

Hsin

Industrial

Co

Ltd

0^

137,801

Yageo

Corp

2,244

53,685

Yealink

Network

Technology

Corp

Ltd

263

50,200

Yokogawa

Electric

Corp

969

12,584

Yokowo

Co

Ltd

132

38,779

(a)

Zebra

Technologies

Corp

(Class

A)

9,172

23,123

Zen

Technologies

Ltd

212

205,518

Zhejiang

Dahua

Technology

Co

Ltd

628

32,010

Zhejiang

Supcon

Technology

Co

Ltd

209

288,558

Zhen

Ding

Technology

Holding

Ltd

881

50,323

Zhongji

Innolight

Co

Ltd

803

239,203

ZTE

Corp

1,074

335,399

ZTE

Corp

(Class

H)

1,009

199,000

Zyxel

Group

Corp

308

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,085,174

TELECOMMUNICATION

SERVICES

-

1.0%

519,571

Advanced

Info

Service

PCL

3,245

732,548

(c)

Airtel

Africa

plc

1,120

717,057

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

523

16,461,232

(b)

America

Movil

SAB

de

C.V.

14,253

9,205,668

AT&T,

Inc

138,269

123,507

(a),(b)

Aussie

Broadband

Ltd

325

1,258,806

Axiata

Group

Bhd

667

46,190

(a)

Bandwidth,

Inc

521

127

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

66,275

(b)

BCE,

Inc

$

2,530

1,731,762

Bezeq

Israeli

Telecommunication

Corp

Ltd

2,447

1,944,087

Bharti

Airtel

Ltd

21,650

7,048,714

BT

Group

plc

10,010

77,442

(a)

Cellcom

Israel

Ltd

251

617,404

(c)

Cellnex

Telecom

S.A.

21,475

22,300

Chief

Telecom,

Inc

244

12,195,912

(c)

China

Tower

Corp

Ltd

1,165

1,648,653

Chunghwa

Telecom

Co

Ltd

5,926

1,230,641

Citic

Telecom

International

Holdings

Ltd

487

64,200

Cogent

Communications

Group,

Inc

3,974

3,757,614

Deutsche

Telekom

AG.

78,823

1,485,344

Digi.Com

BHD

1,382

28,868

Drillisch

AG.

488

155,906

Elisa

Oyj

(Series

A)

7,230

2,984,283

Emirates

Telecommunications

Group

Co

PJSC

16,607

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

356

333,622

Etihad

Etisalat

Co

3,963

697,282

Far

EasTone

Telecommunications

Co

Ltd

1,571

99,114

Freenet

AG.

2,320

28,192

(a)

Frontier

Communications

Parent,

Inc

441

77,578

Gamma

Communications

plc

1,033

186,824

(a),(d)

GCI

Liberty,

Inc

2

611,057

(a)

Helios

Towers

plc

547

167,668

Hellenic

Telecommunications

Organization

S.A.

2,446

565,175

HFCL

Ltd

523

784,120

HKBN

Ltd

319

3,117,437

HKT

Trust

&

HKT

Ltd

3,251

1,271,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

173

55,980

(a)

IDT

Corp

1,234

368,775

Infrastrutture

Wireless

Italiane

S.p.A

4,382

91,448

Internet

Initiative

Japan,

Inc

1,477

860,500

Intouch

Holdings

PCL

(Class

F)

1,738

95,756

Iridium

Communications,

Inc

4,356

4,399,900

Jasmine

International

PCL

251

371,000

(a),(b)

JTOWER,

Inc

15,227

1,105,096

KDDI

Corp

33,828

12,926,394

Koninklijke

KPN

NV

42,588

29,579

KT

Corp

728

222,725

(a),(b),(d)

Let's

GOWEX

S.A.

2

89,241

LG

Telecom

Ltd

685

78,240

(a)

Liberty

Latin

America

Ltd

(Class

A)

638

626,083

(a)

Liberty

Latin

America

Ltd

(Class

C)

5,109

352,205

Magyar

Telekom

516

975,083

Maxis

Bhd

838

144,644

(a),(b)

Millicom

International

Cellular

S.A.

2,242

1,910,638

Mobile

Telecommunications

Co

KSCP

3,007

384,421

Mobile

Telecommunications

Co

Saudi

Arabia

1,349

1,462,215

MTN

Group

Ltd

8,715

4,454,066

NetLink

NBN

Trust

2,734

19,422,000

Nippon

Telegraph

&

Telephone

Corp

22,989

168,575

NOS

SGPS

S.A.

621

18,100

Okinawa

Cellular

Telephone

Co

390

134,822

(a)

Ooma,

Inc

1,754

753,115

Ooredoo

QPSC

2,212

990,000

(b)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

823

2,147,902

Orange

S.

A.

24,637

127,867

(a)

Partner

Communications

503

4,670,000

PCCW

Ltd

2,127

34,414

PLDT,

Inc

714

138,020

Proximus

plc

1,121

75,764

(c)

RAI

Way

S.p.A

397

CREF

Stock

Account

September

30,

2023

128

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

94,951

Railtel

Corp

of

India

Ltd

$

255

322,293

Rogers

Communications,

Inc

(Class

B)

12,374

15,143,533

Sarana

Menara

Nusantara

Tbk

PT

940

1,745,460

Saudi

Telecom

Co

17,505

5,720,328

Singapore

Telecommunications

Ltd

10,126

87,977

(a),(d)

Sistema

PJSFC

(GDR)

(London)

1

1,446,730

(a),(b)

Sitios

Latinoamerica

SAB

de

C.V.

576

53,094

SK

Telecom

Co

Ltd

2,045

112,264,304

(a)

Smartfren

Telecom

Tbk

PT

407

342,641

SmarTone

Telecommunications

Holding

Ltd

173

1,439,500

SoftBank

Corp

16,293

957,698

Softbank

Group

Corp

40,344

154,200

Spok

Holdings,

Inc

2,200

530,114

StarHub

Ltd

430

28,332

Swisscom

AG.

16,823

745,506

Taiwan

Mobile

Co

Ltd

2,186

409,747

(a)

Tata

Teleservices

Maharashtra

Ltd

489

578,620

Tele2

AB

(B

Shares)

4,425

1,571,281

Telecom

Corp

of

New

Zealand

Ltd

4,523

276,074

Telecom

Egypt

267

10,742,922

(a),(b)

Telecom

Italia

S.p.A.

3,350

378,685

Telefonica

Brasil

S.A.

3,253

968,149

Telefonica

Deutschland

Holding

AG.

1,732

5,986,894

(b)

Telefonica

S.A.

24,459

551,109

Telekom

Malaysia

BHD

575

534,506

Telekomunikacja

Polska

S.A.

912

764,328

Telenor

ASA

8,668

2,566,299

TeliaSonera

AB

5,293

42,499,401

Telkom

Indonesia

Persero

Tbk

PT

10,302

219,328

(a)

Telkom

S.A.

Ltd

269

3,620,436

Telstra

Corp

Ltd

8,945

427,726

TELUS

Corp

6,985

589,800

Thaicom

PCL

227

743,249

TIM

S.A.

2,202

864,100

TIME

dotCom

Bhd

998

1,348,295

(a)

T-Mobile

US,

Inc

188,829

4,384,453

True

Corp

PCL

851

1,095,963

(a)

Turkcell

Iletisim

Hizmet

AS

2,126

71,640

United

Internet

AG.

1,531

16,700

Usen-Next

Holdings

Co

Ltd

374

2,959,593

Verizon

Communications,

Inc

95,920

34,742

(a)

Vision,

Inc

351

546,501

Vodacom

Group

Ltd

3,053

26,756,229

Vodafone

Group

plc

25,081

8,127,879

(a)

Vodafone

Idea

Ltd

1,138

1,323,826

Vodafone

Qatar

QSC

655

4,107,900

XL

Axiata

Tbk

PT

632

TOTAL

TELECOMMUNICATION

SERVICES

1,071,582

TRANSPORTATION

-

1.7%

110,806

Abu

Dhabi

Aviation

Co

221

457,923

Adani

Ports

&

Special

Economic

Zone

Ltd

4,539

206,227

(a)

Aegean

Airlines

S.A.

2,286

81,953

Aena

SME

S.A.

12,332

32,413

Aeroports

de

Paris

3,823

1,420,909

Agility

Public

Warehousing

Co

KSC

2,559

1,899,249

Air

Arabia

PJSC

1,453

158,838

(a)

Air

Canada

2,266

294,929

(a)

Air

China

Ltd

327

793,910

(a)

Air

China

Ltd

(H

shares)

535

95,735

(a)

Air

France-KLM

1,198

1,414,105

Air

New

Zealand

Ltd

619

129

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

500,031

(a)

Air

Transport

Services

Group,

Inc

$

10,436

3,681,288

Airports

of

Thailand

PCL

7,043

95,050

(a)

Alaska

Air

Group,

Inc

3,524

108,595

(a),(b)

All

Nippon

Airways

Co

Ltd

2,274

57,694

Allcargo

Logistics

Ltd

189

5,888

(a),(b)

Amerco,

Inc

321

492,105

(a)

American

Airlines

Group,

Inc

6,304

634,771

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

AMR

Corporation

6

1,971,500

(a)

ANE

Cayman,

Inc

1,616

370,000

Anhui

Expressway

Co

Ltd

386

3,310

AP

Moller

-

Maersk

AS

(Class

A)

5,858

5,298

AP

Moller

-

Maersk

AS

(Class

B)

9,531

598,910

Aramex

PJSC

351

154,855

ArcBest

Corp

15,741

3,686,500

(a)

Asia

Aviation

PCL

261

24,385

(a)

Asiana

Airlines,

Inc

184

39,167,400

(a)

Astrindo

Nusantara

Infrastructure

Tbk

PT

284

1,200,331

Atlas

Arteria

Ltd

4,250

275,479

Auckland

International

Airport

Ltd

1,306

1,551,098

Aurizon

Holdings

Ltd

3,468

15,513

(a)

Avis

Budget

Group,

Inc

2,788

27,850

(b)

AZ-COM

MARUWA

Holdings,

Inc

396

237,800

(a)

Azul

S.A.

685

641,900

(a)

Bangkok

Airways

PCL

274

140,900

Bangkok

Aviation

Fuel

Services

PCL

107

5,682,962

Bangkok

Expressway

&

Metro

PCL

1,292

2,006,810

(a)

Beijing

Capital

International

Airport

Co

Ltd

928

958,400

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

675

70,208

Belships

ASA

118

4,426

Blue

Dart

Express

Ltd

356

89,994

(b)

bpost

S.A.

493

5,371,937

BTS

Group

Holdings

PCL

1,104

644,214

Canadian

National

Railway

Co

69,764

845,753

(b)

Canadian

Pacific

Railway

Ltd

62,866

276,000

Canggang

Railway

Ltd

388

6,654

(b)

Cargojet,

Inc

441

59,960

(a),(b)

Cathay

Pacific

Airways

Ltd

61

218,200

Cebu

Air,

Inc

131

715,815

Central

Japan

Railway

Co

17,407

87,861

CH

Robinson

Worldwide,

Inc

7,567

1,115,000

China

Airlines

734

437,500

(a)

China

Eastern

Airlines

Corp

Ltd

264

614,667

China

Merchants

Holdings

International

Co

Ltd

764

830,447

(a)

China

Southern

Airlines

Co

Ltd

403

283,159

(a)

China

Southern

Airlines

Co

Ltd

(Class

A)

238

57,888

(a),(b)

Chorus

Aviation,

Inc

100

764,272

Cia

de

Concessoes

Rodoviarias

1,960

50,126

Cia

de

Distribucion

Integral

Logista

Holdings

S.A.

1,281

13,350,656

Cia

Sud

Americana

de

Vapores

S.A.

801

6,512

CJ

Logistics

Corp

390

22,724

Clarkson

plc

758

1,812,300

ComfortDelgro

Corp

Ltd

1,722

227,411

Container

Corp

Of

India

Ltd

1,956

630,600

(a),(b)

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

429

685,536

COSCO

Pacific

Ltd

447

754,915

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,016

2,615,809

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

2,674

1,124,000

COSCO

SHIPPING

International

Hong

Kong

Co

Ltd

485

2,592,038

CSX

Corp

79,705

291,033

CTT-Correios

de

Portugal

S.A.

1,069

85,217

D/S

Norden

4,733

963,005

Daqin

Railway

Co

Ltd

962

CREF

Stock

Account

September

30,

2023

130

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

498,549

(a)

Delhivery

Ltd

$

2,472

719,540

Delta

Air

Lines,

Inc

26,623

652,218

(a)

Deutsche

Lufthansa

AG.

5,161

1,755,157

Deutsche

Post

AG.

71,216

28,844

Dfds

A.S.

951

6,674

Dreamfolks

Services

Ltd

40

438,797

DSV

AS

81,766

301,679

East

Japan

Railway

Co

17,264

1,499,806

(a)

easyJet

plc

7,774

195,400

EcoRodovias

Infraestrutura

e

Logistica

S.A.

301

215,133

Enav

S.p.A

796

1,115,000

Eva

Airways

Corp

1,029

445,000

Evergreen

International

Storage

&

Transport

Corp

394

833,013

Evergreen

Marine

Corp

Taiwan

Ltd

2,996

132,799

(b)

Exchange

Income

Corp

4,384

115,357

Expeditors

International

Washington,

Inc

13,223

70,400

Farglory

F

T

Z

Investment

Holding

Co

Ltd

110

187,860

FedEx

Corp

49,768

579,558

(a),(b)

Finnair

Oyj

316

651,821

Firstgroup

plc

1,198

16,581

Flughafen

Zuerich

AG.

3,157

84,900

Forward

Air

Corp

5,836

31,706

(a)

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,676

15,660

Fukuyama

Transporting

Co

Ltd

411

390,878

Getlink

S.E.

6,231

1,716,327

(a)

GMR

Infrastructure

Ltd

1,228

174,800

(a)

Gol

Linhas

Aereas

Inteligentes

S.A.

230

110,000

Golden

Ocean

Group

Ltd

864

3,327,892

(a)

Grab

Holdings

Ltd

11,781

653,200

Grindrod

Ltd

398

243,300

(b)

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,641

331,249

(b)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,444

159,063

(b)

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

3,893

302,100

(a),(b),(c)

Grupo

Traxion

SAB

de

C.V.

516

87,900

Guangzhou

Baiyun

International

Airport

Co

Ltd

135

248,552

Gujarat

Pipavav

Port

Ltd

371

236,461

(a)

Gulf

Navigation

Holding

PJSC

476

243,579

Gulf

Warehousing

Co

212

187,975

(a)

GXO

Logistics,

Inc

11,025

2,172,900

(a)

Hainan

Airlines

Holding

Co

Ltd

441

148,000

(a),(b)

Hainan

Meilan

International

Airport

Co

Ltd

135

14,400

Hamakyorex

Co

Ltd

391

18,172

Hamburger

Hafen

und

Logistik

AG.

323

102,400

(a),(c)

Hangzhou

SF

Intra-City

Industrial

Co

Ltd

109

194,698

Hankyu

Hanshin

Holdings,

Inc

6,643

228,740

Heartland

Express,

Inc

3,360

101,695

(a)

Hertz

Global

Holdings,

Inc

1,246

6,300

(a)

HextarTechnologies

Solutions

Bhd

33

373,900

(a)

Hidrovias

do

Brasil

S.A.

341

99,917

HMM

Co

Ltd

1,205

64,113

Hoegh

Autoliners

ASA

460

167,646

(a)

Hub

Group,

Inc

(Class

A)

13,167

4,379,651

Hutchison

Port

Holdings

Trust

752

15,438

Hyundai

Glovis

Co

Ltd

2,107

2,121

(a)

ID

Logistics

Group

559

657,038

(b)

Iino

Kaiun

Kaisha

Ltd

4,607

113,462

(a),(c)

InterGlobe

Aviation

Ltd

3,247

885,255

International

Container

Term

Services,

Inc

3,234

595,188

International

Distributions

Services

plc

1,890

242,442

Japan

Airlines

Co

Ltd

4,710

50,300

Japan

Airport

Terminal

Co

Ltd

2,131

1,833,700

Jasa

Marga

Persero

Tbk

PT

509

131

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

73,126

Jazeera

Airways

Co

KSCP

$

349

9,573

JB

Hunt

Transport

Services,

Inc

1,805

1,776,600

(a),(c)

JD

Logistics,

Inc

2,246

32,730

(a)

Jeju

Air

Co

Ltd

270

142,228

JET2

plc

1,870

674,915

Jiangsu

Express

609

17,707

(a)

Jin

Air

Co

Ltd

158

96,200

Juneyao

Airlines

Co

Ltd

189

83,500

(b)

Kamigumi

Co

Ltd

1,720

117,300

(b)

Kawasaki

Kisen

Kaisha

Ltd

4,003

182,700

Keihin

Electric

Express

Railway

Co

Ltd

1,553

87,495

(b)

Keio

Corp

3,008

109,300

Keisei

Electric

Railway

Co

Ltd

3,786

143,345

Kelsian

Group

Ltd

523

601,700

(a)

Kerry

Express

Thailand

PCL

111

260,509

Kerry

Logistics

Network

Ltd

233

137,000

Kerry

TJ

Logistics

Co

Ltd

157

153,807

Kintetsu

Corp

4,361

187,877

(a)

Kirby

Corp

15,556

118,321

Knight-Swift

Transportation

Holdings,

Inc

5,934

16,468

Konoike

Transport

Co

Ltd

213

110,380

(a)

Korea

Line

Corp

146

158,519

Korean

Air

Lines

Co

Ltd

2,552

59,360

Kuehne

&

Nagel

International

AG.

16,866

112,000

Kyushu

Railway

Co

2,382

558,200

Liaoning

Port

Co

Ltd

120

4,804,011

Localiza

Rent

A

Car

55,967

10,445

Lotte

Rental

Co

Ltd

208

35,500

(c)

Mahindra

Logistics

Ltd

166

604,935

Malaysia

Airports

Holdings

Bhd

919

8,530

Maruzen

Showa

Unyu

Co

Ltd

216

1,547,840

MISC

Bhd

2,332

44,628

Mitsubishi

Logistics

Corp

1,185

292,600

(b)

Mitsui

OSK

Lines

Ltd

8,040

17,714

Mitsui-Soko

Co

Ltd

510

92,600

Movida

Participacoes

S.A.

219

230,951

MPC

Container

Ships

ASA

375

1,320,293

MTR

Corp

5,216

69,963

(b)

Mullen

Group

Ltd

691

154,900

Nagoya

Railroad

Co

Ltd

2,288

84,127

Nankai

Electric

Railway

Co

Ltd

1,634

1,906,587

National

Express

Group

plc

2,055

61,700

Nippon

Express

Holdings,

Inc

3,220

41,649

Nippon

Konpo

Unyu

Soko

Co

Ltd

880

410,703

(b)

Nippon

Yusen

Kabushiki

Kaisha

10,664

48,000

Nishi-Nippon

Railroad

Co

Ltd

797

544,334

(a)

Norwegian

Air

Shuttle

AS

432

7,179

(a)

NTG

Nordic

Transport

Group

A.S.

368

266,099

Odakyu

Electric

Railway

Co

Ltd

3,976

27,261

Oesterreichische

Post

AG.

894

75,050

Old

Dominion

Freight

Line

30,706

122,500

(b)

Orient

Overseas

International

Ltd

1,632

26,808,290

Pacific

Basin

Shipping

Ltd

7,702

104,144

Pan

Ocean

Co

Ltd

381

35,982

(a)

Pegasus

Hava

Tasimaciligi

AS.

1,079

625,500

Precious

Shipping

PCL

166

150,982

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,350

789,343

(a)

Qantas

Airways

Ltd

2,613

424,234

Qatar

Navigation

QSC

1,195

1,385,723

Qube

Holdings

Ltd

2,545

269,460

(a)

Radiant

Logistics,

Inc

1,522

670,595

Redde

Northgate

plc

2,766

CREF

Stock

Account

September

30,

2023

132

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

887,800

Regional

Container

Lines

PCL

$

530

224,908

(a)

Reysas

Tasimacilik

ve

Lojistik

Ticaret

AS.

300

1,086,646

Rumo

S.A.

4,933

191,300

(a)

RXO,

Inc

3,774

49,610

Ryder

System,

Inc

5,306

61,497

Sagami

Railway

Co

Ltd

1,209

20,180

(a)

Saia,

Inc

8,045

96

(a),(d)

SAir

Group

0^

12,940

Sakai

Moving

Service

Co

Ltd

216

370,750

Sankyu,

Inc

12,817

392,300

Santos

Brasil

Participacoes

S.A.

669

149

(a)

SAS

AB

0^

65,719

(a)

Saudi

Ground

Services

Co

519

33,012

Saudi

Industrial

Services

Co

230

49,777

(a)

Saudi

Public

Transport

Co

235

16,304

SBS

Holdings,

Inc

306

212,900

SCGJWD

Logistics

PCL

86

99,865

Schneider

National,

Inc

2,765

10,301

Sebang

Co

Ltd

84

202,300

Seibu

Holdings,

Inc

1,946

103,706

Seino

Holdings

Corp

1,453

96,496

Senko

Co

Ltd

676

122,839

SF

Holding

Co

Ltd

690

272,450

SG

Holdings

Co

Ltd

3,488

76,196

(a)

Shanghai

International

Airport

Co

Ltd

397

249,960

Shanghai

International

Port

Group

Co

Ltd

177

724,402

Shenzhen

International

Holdings

Ltd

446

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

178,060

Shinwa

Kaiun

Kaisha

Ltd

4,688

99,784

(a),(d)

Shipping

Corp

of

India

Land

&

Assets

Ltd

32

99,784

Shipping

Corp

of

India

Ltd

175

444,500

SIA

Engineering

Co

Ltd

776

558,000

Sichuan

Expressway

Co

Ltd

177

279,400

SIMPAR

S.A.

491

337,000

Sincere

Navigation

Corp

248

1,138,573

(b)

Singapore

Airlines

Ltd

5,371

871,924

(a),(b)

Singapore

Airport

Terminal

Services

Ltd

1,655

1,316,619

Singapore

Post

Ltd

466

1,127,000

SITC

International

Holdings

Co

Ltd

1,891

11,591

Sixt

AG.

1,072

13,648

Sixt

AG.

(Preference)

838

222,750

(a)

Skywest,

Inc

9,342

454,230

Southwest

Airlines

Co

12,296

23,700

(a)

Spring

Airlines

Co

Ltd

178

30,961

Stolt-Nielsen

Ltd

897

46,583

(b)

Sumitomo

Warehouse

Co

Ltd

743

64,000

T3EX

Global

Holdings

Corp

153

1,462,501

Taiwan

High

Speed

Rail

Corp

1,358

150,087

(a)

TAV

Havalimanlari

Holding

AS

684

7,889

TCI

Express

Ltd

138

70,148

TFI

International,

Inc

9,009

16,586

Theeb

Rent

A

Car

Co

278

2,292,000

Tianjin

Port

Development

Holdings

Ltd

155

308,525

TNT

NV

656

159,829

Tobu

Railway

Co

Ltd

4,108

423,311

Tokyu

Corp

4,881

5,648,600

(a),(d)

Trada

Alam

Minera

Tbk

PT

0^

5,907

Trancom

Co

Ltd

290

875,700

Transcoal

Pacific

Tbk

PT

466

26,549

Transport

Corp

of

India

Ltd

250

2,616,019

Transurban

Group

21,257

463,901

(a)

Turk

Hava

Yollari

AO

4,095

133

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

64,570

(a)

Tway

Air

Co

Ltd

$

108

3,928,594

(a)

Uber

Technologies,

Inc

180,676

76,643

U-Haul

Holding

Co

4,015

341,000

U-Ming

Marine

Transport

Corp

505

1,631,810

Union

Pacific

Corp

332,285

247,631

(a)

United

Airlines

Holdings,

Inc

10,475

27,314

United

International

Transportation

Co

503

981,108

United

Parcel

Service,

Inc

(Class

B)

152,925

345,600

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

670

67,336

(a),(d)

Virgin

Australia

Holdings

Pty

Ltd

0^

30,917

VRL

Logistics

Ltd

268

87,769

Wallenius

Wilhelmsen

ASA

693

560,350

Wan

Hai

Lines

Ltd

840

186,800

West

Japan

Railway

Co

7,730

35,294

(b)

Westshore

Terminals

Investment

Corp

655

154,300

Wilson

Sons

Holdings

Brasil

S.A.

430

109,354

Wincanton

plc

365

318,000

Wisdom

Marine

Lines

Co

Ltd

478

86,661

(a)

XPO,

Inc

6,470

225,036

Yamato

Transport

Co

Ltd

3,663

1,025,455

Yang

Ming

Marine

Transport

1,445

75,759

YTO

Express

Group

Co

Ltd

156

922,000

Yuexiu

Transport

Infrastructure

Ltd

487

68,515

Yunda

Holding

Co

Ltd

93

666,968

(b)

Zhejiang

Expressway

Co

Ltd

496

78,185

(b)

ZIM

Integrated

Shipping

Services

Ltd

817

181,083

ZTO

Express

Cayman,

Inc

(ADR)

4,377

TOTAL

TRANSPORTATION

1,851,796

UTILITIES

-

2.4%

1,316,194

A2A

S.p.A.

2,339

1,589,000

(a)

Absolute

Clean

Energy

PCL

70

26,615

Acciona

S.A.

3,390

119,389

ACEA

S.p.A.

1,298

81,665

ACWA

Power

Co

4,256

272,195

(a)

Adani

Green

Energy

Ltd

3,236

669,147

(a)

Adani

Power

Ltd

3,041

160,823

(a)

AES

Brasil

Energia

S.A.

349

77,770

AES

Corp

1,182

504,243

AGL

Energy

Ltd

3,464

5,961,826

Aguas

Andinas

S.A.

1,798

634,800

(a)

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS.

326

282,547

(a)

Akfen

Yenilenebilir

Enerji

AS.

187

152,906

Aksa

Enerji

Uretim

AS

229

591,776

(b)

Algonquin

Power

&

Utilities

Corp

3,503

11,167

AlKhorayef

Water

&

Power

Technologies

Co

424

213,609

Allete,

Inc

11,279

3,273,992

Alliant

Energy

Corp

158,625

255,903

(b)

AltaGas

Ltd

4,908

119,392

Alupar

Investimento

S.A.

683

1,627,721

Ameren

Corp

121,802

2,369,887

American

Electric

Power

Co,

Inc

178,263

143,880

American

States

Water

Co

11,320

21,944

American

Water

Works

Co,

Inc

2,717

1,134,518

APA

Group

6,035

66,898

Ascopiave

S.p.A.

140

216,377

Atco

Ltd

5,480

37,711

Athens

Water

Supply

&

Sewage

Co

S.A.

224

16,157

Atmos

Energy

Corp

1,711

229,350

Auren

Energia

S.A.

626

8,181

(b)

Avangrid,

Inc

247

42,370

Aygaz

AS

249

CREF

Stock

Account

September

30,

2023

134

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

758,930

B

Grimm

Power

PCL

$

598

477,600

Banpu

Power

PCL

180

982,000

BCPG

PCL

258

254,679

Beijing

Enterprises

Holdings

Ltd

876

2,034,586

Beijing

Enterprises

Water

Group

Ltd

443

1,328,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

276

23,164

BKW

AG.

4,078

443,256

Black

Hills

Corp

22,424

76,437

Boralex,

Inc

1,642

99,265

(b)

Brookfield

Infrastructure

Corp

3,509

122,930

Brookfield

Renewable

Corp

2,942

102,152

(b)

Brookfield

Renewable

Corp

2,446

166,900

(a)

Can2

Termik

AS.

129

119,183

Canadian

Utilities

Ltd

2,518

544,000

(b)

Canvest

Environmental

Protection

Group

Co

Ltd

315

319,327

(b)

Capital

Power

Corp

8,915

148,400

CECEP

Solar

Energy

Co

Ltd

118

419,310

CECEP

Wind-Power

Corp

188

145,777

Centerpoint

Energy,

Inc

3,914

212,739

Centrais

Eletricas

Brasileiras

S.A.

1,708

1,023,251

Centrais

Eletricas

Brasileiras

S.A.

7,510

276,191

Centrica

plc

519

566,175

CESC

Ltd

612

144,350

CEZ

AS

6,131

910,000

(b)

CGN

New

Energy

Holdings

Co

Ltd

241

5,179,000

(c)

CGN

Power

Co

Ltd

1,341

2,044,000

China

Datang

Corp

Renewable

Power

Co

Ltd

485

1,168,165

China

Gas

Holdings

Ltd

1,101

1,363,044

China

Longyuan

Power

Group

Corp

Ltd

1,182

540,300

China

National

Nuclear

Power

Co

Ltd

541

2,131,847

(b)

China

Power

International

Development

Ltd

773

908,412

China

Resources

Gas

Group

Ltd

2,656

826,373

China

Resources

Power

Holdings

Co

1,572

1,573,900

China

Three

Gorges

Renewables

Group

Co

Ltd

1,032

742,000

China

Water

Affairs

Group

Ltd

479

372,801

China

Yangtze

Power

Co

Ltd

1,138

595,791

Chubu

Electric

Power

Co,

Inc

7,584

435,100

Chugoku

Electric

Power

Co,

Inc

2,672

293,201

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

3,560

168,300

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

580

125,500

Cia

de

Saneamento

do

Parana

571

453,700

Cia

de

Saneamento

do

Parana

412

1,189,555

Cia

Energetica

de

Minas

Gerais

2,937

14,700

Cia

Energetica

do

Ceara

130

567,059

CK

Infrastructure

Holdings

Ltd

2,676

1,921,700

CK

Power

PCL

172

70,493

Clearway

Energy,

Inc

(Class

A)

1,404

136,496

Clearway

Energy,

Inc

(Class

C)

2,888

1,502,375

CLP

Holdings

Ltd

11,093

33,168

CMS

Energy

Corp

1,762

22,527,612

Colbun

S.A.

3,067

5,840,000

Concord

New

Energy

Group

Ltd

484

108,562

Consolidated

Edison,

Inc

9,285

354,528

Constellation

Energy

Corp

38,672

653,963

Contact

Energy

Ltd

3,151

71,318

(b)

Corp

ACCIONA

Energias

Renovables

S.A.

1,837

203,600

CPFL

Energia

S.A.

1,361

638,600

Datang

International

Power

Generation

Co

Ltd

233

4,289,128

Dominion

Energy,

Inc

191,595

74,509

(a)

Doral

Group

Renewable

Energy

Resources

Ltd

155

1,391,351

Drax

Group

plc

7,449

23,692

DTE

Energy

Co

2,352

135

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

182,400

Duke

Energy

Corp

$

16,099

1,469,774

E.ON

AG.

17,382

108,643

Edison

International

6,876

335,367

(b)

EDP

Renovaveis

S.A.

5,492

495,600

Electric

Power

Development

Co

8,003

161,617

Electricity

Generating

PCL

536

31,855

Elia

Group

S.A.

3,117

247,736

(b)

Emera,

Inc

8,649

1,693,937

Emirates

Central

Cooling

Systems

Corp

870

12,354

Enagas

205

93,492

Encavis

AG.

1,312

15,765

Endesa

S.A.

321

189,861

(a)

Enea

S.A.

317

25,834,868

Enel

Chile

S.A.

1,570

16,005,289

Enel

S.p.A.

98,156

2,516,657

Energias

de

Portugal

S.A.

10,464

179,933

Energisa

S.A.

1,673

249,035

Energix-Renewable

Energies

Ltd

737

1,321,444

Energy

Absolute

PCL

1,845

193,515

(c)

Enerjisa

Enerji

AS.

365

18,829,675

(a)

Enersis

S.A.

2,162

719,700

(a)

Eneva

S.A.

1,727

154,148

Engie

Brasil

Energia

S.A.

1,271

444,198

(a)

Engie

Energia

Chile

S.A.

408

3,695,010

Engie

S.A.

56,667

103,038

(a)

Enlight

Renewable

Energy

Ltd

1,625

609,535

ENN

Energy

Holdings

Ltd

5,023

133,500

ENN

Natural

Gas

Co

Ltd

319

24,339

Entergy

Corp

2,251

864,611

Equatorial

Energia

S.A.

5,515

26,243

(b)

eRex

Co

Ltd

134

49,640

ERG

S.p.A.

1,195

27,905

Essential

Utilities,

Inc

958

25,517

Evergy,

Inc

1,294

113,904

Eversource

Energy

6,624

28,662

EVN

AG.

766

199,138

Exelon

Corp

7,525

109,746

(a),(b)

Fersa

Energias

Renovables

S.A.

146

4,540,965

FirstEnergy

Corp

155,210

439,977

(b)

Fortis,

Inc

16,711

323,858

(b)

Fortum

Oyj

3,756

2,116,847

GAIL

India

Ltd

3,166

197,700

Gas

Malaysia

Bhd

128

587,200

GD

Power

Development

Co

Ltd

296

524,557

Global

Power

Synergy

PCL

643

53,969

(a),(b)

Greenvolt-Energias

Renovaveis

S.A.

304

11,381

(a),(b)

Grenergy

Renovables

S.A.

249

1,333,210

Guangdong

Investments

Ltd

1,016

141,552

Gujarat

Gas

Ltd

720

229,921

Gujarat

State

Petronet

Ltd

780

2,419,327

Gulf

Energy

Development

PCL

3,016

3,863,300

Gunkul

Engineering

PCL

330

679,515

Hera

S.p.A.

1,856

422,893

Hokkaido

Electric

Power

Co,

Inc

1,839

134,577

Hokuriku

Electric

Power

Co

725

328,661

(a)

Holding

CO

ADMIE

IPTO

S.A.

748

10,190,739

Hong

Kong

&

China

Gas

Ltd

7,091

1,258,512

Hong

Kong

Electric

Holdings

Ltd

6,078

296,319

Huadian

Power

International

Corp

Ltd

(Class

A)

209

228,366

Huaneng

Power

International,

Inc

-

A

246

3,752,751

Huaneng

Power

International,

Inc

-

H

1,816

299,329

(b)

Hydro

One

Ltd

7,621

CREF

Stock

Account

September

30,

2023

136

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,558,249

Iberdrola

S.A.

$

73,350

5,777

Idacorp,

Inc

541

279,279

Indraprastha

Gas

Ltd

1,526

693,663

Infratil

Ltd

4,246

127,858

(b)

Innergex

Renewable

Energy,

Inc

957

1,027,900

(a),(d)

Inter

Far

East

Energy

Corp

0^

407,481

Interconexion

Electrica

S.A.

ESP

1,490

1,142,731

Inversiones

Aguas

Metropolitanas

S.A.

859

2,359,648

Iride

S.p.A.

4,537

398,896

Italgas

S.p.A

2,041

2,886,272

(a)

Jaiprakash

Power

Ventures

Ltd

355

260,800

Jiangsu

Eastern

Shenghong

Co

Ltd

414

642,563

Kansai

Electric

Power

Co,

Inc

8,896

20,004

Kenon

Holdings

Ltd

464

2,833,015

Keppel

Infrastructure

Trust

964

16,567

KG

Eco

Technology

Service

Co

Ltd

152

109,936

Korea

Electric

Power

Corp

1,462

19,016

Korea

Gas

Corp

335

328,300

Kyushu

Electric

Power

Co,

Inc

2,136

43,248

Mahanagar

Gas

Ltd

535

4,445,800

Malakoff

Corp

Bhd

562

266,072

Manila

Electric

Co

1,731

765,300

Manila

Water

Co,

Inc

246

84,571

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS.

202

369,300

Mega

First

Corp

BHD

267

608,687

Mercury

NZ

Ltd

2,224

1,091,371

Meridian

Energy

Ltd

3,356

73,882

MGE

Energy,

Inc

5,062

583,257

National

Central

Cooling

Co

PJSC

572

7,426

National

Fuel

Gas

Co

385

158,149

National

Gas

&

Industrialization

Co

2,667

6,178,443

National

Grid

plc

73,890

6,257

(b)

Naturgy

Energy

Group

S.A.

170

56,654

(b),(c)

Neoen

S.A.

1,648

306,854

New

Jersey

Resources

Corp

12,467

6,233,455

NextEra

Energy,

Inc

357,115

88,487

Nippon

Gas

Co

Ltd

1,310

47,530

NiSource,

Inc

1,173

229,106

(b)

Northland

Power

Income

Fund

3,731

57,200

Northwest

Natural

Holding

Co

2,183

314,698

NRG

Energy,

Inc

12,122

3,835,149

NTPC

Ltd

11,320

1,043,462

(a)

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS.

503

22,905

OGE

Energy

Corp

763

34,001

Okinawa

Electric

Power

Co,

Inc

255

156,600

(a)

Omega

Energia

S.A.

306

104,332

(a)

OPC

Energy

Ltd

675

52,454

(a)

Opdenergy

Holdings

S.A.

318

1,465,571

Origin

Energy

Ltd

8,253

0

Ormat

Technologies,

Inc

(Foreign)

0^

209,815

Orsted

AS

11,415

318,980

Osaka

Gas

Co

Ltd

5,249

16,411

(a)

OY

Nofar

Energy

Ltd

381

217,958

Pennon

Group

plc

1,556

919,978

Petronas

Gas

BHD

3,300

1,465,835

(a),(b),(g)

PG&E

Corp

23,644

771,272

(a)

PGE

Polska

Grupa

Energetyczna

S.A.

1,319

87,871

Pinnacle

West

Capital

Corp

6,474

284,526

Portland

General

Electric

Co

11,518

68,979

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

1,154

4,153,115

Power

Grid

Corp

of

India

Ltd

9,969

84,625

PPL

Corp

1,994

137

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,114,500

PT

Perusahaan

Gas

Negara

Persero

Tbk

$

810

169,953

(a)

Public

Power

Corp

1,703

57,196

Public

Service

Enterprise

Group,

Inc

3,255

34,076

(a)

Pure

Cycle

Corp

327

402,697

Qatar

Electricity

&

Water

Co

QSC

1,938

361,540

Ratch

Group

PCL

312

20,142

Redeia

Corp

S.A.

317

924,217

Redes

Energeticas

Nacionais

S.A.

2,363

510,587

(a)

Reliance

Energy

Ltd

1,063

2,077,424

(a)

Reliance

Power

Ltd

480

32,300

(a),(b)

RENOVA,

Inc

244

82,809

Rubis

S.C.A

1,855

2,164,757

RWE

AG.

80,355

19,600

Saibu

Gas

Co

Ltd

253

1,372

Samchully

Co

Ltd

99

735,978

Saudi

Electricity

Co

3,745

92,869

(c)

Scatec

ASA

545

1,025,752

Scottish

&

Southern

Energy

plc

20,101

221,900

SDIC

Power

Holdings

Co

Ltd

358

759,100

SembCorp

Industries

Ltd

2,821

553,498

Sempra

Energy

37,654

574,477

Severn

Trent

plc

16,577

2,486

SGC

Energy

Co

Ltd

47

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

336

41,400

Shanghai

Electric

Power

Co

Ltd

50

225,300

Shenergy

Co

Ltd

196

128,088

Shenzhen

Energy

Group

Co

Ltd

112

120,042

Shikoku

Electric

Power

Co,

Inc

821

76,000

Shinfox

Energy

Co

Ltd

260

28,110

Shizuoka

Gas

Co

Ltd

192

135,800

Sichuan

Chuantou

Energy

Co

Ltd

275

100,089

Snam

Rete

Gas

S.p.A.

470

63,023

(a),(b)

Solaria

Energia

y

Medio

Ambiente

S.A.

973

128,000

(a),(d)

Sound

Global

Ltd

0^

475,932

Southern

Co

30,802

109,840

Southwest

Gas

Holdings

Inc

6,635

638,300

SPCG

PCL

216

183,480

Spire,

Inc

10,381

13,228,300

(a)

Super

Energy

Corp

PCL

170

1,326,420

(b)

Superior

Plus

Corp

10,020

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

212

445,213

Taiwan

Cogeneration

Corp

571

1,250,948

Tata

Power

Co

Ltd

3,942

967,115

(a)

Tauron

Polska

Energia

S.A.

793

59,170

Telecom

Plus

plc

1,076

2,388,704

Tenaga

Nasional

BHD

5,080

46,105

Terna

Energy

S.A.

712

1,167,126

Terna

Rete

Elettrica

Nazionale

S.p.A.

8,778

208,000

Tian

Lun

Gas

Holdings

Ltd

103

61,000

Toho

Gas

Co

Ltd

1,062

382,400

Tohoku

Electric

Power

Co,

Inc

2,470

1,384,951

(a)

Tokyo

Electric

Power

Co,

Inc

6,178

383,710

Tokyo

Gas

Co

Ltd

8,700

117,636

Torrent

Power

Ltd

1,045

907,000

(b)

Towngas

Smart

Energy

Co

Ltd

398

2,315,000

TPI

Polene

Power

PCL

211

187,670

(b)

TransAlta

Corp

1,635

89,301

TransAlta

Renewables,

Inc

808

170,700

Transmissora

Alianca

de

Energia

Eletrica

S

1,174

1,147,700

TTW

PCL

285

119,729

UGI

Corp

2,754

33,846

United

Utilities

Group

plc

391

CREF

Stock

Account

September

30,

2023

138

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

779,655

Veolia

Environnement

$

22,537

78,236

Verbund

AG.

6,365

536,703

Vistra

Corp

17,808

28,917

(a),(b)

Voltalia

S.A.

313

1,266,962

WEC

Energy

Group,

Inc

102,054

21,530

West

Holdings

Corp

462

934,000

WHA

Utilities

and

Power

PCL

99

1,733,500

(a)

Wintime

Energy

Group

Co

Ltd

330

615,089

Xcel

Energy,

Inc

35,195

8,710

York

Water

Co

327

1,789,900

YTL

Power

International

BHD

781

901,700

Zhejiang

Zheneng

Electric

Power

Co

Ltd

525

1,446,287

(a)

Zorlu

Enerji

Elektrik

Uretim

AS

301

TOTAL

UTILITIES

2,573,741

TOTAL

COMMON

STOCKS

108,015,880

(Cost

$101,897,515)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUTOMOBILES

&

COMPONENTS

-

0.0%

597,663

(d)

Brembo

S.p.A

10/03/23

6

TOTAL

AUTOMOBILES

&

COMPONENTS

6

BANKS

-

0.0%

4,115

Banco

de

Credito

e

Inversiones

S.A.

10/21/23

4

TOTAL

BANKS

4

CAPITAL

GOODS

-

0.0%

6,272

Hanwha

Ocean

Co

Ltd

11/09/23

43

26,206

(b),(d)

Webuild

S.p.A

08/02/30

24

TOTAL

CAPITAL

GOODS

67

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,326,886

(b)

Cie

Financiere

Richemont

S.A.

11/27/23

985

TOTAL

CONSUMER

DURABLES

&

APPAREL

985

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

1

TOTAL

CONSUMER

SERVICES

1

ENERGY

-

0.0%

8,715

(b)

Weatherford

International

plc

12/13/23

21

TOTAL

ENERGY

21

FINANCIAL

SERVICES

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0^

TOTAL

FINANCIAL

SERVICES

0^

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

780

Lunit,

Inc

11/02/23

22

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

22

139

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

MATERIALS

-

0.0%

1,674

Cosmochemical

Co

Ltd

10/17/23

$

9

84,886

(b)

Synthomer

plc

10/12/23

31

TOTAL

MATERIALS

40

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,599

(d)

Chinook

Therapeutics,

Inc

0^

20,027

(b),(d)

Tobira

Therapeutics,

Inc

1

2,881

Vaxcell-Bio

Therapeutics

Co

Ltd

11/02/23

12

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

13

SOFTWARE

&

SERVICES

-

0.0%

19,369

(d)

Constellation

Software,

Inc

08/22/28

99

TOTAL

SOFTWARE

&

SERVICES

99

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

1,062

CosmoAM&T

Co

Ltd

11/07/23

23

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

23

TRANSPORTATION

-

0.0%

790,564

Gol

Linhas

Aereas

Inteligentes

S.A.

09/26/23

2

35,226

Localiza

Rent

a

Car

S.A.

11/10/23

112

TOTAL

TRANSPORTATION

114

TOTAL

RIGHTS/WARRANTS

1,395

(Cost

$1,373)

TOTAL

LONG-TERM

INVESTMENTS

108,017,523‌

(Cost

$101,899,162)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

106,236,000

Federal

Home

Loan

Bank

(FHLB)

0.000

%

10/13/23

106,070

3,000,000

FHLB

0.000

10/20/23

2,992

10,000,000

FHLB

0.000

10/30/23

9,959

55,000,000

FHLB

0.000

10/31/23

54,768

32,500,000

FHLB

0.000

11/01/23

32,358

35,000,000

FHLB

0.000

11/03/23

34,841

25,000,000

FHLB

0.000

11/20/23

24,826

TOTAL

GOVERNMENT

AGENCY

DEBT

265,814

REPURCHASE

AGREEMENT

-

0.1%

91,407,000

(h),(j)

Fixed

Income

Clearing

Corp

(FICC)

5.300

10/02/23

91,407

TOTAL

REPURCHASE

AGREEMENT

91,407

TREASURY

DEBT

-

0.2%

25,000,000

United

States

Treasury

Bill

0.000

10/10/23

24,971

20,000,000

United

States

Treasury

Bill

0.000

10/17/23

19,956

20,000,000

United

States

Treasury

Bill

0.000

10/19/23

19,950

30,000,000

United

States

Treasury

Bill

0.000

10/26/23

29,894

58,050,000

United

States

Treasury

Bill

0.000

11/02/23

57,785

30,000,000

United

States

Treasury

Bill

0.000

11/07/23

29,842

TOTAL

TREASURY

DEBT

182,398

TOTAL

SHORT-TERM

INVESTMENTS

539,619

(Cost

$539,538)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.8%

CERTIFICATE

OF

DEPOSIT

-

0.3%

9,000,000

Australia

and

New

Zealand

Banking

Group

5.560

02/28/24

9,000

40,000,000

BNP

Paribas

Securities

Corp

5.290

10/02/23

40,000

CREF

Stock

Account

September

30,

2023

140

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

Citibank

NA

5.920

%

08/07/24

$

5,000

5,000,000

Citibank

NA

6.010

09/19/24

5,000

11,000,000

Credit

Agricole

5.710

12/01/23

11,000

12,000,000

DNB

Bank

ASA

5.660

11/17/23

12,000

5,000,000

ING

US

Funding

LLC

5.790

02/09/24

5,000

9,000,000

MUFG

Bank

5.820

10/06/23

9,000

4,500,000

MUFG

Bank

5.630

12/11/23

4,500

5,500,000

MUFG

Bank

5.730

02/06/24

5,500

9,000,000

MUFG

Bank

5.710

03/13/24

9,000

10,000,000

National

Australia

Bank

5.660

11/28/23

10,000

10,000,000

National

Australia

Bank

5.800

11/30/23

10,000

11,000,000

National

Australia

Bank

5.510

12/01/23

11,000

9,000,000

National

Australia

Bank

5.560

03/06/24

9,000

12,000,000

National

Bank

of

Canada

5.660

02/01/24

12,000

9,000,000

NATixis

5.810

11/06/23

9,000

12,000,000

NATixis

5.730

12/08/23

12,000

5,000,000

Nordea

Bank

AB

publ

5.680

03/08/24

5,000

5,000,000

Nordea

Bank

AB

publ

5.830

04/05/24

5,000

11,000,000

Royal

Bank

of

Canada

5.730

11/22/23

11,000

10,000,000

Royal

Bank

of

Canada

5.840

02/21/24

10,000

9,000,000

Royal

Bank

of

Canada

6.010

03/27/24

9,000

9,000,000

Skandinaviska

Enskilda

Banken

5.780

10/03/23

9,000

5,000,000

Skandinaviska

Enskilda

Banken

AG

5.560

12/26/23

5,000

5,000,000

Skandinaviska

Enskilda

Banken

AG

5.840

04/12/24

5,000

8,250,000

The

Canadian

Imperial

Bank

of

Commerce

5.760

10/23/23

8,250

5,000,000

The

Canadian

Imperial

Bank

of

Commerce

6.010

04/01/24

5,000

10,000,000

The

Canadian

Imperial

Bank

of

Commerce

5.910

05/03/24

10,000

TOTAL

CERTIFICATE

OF

DEPOSIT

270,250

COMMERCIAL

PAPER

-

0.0%

10,000,000

ING

US

Funding

LLC

5.910

04/24/24

10,000

5,000,000

ING

US

Funding

LLC

5.800

07/08/24

4,999

10,000,000

Lloyds

Bank

PLC

0.000

10/23/23

9,967

TOTAL

COMMERCIAL

PAPER

24,966

REPURCHASE

AGREEMENT

-

0.5%

36,000,000

(k)

Calyon

5.300

10/02/23

36,000

18,506,000

(l)

Citigroup

5.250

10/02/23

18,506

50,000,000

(m)

Citigroup

5.310

10/02/23

50,000

40,000,000

(n)

HSBC

5.310

10/02/23

40,000

55,000,000

(o)

JP

Morgan

5.300

10/02/23

55,000

50,000,000

(p)

JP

Morgan

5.310

10/02/23

50,000

135,000,000

(q)

Merrill

Lynch

5.300

10/02/23

135,000

66,000,000

(r)

Nomura

5.290

10/02/23

66,000

50,000,000

(s)

Royal

Bank

of

Scotland

5.290

10/02/23

50,000

25,000,000

(t)

Societe

Generale

5.300

10/02/23

25,000

TOTAL

REPURCHASE

AGREEMENT

525,506

VARIABLE

RATE

SECURITIES

-

0.0%

8,000,000

(u)

Mizuho

Bank

Ltd

5.830

10/11/23

8,000

10,000,000

(u)

Mizuho

Bank

Ltd

5.780

10/26/23

10,000

5,000,000

Mizuho

Bank

Ltd

5.740

02/01/24

5,000

TOTAL

VARIABLE

RATE

SECURITIES

23,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

843,722

(Cost

$843,722)

TOTAL

INVESTMENTS

-

100.6%

109,400,864

(Cost

$103,282,422)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.6)%

(603,499)

NET

ASSETS

-

100.0%

$108,797,365

141

See

Notes

to

Portfolio

of

Investments

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,309,998,245.

(c)

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

When-issued

or

delayed

delivery

security.

(f)

Affiliated

holding

(g)

In

bankruptcy

(h)

In

default

(i)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(j)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$91,407,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

8/31/30,

valued

at

$93,235,192.

(k)

Agreement

with

Calyon,

5.300%

dated

9/29/23

to

be

repurchased

at

$36,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

4/30/26,

valued

at

$36,720,060.

(l)

Agreement

with

Citigroup,

5.250%

dated

9/29/23

to

be

repurchased

at

$18,506,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.000%

and

maturity

dates

10/31/23–7/31/30,

valued

at

$18,876,204.

(m)

Agreement

with

Citigroup,

5.310%

dated

9/29/23

to

be

repurchased

at

$50,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

4.000%–5.000%

and

maturity

date

10/1/52,

valued

at

$51,000,209.

(n)

Agreement

with

HSBC,

5.310%

dated

9/29/23

to

be

repurchased

at

$40,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.500%

and

maturity

date

10/1/52,

valued

at

$40,800,000.

(o)

Agreement

with

JP

Morgan,

5.300%

dated

9/29/23

to

be

repurchased

at

$55,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–10.000%

and

maturity

dates

11/15/23–9/20/63,

valued

at

$56,100,000.

(p)

Agreement

with

JP

Morgan,

5.310%

dated

9/29/23

to

be

repurchased

at

$50,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.268%–6.000%

and

maturity

dates

9/1/32–9/20/53,

valued

at

$51,000,000.

(q)

Agreement

with

Merrill

Lynch,

5.300%

dated

9/29/23

to

be

repurchased

at

$135,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–6.500%

and

maturity

dates

2/20/31–9/20/53,

valued

at

$137,700,001.

(r)

Agreement

with

Nomura,

5.290%

dated

9/29/23

to

be

repurchased

at

$66,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.500%–4.000%

and

maturity

dates

12/31/24–5/15/43,

valued

at

$67,386,808.

(s)

Agreement

with

Royal

Bank

of

Scotland,

5.290%

dated

9/29/23

to

be

repurchased

at

$50,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.750%–3.625%

and

maturity

dates

11/15/24–5/15/26,

valued

at

$51,000,049.

(t)

Agreement

with

Societe

Generale,

5.300%

dated

9/29/23

to

be

repurchased

at

$25,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.500%

and

maturity

date

2/15/33,

valued

at

$25,500,047.

(u)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E

Mini

Index

214‌

12/15/23

 $

20,035‌

$

19,245‌

$

(790‌)

S&P

500

E

Mini

Index

1,419‌

12/15/23

320,080‌

306,894‌

(13,186‌)

S&P

Mid-Cap

400

E

Mini

Index

127‌

12/15/23

33,040‌

32,009‌

(1,031‌)

Total

1,760‌

 $

373,155‌

 $

358,148‌

 $

(15,007‌)

CREF

Global

Equities

Account

September

30,

2023

Portfolio

of

Investments

142

See

Notes

to

Portfolio

of

Investments

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.2%

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

$17)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

98.2%

AUSTRALIA

-

1.6%

224,388

AMP

Ltd

180

206,366

APA

Group

1,098

1,950,500

Australia

&

New

Zealand

Banking

Group

Ltd

31,991

42,503

Australian

Stock

Exchange

Ltd

1,555

1,164,864

BHP

Billiton

Ltd

32,722

44,118

Cochlear

Ltd

7,226

358,112

Commonwealth

Bank

of

Australia

22,875

153,212

Endeavour

Group

Ltd

517

166,071

(a)

Flutter

Entertainment

plc

27,021

69,166

(a)

Flutter

Entertainment

plc

11,283

24,825,177

Glencore

plc

141,367

4,317,113

Ingenia

Communities

Group

11,551

507,415

Insurance

Australia

Group

Ltd

1,841

77,029

Macquarie

Group

Ltd

8,249

28,820

Magellan

Financial

Group

Ltd

170

604,671

Medibank

Pvt

Ltd

1,335

283,513

(a)

Megaport

Ltd

2,129

293,592

Mineral

Resources

Ltd

12,607

685,400

National

Australia

Bank

Ltd

12,724

203,808

(a)

Qantas

Airways

Ltd

675

322,581

QBE

Insurance

Group

Ltd

3,231

196,082

Sonic

Healthcare

Ltd

3,744

276,854

Suncorp-Metway

Ltd

2,467

93,879,773

(a),(b)

Tamboran

Resources

Ltd

8,752

793,474

Telstra

Corp

Ltd

1,960

87,408

Wesfarmers

Ltd

2,958

756,710

Westpac

Banking

Corp

10,229

113,890

Woodside

Energy

Group

Ltd

2,648

153,212

Woolworths

Ltd

3,668

TOTAL

AUSTRALIA

368,773

AUSTRIA

-

0.1%

232,820

(c)

BAWAG

Group

AG.

10,641

11,949

Verbund

AG.

972

TOTAL

AUSTRIA

11,613

BELGIUM

-

0.1%

239,884

KBC

Groep

NV

14,935

106,865

UCB

S.A.

8,753

TOTAL

BELGIUM

23,688

BERMUDA

-

0.1%

125,000

(a)

Fidelis

Insurance

Holdings

Ltd

1,835

143

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

55,393

RenaissanceRe

Holdings

Ltd

$

10,963

TOTAL

BERMUDA

12,798

BRAZIL

-

1.2%

1,017,400

Ambev

S.A.

2,654

124,700

Atacadao

S.A.

221

1,323,600

B3

SA-Brasil

Bolsa

Balcao

3,236

1,900,818

Banco

Bradesco

S.A.

4,787

15,629,918

Banco

Bradesco

S.A.

(Preference)

44,465

824,200

Banco

BTG

Pactual

S.A.

-

Unit

5,094

70,532

Banco

do

Brasil

S.A.

662

26,000

Banco

Santander

Brasil

S.A.

135

151,300

BB

Seguridade

Participacoes

S.A.

939

259,373

Centrais

Eletricas

Brasileiras

S.A.

1,904

54,100

Centrais

Eletricas

Brasileiras

S.A.

434

190,600

Cia

de

Concessoes

Rodoviarias

489

73,700

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

895

299,213

Cia

Energetica

de

Minas

Gerais

739

125,400

Cia

Siderurgica

Nacional

S.A.

303

2,296,738

Companhia

Vale

do

Rio

Doce

(ADR)

30,776

262,168

Cosan

SA

Industria

e

Comercio

894

50,400

CPFL

Energia

S.A.

337

43,600

Energisa

S.A.

405

176,700

(a)

Eneva

S.A.

424

39,650

Engie

Brasil

Energia

S.A.

327

216,189

Equatorial

Energia

S.A.

1,379

246,790

Gerdau

S.A.

(Preference)

1,185

679,257

(a),(c)

Hapvida

Participacoes

e

Investimentos

S.A.

635

139,600

Hypera

S.A.

1,031

411,380

Investimentos

Itau

S.A.

-

PR

741

12,313,219

Itau

Unibanco

Holding

S.A.

66,655

5,251

(a),(d)

Itausa

S.A.

9

161,000

Klabin

S.A.

763

1,327,244

Localiza

Rent

A

Car

15,463

202,792

Lojas

Renner

S.A.

541

19,999,400

(a)

Magazine

Luiza

S.A.

8,435

12,443

(a)

Mercadolibre,

Inc

15,776

187,395

(a)

Natura

&

Co

Holding

S.A.

543

1,877,864

(a)

NU

Holdings

Ltd

13,614

2,218,200

(a)

Petro

Rio

S.A.

20,759

832,700

Petroleo

Brasileiro

S.A.

6,277

1,059,938

Petroleo

Brasileiro

S.A.

(Preference)

7,304

270,644

Raia

Drogasil

S.A.

1,487

91,029

(c)

Rede

D'Or

Sao

Luiz

S.A.

460

272,900

Rumo

S.A.

1,239

281,359

Sendas

Distribuidora

S.A.

681

168,722

Suzano

SA

1,822

94,700

Telefonica

Brasil

S.A.

813

190,500

TIM

S.A.

564

97,700

TOTVS

S.A.

525

171,000

Ultrapar

Participacoes

S.A.

638

733,064

Vale

S.A.

9,856

244,700

Vibra

Energia

S.A.

921

358,820

WEG

S.A.

2,589

134,000

XP,

Inc

3,089

TOTAL

BRAZIL

285,914

CANADA

-

2.3%

197,969

Agnico-Eagle

Mines

Ltd

8,996

1,108,234

Alimentation

Couche-Tard,

Inc

56,283

434,231

Bank

of

Montreal

36,631

266,360

(e)

Bank

of

Nova

Scotia

11,939

CREF

Global

Equities

Account

September

30,

2023

144

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,424

Brookfield

Asset

Management

Ltd

$

514

61,268

(a),(e)

Brookfield

Corp

1,916

423

Brookfield

Reinsurance

Ltd

13

731,199

Cameco

Corp

29,011

195,466

Canadian

Imperial

Bank

of

Commerce

7,545

405,807

Canadian

National

Railway

Co

43,946

202,153

Canadian

Natural

Resources

Ltd

13,074

45,888

(e)

CI

Financial

Corp

522

477,226

Dollarama,

Inc

32,880

5,872

Fairfax

Financial

Holdings

Ltd

4,793

14,632

First

Capital

Real

Estate

Investment

Trust

143

42,224

Franco-Nevada

Corp

5,637

61,101

Great-West

Lifeco

Inc

1,748

23,480

iA

Financial

Corp,

Inc

1,473

18,204

(e)

IGM

Financial,

Inc

462

41,135

Imperial

Oil

Ltd

2,534

31,398

Intact

Financial

Corp

4,578

557,063

(a)

Ivanhoe

Mines

Ltd

4,774

735,871

Kinross

Gold

Corp

3,354

724,647

(a),(e)

Lightspeed

Commerce,

Inc

10,180

425,828

Manulife

Financial

Corp

7,781

73,740

National

Bank

of

Canada

4,899

571,876

(a)

NexGen

Energy

Ltd

3,423

239,353

(e)

Nutrien

Ltd

14,781

18,277

Onex

Corp

1,074

281,948

(e)

Pan

American

Silver

Corp

(Toronto)

4,081

40,163

Parex

Resources,

Inc

754

122,014

(e)

Power

Corp

of

Canada

3,106

122,537

RioCan

Real

Estate

Investment

Trust

1,630

312,514

Royal

Bank

of

Canada

27,311

1,661,741

(a)

Shopify,

Inc

(Class

A)

90,706

128,359

Sun

Life

Financial,

Inc

6,263

459,862

Suncor

Energy,

Inc

15,815

734,638

Teck

Cominco

Ltd

(Class

B)

31,619

38,094

Thomson

Reuters

Corp

4,660

61,860

TMX

Group

Ltd

1,329

389,235

Toronto-Dominion

Bank

23,450

12,006

West

Fraser

Timber

Co

Ltd

872

TOTAL

CANADA

526,500

CHILE

-

0.1%

13,689,013

Banco

de

Chile

1,393

5,114

Banco

de

Credito

e

Inversiones

131

5,304,714

Banco

Santander

Chile

S.A.

245

287,124

Cencosud

S.A.

544

24,384

Cia

Cervecerias

Unidas

S.A.

155

3,151,319

Cia

Sud

Americana

de

Vapores

S.A.

189

242,325

Empresas

CMPC

S.A.

446

89,097

Empresas

COPEC

S.A.

632

6,561,872

Enel

Chile

S.A.

399

4,714,399

(a)

Enersis

S.A.

541

661,359

(e)

Lundin

Mining

Corp

4,933

182,766

SACI

Falabella

408

30,849

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

1,832

TOTAL

CHILE

11,848

CHINA

-

2.5%

25,000

360

Finance,

Inc

(ADR)

384

41,200

360

Security

Technology,

Inc

55

38,200

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

114

1,347

3peak,

Inc

34

156,000

(c)

3SBio,

Inc

130

145

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

62,500

AAC

Technologies

Holdings,

Inc

$

107

13,300

Accelink

Technologies

Co

Ltd

59

8,252

Advanced

Micro-Fabrication

Equipment,

Inc

China

171

12,600

AECC

Aero-Engine

Control

Co

Ltd

37

34,000

AECC

Aviation

Power

Co

Ltd

173

12,135,000

Agricultural

Bank

of

China

Ltd

4,513

470,900

Agricultural

Bank

of

China

Ltd

(Class

A)

232

230,405

Aier

Eye

Hospital

Group

Co

Ltd

570

9,700

AIMA

Technology

Group

Co

Ltd

39

55,700

(a)

Air

China

Ltd

62

148,000

(a)

Air

China

Ltd

(H

shares)

100

30,207

Airtac

International

Group

918

142,000

(a),(c)

Akeso,

Inc

651

3,785,772

(a)

Alibaba

Group

Holding

Ltd

41,046

743,035

(a)

Alibaba

Group

Holding

Ltd

(ADR)

64,451

454,000

(a)

Alibaba

Health

Information

Technology

Ltd

280

912,000

Aluminum

Corp

of

China

Ltd

507

194,200

Aluminum

Corp

of

China

Ltd

(Class

A)

167

5,636

(a)

Amlogic

Shanghai

Co

Ltd

49

8,300

Angel

Yeast

Co

Ltd

38

108,500

Anhui

Conch

Cement

Co

Ltd

287

20,000

Anhui

Conch

Cement

Co

Ltd

(Class

A)

72

27,800

Anhui

Gujing

Distillery

Co

Ltd

466

5,400

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

202

5,630

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

22

25,600

(a)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

46

9,100

Anhui

Kouzi

Distillery

Co

Ltd

65

9,800

Anhui

Yingjia

Distillery

Co

Ltd

99

4,900

Anker

Innovations

Technology

Co

Ltd

63

278,000

Anta

Sports

Products

Ltd

3,111

8,400

Apeloa

Pharmaceutical

Co

Ltd

21

14,800

(a)

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

57

5,263

(a)

ASR

Microelectronics

Co

Ltd

45

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

38

2,800

Autobio

Diagnostics

Co

Ltd

18

5,700

Autohome,

Inc

(ADR)

173

24,200

Avary

Holding

Shenzhen

Co

Ltd

68

6,200

AVIC

Industry-Finance

Holdings

Co

Ltd

3

88,000

AviChina

Industry

&

Technology

Co

Ltd

42

5,600

AVICOPTER

plc

29

33,600

(a)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

24

507,416

(a)

Baidu,

Inc

8,540

132,900

Bank

of

Beijing

Co

Ltd

84

93,100

Bank

of

Changsha

Co

Ltd

105

18,800

Bank

of

Chengdu

Co

Ltd

36

215,500

Bank

of

China

Ltd

-

A

111

17,351,000

Bank

of

China

Ltd

-

H

6,045

233,300

Bank

of

Communications

Co

Ltd

-

A

184

804,000

Bank

of

Communications

Co

Ltd

-

H

486

29,400

Bank

of

Hangzhou

Co

Ltd

45

69,380

Bank

of

Jiangsu

Co

Ltd

68

44,300

Bank

of

Nanjing

Co

Ltd

49

33,500

Bank

of

Ningbo

Co

Ltd

124

64,522

Bank

of

Shanghai

Co

Ltd

55

73,500

Bank

of

Suzhou

Co

Ltd

69

341,600

Baoshan

Iron

&

Steel

Co

Ltd

285

56,700

(a)

BeiGene

Ltd

782

18,000

(a)

BeiGene

Ltd

(ADR)

3,238

518,000

(a)

Beijing

Capital

International

Airport

Co

Ltd

240

65,200

Beijing

Dabeinong

Technology

Group

Co

Ltd

60

3,900

Beijing

Easpring

Material

Technology

Co

Ltd

23

12,700

Beijing

E-Hualu

Information

Technology

Co

Ltd

60

CREF

Global

Equities

Account

September

30,

2023

146

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

44,600

Beijing

Enlight

Media

Co

Ltd

$

53

48,500

Beijing

Enterprises

Holdings

Ltd

167

342,000

Beijing

Enterprises

Water

Group

Ltd

74

6,302

Beijing

Kingsoft

Office

Software,

Inc

321

23,500

Beijing

New

Building

Materials

plc

97

6,000

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

22

580

Beijing

Roborock

Technology

Co

Ltd

23

14,851

Beijing

Shiji

Information

Technology

Co

Ltd

23

8,000

Beijing

Tiantan

Biological

Products

Corp

Ltd

28

6,900

Beijing

Tongrentang

Co

Ltd

52

6,300

Beijing

United

Information

Technology

Co

Ltd

29

2,760

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

18

44,400

Beijing

Yanjing

Brewery

Co

Ltd

61

184,200

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

130

105,700

(a)

Beiqi

Foton

Motor

Co

Ltd

50

4,400

Bethel

Automotive

Safety

Systems

Co

Ltd

44

3,400

Betta

Pharmaceuticals

Co

Ltd

27

2,200

BGI

Genomics

Co

Ltd

16

40,080

(a)

Bilibili,

Inc

552

1,770

Bloomage

Biotechnology

Corp

Ltd

21

18,700

(c)

BOC

Aviation

Ltd

130

812,000

BOC

Hong

Kong

Holdings

Ltd

2,217

14,900

BOC

International

China

Co

Ltd

23

189,300

BOE

Technology

Group

Co

Ltd

100

868,000

Bosideng

International

Holdings

Ltd

373

11,800

BTG

Hotels

Group

Co

Ltd

28

23,100

BYD

Co

Ltd

755

226,500

BYD

Co

Ltd

(H

shares)

6,979

65,000

BYD

Electronic

International

Co

Ltd

295

22,060

By-health

Co

Ltd

57

176,000

C&D

International

Investment

Group

Ltd

427

30,030

Caitong

Securities

Co

Ltd

33

6,392

(a)

Cambricon

Technologies

Corp

Ltd

109

6,760

Canmax

Technologies

Co

Ltd

24

49,600

CECEP

Solar

Energy

Co

Ltd

39

93,770

CECEP

Wind-Power

Corp

42

970,000

(c)

CGN

Power

Co

Ltd

251

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

38

24,000

Changjiang

Securities

Co

Ltd

19

3,000

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

62

26,600

Chaozhou

Three-Circle

Group

Co

Ltd

113

4,500

Chengxin

Lithium

Group

Co

Ltd

14

5,500

(a)

Chifeng

Jilong

Gold

Mining

Co

Ltd

11

22,600

China

Baoan

Group

Co

Ltd

32

854,000

China

Cinda

Asset

Management

Co

Ltd

86

6,156,000

China

Citic

Bank

2,857

553,000

China

Coal

Energy

Co

433

224,000

China

Communications

Services

Corp

Ltd

94

110,500

China

Conch

Venture

Holdings

Ltd

94

93,500

China

Construction

Bank

Corp

-

A

81

21,102,000

China

Construction

Bank

Corp

-

H

11,863

61,000

China

CSSC

Holdings

Ltd

233

75,900

(a)

China

Eastern

Airlines

Corp

Ltd

46

480,900

China

Energy

Engineering

Corp

Ltd

149

278,300

China

Everbright

Bank

Co

Ltd

-

A

117

407,000

China

Everbright

Bank

Co

Ltd

-

H

122

305,555

China

Everbright

Environment

Group

Ltd

105

829,000

(c)

China

Feihe

Ltd

487

10,600

China

Film

Co

Ltd

21

324,000

China

Galaxy

Securities

Co

Ltd

167

24,500

China

Galaxy

Securities

Co

Ltd

(Class

A)

37

228,400

China

Gas

Holdings

Ltd

215

147

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,700

China

Great

Wall

Securities

Co

Ltd

$

11

27,400

China

Greatwall

Technology

Group

Co

Ltd

39

568,000

China

Hongqiao

Group

Ltd

553

377,000

China

Insurance

International

Holdings

Co

Ltd

373

9,100

China

International

Capital

Corp

Ltd

47

358,000

(c)

China

International

Capital

Corp

Ltd

653

194,000

China

Jinmao

Holdings

Group

Ltd

25

19,429

China

Jushi

Co

Ltd

36

1,684,000

China

Life

Insurance

Co

Ltd

2,610

42,000

China

Life

Insurance

Co

Ltd

(Class

A)

210

98,200

(a),(c)

China

Literature

Ltd

357

281,000

China

Longyuan

Power

Group

Corp

Ltd

244

112,000

China

Medical

System

Holdings

Ltd

169

21,700

China

Meheco

Co

Ltd

37

140,000

China

Meidong

Auto

Holdings

Ltd

76

699,000

China

Mengniu

Dairy

Co

Ltd

2,332

1,276,500

China

Merchants

Bank

Co

Ltd

5,300

574,700

China

Merchants

Bank

Co

Ltd

(Class

A)

2,614

165,600

China

Merchants

Energy

Shipping

Co

Ltd

146

115,426

China

Merchants

Holdings

International

Co

Ltd

143

36,020

China

Merchants

Securities

Co

Ltd

69

125,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

213

192,400

China

Minsheng

Banking

Corp

Ltd

-

A

101

2,383,300

China

Minsheng

Banking

Corp

Ltd

-

H

814

885,000

China

Molybdenum

Co

Ltd

565

234,000

China

Molybdenum

Co

Ltd

(Class

A)

190

328,000

China

National

Building

Material

Co

Ltd

172

32,900

China

National

Chemical

Engineering

Co

Ltd

35

6,100

China

National

Medicines

Corp

Ltd

28

94,300

China

National

Nuclear

Power

Co

Ltd

94

42,300

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

127

532,000

China

Oilfield

Services

Ltd

637

612,435

China

Overseas

Land

&

Investment

Ltd

1,265

45,000

China

Overseas

Property

Holdings

Ltd

51

98,600

China

Pacific

Insurance

Group

Co

Ltd

-

A

389

603,200

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,502

413,000

China

Power

International

Development

Ltd

150

102,500

China

Railway

Group

Ltd

-

A

96

966,000

China

Railway

Group

Ltd

-

H

497

180,220

China

Railway

Signal

&

Communication

Corp

Ltd

130

13,800

China

Rare

Earth

Resources

And

Technology

Co

Ltd

55

358,000

China

Resources

Beer

Holdings

Company

Ltd

1,956

215,999

China

Resources

Cement

Holdings

Ltd

55

240,400

China

Resources

Gas

Group

Ltd

703

735,836

China

Resources

Land

Ltd

2,922

18,087

China

Resources

Microelectronics

Ltd

134

163,800

(c)

China

Resources

Mixc

Lifestyle

Services

Ltd

659

133,000

(c)

China

Resources

Pharmaceutical

Group

Ltd

88

162,000

China

Resources

Power

Holdings

Co

308

4,700

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

32

1,188,000

(a),(e)

China

Ruyi

Holdings

Ltd

307

112,200

China

Shenhua

Energy

Co

Ltd

-

A

481

784,000

China

Shenhua

Energy

Co

Ltd

-

H

2,537

126,000

(e)

China

Shipping

Development

Co

Ltd

137

154,000

(a),(e)

China

Southern

Airlines

Co

Ltd

75

46,700

(a)

China

Southern

Airlines

Co

Ltd

(Class

A)

39

224,800

China

State

Construction

Engineering

Corp

Ltd

171

414,000

China

State

Construction

International

Holdings

Ltd

435

381,700

China

Three

Gorges

Renewables

Group

Co

Ltd

250

23,925

China

Tourism

Group

Duty

Free

Corp

Ltd

350

19,800

(c),(e)

China

Tourism

Group

Duty

Free

Corp

Ltd

262

1,622,000

(c)

China

Tower

Corp

Ltd

155

CREF

Global

Equities

Account

September

30,

2023

148

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

539,800

China

Vanke

Co

Ltd

$

594

139,400

China

Vanke

Co

Ltd

(Class

A)

251

80,500

China

XD

Electric

Co

Ltd

54

44,900

China

Yangtze

Power

Co

Ltd

137

5,400

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

60

114,140

China

Zheshang

Bank

Co

Ltd

40

594,000

Chinasoft

International

Ltd

421

5,000

Chongqing

Brewery

Co

Ltd

58

17,154

Chongqing

Changan

Automobile

Co

Ltd

32

15,050

Chongqing

Fuling

Zhacai

Group

Co

Ltd

33

267,100

Chongqing

Rural

Commercial

Bank

Co

Ltd

146

10,200

(a)

Chongqing

Taiji

Industry

Group

Co

Ltd

65

70,950

Chongqing

Zhifei

Biological

Products

Co

Ltd

473

455,600

Chow

Tai

Fook

Jewellery

Group

Ltd

684

504,000

Citic

Pacific

Ltd

461

454,274

CITIC

Securities

Co

Ltd

917

64,870

CITIC

Securities

Co

Ltd

(Class

A)

194

4,800

CNGR

Advanced

Material

Co

Ltd

33

42,630

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

27

111,700

CNPC

Capital

Co

Ltd

101

57,180

Contemporary

Amperex

Technology

Co

Ltd

1,597

140,445

COSCO

Pacific

Ltd

91

147,500

COSCO

SHIPPING

Development

Co

Ltd

48

69,900

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

129

187,860

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

253

670,650

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

685

2,781,000

(e)

Country

Garden

Holdings

Co

Ltd

321

485,000

(e)

Country

Garden

Services

Holdings

Co

Ltd

495

18,800

CSC

Financial

Co

Ltd

64

1,754,880

CSPC

Pharmaceutical

Group

Ltd

1,283

7,300

Dajin

Heavy

Industry

Co

Ltd

26

249,895

Daqin

Railway

Co

Ltd

250

12,800

(a),(e)

Daqo

New

Energy

Corp

(ADR)

387

14,049

DaShenLin

Pharmaceutical

Group

Co

Ltd

49

169,500

Datang

International

Power

Generation

Co

Ltd

62

10,400

DHC

Software

Co

Ltd

9

10,880

Do-Fluoride

New

Materials

Co

Ltd

24

6,200

Dong-E-E-Jiao

Co

Ltd

42

39,000

Dongfang

Electric

Corp

Ltd

84

736,000

Dongfeng

Motor

Group

Co

Ltd

290

11,300

Dongxing

Securities

Co

Ltd

13

374,000

Dongyue

Group

Ltd

280

86,500

(a),(c),(e)

East

Buy

Holding

Ltd

406

331,006

East

Money

Information

Co

Ltd

694

3,500

Eastroc

Beverage

Group

Co

Ltd

88

5,000

Ecovacs

Robotics

Co

Ltd

33

152,400

ENN

Energy

Holdings

Ltd

1,256

35,900

ENN

Natural

Gas

Co

Ltd

86

10,500

Eoptolink

Technology,

Inc

Ltd

66

23,670

Eve

Energy

Co

Ltd

147

21,000

Everbright

Securities

Co

Ltd

48

32,990

(a)

Everdisplay

Optronics

Shanghai

Co

Ltd

12

44,643

Fangda

Carbon

New

Material

Co

Ltd

35

72,000

Far

East

Horizon

Ltd

52

6,928

(a)

Farasis

Energy

Gan

Zhou

Co

Ltd

19

36,600

FAW

Jiefang

Group

Co

Ltd

44

25,700

First

Capital

Securities

Co

Ltd

21

96,000

(e)

Flat

Glass

Group

Co

Ltd

215

22,500

Flat

Glass

Group

Co

Ltd

87

221,200

Focus

Media

Information

Technology

Co

Ltd

217

56,122

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

294

630,500

Fosun

International

397

38,800

Founder

Securities

Co

Ltd

39

1,064,928

Foxconn

Industrial

Internet

Co

Ltd

2,888

149

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

2,700

Fu

Jian

Anjoy

Foods

Co

Ltd

$

46

14,400

Fujian

Sunner

Development

Co

Ltd

38

22,700

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

115

137,000

(c)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

627

13,818

GalaxyCore,

Inc

29

19,120

Ganfeng

Lithium

Group

Co

Ltd

117

88,080

(c)

Ganfeng

Lithium

Group

Co

Ltd

360

500

G-bits

Network

Technology

Xiamen

Co

Ltd

25

1,663,000

GCL

Technology

Holdings

Ltd

308

90,000

GD

Power

Development

Co

Ltd

45

210,184

(a)

GDS

Holdings

Ltd

288

188,900

(a),(e)

GDS

Holdings

Ltd

(ADR)

2,068

1,322,000

Geely

Automobile

Holdings

Ltd

1,550

26,900

GEM

Co

Ltd

22

96,100

Gemdale

Corp

90

92,000

(a)

Genscript

Biotech

Corp

241

90,600

GF

Securities

Co

Ltd

121

31,000

GF

Securities

Co

Ltd

(Class

A)

63

14,700

Giant

Network

Group

Co

Ltd

26

8,872

GigaDevice

Semiconductor,

Inc

120

3,900

Ginlong

Technologies

Co

Ltd

42

16,600

GoerTek,

Inc

36

6,600

Gongniu

Group

Co

Ltd

94

1,960

GoodWe

Technologies

Co

Ltd

36

18,500

Gotion

High-tech

Co

Ltd

59

509,000

(e)

Great

Wall

Motor

Co

Ltd

604

30,700

Great

Wall

Motor

Co

Ltd

109

44,800

Gree

Electric

Appliances,

Inc

of

Zhuhai

224

62,000

Greenland

Holdings

Corp

Ltd

23

258,500

Greentown

China

Holdings

Ltd

267

48,900

GRG

Banking

Equipment

Co

Ltd

81

18,400

Guangdong

Haid

Group

Co

Ltd

114

37,300

(a)

Guangdong

HEC

Technology

Holding

Co

Ltd

34

252,000

Guangdong

Investments

Ltd

192

202,200

Guanghui

Energy

Co

Ltd

212

59,400

Guangzhou

Automobile

Group

Co

Ltd

82

722,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

356

16,000

Guangzhou

Baiyun

International

Airport

Co

Ltd

25

10,500

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

45

5,800

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

26

34,300

Guangzhou

Haige

Communications

Group,

Inc

Co

53

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

15

8,595

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

60

24,600

Guangzhou

Tinci

Materials

Technology

Co

Ltd

91

13,486

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

12

12,200

Guolian

Securities

Co

Ltd

18

28,300

Guosen

Securities

Co

Ltd

36

41,000

Guotai

Junan

Securities

Co

Ltd

82

25,790

Guoyuan

Securities

Co

Ltd

24

370,000

(c)

Haidilao

International

Holding

Ltd

987

544,800

Haier

Smart

Home

Co

Ltd

1,703

82,300

Haier

Smart

Home

Co

Ltd

267

539,600

(a)

Hainan

Airlines

Holding

Co

Ltd

110

180,300

(a)

Hainan

Airport

Infrastructure

Co

Ltd

99

156,000

Haitian

International

Holdings

Ltd

329

263,600

Haitong

Securities

Co

Ltd

158

53,100

Haitong

Securities

Co

Ltd

(Class

A)

73

13,100

Hang

Zhou

Great

Star

Industrial

Co

Ltd

35

56,000

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

74

7,800

Hangzhou

Chang

Chuan

Technology

Co

Ltd

36

19,510

Hangzhou

First

Applied

Material

Co

Ltd

77

8,400

Hangzhou

Lion

Electronics

Co

Ltd

38

12,900

Hangzhou

Oxygen

Plant

Group

Co

Ltd

57

13,530

Hangzhou

Robam

Appliances

Co

Ltd

50

CREF

Global

Equities

Account

September

30,

2023

150

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

18,600

Hangzhou

Silan

Microelectronics

Co

Ltd

$

62

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

16

90,000

(c)

Hansoh

Pharmaceutical

Group

Co

Ltd

122

8,800

Haohua

Chemical

Science

&

Technology

Co

Ltd

40

15,700

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

50

29,200

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

98

25,300

Heilongjiang

Agriculture

Co

Ltd

46

41,800

Henan

Shenhuo

Coal

&

Power

Co

Ltd

98

51,700

Henan

Shuanghui

Investment

&

Development

Co

Ltd

187

149,500

Hengan

International

Group

Co

Ltd

476

22,100

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

49

97,380

Hengli

Petrochemical

Co

Ltd

192

34,700

Hengtong

Optic-electric

Co

Ltd

67

49,430

Hengyi

Petrochemical

Co

Ltd

50

209,900

Hesteel

Co

Ltd

65

24,000

Hisense

Visual

Technology

Co

Ltd

74

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

58

5,860

Hongfa

Technology

Co

Ltd

27

9,500

Hoshine

Silicon

Industry

Co

Ltd

79

850

Hoymiles

Power

Electronics,

Inc

32

6,036

Hoyuan

Green

Energy

Co

Ltd

35

47,000

(a),(c),(e)

Hua

Hong

Semiconductor

Ltd

118

41,700

Huadian

Power

International

Corp

Ltd

(Class

A)

29

9,740

Huadong

Medicine

Co

Ltd

56

52,800

Huafon

Chemical

Co

Ltd

51

19,300

Huagong

Tech

Co

Ltd

89

61,600

Huaibei

Mining

Holdings

Co

Ltd

118

329,360

Hualan

Biological

Engineering,

Inc

1,003

44,300

Huaneng

Power

International,

Inc

-

A

48

974,000

Huaneng

Power

International,

Inc

-

H

471

116,200

(c)

Huatai

Securities

Co

Ltd

148

15,500

Huatai

Securities

Co

Ltd

(Class

A)

34

14,200

Huaxi

Securities

Co

Ltd

16

80,200

Huaxia

Bank

Co

Ltd

63

42,200

Huayu

Automotive

Systems

Co

Ltd

109

45,174

(a)

Huazhu

Group

Ltd

(ADR)

1,781

5,900

Hubei

Feilihua

Quartz

Glass

Co

Ltd

37

4,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

18

16,400

Hubei

Xingfa

Chemicals

Group

Co

Ltd

45

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

115

9,500

Humanwell

Healthcare

Group

Co

Ltd

32

6,648

Hunan

Changyuan

Lico

Co

Ltd

8

115,000

Hunan

Valin

Steel

Co

Ltd

94

8,412

Hundsun

Technologies,

Inc

38

79,000

(c)

Hygeia

Healthcare

Holdings

Co

Ltd

442

25,131

(a)

iClick

Interactive

Asia

Group

Ltd

(ADR)

49

12,800

Iflytek

Co

Ltd

89

900

Imeik

Technology

Development

Co

Ltd

48

329,900

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

212

13,055,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

6,262

105,200

Industrial

Bank

Co

Ltd

235

40,790

Industrial

Securities

Co

Ltd

36

6,300

Ingenic

Semiconductor

Co

Ltd

64

583,800

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

138

49,300

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

93

137,200

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

77

85,300

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

311

298,200

Inner

Mongolia

Yitai

Coal

Co

418

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

55

369,500

(a),(c)

Innovent

Biologics,

Inc

1,795

8,800

Inspur

Electronic

Information

Industry

Co

Ltd

45

386,012

(a)

iQIYI,

Inc

(ADR)

1,830

1,001

iRay

Technology

Co

Ltd

34

14,250

Isoftstone

Information

Technology

Group

Co

Ltd

52

151

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

42,300

JA

Solar

Technology

Co

Ltd

$

149

8,310

Jason

Furniture

Hangzhou

Co

Ltd

46

92,550

(a),(c)

JD

Health

International,

Inc

476

450,100

(a),(c)

JD

Logistics,

Inc

569

1,187,655

JD.com,

Inc

17,279

73,400

Jiangsu

Eastern

Shenghong

Co

Ltd

116

116,000

Jiangsu

Express

105

16,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

147

32,882

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

203

16,400

Jiangsu

King's

Luck

Brewery

JSC

Ltd

132

16,000

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

58

4,800

Jiangsu

Pacific

Quartz

Co

Ltd

70

41,500

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

60

19,300

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

344

3,900

Jiangsu

Yangnong

Chemical

Co

Ltd

37

6,400

Jiangsu

Yoke

Technology

Co

Ltd

57

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

25

47,500

Jiangsu

Zhongtian

Technology

Co

Ltd

97

284,000

Jiangxi

Copper

Co

Ltd

443

28,958

Jiangxi

Copper

Co

Ltd

(Class

A)

77

12,500

(a)

Jiangxi

Special

Electric

Motor

Co

Ltd

15

57,600

Jinduicheng

Molybdenum

Co

Ltd

88

83,904

Jinko

Solar

Co

Ltd

117

2,900

JiuGui

Liquor

Co

Ltd

35

209,000

(c)

Jiumaojiu

International

Holdings

Ltd

283

126,600

Jizhong

Energy

Resources

Co

Ltd

117

283,877

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

483

11,771

Jointown

Pharmaceutical

Group

Co

Ltd

17

12,200

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

58

3,700

JOYY,

Inc

(ADR)

141

4,500

Juewei

Food

Co

Ltd

23

24,000

Juneyao

Airlines

Co

Ltd

47

47,500

(a)

Kanzhun

Ltd

(ADR)

721

145,045

KE

Holdings,

Inc

(ADR)

2,251

18,700

Keda

Industrial

Group

Co

Ltd

30

59,500

Kingboard

Chemical

Holdings

Ltd

133

229,000

(a)

Kingdee

International

Software

Group

Co

Ltd

280

35,900

Kingnet

Network

Co

Ltd

62

223,600

Kingsoft

Corp

Ltd

806

427,000

(a),(c)

Kuaishou

Technology

3,397

27,000

Kuang-Chi

Technologies

Co

Ltd

54

6,500

Kunlun

Tech

Co

Ltd

34

16,397

Kweichow

Moutai

Co

Ltd

4,067

37,700

LB

Group

Co

Ltd

95

602,000

Lenovo

Group

Ltd

617

69,900

Lens

Technology

Co

Ltd

118

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

3

244,200

(a)

Li

Auto,

Inc

4,358

510,000

Li

Ning

Co

Ltd

2,130

114,600

Liaoning

Port

Co

Ltd

25

103,700

Lingyi

iTech

Guangdong

Co

81

2,100

Livzon

Pharmaceutical

Group,

Inc

11

435,500

(c)

Longfor

Group

Holdings

Ltd

778

97,089

LONGi

Green

Energy

Technology

Co

Ltd

364

53,300

Lufax

Holding

Ltd

(ADR)

56

31,500

Luxi

Chemical

Group

Co

Ltd

49

92,109

Luxshare

Precision

Industry

Co

Ltd

378

19,300

Luzhou

Laojiao

Co

Ltd

577

25,790

Mango

Excellent

Media

Co

Ltd

100

6,608

Maxscend

Microelectronics

Co

Ltd

106

46,500

Meihua

Holdings

Group

Co

Ltd

61

383,795

(a)

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

358

1,953,800

(a),(c)

Meituan

28,284

85,700

Metallurgical

Corp

of

China

Ltd

43

CREF

Global

Equities

Account

September

30,

2023

152

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

228,500

Microport

Scientific

Corp

$

344

27,400

Ming

Yang

Smart

Energy

Group

Ltd

59

20,800

MINISO

Group

Holding

Ltd

(ADR)

539

168,000

Minth

Group

Ltd

432

15,110

Montage

Technology

Co

Ltd

103

65,544

Muyuan

Foods

Co

Ltd

341

7,265

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

13

18,200

Nanjing

Securities

Co

Ltd

20

103,752

NARI

Technology

Co

Ltd

316

13,128

(a)

National

Silicon

Industry

Group

Co

Ltd

36

7,000

NAURA

Technology

Group

Co

Ltd

232

3,500

NavInfo

Co

Ltd

5

727,995

NetEase,

Inc

14,597

33,300

New

China

Life

Insurance

Co

Ltd

-

A

169

215,000

New

China

Life

insurance

Co

Ltd

-

H

516

59,600

(a)

New

Hope

Liuhe

Co

Ltd

90

328,840

(a)

New

Oriental

Education

&

Technology

Group,

Inc

1,946

18,700

Ninestar

Corp

66

4,860

Ningbo

Deye

Technology

Co

Ltd

52

16,300

Ningbo

Joyson

Electronic

Corp

39

8,800

Ningbo

Orient

Wires

&

Cables

Co

Ltd

48

4,310

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

25

28,200

Ningbo

Shanshan

Co

Ltd

54

12,300

Ningbo

Tuopu

Group

Co

Ltd

126

106,000

Ningxia

Baofeng

Energy

Group

Co

Ltd

208

300,130

(a)

NIO,

Inc

(ADR)

2,713

393,200

(c),(e)

Nongfu

Spring

Co

Ltd

2,255

21,200

North

Industries

Group

Red

Arrow

Co

Ltd

43

308

NXP

Semiconductors

NV

62

78,500

(a)

Offcn

Education

Technology

Co

Ltd

40

173,600

Offshore

Oil

Engineering

Co

Ltd

154

5,840

Oppein

Home

Group,

Inc

77

46,728

Orient

Securities

Co

Ltd

62

23,900

Oriental

Pearl

Group

Co

Ltd

24

3,809

Ovctek

China,

Inc

13

119,700

(a)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

60

256,613

(a)

