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E57ODZWZ7FF32TWEFA76 157337000.00000000 CNY 22025546.14000000 USD 2024-06-17 -48062.02000000 N N N MEX BONOS DESARR FIX RT 254900EGTWEU67VP6075 Mexican Bonos QJ1649335 23500000.00000000 PA 1307289.54000000 0.012176857820 Long DBT NUSS MX N 2 2026-03-05 Fixed 5.75000000 N N N N N N MONDELEZ INTL HLDINGS NE 549300CW356R8I7N8D33 Mondelez International Holdings Netherlands BV BR2464112 300000.00000000 PA 227449.26000000 0.002118595166 Long DBT CORP NL Y 2 2041-09-09 Fixed 1.25000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association (FNMA) 31418EJ68 59496336.25000000 PA USD 56654177.82000000 0.527710080377 Long ABS-MBS USGSE US N 2 2052-10-01 Fixed 4.50000000 N N N N N N JAPAN (20 YEAR ISSUE) 353800WZS8AXZXFUC241 Japan Government Twenty Year Bond EK4996816 202000000.00000000 PA 1419502.72000000 0.013222076875 Long DBT NUSS JP N 2 2034-09-20 Fixed 1.40000000 N N N N N N ELP 2021-ELP N/A ELP Commercial Mortgage Trust 26863LAL8 4664570.55000000 PA USD 4622198.06000000 0.043053850635 Long ABS-MBS CORP US Y 2 2038-11-15 Variable 7.55858000 N N N N N N REPUBLIC OF RWANDA 213800DQC28OBRZDYJ87 Rwanda International Government Bond 78347YAL7 3125000.00000000 PA USD 2525843.75000000 0.023527182983 Long DBT NUSS RW Y 2 2031-08-09 Fixed 5.50000000 N N N N N N BENCHMARK Mortgage Trust N/A Benchmark Mortgage Trust 08162QBA6 2500000.00000000 PA USD 2222668.75000000 0.020703234074 Long ABS-MBS CORP US Y 2 2048-09-15 Variable 3.53630000 N N N N N N New York Mortgage Trust N/A New York Mortgage Trust 649603AG2 209814.31000000 PA USD 205689.38000000 0.001915910943 Long ABS-CBDO CORP US N 2 2036-02-25 Variable 5.92389000 N N N N N N Trust Fibra Uno N/A Trust Fibra Uno 89834JAA1 2150000.00000000 PA USD 2145339.23000000 0.019982941789 Long DBT CORP MX Y 2 2034-02-13 Fixed 7.37500000 N N N N N N Freddie Mac Pool S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp (FHLMC) 3132DPEJ3 9467158.89000000 PA USD 8153653.36000000 0.075947886555 Long ABS-MBS USGSE US N 2 2052-03-01 Fixed 3.00000000 N N N N N N BENCHMARK Mortgage Trust N/A Benchmark Mortgage Trust 08162TBB8 5921744.00000000 PA USD 5714012.18000000 0.053223644624 Long ABS-MBS CORP US N 2 2053-05-15 Variable 4.51000000 N N N N N N CITIGROUP INC 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc 172967MG3 5000000.00000000 PA USD 4969109.50000000 0.046285186274 Long DBT CORP US N 2 N/A Fixed 5.00000000 N N N N N N JP Morgan Mortgage Trust N/A JP Morgan Mortgage Trust 46655NCY4 2260613.06000000 PA USD 2032812.89000000 0.018934805778 Long ABS-CBDO CORP US Y 2 2052-12-25 Variable 4.00000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 Government National Mortgage Association (GNMA) 38375AX25 16200185.08000000 PA USD 3363534.27000000 0.031329921433 Long ABS-CBDO USGSE US N 2 2040-01-20 Fixed 5.00000000 N N N N N N DOMINION ENERGY INC ILUL7B6Z54MRYCF6H308 Dominion Energy, Inc 25746UDL0 2350000.00000000 PA USD 1923026.24000000 0.017912188839 Long DBT CORP US N 2 2031-08-15 Fixed 2.25000000 N N N N N N NEW YORK ST DORM AUTH REVENUES 549300C8XO7EXTX2XU71 New York State Dormitory Authority 64990CZW4 5680000.00000000 PA USD 5200229.71000000 0.048437974812 Long DBT MUN US N 2 2039-07-01 Fixed 3.99800000 N N N N N N 2024-03-31 COLLEGE RETIREMENT EQUITIES FUND Gina Spunder Gina Spunder Director, Fund Financial Reporting XXXX NPORT-EX 2 CREF.htm
Portfolio
of
Investments
CREF
Stock
Account
March
31,
2024
1
See
Notes
to
Portfolio
of
Investments
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
LONG-TERM
INVESTMENTS
-
99.4%
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
199
TOTAL
U.S.
TREASURY
SECURITIES
199
TOTAL
GOVERNMENT
BONDS
199
(Cost
$209)
SHARES
REFERENCERATE
&
SPREAD
COMMON
STOCKS
-
99.4%
AUTOMOBILES
&
COMPONENTS
-
1.9%
13,843
AB
Dynamics
plc
294
57,198
Actron
Technology
Corp
319
116,300
(a)
Adient
plc
3,829
37,000
AIMA
Technology
Group
Co
Ltd
159
224,711
Aisin
Seiki
Co
Ltd
9,182
123,400
(a)
Anhui
Jianghuai
Automobile
Group
Corp
Ltd
288
245,601
Apollo
Tyres
Ltd
1,379
241,963
(a)
Aptiv
plc
19,272
62,982
(b)
ARB
Corp
Ltd
1,697
59,946
Asahi
India
Glass
Ltd
386
627,519
(a),(c)
Aston
Martin
Lagonda
Global
Holdings
plc
1,342
477,400
Astra
Otoparts
Tbk
PT
67
712,831
(a)
Atmus
Filtration
Technologies,
Inc
22,989
82,918
Autoliv,
Inc
9,986
383
Autoliv,
Inc
46
2,830
(a),(b)
Autoneum
Holding
AG.
507
388,000
(a)
BAIC
BluePark
New
Energy
Technology
Co
Ltd
407
60,121
Bajaj
Auto
Ltd
6,614
64,946
Balkrishna
Industries
Ltd
1,808
11,995
Banco
Products
India
Ltd
86
368,090
Bayerische
Motoren
Werke
AG.
42,470
55,874
Bayerische
Motoren
Werke
AG.
(Preference)
5,995
353,000
(a)
Beiqi
Foton
Motor
Co
Ltd
133
16,200
Bethel
Automotive
Safety
Systems
Co
Ltd
123
218,841
Bharat
Forge
Ltd
2,971
572,589
BorgWarner,
Inc
19,892
4,767
Bosch
Fren
Sistemleri
Sanayi
ve
Ticaret
AS.
153
657,456
Brembo
S.p.A
8,413
476,700
Bridgestone
Corp
21,127
2,760,000
Brilliance
China
Automotive
Holdings
Ltd
1,905
2,032,833
BYD
Co
Ltd
58,665
902,362
BYD
Co
Ltd
(H
shares)
23,105
16,678
Ceat
Ltd
538
9,339
Changzhou
Xingyu
Automotive
Lighting
Systems
Co
Ltd
183
CREF
Stock
Account
March
31,
2024
2
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,684,885
Cheng
Shin
Rubber
Industry
Co
Ltd
$
2,615
206,000
China
Motor
Corp
837
91,208
Chongqing
Changan
Automobile
Co
Ltd
217
103,508
CIE
Automotive
India
Ltd
574
31,486
CIE
Automotive
S.A.
903
1,670,227
(b)
Cie
Generale
des
Etablissements
Michelin
S.C.A
64,009
183,335
Cie
Plastic
Omnium
SA
2,387
619,975
(a)
Cofide
S.p.A.
358
538,967
Continental
AG.
38,905
49,138
Cub
Elecparts,
Inc
180
734,334
Daimler
AG.
(Registered)
58,480
968,878
Dana
Inc
12,305
1,573,800
Denso
Corp
30,141
70,000
Depo
Auto
Parts
Ind
Co
Ltd
499
2,906
DN
Automotive
Corp
180
255,442
(b),(c)
Dometic
Group
AB
2,064
2,608,517
Dongfeng
Motor
Group
Co
Ltd
1,091
17,715,815
Dowlais
Group
plc
17,450
330,091
Dr
ING
hc
F
Porsche
AG.
32,830
948,700
DRB-Hicom
Bhd
293
10,100
Eagle
Industry
Co
Ltd
122
1,054
EGE
Endustri
VE
Ticaret
AS.
486
117,690
Eicher
Motors
Ltd
5,685
20,895
ElringKlinger
AG.
137
26,260
(c)
Endurance
Technologies
Ltd
575
24,582
Exedy
Corp
493
339,086
Exide
Industries
Ltd
1,243
127,239
Faurecia
1,928
163,600
FCC
Co
Ltd
2,382
143,554
Ferrari
NV
62,595
2,752,661
Ford
Motor
Co
36,555
56,368
Ford
Otomotiv
Sanayi
AS
2,014
50,200
Fras-Le
S.A.
179
504,100
Fuji
Heavy
Industries
Ltd
11,417
85,863
Fuyao
Glass
Industry
Group
Co
Ltd
-
A
510
563,762
(c)
Fuyao
Glass
Industry
Group
Co
Ltd
-
H
2,840
42,567
Gabriel
India
Ltd
170
5,322,302
Geely
Automobile
Holdings
Ltd
6,299
1,753,598
General
Motors
Co
79,526
46,642
Gentex
Corp
1,685
23,670
(a)
Gentherm,
Inc
1,363
510,051
(c)
Gestamp
Automocion
S.A.
1,638
36,000
Global
PMX
Co
Ltd
120
2,058,246
(b)
Great
Wall
Motor
Co
Ltd
2,293
121,759
Great
Wall
Motor
Co
Ltd
385
175,400
G-Tekt
Corp
2,455
237,400
Guangzhou
Automobile
Group
Co
Ltd
293
3,335,042
Guangzhou
Automobile
Group
Co
Ltd
-
H
1,369
112,135
GUD
Holdings
Ltd
862
63,397
Hankook
Tire
&
Technology
Co
Ltd
2,547
20,592
Hankook
Tire
Worldwide
Co
Ltd
247
150,559
Hanon
Systems
669
94,576
Harley-Davidson,
Inc
4,137
104,730
Hero
Honda
Motors
Ltd
5,946
26,967
HL
Mando
Co
Ltd
683
3,858,450
Honda
Motor
Co
Ltd
47,743
140,000
Hota
Industrial
Manufacturing
Co
Ltd
224
56,000
Hu
Lane
Associate,
Inc
290
148,915
Huayu
Automotive
Systems
Co
Ltd
339
586,000
(b)
Huazhong
In-Vehicle
Holdings
Co
Ltd
172
25,176
Huizhou
Desay
Sv
Automotive
Co
Ltd
439
51,925
Hyundai
Mobis
10,081
3
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
118,261
Hyundai
Motor
Co
$
20,810
31,645
Hyundai
Motor
Co
Ltd
(2nd
Preference)
3,688
177,657
Hyundai
Motor
Co
Ltd
(Preference)
20,873
13,070
(a)
Hyundai
Wia
Corp
553
10,776
(a)
Iljin
Hysolus
Co
ltd
201
487,900
Isuzu
Motors
Ltd
6,595
19,420
JBM
Auto
Ltd
422
67,689
JK
Tyre
&
Industries
Ltd
352
368,842
Johnson
Electric
Holdings
Ltd
511
167,200
JTEKT
Corp
1,581
14,596
Kayaba
Industry
Co
Ltd
495
501,904
Kenda
Rubber
Industrial
Co
Ltd
504
225,141
Kia
Motors
Corp
18,711
3,454
Knaus
Tabbert
AG.
166
168,400
Koito
Manufacturing
Co
Ltd
2,270
34,840
Kordsa
Teknik
Tekstil
AS.
93
96,921
(a)
Kumho
Tire
Co,
Inc
430
11,688
Lear
Corp
1,693
987,600
(a)
Li
Auto,
Inc
14,996
417,142
(a),(b)
Li
Auto,
Inc
(ADR)
12,631
32,520
Linamar
Corp
1,729
563,669
(a),(b)
Lucid
Group,
Inc
1,606
233,577
(b)
Magna
International,
Inc
12,724
9,921
Maharashtra
Scooters
Ltd
854
4,469,024
Mahindra
&
Mahindra
Ltd
103,241
52,556
Martinrea
International,
Inc
472
121,739
Maruti
Suzuki
India
Ltd
18,429
478,673
Mazda
Motor
Corp
5,548
81,462
Minda
Corp
Ltd
409
528,000
Minth
Group
Ltd
835
542,700
(b)
Mitsubishi
Motors
Corp
1,785
240,884
(a),(b)
Mobileye
Global,
Inc
7,744
253,715
(a)
Modine
Manufacturing
Co
24,151
1,506,024
Motherson
Sumi
Wiring
India
Ltd
1,198
2,074
MRF
Ltd
3,320
34,038
Musashi
Seimitsu
Industry
Co
Ltd
380
25,834
Myoung
Shin
Industrial
Co
Ltd
300
293,000
(a)
Nan
Kang
Rubber
Tire
Co
Ltd
369
2,271,598
(a),(b),(c)
Nemak
SAB
de
C.V.
449
18,798
Nexen
Tire
Corp
116
590,000
(b)
Nexteer
Automotive
Group
Ltd
278
124,100
(b)
NGK
Spark
Plug
Co
Ltd
4,120
150,115
NHK
Spring
Co
Ltd
1,491
59,612
Nifco,
Inc
1,500
42,811
Ningbo
Joyson
Electronic
Corp
100
49,778
Ningbo
Tuopu
Group
Co
Ltd
441
1,163,672
(a)
NIO,
Inc
(ADR)
5,237
77,053
Nippon
Seiki
Co
Ltd
780
2,006,500
(b)
Nissan
Motor
Co
Ltd
7,951
42,010
Nissan
Shatai
Co
Ltd
289
64,188
NOK
Corp
882
94,590
(b)
Nokian
Renkaat
Oyj
891
224,300
Pacific
Industrial
Co
Ltd
2,490
9,286
Phinia,
Inc
357
133,362
Piaggio
&
C
S.p.A.
422
131,194
Piolax,
Inc
2,300
232,374
(c)
Pirelli
&
C
S.p.A
1,423
701,313
Porsche
AG.
37,151
20,816
(a)
Pricol
Ltd
97
1,339,100
PT
Selamat
Sempurna
Tbk
166
56,076
PWR
Holdings
Ltd
422
58,650
(a),(b)
QuantumScape
Corp
369
CREF
Stock
Account
March
31,
2024
4
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
335,002
Renault
S.A.
$
16,904
507,458
(a),(b)
Rivian
Automotive,
Inc
5,557
36,708
SAF-Holland
SE
748
433,823
SAIC
Motor
Corp
Ltd
898
161,700
Sailun
Group
Co
Ltd
326
2,042,518
Samvardhana
Motherson
International
Ltd
2,881
24,460
(c)
Sansera
Engineering
Ltd
300
428,000
Sanyang
Motor
Co
Ltd
1,025
395,962
Schaeffler
AG.
2,671
4,049
Sebang
Global
Battery
Co
Ltd
237
33,593
(b)
Seiren
Co
Ltd
611
8,639
Seoyon
E-Hwa
Co
Ltd
120
78,700
(a)
Seres
Group
Co
Ltd
989
47,805
Shandong
Linglong
Tyre
Co
Ltd
138
11,400
Shenzhen
Kedali
Industry
Co
Ltd
128
37,400
Shoei
Co
Ltd
565
12,221
SL
Corp
289
5,914
SNT
Motiv
Co
Ltd
198
344,257
(c)
Sona
Blw
Precision
Forgings
Ltd
2,921
7,547,400
Sri
Trang
Agro-Industry
PCL
4,038
37,999
(a)
Ssangyong
Motor
Co
187
103,000
Stanley
Electric
Co
Ltd
1,823
1,705,819
Stellantis
NV
48,461
83,843
(a)
Stoneridge,
Inc
1,546
597,900
Sumitomo
Electric
Industries
Ltd
9,265
134,600
Sumitomo
Rubber
Industries,
Inc
1,659
4,973
(a)
Sundaram-Clayton
Ltd
489
89,899
Sundram
Fasteners
Ltd
1,181
38,861
Sungwoo
Hitech
Co
Ltd
273
67,753
Suprajit
Engineering
Ltd
335
1,309,200
Suzuki
Motor
Corp
14,947
1,443,914
Tata
Motors
Ltd
17,238
2,814,889
(a)
Tesla,
Inc
494,829
38,142
Thor
Industries,
Inc
4,476
227,287
(c)
TI
Fluid
Systems
plc
414
548,000
(b)
Tianneng
Power
International
Ltd
514
104,660
(a)
Tofas
Turk
Otomobil
Fabrik
882
40,147
Tokai
Rika
Co
Ltd
689
19,517
Tokai
Rubber
Industries,
Inc
173
296,000
Tong
Yang
Industry
Co
Ltd
1,156
26,068
Topre
Corp
443
91,725
Toyo
Tire
&
Rubber
Co
Ltd
1,733
302,600
Toyoda
Gosei
Co
Ltd
6,674
249,895
Toyota
Boshoku
Corp
4,258
18,454,998
(a)
Toyota
Motor
Corp
466,449
9,751
Trigano
S.A.
1,715
70,400
TS
Tech
Co
Ltd
895
90,657
Tube
Investments
of
India
Ltd
4,071
53,000
Tung
Thih
Electronic
Co
Ltd
200
202,328
TVS
Motor
Co
Ltd
5,237
141,104
UNO
Minda
Ltd
1,162
1,082,898
Valeo
13,539
44,391
(a),(c)
Varroc
Engineering
Ltd
269
146,420
(a)
Visteon
Corp
17,220
6,436
(a)
Vitesco
Technologies
Group
AG.
447
94,377
Volkswagen
AG.
(Preference)
12,517
740,769
(a),(b)
Volvo
Car
AB
2,805
990,700
(a),(b)
XPeng,
Inc
3,925
1,095,031
(c)
Yadea
Group
Holdings
Ltd
1,777
747,700
Yamaha
Motor
Co
Ltd
6,887
95,900
Yokohama
Rubber
Co
Ltd
2,587
480,480
Yulon
Motor
Co
Ltd
1,024
5
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
4,144
ZF
Commercial
Vehicle
Control
Systems
India
Ltd
$
754
436,200
(a),(b),(c)
Zhejiang
Leapmotor
Technologies
Ltd
1,466
TOTAL
AUTOMOBILES
&
COMPONENTS
2,396,310
BANKS
-
6.6%
42,003
77
Bank
Ltd
1,120
526,266
(c)
ABN
AMRO
Bank
NV
9,006
354,171
Absa
Group
Ltd
2,765
1,222,092
Abu
Dhabi
Commercial
Bank
PJSC
2,795
602,769
Abu
Dhabi
Islamic
Bank
PJSC
1,792
671,461
(a)
AFFIN
Holdings
Bhd
349
46,410,383
Agricultural
Bank
of
China
Ltd
19,590
2,367,562
Agricultural
Bank
of
China
Ltd
(Class
A)
1,367
14,736,922
AIB
Group
plc
74,811
31,600
Aichi
Financial
Group,
Inc
552
1,085,917
(a)
Ajman
Bank
PJSC
550
8,472,145
Akbank
TAS
12,259
830,849
Al
Ahli
Bank
of
Kuwait
KSCP
686
5,075,919
Al
Rajhi
Bank
112,526
2,427,453
Alinma
Bank
28,361
66,829
(a)
Alior
Bank
S.A.
1,636
700,800
Alliance
Financial
Group
BHD
545
913,733
(a)
Alpha
Services
and
Holdings
S.A.
1,605
315,270
(a),(d)
Amagerbanken
AS
0
^
81,510
Amalgamated
Financial
Corp
1,956
412,770
Ameris
Bancorp
19,970
970,834
AMMB
Holdings
BHD
855
101,000
(b)
Aozora
Bank
Ltd
1,636
271,615
Arab
National
Bank
2,141
72,873
(c)
AU
Small
Finance
Bank
Ltd
496
4,480,959
Australia
&
New
Zealand
Banking
Group
Ltd
85,883
21,444
Awa
Bank
Ltd
394
5,092,964
Axis
Bank
Ltd
64,189
382,890
(a),(b)
Axos
Financial,
Inc
20,691
641,501
(a)
Banca
Monte
dei
Paschi
di
Siena
S.p.A
2,909
295,853
Banca
Popolare
di
Sondrio
SPA
2,214
11,900
Bancfirst
Corp
1,048
66,700
Banco
ABC
Brasil
S.A.
322
2,214
(a)
Banco
ABC
Brasil
S.A.
11
14,680,333
(b)
Banco
Bilbao
Vizcaya
Argentaria
S.A.
174,821
1,166,894
Banco
BPM
S.p.A.
7,764
635,756
Banco
Bradesco
S.A.
1,615
8,334,354
Banco
Bradesco
S.A.
(Preference)
23,697
48,199,675
(a)
Banco
Comercial
Portugues
S.A.
16,260
18,352,151
Banco
de
Chile
2,041
28,807
(a)
Banco
de
Credito
e
Inversiones
824
4,265,982
Banco
de
Sabadell
S.A.
6,711
1,720,871
(c)
Banco
del
Bajio
S.A.
6,693
354,101
Banco
do
Brasil
S.A.
3,998
156,600
Banco
do
Estado
do
Rio
Grande
do
Sul
417
54,048
Banco
Itau
Chile
S.A.
558
211,900
Banco
Pan
S.A.
402
139,210
Banco
Santander
Brasil
S.A.
792
26,770,189
Banco
Santander
Chile
S.A.
1,333
6,820,349
Banco
Santander
S.A.
33,314
106,901
BanColombia
S.A.
948
201,940
BanColombia
S.A.
(Preference)
1,717
299,713
(a)
Bancorp,
Inc
10,028
320,348
(c)
Bandhan
Bank
Ltd
694
5,584,900
(a)
Bank
Aladin
Syariah
Tbk
PT
379
198,641
Bank
AlBilad
2,574
148,834
(a)
Bank
Al-Jazira
794
CREF
Stock
Account
March
31,
2024
6
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,959,600
Bank
BTPN
Syariah
Tbk
PT
$
168
29,657,386
(a)
Bank
Bukopin
Tbk
PT
142
46,509,370
Bank
Central
Asia
Tbk
PT
29,577
118,652
Bank
Hapoalim
Ltd
1,112
561,100
Bank
Islam
Malaysia
Bhd
305
3,105,800
(a)
Bank
Jago
Tbk
PT
523
148,676
Bank
Leumi
Le-Israel
1,236
460,828
(a)
Bank
Millennium
S.A.
1,189
44,685,406
Bank
Negara
Indonesia
Persero
Tbk
PT
16,635
9,644,230
Bank
of
America
Corp
365,709
440,811
Bank
of
Baroda
1,400
633,262
Bank
of
Beijing
Co
Ltd
495
230,000
Bank
of
Changsha
Co
Ltd
246
90,620
Bank
of
Chengdu
Co
Ltd
170
1,074,844
Bank
of
China
Ltd
-
A
652
69,344,912
Bank
of
China
Ltd
-
H
28,432
1,096,812
Bank
of
Communications
Co
Ltd
-
A
949
4,071,319
Bank
of
Communications
Co
Ltd
-
H
2,677
898,000
Bank
of
East
Asia
Ltd
1,070
103,736
Bank
of
Georgia
Group
plc
6,612
112,795
Bank
of
Hangzhou
Co
Ltd
173
2,591,883
Bank
of
Ireland
Group
plc
26,450
477,518
Bank
of
Jiangsu
Co
Ltd
518
582,466
(a)
Bank
of
Kaohsiung
Co
Ltd
217
1,080,443
Bank
of
Montreal
105,488
5,100
Bank
of
Nagoya
Ltd
218
214,914
Bank
of
Nanjing
Co
Ltd
269
156,174
Bank
of
Ningbo
Co
Ltd
450
1,125,310
(b)
Bank
of
Nova
Scotia
58,212
808,313
Bank
of
NT
Butterfield
&
Son
Ltd
25,858
533,595
(b)
Bank
of
Queensland
Ltd
2,198
283,299
Bank
of
Shanghai
Co
Ltd
263
206,200
Bank
of
Suzhou
Co
Ltd
203
786,908
Bank
of
the
Philippine
Islands
1,653
130,800
Bank
OZK
5,946
73,975
Bank
Pekao
S.A.
3,362
2,724,511
Bank
Pembangunan
Daerah
Jawa
Barat
Dan
Banten
Tbk
PT
208
7,304,400
Bank
Pembangunan
Daerah
Jawa
Timur
Tbk
PT
276
300,526,668
Bank
Rakyat
Indonesia
114,914
4,944,462
Bank
Tabungan
Negara
Persero
Tbk
PT
485
14,602
Bank
Zachodni
WBK
S.A.
2,079
543,700
(b)
Bankinter
S.A.
3,984
146,100
BankUnited,
Inc
4,091
308,958
Banner
Corp
14,830
29,575
(b)
Banque
Cantonale
Vaudoise
3,441
237,678
Banque
Saudi
Fransi
2,470
21,571,785
Barclays
plc
49,996
362,070
(c)
BAWAG
Group
AG.
22,916
9,162,349
BDO
Unibank,
Inc
25,182
442,551
Bendigo
Bank
Ltd
2,956
84,065
Berkshire
Hills
Bancorp,
Inc
1,927
215,950
BNK
Financial
Group,
Inc
1,279
1,093,458
BNP
Paribas
S.A.
77,849
3,353,125
BOC
Hong
Kong
Holdings
Ltd
8,991
552,835
Boubyan
Bank
KSCP
1,114
806,578
BPER
Banca
3,814
5,836
(a)
BRE
Bank
S.A.
1,080
676,031
Brookline
Bancorp,
Inc
6,733
2,679,599
Bumiputra-Commerce
Holdings
BHD
3,712
568,691
Burgan
Bank
SAK
383
205,825
Byline
Bancorp,
Inc
4,471
9,909,379
(b)
CaixaBank
S.A.
48,086
7
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
860,571
(b)
Canadian
Imperial
Bank
of
Commerce
$
43,627
77,985
(b)
Canadian
Western
Bank
1,624
247,415
Capitec
Bank
Holdings
Ltd
27,364
2,023,080
(b)
Capitol
Federal
Financial,
Inc
12,058
60,748
Cathay
General
Bancorp
2,298
98,471
(b)
Central
Pacific
Financial
Corp
1,945
2,000,811
Chang
Hwa
Commercial
Bank
1,135
1,577,300
Chiba
Bank
Ltd
13,125
25,448,490
China
Citic
Bank
13,574
455,407
China
Construction
Bank
Corp
-
A
430
82,526,546
China
Construction
Bank
Corp
-
H
49,803
1,339,504
China
Everbright
Bank
Co
Ltd
-
A
578
2,124,845
China
Everbright
Bank
Co
Ltd
-
H
611
8,073,481
China
Merchants
Bank
Co
Ltd
31,999
8,773,870
China
Merchants
Bank
Co
Ltd
(Class
A)
39,135
992,848
China
Minsheng
Banking
Corp
Ltd
-
A
558
3,195,491
(b)
China
Minsheng
Banking
Corp
Ltd
-
H
1,107
670,537
China
Zheshang
Bank
Co
Ltd
273
27,856,388
Chinatrust
Financial
Holding
Co
28,195
877,000
Chongqing
Rural
Commercial
Bank
Co
Ltd
564
116,600
Chugin
Financial
Group,
Inc
994
4,083,894
Citigroup,
Inc
258,265
278,078
City
Union
Bank
Ltd
452
122,947
Close
Brothers
Group
plc
649
40,731
(a)
Collector
Bank
AB
178
155,670
Columbia
Banking
System,
Inc
3,012
38,131
Comerica,
Inc
2,097
44,890
Commerce
Bancshares,
Inc
2,388
1,355,557
(a)
Commercial
Bank
PSQC
1,837
1,065,874
Commercial
International
Bank
1,799
3,759,050
Commerzbank
AG.
51,665
2,184,277
Commonwealth
Bank
of
Australia
171,333
291,492
Community
Bank
System,
Inc
14,000
16,680
(b)
Community
Trust
Bancorp,
Inc
711
1,831,600
Concordia
Financial
Group
Ltd
9,206
42,370
ConnectOne
Bancorp,
Inc
826
77,545
Credicorp
Ltd
13,138
36,336
Credit
Agricole
S.A.
542
66,555
Credito
Emiliano
S.p.A.
666
74,590
(a)
CrossFirst
Bankshares,
Inc
1,032
92,560
(a)
Customers
Bancorp,
Inc
4,911
161,000
CVB
Financial
Corp
2,872
5,646,074
(a),(d)
Cyprus
Popular
Bank
PCL
61
299,627
Dah
Sing
Banking
Group
Ltd
213
135,508
Dah
Sing
Financial
Holdings
Ltd
311
28,586
(b)
Daishi
Hokuetsu
Financial
Group,
Inc
841
1,815,814
Danske
Bank
AS
54,504
1,635,965
DBS
Group
Holdings
Ltd
43,660
80,886
DCB
Bank
Ltd
116
125,006
DGB
Financial
Group,
Inc
808
30,135
DNB
Bank
ASA
599
1,870,201
Doha
Bank
QPSC
766
1,193,887
Dubai
Islamic
Bank
PJSC
1,899
1,618,867
Dukhan
Bank
1,716
5,796,345
E.Sun
Financial
Holding
Co
Ltd
4,915
332,690
Eagle
Bancorp,
Inc
7,815
169,509
East
West
Bancorp,
Inc
13,410
794,637
Emirates
NBD
Bank
PJSC
3,744
84,565
Enterprise
Financial
Services
Corp
3,430
23,210
(a),(b)
Equitable
Group,
Inc
1,456
439,174
(c)
Equitas
Small
Finance
Bank
Ltd
489
949,471
Erste
Bank
der
Oesterreichischen
Sparkassen
AG.
42,316
CREF
Stock
Account
March
31,
2024
8
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,034,549
(a)
Eurobank
Ergasias
Services
and
Holdings
S.A.