PDD

Holdings,

Inc

(ADR)

25,166

18,400

People.cn

Co

Ltd

97

2,277,000

People's

Insurance

Co

Group

of

China

Ltd

815

184,900

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

150

11,200

Perfect

World

Co

Ltd

20

7,425

Pharmaron

Beijing

Co

Ltd

-

A

32

1,562,000

PICC

Property

&

Casualty

Co

Ltd

2,000

94,200

Ping

An

Bank

Co

Ltd

145

43,100

(a),(c),(e)

Ping

An

Healthcare

and

Technology

Co

Ltd

100

5,092,203

Ping

An

Insurance

Group

Co

of

China

Ltd

28,881

146,500

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

977

2,587

Piotech,

Inc

85

186,900

Poly

Developments

and

Holdings

Group

Co

Ltd

328

106,000

(c)

Pop

Mart

International

Group

Ltd

312

161,100

Postal

Savings

Bank

of

China

Co

Ltd

-

A

110

1,994,000

(c)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

1,004

73,900

Power

Construction

Corp

of

China

Ltd

54

1,642

Pylon

Technologies

Co

Ltd

29

8,261

(a)

Qi

An

Xin

Technology

Group,

Inc

58

69,100

(a)

Qinghai

Salt

Lake

Industry

Co

Ltd

163

5,546

Raytron

Technology

Co

Ltd

36

16,500

Risen

Energy

Co

Ltd

43

12,000

Riyue

Heavy

Industry

Co

Ltd

26

4,600

Rockchip

Electronics

Co

Ltd

39

126,850

Rongsheng

Petrochemical

Co

Ltd

207

119,900

SAIC

Motor

Corp

Ltd

244

31,700

Sailun

Group

Co

Ltd

55

67,500

Sanan

Optoelectronics

Co

Ltd

143

153

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,500

Sangfor

Technologies,

Inc

$

32

259,000

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

408

111,100

Sany

Heavy

Industry

Co

Ltd

243

39,173

Satellite

Chemical

Co

Ltd

82

28,600

SDIC

Capital

Co

Ltd

27

44,200

SDIC

Power

Holdings

Co

Ltd

71

41,400

Seazen

Holdings

Co

Ltd

76

18,200

(a)

Seres

Group

Co

Ltd

140

23,400

SF

Holding

Co

Ltd

131

5,070

SG

Micro

Corp

54

167,800

Shaanxi

Coal

Industry

Co

Ltd

425

83,700

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

97

7,670

Shandong

Buchang

Pharmaceuticals

Co

Ltd

19

51,620

Shandong

Gold

Mining

Co

Ltd

-

A

177

179,500

(c)

Shandong

Gold

Mining

Co

Ltd

-

H

338

10,000

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

48

36,050

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

159

17,600

Shandong

Linglong

Tyre

Co

Ltd

49

162,400

Shandong

Nanshan

Aluminum

Co

Ltd

70

36,500

Shandong

Sun

Paper

Industry

JSC

Ltd

61

598,400

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

524

24,080

Shanghai

Aiko

Solar

Energy

Co

Ltd

74

12,432

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

49

6,915

Shanghai

Baosight

Software

Co

Ltd

43

148,944

Shanghai

Baosight

Software

Co

Ltd

314

51,300

Shanghai

Construction

Group

Co

Ltd

19

230,200

Shanghai

Electric

Group

Co

Ltd

148

15,300

Shanghai

Electric

Power

Co

Ltd

19

8,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

33

38,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

90

1,482

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

51

6,744

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

44

17,800

(a)

Shanghai

International

Airport

Co

Ltd

93

46,300

Shanghai

International

Port

Group

Co

Ltd

33

9,400

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

49

8,618

(a)

Shanghai

Junshi

Biosciences

Co

Ltd

45

19,960

Shanghai

Lingang

Holdings

Corp

Ltd

31

9,700

Shanghai

M&G

Stationery,

Inc

48

1,006

Shanghai

Medicilon,

Inc

10

6,100

Shanghai

Moons'

Electric

Co

Ltd

58

16,300

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

40

69,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

108

139,700

Shanghai

Pudong

Development

Bank

Co

Ltd

136

25,036

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

101

271,200

Shanghai

RAAS

Blood

Products

Co

Ltd

259

171,500

Shanghai

Rural

Commercial

Bank

Co

Ltd

142

67,500

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

69

36,000

Shanxi

Coal

International

Energy

Group

Co

Ltd

93

72,079

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

188

46,600

(a)

Shanxi

Meijin

Energy

Co

Ltd

45

19,330

Shanxi

Securities

Co

Ltd

15

74,700

Shanxi

Taigang

Stainless

Steel

Co

Ltd

41

16,080

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

531

114,070

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

157

4,300

Shede

Spirits

Co

Ltd

74

46,300

Shenergy

Co

Ltd

40

10,400

Shenghe

Resources

Holding

Co

Ltd

16

29,600

Shengyi

Technology

Co

Ltd

62

4,680

Shennan

Circuits

Co

Ltd

43

116,200

Shenwan

Hongyuan

Group

Co

Ltd

69

10,980

Shenzhen

Capchem

Technology

Co

Ltd

66

2,560

Shenzhen

Dynanonic

Co

Ltd

27

CREF

Global

Equities

Account

September

30,

2023

154

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,300

Shenzhen

Energy

Group

Co

Ltd

$

25

17,100

Shenzhen

Inovance

Technology

Co

Ltd

156

119,985

Shenzhen

International

Holdings

Ltd

74

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

2

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

19

2,900

Shenzhen

Kedali

Industry

Co

Ltd

38

7,400

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

29

5,700

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

212

8,800

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

77

135,600

Shenzhen

Overseas

Chinese

Town

Co

Ltd

79

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

24

4,600

Shenzhen

SC

New

Energy

Technology

Corp

48

16,300

Shenzhen

SED

Industry

Co

Ltd

50

10,382

Shenzhen

Senior

Technology

Material

Co

Ltd

19

7,800

Shenzhen

Sunlord

Electronics

Co

Ltd

31

11,642

Shenzhen

Transsion

Holdings

Co

Ltd

233

6,900

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

23

179,400

Shenzhou

International

Group

Holdings

Ltd

1,706

8,380

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

27

14,600

Shuangliang

Eco-Energy

Systems

Co

Ltd

21

23,700

Sichuan

Chuantou

Energy

Co

Ltd

48

76,600

Sichuan

Hebang

Biotechnology

Co

Ltd

25

353,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,412

12,500

(a)

Sichuan

New

Energy

Power

Co

Ltd

20

107,100

Sichuan

Road

and

Bridge

Group

Co

Ltd

127

6,400

Sichuan

Swellfun

Co

Ltd

53

7,600

Sichuan

Yahua

Industrial

Group

Co

Ltd

16

11,000

Sieyuan

Electric

Co

Ltd

78

67,000

Silergy

Corp

635

18,700

Sinolink

Securities

Co

Ltd

24

48,900

Sinoma

International

Engineering

Co

76

21,400

Sinoma

Science

&

Technology

Co

Ltd

60

7,468

Sinomine

Resource

Group

Co

Ltd

37

232,100

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

98

510,800

Sinopharm

Group

Co

Ltd

1,481

173,000

Sinotruk

Hong

Kong

Ltd

333

6,860

Skshu

Paint

Co

Ltd

65

398,000

(c),(e)

Smoore

International

Holdings

Ltd

359

23,800

Songcheng

Performance

Development

Co

Ltd

40

28,262

SooChow

Securities

Co

Ltd

33

29,700

Southwest

Securities

Co

Ltd

17

4,500

(a)

Spring

Airlines

Co

Ltd

34

1,900

StarPower

Semiconductor

Ltd

47

18,500

Sungrow

Power

Supply

Co

Ltd

227

58,700

Sunny

Optical

Technology

Group

Co

Ltd

407

8,250

Sunresin

New

Materials

Co

Ltd

66

19,300

Sunwoda

Electronic

Co

Ltd

45

20,600

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

49

3,224

Suzhou

Maxwell

Technologies

Co

Ltd

56

6,600

Suzhou

TFC

Optical

Communication

Co

Ltd

86

96,100

(a),(e)

TAL

Education

Group

(ADR)

875

21,400

Tangshan

Jidong

Cement

Co

Ltd

22

75,660

TBEA

Co

Ltd

154

287,710

TCL

Technology

Group

Corp

161

51,875

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

166

2,252,200

Tencent

Holdings

Ltd

87,304

61,900

(a)

Tencent

Music

Entertainment

Group

(ADR)

395

5,100

Thunder

Software

Technology

Co

Ltd

53

7,100

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

25

19,200

Tianma

Microelectronics

Co

Ltd

24

17,700

Tianqi

Lithium

Corp

134

40,400

Tianshan

Aluminum

Group

Co

Ltd

36

155

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

62,900

Tianshui

Huatian

Technology

Co

Ltd

$

77

454,000

Tingyi

Cayman

Islands

Holding

Corp

634

26,000

Titan

Wind

Energy

Suzhou

Co

Ltd

46

102,000

(a)

Tongcheng

Travel

Holdings

Ltd

223

23,100

TongFu

Microelectronics

Co

Ltd

61

25,400

Tongkun

Group

Co

Ltd

51

163,800

Tongling

Nonferrous

Metals

Group

Co

Ltd

72

59,600

Tongwei

Co

Ltd

264

1,500

(a)

Topchoice

Medical

Corp

18

456,000

(c)

Topsports

International

Holdings

Ltd

345

88,000

Travelsky

Technology

Ltd

152

27,449

Trina

Solar

Co

Ltd

115

119,150

(a)

Trip.com

Group

Ltd

4,200

80,284

(a)

Trip.com

Group

Ltd

(ADR)

2,808

140,000

Tsingtao

Brewery

Co

Ltd

1,140

9,800

Tsingtao

Brewery

Co

Ltd

(Class

A)

118

10,399

Unigroup

Guoxin

Microelectronics

Co

Ltd

124

334,000

Uni-President

China

Holdings

Ltd

235

44,400

Unisplendour

Corp

Ltd

143

17,200

Universal

Scientific

Industrial

Shanghai

Co

Ltd

34

7,127

(a)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

59

172,646

(a)

Vipshop

Holdings

Ltd

(ADR)

2,764

5,800

Walvax

Biotechnology

Co

Ltd

19

38,100

(a)

Wanda

Film

Holding

Co

Ltd

71

43,500

Wanhua

Chemical

Group

Co

Ltd

528

1,084,000

Want

Want

China

Holdings

Ltd

707

255,684

Weibo

Corp

(ADR)

3,206

160,000

Weichai

Power

Co

Ltd

217

33,600

Weichai

Power

Co

Ltd

(Class

A)

58

9,680

Weihai

Guangwei

Composites

Co

Ltd

36

88,375

Wens

Foodstuffs

Group

Co

Ltd

211

16,000

Western

Mining

Co

Ltd

28

26,400

Western

Securities

Co

Ltd

24

7,014

Western

Superconducting

Technologies

Co

Ltd

44

15,090

Will

Semiconductor

Co

Ltd

193

16,900

Wingtech

Technology

Co

Ltd

101

726,000

Winteam

Pharmaceutical

Group

Ltd

338

442,700

(a)

Wintime

Energy

Group

Co

Ltd

84

103,100

Wuchan

Zhongda

Group

Co

Ltd

67

29,118

Wuhan

Guide

Infrared

Co

Ltd

30

51,335

Wuliangye

Yibin

Co

Ltd

1,106

30,050

WUS

Printed

Circuit

Kunshan

Co

Ltd

93

156,336

WuXi

AppTec

Co

Ltd

-

A

1,858

30,185

(c),(e)

WuXi

AppTec

Co

Ltd

-

H

360

1,703

Wuxi

Autowell

Technology

Co

Ltd

33

982,500

(a),(c)

Wuxi

Biologics

Cayman,

Inc

5,710

181,400

XCMG

Construction

Machinery

Co

Ltd

159

48,700

Xiamen

C

&

D,

Inc

66

2,400

Xiamen

Faratronic

Co

Ltd

32

11,600

Xiamen

Tungsten

Co

Ltd

27

3,231,400

(a),(c)

Xiaomi

Corp

5,062

20,892

Xinjiang

Daqo

New

Energy

Co

Ltd

116

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

68

404,863

Xinyi

Solar

Holdings

Ltd

301

224,200

(a),(e)

XPeng,

Inc

2,049

307,000

Xtep

International

Holdings

Ltd

283

264,000

(c)

Yadea

Group

Holdings

Ltd

489

6,300

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

30

50,000

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

218

532,000

(e)

Yanzhou

Coal

Mining

Co

Ltd

1,004

70,450

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

196

14,210

Yealink

Network

Technology

Corp

Ltd

69

CREF

Global

Equities

Account

September

30,

2023

156

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,574

Yifeng

Pharmacy

Chain

Co

Ltd

$

61

117,000

Yihai

International

Holding

Ltd

201

16,200

Yihai

Kerry

Arawana

Holdings

Co

Ltd

77

36,820

Yintai

Gold

Co

Ltd

71

50,600

Yonghui

Superstores

Co

Ltd

22

6,890

YongXing

Special

Materials

Technology

Co

Ltd

43

17,959

Yonyou

Network

Technology

Co

Ltd

41

50,800

Youngor

Group

Co

Ltd

50

16,800

YTO

Express

Group

Co

Ltd

35

30,600

(a)

Yuan

Longping

High-tech

Agriculture

Co

Ltd

63

407,360

Yuexiu

Property

Co

Ltd

468

314,823

Yum

China

Holdings,

Inc

17,542

17,180

Yunda

Holding

Co

Ltd

23

48,400

Yunnan

Aluminium

Co

Ltd

100

8,900

Yunnan

Baiyao

Group

Co

Ltd

65

4,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

54

80,100

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

58

10,100

Yunnan

Energy

New

Material

Co

Ltd

83

23,500

Yunnan

Tin

Co

Ltd

46

33,600

Yunnan

Yuntianhua

Co

Ltd

79

201,500

(a)

Zai

Lab

Ltd

493

22,800

Zangge

Mining

Co

Ltd

71

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

106

301,000

Zhaojin

Mining

Industry

Co

Ltd

415

20,000

Zhefu

Holding

Group

Co

Ltd

11

113,120

(a)

Zhejiang

Century

Huatong

Group

Co

Ltd

75

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

55

27,500

Zhejiang

Chint

Electrics

Co

Ltd

88

51,900

Zhejiang

Dahua

Technology

Co

Ltd

159

7,760

Zhejiang

Dingli

Machinery

Co

Ltd

56

126,000

(e)

Zhejiang

Expressway

Co

Ltd

94

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

22

18,203

Zhejiang

Huayou

Cobalt

Co

Ltd

94

16,000

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

105

5,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

20

39,200

Zhejiang

Juhua

Co

Ltd

82

58,400

Zhejiang

Longsheng

Group

Co

Ltd

74

16,304

Zhejiang

NHU

Co

Ltd

36

9,300

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

38

7,511

Zhejiang

Supcon

Technology

Co

Ltd

49

9,800

Zhejiang

Supor

Co

Ltd

65

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

45

24,100

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

60

237,500

Zhejiang

Zheneng

Electric

Power

Co

Ltd

138

19,800

Zhengzhou

Yutong

Bus

Co

Ltd

36

18,500

Zheshang

Securities

Co

Ltd

26

58,500

(a),(c)

ZhongAn

Online

P&C

Insurance

Co

Ltd

171

12,800

Zhongji

Innolight

Co

Ltd

204

87,800

Zhongjin

Gold

Corp

Ltd

131

187,500

Zhongsheng

Group

Holdings

Ltd

525

78,600

Zhongtai

Securities

Co

Ltd

77

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

52

127,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

439

29,900

Zhuzhou

Kibing

Group

Co

Ltd

34

31,900

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

28

1,220,000

Zijin

Mining

Group

Co

Ltd

1,850

287,400

Zijin

Mining

Group

Co

Ltd

(Class

A)

478

103,300

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

97

61,100

ZTE

Corp

274

62,200

ZTE

Corp

(Class

H)

187

157

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

35,346

ZTO

Express

Cayman,

Inc

(ADR)

$

854

TOTAL

CHINA

588,213

COLOMBIA

-

0.0%

20,180

BanColombia

S.A.

153

37,411

BanColombia

S.A.

(Preference)

248

105,813

Interconexion

Electrica

S.A.

ESP

387

TOTAL

COLOMBIA

788

CZECH

REPUBLIC

-

0.0%

36,242

CEZ

AS

1,539

5,945

Komercni

Banka

AS

173

24,216

(c)

Moneta

Money

Bank

AS

88

TOTAL

CZECH

REPUBLIC

1,800

DENMARK

-

1.0%

109,774

Carlsberg

AS

(Class

B)

13,841

2,342,386

Novo

Nordisk

A.S.

213,277

20,000

Novo

Nordisk

A.S.

(ADR)

1,819

74,371

Orsted

AS

4,046

275,461

(a)

Zealand

Pharma

AS

11,906

TOTAL

DENMARK

244,889

EGYPT

-

0.0%

212,287

Commercial

International

Bank

413

262,967

Eastern

Tobacco

206

250,378

(a)

Egyptian

Financial

Group-Hermes

Holding

119

TOTAL

EGYPT

738

FINLAND

-

0.2%

783,456

Nordea

Bank

Abp

8,601

1,488,997

Nordea

Bank

Abp

16,325

391,497

Sampo

Oyj

(A

Shares)

16,925

TOTAL

FINLAND

41,851

FRANCE

-

2.5%

339,411

Accor

S.A.

11,416

135,393

Air

Liquide

22,804

891,871

Airbus

SE

119,376

677,999

BNP

Paribas

S.A.

43,111

170,881

Cap

Gemini

S.A.

29,818

433,745

Cie

Generale

des

Etablissements

Michelin

S.C.A

13,276

535,911

Compagnie

de

Saint-Gobain

32,074

284,826

Danone

15,710

1,127,337

Engie

S.A.

17,289

214,281

Essilor

International

S.A.

37,273

12,037

(a),(e)

Euroapi

S.A.

152

8,166

Gecina

S.A.

833

10,988

ICADE

362

122,271

Kering

55,555

166,948

L'Oreal

S.A.

69,185

88,877

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

67,087

347,842

Orange

S.

A.

3,990

9,230

Pernod-Ricard

S.A.

1,537

205,419

Teleperformance

25,792

263,885

Total

S.A.

17,350

116,614

Veolia

Environnement

3,371

TOTAL

FRANCE

587,361

GERMANY

-

2.1%

47,872

Allianz

AG.

11,392

612,692

Aroundtown

S.A.

1,271

CREF

Global

Equities

Account

September

30,

2023

158

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

147,850

BASF

SE

$

6,692

1,671,843

Bayer

AG.

80,289

305,385

Beiersdorf

AG.

39,391

695,114

(a)

Borussia

Dortmund

GmbH

&

Co

KGaA

2,885

301,503

Brenntag

SE

23,329

40,378

(c)

Covestro

AG.

2,171

105,213

Deutsche

Boerse

AG.

18,170

668,799

Deutsche

Telekom

AG.

14,029

327,108

Dr

ING

hc

F

Porsche

AG.

30,692

963,210

E.ON

AG.

11,391

583,808

HeidelbergCement

AG.

45,216

515,315

(a)

HelloFresh

SE

15,312

38,555

Henkel

KGaA

2,431

960,519

Infineon

Technologies

AG.

31,813

14,292

LEG

Immobilien

SE

983

1,014

OSRAM

Licht

AG.

53

71,191

(a)

Paion

AG.

329

1,795,101

RWE

AG.

66,634

622,110

Siemens

AG.

88,905

48,671

(c)

Siemens

Healthineers

AG.

2,462

145,107

Vonovia

SE

3,477

TOTAL

GERMANY

499,317

GREECE

-

0.0%

756,388

(a)

Alpha

Services

and

Holdings

S.A.

1,000

195,334

(a)

Eurobank

Ergasias

Services

and

Holdings

S.A.

300

5,760

(a),(f)

FF

Group

0

^

41,140

Hellenic

Telecommunications

Organization

S.A.

600

25,052

JUMBO

S.A.

689

16,198

Motor

Oil

Hellas

Corinth

Refineries

S.A.

410

23,185

Mytilineos

Holdings

S.A.

853

42,210

(a)

National

Bank

of

Greece

S.A.

238

36,726

OPAP

S.A.

615

152,003

(a)

Piraeus

Financial

Holdings

S.A.

449

41,471

(a)

Public

Power

Corp

416

TOTAL

GREECE

5,570

HONG

KONG

-

0.3%

2,486,100

AIA

Group

Ltd

20,106

127,800

Bank

of

East

Asia

Ltd

158

216,000

(a),(e)

Cathay

Pacific

Airways

Ltd

221

105,730

CK

Infrastructure

Holdings

Ltd

499

327,500

CLP

Holdings

Ltd

2,418

815,000

Hang

Lung

Properties

Ltd

1,115

167,900

Hang

Seng

Bank

Ltd

2,083

304,000

Henderson

Land

Development

Co

Ltd

798

2,078,806

Hong

Kong

&

China

Gas

Ltd

1,446

242,712

Hong

Kong

Electric

Holdings

Ltd

1,172

259,682

Hong

Kong

Exchanges

and

Clearing

Ltd

9,638

510,400

Hongkong

Land

Holdings

Ltd

1,820

242,500

Kingboard

Laminates

Holdings

Ltd

171

368,339

Link

REIT

1,801

605,652

(a)

Melco

Crown

Entertainment

Ltd

(ADR)

5,990

355,000

New

World

Development

Co

Ltd

688

410,000

Nine

Dragons

Paper

Holdings

Ltd

230

30,000

Orient

Overseas

International

Ltd

400

595,733

Prudential

plc

6,404

866,250

Sino

Biopharmaceutical

Ltd

312

309,000

Sun

Hung

Kai

Properties

Ltd

3,297

88,000

Vinda

International

Holdings

Ltd

211

159

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

252,000

Wharf

Real

Estate

Investment

Co

Ltd

$

971

TOTAL

HONG

KONG

61,949

HUNGARY

-

0.0%

115,366

MOL

Hungarian

Oil

&

Gas

plc

874

18,340

OTP

Bank

Rt

661

34,470

Richter

Gedeon

Rt

834

TOTAL

HUNGARY

2,369

INDIA

-

1.1%

11,644

ABB

Ltd

India

574

36,490

Adani

Enterprises

Ltd

1,057

67,974

(a)

Adani

Green

Energy

Ltd

808

111,698

Adani

Ports

&

Special

Economic

Zone

Ltd

1,107

168,319

(a)

Adani

Power

Ltd

765

128,602

Ambuja

Cements

Ltd

656

120,000

Angel

One

Ltd

2,668

23,960

Apollo

Hospitals

Enterprise

Ltd

1,479

119,019

Ashok

Leyland

Ltd

253

83,262

Asian

Paints

Ltd

3,165

26,414

Astral

Ltd

607

13,621

(c)

AU

Small

Finance

Bank

Ltd

117

21,109

Aurobindo

Pharma

Ltd

232

34,957

(a),(c)

Avenue

Supermarts

Ltd

1,544

743,531

Axis

Bank

Ltd

9,255

14,942

Bajaj

Auto

Ltd

909

60,065

Bajaj

Finance

Ltd

5,634

30,558

Bajaj

Finserv

Ltd

565

5,567

Bajaj

Holdings

&

Investment

Ltd

476

15,888

Balkrishna

Industries

Ltd

488

54,636

(c)

Bandhan

Bank

Ltd

165

87,407

Bank

of

Baroda

224

52,540

Berger

Paints

India

Ltd

359

10,508

(a)

Berger

Paints

India

Ltd

72

816,153

Bharat

Electronics

Ltd

1,356

54,520

Bharat

Forge

Ltd

715

184,762

Bharat

Petroleum

Corp

Ltd

771

490,150

Bharti

Airtel

Ltd

5,458

24,004

Britannia

Industries

Ltd

1,311

48,140

CG

Power

&

Industrial

Solutions

Ltd

256

281,798

Cholamandalam

Investment

and

Finance

Co

Ltd

4,122

43,371

Cipla

Ltd

619

391,226

Coal

India

Ltd

1,387

28,202

Colgate-Palmolive

India

Ltd

680

56,947

Container

Corp

Of

India

Ltd

490

30,446

Cummins

India

Ltd

620

132,780

Dabur

India

Ltd

880

9,839

Divi's

Laboratories

Ltd

445

144,253

DLF

Ltd

920

35,977

Dr

Reddy's

Laboratories

Ltd

2,414

29,246

Eicher

Motors

Ltd

1,212

542,738

GAIL

India

Ltd

812

88,905

(a)

Godrej

Consumer

Products

Ltd

1,061

26,173

(a)

Godrej

Properties

Ltd

488

55,740

Grasim

Industries

Ltd

1,300

52,543

Havells

India

Ltd

877

78,052

HCL

Technologies

Ltd

1,157

7,150

(c)

HDFC

Asset

Management

Co

Ltd

228

633,788

HDFC

Bank

Ltd

11,624

478,314

HDFC

Bank

Ltd

(ADR)

28,225

211,824

(c)

HDFC

Life

Insurance

Co

Ltd

1,622

24,411

Hero

Honda

Motors

Ltd

897

CREF

Global

Equities

Account

September

30,

2023

160

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

264,578

Hindalco

Industries

Ltd

$

1,562

38,482

Hindustan

Aeronautics

Ltd

892

177,929

Hindustan

Lever

Ltd

5,277

138,239

(a)

Hindustan

Petroleum

Corp

Ltd

424

835,598

ICICI

Bank

Ltd

9,573

52,554

(c)

ICICI

Lombard

General

Insurance

Co

Ltd

827

77,832

(c)

ICICI

Prudential

Life

Insurance

Co

Ltd

530

721,935

(a)

IDFC

First

Bank

Ltd

827

182,271

Indian

Hotels

Co

Ltd

900

746,874

Indian

Oil

Corp

Ltd

817

46,892

Indian

Railway

Catering

&

Tourism

Corp

Ltd

384

71,687

Indraprastha

Gas

Ltd

392

14,878

Info

Edge

India

Ltd

744

271,174

Infosys

Technologies

Ltd

4,660

28,140

(a),(c)

InterGlobe

Aviation

Ltd

805

659,138

ITC

Ltd

3,522

77,921

Jindal

Steel

&

Power

Ltd

655

131,654

JSW

Steel

Ltd

1,232

81,056

Jubilant

Foodworks

Ltd

519

244,513

Kotak

Mahindra

Bank

Ltd

5,096

151,026

Larsen

&

Toubro

Ltd

5,487

292,731

(c)

LTIMindtree

Ltd

18,290

17,591

Lupin

Ltd

248

381,648

Mahindra

&

Mahindra

Ltd

7,127

113,145

Marico

Ltd

764

29,358

Maruti

Suzuki

India

Ltd

3,743

167,631

Max

Healthcare

Institute

Ltd

1,145

16,102

Mphasis

Ltd

459

406

MRF

Ltd

524

9,441

Muthoot

Finance

Ltd

142

7,433

Nestle

India

Ltd

2,012

974,725

NTPC

Ltd

2,877

1,188

Page

Industries

Ltd

557

193,907

Petronet

LNG

Ltd

559

18,712

PI

Industries

Ltd

777

33,182

Pidilite

Industries

Ltd

973

237,260

(a)

Piramal

Pharma

Ltd

292

62,032

(a)

Power

Finance

Corp

Ltd

188

248,127

Power

Finance

Corp

Ltd

751

1,050,480

Power

Grid

Corp

of

India

Ltd

2,521

101,787

REC

Ltd

352

660,048

Reliance

Industries

Ltd

18,583

646,447

(a)

Reliance

Strategic

Investments

Ltd

1,800

508,889

Samvardhana

Motherson

International

Ltd

586

22,113

SBI

Cards

&

Payment

Services

Ltd

210

97,297

(c)

SBI

Life

Insurance

Co

Ltd

1,526

1,894

Shree

Cement

Ltd

580

22,757

Shriram

Finance

Ltd

525

19,484

Siemens

India

Ltd

860

85,461

(c)

Sona

Blw

Precision

Forgings

Ltd

599

31,641

SRF

Ltd

855

146,041

State

Bank

of

India

1,049

284,067

Sun

Pharmaceutical

Industries

Ltd

3,954

14,575

Supreme

Industries

Ltd

723

192,574

Tata

Consultancy

Services

Ltd

8,154

119,033

Tata

Consumer

Products

Ltd

1,255

6,961

Tata

Elxsi

Ltd

604

361,375

Tata

Motors

Ltd

2,733

312,236

Tata

Power

Co

Ltd

984

1,583,427

(a)

Tata

Steel

Ltd

2,449

44,122

Tech

Mahindra

Ltd

648

75,864

Titan

Co

Ltd

2,870

161

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,397

Torrent

Pharmaceuticals

Ltd

$

520

38,714

Trent

Ltd

968

22,286

Tube

Investments

of

India

Ltd

800

49,694

TVS

Motor

Co

Ltd

908

25,248

Ultra

Tech

Cement

Ltd

2,504

63,880

(a)

United

Spirits

Ltd

773

101,173

UPL

Ltd

749

98,647

Varun

Beverages

Ltd

1,120

185,897

Vedanta

Ltd

495

107,093

Wipro

Ltd

521

1,005,016

(a)

Yes

Bank

Ltd

208

927,564

(a)

Zomato

Ltd

1,130

TOTAL

INDIA

256,795

INDONESIA

-

0.2%

3,558,600

Adaro

Energy

Indonesia

Tbk

PT

655

4,474,500

Astra

International

Tbk

PT

1,797

12,309,400

Bank

Central

Asia

Tbk

PT

7,013

6,940,000

Bank

Negara

Indonesia

Persero

Tbk

PT

4,629

78,113,593

Bank

Rakyat

Indonesia

26,382

5,904,297

Barito

Pacific

Tbk

PT

496

1,516,900

(a)

Charoen

Pokphand

Indonesia

Tbk

PT

532

178,534,400

(a)

GoTo

Gojek

Tokopedia

Tbk

PT

977

586,900

Indah

Kiat

Pulp

&

Paper

Tbk

PT

421

472,000

Indofood

CBP

Sukses

Makmur

Tbk

PT

338

4,506,100

Kalbe

Farma

Tbk

PT

511

2,319,288

(a)

Merdeka

Copper

Gold

Tbk

PT

431

1,506,700

PT

Aneka

Tambang

Tbk

176

3,069,794

PT

Bank

Mandiri

Persero

Tbk

1,195

937,800

PT

Indofood

Sukses

Makmur

Tbk

402

722,533

PT

Semen

Gresik

Persero

Tbk

300

1,625,800

PT

Unilever

Indonesia

Tbk

393

361,400

PT

United

Tractors

Tbk

659

480,300

PT

Vale

Indonesia

Tbk

175

3,821,800

Sarana

Menara

Nusantara

Tbk

PT

237

3,592,700

Sumber

Alfaria

Trijaya

Tbk

PT

688

10,903,400

Telkom

Indonesia

Persero

Tbk

PT

2,643

TOTAL

INDONESIA

51,050

IRELAND

-

0.6%

3,625,738

AIB

Group

plc

16,251

1,945,851

Bank

of

Ireland

Group

plc

19,022

1,404,677

(a),(d)

CRH

plc

76,878

15,168

Kerry

Group

plc

(Class

A)

1,267

428,877

Keywords

Studios

plc

8,064

40,836

(a)

Prothena

Corp

plc

1,970

493,757

Smurfit

Kappa

Group

plc

16,403

TOTAL

IRELAND

139,855

ISRAEL

-

0.0%

249,295

Bank

Hapoalim

Ltd

2,221

318,977

Bank

Leumi

Le-Israel

2,643

255,553

Israel

Discount

Bank

Ltd

1,385

30,781

Mizrahi

Tefahot

Bank

Ltd

1,118

TOTAL

ISRAEL

7,367

ITALY

-

0.8%

421,320

(e)

Amplifon

S.p.A.

12,472

3,501,860

Davide

Campari-Milano

NV

41,225

9,004,841

Enel

S.p.A.

55,224

129,794

Ferrari

NV

38,261

640,345

Moncler

S.p.A

37,111

CREF

Global

Equities

Account

September

30,

2023

162

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,882,881

PRADA

S.p.A

$

11,035

TOTAL

ITALY

195,328

JAPAN

-

5.8%

87,600

Acom

Co

Ltd

204

353

Activia

Properties,

Inc

974

300

Aeon

Mall

Co

Ltd

4

321,600

Aisin

Seiki

Co

Ltd

12,152

10,008

(a)

All

Nippon

Airways

Co

Ltd

210

26,000

(e)

Aozora

Bank

Ltd

531

195,500

Asahi

Intecc

Co

Ltd

3,505

210,079

Asahi

Kasei

Corp

1,322

352,700

Astellas

Pharma,

Inc

4,882

7,000

Bank

of

Kyoto

Ltd

395

460,000

BayCurrent

Consulting,

Inc

15,328

334,685

Central

Japan

Railway

Co

8,139

9,400

Century

Leasing

System,

Inc

375

116,400

Chiba

Bank

Ltd

846

149,800

Chubu

Electric

Power

Co,

Inc

1,907

225,700

Concordia

Financial

Group

Ltd

1,028

214,700

Daifuku

Co

Ltd

4,053

236,800

Dai-ichi

Life

Holdings,

Inc

4,889

2,574,091

Daiichi

Sankyo

Co

Ltd

70,472

95,031

Daikin

Industries

Ltd

14,898

7,600

Daito

Trust

Construction

Co

Ltd

801

348

Daiwa

House

REIT

Investment

Corp

614

317,200

(a),(e)

Daiwa

Securities

Group,

Inc

1,829

73,000

Disco

Corp

13,487

139,886

East

Japan

Railway

Co

8,005

121,000

Eisai

Co

Ltd

6,706

505,600

ENEOS

Holdings,

Inc

1,990

20,200

Fast

Retailing

Co

Ltd

4,400

37,800

Fukuoka

Financial

Group,

Inc

904

178,499

GMO

Payment

Gateway,

Inc

9,740

257,000

(a)

Hitachi

Construction

Machinery

Co

Ltd

7,799

1,578,664

(a)

Hitachi

Ltd

97,842

167,900

Hulic

Co

Ltd

1,506

812

Hulic

Reit,

Inc

866

35,537

Idemitsu

Kosan

Co

Ltd

815

4,143,800

Infomart

Corp

11,112

155,774

Inpex

Holdings,

Inc

2,336

8

(e)

Invincible

Investment

Corp

3

88,800

Japan

Post

Bank

Co

Ltd

773

345,900

Japan

Post

Holdings

Co

Ltd

2,767

49,400

Japan

Post

Insurance

Co

Ltd

831

4

Japan

Retail

Fund

Investment

Corp

3

206,040

Japan

Tobacco,

Inc

4,741

441,200

JGC

Corp

6,130

32,573

JSR

Corp

874

141,500

Kansai

Electric

Power

Co,

Inc

1,959

100,600

Kao

Corp

3,729

315,700

KDDI

Corp

9,664

142

Kenedix

Realty

Investment

Corp

328

203,700

Mebuki

Financial

Group,

Inc

563

174,800

Mitsubishi

Corp

8,329

758,900

Mitsubishi

Electric

Corp

9,376

396,573

Mitsubishi

Estate

Co

Ltd

5,174

9,677,900

Mitsubishi

UFJ

Financial

Group,

Inc

82,012

88,400

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

589

1,035,300

Mitsui

&

Co

Ltd

37,550

8,350

Mitsui

Fudosan

Co

Ltd

184

1,306

Mitsui

Fudosan

Logistics

Park,

Inc

4,113

163

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

97,700

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

$

3,575

529,600

Mizuho

Financial

Group,

Inc

8,992

901,800

MonotaRO

Co

Ltd

9,614

308

Mori

Hills

REIT

Investment

Corp

292

953,400

Murata

Manufacturing

Co

Ltd

17,392

1,227,200

Nikon

Corp

12,925

3,335,800

Nintendo

Co

Ltd

138,612

131,700

Nippon

Paint

Co

Ltd

884

6,162,500

Nippon

Telegraph

&

Telephone

Corp

7,294

690,400

(a)

Nomura

Holdings,

Inc

2,765

836

Nomura

Real

Estate

Master

Fund,

Inc

936

133,895

OJI

Paper

Co

Ltd

563

128,811

Omron

Corp

5,732

538,500

Oriental

Land

Co

Ltd

17,667

288,300

ORIX

Corp

5,383

565

Orix

JREIT,

Inc

678

111,900

Osaka

Securities

Exchange

Co

Ltd

2,073

196,200

Otsuka

Holdings

Co

Ltd

6,966

167,200

PALTAC

Corp

5,238

448,100

Panasonic

Corp

5,058

1,761,900

Recruit

Holdings

Co

Ltd

53,905

1,757,700

(a)

Renesas

Electronics

Corp

26,849

459,200

Resona

Holdings,

Inc

2,539

51,800

SBI

Holdings,

Inc

1,090

149,600

Sekisui

House

Ltd

2,977

102,000

Seven

&

I

Holdings

Co

Ltd

3,993

129,500

Seven

Bank

Ltd

269

264,198

(a)

SHIFT,

Inc

48,045

245,200

Shin-Etsu

Chemical

Co

Ltd

7,122

21,800

Shiseido

Co

Ltd

764

91,500

Shizuoka

Financial

Group,

Inc

746

73,700

Sompo

Holdings,

Inc

3,159

1,981,165

Sony

Corp

162,011

3,568

Star

Asia

Investment

Corp

1,381

88,001

Sumitomo

Heavy

Industries

Ltd

2,228

1,698,501

Sumitomo

Mitsui

Financial

Group,

Inc

83,441

74,200

Sumitomo

Mitsui

Trust

Holdings,

Inc

2,793

20

Sumitomo

Realty

&

Development

Co

Ltd

1

118,000

T&D

Holdings,

Inc

1,940

19,782

Taiyo

Nippon

Sanso

Corp

468

420,900

Takeda

Pharmaceutical

Co

Ltd

13,046

644,897

TechnoPro

Holdings,

Inc

14,016

415,600

Tokio

Marine

Holdings,

Inc

9,623

297,600

(a)

Tokyo

Electric

Power

Co,

Inc

1,327

141,300

Tokyo

Electron

Ltd

19,300

157,100

Tokyo

Gas

Co

Ltd

3,562

272,600

Tokyo

Tatemono

Co

Ltd

3,769

240,501

Toray

Industries,

Inc

1,251

6,958,910

(a)

Toyota

Motor

Corp

124,845

518

United

Urban

Investment

Corp

539

TOTAL

JAPAN

1,346,196

KOREA,

REPUBLIC

OF

-

1.3%

6,228

Amorepacific

Corp

563

1,981

BGF

retail

Co

Ltd

207

8,682

Celltrion

Healthcare

Co

Ltd

405

1,253

(a)

Celltrion

Pharm

Inc

62

23,417

Celltrion,

Inc

2,416

1,735

CJ

CheilJedang

Corp

394

5,052

(a)

CosmoAM&T

Co

Ltd

556

10,076

Coway

Co

Ltd

308

12,107

Daewoo

International

Corp

636

CREF

Global

Equities

Account

September

30,

2023

164

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,699

(a)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

$

84

10,102

Dongbu

Insurance

Co

Ltd

669

12,315

Doosan

Bobcat,

Inc

465

98,800

(a)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

1,201

10,590

Ecopro

BM

Co

Ltd

1,978

4,321

Ecopro

Co

Ltd

2,868

3,295

F&F

Co

Ltd

276

11,740

GS

Holdings

Corp

346

24,250

Hana

Financial

Group,

Inc

760

14,935

Hankook

Tire

&

Technology

Co

Ltd

437

534

Hanmi

Pharm

Co

Ltd

118

9,829

Hanmi

Semiconductor

Co

Ltd

383

34,770

Hanon

Systems

242

21,760

(a)

Hanwha

Chemical

Corp

480

3,805

HD

Hyundai

Co

Ltd

187

4,699

(a)

HD

Hyundai

Heavy

Industries

Co

Ltd

421

24,344

(a)

HLB,

Inc

540

19,357

HMM

Co

Ltd

233

4,237

Honam

Petrochemical

Corp

430

6,853

Hotel

Shilla

Co

Ltd

429

3,975

(a)

HYBE

Co

Ltd

700

162,384

Hynix

Semiconductor,

Inc

13,748

17,554

Hyundai

Engineering

&

Construction

Co

Ltd

471

3,996

Hyundai

Glovis

Co

Ltd

545

9,773

(a)

Hyundai

Heavy

Industries

803

1,844

(a)

Hyundai

Mipo

Dockyard

113

13,257

Hyundai

Mobis

2,359

29,773

Hyundai

Motor

Co

4,210

8,183

Hyundai

Motor

Co

Ltd

(2nd

Preference)

641

5,358

Hyundai

Motor

Co

Ltd

(Preference)

417

18,574

Hyundai

Steel

Co

522

21,817

Industrial

Bank

of

Korea

181

6,187

JYP

Entertainment

Corp

514

25,075

Kakao

Corp

818

5,790

(a)

Kakao

Games

Corp

109

13,449

KakaoBank

Corp

233

5,138

(a)

Kakaopay

Corp

155

15,692

Kangwon

Land,

Inc

176

167,400

KB

Financial

Group,

Inc

6,828

56,450

Kia

Motors

Corp

3,398

15,881

Korea

Aerospace

Industries

Ltd

573

20,528

Korea

Electric

Power

Corp

273

2,984

Korea

Investment

Holdings

Co

Ltd

117

1,696

Korea

Zinc

Co

Ltd

635

41,061

Korean

Air

Lines

Co

Ltd

661

5,928

(a),(c)

Krafton,

Inc

662

5,263

KT

Corp

130

22,761

KT&G

Corp

1,454

3,509

Kumho

Petrochemical

Co

Ltd

348

5,338

L&F

Co

Ltd

681

10,668

LG

Chem

Ltd

3,906

1,719

LG

Chem

Ltd

(Preference)

395

20,541

LG

Corp

1,277

18,688

LG

Display

Co

Ltd

181

8,693

LG

Electronics,

Inc

649

10,085

(a)

LG

Energy

Solution

Ltd

3,557

1,929

LG

Household

&

Health

Care

Ltd

636

1,064

LG

Innotek

Co

Ltd

193

18,879

LG

Telecom

Ltd

145

4,417

Lotte

Energy

Materials

Corp

130

22,598

Meritz

Financial

Group,

Inc

925

17,668

Mirae

Asset

Daewoo

Co

Ltd

84

165

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,546

Naver

Corp

$

4,119

1,093

NCSoft

Corp

180

1,443

(c)

Netmarble

Corp

45

5,213

Orion

Corp/Republic

of

Korea

497

21,188

Pan

Ocean

Co

Ltd

78

2,575

(a)

Pearl

Abyss

Corp

89

15,610

POSCO

6,150

6,740

POSCO

Future

M

Co

Ltd

1,783

5,283

(a),(c)

Samsung

Biologics

Co

Ltd

2,667

17,618

Samsung

C&T

Corp

1,405

4,540

Samsung

Electro-Mechanics

Co

Ltd

461

3,788,281

Samsung

Electronics

Co

Ltd

191,513

67,481

Samsung

Electronics

Co

Ltd

(Preference)

2,719

36,182

(a)

Samsung

Engineering

Co

Ltd

810

6,825

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,313

144,979

(a)

Samsung

Heavy

Industries

Co

Ltd

841

17,479

Samsung

Life

Insurance

Co

Ltd

909

21,159

Samsung

SDI

Co

Ltd

7,996

3,154

Samsung

SDS

Co

Ltd

316

4,443

Samsung

Securities

Co

Ltd

121

2,897

Samsung

Techwin

Co

Ltd

224

101,940

Shinhan

Financial

Group

Co

Ltd

2,683

4,665

(a)

SK

Biopharmaceuticals

Co

Ltd

298

1,817

(a)

SK

Bioscience

Co

Ltd

91

5,158

(a),(c)

SK

IE

Technology

Co

Ltd

282

14,057

(a)

SK

Innovation

Co

Ltd

1,542

20,572

(a)

SK

Square

Co

Ltd

646

8,091

SK,

Inc

875

3,779

SKC

Co

Ltd

212

11,542

S-Oil

Corp

675

49,784

Woori

Financial

Group,

Inc

451

11,333

Woori

Investment

&

Securities

Co

Ltd

86

4,427

Yuhan

Corp

249

TOTAL

KOREA,

REPUBLIC

OF

304,973

KUWAIT

-

0.0%

356,947

Agility

Public

Warehousing

Co

KSC

643

107,370

Boubyan

Bank

KSCP

210

145,866

Gulf

Bank

KSCP

124

665,469

Kuwait

Finance

House

KSCP

1,576

148,555

Mabanee

Co

SAK

396

488,697

Mobile

Telecommunications

Co

KSCP

769

620,501

National

Bank

of

Kuwait

SAKP

1,818

TOTAL

KUWAIT

5,536

LUXEMBOURG

-

0.0%

11,120

Reinet

Investments

S.C.A

244

TOTAL

LUXEMBOURG

244

MACAU

-

0.0%

284,000

Galaxy

Entertainment

Group

Ltd

1,699

TOTAL

MACAU

1,699

MALAYSIA

-

0.1%

115,500

AMMB

Holdings

BHD

91

197,043

Axiata

Group

Bhd

104

519,179

Bumiputra-Commerce

Holdings

BHD

600

943,400

Dialog

Group

Bhd

425

290,600

Digi.Com

BHD

271

405,572

Gamuda

BHD

383

420,400

Genting

BHD

373

562,400

Genting

Malaysia

BHD

299

CREF

Global

Equities

Account

September

30,

2023

166

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

46,800

Hong

Leong

Bank

BHD

$

194

6,300

Hong

Leong

Credit

BHD

24

170,900

IHH

Healthcare

Bhd

212

520,400

Inari

Amertron

Bhd

321

490,500

IOI

Corp

BHD

415

102,030

Kuala

Lumpur

Kepong

BHD

464

451,529

Malayan

Banking

BHD

845

148,460

Malaysia

Airports

Holdings

Bhd

225

196,800

Maxis

Bhd

169

395,600

MISC

Bhd

596

411,250

(c)

MR

DIY

Group

M

Bhd

132

11,200

Nestle

Malaysia

Bhd

302

607,600

Petronas

Chemicals

Group

Bhd

929

86,900

Petronas

Dagangan

BHD

414

232,600

Petronas

Gas

BHD

834

117,780

PPB

Group

BHD

388

760,600

Press

Metal

Aluminium

Holdings

Bhd

762

1,168,900

Public

Bank

Bhd

1,010

173,450

QL

Resources

Bhd

202

116,039

RHB

Capital

BHD

134

513,600

Sime

Darby

BHD

241

414,100

Sime

Darby

Plantation

Bhd

377

87,641

Telekom

Malaysia

BHD

91

597,100

Tenaga

Nasional

BHD

1,270

TOTAL

MALAYSIA

13,097

MEXICO

-

0.3%

604,400

Alfa

S.A.

de

C.V.

(Class

A)

393

4,136,100

America

Movil

SAB

de

C.V.

3,581

111,200

Arca

Continental

SAB

de

C.V.

1,010

58,600

(c)

Banco

del

Bajio

S.A.

184

3,300,594

(a)

Cemex

S.A.

de

C.V.

2,153

114,465

Coca-Cola

Femsa

SAB

de

C.V.

898

611,400

Fibra

Uno

Administracion

S.A.

de

C.V.

1,019

423,500

Fomento

Economico

Mexicano

S.A.

de

C.V.

4,625

372,372

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

40,644

37,875

Gruma

SAB

de

C.V.

649

83,100

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,366

40,185

(e)

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

984

284,900

(e)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,374

134,400

(e)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

985

1,022,000

Grupo

Financiero

Banorte

S.A.

de

C.V.

8,568

145,727

(a)

Grupo

Financiero

Inbursa

S.A.

287

671,600

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

3,179

464,000

(e)

Grupo

Televisa

S.A.

282

41,795

(a),(e)

Industrias

Penoles

S.A.

de

C.V.

493

322,100

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

641

228,500

(e)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

190

211,400

Orbia

Advance

Corp

SAB

de

C.V.

439

37,565

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

336

19,492

Southern

Copper

Corp

1,468

1,134,100

Wal-Mart

de

Mexico

SAB

de

C.V.

4,269

TOTAL

MEXICO

80,017

NETHERLANDS

-

2.0%

10,643

(a),(c)

Adyen

NV

7,891

24,562

(a)

Argenx

SE

11,961

18,995

(a)

Argenx

SE

9,285

197,166

ASML

Holding

NV

116,082

122,379

(c)

Euronext

NV

8,513

256,281

Heineken

NV

22,594

7,783,891

ING

Groep

NV

102,592

167

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

254,159

Koninklijke

Ahold

Delhaize

NV

$

7,660

613,597

Koninklijke

KPN

NV

2,022

5,592,485

Shell

plc

177,249

TOTAL

NETHERLANDS

465,849

NORWAY

-

0.6%

676,678

Aker

BP

ASA

18,685

3,354,061

Equinor

ASA

109,919

193,752

Gjensidige

Forsikring

ASA

2,843

669,644

Norsk

Hydro

ASA

4,191

TOTAL

NORWAY

135,638

PERU

-

0.0%

45,400

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

387

15,800

Credicorp

Ltd

2,022

TOTAL

PERU

2,409

PHILIPPINES

-

0.1%

352,740

Aboitiz

Equity

Ventures,

Inc

313

19,700

Ayala

Corp

217

1,475,370

Ayala

Land,

Inc

767

164,624

Bank

of

the

Philippine

Islands

326

616,610

BDO

Unibank,

Inc

1,543

220,480

International

Container

Term

Services,

Inc

805

505,755

JG

Summit

Holdings

(Series

B)

340

90,180

Jollibee

Foods

Corp

365

66,700

Manila

Electric

Co

434

133,823

Metropolitan

Bank

&

Trust

128

5,805

PLDT,

Inc

120

5,826,950

Robinsons

Retail

Holdings,

Inc

4,810

19,810

SM

Investments

Corp

295

2,243,300

SM

Prime

Holdings

1,201

187,610

Universal

Robina

Corp

394

TOTAL

PHILIPPINES

12,058

POLAND

-

0.0%

98,317

(a),(c)

Allegro.eu

S.A.

722

47,845

Bank

Pekao

S.A.

1,100

2,787

(a)

Bank

Zachodni

WBK

S.A.

229

1,173

(a)

BRE

Bank

S.A.

106

2,809

Budimex

S.A.

279

4,895

CD

Projekt

S.A.

140

36,861

Cyfrowy

Polsat

S.A.

102

10,222

(a),(c)

Dino

Polska

S.A.

828

27,525

KGHM

Polska

Miedz

S.A.

701

234

LPP

S.A.

694

192,369

(a)

PGE

Polska

Grupa

Energetyczna

S.A.

329

140,196

Polski

Koncern

Naftowy

Orlen

S.A.

1,878

217,545

(a)

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

1,721

128,535

Powszechny

Zaklad

Ubezpieczen

S.A.

1,214

TOTAL

POLAND

10,043

PORTUGAL

-

0.1%

750,164

Jeronimo

Martins

SGPS

S.A.

16,847

TOTAL

PORTUGAL

16,847

QATAR

-

0.0%

471,443

Barwa

Real

Estate

Co

334

259,860

Commercial

Bank

PSQC

385

426,751

Dukhan

Bank

466

333,378

Industries

Qatar

QSC

1,256

452,158

Masraf

Al

Rayan

QSC

277

CREF

Global

Equities

Account

September

30,

2023

168

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

852,725

Mesaieed

Petrochemical

Holding

Co

$

435

194,748

Ooredoo

QPSC

572

102,836

Qatar

Electricity

&

Water

Co

QSC

495

154,168

Qatar

Fuel

QSC

699

589,930

Qatar

Gas

Transport

Co

Ltd

603

72,345

Qatar

International

Islamic

Bank

QSC

191

133,102

Qatar

Islamic

Bank

SAQ

679

984,517

Qatar

National

Bank

QPSC

4,166

TOTAL

QATAR

10,558

ROMANIA

-

0.0%

111,129

NEPI

Rockcastle

NV

611

TOTAL

ROMANIA

611

RUSSIA

-

0.0%

12,672

(a),(e),(f)

Ozon

Holdings

plc

(ADR)

0

^

211,169

(a),(f)

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.3%

20,643

ACWA

Power

Co

1,076

25,359

Advanced

Petrochemical

Co

271

616,117

Al

Rajhi

Bank

11,162

589,081

Alinma

Bank

5,251

55,648

Almarai

Co

JSC

944

54,472

Arab

National

Bank

349

5,254

Arabian

Internet

&

Communications

Services

Co

448

39,030

Bank

AlBilad

441

29,288

(a)

Bank

Al-Jazira

131

47,436

Banque

Saudi

Fransi

462

16,043

Bupa

Arabia

for

Cooperative

Insurance

Co

890

16,402

Co

for

Cooperative

Insurance

551

7,502

Dallah

Healthcare

Co

285

46,635

(a)

Dar

Al

Arkan

Real

Estate

Development

Co

196

47,636

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

2,994

5,328

Elm

Co

1,108

84,815

Etihad

Etisalat

Co

1,008

124,222

Jarir

Marketing

Co

480

98,025

Mobile

Telecommunications

Co

Saudi

Arabia

344

86,832

Mouwasat

Medical

Services

Co

2,380

8,661

Nahdi

Medical

Co

333

65,946

(a)

National

Industrialization

Co

223

17,441

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

292

93,691

(a)

Rabigh

Refining

&

Petrochemical

Co

271

347,650

Riyad

Bank

2,574

51,246

SABIC

Agri-Nutrients

Co

1,819

76,876

Sahara

International

Petrochemical

Co

776

275,357

(a)

Saudi

Arabian

Mining

Co

2,964

598,579

(c)

Saudi

Arabian

Oil

Co

5,576

11,393

Saudi

Aramco

Base

Oil

Co

452

81,337

Saudi

Awwal

Bank

748

196,222

Saudi

Basic

Industries

Corp

4,321

183,263

Saudi

Electricity

Co

933

78,035

Saudi

Industrial

Investment

Group

495

35,266

Saudi

Investment

Bank

149

153,575

(a)

Saudi

Kayan

Petrochemical

Co

512

520,645

Saudi

National

Bank

4,555

7,066

(a)

Saudi

Research

&

Media

Group

310

3,842

Saudi

Tadawul

Group

Holding

Co

198

439,303

Saudi

Telecom

Co

4,406

56,983

Savola

Group

548

169

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

61,427

Yanbu

National

Petrochemical

Co

$

682

TOTAL

SAUDI

ARABIA

63,908

SINGAPORE

-

0.1%

607,800

Ascendas

REIT

1,219

28,001

(e)

CapitaLand

Ascott

Trust

20

491,142

Capitaland

Investment

Ltd

1,110

72,904

CapitaMall

Trust

98

394,000

DBS

Group

Holdings

Ltd

9,677

725,861

Oversea-Chinese

Banking

Corp

6,788

176,500

Singapore

Exchange

Ltd

1,256

1,541,800

Singapore

Telecommunications

Ltd

2,729

258,216

United

Overseas

Bank

Ltd

5,378

TOTAL

SINGAPORE

28,275

SOUTH

AFRICA

-

0.2%

68,795

Absa

Group

Ltd

634

20,747

African

Rainbow

Minerals

Ltd

186

13,055

Anglo

American

Platinum

Ltd

487

79,255

(e)

Aspen

Pharmacare

Holdings

Ltd

719

73,097

(e)

Bid

Corp

Ltd

1,630

61,686

(e)

Bidvest

Group

Ltd

889

50,946

(e)

Capitec

Bank

Holdings

Ltd

4,607

49,111

Clicks

Group

Ltd

671

112,811

(a)

Discovery

Ltd

817

62,178

(e)

Exxaro

Resources

Ltd

566

722,033

FirstRand

Ltd

2,431

191,117

Gold

Fields

Ltd

2,072

690,375

Growthpoint

Properties

Ltd

385

116,384

Harmony

Gold

Mining

Co

Ltd

437

184,022

(e)

Impala

Platinum

Holdings

Ltd

959

13,990

Kumba

Iron

Ore

Ltd

336

366,810

MTN

Group

Ltd

2,186

42,211

Naspers

Ltd

6,753

36,087

Nedbank

Group

Ltd

386

71,656

Northam

Platinum

Holdings

Ltd

435

1,072,285

Old

Mutual

Ltd

683

173,339

OUTsurance

Group

Ltd

392

365,536

(c)

Pepkor

Holdings

Ltd

332

105,742

Remgro

Ltd

829

388,156

Sanlam

Ltd

1,347

125,068

(e)

Sasol

Ltd

1,717

108,109

(e)

Shoprite

Holdings

Ltd

1,369

601,408

(e)

Sibanye

Stillwater

Ltd

923

687,743

Standard

Bank

Group

Ltd

6,673

137,108

Vodacom

Group

Ltd

766

203,665

Woolworths

Holdings

Ltd

730

TOTAL

SOUTH

AFRICA

43,347

SPAIN

-

0.5%

287,054

Amadeus

IT

Holding

S.A.

17,339

8,768,349

Banco

Bilbao

Vizcaya

Argentaria

S.A.

70,962

3,721,171

CaixaBank

S.A.

14,825

796,195

Iberdrola

S.A.

8,905

278,126

Industria

de

Diseno

Textil

S.A.

10,350

108,528

(a),(e),(f)

Let's

GOWEX

S.A.

1

16,859

Merlin

Properties

Socimi

S.A.

142

1,033,594

(e)

Telefonica

S.A.

4,222

TOTAL

SPAIN

126,746

SWEDEN

-

0.3%

1,087,959

Assa

Abloy

AB

23,640

CREF

Global

Equities

Account

September

30,

2023

170

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,007

Boliden

AB

$

1,665

126,224

(c)

Evolution

AB

12,737

392,102

(a),(e)

Fastighets

AB

Balder

1,758

1,231,856

Sandvik

AB

22,666

26,421

(a)

SAS

AB

1

1,379,869

Skandinaviska

Enskilda

Banken

AB

(Class

A)

16,450

TOTAL

SWEDEN

78,917

SWITZERLAND

-

1.1%

105,642

Alcon,

Inc

8,152

104,977

Cie

Financiere

Richemont

S.A.

12,784

44,999

DSM-Firmenich

AG.

3,803

4,635

Givaudan

S.A.

15,091

181,440

Lonza

Group

AG.

83,924

405,148

Novartis

AG.

41,377

909,334

(a)

On

Holding

AG.

25,298

10,209

PSP

Swiss

Property

AG.

1,204

9,057

Sonova

Holdings

AG

2,144

52,106

Straumann

Holding

AG.

6,632

10,209

Swiss

Prime

Site

AG.

935

816,244

UBS

Group

AG

20,106

71,414

Zurich

Insurance

Group

AG

32,676

TOTAL

SWITZERLAND

254,126

TAIWAN

-

1.8%

109,571

Accton

Technology

Corp

1,681

236,000

Acer,

Inc

266

36,725

Advantech

Co

Ltd

393

563,000

ASE

Technology

Holding

Co

Ltd

1,922

191,000

Asia

Cement

Corp

235

58,000

Asustek

Computer,

Inc

660

549,800

AU

Optronics

Corp

279

48,189

Catcher

Technology

Co

Ltd

273

2,089,585

Cathay

Financial

Holding

Co

Ltd

2,885

324,294

Chailease

Holding

Co

Ltd

1,821

409,001

Chang

Hwa

Commercial

Bank

219

419,000

Cheng

Shin

Rubber

Industry

Co

Ltd

552

211,000

China

Airlines

139

1,294,844

China

Development

Financial

Holding

Corp

473

2,531,000

China

Steel

Corp

1,981

8,008,000

Chinatrust

Financial

Holding

Co

6,084

322,000

Chunghwa

Telecom

Co

Ltd

1,157

352,000

Compal

Electronics,

Inc

335

929,727

Dadi

Early-Childhood

Education

Group

Ltd

2,221

1,127,000

Delta

Electronics,

Inc

11,351

1,068,142

E

Ink

Holdings,

Inc

5,956

3,151,918

E.Sun

Financial

Holding

Co

Ltd

2,369

866,000

Eclat

Textile

Co

Ltd

13,067

14,000

eMemory

Technology,

Inc

879

201,000

Eva

Airways

Corp

185

208,292

Evergreen

Marine

Corp

Taiwan

Ltd

749

674,000

Far

Eastern

Textile

Co

Ltd

601

139,000

Far

EasTone

Telecommunications

Co

Ltd

313

101,245

Feng

TAY

Enterprise

Co

Ltd

575

886,715

First

Financial

Holding

Co

Ltd

730

758,000

Formosa

Chemicals

&

Fibre

Corp

1,444

277,391

Formosa

Petrochemical

Corp

693

840,000

Formosa

Plastics

Corp

2,077

1,742,977

Fubon

Financial

Holding

Co

Ltd

3,282

2,551,734

Fuhwa

Financial

Holdings

Co

Ltd

1,982

60,797

Giant

Manufacturing

Co

Ltd

336

112,000

Gigabyte

Technology

Co

Ltd

984

171

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

19,000

Global

Unichip

Corp

$

809

17,000

Globalwafers

Co

Ltd

240

2,562,000

Hon

Hai

Precision

Industry

Co,

Ltd

8,258

1,934,278

Hota

Industrial

Manufacturing

Co

Ltd

3,835

64,280

Hotai

Motor

Co

Ltd

1,306

696,069

Hua

Nan

Financial

Holdings

Co

Ltd

442

757,587

InnoLux

Display

Corp

309

215,000

Inventec

Co

Ltd

328

8,604

Largan

Precision

Co

Ltd

570

167,000

Lite-On

Technology

Corp

631

541,242

MediaTek,

Inc

12,374

2,666,728

Mega

Financial

Holding

Co

Ltd

3,117

59,000

Micro-Star

International

Co

Ltd

300

17,040

momo.com,

Inc

266

1,035,000

Nan

Ya

Plastics

Corp

2,135

17,000

Nan

Ya

Printed

Circuit

Board

Corp

141

100,000

Nanya

Technology

Corp

204

33,000

Nien

Made

Enterprise

Co

Ltd

317

48,000

Novatek

Microelectronics

Corp

Ltd

630

164,000

Pegatron

Corp

389

18,000

(a)

PharmaEssentia

Corp

188

453,000

Pou

Chen

Corp

403

638,000

Powerchip

Semiconductor

Manufacturing

Corp

526

130,522

President

Chain

Store

Corp

1,061

222,000

Quanta

Computer,

Inc

1,662

40,000

Realtek

Semiconductor

Corp

491

320,679

Ruentex

Development

Co

Ltd

350

306,791

Shanghai

Commercial

&

Savings

Bank

Ltd

411

2,838,684

Shin

Kong

Financial

Holding

Co

Ltd

816

2,684,796

SinoPac

Financial

Holdings

Co

Ltd

1,448

89,000

Synnex

Technology

International

Corp

177

907,806

Taishin

Financial

Holdings

Co

Ltd

504

467,968

Taiwan

Business

Bank

192

526,579

Taiwan

Cement

Corp

543

836,122

Taiwan

Cooperative

Financial

Holding

Co

Ltd

663

391,000

Taiwan

High

Speed

Rail

Corp

363

147,000

Taiwan

Mobile

Co

Ltd

431

16,763,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

273,343

146,862

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

12,762

112,000

Unimicron

Technology

Corp

604

1,082,450

Uni-President

Enterprises

Corp

2,353

930,000

United

Microelectronics

Corp

1,306

70,000

Vanguard

International

Semiconductor

Corp

148

14,000

Voltronic

Power

Technology

Corp

689

609,650

Walsin

Lihwa

Corp

696

144,810

Wan

Hai

Lines

Ltd

217

241,000

Winbond

Electronics

Corp

189

214,000

Wistron

Corp

678

19,000

Wiwynn

Corp

886

119,640

WPG

Holdings

Ltd

225

26,739

Yageo

Corp

435

126,000

Yang

Ming

Marine

Transport

178

49,000

Zhen

Ding

Technology

Holding

Ltd

150

TOTAL

TAIWAN

412,838

THAILAND

-

0.1%

98,300

Advanced

Info

Service

PCL

614

926,500

Airports

of

Thailand

PCL

1,773

1,139,400

Asset

World

Corp

PCL

122

195,500

B

Grimm

Power

PCL

154

914,400

Bangkok

Dusit

Medical

Services

PCL

670

1,489,100

Bangkok

Expressway

&

Metro

PCL

339

CREF

Global

Equities

Account

September

30,

2023

172

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,985,400

Banpu

PCL

(Foreign)

$

435

204,400

Berli

Jucker

PCL

172

1,431,290

BTS

Group

Holdings

PCL

294

48,000

Bumrungrad

Hospital

PCL

352

29,400

Carabao

Group

PCL

66

448,700

Central

Pattana

PCL

777

367,975

Central

Retail

Corp

PCL

390

769,800

Charoen

Pokphand

Foods

PCL

437

1,267,600

CP

ALL

plc

2,102

440,200

CP

Axtra

PCL

389

240,000

Delta

Electronics

Thailand

PCL

543

43,900

Electricity

Generating

PCL

146

337,097

Energy

Absolute

PCL

471

135,000

Global

Power

Synergy

PCL

165

619,530

Gulf

Energy

Development

PCL

772

1,146,300

Home

Product

Center

PCL

393

346,200

Indorama

Ventures

PCL

246

216,300

Intouch

Holdings

PCL

(Class

F)

437

48,000

Kasikornbank

PCL

(Foreign)

166

788,300

Krung

Thai

Bank

PCL

410

162,900

Krungthai

Card

PCL

196

1,838,700

Land

and

Houses

PCL

393

686,700

Minor

International

PCL

589

120,000

Muangthai

Capital

PCL

118

272,700

Osotspa

PCL

187

355,600

PTT

Exploration

&

Production

PCL

1,659

494,700

PTT

Global

Chemical

PCL

467

611,700

PTT

Oil

&

Retail

Business

PCL

314

2,385,000

PTT

PCL

2,187

74,250

Ratch

Group

PCL

64

190,500

SCB

X

PCL

535

233,200

SCG

Packaging

PCL

244

166,400

Siam

Cement

PCL

1,372

81,300

Srisawad

Corp

PCL

95

379,902

Thai

Oil

PCL

524

5,856,200

(a)

TMB

Bank

PCL

(Foreign)

276

895,726

True

Corp

PCL

174

TOTAL

THAILAND

22,229

TURKEY

-

0.0%

1,227,401

Akbank

TAS

1,495

248,750

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

370

98,650

BIM

Birlesik

Magazalar

AS

987

279,943

Eregli

Demir

ve

Celik

Fabrikalari

TAS

453

14,534

Ford

Otomotiv

Sanayi

AS

448

81,798

Haci

Omer

Sabanci

Holding

AS

178

243,208

(a)

Hektas

Ticaret

TAS

238

165,299

KOC

Holding

AS

884

193,593

Koza

Altin

Isletmeleri

AS

203

8,169

(a)

Pegasus

Hava

Tasimaciligi

AS.

245

222,194

(a)

Sasa

Polyester

Sanayi

AS

399

27,860

Tofas

Turk

Otomobil

Fabrik

300

117,015

(a)

Turk

Hava

Yollari

AO

1,033

268,740

(a)

Turkcell

Iletisim

Hizmet

AS

521

1,486,662

Turkiye

Is

Bankasi

(Series

C)

1,392

223,170

Turkiye

Petrol

Rafinerileri

AS

1,293

287,049

Turkiye

Sise

ve

Cam

Fabrikalari

AS

571

277,144

Yapi

ve

Kredi

Bankasi

186

TOTAL

TURKEY

11,196

UNITED

ARAB

EMIRATES

-

0.1%

236,513

Abu

Dhabi

Commercial

Bank

PJSC

557

173

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

117,357

Abu

Dhabi

Islamic

Bank

PJSC

$

360

695,660

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

710

839,980

Aldar

Properties

PJSC

1,318

545,572

Americana

Restaurants

International

plc

609

234,481

Dubai

Islamic

Bank

PJSC

373

1,467,178

Emaar

Properties

PJSC

3,211

155,811

Emirates

NBD

Bank

PJSC

755

752,109

Emirates

Telecommunications

Group

Co

PJSC

4,185

358,010

First

Abu

Dhabi

Bank

PJSC

1,326

836,592

(a)

Multiply

Group

PJSC

911

5,358

(a),(f)

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

14,315

UNITED

KINGDOM

-

2.7%

579,471

Allfunds

Group

PLC

3,191

88,121

AngloGold

Ashanti

UK

Ltd

1,416

1,238,888

Ashtead

Group

plc

75,129

138,096

Associated

British

Foods

plc

3,470

1,227,752

AstraZeneca

plc

165,605

1,994,150

Beazley

plc

13,409

132,749

Big

Yellow

Group

plc

1,513

7,628,340

BP

plc

49,172

647,097

British

American

Tobacco

plc

20,318

306,346

British

Land

Co

plc

1,180

96,335

(a)

Coca-Cola

Europacific

Partners

plc

6,019

811,783

Compass

Group

plc

19,760

2,971,182

(a)

Darktrace

plc

14,537

308,987

Dechra

Pharmaceuticals

plc

14,250

40,844

Derwent

London

plc

958

713,778

Diageo

plc

26,316

1,927,917

Electrocomponents

plc

17,219

856,139

Fevertree

Drinks

plc

12,535

204,229

Great

Portland

Estates

plc

1,041

306,538

Informa

plc

2,799

224,652

Land

Securities

Group

plc

1,610

106,315

(a)

Liberty

Global

plc

(Class

A)

1,820

292

(a)

Liberty

Global

plc

(Class

C)

5

6,384,971

Lloyds

TSB

Group

plc

3,431

285,097

London

Stock

Exchange

Group

plc

28,574

8,281,993

Man

Group

plc

22,511

1,200,270

National

Grid

plc

14,354

32,597

Next

plc

2,891

31,285

(a),(c)

Pepco

Group

NV

145

143,199

Reckitt

Benckiser

Group

plc

10,098

245,987

RELX

plc

8,300

767,979

RELX

plc

25,961

163,382

Safestore

Holdings

plc

1,460

198,898

Scottish

&

Southern

Energy

plc

3,898

263,090

Segro

plc

2,300

1,894,292

Standard

Chartered

plc

17,423

5,371,958

Tritax

Big

Box

REIT

plc

9,142

414,697

Unilever

plc

20,514

5,146,672

Vodafone

Group

plc

4,824

256,977

WPP

plc

2,289

TOTAL

UNITED

KINGDOM

631,387

UNITED

STATES

-

63.9%

20,101

3M

Co

1,882

147

A.O.

Smith

Corp

10

543,461

Abbott

Laboratories

52,634

610,101

AbbVie,

Inc

90,942

747

Accenture

plc

229

CREF

Global

Equities

Account

September

30,

2023

174

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

931

Activision

Blizzard,

Inc

$

87

271,237

(a)

Adobe,

Inc

138,304

1,907

(a)

Advanced

Micro

Devices,

Inc

196

156

Aecom

Technology

Corp

13

792

AES

Corp

12

31,431

Aflac,

Inc

2,412

87,959

Agilent

Technologies,

Inc

9,836

11,908

Agree

Realty

Corp

658

3,883

Air

Products

&

Chemicals,

Inc

1,100

488

(a)

Airbnb,

Inc

67

180

(a)

Akamai

Technologies,

Inc

19

26,308

Albemarle

Corp

4,473

375

Albertsons

Cos,

Inc

9

63,579

Alexandria

Real

Estate

Equities,

Inc

6,364

36,768

(a)

Align

Technology,

Inc

11,226

104

Allegion

plc

11

459,819

Alliant

Energy

Corp

22,278

311

Allstate

Corp

35

321

Ally

Financial,

Inc

9

58,950

(a)

Alnylam

Pharmaceuticals,

Inc

10,440

1,977,114

(a)

Alphabet,

Inc

260,682

2,527,952

(a)

Alphabet,

Inc

(Class

A)

330,808

1,257,543

(a),(e)

Altimmune,

Inc

3,270

323,121

Altria

Group,

Inc

13,587

4,797,635

(a)

Amazon.com,

Inc

609,875

1,742

Amcor

plc

16

275,088

Ameren

Corp

20,585

311,598

American

Electric

Power

Co,

Inc

23,438

246,038

American

Express

Co

36,706

86

American

Financial

Group,

Inc

10

290,793

American

Homes

4

Rent

9,797

607,435

American

International

Group,

Inc

36,811

85,871

American

Tower

Corp

14,121

230

American

Water

Works

Co,

Inc

28

92,508

Americold

Realty

Trust,

Inc

2,813

73,568

Ameriprise

Financial,

Inc

24,254

65,013

AmerisourceBergen

Corp

11,700

170,715

Ametek,

Inc

25,225

133,583

Amgen,

Inc

35,902

705

Amphenol

Corp

(Class

A)

59

594

Analog

Devices,

Inc

104

585

Annaly

Capital

Management,

Inc

11

103

(a)

Ansys,

Inc

31

2,369,538

(a)

Antero

Resources

Corp

60,139

42,082

Aon

plc

13,644

365

APA

Corp

15

470

Apollo

Global

Management,

Inc

42

4,639,186

(g)

Apple,

Inc

794,275

671,981

Applied

Materials,

Inc

93,036

335

(a)

Aptiv

plc

33

293

Aramark

10

305,239

(a)

Arch

Capital

Group

Ltd

24,331

645

Archer-Daniels-Midland

Co

49

87,280

Ares

Management

Corp

8,978

310

(a)

Arista

Networks,

Inc

57

68

(a)

Arrow

Electronics,

Inc

9

35

(a)

Aspentech

Corp

7

63

(e)

Assurant,

Inc

9

1,910,737

AT&T,

Inc

28,699

76,663

(e)

Atlas

Energy

Solutions,

Inc

1,704

180

(a)

Atlassian

Corp

Ltd

36

171

Atmos

Energy

Corp

18

175

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

253

(a)

Autodesk,

Inc

$

52

489

Automatic

Data

Processing,

Inc

118

1,787

(a)

Autozone,

Inc

4,539

47,295

AvalonBay

Communities,

Inc

8,122

799

(a)

Avantor,

Inc

17

96

Avery

Dennison

Corp

18

83

(a)

Axon

Enterprise,

Inc

17

261,375

Baker

Hughes

Co

9,232

372

Ball

Corp

19

1,416,583

Bank

of

America

Corp

38,786

594,590

Bank

of

New

York

Mellon

Corp

25,359

257

Bath

&

Body

Works,

Inc

9

61,307

Baxter

International,

Inc

2,314

62,560

Becton

Dickinson

&

Co

16,174

250

Bentley

Systems,

Inc

13

380,935

(a)

Berkshire

Hathaway,

Inc

133,442

25,282

Best

Buy

Co,

Inc

1,756

113

(a)

BILL

Holdings,

Inc

12

26,299

(a)

Biogen,

Inc

6,759

222

(a)

BioMarin

Pharmaceutical,

Inc

20

26

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

9

186

Bio-Techne

Corp

13

43,425

(a)

BJ's

Wholesale

Club

Holdings,

Inc

3,099

39,138

BlackRock,

Inc

25,302

14,529

Blackstone,

Inc

1,557

644

(a)

Block,

Inc

29

417,860

(a)

Boeing

Co

80,095

6,347

(a)

Booking

Holdings,

Inc

19,574

155

Booz

Allen

Hamilton

Holding

Corp

17

277

BorgWarner,

Inc

11

23,661

Boston

Properties,

Inc

1,407

1,952,745

(a)

Boston

Scientific

Corp

103,105

530,471

Bristol-Myers

Squibb

Co

30,789

341,560

Broadcom,

Inc

283,693

140

Broadridge

Financial

Solutions,

Inc

25

285

Brown

&

Brown,

Inc

20

367

Brown-Forman

Corp

(Class

B)

21

152

(a)

Builders

FirstSource,

Inc

19

178

Bunge

Ltd

19

75,288

(a)

Burlington

Stores,

Inc

10,186

897

Cabot

Oil

&

Gas

Corp

24

323

(a)

Cadence

Design

Systems,

Inc

76

255

(a)

Caesars

Entertainment,

Inc

12

126

Camden

Property

Trust

12

229

Campbell

Soup

Co

9

1,161

Capital

One

Financial

Corp

113

301

Cardinal

Health,

Inc

26

60

Carlisle

Cos,

Inc

16

257

Carlyle

Group,

Inc

8

187

(a)

Carmax,

Inc

13

1,193

(a)

Carnival

Corp

16

1,466,302

Carrier

Global

Corp

80,940

98,087

(a)

Catalent,

Inc

4,466

535,683

Caterpillar,

Inc

146,241

125

Cboe

Global

Markets,

Inc

20

368

(a)

CBRE

Group,

Inc

27

160

CDW

Corp

32

210,671

Celanese

Corp

(Series

A)

26,443

106,334

(a)

Centene

Corp

7,324

221,984

Centerpoint

Energy,

Inc

5,960

174

(a)

Ceridian

HCM

Holding,

Inc

12

231

CF

Industries

Holdings,

Inc

20

CREF

Global

Equities

Account

September

30,

2023

176

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

138

CH

Robinson

Worldwide,

Inc

$

12

61

(a)

Charles

River

Laboratories

International,

Inc

12

588,527

Charles

Schwab

Corp

32,310

51,203

(a)

Charter

Communications,

Inc

22,520

203,889

Cheniere

Energy,

Inc

33,837

222,552

Chesapeake

Energy

Corp

19,191

398,090

Chevron

Corp

67,126

247

(a)

Chewy,

Inc

5

3,467

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

6,351

229,181

Chubb

Ltd

47,711

289

Church

&

Dwight

Co,

Inc

26

88,668

Cigna

Group

25,365

186

Cincinnati

Financial

Corp

19

108

Cintas

Corp

52

4,825

Cisco

Systems,

Inc

259

64,956

Citigroup,

Inc

2,672

221,377

Citizens

Financial

Group,

Inc

5,933

820

(a),(e)

Clarivate

plc

6

545,305

(a)

Cleveland-Cliffs,

Inc

8,523

146

Clorox

Co

19

326

(a)

Cloudflare,

Inc

21

100,343

CME

Group,

Inc

20,091

345

CMS

Energy

Corp

18

2,621,087

Coca-Cola

Co

146,728

204

Cognex

Corp

9

601

Cognizant

Technology

Solutions

Corp

(Class

A)

41

199

(a)

Coinbase

Global,

Inc

15

161,224

Colgate-Palmolive

Co

11,465

993,392

Comcast

Corp

(Class

A)

44,047

565

ConAgra

Brands,

Inc

15

194

(a)

Confluent,

Inc

6

655,821

ConocoPhillips

78,567

410

Consolidated

Edison,

Inc

35

60,323

Constellation

Brands,

Inc

(Class

A)

15,161

85,080

Constellation

Energy

Corp

9,281

5,059

Cooper

Cos,

Inc

1,609

1,017

(a)

Copart,

Inc

44

498,967

Corebridge

Financial,

Inc

9,855

956

Corning,

Inc

29

1,567,163

Corteva,

Inc

80,176

484

(a)

CoStar

Group,

Inc

37

386,254

Costco

Wholesale

Corp

218,218

8,935

(a)

Coty,

Inc

98

265

(a)

Crowdstrike

Holdings,

Inc

44

179,761

Crown

Castle,

Inc

16,543

914,329

Crown

Holdings,

Inc

80,900

91,444

CSL

Ltd

14,732

67,784

CSX

Corp

2,084

13,133

Cummins,

Inc

3,000

286,511

CVS

Health

Corp

20,004

152,092

Danaher

Corp

37,734

12,733

Darden

Restaurants,

Inc

1,824

189

(a)

Darling

International,

Inc

10

551,130

(a)

Datadog,

Inc

50,202

64

(a)

DaVita,

Inc

6

31

(a)

Deckers

Outdoor

Corp

16

140,142

Deere

&

Co

52,887

303

Dell

Technologies,

Inc

21

212,845

Delta

Air

Lines,

Inc

7,875

25,252

Dentsply

Sirona,

Inc

863

760

Devon

Energy

Corp

36

225,897

(a)

DexCom,

Inc

21,076

177

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

674,801

Diamondback

Energy,

Inc

$

104,513

74

Dick's

Sporting

Goods,

Inc

8

41,970

Digital

Realty

Trust,

Inc

5,079

192,849

Discover

Financial

Services

16,707

40,072

(a),(e)

DISH

Network

Corp

(Class

A)

235

240

(a)

DocuSign,

Inc

10

197,319

Dollar

General

Corp

20,876

248

(a)

Dollar

Tree,

Inc

26

726,759

Dominion

Energy,

Inc

32,464

42

Domino's

Pizza,

Inc

16

299

(a)

DoorDash,

Inc

24

167,941

Dover

Corp

23,429

41,126

Dow,

Inc

2,120

363

DR

Horton,

Inc

39

493

(a)

DraftKings,

Inc

15

307

(a)

Dropbox,

Inc

8

244

DTE

Energy

Co

24

131,712

Duke

Energy

Corp

11,625

812,631

DuPont

de

Nemours,

Inc

60,614

295

(a)

Dynatrace,

Inc

14

141

Eastman

Chemical

Co

11

267,116

Eaton

Corp

plc

56,971

180,773

eBay,

Inc

7,970

33,645

Ecolab,

Inc

5,699

91,110

Edison

International

5,766

273,342

(a)

Edwards

Lifesciences

Corp

18,937

306

Electronic

Arts,

Inc

37

69,367

Elevance

Health,

Inc

30,204

251,794

Eli

Lilly

&

Co

135,246

677

Emerson

Electric

Co

65

162

(a)

Enphase

Energy,

Inc

19

177

Entegris,

Inc

17

250

Entergy

Corp

23

228,578

EOG

Resources,

Inc

28,975

69

(a)

EPAM

Systems,

Inc

18

428

EQT

Corp

17

145

Equifax,

Inc

27

9,792

Equinix,

Inc

7,112

868,311

Equitable

Holdings,

Inc

24,651

153,073

Equity

Lifestyle

Properties,

Inc

9,752

97,099

Equity

Residential

5,701

30

Erie

Indemnity

Co

(Class

A)

9

297

Essential

Utilities,

Inc

10

16,314

Essex

Property

Trust,

Inc

3,460

74,520

Estee

Lauder

Cos

(Class

A)

10,772

8,247

(a)

Etsy,

Inc

533

105,678

Everest

Re

Group

Ltd

39,277

272

Evergy,

Inc

14

413

Eversource

Energy

24

88,619

(a)

Exact

Sciences

Corp

6,046

113,444

Exelon

Corp

4,287

28,461

(a)

Expedia

Group,

Inc

2,933

181

Expeditors

International

Washington,

Inc

21

30,882

Extra

Space

Storage,

Inc

3,755

2,739,160

Exxon

Mobil

Corp

322,070

72

(a)

F5

Networks,

Inc

12

45

Factset

Research

Systems,

Inc

20

30

(a)

Fair

Isaac

Corp

26

676

Fastenal

Co

37

3,630

FedEx

Corp

962

242

Ferguson

plc

40

116,158

Ferguson

plc

19,116

306

Fidelity

National

Financial,

Inc

13

701

Fidelity

National

Information

Services,

Inc

39

CREF

Global

Equities

Account

September

30,

2023

178

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

1,093,832

Fifth

Third

Bancorp

$

27,707

16,519

First

Citizens

Bancshares,

Inc

(Class

A)

22,798

628

First

Horizon

National

Corp

7

120

(a)

First

Solar,

Inc

19

945,525

FirstEnergy

Corp

32,318

594,525

(a)

Fiserv,

Inc

67,158

83

(a)

FleetCor

Technologies,

Inc

21

3,158,680

(a)

Flextronics

International

Ltd

85,221

148

FMC

Corp

10

4,653

Ford

Motor

Co

58

790

(a)

Fortinet,

Inc

46

488,061

Fortive

Corp

36,195

150

Fortune

Brands

Innovations,

Inc

9

319

Fox

Corp

(Class

A)

10

167

Fox

Corp

(Class

B)

5

356

Franklin

Resources,

Inc

9

3,333,161

Freeport-McMoRan,

Inc

(Class

B)

124,294

254

Gallagher

(Arthur

J.)

&

Co

58

93,847

Gaming

and

Leisure

Properties,

Inc

4,275

181

(a)

Garmin

Ltd

19

94

(a)

Gartner,

Inc

32

187,322

GE

HealthCare

Technologies,

Inc

12,745

683

Gen

Digital,

Inc

12

74

(a)

Generac

Holdings,

Inc

8

276

General

Dynamics

Corp

61

1,289

General

Electric

Co

143

64,831

General

Mills,

Inc

4,149

1,646

General

Motors

Co

54

166

Genuine

Parts

Co

24

467,380

Gilead

Sciences,

Inc

35,025

87,380

Global

Payments,

Inc

10,083

135,790

Globe

Life,

Inc

14,764

173

(a)

GoDaddy,

Inc

13

32,817

Goldman

Sachs

Group,

Inc

10,619

199

Graco,

Inc

15

296,353

GSK

plc

5,362

1,092,001

Haleon

plc

4,526

118,822

Halliburton

Co

4,812

367

Hartford

Financial

Services

Group,

Inc

26

156

Hasbro,

Inc

10

106,787

HCA,

Inc

26,267

27,514

Healthcare

Realty

Trust,

Inc

420

159,463

Healthpeak

Properties,

Inc

2,928

52

HEICO

Corp

8

88

HEICO

Corp

(Class

A)

11

155

(a)

Henry

Schein,

Inc

12

174

Hershey

Co

35

170,611

Hess

Corp

26,103

1,529

Hewlett

Packard

Enterprise

Co

27

182

HF

Sinclair

Corp

10

313

Hilton

Worldwide

Holdings,

Inc

47

38,057

(a)

Hologic,

Inc

2,641

555,575

Home

Depot,

Inc

167,873

884,731

Honeywell

International,

Inc

163,445

111,079

(a)

Horizon

Therapeutics

PLC

12,851

356

Hormel

Foods

Corp

14

164,224

Host

Marriott

Corp

2,639

63,350

Howmet

Aerospace,

Inc

2,930

1,051

HP,

Inc

27

157,064

Hubbell,

Inc

49,225

56

(a)

HubSpot,

Inc

28

9,148

Humana,

Inc

4,451

1,709

Huntington

Bancshares,

Inc

18

42,523

Huntington

Ingalls

Industries,

Inc

8,699

179

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

55

Hyatt

Hotels

Corp

$

6

89

IDEX

Corp

19

31,263

(a)

IDEXX

Laboratories,

Inc

13,670

34,935

Illinois

Tool

Works,

Inc

8,046

85,417

(a)

Illumina,

Inc

11,726

70,000

(a)

Immunovant,

Inc

2,687

225

(a)

Incyte

Corp

13

57,374

Independence

Realty

Trust,

Inc

807

764,003

Ingersoll

Rand,

Inc

48,682

13,394

Innovative

Industrial

Properties,

Inc

1,013

83

(a)

Insulet

Corp

13

2,831,655

Intel

Corp

100,665

256,131

Intercontinental

Exchange,

Inc

28,180

1,075

International

Business

Machines

Corp

151

302

International

Flavors

&

Fragrances,

Inc

21

390

International

Paper

Co

14

197,827

Interpublic

Group

of

Cos,

Inc

5,670

332

Intuit,

Inc

170

130,362

(a)

Intuitive

Surgical,

Inc

38,104

407

Invesco

Ltd

6

54,851

Invitation

Homes,

Inc

1,738

5,402

(a)

IQVIA

Holdings,

Inc

1,063

345

(e)

Iron

Mountain,

Inc

21

256,422

iShares

MSCI

Canada

Index

Fund

8,580

61,209

(e)

iShares

MSCI

South

Korea

Index

Fund

3,608

121

J.M.

Smucker

Co

15

155

Jabil

Inc

20

86

Jack

Henry

&

Associates,

Inc

13

150

Jacobs

Solutions,

Inc

20

76

(a)

Jazz

Pharmaceuticals

plc

10

4,463

JB

Hunt

Transport

Services,

Inc

841

164,400

JBS

S.A.

590

552,754

Johnson

&

Johnson

86,091

812

Johnson

Controls

International

plc

43

1,331,783

JPMorgan

Chase

&

Co

193,135

381

Juniper

Networks,

Inc

11

325

Kellogg

Co

19

1,560,745

Kenvue,

Inc

31,340

1,330,566

Keurig

Dr

Pepper,

Inc

42,006

1,107

Keycorp

12

211

(a)

Keysight

Technologies,

Inc

28

20,421

Kilroy

Realty

Corp

646

85,239

Kimberly-Clark

Corp

10,301

734

Kimco

Realty

Corp

13

26,452

Kinder

Morgan,

Inc

439

238,559

KKR

&

Co,

Inc

14,695

162

KLA

Corp

74

191

Knight-Swift

Transportation

Holdings,

Inc

10

284,033

Kraft

Heinz

Co

9,555

807

Kroger

Co

36

224

L3Harris

Technologies,

Inc

39

105

Laboratory

Corp

of

America

Holdings

21

52,297

Lam

Research

Corp

32,778

173

Lamb

Weston

Holdings,

Inc

16

155,914

Las

Vegas

Sands

Corp

7,147

163

(a)

Lattice

Semiconductor

Corp

14

70

Lear

Corp

9

13,471

(a)

Legend

Biotech

Corp

(ADR)

905

154

Leidos

Holdings,

Inc

14

299

Lennar

Corp

(Class

A)

34

38

Lennox

International,

Inc

14

142

(a)

Liberty

Broadband

Corp

13

234

(a)

Liberty

Media

Corp-Liberty

Formula

One

15

194

(a)

Liberty

Media

Corp-Liberty

SiriusXM

5

CREF

Global

Equities

Account

September

30,

2023

180

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

393,685

Linde

plc

$

146,473

170,639

Linde

plc

63,537

191

(a)

Live

Nation,

Inc

16

316

LKQ

Corp

16

270

Lockheed

Martin

Corp

110

229

Loews

Corp

15

96,807

Lowe's

Cos,

Inc

20,120

92

LPL

Financial

Holdings,

Inc

22

1,196

(a),(e)

Lucid

Group,

Inc

7

119,959

(a)

Lululemon

Athletica,

Inc

46,257

308

LyondellBasell

Industries

NV

29

156,997

M&T

Bank

Corp

19,852

73

(a)

Manhattan

Associates,

Inc

14

731

Marathon

Oil

Corp

20

236,164

Marathon

Petroleum

Corp

35,741

15

(a)

Markel

Corp

22

45

MarketAxess

Holdings,

Inc

10

16,507

Marriott

International,

Inc

(Class

A)

3,245

113,336

Marsh

&

McLennan

Cos,

Inc

21,568

73

Martin

Marietta

Materials,

Inc

30

1,018

Marvell

Technology,

Inc

55

266

Masco

Corp

14

440,256

Mastercard,

Inc

(Class

A)

174,302

1,612,271

(a)

Match

Group,

Inc

63,161

297

McCormick

&

Co,

Inc

22

657,877

McDonald's

Corp

173,311

98,444

McKesson

Corp

42,808

221,978

Medtronic

plc

17,394

1,324,936

Merck

&

Co,

Inc

136,402

1,338,792

(a)

Meta

Platforms,

Inc

401,919

57,085

Metlife,

Inc

3,591

513

(a)

Mettler-Toledo

International,

Inc

568

345

MGM

Resorts

International

13

644

Microchip

Technology,

Inc

50

1,297

Micron

Technology,

Inc

88

3,132,004

Microsoft

Corp

988,930

24,641

Mid-America

Apartment

Communities,

Inc

3,170

35,966

(a)

Moderna,

Inc

3,715

64

(a)

Mohawk

Industries,

Inc

5

69

(a)

Molina

Healthcare,

Inc

23

225

Molson

Coors

Brewing

Co

(Class

B)

14

668,844

Mondelez

International,

Inc

46,418

84

(a)

MongoDB,

Inc

29

53

Monolithic

Power

Systems,

Inc

24

1,841,261

(a)

Monster

Beverage

Corp

97,495

196

Moody's

Corp

62

50,000

(a),(e)

MoonLake

Immunotherapeutics

2,850

1,357,463

Morgan

Stanley

110,864

393

Mosaic

Co

14

199

Motorola

Solutions,

Inc

54

2,838

MSCI,

Inc

(Class

A)

1,456

407

Nasdaq

Stock

Market,

Inc

20

52,173

National

Storage

Affiliates

Trust

1,656

602,792

Nestle

S.A.