$
1,989
1,688,578
Far
Eastern
International
Bank
752
1,358,568
Federal
Bank
Ltd
2,453
13,451
FIBI
Holdings
Ltd
600
4,289,295
Fifth
Third
Bancorp
159,605
12,170
(b)
Financial
Institutions,
Inc
229
782,803
FinecoBank
Banca
Fineco
S.p.A
11,724
1,842,883
First
Abu
Dhabi
Bank
PJSC
6,725
172,310
First
BanCorp
3,022
57,259
First
Citizens
Bancshares,
Inc
(Class
A)
93,618
84,700
First
Commonwealth
Financial
Corp
1,179
69,110
First
Financial
Bancorp
1,549
533,321
First
Financial
Bankshares,
Inc
17,498
56,110
(b)
First
Financial
Corp
2,151
4,420,331
First
Financial
Holding
Co
Ltd
3,811
195,470
First
Hawaiian,
Inc
4,293
388,776
First
Horizon
National
Corp
5,987
177,159
First
International
Bank
Of
Israel
Ltd
7,372
5,200
(a),(d)
FS
Finans
A.S.
0
^
140,900
(b)
Fukuoka
Financial
Group,
Inc
3,761
13,970
German
American
Bancorp,
Inc
484
6,063,385
Grupo
Financiero
Banorte
S.A.
de
C.V.
64,402
750,877
(a),(b)
Grupo
Financiero
Inbursa
S.A.
2,320
1,205,431
Grupo
Security
S.A.
333
820,287
Gulf
Bank
KSCP
784
277,800
Gunma
Bank
Ltd
1,577
299,100
Hachijuni
Bank
Ltd
2,019
441,127
Haci
Omer
Sabanci
Holding
AS
1,132
122,054
Hana
Financial
Group,
Inc
5,343
34,800
Hancock
Whitney
Corp
1,602
692,935
Hang
Seng
Bank
Ltd
7,596
111,840
(b)
Hanmi
Financial
Corp
1,781
6,280,017
HDFC
Bank
Ltd
109,508
717,510
HDFC
Bank
Ltd
(ADR)
40,159
89,240
Hilltop
Holdings,
Inc
2,795
204,302
Hirogin
Holdings,
Inc
1,466
14,700
Hokkoku
Financial
Holdings,
Inc
484
95,760
Hokuhoku
Financial
Group,
Inc
1,213
718,468
Home
Bancshares,
Inc
17,653
220,312
Hong
Leong
Bank
BHD
901
103,060
Hope
Bancorp,
Inc
1,186
9,378,274
HSBC
Holdings
plc
73,308
3,447,510
Hua
Nan
Financial
Holdings
Co
Ltd
2,466
407,286
Huaxia
Bank
Co
Ltd
365
587,234
Huntington
Bancshares,
Inc
8,192
147,374
Hyakugo
Bank
Ltd
624
3,407,119
ICICI
Bank
Ltd
44,918
2,905,280
(a)
IDFC
First
Bank
Ltd
2,636
86,760
Independent
Bank
Corp
2,199
248,445
IndusInd
Bank
Ltd
4,645
1,734,739
Industrial
&
Commercial
Bank
of
China
Ltd
-
A
1,261
56,212,914
Industrial
&
Commercial
Bank
of
China
Ltd
-
H
28,255
514,105
Industrial
Bank
Co
Ltd
1,157
105,172
Industrial
Bank
of
Korea
1,091
22,511,339
ING
Groep
NV
370,610
24,009
(b)
Intercorp
Financial
Services,
Inc
572
81,960
International
Bancshares
Corp
4,601
5,860,104
Intesa
Sanpaolo
S.p.A.
21,275
2,174,223
Investimentos
Itau
S.A.
-
PR
4,552
3,432,096
iShares
Core
MSCI
EAFE
ETF
254,730
1,972,774
iShares
Core
MSCI
Emerging
Markets
ETF
101,795
125,414
Israel
Discount
Bank
Ltd
649
9
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
16,834,402
Itau
Unibanco
Holding
S.A.
$
116,271
204,054
Iyogin
Holdings,
Inc
1,579
185,245
Jammu
&
Kashmir
Bank
Ltd
299
1,237,300
Japan
Post
Bank
Co
Ltd
13,295
81,668
JB
Financial
Group
Co
Ltd
792
5,069,542
JPMorgan
Chase
&
Co
1,015,429
506,854
(a)
Judo
Capital
Holdings
Ltd
439
25,740
Juroku
Financial
Group,
Inc
800
38,744
Jyske
Bank
3,282
70,391
KakaoBank
Corp
1,470
96,536
Karnataka
Bank
Ltd
262
332,749
Karur
Vysya
Bank
Ltd
731
5,708,000
Kasikornbank
PCL
19,406
239,000
Kasikornbank
PCL
(Foreign)
812
1,149,022
KB
Financial
Group,
Inc
60,045
27,220
KBC
Ancora
1,326
828,754
KBC
Groep
NV
62,133
65,248
Keiyo
Bank
Ltd
326
181,000
Kiatnakin
Phatra
Bank
PCL
258
572,000
King's
Town
Bank
Co
Ltd
922
43,819
Kiyo
Bank
Ltd
539
28,989
Komercni
Banka
AS
1,038
459,201
Kotak
Mahindra
Bank
Ltd
9,865
3,052,896
Krung
Thai
Bank
PCL
1,407
3,591,681
Kuwait
Finance
House
KSCP
9,340
773,031
Kuwait
International
Bank
KSCP
427
1,653,792
Kuwait
Projects
Co
Holding
KSCP
656
193,200
Kyoto
Financial
Group,
Inc
3,487
269,100
Kyushu
Financial
Group,
Inc
1,987
14,470
(b)
Lakeland
Bancorp,
Inc
175
10,900
Lakeland
Financial
Corp
723
34,846
(b)
Laurentian
Bank
of
Canada
721
292,831
Live
Oak
Bancshares,
Inc
12,155
4,076,479
Lloyds
TSB
Group
plc
2,666
478,696
M&T
Bank
Corp
69,622
2,260,830
Malayan
Banking
BHD
4,611
1,784,600
(a)
Malaysia
Building
Society
Bhd
300
2,327,109
Masraf
Al
Rayan
QSC
1,517
804,800
Mebuki
Financial
Group,
Inc
2,644
1,619,158
Mediobanca
S.p.A.
24,128
10,007,392
Mega
Financial
Holding
Co
Ltd
12,584
734,914
Metropolitan
Bank
&
Trust
854
20,650
Mid
Penn
Bancorp,
Inc
413
17,529,726
Mitsubishi
UFJ
Financial
Group,
Inc
178,349
15,308
Mizrahi
Tefahot
Bank
Ltd
574
2,180,624
Mizuho
Financial
Group,
Inc
43,123
138,602
(c)
Moneta
Money
Bank
AS
602
19,768
Musashino
Bank
Ltd
383
21,849
Nanto
Bank
Ltd
442
2,824,712
National
Australia
Bank
Ltd
63,957
164,665
National
Bank
Holdings
Corp
5,939
313,590
(b)
National
Bank
of
Canada
26,406
1,281,317
(a)
National
Bank
of
Greece
S.A.
10,030
3,180,367
National
Bank
of
Kuwait
SAKP
9,923
3,468,294
NatWest
Group
plc
11,617
182,659
Nedbank
Group
Ltd
2,204
99,064
Nishi-Nippon
Financial
Holdings,
Inc
1,239
588,328
(b)
Nordea
Bank
Abp
6,557
11,722,382
Nordea
Bank
Abp
132,518
212,597
North
Pacific
Bank
Ltd
620
82,500
Northwest
Bancshares,
Inc
961
5,371,628
(a)
NU
Holdings
Ltd
64,084
CREF
Stock
Account
March
31,
2024
10
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,135,000
O-Bank
Co
Ltd
$
352
452,357
(b)
OceanFirst
Financial
Corp
7,423
475,094
(b)
OFG
Bancorp
17,488
23,107
Ogaki
Kyoritsu
Bank
Ltd
334
18,000
Okinawa
Financial
Group,
Inc
310
86,917
OTP
Bank
Rt
4,000
4,541,846
Oversea-Chinese
Banking
Corp
45,382
156,100
Pacific
Premier
Bancorp,
Inc
3,746
177,040
Pathward
Financial,
Inc
8,937
18,860
Peoples
Bancorp,
Inc
558
466,584
Ping
An
Bank
Co
Ltd
678
899,800
(a)
Piraeus
Financial
Holdings
S.A.
3,759
376,423
PNC
Financial
Services
Group,
Inc
60,830
27,977
Popular,
Inc
2,465
725,837
Postal
Savings
Bank
of
China
Co
Ltd
-
A
478
3,498,972
(c)
Postal
Savings
Bank
of
China
Co
Ltd
-
H
1,832
362,864
Powszechna
Kasa
Oszczednosci
Bank
Polski
S.A.
5,384
181,107
Preferred
Bank
13,904
138,030
Premier
Financial
Corp
2,802
29,250
Primis
Financial
Corp
356
87,092
Prosperity
Bancshares,
Inc
5,729
15,650,470
PT
Bank
Mandiri
Persero
Tbk
7,121
5,969,880
Public
Bank
Bhd
5,312
1,953,438
Punjab
National
Bank
2,928
374,340
(a)
Qatar
International
Islamic
Bank
QSC
1,124
727,542
Qatar
Islamic
Bank
SAQ
3,798
1,919,469
Qatar
National
Bank
QPSC
7,486
101,852
QCR
Holdings,
Inc
6,187
103,599
Raiffeisen
International
Bank
Holding
AG.
2,062
71,600
(a)
Rakuten
Bank
Ltd
1,429
340,977
(c)
RBL
Bank
Ltd
985
195,600
(b)
Regional
SAB
de
C.V.
1,933
50,140
Renasant
Corp
1,570
3,070,300
Resona
Holdings,
Inc
18,927
566,369
RHB
Capital
BHD
675
22,026
Ringkjoebing
Landbobank
A.S.
3,862
609,528
Riyad
Bank
4,845
1,309,609
Royal
Bank
of
Canada
132,087
115,164
San-In
Godo
Bank
Ltd
904
416,928
Saudi
Awwal
Bank
4,613
177,483
Saudi
Investment
Bank
784
2,523,939
Saudi
National
Bank
27,471
43,900
(b)
SBI
Sumishin
Net
Bank
Ltd
639
739,361
SCB
X
PCL
2,311
270,120
Security
Bank
Corp
330
122,200
Senshu
Ikeda
Holdings,
Inc
317
512,700
(b)
Seven
Bank
Ltd
994
1,606,331
Shanghai
Commercial
&
Savings
Bank
Ltd
2,421
690,034
Shanghai
Pudong
Development
Bank
Co
Ltd
685
575,300
Shanghai
Rural
Commercial
Bank
Co
Ltd
526
1,062,496
Sharjah
Islamic
Bank
645
27,200
Shiga
Bank
Ltd
752
377,672
Shinhan
Financial
Group
Co
Ltd
13,322
422,100
Shizuoka
Financial
Group,
Inc
4,017
40,520
Simmons
First
National
Corp
(Class
A)
789
4,199,877
SinoPac
Financial
Holdings
Co
Ltd
2,821
4,650,567
(b)
Skandinaviska
Enskilda
Banken
AB
(Class
A)
63,004
1,177,503
Societe
Generale
31,549
855,824
South
Indian
Bank
Ltd
281
232,184
SouthState
Corp
19,743
162,101
Spar
Nord
Bank
A.S.
2,706
29,425
Sparebank
Oestlandet
337
11
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
204,596
SpareBank
SR-Bank
ASA
$
2,573
108,061
Sparebanken
Midt-Norge
1,376
154,114
Sparebanken
Nord-Norge
1,357
2,231
St
Galler
Kantonalbank
1,202
2,797,964
Standard
Bank
Group
Ltd
27,365
2,187,049
Standard
Chartered
plc
18,541
744,794
State
Bank
of
India
6,745
2,623,297
Sumitomo
Mitsui
Financial
Group,
Inc
153,391
1,697,042
Sumitomo
Mitsui
Trust
Holdings,
Inc
36,565
122,764
(b)
Suruga
Bank
Ltd
715
48,704
Svenska
Handelsbanken
AB
492
28,160
(b)
Swedbank
AB
(A
Shares)
559
100,571
Sydbank
AS
5,214
2,665,102
Taichung
Commercial
Bank
Co
Ltd
1,420
4,501,956
Taishin
Financial
Holdings
Co
Ltd
2,525
2,445,312
Taiwan
Business
Bank
1,215
4,249,192
Taiwan
Cooperative
Financial
Holding
Co
Ltd
3,449
31,123
Tamilnad
Mercantile
Bank
Ltd
182
103,106
TBC
Bank
Group
plc
4,184
85,650
(a)
Texas
Capital
Bancshares,
Inc
5,272
1,172,300
Thanachart
Capital
PCL
1,655
100,900
(a)
Tisco
Bank
PCL
275
21,803,500
TMB
Bank
PCL
(Foreign)
1,088
116,343
(b)
Toho
Bank
Ltd
276
18,900
Tokyo
Kiraboshi
Financial
Group,
Inc
586
107,364
TOMONY
Holdings,
Inc
296
1,654,136
Toronto-Dominion
Bank
99,831
29,620
Towne
Bank
831
454,461
Truist
Financial
Corp
17,715
30,806,745
Turkiye
Is
Bankasi
(Series
C)
10,689
487,047
(c)
Ujjivan
Small
Finance
Bank
Ltd
259
1,734,169
(b),(c)
Unicaja
Banco
S.A.
2,149
2,029,582
UniCredit
S.p.A
77,082
1,302,673
Union
Bank
of
India
2,407
892,353
Union
Bank
Of
Taiwan
420
132,390
United
Bankshares,
Inc
4,738
1,136,717
United
Overseas
Bank
Ltd
24,712
152,300
(b)
Univest
Financial
Corp
3,171
11,885
Valiant
Holding
AG.
1,394
406,925
Veritex
Holdings,
Inc
8,338
1,547,098
Virgin
Money
UK
plc
4,177
635,093
(a),(d)
VTB
Bank
PJSC
(GDR)
Equiduct
6
664,707
(a),(d)
VTB
Bank
PJSC
(GDR)
Tradegate
7
904,530
Warba
Bank
KSCP
547
61,980
Washington
Trust
Bancorp,
Inc
1,666
11,331,673
Wells
Fargo
&
Co
656,784
333,550
WesBanco,
Inc
9,943
39,790
Westamerica
Bancorporation
1,945
3,176,214
Westpac
Banking
Corp
54,022
269,719
Wintrust
Financial
Corp
28,156
247,941
Woori
Financial
Group,
Inc
2,689
238,960
WSFS
Financial
Corp
10,787
145,399
(b)
Yamaguchi
Financial
Group,
Inc
1,477
1,417,348
(a)
Yapi
ve
Kredi
Bankasi
1,205
5,355,780
(a)
Yes
Bank
Ltd
1,496
TOTAL
BANKS
8,291,514
CAPITAL
GOODS
-
8.3%
197,683
3M
Co
20,968
2,279
3M
India
Ltd
852
169,246
A.O.
Smith
Corp
15,141
78,982
Aalberts
Industries
NV
3,797
CREF
Stock
Account
March
31,
2024
12
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
47,800
(a)
AAR
Corp
$
2,862
730,034
ABB
Ltd
33,867
46,807
ABB
Ltd
India
3,576
1,380,349
Aboitiz
Equity
Ventures,
Inc
1,150
425,749
AcBel
Polytech,
Inc
518
292,352
(b)
Accelleron
Industries
AG.