68,234

252

NetApp,

Inc

19

201,754

(a)

NetFlix,

Inc

76,182

116

(a)

Neurocrine

Biosciences,

Inc

13

176,071

Newmont

Goldcorp

Corp

6,506

451

News

Corp

(Class

A)

9

779,620

NextEra

Energy,

Inc

44,664

971,130

Nike,

Inc

(Class

B)

92,859

489

NiSource,

Inc

12

61

Nordson

Corp

14

270

Norfolk

Southern

Corp

53

181

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

247

Northern

Trust

Corp

$

17

104,168

Northrop

Grumman

Corp

45,854

63,568

NRG

Energy,

Inc

2,449

47,008

Nucor

Corp

7,350

1,266,581

Nvidia

Corp

550,950

4

(a)

NVR,

Inc

24

228,945

Occidental

Petroleum

Corp

14,854

184

(a)

Okta,

Inc

15

117

Old

Dominion

Freight

Line

48

236

Omnicom

Group,

Inc

18

511

(a)

ON

Semiconductor

Corp

48

7,168

ONEOK,

Inc

455

1,158,581

Oracle

Corp

122,717

4,748

(a)

O'Reilly

Automotive,

Inc

4,315

87,042

Otis

Worldwide

Corp

6,990

294

Ovintiv,

Inc

14

34,682

Owens

Corning,

Inc

4,731

619

PACCAR,

Inc

53

106

Packaging

Corp

of

America

16

2,146

(a)

Palantir

Technologies,

Inc

34

390,024

(a)

Palo

Alto

Networks,

Inc

91,437

6,000

Parade

Technologies

Ltd

184

96,703

Paramount

Global

(Class

B)

1,247

188,254

Parker-Hannifin

Corp

73,329

384

Paychex,

Inc

44

62

Paycom

Software,

Inc

16

53

(a)

Paylocity

Holding

Corp

10

143,889

(a)

PayPal

Holdings,

Inc

8,412

12,151

(a)

Peloton

Interactive,

Inc

61

195

Pentair

plc

13

5,000

(a)

Penumbra,

Inc

1,210

328,153

PepsiCo,

Inc

55,602

149

PerkinElmer,

Inc

16

770,039

Permian

Resources

Corp

10,750

883,991

Pfizer,

Inc

29,322

375,742

(a),(h)

PG&E

Corp

6,061

282,181

Philip

Morris

International,

Inc

26,124

39,577

Phillips

66

4,755

29,057

(a)

Pinterest,

Inc

785

140,675

Pioneer

Natural

Resources

Co

32,292

2,438

PNC

Financial

Services

Group,

Inc

299

46

Pool

Corp

16

279

PPG

Industries,

Inc

36

873

PPL

Corp

21

287

Principal

Financial

Group

21

1,398,673

Procter

&

Gamble

Co

204,010

244,873

Progressive

Corp

34,111

288,753

Prologis,

Inc

32,401

432

Prudential

Financial,

Inc

41

133

(a)

PTC,

Inc

19

591

Public

Service

Enterprise

Group,

Inc

34

35,909

Public

Storage,

Inc

9,463

264

Pulte

Homes,

Inc

20

34,069

(a)

QIAGEN

NV

1,375

117

(a)

Qorvo,

Inc

11

1,319

QUALCOMM,

Inc

146

172

Quanta

Services,

Inc

32

133

Quest

Diagnostics,

Inc

16

238

Raymond

James

Financial,

Inc

24

53,414

Realty

Income

Corp

2,668

134,430

Regency

Centers

Corp

7,991

21,513

(a)

Regeneron

Pharmaceuticals,

Inc

17,704

1,111

Regions

Financial

Corp

19

3,172

Reliance

Steel

&

Aluminum

Co

832

CREF

Global

Equities

Account

September

30,

2023

182

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

63

(a)

Repligen

Corp

$

10

262

Republic

Services,

Inc

37

174

Resmed,

Inc

26

376,309

Rexford

Industrial

Realty,

Inc

18,571

772

(a),(e)

Rivian

Automotive,

Inc

19

128

Robert

Half

International,

Inc

9

505

(a)

Robinhood

Markets,

Inc

5

498

(a)

ROBLOX

Corp

14

177,387

Roche

Holding

AG.

48,427

11,223

Rockwell

Automation,

Inc

3,208

145,000

(a)

Roivant

Sciences

Ltd

1,694

8,247

(a)

Roku,

Inc

582

292

Rollins,

Inc

11

65,520

Roper

Industries,

Inc

31,730

36,089

Ross

Stores,

Inc

4,076

36,709

(a)

Royal

Caribbean

Cruises

Ltd

3,382

451

Royalty

Pharma

plc

12

153

RPM

International,

Inc

15

703,322

RTX

Corp

50,618

66,614

S&P

Global,

Inc

24,341

110,849

Sabra

Health

Care

REIT,

Inc

1,545

644,056

(a)

Salesforce,

Inc

130,602

358,451

Sanofi-Aventis

38,489

59,020

(a)

Sarepta

Therapeutics,

Inc

7,154

60,200

SBA

Communications

Corp

12,050

324,430

Schlumberger

Ltd

18,914

342,653

Schneider

Electric

S.A.

56,467

221

(e)

Seagate

Technology

Holdings

plc

15

166

(a)

Seagen,

Inc

35

6,238

Sealed

Air

Corp

205

134

SEI

Investments

Co

8

138,533

Sempra

Energy

9,424

181

Sensata

Technologies

Holding

plc

7

134,223

(a)

ServiceNow,

Inc

75,025

45,231

Sherwin-Williams

Co

11,536

120,128

Simon

Property

Group,

Inc

12,977

916

(e)

Sirius

XM

Holdings,

Inc

4

188

Skyworks

Solutions,

Inc

19

4,002

(e)

SL

Green

Realty

Corp

149

1,203

(a)

Snap,

Inc

11

63

Snap-On,

Inc

16

309

(a)

Snowflake,

Inc

47

67

(a),(e)

SolarEdge

Technologies,

Inc

9

122,501

Southern

Co

7,928

176

Southwest

Airlines

Co

5

186

(a)

Splunk,

Inc

27

265

SS&C

Technologies

Holdings,

Inc

14

16,002

Stanley

Black

&

Decker,

Inc

1,337

248,923

Starbucks

Corp

22,719

396

State

Street

Corp

27

190

Steel

Dynamics,

Inc

20

117

STERIS

plc

26

414,348

Stryker

Corp

113,229

75,516

Sun

Communities,

Inc

8,937

56

(a)

Super

Micro

Computer,

Inc

15

507

Synchrony

Financial

16

174,647

(a)

Synopsys,

Inc

80,158

600

Sysco

Corp

40

266

T

Rowe

Price

Group,

Inc

28

200

(a)

Take-Two

Interactive

Software,

Inc

28

254

Targa

Resources

Corp

22

79,109

Target

Corp

8,747

183

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

164,635

TE

Connectivity

Ltd

$

20,337

56

(a)

Teledyne

Technologies,

Inc

23

56

Teleflex,

Inc

11

184

Teradyne,

Inc

18

52,617

Terreno

Realty

Corp

2,989

1,276,234

(a)

Tesla,

Inc

319,339

1,075

Texas

Instruments,

Inc

171

7

Texas

Pacific

Land

Corp

13

239

Textron,

Inc

19

110,575

Thermo

Fisher

Scientific,

Inc

55,970

284,596

TJX

Cos,

Inc

25,295

271,645

(a)

T-Mobile

US,

Inc

38,044

366

(a)

Toast,

Inc

7

123

Toro

Co

10

114,187

Tractor

Supply

Co

23,186

527

(a)

Trade

Desk,

Inc

41

129

Tradeweb

Markets,

Inc

10

259,010

(a)

Traeger,

Inc

707

221,328

Trane

Technologies

plc

44,910

65

(a)

TransDigm

Group,

Inc

55

229

TransUnion

16

273

Travelers

Cos,

Inc

45

293

(a)

Trimble

Inc

16

1,577

Truist

Financial

Corp

45

204

(a)

Twilio,

Inc

12

50

(a)

Tyler

Technologies,

Inc

19

338

Tyson

Foods,

Inc

(Class

A)

17

2,157

(a)

Uber

Technologies,

Inc

99

370

(e)

UDR,

Inc

13

115

U-Haul

Holding

Co

6

425

(a)

UiPath,

Inc

7

20,611

(a)

Ulta

Beauty,

Inc

8,233

595,372

Union

Pacific

Corp

121,236

106,397

United

Parcel

Service,

Inc

(Class

B)

16,584

123,989

United

Rentals,

Inc

55,122

55

(a)

United

Therapeutics

Corp

12

445,910

UnitedHealth

Group,

Inc

224,823

269

(a)

Unity

Software,

Inc

8

75

Universal

Health

Services,

Inc

(Class

B)

9

1,815

US

Bancorp

60

48

Vail

Resorts,

Inc

11

742,285

Valero

Energy

Corp

105,189

690,097

Vanguard

Emerging

Markets

ETF

27,059

50,000

(e)

Vanguard

FTSE

Developed

Markets

ETF

2,186

24,388

(a)

Veeva

Systems,

Inc

4,962

122,588

Ventas,

Inc

5,165

111

(a)

VeriSign,

Inc

22

171

Verisk

Analytics,

Inc

40

817,042

Verizon

Communications,

Inc

26,480

42,456

(a)

Vertex

Pharmaceuticals,

Inc

14,764

31,705

VF

Corp

560

1,420

Viatris,

Inc

14

192,889

VICI

Properties,

Inc

5,613

860,131

Visa,

Inc

(Class

A)

197,839

81,231

Vistra

Corp

2,695

280

(a)

VMware,

Inc

(Class

A)

47

167,584

Voya

Financial,

Inc

11,136

158

Vulcan

Materials

Co

32

154,931

W.R.

Berkley

Corp

9,837

85,501

W.W.

Grainger,

Inc

59,153

869

Walgreens

Boots

Alliance,

Inc

19

1,017,504

Walmart,

Inc

162,729

CREF

Global

Equities

Account

September

30,

2023

184

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,148,743

(a)

Walt

Disney

Co

$

93,106

435,752

(a)

Warner

Bros

Discovery,

Inc

4,732

42,220

Washington

REIT

576

305

Waste

Connections,

Inc

41

482

Waste

Management,

Inc

73

70

(a)

Waters

Corp

19

40

Watsco,

Inc

15

207

(e)

Webster

Financial

Corp

8

373

WEC

Energy

Group,

Inc

30

3,982,253

Wells

Fargo

&

Co

162,715

73,627

Welltower,

Inc

6,032

9,990

West

Pharmaceutical

Services,

Inc

3,748

379

(a)

Western

Digital

Corp

17

233,747

Westinghouse

Air

Brake

Technologies

Corp

24,840

101,524

Westlake

Chemical

Corp

12,657

33,984

(i)

Westrock

Co

1,217

124,862

Weyerhaeuser

Co

3,828

65

Whirlpool

Corp

9

1,442

Williams

Cos,

Inc

49

126

Willis

Towers

Watson

plc

26

147

(a)

Wolfspeed,

Inc

6

244

(a)

Workday,

Inc

52

253

WP

Carey,

Inc

14

12,045

Wynn

Resorts

Ltd

1,113

652

Xcel

Energy,

Inc

37

283

Xylem,

Inc

26

436,221

(a)

YETI

Holdings,

Inc

21,035

14,341

Yum!

Brands,

Inc

1,792

61

(a)

Zebra

Technologies

Corp

(Class

A)

14

182

(a)

Zillow

Group,

Inc

(Class

C)

8

148,744

Zimmer

Biomet

Holdings,

Inc

16,692

153,274

Zoetis,

Inc

26,667

282

(a)

Zoom

Video

Communications,

Inc

20

310

(a)

ZoomInfo

Technologies,

Inc

5

104

(a)

Zscaler,

Inc

16

TOTAL

UNITED

STATES

14,949,989

TOTAL

COMMON

STOCKS

22,969,424

(Cost

$20,190,673)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

0

^

129,948

(e)

PointsBet

Holdings

Ltd

07/08/24

1

TOTAL

AUSTRALIA

1

BRAZIL

-

0.0%

9,732

Localiza

Rent

a

Car

S.A.

11/10/23

31

TOTAL

BRAZIL

31

CHILE

-

0.0%

753

Banco

de

Credito

e

Inversiones

S.A.

10/21/23

1

TOTAL

CHILE

1

185

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

KOREA,

REPUBLIC

OF

-

0.0%

264

CosmoAM&T

Co

Ltd

11/07/23

$

6

1,221

Hanwha

Ocean

Co

Ltd

11/09/23

8

TOTAL

KOREA,

REPUBLIC

OF

14

TOTAL

RIGHTS/WARRANTS

47

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

22,969,485‌

(Cost

$20,190,690)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.7%

GOVERNMENT

AGENCY

DEBT

-

1.0%

$

15,500,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

10/11/23

15,480

75,000,000

FHLB

0

.000

10/13/23

74,883

3,800,000

FHLB

0

.000

10/20/23

3,790

10,000,000

FHLB

0

.000

10/30/23

9,959

30,000,000

FHLB

0

.000

10/31/23

29,873

32,500,000

FHLB

0

.000

11/01/23

32,358

20,000,000

FHLB

0

.000

11/02/23

19,912

35,000,000

FHLB

0

.000

11/03/23

34,841

TOTAL

GOVERNMENT

AGENCY

DEBT

221,096

REPURCHASE

AGREEMENT

-

0.2%

35,424,000

(i),(j)

Fixed

Income

Clearing

Corp

(FICC)

5

.300

10/02/23

35,424

TOTAL

REPURCHASE

AGREEMENT

35,424

TREASURY

DEBT

-

0.5%

20,000,000

United

States

Treasury

Bill

0

.000

10/10/23

19,976

20,000,000

United

States

Treasury

Bill

0

.000

10/17/23

19,956

10,000,000

United

States

Treasury

Bill

0

.000

10/19/23

9,975

10,000,000

United

States

Treasury

Bill

0

.000

10/26/23

9,965

38,025,000

United

States

Treasury

Bill

0

.000

11/02/23

37,852

30,000,000

United

States

Treasury

Bill

0

.000

11/07/23

29,842

TOTAL

TREASURY

DEBT

127,566

TOTAL

SHORT-TERM

INVESTMENTS

384,086

(Cost

$384,020)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

CERTIFICATE

OF

DEPOSIT

-

0.1%

1,000,000

Australia

and

New

Zealand

Banking

Group

5

.560

02/28/24

1,000

2,000,000

BNP

Paribas

Securities

Corp

5

.290

10/02/23

2,000

2,000,000

Credit

Agricole

5

.710

12/01/23

2,000

2,000,000

DNB

ASA

5

.660

11/17/23

2,000

500,000

ING

US

Funding

LLC

5

.790

02/09/24

500

1,000,000

MUFG

Bank

5

.820

10/06/23

1,000

1,000,000

National

Australia

Bank

5

.800

11/30/23

1,000

1,000,000

NATixis

5

.810

11/06/23

1,000

2,000,000

NATixis

5

.730

12/08/23

2,000

2,000,000

Royal

Bank

of

Canada

5

.840

02/21/24

2,000

1,000,000

Royal

Bank

of

Canada

6

.010

03/27/24

1,000

1,000,000

Skandinaviska

Enskilda

Banken

AB

5

.780

10/03/23

1,000

750,000

The

Canadian

Imperial

Bank

of

Commerce

5

.760

10/23/23

750

2,000,000

The

Canadian

Imperial

Bank

of

Commerce

5

.910

05/03/24

2,000

TOTAL

CERTIFICATE

OF

DEPOSIT

19,250

COMMERCIAL

PAPER

-

0.0%

2,000,000

ING

US

Funding

LLC

5

.910

04/24/24

2,000

2,000,000

Lloyds

Bank

PLC

0

.000

10/23/23

1,993

TOTAL

COMMERCIAL

PAPER

3,993

CREF

Global

Equities

Account

September

30,

2023

186

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

REPURCHASE

AGREEMENT

-

0.1%

$

5,000,000

(k)

Calyon

5

.290

%

10/02/23

$

5,000

3,394,000

(l)

Citigroup

5

.250

10/02/23

3,394

8,000,000

(m)

JP

Morgan

5

.310

10/02/23

8,000

5,000,000

(n)

Nomura

5

.290

10/02/23

5,000

5,000,000

(o)

Royal

Bank

of

Scotland

5

.290

10/02/23

5,000

5,000,000

(p)

Societe

Generale

5

.300

10/02/23

5,000

TOTAL

REPURCHASE

AGREEMENT

31,394

VARIABLE

RATE

SECURITIES

-

0.0%

2,000,000

(q)

Mizuho

Bank

Ltd

5

.830

10/11/23

2,000

2,000,000

(q)

Mizuho

Bank

Ltd

5

.780

10/26/23

2,000

TOTAL

VARIABLE

RATE

SECURITIES

4,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

58,637

(Cost

$58,637)

TOTAL

INVESTMENTS

-

100.1%

23,412,208

(Cost

$20,633,347)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

32,275

)

NET

ASSETS

-

100.0%

$23,379,933

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

Affiliated

holding

(c)

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

(d)

When-issued

or

delayed

delivery

security.

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$74,876,263.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(h)

In

bankruptcy

(i)

In

default

(j)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$35,424,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$36,132,567.

(k)

Agreement

with

Calyon,

5.290%

dated

9/29/23

to

be

repurchased

at

$5,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$5,100,047.

(l)

Agreement

with

Citigroup,

5.250%

dated

9/29/23

to

be

repurchased

at

$3,394,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.375%–3.875%

and

maturity

dates

2/15/29–5/31/29,

valued

at

$3,461,955.

(m)

Agreement

with

JP

Morgan,

5.310%

dated

9/29/23

to

be

repurchased

at

$8,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.000%

and

maturity

date

12/1/50,

valued

at

$8,160,000.

(n)

Agreement

with

Nomura,

5.290%

dated

9/29/23

to

be

repurchased

at

$5,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–3.875%

and

maturity

dates

12/31/27–11/15/30,

valued

at

$5,105,063.

(o)

Agreement

with

Royal

Bank

of

Scotland,

5.290%

dated

9/29/23

to

be

repurchased

at

$5,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.000%

and

maturity

date

8/15/52,

valued

at

$5,100,031.

(p)

Agreement

with

Societe

Generale,

5.300%

dated

9/29/23

to

be

repurchased

at

$5,000,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

5.572%

and

maturity

date

4/30/25,

valued

at

$5,100,093.

(q)

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.

187

See

Notes

to

Portfolio

of

Investments

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

698‌

12/15/23

 $

73,811‌

$

71,248‌

$

(

2,562‌

)

S&P

500

E

Mini

Index

850‌

12/15/23

191,732‌

183,834‌

(

7,899‌

)

Total

1,548‌

 $

265,543‌

 $

255,082‌

 $

(

10,461‌

)

CREF

Growth

Account

September

30,

2023

Portfolio

of

Investments

188

See

Notes

to

Portfolio

of

Investments

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.7%

COMMON

STOCKS

-

99.7%

AUTOMOBILES

&

COMPONENTS

-

1.9%

2,279,862

(a)

Tesla,

Inc

$

570,467

TOTAL

AUTOMOBILES

&

COMPONENTS

570,467

CAPITAL

GOODS

-

3.4%

2,328,338

(a)

Boeing

Co

446,296

3,925,419

Carrier

Global

Corp

216,683

359,077

Deere

&

Co

135,508

501,578

Eaton

Corp

plc

106,977

228,671

Honeywell

International,

Inc

42,245

451,904

Safran

S.A.

70,817

TOTAL

CAPITAL

GOODS

1,018,526

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.0%

2,104,693

Experian

Group

Ltd

68,840

371,711

Verisk

Analytics,

Inc

87,813

975,914

Waste

Connections,

Inc

131,065

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

287,718

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

7.3%

15,564,426

(a)

Amazon.com,

Inc

1,978,550

154,149

(a)

Burlington

Stores,

Inc

20,856

2,133,141

TJX

Cos,

Inc

189,594

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,189,000

CONSUMER

DURABLES

&

APPAREL

-

0.6%

274,201

Kering

124,587

10,628,900

PRADA

S.p.A

62,291

TOTAL

CONSUMER

DURABLES

&

APPAREL

186,878

CONSUMER

SERVICES

-

4.6%

220,057

(a)

Booking

Holdings,

Inc

678,645

4,446,903

(a)

Carnival

Corp

61,012

82,874

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

151,811

605,959

(a)

Flutter

Entertainment

plc

98,593

5,169,381

Las

Vegas

Sands

Corp

236,964

1,712,572

Starbucks

Corp

156,307

TOTAL

CONSUMER

SERVICES

1,383,332

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.4%

1,269,895

Costco

Wholesale

Corp

717,440

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

717,440

ENERGY

-

2.0%

1,376,173

ConocoPhillips

164,866

2,594,278

EOG

Resources,

Inc

328,851

487,782

Pioneer

Natural

Resources

Co

111,970

TOTAL

ENERGY

605,687

FINANCIAL

SERVICES

-

7.8%

42,806

(a),(b)

Adyen

NV

31,738

528,955

American

Express

Co

78,915

947,046

(a)

Fiserv,

Inc

106,978

8,050,962

(a)

Grab

Holdings

Ltd

28,500

1,363,799

iShares

Russell

1000

Growth

Index

Fund

362,757

716,089

London

Stock

Exchange

Group

plc

71,770

189

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,113,677

Mastercard,

Inc

(Class

A)

$

836,826

3,483,933

(a)

PayPal

Holdings,

Inc

203,671

254,238

S&P

Global,

Inc

92,901

2,398,974

Visa,

Inc

(Class

A)

551,788

TOTAL

FINANCIAL

SERVICES

2,365,844

FOOD,

BEVERAGE

&

TOBACCO

-

1.6%

5,822,956

Davide

Campari-Milano

NV

68,550

8,019,031

(a)

Monster

Beverage

Corp

424,607

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

493,157

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.0%

497,861

(a)

Align

Technology,

Inc

152,007

3,357,020

(a)

DexCom,

Inc

313,210

368,586

Elevance

Health,

Inc

160,490

437,039

Essilor

International

S.A.

76,021

1,299,891

(a)

Intuitive

Surgical,

Inc

379,945

991,764

UnitedHealth

Group,

Inc

500,037

1,043,131

(a)

Veeva

Systems,

Inc

212,225

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,793,935

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.8%

766,985

Estee

Lauder

Cos

(Class

A)

110,868

6,603,893

Kenvue,

Inc

132,606

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

243,474

INSURANCE

-

0.2%

1,216,681

American

International

Group,

Inc

73,731

TOTAL

INSURANCE

73,731

MATERIALS

-

2.0%

5,447,497

Corteva,

Inc

278,694

899,451

Linde

plc

334,910

TOTAL

MATERIALS

613,604

MEDIA

&

ENTERTAINMENT

-

11.1%

5,955,380

(a)

Alphabet,

Inc

785,217

5,684,013

(a)

Alphabet,

Inc

(Class

A)

743,810

3,506,379

(a)

Match

Group,

Inc

137,362

5,027,343

(a)

Meta

Platforms,

Inc

1,509,259

862,139

NetEase,

Inc

(ADR)

86,352

1,213,440

(a)

ROBLOX

Corp

35,141

470,518

(a)

Walt

Disney

Co

38,135

TOTAL

MEDIA

&

ENTERTAINMENT

3,335,276

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.1%

847,164

AbbVie,

Inc

126,278

395,887

Amgen,

Inc

106,398

2,299,814

AstraZeneca

plc

(ADR)

155,743

1,148,461

Eli

Lilly

&

Co

616,873

970,866

Gilead

Sciences,

Inc

72,757

442,992

(a)

Illumina,

Inc

60,814

2,129,186

Novo

Nordisk

A.S.

193,865

2,134,074

Novo

Nordisk

A.S.

(ADR)

194,073

1,840,877

Zoetis,

Inc

320,276

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,847,077

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10.7%

2,078,279

Applied

Materials,

Inc

287,738

1,004,390

Broadcom,

Inc

834,226

2,746,006

Intel

Corp

97,621

209,465

Lam

Research

Corp

131,286

CREF

Growth

Account

September

30,

2023

190

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

175,545

Monolithic

Power

Systems,

Inc

$

81,102

4,146,609

Nvidia

Corp

1,803,733

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,235,706

SOFTWARE

&

SERVICES

-

21.6%

184,625

Accenture

plc

56,700

577,665

(a)

Atlassian

Corp

Ltd

116,405

307,715

(a)

Crowdstrike

Holdings,

Inc

51,505

390,993

(a)

EPAM

Systems,

Inc

99,973

946,907

Intuit,

Inc

483,813

10,548,017

Microsoft

Corp

3,330,537

1,057,978

Oracle

Corp

112,061

1,921,876

(a)

Palo

Alto

Networks,

Inc

450,565

308,576

Roper

Industries,

Inc

149,437

3,138,812

(a)

Salesforce,

Inc

636,488

677,839

(a)

ServiceNow,

Inc

378,885

952,738

(a)

Synopsys,

Inc

437,278

964,784

(a)

Workday,

Inc

207,284

TOTAL

SOFTWARE

&

SERVICES

6,510,931

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.5%

12,399,911

Apple,

Inc

2,122,989

665,222

(a)

Arista

Networks,

Inc

122,354

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,245,343

TRANSPORTATION

-

1.1%

7,018,107

(a)

Uber

Technologies,

Inc

322,763

TOTAL

TRANSPORTATION

322,763

TOTAL

COMMON

STOCKS

30,039,889

(Cost

$26,124,416)

TOTAL

LONG-TERM

INVESTMENTS

30,039,889‌

(Cost

$26,124,416)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.3%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

10/11/23

4,994

10,000,000

FHLB

0

.000

10/30/23

9,959

5,000,000

FHLB

0

.000

11/01/23

4,978

8,750,000

FHLB

0

.000

11/03/23

8,710

TOTAL

GOVERNMENT

AGENCY

DEBT

28,641

REPURCHASE

AGREEMENT

-

0.0%

7,774,000

(c)

Fixed

Income

Clearing

Corp

(FICC)

5

.300

10/02/23

7,774

TOTAL

REPURCHASE

AGREEMENT

7,774

TREASURY

DEBT

-

0.2%

2,255,000

United

States

Treasury

Bill

0

.000

10/10/23

2,252

10,000,000

United

States

Treasury

Bill

0

.000

10/17/23

9,978

10,000,000

United

States

Treasury

Bill

0

.000

10/19/23

9,975

10,000,000

United

States

Treasury

Bill

0

.000

10/26/23

9,965

17,000,000

United

States

Treasury

Bill

0

.000

11/02/23

16,923

191

See

Notes

to

Portfolio

of

Investments

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

United

States

Treasury

Bill

0

.000

%

11/07/23

$

4,974

TOTAL

TREASURY

DEBT

54,067

TOTAL

SHORT-TERM

INVESTMENTS

90,482

(Cost

$90,468)

TOTAL

INVESTMENTS

-

100.0%

30,130,371

(Cost

$26,214,884)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.0%

2,885

NET

ASSETS

-

100.0%

$30,133,256

ADR

American

Depositary

Receipt

(a)

Non-income

producing

(b)

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

(c)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$7,774,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$7,929,481.

CREF

Equity

Index

Account

September

30,

2023

Portfolio

of

Investments

192

See

Notes

to

Portfolio

of

Investments

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.6%

COMMON

STOCKS

-

99.6%

AUTOMOBILES

&

COMPONENTS

-

2.2%

49,971

(a)

Adient

plc

$

1,834

60,325

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

438

131,438

(a)

Aptiv

plc

12,959

115,559

BorgWarner,

Inc

4,665

8,573

(a)

Cooper-Standard

Holdings,

Inc

115

76,541

Dana

Inc

1,123

12,642

(a)

Dorman

Products,

Inc

958

86,619

(a),(b)

Fisker,

Inc

556

1,955,974

Ford

Motor

Co

24,293

23,054

(a)

Fox

Factory

Holding

Corp

2,284

673,219

General

Motors

Co

22,196

104,978

Gentex

Corp

3,416

18,149

(a)

Gentherm,

Inc

985

139,195

(a)

Goodyear

Tire

&

Rubber

Co

1,730

67,182

Harley-Davidson,

Inc

2,221

26,694

(a),(b)

Holley,

Inc

133

12,667

LCI

Industries

1,487

27,234

Lear

Corp

3,655

372,353

(a),(b)

Lucid

Group,

Inc

2,082

122,392

(a),(b)

Luminar

Technologies,

Inc

557

25,388

(a)

Modine

Manufacturing

Co

1,162

10,528

Patrick

Industries,

Inc

790

23,111

Phinia,

Inc

619

111,576

(a),(b)

QuantumScape

Corp

747

326,042

(a),(b)

Rivian

Automotive,

Inc

7,916

29,093

(a),(b)

Solid

Power,

Inc

59

11,405

Standard

Motor

Products,

Inc

383

20,247

(a)

Stoneridge,

Inc

406

1,356,148

(a)

Tesla,

Inc

339,335

22,833

Thor

Industries,

Inc

2,172

12,140

(a)

Visteon

Corp

1,676

17,654

Winnebago

Industries,

Inc

1,050

67,449

(a),(b)

Workhorse

Group,

Inc

28

9,934

(a)

XPEL,

Inc

766

TOTAL

AUTOMOBILES

&

COMPONENTS

444,796

BANKS

-

3.3%

4,682

1st

Source

Corp

197

4,331

(b)

ACNB

Corp

137

7,212

Amalgamated

Financial

Corp

124

12,491

Amerant

Bancorp,

Inc

218

5,882

American

National

Bankshares,

Inc

223

38,500

Ameris

Bancorp

1,478

9,484

Arrow

Financial

Corp

161

63,489

Associated

Banc-Corp

1,086

42,326

Atlantic

Union

Bankshares

Corp

1,218

31,941

(a)

Axos

Financial,

Inc

1,209

31,112

(b)

Banc

of

California,

Inc

385

10,077

Bancfirst

Corp

874

35,393

(a)

Bancorp,

Inc

1,221

3,732

(b)

Bank

First

Corp

288

3,443,440

Bank

of

America

Corp

94,281

23,380

(b)

Bank

of

Hawaii

Corp

1,162

7,728

Bank

of

Marin

Bancorp

141

25,484

Bank

of

NT

Butterfield

&

Son

Ltd

690

193

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,249

Bank

OZK

$

2,159

27,509

BankUnited,

Inc

625

18,925

Banner

Corp

802

11,016

Bar

Harbor

Bankshares

260

6,589

BayCom

Corp

127

7,362

BCB

Bancorp,

Inc

82

26,834

Berkshire

Hills

Bancorp,

Inc

538

13,432

(a)

Blue

Foundry

Bancorp

112

8,721

Blue

Ridge

Bankshares,

Inc

39

8,083

BOK

Financial

Corp

647

10,571

(a)

Bridgewater

Bancshares,

Inc

100

38,089

Brookline

Bancorp,

Inc

347

3,114

(b)

Burke

&

Herbert

Financial

Services

Corp

145

6,436

Business

First

Bancshares,

Inc

121

5,576

Byline

Bancorp,

Inc

110

107,871

Cadence

Bank

2,289

2,502

Cambridge

Bancorp

156

7,078

Camden

National

Corp

200

4,609

(b)

Capital

Bancorp,

Inc

88

9,158

Capital

City

Bank

Group,

Inc

273

33,828

Capitol

Federal

Financial,

Inc

161

5,956

(b)

Capstar

Financial

Holdings,

Inc

85

14,623

(a)

Carter

Bankshares,

Inc

183

25,721

Cathay

General

Bancorp

894

21,511

Central

Pacific

Financial

Corp

359

955,525

Citigroup,

Inc

39,301

9,568

Citizens

&

Northern

Corp

168

227,221

Citizens

Financial

Group,

Inc

6,090

2,158

Citizens

Financial

Services,

Inc

103

4,775

City

Holding

Co

431

7,262

Civista

Bancshares,

Inc

113

9,772

CNB

Financial

Corp

177

5,328

(a),(b)

Coastal

Financial

Corp

229

4,711

(b)

Codorus

Valley

Bancorp,

Inc

88

8,393

Colony

Bankcorp,

Inc

84

109,266

Columbia

Banking

System,

Inc

2,218

17,061

(a)

Columbia

Financial,

Inc

268

69,667

Comerica,

Inc

2,895

55,801

Commerce

Bancshares,

Inc

2,677

29,222

Community

Bank

System,

Inc

1,234

16,516

Community

Trust

Bancorp,

Inc

566

21,722

ConnectOne

Bancorp,

Inc

387

2,974

(a),(b)

CrossFirst

Bankshares,

Inc

30

31,366

Cullen/Frost

Bankers,

Inc

2,861

19,196

(a)

Customers

Bancorp,

Inc

661

45,531

CVB

Financial

Corp

754

19,153

Dime

Community

Bancshares,

Inc

382

17,266

Eagle

Bancorp,

Inc

370

71,752

East

West

Bancorp,

Inc

3,782

94,260

Eastern

Bankshares,

Inc

1,182

6,481

Enterprise

Bancorp,

Inc

177

16,077

Enterprise

Financial

Services

Corp

603

7,477

Equity

Bancshares,

Inc

180

3,546

Esquire

Financial

Holdings,

Inc

162

6,206

(b)

Farmers

&

Merchants

Bancorp,

Inc

109

18,150

Farmers

National

Banc

Corp

210

13,107

FB

Financial

Corp

372

2,294

(b)

Fidelity

D&D

Bancorp,

Inc

104

351,476

Fifth

Third

Bancorp

8,903

10,211

Financial

Institutions,

Inc

172

15,371

First

Bancorp

433

114,850

First

BanCorp

1,546

CREF

Equity

Index

Account

September

30,

2023

194

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,485

First

Bancorp,

Inc

$

152

6,018

First

Bancshares,

Inc

162

7,950

(b)

First

Bank

86

26,747

First

Busey

Corp

514

4,107

First

Business

Financial

Services,

Inc

123

5,110

First

Citizens

Bancshares,

Inc

(Class

A)

7,052

52,091

First

Commonwealth

Financial

Corp

636

12,139

(b)

First

Community

Bancshares,

Inc

358

47,775

First

Financial

Bancorp

936

70,877

First

Financial

Bankshares,

Inc

1,780

505

First

Financial

Corp

17

19,660

First

Foundation,

Inc

120

71,845

First

Hawaiian,

Inc

1,297

266,280

First

Horizon

National

Corp

2,934

43,798

First

Interstate

BancSystem,

Inc

1,092

29,933

First

Merchants

Corp

833

7,120

First

Mid

Bancshares,

Inc

189

15,462

First

of

Long

Island

Corp

178

4,047

(a)

First

Western

Financial,

Inc

73

6,452

Five

Star

Bancorp

129

4,145

Flushing

Financial

Corp

54

157,037

FNB

Corp

1,694

3,291

(b)

FS

Bancorp,

Inc

97

80,429

Fulton

Financial

Corp

974

7,652

(a),(b)

FVCBankcorp,

Inc

98

5,087

German

American

Bancorp,

Inc

138

63,141

Glacier

Bancorp,

Inc

1,800

1,871

(b)

Great

Southern

Bancorp,

Inc

90

3,479

(b)

Greene

County

Bancorp,

Inc

84

1,346

Guaranty

Bancshares,

Inc

39

47,878

Hancock

Whitney

Corp

1,771

23,963

Hanmi

Financial

Corp

389

16,668

HarborOne

Bancorp,

Inc

159

6,442

HBT

Financial,

Inc

118

13,408

Heartland

Financial

USA,

Inc

395

25,661

Heritage

Commerce

Corp

217

22,188

Heritage

Financial

Corp

362

35,248

Hilltop

Holdings,

Inc

1,000

997

(b)

Hingham

Institution

For

Savings

The

186

4,264

(b)

Home

Bancorp,

Inc

136

81,882

Home

Bancshares,

Inc

1,715

15,022

HomeStreet,

Inc

117

13,541

HomeTrust

Bancshares,

Inc

293

59,403

Hope

Bancorp,

Inc

526

2,709

Horizon

Bancorp,

Inc

29

728,267

Huntington

Bancshares,

Inc

7,574

25,003

Independent

Bank

Corp

1,227

17,558

Independent

Bank

Corp

322

20,253

Independent

Bank

Group,

Inc

801

29,344

International

Bancshares

Corp

1,272

5,837

(b)

John

Marshall

Bancorp,

Inc

104

1,419,294

JPMorgan

Chase

&

Co

205,826

8,268

Kearny

Financial

Corp

57

434,062

Keycorp

4,671

9,106

Lakeland

Bancorp,

Inc

115

13,317

Lakeland

Financial

Corp

632

14,926

Live

Oak

Bancshares,

Inc

432

82,354

M&T

Bank

Corp

10,414

19,210

Macatawa

Bank

Corp

172

1,529

(b)

Mercantile

Bank

Corp

47

10,190

Metrocity

Bankshares,

Inc

201

4,420

(a),(b)

Metropolitan

Bank

Holding

Corp

160

195

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,348

Mid

Penn

Bancorp,

Inc

$

148

3,829

Middlefield

Banc

Corp

97

10,800

Midland

States

Bancorp,

Inc

222

7,821

MidWestOne

Financial

Group,

Inc

159

5,369

(b)

MVB

Financial

Corp

121

19,324

National

Bank

Holdings

Corp

575

21,431

NBT

Bancorp,

Inc

679

354,947

New

York

Community

Bancorp,

Inc

4,025

6,480

Nicolet

Bankshares,

Inc

452

3,442

Northeast

Bank

152

5,388

Northfield

Bancorp,

Inc

51

2,656

Northrim

BanCorp,

Inc

105

62,432

Northwest

Bancshares,

Inc

639

3,544

(b)

Norwood

Financial

Corp

91

1,149,334

(a)

NU

Holdings

Ltd

8,333

12,012

OceanFirst

Financial

Corp

174

33,903

OFG

Bancorp

1,012

133,138

Old

National

Bancorp

1,936

21,667

Old

Second

Bancorp,

Inc

295

11,057

Origin

Bancorp,

Inc

319

5,318

Orrstown

Financial

Services,

Inc

112

51,153

Pacific

Premier

Bancorp,

Inc

1,113

60,165

(b)

PacWest

Bancorp

476

7,855

Park

National

Corp

743

5,178

(b)

Parke

Bancorp,

Inc

84

20,574

Pathward

Financial,

Inc

948

5,966

PCB

Bancorp

92

267

Peapack

Gladstone

Financial

Corp

7

4,697

(b)

Peoples

Bancorp,

Inc

119

5,712

Peoples

Financial

Services

Corp

229

41,191

Pinnacle

Financial

Partners,

Inc

2,761

2,662

(b)

Plumas

Bancorp

91

198,649

PNC

Financial

Services

Group,

Inc

24,388

11,515

(a),(b)

Ponce

Financial

Group,

Inc

90

38,321

Popular,

Inc

2,415

8,859

Preferred

Bank

552

20,188

Premier

Financial

Corp

344

8,140

Primis

Financial

Corp

66

41,648

Prosperity

Bancshares,

Inc

2,273

35,868

Provident

Financial

Services,

Inc

548

8,729

QCR

Holdings,

Inc

424

9,265

RBB

Bancorp

118

2,235

Red

River

Bancshares,

Inc

103

446,451

Regions

Financial

Corp

7,679

30,881

Renasant

Corp

809

6,104

Republic

Bancorp,

Inc

(Class

A)

269

13,081

(b)

S&T

Bancorp,

Inc

354

22,606

Sandy

Spring

Bancorp,

Inc

484

34,531

Seacoast

Banking

Corp

of

Florida

758

24,631

ServisFirst

Bancshares,

Inc

1,285

9,123

Shore

Bancshares,

Inc

96

8,919

Sierra

Bancorp

169

55,218

Simmons

First

National

Corp

(Class

A)

937

5,382

SmartFinancial,

Inc

115

5,202

South

Plains

Financial,

Inc

138

4,079

(a)

Southern

First

Bancshares,

Inc

110

4,139

Southern

Missouri

Bancorp,

Inc

160

10,544

(b)

Southside

Bancshares,

Inc

303

38,442

SouthState

Corp

2,589

23,920

Stellar

Bancorp,

Inc

510

11,262

Stock

Yards

Bancorp,

Inc

443

6,101

Summit

Financial

Group,

Inc

138

CREF

Equity

Index

Account

September

30,

2023

196

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,250

(b)

Synovus

Financial

Corp

$

2,064

27,678

(a)

Texas

Capital

Bancshares,

Inc

1,630

6,549

(a)

Third

Coast

Bancshares,

Inc

112

7,201

Tompkins

Trustco,

Inc

353

34,516

Towne

Bank

791

19,212

Trico

Bancshares

615

10,668

Triumph

Financial,

Inc

691

661,346

Truist

Financial

Corp

18,921

2,656

(b)

TrustCo

Bank

Corp

NY

73

34,442

Trustmark

Corp

748

23,900

UMB

Financial

Corp

1,483

68,198

United

Bankshares,

Inc

1,882

48,352

United

Community

Banks,

Inc

1,229

3,873

(b)

Unity

Bancorp,

Inc

91

5,426

Univest

Financial

Corp

94

764,001

US

Bancorp

25,258

218,557

Valley

National

Bancorp

1,871

22,054

Veritex

Holdings,

Inc

396

25,531

Washington

Federal,

Inc

654

3,676

Washington

Trust

Bancorp,

Inc

97

85,391

(b)

Webster

Financial

Corp

3,442

1,804,676

Wells

Fargo

&

Co

73,739

21,097

WesBanco,

Inc

515

11,970

West

Bancorporation,

Inc

195

13,352

Westamerica

Bancorporation

578

53,770

Western

Alliance

Bancorp

2,472

31,127

Wintrust

Financial

Corp

2,350

37,346

WSFS

Financial

Corp

1,363

81,460

(b)

Zions

Bancorporation

2,842

TOTAL

BANKS

682,762

CAPITAL

GOODS

-

6.4%

29,422

(a),(b)

374Water,

Inc

36

66,252

(a)

3D

Systems

Corp

325

270,648

3M

Co

25,338

57,428

A.O.

Smith

Corp

3,798

32,247

Aaon,

Inc

1,834

11,925

(a)

AAR

Corp

710

16,749

Acuity

Brands,

Inc

2,853

31,531

Advanced

Drainage

Systems,

Inc

3,589

58,431

Aecom

Technology

Corp

4,852

12,268

(a)

Aerovironment,

Inc

1,368

8,143

(a),(b)

AerSale

Corp

122

29,823

AGCO

Corp

3,527

36,080

Air

Lease

Corp

1,422

5,157

Alamo

Group,

Inc

891

16,794

Albany

International

Corp

(Class

A)

1,449

41,449

Allegion

plc

4,319

6,739

Allied

Motion

Technologies,

Inc

208

45,916

Allison

Transmission

Holdings,

Inc

2,712

10,745

Alta

Equipment

Group,

Inc

130

13,776

(a),(b)

Ameresco,

Inc

531

10,171

(a)

American

Woodmark

Corp

769

110,415

Ametek,

Inc

16,315

98,441

(a)

API

Group

Corp

2,553

4,551

Apogee

Enterprises,

Inc

214

21,181

Applied

Industrial

Technologies,

Inc

3,275

63,826

(a),(b)

Archer

Aviation,

Inc

323

26,444

Arcosa,

Inc

1,901

10,471

Argan,

Inc

477

20,887

Armstrong

World

Industries,

Inc

1,504

69,116

(a)

Array

Technologies,

Inc

1,534

197

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,250

Astec

Industries,

Inc

$

718

15,755

(a)

Astronics

Corp

250

20,918

(a)

Atkore,

Inc

3,121

35,579

(a)

Axon

Enterprise,

Inc

7,080

60,195

(a)

AZEK

Co,

Inc

1,790

13,571

AZZ,

Inc

619

30,289

(a)

Babcock

&

Wilcox

Enterprises,

Inc

128

25,595

Barnes

Group,

Inc

869

22,560

(a)

Beacon

Roofing

Supply,

Inc

1,741

19,926

(a),(b)

Blink

Charging

Co

61

75,992

(a),(b)

Bloom

Energy

Corp

1,008

3,946

(a)

Blue

Bird

Corp

84

4,896

(a)

BlueLinx

Holdings,

Inc

402

274,676

(a)

Boeing

Co

52,650

16,526

Boise

Cascade

Co

1,703

4,978

(a),(b)

Bowman

Consulting

Group

Ltd

140

13,313

(b)

Brookfield

Business

Corp

241

63,428

(a)

Builders

FirstSource,

Inc

7,896

40,627

BWX

Technologies,

Inc

3,046

8,469

(b)

Cadre

Holdings,

Inc

226

23,004

Carlisle

Cos,

Inc

5,964

410,690

Carrier

Global

Corp

22,670

252,904

Caterpillar,

Inc

69,043

120,169

(a),(b)

ChargePoint

Holdings,

Inc

597

20,872

(a),(b)

Chart

Industries,

Inc

3,530

12,045

(a)

CIRCOR

International,

Inc

672

439,165

CNH

Industrial

NV

5,314

14,727

Columbus

McKinnon

Corp

514

17,475

Comfort

Systems

USA,

Inc

2,978

15,927

(a)

Commercial

Vehicle

Group,

Inc

124

13,197

(a)

Concrete

Pumping

Holdings,

Inc

113

11,212

(a)

Construction

Partners,

Inc

410

42,178

(a)

Core

&

Main,

Inc

1,217

21,581

Crane

Co

1,917

21,581

Crane

NXT

Co

1,199

7,468

CSW

Industrials,

Inc

1,309

70,319

Cummins,

Inc

16,065

19,563

Curtiss-Wright

Corp

3,827

30,728

(a),(b)

Custom

Truck

One

Source,

Inc

191

134,232

Deere

&

Co

50,656

62,846

(a)

Desktop

Metal,

Inc

92

63,211

Donaldson

Co,

Inc

3,770

16,771

Douglas

Dynamics,

Inc

506

69,542

Dover

Corp

9,702

8,048

(a),(b)

Ducommun,

Inc

350

11,117

(a)

DXP

Enterprises,

Inc

388

16,954

(a)

Dycom

Industries,

Inc

1,509

198,484

Eaton

Corp

plc

42,333

24,435

EMCOR

Group,

Inc

5,141

280,141

Emerson

Electric

Co

27,053

8,964

Encore

Wire

Corp

1,636

24,905

(a)

Energy

Recovery,

Inc

528

12,892

(a),(b)

Energy

Vault

Holdings,

Inc

33

32,971

Enerpac

Tool

Group

Corp

871

18,213

EnerSys

1,724

55,762

(a),(b)

Enovix

Corp

700

11,263

EnPro

Industries,

Inc

1,365

53,873

(a),(b)

Eos

Energy

Enterprises,

Inc

116

28,088

Esab

Corp

1,972

13,003

ESCO

Technologies,

Inc

1,358

41,349

(a),(b)

ESS

Tech,

Inc

78

9,017

(a),(b)

Eve

Holding,

Inc

75

CREF

Equity

Index

Account

September

30,

2023

198

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

276,590

Fastenal

Co

$

15,113

32,884

Federal

Signal

Corp

1,964

98,612

Ferguson

plc

16,219

71,435

Flowserve

Corp

2,841

18,242

(a),(b)

Fluence

Energy,

Inc

419

77,505

(a)

Fluor

Corp

2,844

173,487

Fortive

Corp

12,866

67,350

Fortune

Brands

Innovations,

Inc

4,186

20,104

Franklin

Electric

Co,

Inc

1,794

49,125

FTAI

Aviation

Ltd

1,746

21,243

(a),(b)

FTC

Solar,

Inc

27

176,294

(a),(b)

FuelCell

Energy,

Inc

226

30,738

(a)

Gates

Industrial

Corp

plc

357

14,376

GATX

Corp

1,565

31,919

(a)

Generac

Holdings,

Inc

3,478

119,133

General

Dynamics

Corp

26,325

534,762

General

Electric

Co

59,118

17,907

(a)

Gibraltar

Industries,

Inc

1,209

9,938

Global

Industrial

Co

333

21,710

(a)

GMS,

Inc

1,389

12,385

Gorman-Rupp

Co

407

78,611

Graco,

Inc

5,729

95,580

GrafTech

International

Ltd

366

24,972

Granite

Construction,

Inc

949

44,924

(a)

Great

Lakes

Dredge

&

Dock

Corp

358

19,838

Greenbrier

Cos,

Inc

794

20,793

Griffon

Corp

825

17,554

H&E

Equipment

Services,

Inc

758

21,061

(a)

Hayward

Holdings,

Inc

297

21,280

HEICO

Corp

3,446

38,786

HEICO

Corp

(Class

A)

5,012

16,194

Helios

Technologies,

Inc

898

13,619

Herc

Holdings,

Inc

1,620

41,915

Hexcel

Corp

2,730

32,149

Hillenbrand,

Inc

1,360

69,001

(a)

Hillman

Solutions

Corp

569

328,769

Honeywell

International,

Inc

60,737

188,854

Howmet

Aerospace,

Inc

8,735

27,556

Hubbell,

Inc

8,636

22,109

(a)

Hudson

Technologies,

Inc

294

16,667

Huntington

Ingalls

Industries,

Inc

3,410

63,978

(a),(b)

Hyliion

Holdings

Corp

75

7,224

Hyster-Yale

Materials

Handling,

Inc

322

37,542

IDEX

Corp

7,809

5,334

(a)

IES

Holdings,

Inc

351

149,736

Illinois

Tool

Works,

Inc

34,486

192,430

Ingersoll

Rand,

Inc

12,262

3,056

Insteel

Industries,

Inc

99

39,987

ITT,

Inc

3,915

41,873

(a)

Janus

International

Group,

Inc

448

45,832

(a)

JELD-WEN

Holding,

Inc

612

16,888

John

Bean

Technologies

Corp

1,776

342,404

Johnson

Controls

International

plc

18,219

5,348

Kadant,

Inc

1,206

15,070

Kaman

Corp

296

45,625

Kennametal,

Inc

1,135

66,946

(a)

Kratos

Defense

&

Security

Solutions,

Inc

1,006

92,330

L3Harris

Technologies,

Inc

16,077

9,846

(a)

Lawson

Products,

Inc

256

16,699

Lennox

International,

Inc

6,253

24,937

(a)

Leonardo

DRS,

Inc

416

4,566

(a)

Limbach

Holdings,

Inc

145

199

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,514

Lincoln

Electric

Holdings,

Inc

$

5,184

5,950

Lindsay

Corp

700

111,311

Lockheed

Martin

Corp

45,522

12,965

(b)

LSI

Industries,

Inc

206

17,575

Luxfer

Holdings

plc

229

22,630

(a)

Manitowoc

Co,

Inc

341

107,444

Masco

Corp

5,743

7,698

(a)

Masonite

International

Corp

718

32,416

(a)

Mastec,

Inc

2,333

67,350

(a)

Masterbrand,

Inc

818

8,494

McGrath

RentCorp

851

96,446

MDU

Resources

Group,

Inc

1,888

30,340

(a)

Mercury

Computer

Systems,

Inc

1,125

87,434

(a),(b)

Microvast

Holdings,

Inc

165

24,886

(a)

Middleby

Corp

3,185

7,280

Miller

Industries,

Inc

285

14,585

Moog,

Inc

(Class

A)

1,648

43,932

(a)

MRC

Global,

Inc

450

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,892

28,683

Mueller

Industries,

Inc

2,156

85,916

Mueller

Water

Products,

Inc

(Class

A)

1,089

6,055

(a)

MYR

Group,

Inc

816

3,534

National

Presto

Industries,

Inc

256

15,496

(a)

NEXTracker,

Inc

622

665,420

(a),(b)

Nikola

Corp

1,045

28,439

Nordson

Corp

6,347

71,358

Northrop

Grumman

Corp

31,411

6,891

(a)

Northwest

Pipe

Co

208

78,206

(a)

NOW,

Inc

928

16,026

(a),(b)

NuScale

Power

Corp

79

74,858

nVent

Electric

plc

3,967

2,354

Omega

Flex,

Inc

185

33,865

Oshkosh

Corp

3,232

198,413

Otis

Worldwide

Corp

15,935

42,635

Owens

Corning,

Inc

5,816

246,202

PACCAR,

Inc

20,932

14,228

Park

Aerospace

Corp

221

61,844

Parker-Hannifin

Corp

24,089

20,471

(a)

Parsons

Corp

1,113

81,606

Pentair

plc

5,284

36,380

(a)

PGT

Innovations,

Inc

1,010

274,975

(a),(b)

Plug

Power,

Inc

2,090

7,077

Powell

Industries,

Inc

587

1,801

Preformed

Line

Products

Co

293

28,783

Primoris

Services

Corp

942

15,505

(a)

Proto

Labs,

Inc

409

16,969

Quanex

Building

Products

Corp

478

71,936

Quanta

Services,

Inc

13,457

13,498

(a)

RBC

Bearings,

Inc

3,160

32,418

Regal-Beloit

Corp

4,632

82,950

(a)

Resideo

Technologies,

Inc

1,311

8,757

REV

Group,

Inc

140

109,316

(a),(b)

Rocket

Lab

USA,

Inc

479

56,702

Rockwell

Automation,

Inc

16,209

718,869

RTX

Corp

51,737

10,342

Rush

Enterprises,

Inc

468

22,836

Rush

Enterprises,

Inc

(Class

A)

932

80,042

Sensata

Technologies

Holding

plc

3,027

63,890

(a),(b)

SES

AI

Corp

145

81,772

(a)

Shoals

Technologies

Group,

Inc

1,492

18,886

Shyft

Group,

Inc

283

19,894

Simpson

Manufacturing

Co,

Inc

2,980

CREF

Equity

Index

Account

September

30,

2023

200

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,415

(a)

SiteOne

Landscape

Supply,

Inc

$

3,991

25,706

Snap-On,

Inc

6,557

59,911

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

967

23,935

(a)

SPX

Technologies,

Inc

1,948

4,143

Standex

International

Corp

604

77,790

Stanley

Black

&

Decker,

Inc

6,502

73,460

(a),(b)

Stem,

Inc

311

18,886

(a)

Sterling

Construction

Co,

Inc

1,388

42,585

(a),(b)

SunPower

Corp

263

109,516

(a)

Sunrun,

Inc

1,376

10,075

Tennant

Co

747

35,787

Terex

Corp

2,062

13,596

Textainer

Group

Holdings

Ltd

506

95,205

Textron,

Inc

7,439

24,419

(a)

Thermon

Group

Holdings,

Inc

671

35,263

Timken

Co

2,591

27,553

(a)

Titan

International,

Inc

370

11,613

(a)

Titan

Machinery,

Inc

309

51,928

Toro

Co

4,315

111,652

Trane

Technologies

plc

22,655

3,856

(a)

Transcat,

Inc

378

25,384

(a)

TransDigm

Group,

Inc

21,402

52,464

(a)

Trex

Co,

Inc

3,233

42,805

Trinity

Industries,

Inc

1,042

23,840

Triton

International

Ltd

1,961

32,779

(a)

Triumph

Group,

Inc

251

27,269

(a)

Tutor

Perini

Corp

214

26,618

UFP

Industries,

Inc

2,726

33,475

United

Rentals,

Inc

14,882

7,860

(a)

V2X,

Inc

406

10,628

Valmont

Industries,

Inc

2,553

45,774

(a),(b)

Velo3D,

Inc

71

7,828

Veritiv

Corp

1,322

154,466

Vertiv

Holdings

Co

5,746

12,845

(a)

Vicor

Corp

756

96,965

(a),(b)

Virgin

Galactic

Holdings,

Inc

175

22,246

W.W.

Grainger,

Inc

15,391

23,411

Wabash

National

Corp

494

16,513

(b)

Watsco,

Inc

6,237

12,667

Watts

Water

Technologies,

Inc

(Class

A)

2,189

22,053

WESCO

International,

Inc

3,172

86,408

Westinghouse

Air

Brake

Technologies

Corp

9,183

105,633

(a)

WillScot

Mobile

Mini

Holdings

Corp

4,393

30,482

Woodward

Inc

3,788

17,318

(a),(b)

Xometry,

Inc

294

113,012

Xylem,

Inc

10,287

65,462

Zurn

Elkay

Water

Solutions

Corp

1,834

TOTAL

CAPITAL

GOODS

1,316,602

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

27,128

ABM

Industries,

Inc

1,085

5,587

ACCO

Brands

Corp

32

57,811

(a)

ACV

Auctions,

Inc

878

174,070

(a)

Alight,

Inc

1,234

11,286

Aris

Water

Solution,

Inc

113

27,574

(a)

ASGN,

Inc

2,252

152,445

(a),(b)

Aurora

Innovation,

Inc

358

201,899

Automatic

Data

Processing,

Inc

48,573

5,145

Barrett

Business

Services,

Inc

464

60,886

(a),(b)

BlackSky

Technology,

Inc

71

66,781

Booz

Allen

Hamilton

Holding

Corp

7,297

16,522

(a),(b)

BrightView

Holdings,

Inc

128

201

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

26,557

Brink's

Co

$

1,929

57,307

Broadridge

Financial

Solutions,

Inc

10,261

10,973

(a)

CACI

International,

Inc

(Class

A)

3,445

26,846

(a)

Casella

Waste

Systems,

Inc

(Class

A)

2,048

18,053

(a)

CBIZ,

Inc

937

14,787

(a)

CECO

Environmental

Corp

236

8,021

(a)

Cimpress

plc

562

42,038

Cintas

Corp

20,221

226,376

(a),(b)

Clarivate

plc

1,519

27,814

(a)

Clean

Harbors,

Inc

4,655

21,043

Concentrix

Corp

1,686

91,431

(a)

Conduent,

Inc

318

412,416

(a)

Copart,

Inc

17,771

49,610

(a)

CoreCivic,

Inc

558

201,024

(a)

CoStar

Group,

Inc

15,457

3,881

CRA

International,

Inc

391

17,763

CSG

Systems

International,

Inc

908

22,984

Deluxe

Corp

434

20,676

(a)

Driven

Brands

Holdings,

Inc

260

129,661

Dun

&

Bradstreet

Holdings,

Inc

1,295

1,045

Ennis,

Inc

22

59,468

Equifax,

Inc

10,893

86,090

(a)

ExlService

Holdings,

Inc

2,414

28,338

Exponent,

Inc

2,426

15,944

First

Advantage

Corp

220

31,321

(a),(b)

FiscalNote

Holdings,

Inc

65

7,582

(a)

Forrester

Research,

Inc

219

7,620

(a)

Franklin

Covey

Co

327

16,142

(a)

FTI

Consulting,

Inc

2,880

81,103

Genpact

Ltd

2,936

42,598

(a),(b)

GEO

Group,

Inc

348

42,732

(a)

Harsco

Corp

309

40,910

Healthcare

Services

Group

427

14,300

Heidrick

&

Struggles

International,

Inc

358

8,893

(a)

Heritage-Crystal

Clean,

Inc

403

37,280

Herman

Miller,

Inc

912

10,874

(a)

HireRight

Holdings

Corp

103

27,032

HNI

Corp

936

9,371

(a)

Huron

Consulting

Group,

Inc

976

6,267

ICF

International,

Inc

757

12,531

(a),(b)

Innodata,

Inc

107

19,828

Insperity,

Inc

1,935

44,581

Interface,

Inc

437

59,295

Jacobs

Solutions,

Inc

8,094

66,111

KBR,

Inc

3,897

20,372

Kelly

Services,

Inc

(Class

A)

371

11,207

Kforce,

Inc

669

29,134

Korn/Ferry

International

1,382

23,268

(a)

Legalzoom.com,

Inc

255

69,072

Leidos

Holdings,

Inc

6,366

67,802

(a),(b)

Li-Cycle

Holdings

Corp

241

19,090

(a)

Liquidity

Services,

Inc

336

25,524

Manpower,

Inc

1,871

16,885

Matthews

International

Corp

(Class

A)

657

31,583

MAXIMUS,

Inc

2,359

12,017

(a)

Montrose

Environmental

Group,

Inc

352

19,573

MSA

Safety,

Inc

3,086

4,961

NL

Industries,

Inc

24

5,211

(a)

NV5

Global,

Inc

501

67,918

(a)

OPENLANE,

Inc

1,013

155,380

Paychex,

Inc

17,920

33,846

(a),(b)

Performant

Financial

Corp

76

CREF

Equity

Index

Account

September

30,

2023

202

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

95,984

Pitney

Bowes,

Inc

$

290

79,689

(a),(b)

Planet

Labs

PBC

207

90,452

RB

Global,

Inc

5,653

4,854

(a),(b)

Red

Violet,

Inc

97

101,923

Republic

Services,

Inc

14,525

20,546

Resources

Connection,

Inc

306

52,374

Robert

Half

International,

Inc

3,838

119,495

Rollins,

Inc

4,461

28,414

Science

Applications

International

Corp

2,999

12,140

(a)

SP

Plus

Corp

438

100,288

SS&C

Technologies

Holdings,

Inc

5,269

61,807

Steelcase,

Inc

(Class

A)

690

49,051

(a)

Stericycle,

Inc

2,193

12,139

(a),(b)

Sterling

Check

Corp

153

25,107

Tetra

Tech,

Inc

3,817

92,480

TransUnion

6,639

15,001

(a)

TriNet

Group,

Inc

1,747

19,072

(a)

TrueBlue,

Inc

280

10,054

TTEC

Holdings,

Inc

264

8,983

Unifirst

Corp

1,464

63,645

(a)

Upwork,

Inc

723

71,089

Verisk

Analytics,

Inc

16,794

63,620

(a)

Verra

Mobility

Corp

1,190

15,178

(a)

Viad

Corp

398

5,586

(b)

VSE

Corp

282

199,000

Waste

Management,

Inc

30,336

5,398

(a)

Willdan

Group,

Inc

110

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

332,419

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.1%

18,290

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

128

18,402

Aaron's

Co,

Inc

193

23,424

(a)

Abercrombie

&

Fitch

Co

(Class

A)

1,320

36,738

Academy

Sports

&

Outdoors,

Inc

1,737

31,209

Advance

Auto

Parts,

Inc

1,745

4,427,284

(a)

Amazon.com,

Inc

562,796

85,497

American

Eagle

Outfitters,

Inc

1,420

3,312

(a)

America's

Car-Mart,

Inc

301

65,041

Arko

Corp

465

10,565

(a)

Asbury

Automotive

Group,

Inc

2,431

12,767

(a)

Autonation,

Inc

1,933

8,985

(a)

Autozone,

Inc

22,822

101,629

Bath

&

Body

Works,

Inc

3,435

97,064

Best

Buy

Co,

Inc

6,743

11,361

(b)

Big

5

Sporting

Goods

Corp

80

15,681

(a)

Boot

Barn

Holdings,

Inc

1,273

14,004

Buckle,

Inc

468

7,271

Build-A-Bear

Workshop,

Inc

214

33,332

(a)

Burlington

Stores,

Inc

4,510

20,111

Caleres,

Inc

578

22,123

(b)

Camping

World

Holdings,

Inc

452

78,807

(a)

Carmax,

Inc

5,574

19,398

(a)

CarParts.com,

Inc

80

47,579

(a)

Carvana

Co

1,997

12,003

Cato

Corp

(Class

A)

92

66,517

(a)

Chico's

FAS,

Inc

498

9,723

(a),(b)

ContextLogic,

Inc

43

546,099

(a)

Coupang,

Inc

9,284

32,814

(b)

Designer

Brands,

Inc

415

30,615

(a)

Destination

XL

Group,

Inc

137

28,635

Dick's

Sporting

Goods,

Inc

3,109

1,003

(b)

Dillard's,

Inc

(Class

A)

332

203

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,236

(a)

Duluth

Holdings,

Inc

$

43

264,293

eBay,

Inc

11,653

61,188

(a)

Etsy,

Inc

3,952

34,837

(a),(b)

EVgo,

Inc

118

27,604

(a)

Five

Below,

Inc

4,441

55,907

(a)

Floor

&

Decor

Holdings,

Inc

5,060

33,391

(b)

Foot

Locker,

Inc

579

10,965

(a),(b)

Funko,

Inc

84

138,452

(a),(b)

GameStop

Corp

(Class

A)

2,279

81,317

Gap,

Inc

864

7,998

(a)

Genesco,

Inc

246

67,692

Genuine

Parts

Co

9,773

6,868

Group

1

Automotive,

Inc

1,845

29,518

(a)

GrowGeneration

Corp

86

21,962

(b)

Guess?,

Inc

475

9,098

Haverty

Furniture

Cos,

Inc

262

9,181

Hibbett

Sports,

Inc

436

496,849

Home

Depot,

Inc

150,128

65,995

(b)

Kohl's

Corp

1,383

9,431

(a),(b)

Lands'

End,

Inc

70

59,869

(a)

Leslie's,

Inc

339

13,553

Lithia

Motors,

Inc

(Class

A)

4,003

125,433

LKQ

Corp

6,210

288,686

Lowe's

Cos,

Inc

60,000

109,170

Macy's,

Inc

1,267

11,739

(a)

MarineMax,

Inc

385

18,107

Monro

Muffler,

Inc

503

8,996

Murphy

USA,

Inc

3,074

47,869

(a)

National

Vision

Holdings,

Inc

774

57,180

(b)

Nordstrom,

Inc

854

18,624

(a)

ODP

Corp

859

27,556

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

2,127

5,690

(a),(b)

OneWater

Marine,

Inc

146

29,731

(a)

O'Reilly

Automotive,

Inc

27,021

24,586

(a)

Overstock.com,

Inc

389

9,990

Penske

Auto

Group,

Inc

1,669

40,988

(a)

Petco

Health

&

Wellness

Co,

Inc

168

14,105

PetMed

Express,

Inc

145

18,519

Pool

Corp

6,595

27,217

Rent-A-Center,

Inc

802

19,596

(a),(b)

Revolve

Group,

Inc

267

7,732

(a)

RH

2,044

160,682

Ross

Stores,

Inc

18,149

7,776

(a)

Sally

Beauty

Holdings,

Inc

65

13,763

(a)

Savers

Value

Village,

Inc

257

4,712

Shoe

Carnival,

Inc

113

20,162

Signet

Jewelers

Ltd

1,448

13,058

(a)

Sleep

Number

Corp

321

11,945

Sonic

Automotive,

Inc

(Class

A)

570

19,952

(a),(b)

Sportsman's

Warehouse

Holdings,

Inc

90

32,244

(a)

Stitch

Fix,

Inc

111

30,109

(a),(b)

ThredUp,

Inc

121

6,790

(a),(b)

Tilly's,

Inc

55

566,257

TJX

Cos,

Inc

50,329

55,517

Tractor

Supply

Co

11,273

24,062

(a)

Ulta

Beauty,

Inc

9,612

31,536

(a)

Urban

Outfitters,

Inc

1,031

41,105

(a)

Victoria's

Secret

&

Co

686

42,783

(a)

Warby

Parker,

Inc

563

41,399

(a)

Wayfair,

Inc

2,508

32,140

(b)

Williams-Sonoma,

Inc

4,995

1,945

Winmark

Corp

726

CREF

Equity

Index

Account

September

30,

2023

204

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,661

(a)

Zumiez,

Inc

$

208

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,053,254

CONSUMER

DURABLES

&

APPAREL

-

1.1%

15,286

Acushnet

Holdings

Corp

811

48,382

(a)

Allbirds,

Inc

54

35,953

(a),(b)

AMMO,

Inc

73

21,459

(a)

Beazer

Homes

USA,

Inc

535

35,190

Brunswick

Corp

2,780

63,158

(a)

Callaway

Golf

Co

874

56,416

(a)

Capri

Holdings

Ltd

2,968

19,479

Carter's,

Inc

1,347

5,040

(a)

Cavco

Industries,

Inc

1,339

13,611

Century

Communities,

Inc

909

14,289

(b)

Clarus

Corp

108

14,763

Columbia

Sportswear

Co

1,094

23,677

(b)

Cricut,

Inc

220

31,668

(a)

Crocs,

Inc

2,794

13,051

(a)

Deckers

Outdoor

Corp

6,709

155,068

DR

Horton,

Inc

16,665

10,739

(a),(b)

Dream

Finders

Homes,

Inc

239

18,783

Ethan

Allen

Interiors,

Inc

562

74,771

(a)

Garmin

Ltd

7,866

24,084

(a)

G-III

Apparel

Group

Ltd

600

74,136

(a)

GoPro,

Inc

233

16,535

(a)

Green

Brick

Partners,

Inc

686

156,073

Hanesbrands,

Inc

618

67,084

Hasbro,

Inc

4,437

13,347

(a)

Helen

of

Troy

Ltd

1,556

5,483

(b)

Hooker

Furniture

Corp

107

2,792

(a)

Hovnanian

Enterprises,

Inc

284

13,822

Installed

Building

Products,

Inc

1,726

15,263

(a)

iRobot

Corp

578

3,583

Johnson

Outdoors,

Inc

196

36,885

KB

Home

1,707

30,075

Kontoor

Brands,

Inc

1,321

12,660

(a)

Latham

Group,

Inc

35

25,091

La-Z-Boy,

Inc

775

4,968

(a)

Legacy

Housing

Corp

96

73,033

Leggett

&

Platt,

Inc

1,856

119,847

Lennar

Corp

(Class

A)

13,450

6,837

Lennar

Corp

(Class

B)

699

12,635

(a)

LGI

Homes,

Inc

1,257

5,568

(a)

Lovesac

Co

111

53,703

(a)

Lululemon

Athletica,

Inc

20,708

13,163

(a)

M/I

Homes,

Inc

1,106

13,092

(a)

Malibu

Boats,

Inc

642

8,407

Marine

Products

Corp

119

13,690

(a)

MasterCraft

Boat

Holdings,

Inc

304

167,123

(a)

Mattel,

Inc

3,682

23,210

MDC

Holdings,

Inc

957

17,632

Meritage

Homes

Corp

2,158

28,443

(a)

Mohawk

Industries,

Inc

2,441

11,320

Movado

Group,

Inc

310

207,669

Newell

Rubbermaid,

Inc

1,875

586,462

Nike,

Inc

(Class

B)

56,077

1,436

(a)

NVR,

Inc

8,563

8,770

Oxford

Industries,

Inc

843

145,284

(a),(b)

Peloton

Interactive,

Inc

734

24,590

Polaris

Industries,

Inc

2,561

107,132

Pulte

Homes,

Inc

7,933

27,406

(b)

Purple

Innovation,

Inc

47

205

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

34,330

PVH

Corp

$

2,627

19,684

Ralph

Lauren

Corp

2,285

3,738

Rocky

Brands,

Inc

55

72,360

(a)

Skechers

U.S.A.,

Inc

(Class

A)

3,542

28,672

(a)

Skyline

Champion

Corp

1,827

29,016

Smith

&

Wesson

Brands,

Inc

375

67,337

(a)

Sonos,

Inc

869

44,766

Steven

Madden

Ltd

1,422

3,716

Sturm

Ruger

&

Co,

Inc

194

115,012

Tapestry,

Inc

3,307

44,029

(a)

Taylor

Morrison

Home

Corp

1,876

87,531

Tempur

Sealy

International,

Inc

3,794

46,691

Toll

Brothers,

Inc

3,453

15,774

(a)

TopBuild

Corp

3,969

12,158

(a)

Traeger,

Inc

33

47,835

(a)

Tri

Pointe

Homes,

Inc

1,308

84,878

(a)

Under

Armour,

Inc

(Class

A)

581

110,542

(a)

Under

Armour,

Inc

(Class

C)

705

180,319

VF

Corp

3,186

28,750

(a)

Vista

Outdoor,

Inc

952

34,786

(a),(b)

Vizio

Holding

Corp

188

32,024

(a),(b)

Vuzix

Corp

116

26,040

Whirlpool

Corp

3,482

48,726

Wolverine

World

Wide,

Inc

393

46,993

(a)

YETI

Holdings,

Inc

2,266

TOTAL

CONSUMER

DURABLES

&

APPAREL

234,140

CONSUMER

SERVICES

-

2.3%

25,118

(a)

Accel

Entertainment,

Inc

275

86,801

ADT,

Inc

521

22,794

(a)

Adtalem

Global

Education,

Inc

977

197,709

(a)

Airbnb,

Inc

27,128

108,444

Aramark

3,763

17,816

(a)

BALLY'S

CORP

234

769

(a),(b)

Biglari

Holdings,

Inc

(B

Shares)

128

15,173

(a)

BJ's

Restaurants,

Inc

356

44,145

Bloomin'

Brands,

Inc

1,086

8,897

(b)

Bluegreen

Vacations

Holding

Corp

326

18,254

(a)

Booking

Holdings,

Inc

56,294

19,931

(a),(b)

Bowlero

Corp

192

31,873

Boyd

Gaming

Corp

1,939

28,106

(a)

Bright

Horizons

Family

Solutions,

Inc

2,290

25,489

(a)

Brinker

International,

Inc

805

97,639

(a)

Caesars

Entertainment,

Inc

4,526

495,919

(a)

Carnival

Corp

6,804

11,838

Carriage

Services,

Inc

334

18,666

(a)

Carrols

Restaurant

Group,

Inc

123

6,080

(a),(b)

Cava

Group,

Inc

186

16,727

(a)

Century

Casinos,

Inc

86

23,639

Cheesecake

Factory

716

54,286

(a)

Chegg,

Inc

484

13,455

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

24,647

13,984

(b)

Choice

Hotels

International,

Inc

1,713

32,858

Churchill

Downs,

Inc

3,813

12,474

(a)

Chuy's

Holdings,

Inc

444

57,806

(a)

Coursera,

Inc

1,080

12,944

(b)

Cracker

Barrel

Old

Country

Store,

Inc

870

58,405

Darden

Restaurants,

Inc

8,365

23,587

(a)

Dave

&

Buster's

Entertainment,

Inc

874

41,277

(a)

Denny's

Corp

350

7,772

Dine

Brands

Global

Inc.

384

17,125

Domino's

Pizza,

Inc

6,487

CREF

Equity

Index

Account

September

30,

2023

206

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

150,388

(a)

DoorDash,

Inc

$

11,951

208,489

(a)

DraftKings,

Inc

6,138

12,069

(a)

Duolingo,

Inc

2,002

14,501

El

Pollo

Loco

Holdings,

Inc

130

10,835

(a),(b)

European

Wax

Center,

Inc

176

45,885

(a)

Everi

Holdings,

Inc

607

71,540

(a)

Expedia

Group,

Inc

7,374

7,524

(a)

First

Watch

Restaurant

Group,

Inc

130

45,952

(a)

Frontdoor,

Inc

1,406

16,841

(a)

Full

House

Resorts,

Inc

72

16,169

(a),(b)

Global

Business

Travel

Group

I

89

7,389

Golden

Entertainment,

Inc

253

1,473

Graham

Holdings

Co

859

12,080

(a)

Grand

Canyon

Education,

Inc

1,412

70,456

H&R

Block,

Inc

3,034

34,161

(a)

Hilton

Grand

Vacations,

Inc

1,390

128,092

Hilton

Worldwide

Holdings,

Inc

19,237

24,452

Hyatt

Hotels

Corp

2,594

11,356

(a)

Inspired

Entertainment,

Inc

136

54,564

International

Game

Technology

plc

1,654

12,544

Jack

in

the

Box,

Inc

866

44,656

(b)

Krispy

Kreme,

Inc

557

2,885

(a),(b)

Kura

Sushi

USA,

Inc

191

167,139

Las

Vegas

Sands

Corp

7,662

62,559

Laureate

Education,

Inc

882

9,028

(a)

LIBERTY

MEDIA

CORP-LIBERTY-A

288

20,784

(a)

Life

Time

Group

Holdings,

Inc

316

10,890

(a),(b)

Lindblad

Expeditions

Holdings,

Inc

78

121,930

Marriott

International,

Inc

(Class

A)

23,967

13,041

Marriott

Vacations

Worldwide

Corp

1,312

356,789

McDonald's

Corp

93,992

149,684

MGM

Resorts

International

5,502

22,276

(a),(b)

Mister

Car

Wash,

Inc

123

7,140

Monarch

Casino

&

Resort,

Inc

443

22,451

(a),(b)

Mondee

Holdings,

Inc

80

1,387

(b)

Nathan's

Famous,

Inc

98

29,475

(a)

Nerdy,

Inc

109

8,091

(a)

Noodles

&

Co

20

204,209

(a)

Norwegian

Cruise

Line

Holdings

Ltd

3,365

29,338

(a)

OneSpaWorld

Holdings

Ltd

329

18,811

Papa

John's

International,

Inc

1,283

85,767

(a)

Penn

National

Gaming,

Inc

1,968

46,334

Perdoceo

Education

Corp

792

45,756

(a)

Planet

Fitness,

Inc

2,250

18,591

(a)

PlayAGS,

Inc

121

12,559

(a)

Portillo's,

Inc

193

13,091

(a)

Potbelly

Corp

102

6,547

RCI

Hospitality

Holdings,

Inc

397

8,020

(a),(b)

Red

Robin

Gourmet

Burgers,

Inc

64

26,499

Red

Rock

Resorts,

Inc

1,086

47,538

(a),(b)

Rover

Group,

Inc

298

116,622

(a)

Royal

Caribbean

Cruises

Ltd

10,746

28,549

(a)

Rush

Street

Interactive,

Inc

132

186,641

(a)

Sabre

Corp

838

45,102

(a)

Scientific

Games

Corp

(Class

A)

3,217

22,953

(a)

SeaWorld

Entertainment,

Inc

1,062

70,217

Service

Corp

International

4,012

20,425

(a)

Shake

Shack,

Inc

1,186

42,367

(a)

Six

Flags

Entertainment

Corp

996

555,342

Starbucks

Corp

50,686

11,328

Strategic

Education,

Inc

852

13,194

(a)

Stride,

Inc

594

207

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

67,428

(a)

Super

Group

SGHC

Ltd

$

249

44,740

(a)

Sweetgreen,

Inc

526

21,327

(a),(b)

Target

Hospitality

Corp

339

35,053

Texas

Roadhouse,

Inc

(Class

A)

3,369

29,960

Travel

&

Leisure

Co

1,100

36,983

(a),(b)

Udemy,

Inc

351

16,593

(a)

Universal

Technical

Institute,

Inc

139

20,017

Vail

Resorts,

Inc

4,442

75,359

Wendy's

Co

1,538

16,288

Wingstop,

Inc

2,929

26,120

(a)

WW

International,

Inc

289

45,815

Wyndham

Hotels

&

Resorts,

Inc

3,186

52,771

Wynn

Resorts

Ltd

4,877

8,699

(a)

Xponential

Fitness,

Inc

135

135,444

Yum!

Brands,

Inc

16,922

TOTAL

CONSUMER

SERVICES

482,690

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

177,508

Albertsons

Cos,

Inc

4,038

19,849

Andersons,

Inc

1,022

68,459

(a)

BJ's

Wholesale

Club

Holdings,

Inc

4,886

18,360

Casey's

General

Stores,

Inc

4,985

14,374

(a)

Chefs'

Warehouse,

Inc

304

217,177

Costco

Wholesale

Corp

122,696

109,187

Dollar

General

Corp

11,552

102,577

(a)

Dollar

Tree,

Inc

10,919

47,990

(a)

Grocery

Outlet

Holding

Corp

1,385

21,180

(a)

HF

Foods

Group,

Inc

84

7,244

Ingles

Markets,

Inc

(Class

A)

546

319,100

Kroger

Co

14,280

6,410

Natural

Grocers

by

Vitamin

Cottage,

Inc

83

71,529

(a)

Performance

Food

Group

Co

4,210

14,866

Pricesmart,

Inc

1,106

7,101

SpartanNash

Co

156

46,984

(a)

Sprouts

Farmers

Market,

Inc

2,011

255,327

Sysco

Corp

16,864

229,289

Target

Corp

25,353

30,449

(a)

United

Natural

Foods,

Inc

431

108,028

(a)

US

Foods

Holding

Corp

4,289

4,843

Village

Super

Market

(Class

A)

110

352,175

Walgreens

Boots

Alliance,

Inc

7,832

703,614

Walmart,

Inc

112,529

8,426

(b)

Weis

Markets,

Inc

531

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

352,202

ENERGY

-

4.8%

18,289

(a)

Amplify

Energy

Corp

134

183,627

Antero

Midstream

Corp

2,200

142,450

(a)

Antero

Resources

Corp

3,615

164,451

APA

Corp

6,759

7,811

Arch

Resources,

Inc

1,333

30,298

Archrock,

Inc

382

17,877

Ardmore

Shipping

Corp

233

7,867

(b)

Atlas

Energy

Solutions,

Inc

175

504,749

Baker

Hughes

Co

17,828

36,376

Berry

Corp

298

88,444

(a)

Borr

Drilling

Ltd

628

4,788

(a)

Bristow

Group,

Inc

135

366,836

Cabot

Oil

&

Gas

Corp

9,923

29,784

Cactus,

Inc

1,495

30,263

California

Resources

Corp

1,695

21,769

(a)

Callon

Petroleum

Co

852

CREF

Equity

Index

Account

September

30,

2023

208

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,171

(a)

Centrus

Energy

Corp

$

293

110,556

ChampionX

Corp

3,938

116,546

Cheniere

Energy,

Inc

19,342

63,038

Chesapeake

Energy

Corp

5,436

869,840

Chevron

Corp

146,672

18,920

Chord

Energy

Corp

3,066

37,806

(b)

Civitas

Resources,

Inc

3,057

75,896

(a)

Clean

Energy

Fuels

Corp

291

51,225

(a)

CNX

Resources

Corp

1,157

7,387

(b)

Comstock

Resources,

Inc

81

596,591

ConocoPhillips

71,472

16,946

CONSOL

Energy,

Inc

1,778

23,258

Core

Laboratories,

Inc

558

10,678

Crescent

Energy

Co

135

11,149

(b)

CVR

Energy,

Inc

379

27,497

Delek

US

Holdings,

Inc

781

20,324

(a)

Denbury,

Inc

1,992

319,329

Devon

Energy

Corp

15,232

55,111

DHT

Holdings,

Inc

568

51,211

(a)

Diamond

Offshore

Drilling,

Inc

752

88,232

Diamondback

Energy,

Inc

13,665

9,586

(a)

DMC

Global,

Inc

235

19,179

Dorian

LPG

Ltd

551

19,159

(a)

Dril-Quip,

Inc

540

48,260

DT

Midstream,

Inc

2,554

7,121

(a)

Earthstone

Energy,

Inc

144

70,957

(a)

Encore

Energy

Corp

231

56,201

(a),(b)

Energy

Fuels,

Inc

462

16,485

(b)

Enviva,

Inc

123

290,269

EOG

Resources,

Inc

36,794

179,575

EQT

Corp

7,287

223,182

Equitrans

Midstream

Corp

2,091

15,511

Evolution

Petroleum

Corp

106

9,511

(b)

Excelerate

Energy,

Inc

162

39,745

(a)

Expro

Group

Holdings

NV

923

1,969,947

Exxon

Mobil

Corp

231,626

14,619

(b)

FLEX

LNG

Ltd

441

5,005

(a)

Forum

Energy

Technologies,

Inc

120

106,507

(a),(b)

Gevo,

Inc

127

42,501

Golar

LNG

Ltd

1,031

26,945

(a)

Green

Plains,

Inc

811

6,101

(a)

Gulfport

Energy

Operating

Corp

724

11,237

(a),(b)

Hallador

Energy

Co

162

447,624

Halliburton

Co

18,129

100,808

(a)

Helix

Energy

Solutions

Group,

Inc

1,126

52,744

Helmerich

&

Payne,

Inc

2,224

138,535

Hess

Corp

21,196

74,422

HF

Sinclair

Corp

4,237

16,438

International

Seaways,

Inc

740

951,218

Kinder

Morgan,

Inc

15,771

8,490

(b)

Kinetik

Holdings,

Inc

287

234,852

(a)

Kosmos

Energy

Ltd

1,921

47,915

Liberty

Energy,

Inc

887

85,538

Magnolia

Oil

&

Gas

Corp

1,960

296,202

Marathon

Oil

Corp

7,923

208,761

Marathon

Petroleum

Corp

31,594

61,756

Matador

Resources

Co

3,673

75,569

Murphy

Oil

Corp

3,427

4,194

(a)

Nabors

Industries

Ltd

516

24,850

(b)

New

Fortress

Energy,

Inc

815

63,344

(a)

Newpark

Resources,

Inc

438

15,430

(a),(b)

NextDecade

Corp

79

209

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

55,205

Noble

Corp

plc

$

2,796

68,002

Nordic

American

Tankers

Ltd

280

26,098

Northern

Oil

and

Gas,

Inc

1,050

214,007

NOV,

Inc

4,473

347,704

Occidental

Petroleum

Corp

22,559

54,360

(a)

Oceaneering

International,

Inc

1,398

38,178

(a)

Oil

States

International,

Inc

320

219,998

ONEOK,

Inc

13,954

28,818

(a)

Overseas

Shipholding

Group,

Inc

126

115,301

Ovintiv,

Inc

5,485

23,180

(a)

Par

Pacific

Holdings,

Inc

833

159,529

Patterson-UTI

Energy,

Inc

2,208

59,487

PBF

Energy,

Inc

3,184

60,358

Peabody

Energy

Corp

1,569

98,820

Permian

Resources

Corp

1,380

226,880

Phillips

66

27,260

116,018

Pioneer

Natural

Resources

Co

26,632

11,921

(a),(b)

ProFrac

Holding

Corp

130

48,018

(a)

ProPetro

Holding

Corp

510

112,319

Range

Resources

Corp

3,640

51,530

Ranger

Energy

Services,

Inc

731

12,558

(a)

Rex

American

Resources

Corp

511

4,815

(b)

Riley

Exploration

Permian,

Inc

153

44,313

(a),(b)

Ring

Energy,

Inc

86

42,512

RPC,

Inc

380

16,291

SandRidge

Energy,

Inc

255

700,698

Schlumberger

Ltd

40,851

18,385

Scorpio

Tankers,

Inc

995

12,227

(a),(b)

SEACOR

Marine

Holdings,

Inc

170

24,929

(a)

Seadrill

Ltd

1,117

6,869

Select

Water

Solutions,

Inc

55

45,041

SFL

Corp

Ltd

502

6,017

(a),(b)

SilverBow

Resources,

Inc

215

33,204

Sitio

Royalties

Corp

804

63,633

SM

Energy

Co

2,523

6,855

Solaris

Oilfield

Infrastructure,

Inc

73

541,965

(a)

Southwestern

Energy

Co

3,496

55,355

(a)

Talos

Energy,

Inc

910

114,858

Targa

Resources

Corp

9,846

218,592

TechnipFMC

plc

4,446

35,750

(a)

Teekay

Corp

221

11,719

Teekay

Tankers

Ltd

488

763,744

(a),(b)

Tellurian,

Inc

886

66,939

(a)

Tetra

Technologies,

Inc

427

2,915

Texas

Pacific

Land

Corp

5,316

25,843

(a)

Tidewater,

Inc

1,837

225,817

(a),(b)

Uranium

Energy

Corp

1,163

37,988

(a)

US

Silica

Holdings,

Inc

533

29,976

Vaalco

Energy,

Inc

132

31,352

(a)

Valaris

Ltd

2,351

173,302

Valero

Energy

Corp

24,559

27,727

(a),(b)

Vertex

Energy,

Inc

123

6,863

(a)

Vital

Energy,

Inc

380

13,021

Vitesse

Energy,

Inc

298

14,396

(a)

W&T

Offshore,

Inc

63

36,238

(a)

Weatherford

International

plc

3,273

592,514

Williams

Cos,

Inc

19,962

29,960

World

Fuel

Services

Corp

672

TOTAL

ENERGY

993,108

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

1,329

Alexander's,

Inc

242

CREF

Equity

Index

Account

September

30,

2023

210

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,783

Alpine

Income

Property

Trust,

Inc

$

111

73,193

(a)

Apartment

Investment

and

Management

Co

498

92,621

Brandywine

Realty

Trust

421

6,068

BRT

Apartments

Corp

105

9,060

Centerspace

546

21,833

City

Office

REIT,

Inc

93

10,462

Clipper

Realty,

Inc

54

61,652

Corporate

Office

Properties

Trust

1,469

11,994

(b)

CTO

Realty

Growth,

Inc

194

136,618

(b)

Diversified

Healthcare

Trust

265

46,730

(b)

Easterly

Government

Properties,

Inc

534

82,308

Empire

State

Realty

Trust,

Inc

662

43,426

Equity

Commonwealth

798

19,962

(b)

Farmland

Partners,

Inc

205

18,198

Getty

Realty

Corp

505

11,325

(b)

Gladstone

Land

Corp

161

30,930

Global

Medical

REIT,

Inc

277

90,865

Global

Net

Lease,

Inc

873

46,362

Highwoods

Properties,

Inc

956

34,736

InvenTrust

Properties

Corp

827

64,898

(b)

JBG

SMITH

Properties

938

19,960

LTC

Properties,

Inc

641

9,876

National

Health

Investors,

Inc

507

15,030

(b)

NexPoint

Diversified

Real

Estate

Trust

131

12,730

(b)

NexPoint

Residential

Trust,

Inc

410

23,677

Office

Properties

Income

Trust

97

9,166

One

Liberty

Properties,

Inc

173

29,999

Orion

Office

REIT,

Inc

156

76,197

Outfront

Media,

Inc

770

101,864

Paramount

Group,

Inc

471

14,178

(b)

Peakstone

Realty

Trust

236

71,223

(b)

Pebblebrook

Hotel

Trust

968

59,852

(b)

Phillips

Edison

&

Co,

Inc

2,007

107,460

Physicians

Realty

Trust

1,310

9,072

(b)

Postal

Realty

Trust,

Inc

122

63,462

Retail

Opportunity

Investments

Corp

786

6,451

(b)

Saul

Centers,

Inc

228

162,250

UDR,

Inc

5,787

121,658

Uniti

Group,

Inc

574

2,401

Universal

Health

Realty

Income

Trust

97

70,770

Urban

Edge

Properties

1,080

25,132

Whitestone

REIT

242

95,747

WP

Carey,

Inc

5,178

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

32,705

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.5%

46,252

Acadia

Realty

Trust

664

45,529

Agree

Realty

Corp

2,515

47,563

Alexander

&

Baldwin,

Inc

796

83,569

Alexandria

Real

Estate

Equities,

Inc

8,365

28,646

American

Assets

Trust,

Inc

557

165,609

American

Homes

4

Rent

5,579

229,892

American

Tower

Corp

37,806

133,721

Americold

Realty

Trust,

Inc

4,066

74,495

Apartment

Income

REIT

Corp

2,287

106,401

Apple

Hospitality

REIT,

Inc

1,632

31,681

Armada

Hoffler

Properties,

Inc

324

69,587

AvalonBay

Communities,

Inc

11,951

81,787

Boston

Properties,

Inc

4,865

35,081

Braemar

Hotels

&

Resorts,

Inc

97

132,744

Brixmor

Property

Group,

Inc

2,758

77,650

Broadstone

Net

Lease,

Inc

1,110

211

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

52,715

Camden

Property

Trust

$

4,986

50,740

CareTrust

REIT,

Inc

1,040

13,650

CBL

&

Associates

Properties,

Inc

286

28,285

Chatham

Lodging

Trust

271

9,586

Community

Healthcare

Trust,

Inc

285

84,914

Cousins

Properties,

Inc

1,730

218,330

Crown

Castle,

Inc

20,093

110,271

CubeSmart

4,205

114,160

DiamondRock

Hospitality

Co

917

146,702

Digital

Realty

Trust,

Inc

17,754

91,371

(b)

Douglas

Emmett,

Inc

1,166

21,698

EastGroup

Properties,

Inc

3,613

36,844

EPR

Properties

1,531

46,203

Equinix,

Inc

33,555

91,603

Equity

Lifestyle

Properties,

Inc

5,836

180,687

Equity

Residential

10,608

63,885

Essential

Properties

Realty

Trust,

Inc

1,382

31,793

Essex

Property

Trust,

Inc

6,743

104,107

Extra

Space

Storage,

Inc

12,657

39,750

Federal

Realty

Investment

Trust

3,603

67,202

First

Industrial

Realty

Trust,

Inc

3,198

41,086

Four

Corners

Property

Trust,

Inc

912

119,848

Gaming

and

Leisure

Properties,

Inc

5,459

17,811

(b)

Gladstone

Commercial

Corp

217

202,313

Healthcare

Realty

Trust,

Inc

3,089

279,927

Healthpeak

Properties,

Inc

5,139

27,708

Hersha

Hospitality

Trust

273

327,100

Host

Marriott

Corp

5,257

16,878

(a)

Howard

Hughes

Holdings,

Inc

1,251

80,595

Hudson

Pacific

Properties,

Inc

536

115,925

Independence

Realty

Trust,

Inc

1,631

12,344

Innovative

Industrial

Properties,

Inc

934

307,088

Invitation

Homes,

Inc

9,732

135,732

Iron

Mountain,

Inc

8,069

63,758

Kilroy

Realty

Corp

2,015

300,353

Kimco

Realty

Corp

5,283

118,460

Kite

Realty

Group

Trust

2,537

37,540

Lamar

Advertising

Co

3,133

144,484

Lexington

Realty

Trust

1,286

107,859

Macerich

Co

1,177

47,939

Mack-Cali

Realty

Corp

791

283,531

(b)

Medical

Properties

Trust,

Inc

1,545

56,954

Mid-America

Apartment

Communities,

Inc

7,327

83,905

National

Retail

Properties,

Inc

2,965

38,309

National

Storage

Affiliates

Trust

1,216

21,654

NETSTREIT

Corp

337

108,572

Omega

Healthcare

Investors,

Inc

3,600

84,337

Park

Hotels

&

Resorts,

Inc

1,039

36,714

Piedmont

Office

Realty

Trust,

Inc

206

13,733

Plymouth

Industrial

REIT,

Inc

288

40,727

PotlatchDeltic

Corp

1,849

450,936

Prologis,

Inc

50,600

78,080

Public

Storage,

Inc

20,576

75,814

Rayonier,

Inc

2,158

329,347

Realty

Income

Corp

16,448

91,859

Regency

Centers

Corp

5,460

98,830

Rexford

Industrial

Realty,

Inc

4,877

92,471

RLJ

Lodging

Trust

905

57,913

RPT

Realty

612

28,461

Ryman

Hospitality

Properties,

Inc

2,370

116,469

Sabra

Health

Care

REIT,

Inc

1,624

16,656

Safehold,

Inc

296

CREF

Equity

Index

Account

September

30,

2023

212

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

52,759

SBA

Communications

Corp

$

10,561

19,689

Service

Properties

Trust

151

158,988

Simon

Property

Group,

Inc

17,175

103,764

SITE

Centers

Corp

1,279

38,202

(b)

SL

Green

Realty

Corp

1,425

62,949

Spirit

Realty

Capital,

Inc

2,111

84,224

STAG

Industrial,

Inc

2,907

73,018

Summit

Hotel

Properties,

Inc

424

60,721

Sun

Communities,

Inc

7,186

117,301

Sunstone

Hotel

Investors,

Inc

1,097

54,135

Tanger

Factory

Outlet

Centers,

Inc

1,223

35,329

Terreno

Realty

Corp

2,007

20,169

UMH

Properties,

Inc

283

205,950

Ventas,

Inc

8,677

487,538

VICI

Properties,

Inc

14,187

96,380

Vornado

Realty

Trust

2,186

46,196

Washington

REIT

630

247,635

(c)

Welltower,

Inc

20,286

348,827

Weyerhaeuser

Co

10,695

62,184

Xenia

Hotels

&

Resorts,

Inc

733

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

511,073

FINANCIAL

SERVICES

-

7.7%

8,101

(b)

AFC

Gamma,

Inc

95

17,614

Affiliated

Managers

Group,

Inc

2,296

110,488

(a),(b)

Affirm

Holdings,

Inc

2,350

247,438

(b)

AGNC

Investment

Corp

2,336

8,948

Alerus

Financial

Corp

163

148,401

Ally

Financial,

Inc

3,959

9,522

A-Mark

Precious

Metals,

Inc

279

287,901

American

Express

Co

42,952

50,400

Ameriprise

Financial,

Inc

16,616

239,553

Annaly

Capital

Management,

Inc

4,506

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

698

251,930

Apollo

Global

Management,

Inc

22,613

61,262

(b)

Arbor

Realty

Trust,

Inc

930

22,112

(b)

Ares

Commercial

Real

Estate

Corp

211

78,238

Ares

Management

Corp

8,048

26,163

(b)

ARMOUR

Residential

REIT,

Inc

111

32,135

Artisan

Partners

Asset

Management,

Inc

1,202

8,796

(a)

AssetMark

Financial

Holdings,

Inc

221

2,420

(a)

Atlanticus

Holdings

Corp

73

30,473

(a)

Avantax,

Inc

780

75,147

(a)

AvidXchange

Holdings,

Inc

712

10,240

(b)

B

Riley

Financial,

Inc

420

2,262

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

48

378,094

Bank

of

New

York

Mellon

Corp

16,126

898,702

(a)

Berkshire

Hathaway,

Inc

314,815

166,153

BGC

Group,

Inc

877

73,367

BlackRock,

Inc

47,431

87,301

(b)

Blackstone

Mortgage

Trust,

Inc

1,899

347,426

Blackstone,

Inc

37,223

267,045

(a)

Block,

Inc

11,819

207,831

Blue

Owl

Capital,

Inc

2,693

27,328

Bread

Financial

Holdings,

Inc

935

23,450

Brightsphere

Investment

Group,

Inc

455

46,061

BrightSpire

Capital,

Inc

288

48,331

(a)

Cannae

Holdings,

Inc

901

31,787

(a)

Cantaloupe,

Inc

199

188,945

Capital

One

Financial

Corp

18,337

106,775

Carlyle

Group,

Inc

3,220

10,596

Cass

Information

Systems,

Inc

395

213

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

49,547

Cboe

Global

Markets,

Inc

$

7,740

728,312

Charles

Schwab

Corp

39,984

7,850

(b)

Chicago

Atlantic

Real

Estate

Finance,

Inc

116

121,929

Chimera

Investment

Corp

666

47,158

Claros

Mortgage

Trust,

Inc

523

175,714

CME

Group,

Inc

35,181

15,440

Cohen

&

Steers,

Inc

968

79,947

(a)

Coinbase

Global,

Inc

6,002

31,056

(b)

Compass

Diversified

Trust

583

73,412

Corebridge

Financial,

Inc

1,450

3,577

(a),(b)

Credit

Acceptance

Corp

1,646

2,179

Diamond

Hill

Investment

Group,

Inc

367

120,676

Discover

Financial

Services

10,454

19,156

(a)

Donnelley

Financial

Solutions,

Inc

1,078

11,107

Dynex

Capital,

Inc

133

17,423

(b)

Ellington

Financial,

Inc

217

15,393

Enact

Holdings,

Inc

419

10,179

(a)

Encore

Capital

Group,

Inc

486

14,291

(a)

Enova

International,

Inc

727

175,999

Equitable

Holdings,

Inc

4,997

51,962

Essent

Group

Ltd

2,457

22,022

(a)

Euronet

Worldwide,

Inc

1,748

18,622

Evercore

Partners,

Inc

(Class

A)

2,568

31,074

EVERTEC,

Inc

1,155

18,222

Factset

Research

Systems,

Inc

7,968

4,507

Federal

Agricultural

Mortgage

Corp

(FAMC)

695

295,001

Fidelity

National

Information

Services,

Inc

16,305

17,545

FirstCash

Holdings,

Inc

1,761

301,368

(a)

Fiserv,

Inc

34,043

33,596

(a)

FleetCor

Technologies,

Inc

8,578

47,493

(a)

Flywire

Corp

1,515

55,325

(a),(b)

Forge

Global

Holdings,

Inc

112

23,368

Franklin

BSP

Realty

Trust,

Inc

309

145,793

Franklin

Resources,

Inc

3,584

23,172

(b)

GCM

Grosvenor,

Inc

180

125,247

Global

Payments,

Inc

14,452

158,734

Goldman

Sachs

Group,

Inc

51,362

31,227

Granite

Point

Mortgage

Trust,

Inc

152

33,057

(a)

Green

Dot

Corp

460

18,233

Hamilton

Lane,

Inc

1,649

41,845

(b)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

887

25,893

Houlihan

Lokey,

Inc

2,774

9,245

(a)

I3

Verticals,

Inc

195

49,742

Interactive

Brokers

Group,

Inc

(Class

A)

4,306

278,274

Intercontinental

Exchange,

Inc

30,616

13,645

(a)

International

Money

Express,

Inc

231

183,237

Invesco

Ltd

2,661

10,073

(b)

Invesco

Mortgage

Capital,

Inc

101

37,546

Jack

Henry

&

Associates,

Inc

5,675

38,721

Jackson

Financial,

Inc

1,480

66,557

Janus

Henderson

Group

plc

1,719

88,592

Jefferies

Financial

Group,

Inc

3,245

311,527

KKR

&

Co,

Inc

19,190

17,625

KKR

Real

Estate

Finance

Trust,

Inc

209

49,932

Ladder

Capital

Corp

512

54,468

Lazard

Ltd

(Class

A)

1,689

42,896

(a)

LendingClub

Corp

262

6,343

(a)

LendingTree,

Inc

98

38,862

LPL

Financial

Holdings,

Inc

9,236

18,723

MarketAxess

Holdings,

Inc

4,000

222,577

(a)

Marqeta,

Inc

1,331

411,357

Mastercard,

Inc

(Class

A)

162,860

CREF

Equity

Index

Account

September

30,

2023

214

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,062

Merchants

Bancorp

$

223

46,018

MFA

Financial,

Inc

442

136,986

MGIC

Investment

Corp

2,286

33,380

Moelis

&

Co

1,506

77,704

Moody's

Corp

24,568

591,542

Morgan

Stanley

48,311

12,847

Morningstar,

Inc

3,009

37,224

(a)

Mr

Cooper

Group,

Inc

1,994

38,535

MSCI,

Inc

(Class

A)

19,772

173,507

Nasdaq

Stock

Market,

Inc

8,431

35,663

Navient

Corp

614

3,424

Nelnet,

Inc

(Class

A)

306

13,129

(a),(b)

NerdWallet,

Inc

117

18,284

New

York

Mortgage

Trust,

Inc

155

11,601

(b)

NewtekOne,

Inc

171

38,864

(a)

NMI

Holdings,

Inc

1,053

102,028

Northern

Trust

Corp

7,089

3,281

(a)

Ocwen

Financial

Corp

85

52,599

OneMain

Holdings,

Inc

2,109

56,898

(a)

Open

Lending

Corp

417

4,738

(b)

Orchid

Island

Capital,

Inc

40

21,454

P10,

Inc

250

98,142

(a)

Pagseguro

Digital

Ltd

845

26,821

Patria

Investments

Ltd

391

110,964

(a)

Payoneer

Global,

Inc

679

549,339

(a)

PayPal

Holdings,

Inc

32,114

18,818

(a)

Paysafe

Ltd

226

9,684

PennyMac

Financial

Services,

Inc

645

47,765

(b)

PennyMac

Mortgage

Investment

Trust

592

23,862

Perella

Weinberg

Partners

243

10,272

Piper

Jaffray

Cos

1,493

13,025

(b)

PJT

Partners,

Inc

1,035

24,781

(a)

PRA

Group,

Inc

476

17,833

(a)

PROG

Holdings,

Inc

592

73,149

Radian

Group,

Inc

1,837

95,906

Raymond

James

Financial,

Inc

9,632

79,027

(b)

Ready

Capital

Corp

799

49,700

(b)

Redwood

Trust,

Inc

354

8,577

Regional

Management

Corp

237

68,799

(a)

Remitly

Global,

Inc

1,735

42,004

(a)

Repay

Holdings

Corp

319

175,369

Rithm

Capital

Corp

1,629

330,896

(a)

Robinhood

Markets,

Inc

3,246

74,318

(a),(b)

Rocket

Cos,

Inc

608

156,669

S&P

Global,

Inc

57,248

10,879

Sculptor

Capital

Management,

Inc

126

50,003

SEI

Investments

Co

3,012

23,585

(a)

Shift4

Payments,

Inc

1,306

4,705

Silvercrest

Asset

Management

Group,

Inc

75

126,744

SLM

Corp

1,726

457,564

(a),(b)

SoFi

Technologies,

Inc

3,656

5,909

(a),(b)

Star

Holdings

74

137,605

(b)

Starwood

Property

Trust,

Inc

2,663

156,571

State

Street

Corp

10,484

20,369

StepStone

Group,

Inc

643

56,036

Stifel

Financial

Corp

3,443

120,616

(a)

StoneCo

Ltd

1,287

11,369

(a)

StoneX

Group,

Inc

1,102

204,642

Synchrony

Financial

6,256

107,019

T

Rowe

Price

Group,

Inc

11,223

34,383

TFS

Financial

Corp

406

176,704

(a)

Toast,

Inc

3,310

215

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

32,761

TPG

RE

Finance

Trust,

Inc

$

220

31,933

(b)

TPG,

Inc

962

52,338

Tradeweb

Markets,

Inc

4,198

37,367

Two

Harbors

Investment

Corp

495

37,848

(a),(b)

Upstart

Holdings,

Inc

1,080

23,393

(b)

UWM

Holdings

Corp

113

8,459

Victory

Capital

Holdings,

Inc

282

51,259

Virtu

Financial,

Inc

885

2,751

Virtus

Investment

Partners,

Inc

556

794,808

Visa,

Inc

(Class

A)

182,814

48,558

Voya

Financial,

Inc

3,227

12,277

Walker

&

Dunlop,

Inc

911

19,189

Waterstone

Financial,

Inc

210

198,450

Western

Union

Co

2,616

20,819

(a)

WEX,

Inc

3,916

84,317

(b)

WisdomTree,

Inc

590

2,399

(a),(b)

World

Acceptance

Corp

305

165,480

XP,

Inc

3,814

TOTAL

FINANCIAL

SERVICES

1,585,208

FOOD,

BEVERAGE

&

TOBACCO

-

2.9%

3,213

Alico,

Inc

80

875,825

Altria

Group,

Inc

36,828

264,579

Archer-Daniels-Midland

Co

19,955

34,958

(b)

B&G

Foods,

Inc

(Class

A)

346

87,744

(a),(b)

Benson

Hill,

Inc

29

31,483

(a),(b)

Beyond

Meat,

Inc

303

5,121

(a)

Boston

Beer

Co,

Inc

(Class

A)

1,995

13,162

(a),(b)

BRC,

Inc

47

25,010

Brown-Forman

Corp

(Class

A)

1,453

91,961

Brown-Forman

Corp

(Class

B)

5,305

70,268

Bunge

Ltd

7,607

11,455

Calavo

Growers,

Inc

289

22,629

Cal-Maine

Foods,

Inc

1,096

94,499

Campbell

Soup

Co

3,882

25,258

(a)

Celsius

Holdings,

Inc

4,334

1,907,170

Coca-Cola

Co

106,763

2,566

Coca-Cola

Consolidated

Inc

1,633

225,066

ConAgra

Brands,

Inc

6,171

78,361

Constellation

Brands,

Inc

(Class

A)

19,694

81,644

(a)

Darling

International,

Inc

4,262

35,454

(b)

Dole

plc

411

11,007

(a)

Duckhorn

Portfolio,

Inc

113

85,884

Flowers

Foods,

Inc

1,905

20,613

Fresh

Del

Monte

Produce,

Inc

533

23,047

(a)

Freshpet,

Inc

1,518

290,625

General

Mills,

Inc

18,597

46,022

(a)

Hain

Celestial

Group,

Inc

477

72,018

Hershey

Co

14,409

143,109

Hormel

Foods

Corp

5,442

71,472

(a)

Hostess

Brands,

Inc

2,381

32,682

Ingredion,

Inc

3,216

8,046

J&J

Snack

Foods

Corp

1,317

51,061

J.M.

Smucker

Co

6,276

5,780

John

B

Sanfilippo

&

Son,

Inc

571

118,743

Kellogg

Co

7,066

474,896

Keurig

Dr

Pepper,

Inc

14,992

381,992

Kraft

Heinz

Co

12,850

66,946

Lamb

Weston

Holdings,

Inc

6,190

10,268

Lancaster

Colony

Corp

1,695

8,891

(b)

Limoneira

Co

136

123,083

McCormick

&

Co,

Inc

9,310

CREF

Equity

Index

Account

September

30,

2023

216

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,193

MGP

Ingredients,

Inc

$

970

20,226

(a)

Mission

Produce,

Inc

196

90,373

Molson

Coors

Brewing

Co

(Class

B)

5,747

668,920

Mondelez

International,

Inc

46,423

359,383

(a)

Monster

Beverage

Corp

19,029

12,819

(a)

National

Beverage

Corp

603

676,602

PepsiCo,

Inc

114,643

763,589

Philip

Morris

International,

Inc

70,693

24,393

(a)

Pilgrim's

Pride

Corp

557

27,833

(a)

Post

Holdings,

Inc

2,386

92,946

Primo

Water

Corp

1,283

127

Seaboard

Corp

477

5,451

(a)

Seneca

Foods

Corp

293

46,457

(a)

Simply

Good

Foods

Co

1,604

14,597

(a)

Sovos

Brands,

Inc

329

50,062

(a)

SunOpta,

Inc

169

29,630

(a)

TreeHouse

Foods,

Inc

1,291

4,760

Turning

Point

Brands,

Inc

110

140,077

Tyson

Foods,

Inc

(Class

A)

7,073

11,870

Universal

Corp

560

32,173

(b)

Utz

Brands,

Inc

432

78,380

Vector

Group

Ltd

834

14,289

(a)

Vita

Coco

Co,

Inc

372

13,394

(a)

Vital

Farms,

Inc

155

14,287

(a),(b)

Westrock

Coffee

Co

127

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

607,833

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.4%

88,085

(a),(b)

23andMe

Holding

Co

86

850,713

Abbott

Laboratories

82,392

48,576

(a)

Acadia

Healthcare

Co,

Inc

3,415

27,471

(a)

Accolade,

Inc

291

46,624

(a),(b)

Accuray,

Inc

127

42,027

(a)

AdaptHealth

Corp

382

8,397

(a)

Addus

HomeCare

Corp

715

12,333

(a)

Agiliti,

Inc

80

137,773

(a),(b)

agilon

health,

Inc

2,447

38,052

(a)

Align

Technology,

Inc

11,618

14,356

(a)

Alignment

Healthcare,

Inc

100

51,829

(a)

Allscripts

Healthcare

Solutions,

Inc

681

31,277

(a)

Alphatec

Holdings,

Inc

406

17,538

(a)

Amedisys,

Inc

1,638

106,234

(a)

American

Well

Corp

124

79,426

AmerisourceBergen

Corp

14,294

20,081

(a)

AMN

Healthcare

Services,

Inc

1,710

26,107

(a)

Angiodynamics,

Inc

191

16,786

(a),(b)

Apollo

Medical

Holdings,

Inc

518

22,609

(a)

AtriCure,

Inc

990

1,019

Atrion

Corp

421

26,266

(a)

Avanos

Medical,

Inc

531

21,058

(a),(b)

Aveanna

Healthcare

Holdings,

Inc

25

18,090

(a)

Axogen,

Inc

90

22,714

(a)

Axonics,

Inc

1,275

252,024

Baxter

International,

Inc

9,511

138,929

Becton

Dickinson

&

Co

35,917

703,143

(a)

Boston

Scientific

Corp

37,126

100,981

(a)

Brookdale

Senior

Living,

Inc

418

98,379

(a),(b)

Butterfly

Network,

Inc

116

126,195

Cardinal

Health,

Inc

10,956

11,625

(a)

Castle

Biosciences,

Inc

196

267,251

(a)

Centene

Corp

18,408

50,223

(a)

Certara,

Inc

730

217

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

71,510

(a)

Cerus

Corp

$

116

6,630

Chemed

Corp

3,446

145,607

Cigna

Group

41,654

8,700

(a)

Computer

Programs

&

Systems,

Inc

139

15,846

Conmed

Corp

1,598

22,768

Cooper

Cos,

Inc

7,240

4,814

(a)

Corvel

Corp

947

25,224

(a)

Cross

Country

Healthcare,

Inc

625

23,064

(a)

CryoLife,

Inc

350

10,004

(a),(b)

Cutera,

Inc

60

638,783

CVS

Health

Corp

44,600

24,791

(a)

DaVita,

Inc

2,343

10,656

(a)

Definitive

Healthcare

Corp

85

106,534

Dentsply

Sirona,

Inc

3,639

191,265

(a)

DexCom,

Inc

17,845

41,284

(a)

DocGo,

Inc

220

49,456

(a)

Doximity,

Inc

1,049

291,345

(a)

Edwards

Lifesciences

Corp

20,184

116,505

Elevance

Health,

Inc

50,729

30,207

Embecta

Corp

455

44,802

Encompass

Health

Corp

3,009

27,101

(a)

Enhabit,

Inc

305

21,428

(a)

Enovis

Corp

1,130

28,674

Ensign

Group,

Inc

2,665

79,184

(a)

Envista

Holdings

Corp

2,208

45,708

(a)

Evolent

Health,

Inc

1,245

65,385

(a),(b)

Figs,

Inc

386

11,072

(a)

Fulgent

Genetics,

Inc

296

194,324

GE

HealthCare

Technologies,

Inc

13,222

24,523

(a)

Glaukos

Corp

1,845

57,262

(a)

Globus

Medical,

Inc

2,843

49,332

(a)

Guardant

Health,

Inc

1,462

24,773

(a)

Haemonetics

Corp

2,219

99,540

HCA,

Inc

24,485

24,393

(a)

Health

Catalyst,

Inc

247

42,554

(a)

HealthEquity,

Inc

3,109

18,780

HealthStream,

Inc

405

64,969

(a)

Henry

Schein,

Inc

4,824

62,220

(a)

Hims

&

Hers

Health,

Inc

391

119,793

(a)

Hologic,

Inc

8,314

61,496

Humana,

Inc

29,919

10,885

(a)

ICU

Medical,

Inc

1,295

40,842

(a)

IDEXX

Laboratories,

Inc

17,859

24,734

(a)

Inari

Medical,

Inc

1,618

9,354

(a),(b)

InfuSystem

Holdings,

Inc

90

38,335

(a)

Inmode

Ltd

1,168

10,000

(a),(b)

Innovage

Holding

Corp

60

12,244

(a)

Inogen,

Inc

64

13,280

(a)

Inspire

Medical

Systems,

Inc

2,635

34,390

(a)

Insulet

Corp

5,485

17,928

(a)

Integer

Holdings

Corp

1,406

30,442

(a)

Integra

LifeSciences

Holdings

Corp

1,163

172,021

(a)

Intuitive

Surgical,

Inc

50,280

3,653

iRadimed

Corp

162

16,105

(a)

iRhythm

Technologies,

Inc

1,518

7,427

(a)

Joint

Corp

67

42,144

Laboratory

Corp

of

America

Holdings

8,473

34,223

(a)

Lantheus

Holdings,

Inc

2,378

9,523

LeMaitre

Vascular,

Inc

519

25,006

(a),(b)

LifeStance

Health

Group,

Inc

172

26,810

(a)

LivaNova

plc

1,418

24,240

(a)

Masimo

Corp

2,125

CREF

Equity

Index

Account

September

30,

2023

218

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

66,425

McKesson

Corp

$

28,885

654,516

Medtronic

plc

51,288

28,011

(a)

Merit

Medical

Systems,

Inc

1,933

2,255

Mesa

Laboratories,

Inc

237

6,780

(a)

ModivCare,

Inc

214

28,118

(a)

Molina

Healthcare,

Inc

9,220

187,715

(a),(b)

Multiplan

Corp

315

21,550

(a),(b)

Nano-X

Imaging

Ltd

141

2,600

National

Healthcare

Corp

166

5,598

National

Research

Corp

248

110,527

(a)

Neogen

Corp

2,049

58,635

(a)

NeoGenomics,

Inc

721

19,942

(a)

Nevro

Corp

383

37,773

(a)

NextGen

Healthcare,

Inc

896

56,233

(a)

Novocure

Ltd

908

23,061

(a)

Omnicell,

Inc

1,039

238,337

(a),(b)

Opko

Health,

Inc

381

8,440

(a)

OptimizeRx

Corp

66

80,646

(a)

Option

Care

Health,

Inc

2,609

40,487

(a)

OraSure

Technologies,

Inc

240

18,671

(a)

Orthofix

Medical,

Inc

240

5,177

(a)

OrthoPediatrics

Corp

166

24,964

(a)

Outset

Medical,

Inc

272

31,294

(a)

Owens

&

Minor,

Inc

506

23,637

(a)

Paragon

28,

Inc

297

44,685

Patterson

Cos,

Inc

1,324

43,753

(a)

Pediatrix

Medical

Group,

Inc

556

17,723

(a)

Pennant

Group,

Inc

197

17,918

(a)

Penumbra,

Inc

4,335

14,406

(a)

PetIQ,

Inc

284

20,801

(a)

Phreesia,

Inc

389

56,653

Premier,

Inc

1,218

32,525

(a),(b)

Privia

Health

Group,

Inc

748

13,124

(a),(b)

PROCEPT

BioRobotics

Corp

431

34,423

(a)

Progyny,

Inc

1,171

72,154

(a)

Project

Roadrunner

Parent,

Inc

1,087

13,858

(a)

Pulmonx

Corp

143

54,552

Quest

Diagnostics,

Inc

6,648

26,154

(a)

QuidelOrtho

Corp

1,910

20,774

(a)

Quipt

Home

Medical

Corp

106

25,914

(a)

RadNet,

Inc

731

70,741

Resmed,

Inc

10,460

10,559

(a)

RxSight,

Inc

294

24,729

(a)

Schrodinger,

Inc

699

60,301

Select

Medical

Holdings

Corp

1,524

150,613

(a),(b)

Sharecare,

Inc

142

18,412

(a)

Shockwave

Medical,

Inc

3,666

17,531

(a)

SI-BONE,

Inc

372

18,916

(a),(b)

Silk

Road

Medical,

Inc

284

7,680

Simulations

Plus,

Inc

320

26,141

(a)

STAAR

Surgical

Co

1,050

48,388

STERIS

plc

10,617

173,665

Stryker

Corp

47,457

33,599

(a)

Surgery

Partners,

Inc

983

10,275

(a),(b)

SurModics,

Inc

330

10,460

(a)

Tactile

Systems

Technology,

Inc

147

35,006

(a)

Tandem

Diabetes

Care,

Inc

727

8,220

(a),(b)

Tela

Bio,

Inc

66

80,556

(a)

Teladoc

Health,

Inc

1,498

23,691

Teleflex,

Inc

4,653

53,386

(a)

Tenet

Healthcare

Corp

3,518

11,786

(a),(b)

TransMedics

Group,

Inc

645

219

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,415

(a)

Treace

Medical

Concepts,

Inc

$

294

4,630

(a)

UFP

Technologies,

Inc

748

456,276

UnitedHealth

Group,

Inc

230,050

29,977

Universal

Health

Services,

Inc

(Class

B)

3,769

6,975

US

Physical

Therapy,

Inc

640

2,349

Utah

Medical

Products,

Inc

202

27,229

(a)

Varex

Imaging

Corp

512

71,525

(a)

Veeva

Systems,

Inc

14,552

27,942

(a),(b)

Vicarious

Surgical,

Inc

16

17,155

(a),(b)

Viemed

Healthcare,

Inc

115

104,652

Zimmer

Biomet

Holdings,

Inc

11,744

12,899

(a)

Zimvie,

Inc

121

10,840

(a),(b)

Zynex,

Inc

87

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,116,733

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

46,991

(a),(b)

Beauty

Health

Co

283

66,090

(a)

BellRing

Brands,

Inc

2,725

7,431

(a)

Central

Garden

&

Pet

Co

328

22,079

(a)

Central

Garden

and

Pet

Co

(Class

A)

885

118,723

Church

&

Dwight

Co,

Inc

10,879

61,531

Clorox

Co

8,064

399,427

Colgate-Palmolive

Co

28,403

159,439

(a)

Coty,

Inc

1,749

29,639

Edgewell

Personal

Care

Co

1,096

24,917

(a)

elf

Beauty,

Inc

2,737

34,187

Energizer

Holdings,

Inc

1,095

116,171

Estee

Lauder

Cos

(Class

A)

16,793

58,982

(a)

Herbalife

Ltd

825

9,082

Inter

Parfums,

Inc

1,220

852,014

Kenvue,

Inc

17,109

162,384

Kimberly-Clark

Corp

19,624

6,191

Medifast,

Inc

463

5,868

(a)

Nature's

Sunshine

Products,

Inc

97

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

575

2,434

Oil-Dri

Corp

of

America

150

43,357

(a)

Olaplex

Holdings,

Inc

85

1,159,723

Procter

&

Gamble

Co

169,157

28,002

Reynolds

Consumer

Products,

Inc

718

21,541

Spectrum

Brands

Holdings,

Inc

1,688

8,349

(a)

USANA

Health

Sciences,

Inc

489

10,102

(a),(b)

Waldencast

plc

95

7,178

WD-40

Co

1,459

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

288,791

INSURANCE

-

2.3%

299,869

Aflac,

Inc

23,015

130,762

Allstate

Corp

14,568

32,424

(a)

AMBAC

Financial

Group,

Inc

391

30,850

American

Equity

Investment

Life

Holding

Co

1,655

34,605

American

Financial

Group,

Inc

3,864

365,839

American

International

Group,

Inc

22,170

13,468

Amerisafe,

Inc

674

98,742

Aon

plc

32,014

178,169

(a)

Arch

Capital

Group

Ltd

14,202

17,301

Argo

Group

International

Holdings

Ltd

516

27,795

(b)

Assurant,

Inc

3,991

28,366

Assured

Guaranty

Ltd

1,717

27,757

Axis

Capital

Holdings

Ltd

1,565

25,977

(a)

Brighthouse

Financial,

Inc

1,271

117,798

Brown

&

Brown,

Inc

8,227

25,189

(a)

BRP

Group,

Inc

585

CREF

Equity

Index

Account

September

30,

2023

220

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

202,689

Chubb

Ltd

$

42,196

74,945

Cincinnati

Financial

Corp

7,666

2,717

CNA

Financial

Corp

107

66,761

CNO

Financial

Group,

Inc

1,584

7,812

Donegal

Group,

Inc

(Class

A)

111

15,165

(a)

eHealth,

Inc

112

6,714

Employers

Holdings,

Inc

268

4,741

(a)

Enstar

Group

Ltd

1,147

21,082

Everest

Re

Group

Ltd

7,836

9,274

F&G

Annuities

&

Life,

Inc

260

120,728

Fidelity

National

Financial,

Inc

4,986

52,851

First

American

Financial

Corp

2,986

102,609

Gallagher

(Arthur

J.)

&

Co

23,388

184,221

(a)

Genworth

Financial,

Inc

(Class

A)

1,080

41,690

Globe

Life,

Inc

4,533

9,663

(a)

Goosehead

Insurance,

Inc

720

20,683

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

222

17,079

Hanover

Insurance

Group,

Inc

1,895

145,152

Hartford

Financial

Services

Group,

Inc

10,293

3,092

(b)

HCI

Group,

Inc

168

5,219

(a),(b)

Hippo

Holdings,

Inc

42

22,775

Horace

Mann

Educators

Corp

669

1,119

Investors

Title

Co

166

19,526

James

River

Group

Holdings

Ltd

300

33,482

Kemper

Corp

1,407

10,502

Kinsale

Capital

Group,

Inc

4,349

20,988

(a),(b)

Lemonade,

Inc

244

87,713

Lincoln

National

Corp

2,166

91,651

Loews

Corp

5,802

46,136

(a),(b)

Maiden

Holdings

Ltd

81

6,672

(a)

Markel

Corp

9,824

241,962

Marsh

&

McLennan

Cos,

Inc

46,045

26,174

(a)

MBIA,

Inc

189

12,675

Mercury

General

Corp

355

322,462

Metlife,

Inc

20,286

1,551

National

Western

Life

Group,

Inc

679

7,308

(a)

NI

Holdings,

Inc

94

111,944

Old

Republic

International

Corp

3,016

60,575

(a)

Oscar

Health,

Inc

337

13,408

(a)

Palomar

Holdings,

Inc

680

18,445

Primerica,

Inc

3,579

120,318

Principal

Financial

Group

8,671

37,307

ProAssurance

Corp

705

287,478

Progressive

Corp

40,046

186,200

Prudential

Financial,

Inc

17,669

29,828

Reinsurance

Group

of

America,

Inc

(Class

A)

4,331

24,465

RenaissanceRe

Holdings

Ltd

4,842

20,019

RLI

Corp

2,720

42,415

(a)

Ryan

Specialty

Holdings,

Inc

2,053

4,020

Safety

Insurance

Group,

Inc

274

32,431

Selective

Insurance

Group,

Inc

3,346

8,398

(a)

SiriusPoint

Ltd

85

5,293

(a)

Skyward

Specialty

Insurance

Group,

Inc

145

15,315

Stewart

Information

Services

Corp

671

22,143

Tiptree,

Inc

371

114,898

Travelers

Cos,

Inc

18,764

20,838

(a),(b)

Trupanion,

Inc

588

16,104

United

Fire

Group,

Inc

318

22,402

Universal

Insurance

Holdings,

Inc

314

99,041

Unum

Group

4,872

101,609

W.R.

Berkley

Corp

6,451

1,280

White

Mountains

Insurance

Group

Ltd

1,915

221

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

53,031

Willis

Towers

Watson

plc

$

11,081

TOTAL

INSURANCE

472,525

MATERIALS

-

2.7%

16,560

(a),(b)

5E

Advanced

Materials,

Inc

37

14,906

AdvanSix,

Inc

463

108,588

Air

Products

&

Chemicals,

Inc

30,774

56,068

Albemarle

Corp

9,534

99,055

Alcoa

Corp

2,879

58,071

(a)

Allegheny

Technologies,

Inc

2,390

5,106

Alpha

Metallurgical

Resources,

Inc

1,326

726,379

Amcor

plc

6,654

20,501

American

Vanguard

Corp

224

30,628

Aptargroup,

Inc

3,830

13,288

(a),(d)

Ardagh

Group

S.A.

57

74,922

(b)

Ardagh

Metal

Packaging

S.A.

235

26,123

Ashland,

Inc

2,134

11,564

(a)

Aspen

Aerogels,

Inc

100

41,051

Avery

Dennison

Corp

7,499

49,682

Avient

Corp

1,755

113,646

(a)

Axalta

Coating

Systems

Ltd

3,057

15,070

Balchem

Corp

1,869

153,554

Ball

Corp

7,644

56,523

Berry

Global

Group,

Inc

3,499

23,466

Cabot

Corp

1,626

8,054

(b)

Caledonia

Mining

Corp

plc

79

25,997

Carpenter

Technology

Corp

1,747

47,153

Celanese

Corp

(Series

A)

5,919

12,437

(a)

Century

Aluminum

Co

89

93,988

CF

Industries

Holdings,

Inc

8,059

5,158

Chase

Corp

656

59,993

Chemours

Co

1,683

11,678

(a)

Clearwater

Paper

Corp

423

267,350

(a)

Cleveland-Cliffs,

Inc

4,179

119,550

(a)

Coeur

Mining,

Inc

265

53,154

Commercial

Metals

Co

2,626

20,319

Compass

Minerals

International,

Inc

568

66,991

(a)

Constellium

SE

1,219

356,387

Corteva,

Inc

18,233

52,888

Crown

Holdings,

Inc

4,680

36,022

(a),(b)

Danimer

Scientific,

Inc

75

352,447

Dow,

Inc

18,172

223,358

DuPont

de

Nemours,

Inc

16,660

16,817

Eagle

Materials,

Inc

2,800

60,013

Eastman

Chemical

Co

4,604

122,433

Ecolab,

Inc

20,740

20,162

(a)

Ecovyst,

Inc

198

92,641

Element

Solutions,

Inc

1,817

64,363

FMC

Corp

4,310

703,520

Freeport-McMoRan,

Inc

(Class

B)

26,234

17,819

FutureFuel

Corp

128

768,616

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

1,391

32,454

(b)

Glatfelter

Corp

65

145,764

Graphic

Packaging

Holding

Co

3,248

14,075

Greif,

Inc

(Class

A)

940

3,993

Greif,

Inc

(Class

B)

266

22,652

H.B.

Fuller

Co

1,554

15,846

Hawkins,

Inc

933

9,402

Haynes

International,

Inc

437

290,099

Hecla

Mining

Co

1,134

85,574

Huntsman

Corp

2,088

96,273

(a),(b)

i-80

Gold

Corp

147

CREF

Equity

Index

Account

September

30,

2023

222

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

21,966

(a)

Ingevity

Corp

$

1,046

11,273

Innospec,

Inc

1,152

127,265

International

Flavors

&

Fragrances,

Inc

8,676

172,512

International

Paper

Co

6,119

6,735

(a)

Intrepid

Potash,

Inc

170

23,280

(a),(b)

Ivanhoe

Electric,

Inc

277

8,625

Kaiser

Aluminum

Corp

649

24,111

(a)

Knife

River

Corp

1,177

15,231

Koppers

Holdings,

Inc

602

14,288

Kronos

Worldwide,

Inc

111

240,715

Linde

plc

89,630

80,227

(a),(b)

Livent

Corp

1,477

34,555

Louisiana-Pacific

Corp

1,910

16,250

(a)

LSB

Industries,

Inc

166

129,559

LyondellBasell

Industries

NV

12,269

30,128

Martin

Marietta

Materials,

Inc

12,367

11,119

Materion

Corp

1,133

12,674

Minerals

Technologies,

Inc

694

166,909

Mosaic

Co

5,942

39,809

(a)

MP

Materials

Corp

760

18,118

Myers

Industries,

Inc

325

2,137

NewMarket

Corp

972

396,127

Newmont

Goldcorp

Corp

14,637

149,512

(a)

Novagold

Resources,

Inc

574

121,367

Nucor

Corp

18,976

59,953

(a)

O-I

Glass,

Inc

1,003

62,167

Olin

Corp

3,107

6,559

Olympic

Steel,

Inc

369

54,529

(a),(b)

Origin

Materials,

Inc

70

38,461

Orion

S.A.

818

45,269

Packaging

Corp

of

America

6,951

22,477

Pactiv

Evergreen,

Inc

183

62,456

(a),(b)

Perimeter

Solutions

S.A.

284

8,901

(a)

Piedmont

Lithium,

Inc

353

115,690

PPG

Industries,

Inc

15,017

28,487

(a),(b)

PureCycle

Technologies,

Inc

160

7,360

Quaker

Chemical

Corp

1,178

11,495

Ramaco

Resources,

Inc

126

2,299

Ramaco

Resources,

Inc

27

16,208

(a)

Ranpak

Holdings

Corp

88

31,957

(a)

Rayonier

Advanced

Materials,

Inc

113

28,345

Reliance

Steel

&

Aluminum

Co

7,433

32,757

Royal

Gold,

Inc

3,483

63,937

RPM

International,

Inc

6,062

8,418

Ryerson

Holding

Corp

245

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

394

9,517

Schweitzer-Mauduit

International,

Inc

136

22,512

Scotts

Miracle-Gro

Co

(Class

A)

1,163

70,338

Sealed

Air

Corp

2,311

18,559

Sensient

Technologies

Corp

1,085

116,802

Sherwin-Williams

Co

29,790

41,605

Silgan

Holdings,

Inc

1,794

48,557

Sonoco

Products

Co

2,639

38,078

Southern

Copper

Corp

2,867

109,335

SSR

Mining,

Inc

1,453

76,597

Steel

Dynamics,

Inc

8,213

8,132

Stepan

Co

610

65,111

(a)

Summit

Materials,

Inc

2,028

48,451

SunCoke

Energy,

Inc

492

17,918

Sylvamo

Corp

787

29,755

(a)

TimkenSteel

Corp

646

19,671

Tredegar

Corp

106

223

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,586

Trimas

Corp

$

584

23,427

Trinseo

plc

191

62,538

Tronox

Holdings

plc

841

1,357

United

States

Lime

&

Minerals,

Inc

273

112,139

United

States

Steel

Corp

3,642

84,821

Valvoline,

Inc

2,735

63,607

Vulcan

Materials

Co

12,850

28,082

Warrior

Met

Coal,

Inc

1,434

14,533

Westlake

Chemical

Corp

1,812

113,717

Westrock

Co

4,071

10,006

Worthington

Industries,

Inc

619

TOTAL

MATERIALS

560,399

MEDIA

&

ENTERTAINMENT

-

7.3%

357,287

Activision

Blizzard,

Inc

33,453

41,683

(a),(b)

Advantage

Solutions,

Inc

118

2,500,522

(a)

Alphabet,

Inc

329,694

2,918,322

(a)

Alphabet,

Inc

(Class

A)

381,892

16,067

(a)

AMC

Networks,

Inc

189

7,655

(a)

Atlanta

Braves

Holdings,

Inc

299

28,493

(a)

Atlanta

Braves

Holdings,

Inc

1,018

7,354

(a)

Boston

Omaha

Corp

121

44,223

(a)

Bumble,

Inc

660

3,042

Cable

One,

Inc

1,873

51,402

(a)

Cargurus,

Inc

901

37,344

(a)

Cars.com,

Inc

630

50,249

(a)

Charter

Communications,

Inc

22,101

58,982

(a)

Cinemark

Holdings,

Inc

1,082

198,206

(a)

Clear

Channel

Outdoor

Holdings,

Inc

313

2,013,462

Comcast

Corp

(Class

A)

89,277

772

(a)

Daily

Journal

Corp

227

22,415

(a)

DHI

Group,

Inc

69

136,485

(a),(b)

DISH

Network

Corp

(Class

A)

800

131,209

Electronic

Arts,

Inc

15,798

50,932

Entravision

Communications

Corp

(Class

A)

186

40,961

(a)

Eventbrite,

Inc

404

8,345

(a)

EverQuote,

Inc

60

31,270

(a)

EW

Scripps

Co

(Class

A)

171

136,724

Fox

Corp

(Class

A)

4,266

52,050

Fox

Corp

(Class

B)

1,503

135,594

(a),(b)

fuboTV,

Inc

362

74,491

(a)

Gannett

Co,

Inc

182

46,930

Gray

Television,

Inc

325

20,672

(a),(b)

Grindr,

Inc

119

42,355

(a)

IAC,

Inc

2,134

27,196

(a)

IMAX

Corp

525

16,911

(a)

Integral

Ad

Science

Holding

Corp

201

183,140

Interpublic

Group

of

Cos,

Inc

5,249

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

875

58,788

(a)

Liberty

Broadband

Corp

5,369

5,960

(a)

Liberty

Broadband

Corp

(Class

A)

542

6,884

(a)

Liberty

Media

Corp-Liberty

Formula

One

389

100,858

(a)

Liberty

Media

Corp-Liberty

Formula

One

6,283

72,983

(a)

Liberty

Media

Corp-Liberty

SiriusXM

1,858

34,936

(a)

Liberty

Media

Corp-Liberty

SiriusXM

889

22,561

(a)

LIBERTY

MEDIA

CORP-LIBERTY-C

724

37,150

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

315

71,817

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

565

79,453

(a)

Live

Nation,

Inc

6,598

13,156

(a)

Madison

Square

Garden

Entertainment

Corp

433

10,365

Madison

Square

Garden

Sports

Corp

1,827

61,168

(a)

Magnite,

Inc

461

CREF

Equity

Index

Account

September

30,

2023

224

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,211

(b)

Marcus

Corp

$

220

133,165

(a)

Match

Group,

Inc

5,217

9,561

(a)

MediaAlpha,

Inc

79

1,086,585

(a)

Meta

Platforms,

Inc

326,204

216,000

(a)

NetFlix,

Inc

81,562

73,578

New

York

Times

Co

(Class

A)

3,031

189,629

News

Corp

(Class

A)

3,804

66,535

News

Corp

(Class

B)

1,389

18,525

Nexstar

Media

Group,

Inc

2,656

73,273

(a),(b)

Nextdoor

Holdings,

Inc

133

97,357

Omnicom

Group,

Inc

7,251

20,470

(a)

Outbrain,

Inc

100

4,594

Paramount

Global

(Class

A)

73

305,131

Paramount

Global

(Class

B)

3,936

277,011

(a)

Pinterest,

Inc

7,488

40,614

(a),(b)

Playstudios,

Inc

129

42,908

(a)

Playtika

Holding

Corp

413

21,386

(a)

PubMatic,

Inc

259

20,643

(a)

QuinStreet,

Inc

185

227,072

(a)

ROBLOX

Corp

6,576

63,324

(a)

Roku,

Inc

4,470

19,984

Scholastic

Corp

762

13,499

Shutterstock,

Inc

514

11,690

(b)

Sinclair,

Inc

131

319,108

(b)

Sirius

XM

Holdings,

Inc

1,442

13,156

(a)

Sphere

Entertainment

Co

489

67,991

(a)

Spotify

Technology

S.A.

10,514

33,238

(a)

Stagwell,

Inc

156

81,955

(a)

Take-Two

Interactive

Software,

Inc

11,506

12,153

(a)

TechTarget,

Inc

369

101,609

TEGNA,

Inc

1,480

13,027

(a)

Thryv

Holdings,

Inc

245

18,467

(a)

TKO

Group

Holdings,

Inc

1,552

56,597

(a)

TripAdvisor,

Inc

938

44,667

(a),(b)

TrueCar,

Inc

92

68,763

(a)

Vimeo,

Inc

243

12,686

(a),(b)

Vivid

Seats,

Inc

81

900,501

(a)

Walt

Disney

Co

72,986

1,098,789

(a)

Warner

Bros

Discovery,

Inc

11,933

28,599

(a)

WideOpenWest,

Inc

219

41,665

(a)

Yelp,

Inc

1,733

23,417

(a)

Ziff

Davis,

Inc

1,491

40,960

(a)

ZipRecruiter,

Inc

491

141,765

(a)

ZoomInfo

Technologies,

Inc

2,325

TOTAL

MEDIA

&

ENTERTAINMENT

1,500,197

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.8%

45,940

(a)

10X

Genomics,

Inc

1,895

11,229

(a),(b)

2seventy

bio,

Inc

44

22,403

(a)

4D

Molecular

Therapeutics,

Inc

285

30,587

(a)

89bio,

Inc

472

869,303

AbbVie,

Inc

129,578

70,913

(a)

Acadia

Pharmaceuticals,

Inc

1,478

23,691

(a)

Aclaris

Therapeutics,

Inc

162

12,987

(a),(b)

Actinium

Pharmaceuticals,

Inc

77

59,774

(a)

Adaptive

Biotechnologies

Corp

326

14,505

(a),(b)

Adicet

Bio,

Inc

20

95,244

(a)

ADMA

Biologics,

Inc

341

107,560

(a)

Agenus,

Inc

122

147,034

Agilent

Technologies,

Inc

16,441

34,493

(a)

Agios

Pharmaceuticals,

Inc

854

22,177

(a)

Akero

Therapeutics,

Inc

1,122

225

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,019

(a)

Aldeyra

Therapeutics,

Inc

$

154

31,429

(a)

Alector,

Inc

204

87,531

(a)

Alkermes

plc

2,452

33,411

(a)

Allakos,

Inc

76

28,864

(a),(b)

Allogene

Therapeutics,

Inc

92

10,335

(a),(b)

Allovir,

Inc

22

61,672

(a)

Alnylam

Pharmaceuticals,

Inc

10,922

15,824

(a),(b)

Alpine

Immune

Sciences,

Inc

181

24,706

(a)

Altimmune,

Inc

64

9,675

(a),(b)

ALX

Oncology

Holdings,

Inc

46

262,841

Amgen,

Inc

70,641

151,298

(a)

Amicus

Therapeutics,

Inc

1,840

53,162

(a)

Amneal

Pharmaceuticals,

Inc

224

25,774

(a)

Amphastar

Pharmaceuticals,

Inc

1,185

25,689

(a),(b)

Amylyx

Pharmaceuticals,

Inc

470

12,566

(a),(b)

AnaptysBio,

Inc

226

30,524

(a),(b)

Anavex

Life

Sciences

Corp

200

5,767

(a)

ANI

Pharmaceuticals,

Inc

335

10,943

(a)

Anika

Therapeutics,

Inc

204

46,610

(a)

Apellis

Pharmaceuticals,

Inc

1,773

55,373

(a),(b)

Arbutus

Biopharma

Corp

112

15,098

(a)

Arcellx,

Inc

542

7,756

(a)

Arcturus

Therapeutics

Holdings,

Inc

198

20,717

(a)

Arcus

Biosciences,

Inc

372

15,151

(a),(b)

Arcutis

Biotherapeutics,

Inc

80

105,254

(a)

Ardelyx,

Inc

429

55,310

(a)

Arrowhead

Pharmaceuticals,

Inc

1,486

23,815

(a)

Arvinas,

Inc

468

27,175

(a),(b)

Assertio

Holdings,

Inc

70

12,739

(a),(b)

Astria

Therapeutics,

Inc

95

35,244

(a)

Atea

Pharmaceuticals,

Inc

106

9,389

(a),(b)

Aura

Biosciences,

Inc

84

68,772

(a),(b)

Aurinia

Pharmaceuticals,

Inc

534

318,550

(a)

Avantor,

Inc

6,715

33,858

(a)

Avid

Bioservices,

Inc

320

38,891

(a)

Avidity

Biosciences,

Inc

248

12,422

(a),(b)

Avita

Medical,

Inc

182

15,727

(a),(b)

Axsome

Therapeutics,

Inc

1,099

25,636

(a),(b)

Beam

Therapeutics,

Inc

617

97,016

(a),(b)

BioCryst

Pharmaceuticals,

Inc

687

71,702

(a)

Biogen,

Inc

18,428

23,650

(a)

Biohaven

Ltd

615

13,317

(a)

BioLife

Solutions,

Inc

184

93,702

(a)

BioMarin

Pharmaceutical,

Inc

8,291

9,809

(a),(b)

Biomea

Fusion,

Inc

135

10,456

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

3,748

78,368

Bio-Techne

Corp

5,335

33,689

(a),(b)

Bluebird

Bio,

Inc

102

31,927

(a)

Blueprint

Medicines

Corp

1,603

58,721

(a)

Bridgebio

Pharma,

Inc

1,548

1,037,115

Bristol-Myers

Squibb

Co

60,194

39,365

(a)

Brooks

Automation,

Inc

1,976

56,206

Bruker

BioSciences

Corp

3,502

54,897

(a),(b)

Cabaletta

Bio,

Inc

836

19,366

(a)

Cara

Therapeutics,

Inc

33

27,306

(a)

CareDx,

Inc

191

10,333

(a),(b)

Caribou

Biosciences,

Inc

49

13,320

(b)

Carisma

Therapeutics,

Inc

56

20,876

(a),(b)

Cassava

Sciences,

Inc

347

85,996

(a)

Catalent,

Inc

3,915

50,782

(a)

Catalyst

Pharmaceuticals,

Inc

594

8,603

(a),(b)

Celcuity,

Inc

79

CREF

Equity

Index

Account

September

30,

2023

226

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

21,395

(a)

Celldex

Therapeutics,

Inc

$

589

19,234

(a),(b)

Cerevel

Therapeutics

Holdings,

Inc

420

25,265

(a)

Charles

River

Laboratories

International,

Inc

4,951

28,644

(a),(d)

Chinook

Therapeutics,

Inc

11

23,538

(a)

Codexis,

Inc

45

22,858

(a)

Cogent

Biosciences,

Inc

223

27,864

(a)

Coherus

Biosciences,

Inc

104

16,286

(a)

Collegium

Pharmaceutical,

Inc

364

45,293

(a),(b)

Compass

Therapeutics,

Inc

89

33,186

(a)

Corcept

Therapeutics,

Inc

904

22,299

(a),(b)

CorMedix,

Inc

83

38,468

(a)

Crinetics

Pharmaceuticals,

Inc

1,144

22,130

(a)

CryoPort,

Inc

303

7,345

(a)

Cullinan

Oncology,

Inc

66

48,616

(a)

Cymabay

Therapeutics,

Inc

725

51,177

(a)

Cytek

Biosciences,

Inc

283

42,716

(a)

Cytokinetics,

Inc

1,258

325,188

Danaher

Corp

80,679

11,974

(a)

Day

One

Biopharmaceuticals,

Inc

147

22,263

(a)

Deciphera

Pharmaceuticals,

Inc

283

49,642

(a)

Denali

Therapeutics,

Inc

1,024

14,200

(a)

Design

Therapeutics,

Inc

34

3,831

(a),(b)

Disc

Medicine,

Inc

180

58,823

(a)

Dynavax

Technologies

Corp

869

16,387

(a)

Dyne

Therapeutics,

Inc

147

6,368

(a)

Eagle

Pharmaceuticals,

Inc

100

20,664

(a)

Edgewise

Therapeutics,

Inc

118

35,681

(a)

Editas

Medicine,

Inc

278

242,401

(a)

Elanco

Animal

Health,

Inc

2,725

416,289

Eli

Lilly

&

Co

223,601

11,786

(a)

Enanta

Pharmaceuticals,

Inc

132

11,571

(a),(b)

Enliven

Therapeutics,

Inc

158

10,600

(a),(b)

Entrada

Therapeutics,

Inc

168

70,095

(a),(b)

EQRx,

Inc

156

33,527

(a)

Erasca,

Inc

66

17,590

(a)

Evolus,

Inc

161

88,922

(a)

Exact

Sciences

Corp

6,066

170,031

(a)

Exelixis,

Inc

3,715

66,417

(a),(b)

EyePoint

Pharmaceuticals,

Inc

531

42,216

(a)

Fate

Therapeutics,

Inc

90

10,305

(a),(b)

Foghorn

Therapeutics,

Inc

52

45,181

(a),(b)

Fortrea

Holdings,

Inc

1,292

29,510

(a)

Genelux

Corp

723

23,909

(a)

Generation

Bio

Co

91

245,957

(a)

Geron

Corp

521

614,278

Gilead

Sciences,

Inc

46,034

44,572

(a),(b)

Gritstone

bio,

Inc

77

68,124

(a)

Halozyme

Therapeutics,

Inc

2,602

12,195

(a)

Harmony

Biosciences

Holdings,

Inc

400

12,872

(a),(b)

Harrow

Health,

Inc

185

19,354

(a)

Harvard

Bioscience,

Inc

83

10,524

(a),(b)

HilleVax,

Inc

142

109,958

(a)

Horizon

Therapeutics

PLC

12,721

40,572

(a)

ICON

plc

9,991

7,208

(a),(b)

Icosavax,

Inc

56

15,316

(a)

Ideaya

Biosciences,

Inc

413

2,211

(a),(b)

IGM

Biosciences,

Inc

18

78,792

(a)

Illumina,

Inc

10,817

10,169

(a)

Immuneering

Corp

78

36,493

(a),(b)

ImmunityBio,

Inc

62

106,612

(a)

Immunogen,

Inc

1,692

19,494

(a)

Immunovant,

Inc

748

227

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

87,640

(a)

Incyte

Corp

$

5,063

15,231

(a),(b)

Inhibrx,

Inc

280

34,523

(a)

Innoviva,

Inc

448

16,918

(a),(b)

Inozyme

Pharma,

Inc

71

60,247

(a)

Insmed,

Inc

1,521

34,856

(a)

Intellia

Therapeutics,

Inc

1,102

12,921

(a)

Intercept

Pharmaceuticals,

Inc

240

46,963

(a)

Intra-Cellular

Therapies,

Inc

2,446

79,163

(a)

Ionis

Pharmaceuticals,

Inc

3,591

74,052

(a)

Iovance

Biotherapeutics,

Inc

337

92,212

(a)

IQVIA

Holdings,

Inc

18,143

95,014

(a)

Ironwood

Pharmaceuticals,

Inc

915

11,046

(a)

iTeos

Therapeutics,

Inc

121

8,802

(a),(b)

Janux

Therapeutics,

Inc

89

28,814

(a)

Jazz

Pharmaceuticals

plc

3,730

1,183,846

Johnson

&

Johnson

184,384

10,666

(a)

KalVista

Pharmaceuticals,

Inc

103

17,697

(a)

Karuna

Therapeutics,

Inc

2,992

46,110

(a),(b)

Karyopharm

Therapeutics,

Inc

62

8,516

(a)

Keros

Therapeutics,

Inc

272

18,676

(a),(b)

Kezar

Life

Sciences,

Inc

22

11,321

(a)

Kiniksa

Pharmaceuticals

Ltd

197

18,276

(a),(b)

Kodiak

Sciences,

Inc

33

9,785

(a)

Krystal

Biotech,

Inc

1,135

31,598

(a)

Kura

Oncology,

Inc

288

15,771

(a)

Kymera

Therapeutics,

Inc

219

30,110

(a),(b)

Lexicon

Pharmaceuticals,

Inc

33

8,586

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

514

65,652

(a),(b)

Lineage

Cell

Therapeutics,

Inc

77

24,455

(a)

Liquidia

Corp

155

77,816

(a),(b)

Lyell

Immunopharma,

Inc

114

32,187

(a)

MacroGenics,

Inc

150

6,193

(a)

Madrigal

Pharmaceuticals,

Inc

904

94,899

(a)

MannKind

Corp

392

54,984

(a)

Maravai

LifeSciences

Holdings,

Inc

550

24,801

(a),(b)

Marinus

Pharmaceuticals,

Inc

200

51,230

(a),(b)

MaxCyte,

Inc

160

12,929

(a)

Medpace

Holdings,

Inc

3,131

10,086

(a)

MeiraGTx

Holdings

plc

50

1,248,969

Merck

&

Co,

Inc

128,581

11,133

(a)

Mettler-Toledo

International,

Inc

12,336

60,615

(a)

MiMedx

Group,

Inc

442

7,068

(a)

Mineralys

Therapeutics,

Inc

67

21,876

(a)

Mirati

Therapeutics,

Inc

953

8,147

(a),(b)

Mirum

Pharmaceuticals,

Inc

257

165,972

(a)

Moderna,

Inc

17,143

14,704

(a),(b)

Monte

Rosa

Therapeutics,

Inc

70

15,005

(a)

Morphic

Holding,

Inc

344

46,607

(a)

Myriad

Genetics,

Inc

748

22,499

(a),(b)

NanoString

Technologies,

Inc

39

51,554

(a)

Natera,

Inc

2,281

25,317

(a)

Nautilus

Biotechnology,

Inc

80

45,814

(a)

Neurocrine

Biosciences,

Inc

5,154

15,360

(a)

NGM

Biopharmaceuticals,

Inc

16

9,374

(a),(b)

Nkarta,

Inc

13

40,572

(a),(b)

Novavax,

Inc

294

17,085

(a)

Nurix

Therapeutics,

Inc

134

10,256

(a)

Nuvalent,

Inc

471

35,946

(a)

Nuvation

Bio,

Inc

48

41,830

(a)

Ocular

Therapeutix,

Inc

131

13,370

(a)

Olema

Pharmaceuticals,

Inc

165

12,172

(a),(b)

Omega

Therapeutics,

Inc

26

CREF

Equity

Index

Account

September

30,

2023

228

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,358

(a),(b)

Omeros

Corp

$

89

3,255

(a),(d)

OmniAb

Operations,

Inc

0^

3,255

(a),(d)

OmniAb

Operations,

Inc

0^

42,061

(a)

OmniAb,

Inc

218

13,691

(a)

Organogenesis

Holdings,

Inc

44

99,908

Organon

&

Co

1,734

19,543

(a),(b)

ORIC

Pharmaceuticals,

Inc

118

29,936

(a),(b)

Ovid

therapeutics,

Inc

115

100,456

(a),(b)

Pacific

Biosciences

of

California,

Inc

839

23,821

(a)

Pacira

BioSciences,

Inc

731

65,063

PerkinElmer,

Inc

7,202

69,259

Perrigo

Co

plc

2,213

2,778,747

Pfizer,

Inc

92,171

56,260

(a),(b)

Phathom

Pharmaceuticals,

Inc

583

12,927

Phibro

Animal

Health

Corp

165

27,964

(a)

Pliant

Therapeutics,

Inc

485

14,315

(a)

PMV

Pharmaceuticals,

Inc

88

37,958

(a)

Point

Biopharma

Global,

Inc

253

39,456

(a),(b)

Precigen,

Inc

56

24,486

(a)

Prestige

Consumer

Healthcare,

Inc.

1,400

19,579

(a),(b)

Prime

Medicine,

Inc

187

30,525

(a),(b)

ProKidney

Corp

140

22,557

(a)

Protagonist

Therapeutics,

Inc

376

18,603

(a)

Prothena

Corp

plc

898

37,990

(a)

PTC

Therapeutics,

Inc

851

113,112

(a)

QIAGEN

NV

4,581

16,838

(a)

Quanterix

Corp

457

46,832

(a),(b)

Quantum-Si,

Inc

78

15,258

(a),(b)

Rallybio

Corp

51

6,533

(a),(b)

RAPT

Therapeutics,

Inc

109

61,485

(a),(b)

Recursion

Pharmaceuticals,

Inc

470

50,824

(a)

Regeneron

Pharmaceuticals,

Inc

41,826

19,715

(a)

REGENXBIO,

Inc

325

31,945

(a)

Relay

Therapeutics,

Inc

269

26,192

(a)

Repligen

Corp

4,165

10,254

(a)

Replimune

Group,

Inc

175

33,815

(a)

Revance

Therapeutics,

Inc

388

50,065

(a)

REVOLUTION

Medicines,

Inc

1,386

25,414

(a),(b)

Rhythm

Pharmaceuticals,

Inc

583

86,450

(a)

Rigel

Pharmaceuticals,

Inc

93

20,281

(a)

Rocket

Pharmaceuticals,

Inc

416

178,841

(a),(b)

Roivant

Sciences

Ltd

2,089

189,332

Royalty

Pharma

plc

5,138

28,225

(a)

Sage

Therapeutics,

Inc

581

46,510

(a),(b)

Sana

Biotechnology,

Inc

180

52,234

(a),(b)

Sangamo

Therapeutics

Inc

31

41,917

(a)

Sarepta

Therapeutics,

Inc

5,081

38,005

(a),(b)

Savara,

Inc

144

14,170

(a),(b)

Scholar

Rock

Holding

Corp

101

14,352

(a),(b)

scPharmaceuticals,

Inc

102

68,787

(a)

Seagen,

Inc

14,593

22,417

(a),(b)

Seer,

Inc

50

37,976

(a)

Seres

Therapeutics,

Inc

90

35,191

(b)

SIGA

Technologies,

Inc

185

76,705

(a)

SomaLogic,

Inc

183

99,083

(a),(b),(d)

Sorrento

Therapeutics,

Inc

132

43,033

(a)

Sotera

Health

Co

645

15,930

(a)

SpringWorks

Therapeutics,

Inc

368

10,464

(a),(b)

Stoke

Therapeutics,

Inc

41

57,751

(a),(b)

Summit

Therapeutics,

Inc

108

26,807

(a)

Supernus

Pharmaceuticals,

Inc

739

15,843

(a),(b)

Sutro

Biopharma,

Inc

55

229

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,529

(a)

Syndax

Pharmaceuticals,

Inc

$

356

23,918

(a),(b)

Tango

Therapeutics,

Inc

269

4,094

(a),(b)

Taro

Pharmaceutical

Industries

Ltd

154

9,396

(a)

Tarsus

Pharmaceuticals,

Inc

167

22,763

(a),(b)

Tenaya

Therapeutics,

Inc

58

21,241

(a),(b)

Terns

Pharmaceuticals,

Inc

107

69,942

(a)

TG

Therapeutics,

Inc

585

29,259

(a),(b)

Theravance

Biopharma,

Inc

253

189,751

Thermo

Fisher

Scientific,

Inc

96,046

10,124

(a)

Theseus

Pharmaceuticals,

Inc

27

25,726

(a)

Travere

Therapeutics,

Inc

230

26,284

(a)

Twist

Bioscience

Corp

533

6,957

(a),(b)

Tyra

Biosciences,

Inc

96

33,751

(a)

Ultragenyx

Pharmaceutical,

Inc

1,203

22,243

(a)

United

Therapeutics

Corp

5,024

9,811

(a),(b)

UroGen

Pharma

Ltd

137

31,395

(a)

Vanda

Pharmaceuticals,

Inc

136

45,372

(a)

Vaxcyte,

Inc

2,313

30,037

(a)

Ventyx

Biosciences,

Inc

1,043

29,297

(a),(b)

Vera

Therapeutics,

Inc

402

36,815

(a)

Veracyte,

Inc

822

24,994

(a)

Vericel

Corp

838

125,856

(a)

Vertex

Pharmaceuticals,

Inc

43,765

23,209

(a),(b)

Verve

Therapeutics,

Inc

308

530,013

Viatris,

Inc

5,226

47,438

(a)

Viking

Therapeutics,

Inc

525

32,800

(a)

Vir

Biotechnology,

Inc

307

16,873

(a)

Viridian

Therapeutics,

Inc

259

19,087

(a),(b)

Vor

BioPharma,

Inc

40

15,628

(a)

Voyager

Therapeutics,

Inc

121

29,140

(a)

Waters

Corp

7,990

29,537

(a),(b)

WaVe

Life

Sciences

Ltd

170

37,278

West

Pharmaceutical

Services,

Inc

13,987

61,355

(a)

X4

Pharmaceuticals,

Inc

67

27,098

(a)

Xencor,

Inc

546

67,913

(a),(b)

Xeris

Biopharma

Holdings,

Inc

126

19,065

(a)

Y-mAbs

Therapeutics,

Inc

104

18,143

(a)

Zentalis

Pharmaceuticals,

Inc

364

17,404

(a),(b)

Zevra

Therapeutics,

Inc

84

230,733

Zoetis,

Inc

40,143

26,472

(a),(b)

Zymeworks,

Inc

168

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,618,611

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

62,854

(a)

Anywhere

Real

Estate,

Inc

404

150,369

(a)

CBRE

Group,

Inc

11,106

133,621

(a)

Compass,

Inc

388

66,192

(a)

Cushman

&

Wakefield

plc

504

69,755

DigitalBridge

Group,

Inc

1,226

41,149

Douglas

Elliman,

Inc

93

28,436

(b)

eXp

World

Holdings,

Inc

462

425

(a)

Forestar

Group,

Inc

11

4,942

(a)

FRP

Holdings,

Inc

267

23,806

(a)

Jones

Lang

LaSalle,

Inc

3,361

44,610

Kennedy-Wilson

Holdings,

Inc

658

11,498

Marcus

&

Millichap,

Inc

337

81,428

Newmark

Group,

Inc

524

228,590

(a),(b)

Opendoor

Technologies,

Inc

603

13,117

Re/Max

Holdings,

Inc

170

57,095

(a),(b)

Redfin

Corp

402

5,123

RMR

Group,

Inc

126

18,561

St.

Joe

Co

1,008

CREF

Equity

Index

Account

September

30,

2023

230

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,112

(a)

Stratus

Properties,

Inc

$

85

12,164

(a)

Tejon

Ranch

Co

197

20,587

(a)

Zillow

Group,

Inc

(Class

A)

922

74,688

(a)

Zillow

Group,

Inc

(Class

C)

3,448

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

26,302

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.5%

24,578

(a)

ACM

Research,

Inc

445

786,497

(a)

Advanced

Micro

Devices,

Inc

80,868

12,826

(a),(b)

Aehr

Test

Systems

586

26,133

(a)

Allegro

MicroSystems,

Inc

835

15,539

(a)

Alpha

&

Omega

Semiconductor

Ltd

464

19,074

(a)

Ambarella,

Inc

1,011

55,705

Amkor

Technology,

Inc

1,259

248,588

Analog

Devices,

Inc

43,525

415,808

Applied

Materials,

Inc

57,569

10,142

(a),(b)

Atomera,

Inc

63

16,075

(a)

Axcelis

Technologies,

Inc

2,621

198,650

Broadcom,

Inc

164,995

15,710

(a)

Ceva,

Inc

305

26,804

(a)

Cirrus

Logic,

Inc

1,982

26,675

(a)

Cohu,

Inc

919

71,388

(a)

Credo

Technology

Group

Holding

Ltd

1,089

23,788

(a)

Diodes,

Inc

1,875

66,786

(a)

Enphase

Energy,

Inc

8,024

72,011

Entegris,

Inc

6,763

51,096

(a)

First

Solar,

Inc

8,257

42,439

(a)

Formfactor,

Inc

1,483

39,047

(a),(b)

GLOBALFOUNDRIES,

Inc

2,272

15,133

(a)

Ichor

Holdings

Ltd

469

13,074

(a)

Impinj,

Inc

719

51,148

(a),(b)

indie

Semiconductor,

Inc

322

2,055,539

Intel

Corp

73,074

5,319

(a)

inTEST

Corp

81

66,997

KLA

Corp

30,729

26,815

Kulicke

&

Soffa

Industries,

Inc

1,304

65,413

Lam

Research

Corp

40,999

68,594

(a)

Lattice

Semiconductor

Corp

5,894

26,755

(a)

MACOM

Technology

Solutions

Holdings,

Inc

2,183

426,190

Marvell

Technology,

Inc

23,070

12,490

(a),(b)

Maxeon

Solar

Technologies

Ltd

145

38,172

(a)

MaxLinear,

Inc

849

260,055

Microchip

Technology,

Inc

20,297

533,343

Micron

Technology,

Inc

36,283

33,135

MKS

Instruments,

Inc

2,868

23,066

Monolithic

Power

Systems,

Inc

10,656

50,806

(a),(b)

Navitas

Semiconductor

Corp

353

2,338

NVE

Corp

192

1,167,529

Nvidia

Corp

507,863

208,183

(a)

ON

Semiconductor

Corp

19,351

21,454

(a)

Onto

Innovation,

Inc

2,736

20,605

(a)

PDF

Solutions,

Inc

668

29,998

(a)

Photronics,

Inc

606

25,919

Power

Integrations,

Inc

1,978

46,313

(a)

Qorvo,

Inc

4,421

545,979

QUALCOMM,

Inc

60,636

53,820

(a)

Rambus,

Inc

3,003

35,296

(a)

Semtech

Corp

909

15,676

(a)

Silicon

Laboratories,

Inc

1,817

7,023

(a)

SiTime

Corp

802

76,111

Skyworks

Solutions,

Inc

7,504

15,494

(a)

SMART

Global

Holdings,

Inc

377

231

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

19,257

(a)

Synaptics,

Inc

$

1,722

75,708

Teradyne,

Inc

7,606

443,980

Texas

Instruments,

Inc

70,597

23,500

(a)

Ultra

Clean

Holdings

697

24,314

Universal

Display

Corp

3,817

34,384

(a)

Veeco

Instruments,

Inc

967

62,345

(a),(b)

Wolfspeed,

Inc

2,375

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,338,149

SOFTWARE

&

SERVICES

-

11.5%

65,506

(a)

8x8,

Inc

165

32,215

A10

Networks,

Inc

484

309,681

Accenture

plc

95,106

68,208

(a)

ACI

Worldwide,

Inc

1,539

57,275

Adeia,

Inc

612

224,588

(a)

Adobe,

Inc

114,517

11,056

(a)

Agilysys,

Inc

731

75,911

(a)

Akamai

Technologies,

Inc

8,088

26,945

(a)

Alarm.com

Holdings,

Inc

1,647

15,192

(a)

Alkami

Technology,

Inc

277

24,769

(a)

Altair

Engineering,

Inc

1,550

32,290

(a)

Alteryx,

Inc

1,217

59,006

Amdocs

Ltd

4,985

15,720

American

Software,

Inc

(Class

A)

180

28,669

(a)

Amplitude,

Inc

332

43,227

(a)

Ansys,

Inc

12,862

9,509

(a)

Appfolio,

Inc

1,737

20,140

(a),(b)

Appian

Corp

919

33,758

(a),(b)

Applied

Digital

Corp

211

116,026

(a)

AppLovin

Corp

4,636

40,356

(a)

Asana,

Inc

739

14,242

(a)

Aspentech

Corp

2,909

9,467

(a)

Asure

Software,

Inc

90

70,590

(a)

Atlassian

Corp

Ltd

14,225

105,442

(a)

Autodesk,

Inc

21,817

66,029

(a)

AvePoint,

Inc

444

95,656

Bentley

Systems,

Inc

4,798

24,476

(a)

BigCommerce

Holdings,

Inc

242

49,304

(a)

BILL

Holdings,

Inc

5,353

36,478

(a),(b)

Bit

Digital,

Inc

78

17,422

(a)

Blackbaud,

Inc

1,225

29,853

(a)

BlackLine,

Inc

1,656

66,925

(a)

Box,

Inc

1,620

17,121

(a)

Braze,

Inc

800

20,694

(a)

Brightcove,

Inc

68

29,086

(a),(b)

C3.ai,

Inc

742

131,820

(a)

Cadence

Design

Systems,

Inc

30,885

87,215

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

1,164

22,039

(a)

Cerence,

Inc

449

73,546

(a)

Ceridian

HCM

Holding,

Inc

4,990

17,869

(a),(b)

Cleanspark,

Inc

68

31,897

(b)

Clear

Secure,

Inc

607

144,134

(a)

Cloudflare,

Inc

9,086

242,791

Cognizant

Technology

Solutions

Corp

(Class

A)

16,447

20,876

(a)

Commvault

Systems,

Inc

1,411

92,360

(a)

Confluent,

Inc

2,735

7,805

(a)

Consensus

Cloud

Solutions,

Inc

196

3,649

(a),(b)

CoreCard

Corp

73

13,583

(a)

Couchbase,

Inc

233

104,906

(a)

Crowdstrike

Holdings,

Inc

17,559

6,968

(a)

CS

Disco,

Inc

46

133,433

(a)

Datadog,

Inc

12,154

CREF

Equity

Index

Account

September

30,

2023

232

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,264

(a),(b)

Digimarc

Corp

$

236

46,104

(a)

Digital

Turbine,

Inc

279

39,126

(a),(b)

DigitalOcean

Holdings,

Inc

940

103,146

(a)

DocuSign,

Inc

4,332

29,210

Dolby

Laboratories,

Inc

(Class

A)

2,315

15,039

(a)

Domo,

Inc

148

55,975

(a)

DoubleVerify

Holdings,

Inc

1,564

118,133

(a)

Dropbox,

Inc

3,217

113,169

(a)

DXC

Technology

Co

2,357

106,722

(a)

Dynatrace,

Inc

4,987

87,429

(a)

E2open

Parent

Holdings,

Inc

397

17,480

(b)

Ebix,

Inc

173

10,699

(a)

eGain

Corp

66

37,517

(a)

Elastic

NV

3,048

13,046

(a),(b)

Enfusion,

Inc

117

17,890

(a)

EngageSmart,

Inc

322

30,234

(a)

Envestnet,

Inc

1,331

27,283

(a)

EPAM

Systems,

Inc

6,976

21,053

(a)

Everbridge,

Inc

472

12,378

(a)

EverCommerce,

Inc

124

27,561

(a)

Expensify,

Inc

90

11,993

(a)

Fair

Isaac

Corp

10,416

58,075

(a)

Fastly,

Inc

1,113

37,675

(a)

Five9,

Inc

2,422

321,842

(a)

Fortinet,

Inc

18,886

80,143

(a)

Freshworks,

Inc

1,596

37,831

(a)

Gartner,

Inc

12,999

283,454

Gen

Digital,

Inc

5,011

43,093

(a)

Gitlab,

Inc

1,949

21,651

(a)

Globant

S.A.

4,284

74,890

(a)

GoDaddy,

Inc

5,578

15,258

(a)

Grid

Dynamics

Holdings,

Inc

186

46,084

(a)

Guidewire

Software,

Inc

4,148

17,956

Hackett

Group,

Inc

424

46,373

(a)

HashiCorp,

Inc

1,059

22,755

(a)

HubSpot,

Inc

11,207

5,474

(a)

IBEX

Holdings

Ltd

85

17,943

(a)

Informatica,

Inc

378

18,219

Information

Services

Group,

Inc

80

8,870

(a),(b)

Instructure

Holdings,

Inc

225

7,324

(a)

Intapp,

Inc

245

13,365

InterDigital,

Inc

1,072

446,685

International

Business

Machines

Corp

62,670

133,586

Intuit,

Inc

68,254

29,050

(a)

Jamf

Holding

Corp

513

95,867

(a)

Kyndryl

Holdings,

Inc

1,448

35,615

(a)

LiveRamp

Holdings,

Inc

1,027

29,686

(a)

Manhattan

Associates,

Inc

5,868

118,837

(a),(b)

Marathon

Digital

Holdings,

Inc

1,010

112,247

(a),(b)

Matterport,

Inc

244

11,893

(a),(b)

MeridianLink,

Inc

203

3,659,397

Microsoft

Corp

1,155,455

5,471

(a),(b)

MicroStrategy,

Inc

(Class

A)

1,796

22,456

(a),(b)

Mitek

Systems,

Inc

241

14,483

(a)

Model

N,

Inc

354

31,781

(a)

MongoDB,

Inc

10,992

19,169

(a)

N-able,

Inc

247

25,933

(a),(b)

nCino

OpCo,

Inc

825

68,992

(a)

NCR

Corp

1,861

30,030

(a)

New

Relic,

Inc

2,571

105,783

(a)

Nutanix,

Inc

3,690

76,550

(a)

Okta,

Inc

6,240

233

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

46,103

(a)

Olo,

Inc

$

279

4,837

ON24,

Inc

31

21,489

(a)

OneSpan,

Inc

231

746,176

Oracle

Corp

79,035

41,005

(a),(b)

PagerDuty,

Inc

922

933,059

(a)

Palantir

Technologies,

Inc

14,929

146,895

(a)

Palo

Alto

Networks,

Inc

34,438

24,132

Paycom

Software,

Inc

6,257

36,294

(a),(b)

Paycor

HCM,

Inc

829

20,584

(a)

Paylocity

Holding

Corp

3,740

22,404

Pegasystems,

Inc

973

17,663

(a)

Perficient,

Inc

1,022

23,203

(a)

PowerSchool

Holdings,

Inc

526

39,107

(a)

Procore

Technologies,

Inc

2,554

23,997

Progress

Software

Corp

1,262

19,034

(a)

PROS

Holdings,

Inc

659

52,897

(a)

PTC,

Inc

7,494

29,530

(a)

Q2

Holdings,

Inc

953

18,605

(a)

Qualys,

Inc

2,838

31,056

(a)

Rapid7,

Inc

1,422

24,959

(a)

Rimini

Street,

Inc

55

44,149

(a)

RingCentral,

Inc

1,308

73,047

(a),(b)

Riot

Platforms,

Inc

681

52,492

Roper

Industries,

Inc

25,421

465,733

(a)

Salesforce,

Inc

94,441

15,268

Sapiens

International

Corp

NV

434

15,611

(a)

SEMrush

Holdings,

Inc

133

88,419

(a)

SentinelOne,

Inc

1,491

99,445

(a)

ServiceNow,

Inc

55,586

66,115

(a)

Smartsheet,

Inc

2,675

154,483

(a)

Snowflake,

Inc

23,600

19,169

(a)

SolarWinds

Corp

181

69,720

(a),(b)

SoundHound

AI,

Inc

140

4,906

(a)

SoundThinking,

Inc

88

80,215

(a)

Splunk,

Inc

11,731

42,968

(a)

Sprinklr,

Inc

595

24,107

(a)

Sprout

Social,

Inc

1,202

19,690

(a)

SPS

Commerce,

Inc

3,359

16,060

(a)

Squarespace,

Inc

465

74,182

(a)

Synopsys,

Inc

34,047

49,510

(a)

Tenable

Holdings,

Inc

2,218

51,680

(a)

Teradata

Corp

2,327

22,872

(a)

Thoughtworks

Holding,

Inc

93

217,474

(a)

Trade

Desk,

Inc

16,996

6,516

(a),(b)

Tucows,

Inc

133

85,658

(a)

Twilio,

Inc

5,014

21,091

(a)

Tyler

Technologies,

Inc

8,144

192,445

(a)

UiPath,

Inc

3,293

38,674

(a)

Unisys

Corp

133

143,370

(a)

Unity

Software,

Inc

4,500

56,469

(a)

Varonis

Systems,

Inc

1,725

35,164

(a)

Verint

Systems,

Inc

808

43,208

(a)

VeriSign,

Inc

8,751

6,012

(a)

Viant

Technology,

Inc

34

102,737

(a)

VMware,

Inc

(Class

A)

17,104

16,330

(a)

Weave

Communications,

Inc

133

97,141

(a)

Workday,

Inc

20,871

22,930

(a)

Workiva,

Inc

2,324

22,910

(a)

Xperi,

Inc

226

55,032

(a)

Yext,

Inc

348

55,743

(a)

Zeta

Global

Holdings

Corp

465

121,590

(a)

Zoom

Video

Communications,

Inc

8,504

CREF

Equity

Index

Account

September

30,

2023

234

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

41,021

(a)

Zscaler,

Inc

$

6,382

55,037

(a)

Zuora,

Inc

453

TOTAL

SOFTWARE

&

SERVICES

2,378,073

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.9%

6,963

(a)

908

Devices,

Inc

46

35,649

ADTRAN

Holdings,

Inc

293

20,999

Advanced

Energy

Industries,

Inc

2,165

41,314

(a),(b)

Aeva

Technologies,

Inc

32

18,515

(a),(b)

Akoustis

Technologies,

Inc

14

285,985

Amphenol

Corp

(Class

A)

24,020

7,337,934

Apple,

Inc

1,256,328

123,543

(a)

Arista

Networks,

Inc

22,723

47,303

(a)

Arlo

Technologies,

Inc

487

25,833

(a)

Arrow

Electronics,

Inc

3,235

5,662

(a)

Aviat

Networks,

Inc

177

24,161

(a)

Avid

Technology,

Inc

649

46,118

Avnet,

Inc

2,222

15,939

Badger

Meter,

Inc

2,293

5,150

Bel

Fuse,

Inc

(Class

B)

246

24,142

Belden

CDT,

Inc

2,331

19,531

Benchmark

Electronics,

Inc

474

28,887

(a)

Calix,

Inc

1,324

4,889

(a),(b)

Cambium

Networks

Corp

36

66,275

CDW

Corp

13,372

79,273

(a)

Ciena

Corp

3,746

2,012,155

Cisco

Systems,

Inc

108,174

8,964

(a),(b)

Clearfield,

Inc

257

2,062

(b)

Climb

Global

Solutions,

Inc

89

83,398

Cognex

Corp

3,539

59,436

(a)

Coherent

Corp

1,940

115,638

(a)

CommScope

Holding

Co,

Inc

389

16,237

Comtech

Telecommunications

Corp

142

378,993

Corning,

Inc

11,548

8,680

(a),(b)

Corsair

Gaming,

Inc

126

17,421

CTS

Corp

727

19,434

(a)

Daktronics,

Inc

173

18,652

(a)

Digi

International,

Inc

504

9,167

(a),(b)

DZS,

Inc

19

24,605

(a)

Eastman

Kodak

Co

104

18,556

(a)

ePlus,

Inc

1,179

43,075

(a),(b)

Evolv

Technologies

Holdings,

Inc

209

62,313

(a)

Extreme

Networks,

Inc

1,509

25,536

(a)

F5

Networks,

Inc

4,115

16,219

(a)

Fabrinet

2,702

9,925

(a)

FARO

Technologies,

Inc

151

58,321

(a)

Harmonic,

Inc

562

639,437

Hewlett

Packard

Enterprise

Co

11,107

409,106

HP,

Inc

10,514

15,475

(b)

Immersion

Corp

102

103,799

(a),(b)

Infinera

Corp

434

14,981

(a)

Insight

Enterprises,

Inc

2,180

60,908

(a),(b)

IonQ,

Inc

906

14,955

(a)

IPG

Photonics

Corp

1,519

21,652

(a),(b)

Iteris,

Inc

90

24,355

(a)

Itron,

Inc

1,475

64,357

Jabil

Inc

8,166

163,210

Juniper

Networks,

Inc

4,536

85,641

(a)

Keysight

Technologies,

Inc

11,331

21,162

(a)

Kimball

Electronics,

Inc

579

28,141

(a)

Knowles

Corp

417

9,450

(a)

KVH

Industries,

Inc

48

235

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

57,291

(a),(b)

Lightwave

Logic,

Inc

$

256

13,151

Littelfuse,

Inc

3,253

36,595

(a)

Lumentum

Holdings,

Inc

1,653

16,008

(a),(b)

Luna

Innovations,

Inc

94

20,833

Methode

Electronics,

Inc

476

86,400

(a),(b)

MicroVision,

Inc

189

70,213

(a)

Mirion

Technologies,

Inc

525

79,923

Motorola

Solutions,

Inc

21,758

15,874

Napco

Security

Technologies,

Inc

353

60,249

National

Instruments

Corp

3,592

106,573

NetApp,

Inc

8,087

16,454

(a)

Netgear,

Inc

207

43,446

(a)

Netscout

Systems,

Inc

1,217

20,535

(a)

nLight,

Inc

214

18,332

(a)

Novanta,

Inc

2,630

9,244

(a)

OSI

Systems,

Inc

1,091

12,941

(a),(b)

PAR

Technology

Corp

499

8,216

PC

Connection,

Inc

439

17,083

(a)

Plexus

Corp

1,588

128,500

(a)

Pure

Storage,

Inc

4,577

37,508

(a)

Ribbon

Communications,

Inc

101

5,943

Richardson

Electronics

Ltd

65

8,376

(a)

Rogers

Corp

1,101

28,498

(a)

Sanmina

Corp

1,547

17,777

(a)

Scansource,

Inc

539

61,017

(a),(b)

SmartRent,

Inc

159

22,759

(a)

Super

Micro

Computer,

Inc

6,241

19,067

SYNNEX

Corp

1,904

22,686

(a)

Teledyne

Technologies,

Inc

9,269

129,908

(a)

Trimble

Inc

6,997

51,948

(a)

TTM

Technologies,

Inc

669

8,166

(a)

Turtle

Beach

Corp

74

1,436

(b)

Ubiquiti,

Inc

209

34,027

(a)

Viasat,

Inc

628

89,946

(a)

Viavi

Solutions,

Inc

822

52,971

Vishay

Intertechnology,

Inc

1,309

9,508

(a)

Vishay

Precision

Group,

Inc

319

71,903

Vontier

Corp

2,223

155,579

(a)

Western

Digital

Corp

7,099

58,625

Xerox

Holdings

Corp

920

26,184

(a)

Zebra

Technologies

Corp

(Class

A)

6,193

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,628,861

TELECOMMUNICATION

SERVICES

-

0.8%

7,472

(a)

Anterix,

Inc

234

30,214

(a),(b)

AST

SpaceMobile,

Inc

115

3,523,320

AT&T,

Inc

52,920

7,918

ATN

International,

Inc

250

12,460

(a)

Bandwidth,

Inc

140

55,430

(a),(b)

Charge

Enterprises,

Inc

28

25,280

Cogent

Communications

Group,

Inc

1,565

48,355

(a)

Consolidated

Communications

Holdings,

Inc

165

22,558

(a)

EchoStar

Corp

(Class

A)

378

126,319

(a)

Frontier

Communications

Parent,

Inc

1,977

52,848

(a),(d)

GCI

Liberty,

Inc

0^

331,269

(a),(b)

Globalstar,

Inc

434

13,459

(a)

Gogo,

Inc

161

11,096

(a)

IDT

Corp

245

60,764

Iridium

Communications,

Inc

2,764

29,453

(a)

Liberty

Latin

America

Ltd

(Class

A)

240

84,348

(a)

Liberty

Latin

America

Ltd

(Class

C)

688

529,866

(b)

Lumen

Technologies,

Inc

752

CREF

Equity

Index

Account

September

30,

2023

236

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,047

(a)

Ooma,

Inc

$

170

26,373

Shenandoah

Telecom

Co

543

8,527

Spok

Holdings,

Inc

122

55,138

Telephone

and

Data

Systems,

Inc

1,010

260,520

(a)

T-Mobile

US,

Inc

36,486

2,069,662

Verizon

Communications,

Inc

67,078

TOTAL

TELECOMMUNICATION

SERVICES

168,465

TRANSPORTATION

-

1.8%

37,928

(a)

Air

Transport

Services

Group,

Inc

791

60,779

(a)

Alaska

Air

Group,

Inc

2,254

8,270

Allegiant

Travel

Co

636

4,307

(a),(b)

Amerco,

Inc

235

308,882

(a)

American

Airlines

Group,

Inc

3,957

13,812

ArcBest

Corp

1,404

8,746

(a)

Avis

Budget

Group,

Inc

1,572

28,768

(a),(b)

Blade

Air

Mobility,

Inc

74

56,673

CH

Robinson

Worldwide,

Inc

4,881

23,634

Costamare,

Inc

227

8,672

Covenant

Logistics

Group,

Inc

380

992,749

CSX

Corp

30,527

14,173

(a)

Daseke,

Inc

73

316,616

Delta

Air

Lines,

Inc

11,715

4,116

(b)

Eagle

Bulk

Shipping,

Inc

173

12,349

(b)

Eneti,

Inc

124

74,412

Expeditors

International

Washington,

Inc

8,530

113,143

FedEx

Corp

29,974

14,836

Forward

Air

Corp

1,020

18,987

(a),(b)

Frontier

Group

Holdings,

Inc

92

49,956

FTAI

Infrastructure,

Inc

161

17,525

Genco

Shipping

&

Trading

Ltd

245

62,934

Golden

Ocean

Group

Ltd

496

58,331

(a)

GXO

Logistics,

Inc

3,421

27,588

(a)

Hawaiian

Holdings,

Inc

175

26,012

Heartland

Express,

Inc

382

47,325

(a)

Hertz

Global

Holdings,

Inc

580

18,067

(a)

Hub

Group,

Inc

(Class

A)

1,419

40,450

JB

Hunt

Transport

Services,

Inc

7,626

124,072

(a)

JetBlue

Airways

Corp

571

128,773

(a),(b)

Joby

Aviation,

Inc

831

25,265

(a)

Kirby

Corp

2,092

79,606

Knight-Swift

Transportation

Holdings,

Inc

3,992

17,753

Landstar

System,

Inc

3,141

154,071

(a)

Lyft,

Inc

(Class

A)

1,624

34,852

Marten

Transport

Ltd

687

17,593

Matson,

Inc

1,561

113,184

Norfolk

Southern

Corp

22,289

49,144

Old

Dominion

Freight

Line

20,107

18,024

(b)

Pangaea

Logistics

Solutions

Ltd

106

29,335

(a)

Radiant

Logistics,

Inc

166

52,508

(a)

RXO,

Inc

1,036

22,093

Ryder

System,

Inc

2,363

33,371

(b)

Safe

Bulkers,

Inc

108

13,620

(a)

Saia,

Inc

5,430

22,723

Schneider

National,

Inc

629

28,022

(a)

Skywest,

Inc

1,175

299,691

Southwest

Airlines

Co

8,113

50,261

Spirit

Airlines,

Inc

829

9,455

(a)

Sun

Country

Airlines

Holdings,

Inc

140

71,175

(a),(b)

TuSimple

Holdings,

Inc

111

946,714

(a)

Uber

Technologies,

Inc

43,539

38,763

U-Haul

Holding

Co

2,031

237

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

301,044

Union

Pacific

Corp

$

61,302

150,341

(a)

United

Airlines

Holdings,

Inc

6,359

352,743

United

Parcel

Service,

Inc

(Class

B)

54,982

6,297

Universal

Truckload

Services,

Inc

158

36,247

Werner

Enterprises,

Inc

1,412

52,508

(a)

XPO,

Inc

3,920

TOTAL

TRANSPORTATION

363,948

UTILITIES

-

2.3%

344,146

AES

Corp

5,231

29,387

Allete,

Inc

1,552

129,301

Alliant

Energy

Corp

6,265

21,469

(a),(b)

Altus

Power,

Inc

113

128,677

Ameren

Corp

9,629

257,385

American

Electric

Power

Co,

Inc

19,360

20,132

American

States

Water

Co

1,584

97,164

American

Water

Works

Co,

Inc

12,032

4,909

Artesian

Resources

Corp

206

69,836

Atmos

Energy

Corp

7,398

36,552

(b)

Avangrid,

Inc

1,103

33,562

Avista

Corp

1,086

34,402

Black

Hills

Corp

1,740

46,153

(b)

Brookfield

Infrastructure

Corp

1,631

72,027

(b)

Brookfield

Renewable

Corp

1,724

27,522

California

Water

Service

Group

1,302

307,461

Centerpoint

Energy,

Inc

8,255

9,405

Chesapeake

Utilities

Corp

919

10,556

Clearway

Energy,

Inc

(Class

A)

210

20,458

Clearway

Energy,

Inc

(Class

C)

433

148,205

CMS

Energy

Corp

7,871

165,615

Consolidated

Edison,

Inc

14,165

7,347

(b)

Consolidated

Water

Co,

Inc

209

158,171

Constellation

Energy

Corp

17,253

416,805

Dominion

Energy,

Inc

18,619

102,627

DTE

Energy

Co

10,189

384,399

Duke

Energy

Corp

33,927

186,837

Edison

International

11,825

106,399

Entergy

Corp

9,842

120,927

Essential

Utilities,

Inc

4,151

112,667

Evergy,

Inc

5,712

177,794

Eversource

Energy

10,339

495,525

Exelon

Corp

18,726

263,997

FirstEnergy

Corp

9,023

9,688

(b)

Genie

Energy

Ltd

143

6,410

Global

Water

Resources,

Inc

62

23,041

Idacorp,

Inc

2,158

22,843

MGE

Energy,

Inc

1,565

11,759

Middlesex

Water

Co

779

33,009

(a),(b)

Montauk

Renewables,

Inc

301

44,095

National

Fuel

Gas

Co

2,289

52,723

New

Jersey

Resources

Corp

2,142

991,138

NextEra

Energy,

Inc

56,782

209,437

NiSource,

Inc

5,169

14,483

Northwest

Natural

Holding

Co

553

27,636

NorthWestern

Corp

1,328

115,066

NRG

Energy,

Inc

4,432

96,380

OGE

Energy

Corp

3,212

27,567

ONE

Gas,

Inc

1,882

24,734

(b)

Ormat

Technologies,

Inc

1,729

16,819

(b)

Otter

Tail

Corp

1,277

982,053

(a),(e)

PG&E

Corp

15,841

55,268

Pinnacle

West

Capital

Corp

4,072

CREF

Equity

Index

Account

September

30,

2023

238

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

42,847

PNM

Resources,

Inc

$

1,911

40,332

Portland

General

Electric

Co

1,633

359,446

PPL

Corp

8,469

246,452

Public

Service

Enterprise

Group,

Inc

14,026

11,616

(a)

Pure

Cycle

Corp

111

309,350

Sempra

Energy

21,045

12,005

SJW

Corp

722

529,999

Southern

Co

34,302

31,668

Southwest

Gas

Holdings

Inc

1,913

21,354

Spire,

Inc

1,208

46,961

(a),(b)

Sunnova

Energy

International,

Inc

492

105,006

UGI

Corp

2,415

10,272

Unitil

Corp

439

170,465

Vistra

Corp

5,656

151,716

WEC

Energy

Group,

Inc

12,221

273,699

Xcel

Energy,

Inc

15,661

9,006

York

Water

Co

338

TOTAL

UTILITIES

481,902

TOTAL

COMMON

STOCKS

20,571,748

(Cost

$7,624,623)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

7,917

(d)

Chinook

Therapeutics,

Inc

1

6,981

(d)

Tobira

Therapeutics,

Inc

0^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1

TOTAL

RIGHTS/WARRANTS

1

(Cost

$1)

TOTAL

LONG-TERM

INVESTMENTS

20,571,749‌

(Cost

$7,624,624)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0.000

%

10/11/23

9,987

15,000,000

FHLB

0.000

10/13/23

14,976

5,000,000

FHLB

0.000

11/02/23

4,978

TOTAL

GOVERNMENT

AGENCY

DEBT

29,941

REPURCHASE

AGREEMENT

-

0.1%

11,558,000

(f)

Fixed

Income

Clearing

Corp

(FICC)

5.300

10/02/23

11,558

TOTAL

REPURCHASE

AGREEMENT

11,558

TREASURY

DEBT

-

0.2%

10,000,000

United

States

Treasury

Bill

0.000

10/17/23

9,978

22,000,000

United

States

Treasury

Bill

0.000

11/02/23

21,900

TOTAL

TREASURY

DEBT

31,878

TOTAL

SHORT-TERM

INVESTMENTS

73,377

(Cost

$73,367)

239

See

Notes

to

Portfolio

of

Investments

Cost

amounts

are

in

thousands.