10,951
18,437
(b)
Ackermans
&
Van
Haaren
3,223
7,105
ACS
Actividades
de
Construccion
y
Servicios
S.A.
298
86,000
Acter
Co
Ltd
543
28,149
Action
Construction
Equipment
Ltd
483
148,552
Adani
Enterprises
Ltd
5,713
204,692
AddTech
AB
4,657
37,989
ADENTRA,
Inc
1,150
25,000
Advanced
Energy
Solution
Holding
Co
Ltd
541
42,827
AECC
Aero-Engine
Control
Co
Ltd
108
144,252
AECC
Aviation
Power
Co
Ltd
670
225,544
Aecom
Technology
Corp
22,121
47,226
(b)
Aecon
Group,
Inc
593
198,046
(a)
AerCap
Holdings
NV
17,212
98,340
(a)
Aerovironment,
Inc
15,074
39,954
(b)
AFG
Arbonia-Forster
Hldg
534
15,108
AG.
Growth
International,
Inc
684
12,587
AGCO
Corp
1,548
18,108
Ahluwalia
Contracts
India
Ltd
222
34,797
AIA
Engineering
Ltd
1,632
87,400
Aichi
Corp
620
131,141
Aida
Engineering
Ltd
769
77,391
Air
Lease
Corp
3,981
1,251,501
Airbus
SE
230,562
119,226
Airtac
International
Group
4,133
17,469
Aker
ASA
(A
Shares)
1,004
141,918
Alarko
Holding
AS.
579
172,510
Albany
International
Corp
(Class
A)
16,131
9,701
Alfa
Laval
AB
381
2,539,800
(b)
Alfa
S.A.
de
C.V.
(Class
A)
1,890
18,163
(a),(b),(c)
Alfen
,NV
979
54,156
(c)
Alimak
Group
AB
496
226,612
(b)
Allegion
plc
30,527
2,357,300
Alliance
Global
Group,
Inc
426
133,000
Allis
Electric
Co
Ltd
455
172,635
Allison
Transmission
Holdings,
Inc
14,011
1,234,289
(b)
Alstom
RGPT
18,796
41,396
Alstom
T&D
India
Ltd
421
453,750
Alta
Equipment
Group,
Inc
5,876
1,479,700
Amada
Co
Ltd
16,946
68,548
Amara
Raja
Batteries
Ltd
626
727,319
Ametek,
Inc
133,027
54,169
Andritz
AG.
3,376
12,665
Apar
Industries
Ltd
1,061
149,860
(a)
API
Group
Corp
5,885
163,510
Apogee
Enterprises,
Inc
9,680
127,888
Applied
Industrial
Technologies,
Inc
25,264
162,579
(a)
Arabi
Group
Holding
KSC
266
297,998
Arcosa,
Inc
25,586
91,400
Armac
Locacao
Logistica
E
Servicos
S.A.
229
68,838
Armstrong
World
Industries,
Inc
8,551
809,959
(a)
Array
Technologies,
Inc
12,076
163,500
Asahi
Glass
Co
Ltd
5,932
1,186,873
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
2,034
1,261,038
Ashok
Leyland
Ltd
2,595
72,069
(a)
Ashoka
Buildcon
Ltd
136
2,369,892
Ashtead
Group
plc
168,805
13
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
143,649
Ashtead
Technology
Holdings
plc
$
1,378
37,919
(a)
Ashtrom
Group
Ltd
561
2,197,110
Assa
Abloy
AB
63,053
29,633
Astra
Industrial
Group
1,500
113,532,807
Astra
International
Tbk
PT
36,886
355,834
Astral
Ltd
8,510
143,435
Atkore,
Inc
27,304
2,583,892
Atlas
Copco
AB
43,638
383,554
Atlas
Copco
AB
5,665
234,955
(a)
ATS
Corp
7,906
277,939
Austal
Ltd
398
726,037
AviChina
Industry
&
Technology
Co
Ltd
286
22,959
AVICOPTER
plc
132
52,595
(a)
Axon
Enterprise,
Inc
16,456
114,211
Ayala
Corp
1,300
2,215
(a),(d)
Ayala
Corp
Preferred
0
^
230,601
(a)
AZEK
Co,
Inc
11,581
193,036
Babcock
International
Group
1,267
121,105
(b)
Badger
Infrastructure
Solutions
Ltd
4,488
2,481,390
BAE
Systems
plc
42,296
430,086
Balfour
Beatty
plc
2,075
193,892
(a),(b)
Ballard
Power
Systems,
Inc
540
13,533
Balmer
Lawrie
&
Co
Ltd
39
283,736
Barloworld
Ltd
914
20,521
Bawan
Co
259
9,895
BayWa
AG.
269
239,040
(a)
Beacon
Roofing
Supply,
Inc
23,431
477,474
(b)
Beijer
Ref
AB
7,089
83,712
Beijing
New
Building
Materials
plc
332
20,987
Belimo
Holding
AG.
10,300
15,502
BEML
Ltd
594
1,252,000
BES
Engineering
Corp
552
334,840
Bharat
Dynamics
Ltd
7,048
3,265,738
Bharat
Electronics
Ltd
7,910
938,354
Bharat
Heavy
Electricals
Ltd
2,791
240,462
(b)
Bidvest
Group
Ltd
3,079
72,820
(a)
Bien
Yapi
Urunleri
Sanayi
Turizm
ve
Ticaret
AS.
90
29,685
Bird
Construction
Income
Fund
408
106,937
Bizlink
Holding,
Inc
858
418,380
(a)
Blue
Bird
Corp
16,041
94,596
Blue
Star
Ltd
1,447
1,682,906
(c)
BOC
Aviation
Ltd
12,983
141,593
Bodycote
plc
1,241
1,970,734
(a)
Boeing
Co
380,332
50,290
Boise
Cascade
Co
7,713
69,180
(a)
Bombardier,
Inc
2,970
4,715
(b)
Bossard
Holding
AG.
1,143
190,449
Bouygues
S.A.
7,775
453,249
Brenntag
SE
38,200
244,000
Brighton-Best
International
Taiwan,
Inc
258
16,490
(b)
Brookfield
Business
Corp
394
5,252
(b)
Bucher
Industries
AG.
2,309
10,863
Budimex
S.A.
1,904
20,228
Bufab
AB
793
199,992
(a)
Builders
FirstSource,
Inc
41,708
60,300
Bunka
Shutter
Co
Ltd
678
374,048
Bunzl
plc
14,392
18,171
Burckhardt
Compression
Holding
AG.
11,393
14,476
Burkhalter
Holding
AG.
1,568
67,262
BWX
Technologies,
Inc
6,902
1,170
(b)
Bystronic
AG.
619
114,705
(a)
Cadeler
A.S.
561
CREF
Stock
Account
March
31,
2024
14
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
363,193
(a)
CAE,
Inc
$
7,500
18,200
Carbone
Lorraine
717
35,453
(c)
Carel
Industries
S.p.A
778
33,006
(a)
Cargotec
Corp
(B
Shares)
2,301
36,794
Carlisle
Cos,
Inc
14,418
4,405,651
Carrier
Global
Corp
256,100
455,405
Caterpillar,
Inc
166,874
15,400
Central
Glass
Co
Ltd
291
5,180
Cera
Sanitaryware
Ltd
422
112,817
(a),(b)
Ceres
Power
Holdings
plc
203
249,537
CG
Power
&
Industrial
Solutions
Ltd
1,621
1,049,700
CH
Karnchang
PCL
651
282,725
(a),(b)
ChargePoint
Holdings,
Inc
537
996,365
Chemring
Group
plc
4,565
874,000
(a)
Chicony
Power
Technology
Co
Ltd
4,832
453,500
(a)
Chin
Hin
Group
Bhd
418
290,000
China
Aircraft
Leasing
Group
Holdings
Ltd
112
136,422
China
Baoan
Group
Co
Ltd
198
1,210,000
China
Communications
Services
Corp
Ltd
565
1,089,000
China
Conch
Venture
Holdings
Ltd
758
234,200
China
CSSC
Holdings
Ltd
1,121
1,739,000
China
Energy
Engineering
Corp
Ltd
505
830,000
China
Lesso
Group
Holdings
Ltd
394
144,700
China
National
Chemical
Engineering
Co
Ltd
133
594,018
China
Railway
Group
Ltd
-
A
560
1,861,000
China
Railway
Group
Ltd
-
H
921
754,000
China
State
Construction
Development
Holdings
Ltd
239
1,067,300
China
State
Construction
Engineering
Corp
Ltd
771
870,000
China
State
Construction
International
Holdings
Ltd
951
329,800
China
XD
Electric
Co
Ltd
245
138,545
(a),(b)
Chiyoda
Corp
368
101,700
Chudenko
Corp
2,018
300,000
Chung-Hsin
Electric
&
Machinery
Manufacturing
Corp
1,658
612,000
CIMC
Enric
Holdings
Ltd
624
2,710,517
Citic
Pacific
Ltd
2,609
12,952,000
Citic
Resources
Holdings
Ltd
678
10,544
(a)
CJ
Corp
957
2,243,586
CK
Hutchison
Holdings
Ltd
10,798
41,593
CKD
Corp
834
730,560
CNH
Industrial
NV
9,468
433,500
CNPC
Capital
Co
Ltd
337
64,190
(c)
Cochin
Shipyard
Ltd
674
6,123
(b)
Colt
CZ
Group
SE
159
269,404
Columbus
McKinnon
Corp
12,024
214,071
Comfort
Systems
USA,
Inc
68,013
569,418
Compagnie
de
Saint-Gobain
44,195
90,217
COMSYS
Holdings
Corp
2,114
41,059
Construcciones
y
Auxiliar
de
Ferrocarriles
S.A.
1,498
63,920
(a)
Construction
Partners,
Inc
3,589
2,922,383
Contemporary
Amperex
Technology
Co
Ltd
76,406
239,000
Continental
Holdings
Corp
226
257,139
(a)
Core
&
Main,
Inc
14,721
583,900
COSCO
SHIPPING
Development
Co
Ltd
185
4,762
Craftsman
Automation
Ltd
247
149,951
Crane
Co
20,263
38,617
(a)
Creative
&
Innovative
System
378
21,361
CS
Wind
Corp
824
563,010
(a)
CSBC
Corp
Taiwan
333
85,200
CSSC
Science
&
Technology
Co
Ltd
185
431,000
CTCI
Corp
637
121,768
Cummins
India
Ltd
4,396
28,245
Cummins,
Inc
8,322
148,016
Curtiss-Wright
Corp
37,883
322,260
(a),(b)
Custom
Truck
One
Source,
Inc
1,876
15
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
25,393
(a)
CW
Enerji
Muhendislik
Ticaret
VE
Sanayi
AS.
$
206
35,000
CyberPower
Systems,
Inc
261
9,018
Daelim
Industrial
Co
351
6,047
(b)
Daetwyler
Holding
AG.
1,246
162,077
(a)
Daewoo
Engineering
&
Construction
Co
Ltd
449
47,971
Daewoo
International
Corp
1,896
31,588
(a)
Daewoo
Shipbuilding
&
Marine
Engineering
Co
Ltd
644
132,700
Daifuku
Co
Ltd
3,181
16,548
Daihen
Corp
1,033
2,589
Daiho
Corp
59
86,677
Daikin
Industries
Ltd
11,835
1,220,311
Daimler
Truck
Holding
AG.
61,839
59,200
Daiwa
Industries
Ltd
625
9,046
(b)
Danieli
&
Co
S.p.A.
321
30,384
Danieli
&
Co
S.p.A.
(RSP)
801
24,865
Dassault
Aviation
S.A.
5,475
14,928
Data
Patterns
India
Ltd
436
22,330
Dawonsys
Co
Ltd
226
98,055
DCC
plc
7,134
310,730
Deere
&
Co
127,629
91,965
Deutz
AG.
584
175,515
Diploma
plc
8,244
71,722
DiscoverIE
Group
plc
684
26,394
DL
E&C
Co
Ltd
722
2,507,100
DMCI
Holdings,
Inc
507
306,170
(a)
DNOW,
Inc
4,654
28,220
Donaldson
Co,
Inc
2,107
150,529
Dongfang
Electric
Corp
Ltd
322
47,613
Doosan
Bobcat,
Inc
1,910
55,410
(a)
Doosan
Corp
6,231
38,176
(a)
Doosan
Fuel
Cell
Co
Ltd
584
182,903
(a)
Doosan
Heavy
Industries
and
Construction
Co
Ltd
2,378
108,183
Doosan
Infracore
Co
Ltd
689
935,109
Dover
Corp
165,692
392,953
(a),(d)
Drake
&
Scull
International
PJSC
1
5,776
Dredging
Environmental
&
Marine
Engineering
NV
924
1,556,435
Dubai
Investments
PJSC
970
40,294
Duerr
AG.
931
40,650
(a)
DXP
Enterprises,
Inc
2,184
31,281
(a)
Dycom
Industries,
Inc
4,490
4,087,800
Dynasty
Ceramic
PCL
212
1,615,643
Eaton
Corp
plc
505,179
74,600
Ebara
Corp
6,789
1,120,000
E-Commodities
Holdings
Ltd
266
33,394
Ecopro
BM
Co
Ltd
6,893
11,751
(a)
Ecopro
Materials
Co
Ltd
1,166
14,535
Eczacibasi
Yatirim
Holding
105
1,482
Eiffage
S.A.
168
26,561
Elbit
Systems
Ltd
5,547
8,947
Elco
Ltd
315
33,498
Elecon
Engineering
Co
Ltd
382
1,737
Electra
Israel
Ltd
749
504,360
Electrical
Industries
Co
596
4,274,504
Electrocomponents
plc
39,193
192,233
Electrolux
Professional
AB
1,257
227,212
Electrosteel
Castings
Ltd
487
157,618
Elgi
Equipments
Ltd
1,139
431,489
ElSewedy
Electric
Co
283
8,119,200
(a)
Embraer
S.A.
53,924
62,677
EMCOR
Group,
Inc
21,949
718,697
Emerson
Electric
Co
81,515
5,558
Energiekontor
AG.
384
107,200
Enerpac
Tool
Group
Corp
3,823
47,700
EnerSys
4,506
CREF
Stock
Account
March
31,
2024
16
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
37,823
(b)
Engcon
AB
$
297
228,293
Engineers
India
Ltd
555
111,978
EnPro
Industries,
Inc
18,899
21,769
Epiroc
AB
409
14,489
Epiroc
AB
245
107,142
Esab
Corp
11,847
15,871
ESAB
India
Ltd
1,002
181,892
ESCO
Technologies,
Inc
19,472
607,332
(a)
Estithmar
Holding
QPSC
318
59,468
(a),(b)
Eurogroup
Laminations
S.p.A
242
54,893
(a)
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS.