SHARES

COMPANY

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

90,879,291

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

%

$

90,879

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

90,879

(Cost

$90,879)

TOTAL

INVESTMENTS

-

100.4%

20,736,005

(Cost

$7,788,870)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(81,193)

NET

ASSETS

-

100.0%

$20,654,812

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$129,402,118.

(c)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

In

default

(f)

In

bankruptcy

(g)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$11,558,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$11,789,193.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

S&P

500

E

Mini

Index

295‌

12/15/23

 $

66,520‌

$

63,801‌

$

(2,719‌)

CREF

Core

Bond

Account

September

30,

2023

Portfolio

of

Investments

240

See

Notes

to

Portfolio

of

Investments

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

97.6%

BANK

LOAN

OBLIGATIONS

-

0.4%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

378,938

(a)

Adient

US

LLC

SOFR

12

M

+

3.250%

8.696

%

04/10/28

$

380

1,439,832

(a)

Gates

Global

LLC

SOFR

12

M

+

2.500%

7.931

03/31/27

1,438

TOTAL

AUTOMOBILES

&

COMPONENTS

1,818

CAPITAL

GOODS

-

0.0%

1,156,877

(a)

Alliance

Laundry

Systems

LLC

SOFR

4

M

+

3.500%

8.901

10/08/27

1,158

174,057

(a)

Avolon

TLB

Borrower  US

LLC

SOFR

1

M

+

2.500%

7.825

06/22/28

174

217,688

(a)

Avolon

TLB

Borrower

US

LLC

SOFR

1

M

+

1.500%

6.925

02/12/27

218

579,137

(a)

Beacon

Roofing

Supply,

Inc

SOFR

12

M

+

2.250%

7.696

05/19/28

580

346,848

(a)

Cornerstone

Building

Brands,

Inc

SOFR

1

M

+

3.250%

8.682

04/12/28

339

905,970

(a)

TransDigm,

Inc

LIBOR

3

M

+

2.250%

6.980

05/30/25

907

976,452

(a)

TransDigm,

Inc

SOFR

4

M

+

3.250%

8.492

02/22/27

979

TOTAL

CAPITAL

GOODS

4,355

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

463,572

(a)

AECOM

SOFR

12

M

+

1.750%

7.196

04/13/28

465

654,435

(a)

GFL

Environmental,

Inc

LIBOR

3

M

+

3.000%

3.000

05/31/25

656

1,805,866

(a)

Prime

Security

Services

Borrower

LLC

SOFR

12

M

+

2.750%

8.192

09/23/26

1,805

549,751

(a)

Spin

Holdco,

Inc

LIBOR

3

M

+

4.000%

9.664

03/04/28

477

2,496,289

(a)

Trans

Union

LLC

SOFR

12

M

+

2.250%

7.696

12/01/28

2,498

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,901

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

533,975

(a),(b)

LS

Group

OpCo

Acquisition

LLC

SOFR

12

M

+

3.250%

8.692

11/02/27

532

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

532

CONSUMER

DURABLES

&

APPAREL

-

0.0%

421,846

(a)

Weber-Stephen

Products

LLC

SOFR

12

M

+

3.250%

8.696

10/30/27

382

TOTAL

CONSUMER

DURABLES

&

APPAREL

382

CONSUMER

SERVICES

-

0.1%

431,361

1011778

BC

ULC

7.566

09/13/30

430

857,120

(a)

Carnival

Corp

SOFR

12

M

+

3.250%

8.696

10/18/28

854

356,781

(a)

IRB

Holding

Corp

SOFR

12

M

+

3.000%

8.431

12/15/27

356

937,252

(a)

KFC

Holding

Co

SOFR

1

M

+

1.750%

7.195

03/15/28

938

1,509,945

(a)

Sophia

LP

LIBOR

1

M

+

3.750%

8.230

10/07/27

1,509

1,430,751

(a)

Stars

Group

Holdings

BV

SOFR

4

M

+

2.250%

7.754

07/21/26

1,432

TOTAL

CONSUMER

SERVICES

5,519

ENERGY

-

0.0%

1,409,113

(a)

Buckeye

Partners

LP

SOFR

12

M

+

2.250%

7.666

11/01/26

1,410

128,567

(a)

DT

Midstream,

Inc

SOFR

12

M

+

2.000%

7.446

06/26/28

129

TOTAL

ENERGY

1,539

FINANCIAL

SERVICES

-

0.0%

613,416

(a)

Lions

Gate

Capital

Holdings

LLC

SOFR

12

M

+

2.250%

7.681

03/24/25

613

TOTAL

FINANCIAL

SERVICES

613

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

241,644

(a)

Arterra

Wines

Canada,

Inc

SOFR

4

M

+

3.500%

9.004

11/24/27

232

425,023

(a)

Chobani

LLC

SOFR

12

M

+

3.500%

8.946

10/25/27

426

520,853

(a)

Hostess

Brands

LLC

LIBOR

1

M

+

2.250%

7.523

08/03/25

523

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,181

241

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

$

1

(a)

Da

Vinci

Purchaser

Corp

SOFR

1

M

+

4.000%

8.953

%

11/26/26

$

0^

691,848

(a)

DaVita,

Inc

SOFR

12

M

+

1.750%

7.196

08/12/26

684

2,125,773

(a)

Select

Medical

Corp

SOFR

12

M

+

3.000%

8.331

03/06/27

2,123

167,984

(a)

Team

Health

Holdings,

Inc

SOFR

12

M

+

5.250%

10.581

03/02/27

129

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,936

INSURANCE

-

0.0%

1,408,752

(a)

NFP

Corp

SOFR

12

M

+

3.250%

8.696

02/15/27

1,394

TOTAL

INSURANCE

1,394

MATERIALS

-

0.0%

1,239,403

(a)

Asplundh

Tree

Expert

LLC

SOFR

12

M

+

1.750%

7.181

09/07/27

1,239

844,890

(a)

Berry

Global,

Inc

SOFR

4

M

+

1.750%

7.293

07/01/26

846

251,595

(a)

Messer

Industries

USA,

Inc

SOFR

4

M

+

2.500%

8.004

03/02/26

252

437,596

(a)

PolyOne

Corp

SOFR

4

M

+

3.060%

8.426

01/30/26

439

282,059

(a)

Reynolds

Consumer

Products

LLC

SOFR

12

M

+

1.750%

7.181

02/04/27

282

736,623

(a)

Reynolds

Group

Holdings,

Inc

SOFR

12

M

+

3.250%

8.696

02/05/26

737

TOTAL

MATERIALS

3,795

MEDIA

&

ENTERTAINMENT

-

0.1%

301,463

(a)

Cablevision

Lightpath

LLC

SOFR

1

M

+

3.250%

8.697

12/01/27

298

1,401,748

(a)

Charter

Communications

Operating

LLC

SOFR

4

M

+

1.750%

7.116

02/01/27

1,402

693,916

(a)

CNT

Holdings

I

Corp

SOFR

4

M

+

3.500%

8.800

11/08/27

693

509,825

(a)

CSC

Holdings

LLC

SOFR

1

M

+

2.500%

7.947

04/15/27

463

967,725

(a),(c)

Diamond

Sports

Group

LLC

SOFR

1

M

+

3.250%

8.000

05/25/26

23

837,587

(a)

DIRECTV

Financing

LLC

SOFR

12

M

+

5.000%

10.446

08/02/27

821

574,707

(a)

Mozart

Borrower

LP

SOFR

12

M

+

3.250%

8.696

10/23/28

574

488,744

(a)

Rackspace

Technology

Global,

Inc

SOFR

1

M

+

2.750%

8.194

02/09/28

225

8,877

(a)

Radiate

Holdco

LLC

SOFR

12

M

+

3.250%

8.696

09/25/26

7

1,267,121

(a)

TK

Elevator

US

Newco,

Inc

SOFR

2M

+

3.500%

9.381

07/30/27

1,266

1,642,000

(a)

Virgin

Media

Bristol

LLC

SOFR

1

M

+

2.500%

7.947

01/31/28

1,599

TOTAL

MEDIA

&

ENTERTAINMENT

7,371

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

290,936

(a)

Avantor,

Inc

SOFR

12

M

+

2.250%

7.681

11/08/27

291

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

291

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

50,884

(a)

Cushman

&

Wakefield

plc

SOFR

12

M

+

2.750%

8.183

08/21/25

51

519,079

(a)

Cushman

&

Wakefield

US

Borrower

LLC

SOFR

12

M

+

2.750%

8.196

08/21/25

512

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

563

SOFTWARE

&

SERVICES

-

0.1%

265,223

(a)

Camelot

Finance

S.A.

SOFR

12

M

+

3.000%

8.446

10/30/26

266

601,798

(a)

Camelot

US

Acquisition

SOFR

12

M

+

3.000%

8.446

10/30/26

602

1,703,659

(a)

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7.431

09/12/29

1,700

702,615

(a)

Rocket

Software,

Inc

SOFR

12

M

+

4.250%

9.696

11/28/25

703

1,156,991

(a)

UKG,

Inc

SOFR

4

M

+

3.250%

8.618

05/04/26

1,155

TOTAL

SOFTWARE

&

SERVICES

4,426

TELECOMMUNICATION

SERVICES

-

0.0%

455,553

(a)

Zayo

Group

Holdings,

Inc

SOFR

12

M

+

3.000%

8.446

03/09/27

373

TOTAL

TELECOMMUNICATION

SERVICES

373

TRANSPORTATION

-

0.0%

399,938

(a)

Air

Canada

SOFR

4

M

+

3.500%

9.128

08/11/28

401

504,900

(a)

SkyMiles

IP

Ltd

SOFR

4

M

+

3.750%

9.076

10/20/27

523

TOTAL

TRANSPORTATION

924

CREF

Core

Bond

Account

September

30,

2023

242

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

UTILITIES

-

0.0%

$

168,171

(a)

Samsonite

IP

Holdings

Sarl

SOFR

1

M

+

2.750%

8.081

%

06/09/30

$

169

TOTAL

UTILITIES

169

TOTAL

BANK

LOAN

OBLIGATIONS

44,082

(Cost

$45,585)

CORPORATE

BONDS

-

32.5%

AUTOMOBILES

&

COMPONENTS

-

1.0%

EUR

300,000

Aptiv

plc

1.500

03/10/25

305

EUR

500,000

(d)

Dana

Financing

Luxembourg

Sarl

3.000

07/15/29

411

225,000

Dana,

Inc

5.375

11/15/27

208

350,000

(e)

Dana,

Inc

5.625

06/15/28

320

8,080,000

Ford

Motor

Credit

Co

LLC

6.950

03/06/26

8,067

4,525,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

4,582

8,250,000

General

Motors

Co

6.125

10/01/25

8,243

3,800,000

General

Motors

Co

5.400

10/15/29

3,622

5,500,000

General

Motors

Co

5.200

04/01/45

4,276

GBP

200,000

General

Motors

Financial

Co,

Inc

2.250

09/06/24

235

20,000,000

General

Motors

Financial

Co,

Inc

2.750

06/20/25

18,828

2,750,000

General

Motors

Financial

Co,

Inc

6.050

10/10/25

2,738

19,850,000

General

Motors

Financial

Co,

Inc

5.000

04/09/27

19,054

EUR

500,000

General

Motors

Financial

Co,

Inc

0.600

05/20/27

459

6,250,000

General

Motors

Financial

Co,

Inc

5.850

04/06/30

5,987

12,000,000

General

Motors

Financial

Co,

Inc

2.700

06/10/31

9,184

5,450,000

General

Motors

Financial

Co,

Inc

5.700

N/A(f)

4,658

EUR

205,000

(d)

Goodyear

Europe

BV

2.750

08/15/28

179

3,575,000

(d)

Hyundai

Capital

Services,

Inc

2.125

04/24/25

3,363

EUR

400,000

(d),(g)

IHO

Verwaltungs

GmbH

3.750

09/15/26

396

4,450,000

Magna

International,

Inc

3.625

06/15/24

4,379

EUR

300,000

Volkswagen

Bank

GmbH

2.500

07/31/26

299

150,000

(d)

ZF

North

America

Capital,

Inc

6.875

04/14/28

147

TOTAL

AUTOMOBILES

&

COMPONENTS

99,940

BANKS

-

6.9%

2,000,000

(d)

Akbank

T.A.S.

6.800

06/22/31

1,872

1,775,000

(d)

Banco

de

Credito

del

Peru

3.125

07/01/30

1,629

2,500,000

(d)

Banco

de

Credito

e

Inversiones

S.A.

2.875

10/14/31

1,999

3,000,000

(d)

Banco

del

Estado

de

Chile

2.704

01/09/25

2,865

EUR

400,000

Banco

Santander

S.A.

0.200

02/11/28

356

400,000

Banco

Santander

S.A.

7.500

N/A(f)

389

2,650,000

Bancolombia

S.A.

4.625

12/18/29

2,282

2,750,000

(d)

Banistmo

S.A.

4.250

07/31/27

2,453

8,100,000

(d)

Bank

Hapoalim

BM

3.255

01/21/32

6,905

6,300,000

(d)

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

5,618

EUR

400,000

Bank

of

America

Corp

1.375

03/26/25

407

EUR

300,000

Bank

of

America

Corp

1.776

05/04/27

297

11,500,000

Bank

of

America

Corp

5.202

04/25/29

11,078

34,450,000

Bank

of

America

Corp

2.496

02/13/31

27,610

55,925,000

Bank

of

America

Corp

2.592

04/29/31

44,941

8,200,000

Bank

of

America

Corp

5.015

07/22/33

7,544

39,000,000

Bank

of

America

Corp

5.288

04/25/34

36,290

9,650,000

Bank

of

America

Corp

5.872

09/15/34

9,391

26,750,000

Bank

of

America

Corp

2.676

06/19/41

17,130

5,000,000

Bank

of

America

Corp

6.250

N/A(f)

4,919

3,000,000

Bank

of

America

Corp

6.100

N/A(f)

2,938

2,975,000

Bank

of

Montreal

3.803

12/15/32

2,599

GBP

300,000

Banque

Federative

du

Credit

Mutuel

S.A.

4.875

09/25/25

359

9,475,000

Barclays

plc

3.932

05/07/25

9,330

243

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,075,000

Barclays

plc

3.330

%

11/24/42

$

3,875

5,600,000

(d)

BNP

Paribas

S.A.

1.904

09/30/28

4,738

5,000,000

(d)

BNP

Paribas

S.A.

2.159

09/15/29

4,123

2,775,000

(d)

BNP

Paribas

S.A.

2.588

08/12/35

2,081

36,375,000

Citigroup,

Inc

3.200

10/21/26

33,582

11,970,000

Citigroup,

Inc

4.125

07/25/28

10,890

7,125,000

Citigroup,

Inc

2.572

06/03/31

5,682

15,100,000

Citigroup,

Inc

4.910

05/24/33

13,740

39,225,000

Citigroup,

Inc

6.270

11/17/33

39,109

1,725,000

Citigroup,

Inc

6.174

05/25/34

1,649

6,750,000

Citigroup,

Inc

7.625

N/A(f)

6,585

5,000,000

Citigroup,

Inc

5.000

N/A(f)

4,728

8,425,000

Cooperatieve

Rabobank

UA

3.750

07/21/26

7,845

6,100,000

(d)

Credit

Agricole

S.A.

4.125

01/10/27

5,744

GBP

600,000

Danske

Bank

A.S.

2.250

01/14/28

638

2,450,000

(d)

DBS

Group

Holdings

Ltd

4.520

12/11/28

2,442

2,975,000

(d)

Development

Bank

of

Kazakhstan

JSC

2.950

05/06/31

2,339

7,525,000

Discover

Bank

2.450

09/12/24

7,233

7,305,000

Discover

Bank

3.450

07/27/26

6,644

3,750,000

Discover

Bank

2.700

02/06/30

2,916

3,325,000

(d)

Grupo

Aval

Ltd

4.375

02/04/30

2,531

2,880,000

(d)

Hana

Bank

3.500

N/A(f)

2,558

9,925,000

HSBC

Holdings

plc

4.292

09/12/26

9,536

6,200,000

HSBC

Holdings

plc

2.013

09/22/28

5,262

12,400,000

HSBC

Holdings

plc

7.390

11/03/28

12,828

11,925,000

HSBC

Holdings

plc

2.206

08/17/29

9,829

3,750,000

HSBC

Holdings

plc

3.973

05/22/30

3,298

7,000,000

Huntington

Bancshares,

Inc

5.625

N/A(f)

6,158

EUR

500,000

ING

Groep

NV

1.250

02/16/27

490

2,125,000

(d)

Intercorp

Financial

Services,

Inc

4.125

10/19/27

1,880

200,000

(d)

Intesa

Sanpaolo

S.p.A

4.198

06/01/32

147

31,125,000

JPMorgan

Chase

&

Co

2.301

10/15/25

29,854

14,600,000

JPMorgan

Chase

&

Co

3.200

06/15/26

13,727

8,325,000

JPMorgan

Chase

&

Co

4.323

04/26/28

7,899

EUR

600,000

JPMorgan

Chase

&

Co

1.638

05/18/28

577

10,500,000

JPMorgan

Chase

&

Co

3.702

05/06/30

9,365

6,925,000

JPMorgan

Chase

&

Co

1.953

02/04/32

5,252

19,775,000

JPMorgan

Chase

&

Co

4.912

07/25/33

18,194

24,425,000

JPMorgan

Chase

&

Co

5.350

06/01/34

23,162

2,625,000

JPMorgan

Chase

&

Co

2.525

11/19/41

1,649

10,750,000

JPMorgan

Chase

&

Co

3.157

04/22/42

7,386

5,500,000

JPMorgan

Chase

&

Co

5.000

N/A(f)

5,316

11,100,000

JPMorgan

Chase

&

Co

6.100

N/A(f)

10,969

6,250,000

JPMorgan

Chase

&

Co

3.650

N/A(f)

5,455

5,950,000

M&T

Bank

Corp

3.500

N/A(f)

4,184

3,675,000

(d)

Mizrahi

Tefahot

Bank

Ltd

3.077

04/07/31

3,203

5,700,000

NatWest

Group

plc

5.516

09/30/28

5,515

2,100,000

(d)

Oversea-Chinese

Banking

Corp

Ltd

1.832

09/10/30

1,930

6,000,000

PNC

Financial

Services

Group,

Inc

3.900

04/29/24

5,925

7,465,000

PNC

Financial

Services

Group,

Inc

3.400

N/A(f)

5,522

CNY

8,000,000

QNB

Finance

Ltd

3.150

02/04/26

1,068

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1.474

07/08/25

7,215

11,700,000

Toronto-Dominion

Bank

4.285

09/13/24

11,512

2,350,000

Toronto-Dominion

Bank

3.625

09/15/31

2,174

2,400,000

Truist

Financial

Corp

4.000

05/01/25

2,317

5,000,000

Truist

Financial

Corp

4.950

N/A(f)

4,598

9,000,000

Truist

Financial

Corp

4.800

N/A(f)

7,715

1,600,000

(d)

Turkiye

Vakiflar

Bankasi

TAO

5.500

10/01/26

1,478

3,000,000

(d)

United

Overseas

Bank

Ltd

1.250

04/14/26

2,704

2,350,000

(d)

United

Overseas

Bank

Ltd

3.750

04/15/29

2,320

3,500,000

(d)

United

Overseas

Bank

Ltd

2.000

10/14/31

3,104

3,700,000

Wells

Fargo

&

Co

3.750

01/24/24

3,673

CREF

Core

Bond

Account

September

30,

2023

244

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,300,000

Wells

Fargo

&

Co

3.550

%

09/29/25

$

5,066

14,075,000

Wells

Fargo

&

Co

3.526

03/24/28

12,926

16,375,000

Wells

Fargo

&

Co

2.393

06/02/28

14,360

6,000,000

Wells

Fargo

&

Co

5.900

N/A(f)

5,880

10,000,000

Wells

Fargo

&

Co

3.900

N/A(f)

8,734

8,500,000

Wells

Fargo

&

Co

5.875

N/A(f)

8,335

5,775,000

Wells

Fargo

&

Co

7.625

N/A(f)

5,822

4,521,000

Westpac

Banking

Corp

2.668

11/15/35

3,387

TOTAL

BANKS

701,773

CAPITAL

GOODS

-

0.9%

3,250,000

Air

Lease

Corp

3.125

12/01/30

2,646

25,400,000

Boeing

Co

2.196

02/04/26

23,322

5,350,000

Boeing

Co

3.250

02/01/28

4,824

7,600,000

Boeing

Co

2.950

02/01/30

6,394

3,352,000

Boeing

Co

3.250

02/01/35

2,577

3,350,000

Boeing

Co

5.705

05/01/40

3,091

8,425,000

Boeing

Co

5.805

05/01/50

7,629

1,300,000

(d)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

1,289

EUR

500,000

Honeywell

International,

Inc

0.000

03/10/24

519

7,275,000

Northrop

Grumman

Corp

3.250

01/15/28

6,672

15,300,000

Raytheon

Technologies

Corp

4.125

11/16/28

14,267

EUR

500,000

Raytheon

Technologies

Corp

2.150

05/18/30

460

5,575,000

Raytheon

Technologies

Corp

2.250

07/01/30

4,485

4,850,000

Raytheon

Technologies

Corp

5.150

02/27/33

4,593

5,390,000

Raytheon

Technologies

Corp

4.500

06/01/42

4,409

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0.800

10/18/30

683

5,425,000

Trane

Technologies

Luxembourg

Finance

S.A.

3.800

03/21/29

4,998

4,000,000

(d)

TSMC

Global

Ltd

1.000

09/28/27

3,370

300,000

(d)

WESCO

Distribution,

Inc

7.250

06/15/28

301

TOTAL

CAPITAL

GOODS

96,529

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

EUR

1,000,000

(d)

Albion

Financing

1

SARL

5.250

10/15/26

999

EUR

250,000

(d)

Allied

Universal

Holdco

LLC

3.625

06/01/28

217

325,000

(d)

ASGN,

Inc

4.625

05/15/28

290

250,000

(d)

GFL

Environmental,

Inc

4.250

06/01/25

240

1,000,000

(d)

GFL

Environmental,

Inc

3.750

08/01/25

948

3,075,000

(d)

H&E

Equipment

Services,

Inc

3.875

12/15/28

2,626

CNY

9,000,000

International

Bank

for

Reconstruction

&

Development

3.050

03/16/24

1,229

3,845,000

(d)

Iron

Mountain,

Inc

7.000

02/15/29

3,761

1,880,000

(d)

Prime

Security

Services

Borrower

LLC

5.250

04/15/24

1,867

2,000,000

(d)

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

1,940

1,325,000

(d)

Prime

Security

Services

Borrower

LLC

3.375

08/31/27

1,161

725,000

(d)

Prime

Security

Services

Borrower

LLC

6.250

01/15/28

671

3,771,000

Republic

Services,

Inc

2.900

07/01/26

3,527

2,525,000

Waste

Management,

Inc

2.500

11/15/50

1,431

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

20,907

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.4%

5,575,000

AutoZone,

Inc

1.650

01/15/31

4,192

550,000

(d)

Group

1

Automotive,

Inc

4.000

08/15/28

478

200,000

(d)

Kia

Corp

2.750

02/14/27

181

925,000

(d)

L

Brands,

Inc

6.625

10/01/30

867

875,000

(d)

Lithia

Motors,

Inc

4.625

12/15/27

799

8,850,000

Lowe's

Cos,

Inc

4.250

04/01/52

6,529

5,100,000

O'Reilly

Automotive,

Inc

3.550

03/15/26

4,856

6,875,000

O'Reilly

Automotive,

Inc

3.600

09/01/27

6,420

4,075,000

O'Reilly

Automotive,

Inc

4.200

04/01/30

3,717

12,400,000

O'Reilly

Automotive,

Inc

1.750

03/15/31

9,452

5,050,000

(d)

Prosus

NV

4.987

01/19/52

3,323

245

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

(d)

Staples,

Inc

7.500

%

04/15/26

$

2,467

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

43,281

CONSUMER

DURABLES

&

APPAREL

-

0.0%

149,000

Newell

Brands,

Inc

4.875

06/01/25

143

TOTAL

CONSUMER

DURABLES

&

APPAREL

143

CONSUMER

SERVICES

-

0.5%

9,820,000

Amherst

College

4.100

11/01/45

7,552

3,800,000

(d)

ENA

Master

Trust

4.000

05/19/48

2,722

125,000

(d)

Hilton

Domestic

Operating

Co,

Inc

5.750

05/01/28

121

1,151,000

(d)

International

Game

Technology

plc

6.500

02/15/25

1,149

8,000,000

President

and

Fellows

of

Harvard

College

3.529

10/01/31

7,181

14,250,000

President

and

Fellows

of

Harvard

College

3.619

10/01/37

11,752

1,000,000

(e)

Sands

China

Ltd

2.550

03/08/27

867

2,100,000

Sands

China

Ltd

5.900

08/08/28

1,977

15,000,000

Smith

College

4.620

07/01/45

12,498

TOTAL

CONSUMER

SERVICES

45,819

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

4,000,000

Costco

Wholesale

Corp

1.600

04/20/30

3,212

5,450,000

SYSCO

Corp

3.150

12/14/51

3,351

8,500,000

Walmart,

Inc

1.800

09/22/31

6,690

4,000,000

Walmart,

Inc

2.500

09/22/41

2,677

7,400,000

Walmart,

Inc

4.500

04/15/53

6,369

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

22,299

ENERGY

-

2.5%

EUR

500,000

BP

Capital

Markets

plc

1.231

05/08/31

427

2,973,000

Cenovus

Energy,

Inc

5.400

06/15/47

2,554

6,850,000

Cheniere

Energy

Partners

LP

3.250

01/31/32

5,444

900,000

Chevron

USA,

Inc

3.900

11/15/24

885

7,200,000

Diamondback

Energy,

Inc

4.400

03/24/51

5,307

700,000

Ecopetrol

S.A.

5.375

06/26/26

672

2,000,000

Ecopetrol

S.A.

6.875

04/29/30

1,826

2,125,000

Ecopetrol

S.A.

4.625

11/02/31

1,622

3,000,000

(d)

Empresa

Nacional

del

Petroleo

5.250

11/06/29

2,802

12,968,000

Enbridge,

Inc

3.125

11/15/29

11,178

3,925,000

Enbridge,

Inc

5.700

03/08/33

3,760

2,950,000

(e)

Enbridge,

Inc

3.400

08/01/51

1,842

4,575,000

Energy

Transfer

LP

2.900

05/15/25

4,346

4,725,000

Energy

Transfer

LP

4.750

01/15/26

4,598

6,350,000

Energy

Transfer

LP

4.950

06/15/28

6,077

4,225,000

Energy

Transfer

LP

5.250

04/15/29

4,051

2,900,000

Energy

Transfer

LP

5.750

02/15/33

2,788

775,000

Energy

Transfer

LP

5.400

10/01/47

639

8,700,000

Energy

Transfer

LP

6.250

04/15/49

7,982

9,125,000

Energy

Transfer

LP

5.000

05/15/50

7,158

2,950,000

Energy

Transfer

Operating

LP

5.500

06/01/27

2,904

5,125,000

Enterprise

Products

Operating

LLC

3.700

02/15/26

4,910

5,425,000

Enterprise

Products

Operating

LLC

3.125

07/31/29

4,766

2,650,000

Enterprise

Products

Operating

LLC

4.250

02/15/48

2,075

6,200,000

Enterprise

Products

Operating

LLC

4.200

01/31/50

4,783

10,600,000

Enterprise

Products

Operating

LLC

3.700

01/31/51

7,497

4,500,000

Enterprise

Products

Operating

LLC

3.200

02/15/52

2,873

6,500,000

Enterprise

Products

Operating

LLC

3.300

02/15/53

4,230

450,000

(d)

EQM

Midstream

Partners

LP

6.000

07/01/25

443

2,661,300

(d)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.160

03/31/34

2,217

3,300,000

(d)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.625

03/31/36

2,550

3,200,000

(d),(e)

KazTransGas

JSC

4.375

09/26/27

2,944

2,900,000

Kinder

Morgan

Energy

Partners

LP

5.400

09/01/44

2,443

5,325,000

(e)

Magellan

Midstream

Partners

LP

3.250

06/01/30

4,537

CREF

Core

Bond

Account

September

30,

2023

246

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,375,000

Marathon

Petroleum

Corp

3.800

%

04/01/28

$

7,700

5,060,000

Marathon

Petroleum

Corp

4.750

09/15/44

4,009

5,500,000

Marathon

Petroleum

Corp

5.000

09/15/54

4,255

725,000

(d)

MEG

Energy

Corp

5.875

02/01/29

677

8,950,000

MPLX

LP

1.750

03/01/26

8,115

20,000,000

MPLX

LP

2.650

08/15/30

16,151

5,825,000

MPLX

LP

4.700

04/15/48

4,415

275,000

Murphy

Oil

Corp

5.875

12/01/27

267

1,000,000

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7.650

07/31/24

670

2,200,000

Occidental

Petroleum

Corp

5.550

03/15/26

2,171

1,350,000

(d)

Oleoducto

Central

S.A.

4.000

07/14/27

1,203

5,000,000

ONEOK,

Inc

4.500

03/15/50

3,626

315,000

(d)

Parkland

Corp

4.625

05/01/30

269

500,000

(d)

Parkland

Fuel

Corp

5.875

07/15/27

476

1,425,000

(d)

Pertamina

Persero

PT

3.650

07/30/29

1,274

1,200,000

Petrobras

Global

Finance

BV

5.999

01/27/28

1,191

560,000

Petrobras

Global

Finance

BV

7.250

03/17/44

550

5,300,000

Petroleos

Mexicanos

5.950

01/28/31

3,794

3,000,000

Petroleos

Mexicanos

6.700

02/16/32

2,227

13,575,000

Phillips

66

2.150

12/15/30

10,688

3,225,000

Phillips

66

3.300

03/15/52

2,026

2,375,000

Phillips

66

Co

4.680

02/15/45

1,891

475,000

Plains

All

American

Pipeline

LP

3.800

09/15/30

408

2,063,025

(d)

Rio

Oil

Finance

Trust

8.200

04/06/28

2,073

6,200,000

Sabine

Pass

Liquefaction

LLC

5.875

06/30/26

6,189

4,800,000

Sabine

Pass

Liquefaction

LLC

4.500

05/15/30

4,402

1,700,000

(d)

Santos

Finance

Ltd

3.649

04/29/31

1,358

2,000,000

(d)

Saudi

Arabian

Oil

Co

2.250

11/24/30

1,602

3,000,000

(d)

Saudi

Arabian

Oil

Co

3.250

11/24/50

1,873

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4.000

10/01/27

6,036

3,350,000

Targa

Resources

Corp

4.200

02/01/33

2,848

425,000

Targa

Resources

Partners

LP

6.500

07/15/27

428

4,300,000

(d)

Thaioil

Treasury

Center

Co

Ltd

2.500

06/18/30

3,364

11,000,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

7,169

4,675,000

Williams

Cos,

Inc

2.600

03/15/31

3,723

9,250,000

(e)

Williams

Cos,

Inc

5.650

03/15/33

8,938

TOTAL

ENERGY

253,186

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.4%

5,100,000

Agree

LP

2.000

06/15/28

4,219

1,675,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/28

1,552

5,500,000

Alexandria

Real

Estate

Equities,

Inc

4.900

12/15/30

5,126

2,418,000

American

Tower

Corp

3.375

10/15/26

2,251

EUR

450,000

American

Tower

Corp

0.450

01/15/27

418

1,600,000

American

Tower

Corp

3.600

01/15/28

1,452

4,350,000

American

Tower

Corp

3.800

08/15/29

3,869

13,700,000

American

Tower

Corp

2.900

01/15/30

11,382

2,750,000

American

Tower

Corp

2.100

06/15/30

2,140

3,825,000

American

Tower

Corp

1.875

10/15/30

2,895

4,125,000

Brandywine

Operating

Partnership

LP

4.100

10/01/24

3,998

5,825,000

Brixmor

Operating

Partnership

LP

3.850

02/01/25

5,612

1,075,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

905

14,275,000

Crown

Castle,

Inc

2.250

01/15/31

11,078

1,800,000

Crown

Castle,

Inc

2.100

04/01/31

1,373

3,200,000

CubeSmart

LP

2.250

12/15/28

2,677

GBP

400,000

Digital

Stout

Holding

LLC

3.750

10/17/30

410

2,275,000

Equinix,

Inc

2.150

07/15/30

1,787

6,700,000

Essex

Portfolio

LP

3.000

01/15/30

5,567

6,600,000

Healthcare

Realty

Holdings

LP

3.875

05/01/25

6,223

6,250,000

Healthcare

Realty

Holdings

LP

3.500

08/01/26

5,806

3,000,000

Healthcare

Realty

Holdings

LP

3.625

01/15/28

2,671

8,975,000

Healthcare

Realty

Holdings

LP

3.100

02/15/30

7,473

247

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,750,000

Healthcare

Realty

Holdings

LP

2.400

%

03/15/30

$

1,351

1,050,000

Healthcare

Realty

Holdings

LP

2.050

03/15/31

759

7,950,000

Highwoods

Realty

LP

3.875

03/01/27

7,242

2,900,000

Highwoods

Realty

LP

4.125

03/15/28

2,591

2,875,000

Highwoods

Realty

LP

4.200

04/15/29

2,436

4,000,000

Highwoods

Realty

LP

3.050

02/15/30

3,074

5,300,000

Kite

Realty

Group

Trust

4.750

09/15/30

4,719

5,224,000

Mid-America

Apartments

LP

4.300

10/15/23

5,221

4,475,000

Mid-America

Apartments

LP

3.750

06/15/24

4,404

4,300,000

Mid-America

Apartments

LP

4.000

11/15/25

4,160

11,100,000

Mid-America

Apartments

LP

2.750

03/15/30

9,337

3,025,000

Mid-America

Apartments

LP

1.700

02/15/31

2,312

2,575,000

Mid-America

Apartments

LP

2.875

09/15/51

1,482

600,000

National

Retail

Properties,

Inc

4.000

11/15/25

574

3,000,000

National

Retail

Properties,

Inc

3.600

12/15/26

2,788

1,800,000

NNN

REIT,

Inc

5.600

10/15/33

1,696

1,275,000

ProLogis

LP

2.875

11/15/29

1,094

3,125,000

ProLogis

LP

1.750

07/01/30

2,429

6,350,000

Regency

Centers

LP

3.900

11/01/25

6,020

1,025,000

Regency

Centers

LP

3.600

02/01/27

958

5,500,000

Regency

Centers

LP

2.950

09/15/29

4,681

8,150,000

(d)

SBA

Tower

Trust

2.836

01/15/25

7,801

11,046,000

(d)

SBA

Tower

Trust

1.884

01/15/26

9,987

25,315,000

(d)

SBA

Tower

Trust

1.631

11/15/26

21,894

42,100,000

(d)

SBA

Tower

Trust

1.840

04/15/27

36,067

2,968,000

SITE

Centers

Corp

3.625

02/01/25

2,825

3,850,000

SITE

Centers

Corp

4.700

06/01/27

3,564

3,025,000

Weingarten

Realty

Investors

4.450

01/15/24

3,007

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

245,357

FINANCIAL

SERVICES

-

2.3%

8,975,000

AerCap

Ireland

Capital

DAC

1.750

01/30/26

8,100

18,194,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

15,601

2,650,000

AerCap

Ireland

Capital

DAC

3.300

01/30/32

2,106

2,250,000

AerCap

Ireland

Capital

DAC

3.850

10/29/41

1,596

1,375,000

American

Express

Co

2.550

03/04/27

1,240

7,500,000

American

Express

Co

3.550

N/A(f)

5,955

EUR

425,000

American

Honda

Finance

Corp

1.950

10/18/24

440

3,010,000

(d)

Bangkok

Bank

PCL

3.466

09/23/36

2,334

10,000,000

Bank

of

New

York

Mellon

Corp

4.700

N/A(f)

9,626

300,000

(d)

BBVA

Bancomer

S.A.

5.350

11/12/29

289

1,500,000

(d)

BBVA

Bancomer

S.A.

5.125

01/18/33

1,291

1,400,000

(d)

BBVA

Bancomer

S.A.

8.450

06/29/38

1,380

449,000

(d)

BPCE

S.A.

4.625

07/11/24

440

EUR

300,000

BPCE

S.A.

0.500

09/15/27

282

EUR

500,000

Capital

One

Financial

Corp

0.800

06/12/24

514

6,635,000

(e)

Capital

One

Financial

Corp

3.950

N/A(f)

4,980

EUR

100,000

Celanese

US

Holdings

LLC

0.625

09/10/28

84

7,000,000

Charles

Schwab

Corp

5.375

N/A(f)

6,725

6,250,000

Community

Preservation

Corp

2.867

02/01/30

5,196

2,950,000

(d)

Credit

Suisse

Group

AG.

2.193

06/05/26

2,744

9,100,000

(d)

Credit

Suisse

Group

AG.

1.305

02/02/27

8,070

6,200,000

(d)

Credit

Suisse

Group

AG.

6.442

08/11/28

6,195

7,350,000

Deutsche

Bank

AG.

5.371

09/09/27

7,177

5,575,000

Deutsche

Bank

AG.

2.311

11/16/27

4,855

600,000

Deutsche

Bank

AG.

3.742

01/07/33

431

3,543,000

Equitable

Holdings,

Inc

4.950

N/A(f)

3,334

EUR

375,000

Fidelity

National

Information

Services,

Inc

1.100

07/15/24

387

12,825,000

Goldman

Sachs

Group,

Inc

3.500

04/01/25

12,349

10,750,000

Goldman

Sachs

Group,

Inc

4.482

08/23/28

10,175

6,000,000

Goldman

Sachs

Group,

Inc

1.992

01/27/32

4,498

12,080,000

Goldman

Sachs

Group,

Inc

2.615

04/22/32

9,435

CREF

Core

Bond

Account

September

30,

2023

248

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,500,000

Goldman

Sachs

Group,

Inc

4.411

%

04/23/39

$

2,881

6,825,000

Goldman

Sachs

Group,

Inc

3.436

02/24/43

4,707

3,000,000

Goldman

Sachs

Group,

Inc

3.800

N/A(f)

2,446

200,000

(d)

Indian

Railway

Finance

Corp

Ltd

3.249

02/13/30

169

3,600,000

(d)

Indian

Railway

Finance

Corp

Ltd

2.800

02/10/31

2,899

1,700,000

(d)

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,412

3,000,000

(d)

Minejesa

Capital

BV

4.625

08/10/30

2,665

10,000,000

Morgan

Stanley

2.188

04/28/26

9,394

31,425,000

Morgan

Stanley

3.125

07/27/26

29,187

EUR

700,000

Morgan

Stanley

1.342

10/23/26

696

1,400,000

Morgan

Stanley

5.449

07/20/29

1,364

EUR

500,000

Morgan

Stanley

2.950

05/07/32

469

14,250,000

Morgan

Stanley

5.250

04/21/34

13,231

5,150,000

Morgan

Stanley

5.424

07/21/34

4,858

4,440,000

Northern

Trust

Corp

4.600

N/A(f)

3,996

3,350,000

(d)

Power

Finance

Corp

Ltd

3.950

04/23/30

2,910

1,000,000

REC

Ltd

4.625

03/22/28

931

4,125,000

(d)

Societe

Generale

S.A.

4.027

01/21/43

2,588

550,000

Springleaf

Finance

Corp

5.375

11/15/29

461

8,825,000

UBS

Group

AG.

3.750

03/26/25

8,488

3,065,000

(d)

UBS

Group

AG.

3.179

02/11/43

1,982

4,225,000

Visa,

Inc

2.700

04/15/40

2,975

TOTAL

FINANCIAL

SERVICES

238,538

FOOD,

BEVERAGE

&

TOBACCO

-

1.2%

2,600,000

(d)

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3.375

06/29/28

2,129

6,975,000

Anheuser-Busch

Cos

LLC

4.700

02/01/36

6,393

12,875,000

Anheuser-Busch

Cos

LLC

4.900

02/01/46

11,221

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4.750

01/23/29

16,337

11,500,000

BAT

Capital

Corp

2.259

03/25/28

9,726

10,225,000

BAT

Capital

Corp

4.906

04/02/30

9,381

4,400,000

BAT

Capital

Corp

2.726

03/25/31

3,395

10,000,000

BAT

International

Finance

plc

4.448

03/16/28

9,325

3,875,000

(d)

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

3,172

3,000,000

(d)

Coca-Cola

Icecek

AS.

4.500

01/20/29

2,667

1,700,000

Constellation

Brands,

Inc

4.400

11/15/25

1,654

2,675,000

Constellation

Brands,

Inc

3.700

12/06/26

2,525

1,050,000

Constellation

Brands,

Inc

3.150

08/01/29

920

6,900,000

Constellation

Brands,

Inc

2.875

05/01/30

5,791

20,175,000

Constellation

Brands,

Inc

2.250

08/01/31

15,716

4,500,000

Diageo

Capital

plc

1.375

09/29/25

4,159

8,050,000

Diageo

Capital

plc

2.375

10/24/29

6,818

2,850,000

Diageo

Capital

plc

2.000

04/29/30

2,312

2,500,000

(d)

Grupo

Bimbo

SAB

de

C.V.

4.700

11/10/47

2,022

3,950,000

Kraft

Heinz

Foods

Co

4.375

06/01/46

3,078

250,000

(d)

Sigma

Alimentos

S.A.

de

C.V.

4.125

05/02/26

238

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

118,979

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.4%

1,500,000

Abbott

Laboratories

5.300

05/27/40

1,472

1,925,000

Boston

Scientific

Corp

2.650

06/01/30

1,609

3,285,000

Centene

Corp

2.450

07/15/28

2,775

2,910,000

Centene

Corp

3.000

10/15/30

2,347

19,230,000

Children's

Hospital

Medic

4.268

05/15/44

15,860

1,766,000

CVS

Health

Corp

3.750

04/01/30

1,561

15,950,000

CVS

Health

Corp

1.750

08/21/30

12,274

9,750,000

CVS

Health

Corp

4.780

03/25/38

8,396

4,050,000

CVS

Health

Corp

2.700

08/21/40

2,553

20,300,000

CVS

Health

Corp

5.050

03/25/48

16,866

4,105,000

Dartmouth-Hitchcock

Health

4.178

08/01/48

2,994

10,775,000

Elevance

Health,

Inc

2.250

05/15/30

8,766

4,750,000

Elevance

Health,

Inc

5.125

02/15/53

4,194

249

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,225,000

HCA,

Inc

5.625

%

09/01/28

$

4,120

6,200,000

HCA,

Inc

3.625

03/15/32

5,139

4,300,000

HCA,

Inc

5.500

06/15/47

3,670

5,350,000

HCA,

Inc

4.625

03/15/52

4,017

3,500,000

(d)

Hologic,

Inc

3.250

02/15/29

2,956

6,125,000

Humana,

Inc

2.150

02/03/32

4,628

2,700,000

Humana,

Inc

5.875

03/01/33

2,684

GBP

500,000

McKesson

Corp

3.125

02/17/29

537

2,925,000

McKesson

Corp

5.100

07/15/33

2,795

12,500,000

Mercy

Health

3.382

11/01/25

11,844

5,000,000

New

York

and

Presbyterian

Hospital

3.563

08/01/36

3,943

EUR

450,000

Stryker

Corp

2.625

11/30/30

433

375,000

Tenet

Healthcare

Corp

4.625

06/15/28

338

5,775,000

UnitedHealth

Group,

Inc

2.950

10/15/27

5,283

10,700,000

UnitedHealth

Group,

Inc

2.300

05/15/31

8,645

3,250,000

UnitedHealth

Group,

Inc

3.750

10/15/47

2,390

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

145,089

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

EUR

750,000

(d)

Coty,

Inc

3.875

04/15/26

772

EUR

300,000

Procter

&

Gamble

Co

3.250

08/02/31

308

EUR

600,000

The

Procter

&

Gamble

Company

0.625

10/30/24

613

EUR

400,000

The

Procter

&

Gamble

Company

1.875

10/30/38

326

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,019

INSURANCE

-

1.5%

825,000

(d)

Alliant

Holdings

Intermediate

LLC

4.250

10/15/27

739

6,800,000

(d)

Allianz

SE

6.350

09/06/53

6,565

4,925,000

Aon

Corp

2.800

05/15/30

4,099

3,900,000

Aon

Corp

5.350

02/28/33

3,739

8,306,000

Aon

Global

Ltd

3.500

06/14/24

8,153

5,250,000

AXIS

Specialty

Finance

LLC

4.900

01/15/40

4,217

16,000,000

Berkshire

Hathaway

Finance

Corp

2.850

10/15/50

9,955

1,400,000

Berkshire

Hathaway

Finance

Corp

3.850

03/15/52

1,044

EUR

500,000

Chubb

INA

Holdings,

Inc

1.550

03/15/28

474

EUR

450,000

Chubb

INA

Holdings,

Inc

1.400

06/15/31

385

1,500,000

CNA

Financial

Corp

3.950

05/15/24

1,480

1,825,000

(d)

Equitable

Financial

Life

Global

Funding

1.400

07/07/25

1,676

EUR

250,000

(d)

Fairfax

Financial

Holdings

Ltd

2.750

03/29/28

241

5,575,000

(d)

Five

Corners

Funding

Trust

4.419

11/15/23

5,560

7,325,000

(d)

Five

Corners

Funding

Trust

II

2.850

05/15/30

6,108

3,000,000

(d)

Hanwha

Life

Insurance

Co

Ltd

3.379

02/04/32

2,663

22,408,000

Hartford

Financial

Services

Group,

Inc

2.800

08/19/29

19,221

1,100,000

Hartford

Financial

Services

Group,

Inc

4.300

04/15/43

849

2,500,000

Hartford

Financial

Services

Group,

Inc

2.900

09/15/51

1,470

EUR

750,000

Liberty

Mutual

Group,

Inc

2.750

05/04/26

761

EUR

400,000

(d)

Liberty

Mutual

Group,

Inc

4.625

12/02/30

406

4,100,000

(d)

Liberty

Mutual

Group,

Inc

3.951

10/15/50

2,753

4,825,000

(d)

Liberty

Mutual

Group,

Inc

5.500

06/15/52

4,135

440,000

Marsh

&

McLennan

Cos,

Inc

3.500

03/10/25

426

7,000,000

MetLife,

Inc

3.600

04/10/24

6,915

1,250,000

MetLife,

Inc

3.600

11/13/25

1,202

1,750,000

MetLife,

Inc

5.000

07/15/52

1,510

11,820,000

MetLife,

Inc

3.850

N/A(f)

10,935

GBP

200,000

Metropolitan

Life

Global

Funding

I

4.125

09/02/25

237

8,200,000

(d)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

7,897

11,875,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

10,072

5,250,000

Principal

Financial

Group,

Inc

2.125

06/15/30

4,175

1,450,000

Prudential

Financial,

Inc

3.905

12/07/47

1,051

6,960,000

Prudential

Financial,

Inc

3.700

10/01/50

5,660

3,875,000

Prudential

Financial,

Inc

5.125

03/01/52

3,337

3,275,000

Reinsurance

Group

of

America,

Inc

3.900

05/15/29

2,934

CREF

Core

Bond

Account

September

30,

2023

250

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,600,000

(d)

Swiss

Re

Finance

Luxembourg

S.A.

5.000

%

04/02/49

$

5,247

TOTAL

INSURANCE

148,291

MATERIALS

-

1.0%

7,975,000

Albemarle

Corp

4.650

06/01/27

7,604

1,925,000

(d)

Alpek

SAB

de

C.V.

4.250

09/18/29

1,683

2,600,000

(d)

Alpek

SAB

de

C.V.

3.250

02/25/31

2,041

852,000

Amcor

Flexibles

North

America,

Inc

3.100

09/15/26

777

4,879,000

Amcor

Flexibles

North

America,

Inc

2.630

06/19/30

3,939

9,400,000

Amcor

Flexibles

North

America,

Inc

2.690

05/25/31

7,453

2,600,000

(d)

Anglo

American

Capital

plc

3.875

03/16/29

2,330

4,550,000

(d)

Anglo

American

Capital

plc

2.625

09/10/30

3,635

11,325,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

9,118

2,000,000

(d)

Antofagasta

plc

5.625

05/13/32

1,906

EUR

500,000

(d)

Ardagh

Metal

Packaging

Finance

USA

LLC

2.000

09/01/28

438

EUR

250,000

(d)

Ardagh

Metal

Packaging

Finance

USA

LLC

3.000

09/01/29

201

1,875,000

Ball

Corp

2.875

08/15/30

1,486

14,250,000

Berry

Global,

Inc

1.570

01/15/26

12,881

200,000

Celulosa

Arauco

y

Constitucion

S.A.

3.875

11/02/27

180

3,000,000

(d)

Celulosa

Arauco

y

Constitucion

S.A.

4.250

04/30/29

2,641

1,650,000

(d)

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

1,414

2,500,000

(d)

Cemex

SAB

de

C.V.

5.450

11/19/29

2,368

1,600,000

(d)

Cemex

SAB

de

C.V.

5.125

N/A(f)

1,498

4,200,000

(d)

Corp

Nacional

del

Cobre

de

Chile

3.625

08/01/27

3,859

EUR

500,000

Dow

Chemical

Co

0.500

03/15/27

465

2,800,000

(d)

Equate

Petrochemical

BV

2.625

04/28/28

2,417

1,800,000

(d)

Freeport

Indonesia

PT

4.763

04/14/27

1,708

2,400,000

(d)

Fresnillo

plc

4.250

10/02/50

1,673

1,850,000

(d)

Gold

Fields

Orogen

Holdings

BVI

Ltd

6.125

05/15/29

1,796

3,600,000

(d)

Inversiones

CMPC

S.A.

3.000

04/06/31

2,866

3,525,000

(d)

Midwest

Connector

Capital

Co

LLC

4.625

04/01/29

3,222

4,000,000

Newmont

Corp

2.250

10/01/30

3,185

3,400,000

Newmont

Corp

2.600

07/15/32

2,663

6,675,000

Nutrien

Ltd

2.950

05/13/30

5,572

1,920,000

(d)

OCI

NV

4.625

10/15/25

1,815

875,000

(d)

OCP

S.A.

3.750

06/23/31

689

EUR

250,000

(d)

Olympus

Water

US

Holding

Corp

3.875

10/01/28

220

1,175,000

(d)

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

1,046

375,000

(d)

PolyOne

Corp

5.750

05/15/25

368

250,000

(d)

SABIC

Capital

II

BV

4.000

10/10/23

249

2,075,000

Sasol

Financing

USA

LLC

4.375

09/18/26

1,840

3,000,000

(d)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3.500

09/10/51

1,843

4,300,000

Suzano

Austria

GmbH

3.125

01/15/32

3,302

200,000

(d)

UltraTech

Cement

Ltd

2.800

02/16/31

157

TOTAL

MATERIALS

104,548

MEDIA

&

ENTERTAINMENT

-

1.6%

2,200,000

Activision

Blizzard,

Inc

3.400

09/15/26

2,086

1,950,000

(d)

Adani

Electricity

Mumbai

Ltd

3.867

07/22/31

1,356

3,975,045

(d)

Alfa

Desarrollo

S.p.A

4.550

09/27/51

2,717

1,550,000

Baidu,

Inc

1.625

02/23/27

1,358

3,000,000

(d)

Banco

Nacional

de

Panama

2.500

08/11/30

2,325

EUR

400,000

(d)

Blackstone

Private

Credit

Fund

1.750

11/30/26

366

3,000,000

(d)

BOC

Aviation

USA

Corp

1.625

04/29/24

2,923

EUR

750,000

(d)

BOI

Finance

BV

7.500

02/16/27

671

1,775,000

(d),(e)

Cable

Onda

S.A.

4.500

01/30/30

1,449

5,000,000

(d)

CCO

Holdings

LLC

4.250

02/01/31

3,980

10,200,000

(e)

Charter

Communications

Operating

LLC

4.400

04/01/33

8,675

14,100,000

Charter

Communications

Operating

LLC

3.500

03/01/42

8,713

6,150,000

Charter

Communications

Operating

LLC

5.125

07/01/49

4,483

20,345,000

Charter

Communications

Operating

LLC

4.800

03/01/50

14,227

3,000,000

Charter

Communications

Operating

LLC

3.700

04/01/51

1,746

251

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

450,000

Comcast

Corp

0.250

%

05/20/27

$

417

$

10,000,000

Comcast

Corp

4.150

10/15/28

9,473

17,000,000

Comcast

Corp

3.200

07/15/36

13,108

1,925,000

Comcast

Corp

3.900

03/01/38

1,572

28,050,000

Comcast

Corp

2.887

11/01/51

16,531

5,000,000

(d)

CSC

Holdings

LLC

3.375

02/15/31

3,407

GBP

300,000

Discovery

Communications

LLC

2.500

09/20/24

354

3,000,000

(d)

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

2,428

EUR

500,000

(d)

Emerald

Debt

Merger

Sub

LLC

6.375

12/15/30

527

200,000

(d)

ENN

Clean

Energy

International

Investment

Ltd

3.375

05/12/26

184

3,875,000

Extra

Space

Storage

LP

2.400

10/15/31

2,967

4,000,000

(d)

Genm

Capital

Labuan

Ltd

3.882

04/19/31

3,130

5,975,000

Haleon

US

Capital

LLC

3.375

03/24/27

5,543

3,500,000

Haleon

US

Capital

LLC

3.625

03/24/32

3,002

650,000

Lamar

Media

Corp

3.750

02/15/28

575

1,000,000

Lamar

Media

Corp

4.000

02/15/30

847

2,934,000

(d)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4.875

01/15/28

2,618

2,675,000

(d)

Sirius

XM

Radio,

Inc

4.125

07/01/30

2,142

4,071,942

(d)

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

3,151

GBP

200,000

Time

Warner

Cable

LLC

5.750

06/02/31

227

4,400,000

Time

Warner

Cable

LLC

5.875

11/15/40

3,646

3,450,000

Time

Warner

Cable

LLC

4.500

09/15/42

2,390

EUR

700,000

(d)

VZ

Secured

Financing

BV

3.500

01/15/32

567

2,105,000

Walt

Disney

Co

7.625

11/30/28

2,320

9,800,000

Warnermedia

Holdings,

Inc

3.755

03/15/27

9,048

18,225,000

Warnermedia

Holdings,

Inc

5.050

03/15/42

14,095

2,375,000

Warnermedia

Holdings,

Inc

5.141

03/15/52

1,765

2,700,000

Weibo

Corp

3.375

07/08/30

2,106

EUR

500,000

Whirlpool

EMEA

Finance

Sarl

0.500

02/20/28

453

TOTAL

MEDIA

&

ENTERTAINMENT

165,668

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.2%

EUR

550,000

AbbVie,

Inc

1.250

06/01/24

570

17,150,000

AbbVie,

Inc

4.050

11/21/39

14,031

16,075,000

Amgen,

Inc

5.250

03/02/33

15,367

12,925,000

Amgen,

Inc

5.650

03/02/53

12,097

7,350,000

AstraZeneca

Finance

LLC

1.200

05/28/26

6,603

3,795,000

AstraZeneca

Finance

LLC

2.250

05/28/31

3,057

13,060,000

AstraZeneca

plc

1.375

08/06/30

10,128

EUR

500,000

(d)

Avantor

Funding,

Inc

3.875

07/15/28

484

1,500,000

(d)

Avantor

Funding,

Inc

4.625

07/15/28

1,368

3,125,000

Danaher

Corp

2.800

12/10/51

1,905

300,449

(a)

Grifols

Worldwide

Operations

USA,

Inc

SOFR

3

M

+

2.000%

7.416

11/15/27

296

4,025,000

Merck

&

Co,

Inc

2.750

12/10/51

2,431

EUR

600,000

(d)

Organon

Finance  LLC

2.875

04/30/28

545

250,000

(d)

Organon

Finance  LLC

5.125

04/30/31

200

4,150,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.750

05/19/33

3,923

31,850,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

29,594

20,175,000

Takeda

Pharmaceutical

Co

Ltd

2.050

03/31/30

16,223

EUR

400,000

Takeda

Pharmaceutical

Co

Ltd

1.375

07/09/32

335

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2.000

07/09/40

371

1,045,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.750

05/09/27

959

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

120,487

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

EUR

200,000

Vonovia

SE

0.625

12/14/29

163

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

163

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.5%

25,131,000

(d)

Broadcom,

Inc

4.926

05/15/37

21,661

1,675,000

Intel

Corp

3.734

12/08/47

1,193

8,375,000

NVIDIA

Corp

2.000

06/15/31

6,701

CREF

Core

Bond

Account

September

30,

2023

252

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,100,000

(d)

NXP

BV

2.700

%

05/01/25

$

1,045

5,450,000

NXP

BV

3.875

06/18/26

5,182

3,475,000

NXP

BV

4.400

06/01/27

3,297

4,100,000

NXP

BV

3.125

02/15/42

2,669

4,800,000

(d),(e)

SK

Hynix,

Inc

1.500

01/19/26

4,313

2,200,000

Texas

Instruments,

Inc

4.150

05/15/48

1,774

4,000,000

Texas

Instruments,

Inc

5.000

03/14/53

3,624

1,575,000

TSMC

Arizona

Corp

1.750

10/25/26

1,413

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

52,872

SOFTWARE

&

SERVICES

-

0.7%

7,350,000

Adobe,

Inc

2.300

02/01/30

6,185

200,000

(d)

CA

Magnum

Holdings

5.375

10/31/26

177

900,000

(d)

Gartner,

Inc

3.750

10/01/30

755

EUR

400,000

International

Business

Machines

Corp

0.650

02/11/32

320

EUR

250,000

(d)

IQVIA,

Inc

1.750

03/15/26

246

1,413,000

(d)

j2

Global,

Inc

4.625

10/15/30

1,196

26,300,000

Microsoft

Corp

2.400

08/08/26

24,432

4,120,000

Microsoft

Corp

2.525

06/01/50

2,509

550,000

(d)

Open

Text

Holdings,

Inc

4.125

02/15/30

460

8,025,000

Oracle

Corp

4.900

02/06/33

7,397

17,650,000

Oracle

Corp

5.550

02/06/53

15,464

3,000,000

Roper

Technologies,

Inc

1.400

09/15/27

2,567

10,050,000

Roper

Technologies,

Inc

2.000

06/30/30

7,947

9,650,000

Salesforce,

Inc

2.700

07/15/41

6,535

TOTAL

SOFTWARE

&

SERVICES

76,190

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2.800

02/15/30

3,671

4,825,000

Apple,

Inc

2.450

08/04/26

4,482

26,100,000

Apple,

Inc

2.050

09/11/26

23,984

3,225,000

Apple,

Inc

4.650

02/23/46

2,874

4,675,000

Apple,

Inc

2.650

02/08/51

2,835

2,175,000

Tyco

Electronics

Group

S.A.

3.700

02/15/26

2,085

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

39,931

TELECOMMUNICATION

SERVICES

-

2.0%

2,300,000

(d)

America

Movil

SAB

de

C.V.

5.375

04/04/32

1,980

200,000

America

Movil

SAB

de

C.V.

4.700

07/21/32

184

GBP

300,000

AT&T,

Inc

2.900

12/04/26

334

EUR

500,000

AT&T,

Inc

2.350

09/05/29

474

42,943,000

AT&T,

Inc

2.550

12/01/33

31,541

8,325,000

AT&T,

Inc

4.500

05/15/35

7,101

7,375,000

AT&T,

Inc

3.500

06/01/41

5,124

38,320,000

AT&T,

Inc

3.550

09/15/55

23,458

6,553,000

AT&T,

Inc

3.800

12/01/57

4,152

4,225,000

(d)

Bharti

Airtel

Ltd

3.250

06/03/31

3,483

3,000,000

(d)

C&W

Senior

Financing

Designated

Activity

Co

6.875

09/15/27

2,638

850,000

Deutsche

Telekom

International

Finance

BV

8.750

06/15/30

974

EUR

665,000

(d)

Iliad

Holding

SAS

5.125

10/15/26

667

1,175,000

(d)

Millicom

International

Cellular

S.A.

4.500

04/27/31

839

4,000,000

(d)

MTN

Mauritius

Investment

Ltd

6.500

10/13/26

3,910

2,425,000

Orange

S.A.

5.375

01/13/42

2,208

22,975,000

T-Mobile

USA,

Inc

2.625

02/15/29

19,464

30,200,000

T-Mobile

USA,

Inc

3.875

04/15/30

26,756

8,800,000

T-Mobile

USA,

Inc

5.050

07/15/33

8,165

2,225,000

T-Mobile

USA,

Inc

3.000

02/15/41

1,474

7,800,000

T-Mobile

USA,

Inc

3.300

02/15/51

4,881

EUR

400,000

Verizon

Communications,

Inc

1.875

10/26/29

371

EUR

200,000

Verizon

Communications,

Inc

4.250

10/31/30

210

10,300,000

Verizon

Communications,

Inc

1.750

01/20/31

7,762

8,450,000

Verizon

Communications,

Inc

2.550

03/21/31

6,728

253

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

38,051,000

Verizon

Communications,

Inc

2.355

%

03/15/32

$

29,031

EUR

300,000

Verizon

Communications,

Inc

2.875

01/15/38

258

GBP

1,000,000

(d)

Vmed

O2

UK

Financing

I

plc

4.500

07/15/31

953

6,550,000

Vodafone

Group

plc

4.375

02/19/43

5,047

5,125,000

Vodafone

Group

plc

4.250

09/17/50

3,716

TOTAL

TELECOMMUNICATION

SERVICES

203,883

TRANSPORTATION

-

0.4%

1,850,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.000

07/30/27

1,559

2,000,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.200

08/04/27

1,695

2,700,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

3.100

02/02/31

1,862

1,450,000

(d)

Aeropuerto

Internacional

de

Tocumen

S.A.

4.000

08/11/41

1,128

4,075,000

Burlington

Northern

Santa

Fe

LLC

3.050

02/15/51

2,580

1,300,000

Canadian

Pacific

Railway

Co

2.050

03/05/30

1,050

5,600,000

Canadian

Pacific

Railway

Co

3.100

12/02/51

3,501

2,040,000

CSX

Corp

2.600

11/01/26

1,873

1,525,000

CSX

Corp

3.800

03/01/28

1,432

14,175,000

CSX

Corp

4.250

03/15/29

13,426

1,550,000

(d)

Empresa

de

los

Ferrocarriles

del

Estado

3.068

08/18/50

886

3,175,000

(d)

Misc

Capital

Two

Labuan

Ltd

3.625

04/06/25

3,055

3,260,000

(d)

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

3,011

5,100,000

Union

Pacific

Corp

2.891

04/06/36

3,862

2,275,000

Union

Pacific

Corp

3.839

03/20/60

1,594

TOTAL

TRANSPORTATION

42,514

UTILITIES

-

3.3%

1,650,000

AEP

Transmission

Co

LLC

3.100

12/01/26

1,536

1,650,000

AEP

Transmission

Co

LLC

4.000

12/01/46

1,257

4,750,000

AEP

Transmission

Co

LLC

2.750

08/15/51

2,707

1,175,000

AEP

Transmission

Co

LLC

5.400

03/15/53

1,092

3,475,000

Alabama

Power

Co

4.150

08/15/44

2,672

6,025,000

Alabama

Power

Co

3.450

10/01/49

4,004

16,000,000

Ameren

Illinois

Co

4.950

06/01/33

15,139

3,225,000

Ameren

Illinois

Co

5.900

12/01/52

3,220

2,750,000

American

Water

Capital

Corp

3.000

12/01/26

2,544

4,000,000

American

Water

Capital

Corp

2.800

05/01/30

3,383

8,500,000

American

Water

Capital

Corp

2.300

06/01/31

6,772

2,375,000

American

Water

Capital

Corp

4.000

12/01/46

1,774

4,500,000

American

Water

Capital

Corp

3.750

09/01/47

3,289

5,788,000

Appalachian

Power

Co

4.450

06/01/45

4,461

8,475,000

Atmos

Energy

Corp

1.500

01/15/31

6,437

1,175,000

Atmos

Energy

Corp

4.125

10/15/44

920

6,500,000

Baltimore

Gas

and

Electric

Co

3.750

08/15/47

4,629

3,700,000

(d)

Becle

SAB

de

C.V.

2.500

10/14/31

2,827

5,925,000

Berkshire

Hathaway

Energy

Co

3.250

04/15/28

5,362

6,225,000

Black

Hills

Corp

4.250

11/30/23

6,205

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3.000

03/01/32

890

3,550,000

CenterPoint

Energy

Resources

Corp

6.250

02/01/37

3,379

EUR

350,000

CEZ

AS.

0.875

12/02/26

329

2,975,000

CMS

Energy

Corp

3.600

11/15/25

2,824

3,500,000

Commonwealth

Edison

Co

5.900

03/15/36

3,501

8,250,000

Commonwealth

Edison

Co

3.000

03/01/50

5,089

5,100,000

Commonwealth

Edison

Co

2.750

09/01/51

2,892

2,178,000

Consumers

Energy

Co

2.650

08/15/52

1,258

1,542,000

Consumers

Energy

Co

2.500

05/01/60

807

EUR

300,000

Credit

Agricole

Assurances

S.A.

1.500

10/06/31

234

2,350,000

Dominion

Energy,

Inc

2.250

08/15/31

1,818

4,000,000

Dominion

Energy,

Inc

3.300

04/15/41

2,731

2,500,000

DTE

Electric

Co

3.650

03/01/52

1,752

2,125,000

DTE

Electric

Co

5.400

04/01/53

1,986

4,600,000

Duke

Energy

Florida

LLC

3.400

10/01/46

3,092

8,850,000

Duke

Energy

Indiana

LLC

2.750

04/01/50

5,068

CREF

Core

Bond

Account

September

30,

2023

254

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,100,000

Duke

Energy

Progress

LLC

2.500

%

08/15/50

$

3,331

EUR

300,000

Electricite

de

France

S.A.

2.000

10/02/30

275

3,445,000

(d)

Empresas

Publicas

de

Medellin

ESP

4.250

07/18/29

2,764

2,000,000

(d)

EnfraGen

Energia

Sur

S.A.

5.375

12/30/30

1,399

4,000,000

(d)

ENN

Energy

Holdings

Ltd

2.625

09/17/30

3,209

6,900,000

Entergy

Corp

0.900

09/15/25

6,265

5,375,000

Eversource

Energy

1.650

08/15/30

4,117

6,350,000

Eversource

Energy

3.450

01/15/50

4,150

8,200,000

Florida

Power

&

Light

Co

4.800

05/15/33

7,751

5,775,000

Florida

Power

&

Light

Co

3.990

03/01/49

4,339

UGX

2,000,000,000

(d),(h)

ICBC

Standard

Bank

plc

14.250

06/26/34

477

2,900,000

Indiana

Michigan

Power

Co

3.750

07/01/47

2,030

4,525,000

(d)

Israel

Electric

Corp

Ltd

4.250

08/14/28

4,143

2,000,000

(d)

Kallpa

Generacion

SA

4.125

08/16/27

1,830

3,000,000

(d)

Korea

East-West

Power

Co

Ltd

1.750

05/06/25

2,814

1,875,000

(d)

Korea

East-West

Power

Co

Ltd

3.600

05/06/25

1,811

3,200,000

(d)

Korea

Southern

Power

Co

Ltd

0.750

01/27/26

2,854

7,625,000

Medtronic

Global

Holdings

S.C.A

4.250

03/30/28

7,298

6,975,000

MidAmerican

Energy

Co

3.650

04/15/29

6,373

5,400,000

MidAmerican

Energy

Co

3.650

08/01/48

3,848

EUR

300,000

(d)

Mondelez

International

Holdings

Netherlands

BV

1.250

09/09/41

194

9,225,000

(d)

NBK

SPC

Ltd

1.625

09/15/27

8,178

7,350,000

Nevada

Power

Co

2.400

05/01/30

6,000

3,335,000

Nevada

Power

Co

5.450

05/15/41

3,008

12,700,000

NextEra

Energy

Capital

Holdings,

Inc

2.250

06/01/30

10,167

20,060,000

NiSource,

Inc

1.700

02/15/31

15,002

6,000,000

(d)

NRG

Energy,

Inc

2.450

12/02/27

5,086

2,750,000

Ohio

Power

Co

2.600

04/01/30

2,277

6,150,000

Ohio

Power

Co

4.150

04/01/48

4,612

4,925,000

Ohio

Power

Co

4.000

06/01/49

3,589

EUR

250,000

(d)

OI

European

Group

BV

6.250

05/15/28

269

1,280,000

Oncor

Electric

Delivery

Co

LLC

5.250

09/30/40

1,204

425,000

ONE

Gas,

Inc

3.610

02/01/24

422

600,000

(d)

Pattern

Energy

Operations

LP

4.500

08/15/28

521

2,775,000

PECO

Energy

Co

3.000

09/15/49

1,727

3,700,000

PECO

Energy

Co

2.800

06/15/50

2,185

650,000

(d)

Perusahaan

Listrik

Negara

PT

3.875

07/17/29

579

3,000,000

(d)

Perusahaan

Listrik

Negara

PT

3.375

02/05/30

2,539

200,000

(d)

Perusahaan

Listrik

Negara

PT

4.875

07/17/49

148

5,000,000

(d)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.000

06/30/50

3,234

750,000

Potomac

Electric

Power

Co

7.900

12/15/38

858

3,300,000

(d)

Promigas

S.A.

ESP

3.750

10/16/29

2,716

6,800,000

Public

Service

Co

of

Colorado

1.875

06/15/31

5,216

2,100,000

Public

Service

Co

of

Colorado

4.050

09/15/49

1,523

4,450,000

Public

Service

Co

of

Colorado

3.200

03/01/50

2,791

5,150,000

Public

Service

Electric

and

Gas

Co

4.900

12/15/32

4,939

6,970,000

Public

Service

Electric

and

Gas

Co

3.150

01/01/50

4,526

5,000,000

Public

Service

Electric

and

Gas

Co

5.450

08/01/53

4,764

1,162,000

(d)

Saka

Energi

Indonesia

PT

4.450

05/05/24

1,140

20,000,000

Southern

Co

4.000

01/15/51

18,500

EUR

300,000

Southern

Co

1.875

09/15/81

250

8,475,000

Southern

Co

Gas

Capital

Corp

3.875

11/15/25

8,159

EUR

500,000

Southern

Power

Co

1.850

06/20/26

497

2,440,000

Southwestern

Public

Service

Co

3.400

08/15/46

1,567

350,000

(d)

Tengizchevroil

Finance

Co

International

Ltd

2.625

08/15/25

316

6,700,000

Union

Electric

Co

5.450

03/15/53

6,180

3,250,000

Virginia

Electric

and

Power

Co

2.950

11/15/26

3,011

1,900,000

Virginia

Electric

and

Power

Co

5.700

08/15/53

1,783

4,125,000

Wisconsin

Power

&

Light

Co

4.100

10/15/44

2,961

3,000,000

Wisconsin

Power

and

Light

Co

4.950

04/01/33

2,817

255

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,240,000

Xcel

Energy,

Inc

4.800

%

09/15/41

$

1,820

TOTAL

UTILITIES

336,233

TOTAL

CORPORATE

BONDS

3,324,639

(Cost

$3,891,339)

GOVERNMENT

BONDS

-

45.5%

FOREIGN

GOVERNMENT

BONDS

-

3.9%

2,000,000

(d)

Abu

Dhabi

Government

International

Bond

2.500

09/30/29

1,745

750,000

(d)

Africa

Finance

Corp

2.875

04/28/28

619

3,925,000

(d)

Angolan

Government

International

Bond

8.750

04/14/32

3,149

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6.000

12/08/31

455

AUD

1,250,000

Australia

Government

Bond

1.000

12/21/30

638

AUD

1,775,000

Australia

Government

Bond

1.250

05/21/32

882

AUD

1,960,000

Australia

Government

Bond

1.750

06/21/51

666

2,215,000

(d)

Bank

Gospodarstwa

Krajowego

5.375

05/22/33

2,088

8,500,000

(d)

Banque

Ouest

Africaine

de

Developpement

4.700

10/22/31

6,749

EUR

3,650,000

(d)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

2,715

EUR

850,000

(d)

Benin

Government

International

Bond

4.950

01/22/35

616

5,000,000

(d)

BNG

Bank

NV

3.500

08/26/24

4,901

8,000,000

(d)

BNG

Bank

NV

0.875

05/18/26

7,178

1,950,000

(d)

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5.333

02/15/28

1,891

BRL

3,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000

01/01/27

583

750,000

Brazilian

Government

International

Bond

3.875

06/12/30

653

3,410,000

Brazilian

Government

International

Bond

6.000

10/20/33

3,217

EUR

575,000

Bundesobligation

1.300

10/15/27

573

EUR

6,800,000

Bundesrepublik

Deutschland

0.000

08/15/31

5,808

EUR

380,000

Bundesrepublik

Deutschland

0.000

02/15/32

320

EUR

3,700,000

Bundesrepublik

Deutschland

1.000

05/15/38

2,990

EUR

135,000

Bundesrepublik

Deutschland

1.250

08/15/48

100

EUR

2,465,000

Bundesrepublik

Deutschland

0.000

08/15/52

1,123

EUR

1,400,000

Bundesrepublik

Deutschland

Bundesanleihe

2.300

02/15/33

1,421

7,000,000

(d)

Caisse

d'Amortissement

de

la

Dette

Sociale

1.125

11/29/24

6,643

CAD

1,400,000

(d)

Canada

Housing

Trust

No

1.100

12/15/26

919

CAD

1,525,000

(d)

Canada

Housing

Trust

No

3.550

09/15/32

1,044

CAD

1,650,000

Canadian

Government

Bond

3.000

11/01/24

1,187

CAD

875,000

Canadian

Government

Bond

3.500

08/01/25

629

CAD

1,475,000

Canadian

Government

International

Bond

2.000

06/01/28

987

CAD

850,000

Canadian

Government

International

Bond

2.000

06/01/32

532

CAD

1,000,000

Canadian

Government

International

Bond

5.000

06/01/37

810

2,790,000

Canal

Barge

Co,

Inc

4.500

11/12/34

2,641

1,250,000

(e)

Chile

Government

International

Bond

2.550

01/27/32

1,009

CNY

24,000,000

China

Government

Bond

2.880

11/05/23

3,288

CNY

5,750,000

China

Government

Bond

2.940

10/17/24

793

CNY

21,000,000

China

Government

Bond

1.990

04/09/25

2,858

CNY

47,400,000

China

Government

Bond

3.120

12/05/26

6,633

CNY

20,200,000

China

Government

Bond

2.500

07/25/27

2,762

CNY

16,100,000

China

Government

Bond

3.270

11/19/30

2,297

CNY

18,900,000

China

Government

Bond

3.860

07/22/49

2,943

CNY

10,000,000

China

Government

Bond

3.390

03/16/50

1,440

CNY

4,700,000

China

Government

Bond

3.810

09/14/50

728

CNY

4,700,000

China

Government

Bond

3.720

04/12/51

719

NOK

7,000,000

City

of

Oslo

Norway

2.050

10/31/24

633

3,425,000

Colombia

Government

International

Bond

3.250

04/22/32

2,458

1,700,000

Colombia

Government

International

Bond

5.000

06/15/45

1,112

COP

3,300,000,000

Colombian

TES

7.750

09/18/30

675

275,000

(d)

Costa

Rica

Government

International

Bond

6.550

04/03/34

267

2,200,000

(d),(e)

Costa

Rica

Government

International

Bond

5.625

04/30/43

1,820

CZK

26,950,000

Czech

Republic

Government

Bond

1.750

06/23/32

924

5,000,000

(d)

Development

Bank

of

Japan,

Inc

0.500

03/04/24

4,891

3,500,000

(d)

Dominican

Republic

Government

International

Bond

4.875

09/23/32

2,839

CREF

Core

Bond

Account

September

30,

2023

256

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

DOP

8,500,000

(d)

Dominican

Republic

International

Bond

11.250

%

09/15/35

$

154

$

3,050,000

(d)

Dominican

Republic

International

Bond

5.875

01/30/60

2,179

24,960

(d)

Ecuador

Government

International

Bond

0.000

07/31/30

7

141,600

(d)

Ecuador

Government

International

Bond

5.000

07/31/30

72

99,120

(d)

Ecuador

Government

International

Bond

1.000

07/31/35

37

425,000

(d)

Egypt

Government

International

Bond

5.750

05/29/24

394

EGP

19,025,000

Egypt

Government

International

Bond

15.900

07/02/24

571

1,500,000

(d)

Egypt

Government

International

Bond

5.800

09/30/27

984

725,000

(d)

Egypt

Government

International

Bond

7.600

03/01/29

465

EUR

1,100,000

(d)

Egypt

Government

International

Bond

5.625

04/16/30

643

EUR

700,000

(d)

Egypt

Government

International

Bond

6.375

04/11/31

409

325,000

(d)

Egypt

Government

International

Bond

7.053

01/15/32

186

2,700,000

(d)

Egypt

Government

International

Bond

8.500

01/31/47

1,434

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3.900

09/09/50

969

3,500,000

European

Investment

Bank

4.875

02/15/36

3,510

2,000,000

(d)

Export-Import

Bank

of

India

3.875

02/01/28

1,850

2,000,000

(d)

Export-Import

Bank

of

India

2.250

01/13/31

1,551

2,800,000

Export-Import

Bank

of

Korea

0.750

09/21/25

2,551

3,350,000

Export-Import

Bank

of

Korea

1.250

09/21/30

2,551

159

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

16,578

EUR

1,325,000

French

Republic

Government

Bond

OAT

0.750

11/25/28

1,243

EUR

1,525,000

French

Republic

Government

Bond

OAT

1.250

05/25/36

1,232

EUR

2,775,000

(d)

French

Republic

Government

Bond

OAT

0.500

05/25/40

1,767

EUR

860,000

French

Republic

Government

Bond

OAT

0.750

05/25/52

426

EUR

960,000

(d)

French

Republic

Government

Bond

OAT

0.750

05/25/53

464

2,325,000

(d)

Ghana

Government

International

Bond

8.125

03/26/32

1,023

1,000,000

(d)

Ghana

Government

International

Bond

8.627

06/16/49

422

450,000

(d)

Guatemala

Government

International

Bond

4.375

06/05/27

415

EUR

750,000

(d)

Hellenic

Republic

Government

Bond

4.375

07/18/38

769

EUR

1,250,000

(d)

Hellenic

Republic

Government

International

Bond

1.500

06/18/30

1,121

EUR

725,000

(d)

Hellenic

Republic

Government

International

Bond

0.750

06/18/31

596

4,305,000

(d)

Hong

Kong

Government

International

Bond

4.625

01/11/33

4,257

HUF

345,000,000

Hungary

Government

International

Bond

5.500

06/24/25

893

1,565,000

(d)

Hungary

Government

International

Bond

6.125

05/22/28

1,559

1,725,000

(d)

Hungary

Government

International

Bond

5.250

06/16/29

1,645

HUF

421,500,000

Hungary

Government

International

Bond

3.000

08/21/30

882

1,150,000

(d)

Hungary

Government

International

Bond

2.125

09/22/31

847

CAD

1,475,000

Hydro-Quebec

5.000

02/15/45

1,091

6,300,000

(d)

Indonesia

Government

International

Bond

4.625

04/15/43

5,406

IDR

7,750,000,000

Indonesia

Treasury

Bond

8.125

05/15/24

507

IDR

10,000,000,000

Indonesia

Treasury

Bond

6.375

04/15/32

630

AUD

500,000

Inter-American

Development

Bank

4.750

08/27/24

322

AUD

900,000

Inter-American

Development

Bank

2.750

10/30/25

558

INR

17,000,000

Inter-American

Development

Bank

7.000

04/17/33

198

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1.900

01/16/25

917

IDR

20,900,000,000

International

Bank

for

Reconstruction

&

Development

6.250

01/12/28

1,355

GBP

500,000

International

Finance

Corp

0.250

12/15/25

549

1,153,125

(d)

Iraq

Government

International

Bond

5.800

01/15/28

1,065

EUR

4,315,000

Italy

Buoni

Poliennali

Del

Tesoro

0.450

02/15/29

3,748

EUR

1,875,000

Italy

Buoni

Poliennali

Del

Tesoro

0.950

08/01/30

1,583

EUR

425,000

(d)

Italy

Buoni

Poliennali

Del

Tesoro

1.700

09/01/51

232

EUR

1,000,000

(d)

Ivory

Coast

Government

International

Bond

5.875

10/17/31

869

EUR

100,000

(d)

Ivory

Coast

Government

International

Bond

4.875

01/30/32

80

1,303,973

(d)

Ivory

Coast

Government

International

Bond

(Step

Bond)

5.750

12/31/32

1,161

2,850,000

Jamaica

Government

International

Bond

7.875

07/28/45

3,135

2,500,000

(d)

Japan

Finance

Organization

for

Municipalities

1.000

05/21/25

2,316

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0.020

03/13/26

934

JPY

498,000,000

Japan

Government

Five

Year

Bond

0.005

09/20/26

3,322

JPY

327,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/26

2,187

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0.100

12/20/29

1,062

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0.500

09/20/46

1,207

257

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0.600

%

09/20/50

$

545

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0.700

09/20/51

698

JPY

118,500,000

Japan

Government

Thirty

Year

Bond

1.300

06/20/52

730

JPY

119,300,000

Japan

Government

Thirty

Year

Bond

1.600

12/20/52

789

JPY

181,600,000

Japan

Government

Thirty

Year

Bond

1.200

06/20/53

1,087

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1.400

09/20/34

1,428

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0.600

12/20/36

589

JPY

219,000,000

Japan

Government

Twenty

Year

Bond

0.500

12/20/38

1,326

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0.300

06/20/39

890

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1.100

09/20/42

2,448

JPY

320,000,000

Japan

Government

Two

Year

Bond

0.005

11/01/24

2,143

JPY

348,000,000

Japan

Government

Two

Year

Bond

0.005

07/01/25

2,328

$

925,000

(d)

Jordan

Government

International

Bond

4.950

07/07/25

894

500,000

(d)

Jordan

Government

International

Bond

7.750

01/15/28

498

1,000,000

(d)

Jordan

Government

International

Bond

7.500

01/13/29

975

1,025,000

(d)

Jordan

Government

International

Bond

5.850

07/07/30

909

975,000

(d)

Kenya

Government

International

Bond

7.000

05/22/27

824

EUR

1,875,000

(d)

Kingdom

of

Belgium

Government

Bond

0.000

10/22/27

1,748

EUR

2,900,000

(d)

Kingdom

of

Belgium

Government

Bond

0.350

06/22/32

2,370

EUR

3,950,000

(d)

Kingdom

of

Belgium

Government

Bond

1.450

06/22/37

3,168

2,600,000

(d)

Kommunalbanken

AS.

2.750

02/05/24

2,574

3,000,000

(d)

Kommunalbanken

AS.

1.125

06/14/30

2,358

6,975,000

(d)

Korea

Electric

Power

Corp

1.125

06/15/25

6,463

KRW

1,050,000,000

Korea

Treasury

Bond

2.875

06/10/24

774

KRW

1,270,000,000

Korea

Treasury

Bond

1.500

03/10/25

912

KRW

1,800,000,000

Korea

Treasury

Bond

1.500

12/10/26

1,238

KRW

2,400,000,000

Korea

Treasury

Bond

2.000

06/10/31

1,546

KRW

1,225,000,000

Korea

Treasury

Bond

2.375

12/10/31

806

KRW

2,380,000,000

Korea

Treasury

Bond

2.375

09/10/38

1,435

KRW

400,000,000

Korea

Treasury

Bond

1.875

09/10/41

216

KRW

365,000,000

Korea

Treasury

Bond

2.500

03/10/52

204

MXN

7,800,000

Kreditanstalt

fuer

Wiederaufbau

4.400

07/25/25

397

1,750,000

(c)

Lebanon

Government

International

Bond

6.750

11/29/27

139

645,000

(d)

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

634

MYR

3,960,000

Malaysia

Government

Bond

3.757

05/22/40

791

MYR

2,610,000

Malaysia

Government

Bond

4.457

03/31/53

558

MXN

23,500,000

Mexican

Bonos

5.750

03/05/26

1,209

MXN

13,700,000

Mexican

Bonos

8.500

11/18/38

693

1,675,000

Mexico

Government

International

Bond

5.400

02/09/28

1,649

3,375,000

Mexico

Government

International

Bond

3.250

04/16/30

2,871

3,001,000

Mexico

Government

International

Bond

6.050

01/11/40

2,769

6,650,000

Mexico

Government

International

Bond

4.280

08/14/41

4,902

3,500,000

Mexico

Government

International

Bond

4.600

02/10/48

2,548

5,075,000

Mexico

Government

International

Bond

4.400

02/12/52

3,511

1,975,000

(d)

Morocco

Government

International

Bond

5.950

03/08/28

1,945

EUR

900,000

(d)

Morocco

Government

International

Bond

1.500

11/27/31

696

4,050,000

(d)

Morocco

Government

International

Bond

5.500

12/11/42

3,275

1,675,000

(d)

Namibia

Government

International

Bond

5.250

10/29/25

1,576

EUR

400,000

(d)

Netherlands

Government

International

Bond

2.750

01/15/47

386

EUR

380,000

(d)

Netherlands

Government

International

Bond

0.000

01/15/52

165

AUD

500,000

New

South

Wales

Treasury

Corp

4.000

05/20/26

319

AUD

2,690,000

New

South

Wales

Treasury

Corp

3.000

04/20/29

1,604

NZD

2,485,000

New

Zealand

Government

International

Bond

0.500

05/15/24

1,442

NZD

1,175,000

New

Zealand

Government

International

Bond

2.750

04/15/25

674

925,000

(d)

Nigeria

Government

International

Bond

8.375

03/24/29

791

NOK

17,250,000

(d)

Norway

Government

International

Bond

2.000

04/26/28

1,474

1,100,000

(d)

Oman

Government

International

Bond

6.000

08/01/29

1,077

2,400,000

(d),(e)

Oman

Government

International

Bond

6.250

01/25/31

2,367

3,575,000

(d)

OPEC

Fund

for

International

Development

4.500

01/26/26

3,491

5,400,000

Panama

Bonos

del

Tesoro

3.362

06/30/31

4,477

2,025,000

Panama

Government

International

Bond

4.300

04/29/53

1,317

3,150,000

Panama

Notas

del

Tesoro

3.750

04/17/26

2,864

CREF

Core

Bond

Account

September

30,

2023

258

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

925,000

(d)

Paraguay

Government

International

Bond

5.400

%

03/30/50

$

729

1,100,000

(d)

Perusahaan

Penerbit

SBSN

Indonesia

III

4.700

06/06/32

1,039

3,000,000

Peruvian

Government

International

Bond

1.862

12/01/32

2,164

1,970,000

Peruvian

Government

International

Bond

3.000

01/15/34

1,517

PEN

3,515,000

(d)

Peruvian

Government

International

Bond

5.400

08/12/34

787

6,170,000

Philippine

Government

International

Bond

4.200

03/29/47

4,759

6,125,000

Private

Export

Funding

Corp

(PEFCO)

1.750

11/15/24

5,843

CAD

875,000

Province

of

Ontario

Canada

2.150

06/02/31

539

CAD

875,000

Province

of

Ontario

Canada

1.900

12/02/51

360

CAD

650,000

Province

of

Quebec

Canada

2.750

09/01/27

446

6,000,000

Province

of

Quebec

Canada

7.500

09/15/29

6,786

2,050,000

(d)

Qatar

Government

International

Bond

3.750

04/16/30

1,912

EUR

425,000

(d)

Republic

of

Cameroon

International

Bond

5.950

07/07/32

297

500,000

(d)

Republic

of

Guatemala

4.650

10/07/41

369

7,000,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

4,791

1,000,000

(d)

Republic

of

Paraguay

6.100

08/11/44

877

1,425,000

Republic

of

Poland

Government

International

Bond

5.750

11/16/32

1,426

2,935,000

Republic

of

Poland

Government

International

Bond

5.500

04/04/53

2,653

200,000

Republic

of

South

Africa

Government

International

Bond

5.875

04/20/32

170

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8.875

02/28/35

779

ZAR

15,100,000

Republic

of

South

Africa

Government

International

Bond

8.750

01/31/44

551

2,800,000

Republic

of

South

Africa

Government

International

Bond

5.375

07/24/44

1,873

350,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

277

2,150,000

(d)

Republic

of

Uzbekistan

International

Bond

4.750

02/20/24

2,123

UZS

5,708,925,000

(d)

Republic

of

Uzbekistan

International

Bond

14.000

07/19/24

465

RON

5,655,000

Romania

Government

Bond

8.000

04/29/30

1,264

1,850,000

(d)

Romanian

Government

International

Bond

3.000

02/14/31

1,487

EUR

600,000

(d)

Romanian

Government

International

Bond

2.000

01/28/32

456

EUR

500,000

(d)

Romanian

Government

International

Bond

2.000

04/14/33

362

3,300,000

(d)

Romanian

Government

International

Bond

4.000

02/14/51

2,099

3,550,000

(d)

Rwanda

International

Government

Bond

5.500

08/09/31

2,742

3,000,000

(d)

Saudi

Government

International

Bond

3.250

10/26/26

2,812

5,100,000

(d)

Saudi

Government

International

Bond

4.500

04/17/30

4,856

6,150,000

(d)

Saudi

Government

International

Bond

3.750

01/21/55

4,078

EUR

1,000,000

(d)

Senegal

Government

International

Bond

4.750

03/13/28

899

EUR

425,000

(d)

Senegal

Government

International

Bond

5.375

06/08/37

286

1,000,000

(d)

Senegal

Government

International

Bond

6.750

03/13/48

669

EUR

1,250,000

(d)

Serbia

Government

International

Bond

1.500

06/26/29

1,014

EUR

575,000

(d)

Serbia

Government

International

Bond

2.050

09/23/36

359

3,450,000

(d)

Serbia

International

Bond

2.125

12/01/30

2,529

760,000

(d)

Serbia

International

Bond

6.500

09/26/33

722

RSD

96,000,000

Serbia

Treasury

Bonds

5.875

02/08/28

891

RSD

31,700,000

Serbia

Treasury

Bonds

4.500

08/20/32

254

2,000,000

South

Africa

Government

International

Bond

5.875

09/16/25

1,970

EUR

2,550,000

(d)

Spain

Government

International

Bond

2.750

10/31/24

2,667

EUR

845,000

(d)

Spain

Government

International

Bond

1.400

07/30/28

811

EUR

1,475,000

(d)

Spain

Government

International

Bond

0.600

10/31/29

1,310

EUR

625,000

(d)

Spain

Government

International

Bond

0.100

04/30/31

506

EUR

2,350,000

(d)

Spain

Government

International

Bond

1.200

10/31/40

1,557

3,100,000

State

of

Israel

3.375

01/15/50

2,054

6,590,000

Svensk

Exportkredit

AB

1.750

12/12/23

6,541

THB

24,600,000

Thailand

Government

International

Bond

2.875

12/17/28

676

THB

24,400,000

Thailand

Government

International

Bond

3.300

06/17/38

653

EUR

1,000,000

(d)

Ukraine

Government

International

Bond

6.750

06/20/28

270

GBP

485,000

United

Kingdom

Gilt

0.125

01/31/28

494

GBP

1,220,000

United

Kingdom

Gilt

1.625

10/22/28

1,312

GBP

425,000

United

Kingdom

Gilt

0.500

01/31/29

424

GBP

440,000

United

Kingdom

Gilt

3.250

01/31/33

489

259

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

550,000

United

Kingdom

Gilt

0.875

%

07/31/33

$

481

GBP

2,665,000

United

Kingdom

Gilt

1.750

09/07/37

2,278

GBP

900,000

United

Kingdom

Gilt

3.750

01/29/38

984

GBP

275,000

United

Kingdom

Gilt

1.250

10/22/41

192

GBP

575,000

United

Kingdom

Gilt

1.500

07/22/47

371

GBP

1,875,000

United

Kingdom

Gilt

0.625

10/22/50

844

GBP

1,475,000

United

Kingdom

Gilt

1.500

07/31/53

858

$

5,280,000

Uruguay

Government

International

Bond

4.375

01/23/31

5,048

UYU

20,300,000

Uruguay

Government

International

Bond

8.250

05/21/31

486

1,400,000

Uruguay

Government

International

Bond

5.100

06/18/50

1,238

TOTAL

FOREIGN

GOVERNMENT

BONDS

402,000

MORTGAGE

BACKED

-

20.6%

79,015,715

(a),(d)

Citigroup

Mortgage

Loan

Trust

0.156

02/25/52

601

8,859,109

(a),(d)

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

107

915,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.850%

12.165

06/25/43

958

3,715,283

(a)

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

30

D

AVG

SOFR

+

5.806%

0.492

03/15/44

268

8,460,383

FHLMC

3.500

01/15/47

6,980

8,748,411

FHLMC

4.000

01/15/48

7,894

4,643,026

FHLMC

4.000

03/15/48

4,103

7,891,157

(a)

FHLMC

30

D

AVG

SOFR

+

9.737%

1.236

06/15/48

6,727

5,894,936

(a)

FHLMC

30

D

AVG

SOFR

+

9.657%

1.156

10/15/48

4,875

12,933,312

FHLMC

3.000

11/01/49

10,866

5,005,270

FHLMC

2.000

09/25/50

653

13,304,229

FHLMC

3.000

09/25/50

8,292

6,738,954

FHLMC

3.000

10/25/50

4,243

35,920,065

FHLMC

2.500

02/25/51

6,178

8,376,178

FHLMC

2.500

05/25/51

4,627

32,679,193

FHLMC

3.000

11/01/51

27,495

4,741,099

FHLMC

3.000

11/01/51

3,974

2,852,090

FHLMC

3.000

11/01/51

2,416

4,104,213

FHLMC

3.000

11/01/51

3,453

16,862,294

FHLMC

2.000

02/01/52

12,965

33,255,396

FHLMC

2.500

02/01/52

26,669

25,816,987

FHLMC

2.500

03/01/52

20,701

6,792,161

FHLMC

4.000

04/01/52

6,054

8,549,178

FHLMC

3.500

05/01/52

7,360

1,059,267

FHLMC

3.500

06/01/52

914

17,526,947

FHLMC

4.500

06/01/52

16,100

16,651,881

FHLMC

4.500

07/01/52

15,297

3,310,705

FHLMC

4.000

08/25/52

2,468

6,139,667

FHLMC

4.500

10/25/52

5,070

31,808,779

FHLMC

6.000

11/01/52

31,438

7,382,148

FHLMC

5.500

11/25/52

6,917

6,531,487

FHLMC

3.500

12/01/52

5,620

3,510,935

FHLMC

5.500

02/25/53

3,213

22,912,538

FHLMC

5.500

08/01/53

22,151

5,751

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

6

3,952

FGLMC

7.000

01/01/32

4

210,044

FGLMC

4.500

07/01/33

198

1,486,721

FGLMC

7.000

12/01/33

1,528

458,968

FGLMC

4.500

10/01/34

433

283,913

FGLMC

4.500

04/01/35

268

396,861

FGLMC

7.000

05/01/35

403

1,193,544

FGLMC

5.000

06/01/36

1,171

422,178

FGLMC

5.000

07/01/39

414

56,240

FGLMC

4.500

12/01/43

53

32,448

FGLMC

4.500

02/01/44

31

1,018,760

FGLMC

4.500

10/01/44

954

599,825

FGLMC

4.500

11/01/44

563

941,528

FGLMC

4.500

11/01/44

884

572,257

FGLMC

4.500

12/01/44

537

CREF

Core

Bond

Account

September

30,

2023

260

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

697,748

FGLMC

4.500

%

12/01/44

$

656

3,211,241

FGLMC

3.500

04/01/45

2,834

444,551

FGLMC

4.500

05/01/45

410

13,862,057

FGLMC

3.500

08/01/45

12,253

1,362,974

FGLMC

4.500

06/01/47

1,282

2,395,534

FGLMC

4.000

09/01/47

2,180

2,412,910

FGLMC

3.500

12/01/47

2,129

8,728,268

FGLMC

4.500

08/01/48

8,188

4,019,925

FGLMC

4.500

10/01/48

3,770

6,492,506

FGLMC

3.500

11/01/48

5,713

2,153

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

2

1,097

FNMA

9.000

11/01/25

1

1,895,985

FNMA

3.500

05/01/32

1,782

11,820,451

FNMA

3.000

10/01/32

10,929

204,223

FNMA

4.500

10/01/33

193

369,353

FNMA

4.500

05/01/35

347

2,320,564

FNMA

5.000

05/01/35

2,274

1,087,586

FNMA

5.000

10/01/35

1,065

908,582

FNMA

5.000

02/01/36

890

2,689,500

FNMA

5.500

11/01/38

2,683

954,306

FNMA

3.000

10/01/39

829

11,598,706

FNMA

3.000

05/01/40

9,995

1,551,817

FNMA

5.000

09/01/40

1,517

3,325,048

FNMA

5.000

05/01/41

3,229

8,846,325

FNMA

4.000

09/01/42

8,062

7,024,762

FNMA

3.500

04/01/43

6,223

6,000,793

FNMA

3.500

09/01/43

5,330

4,912,002

(a)

FNMA

30

D

AVG

SOFR

+

5.836%

0.521

09/25/43

394

6,226,935

FNMA

4.500

03/01/44

5,882

29,469,410

FNMA

4.000

05/01/44

26,819

2,843,491

FNMA

4.500

06/01/44

2,666

2,767,020

FNMA

4.500

10/01/44

2,594

4,641,411

FNMA

4.500

11/01/44

4,353

1,428,377

FNMA

5.000

11/01/44

1,398

1,617,483

FNMA

4.500

12/01/44

1,516

1,920,088

FNMA

4.000

01/01/45

1,749

500,177

FNMA

4.500

03/01/45

469

278,150

FNMA

4.500

04/01/45

261

6,427,229

FNMA

3.500

05/01/45

5,674

8,120,124

FNMA

3.500

01/01/46

7,137

935,089

FNMA

4.000

04/01/46

850

6,644,002

FNMA

3.500

06/01/46

5,849

8,314,922

FNMA

3.500

07/01/46

7,320

14,677,396

FNMA

3.500

07/01/46

13,007

1,399,154

FNMA

3.000

10/01/46

1,163

8,221,202

FNMA

3.500

10/01/46

7,243

3,345,490

FNMA

4.500

05/01/47

3,160

345,460

FNMA

3.000

11/01/47

287

6,265,659

FNMA

3.500

11/01/47

5,540

13,302,910

FNMA

3.500

01/01/48

11,708

5,538,075

FNMA

4.500

01/01/48

5,187

4,844,785

FNMA

4.500

02/01/48

4,537

5,809,834

FNMA

3.500

02/25/48

4,692

3,582,269

FNMA

4.500

05/01/48

3,354

2,719,182

FNMA

4.500

05/01/48

2,545

7,516,857

FNMA

5.000

08/01/48

7,215

447,957

FNMA

3.000

06/01/49

364

17,445,923

FNMA

3.000

07/01/50

14,647

11,658,375

FNMA

2.000

08/25/50

1,598

8,999,938

FNMA

2.000

10/25/50

5,501

30,913,716

FNMA

2.500

11/25/50

4,358

10,253,456

FNMA

3.000

12/25/50

1,681

261

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,824,415

FNMA

3.000

%

02/25/51

$

580

65,805,230

FNMA

2.000

04/01/51

50,157

11,332,967

FNMA

3.000

09/01/51

9,500

11,732,235

FNMA

2.500

11/25/51

1,560

31,019,082

FNMA

2.000

12/01/51

23,779

10,512,526

FNMA

2.000

01/01/52

8,143

7,585,115

FNMA

2.000

02/01/52

5,832

28,486,666

FNMA

2.500

02/01/52

22,782

26,286,789

FNMA

2.500

02/01/52

21,044

9,378,474

FNMA

2.500

02/01/52

7,494

12,290,553

FNMA

3.500

02/01/52

10,703

35,022,413

FNMA

2.000

03/01/52

26,802

50,860,510

FNMA

3.000

04/01/52

42,405

20,495,015

FNMA

3.000

04/01/52

17,030

3,868,158

FNMA

3.500

04/01/52

3,332

42,646,873

FNMA

4.000

05/01/52

38,004

3,395,933

FNMA

4.000

05/25/52

2,363

48,625,904

FNMA

3.500

06/01/52

41,972

10,467,721

FNMA

3.500

06/01/52

9,009

29,652,520

FNMA

4.000

06/01/52

26,425

8,449,618

FNMA

4.500

06/01/52

7,763

54,691,141

FNMA

4.000

07/01/52

48,738

15,933,277

FNMA

4.000

07/01/52

14,192

7,851,502

FNMA

4.500

07/01/52

7,213

8,605,456

FNMA

4.500

07/01/52

7,905

5,199,329

FNMA

4.500

07/01/52

4,776

9,358,909

FNMA

4.500

07/25/52

8,037

51,515,990

FNMA

5.000

08/01/52

48,651

5,479,755

FNMA

4.500

08/25/52

4,278

91,759,557

FNMA

4.000

09/01/52

81,735

109,409,899

FNMA

4.500

09/01/52

100,498

29,038,785

FNMA

5.000

09/01/52

27,422

4,150,737

FNMA

4.000

09/25/52

3,154

4,735,495

FNMA

4.000

09/25/52

3,848

73,095,060

FNMA

4.000

10/01/52

65,117

61,176,260

FNMA

4.500

10/01/52

56,195

16,953,183

FNMA

5.000

10/01/52

16,007

4,539,379

FNMA

4.500

10/25/52

4,030

3,974,571

FNMA

4.500

10/25/52

3,480

78,349,140

FNMA

4.500

11/01/52

71,967

7,403,180

FNMA

5.500

11/25/52

6,795

359,497

FNMA

5.000

01/01/53

339

87,032,455

(b)

FNMA

5.000

02/01/53

82,169

59,388,848

FNMA

5.500

02/01/53

57,426

35,646,598

FNMA

5.500

06/01/53

34,462

10,367,065

Government

National

Mortgage

Association

(GNMA)

3.700

10/15/33

9,744

171,811

GNMA

5.000

04/15/38

167

213,784

GNMA

6.500

11/20/38

222

755,233

GNMA

5.000

06/15/39

734

430,601

GNMA

5.000

06/15/39

415

7,388,549

GNMA

5.000

01/20/40

1,581

9,573,393

GNMA

3.700

08/15/40

9,025

9,782,538

GNMA

2.500

12/20/43

8,417

4,515,179

GNMA

3.000

03/20/45

3,841

4,292,639

GNMA

4.500

12/20/45

4,020

3,623,085

GNMA

4.000

06/20/46

477

7,157,658

(a)

GNMA

SOFR

1

M

+

5.986%

0.661

03/20/50

687

16,217,952

GNMA

3.000

11/20/51

10,545

17,972,173

GNMA

3.000

12/20/51

11,748

16,372,628

GNMA

3.000

01/20/52

11,084

5,516,448

GNMA

2.500

02/20/52

4,345

15,037,500

GNMA

3.000

02/20/52

9,358

CREF

Core

Bond

Account

September

30,

2023

262

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,391,691

GNMA

4.000

%

04/20/52

$

8,134

84,656,188

GNMA

3.000

05/20/52

71,772

4,683,621

GNMA

3.500

07/20/52

4,103

5,335,150

GNMA

4.000

07/20/52

3,931

12,351,738

GNMA

4.000

08/20/52

11,130

7,677,803

GNMA

4.000

09/20/52

6,918

9,503,334

GNMA

4.500

09/20/52

7,977

8,069,864

GNMA

4.500

09/20/52

6,975

6,726,439

GNMA

4.500

09/20/52

5,781

4,581,216

GNMA

4.500

09/20/52

3,716

10,017,598

GNMA

5.000

11/20/52

9,509

5,245,909

GNMA

4.500

02/20/53

4,370

4,464,604

GNMA

5.500

02/20/53

4,009

10,004,093

(a)

GNMA

30

D

AVG

SOFR

+

23.205%

2.479

08/20/53

9,424

7,030,964

(a)

GNMA

30

D

AVG

SOFR

+

25.350%

4.624

08/20/53

7,097

13,736,574

(a)

HUD

Office

of

the

Secretary

(GNMA)

30

D

AVG

SOFR

+

6.950%

1.636

05/20/53

823

25,966,817

(a),(d)

JP

Morgan

Mortgage

Trust

0.128

06/25/51

136

45,453,098

(a),(d)

JP

Morgan

Mortgage

Trust

0.112

11/25/51

239

45,096,451

(a),(d)

JP

Morgan

Mortgage

Trust

0.121

12/25/51

247

91,937,688

(d)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

897

2,795,000

(a)

Morgan

Stanley

Capital

I

Trust

3.779

05/15/48

2,662

5,647,212

(a),(d)

OBX

3.000

01/25/52

4,357

914,788

(a),(d)

RCKT

Mortgage

Trust

4.000

06/25/52

763

1,284,796

(a),(d)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

1.500%

6.815

10/25/41

1,268

1,180,000

(a),(d)

STACR

30

D

AVG

SOFR

+

2.500%

7.815

01/25/42

1,156

17,420,000

(a),(d)

STACR

30

D

AVG

SOFR

+

2.400%

7.715

02/25/42

17,542

3,480,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.750%

10.065

02/25/42

3,533

16,690,000

(a),(d)

STACR

30

D

AVG

SOFR

+

2.900%

8.215

04/25/42

17,084

5,220,000

(a),(d)

STACR

30

D

AVG

SOFR

+

5.650%

8.647

04/25/42

5,541

25,280,000

(a),(d)

STACR

30

D

AVG

SOFR

+

3.350%

8.665

05/25/42

26,258

31,100,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.500%

9.815

06/25/42

33,450

20,340,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.000%

9.315

07/25/42

21,187

15,170,000

(a),(d)

STACR

30

D

AVG

SOFR

+

3.700%

9.015

09/25/42

15,928

140,861

(a),(d)

STACR

3.784

02/25/48

131

29,416

(a),(d)

STACR

3.837

05/25/48

28

TOTAL

MORTGAGE

BACKED

2,102,177

MUNICIPAL

BONDS

-

3.0%

2,975,000

Chicago

Housing

Authority

3.682

01/01/25

2,896

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.264

09/01/25

234

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.038

09/01/34

862

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.750

09/01/37

688

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.000

09/01/48

1,492

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4.029

06/01/39

3,346

4,940,000

City

of

New

York

NY

3.200

12/01/26

4,638

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4.353

07/01/25

1,533

4,055,000

Commonwealth

Financing

Authority

3.864

06/01/38

3,431

19,355,000

Commonwealth

Financing

Authority

3.807

06/01/41

15,515

1,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.368

10/01/23

1,500

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.285

10/01/23

2,500

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.504

10/01/24

3,391

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.604

10/01/25

4,123

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.505

10/01/25

2,283

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.704

10/01/26

2,319

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.049

10/01/26

3,691

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.612

10/01/26

3,571

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.529

10/01/30

3,921

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.732

10/01/37

3,021

263

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.982

%

10/01/41

$

3,091

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4.280

10/01/41

7,687

2,000,000

Duke

University

3.199

10/01/38

1,528

5,080,000

Illinois

Finance

Authority

3.944

08/15/47

3,744

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3.375

09/01/35

3,883

1,815,000

New

York

City

Housing

Development

Corp

3.573

11/01/23

1,812

1,000,000

New

York

City

Housing

Development

Corp

3.650

05/01/24

987

5,680,000

New

York

State

Dormitory

Authority

3.998

07/01/39

4,749

10,605,000

New

York

State

Dormitory

Authority

4.294

07/01/44

8,845

6,000,000

New

York

State

Dormitory

Authority

3.879

07/01/46

4,550

5,000,000

New

York

State

Thruway

Authority

2.256

01/01/25

4,803

6,460,000

New

York

State

Thruway

Authority

2.406

01/01/26

6,071

4,750,000

New

York

State

Thruway

Authority

2.500

01/01/27

4,384

3,400,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.287

12/01/23

3,386

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.387

12/01/24

1,460

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.487

12/01/25

958

1,910,000

Public

Finance

Authority

4.269

07/01/40

1,567

6,360,000

San

Jose

Redevelopment

Agency

Successor

Agency

3.375

08/01/34

5,496

13,060,000

State

of

California

4.600

04/01/38

11,736

10,500,000

State

of

Illinois

3.150

06/15/26

9,807

12,500,000

State

of

Illinois

3.250

06/15/27

11,452

27,150,000

State

of

Illinois

5.100

06/01/33

25,799

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4.103

05/01/39

8,192

9,900,000

State

of

Wisconsin

3.154

05/01/27

9,311

25,860,000

University

of

California

3.063

07/01/25

24,928

17,045,000

University

of

California

3.931

05/15/45

14,611

21,000,000

University

of

Chicago

4.151

10/01/45

16,478

7,620,000

University

of

Massachusetts

Building

Authority

3.097

11/01/35

6,025

13,000,000

University

of

Massachusetts

Building

Authority

3.434

11/01/40

9,953

20,000,000

University

of

New

Mexico

3.532

06/20/32

18,260

2,160,000

Virginia

Port

Authority

4.228

07/01/36

1,909

390,000

Washington

Convention

&

Sports

Authority

3.969

10/01/30

357

TOTAL

MUNICIPAL

BONDS

302,774

U.S.

TREASURY

SECURITIES

-

18.0%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,031

4,500,000

United

States

Treasury

Bond

4.750

02/15/37

4,578

22,750,000

United

States

Treasury

Bond

3.500

02/15/39

19,653

12,050,000

United

States

Treasury

Bond

3.875

08/15/40

10,699

20,935,000

United

States

Treasury

Bond

4.375

05/15/41

19,737

6,000,000

United

States

Treasury

Bond

2.750

11/15/42

4,380

35,680,000

United

States

Treasury

Bond

3.000

05/15/45

26,497

41,710,000

United

States

Treasury

Bond

2.875

08/15/45

30,209

52,140,000

United

States

Treasury

Bond

2.500

05/15/46

34,924

1,075,000

United

States

Treasury

Bond

3.000

05/15/47

789

30,710,000

United

States

Treasury

Bond

2.750

11/15/47

21,416

6,155,000

United

States

Treasury

Bond

3.125

05/15/48

4,609

51,995,000

United

States

Treasury

Bond

3.000

08/15/48

38,009

20,120,000

United

States

Treasury

Bond

3.375

11/15/48

15,781

113,890,000

United

States

Treasury

Note

3.875

03/31/25

111,626

2,205,000

United

States

Treasury

Note

0.250

10/31/25

1,999

177,485,000

United

States

Treasury

Note

4.000

02/15/26

173,734

2,765,000

United

States

Treasury

Note

4.625

03/15/26

2,746

32,650,000

United

States

Treasury

Note

4.500

07/15/26

32,349

30,850,000

United

States

Treasury

Note

0.500

10/31/27

26,096

255,364,000

United

States

Treasury

Note

3.500

04/30/28

243,394

242,789,000

United

States

Treasury

Note

4.375

08/31/28

240,380

1,250,000

United

States

Treasury

Note

1.250

09/30/28

1,062

109,835,000

United

States

Treasury

Note

3.500

04/30/30

102,794

2,312,500

United

States

Treasury

Note

4.000

07/31/30

2,228

138,620,000

United

States

Treasury

Note

3.875

08/15/33

130,974

10,000,000

United

States

Treasury

Note

1.125

08/15/40

5,684

CREF

Core

Bond

Account

September

30,

2023

264

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

85,325,800

United

States

Treasury

Note

2.375

%

02/15/42

$

58,978

26,721,000

United

States

Treasury

Note

3.250

05/15/42

21,293

91,758,000

United

States

Treasury

Note

3.375

08/15/42

74,346

54,100,000

United

States

Treasury

Note

3.875

02/15/43

47,084

49,620,000

United

States

Treasury

Note

3.875

05/15/43

43,138

256,002,000

United

States

Treasury

Note

2.250

02/15/52

157,101

44,786,000

United

States

Treasury

Note

3.625

02/15/53

37,039

45,090,000

United

States

Treasury

Note

3.625

05/15/53

37,333

60,000,000

United

States

Treasury

Note

4.125

08/15/53

54,469

TOTAL

U.S.

TREASURY

SECURITIES

1,843,159

TOTAL

GOVERNMENT

BONDS

4,650,110

(Cost

$5,223,838)

STRUCTURED

ASSETS

-

19.2%

ASSET

BACKED

-

6.3%

1,000,000

(d)

Affirm

Asset

Securitization

Trust

7.640

09/15/28

1,001

Series

-

2023

B

(Class

A)

5,000,000

(a),(d)

AGL

CLO

19

Ltd

SOFR

3

M

+

2.750%

8.084

07/21/35

5,010

Series

-

2022

19A

(Class

B1)

7,100,000

(a),(d)

AIMCO

CLO

16

Ltd

SOFR

3

M

+

1.912%

7.220

01/17/35

7,007

Series

-

2021

16A

(Class

B)

7,500,000

(a),(d)

AIMCO

CLO

Series

SOFR

3

M

+

1.762%

7.088

04/20/34

7,316

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2.130

03/18/26

3,939

Series

-

2020

2

(Class

D)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1.490

09/18/26

5,771

Series

-

2020

3

(Class

D)

3,499,000

(d)

AMSR

Trust

3.148

01/19/39

3,170

Series

-

2019

SFR1

(Class

C)

3,347,000

(d)

AMSR

Trust

3.247

01/19/39

3,022

Series

-

2019

SFR1

(Class

D)

74,236

(d)

Asset

Backed

Funding

Corp

NIM

Trust

5.900

07/26/35

0^

Series

-

2005

WMC1

(Class

N1)

9,500,000

(d)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1.380

08/20/27

8,382

Series

-

2021

1A

(Class

A)

4,400,000

(d)

BHG

Securitization

Trust

1.670

10/17/34

3,916

Series

-

2021

B

(Class

B)

1,692,256

(d)

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280

09/26/33

1,590

Series

-

2019

A

(Class

A)

EUR

729,520

(a),(d)

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

6.286

05/22/31

690

Series

-

2021

1A

(Class

D)

1,125,000

(a),(d)

BX

Trust

SOFR

1

M

+

3.339%

8.671

05/15/38

1,128

Series

-

2023

DELC

(Class

B)

12,187,325

(d)

Capital

Automotive

REIT

2.690

02/15/50

11,503

Series

-

2020

1A

(Class

A1)

5,699,928

(d)

Capital

Automotive

REIT

1.440

08/15/51

4,931

Series

-

2021

1A

(Class

A1)

4,215,019

(d)

Capital

Automotive

REIT

1.920

08/15/51

3,616

Series

-

2021

1A

(Class

A3)

9,762,500

(d)

Cars

Net

Lease

Mortgage

Notes

Series

2.010

12/15/50

7,998

Series

-

2020

1A

(Class

A1)

4,887,960

Carvana

Auto

Receivables

Trust

0.970

03/10/28

4,598

Series

-

2021

N2

(Class

A2)

392,614

Carvana

Auto

Receivables

Trust

1.270

03/10/28

374

Series

-

2021

N2

(Class

D)

EUR

595,590

(a),(d)

Cassia

SRL

EURIBOR

3

M

+

3.500%

7.316

05/22/34

586

Series

-

2022

1A

(Class

B)

4,150,000

(a),(d)

Cayuga

Park

CLO

Ltd

SOFR

3

M

+

1.912%

1.000

07/17/34

4,085

Series

-

2020

1A

(Class

B1R)

265

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

477,417

(a)

C-BASS

Trust

SOFR

1

M

+

0.274%

3.190

%

07/25/36

$

453

Series

-

2006

CB6

(Class

A1)

17,179,533

(d)

CF

Hippolyta

LLC

1.690

07/15/60

15,605

Series

-

2020

1

(Class

A1)

5,039,506

(d)

CF

Hippolyta

LLC

1.990

07/15/60

4,223

Series

-

2020

1

(Class

A2)

2,941,208

(d)

CF

Hippolyta

LLC

2.280

07/15/60

2,583

Series

-

2020

1

(Class

B1)

18,848,951

(d)

CF

Hippolyta

LLC

1.530

03/15/61

16,548

Series

-

2021

1A

(Class

A1)

4,476,626

(d)

CF

Hippolyta

LLC

1.980

03/15/61

3,832

Series

-

2021

1A

(Class

B1)

428,194

(a)

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5.700

02/26/35

377

Series

-

2004

2

(Class

1M2)

1,358,404

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

1.482%

6.808

07/20/30

1,359

Series

-

2017

3A

(Class

A1)

2,000,000

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

1.862%

7.170

11/16/30

1,989

Series

-

2017

5A

(Class

A2)

5,500,000

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

3.000%

8.346

10/22/35

5,552

Series

-

2022

7A

(Class

B1)

32,599

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6.200

02/25/30

32

Series

-

2002

1

(Class

AF6)

6,520,000

(a)

Citibank

Credit

Card

Issuance

Trust

SOFR

1

M

+

0.884%

6.218

05/14/29

6,548

Series

-

2017

A6

(Class

A6)

2,000,000

(a)

COMM

Mortgage

Trust

3.926

03/10/48

1,827

Series

-

2015

CR22

(Class

B)

7,900,800

(d)

DB

Master

Finance

LLC

4.021

05/20/49

7,385

Series

-

2019

1A

(Class

A2II)

36,843,750

(d)

DB

Master

Finance

LLC

2.045

11/20/51

32,252

Series

-

2021

1A

(Class

A2I)

29,082,000

(d)

DB

Master

Finance

LLC

2.493

11/20/51

24,262

Series

-

2021

1A

(Class

A2II)

1,969,275

(d)

Diamond

Resorts

Owner

Trust

2.890

02/20/32

1,968

Series

-

2019

1A

(Class

A)

300,739

(d)

Diamond

Resorts

Owner

Trust

2.700

11/21/33

275

Series

-

2021

1A

(Class

C)

27,932,063

(d)

Domino's

Pizza

Master

Issuer

LLC

2.662

04/25/51

23,548

Series

-

2021

1A

(Class

A2I)

3,800,000

(a),(d)

Dryden

49

Senior

Loan

Fund

SOFR

3

M

+

1.862%

7.172

07/18/30

3,786

Series

-

2017

49A

(Class

BR)

2,634,830

(d)

DT

Auto

Owner

Trust

0.840

10/15/26

2,587

Series

-

2021

1A

(Class

C)

714,416

(a),(d)

Ellington

Loan

Acquisition

Trust

SOFR

1

M

+

1.214%

6.534

05/25/37

703

Series

-

2007

2

(Class

A2C)

1,964,648

(d)

FCI

Funding

LLC

1.130

04/15/33

1,907

Series

-

2021

1A

(Class

A)

4,914,029

(d)

FNA

VI

LLC

1.350

01/10/32

4,480

Series

-

2021

1A

(Class

A)

973,648

(a),(d)

GoldenTree

Loan

Opportunities

IX

Ltd

SOFR

3

M

+

1.372%

6.741

10/29/29

974

Series

-

2014

9A

(Class

AR2)

1,000,000

(a),(d)

Gracie

Point

International

Fun

0.000

09/01/26

1,001

Series

-

2023

1A

(Class

A)

33,120,997

(a),(d)

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

2.750%

8.066

07/01/24

33,279

Series

-

2022

2A

(Class

A)

6,925,000

(a),(d)

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

3.350%

8.666

07/01/24

6,976

Series

-

2022

2A

(Class

B)

4,000,000

(d)

GSCG

Trust

2.936

09/06/34

3,344

Series

-

2019

600C

(Class

A)

222,158

(d)

HERO

Funding

Trust

3.280

09/20/48

187

Series

-

2017

2A

(Class

A1)

444,315

(d)

HERO

Funding

Trust

4.070

09/20/48

385

Series

-

2017

2A

(Class

A2)

CREF

Core

Bond

Account

September

30,

2023

266

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

24,000,000

(d)

Hertz

Vehicle

Financing

LLC

1.210

%

12/26/25

$

22,776

Series

-

2021

1A

(Class

A)

912,423

(d)

Hilton

Grand

Vacations

Trust

2.660

12/26/28

909

Series

-

2017

AA

(Class

A)

786,965

(d)

Hilton

Grand

Vacations

Trust

2.960

12/26/28

783

Series

-

2017

AA

(Class

B)

2,543,194

(d)

Hilton

Grand

Vacations

Trust

2.340

07/25/33

2,383

Series

-

2019

AA

(Class

A)

328,923

(a)

Home

Equity

Asset

Trust

SOFR

1

M

+

1.614%

3.986

06/25/33

318

Series

-

2003

1

(Class

M1)

1,499,931

(a),(d)

Invitation

Homes

Trust

SOFR

1

M

+

1.364%

6.697

01/17/38

1,494

Series

-

2018

SFR4

(Class

B)

2,613,676

(d)

JG

Wentworth

XXII

LLC

3.820

12/15/48

2,583

Series

-

2010

3A

(Class

A)

5,000,000

(a),(d)

KKR

Clo

32

Ltd

SOFR

3

M

+

2.012%

7.320

01/15/32

4,974

Series

-

2020

32A

(Class

B)

3,500,000

(a),(d)

Madison

Park

Funding

LV

Ltd

SOFR

3

M

+

2.900%

8.210

07/18/35

3,519

Series

-

2022

55A

(Class

B1)

5,500,000

(a),(d)

Madison

Park

Funding

XXI

Ltd

SOFR

3

M

+

1.912%

7.220

10/15/32

5,449

Series

-

2016

21A

(Class

A2RR)

530,000

(a),(d)

Magnetite

XVIII

Ltd

SOFR

3

M

+

1.762%

7.126

11/15/28

526

Series

-

2016

18A

(Class

BR)

3,500,000

(a),(d)

Massachusetts

St

SOFR

3

M

+

1.912%

7.220

01/15/35

3,458

Series

-

2021

3A

(Class

B)

3,091,376

(d)

MVW

LLC

1.140

01/22/41

2,806

Series

-

2021

1WA

(Class

A)

952,495

(d)

MVW

Owner

Trust

2.420

12/20/34

930

Series

-

2017

1A

(Class

A)

1,112,797

(d)

MVW

Owner

Trust

3.450

01/21/36

1,086

Series

-

2018

1A

(Class

A)

1,225,064

(d)

MVW

Owner

Trust

2.890

11/20/36

1,173

Series

-

2019

1A

(Class

A)

4,124,711

(d)

MVW

Owner

Trust

2.220

10/20/38

3,866

Series

-

2019

2A

(Class

A)

2,488,016

(d)

Navient

Private

Education

Refi

Loan

Trust

1.310

01/15/69

2,252

Series

-

2020

HA

(Class

A)

4,747,688

(d)

Navient

Private

Education

Refi

Loan

Trust

0.840

05/15/69

4,107

Series

-

2021

A

(Class

A)

2,173,948

(d)

Navient

Student

Loan

Trust

3.390

12/15/59

2,055

Series

-

2019

BA

(Class

A2A)

1,037,566

(a),(d)

Navient

Student

Loan

Trust

LIBOR

1

M

+

1.094%

6.427

12/15/59

1,027

Series

-

2019

BA

(Class

A2B)

10,000,000

(a),(d)

Neuberger

Berman

CLO

Ltd

SOFR

3

M

+

1.800%

7.151

04/25/36

9,799

Series

-

2022

48A

(Class

B)

8,600,000

(a),(d)

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

SOFR

3

M

+

1.812%

7.138

04/20/31

8,527

Series

-

2019

31A

(Class

BR)

1,000,000

(a),(d)

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

SOFR

3

M

+

1.862%

7.170

07/17/35

987

Series

-

2021

43A

(Class

B)

6,650,000

(a),(d)

OHA

Credit

Funding

10

Ltd

SOFR

3

M

+

1.912%

7.222

01/18/36

6,589

Series

-

2021

10A

(Class

B)

2,250,000

(a),(d)

OHA

Credit

Funding

6

Ltd

SOFR

3

M

+

1.912%

7.238

07/20/34

2,237

Series

-

2020

6A

(Class

BR)

1,006,612

(d)

OneMain

Financial

Issuance

Trust

3.840

05/14/32

1,005

Series

-

2020

1A

(Class

A)

10,015,000

(d)

OneMain

Financial

Issuance

Trust

4.890

10/14/34

9,804

Series

-

2022

2A

(Class

A)

17,350,000

(d)

OneMain

Financial

Issuance

Trust

1.750

09/14/35

15,567

Series

-

2020

2A

(Class

A)

21,646,000

(a),(d)

OneMain

Financial

Issuance

Trust

30

D

AVG

SOFR

+

0.760%

6.073

06/16/36

21,179

Series

-

2021

1A

(Class

A2)

3,238,381

(d)

Oportun

Funding

XIV

LLC

1.210

03/08/28

3,113

Series

-

2021

A

(Class

A)

267

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

311,931

(d)

Orange

Lake

Timeshare

Trust

3.100

%

11/08/30

$

300

Series

-

2018

A

(Class

A)

8,000,000

(a),(d)

Palmer

Square

CLO

Ltd

SOFR

3

M

+

1.800%

7.126

04/20/35

7,863

Series

-

2022

1A

(Class

B)

5,500,000

(d)

PFS

Financing

Corp

1.000

10/15/25

5,489

Series

-

2020

E

(Class

A)

9,861,000

(d)

PFS

Financing

Corp

0.970

02/15/26

9,680

Series

-

2020

G

(Class

A)

3,000,000

(a),(d)

PNMSR

2018-GT1

A

Mtge

LIBOR

1

M

+

2.650%

8.084

08/25/25

3,003

Series

-

2018

GT2

(Class

A)

1,450,000

(d)

Progress

Residential

Trust

2.711

11/17/40

1,181

Series

-

2021

SFR9

(Class

D)

1,000,000

(d)

Purchasing

Power

Funding

LLC

4.370

10/15/25

958

Series

-

2021

A

(Class

D)

8,660,582

Santander

Drive

Auto

Receivables

Trust

2.220

09/15/26

8,534

Series

-

2020

2

(Class

D)

3,436,604

Santander

Drive

Auto

Receivables

Trust

1.480

01/15/27

3,347

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1.670

10/15/27

31,528

Series

-

2021

4

(Class

D)

20,185,375

(d)

SERVPRO

Master

Issuer

LLC

2.394

04/25/51

16,662

Series

-

2021

1A

(Class

A2)

989,263

(d)

Sierra

Timeshare

Receivables

Funding

LLC

3.200

01/20/36

971

Series

-

2019

1A

(Class

A)

1,537,733

(d)

Sierra

Timeshare

Receivables

Funding

LLC

2.590

05/20/36

1,492

Series

-

2019

2A

(Class

A)

897,864

(d)

Sierra

Timeshare

Receivables

Funding

LLC

2.340

08/20/36

847

Series

-

2019

3A

(Class

A)

1,177,411

(d)

Sierra

Timeshare

Receivables

Funding

LLC

0.990

11/20/37

1,099

Series

-

2021

1A

(Class

A)

1,276,631

(d)

Sierra

Timeshare

Receivables

Funding

LLC

1.340

11/20/37

1,191

Series

-

2021

1A

(Class

B)

707,770

(d)

Sierra

Timeshare

Receivables

Funding

LLC

1.790

11/20/37

657

Series

-

2021

1A

(Class

C)

1,696,134

(d)

SMB

Private

Education

Loan

Trust

2.430

02/17/32

1,643

Series

-

2016

B

(Class

A2A)

3,119,580

(d)

SMB

Private

Education

Loan

Trust

2.880

09/15/34

2,998

Series

-

2017

A

(Class

A2A)

4,056,413

(d)

SMB

Private

Education

Loan

Trust

2.820

10/15/35

3,873

Series

-

2017

B

(Class

A2A)

1,901,479

(d)

SMB

Private

Education

Loan

Trust

3.500

02/15/36

1,819

Series

-

2018

A

(Class

A2A)

89,517

(d)

SoFi

Professional

Loan

Program

LLC

2.630

07/25/40

89

Series

-

2017

C

(Class

A2B)

2,014,546

(d)

SoFi

Professional

Loan

Program

LLC

2.840

01/25/41

1,938

Series

-

2017

F

(Class

A2FX)

3,504,025

(d)

SoFi

Professional

Loan

Program

LLC

2.950

02/25/42

3,381

Series

-

2018

A

(Class

A2B)

1,561,176

(d)

SoFi

Professional

Loan

Program

LLC

3.690

06/15/48

1,492

Series

-

2019

A

(Class

A2FX)

3,530,362

(d)

SpringCastle

America

Funding

LLC

1.970

09/25/37

3,204

Series

-

2020

AA

(Class

A)

9,021,000

(d)

SpringCastle

America

Funding

LLC

2.660

09/25/37

7,895

Series

-

2020

AA

(Class

B)

6,475,000

(d)

Stack

Infrastructure

Issuer

LLC

1.893

08/25/45

5,878

Series

-

2020

1A

(Class

A2)

5,875,000

(d)

Stack

Infrastructure

Issuer

LLC

1.877

03/26/46

5,171

Series

-

2021

1A

(Class

A2)

124,731

(a)

Structured

Asset

Investment

Loan

Trust

SOFR

1

M

+

1.014%

6.334

09/25/34

120

Series

-

2004

8

(Class

M1)

1,781,250

(d)

Taco

Bell

Funding

LLC

4.970

05/25/46

1,717

Series

-

2016

1A

(Class

A23)

CREF

Core

Bond

Account

September

30,

2023

268

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

26,399,775

(d)

Taco

Bell

Funding

LLC

1.946

%

08/25/51

$

22,827

Series

-

2021

1A

(Class

A2I)

16,122,825

(d)

Taco

Bell

Funding

LLC

2.294

08/25/51

13,170

Series

-

2021

1A

(Class

A2II)

1,050,000

(d)

Tesla

Auto

Lease

Trust

6.840

08/20/27

1,050

Series

-

2023

B

(Class

B)

7,000,000

(a),(d)

TICP

CLO

VIII

Ltd

SOFR

3

M

+

1.962%

7.288

10/20/34

6,889

Series

-

2017

8A

(Class

A2R)

1,275,000

(d)

Tricon

American

Homes

Trust

2.049

07/17/38

1,137

Series

-

2020

SFR1

(Class

B)

440,000

Verizon

Owner

Trust

0.770

04/21/25

435

Series

-

2020

C

(Class

C)

19,286,075

(d)

Wendy's

Funding

LLC

2.370

06/15/51

15,835

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

644,504

OTHER

MORTGAGE

BACKED

-

12.9%

1,600,000

(a),(d)

20

Times

Square

Trust

3.203

05/15/35

1,351

Series

-

2018

20TS

(Class

B)

12,000,000

(a),(d)

20

TSQ

GROUNDCO

LLC

3.203

05/15/35

8,916

Series

-

2018

20TS

(Class

E)

1,377,997

(a),(d)

ACRE

Commercial

Mortgage

Ltd

SOFR

1

M

+

0.944%

6.275

12/18/37

1,369

Series

-

2021

FL4

(Class

A)

1,094,269

(a),(d)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

947

Series

-

2015

6

(Class

A9)

5,000,000

(a),(d)

Alen

Mortgage

Trust

SOFR

1

M

+

2.364%

7.697

04/15/34

3,690

Series

-

2021

ACEN

(Class

C)

5,176,000

(a),(d)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

3,239

Series

-

2021

8

(Class

A3)

GBP

420,888

(a),(d)

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

7.070

07/22/31

442

Series

-

2021

1A

(Class

D)

1,067,340

(a)

BANK

4.087

11/15/50

868

Series

-

2017

BNK8

(Class

B)

2,500,000

(a)

BANK

4.231

11/15/50

1,556

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3.093

10/17/52

812

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3.203

12/15/52

3,117

Series

-

2019

BN23

(Class

AS)

1,000,000

(a)

BANK

3.851

07/15/60

811

Series

-

2017

BNK6

(Class

C)

1,663,256

BANK

2.758

09/15/62

1,385

Series

-

2019

BN20

(Class

A2)

8,000,000

(a)

BANK

3.283

11/15/62

6,651

Series

-

2019

BN24

(Class

AS)

1,183,000

(a)

BANK

3.635

11/15/62

813

Series

-

2019

BN24

(Class

C)

6,602,193

(a),(d)

Bayview

MSR

Opportunity

Master

Fund

Trust

3.000

10/25/51

5,094

Series

-

2021

6

(Class

A19)

1,250,000

(a),(d)

BBCMS

Mortgage

Trust

4.409

08/05/38

816

Series

-

2018

CHRS

(Class

E)

3,500,757

BBCMS

Mortgage

Trust

3.488

02/15/50

3,327

Series

-

2017

C1

(Class

ASB)

4,700,000

(a)

BBCMS

Mortgage

Trust

6.383

07/15/56

4,686

Series

-

2023

C20

(Class

A2)

4,600,000

(a),(d)

Benchmark

Mortgage

Trust

2.791

09/15/48

3,528

Series

-

2020

IG2

(Class

AM)

2,740,000

(a),(d)

Benchmark

Mortgage

Trust

3.233

09/15/48

2,081

Series

-

2020

IG3

(Class

AS)

2,500,000

(a),(d)

Benchmark

Mortgage

Trust

3.654

09/15/48

2,144

Series

-

2020

IG3

(Class

BXA)

269

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,452,143

Benchmark

Mortgage

Trust

4.016

%

03/15/52

$

3,088

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3.784

05/15/52

2,467

Series

-

2019

B11

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4.241

05/15/53

761

Series

-

2018

B7

(Class

A3)

5,921,744

(a)

Benchmark

Mortgage

Trust

4.510

05/15/53

5,529

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2.355

07/15/54

676

Series

-

2021

B27

(Class

B)

10,000,000

(a)

Benchmark

Mortgage

Trust

2.244

08/15/54

6,776

Series

-

2021

B28

(Class

B)

3,150,000

Benchmark

Mortgage

Trust

2.429

08/15/54

2,324

Series

-

2021

B28

(Class

AS)

3,000,000

(a)

BENCHMARK

Mortgage

Trust

4.434

02/15/51

2,244

Series

-

2018

B2

(Class

C)

9,500,000

BMARK

AS

2.612

09/15/54

7,173

Series

-

2021

B29

(Class

AS)

2,360,000

(d)

BWAY

Mortgage

Trust

3.402

02/10/44

1,694

Series

-

2022

26BW

(Class

A)

5,000,000

(a),(d)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.035%

6.367

12/15/38

4,900

Series

-

2021

CIP

(Class

A)

7,500,000

(a),(d)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.385%

6.717

12/15/38

7,323

Series

-

2021

CIP

(Class

B)

1,115,772

(a),(d)

BX

TRUST

SOFR

1

M

+

2.949%

8.281

08/15/39

1,117

Series

-

2022

PSB

(Class

B)

1,325,000

(d)

BXP

Trust

3.459

08/13/37

1,162

Series

-

2017

CC

(Class

A)

5,000,000

(d)

BXP

Trust

2.618

01/15/44

3,699

Series

-

2021

601L

(Class

A)

5,500,000

(a),(d)

BXP

Trust

2.868

01/15/44

3,220

Series

-

2021

601L

(Class

D)

10,000,000

(a),(d)

BXP

Trust

2.868

01/15/44

6,463

Series

-

2021

601L

(Class

C)

3,113,257

CD

Mortgage

Trust

2.622

08/10/49

2,966

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2.926

08/10/49

7,887

Series

-

2016

CD1

(Class

AM)

5,750,000

(a)

CD

Mortgage

Trust

3.879

11/10/49

4,622

Series

-

2016

CD2

(Class

B)

1,000,000

(a)

CD

Mortgage

Trust

4.111

11/10/49

749

Series

-

2016

CD2

(Class

C)

653,324

CD

Mortgage

Trust

3.453

02/10/50

621

Series

-

2017

CD3

(Class

AAB)

500,000

(a)

CD

Mortgage

Trust

4.696

02/10/50

273

Series

-

2017

CD3

(Class

C)

3,841,571

CD

Mortgage

Trust

3.220

08/15/50

3,630

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2.812

08/15/57

3,084

Series

-

2019

CD8

(Class

ASB)

879,539

CFCRE

Commercial

Mortgage

Trust

3.121

05/10/58

832

Series

-

2016

C4

(Class

AHR)

304,848

(a)

CHL

Mortgage

Pass-Through

Trust

3.856

02/20/35

303

Series

-

2004

HYB9

(Class

1A1)

2,500,000

(a),(d)

Citigroup

Commercial

Mortgage

Trust

3.635

05/10/35

2,281

Series

-

2013

375P

(Class

B)

4,500,000

(d)

Citigroup

Commercial

Mortgage

Trust

3.341

05/10/36

4,473

Series

-

2019

PRM

(Class

A)

2,400,000

Citigroup

Commercial

Mortgage

Trust

4.023

03/11/47

2,388

Series

-

2014

GC19

(Class

A4)

1,700,000

(a)

Citigroup

Commercial

Mortgage

Trust

3.758

04/10/48

1,582

Series

-

2015

GC29

(Class

B)

CREF

Core

Bond

Account

September

30,

2023

270

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.276

%

04/10/48

$

2,732

Series

-

2015

GC29

(Class

C)

4,306,852

Citigroup

Commercial

Mortgage

Trust

3.243

08/15/50

4,041

Series

-

2017

B1

(Class

AAB)

6,765,000

Citigroup

Commercial

Mortgage

Trust

3.764

10/12/50

5,897

Series

-

2017

C4

(Class

AS)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3.778

09/10/58

1,877

Series

-

2015

GC33

(Class

A4)

5,000,000

(d)

COMM

Mortgage

Trust

3.244

10/10/29

4,526

Series

-

2017

PANW

(Class

A)

3,000,000

(d)

COMM

Mortgage

Trust

3.376

01/10/39

2,379

Series

-

2022

HC

(Class

C)

123,617

COMM

Mortgage

Trust

2.853

10/15/45

113

Series

-

2012

CR4

(Class

A3)

3,996,967

(a),(d)

COMM

Mortgage

Trust

3.741

06/10/46

3,715

Series

-

2013

CR8

(Class

B)

3,000,000

COMM

Mortgage

Trust

4.199

03/10/47

2,966

Series

-

2014

UBS2

(Class

AM)

750,000

COMM

Mortgage

Trust

4.174

05/10/47

720

Series

-

2014

CR17

(Class

AM)

2,500,000

(a),(d)

COMM

Mortgage

Trust

4.767

06/10/47

1,663

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3.917

10/10/47

5,102

Series

-

2014

LC17

(Class

A5)

5,205,000

(a)

COMM

Mortgage

Trust

4.188

10/10/47

4,999

Series

-

2014

LC17

(Class

AM)

2,288,546

(a)

COMM

Mortgage

Trust

4.490

10/10/47

2,166

Series

-

2014

LC17

(Class

B)

2,825,979

(a)

COMM

Mortgage

Trust

3.829

02/10/48

2,579

Series

-

2015

LC19

(Class

B)

1,000,000

(d)

COMM

Mortgage

Trust

3.000

03/10/48

728

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3.309

03/10/48

1,380

Series

-

2015

CR22

(Class

A5)

3,382,775

(a)

COMM

Mortgage

Trust

3.603

03/10/48

3,197

Series

-

2015

CR22

(Class

AM)

2,696,000

(a)

COMM

Mortgage

Trust

4.203

03/10/48

2,381

Series

-

2015

CR22

(Class

C)

7,405,000

COMM

Mortgage

Trust

3.801

05/10/48

6,994

Series

-

2015

CR23

(Class

AM)

4,500,000

(a)

COMM

Mortgage

Trust

4.183

05/10/48

4,195

Series

-

2015

CR23

(Class

B)

2,549,000

(a)

COMM

Mortgage

Trust

4.443

05/10/48

2,232

Series

-

2015

CR23

(Class

C)

1,527,673

COMM

Mortgage

Trust

3.421

07/10/48

1,492

Series

-

2015

LC21

(Class

ASB)

4,000,000

(a)

COMM

Mortgage

Trust

3.463

08/10/48

3,187

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3.696

08/10/48

2,437

Series

-

2015

CR24

(Class

A5)

5,000,000

(a)

COMM

Mortgage

Trust

4.028

08/10/48

4,708

Series

-

2015

CR24

(Class

AM)

2,000,000

(a)

COMM

Mortgage

Trust

4.491

08/10/48

1,837

Series

-

2015

CR24

(Class

B)

1,467,000

(a)

COMM

Mortgage

Trust

4.491

08/10/48

1,282

Series

-

2015

CR24

(Class

C)

1,352,000

COMM

Mortgage

Trust

3.612

10/10/48

1,283

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3.630

10/10/48

3,049

Series

-

2015

CR26

(Class

A4)

2,075,000

COMM

Mortgage

Trust

3.774

10/10/48

1,969

Series

-

2015

LC23

(Class

A4)

271

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,875,000

(a)

COMM

Mortgage

Trust

4.614

%

10/10/48

$

1,709

Series

-

2015

CR26

(Class

B)

4,855,000

(a)

COMM

Mortgage

Trust

4.697

10/10/48

4,344

Series

-

2015

LC23

(Class

C)

985,083

COMM

Mortgage

Trust

3.651

02/10/49

940

Series

-

2016

CR28

(Class

AHR)

4,650,000

(a)

COMM

Mortgage

Trust

4.759

02/10/49

4,224

Series

-

2016

CR28

(Class

B)

1,550,000

COMM

Mortgage

Trust

3.263

08/15/57

1,275

Series

-

2019

GC44

(Class

AM)

2,000,000

(a)

COMM

Mortgage

Trust

3.640

08/15/57

1,393

Series

-

2019

GC44

(Class

C)

4,600,000

(a)

COMM

MORTGAGE

TRUST

4.493

05/10/51

3,951

Series

-

2018

COR3

(Class

AM)

6,956,056

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

7.215

12/25/41

6,838

Series

-

2022

R01

(Class

1M2)

4,960,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9.815

01/25/42

5,086

Series

-

2022

R02

(Class

2B1)

2,006,400

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.250%

6.349

03/25/42

2,210

Series

-

2022

R03

(Class

1B1)

19,340,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.415

03/25/42

19,659

Series

-

2022

R04

(Class

1M2)

18,955,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8.815

03/25/42

19,517

Series

-

2022

R03

(Class

1M2)

5,970,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8.315

04/25/42

6,064

Series

-

2022

R05

(Class

2M2)

30,200,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9.165

05/25/42

31,381

Series

-

2022

R06

(Class

1M2)

23,635,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9.965

06/25/42

25,211

Series

-

2022

R07

(Class

1M2)

9,505,000

(a),(d)

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8.915

07/25/42

9,800

Series

-

2022

R08

(Class

1M2)

12,890,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

10.065

09/25/42

13,923

Series

-

2022

R09

(Class

2M2)

870,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.750%

12.065

09/25/42

955

Series

-

2022

R09

(Class

2B1)

16,045,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9.065

12/25/42

16,868

Series

-

2023

R01

(Class

1M2)

3,960,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9.188

07/25/43

4,009

Series

-

2023

R06

(Class

1B1)

7,400,000

(a),(d)

Credit

Suisse

Commercial

Mortgage

Trust

3.854

11/10/32

5,361

Series

-

2017

CALI

(Class

B)

1,905,260

(a),(d)

Credit

Suisse

Mortgage

Capital

Certificates

SOFR

1

M

+

1.647%

6.980

05/15/36

1,893

Series

-

2019

ICE4

(Class

D)

7,853,098

(a),(d)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

6,249

Series

-

2021

NQM8

(Class

A3)

4,270,400

(a),(d)

CSMC

Series

3.388

10/25/59

3,671

Series

-

2019

NQM1

(Class

M1)

9,250,000

DBGS

Mortgage

Trust

4.466

10/15/51

8,453

Series

-

2018

C1

(Class

A4)

6,002,457

DBJPM

Mortgage

Trust

2.756

08/10/49

5,678

Series

-

2016

C3

(Class

ASB)

7,394,756

DBJPM

Mortgage

Trust

3.121

06/10/50

7,001

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2.340

08/15/53

3,948

Series

-

2020

C9

(Class

AM)

17,410,000

(d)

DBUBS

Mortgage

Trust

3.452

10/10/34

15,786

Series

-

2017

BRBK

(Class

A)

15,500,000

(a),(d)

DBUBS

Mortgage

Trust

3.648

10/10/34

13,549

Series

-

2017

BRBK

(Class

B)

5,000,000

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.235%

6.568

11/15/38

4,891

Series

-

2021

ELP

(Class

B)

CREF

Core

Bond

Account

September

30,

2023

272

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,000,000

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6.767

%

11/15/38

$

6,835

Series

-

2021

ELP

(Class

C)

4,670,000

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7.566

11/15/38

4,592

Series

-

2021

ELP

(Class

E)

4,999,900

(a),(d)

EQUS

Mortgage

Trust

SOFR

1

M

+

0.869%

6.202

10/15/38

4,887

Series

-

2021

EQAZ

(Class

A)

2,324,320

(a),(d)

Flagstar

Mortgage

Trust

4.002

10/25/47

1,997

Series

-

2017

2

(Class

B3)

113,681

(a),(d)

Flagstar

Mortgage

Trust

4.000

09/25/48

104

Series

-

2018

5

(Class

A11)

3,169,264

(a),(d)

Flagstar

Mortgage

Trust

2.500

04/25/51

2,332

Series

-

2021

2

(Class

A4)

9,060,153

(a),(d)

Flagstar

Mortgage

Trust

2.500

06/01/51

6,668

Series

-

2021

4

(Class

A21)

974,475

Ford

Credit

Auto

Owner

Trust

5.140

03/15/26

971

Series

-

2023

A

(Class

A2A)

974,475

(a)

Ford

Credit

Auto

Owner

Trust

30

D

AVG

SOFR

+

0.720%

6.033

03/15/26

976

Series

-

2023

A

(Class

A2B)

810,000

(a),(d)

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

4.350%

9.665

04/25/42

848

Series

-

2022

DNA3

(Class

M2)

GBP

893,413

(a),(d)

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

8.118

11/20/33

956

Series

-

2021

1A

(Class

GBD)

5,000,000

(a),(d)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

1.364%

6.697

11/15/36

4,870

Series

-

2021

ARDN

(Class

A)

3,600,000

(a),(d)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

3.464%

8.797

11/15/36

3,347

Series

-

2021

ARDN

(Class

E)

1,130,000

(a),(d)

GS

Mortgage

Securities

Corp

II

3.591

09/10/37

980

Series

-

2017

375H

(Class

A)

2,500,000

(a),(d)

GS

Mortgage

Securities

Corp

II

3.599

09/10/37

2,068

Series

-

2017

375H

(Class

B)

1,350,000

(a)

GS

Mortgage

Securities

Corp

II

3.777

05/10/50

1,269

Series

-

2015

GC30

(Class

AS)

5,235,000

(a),(d)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

1.897%

7.230

07/15/31

2,591

Series

-

2018

TWR

(Class

D)

3,000,000

(a),(d)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

2.864%

8.197

11/15/36

2,802

Series

-

2021

ARDN

(Class

D)

2,000,000

(a),(d)

GS

Mortgage

Securities

Trust

SOFR

1

M

+

1.747%

7.080

07/15/31

1,290

Series

-

2018

TWR

(Class

C)

377,267

GS

Mortgage

Securities

Trust

3.206

02/10/48

370

Series

-

2015

GC28

(Class

AAB)

2,816,500

GS

Mortgage

Securities

Trust

3.396

02/10/48

2,718

Series

-

2015

GC28

(Class

A5)

7,400,000

(a)

GS

Mortgage

Securities

Trust

4.018

07/10/48

6,969

Series

-

2015

GC32

(Class

AS)

1,357,372

GS

Mortgage

Securities

Trust

3.278

10/10/48

1,317

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

1,788

Series

-

2016

GS3

(Class

AS)

1,500,000

(a)

GS

Mortgage

Securities

Trust

4.078

11/10/49

1,207

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3.674

03/10/50

1,815

Series

-

2017

GS5

(Class

A4)

4,150,000

(a)

GS

Mortgage

Securities

Trust

3.826

03/10/50

3,663

Series

-

2017

GS5

(Class

AS)

8,505,947

GS

Mortgage

Securities

Trust

3.230

05/10/50

8,074

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3.433

05/10/50

5,453

Series

-

2017

GS6

(Class

A3)

2,540,000

(a)

GS

Mortgage

Securities

Trust

4.160

05/10/50

2,302

Series

-

2015

GC30

(Class

B)

5,000,000

(a)

GS

Mortgage

Securities

Trust

4.204

05/10/50

4,433

Series

-

2015

GC30

(Class

C)

273

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

GS

Mortgage

Securities

Trust

3.837

%

11/10/50

$

2,747

Series

-

2017

GS8

(Class

ABP)

4,844,000

(a)

GS

Mortgage

Securities

Trust

4.468

11/10/50

3,940

Series

-

2017

GS8

(Class

C)

3,050,000

(a)

GS

Mortgage

Securities

Trust

4.158

02/10/52

2,677

Series

-

2019

GC38

(Class

AS)

2,500,000

(a)

GS

Mortgage

Securities

Trust

3.173

02/13/53

2,012

Series

-

2020

GC45

(Class

AS)

148,080

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

135

Series

-

2019

PJ2

(Class

A1)

386,813

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

352

Series

-

2019

PJ2

(Class

A4)

899,463

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

730

Series

-

2020

PJ4

(Class

A4)

37,285,752

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

0.268

03/27/51

367

Series

-

2020

PJ5

(Class

AX1)

1,274,456

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

1,025

Series

-

2020

PJ5

(Class

A4)

1,929,787

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

1,420

Series

-

2020

PJ6

(Class

A4)

91,333,621

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

0.150

08/25/51

610

Series

-

2021

PJ3

(Class

AX1)

12,290,425

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

9,045

Series

-

2021

PJ5

(Class

A4)

11,930,725

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

9,175

Series

-

2022

PJ2

(Class

A36)

4,284,161

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

3,295

Series

-

2022

PJ4

(Class

A36)

1,017,199

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.631

05/25/50

810

Series

-

2020

PJ1

(Class

B2)

2,392,586

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

07/25/51

1,761

Series

-

2021

PJ2

(Class

A4)

17,683,095

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

13,123

Series

-

2021

PJ6

(Class

A4)

21,523,516

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

15,840

Series

-

2021

PJ7

(Class

A4)

10,044,464

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,392

Series

-

2021

PJ8

(Class

A4)

3,398,772

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.722

01/25/52

2,412

Series

-

2021

PJ7

(Class

B2)

10,543,589

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

7,759

Series

-

2021

PJ10

(Class

A4)

4,705,823

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

3,952

Series

-

2022

PJ1

(Class

A8)

3,029,501

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.834

05/28/52

2,233

Series

-

2022

PJ1

(Class

B2)

7,211,321

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

07/25/52

5,564

Series

-

2022

INV1

(Class

A4)

10,984,315

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

08/26/52

8,475

Series

-

2022

GR2

(Class

A4)

9,426,899

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

09/25/52

7,273

Series

-

2022

HP1

(Class

A4)

6,990,293

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

5,376

Series

-

2022

PJ5

(Class

A36)

5,701,890

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

4,399

Series

-

2022

PJ6

(Class

A24)

8,317,224

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

6,692

Series

-

2023

PJ1

(Class

A24)

1,611,677

(a)

HarborView

Mortgage

Loan

Trust

SOFR

1

M

+

0.734%

6.062

08/19/45

1,451

Series

-

2005

11

(Class

2A1A)

6,000,000

(d)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

5,422

Series

-

2016

10HY

(Class

A)

CREF

Core

Bond

Account

September

30,

2023

274

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,500,000

(a),(d)

Hudson

Yards

Mortgage

Trust

3.076

%

08/10/38

$

2,242

Series

-

2016

10HY

(Class

B)

7,250,000

(a),(d)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

6,402

Series

-

2016

10HY

(Class

C)

5,500,000

(a),(d)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

4,046

Series

-

2019

55HY

(Class

D)

2,750,000

(a),(d)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

1,971

Series

-

2019

55HY

(Class

E)

251,335

(a)

Impac

CMB

Trust

SOFR

1

M

+

0.774%

6.094

03/25/35

231

Series

-

2004

11

(Class

2A1)

2,598,659

(a),(d)

Imperial

Fund

Mortgage

Trust

2.051

10/25/55

2,302

Series

-

2020

NQM1

(Class

A3)

1,043,500

(a),(d)

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

848

Series

-

2020

NQM1

(Class

M1)

2,346,092

(a),(d)

J.P.

Morgan

Mortgage

Trust

4.000

12/25/52

1,958

Series

-

2022

7

(Class

2A6A)

1,000,000

(a),(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4.767

07/05/31

576

Series

-

2018

AON

(Class

D)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.914

01/15/49

1,676

Series

-

2015

JP1

(Class

A5)

3,515,072

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2.713

08/15/49

3,346

Series

-

2016

JP2

(Class

ASB)

4,416,868

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.379

09/15/50

4,217

Series

-

2017

JP7

(Class

A3)

3,155,000

(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.065

01/16/37

2,784

Series

-

2020

NNN

(Class

BFX)

2,915,659

(a),(d)

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6.565

12/25/44

2,780

Series

-

2015

1

(Class

B1)

204,699

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/45

179

Series

-

2015

3

(Class

A19)

2,079,285

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/45

1,819

Series

-

2015

6

(Class

A13)

1,099,859

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

936

Series

-

2017

2

(Class

A13)

2,223,595

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

1,868

Series

-

2018

3

(Class

A13)

1,063,032

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

894

Series

-

2018

4

(Class

A13)

3,123,657

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

2,589

Series

-

2018

5

(Class

A13)

1,954,389

(a),(d)

JP

Morgan

Mortgage

Trust

3.542

10/26/48

1,886

Series

-

2017

5

(Class

A2)

221,818

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

198

Series

-

2018

8

(Class

A13)

678,398

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

605

Series

-

2018

9

(Class

A13)

297,934

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

269

Series

-

2019

1

(Class

A3)

541,633

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

486

Series

-

2019

1

(Class

A15)

1,121,095

(a),(d)

JP

Morgan

Mortgage

Trust

SOFR

1

M

+

1.064%

6.379

10/25/49

1,084

Series

-

2019

INV1

(Class

A11)

6,592,688

(a),(d)

JP

Morgan

Mortgage

Trust

3.828

06/25/50

5,408

Series

-

2020

1

(Class

B2)

28,836,789

(a),(d)

JP

Morgan

Mortgage

Trust

0.141

07/25/51

189

Series

-

2021

3

(Class

AX1)

20,567,046

(a),(d)

JP

Morgan

Mortgage

Trust

0.132

08/25/51

126

Series

-

2021

4

(Class

AX1)

275

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,395,208

(a),(d)

JP

Morgan

Mortgage

Trust

2.882

%

08/25/51

$

1,741

Series

-

2021

4

(Class

B2)

39,019,995

(a),(d)

JP

Morgan

Mortgage

Trust

0.137

10/25/51

247

Series

-

2021

6

(Class

AX1)

7,293,079

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

5,367

Series

-

2021

6

(Class

A15)

5,230,388

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

3,849

Series

-

2021

7

(Class

A15)

10,383,744

(a),(d)

JP

Morgan

Mortgage

Trust

0.400

12/25/51

219

Series

-

2021

INV2

(Class

AX4)

6,373,740

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

4,691

Series

-

2021

8

(Class

A15)

2,453,421

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

1,806

Series

-

2021

10

(Class

A15)

8,579,630

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

01/25/52

6,314

Series

-

2021

11

(Class

A15)

2,497,992

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

1,838

Series

-

2021

12

(Class

A15)

10,266,983

(a),(d)

JP

Morgan

Mortgage

Trust

0.500

04/25/52

395

Series

-

2021

INV6

(Class

A5X)

8,854,340

(a),(d)

JP

Morgan

Mortgage

Trust

3.346

04/25/52

6,814

Series

-

2021

INV6

(Class

B1)

5,665,823

(a),(d)

JP

Morgan

Mortgage

Trust

3.346

04/25/52

4,257

Series

-

2021

INV6

(Class

B2)

3,858,361

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

2,839

Series

-

2021

14

(Class

A15)

2,591,238

(a),(d)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

1,951

Series

-

2021

LTV2

(Class

A3)

11,057,595

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

8,138

Series

-

2021

15

(Class

A15)

13,988,144

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

10,294

Series

-

2022

1

(Class

A15)

23,894,216

(a),(d)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

19,541

Series

-

2022

LTV1

(Class

A1)

18,808,131

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

14,464

Series

-

2022

3

(Class

A25)

16,901,914

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

12,998

Series

-

2022

2

(Class

A25)

7,413,858

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

09/25/52

5,720

Series

-

2022

INV3

(Class

A6)

12,124,090

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

9,755

Series

-

2022

LTV2

(Class

A6)

10,134,083

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

7,819

Series

-

2022

4

(Class

A17A)

6,104,737

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

4,710

Series

-

2022

6

(Class

A17A)

6,796,310

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

5,244

Series

-

2022

7

(Class

1A17)

4,183,164

(a),(d)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

3,816

Series

-

2023

1

(Class

A15A)

4,187,869

(a),(d)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

3,917

Series

-

2023

1

(Class

A15B)

5,172,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.997

08/15/47

4,987

Series

-

2014

C21

(Class

AS)

2,686,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.629

09/15/47

2,549

Series

-

2014

C23

(Class

B)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.898

02/15/48

2,737

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.611

05/15/48

2,425

Series

-

2015

C29

(Class

A4)

2,500,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

3.917

05/15/48

2,355

Series

-

2015

C29

(Class

AS)

CREF

Core

Bond

Account

September

30,

2023

276

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,350,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.118

%

05/15/48

$

2,157

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.106

08/15/48

3,273

Series

-

2015

C31

(Class

AS)

9,952,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.776

08/15/48

8,316

Series

-

2015

C31

(Class

B)

3,000,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.776

08/15/48

2,379

Series

-

2015

C31

(Class

C)

1,820,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.859

03/17/49

1,607

Series

-

2016

C1

(Class

C)

2,410,915

JPMCC

Commercial

Mortgage

Securities

Trust

3.457

03/15/50

2,290

Series

-

2017

JP5

(Class

A4)

854,620

JPMCC

Commercial

Mortgage

Securities

Trust

3.549

03/15/50

809

Series

-

2017

JP5

(Class

ASB)

1,000,000

(a)

JPMCC

Commercial

Mortgage

Securities

Trust

3.904

03/15/50

747

Series

-

2017

JP5

(Class

C)

1,000,000

(a)

JPMDB

Commercial

Mortgage

Securities

Trust

3.187

12/15/49

692

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3.694

03/15/50

2,763

Series

-

2017

C5

(Class

A5)

9,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

2.536

05/13/53

6,452

Series

-

2020

COR7

(Class

AS)

2,373,084

(d)

Ladder

Capital

Commercial

Mortgage

Securities

3.575

02/15/36

2,158

Series

-

2013

GCP

(Class

A1)

3,794,615

(d)

Ladder

Capital

Commercial

Mortgage

Securities

3.357

07/12/50

3,603

Series

-

2017

LC26

(Class

ASB)

EUR

589,114

(a),(d)

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1.000

08/17/33

575

Series

-

2021

1A

(Class

E)

EUR

599,877

(a),(d)

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

6.137

08/17/31

602

Series

-

2021

1A

(Class

D)

7,250,000

(d)

Liberty

Street

Trust

3.597

02/10/36

6,462

Series

-

2016

225L

(Class

A)

4,000,000

(a),(d)

MAD

Mortgage

Trust

3.294

08/15/34

3,598

Series

-

2017

330M

(Class

A)

1,500,000

(a),(d)

Manhattan

West

2.413

09/10/39

1,278

Series

-

2020

1MW

(Class

B)

505,931

(a)

Merrill

Lynch

Mortgage

Investors

Trust

SOFR

1

M

+

0.634%

2.278

01/25/37

467

Series

-

2006

WMC1

(Class

A1B)

2,707,718

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.989

12/15/46

2,485

Series

-

2014

C19

(Class

LNC1)

892,164

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.384

12/15/46

802

Series

-

2014

C19

(Class

LNC2)

4,650,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.832

12/15/47

4,442

Series

-

2014

C19

(Class

AS)

4,100,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.605

02/15/48

3,879

Series

-

2015

C20

(Class

AS)

1,250,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.603

02/15/48

1,122

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.338

03/15/48

2,386

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.652

03/15/48

6,116

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.561

04/15/48

2,805

Series

-

2015

C22

(Class

AS)

3,380,820

(a),(d)

Morgan

Stanley

Capital

I

Inc

SOFR

1

M

+

1.491%

6.824

11/15/23

3,285

Series

-

2021

ILP

(Class

C)

387,583

(a)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

164

Series

-

2007

IQ16

(Class

AJ)

264,381

(a)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

112

Series

-

2007

IQ16

(Class

AJFX)

4,200,136

Morgan

Stanley

Capital

I

Trust

3.304

06/15/50

4,026

Series

-

2017

H1

(Class

ASB)

277

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,458,000

Morgan

Stanley

Capital

I

Trust

3.587

%

12/15/50

$

1,319

Series

-

2017

HR2

(Class

A4)

2,840,000

(a)

Morgan

Stanley

Capital

I

Trust

4.429

07/15/51

2,566

Series

-

2018

H3

(Class

AS)

633,120

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

536

Series

-

2021

4

(Class

A4)

8,056,991

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

5,929

Series

-

2021

5

(Class

A9)

5,412,629

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

3,983

Series

-

2021

6

(Class

A9)

1,972,622

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,670

Series

-

2021

6

(Class

A4)

3,000,000

(a),(d)

MSDB

Trust

3.427

07/11/39

2,548

Series

-

2017

712F

(Class

A)

1,200,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

3.917

11/15/32

1,040

Series

-

2018

285M

(Class

A)

12,741,348

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5.915

07/15/36

11,657

Series

-

2019

MILE

(Class

A)

5,000,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7.212

07/15/36

4,299

Series

-

2019

MILE

(Class

B)

2,900,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7.612

07/15/36

2,353

Series

-

2019

MILE

(Class

C)

5,000,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.829%

8.162

07/15/36

3,832

Series

-

2019

MILE

(Class

D)

703,488

(d)

Natixis

Commercial

Mortgage

Securities

Trust

2.966

12/15/38

616

Series

-

2020

2PAC

(Class

A)

1,012,057

(a),(d)

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

936

Series

-

2019

NQM4

(Class

A3)

980,000

(a),(d)

New

Residential

Mortgage

Loan

Trust

2.986

09/25/59

810

Series

-

2019

NQM4

(Class

M1)

233,818

(a)

New

York

Mortgage

Trust

SOFR

1

M

+

0.594%

5.914

02/25/36

229

Series

-

2005

3

(Class

A1)

1,825,000

(a),(d)

NLT

Trust

2.569

08/25/56

1,134

Series

-

2021

INV2

(Class

M1)

10,993,153

(a),(d)

OBX

Trust

2.500

07/25/51

8,090

Series

-

2021

J2

(Class

A19)

9,618,724

(a),(d)

OBX

Trust

4.000

10/25/52

8,028

Series

-

2022

INV5

(Class

A13)

796,167

(a),(d)

OBX

Trust

SOFR

1

M

+

0.764%

4.658

06/25/57

758

Series

-

2018

1

(Class

A2)

3,385,434

(a),(d)

Oceanview

Mortgage

Trust

2.500

05/25/51

2,491

Series

-

2021

1

(Class

A19)

2,483,156

(a),(d)

Oceanview

Mortgage

Trust

4.500

11/25/52

2,214

Series

-

2022

1

(Class

A1)

5,434,000

(d)

Olympic

Tower

Mortgage

Trust

3.566

05/10/39

4,645

Series

-

2017

OT

(Class

A)

8,520,000

(d)

One

Bryant

Park

Trust

2.516

09/15/54

6,787

Series

-

2019

OBP

(Class

A)

2,000,000

(d)

RBS

Commercial

Funding,

Inc

Trust

3.511

03/11/31

1,768

Series

-

2013

SMV

(Class

B)

14,615,014

(a),(d)

RCKT

Mortgage

Trust

2.500

02/25/52

10,756

Series

-

2022

2

(Class

A22)

3,230,802

(a),(d)

RCKT

Mortgage

Trust

3.500

06/25/52

2,599

Series

-

2022

4

(Class

A22)

626,412

(a),(d)

Sequoia

Mortgage

Trust

3.500

05/25/45

551

Series

-

2015

2

(Class

A1)

562,035

(a),(d)

Sequoia

Mortgage

Trust

3.500

06/25/46

486

Series

-

2016

1

(Class

A19)

137,050

(a),(d)

Sequoia

Mortgage

Trust

3.500

02/25/47

117

Series

-

2017

2

(Class

A19)

2,037,728

(a),(d)

Sequoia

Mortgage

Trust

3.726

09/25/47

1,828

Series

-

2017

6

(Class

B1)

CREF

Core

Bond

Account

September

30,

2023

278

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

883,511

(a),(d)

Sequoia

Mortgage

Trust

3.500

%

03/25/48

$

759

Series

-

2018

3

(Class

A1)

77,387

(a),(d)

Sequoia

Mortgage

Trust

4.000

09/25/48

70

Series

-

2018

7

(Class

A19)

294,638

(a),(d)

Sequoia

Mortgage

Trust

4.000

06/25/49

265

Series

-

2019

2

(Class

A19)

1,318,641

(a),(d)

Sequoia

Mortgage

Trust

3.500

12/25/49

1,133

Series

-

2019

5

(Class

A19)

5,845,178

(a),(d)

Sequoia

Mortgage

Trust

3.000

04/25/50

4,691

Series

-

2020

3

(Class

A19)

5,901,813

(a),(d)

Sequoia

Mortgage

Trust

2.500

06/25/51

4,343

Series

-

2021

4

(Class

A19)

424,350

(a),(d)

Shellpoint

Co-Originator

Trust

3.500

04/25/47

361

Series

-

2017

1

(Class

A19)

7,750,000

(d)

SLG

Office

Trust

2.585

07/15/41

6,060

Series

-

2021

OVA

(Class

A)

26,865,000

(d)

SLG

Office

Trust

2.851

07/15/41

19,400

Series

-

2021

OVA

(Class

D)

9,741,110

(a),(d)

SMR

Mortgage

Trust

SOFR

1

M

+

1.650%

6.982

02/15/39

9,333

Series

-

2022

IND

(Class

A)

9,277,248

(a),(d)

SMR

Mortgage

Trust

SOFR

1

M

+

2.950%

8.282

02/15/39

8,756

Series

-

2022

IND

(Class

C)

5,000,000

(a),(d)

SREIT

Trust

SOFR

1

M

+

0.936%

6.268

11/15/36

4,919

Series

-

2021

MFP2

(Class

A)

6,930,000

(a),(d)

SREIT

Trust

SOFR

1

M

+

1.286%

6.618

11/15/36

6,800

Series

-

2021

MFP2

(Class

B)

GBP

347,448

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

6.519

05/17/31

408

Series

-

2021

UK1A

(Class

B)

GBP

506,281

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

6.869

05/17/31

590

Series

-

2021

UK1A

(Class

C)

GBP

422,276

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.500%

6.719

08/17/31

498

Series

-

2021

UK4A

(Class

B)

8,740,475

UBS

Commercial

Mortgage

Trust

3.256

06/15/50

8,336

Series

-

2017

C1

(Class

ASB)

1,587,389

UBS

Commercial

Mortgage

Trust

3.366

10/15/50

1,501

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3.563

10/15/50

1,309

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4.334

10/15/51

1,607

Series

-

2018

C13

(Class

A4)

2,070,000

(a),(d)

Verus

Securitization

Trust

3.207

11/25/59

1,809

Series

-

2019

4

(Class

M1)

1,070,201

(d)

Verus

Securitization

Trust

1.733

05/25/65

986

Series

-

2020

5

(Class

A3)

1,802,149

(a),(d)

Verus

Securitization

Trust

2.240

10/25/66

1,445

Series

-

2021

7

(Class

A3)

1,090,241

(d)

VSE

VOI

Mortgage

LLC

2.330

03/20/35

1,072

Series

-

2017

A

(Class

A)

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3.405

12/15/47

1,671

Series

-

2014

LC18

(Class

A5)

4,500,000

Wells

Fargo

Commercial

Mortgage

Trust

3.808

12/15/47

4,259

Series

-

2014

LC18

(Class

AS)

1,570,000

Wells

Fargo

Commercial

Mortgage

Trust

3.406

05/15/48

1,464

Series

-

2015

NXS1

(Class

AS)

2,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.658

05/15/48

1,802

Series

-

2015

NXS1

(Class

B)

2,279,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.278

05/15/48

1,899

Series

-

2015

NXS1

(Class

D)

5,037,182

Wells

Fargo

Commercial

Mortgage

Trust

2.788

07/15/48

4,835

Series

-

2016

C35

(Class

ASB)

279

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,851,702

Wells

Fargo

Commercial

Mortgage

Trust

2.514

%

08/15/49

$

7,487

Series

-

2016

BNK1

(Class

ASB)

7,973,231

Wells

Fargo

Commercial

Mortgage

Trust

2.825

10/15/49

7,628

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3.635

03/15/50

794

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.757

03/15/50

1,781

Series

-

2017

RB1

(Class

AS)

10,585,871

Wells

Fargo

Commercial

Mortgage

Trust

3.261

07/15/50

10,122

Series

-

2017

C38

(Class

ASB)

2,197,255

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.903

07/15/50

1,801

Series

-

2017

C38

(Class

C)

7,547,164

Wells

Fargo

Commercial

Mortgage

Trust

3.212

09/15/50

7,182

Series

-

2017

C39

(Class

ASB)

4,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.767

07/15/58

3,798

Series

-

2015

NXS2

(Class

A5)

1,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.416

07/15/58

929

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.749

03/15/59

5,538

Series

-

2016

C33

(Class

AS)

185,890

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

171

Series

-

2019

2

(Class

A17)

2,388,598

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

09/25/49

2,030

Series

-

2019

4

(Class

A1)

908,363

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

728

Series

-

2020

4

(Class

A17)

11,193,963

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

8,238

Series

-

2021

2

(Class

A17)

4,658,871

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

08/25/51

3,594

Series

-

2021

INV1

(Class

A17)

5,366,874

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.314

08/25/51

4,189

Series

-

2021

INV1

(Class

B1)

4,525,576

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

3,330

Series

-

2022

2

(Class

A18)

3,986,006

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

03/25/52

3,075

Series

-

2022

INV1

(Class

A18)

6,847,777

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

03/25/52

5,509

Series

-

2022

INV1

(Class

A17)

1,050,000

(a)

WFRBS

Commercial

Mortgage

Trust

4.162

12/15/46

1,042

Series

-

2013

C18

(Class

A5)

2,185,281

WFRBS

Commercial

Mortgage

Trust

3.995

05/15/47

2,142

Series

-

2014

C20

(Class

A5)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3.607

11/15/47

3,734

Series

-

2014

C24

(Class

A5)

247,062

(a),(d)

WinWater

Mortgage

Loan

Trust

3.919

06/20/44

194

Series

-

2014

1

(Class

B4)

6,382,868

(a),(d)

Woodward

Capital

Management

3.000

05/25/52

4,925

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

1,314,050

TOTAL

STRUCTURED

ASSETS

1,958,554

(Cost

$2,227,346)

SHARES

REFERENCERATE

&

SPREAD

CREF

Core

Bond

Account

September

30,

2023

280

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

PREFERRED

STOCKS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

173,925

(e)

Morgan

Stanley

$

4,372

TOTAL

FINANCIAL

SERVICES

4,372

TOTAL

PREFERRED

STOCKS

4,372

(Cost

$4,348)

TOTAL

LONG-TERM

INVESTMENTS

9,981,757‌

(Cost

$11,392,456)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.8%

COMMERCIAL

PAPER

-

0.1%

$

5,500,000

(d)

HSBC

USA,

Inc

0.000

%

02/02/24

5,391

TOTAL

COMMERCIAL

PAPER

5,391

GOVERNMENT

AGENCY

DEBT

-

0.6%

59,900,000

Federal

Home

Loan

Bank

(FHLB)

0.000

10/13/23

59,806

5,000,000

FHLB

0.000

11/02/23

4,978

KZT

245,300,000

Kazakhstan

Treasury

Bill

0.000

03/13/24

479

TOTAL

GOVERNMENT

AGENCY

DEBT

65,263

REPURCHASE

AGREEMENT

-

0.1%

9,018,000

(i)

Fixed

Income

Clearing

Corp

(FICC)

5.300

10/02/23

9,018

TOTAL

REPURCHASE

AGREEMENT

9,018

TREASURY

DEBT

-

0.0%

2,000,000

United

States

Treasury

Bill

0.000

11/02/23

1,991

TOTAL

TREASURY

DEBT

1,991

TOTAL

SHORT-TERM

INVESTMENTS

81,663

(Cost

$81,699)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

30,921,974

(j)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

30,922

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

30,922

(Cost

$30,922)

TOTAL

INVESTMENTS

-

98.7%

10,094,342

(Cost

$11,505,077)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.3%

129,651

NET

ASSETS

-

100.0%

$10,223,993

281

See

Notes

to

Portfolio

of

Investments

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

AUD

Australian

Dollar

AVG

Average

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

D

Day

DOP

Dominican

Republic

Peso

EGP

Egyptian

Pound

EUR

Euro

EURIBOR

EURO

Interbank

Offer

Rate

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstani

Tenge

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

RON

Romanian

Leu

RSD

Serbian

Dinar

SOFR

Secure

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

When-issued

or

delayed

delivery

security.