251
52,807
Eve
Energy
Co
Ltd
287
78,000
Evergreen
Aviation
Technologies
Corp
268
157,000
Fangda
Carbon
New
Material
Co
Ltd
104
196,680
Fanuc
Ltd
5,487
2,627,631
Far
Eastern
Textile
Co
Ltd
2,713
426,894
Fastenal
Co
32,931
147,886
FAW
Jiefang
Group
Co
Ltd
185
193,872
Federal
Signal
Corp
16,454
152,650
Ferguson
plc
33,343
192,315
Ferguson
plc
42,077
511,941
Ferrovial
SE
20,269
443,723
(a),(b)
Fincantieri
S.p.A
326
384,587
Finning
International,
Inc
11,303
56,687
Finolex
Cables
Ltd
682
420,000
First
Tractor
Co
Ltd
327
1,428,582
Fletcher
Building
Ltd
3,516
950,781
Flowserve
Corp
43,432
113,116
(a)
FLSmidth
&
Co
AS
5,651
494,590
(a),(b)
Fluence
Energy,
Inc
8,576
78,387
Fluidra
S.A.
1,855
118,100
(a)
Fluor
Corp
4,993
726
(b)
Forbo
Holding
AG.
927
3,229
Force
Motors
Ltd
281
471,512
Fortive
Corp
40,559
92,000
Fortune
Electric
Co
Ltd
1,926
2,515,508
(b)
Fosun
International
1,312
349,340
(a),(b)
FTC
Solar,
Inc
188
354,077
(a)
Fugro
NV
8,680
110,300
(a)
Fuji
Electric
Holdings
Co
Ltd
7,402
369,745
Fuji
Machine
Manufacturing
Co
Ltd
6,536
192,278
Fujikura
Ltd
2,842
47,639
(b)
Fujitec
Co
Ltd
1,185
11,139
Fukushima
Galilei
Co
Ltd
439
20,256
Furukawa
Co
Ltd
244
54,144
Furukawa
Electric
Co
Ltd
1,143
17,934
(a)
G
R
Infraprojects
Ltd
282
1,563,485
Gamuda
BHD
1,741
23,773
Garden
Reach
Shipbuilders
&
Engineers
Ltd
219
122,766
(a)
Gates
Industrial
Corp
plc
2,174
301,030
GEA
Group
AG.
12,728
1,168
Geberit
AG.
690
43,618
GEK
Group
of
Cos
S.A.
794
44,791
(a)
Generac
Holdings,
Inc
5,650
130,937
General
Dynamics
Corp
36,988
390,428
Genuit
Group
plc
2,169
134,836
Georg
Fischer
AG.
10,000
44,413
(a)
Gibraltar
Industries,
Inc
3,577
13,501
Giken
Seisakusho
Co,
Inc
185
14,300
Ginlong
Technologies
Co
Ltd
117
116,629
(a)
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS.
246
3,700
Global
Industrial
Co
166
33,556
Glory
Ltd
633
25,752
GMM
Pfaudler
Ltd
383
17
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
51,213
(a)
Godrej
Industries
Ltd
$
481
23,200
Gongniu
Group
Co
Ltd
329
6,318
GoodWe
Technologies
Co
Ltd
87
7,410
Gorman-Rupp
Co
293
43,630
Gotion
High-tech
Co
Ltd
123
150,098
Grafton
Group
plc
1,899
49,541
Graphite
India
Ltd
360
93,162
Greaves
Cotton
Ltd
142
2,788,000
(c)
Greentown
Management
Holdings
Co
Ltd
2,297
88,100
Griffon
Corp
6,461
67,872
Grindwell
Norton
Ltd
1,551
509,993
(b)
Grupo
Carso
S.A.
de
C.V.
(Series
A1)
4,562
134,538
(b)
Grupo
Rotoplas
SAB
de
C.V.
244
56,409
(a)
GS
Engineering
&
Construction
Corp
636
43,547
GS
Holdings
Corp
1,567
67,154
GS
Yuasa
Corp
1,400
70,630
GT
Capital
Holdings,
Inc
885
88,232
Gulf
Cables
&
Electrical
Industries
Group
Co.
KSCP
384
48,989
(a),(c)
GVS
S.p.A
320
616,497
Haitian
International
Holdings
Ltd
1,794
5,938
(b)
Hammond
Power
Solutions,
Inc
636
4,838
(a)
Hana
Technology
Co
Ltd
213
325,668
Hangzhou
Steam
Turbine
Power
Group
Co
Ltd
294
40,479
Hanwa
Co
Ltd
1,580
29,715
Hanwha
Corp
622
13,757
Hanwha
Corp
155
279,572
Hanwha
Systems
Co
Ltd
3,577
300,500
HAP
Seng
Consolidated
BHD
283
1,828,000
Harbin
Power
Equipment
613
40,800
Harmonic
Drive
Systems,
Inc
1,087
210,326
Havells
India
Ltd
3,829
99,183
(a)
Hayward
Holdings,
Inc
1,518
123,436
Hazama
Ando
Corp
961
84,247
HBL
Power
Systems
Ltd
461
9,754
HD
Hyundai
Construction
Equipment
Co
Ltd
424
17,951
HD
Hyundai
Electric
Co
Ltd
2,388
18,162
(a)
HD
Hyundai
Heavy
Industries
Co
Ltd
1,601
28,827
HDC
Hyundai
Development
Co-Engineering
&
Construction
384
9,493
HEG
Ltd
210
53,810
HEICO
Corp
10,278
60,453
HEICO
Corp
(Class
A)
9,306
139,081
(a)
Heidelberger
Druckmaschinen
156
71,750
(a)
Hellenic
Technodomiki
Tev
S.A.
204
260,548
Hensoldt
AG.
12,226
104,697
(a)
Hexagon
Composites
ASA
181
135,269
(b)
Hexatronic
Group
AB
416
62,897
Hexcel
Corp
4,582
10,368
HG
Infra
Engineering
Ltd
113
4,200
Hikari
Tsushin,
Inc
790
2,054,315
(a)
Hillman
Solutions
Corp
21,858
180,077
Hindustan
Aeronautics
Ltd
7,206
808,836
(a)
Hindustan
Construction
Co
309
18,211
Hindware
Home
Innovation
Ltd
82
243,900
Hino
Motors
Ltd
817
8,200
(b)
Hirata
Corp
423
90,500
(a)
Hitachi
Construction
Machinery
Co
Ltd
2,731
8,699
Hitachi
Energy
India
Ltd
729
2,498,491
(a)
Hitachi
Ltd
228,313
215,320
Hitachi
Zosen
Corp
1,882
219,643
Hiwin
Technologies
Corp
1,914
22,536
(b)
Hochtief
AG.
2,619
2,718,030
Honeywell
International,
Inc
557,876
25,385
Hongfa
Technology
Co
Ltd
86
91,100
Hoshizaki
Corp
3,324
CREF
Stock
Account
March
31,
2024
18
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
33,074
(a)
Hosken
Consolidated
Investments
Ltd
$
300
1,319,062
Howden
Joinery
Group
plc
15,100
789,981
Howmet
Aerospace,
Inc
54,058
3,394
Hoymiles
Power
Electronics,
Inc
103
40,304
(a)
HSD
Engine
Co
Ltd
296
2,285,000
(a),(d)
Hsin
Chong
Group
Holdings
Ltd
3
492,130
Hubbell,
Inc
204,259
13,135
(a),(b)
Huber
&
Suhner
AG.
1,109
43,174
Huntington
Ingalls
Industries,
Inc
12,584
352,027
Husqvarna
AB
(B
Shares)
3,012
5,369
Hyosung
Corp
248
3,921
Hyosung
Heavy
Industries
Corp
807
19,287
Hyundai
Elevator
Co
Ltd
594
32,607
Hyundai
Engineering
&
Construction
Co
Ltd
806
17,911
(a)
Hyundai
Heavy
Industries
1,600
16,665
(a)
Hyundai
Mipo
Dockyard
777
60,024
Hyundai
Rotem
Co
Ltd
1,535
23,077
Idec
Corp
408
29,641
IDEX
Corp
7,233
4,658,400
IJM
Corp
BHD
2,385
198,544
Illinois
Tool
Works,
Inc
53,275
48,836
IMCD
NV
8,596
686,869
IMI
plc
15,735
9,952
(b)
Implenia
AG.
361
122,436
Inaba
Denki
Sangyo
Co
Ltd
2,841
31,698
Inabata
&
Co
Ltd
667
99,473
(c)
IndiaMart
InterMesh
Ltd
3,158
25,964
(b)
Industrie
De
Nora
S.p.A
367
1,343,386
Industries
Qatar
QSC
4,419
271,030
(a)
Indutrade
AB
7,382
651,952
Infratil
Ltd
4,242
187,225
(b)
INFRONEER
Holdings,
Inc
1,797
34,355
Ingersoll
Rand
India
Ltd
1,520
722,634
Ingersoll
Rand,
Inc
68,614
2,803,600
(a),(d)
Inovisi
Infracom
Tbk
PT
0
^
86,185
(a)
Inox
Wind
Ltd
540
161,802
(a)
InPost
S.A.
2,492
239,906
(b)
Instalco
AB
947
61,677
Interpump
Group
S.p.A.
3,006
537
(b)
Interroll
Holding
AG.
1,785
29,979
(a)
Intracom
S.A.
Technical
&
Steel
Constructions
174
145,201
Investment
AB
Latour
3,817
33,317
INVISIO
AB
758
118,093
Inwido
AB
1,609
1,382,921
Iochpe-Maxion
S.A.
3,990
940,977
IRB
Infrastructure
Developers
Ltd
663
249,726
(c)
IRCON
International
Ltd
661
9,104
IS
Dongseo
Co
Ltd
199
24,857
ISGEC
Heavy
Engineering
Ltd
269
112,900
(b)
Ishikawajima-Harima
Heavy
Industries
Co
Ltd
3,018
16,900
(a),(b)
Ispace,
Inc
95
48,559
ITD
Cementation
India
Ltd
195
368,011
(a),(b)
ITM
Power
plc
249
1,169,649
(b)
Itochu
Corp
50,248
447,610
ITT,
Inc
60,888
189,413
(a)
Iveco
Group
NV
2,822
21,570
J
Kumar
Infraprojects
Ltd
164
173,573
(a)
Jain
Irrigation
Systems
Ltd
102
931,711
(a)
Jaiprakash
Associates
Ltd
201
3,239,960
Jamna
Auto
Industries
Ltd
5,163
722,224
(a)
Janus
International
Group,
Inc
10,927
6,232
Japan
Pulp
&
Paper
Co
Ltd
213
110,961
Japan
Steel
Works
Ltd
2,476
83,900
Jardine
Cycle
&
Carriage
Ltd
1,502
19
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
133,536
Jardine
Matheson
Holdings
Ltd
$
4,981
23,600
JDC
Corp
83
7,782
(a)
Jeio
Co
Ltd
156
2,101,056
JG
Summit
Holdings
(Series
B)
1,360
476,700
JGC
Corp
4,674
74,804
Jiangsu
Hengli
Hydraulic
Co
Ltd
522
194,918
Jiangsu
Zhongtian
Technology
Co
Ltd
380
86,300
(a)
Jiangxi
Special
Electric
Motor
Co
Ltd
113
361,348
Johns
Lyng
Group
Ltd
1,510
13,561
(c)
JOST
Werke
SE
697
4,812
Judges
Scientific
plc
619
36,895
Jungheinrich
AG.
1,365
77,647
Jupiter
Wagons
Ltd
348
2,477
Kaba
Holding
AG.
1,303
65,457
Kajaria
Ceramics
Ltd
908
356,150
Kajima
Corp
7,310
103,072
(a)
Kaleseramik
Canakkale
Kalebodur
Seramik
Sanayi
AS.
190
66,804
Kalpataru
Projects
International
Ltd
860
43,170
Kaman
Corp
1,980
68,400
Kanamoto
Co
Ltd
1,220
462,101
Kandenko
Co
Ltd
5,275
63,300
Kanematsu
Corp
1,080
12,045
(a)
Kangwon
Energy
Co
Ltd
179
52,000
Kaori
Heat
Treatment
Co
Ltd
616
56,636
Kardex
Holding
AG.
15,900
14,400
Katakura
Industries
Co
Ltd
183
119,100
(b)
Kawasaki
Heavy
Industries
Ltd
3,913
7,294
KCC
Glass
Corp
223
106,168
KEC
International
Ltd
887
61,400
Keda
Industrial
Group
Co
Ltd
88
48,229
KEI
Industries
Ltd
2,010
76,000
Keihan
Electric
Railway
Co
Ltd
1,686
53,948
Keller
Group
plc
714
13,622
(a),(b)
Kempower
Oyj
302
143,000
Kenmec
Mechanical
Engineering
Co
Ltd
378
6,320
Kennametal
India
Ltd
180
9,735
KEPCO
Engineering
&
Construction
Co,
Inc
480
1,219,527
Keppel
Corp
Ltd
6,627
369,575
(a)
Kier
Group
plc
614
216,674
(a)
Kiler
Holding
AS.
286
297,471
Kinden
Corp
5,185
3,644
Kingspan
Group
plc
332
83,000
Kinik
Co
672
225,584
KION
Group
AG.
11,867
18,681
Kirloskar
Brothers
Ltd
245
22,735
Kirloskar
Pneumatic
Co
Ltd
193
46,900
Kitz
Corp
421
220,346
Kloeckner
&
Co
AG.
1,605
733,759
(b)
Knorr-Bremse
AG.
55,498
134,623
KNR
Constructions
Ltd
399
650,783
(a)
KOC
Holding
AS
4,094
1,346,059
Komatsu
Ltd
39,831
3,231
(b)
Komax
Holding
AG
626
544,384
Kone
Oyj
(Class
B)
25,361
261,405
Konecranes
Oyj
13,569
304,406
Kongsberg
Gruppen
ASA
21,019
478,003
Koninklijke
BAM
Groep
NV
1,812
75,342
Kontrolmatik
Enerji
Ve
Muhendislik
AS.
532
63,957
Korea
Aerospace
Industries
Ltd
2,394
4,002
Korea
Electric
Terminal
Co
Ltd
184
106,389
(a),(b)
Kornit
Digital
Ltd
1,928
945,353
(a)
Kratos
Defense
&
Security
Solutions,
Inc
17,376
11,349
Krones
AG.
1,502
9,687
KSB
Ltd
448
CREF
Stock
Account
March
31,
2024
20
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
139,276
(a)
Kuang-Chi
Technologies
Co
Ltd
$
391
835,309
Kubota
Corp
13,106
26,204
Kumagai
Gumi
Co
Ltd
714
40,000
Kung
Long
Batteries
Industrial
Co
Ltd
175
77,300
Kurita
Water
Industries
Ltd
3,205
18,310
Kvutzat
Acro
Ltd
219
24,454
Kyokuto
Kaihatsu
Kogyo
Co
Ltd
414
154,510
Kyowa
Exeo
Corp
1,642
34,122
Kyudenko
Corp
1,416
3,812
Kyung
Dong
Navien
Co
Ltd
151
199,150
L3Harris
Technologies,
Inc
42,439
3,506
Lakshmi
Machine
Works
Ltd
639
574,043
Larsen
&
Toubro
Ltd
25,964
8,671
Legrand
S.A.
918
20,303
Lennox
International,
Inc
9,923
219,660
(a)
Leonardo
DRS,
Inc
4,852
383,272
Leonardo
S.p.A.