(c)

In

default

(d)

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$31,722,539.

(f)

Perpetual

security

(g)

Payment

in

Kind

Bond

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$9,018,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$9,198,381.

(j)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

2-Year

Note

630‌

12/29/23

 $

127,976‌

$

127,708‌

$

(268‌)

U.S.

Treasury

5-Year

Note

2,233‌

12/29/23

236,994‌

235,267‌

(1,727‌)

Total

2,863‌

 $

364,970‌

 $

362,975‌

 $

(1,995‌)

CREF

Core

Bond

Account

September

30,

2023

282

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

1,802

JPY

248,164

Australia

and

New

Zealand

Banking

Group

Limited

10/13/23

 $

138‌

$

599

JPY

82,514

Australia

and

New

Zealand

Banking

Group

Limited

10/13/23

46‌

$

2,196

NZD

3,523

Australia

and

New

Zealand

Banking

Group

Limited

10/13/23

85‌

$

700

THB

24,950

Australia

and

New

Zealand

Banking

Group

Limited

10/16/23

14‌

Total

 $

283‌

$

25,880

CNY

188,637

Bank

of

America

11/15/23

 $

(292‌)

$

591

EUR

542

Bank

of

America

10/13/23

17‌

Total

 $

(275‌)

$

5,284

AUD

7,824

Citibank

N.A.

10/13/23

 $

251‌

$

10,096

CAD

13,288

Citibank

N.A.

10/13/23

311‌

$

810

EUR

732

Citibank

N.A.

10/13/23

36‌

$

3,422

EUR

3,065

Citibank

N.A.

10/13/23

180‌

$

79,393

EUR

71,689

Citibank

N.A.

10/13/23

3,560‌

$

16,924

GBP

13,085

Citibank

N.A.

10/13/23

957‌

$

351

GBP

272

Citibank

N.A.

10/13/23

20‌

$

576

JPY

80,895

Citibank

N.A.

10/13/23

34‌

$

21,364

JPY

2,940,062

Citibank

N.A.

10/13/23

1,646‌

$

2,203

NOK

22,651

Citibank

N.A.

10/13/23

85‌

$

211

PEN

783

Citibank

N.A.

10/16/23

5‌

GBP

418

$

539

Citibank

N.A.

10/13/23

(30‌)

GBP

416

$

538

Citibank

N.A.

10/13/23

(30‌)

Total

 $

7,025‌

$

7,299

KRW

9,664,626

Goldman

Sachs

10/16/23

 $

147‌

$

956

CZK

21,827

Morgan

Stanley

10/13/23

 $

10‌

$

1,086

GBP

841

Morgan

Stanley

10/13/23

60‌

$

500

GBP

407

Morgan

Stanley

10/13/23

3‌

$

932

HUF

335,732

Morgan

Stanley

10/13/23

22‌

$

914

IDR

14,036,335

Morgan

Stanley

10/16/23

7‌

$

708

MXN

12,177

Morgan

Stanley

10/13/23

11‌

$

670

RON

3,104

Morgan

Stanley

10/13/23

11‌

EUR

680

$

756

Morgan

Stanley

10/13/23

(36‌)

EUR

246

$

276

Morgan

Stanley

10/13/23

(16‌)

EUR

38

$

42

Morgan

Stanley

10/13/23

(2‌)

$

345

ZAR

6,501

Morgan

Stanley

10/13/23

2‌

Total

 $

72‌

$

573

JPY

82,641

Standard

Chartered

Bank

10/13/23

 $

19‌

$

390

COP

1,554,203

Toronto

Dominion

Bank

10/17/23

 $

11‌

$

1,671

EUR

1,495

Toronto

Dominion

Bank

10/13/23

89‌

Total

 $

100‌

Total

 $

7,371‌

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

283

See

Notes

to

Portfolio

of

Investments

Credit

Default

Swaps

-

Centrally

Cleared

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

*

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAIGS41V1-5Y

Credit

event

as

specified

in

contract

1.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

$450,000‌

$(5,528‌)

$(6,523‌)

$995‌

CDX-NAHYS41V1-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

150,000‌

(1,400‌)

(1,233‌)

(167‌)

Total

$(6,928‌)

$(7,756‌)

$828‌

*  

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

CREF

Inflation-Linked

Bond

Account

September

30,

2023

Portfolio

of

Investments

284

See

Notes

to

Portfolio

of

Investments

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.7%

BANK

LOAN

OBLIGATIONS

-

0.5%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

$

2,056,250

(a)

Trans

Union

LLC

SOFR

12

M

+

2.250%

7.696

%

12/01/28

$

2,058

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,058

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

2,947,500

(a)

Rexnord

LLC

SOFR

12

M

+

2.000%

7

.446

10/04/28

2,954

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,954

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,550,400

(a)

Crocs,

Inc

SOFR

12

M

+

3.000%

8.417

02/20/29

1,557

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,557

CONSUMER

SERVICES

-

0.1%

2,946,565

(a)

1011778

BC

ULC

LIBOR

1

M

+

1.750%

7.196

11/19/26

2,939

2,449,984

(a)

Stars

Group

Holdings

BV

SOFR

4

M

+

2.250%

7.754

07/21/26

2,451

TOTAL

CONSUMER

SERVICES

5,390

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

2,992,500

(a)

Select

Medical

Corp

SOFR

12

M

+

3.000%

8.331

03/06/27

2,989

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,989

MEDIA

&

ENTERTAINMENT

-

0.1%

1,965,000

(a)

Fluidra

Finco

SL

SOFR

12

M

+

1.925%

7.356

01/29/29

1,956

1,340,156

(a)

Nascar

Holdings

LLC

SOFR

12

M

+

2.500%

7.946

10/19/26

1,344

TOTAL

MEDIA

&

ENTERTAINMENT

3,300

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

1,585,688

(a)

Avantor,

Inc

SOFR

12

M

+

2.250%

7.681

11/08/27

1,587

2,207,333

(a)

Jazz

Financing

Lux

Sarl

SOFR

12

M

+

3.500%

8.946

05/05/28

2,208

2,124,060

(a)

Organon

&

Co

SOFR

3

M

+

3.000%

8.442

06/02/28

2,124

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,919

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

(a),(b)

MKS

Instruments,

Inc

LIBOR

1

M

+

2.250%

7.171

10/22/28

0^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

^

SOFTWARE

&

SERVICES

-

0.1%

2,334,021

(a)

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7.431

09/12/29

2,329

1,330,814

(a)

SS&C

Technologies,

Inc

SOFR

12

M

+

1.750%

7.196

04/16/25

1,332

1,256,661

(a)

SS&C

Technologies,

Inc

SOFR

12

M

+

1.750%

7.196

04/16/25

1,258

TOTAL

SOFTWARE

&

SERVICES

4,919

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

342,807

(a)

Coherent

Corp

SOFR

12

M

+

2.750%

8.196

07/02/29

342

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

342

UTILITIES

-

0.0%

2,474,445

(a)

Core

&

Main

LP

SOFR

2M

+

2.500%

7.691

07/27/28

2,478

TOTAL

UTILITIES

2,478

TOTAL

BANK

LOAN

OBLIGATIONS

31,906

(Cost

$31,784)

285

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CORPORATE

BONDS

-

2.6%

AUTOMOBILES

&

COMPONENTS

-

0.4%

$

2,000,000

Ford

Motor

Credit

Co

LLC

4.950

%

05/28/27

$

1,877

2,500,000

Ford

Motor

Credit

Co

LLC

7.350

11/04/27

2,549

20,000,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

20,254

TOTAL

AUTOMOBILES

&

COMPONENTS

24,680

BANKS

-

0.1%

3,000,000

Bank

of

America

Corp

2.572

10/20/32

2,305

3,000,000

JPMorgan

Chase

&

Co

2.545

11/08/32

2,322

TOTAL

BANKS

4,627

CAPITAL

GOODS

-

0.0%

1,150,000

(c)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

1,141

TOTAL

CAPITAL

GOODS

1,141

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

5,000,000

(c)

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

4,851

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,851

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.1%

2,500,000

(c)

Ferrellgas

LP

5.875

04/01/29

2,249

3,600,000

(c)

Prosus

NV

3.257

01/19/27

3,189

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

5,438

CONSUMER

SERVICES

-

0.0%

3,900,000

(c)

Transnet

SOC

Ltd

8.250

02/06/28

3,733

TOTAL

CONSUMER

SERVICES

3,733

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.0%

3,505,000

(c)

Albertsons

Cos,

Inc

6.500

02/15/28

3,464

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,464

ENERGY

-

0.7%

2,275,000

Ecopetrol

S.A.

4.625

11/02/31

1,737

1,025,000

(c)

Empresa

Nacional

del

Petroleo

6.150

05/10/33

983

680,000

(c)

EQM

Midstream

Partners

LP

7

.500

06/01/27

681

6,000,000

(c)

EQM

Midstream

Partners

LP

6.500

07/01/27

5,859

2,500,000

Genesis

Energy

LP

8.000

01/15/27

2,410

5,000,000

(c)

Hilcorp

Energy

I

LP

6.000

04/15/30

4,508

2,000,000

(c)

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,778

5,000,000

(c)

Kinetik

Holdings

LP

5.875

06/15/30

4,688

5,000,000

(d)

Occidental

Petroleum

Corp

3.500

08/15/29

4,249

10,000,000

Occidental

Petroleum

Corp

8.875

07/15/30

11,243

3,150,000

(c)

Parkland

Corp

4.625

05/01/30

2,685

1,000,000

Petroleos

Mexicanos

5.350

02/12/28

745

2,375,000

Petroleos

Mexicanos

6.700

02/16/32

1,763

1,644,737

Reliance

Industries

Ltd

2.444

01/15/26

1,570

TOTAL

ENERGY

44,899

FINANCIAL

SERVICES

-

0.1%

3,125,000

(c)

Banco

de

Chile

2.990

12/09/31

2,553

1,700,000

(c)

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,412

3,000,000

Morgan

Stanley

2.511

10/20/32

2,294

TOTAL

FINANCIAL

SERVICES

6,259

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.2%

14,200,000

Montefiore

Medical

Center

2.895

04/20/32

11,825

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

11,825

CREF

Inflation-Linked

Bond

Account

September

30,

2023

286

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

MATERIALS

-

0.4%

$

3,300,000

(c)

Alpek

SAB

de

C.V.

3.250

%

02/25/31

$

2,590

600,000

(c)

Antofagasta

plc

5.625

05/13/32

572

8,700,000

(c)

Corp

Nacional

del

Cobre

de

Chile

5.125

02/02/33

8,006

2,500,000

(c)

FMG

Resources

August

2006

Pty

Ltd

5.875

04/15/30

2,285

2,950,000

(c)

Freeport

Indonesia

PT

5.315

04/14/32

2,674

7,000,000

(c)

POSCO

4.375

08/04/25

6,813

5,000,000

(c)

SunCoke

Energy,

Inc

4.875

06/30/29

4,249

TOTAL

MATERIALS

27,189

MEDIA

&

ENTERTAINMENT

-

0.1%

5,000,000

(c)

CCO

Holdings

LLC

5.125

05/01/27

4,659

5,000,000

(c)

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

4,046

TOTAL

MEDIA

&

ENTERTAINMENT

8,705

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

4,680,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.875

09/15/29

4,741

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

4,741

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

1,715,000

(c)

SK

Hynix,

Inc

6.500

01/17/33

1,675

1,575,000

TSMC

Arizona

Corp

1.750

10/25/26

1,413

2,000,000

TSMC

Arizona

Corp

4.250

04/22/32

1,855

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,943

SOFTWARE

&

SERVICES

-

0.0%

455,000

(c)

Open

Text

Corp

6.900

12/01/27

456

TOTAL

SOFTWARE

&

SERVICES

456

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

3,000,000

(c)

Imola

Merger

Corp

4.750

05/15/29

2,629

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,629

TELECOMMUNICATION

SERVICES

-

0.1%

2,900,000

AT&T,

Inc

2.250

02/01/32

2,183

3,000,000

(c)

Telefonica

Moviles

Chile

S.A.

3.537

11/18/31

2,257

3,100,000

Verizon

Communications,

Inc

2.355

03/15/32

2,365

TOTAL

TELECOMMUNICATION

SERVICES

6,805

TRANSPORTATION

-

0.1%

3,000,000

(c)

Grupo

Aeromexico

SAB

de

C.V.

8.500

03/17/27

2,809

3,260,000

(c)

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

3,011

TOTAL

TRANSPORTATION

5,820

UTILITIES

-

0.0%

1,450,000

(c)

Israel

Electric

Corp

Ltd

3.750

02/22/32

1,191

1,000,000

(c)

Sasol

Financing

USA

LLC

8.750

05/03/29

961

TOTAL

UTILITIES

2,152

TOTAL

CORPORATE

BONDS

174,357

(Cost

$190,936)

GOVERNMENT

BONDS

-

93.1%

FOREIGN

GOVERNMENT

BONDS

-

0.1%

6,250,000

(c)

Central

American

Bank

for

Economic

Integration

5.000

02/09/26

6,132

300,000

(c)

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

295

TOTAL

FOREIGN

GOVERNMENT

BONDS

6,427

MORTGAGE

BACKED

-

2.8%

8,362,159

(a),(c)

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

0.950%

6.265

12/25/41

8,216

16,985,940

Government

National

Mortgage

Association

(GNMA)

3.600

09/15/31

16,675

287

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,540,734

GNMA

3.650

%

02/15/32

$

8,061

2,012,176

GNMA

3.380

07/15/35

1,887

2,662,051

GNMA

3.870

10/15/36

2,504

34,310,188

GNMA

1.730

07/15/37

28,161

32,351,187

GNMA

4.250

09/15/38

32,197

22,541,302

GNMA

1.650

07/15/42

17,826

24,812,109

GNMA

2.750

01/15/45

21,218

5,064,890

GNMA

4.930

10/15/45

5,039

5,206,025

(a),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

2.250%

7.565

08/25/33

5,235

9,465,000

(a),(c)

STACR

30

D

AVG

SOFR

+

1.500%

6.815

10/25/41

9,341

15,000,000

(a),(c)

STACR

30

D

AVG

SOFR

+

2.500%

7.815

01/25/42

14,697

20,000,000

(a),(c)

STACR

30

D

AVG

SOFR

+

3.350%

8.665

05/25/42

20,774

TOTAL

MORTGAGE

BACKED

191,831

U.S.

TREASURY

SECURITIES

-

90.2%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,031

50,109,030

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

01/15/24

49,629

240,578,030

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.500

04/15/24

236,349

106,590,924

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/24

104,115

167,391,700

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

10/15/24

162,275

236,170,650

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.250

01/15/25

227,155

124,883,348

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2.375

01/15/25

123,386

191,709,180

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/25

182,878

199,790,350

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

07/15/25

191,266

302,172,390

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

10/15/25

286,320

268,256,187

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

01/15/26

255,011

71,344,206

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2.000

01/15/26

69,940

163,179,800

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/26

152,446

178,530,800

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/26

166,862

316,864,776

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

10/15/26

294,647

238,529,785

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

01/15/27

221,863

125,745,790

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2.375

01/15/27

124,787

134,893,206

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/27

123,823

169,319,445

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

07/15/27

157,002

150,654,480

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.625

10/15/27

146,261

238,547,925

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.500

01/15/28

219,849

251,545,392

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.750

01/15/28

244,304

105,933,366

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.250

04/15/28

100,712

134,229,437

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3.625

04/15/28

141,025

138,942,993

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.750

07/15/28

129,282

222,744,880

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.875

01/15/29

206,650

167,856,588

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2.500

01/15/29

168,971

9,464,295

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3.875

04/15/29

10,188

223,463,130

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.250

07/15/29

199,068

249,257,086

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/30

217,263

146,045,725

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/30

126,546

186,702,570

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/31

159,642

268,538,561

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/31

227,982

103,855,374

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/32

87,001

71,638,944

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3.375

04/15/32

77,194

242,444,923

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

07/15/32

211,228

304,208,097

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.125

01/15/33

274,702

43,680,798

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.375

07/15/33

40,385

34,400,389

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1.500

02/15/53

28,428

4,500,000

United

States

Treasury

Note

1.000

07/31/28

3,796

6,650,000

United

States

Treasury

Note

3.750

05/31/30

6,313

13,500,000

United

States

Treasury

Note

4.125

08/31/30

13,103

TOTAL

U.S.

TREASURY

SECURITIES

6,175,678

TOTAL

GOVERNMENT

BONDS

6,373,936

(Cost

$6,911,748)

CREF

Inflation-Linked

Bond

Account

September

30,

2023

288

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

STRUCTURED

ASSETS

-

3.3%

ASSET

BACKED

-

0.5%

$

8,016,420

CarMax

Auto

Owner

Trust

5.230

%

01/15/26

$

7,993

Series

-

2023

1

(Class

A2A)

2,947,500

(c)

DB

Master

Finance

LLC

2.045

11/20/51

2,580

Series

-

2021

1A

(Class

A2I)

5,796,750

(c)

DB

Master

Finance

LLC

2.493

11/20/51

4,836

Series

-

2021

1A

(Class

A2II)

4,323,000

(c)

DB

Master

Finance

LLC

2.791

11/20/51

3,333

Series

-

2021

1A

(Class

A23)

3,000,000

(c),(f)

Industrial

DPR

Funding

Ltd

5.380

04/15/34

2,481

Series

-

2022

1A

(Class

1)

4,379,478

(c)

MVW

LLC

1.830

05/20/39

3,933

Series

-

2021

2A

(Class

B)

6,780,174

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2.380

11/20/51

5,842

Series

-

2021

2A

(Class

A1)

4,287,169

(c)

Sunnova

Helios

VIII

Issuer

LLC

2.790

02/22/49

3,651

Series

-

2022

A

(Class

A)

TOTAL

ASSET

BACKED

34,649

OTHER

MORTGAGE

BACKED

-

2.8%

5,000,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.150%

6.483

01/15/39

4,875

Series

-

2022

DKLX

(Class

A)

7,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.150%

7.483

01/15/39

7,238

Series

-

2022

DKLX

(Class

C)

2,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.000%

8.333

01/15/39

2,416

Series

-

2022

DKLX

(Class

D)

2,000,000

(a)

BENCHMARK

Mortgage

Trust

4.434

02/15/51

1,496

Series

-

2018

B2

(Class

C)

4,675,000

(a),(c)

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.114%

2.110

10/15/36

4,628

Series

-

2019

XL

(Class

F)

22,089,527

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.312%

6.644

10/15/38

21,486

Series

-

2021

XL2

(Class

C)

3,777,505

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.960%

7.292

10/15/38

3,643

Series

-

2021

XL2

(Class

E)

6,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.385%

6.717

12/15/38

5,859

Series

-

2021

CIP

(Class

B)

2,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

7.172

01/17/39

1,966

Series

-

2022

AHP

(Class

B)

5,650,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

SOFR

1

M

+

2.014%

7.347

10/15/38

5,422

Series

-

2021

PRM2

(Class

D)

7,500,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

SOFR

1

M

+

2.514%

7.847

10/15/38

7,204

Series

-

2021

PRM2

(Class

E)

7,144,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.175

07/10/47

6,672

Series

-

2014

GC23

(Class

B)

937,574

(c)

COMM

Mortgage

Trust

3.397

03/10/46

795

Series

-

2013

CR6

(Class

B)

5,550,000

(a)

COMM

Mortgage

Trust

4.526

02/10/47

5,323

Series

-

2014

CR14

(Class

AM)

5,180,000

(a)

COMM

Mortgage

Trust

4.585

02/10/47

4,599

Series

-

2014

CR14

(Class

B)

6,821,700

COMM

Mortgage

Trust

4.377

05/10/47

6,212

Series

-

2014

CR17

(Class

B)

1,000,000

(a)

COMM

Mortgage

Trust

4.694

10/10/47

916

Series

-

2014

LC17

(Class

C)

2,500,000

(a)

COMM

Mortgage

Trust

4.614

10/10/48

2,278

Series

-

2015

CR26

(Class

B)

8,511,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.550%

6.865

10/25/41

8,501

Series

-

2021

R01

(Class

1M2)

2,784,494

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

0.900%

6.215

11/25/41

2,765

Series

-

2021

R02

(Class

2M1)

289

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,000,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.650%

6.965

%

12/25/41

$

8,830

Series

-

2021

R03

(Class

1M2)

4,235,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9.065

12/25/42

4,452

Series

-

2023

R01

(Class

1M2)

6,000,000

(a),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6.767

11/15/38

5,859

Series

-

2021

ELP

(Class

C)

2,500,000

(a),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7.566

11/15/38

2,458

Series

-

2021

ELP

(Class

E)

5,000,000

(a),(c)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

3.464%

8.797

11/15/36

4,648

Series

-

2021

ARDN

(Class

E)

3,000,000

(a),(c)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

2.864%

8.197

11/15/36

2,802

Series

-

2021

ARDN

(Class

D)

2,000,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.620

01/16/37

1,645

Series

-

2020

NNN

(Class

DFX)

2,200,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.629

09/15/47

2,088

Series

-

2014

C23

(Class

B)

3,479,675

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

5.032

02/15/47

3,447

Series

-

2014

C14

(Class

B)

5,000,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.000

12/15/47

4,673

Series

-

2014

C19

(Class

B)

3,986,816

(a),(c)

Morgan

Stanley

Capital

I

Inc

SOFR

1

M

+

1.491%

6.824

11/15/23

3,874

Series

-

2021

ILP

(Class

C)

2,500,000

(c)

MRCD

Mortgage

Trust

2.718

12/15/36

1,538

Series

-

2019

PARK

(Class

D)

2,500,000

(c)

MRCD

Mortgage

Trust

2.718

12/15/36

1,470

Series

-

2019

PARK

(Class

E)

9,565,000

(a),(c)

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

1.397%

6.737

03/15/39

9,455

Series

-

2022

LPFL

(Class

A)

6,555,000

(a),(c)

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

2.943%

7.773

03/15/39

6,361

Series

-

2022

LPFL

(Class

D)

2,500,000

(a),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7.612

07/15/36

2,029

Series

-

2019

MILE

(Class

C)

7,421,798

(a),(c)

SMR

Mortgage

Trust

SOFR

1

M

+

2.400%

7.732

02/15/39

7,039

Series

-

2022

IND

(Class

B)

2,000,000

(a),(c)

SREIT

Trust

SOFR

1

M

+

1.286%

6.618

11/15/36

1,963

Series

-

2021

MFP2

(Class

B)

7,165,000

UBS

Commercial

Mortgage

Trust

4.036

06/15/50

6,058

Series

-

2017

C1

(Class

B)

1,439,539

(c)

Verus

Securitization

Trust

3.000

11/25/59

1,378

Series

-

2019

4

(Class

A3)

7,604,006

(a),(c)

Verus

Securitization

Trust

2.240

10/25/66

6,096

Series

-

2021

7

(Class

A3)

1,951,000

(a)

WFRBS

Commercial

Mortgage

Trust

4

.139

03/15/45

1,587

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

194,044

TOTAL

STRUCTURED

ASSETS

228,693

(Cost

$242,877)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

0.2%

FINANCIAL

SERVICES

-

0.2%

475,737

(d)

Invesco

Senior

Loan

ETF

9,986

TOTAL

FINANCIAL

SERVICES

9,986

TOTAL

COMMON

STOCKS

9,986

(Cost

$10,002)

TOTAL

LONG-TERM

INVESTMENTS

6,818,878‌

CREF

Inflation-Linked

Bond

Account

September

30,

2023

290

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

(Cost

$7,387,347)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.0%

REPURCHASE

AGREEMENT

-

0.0%

$

1,728,000

(g)

Fixed

Income

Clearing

Corp

(FICC)

5.300

%

10/02/23

$

1,728

TOTAL

REPURCHASE

AGREEMENT

1,728

TOTAL

SHORT-TERM

INVESTMENTS

1,728

(Cost

$1,728)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

9,830,130

(h)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

9,830

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

9,830

(Cost

$9,830)

TOTAL

INVESTMENTS

-

99.8%

6,830,436

(Cost

$7,398,905)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

15,253

NET

ASSETS

-

100.0%

$6,845,689

AVG

Average

D

Day

ETF

Exchange

Traded

Fund

LIBOR

London

Interbank

Offered

Rate

M

Month

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

When-issued

or

delayed

delivery

security.

(c)

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

(d)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$9,555,438.

(e)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$1,728,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

8/31/30,

valued

at

$1,762,622.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

10-Year

Note

1,380‌

12/19/23

 $

151,874‌

$

149,126‌

$

(2,748‌)

U.S.

Treasury

2-Year

Note

890‌

12/29/23

180,792‌

180,413‌

(379‌)

U.S.

Treasury

5-Year

Note

1,045‌

12/29/23

110,908‌

110,100‌

(808‌)

Total

3,315‌

 $

443,574‌

 $

439,639‌

 $

(3,935‌)

Portfolio

of

Investments

CREF

Social

Choice

Account

September

30,

2023

291

See

Notes

to

Portfolio

of

Investments

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.6%

BANK

LOAN

OBLIGATIONS

-

0.2%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

$

15,640,000

(a)

LTR

Intermediate

Holdings,

Inc

SOFR

12

M

+

4.500%

9.946

%

05/05/28

$

14,827

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,827

CONSUMER

DURABLES

&

APPAREL

-

0.0%

700,000

(b),(c)

KDC

Agribusiness

Fairless

Hills

LLC

12.000

09/17/23

164

TOTAL

CONSUMER

DURABLES

&

APPAREL

164

UTILITIES

-

0.1%

16,820,600

(a),(d)

TerraForm

Power

Operating

LLC

SOFR

4

M

+

2.500%

7.842

05/21/29

16,723

4,560,302

(a)

TerraForm

Power

Operating

LLC

SOFR

1

M

+

2.500%

7.990

05/30/29

4,534

TOTAL

UTILITIES

21,257

TOTAL

BANK

LOAN

OBLIGATIONS

36,248

(Cost

$37,426)

CORPORATE

BONDS

-

11.5%

AUTOMOBILES

&

COMPONENTS

-

0.1%

6,760,000

Ford

Motor

Co

3.250

02/12/32

5,210

12,866,000

Magna

International,

Inc

3.625

06/15/24

12,662

2,260,000

(e)

ZF

North

America

Capital,

Inc

6.875

04/14/28

2,211

4,980,000

(e)

ZF

North

America

Capital,

Inc

7.125

04/14/30

4,879

TOTAL

AUTOMOBILES

&

COMPONENTS

24,962

BANKS

-

1.6%

11,450,000

(e)

ABN

AMRO

Bank

NV

2.470

12/13/29

9,455

6,925,000

(e)

Banco

Nacional

de

Comercio

Exterior

SNC

2.720

08/11/31

5,713

11,181,000

Bank

of

America

Corp

0.981

09/25/25

10,590

11,750,000

Bank

of

America

Corp

2.687

04/22/32

9,235

4,900,000

(a),(f)

Bank

of

America

Corp

SOFR

3

M

+

3.397%

8.806

N/A(g)

4,902

10,000,000

Bank

of

Montreal

3.803

12/15/32

8,735

17,639,000

Bank

of

Nova

Scotia

0.650

07/31/24

16,886

10,000,000

Barclays

plc

6.692

09/13/34

9,763

4,350,000

(e)

BNP

Paribas

S.A.

1.904

09/30/28

3,680

11,250,000

Citigroup,

Inc

0.776

10/30/24

11,197

14,591,000

Citigroup,

Inc

1.281

11/03/25

13,781

4,841,000

Citigroup,

Inc

2.014

01/25/26

4,571

6,375,000

(a)

Citigroup,

Inc

SOFR

+

0.694%

5.330

01/25/26

6,349

11,575,000

Citigroup,

Inc

7.625

N/A(g)

11,293

5,268,000

(a)

Citigroup,

Inc

SOFR

3

M

+

4.068%

9.699

N/A(g)

5,258

10,000,000

HSBC

Holdings

plc

5.210

08/11/28

9,628

9,925,000

HSBC

Holdings

plc

6.161

03/09/29

9,825

6,575,000

HSBC

Holdings

plc

5.402

08/11/33

6,059

10,000,000

(e)

ING

Groep

NV

1.400

07/01/26

9,192

8,300,000

ING

Groep

NV

4.017

03/28/28

7,705

10,000,000

ING

Groep

NV

2.727

04/01/32

7,856

1,825,000

(e)

Intesa

Sanpaolo

S.p.A

5.017

06/26/24

1,782

9,750,000

(e)

Intesa

Sanpaolo

S.p.A

3.250

09/23/24

9,448

3,650,000

(e)

Intesa

Sanpaolo

S.p.A

6.625

06/20/33

3,430

6,000,000

(e)

Intesa

Sanpaolo

S.p.A

4.950

06/01/42

3,720

5,000,000

JPMorgan

Chase

&

Co

1.040

02/04/27

4,450

5,990,000

(f)

JPMorgan

Chase

&

Co

3.650

N/A(g)

5,228

4,000,000

Lloyds

Banking

Group

plc

4.500

11/04/24

3,910

CREF

Social

Choice

Account

September

30,

2023

292

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,500,000

Lloyds

Banking

Group

plc

5.871

%

03/06/29

$

7,333

8,125,000

Morgan

Stanley

Bank

NA

4.754

04/21/26

7,942

11,125,000

(e)

National

Australia

Bank

Ltd

2.332

08/21/30

8,412

12,638,000

National

Bank

of

Canada

0.550

11/15/24

12,544

3,250,000

Royal

Bank

of

Canada

1.200

04/27/26

2,898

10,457,000

Santander

Holdings

USA,

Inc

5.807

09/09/26

10,285

9,000,000

(e)

Shinhan

Financial

Group

Co

Ltd

5.000

07/24/28

8,692

3,507,000

Toronto-Dominion

Bank

1.250

12/13/24

3,320

15,000,000

(e)

UniCredit

S.p.A

2.569

09/22/26

13,741

3,600,000

(e)

UniCredit

S.p.A

5.459

06/30/35

3,018

10,000,000

(e)

United

Overseas

Bank

Ltd

2.000

10/14/31

8,869

10,450,000

Wells

Fargo

&

Co

4.540

08/15/26

10,150

TOTAL

BANKS

310,845

CAPITAL

GOODS

-

0.1%

5,000,000

Otis

Worldwide

Corp

3.112

02/15/40

3,570

10,500,000

(e)

Triton

Container

International

Ltd

1.150

06/07/24

10,104

TOTAL

CAPITAL

GOODS

13,674

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

9,500,000

Automatic

Data

Processing,

Inc

1.700

05/15/28

8,207

10,000,000

Automatic

Data

Processing,

Inc

1.250

09/01/30

7,719

10,000,000

Mather

Foundation

2.675

10/01/31

7,983

4,600,000

Republic

Services,

Inc

5.000

04/01/34

4,354

15,810,000

Rockefeller

Foundation

2.492

10/01/50

9,121

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

37,384

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.1%

6,200,000

Genuine

Parts

Co

1.750

02/01/25

5,841

11,000,000

Lowe's

Cos,

Inc

4.800

04/01/26

10,793

5,525,000

Lowe's

Cos,

Inc

2.800

09/15/41

3,569

5,300,000

Lowe's

Cos,

Inc

5.750

07/01/53

4,944

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

25,147

CONSUMER

SERVICES

-

0.5%

5,000,000

BB

Blue

Financing

DAC

4.395

09/20/29

4,843

2,900,000

Bush

Foundation

2.754

10/01/50

1,740

4,390,000

Conservation

Fund

3.474

12/15/29

3,707

10,000,000

Henry

J

Kaiser

Family

Foundation

3.356

12/01/25

9,339

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2.673

07/01/31

5,918

3,440,000

(a)

Nature

Conservancy

SOFR

3

M

+

1.342%

6.714

02/01/24

3,447

1,720,000

Nature

Conservancy

2.668

03/01/26

1,573

3,000,000

Nature

Conservancy

3.001

03/01/29

2,549

10,437,000

Nature

Conservancy

3.957

03/01/52

7,906

17,500,000

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations

4.305

07/01/45

13,699

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4.479

12/01/32

8,806

2,200,000

Salvation

Army

5.637

09/01/26

2,188

20,000,000

Salvation

Army

4.528

09/01/48

17,413

8,400,000

Starbucks

Corp

2.450

06/15/26

7,776

5,000,000

Starbucks

Corp

4.450

08/15/49

3,965

11,065,000

YMCA

of

Greater

New

York

5.151

08/01/48

8,691

TOTAL

CONSUMER

SERVICES

103,560

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

13,598,000

SYSCO

Corp

2.400

02/15/30

11,199

18,954,000

Walmart,

Inc

1.800

09/22/31

14,917

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

26,116

ENERGY

-

0.8%

10,000,000

(e)

Aker

BP

ASA

4.000

01/15/31

8,590

9,275,000

(e)

Aker

BP

ASA

6.000

06/13/33

8,964

9,265,000

BP

Capital

Markets

America,

Inc

4.812

02/13/33

8,671

293

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,050,000

BP

Capital

Markets

America,

Inc

4.893

%

09/11/33

$

5,680

9,875,000

BP

Capital

Markets

America,

Inc

2.772

11/10/50

5,814

8,000,000

Cheniere

Energy

Partners

LP

4.000

03/01/31

6,839

4,850,000

(e)

Cheniere

Energy

Partners

LP

5.950

06/30/33

4,678

8,350,000

ConocoPhillips

Co

5.050

09/15/33

7,994

8,875,000

ConocoPhillips

Co

5.300

05/15/53

8,150

4,515,000

ConocoPhillips

Co

5.550

03/15/54

4,291

1,627,000

Enbridge,

Inc

4.000

10/01/23

1,627

9,625,000

Enbridge,

Inc

2.500

01/15/25

9,198

2,423,000

Enbridge,

Inc

5.750

07/15/80

2,109

8,125,000

Equinor

ASA

2.375

05/22/30

6,822

5,932,000

Equinor

ASA

3.950

05/15/43

4,712

12,450,000

Equinor

ASA

3.250

11/18/49

8,321

6,200,000

ONEOK,

Inc

4.950

07/13/47

4,898

6,800,000

Pioneer

Natural

Resources

Co

5.100

03/29/26

6,713

11,700,000

(e)

Santos

Finance

Ltd

3.649

04/29/31

9,348

3,690,000

(e),(f)

Sunnova

Energy

Corp

5.875

09/01/26

3,163

2,185,000

Total

Capital

International

S.A.

3.750

04/10/24

2,161

11,400,000

TotalEnergies

Capital

International

S.A.

2.986

06/29/41

7,945

11,316,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

7,375

1,000,000

TransCanada

PipeLines

Ltd

3.750

10/16/23

999

10,000,000

Williams

Cos,

Inc

5.400

03/02/26

9,922

10,000,000

Williams

Cos,

Inc

5.300

08/15/28

9,781

TOTAL

ENERGY

164,765

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

8,595,000

Brixmor

Operating

Partnership

LP

3.900

03/15/27

7,917

6,600,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

5,558

1,500,000

ERP

Operating

LP

4.150

12/01/28

1,407

4,470,000

(e),(f)

HAT

Holdings

I

LLC

3.375

06/15/26

3,973

9,585,000

(e),(f)

HAT

Holdings

I

LLC

3.750

09/15/30

7,335

3,900,000

Host

Hotels

&

Resorts

LP

2.900

12/15/31

2,998

16,822,000

Regency

Centers

LP

3.750

06/15/24

16,420

1,325,000

(e)

Starwood

Property

Trust,

Inc

5.500

11/01/23

1,322

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

46,930

FINANCIAL

SERVICES

-

1.7%

10,800,000

Banco

Bilbao

Vizcaya

Argentaria

S.A.

9.375

N/A(g)

10,716

5,400,000

(e),(f)

BNP

Paribas

S.A.

8.500

N/A(g)

5,283

20,525,000

(e)

BPCE

S.A.

2.045

10/19/27

18,078

10,750,000

(e)

BPCE

S.A.

3.116

10/19/32

8,007

3,000,000

Canadian

Imperial

Bank

of

Commerce

6.092

10/03/33

2,980

11,645,000

Community

Preservation

Corp

2.867

02/01/30

9,681

2,150,000

(e)

Cooperatieve

Rabobank

UA

1.004

09/24/26

1,944

4,750,000

Enterprise

Community

Loan

Fund,

Inc

4.152

11/01/28

4,314

7,055,000

(e)

Federation

des

Caisses

Desjardins

du

Quebec

0.450

10/07/23

7,051

5,625,000

(e)

Federation

des

Caisses

Desjardins

du

Quebec

5.700

03/14/28

5,553

12,775,000

Ford

Foundation

2.815

06/01/70

7,019

10,000,000

Goldman

Sachs

Group,

Inc

0.855

02/12/26

9,267

14,242,000

(e)

GPS

Blue

Financing

DAC

5.645

11/09/41

13,423

3,850,000

ING

Groep

NV

6.114

09/11/34

3,739

9,875,000

Low

Income

Investment

Fund

3.711

07/01/29

8,689

7,725,000

Mastercard,

Inc

1.900

03/15/31

6,136

10,000,000

Morgan

Stanley

0.791

01/22/25

9,806

11,950,000

Morgan

Stanley

0.985

12/10/26

10,661

1,992,000

National

Rural

Utilities

Cooperative

Finance

Corp

5.250

04/20/46

1,888

11,400,000

(a),(e)

NatWest

Markets

plc

SOFR

+

0.530%

5.871

08/12/24

11,364

10,000,000

(e)

NongHyup

Bank

1.250

07/20/25

9,228

1,211,000

Reinvestment

Fund,

Inc

3.166

11/01/23

1,207

3,000,000

Reinvestment

Fund,

Inc

3.600

02/15/24

2,958

10,250,000

Reinvestment

Fund,

Inc

3.366

11/01/24

9,839

2,570,000

Reinvestment

Fund,

Inc

3.513

11/01/25

2,383

CREF

Social

Choice

Account

September

30,

2023

294

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

15,240,000

Reinvestment

Fund,

Inc

3.880

%

02/15/27

$

13,674

7,435,000

Reinvestment

Fund,

Inc

3.930

02/15/28

6,683

4,430,000

(e),(f)

Starwood

Property

Trust,

Inc

4.375

01/15/27

3,864

8,727,000

Toyota

Motor

Credit

Corp

2.150

02/13/30

7,197

11,675,000

(e)

UBS

Group

AG.

1.494

08/10/27

10,191

12,250,000

(e)

UBS

Group

AG.

6.327

12/22/27

12,230

7,500,000

(e)

UBS

Group

AG.

6.246

09/22/29

7,421

10,000,000

(e)

UBS

Group

AG.

2.746

02/11/33

7,560

9,925,000

(e)

UBS

Group

AG.

6.301

09/22/34

9,693

7,150,000

(e)

UBS

Group

AG.

3.179

02/11/43

4,625

17,300,000

(f)

Unilever

Capital

Corp

4.875

09/08/28

17,042

10,000,000

Unilever

Capital

Corp

5.000

12/08/33

9,684

7,500,000

Visa,

Inc

1.900

04/15/27

6,727

17,000,000

Visa,

Inc

1.100

02/15/31

12,830

3,450,000

(e)

WLB

Asset

II

B

Pte

Ltd

3.950

12/10/24

3,264

5,500,000

(e)

WLB

Asset

II

C

Pte

Ltd

3.900

12/23/25

5,023

15,750,000

(e)

WLB

Asset

II

D

Pte

Ltd

6.500

12/21/26

14,855

1,925,000

(e)

WLB

Asset

II

Pte

Ltd

4.000

01/14/24

1,891

TOTAL

FINANCIAL

SERVICES

335,668

FOOD,

BEVERAGE

&

TOBACCO

-

0.3%

10,125,000

(e)

Mars,

Inc

4.650

04/20/31

9,632

10,000,000

(e)

NBM

US

Holdings,

Inc

6.625

08/06/29

9,122

6,600,000

(e)

Nestle

Holdings,

Inc

4.950

03/14/30

6,484

7,500,000

(e)

Nestle

Holdings,

Inc

4.850

03/14/33

7,247

10,000,000

PepsiCo,

Inc

3.900

07/18/32

9,112

16,674,000

PepsiCo,

Inc

2.875

10/15/49

10,898

11,075,000

Unilever

Capital

Corp

2.000

07/28/26

10,150

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

62,645

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.3%

9,825,000

CVS

Health

Corp

5.300

06/01/33

9,306

15,000,000

CVS

Health

Corp

5.050

03/25/48

12,463

4,188,000

Kaiser

Foundation

Hospitals

2.810

06/01/41

2,813

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3.786

04/01/51

1,478

13,920,000

Montefiore

Medical

Center

2.895

04/20/32

11,592

7,000,000

Revvity,

Inc

2.250

09/15/31

5,320

10,385,000

(f)

Stanford

Health

Care

3.027

08/15/51

6,572

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

49,544

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.2%

5,300,000

Procter

&

Gamble

Co

3.000

03/25/30

4,708

12,975,000

Procter

&

Gamble

Co

1.200

10/29/30

10,043

5,523,000

Unilever

Capital

Corp

2.125

09/06/29

4,644

6,125,000

Unilever

Capital

Corp

1.375

09/14/30

4,724

8,475,000

Unilever

Capital

Corp

1.750

08/12/31

6,568

9,425,000

Unilever

Capital

Corp

2.625

08/12/51

5,688

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

36,375

INSURANCE

-

0.2%

3,975,000

(e)

Five

Corners

Funding

Trust

4.419

11/15/23

3,964

14,425,000

(e),(f)

Five

Corners

Funding

Trust

II

2.850

05/15/30

12,028

11,600,000

(e)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

11,171

10,000,000

Principal

Financial

Group,

Inc

2.125

06/15/30

7,952

2,000,000

Prudential

Financial,

Inc

1.500

03/10/26

1,814

2,152,000

Prudential

Financial,

Inc

3.700

10/01/50

1,750

9,838,000

(e)

USAA

Capital

Corp

2.125

05/01/30

7,904

TOTAL

INSURANCE

46,583

MATERIALS

-

0.6%

10,500,000

Air

Products

and

Chemicals,

Inc

4.800

03/03/33

10,073

6,550,000

(e)

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

5,614

295

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,145,000

(e)

Celulosa

Arauco

y

Constitucion

S.A.

5.150

%

01/29/50

$

7,060

7,250,000

(e)

Cemex

SAB

de

C.V.

9.125

N/A(g)

7,547

11,000,000

(e)

FMG

Resources

August

2006

Pty

Ltd

6.125

04/15/32

10,003

3,409,000

International

Paper

Co

4.800

06/15/44

2,792

12,000,000

(e)

Inversiones

CMPC

S.A.

4.375

04/04/27

11,227

2,150,000

(e)

Inversiones

CMPC

S.A.

6.125

06/23/33

2,093

4,000,000

(e)

Klabin

Austria

GmbH

7.000

04/03/49

3,776

4,000,000

(e)

Klabin

Finance

S.A.

4.875

09/19/27

3,790

6,855,000

(e)

LG

Chem

Ltd

4.375

07/14/25

6,664

3,250,000

(e)

LG

Chem

Ltd

3.625

04/15/29

2,934

5,000,000

Newmont

Corp

2.250

10/01/30

3,981

9,875,000

PPG

Industries,

Inc

1.200

03/15/26

8,863

11,500,000

Sonoco

Products

Co

1.800

02/01/25

10,847

5,525,000

Sonoco

Products

Co

2.250

02/01/27

4,902

7,500,000

Suzano

International

Finance

BV

5.500

01/17/27

7,348

12,736,000

(f)

Teck

Resources

Ltd

3.900

07/15/30

11,070

TOTAL

MATERIALS

120,584

MEDIA

&

ENTERTAINMENT

-

0.2%

11,250,000

(f)

Comcast

Corp

4.650

02/15/33

10,533

6,475,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.110

05/19/43

5,946

16,481,670

(e)

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

12,753

TOTAL

MEDIA

&

ENTERTAINMENT

29,232

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.6%

13,450,000

Amgen,

Inc

5.250

03/02/33

12,858

13,200,000

Amgen,

Inc

5.600

03/02/43

12,272

16,175,000

Amgen,

Inc

5.650

03/02/53

15,139

14,984,000

AstraZeneca

plc

0.700

04/08/26

13,375

12,550,000

Merck

&

Co,

Inc

2.150

12/10/31

9,924

8,800,000

Merck

&

Co,

Inc

2.750

12/10/51

5,315

6,925,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.650

05/19/25

6,829

9,025,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.750

05/19/33

8,531

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

13,937

4,497,000

Pfizer,

Inc

2.625

04/01/30

3,841

5,400,000

Pfizer,

Inc

1.750

08/18/31

4,184

9,994,000

Takeda

Pharmaceutical

Co

Ltd

2.050

03/31/30

8,036

8,500,000

Takeda

Pharmaceutical

Co

Ltd

3.175

07/09/50

5,379

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

119,620

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

8,550,000

National

Community

Renaissance

of

California

3.270

12/01/32

6,737

1,925,000

NHP

Foundation

5.850

12/01/28

1,973

4,850,000

NHP

Foundation

6.000

12/01/33

4,964

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,674

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.2%

11,550,000

(f)

Intel

Corp

4.150

08/05/32

10,510

7,208,000

NXP

BV

3.400

05/01/30

6,164

10,000,000

(e)

SK

Hynix,

Inc

2.375

01/19/31

7,510

10,000,000

Texas

Instruments,

Inc

5.050

05/18/63

8,863

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

33,047

SOFTWARE

&

SERVICES

-

0.0%

3,250,000

Autodesk,

Inc

2.400

12/15/31

2,562

TOTAL

SOFTWARE

&

SERVICES

2,562

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3.000

06/20/27

13,275

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,275

CREF

Social

Choice

Account

September

30,

2023

296

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

TELECOMMUNICATION

SERVICES

-

0.1%

$

5,022,000

(a)

Verizon

Communications,

Inc

SOFR

+

0.790%

6.135

%

03/20/26

$

5,046

9,548,000

Verizon

Communications,

Inc

2.550

03/21/31

7,602

1,800,000

(f)

Vodafone

Group

plc

3.250

06/04/81

1,585

8,200,000

Vodafone

Group

plc

4.125

06/04/81

6,332

TOTAL

TELECOMMUNICATION

SERVICES

20,565

TRANSPORTATION

-

0.1%

6,000,000

Norfolk

Southern

Corp

2.300

05/15/31

4,810

8,447,000

Vessel

Management

Services,

Inc

5.125

04/16/35

8,213

TOTAL

TRANSPORTATION

13,023

UTILITIES

-

3.1%

10,254,000

AES

Corp

5.450

06/01/28

9,898

3,750,000

(e)

AIB

Group

plc

6.608

09/13/29

3,734

12,325,000

Ameren

Illinois

Co

2.900

06/15/51

7,434

4,500,000

Atlantic

City

Electric

Co

2.300

03/15/31

3,567

3,345,000

Avangrid,

Inc

3.150

12/01/24

3,225

9,950,000

Avangrid,

Inc

3.200

04/15/25

9,512

13,200,000

Avangrid,

Inc

3.800

06/01/29

11,731

10,275,000

Avista

Corp

4.350

06/01/48

7,874

7,050,000

(e)

Brooklyn

Union

Gas

Co

4.632

08/05/27

6,675

10,000,000

(e)

Brooklyn

Union

Gas

Co

4.866

08/05/32

8,918

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2.350

04/01/31

7,953

12,350,000

CenterPoint

Energy

Houston

Electric

LLC

3.350

04/01/51

8,225

3,550,000

CMS

Energy

Corp

4.750

06/01/50

3,028

3,100,000

CMS

Energy

Corp

3.750

12/01/50

2,328

11,300,000

(e)

Colbun

S.A.

3.150

01/19/32

9,121

17,500,000

Commonwealth

Edison

Co

2.750

09/01/51

9,925

7,525,000

(e)

Consorcio

Transmantaro

SA

4.700

04/16/34

6,705

5,453,000

Consumers

Energy

Co

2.500

05/01/60

2,853

4,963,356

(e)

Continental

Wind

LLC

6.000

02/28/33

4,960

7,110,000

Dominion

Energy,

Inc

3.600

03/15/27

6,620

8,325,000

Dominion

Energy,

Inc

4.350

N/A(g)

7,188

4,000,000

Dominion

Energy,

Inc

(Step

Bond)

3.071

08/15/24

3,894

22,625,000

DTE

Electric

Co

1.900

04/01/28

19,564

9,025,000

DTE

Electric

Co

3.250

04/01/51

5,811

3,688,000

Duke

Energy

Carolinas

LLC

2.850

03/15/32

3,010

10,000,000

Duke

Energy

Florida

LLC

2.500

12/01/29

8,476

8,875,000

Duke

Energy

Florida

LLC

3.000

12/15/51

5,405

4,000,000

Duke

Energy

Progress

LLC

3.450

03/15/29

3,627

20,250,000

(e)

Electricite

de

France

S.A.

3.625

10/13/25

19,456

2,800,000

Eversource

Energy

0.800

08/15/25

2,552

6,375,000

Florida

Power

&

Light

Co

4.625

05/15/30

6,083

9,885,000

Georgia

Power

Co

3.250

04/01/26

9,317

8,700,000

Georgia

Power

Co

5.125

05/15/52

7,666

7,558,200

(e)

India

Cleantech

Energy

4.700

08/10/26

6,549

5,000,000

(e)

International

Development

Association

0.875

04/28/26

4,491

9,700,000

Interstate

Power

and

Light

Co

3.500

09/30/49

6,319

1,685,000

(e)

Korea

East-West

Power

Co

Ltd

3.600

05/06/25

1,627

12,441,000

(e)

Liberty

Utilities

Finance

GP

2.050

09/15/30

9,592

5,725,000

MidAmerican

Energy

Co

5.350

01/15/34

5,649

1,000,000

MidAmerican

Energy

Co

3.950

08/01/47

756

3,596,000

MidAmerican

Energy

Co

3.150

04/15/50

2,277

6,675,000

MidAmerican

Energy

Co

5.850

09/15/54

6,581

12,350,000

National

Fuel

Gas

Co

5.500

01/15/26

12,146

5,600,000

National

Fuel

Gas

Co

5.500

10/01/26

5,523

11,250,000

National

Fuel

Gas

Co

2.950

03/01/31

8,842

11,610,000

(e)

New

York

State

Electric

&

Gas

Corp

2.150

10/01/31

8,654

13,164,000

(e)

Niagara

Mohawk

Power

Corp

1.960

06/27/30

10,251

9,750,000

(e)

Niagara

Mohawk

Power

Corp

4.119

11/28/42

7,185

1,000,000

(e)

Niagara

Mohawk

Power

Corp

5.783

09/16/52

925

297

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,250,000

Northwest

Natural

Gas

Co

3.078

%

12/01/51

$

3,056

15,700,000

Pacific

Gas

and

Electric

Co

6.700

04/01/53

14,745

16,250,000

PacifiCorp

2.900

06/15/52

8,944

7,025,000

PacifiCorp

5.500

05/15/54

5,958

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3.350

06/01/50

4,382

630,000

Public

Service

Co

of

Colorado

4.750

08/15/41

505

5,000,000

Public

Service

Co

of

Colorado

3.200

03/01/50

3,136

7,279,000

Public

Service

Co

of

Oklahoma

2.200

08/15/31

5,624

1,651,000

Public

Service

Electric

and

Gas

Co

3.100

03/15/32

1,389

4,875,000

Public

Service

Electric

and

Gas

Co

4.650

03/15/33

4,582

6,134,000

Public

Service

Electric

and

Gas

Co

3.200

08/01/49

4,039

7,675,000

Public

Service

Electric

and

Gas

Co

5.125

03/15/53

6,995

17,875,000

Public

Service

Enterprise

Group,

Inc

0.800

08/15/25

16,319

5,697,000

San

Diego

Gas

&

Electric

Co

4.950

08/15/28

5,546

14,000,000

San

Diego

Gas

&

Electric

Co

2.950

08/15/51

8,477

2,882,136

SCE

Recovery

Funding

LLC

1.977

11/15/28

2,636

7,100,000

SCE

Recovery

Funding

LLC

2.943

11/15/42

5,337

2,640,000

SCE

Recovery

Funding

LLC

3.240

11/15/46

1,734

4,900,000

Sempra

4.875

N/A(g)

4,643

6,900,000

(e)

Sociedad

de

Transmision

Austral

S.A.

4.000

01/27/32

5,828

19,959,434

(e)

Solar

Star

Funding

LLC

3.950

06/30/35

17,024

19,031,053

(e)

Solar

Star

Funding

LLC

5.375

06/30/35

17,825

750,000

Southern

California

Edison

Co

2.750

02/01/32

600

5,000,000

Southern

California

Edison

Co

3.450

02/01/52

3,188

11,602,000

Southern

Power

Co

4.150

12/01/25

11,214

14,825,000

Southwestern

Electric

Power

Co

3.250

11/01/51

8,904

18,650,000

Southwestern

Public

Service

Co

3.150

05/01/50

11,463

13,945,760

(e)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6.750

04/24/33

13,383

8,612,000

(e)

TerraForm

Power

Operating

LLC

5.000

01/31/28

7,815

17,021,216

(e)

Topaz

Solar

Farms

LLC

4.875

09/30/39

15,300

9,607,560

(e)

Topaz

Solar

Farms

LLC

5.750

09/30/39

8,879

7,945,676

(e)

UEP

Penonome

II

S.A.

6.500

10/01/38

6,001

15,000,000

Union

Electric

Co

2.150

03/15/32

11,494

19,626,000

Union

Electric

Co

2.625

03/15/51

11,138

10,952,000

Union

Electric

Co

3.900

04/01/52

8,011

3,775,000

(e)

Vistra

Corp

7.000

N/A(g)

3,445

10,049,000

Wisconsin

Power

and

Light

Co

3.950

09/01/32

8,850

TOTAL

UTILITIES

612,111

TOTAL

CORPORATE

BONDS

2,261,891

(Cost

$2,615,942)

GOVERNMENT

BONDS

-

23.8%

AGENCY

SECURITIES

-

0.7%

12,544,403

Crowley

Conro

LLC

4.181

08/15/43

11,462

3,822,921

Ethiopian

Leasing

LLC

2.566

08/14/26

3,594

565,673

Export-Import

Bank

of

the

United

States

2.578

12/10/25

545

23,636,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0.250

12/04/23

23,427

8,000,000

Federal

National

Mortgage

Association

(FNMA)

0.625

04/22/25

7,445

5,950,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3.000

06/30/25

5,659

2,625,000

(a)

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

5.734

02/01/27

2,593

4,496,817

Overseas

Private

Investment

Corp

(OPIC)

1.790

10/15/29

4,005

14,052,552

OPIC

2.360

10/15/29

12,743

2,322,750

OPIC

2.930

05/15/30

2,132

3,838,650

OPIC

3.040

05/15/30

3,537

10,452,444

OPIC

3.430

06/01/33

9,469

4,990,168

OPIC

2.450

07/15/38

4,029

3,065,000

Private

Export

Funding

Corp

(PEFCO)

3.550

01/15/24

3,046

8,000,000

PEFCO

3.250

06/15/25

7,696

7,765,000

PEFCO

3.900

10/15/27

7,492

13,936,699

Thirax  LLC

0.968

01/14/33

11,583

CREF

Social

Choice

Account

September

30,

2023

298

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,558,433

Thirax

2

LLC

2.320

%

01/22/34

$

3,103

1,775,000

United

States

International

Development

Finance

Corp

1.440

04/15/28

1,534

1,000,000

United

States

International

Development

Finance

Corp

1.650

04/15/28

871

8,085,921

United

States

International

Development

Finance

Corp

1.630

07/15/38

6,145

5,000,000

US

Department

of

Housing

and

Urban

Development

(HUD)

3.535

08/01/36

4,179

TOTAL

AGENCY

SECURITIES

136,289

FOREIGN

GOVERNMENT

BONDS

-

3.6%

11,850,000

(e)

Arab

Petroleum

Investments

Corp

1.483

10/06/26

10,557

9,500,000

Asian

Development

Bank

2.125

03/19/25

9,064

9,670,000

Asian

Development

Bank

4.625

06/13/25

9,573

11,500,000

Asian

Development

Bank

1.750

08/14/26

10,534

22,676,000

Asian

Development

Bank

3.125

09/26/28

21,043

10,000,000

Asian

Development

Bank

3.875

06/14/33

9,324

5,375,000

Asian

Infrastructure

Investment

Bank

4.875

09/14/26

5,363

EUR

7,925,000

(e)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

5,895

10,839,600

BB

Blue

Financing

DAC

4.395

09/20/37

10,307

12,400,000

(e)

BNG

Bank

NV

2.625

02/27/24

12,246

17,250,000

(e)

BNG

Bank

NV

3.500

05/19/28

16,292

CLP

5,975,000,000

(e)

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

2.300

10/01/28

5,576

1,900,000

(e)

Caisse

d'Amortissement

de

la

Dette

Sociale

0.625

02/18/26

1,710

12,250,000

(e)

Caisse

d'Amortissement

de

la

Dette

Sociale

4.875

09/19/26

12,210

4,750,000

(e)

Caisse

d'Amortissement

de

la

Dette

Sociale

1.375

01/20/31

3,727

5,000,000

(e)

Caisse

d'Amortissement

de

la

Dette

Sociale

2.125

01/26/32

4,050

21,980,000

Canada

Government

International

Bond

2.875

04/28/25

21,177

16,020,000

Canada

Government

International

Bond

3.750

04/26/28

15,382

3,484,000

Canal

Barge

Co,

Inc

4.500

11/12/34

3,297

12,500,000

(e)

CDP

Financial,

Inc

1.000

05/26/26

11,203

5,625,000

(e)

Central

American

Bank

for

Economic

Integration

5.000

02/09/26

5,519

10,075,000

Chile

Government

International

Bond

3.100

05/07/41

6,837

8,125,000

(f)

Council

Of

Europe

Development

Bank

3.000

06/16/25

7,814

15,000,000

(e)

Development

Bank

of

Japan,

Inc

0.500

03/04/24

14,674

19,500,000

European

Bank

for

Reconstruction

&

Development

1.625

09/27/24

18,746

6,540,000

(e)

European

Investment

Bank

2.876

06/13/25

6,288

3,750,000

European

Investment

Bank

2.375

05/24/27

3,451

11,961,000

European

Investment

Bank

0.625

10/21/27

10,175

3,750,000

European

Investment

Bank

3.250

11/15/27

3,546

11,600,000

(f)

European

Investment

Bank

1.625

10/09/29

9,789

19,749,000

European

Investment

Bank

0.750

09/23/30

15,170

6,535,000

European

Investment

Bank

3.750

02/14/33

6,063

2,000,000

European

Investment

Bank

4.875

02/15/36

2,006

10,875,000

Export

Development

Canada

3.375

08/26/25

10,523

13,050,000

Export

Development

Canada

3.875

02/14/28

12,573

25,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1.540

08/17/35

16,578

4,868,000

Inter-American

Development

Bank

1.125

07/20/28

4,114

5,000,000

Inter-American

Development

Bank

1.125

01/13/31

3,893

15,800,000

Inter-American

Development

Bank

3.500

04/12/33

14,291

10,625,000

Inter-American

Investment

Corp

2.625

04/22/25

10,171

17,500,000

Inter-American

Investment

Corp

4.125

02/15/28

16,925

3,215,000

(a)

International

Bank

for

Reconstruction

&

Development

SOFR

+

0.390%

5.734

06/17/24

3,220

12,850,000

International

Bank

for

Reconstruction

&

Development

0.625

04/22/25

11,942

14,750,000

International

Bank

for

Reconstruction

&

Development

3.125

11/20/25

14,153

28,030,000

International

Bank

for

Reconstruction

&

Development

0.000

03/31/27

24,942

5,250,000

International

Bank

for

Reconstruction

&

Development

0.000

03/31/28

5,047

14,750,000

International

Finance

Corp

4.750

03/16/26

14,649

2,710,000

International

Finance

Facility

for

Immunisation

Co

0.375

11/06/23

2,697

10,643,000

International

Finance

Facility

for

Immunisation

Co

1.000

04/21/26

9,591

3,050,000

Japan

Bank

for

International

Cooperation

1.625

01/20/27

2,724

8,750,000

Japan

International

Cooperation

Agency

1.750

04/28/31

6,865

12,500,000

(e)

Kommunalbanken

AS.

2.125

02/11/25

11,941

10,100,000

(e)

Korea

Electric

Power

Corp

1.125

06/15/25

9,359

9,200,000

(a)

Kreditanstalt

fuer

Wiederaufbau

SOFR

+

1.000%

6.341

02/12/24

9,230

299

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,250,000

Kreditanstalt

fuer

Wiederaufbau

0.250

%

03/08/24

$

10,998

12,362,000

Kreditanstalt

fuer

Wiederaufbau

1.000

10/01/26

11,041

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1.750

09/14/29

5,517

13,000,000

Landwirtschaftliche

Rentenbank

0.875

09/03/30

10,014

18,250,000

(e)

Nederlandse

Waterschapsbank

NV

1.750

01/15/25

17,382

19,000,000

(e)

Nederlandse

Waterschapsbank

NV

2.375

03/24/26

17,792

12,375,000

(e)

Nederlandse

Waterschapsbank

NV

4.000

06/01/28

11,952

4,430,000

(e)

Nederlandse

Waterschapsbank

NV

1.000

05/28/30

3,461

7,666,000

(e)

OMERS

Finance

Trust

3.500

04/19/32

6,677

3,125,000

(e)

OMERS

Finance

Trust

4.000

04/19/52

2,272

16,375,000

(e)

OPEC

Fund

for

International

Development

4.500

01/26/26

15,992

10,500,000

(e)

Perusahaan

Penerbit

SBSN

Indonesia

III

3.900

08/20/24

10,329

8,225,000

Peruvian

Government

International

Bond

3.000

01/15/34

6,334

12,175,000

Province

of

British

Columbia

Canada

4.200

07/06/33

11,401

10,000,000

Province

of

Quebec

Canada

2.750

04/12/27

9,282

5,000,000

Province

of

Quebec

Canada

7.500

09/15/29

5,655

15,250,000

Province

of

Quebec

Canada

1.900

04/21/31

12,372

10,625,000

Province

of

Quebec

Canada

4.500

09/08/33

10,195

10,000,000

Republic

of

Italy

Government

International

Bond

2.875

10/17/29

8,554

7,750,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

5,304

TOTAL

FOREIGN

GOVERNMENT

BONDS

716,560

MORTGAGE

BACKED

-

8.7%

58,607,451

(a),(e)

Citigroup

Mortgage

Loan

Trust

0.156

02/25/52

445

6,570,282

(a),(e)

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

79

2,101,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.415

06/25/43

2,158

3,400,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9.188

07/25/43

3,442

5,364,926

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

2.310

12/01/31

4,393

6,875,000

FHLMC

3.740

06/01/37

5,851

2,284,617

FHLMC

3.400

12/01/37

1,873

5,646,500

FHLMC

4.300

12/01/37

5,019

1,858,900

FHLMC

3.500

03/01/38

1,539

3,420,603

FHLMC

4.550

07/01/38

3,133

881,559

(a)

FHLMC

30

D

AVG

SOFR

+

5.806%

0.492

03/15/44

64

5,918,558

FHLMC

3.500

01/15/47

4,883

6,248,865

FHLMC

4.000

01/15/48

5,639

3,263,527

FHLMC

4.000

03/15/48

2,884

3,006,542

(a)

FHLMC

30

D

AVG

SOFR

+

9.737%

1.236

06/15/48

2,563

2,049,192

(a)

FHLMC

30

D

AVG

SOFR

+

9.657%

1.156

10/15/48

1,695

4,755,913

FHLMC

3.000

11/01/49

3,996

2,669,477

FHLMC

2.000

09/25/50

348

6,161,556

FHLMC

3.000

09/25/50

3,840

4,702,180

FHLMC

3.000

10/25/50

2,961

16,770,543

FHLMC

2.500

02/25/51

2,884

5,858,101

FHLMC

2.500

05/25/51

3,236

11,438,634

FHLMC

3.000

11/01/51

9,624

1,357,742

FHLMC

3.000

11/01/51

1,138

1,606,909

FHLMC

3.000

11/01/51

1,352

1,169,841

FHLMC

3.000

11/01/51

991

12,333,349

FHLMC

2.500

02/01/52

9,891

12,051,541

FHLMC

2.500

03/01/52

9,663

15,931,022

FHLMC

4.000

04/01/52

14,199

13,414,154

FHLMC

3.500

05/01/52

11,548

466,637

FHLMC

3.500

06/01/52

403

9,464,167

FHLMC

4.500

06/01/52

8,694

9,006,736

FHLMC

4.500

07/01/52

8,274

1,587,252

FHLMC

4.000

08/25/52

1,183

2,693,295

FHLMC

4.500

10/25/52

2,224

10,595,972

FHLMC

6.000

11/01/52

10,473

3,270,439

FHLMC

5.500

11/25/52

3,064

3,221,421

FHLMC

3.500

12/01/52

2,772

15,928,756

FHLMC

5.000

01/01/53

15,039

CREF

Social

Choice

Account

September

30,

2023

300

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,601,970

FHLMC

5.500

%

02/25/53

$

2,381

19,715,901

FHLMC

5.500

08/01/53

19,061

3,419

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

3

92,184

FGLMC

4.500

07/01/33

87

653,265

FGLMC

7.000

12/01/33

672

174,308

FGLMC

7.000

05/01/35

177

442,200

FGLMC

5.000

06/01/36

434

131,829

FGLMC

5.000

07/01/39

129

86,520

FGLMC

4.000

06/01/42

79

169,793

FGLMC

4.500

10/01/44

159

266,589

FGLMC

4.500

11/01/44

250

418,457

FGLMC

4.500

11/01/44

393

254,337

FGLMC

4.500

12/01/44

239

310,110

FGLMC

4.500

12/01/44

292

1,062,311

FGLMC

3.500

04/01/45

938

4,023,821

FGLMC

3.500

10/01/45

3,542

491,141

FGLMC

4.500

06/01/47

462

1,024,267

FGLMC

4.000

09/01/47

932

757,654

FGLMC

3.500

12/01/47

668

3,128,950

FGLMC

4.500

08/01/48

2,935

596

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

1

11,171,103

(a)

FNMA

2.899

02/25/27

10,414

3,173,365

(a)

FNMA

3.412

06/25/28

2,949

18,880,000

FNMA

0.875

08/05/30

14,578

8,250,000

(a)

FNMA

1.517

11/25/30

6,417

15,500,000

(a)

FNMA

1.287

01/25/31

11,854

919,349

FNMA

3.500

05/01/32

864

1,078,733

FNMA

3.000

10/01/32

997

1,082,930

FNMA

5.000

05/01/35

1,061

725,057

FNMA

5.000

10/01/35

710

543,115

FNMA

5.000

02/01/36

532

1,075,800

FNMA

5.500

11/01/38

1,073

143,311

FNMA

3.000

05/01/40

123

432,497

FNMA

5.000

09/01/40

423

1,050,015

FNMA

5.000

05/01/41

1,020

706,341

FNMA

4.000

09/01/42

644

1,430,513

(a)

FNMA

30

D

AVG

SOFR

+

5.836%

0.521

09/25/43

115

1,179,531

FNMA

4.500

03/01/44

1,114

56,158,938

FNMA

4.000

05/01/44

51,108

316,672

FNMA

4.500

06/01/44

297

3,608,479

FNMA

4.500

06/01/44

3,383

774,258

FNMA

4.500

08/01/44

726

1,936,381

FNMA

4.500

10/01/44

1,815

3,480,508

FNMA

4.500

11/01/44

3,264

627,313

FNMA

5.000

11/01/44

614

901,446

FNMA

4.500

12/01/44

845

405,763

FNMA

4.000

01/01/45

370

166,725

FNMA

4.500

03/01/45

156

278,150

FNMA

4.500

04/01/45

261

2,046,888

FNMA

3.500

05/01/45

1,807

2,900,044

FNMA

3.500

01/01/46

2,549

564,566

FNMA

4.000

04/01/46

513

3,322,001

FNMA

3.500

06/01/46

2,925

2,163,765

FNMA

3.500

07/01/46

1,905

3,555,005

FNMA

3.500

07/01/46

3,151

981,994

FNMA

3.500

08/01/46

865

291,490

FNMA

3.000

10/01/46

242

2,669,440

FNMA

3.500

10/01/46

2,352

1,132,638

FNMA

4.500

05/01/47

1,070

1,421,552

FNMA

4.000

10/01/47

1,290

230,048

FNMA

3.500

11/01/47

203

278,819

FNMA

4.500

11/01/47

262

301

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,960,492

FNMA

3.500

%

01/01/48

$

2,598

1,984,188

FNMA

4.500

01/01/48

1,858

1,606,167

FNMA

4.500

02/01/48

1,504

4,083,706

FNMA

3.500

02/25/48

3,298

970,517

FNMA

4.500

05/01/48

908

1,288,962

FNMA

4.500

05/01/48

1,207

2,466,181

FNMA

5.000

08/01/48

2,367

11,763,362

FNMA

3.000

07/01/50

9,876

5,393,243

FNMA

2.000

08/25/50

739

6,291,771

FNMA

2.000

10/25/50

3,845

13,690,360

FNMA

2.500

11/25/50

1,930

4,717,676

FNMA

3.000

12/25/50

773

3,893,950

FNMA

3.000

02/25/51

590

26,746,420

FNMA

2.000

04/01/51

20,386

4,349,202

FNMA

3.000

09/01/51

3,646

5,032,613

FNMA

2.500

11/25/51

669

6,105,704

FNMA

2.000

01/01/52

4,729

13,362,229

FNMA

2.500

02/01/52

10,686

7,000,861

FNMA

2.500

02/01/52

5,605

4,666,098

FNMA

3.500

02/01/52

4,063

1,901,072

FNMA

2.500

04/01/52

1,524

26,368,894

FNMA

3.000

04/01/52

21,985

9,490,945

FNMA

3.000

04/01/52

7,886

1,335,864

FNMA

3.500

04/01/52

1,151

13,173,701

FNMA

3.500

05/01/52

11,342

37,569,932

FNMA

3.500

05/01/52

32,353

22,480,663

FNMA

4.000

05/01/52

20,033

2,446,788

FNMA

4.000

05/25/52

1,702

16,089,523

FNMA

3.500

06/01/52

13,888

18,753,555

FNMA

4.000

06/01/52

16,712

4,570,004

FNMA

4.500

06/01/52

4,198

42,028,787

FNMA

4.000

07/01/52

37,454

4,016,220

FNMA

4.000

07/01/52

3,577

4,038,301

FNMA

4.500

07/01/52

3,710

33,690,055

FNMA

4.500

07/01/52

30,946

6,544,507

FNMA

4.500

07/25/52

5,620

29,030,150

FNMA

5.000

08/01/52

27,416

2,402,662

FNMA

4.500

08/25/52

1,876

27,258,702

FNMA

3.500

09/01/52

23,457

52,522,902

FNMA

4.000

09/01/52

46,785

201,808,775

FNMA

4.500

09/01/52

185,370

8,514,814

FNMA

5.000

09/01/52

8,041

2,276,379

FNMA

4.000

09/25/52

1,850

1,827,369

FNMA

4.000

09/25/52

1,388

92,280,971

FNMA

4.000

10/01/52

82,209

14,117,598

FNMA

4.500

10/01/52

12,968

79,844,024

FNMA

5.000

10/01/52

75,386

1,746,720

FNMA

4.500

10/25/52

1,529

2,004,716

FNMA

4.500

10/25/52

1,780

48,193,316

FNMA

4.500

11/01/52

44,268

3,533,336

FNMA

5.500

11/25/52

3,243

32,059,985

FNMA

5.500

12/01/52

31,012

177,352

FNMA

5.000

01/01/53

167

29,165,660

FNMA

5.000

02/01/53

27,536

47,695,265

FNMA

5.500

06/01/53

46,110

11,510,600

Freddie

Mac

Multifamily

Variable

Rate

Certificate

2.875

07/25/36

9,442

1,496,922

Government

National

Mortgage

Association

(GNMA)

2.580

08/15/25

1,492

7,706,711

GNMA

2.690

06/15/33

7,016

6,445,128

GNMA

3.700

10/15/33

6,058

52,281

GNMA

5.000

04/15/38

51

106,892

GNMA

6.500

11/20/38

111

5,330,916

GNMA

5.000

01/20/40

1,140

CREF

Social

Choice

Account

September

30,

2023

302

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,894,243

GNMA

3.700

%

08/15/40

$

6,499

7,655,055

GNMA

2.500

12/20/43

6,586

11,197,279

GNMA

2.750

01/15/45

9,575

2,302,741

GNMA

3.000

03/20/45

1,959

1,582,331

GNMA

4.500

12/20/45

1,482

1,214,549

GNMA

4.000

06/20/46

160

4,152,575

GNMA

3.500

12/20/46

3,690

2,824,474

GNMA

3.500

01/20/47

2,512

3,140,363

(a)

GNMA

SOFR

1

M

+

5.986%

0.661

03/20/50

301

1,582,818

GNMA

3.500

10/20/50

1,397

5,368,978

GNMA

3.000

07/20/51

4,576

10,806,545

GNMA

3.000

11/20/51

7,026

21,662,579

GNMA

2.500

12/20/51

17,717

12,844,932

GNMA

3.000

12/20/51

8,396

8,861,267

GNMA

3.000

01/20/52

5,999

4,321,978

GNMA

2.500

02/20/52

3,404

10,526,250

GNMA

3.000

02/20/52

6,551

7,307,926

GNMA

4.000

04/20/52

5,720

17,757,015

GNMA

2.500

05/20/52

14,517

69,878,922

GNMA

3.000

05/20/52

59,243

20,303,496

GNMA

3.500

07/20/52

17,788

2,451,598

GNMA

4.000

07/20/52

1,806

7,288,617

GNMA

4.000

08/20/52

6,568

46,004,629

GNMA

4.000

09/20/52

41,454

4,350,484

GNMA

4.500

09/20/52

3,652

3,550,966

GNMA

4.500

09/20/52

3,069

3,211,035

GNMA

4.500

09/20/52

2,605

2,986,158

GNMA

4.500

09/20/52

2,567

9,470,136

GNMA

5.000

11/20/52

8,990

24,208,658

GNMA

3.500

12/20/52

21,209

32,131,840

GNMA

4.500

12/20/52

29,710

3,787,959

GNMA

4.500

02/20/53

3,156

3,298,927

GNMA

5.500

02/20/53

2,963

7,038,782

(a)

GNMA

30

D

AVG

SOFR

+

23.205%

2.479

08/20/53

6,630

6,223,470

GNMA

3.000

08/20/53

5,276

4,936,634

(a)

GNMA

30

D

AVG

SOFR

+

25.350%

4.624

08/20/53

4,983

1,218,362

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

08/25/51

897

9,618,564

(a)

HUD

Office

of

the

Secretary

(GNMA)

30

D

AVG

SOFR

+

6.950%

1.636

05/20/53

576

18,382,759

(a),(e)

JP

Morgan

Mortgage

Trust

0.128

06/25/51

97

32,243,804

(a),(e)

JP

Morgan

Mortgage

Trust

0.112

11/25/51

169

31,990,804

(a),(e)

JP

Morgan

Mortgage

Trust

0.121

12/25/51

175

37,595,370

(e)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

367

365,000

(a),(e)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

1.500%

6.815

10/25/41

360

1,200,000

(a),(e)

STACR

30

D

AVG

SOFR

+

2.500%

7.815

01/25/42

1,176

6,750,000

(a),(e)

STACR

30

D

AVG

SOFR

+

2.400%

7.715

02/25/42

6,797

2,785,000

(a),(e)

STACR

30

D

AVG

SOFR

+

4.750%

10.065

02/25/42

2,827

8,125,000

(a),(e)

STACR

30

D

AVG

SOFR

+

2.900%

8.215

04/25/42

8,317

3,000,000

(a),(e)

STACR

30

D

AVG

SOFR

+

5.650%

8.647

04/25/42

3,185

17,165,000

(a),(e)

STACR

30

D

AVG

SOFR

+

3.350%

8.665

05/25/42

17,829

14,900,000

(a),(e)

STACR

30

D

AVG

SOFR

+

4.500%

9.815

06/25/42

16,026

8,336,000

(a),(e)

STACR

30

D

AVG

SOFR

+

4.000%

9.315

07/25/42

8,683

8,650,000

(a),(e)

STACR

30

D

AVG

SOFR

+

3.550%

8.865

08/25/42

8,961

6,670,000

(a),(e)

STACR

30

D

AVG

SOFR

+

3.700%

9.015

09/25/42

7,003

58,931

(a),(e)

STACR

3.784

02/25/48

55

74,055

(a),(e)

STACR

3.837

05/25/48

70

TOTAL

MORTGAGE

BACKED

1,700,517

MUNICIPAL

BONDS

-

2.4%

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3.060

04/01/25

1,131

1,990,000

California

Health

Facilities

Financing

Authority

2.984

06/01/33

1,627

915,000

California

Health

Facilities

Financing

Authority

4.353

06/01/41

770

145,000

(e)

California

Municipal

Finance

Authority

4.250

11/01/23

145

303

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

455,000

California

Municipal

Finance

Authority

2.138

%

08/15/27

$

401

350,000

California

Municipal

Finance

Authority

2.288

08/15/28

301

500,000

California

Municipal

Finance

Authority

3.694

08/15/56

305

16,250,000

Chicago

Housing

Authority

4.361

01/01/38

13,889

3,035,000

City

&

County

of

Honolulu

HI

2.668

10/01/27

2,786

5,645,000

City

&

County

of

Honolulu

HI

3.974

09/01/35

4,953

1,615,000

City

&

County

of

Honolulu

HI

4.004

09/01/36

1,402

7,085,000

City

&

County

of

San

Francisco

CA

4.000

04/01/47

5,398

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.000

09/01/48

4,104

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.482

09/01/50

5,139

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014

6.332

09/01/51

1,227

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3.091

09/01/36

272

5,103,000

City

of

Chicago

IL

7.750

01/01/42

5,223

1,250,000

City

of

Florence

SC

4.250

12/01/34

1,124

1,000,000

City

of

Houston

TX

Combined

Utility

System

Revenue

3.375

11/15/24

976

1,275,000

City

of

Houston

TX

Combined

Utility

System

Revenue

4.172

11/15/38

1,093

7,500,000

City

of

Los

Angeles

CA

3.880

09/01/38

6,269

7,190,000

City

of

Los

Angeles

CA

5.000

09/01/42

6,461

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3.158

05/15/29

1,375

5,850,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

4.242

05/15/48

4,712

1,780,000

(e)

City

of

Miami

FL

4.808

01/01/39

1,511

3,665,000

City

of

Norfolk

VA

3.050

10/01/36

2,835

4,835,000

City

of

Oakland

CA

2.070

01/15/29

4,125

3,025,000

City

of

Port

Lions

AK

7.500

10/01/52

3,029

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3.000

11/01/26

3,134

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3.950

11/01/36

3,136

18,500,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

4.185

11/01/46

14,388

1,000,000

City

of

San

Juan

Capistrano

CA

3.700

08/01/31

901

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2.999

11/01/43

4,144

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3.079

11/01/43

4,071

7,650,000

County

of

Alameda

CA

3.820

08/01/38

6,385

4,000,000

(e)

County

of

Fond

Du

Lac

WI

5.569

11/01/51

3,507

3,500,000

(e)

County

of

Gallatin

MT

11.500

09/01/27

3,661

10,515,000

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

3.490

10/01/42

8,120

3,500,000

District

of

Columbia

3.432

04/01/42

2,569

10,000,000

District

of

Columbia

Water

&

Sewer

Authority

4.814

10/01/14

8,547

6,500,000

(e)

Florida

Development

Finance

Corp

7.250

07/01/57

6,760

3,125,000

Florida

Development

Finance

Corp

7.500

07/01/57

3,068

6,000,000

(e)

Florida

Development

Finance

Corp

8.000

07/01/57

5,940

22,445,000

Grant

County

Public

Utility

District

No

2

2.918

01/01/40

16,270

9,255,000

Grant

County

Public

Utility

District

No

2

3.210

01/01/40

6,911

3,230,000

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

3.056

07/01/39

2,407

16,915,000

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

3.473

07/01/41

12,918

1,100,000

Guadalupe

Valley

Electric

Coop,

Inc

5.671

10/01/32

1,085

640,000

Henry

County

Water

Authority

3.000

01/01/43

428

850,000

Henry

County

Water

Authority

3.200

01/01/49

535

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2.327

07/01/32

786

2,000,000

Kern

County

Water

Agency

Improvement

District

No

4

4.276

05/01/36

1,824

6,430,000

Lavaca-Navidad

River

Authority

4.430

08/01/35

5,961

8,655,000

Los

Angeles

Community

College

District

2.106

08/01/32

6,785

1,025,000

Maine

State

Housing

Authority

2.331

11/15/30

822

CREF

Social

Choice

Account

September

30,

2023

304

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3.797

%

03/01/39

$

2,153

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2.020

07/01/28

2,610

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2.485

07/01/32

2,394

3,455,000

Massachusetts

Housing

Finance

Agency

5.562

12/01/52

3,376

3,775,000

Massachusetts

St.

Water

Pollution

Abatement

5.192

08/01/40

3,684

6,620,000

Metropolitan

Transportation

Authority

5.175

11/15/49

5,712

11,645,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5.720

12/01/38

11,791

2,000,000

Michigan

Finance

Authority

5.000

07/01/31

2,011

8,295,000

(e)

New

Hampshire

Business

Finance

Authority

5.490

07/01/33

8,295

7,400,000

New

Jersey

Economic

Development

Authority

5.706

06/15/30

7,482

3,000,000

New

Jersey

Economic

Development

Authority

5.756

06/15/31

3,034

720,000

New

Jersey

Economic

Development

Authority

5.298

03/01/32

701

3,375,000

New

Mexico

Finance

Authority

4.090

06/15/38

2,880

4,065,000

New

York

City

Housing

Development

Corp

3.119

08/01/38

2,907

2,500,000

New

York

City

Housing

Development

Corp

3.720

11/01/39

1,987

1,225,000

New

York

State

Environmental

Facilities

Corp

3.195

06/15/25

1,184

2,120,000

New

York

State

Environmental

Facilities

Corp

3.520

07/15/27

2,012

17,500,000

New

York

Transportation

Development

Corp

5.000

01/01/26

17,618

13,250,000

(c),(e)

Oregon

State

Business

Development

Commission

6.500

04/01/31

66

3,470,000

(c),(e)

Oregon

State

Business

Development

Commission

9.000

04/01/37

17

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2.636

10/01/24

2,429

4,500,000

Pend

Oreille

County

Public

Utility

District

No

Box

Canyon

5.000

01/01/30

4,370

6,925,000

(b),(e)

Pennsylvania

Economic

Development

Financing

Authority

10.000

12/01/29

1

1,170,000

Pharr

Economic

Development

Corp

3.513

08/15/30

1,042

1,140,000

Pharr

Economic

Development

Corp

3.893

08/15/33

994

405,000

(b)

Public

Finance

Authority

15.000

03/31/24

0^

1,735,000

(e)

Public

Finance

Authority

7.500

06/01/29

1,674

300,000

Redevelopment

Authority

of

the

City

of

Philadelphia

4.782

09/01/26

295

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1.927

09/01/27

1,097

1,710,000

Redevelopment

Authority

of

the

City

of

Philadelphia

3.172

09/01/41

1,190

1,000,000

Redevelopment

Authority

of

the

City

of

Philadelphia

5.590

09/01/41

949

1,005,000

Sales

Tax

Securitization

Corp

5.293

01/01/41

937

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4.375

08/01/44

1,607

3,870,000

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

3.293

12/01/35

2,996

1,590,000

South

Dakota

Housing

Development

Authority

5.460

05/01/53

1,556

36,330,000

State

of

California

3.750

10/01/37

33,623

7,155,000

State

of

California

4.600

04/01/38

6,429

10,050,000

State

of

California

4.988

04/01/39

9,236

9,000,000

State

of

Illinois

5.520

04/01/38

8,407

4,405,000

State

of

Michigan

3.590

12/01/26

4,201

2,500,000

State

of

Ohio

5.412

09/01/28

2,542

5,250,000

State

of

Oregon

4.112

05/01/27

5,090

3,150,000

State

of

Oregon

4.250

05/01/29

3,026

3,000

State

of

Wisconsin

5.700

05/01/26

3

1,650,000

(e)

Syracuse

Industrial

Development

Agency

5.000

01/01/36

1,202

2,280,000

Tampa

Bay

Water

2.612

10/01/25

2,165

3,225,000

Tampa

Bay

Water

2.782

10/01/26

3,018

3,000,000

Tampa

Bay

Water

2.952

10/01/27

2,778

1,255,000

Texas

Water

Development

Board

4.248

10/15/35

1,146

5,880,000

Texas

Water

Development

Board

4.340

10/15/48

4,766

4,170,000

Texas

Water

Development

Board

4.648

04/15/50

3,597

5,000,000

Tuolumne

Wind

Project

Authority

6.918

01/01/34

5,377

3,035,000

University

of

California

3.809

05/15/28

2,864

11,400,000

University

of

California

4.009

05/15/30

10,579

1,000,000

University

of

Cincinnati

3.250

06/01/29

940

1,560,000

University

of

Cincinnati

3.650

06/01/34

1,440

1,615,000

University

of

Cincinnati

3.700

06/01/35

1,479

18,000,000

University

of

New

Mexico

3.532

06/20/32

16,434

305

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3.550

%

09/01/39

$

386

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3.800

09/01/49

1,074

5,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4.000

12/01/42

4,116

3,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4.000

12/01/46

2,392

750,000

Village

of

Bellwood

IL

5.375

12/01/32

677

4,500,000

Village

of

Bellwood

IL

6.000

12/01/50

3,525

1,000,000

Washington

County

Clean

Water

Services

5.078

10/01/24

996

TOTAL

MUNICIPAL

BONDS

464,205

U.S.

TREASURY

SECURITIES

-

8.4%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,031

35,830,000

United

States

Treasury

Bond

2.875

11/15/46

25,733

2,500,000

United

States

Treasury

Bond

3.000

02/15/49

1,827

16,211,745

(h)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

01/15/24

16,056

6,100,000

United

States

Treasury

Note

2.625

12/31/23

6,058

1,525,000

United

States

Treasury

Note

2.250

10/31/24

1,474

138,979,000

United

States

Treasury

Note

5.000

08/31/25

138,697

1,500,000

United

States

Treasury

Note

0.375

12/31/25

1,356

105,315,000

United

States

Treasury

Note

4.625

09/15/26

104,797

15,031,000

United

States

Treasury

Note

0.500

10/31/27

12,715

35,275,000

United

States

Treasury

Note

0.625

11/30/27

29,913

28,250,000

United

States

Treasury

Note

1.125

08/31/28

23,924

213,613,000

United

States

Treasury

Note

4.375

08/31/28

211,493

231,754,000

United

States

Treasury

Note

4.125

08/31/30

224,946

290,811,000

United

States

Treasury

Note

3.875

08/15/33

274,771

14,508,000

United

States

Treasury

Note

1.875

02/15/41

9,359

4,700,000

United

States

Treasury

Note

2.250

05/15/41

3,225

232,705,800

(i)

United

States

Treasury

Note

2.375

02/15/42

160,849

29,796,000

United

States

Treasury

Note

3.250

05/15/42

23,744

2,070,000

United

States

Treasury

Note

4.000

11/15/42

1,837

142,989,000

United

States

Treasury

Note

4.375

08/15/43

133,404

65,008,000

United

States

Treasury

Note

2.250

02/15/52

39,894

250,616,000

United

States

Treasury

Note

3.625

05/15/53

207,502

TOTAL

U.S.

TREASURY

SECURITIES

1,659,605

TOTAL

GOVERNMENT

BONDS

4,677,176

(Cost

$5,123,675)

STRUCTURED

ASSETS

-

4.5%

ASSET

BACKED

-

1.4%

2,278,872

(e)

Air

Canada

2017-, Cl A

Pass

Through

Trust

3.550

01/15/30

1,938

900,000

(e)

AMSR

Trust

3.148

01/19/39

815

Series

-

2019

SFR1

(Class

C)

800,000

(e)

AMSR

Trust

3.247

01/19/39

722

Series

-

2019

SFR1

(Class

D)

2,000,000

(a),(e)

BFLD

Trust

SOFR

1

M

+

2.214%

7.547

10/15/35

1,109

Series

-

2020

EYP

(Class

C)

171,277

(a)

C-BASS

Trust

SOFR

1

M

+

0.274%

3.190

07/25/36

162

Series

-

2006

CB6

(Class

A1)

19,886,000

Delta

Air

Lines

Pass

Through

Trust

3.204

04/25/24

19,559

Series

-

2019

1

(Class

AA)

4,103,091

Delta

Air

Lines

Pass

Through

Trust

2.000

06/10/28

3,582

Series

-

2020

1

(Class

AA)

16,617,264

Delta

Air

Lines

Pass

Through

Trust

2.500

06/10/28

14,578

Series

-

2020

1

(Class

A)

74,206

(a),(e)

Ellington

Loan

Acquisition

Trust

SOFR

1

M

+

1.214%

6.534

05/25/37

73

Series

-

2007

2

(Class

A2C)

5,750,000

(e)

Frontier

Issuer

LLC

8.300

08/20/53

5,447

Series

-

2023

1

(Class

B)

CREF

Social

Choice

Account

September

30,

2023

306

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,208,977

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

2.100

%

05/20/48

$

2,389

Series

-

2021

3CS

(Class

A)

3,451,187

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

1.930

07/20/48

2,532

Series

-

2021

4GS

(Class

A)

12,636,552

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

2.310

10/20/48

9,503

Series

-

2021

5CS

(Class

A)

4,417,942

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

2.700

01/20/49

3,441

Series

-

2022

1GS

(Class

A)

3,153,851

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

2.940

01/20/49

2,330

Series

-

2022

1GS

(Class

B)

14,250,794

(e)

GoodLeap

Sustainable

Home

Solutions

Trust

4.950

07/20/49

12,714

Series

-

2022

3CS

(Class

A)

8,297,000

(e)

Grace

Trust

2.347

12/10/40

6,344

Series

-

2020

GRCE

(Class

A)

2,463,212

(e)

Helios

Issuer,

LLC

5.600

08/22/50

2,282

Series

-

2023

B

(Class

B)

2,116,356

(e)

HERO

Funding

Trust

3.840

09/21/40

1,881

Series

-

2015

1A

(Class

A)

566,014

(e)

HERO

Funding

Trust

3.990

09/21/40

519

Series

-

2014

2A

(Class

A)

1,054,257

(e)

HERO

Funding

Trust

3.750

09/20/41

924

Series

-

2016

2A

(Class

A)

967,892

(e)

HERO

Funding

Trust

4.050

09/20/41

867

Series

-

2016

1A

(Class

A)

370,221

(e)

HERO

Funding

Trust

3.080

09/20/42

319

Series

-

2016

3A

(Class

A1)

2,892,483

(e)

HERO

Funding

Trust

3.710

09/20/47

2,483

Series

-

2017

1A

(Class

A1)

2,827,748

(e)

HERO

Funding

Trust

3.190

09/20/48

2,367

Series

-

2017

3A

(Class

A1)

666,473

(e)

HERO

Funding

Trust

3.280

09/20/48

561

Series

-

2017

2A

(Class

A1)

3,072,890

(e)

HERO

Funding

Trust

4.670

09/20/48

2,784

Series

-

2018

1A

(Class

A2)

2,403,996

(e)

HERO

Funding

Trust

2.240

09/20/51

1,953

Series

-

2021

1A

(Class

A)

7,375,000

(e)

Hertz

Vehicle

Financing

III

LLC

5.570

09/25/29

7,180

Series

-

2023

2A

(Class

A)

12,615

(a)

Home

Equity

Asset

Trust

SOFR

1

M

+

1.614%

3.986

06/25/33

12

Series

-

2003

1

(Class

M1)

599,972

(a),(e)

Invitation

Homes

Trust

SOFR

1

M

+

1.364%

6.697

01/17/38

598

Series

-

2018

SFR4

(Class

B)

3,198,534

(e)

Loanpal

Solar

Loan

Ltd

2.290

01/20/48

2,402

Series

-

2021

1GS

(Class

A)

5,455,813

(e)

Loanpal

Solar

Loan

Ltd

2.220

03/20/48

3,931

Series

-

2021

2GS

(Class

A)

1,995,521

(b),(e)

Mosaic

Solar

Loan

Trust

0.000

04/20/46

1,409

Series

-

2020

1A

(Class

R)

1,279,244

(e)

Mosaic

Solar

Loan

Trust

2.100

04/20/46

1,078

Series

-

2020

1A

(Class

A)

1,770,383

(e)

Mosaic

Solar

Loan

Trust

3.100

04/20/46

1,509

Series

-

2020

1A

(Class

B)

2,069,406

(e)

Mosaic

Solar

Loan

Trust

2.050

12/20/46

1,563

Series

-

2021

1A

(Class

B)

3,056,092

(e)

Mosaic

Solar

Loan

Trust

1.440

06/20/52

2,355

Series

-

2021

3A

(Class

A)

2,800,005

(e)

Mosaic

Solar

Loans

LLC

3.820

06/22/43

2,505

Series

-

2017

2A

(Class

A)

3,251,266

(e)

Mosaic

Solar

Loans

LLC

1.640

04/22/47

2,553

Series

-

2021

2A

(Class

A)

1,250,000

(a),(e)

PNMSR

2018-GT1

A

Mtge

LIBOR

1

M

+

2.650%

8.084

08/25/25

1,251

Series

-

2018

GT2

(Class

A)

307

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

750,000

(e)

Progress

Residential

Trust

2.711

%

11/17/40

$

611

Series

-

2021

SFR9

(Class

D)

1,950,033

(e)

Renew

3.670

09/20/52

1,726

Series

-

2017

1A

(Class

A)

4,069,808

(e)

Renew

3.950

09/20/53

3,616

Series

-

2018

1

(Class

A)

3,778,967

(e)

Renew

2.060

11/20/56

2,862

Series

-

2021

1

(Class

A)

5,265,996

SCE

Recovery

Funding

LLC

0.861

11/15/31

4,373

Series

-

2021

A-1

(Class

A)

9,578

(a)

Structured

Asset

Investment

Loan

Trust

SOFR

1

M

+

1.014%

6.334

09/25/34

9

Series

-

2004

8

(Class

M1)

6,449,820

(e)

Sunnova

Helios

VII

Issuer

LLC

2.030

10/20/48

5,327

Series

-

2021

C

(Class

A)

3,639,628

(e)

Sunnova

Helios

VIII

Issuer

LLC

2.790

02/22/49

3,100

Series

-

2022

A

(Class

A)

2,661,507

(e)

Sunrun

Athena

Issuer

LLC

5.310

04/30/49

2,430

Series

-

2018

1

(Class

A)

8,684,091

(e)

Sunrun

Atlas

Issuer

LLC

3.610

02/01/55

7,543

Series

-

2019

2

(Class

A)

5,533,273

(e)

Sunrun

Callisto

Issuer

LLC

2.270

01/30/57

4,372

Series

-

2021

2A

(Class

A)

5,100,000

(e)

Sunrun

Julius

Issuer

LLC

6.600

01/30/59

5,046

Series

-

2023

2A

(Class

A1)

6,763,504

(e)

Sunrun

Jupiter

Issuer

LLC

4.750

07/30/57

5,879

Series

-

2022

1A

(Class

A)

5,689,409

(e)

Tesla

Auto

Lease

Trust

0.660

03/20/25

5,664

Series

-

2021

A

(Class

A4)

1,400,000

(e)

Tesla

Auto

Lease

Trust

1.020

03/20/25

1,390

Series

-

2021

A

(Class

B)

6,250,000

(e)

Tesla

Auto

Lease

Trust

1.180

03/20/25

6,176

Series

-

2021

A

(Class

C)

13,325,000

(e)

Tesla

Auto

Lease

Trust

5.860

08/20/25

13,305

Series

-

2023

A

(Class

A2)

4,500,000

(e)

Tesla

Auto

Lease

Trust

0.600

09/22/25

4,388

Series

-

2021

B

(Class

A3)

5,000,000

(e)

Tesla

Auto

Lease

Trust

0.630

09/22/25

4,832

Series

-

2021

B

(Class

A4)

4,625,000

(e)

Tesla

Auto

Lease

Trust

5.890

06/22/26

4,608

Series

-

2023

A

(Class

A3)

9,422,000

(e)

Tesla

Auto

Lease

Trust

6.130

09/21/26

9,418

Series

-

2023

B

(Class

A3)

2,385,000

(e)

Tesla

Auto

Lease

Trust

6.250

03/22/27

2,387

Series

-

2023

B

(Class

A4)

5,380,000

(e)

Tesla

Auto

Lease

Trust

6.840

08/20/27

5,382

Series

-

2023

B

(Class

B)

5,146,401

Toyota

Auto

Receivables

Owner

Trust

0.260

11/17/25

5,002

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0.530

10/15/26

9,185

Series

-

2021

B

(Class

A4)

475,000

(e)

Tricon

American

Homes

Trust

2.049

07/17/38

424

Series

-

2020

SFR1

(Class

B)

13,452,474

(e)

Vivint

Colar

Financing

V

LLC

4.730

04/30/48

12,049

Series

-

2018

1A

(Class

A)

4,570,160

(e)

Vivint

Solar

Financing

VII

LLC

2.210

07/31/51

3,578

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

267,206

OTHER

MORTGAGE

BACKED

-

3.1%

78,162

(a),(e)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

68

Series

-

2015

6

(Class

A9)

CREF

Social

Choice

Account

September

30,

2023

308

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,075,000

(a),(e)

Alen

Mortgage

Trust

SOFR

1

M

+

2.364%

7.697

%

04/15/34

$

3,007

Series

-

2021

ACEN

(Class

C)

2,115,000

(a),(e)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

1,324

Series

-

2021

8

(Class

A3)

5,000,000

(e)

BANK

2.500

10/17/52

2,495

Series

-

2019

BN21

(Class

D)

6,500,000

(a)

BANK

3.517

10/17/52

4,206

Series

-

2019

BN21

(Class

C)

8,000,000

(a)

BANK

3.576

11/15/62

5,636

Series

-

2019

BN22

(Class

C)

4,940,000

(a),(e)

BBCMS

Mortgage

Trust

4.409

08/05/38

3,224

Series

-

2018

CHRS

(Class

E)

2,750,000

(e)

BBCMS

Trust

4.798

08/10/35

2,260

Series

-

2015

SRCH

(Class

C)

8,870,000

(a),(e)

Benchmark

Mortgage

Trust

4.029

03/15/62

6,071

Series

-

2019

B10

(Class

3CCA)

5,200,000

(e)

BMO

360A

3.776

02/17/55

4,047

Series

-

2022

C1

(Class

360A)

5,238,932

(a),(e)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.312%

6.644

10/15/38

5,096

Series

-

2021

XL2

(Class

C)

6,000,000

(a),(e)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

7.172

01/17/39

5,899

Series

-

2022

AHP

(Class

B)

6,000,000

(a),(e)

BX

TRUST

SOFR

1

M

+

1.490%

6.822

01/17/39

5,897

Series

-

2022

AHP

(Class

AS)

2,901,500

(a),(e)

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5.670

06/25/34

2,517

Series

-

2017

Q005

(Class

B)

2,000,000

(a)

CD

Mortgage

Trust

3.879

11/10/49

1,608

Series

-

2016

CD2

(Class

B)

1,000,000

(a),(e)

Century

Plaza

Towers

3.097

11/13/39

742

Series

-

2019

CPT

(Class

B)

2,000,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.276

04/10/48

1,821

Series

-

2015

GC29

(Class

C)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3.018

08/10/56

1,328

Series

-

2019

GC41

(Class

AS)

3,000,000

(a),(e)

CityLine

Commercial

Mortgage

Trust

2.871

11/10/31

2,774

Series

-

2016

CLNE

(Class

A)

3,740,000

(a),(e)

COMM

Mortgage

Trust

3.527

10/10/29

3,338

Series

-

2017

PANW

(Class

B)

3,000,000

(a),(e)

COMM

Mortgage

Trust

3.712

10/10/29

2,635

Series

-

2017

PANW

(Class

C)

5,120,000

(e)

COMM

Mortgage

Trust

4.353

08/10/30

4,681

Series

-

2013

300P

(Class

A1)

4,375,000

(e)

COMM

Mortgage

Trust

3.376

01/10/39

3,470

Series

-

2022

HC

(Class

C)

3,500,000

(a),(e)

COMM

Mortgage

Trust

4.203

03/10/48

2,760

Series

-

2015

CR22

(Class

D)

1,000,000

(a)

COMM

Mortgage

Trust

4.443

05/10/48

794

Series

-

2015

CR23

(Class

D)

1,100,000

(a)

COMM

Mortgage

Trust

4.443

05/10/48

963

Series

-

2015

CR23

(Class

C)

2,500,000

(a)

COMM

Mortgage

Trust

3.463

08/10/48

1,992

Series

-

2015

CR24

(Class

D)

1,000,000

COMM

Mortgage

Trust

3.263

08/15/57

822

Series

-

2019

GC44

(Class

AM)

6,000,000

(a),(e)

Commercial

Mortgage

Pass

Through

Certificates

4.084

01/10/39

4,530

Series

-

2022

HC

(Class

D)

2,988,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

7.215

12/25/41

2,937

Series

-

2022

R01

(Class

1M2)

10,555,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.415

03/25/42

10,729

Series

-

2022

R04

(Class

1M2)

21,985,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8.815

03/25/42

22,636

Series

-

2022

R03

(Class

1M2)

309

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,985,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8.315

%

04/25/42

$

5,063

Series

-

2022

R05

(Class

2M2)

15,710,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9.165

05/25/42

16,324

Series

-

2022

R06

(Class

1M2)

18,627,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9.965

06/25/42

19,869

Series

-

2022

R07

(Class

1M2)

4,298,000

(a),(e)

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8.915

07/25/42

4,432

Series

-

2022

R08

(Class

1M2)

9,020,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

10.065

09/25/42

9,743

Series

-

2022

R09

(Class

2M2)

24,740,000

(a),(e)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9.065

12/25/42

26,009

Series

-

2023

R01

(Class

1M2)

15,000,000

(e)

CPT

Mortgage

Trust

2.865

11/13/39

11,967

Series

-

2019

CPT

(Class

A)

2,000,000

(a),(e)

CPT

Mortgage

Trust

3.097

11/13/39

1,187

Series

-

2019

CPT

(Class

E)

5,000,000

(a),(e)

Credit

Suisse

Commercial

Mortgage

Trust

3.854

11/10/32

3,623

Series

-

2017

CALI

(Class

B)

3,079,985

(a),(e)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

2,451

Series

-

2021

NQM8

(Class

A3)

6,650,000

(a),(e)

CSAIL

Commercial

Mortgage

Trust

3.800

06/15/37

5,831

Series

-

2017

C8

(Class

85BA)

6,100,000

(a),(e)

CSAIL

Commercial

Mortgage

Trust

3.800

06/15/37

5,038

Series

-

2017

C8

(Class

85BB)

2,000,000

(a),(e)

CSMC

Series

3.388

10/25/59

1,719

Series

-

2019

NQM1

(Class

M1)

102,725,000

(a),(e)

DOLP

Trust

0.665

05/10/41

3,750

Series

-

2021

NYC

(Class

X)

7,500,000

(a),(e)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6.767

11/15/38

7,323

Series

-

2021

ELP

(Class

C)

4,000,000

(a),(e)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7.566

11/15/38

3,933

Series

-

2021

ELP

(Class

E)

6,632,505

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1.877

07/25/37

4,699

Series

-

2021

ML08

(Class

ML08)

508,789

(a),(e)

Flagstar

Mortgage

Trust

4.002

10/25/47

437

Series

-

2017

2

(Class

B3)

39,795

(a),(e)

Flagstar

Mortgage

Trust

4.000

09/25/48

36

Series

-

2018

5

(Class

A11)

1,389,152

(a),(e)

Flagstar

Mortgage

Trust

2.500

04/25/51

1,022

Series

-

2021

2

(Class

A4)

4,281,029

(a),(e)

Flagstar

Mortgage

Trust

2.500

06/01/51

3,151

Series

-

2021

4

(Class

A21)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1.878

01/25/31

8,238

Series

-

2021

P009

(Class

A2)

7,324,000

(a)

Freddie

Mac

Multiclass

Certificates

Series

2.852

02/25/32

5,978

Series

-

2022

P013

(Class

A2)

39,326,933

(a)

Freddie

Mac

Multifamily

ML

Certificates

1.780

11/25/37

4,632

Series

-

2021

ML08

(Class

XCA)

3,139,789

Freddie

Mac

Multifamily

ML

Certificates

1.896

11/25/37

2,242

Series

-

2021

ML08

(Class

ML08)

9,960,853

(a)

Freddie

Mac

Multifamily

ML

Certificates

3.650

11/25/38

8,253

Series

-

2022

ML14

(Class

A)

16,469,230

Freddie

Mac

Multifamily

ML

Certificates

2.340

07/25/41

11,776

Series

-

2021

ML12

(Class

AUS)

3,500,000

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3.871

07/25/33

3,171

Series

-

2015

Q002

(Class

A2)

1,024,998

FHLMC

1.518

09/25/35

731

Series

-

2020

Q012

(Class

A3)

4,534,328

FHLMC

1.555

01/25/36

3,484

Series

-

2020

Q014

(Class

A1)

16,475,645

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3.150

10/15/36

13,214

Series

-

2022

M068

(Class

A)

CREF

Social

Choice

Account

September

30,

2023

310

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,730,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4.013

%

04/15/37

$

1,539

Series

-

2022

M069

(Class

A)

6,010,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1.761

09/15/38

4,543

Series

-

2020

M061

(Class

A)

11,875,000

(e)

Frontier

Issuer

LLC

6.600

08/20/53

11,330

Series

-

2023

1

(Class

A2)

1,325,000

(a),(e)

GCT

Commercial

Mortgage

Trust

SOFR

1

M

+

0.914%

6.247

02/15/38

1,047

Series

-

2021

GCT

(Class

A)

2,972,000

(a),(e)

GS

Mortgage

Securities

Corp

II

5.067

03/10/33

2,574

Series

-

2018

GS10

(Class

WLSC)

1,385,306

(a),(e)

GS

Mortgage

Securities

Trust

SOFR

1

M

+

1.143%

6.483

10/15/31

1,374

Series

-

2018

HART

(Class

A)

3,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

2,683

Series

-

2016

GS3

(Class

AS)

830,000

(a)

GS

Mortgage

Securities

Trust

4.078

11/10/49

668

Series

-

2016

GS4

(Class

C)

356,684

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

290

Series

-

2020

PJ4

(Class

A4)

26,243,711

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

0.268

03/27/51

258

Series

-

2020

PJ5

(Class

AX1)

714,600

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

575

Series

-

2020

PJ5

(Class

A4)

1,000,155

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

736

Series

-

2020

PJ6

(Class

A4)

63,928,393

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

0.150

08/25/51

427

Series

-

2021

PJ3

(Class

AX1)

5,444,081

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

4,006

Series

-

2021

PJ5

(Class

A4)

4,816,478

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

3,704

Series

-

2022

PJ2

(Class

A36)

2,291,092

(a),(e)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

1,762

Series

-

2022

PJ4

(Class

A36)

406,880

(a),(e)

GS

Mortgage-Backed

Securities

Trust

3.631

05/25/50

324

Series

-

2020

PJ1

(Class

B2)

1,105,460

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

07/25/51

814

Series

-

2021

PJ2

(Class

A4)

8,078,912

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

5,995

Series

-

2021

PJ6

(Class

A4)

10,317,756

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,593

Series

-

2021

PJ7

(Class

A4)

4,670,890

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

3,437

Series

-

2021

PJ8

(Class

A4)

2,523,044

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.722

01/25/52

1,791

Series

-

2021

PJ7

(Class

B2)

4,534,784

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

3,337

Series

-

2021

PJ10

(Class

A4)

2,832,208

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

2,379

Series

-

2022

PJ1

(Class

A8)

2,112,941

(a),(e)

GS

Mortgage-Backed

Securities

Trust

2.834

05/28/52

1,558

Series

-

2022

PJ1

(Class

B2)

5,295,676

(a),(e)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

4,073

Series

-

2022

PJ5

(Class

A36)

2,993,492

(a),(e)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

2,310

Series

-

2022

PJ6

(Class

A24)

5,848,350

(a),(e)

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

4,705

Series

-

2023

PJ1

(Class

A24)

578,799

(a)

HarborView

Mortgage

Loan

Trust

SOFR

1

M

+

0.734%

6.062

08/19/45

521

Series

-

2005

11

(Class

2A1A)

6,000,000

(e)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

5,422

Series

-

2016

10HY

(Class

A)

5,000,000

(a),(e)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

4,484

Series

-

2016

10HY

(Class

B)

311

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

(a),(e)

Hudson

Yards

Mortgage

Trust

3.076

%

08/10/38

$

4,415

Series

-

2016

10HY

(Class

C)

7,000,000

(e)

Hudson

Yards

Mortgage

Trust

3.228

07/10/39

5,930

Series

-

2019

30HY

(Class

A)

4,000,000

(a),(e)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

2,943

Series

-

2019

55HY

(Class

D)

7,000,000

(a),(e)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

5,018

Series

-

2019

55HY

(Class

E)

120,984

(a)

Impac

CMB

Trust

SOFR

1

M

+

0.774%

6.094

03/25/35

111

Series

-

2004

11

(Class

2A1)

480,000

(a),(e)

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

390

Series

-

2020

NQM1

(Class

M1)

1,700,000

(a),(e)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.884%

7.217

10/15/33

1,526

Series

-

2020

609M

(Class

B)

1,649,630

(a),(e)

J.P.

Morgan

Mortgage

Trust

4.000

12/25/52

1,377

Series

-

2022

7

(Class

2A6A)

2,000,000

(a),(e)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.284%

7.617

10/15/33

1,649

Series

-

2020

609M

(Class

C)

1,310,998

(a),(e)

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6.565

12/25/44

1,250

Series

-

2015

1

(Class

B1)

78,247

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

05/25/45

68

Series

-

2015

3

(Class

A19)

417,681

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

10/25/45

365

Series

-

2015

6

(Class

A13)

217,633

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

185

Series

-

2017

2

(Class

A13)

298,879

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

251

Series

-

2018

3

(Class

A13)

242,257

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

204

Series

-

2018

4

(Class

A13)

837,462

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

694

Series

-

2018

5

(Class

A13)

818,013

(a),(e)

JP

Morgan

Mortgage

Trust

3.542

10/26/48

789

Series

-

2017

5

(Class

A2)

86,625

(a),(e)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

77

Series

-

2018

8

(Class

A13)

192,462

(a),(e)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

172

Series

-

2018

9

(Class

A13)

26,585

(a),(e)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

24

Series

-

2019

1

(Class

A3)

172,486

(a),(e)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

155

Series

-

2019

1

(Class

A15)

389,809

(a),(e)

JP

Morgan

Mortgage

Trust

SOFR

1

M

+

1.064%

6.379

10/25/49

377

Series

-

2019

INV1

(Class

A11)

1,553,444

(a),(e)

JP

Morgan

Mortgage

Trust

3.828

06/25/50

1,274

Series

-

2020

1

(Class

B2)

20,828,565

(a),(e)

JP

Morgan

Mortgage

Trust

0.141

07/25/51

136

Series

-

2021

3

(Class

AX1)

14,841,605

(a),(e)

JP

Morgan

Mortgage

Trust

0.132

08/25/51

91

Series

-

2021

4

(Class

AX1)

1,657,062

(a),(e)

JP

Morgan

Mortgage

Trust

2.882

08/25/51

1,205

Series

-

2021

4

(Class

B2)

28,320,396

(a),(e)

JP

Morgan

Mortgage

Trust

0.137

10/25/51

179

Series

-

2021

6

(Class

AX1)

3,164,846

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

2,329

Series

-

2021

6

(Class

A15)

2,215,223

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

1,630

Series

-

2021

7

(Class

A15)

2,792,073

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

2,055

Series

-

2021

8

(Class

A15)

CREF

Social

Choice

Account

September

30,

2023

312

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,184,410

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

%

12/25/51

$

872

Series

-

2021

10

(Class

A15)

4,072,222

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

01/25/52

2,997

Series

-

2021

11

(Class

A15)

1,087,835

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

801

Series

-

2021

12

(Class

A15)

1,805,131

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

1,328

Series

-

2021

14

(Class

A15)

1,170,640

(a),(e)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

881

Series

-

2021

LTV2

(Class

A3)

5,744,769

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

4,228

Series

-

2021

15

(Class

A15)

6,381,812

(a),(e)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

4,697

Series

-

2022

1

(Class

A15)

9,770,745

(a),(e)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

7,991

Series

-

2022

LTV1

(Class

A1)

9,764,049

(a),(e)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

7,509

Series

-

2022

3

(Class

A25)

6,877,641

(a),(e)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

5,289

Series

-

2022

2

(Class

A25)

6,325,289

(a),(e)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

5,089

Series

-

2022

LTV2

(Class

A6)

5,114,736

(a),(e)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

3,946

Series

-

2022

4

(Class

A17A)

4,635,928

(a),(e)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

3,577

Series

-

2022

6

(Class

A17A)

3,282,781

(a),(e)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

2,533

Series

-

2022

7

(Class

1A17)

423,492

(a),(e)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

386

Series

-

2023

1

(Class

A15A)

2,898,570

(a),(e)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

2,711

Series

-

2023

1

(Class

A15B)

5,000,000

(e)

Liberty

Street

Trust

3.597

02/10/36

4,456

Series

-

2016

225L

(Class

A)

4,000,000

(a),(e)

MAD

Mortgage

Trust

3.294

08/15/34

3,598

Series

-

2017

330M

(Class

A)

4,000,000

(a),(e)

MAD

Mortgage

Trust

3.478

08/15/34

3,392

Series

-

2017

330M

(Class

B)

2,000,000

(a),(e)

Manhattan

West

2.413

09/10/39

1,663

Series

-

2020

1MW

(Class

C)

2,000,000

(e)

Manhattan

West

Mortgage

Trust

2.130

09/10/39

1,715

Series

-

2020

1MW

(Class

A)

2,169,000

(a),(e)

Menora

Mivtachim

Holdings

Ltd

4.070

02/17/55

1,134

Series

-

2022

C1

(Class

360D)

132,191

(a)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

56

Series

-

2007

IQ16

(Class

AJFX)

892,660

(a),(e)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

756

Series

-

2021

4

(Class

A4)

3,752,797

(a),(e)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

2,762

Series

-

2021

5

(Class

A9)

2,777,295

(a),(e)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

2,352

Series

-

2021

6

(Class

A4)

2,429,205

(a),(e)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,788

Series

-

2021

6

(Class

A9)

3,000,000

(a),(e)

MSDB

Trust

3.427

07/11/39

2,548

Series

-

2017

712F

(Class

A)

4,880,929

(a),(e)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5.915

07/15/36

4,465

Series

-

2019

MILE

(Class

A)

6,750,000

(a),(e)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7.212

07/15/36

5,804

Series

-

2019

MILE

(Class

B)

4,250,000

(a),(e)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7.612

07/15/36

3,449

Series

-

2019

MILE

(Class

C)

313

See

Notes

to

Portfolio

of

Investments

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,800,000

(a),(e)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.579%

8.912

%

07/15/36

$

7,027

Series

-

2019

MILE

(Class

E)

1,500,000

(a),(e)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

4.329%

9.662

07/15/36

998

Series

-

2019

MILE

(Class

F)

431,061

(a),(e)

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

399

Series

-

2019

NQM4

(Class

A3)

470,000

(a),(e)

New

Residential

Mortgage

Loan

Trust

2.986

09/25/59

388

Series

-

2019

NQM4

(Class

M1)

33,972

(a)

New

York

Mortgage

Trust

SOFR

1

M

+

0.594%

5.914

02/25/36

33

Series

-

2005

3

(Class

A1)

5,050,453

(a),(e)

OBX

Trust

2.500

07/25/51

3,717

Series

-

2021

J2

(Class

A19)

299,664

(a),(e)

OBX

Trust

SOFR

1

M

+

0.764%

4.658

06/25/57

285

Series

-

2018

1

(Class

A2)

1,533,710

(a),(e)

Oceanview

Mortgage

Trust

2.500

05/25/51

1,129

Series

-

2021

1

(Class

A19)

1,776,272

(a),(e)

Oceanview

Mortgage

Trust

4.500

11/25/52

1,584

Series

-

2022

1

(Class

A1)

11,800,000

(e)

One

Bryant

Park

Trust

2.516

09/15/54

9,399

Series

-

2019

OBP

(Class

A)

4,699,000

(e)

One

Market

Plaza

Trust

3.614

02/10/32

4,344

Series

-

2017

1MKT

(Class

A)

1,000,000

(e)

One

Market

Plaza

Trust

3.845

02/10/32

884

Series

-

2017

1MKT

(Class

B)

2,000,000

(e)

One

Market

Plaza

Trust

4.146

02/10/32

1,644

Series

-

2017

1MKT

(Class

D)

4,906,220

(a),(e)

RCKT

Mortgage

Trust

2.500

09/25/51

3,623

Series

-

2021

4

(Class

A21)

6,817,369

(a),(e)

RCKT

Mortgage

Trust

2.500

02/25/52

5,017

Series

-

2022

2

(Class

A22)

5,195,995

(a),(e)

RCKT

Mortgage

Trust

3.500

06/25/52

4,181

Series

-

2022

4

(Class

A22)

425,493

(a),(e)

Sequoia

Mortgage

Trust

3.500

05/25/45

374

Series

-

2015

2

(Class

A1)

187,344

(a),(e)

Sequoia

Mortgage

Trust

3.500

06/25/46

162

Series

-

2016

1

(Class

A19)

638,433

(a),(e)

Sequoia

Mortgage

Trust

3.726

09/25/47

573

Series

-

2017

6

(Class

B1)

10,318

(a),(e)

Sequoia

Mortgage

Trust

4.000

09/25/48

9

Series

-

2018

7

(Class

A19)

71,057

(a),(e)

Sequoia

Mortgage

Trust

4.000

06/25/49

64

Series

-

2019

2

(Class

A19)

173,146

(a),(e)

Sequoia

Mortgage

Trust

3.500

12/25/49

149

Series

-

2019

5

(Class

A19)

1,404,433

(a),(e)

Sequoia

Mortgage

Trust

3.000

04/25/50

1,127

Series

-

2020

3

(Class

A19)

2,865,866

(a),(e)

Sequoia

Mortgage

Trust

2.500

06/25/51

2,109

Series

-

2021

4

(Class

A19)

273,729

(a),(e)

Shellpoint

Co-Originator

Trust

3.500

10/25/47

236

Series

-

2017

2

(Class

A1)

78,068,000

(a),(e)

SLG

Office

Trust

0.258

07/15/41

1,106

Series

-

2021

OVA

(Class

X)

1,125,000

(a),(e)

STWD

Mortgage

Trust

SOFR

1

M

+

1.371%

6.704

11/15/36

1,094

Series

-

2021

LIH

(Class

AS)

4,000,000

(e)

SUMIT

Mortgage

Trust

2.789

02/12/41

3,055

Series

-

2022

BVUE

(Class

A)

982,000

(a),(e)

Verus

Securitization

Trust

3.207

11/25/59

858

Series

-

2019

4

(Class

M1)

411,616

(e)

Verus

Securitization

Trust

1.733

05/25/65

379

Series

-

2020

5

(Class

A3)

2,528,332

(a),(e)

Verus

Securitization

Trust

2.240

10/25/66

2,027

Series

-

2021

7

(Class

A3)

CREF

Social

Choice

Account

September

30,

2023

314

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

49,125

(a),(e)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

%

04/25/49

$

45

Series

-

2019

2

(Class

A17)

448,740

(a),(e)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

359

Series

-

2020

4

(Class

A17)

6,801,341

(a),(e)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

5,005

Series

-

2021

2

(Class

A17)

2,343,191

(a),(e)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

1,724

Series

-

2022

2

(Class

A18)

145,780

(a),(e)

WinWater

Mortgage

Loan

Trust

3.919

06/20/44

114

Series

-

2014

1

(Class

B4)

3,366,294

(a),(e)

Woodward

Capital

Management

3.000

05/25/52

2,597

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

607,352

TOTAL

STRUCTURED

ASSETS

874,558

(Cost

$1,015,960)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

58.4%

AUTOMOBILES

&

COMPONENTS

-

1.8%

261,171

(j)

American

Axle

&

Manufacturing

Holdings,

Inc

1,896

153,429

(j)

Aptiv

plc

15,127

165,028

Bayerische

Motoren

Werke

AG.

16,761

71,908

Bayerische

Motoren

Werke

AG.

(Preference)

6,693

359,500

Bridgestone

Corp

14,009

473,301

Cie

Generale

des

Etablissements

Michelin

S.C.A

14,486

310,818

Daimler

AG.

(Registered)

21,632

110,268

Dr

ING

hc

F

Porsche

AG.

10,346

1,777,800

Honda

Motor

Co

Ltd

20,000

229,211

Magna

International,

Inc

12,284

103,023

(j)

Modine

Manufacturing

Co

4,713

416,843

(f),(j)

Rivian

Automotive,

Inc

10,121

682,600

(j)

Tesla,

Inc

170,800

1,462,700

(j)

Toyota

Motor

Corp

26,241

259,359

Valeo

4,451

10,023

Yamaha

Motor

Co

Ltd

264

TOTAL

AUTOMOBILES

&

COMPONENTS

349,824

BANKS

-

2.9%

2,364

Ameris

Bancorp

91

1,247,612

Australia

&

New

Zealand

Banking

Group

Ltd

20,463

2,597,502

Banco

Bilbao

Vizcaya

Argentaria

S.A.

21,021

20,196

(j)

Bancorp,

Inc

697

1,543,348

Bank

Hapoalim

Ltd

13,751

273,546

Bank

of

Montreal

23,076

474,689

(f)

Bank

of

Nova

Scotia

21,277

65,681

Bank

OZK

2,435

2,405

Banner

Corp

102

56,868

Berkshire

Hills

Bancorp,

Inc

1,140

3,985,500

BOC

Hong

Kong

Holdings

Ltd

10,880

1,840

Cadence

Bank

39

6,038

(f)

Camden

National

Corp

170

453,829

(f)

Canadian

Imperial

Bank

of

Commerce

17,518

1,162,585

Citigroup,

Inc

47,817

1,366

Citizens

Financial

Group,

Inc

37

2,120

Columbia

Banking

System,

Inc

43

823

Commerce

Bancshares,

Inc

40

239,251

Commonwealth

Bank

of

Australia

15,282

889

Community

Trust

Bancorp,

Inc

31

52,059

(j)

Customers

Bancorp,

Inc

1,793

315

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

276,950

DNB

Bank

ASA

$

5,564

270,724

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

9,350

7,030

First

Busey

Corp

135

1,019

Glacier

Bancorp,

Inc

29

1,984

Hancock

Whitney

Corp

73

808,000

Hang

Seng

Bank

Ltd

10,025

4,964

Heritage

Financial

Corp

81

5,576,377

HSBC

Holdings

plc

43,637

381,375

Huntington

Bancshares,

Inc

3,966

7,280,998

Intesa

Sanpaolo

S.p.A.

18,648

342,883

JPMorgan

Chase

&

Co

49,725

213,724

KBC

Groep

NV

13,306

2,557

Keycorp

28

1,069,600

Mizuho

Financial

Group,

Inc

18,160

30,945

National

Bank

Holdings

Corp

921

138,079

National

Bank

of

Canada

9,173

9,051

Old

National

Bancorp

132

1,766,267

Oversea-Chinese

Banking

Corp

16,518

288,000

PNC

Financial

Services

Group,

Inc

35,358

949,057

Regions

Financial

Corp

16,324

1,643,600

Resona

Holdings,

Inc

9,088

523,809

Societe

Generale

12,675

1,717,099

Standard

Chartered

plc

15,793

313,100

Sumitomo

Mitsui

Trust

Holdings,

Inc

11,787

1,549,321

Svenska

Handelsbanken

AB

13,786

2,226

(j)

Texas

Capital

Bancshares,

Inc

131

558,064

(f)

Toronto-Dominion

Bank

33,622

4,787

Trico

Bancshares

153

527,068

Truist

Financial

Corp

15,079

2,114

UMB

Financial

Corp

131

18,027

Univest

Financial

Corp

313

2,021

(f)

Westamerica

Bancorporation

87

1,110

Wintrust

Financial

Corp

84

TOTAL

BANKS

561,585

CAPITAL

GOODS

-

4.2%

465,383

3M

Co

43,569

362

A.O.

Smith

Corp

24

588,895

ABB

Ltd

21,020

790

Acuity

Brands,

Inc

135

247

Allegion

plc

26

181,708

Ashtead

Group

plc

11,019

510,377

Assa

Abloy

AB

11,090

1,130,260

Atlas

Copco

AB

13,218

1,169,208

Atlas

Copco

AB

15,703

68,467

(j)

Axon

Enterprise,

Inc

13,624

688

(j)

Beacon

Roofing

Supply,

Inc

53

11,104

(f),(j)

Bloom

Energy

Corp

147

272,149

Bouygues

S.A.

9,516

39,132

Brenntag

SE

3,028

405,909

(j)

CAE,

Inc

9,476

343,933

Carrier

Global

Corp

18,985

247,266

Caterpillar,

Inc

67,504

874,427

CNH

Industrial

NV

10,615

50,104

Cummins,

Inc

11,447

79,916

Curtiss-Wright

Corp

15,634

900

Daifuku

Co

Ltd

17

81,100

Daikin

Industries

Ltd

12,714

92,545

DCC

plc

5,182

149,464

Deere

&

Co

56,405

396

Dover

Corp

55

253,220

Eaton

Corp

plc

54,007

CREF

Social

Choice

Account

September

30,

2023

316

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

98,775

Eiffage

S.A.

$

9,375

1,733

EMCOR

Group,

Inc

365

68,952

Emerson

Electric

Co

6,659

1,823

Epiroc

AB

35

46,955

Fanuc

Ltd

1,221

166,626

Fastenal

Co

9,104

576

Ferguson

plc

95

136,688

Fortive

Corp

10,137

1,653

Fortune

Brands

Innovations,

Inc

103

4,591

Geberit

AG.

2,289

46,636

(j)

Generac

Holdings,

Inc

5,081

151,824

(j)

Great

Lakes

Dredge

&

Dock

Corp

1,210

174,483

Hexcel

Corp

11,366

1,155

(f)

Husqvarna

AB

(B

Shares)

9

2,459

IDEX

Corp

512

223,275

Illinois

Tool

Works,

Inc

51,422

1,115

Ingersoll

Rand,

Inc

71

400,030

Johnson

Controls

International

plc

21,286

1,076,270

Keppel

Corp

Ltd

5,345

346,500

Komatsu

Ltd

9,346

282,335

(j)

Kratos

Defense

&

Security

Solutions,

Inc

4,241

383,900

Kubota

Corp

5,647

289

Kurita

Water

Industries

Ltd

10

161,080

Legrand

S.A.

14,801

86

Lennox

International,

Inc

32

794

LIXIL

Group

Corp

9

14,172

Luxfer

Holdings

plc

185

50,237

(j)

Manitowoc

Co,

Inc

756

874,400

Marubeni

Corp

13,630

240,083

Masco

Corp

12,832

109,661

(j)

Mercury

Computer

Systems,

Inc

4,067

52,107

Metso

Outotec

Oyj

546

352,300

Mitsui

&

Co

Ltd

12,778

9,935

Moog,

Inc

(Class

A)

1,122

13,816

(j)

MYR

Group,

Inc

1,862

658

NGK

Insulators

Ltd

9

147,555

Nibe

Industrier

AB

965

333,800

Obayashi

Corp

2,937

9,277

Owens

Corning,

Inc

1,265

129,844

PACCAR,

Inc

11,039

455

Pentair

plc

29

60,083

(j)

Proto

Labs,

Inc

1,586

30,911

Quanta

Services,

Inc

5,783

54,484

Rockwell

Automation,

Inc

15,575

7,116

Rush

Enterprises,

Inc

(Class

A)

291

127,111

Sandvik

AB

2,339

177,823

Schneider

Electric

S.A.

29,304

47,938,119

(j)

SembCorp

Marine

Ltd

4,687

355,600

Shimizu

Corp

2,470

229,311

Siemens

AG.

32,771

18,061

SKF

AB

(B

Shares)

300

13,039

Snap-On,

Inc

3,326

227

Toromont

Industries

Ltd

18

392

Toto

Ltd

10

97,647

Trane

Technologies

plc

19,814

146,892

(j)

Triumph

Group,

Inc

1,125

42,767

United

Rentals,

Inc

19,013

24,341

(j)

V2X,

Inc

1,257

229,354

Vestas

Wind

Systems

A.S.

4,907

697,434

Volvo

AB

(B

Shares)

14,366

18,180

W.W.

Grainger,

Inc

12,578

1,964

Wabash

National

Corp

41

317

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

295,210

Wartsila

Oyj

(B

Shares)

$

3,346

50,826

Woodward

Inc

6,316

40,621

(f)

WSP

Global,

Inc

5,733

49,681

Xylem,

Inc

4,522

700

Yaskawa

Electric

Corp

25

TOTAL

CAPITAL

GOODS

829,509

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

834

ABM

Industries,

Inc

33

33,977

ACCO

Brands

Corp

195

1,000

(j)

ASGN,

Inc

82

241,329

Automatic

Data

Processing,

Inc

58,059

372

Booz

Allen

Hamilton

Holding

Corp

41

3,969

Brambles

Ltd

36

369,489

Bureau

Veritas

S.A.

9,162

274,481

Computershare

Ltd

4,574

1,055,441

(j)

Copart,

Inc

45,479

23,184

CSG

Systems

International,

Inc

1,185

614

Dai

Nippon

Printing

Co

Ltd

16

187,075

(j)

ExlService

Holdings,

Inc

5,246

50,199

(j)

FTI

Consulting,

Inc

8,956

5,059

Heidrick

&

Struggles

International,

Inc

127

44,488

Intertek

Group

plc

2,225

45,168

Kelly

Services,

Inc

(Class

A)

822

50,425

(j)

Liquidity

Services,

Inc

888

188,119

(j)

OPENLANE,

Inc

2,807

37,996

Randstad

Holdings

NV

2,099

29,564

RB

Global,

Inc

1,851

288,600

Recruit

Holdings

Co

Ltd

8,830

695,611

RELX

plc

23,470

62,095

Robert

Half

International,

Inc

4,550

97,700

SGS

S.A.

8,200

20,295

(f),(j)

Sterling

Check

Corp

256

61,984

Teleperformance

7,782

106,906

Thomson

Reuters

Corp

13,078

166,652

TransUnion

11,964

2,948

(j)

TriNet

Group,

Inc

343

19,721

Verisk

Analytics,

Inc

4,659

203,742

Waste

Management,

Inc

31,058

30,531

Wolters

Kluwer

NV

3,697

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

261,770

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.8%

45,506

(j)

1-800-FLOWERS.COM,

Inc

(Class

A)

319

1,759,100

(j)

Amazon.com,

Inc

223,617

568

(j)

Autozone,

Inc

1,443

621

Best

Buy

Co,

Inc

43

184

(j)

Burlington

Stores,

Inc

25

158

Canadian

Tire

Corp

Ltd

17

2,874

(j)

Carmax,

Inc

203

28,621

Dieteren

S.A.

4,825

34,769

Dollarama,

Inc

2,396

397,369

eBay,

Inc

17,520

41,100

Fast

Retailing

Co

Ltd

8,952

8,815

(j)

Five

Below,

Inc

1,418

29,570

(j)

Genesco,

Inc

911

679

Genuine

Parts

Co

98

289,675

(f)

Hennes

&

Mauritz

AB

(B

Shares)

4,108

316,989

Home

Depot,

Inc

95,781

502,909

Industria

de

Diseno

Textil

S.A.

18,714

5,813

Kingfisher

plc

16

109,818

LKQ

Corp

5,437

CREF

Social

Choice

Account

September

30,

2023

318

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

295,936

Lowe's

Cos,

Inc

$

61,507

44,620

(j)

MarineMax,

Inc

1,464

370

(j)

Mercadolibre,

Inc

469

366

Next

plc

32

4,853

Pool

Corp

1,728

654,845

(j)

Prosus

NV

19,296

1,746

(j)

Sally

Beauty

Holdings,

Inc

15

34,896

Shoe

Carnival,

Inc

839

654,364

TJX

Cos,

Inc

58,160

21,945

Tractor

Supply

Co

4,456

186,836

Wesfarmers

Ltd

6,323

1,197

Winmark

Corp

447

19,020

(e),(j)

Zalando

SE

423

20,869

(j)

Zumiez,

Inc

371

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

541,373

CONSUMER

DURABLES

&

APPAREL

-

0.8%

74,165

Adidas-Salomon

AG.

13,009

385,655

Barratt

Developments

plc

2,068

68,119

Berkeley

Group

Holdings

plc

3,402

308,453

Burberry

Group

plc

7,148

33,385

(j)

Crocs,

Inc

2,945

9,091

(j)

Deckers

Outdoor

Corp

4,674

524

Gildan

Activewear,

Inc

15

58,468

(j)

GoPro,

Inc

183

55,526

(j)

Green

Brick

Partners,

Inc

2,305

804

Hasbro,

Inc

53

12,004

Hermes

International

21,881

32,983

(j)

iRobot

Corp

1,250

35,317

Kering

16,047

18,915

(j)

Lovesac

Co

377

37,921

(j)

Lululemon

Athletica,

Inc

14,623

156,205

Moncler

S.p.A

9,053

2,173

(j)

NVR,

Inc

12,958

1,300,600

Panasonic

Corp

14,681

262

Pandora

A.S.

27

880

Persimmon

plc

11

714

Pulte

Homes,

Inc

53

18,601

Puma

AG.

Rudolf

Dassler

Sport

1,150

2,388

PVH

Corp

183

1,026

Sekisui

Chemical

Co

Ltd

15

237,400

Sekisui

House

Ltd

4,725

178,782

(j)

Sonos,

Inc

2,308

367,400

Sony

Corp

30,044

1,076,998

Taylor

Wimpey

plc

1,536

77,585

(j)

Traeger,

Inc

212

2,785

VF

Corp

49

389

Yamaha

Corp

11

TOTAL

CONSUMER

DURABLES

&

APPAREL

166,996

CONSUMER

SERVICES

-

1.3%

232,680

Accor

S.A.

7,826

38,630

ADT,

Inc

232

244,616

Amadeus

IT

Holding

S.A.

14,775

20,071

(j)

Booking

Holdings,

Inc

61,898

46,693

(j)

Bright

Horizons

Family

Solutions,

Inc

3,804

33,285

Carriage

Services,

Inc

940

711,559

Compass

Group

plc

17,320

93,670

(j)

Dave

&

Buster's

Entertainment,

Inc

3,472

318,785

Hilton

Worldwide

Holdings,

Inc

47,875

575

IDP

Education

Ltd

8

109,464

InterContinental

Hotels

Group

plc

8,095

319

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

490,000

Oriental

Land

Co

Ltd

$

16,076

36,334

(j)

Planet

Fitness,

Inc

1,787

3,541

(j)

Shake

Shack,

Inc

206

97,286

(j)

Six

Flags

Entertainment

Corp

2,287

572,773

Starbucks

Corp

52,277

26,591

Vail

Resorts,

Inc

5,900

129,335

Whitbread

plc

5,444

25,481

Wingstop,

Inc

4,583

78,946

Yum!

Brands,

Inc

9,864

TOTAL

CONSUMER

SERVICES

264,669

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.7%

232,500

Aeon

Co

Ltd

4,605

361,939

Alimentation

Couche-Tard,

Inc

18,381

238,533

(j)

BJ's

Wholesale

Club

Holdings,

Inc

17,024

818,506

Coles

Group

Ltd

8,169

2,126,476

J

Sainsbury

plc

6,549

752

Kesko

Oyj

(B

Shares)

14

5,063

Kroger

Co

227

6,600

Matsumotokiyoshi

Holdings

Co

Ltd

118

140,441

Metro,

Inc

7,294

109,854

(j)

Performance

Food

Group

Co

6,466

51,446

Pricesmart,

Inc

3,829

81,987

SpartanNash

Co

1,804

225,859

(j)

Sprouts

Farmers

Market,

Inc

9,667

307,723

Target

Corp

34,025

123,985

(j)

United

Natural

Foods,

Inc

1,753

346,003

(j)

US

Foods

Holding

Corp

13,736

649,626

Woolworths

Ltd

15,553

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

149,214

ENERGY

-

3.3%

361,423

Antero

Midstream

Corp

4,330

168,814

APA

Corp

6,938

343,310

(f)

ARC

Resources

Ltd

5,480

365,244

Baker

Hughes

Co

12,900

731,836

Cenovus

Energy,

Inc

(Toronto)

15,237

3,725

ChampionX

Corp

133

172,979

Cheniere

Energy,

Inc

28,708

289,232

Chevron

Corp

48,770

235,164

(j)

Clean

Energy

Fuels

Corp

901

565,683

ConocoPhillips

67,769

2,773

Delek

US

Holdings,

Inc

79

207,712

Devon

Energy

Corp

9,908

36,565

(j)

DMC

Global,

Inc

895

52,213

(j)

Dril-Quip,

Inc

1,471

691,684

Enbridge,

Inc

22,941

253,956

EOG

Resources,

Inc

32,191

294,330

EQT

Corp

11,944

416,218

Equinor

ASA

13,640

584,895

Galp

Energia

SGPS

S.A.

8,663

1,424

Halliburton

Co

58

134,424

Hess

Corp

20,567

212,089

(f)

Imperial

Oil

Ltd

13,063

248,000

Inpex

Holdings,

Inc

3,720

6,419

(f)

Keyera

Corp

151

1,330,698

Kinder

Morgan,

Inc

22,063

945,307

(j)

Kosmos

Energy

Ltd

7,733

1,874

Marathon

Oil

Corp

50

146,987

Marathon

Petroleum

Corp

22,245

338,424

(f)

Neste

Oil

Oyj

11,462

446,162

NOV,

Inc

9,325

CREF

Social

Choice

Account

September

30,

2023

320

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,830

(j)

Oceaneering

International,

Inc

$

150

114,033

OMV

AG.

5,447

26,543

ONEOK,

Inc

1,684

703

Ovintiv,

Inc

33

170,132

Parkland

Corp

4,976

182,711

Pembina

Pipeline

Corp

5,494

1,331

Phillips

66

160

113,934

Pioneer

Natural

Resources

Co

26,153

636,028

Schlumberger

Ltd

37,080

1,290,892

Shell

plc

40,914

522,200

Suncor

Energy,

Inc

17,958

641,090

Total

S.A.

42,151

219,963

Valero

Energy

Corp

31,171

80,303

(j)

Weatherford

International

plc

7,254

742,877

Woodside

Energy

Group

Ltd

17,273

TOTAL

ENERGY

641,233

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.2%

267,147

American

Tower

Corp

43,932

817

Boston

Properties,

Inc

49

63,675

Brixmor

Property

Group,

Inc

1,323

2,405,177

CapitaMall

Trust

3,246

71,293

Crown

Castle,

Inc

6,561

2,975

Dexus

Property

Group

14

401,487

DiamondRock

Hospitality

Co

3,224

784

Digital

Realty

Trust,

Inc

95

11,518

(f)

Douglas

Emmett,

Inc

147

50,973

Equinix,

Inc

37,020

46,383

First

Industrial

Realty

Trust,

Inc

2,207

63,273

Fonciere

Des

Regions

2,807

57,595

Gecina

S.A.

5,872

952,831

Goodman

Group

13,059

688,636

GPT

Group

1,715

1,804

Healthpeak

Properties,

Inc

33

1,608

(j)

Howard

Hughes

Holdings,

Inc

119

945

Iron

Mountain,

Inc

56

4,380

Kilroy

Realty

Corp

138

269,497

Klepierre

6,599

204,332

Macerich

Co

2,229

1,050,750

Mirvac

Group

1,428

354,372

Park

Hotels

&

Resorts,

Inc

4,366

7,536

PotlatchDeltic

Corp

342

450,959

Prologis,

Inc

50,602

7,120

Safehold,

Inc

127

298

SBA

Communications

Corp

60

150,858

Scentre

Group

237

151,016

Segro

plc

1,320

6,604

Stockland

Trust

Group

16

148,462

(j)

Unibail-Rodamco-Westfield

7,301

190,252

Vicinity

Ltd

206

249,081

Welltower,

Inc

20,405

328,524

Weyerhaeuser

Co

10,073

63,158

(f)

Xenia

Hotels

&

Resorts,

Inc

744

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

227,672

FINANCIAL

SERVICES

-

4.3%

622,432

3i

Group

plc

15,667

2,388,396

abrdn

plc

4,513

3,076

Ally

Financial,

Inc

82

353,445

American

Express

Co

52,730

85,693

Ameriprise

Financial,

Inc

28,251

6,128

Annaly

Capital

Management,

Inc

115

321

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

536

Australian

Stock

Exchange

Ltd

$

20

707,987

Bank

of

New

York

Mellon

Corp

30,196

84,415

BlackRock,

Inc

54,573

84,822

Deutsche

Boerse

AG.

14,649

250,422

Discover

Financial

Services

21,694

54,588

Eurazeo

3,248

11,976

Factset

Research

Systems,

Inc

5,237

408,361

Fidelity

National

Information

Services,

Inc

22,570

3,347

Franklin

Resources,

Inc

82

179,888

Goldman

Sachs

Group,

Inc

58,206

10,629

(j)

Green

Dot

Corp

148

334,646

Hong

Kong

Exchanges

and

Clearing

Ltd

12,420

458,595

Intercontinental

Exchange,

Inc

50,455

1,416

Invesco

Ltd

21

166,684

London

Stock

Exchange

Group

plc

16,706

221

LPL

Financial

Holdings,

Inc

53

147,247

Macquarie

Group

Ltd

15,768

260

MarketAxess

Holdings,

Inc

56

260,448

Mastercard,

Inc

(Class

A)

103,114

109,702

Moody's

Corp

34,685

681,821

Morgan

Stanley

55,684

17,431

(j)

Mr

Cooper

Group,

Inc

934

96,535

Nasdaq

Stock

Market,

Inc

4,691

2,220,800

(j)

Nomura

Holdings,

Inc

8,893

1,142

Northern

Trust

Corp

79

654,090

ORIX

Corp

12,213

531,725

(j)

PayPal

Holdings,

Inc

31,085

5,978

(j)

PRA

Group,

Inc

115

2,150

(j)

PROG

Holdings,

Inc

71

162,513

S&P

Global,

Inc

59,384

656,988

Schroders

plc

3,246

2,200

Singapore

Exchange

Ltd

16

117,442

St.

James's

Place

plc

1,185

171,253

State

Street

Corp

11,467

1,437

Synchrony

Financial

44

91,231

T

Rowe

Price

Group,

Inc

9,567

770

TMX

Group

Ltd

17

1,090,824

UBS

Group

AG

26,869

234,042

Visa,

Inc

(Class

A)

53,832

35,477

Voya

Financial,

Inc

2,357

32,327

Wendel

2,555

68,702

(j)

WEX,

Inc

12,922

TOTAL

FINANCIAL

SERVICES

842,485

FOOD,

BEVERAGE

&

TOBACCO

-

2.2%

358,263

Ajinomoto

Co,

Inc

13,814

99,513

Archer-Daniels-Midland

Co

7,505

1,758

Bunge

Ltd

190

70,181

Campbell

Soup

Co

2,883

1,373,503

Coca-Cola

Co

76,889

205,158

(j)

Coca-Cola

Europacific

Partners

plc

12,818

279,246

Coca-Cola

HBC

AG.

7,636

1,330

ConAgra

Brands,

Inc

37

317,067

Danone

17,489

15,327

(j)

Darling

International,

Inc

800

52,370

Fresh

Del

Monte

Produce,

Inc

1,353

568,232

General

Mills,

Inc

36,361

291,526

Hormel

Foods

Corp

11,087

185,284

Kellogg

Co

11,026

144,570

Kerry

Group

plc

(Class

A)

12,079

2,155

Keurig

Dr

Pepper,

Inc

68

173,000

Kikkoman

Corp

9,067

CREF

Social

Choice

Account

September

30,

2023

322

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

266,040

Lamb

Weston

Holdings,

Inc

$

24,598

100,963

McCormick

&

Co,

Inc

7,637

116,254

Mowi

ASA

2,055

653,944

Nestle

S.A.

74,024

74,000

Nissin

Food

Products

Co

Ltd

6,149

304,982

Orkla

ASA

2,278

480,121

PepsiCo,

Inc

81,352

170,400

Suntory

Beverage

&

Food

Ltd

5,186

12,328

(j)

TreeHouse

Foods,

Inc

537

16,271

(j)

Vital

Farms,

Inc

188

2,330,714

Wilmar

International

Ltd

6,343

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

431,449

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.4%

138,102

(j)

Accolade,

Inc

1,461

155,988

Amplifon

S.p.A.

4,617

70,373

(j)

Angiodynamics,

Inc

514

8,730

(j)

AtriCure,

Inc

382

1,376

Baxter

International,

Inc

52

51,898

BioMerieux

5,021

381,856

(f),(j)

Brookdale

Senior

Living,

Inc

1,581

50,422

Carl

Zeiss

Meditec

AG.

4,395

46,122

(j)

Castle

Biosciences,

Inc

779

354,493

(j)

Cerus

Corp

574

118,263

Cigna

Group

33,832

23,683

Cochlear

Ltd

3,879

72,282

Coloplast

A.S.

7,649

72,482

(f),(j)

CryoLife,

Inc

1,099

188

(j)

DaVita,

Inc

18

67,021

(j)

Demant

A.S.

2,767

255,295

(j)

DexCom,

Inc

23,819

45,242

EBOS

Group

Ltd

927

521,940

(j)

Edwards

Lifesciences

Corp

36,160

128,806

Elevance

Health,

Inc

56,085

119,837

(j)

Enhabit,

Inc

1,348

195,620

(j)

Envista

Holdings

Corp

5,454

44,000

(j)

Fulgent

Genetics,

Inc

1,177

13,596

(j)

Globus

Medical,

Inc

675

141,709

HCA,

Inc

34,858

113,131

(j)

Health

Catalyst,

Inc

1,145

25,660

(j)

Henry

Schein,

Inc

1,905

130,193

(j)

Hologic,

Inc

9,035

104,900

(j)

Hoya

Corp

10,744

70,031

(j)

IDEXX

Laboratories,

Inc

30,622

527

(j)

Insulet

Corp

84

53,833

Laboratory

Corp

of

America

Holdings

10,823

34,725

LeMaitre

Vascular,

Inc

1,892

8,932

(j)

LivaNova

plc

472

49,253

(j)

Merit

Medical

Systems,

Inc

3,399

161

(j)

Molina

Healthcare,

Inc

53

179,941

(j)

NeoGenomics,

Inc

2,213

76,842

(j)

Nevro

Corp

1,477

125,684

(j)

NextGen

Healthcare,

Inc

2,982

91,959

(j)

Omnicell,

Inc

4,142

832,141

(f),(j)

Opko

Health,

Inc

1,331

143,905

(j)

OraSure

Technologies,

Inc

853

69,413

(j)

Orthofix

Medical,

Inc

893

111,047

(j)

Outset

Medical,

Inc

1,208

16,134

(j)

Pennant

Group,

Inc

180

17,940

(j)

Penumbra,

Inc

4,340

72,016

(j)

Pulmonx

Corp

744

31,912

Quest

Diagnostics,

Inc

3,889

323

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

167,024

Ramsay

Health

Care

Ltd

$

5,544

96,740

Resmed,

Inc

14,305

1,485

(j)

Shockwave

Medical,

Inc

296

69,700

(j)

SI-BONE,

Inc

1,480

212,936

Sonic

Healthcare

Ltd

4,066

47,094

Sonova

Holdings

AG

11,146

24,596

(j)

STAAR

Surgical

Co

988

38,565

STERIS

plc

8,462

62,900

Sysmex

Corp

2,989

53,992

(j)

Teladoc

Health,

Inc

1,004

215,686

Terumo

Corp

5,709

14,134

(j)

UFP

Technologies,

Inc

2,282

178,510

UnitedHealth

Group,

Inc

90,003

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

471,823

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

929

Church

&

Dwight

Co,

Inc

85

589

Clorox

Co

77

364,152

Colgate-Palmolive

Co

25,895

340,276

Essity

AB

7,339

43,707

Henkel

KGaA

2,756

42,864

Henkel

KGaA

(Preference)

3,053

172,700

Kao

Corp

6,401

77,188

Kimberly-Clark

Corp

9,328

74,817

L'Oreal

S.A.

31,005

717,728

Procter

&

Gamble

Co

104,688

193,300

Shiseido

Co

Ltd

6,774

138,700

Uni-Charm

Corp

4,904

688,144

Unilever

plc

34,040

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

236,345

INSURANCE

-

1.9%

1,969,389

Aegon

NV

9,492

2,579,000

AIA

Group

Ltd

20,857

128,622

Allianz

AG.

30,609

728,290

Assicurazioni

Generali

S.p.A.

14,866

147

(f)

Assurant,

Inc

21

742,699

AXA

S.A.

22,035

1,011,836

(j)

Genworth

Financial,

Inc

(Class

A)

5,929

914

Hartford

Financial

Services

Group,

Inc

65

1,068

Insurance

Australia

Group

Ltd

4

4,265,379

Legal

&

General

Group

plc

11,509

302,689

Marsh

&

McLennan

Cos,

Inc

57,602

82,300

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

3,012

48,605

Muenchener

Rueckver

AG.

18,929

225,357

NN

Group

NV

7,225

720

Principal

Financial

Group

52

347,092

Progressive

Corp

48,350

375,155

Prudential

Financial,

Inc

35,598

305,354

QBE

Insurance

Group

Ltd

3,059

149,200

Sompo

Holdings,

Inc

6,394

77,096

Sun

Life

Financial,

Inc

3,762

20,793

Swiss

Life

Holding

12,937

121,443

Swiss

Re

AG.

12,472

99,600

Tokio

Marine

Holdings,

Inc

2,306

179,997

Travelers

Cos,

Inc

29,395

49,200

Zurich

Insurance

Group

AG

22,512

TOTAL

INSURANCE

378,992

MATERIALS

-

2.6%

148,430

Agnico-Eagle

Mines

Ltd

6,745

502

Akzo

Nobel

NV

36

CREF

Social

Choice

Account

September

30,

2023

324

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,175

(j)

Allegheny

Technologies,

Inc

$

1,242

19,088

Amcor

plc

175

562,462

Anglo

American

plc

15,445

478,842

Antofagasta

plc

8,313

12,214

Aptargroup,

Inc

1,527

480,800

Asahi

Kasei

Corp

3,026

490,041

Ball

Corp

24,394

220,460

BlueScope

Steel

Ltd

2,730

274,151

Boliden

AB

7,867

290

Chr

Hansen

Holding

A/S

18

103,486

Clariant

AG.

1,632

19,088

(j)

Coeur

Mining,

Inc

42

1,679

Compass

Minerals

International,

Inc

47

84,048

(e)

Covestro

AG.

4,520

333,726

(d),(j)

CRH

plc

18,265

41,736

Croda

International

plc

2,493

137,890

Dow,

Inc

7,110

45,775

DSM-Firmenich

AG.

3,868

271,171

Ecolab,

Inc

45,936

116,733

Endeavour

Mining

plc

2,253

176,670

Evonik

Industries

AG.

3,222

1,040,316

Fortescue

Metals

Group

Ltd

13,829

56,667

Franco-Nevada

Corp

7,565

3,439

Givaudan

S.A.

11,197

114,550

HeidelbergCement

AG.

8,872

111,533

Holcim

Ltd

7,139

37,584

Holmen

AB

1,461

190,067

Independence

Group

NL

1,525

71,203

International

Flavors

&

Fragrances,

Inc

4,854

1,576

International

Paper

Co

56

1,233

James

Hardie

Industries

plc

32

309,800

JFE

Holdings,

Inc

4,537

11,455

Johnson

Matthey

plc

227

221,890

JSR

Corp

5,953

50,247

Koppers

Holdings,

Inc

1,987

202,252

Linde

plc

75,309

21,361

Martin

Marietta

Materials,

Inc

8,768

181,711

Mineral

Resources

Ltd

7,803

306,342

Mitsubishi

Chemical

Holdings

Corp

1,930

602

Mitsui

Chemicals,

Inc

16

158,819

Mondi

plc

2,649

605,266

Newcrest

Mining

Ltd

9,537

536,937

Newmont

Goldcorp

Corp

19,840

735,500

Nippon

Paint

Co

Ltd

4,940

89,700

Nitto

Denko

Corp

5,882

1,499,635

Norsk

Hydro

ASA

9,384

375,868

Northern

Star

Resources

Ltd

2,496

566

Novozymes

A.S.

23

226,906

Nucor

Corp

35,477

220,547

(f)

Nutrien

Ltd

13,620

1,122

Orica

Ltd

11

905,449

(f)

Pilbara

Minerals

Ltd

2,470

27,126

PPG

Industries,

Inc

3,521

79,314

(j)

Ranpak

Holdings

Corp

431

11,927

Royal

Gold,

Inc

1,268

5,386

Schnitzer

Steel

Industries,

Inc

(Class

A)

150

584,000

Shin-Etsu

Chemical

Co

Ltd

16,963

74,729

SIG

Group

AG.

1,841

58,204

Sika

AG.

14,747

678

Smurfit

Kappa

Group

plc

23

527

Steel

Dynamics,

Inc

57

152,065

Stora

Enso

Oyj

(R

Shares)

1,906

325

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,346,023

Sumitomo

Chemical

Co

Ltd

$

3,661

290,200

Sumitomo

Metal

Mining

Co

Ltd

8,522

204,476

(j)

Summit

Materials,

Inc

6,367

312,241

Svenska

Cellulosa

AB

(B

Shares)

4,275

3,836

Symrise

AG.

365

9,000

Toray

Industries,

Inc

47

209,511

Umicore

S.A.

4,960

25,842

UPM-Kymmene

Oyj

885

703

Westrock

Co

25

148,679

Wheaton

Precious

Metals

Corp

6,034

TOTAL

MATERIALS

506,343

MEDIA

&

ENTERTAINMENT

-

1.8%

27,760

(e)

Auto

Trader

Group

plc

209

311

(j)

Charter

Communications,

Inc

137

229,880

(j)

Cinemark

Holdings,

Inc

4,218

843,216

(j)

Clear

Channel

Outdoor

Holdings,

Inc

1,332

1,497,501

Comcast

Corp

(Class

A)

66,399

178,671

Electronic

Arts,

Inc

21,512

870

Fox

Corp

(Class

A)

27

409

Fox

Corp

(Class

B)

12

111,679

Gray

Television,

Inc

773

9,348

(j)

IMAX

Corp

181

742,910

Informa

plc

6,784

140,024

Interpublic

Group

of

Cos,

Inc

4,013

14,063

John

Wiley

&

Sons,

Inc

(Class

A)

523

7,192

(j)

Liberty

Global

plc

(Class

C)

133

34,056

(j)

MediaAlpha,

Inc

281

174,830

(j)

NetFlix,

Inc

66,016

15,892

New

York

Times

Co

(Class

A)

655

11,512

News

Corp

(Class

A)

231

370,300

Nintendo

Co

Ltd

15,387

269,589

Omnicom

Group,

Inc

20,079

1,668

Paramount

Global

(Class

B)

22

280,736

Pearson

plc

2,962

1,597

REA

Group

Ltd

158

5,556

(j)

Roku,

Inc

392

13,853

Scholastic

Corp

528

10,765

Seek

Ltd

152

1,407,981

(f)

Sirius

XM

Holdings,

Inc

6,364

30,702

(j)

Snap,

Inc

274

197,031

(j)

Take-Two

Interactive

Software,

Inc

27,661

9,574

TEGNA,

Inc

139

277,666

Universal

Music

Group

NV

7,246

332,691

(j)

Vimeo,

Inc

1,178

869,900

Vivendi

Universal

S.A.

7,619

735,351

(j)

Walt

Disney

Co

59,600

403,581

(j)

Warner

Bros

Discovery,

Inc

4,383

670,825

WPP

plc

5,977

141,261

(j)

Yelp,

Inc

5,875

2,389,325

Z

Holdings

Corp

6,628

151,484

(j)

ZipRecruiter,

Inc

1,816

580,204

(j)

ZoomInfo

Technologies,

Inc

9,515

TOTAL

MEDIA

&

ENTERTAINMENT

357,391

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.0%

108,740

(j)

Aclaris

Therapeutics,

Inc

745

179,570

(j)

Adaptive

Biotechnologies

Corp

979

275,637

Agilent

Technologies,

Inc

30,822

119,809

(j)

Alector,

Inc

776

63,186

(f),(j)

Allogene

Therapeutics,

Inc

200

247,417

Amgen,

Inc

66,496

CREF

Social

Choice

Account

September

30,

2023

326

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

54,128

(f),(j)

Arcellx,

Inc

$

1,942

48,085

(j)

Arcturus

Therapeutics

Holdings,

Inc

1,229

789,014

Astellas

Pharma,

Inc

10,921

399,562

AstraZeneca

plc

53,895

8,612

AstraZeneca

plc

(ADR)

583

2,859

(f),(j)

Axsome

Therapeutics,

Inc

200

9,779

(j)

Biogen,

Inc

2,513

118,489

(j)

Biohaven

Ltd

3,082

982,111

Bristol-Myers

Squibb

Co

57,002

41,279

(f),(j)

Cassava

Sciences,

Inc

687

182,106

(j)

Cymabay

Therapeutics,

Inc

2,715

656,147

Daiichi

Sankyo

Co

Ltd

17,964

283,981

Danaher

Corp

70,456

199,100

Eisai

Co

Ltd

11,035

229,895

Eli

Lilly

&

Co

123,483

144,509

(f),(j)

Erasca,

Inc

285

40,881

(j)

Genmab

AS

14,474

466,337

Gilead

Sciences,

Inc

34,947

1,442,662

GSK

plc

26,103

16,584

(f),(j)

IGM

Biosciences,

Inc

138

74,325

(j)

Illumina,

Inc

10,203

109,781

(j)

Immunovant,

Inc

4,214

122,165

(j)

Intellia

Therapeutics,

Inc

3,863

22,895

(j)

Intra-Cellular

Therapies,

Inc

1,193

91,716

(j)

IQVIA

Holdings,

Inc

18,045

168

(j)

Jazz

Pharmaceuticals

plc

22

276,847

Kyowa

Hakko

Kogyo

Co

Ltd

4,814

35,024

Lonza

Group

AG.

16,200

845,447

Merck

&

Co,

Inc

87,039

86,315

Merck

KGaA

14,389

8,214

(j)

Mettler-Toledo

International,

Inc

9,102

62,191

(j)

Mirati

Therapeutics,

Inc

2,709

535,454

Novartis

AG.

54,685

807,764

Novo

Nordisk

A.S.

73,548

94,187

(j)

Nurix

Therapeutics,

Inc

740

98,272

(j)

Nuvation

Bio,

Inc

132

275,800

Ono

Pharmaceutical

Co

Ltd

5,289

49,236

(f),(j)

Phathom

Pharmaceuticals,

Inc

511

31,371

Phibro

Animal

Health

Corp

401

170,494

(j)

Point

Biopharma

Global,

Inc

1,137

83,677

(j)

Prothena

Corp

plc

4,037

34,634

(j)

Regeneron

Pharmaceuticals,

Inc

28,502

47,847

(j)

Revance

Therapeutics,

Inc

549

240,956

(f),(j)

Sana

Biotechnology,

Inc

932

101,433

Shionogi

&

Co

Ltd

4,524

141,945

UCB

S.A.

11,627

131,076

(j)

Ultragenyx

Pharmaceutical,

Inc

4,673

25,520

(j)

Waters

Corp

6,998

53,067

West

Pharmaceutical

Services,

Inc

19,911

303,546

Zoetis,

Inc

52,811

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

976,472

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

237,484

(j)

Anywhere

Real

Estate,

Inc

1,527

2,280,173

Capitaland

Investment

Ltd

5,152

117,187

(j)

CBRE

Group,

Inc

8,656

1,100

City

Developments

Ltd

5

301,100

Daiwa

House

Industry

Co

Ltd

8,081

5,328

FirstService

Corp

775

1,600

Hulic

Co

Ltd

14

8,252

(j)

Jones

Lang

LaSalle,

Inc

1,165

22,997

LEG

Immobilien

SE

1,582

327

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

505,854

Lend

Lease

Corp

Ltd

$

2,320

469,872

Mitsubishi

Estate

Co

Ltd

6,130

359,317

Mitsui

Fudosan

Co

Ltd

7,914

2,740

RMR

Group,

Inc

67

604,000

Swire

Pacific

Ltd

(Class

A)

4,068

1,367,000

Swire

Properties

Ltd

2,843

107,194

Vonovia

SE

2,568

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

52,867

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3.3%

168,400

(f)

Advantest

Corp

4,697

441,903

Applied

Materials,

Inc

61,182

101,412

ASML

Holding

NV

59,706

28,520

(j)

Cirrus

Logic,

Inc

2,109

93,284

(j)

First

Solar,

Inc

15,074

1,877,126

Intel

Corp

66,732

86,177

Lam

Research

Corp

54,013

551,984

Marvell

Technology,

Inc

29,879

543,255

Nvidia

Corp

236,311

2,986

NXP

Semiconductors

NV

597

50,369

(j)

Onto

Innovation,

Inc

6,423

222,684

(j)

Rambus,

Inc

12,424

919,044

(j)

Renesas

Electronics

Corp

14,038

25,157

(j)

Silicon

Laboratories,

Inc

2,915

395,030

Texas

Instruments,

Inc

62,814

164,300

Tokyo

Electron

Ltd

22,442

165,669

(f),(j)

Wolfspeed,

Inc

6,312

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

657,668

SOFTWARE

&

SERVICES

-

6.9%

248,492

Accenture

plc

76,314

162,761

(j)

Adobe,

Inc

82,992

77,777

(j)

Akamai

Technologies,

Inc

8,286

12,317

(j)

Ansys,

Inc

3,665

229,290

(j)

Autodesk,

Inc

47,442

189,533

(j)

Cadence

Design

Systems,

Inc

44,408

381

(j)

Ceridian

HCM

Holding,

Inc

26

402,097

Dassault

Systemes

SE

14,935

129,926

Dolby

Laboratories,

Inc

(Class

A)

10,298

488,143

(j)

DXC

Technology

Co

10,168

8,582

(j)

Fair

Isaac

Corp

7,454

97,800

Fujitsu

Ltd

11,502

1,601

Gen

Digital,

Inc

28

11,071

(j)

HubSpot,

Inc

5,452

30,289

(j)

Intapp,

Inc

1,015

21,959

InterDigital,

Inc

1,762

447,568

International

Business

Machines

Corp

62,794

128,628

Intuit,

Inc

65,721

1,551,734

Microsoft

Corp

489,960

241,581

NEC

Corp

13,341

88,304

(j)

New

Relic,

Inc

7,561

196,400

Nomura

Research

Institute

Ltd

5,105

169,763

(j)

Nutanix,

Inc

5,921

6,151

(j)

OneSpan,

Inc

66

165,017

Open

Text

Corp

(Toronto)

5,792

309

(j)

PTC,

Inc

44

368,007

(j)

Salesforce,

Inc

74,624

297,721

SAP

AG.

38,538

109,126

(j)

ServiceNow,

Inc

60,997

388,874

(j)

Shopify,

Inc

(Class

A)

21,227

451

(j)

Splunk,

Inc

66

74,989

(j)

SPS

Commerce,

Inc

12,794

CREF

Social

Choice

Account

September

30,

2023

328

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

40,900

Sumisho

Computer

Systems

Corp

$

713

113,649

(j)

Synopsys,

Inc

52,162

79,848

(j)

Teradata

Corp

3,595

289,388

(j)

VMware,

Inc

(Class

A)

48,177

178,295

WiseTech

Global

Ltd

7,401

204,422

(j)

Workday,

Inc

43,920

107,299

(j)

Xero

Ltd

7,717

34,711

(j)

Xperi,

Inc

342

TOTAL

SOFTWARE

&

SERVICES

1,354,325

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2.0%

198,043

Avnet,

Inc

9,544

3,200

Azbil

Corp

98

61,095

Badger

Meter,

Inc

8,790

79,361

Benchmark

Electronics,

Inc

1,925

179,426

(j)

Ciena

Corp

8,480

1,527,803

Cisco

Systems,

Inc

82,135

70,274

CTS

Corp

2,933

58,624

(j)

ePlus,

Inc

3,724

80,063

(j)

Fabrinet

13,340

36,066

(j)

FARO

Technologies,

Inc

549

232,200

FUJIFILM

Holdings

Corp

13,433

221,740

(f),(j)

Harmonic,

Inc

2,135

2,362,119

Hewlett

Packard

Enterprise

Co

41,030

1,420,887

HP,

Inc

36,517

29,200

Ibiden

Co

Ltd

1,549

65,789

(j)

Insight

Enterprises,

Inc

9,572

36,539

(j)

Itron,

Inc

2,213

265,033

(j)

Keysight

Technologies,

Inc

35,066

39,615

(j)

Kimball

Electronics,

Inc

1,085

199,997

(j)

Knowles

Corp

2,962

17,609

(f),(j)

Lumentum

Holdings,

Inc

796

8,736

Methode

Electronics,

Inc

200

400,541

(f),(j)

MicroVision,

Inc

877

310,088

(j)

Mirion

Technologies,

Inc

2,316

930,105

Murata

Manufacturing

Co

Ltd

16,967

271,411

National

Instruments

Corp

16,181

36,422

(j)

Netgear,

Inc

459

19,857

(j)

Novanta,

Inc

2,848

46,700

Omron

Corp

2,078

33,253

(j)

OSI

Systems,

Inc

3,925

58,247

(f),(j)

PAR

Technology

Corp

2,245

55,735

(j)

Plexus

Corp

5,182

64,222

(j)

Ribbon

Communications,

Inc

172

37,538

(j)

Rogers

Corp

4,935

151,655

Shimadzu

Corp

4,023

140,100

TDK

Corp

5,180

519,780

(j)

Trimble

Inc

27,995

22,191

(j)

Vishay

Precision

Group,

Inc

745

344,264

Vontier

Corp

10,645

247,981

Xerox

Holdings

Corp

3,891

632

Yokogawa

Electric

Corp

12

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

388,752

TELECOMMUNICATION

SERVICES

-

0.9%

47,068

(j)

Bandwidth,

Inc

530

7,159,532

BT

Group

plc

10,167

393

Elisa

Oyj

(Series

A)

18

10,000

HKT

Trust

&

HKT

Ltd

10

210,042

Iridium

Communications,

Inc

9,555

610,632

KDDI

Corp

18,692

555,864

Koninklijke

KPN

NV

1,831

329

See

Notes

to

Portfolio

of

Investments

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,299,472

Orange

S.

A.

$

14,905

192,922

Rogers

Communications,

Inc

(Class

B)

7,407

1,333,900

SoftBank

Corp

15,098

15,375

Swisscom

AG.

9,130

8,252

Tele2

AB

(B

Shares)

63

5,177

Telecom

Corp

of

New

Zealand

Ltd

15

991,321

Telefonica

Deutschland

Holding

AG.

1,773

131,695

Telenor

ASA

1,494

1,677,759

(f)

TeliaSonera

AB

3,461

1,675,158

Telstra

Corp

Ltd

4,139

139,183

TELUS

Corp

2,273

1,831,547

Verizon

Communications,

Inc

59,360

13,012,801

Vodafone

Group

plc

12,198

TOTAL

TELECOMMUNICATION

SERVICES

172,119

TRANSPORTATION

-

1.8%

198,300

(f),(j)

All

Nippon

Airways

Co

Ltd

4,152

51,917

ArcBest

Corp

5,277

972,106

Auckland

International

Airport

Ltd

4,609

620,413

Aurizon

Holdings

Ltd

1,387

212,975

Canadian

National

Railway

Co

23,064

74,639

CH

Robinson

Worldwide,

Inc

6,429

1,610,849

CSX

Corp

49,534

985,982

Delta

Air

Lines,

Inc

36,481

236,800

East

Japan

Railway

Co

13,551

141,280

Expeditors

International

Washington,

Inc

16,195

798,427

(j)

Grab

Holdings

Ltd

2,826

270,700

Hankyu

Hanshin

Holdings,

Inc

9,236

284

(f)

Keio

Corp

10

24,300

Kintetsu

Corp

689

46,627

Kuehne

&

Nagel

International

AG.

13,248

459

Landstar

System,

Inc

81

1,923,364

MTR

Corp

7,598

87,913

Nippon

Express

Holdings,

Inc

4,587

328,875

(f)

Nippon

Yusen

Kabushiki

Kaisha

8,539

103,331

Norfolk

Southern

Corp

20,349

71,833

Old

Dominion

Freight

Line

29,390

185,813

(j)

Qantas

Airways

Ltd

615

30,644

(j)

Saia,

Inc

12,216

101,200

SG

Holdings

Co

Ltd

1,296

1,469

Tokyu

Corp

17

1,653,344

Transurban

Group

13,435

243

U-Haul

Holding

Co

13

346,995

United

Parcel

Service,

Inc

(Class

B)

54,086

172,207

West

Japan

Railway

Co

7,126

TOTAL

TRANSPORTATION

346,036

UTILITIES

-

1.5%

1,850

(f)

Algonquin

Power

&

Utilities

Corp

11

689

Alliant

Energy

Corp

33

386,481

American

Electric

Power

Co,

Inc

29,071

500,415

APA

Group

2,662

1,375,000

CLP

Holdings

Ltd

10,153

797

CMS

Energy

Corp

42

197,917

Consolidated

Edison,

Inc

16,928

28,672

DTE

Energy

Co

2,847

3,257,448

Enel

S.p.A.

19,977

911,108

Energias

de

Portugal

S.A.

3,788

689

Essential

Utilities,

Inc

24

104,307

Eversource

Energy

6,066

118,617

(f)

Fortis,

Inc

4,505

911

Hydro

One

Ltd

23

CREF

Social

Choice

Account

September

30,

2023

330

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,192,625

Iberdrola

S.A.

$

24,523

152,834

Mercury

NZ

Ltd

558

502,825

Meridian

Energy

Ltd

1,546

1,317,013

National

Grid

plc

15,751

172,595

(f)

Naturgy

Energy

Group

S.A.

4,696

885,830

NextEra

Energy,

Inc

50,749

1,123

NiSource,

Inc

28

746,374

Origin

Energy

Ltd

4,203

91,642

Orsted

AS

4,986

145,500

Osaka

Gas

Co

Ltd

2,394

1,123

Redeia

Corp

S.A.

18

492,137

Scottish

&

Southern

Energy

plc

9,644

702,446

Southern

Co

45,462

181,100

Tokyo

Gas

Co

Ltd

4,106

157,942

WEC

Energy

Group,

Inc

12,722

254,529

Xcel

Energy,

Inc

14,564

TOTAL

UTILITIES

292,080

TOTAL

COMMON

STOCKS

11,458,992

(Cost

$9,972,842)

PREFERRED

STOCKS

-

0.2%

INSURANCE

-

0.0%

178,941

Assurant,

Inc

3,489

TOTAL

INSURANCE

3,489

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

390,000

(f)

Brookfield

Property

Partners

LP

5,265

681,850

Brookfield

Property

Partners

LP

8,687

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,952

UTILITIES

-

0.1%

490,000

Brookfield

Infrastructure

Partners

LP

8,546

308,000

Brookfield

Renewable

Partners

LP

5,605

TOTAL

UTILITIES

14,151

TOTAL

PREFERRED

STOCKS

31,592

(Cost

$51,219)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

774

(b)

ABIOMED,

Inc

12/31/29

1

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1

TOTAL

RIGHTS/WARRANTS

1

(Cost

$1)

TOTAL

LONG-TERM

INVESTMENTS

19,340,458‌

(Cost

$18,817,065)

331

See

Notes

to

Portfolio

of

Investments

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.6%

GOVERNMENT

AGENCY

DEBT

-

0.3%

$

47,300,000

Federal

Home

Loan

Bank

(FHLB)

0.000

%

10/13/23

$

47,226

5,500,000

FHLB

0.000

11/01/23

5,476

10,000,000

FHLB

0.000

11/02/23

9,956

TOTAL

GOVERNMENT

AGENCY

DEBT

62,658

REPURCHASE

AGREEMENT

-

0.3%

54,488,000

(k)

Fixed

Income

Clearing

Corp

(FICC)

5.300

10/02/23

54,488

TOTAL

REPURCHASE

AGREEMENT

54,488

TOTAL

SHORT-TERM

INVESTMENTS

117,146

(Cost

$117,133)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.5%

95,643,520

(l)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

95,644

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

95,644

(Cost

$95,644)

TOTAL

INVESTMENTS

-

99.7%

19,553,248

(Cost

$19,029,842)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.3%

51,549

NET

ASSETS

-

100.0%

$19,604,797

ADR

American

Depositary

Receipt

AVG

Average

CLP

Chilean

Peso

CCRC

Congregate

Care

Retirement

Center

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(c)

In

default

(d)

When-issued

or

delayed

delivery

security.

(e)

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.

(f)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$182,232,836.

(g)

Perpetual

security

(h)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(i)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

(j)

Non-income

producing

(k)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.300%

dated

9/29/23

to

be

repurchased

at

$54,488,000

on

10/2/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.875%–3.125%

and

maturity

dates

8/15/45–5/15/48,

valued

at

$55,577,827.

(l)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

CREF

Social

Choice

Account

September

30,

2023

332

See

Notes

to

Portfolio

of

Investments

Portfolio

of

Investments

(continued)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

6,409

EUR

5,747

Citibank

N.A.

10/13/23

 $

330‌

$

6,362

CLP

5,200,000

JPMorgan

Chase

10/17/23

 $

517‌

Total

 $

847‌

CLP

Chilean

Peso

EUR

Euro

Portfolio

of

Investments

(unaudited)

College

Retirement

Equities

Fund

September

30,

2023

333

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

Accounts' 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).

The

following

table

summarizes

the

market

value

of

the

Accounts'

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them

(dollar

amounts

are

in

thousands):

Account

Level

1

Level

2

Level

3

Total

Stock

Long-Term

Investments

:

Corporate

bonds

$—

$55

$—

$55

Government

bonds

—

193

—

193

Common

stocks

75,644,356

32,369,467

2,057

108,015,880

Rights/Warrants

137

1,128

130

1,395

Short-Term

Investments

:

Government

agency

debt

—

265,814

—

265,814

Repurchase

agreement

—

91,407

—

91,407

Treasury

debt

—

182,398

—

182,398

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

270,250

—

270,250

Commercial

paper

—

24,966

—

24,966

Repurchase

agreement

—

525,506

—

525,506

Variable

rate

securities

—

23,000

—

23,000

Investments

in

Derivatives

:

Futures

contracts*

(15,007)

—

—

(15,007)

Total

$75,629,486

$33,754,184

$2,187

$109,385,857

Global

Equities

Long-Term

Investments

:

Corporate

bonds

$—

$14

$—

$14

Common

stocks

15,762,109

7,207,312

3

22,969,424

Rights/Warrants

32

15

—

47

Short-Term

Investments

:

Government

agency

debt

—

221,096

—

221,096

Repurchase

agreement

—

35,424

—

35,424

Treasury

debt

—

127,566

—

127,566

College

Retirement

Equities

Fund

September

30,

2023

334

Portfolio

of

Investments

(unaudited)

(continued)

Portfolio

of

Investments

(unaudited)

(continued)

Account

Level

1

Level

2

Level

3

Total

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

19,250

—

19,250

Commercial

paper

—

3,993

—

3,993

Repurchase

agreement

—

31,394

—

31,394

Variable

rate

securities

—

4,000

—

4,000

Investments

in

Derivatives

:

Futures

contracts*

(10,461)

—

—

(10,461)

Total

$15,751,680

$7,650,064

$3

$23,401,747

Growth

Long-Term

Investments

:

Common

stocks

$29,172,817

$867,072

$—

$30,039,889

Short-Term

Investments

:

Government

agency

debt

—

28,641

—

28,641

Repurchase

agreement

—

7,774

—

7,774

Treasury

debt

—

54,067

—

54,067

Total

$29,172,817

$957,554

$—

$30,130,371

Equity

Index

Long-Term

Investments

:

Common

stocks

$20,569,587

$1,961

$200

$20,571,748

Rights/Warrants

—

—

1

1

Short-Term

Investments

:

Government

agency

debt

—

29,941

—

29,941

Repurchase

agreement

—

11,558

—

11,558

Treasury

debt

—

31,878

—

31,878

Investments

purchased

with

collateral

from

securities

lending

90,879

—

—

90,879

Investments

in

Derivatives

:

Futures

contracts*

(2,719)

—

—

(2,719)

Total

$20,657,747

$75,338

$201

$20,733,286

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$44,082

$—

$44,082

Corporate

bonds

—

3,324,162

477

3,324,639

Government

bonds

—

4,650,110

—

4,650,110

Structured

assets

—

1,958,554

—

1,958,554

Preferred

stocks

4,372

—

—

4,372

Short-Term

Investments

:

Commercial

paper

—

5,391

—

5,391

Government

agency

debt

—

65,263

—

65,263

Repurchase

agreement

—

9,018

—

9,018

Treasury

debt

—

1,991

—

1,991

Investments

purchased

with

collateral

from

securities

lending

30,922

—

—

30,922

Investments

in

Derivatives

:

Futures

contracts*

(1,995)

—

—

(1,995)

Forward

foreign

currency

contracts*

—

7,371

—

7,371

Credit

default

swap

contracts*

—

828

—

828

Total

$33,299

$10,066,770

$477

$10,100,546

Inflation-Linked

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$31,906

$—

$31,906

Corporate

bonds

—

174,357

—

174,357

Government

bonds

—

6,373,936

—

6,373,936

Structured

assets

—

226,212

2,481

228,693

Common

stocks

9,986

—

—

9,986

Short-Term

Investments

:

Repurchase

agreement

—

1,728

—

1,728

Investments

purchased

with

collateral

from

securities

lending

9,830

—

—

9,830

Investments

in

Derivatives

:

Futures

contracts*

(3,935)

—

—

(3,935)

Total

$15,881

$6,808,139

$2,481

$6,826,501

335

Account

Level

1

Level

2

Level

3

Total

Social

Choice

Long-Term

Investments

:

Bank

loan

obligations

$—

$36,084

$164

$36,248

Corporate

bonds

—

2,261,891

—

2,261,891

Government

bonds

—

4,671,575

1

4,671,576

Structured

assets

—

878,749

1,409

880,158

Common

stocks

8,386,148

3,072,844

—

11,458,992

Preferred

stocks

31,592

—

—

31,592

Rights/Warrants

—

—

1

1

Short-Term

Investments

:

Government

agency

debt

—

62,658

—

62,658

Repurchase

agreement

—

54,488

—

54,488

Investments

purchased

with

collateral

from

securities

lending

95,644

—

—

95,644

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

847

—

847

Total

$8,513,384

$11,039,136

$1,575

$19,554,095

*

Represents

net

unrealized

appreciation

(depreciation).

A10944-D

(11/23)