9,629
80,769
LG
Corp
5,254
27,572
(a)
LG
Energy
Solution
Ltd
8,214
231,607
Lifco
AB
6,048
10,177
LIG
Nex1
Co
Ltd
1,337
22,391
Lincoln
Electric
Holdings,
Inc
5,720
58,245
Lindab
International
AB
1,252
68,951
(a),(b)
Lion
Electric
Co
98
12,448
LISI
318
222,900
LIXIL
Group
Corp
2,747
427,500
(b)
LK
Technology
Holdings
Ltd
175
303,733
Lloyds
Steels
Industries
Ltd
180
130,819
Lockheed
Martin
Corp
59,506
6,221,000
Lonking
Holdings
Ltd
1,137
19,585
Lotte
Corp
405
14,638
LS
Cable
Ltd
1,241
11,703
LS
Electric
Co
Ltd
855
3,165,600
LT
Group,
Inc
563
8,582
LU-VE
S.p.A
214
250,200
Luxfer
Holdings
plc
2,595
34,405
LX
Holdings
Corp
179
20,292
LX
INTERNATIONAL
CORP
400
85,763
(b)
Maas
Group
Holdings
Ltd
251
984,564
Mabuchi
Motor
Co
Ltd
17,961
114,795
Maire
Tecnimont
S.p.A
900
18,239
Makino
Milling
Machine
Co
Ltd
759
187,847
Makita
Corp
5,339
2,025,200
Malaysian
Resources
Corp
Bhd
283
78,974
Man
Infraconstruction
Ltd
194
7,731
(b)
Manitou
BF
S.A.
212
2,341,200
Marcopolo
S.A.
3,520
53,280
Marcopolo
S.A.
62
1,196,416
Marubeni
Corp
20,722
12,200
MARUKA
FURUSATO
Corp
178
619,196
Masco
Corp
48,842
46,780
(a)
Mastec,
Inc
4,362
20,900
Max
Co
Ltd
441
1,194
MBB
SE
132
7,840
McGrath
RentCorp
967
157,789
(a)
MDA
Ltd
1,714
150,399
MDU
Resources
Group,
Inc
3,790
29,971
Meidensha
Corp
564
8,743
(a)
Meier
Tobler
Group
AG.
326
4,258,357
Melrose
Industries
plc
36,157
467,003
Metallurgical
Corp
of
China
Ltd
222
18,900
METAWATER
Co
Ltd
278
660,962
(b)
Metso
Outotec
Oyj
7,851
57,456
(a)
Middleby
Corp
9,238
21
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
38,094
Mie
Kotsu
Group
Holdings,
Inc
$
155
5,360
Miller
Industries,
Inc
269
92,000
Mills
Estruturas
e
Servicos
de
Engenharia
S.A.
248
304,500
Minebea
Co
Ltd
5,973
115,600
Ming
Yang
Smart
Energy
Group
Ltd
150
4,400
(b)
Mirai
Industry
Co
Ltd
127
260,962
MIRAIT
ONE
corp
3,217
238,300
MISUMI
Group,
Inc
3,320
3,031,309
Mitsubishi
Corp
70,057
6,077,600
Mitsubishi
Electric
Corp
101,733
2,679,620
Mitsubishi
Heavy
Industries
Ltd
24,286
29,800
Mitsubishi
Logisnext
Co
Ltd
362
19,250
(b)
Mitsuboshi
Belting
Co
Ltd
591
1,378,726
Mitsui
&
Co
Ltd
64,458
68,000
Miura
Co
Ltd
1,318
13,142
(a)
Momentum
Group
AB
189
71,357
Monadelphous
Group
Ltd
659
3,872,970
MonotaRO
Co
Ltd
46,619
71,442
(a),(c)
Montana
Aerospace
AG.
1,339
17,120
Moog,
Inc
(Class
A)
2,733
216,778
Morgan
Crucible
Co
plc
780
32,719
Morgan
Sindall
plc
958
92,444
Mori
Seiki
Co
Ltd
2,444
89,100
Morita
Holdings
Corp
965
75,771
Mota
Engil
SGPS
S.A.
394
284,264
(a)
MRC
Global,
Inc
3,573
34,352
MSC
Industrial
Direct
Co
(Class
A)
3,334
14,341
MSTC
Ltd
144
13,325
(a)
MTAR
Technologies
Ltd
270
69,833
MTU
Aero
Engines
Holding
AG.
17,711
79,250
Mueller
Industries,
Inc
4,274
77,300
Mueller
Water
Products,
Inc
(Class
A)
1,244
3,298,281
(a)
Multiply
Group
PJSC
2,012
243,570
(b),(c)
Munters
Group
AB
4,369
47,070
(a)
MYR
Group,
Inc
8,320
53,250
Mytilineos
Holdings
S.A.
2,054
588,200
Nabtesco
Corp
9,861
11,933
Nachi-Fujikoshi
Corp
273
333,300
Nagase
&
Co
Ltd
5,602
37,000
(b)
Namura
Shipbuilding
Co
Ltd
491
428,319
NARI
Technology
Co
Ltd
1,430
1,587,456
National
Industries
Group
Holding
SAK
1,135
48,835
Nava
Bharat
Ventures
Ltd
286
3,299,774
NBCC
India
Ltd
4,734
64,556
(b)
NCC
AB
(B
Shares)
888
2,731,944
NCC
Ltd
7,636
1,380,436
(a)
NEL
ASA
615
22,788
Nexans
S.A.
2,382
48,630
(a)
NEXTracker,
Inc
2,736
71,189
(a),(b)
NFI
Group,
Inc
676
164,400
NGK
Insulators
Ltd
2,211
1,504,395
(b)
Nibe
Industrier
AB
7,398
397,040
Nichias
Corp
10,609
10,000
Nichiden
Corp
176
17,545
Nichiha
Corp
397
86,100
Nidec
Corp
3,571
142,967
Nikkiso
Co
Ltd
1,168
7,711
(a)
Nilfisk
Holding
A.S.
158
17,480
Ningbo
Deye
Technology
Co
Ltd
228
31,900
Ningbo
Orient
Wires
&
Cables
Co
Ltd
195
90,600
Ningbo
Sanxing
Medical
Electric
Co
Ltd
344
7,500
Nippon
Carbon
Co
Ltd
263
29,959
Nippon
Densetsu
Kogyo
Co
Ltd
415
24,700
Nippon
Road
Co
Ltd
307
CREF
Stock
Account
March
31,
2024
22
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
26,165
Nishimatsu
Construction
Co
Ltd
$
752
15,400
Nishio
Rent
All
Co
Ltd
394
100,531
Nisshinbo
Industries,
Inc
808
56,400
Nitta
Corp
1,477
17,700
(b)
Nitto
Boseki
Co
Ltd
688
19,835
Nitto
Kogyo
Corp
546
42,346
(a)
NKT
Holding
AS
3,503
149,360
Nolato
AB
668
18,000
(b)
Nomura
Micro
Science
Co
Ltd
634
44,474
(a)
Norconsult
Norge
AS.
111
96,566
(a),(b)
Nordex
AG.
1,266
42,564
Nordson
Corp
11,686
10,366
Noritake
Co
Ltd
288
15,951
Noritsu
Koki
Co
Ltd
336
13,031
Noritz
Corp
149
24,405
Norma
Group
SE
453
234,720
Northrop
Grumman
Corp
112,351
341,248
NRW
Holdings
Ltd
651
311,900
NSK
Ltd
1,780
310,861
(b)
NTN
Corp
648
1,802,720
nVent
Electric
plc
135,925
864,000
NWS
Holdings
Ltd
718
52,246
Obara
Corp
1,313
546,800
Obayashi
Corp
6,502
155,366
(b)
OC
Oerlikon
Corp
AG.
685
53,421
Oiles
Corp
784
17,367
Okuma
Holdings,
Inc
826
21,500
Okumura
Corp
714
27,288
Olectra
Greentech
Ltd
621
285,060
(a),(b)
Opus
Global
Rt
315
49,748
Organo
Corp
2,467
62,606
OSG
Corp
902
55,200
Oshkosh
Corp
6,884
9
OSRAM
Licht
AG.
1
34,450
(a)
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
493
160,469
Owens
Corning,
Inc
26,766
121,078
(a)
OX2
AB
558
289,467
PACCAR,
Inc
35,862
11,801
Palfinger
AG.
293
669,785
Parker-Hannifin
Corp
372,260
251,070
(a)
Parsons
Corp
20,826
166,909
(a)
Patel
Engineering
Ltd
115
143,081
Peab
AB
(Series
B)
899
140,097
Pentair
plc
11,970
1,411,800
Pentamaster
Corp
Bhd
1,327
223,546
Penta-Ocean
Construction
Co
Ltd
1,122
15,169
People
&
Technology,
Inc
476
22,042
Per
Aarsleff
Holding
A.S.
1,100
2,656
Pfeiffer
Vacuum
Technology
AG.
447
257,969
(a)
Phihong
Technology
Co
Ltd
427
400,480
(a),(b)
Plug
Power,
Inc
1,378
93,136
PNC
Infratech
Ltd
488
24,133
(b)
PNE
AG.
349
39,908
Polycab
India
Ltd
2,430
27,006
Porr
AG.
414
26,902
POSCO
Future
M
Co
Ltd
6,049
439,569
Power
Construction
Corp
of
China
Ltd
301
4,286
Power
Mech
Projects
Ltd
259
81,990
Praj
Industries
Ltd
526
88,300
Primoris
Services
Corp
3,759
40,560
(a)
Prince
Pipes
&
Fittings
Ltd
268
8,816
Prysmian
S.p.A.
460
7,928,200
(a)
PSG
Corp
PCL
144
1,937,537
QinetiQ
plc
8,925
23
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
672,420
(a)
Qua
Granite
Hayal
$
83
82,978
Quanta
Services,
Inc
21,558
6,949
(a)
Rainbow
Robotics
959
290,000
Raito
Kogyo
Co
Ltd
3,860
146,500
Randon
S.A.
Implementos
e
Participacoes
376
78,500
Range
Intelligent
Computing
Technology
Group
Co
Ltd
330
440,401
Ras
Al
Khaimah
Ceramics
327
5,034
Rational
AG.
4,337
21,163
(a)
RBC
Bearings,
Inc
5,721
372,000
(a),(b)
Realord
Group
Holdings
Ltd
260
96,312
Redox
Ltd
186
188,794
Reece
Ltd
3,457
236,101
Regal-Beloit
Corp
42,522
632,710
Reliance
Worldwide
Corp
Ltd
2,374
55,568
Renew
Holdings
plc
648
366,100
(a)
Resideo
Technologies,
Inc
8,208
138,535
Reunert
Ltd
483
85,000
REV
Group,
Inc
1,878
194,524
Rexel
S.A.
5,255
56,169
Rheinmetall
AG.
31,591
43,443
(b)
Richelieu
Hardware
Ltd
1,366
1,682
(b)
Rieter
Holding
AG.
243
33,743
Rockwell
Automation,
Inc
9,830
318
(a)
Rockwool
International
AS
(B
Shares)
105
8,419
(a)
Rolex
Rings
Ltd
177
8,363,163
(a)
Rolls-Royce
Holdings
plc
44,997
2,318,913
Rotork
plc
9,629
2,584,450
RTX
Corp
252,061
35,000
Ruentex
Engineering
&
Construction
Co
170
138,950
Run
Long
Construction
Co
Ltd
551
92,850
Rush
Enterprises,
Inc
(Class
A)
4,969
49,998
Russel
Metals,
Inc
1,664
13,900
Ryobi
Ltd
276
80,173
Saab
AB
(Class
B)
7,132
328,198
Sacyr
Vallehermoso
S.A.
1,212
399,868
Safran
S.A.
90,559
13,478
Salcef
Group
S.p.A
333
227,125
Sam
Engineering
&
Equipment
M
Bhd
242
146,849
(a)
Sambu
Construction
Co
Ltd
218
71,550
Samsung
C&T
Corp
8,509
61,865
(a)
Samsung
Engineering
Co
Ltd
1,159
279,965
(a)
Samsung
Heavy
Industries
Co
Ltd
1,793
31,204
Samsung
Techwin
Co
Ltd
4,813
1,418,042
Sandvik
AB
31,482
228,600
Sanki
Engineering
Co
Ltd
3,181
497,941
Sanwa
Shutter
Corp
8,706
977,000
Sany
Heavy
Equipment
International
Holdings
Co
Ltd
629
454,257
Sany
Heavy
Industry
Co
Ltd
909
8,100
Sanyo
Denki
Co
Ltd
379
280,528
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS.
264
30,905
(a)
Saudi
Ceramic
Co
281
159,044
(b)
Savaria
Corp
1,968
89,291
Schindler
Holding
AG.
22,476
124,628
Schindler
Holding
AG.
(Registered)
30,410
24,395
(a)
Schneider
Electric
Infrastructure
Ltd
217
654,258
Schneider
Electric
S.A.
147,912
31,300
Schulz
S.A.
42
668
(b)
Schweiter
Technologies
AG.
376
10,728
SDT
Uzay
VE
Savunma
Teknolojileri
AS.
100
19,395
Sekisui
Jushi
Corp
301
37,277,004
(a),(b)
SembCorp
Marine
Ltd
2,179
55,298
Sensata
Technologies
Holding
plc
2,032
131,395
Seven
Group
Holdings
Ltd
3,492
12,236
SFA
Engineering
Corp
233
CREF
Stock
Account
March
31,
2024
24
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
13,902
(b)
SFS
Group
AG.
$
1,828
50,102
(a),(b)
SGL
Carbon
AG.
376
36,500
Shandong
Himile
Mechanical
Science
&
Technology
Co
Ltd
178
264,727
Shanghai
Construction
Group
Co
Ltd
85
762,403
Shanghai
Electric
Group
Co
Ltd
443
321,000
Shanghai
Industrial
Holdings
Ltd
425
129,300
Shanghai
Mechanical
and
Electrical
Industry
Co
Ltd
124
24,100
Shanghai
Moons'
Electric
Co
Ltd
196
224,100
Shanghai
Waigaoqiao
Free
Trade
Zone
Group
Co
Ltd
159
141,900
Shanxi
Coal
International
Energy
Group
Co
Ltd
329
107,311
(a)
Shapir
Engineering
and
Industry
Ltd
613
67,140
Shenzhen
Inovance
Technology
Co
Ltd
560
50,400
Shenzhen
SED
Industry
Co
Ltd
128
150,236
(b)
Shibaura
Machine
Co
Ltd
3,632
15,600
Shibuya
Corp
359
193,000
Shihlin
Electric
&
Engineering
Corp
1,689
272,024
(a)
Shikun
&
Binui
Ltd
674
16,200
(b)
Shima
Seiki
Manufacturing
Ltd
148
440,700
Shimizu
Corp
2,846
1,411,000
Shin
Zu
Shing
Co
Ltd
7,935
82,084
Shinko
Plantech
Co
Ltd
1,130
43,500
Shinmaywa
Industries
Ltd
354
13,083
Shinsung
Delta
Tech
Co
Ltd
1,055
31,508
SHO-BOND
Holdings
Co
Ltd
1,325
278,060
Shyft
Group,
Inc
3,454
395,360
Sichuan
Road
and
Bridge
Group
Co
Ltd
406
1,506,469
Siemens
AG.
287,643
1,693,314
(a)
Siemens
Energy
AG.
31,079
77,952
Siemens
India
Ltd
5,036
32,200
Sieyuan
Electric
Co
Ltd
259
651,195
(a),(b)
SIG
plc
240
448,444
(c)
Signify
NV
13,805
2,409,859
Sime
Darby
BHD
1,325
1,293,204
Singapore
Technologies
Engineering
Ltd
3,850
172,100
Sinoma
International
Engineering
Co
270
3,841,000
Sinopec
Engineering
Group
Co
Ltd
2,213
1,096,500
Sino-Thai
Engineering
&
Construction
PCL
293
660,500
Sinotruk
Hong
Kong
Ltd
1,622
33,256
(a)
SiteOne
Landscape
Supply,
Inc
5,805
96,366
SK
Networks
Co
Ltd
438
21,677
(a)
SK
oceanplant
Co
Ltd
213
32,498
SK,
Inc
4,408
12,654
(b)
Skanska
AB
(B
Shares)
225
157,456
(b)
SKF
AB
(B
Shares)
3,214
26,993
SKF
India
Ltd
1,346
100,978
SM
Investments
Corp
1,747
45,828
SMC
Corp
25,854
1,507,760
Smiths
Group
plc
31,254
38,787
Snap-On,
Inc
11,489
138,722
SNC-Lavalin
Group,
Inc
5,674
122,068
Sociedad
Quimica
y
Minera
de
Chile
S.A.
(Class
B)
5,956
180,102
Sojitz
Holdings
Corp
4,751
4,792
Solar
Holdings
AS
(B
Shares)
231
11,012
SPG
Co
Ltd
239
73,053
Spirax-Sarco
Engineering
plc
9,269
75,930
(a)
Spirit
Aerosystems
Holdings,
Inc
(Class
A)
2,739
380,812
(a)
SPX
Technologies,
Inc
46,889
19,067
Stabilus
SE
1,214
44,389
(b)
Stadler
Rail
AG.
1,415
114,545
Stanley
Black
&
Decker,
Inc
11,217
98,004
Stantec,
Inc
8,137
62,366
Star
Micronics
Co
Ltd
764
5,480,900
(a),(d)
STARK
Corp
PCL
2
4,088
Steico
SE
124
25
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
69,984
(a)
Sterling
and
Wilson
Renewable
$
441
1,155,761
(b)
Storskogen
Group
AB
615
59,718
(b)
Sulzer
AG.
7,268
13,200
Sumiseki
Holdings,
Inc
127
868,577
Sumitomo
Corp
20,922
63,697
Sumitomo
Densetsu
Co
Ltd
1,420
227,000
Sumitomo
Heavy
Industries
Ltd
7,148
106,237
Sumitomo
Mitsui
Construction
Co
Ltd
299
76,270
Sungrow
Power
Supply
Co
Ltd
1,090
157,000
Sunonwealth
Electric
Machine
Industry
Co
Ltd
645
161,454
(a),(b)
Sunrun,
Inc
2,128
93,063
Sunwoda
Electronic
Co
Ltd
176
2,444,500
(a),(b),(d)
Superb
Summit
International
Group
Ltd
3
9,940
Suzhou
Maxwell
Technologies
Co
Ltd
147
7,605,840
(a)
Suzlon
Energy
Ltd
3,700
15,000
SWCC
Showa
Holdings
Co
Ltd
375
169,586
Sweco
AB
1,908
473,625
Ta
Ya
Electric
Wire
&
Cable
654
77,022
Tadano
Ltd
659
64,953
(a)
Taihan
Electric
Wire
Co
Ltd
495
7,343
Taihei
Dengyo
Kaisha
Ltd
224
82,953
Taikisha
Ltd
2,592
143,041
Taisei
Corp
5,214
937,000
Taiwan
Glass
Industrial
Corp
502
11,439
Takamatsu
Corp
213
28,364
Takara
Standard
Co
Ltd
359
89,641
Takasago
Thermal
Engineering
Co
Ltd
2,854
227,400
Takeuchi
Manufacturing
Co
Ltd
9,116
47,400
Takuma
Co
Ltd
589
48,667
(c)
Talgo
S.A.
236
1,197,000
(a)
Tatung
Co
Ltd
2,158
46,100
Taurus
Armas
S.A.
124
290,775
TBEA
Co
Ltd
609
38,565
TD
Power
Systems
Ltd
137
234,547
Techno
Electric
&
Engineering
Co
Ltd
2,176
3,273,969
Techtronic
Industries
Co
44,486
969,000
Teco
Electric
and
Machinery
Co
Ltd
1,729
9,186
Tega
Industries
Ltd
137
109,417
Tekfen
Holding
AS
140
163,310
Tennant
Co
19,860
84,492
Texmaco
Rail
&
Engineering
Ltd
168
50,450
Textron,
Inc
4,840
153,702
Thales
S.A.
26,203
4,210,000
(a),(b)
Theme
International
Holdings
Ltd
333
94,300
(a)
THK
Co
Ltd
2,217
17,597
(a)
Thyssenkrupp
Nucera
AG.
&
Co
KGaa
272
24,981
Timken
India
Ltd
859
44,957
Titagarh
Rail
System
Ltd
497
126,404
(a)
Titan
Machinery,
Inc
3,136
30,836
TKH
Group
NV
1,315
40,000
Toa
Corp/Tokyo
321
184,811
Tocalo
Co
Ltd
2,168
183,756
Toda
Corp
1,229
4,615
Toenec
Corp
175
76,400
TOKAI
Holdings
Corp
498
66,902
Tokyu
Construction
Co
Ltd
365
190,023
TOMRA
Systems
ASA
2,974
2,370
Top
Material
Co
Ltd
122
174,020
Toromont
Industries
Ltd
16,746
15,877
Totetsu
Kogyo
Co
Ltd
313
118,650
Toto
Ltd
3,326
224,003
Toyo
Construction
Co
Ltd
1,920
11,100
Toyo
Tanso
Co
Ltd
592
122,700
Toyota
Industries
Corp
12,838
CREF
Stock
Account
March
31,
2024
26
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
177,400
Toyota
Tsusho
Corp
$
12,182
974,548
Trane
Technologies
plc
292,559
40,100
TransDigm
Group,
Inc
49,387
172,046
Travis
Perkins
plc
1,584
471,296
Trelleborg
AB
(B
Shares)
16,853
80,878
(a)
Trex
Co,
Inc
8,068
565,780
(a)
Triumph
Group,
Inc
8,509
184,000
(a),(b)
Triumph
New
Energy
Co
Ltd
130
1,135,840
Triveni
Turbine
Ltd
7,338
31,567
Troax
Group
AB
726
35,910
Trusco
Nakayama
Corp
609
96,090
Tsubakimoto
Chain
Co
3,237
32,500
Tsugami
Corp
247
6,100
(b)
Tsurumi
Manufacturing
Co
Ltd
151
50,100
Tupy
S.A.
278
1,150,811
Turkiye
Sise
ve
Cam
Fabrikalari
AS
1,619
156,758
Tyman
plc
573
28,100
Union
Tool
Co
825
133,000
United
Integrated
Services
Co
Ltd
1,615
145,536
United
Rentals,
Inc
104,947
68,000
Ushio,
Inc
869
328,800
(a)
UWC
BHD
203
27,167
(a)
V2X,
Inc
1,269
126,415
(b)
Valmet
Oyj
3,328
15,861
(a),(b)
Varta
AG.
253
26,735
(c)
VAT
Group
AG.
13,811
606,700
Ventia
Services
Group
Pty
Ltd
1,523
485,907
Vertiv
Holdings
Co
39,684
576,987
Vestas
Wind
Systems
A.S.
16,094
5,614
Vesuvius
India
Ltd
223
204,603
Vesuvius
plc
1,276
496,725
V-Guard
Industries
Ltd
1,979
805,489
Vinci
S.A.
103,367
106,941
Volex
plc
389
4,815
Voltamp
Transformers
Ltd
559
166,293
Voltas
Ltd
2,206
56,000
Voltronic
Power
Technology
Corp
2,888
166,503
Volution
Group
plc
911
6,679
(b)
Volvo
AB
(A
Shares)
184
413,268
(b)
Volvo
AB
(B
Shares)
11,200
7,879
Vossloh
AG.
388
153,501
W.W.
Grainger,
Inc
156,157
168,050
Wabash
National
Corp
5,031
74,053
Wacker
Construction
Equipment
AG.
1,371
97,000
Waffer
Technology
Corp
312
27,000
Wakita
&
Co
Ltd
285
2,429,848
Walsin
Lihwa
Corp
2,839
435,167
Wartsila
Oyj
(B
Shares)
6,613
9,448,700
(a),(d)
Waskita
Karya
Persero
Tbk
PT
60
25,148
Watsco,
Inc
10,863
287,329
(b)
Webuild
SpA
695
1,427,850
WEG
S.A.
10,875
834,709
Weichai
Power
Co
Ltd
1,593
218,186
Weichai
Power
Co
Ltd
(Class
A)
492
907,415
Weir
Group
plc
23,179
42,930
WESCO
International,
Inc
7,353
850,598
Westinghouse
Air
Brake
Technologies
Corp
123,915
139,494
(a)
WillScot
Mobile
Mini
Holdings
Corp
6,486
59,750
Wilson
Bayly
Holmes-Ovcon
Ltd
429
125,190
Woodward
Inc
19,294
296,711
Worley
Ltd
3,239
8,118
(a)
W-Scope
Chungju
Plant
Co
Ltd
242
107,085
WSP
Global,
Inc
17,848
623,838
XCMG
Construction
Machinery
Co
Ltd
536
27
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
204,711
Xiamen
C
&
D,
Inc
$
288
159,367
Xinjiang
Goldwind
Science
&
Technology
Co
Ltd
-
A
164
267,200
(a),(b)
Xinte
Energy
Co
Ltd
358
1,211,000
Xinyi
Glass
Holdings
Co
Ltd
1,285
102,300
Xxentria
Technology
Materials
Corp
235
186,580
Xylem,
Inc
24,114
25,780
YAMABIKO
Corp
342
41,270
Yamazen
Corp
365
7,259,500
Yangzijiang
Shipbuilding
Holdings
Ltd
10,268
36,511
Yankey
Engineering
Co
Ltd
445
49,600
Yaskawa
Electric
Corp
2,112
165,274
(a),(c)
Yellow
Cake
plc
1,255
30,113
(a)
YEO
Teknoloji
Enerji
VE
Endustri
AS.
187
24,279
Yokogawa
Bridge
Holdings
Corp
468
13,552
Yuasa
Trading
Co
Ltd
474
2,369
Yunsung
F&C
Co
Ltd
147
166,100
Yurtec
Corp
1,626
7,895
(a),(b)
Zehnder
Group
AG.
523
119,663
Zhejiang
Chint
Electrics
Co
Ltd
334
19,792
Zhejiang
Dingli
Machinery
Co
Ltd
154
96,800
Zhejiang
Sanhua
Intelligent
Controls
Co
Ltd
322
66,151
Zhejiang
Weixing
New
Building
Materials
Co
Ltd
143
138,300
Zhengzhou
Yutong
Bus
Co
Ltd
359
38,825
Zhuzhou
CRRC
Times
Electric
Co
Ltd
240
205,100
Zhuzhou
CSR
Times
Electric
Co
Ltd
651
466,939
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
-
A
519
TOTAL
CAPITAL
GOODS
10,472,027
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.3%
615,190
(a)
ACV
Auctions,
Inc
11,547
607,110
Adecco
S.A.
24,019
15,020
Aeon
Delight
Co
Ltd
349
68,531
AFRY
AB
1,094
276,717
(a)
Aker
Carbon
Capture
ASA
148
1,726,622
(a)
Alight,
Inc
17,007
82,890
Alpha
Financial
Markets
Consulting
plc
339
356,984
ALS
Ltd
3,052
4,187
Amadeus
Fire
AG
542
26,600
Ambipar
Participacoes
e
Empreendimentos
S
83
167,999
(d)
APM
Human
Services
International
ltd
134
103,350
Applus
Services
S.A.
1,276
361,478
Arcadis
NV
22,137
190,104
(a)
ASGN,
Inc
19,915
362,725
Automatic
Data
Processing,
Inc
90,587
13,380
Barrett
Business
Services,
Inc
1,695
183,500
BayCurrent
Consulting,
Inc
3,607
29,387
(c)
Befesa
S.A.
1,010
27,600
Bell
System24
Holdings,
Inc
287
57,406
Bilfinger
Berger
AG.
2,681
61,500
Binjiang
Service
Group
Co
Ltd
134
85,236
BLS
International
Services
Ltd
321
52,513
Booz
Allen
Hamilton
Holding
Corp
7,795
55,863
(b)
Boyd
Group
Services,
Inc
11,811
2,167,617
Brambles
Ltd
22,812
166,187
(c)
Bravida
Holding
AB
1,458
576,360
(a),(b)
BrightView
Holdings,
Inc
6,859
26,750
Brink's
Co
2,471
15,719
(b)
Brunel
International
NV
173
560,345
Bureau
Veritas
S.A.
17,109
22,839
Calian
Group
Ltd
958
1,553,645
(a)
Capita
Group
plc
259
137,560
(a)
CECO
Environmental
Corp
3,167
3,695
Cewe
Stiftung
&
Co
KGAA
410
2,301,000
China
Everbright
Environment
Group
Ltd
895
CREF
Stock
Account
March
31,
2024
28
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
39,200
(a)
Cimpress
plc
$
3,470
65,164
Cintas
Corp
44,770
38,046
(a)
Clean
Harbors,
Inc
7,659
54,000
Cleanaway
Co
Ltd
300
1,697,124
Cleanaway
Waste
Management
Ltd
3,007
115,211
CMS
Info
Systems
Ltd
540
35,530
Computer
Age
Management
Services
Ltd
1,247
452,979
Computershare
Ltd
7,716
238,751
(c)
Coor
Service
Management
Holding
AB
1,119
641,162
(a)
Copart,
Inc
37,136
241,291
(a)
CoStar
Group,
Inc
23,309
1,320,000
(a),(b),(d)
CT
Environmental
Group
Ltd
2
1,417,700
CTOS
Digital
Bhd
401
171,700
Dai
Nippon
Printing
Co
Ltd
5,258
32,700
Daiei
Kankyo
Co
Ltd
573
31,665
Daiseki
Co
Ltd
773
4,454
Danel
Adir
Yeoshua
Ltd
381
35,080
Deluxe
Corp
722
125,471
Derichebourg
596
28,564
dip
Corp
522
28,297
DKSH
Holding
AG.
1,925
5,455
DO
&
CO
AG.
814
506,493
Downer
EDI
Ltd
1,684
47,631
(a)
Driven
Brands
Holdings,
Inc
752
202,833
Dun
&
Bradstreet
Holdings,
Inc
2,036
29,098
Duskin
Co
Ltd
621
451,000
Dynagreen
Environmental
Protection
Group
Co
Ltd
161
18,137
eClerx
Services
Ltd
516
8,914
Ecopro
HN
Co
Ltd
548
30,000
ECOVE
Environment
Corp
288
336,080
Element
Fleet
Management
Corp
5,431
672,195
Elis
S.A.
15,278
22,920
en-japan,
Inc
403
218,538
Ennis,
Inc
4,482
529
Equifax,
Inc
141
500,805
(a)
ExlService
Holdings,
Inc
15,926
1,019,752
Experian
Group
Ltd
44,434
29,016
Fila
S.p.A
249
108,403
(a),(c),(d)
Finablr
plc
1
311,087
Firstsource
Solutions
Ltd
741
93,502
(a),(b)
Fiverr
International
Ltd
1,970
853,200
Frontken
Corp
Bhd
698
24,993
(a)
FTI
Consulting,
Inc
5,256
14,265
Fullcast
Co
Ltd
136
28,454
Funai
Soken
Holdings,
Inc
468
11,303
(a),(b)
GDI
Integrated
Facility
Services,
Inc
327
186,962
GFL
Environmental,
Inc
6,447
5,914
GL
Events
122
274,200
(c)
GPS
Participacoes
e
Empreendimentos
S.A.
1,133
1,244,095
Hays
plc
1,485
598,020
(a)
Healthcare
Services
Group
7,463
12,385
Hilan
Ltd
787
101,220
(a)
Huron
Consulting
Group,
Inc
9,780
74,760
ICF
International,
Inc
11,261
199,511
Indian
Railway
Catering
&
Tourism
Corp
Ltd
2,228
3,210,900
Infomart
Corp
8,771
42,012
Insource
Co
Ltd
253
41,260
Insperity,
Inc
4,522
5,264
Intertek
Group
plc
331
60,317
(b)
Intrum
Justitia
AB
141
54,454
ION
Exchange
India
Ltd
332
178,941
IPH
Ltd
735
29
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
127,409
ISS
A.S.
$
2,321
132,000
JAC
Recruitment
Co
Ltd
688
93,378
Jacobs
Solutions,
Inc
14,355
108,800
Japan
Elevator
Service
Holdings
Co
Ltd
1,777
662,539
Johnson
Service
Group
plc
1,099
183,950
KBR,
Inc
11,710
117,622
KEPCO
Plant
Service
&
Engineering
Co
Ltd
3,173
59,728
Kforce,
Inc
4,212
66,508
Kokuyo
Co
Ltd
1,088
51,000
(b)
Kosaido
Holdings
Co
Ltd
221
128,550
L&K
Engineering
Co
Ltd
910
41,370
(a)
Latent
View
Analytics
Ltd
253
515,028
Learning
Technologies
Group
plc
555
347,251
Link
Administration
Holdings
Ltd
505
40,789
(b)
Link
And
Motivation,
Inc
146
165,496
Loomis
AB
4,619
32,564
(b)
Mader
Group
Ltd
135
198,690
Maharah
Human
Resources
Co
381
7,600
(b)
Management
Solutions
Co
Ltd
107
29,681
Manpower,
Inc
2,304
65,438
(a)
Marlowe
plc
429
5,762
Matsuda
Sangyo
Co
Ltd
94
208,310
MAXIMUS,
Inc
17,477
47,042
McMillan
Shakespeare
Ltd
601
59,784
Meitec
Corp
1,156
263,651
Michael
Page
International
plc
1,493
1,034,623
Mitie
Group
1,371
20,344
Mitsubishi
Pencil
Co
Ltd
341
292,820
(a)
Montrose
Environmental
Group,
Inc
11,470
59,590
MSA
Safety,
Inc
11,536
4,343,054
My
EG
Services
Bhd
725
23,660
NICE
Information
Service
Co
Ltd
180
239,700
Nihon
M&A
Center
Holdings,
Inc
1,526
12,700
Nippon
Kanzai
Holdings
Co
Ltd
214
153,211
Nippon
Parking
Development
Co
Ltd
205
80,248
Nomura
Co
Ltd
479
46,128
Okamura
Corp
680
44,147
Open
Up
Group,
Inc
599
40,700
(a)
Orizon
Valorizacao
de
Residuos
S.A.
307
909,300
(a)
Park24
Co
Ltd
10,738
14,600
Pasona
Group,
Inc
269
136,362
Paychex,
Inc
16,745
39,208
Paycom
Software,
Inc
7,803
1,420,700
Persol
Holdings
Co
Ltd
1,987
23,042
Pilot
Corp
599
71,970
(a)
Pluxee
France
S.A.
2,127
65,627
(b)
Prestige
International,
Inc
296
333,167
(b),(c)
Prosegur
Cash
S.A.
172
145,397
(b)
Prosegur
Cia
de
Seguridad
S.A.
241
51,175
(c)
Quess
Corp
Ltd
320
721,406
(a)
Raksul,
Inc
5,160
108,786
(b)
Randstad
Holdings
NV
5,744
156,624
(b)
RB
Global,
Inc
11,929
135,731
RB
Global,
Inc
10,339
3,806,571
Recruit
Holdings
Co
Ltd
167,134
2,146,668
RELX
plc
92,576
58,186
(a)
Renewi
plc
422
4,489,503
Rentokil
Initial
plc
26,692
119,643
Republic
Services,
Inc
22,904
179,058
RITES
Ltd
1,428
70,608
Robert
Half
International,
Inc
5,598
190,884
Rollins,
Inc
8,832
CREF
Stock
Account
March
31,
2024
30
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
218,362
RWS
Holdings
plc
$
517
13,937
S1
Corp
(Korea)
633
18,552
Sato
Corp
284
32,578
Saudi
Airlines
Catering
Co
1,140
68,855
(a)
Sdiptech
AB
1,676
1,845
(b)
Seche
Environnement
S.A.
225
108,082
Secom
Co
Ltd
7,842
491,019
Securitas
AB
(B
Shares)
5,062
3,212,492
Serco
Group
plc
7,692
34,468
(a),(b)
SGS
S.A.
3,346
48,935
Shanghai
M&G
Stationery,
Inc
240
100,500
(a),(d)
Shanghai
Youngsun
Investment
Co
Ltd
1
34,894
(a)
SIS
Ltd
172
102,415
Smart
Metering
Systems
plc
1,231
104,963
SmartGroup
Corp
Ltd
665
58,287
SMS
Co
Ltd
1,002
32,228
Societe
BIC
S.A.
2,303
300,500
Sohgo
Security
Services
Co
Ltd
1,632
822,087
SPIE
S.A.
30,903
63,000
Sporton
International,
Inc
507
547,370
Steelcase,
Inc
(Class
A)
7,160
1,028
(a)
Stericycle,
Inc
54
93,522
Sthree
plc
508
4,560
(a)
Sungeel
Hitech
Co
Ltd
310
48,350
Sunny
Friend
Environmental
Technology
Co
Ltd
148
196,000
Taiwan
Secom
Co
Ltd
744
140,000
Taiwan-Sogo
Shinkong
Security
Corp
180
18,773
Takkt
AG.
271
10,648
(a)
TeamLease
Services
Ltd
351
976,354
TechnoPro
Holdings,
Inc
19,555
67,184
Teleperformance
6,526
56,568
(a)
TELUS
International
CDA,
Inc
479
69,172
Tetra
Tech,
Inc
12,777
148,156
Thomson
Reuters
Corp
23,057
19,443
Tinexta
Spa
399
76,240
TKC
1,871
193,900
Toppan
Printing
Co
Ltd
4,860
18,261
(a)
Trans
Cosmos,
Inc/Japan
373
931
TransUnion
74
38,800
TRE
Holdings
Corp
309
112,647
TriNet
Group,
Inc
14,925
1,231,830
(a),(b)
Upwork,
Inc
15,102
26,099
UT
Group
Co
Ltd
613
948,643
Veralto
Corp
84,107
483,721
Verisk
Analytics,
Inc
114,028
243,700
Vestis
Corp
4,696
56,060
(a)
Viad
Corp
2,214
111,900
(a)
Visional,
Inc
7,180
377,279
Waste
Connections,
Inc
64,896
459,881
Waste
Management,
Inc
98,024
19,200
WDB
Holdings
Co
Ltd
292
19,700
Weathernews,
Inc
665
297,666
Wolters
Kluwer
NV
46,611
231,000
(a),(d)
Youyuan
International
Holdings
Ltd
0
^
74,060
Zhejiang
Weiming
Environment
Protection
Co
Ltd
187
82,000
(a),(b)
Zonqing
Environmental
Ltd
269
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,681,104
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.8%
27,010
Aaron's
Co,
Inc
203
81,600
ABC-Mart,
Inc
1,547
226,420
(a)
Abercrombie
&
Fitch
Co
(Class
A)
28,377
31
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
22,145
(a),(b)
About
You
Holding
SE
$
103
2,800,187
Abu
Dhabi
National
Oil
Co
for
Distribution
PJSC
2,776
248,682
Academy
Sports
&
Outdoors,
Inc
16,796
286,095
Accent
Group
Ltd
378
6,071,700
ACE
Hardware
Indonesia
Tbk
PT
337
20,230
Adastria
Holdings
Co
Ltd
514
44,643
Advance
Auto
Parts,
Inc
3,799
94,574
Ali
Alghanim
Sons
Automotive
Co
KSCC
358
29,303,941
Alibaba
Group
Holding
Ltd
264,990
441,027
(a),(c)
Allegro.eu
S.A.
3,652
11,190
Alpen
Co
Ltd
148
85,510
AlSaif
Stores
For
Development
&
Investment
Co
253
17,549,196
(a)
Amazon.com,
Inc
3,165,524
237,703
(a)
AO
World
plc
302
124,700
AOKI
Holdings,
Inc
923
25,000
Aoyama
Trading
Co
Ltd
277
22,644
Arata
Corp
481
43,976
(b)
Arc
Land
Sakamoto
Co
Ltd
514
65,363
(a)
Aritzia,
Inc
1,805
57,317
Arvind
Fashions
Ltd
312
22,700
(a)
Asbury
Automotive
Group,
Inc
5,352
667,728
ASKUL
Corp
9,723
42,262
(a),(b)
ASOS
plc
204
450,000
Aurora
Design
PCL
170
58,206
Auto
Partner
S.A.
390
82,297
(a),(c)
Auto1
Group
SE
389
113,388
(b)
Autobacs
Seven
Co
Ltd
1,184
17,740
(a),(b)
AutoCanada,
Inc
352
14,190
Autohellas
Tourist
and
Trading
S.A.
204
21,015
(a)
Autonation,
Inc
3,480
12,918
(a)
Autozone,
Inc
40,713
1,761,219
B&M
European
Value
Retail
S.A.
12,142
1,566,385
(a),(b)
Baozun,
Inc
(ADR)
3,603
1,553,976
Bapcor
Ltd
6,389
162,400
Bath
&
Body
Works,
Inc
8,123
30,005
Belluna
Co
Ltd
122
1,902,400
Bermaz
Auto
Bhd
961
143,977
Best
Buy
Co,
Inc
11,810
75,000
(b)
BIC
CAMERA,
Inc
635
44,099
(b)
Bilia
AB
565
750,974
(a),(b)
boohoo
Group
plc
341
41,443
(a),(c)
Boozt
AB
544
537,000
(a),(b),(d)
Boshiwa
International
Holding
Ltd
1
50,923,700
(a)
Bukalapak.com
PT
Tbk
488
119,395
(a)
Burlington
Stores,
Inc
27,722
45,054
(b)
Canadian
Tire
Corp
Ltd
4,494
118,389
(a),(b)
Carmax,
Inc
10,313
562,213
(a),(b)
CarParts.com,
Inc
911
60,300
(a),(b)
Carvana
Co
5,301
119,900
Cato
Corp
(Class
A)
692
105,919
(a)
Ceconomy
AG
212
1,497,665
Central
Retail
Corp
PCL
1,479
206,498
(a)
Cettire
Ltd
545
500,000
(b)
China
Meidong
Auto
Holdings
Ltd
193
161,000
China
Tobacco
International
HK
Co
Ltd
213
103,400
(b),(c)
China
Tourism
Group
Duty
Free
Corp
Ltd
1,032
98,941
China
Tourism
Group
Duty
Free
Corp
Ltd
1,182
1,876,600
Chow
Tai
Fook
Jewellery
Group
Ltd
2,771
34,267
Clas
Ohlson
AB
(B
Shares)
464
712,200
Com7
PCL
(Foreign)
369
818,349
(a)
Coupang,
Inc
14,558
8,505
Cuckoo
Homesys
Co
Ltd
143
CREF
Stock
Account
March
31,
2024
32
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
812,702
Currys
plc
$
623
83,846
DCM
Holdings
Co
Ltd
811
44,565
Delek
Automotive
Systems
Ltd
271
21,126
Dieteren
S.A.
4,684
995,077
Dogan
Sirketler
Grubu
Holdings
412
45,901
Dogus
Otomotiv
Servis
ve
Ticaret
AS
445
803,569
Dohome
PCL
240
834,522
Dollarama,
Inc
63,574
833,348
Don
Quijote
Co
Ltd
22,085
15,500
Doshisha
Co
Ltd
214
226,498
(a)
Dufry
Group
9,431
95,647
Dunelm
Group
plc
1,370
116,483
Eagers
Automotive
Ltd
1,075
50,378
(b)
EDION
Corp
507
61,382
(a)
Electronics
Mart
India
Ltd
142
7,146,100
Erajaya
Swasembada
Tbk
PT
194
5,129
(a)
Ethos
Ltd
159
89,390
(a)
Etsy,
Inc
6,143
128,467
(c)
Europris
ASA
925
553,000
Far
Eastern
Department
Stores
Co
Ltd
513
136,465
Fast
Retailing
Co
Ltd
42,280
5,899
(a),(b)
Fastned
BV
164
38,123
(a)
Fawaz
Abdulaziz
Al
Hokair
&
Co
171
19,918
Fielmann
AG.
915
7,114
(a)
Five
Below,
Inc
1,290
13,351
(a)
Floor
&
Decor
Holdings,
Inc
1,731
9,035
(b)
Fnac
Darty
SA
283
261,039
Foschini
Ltd
1,372
6,386
Fox
Wizel
Ltd
597
92,111
(a)
Frasers
Group
plc
945
200,844
(a),(b)
GameStop
Corp
(Class
A)
2,515
814,728
Gap,
Inc
22,446
27,926
Genuine
Parts
Co
4,327
16,700
(b)
Geo
Holdings
Corp
210
832,000
Giordano
International
Ltd
219
97,673
(a)
Global-e
Online
Ltd
3,550
21,560
(a)
Go
Fashion
India
Ltd
312
703,783,800
(a)
GoTo
Gojek
Tokopedia
Tbk
PT
3,064
18,620
Group
1
Automotive,
Inc
5,441
50,300
Grupo
SBF
S.A.
130
51,100
Gulliver
International
Co
Ltd
352
158,458
Halfords
Group
plc
320
451,956
(b)
Harvey
Norman
Holdings
Ltd
1,517
21,239
Hennes
&
Mauritz
AB
(B
Shares)
346
310,200
HLA
Corp
Ltd
377
1,456,321
Home
Depot,
Inc
558,645
4,381,467
Home
Product
Center
PCL
1,287
15,369
Hornbach
Holding
AG.
&
Co
KGaA
1,235
253,591
Hotai
Motor
Co
Ltd
5,125
21,688
Hotel
Shilla
Co
Ltd
976
10,147
Hyundai
Department
Store
Co
Ltd
391
3,902
Hyundai
Home
Shopping
Network
Corp
151
2,160,066
Inchcape
plc
19,776
422,657
Industria
de
Diseno
Textil
S.A.
21,283
274,000
(b)
Isetan
Mitsukoshi
Holdings
Ltd
4,447
24,200
Izumi
Co
Ltd
555
199,300
J
Front
Retailing
Co
Ltd
2,214
493,743
Jarir
Marketing
Co
1,935
88,573
JB
Hi-Fi
Ltd
3,708
85,071
JD
Sports
Fashion
plc
145
10,365,880
JD.com,
Inc
142,187
2,843,489
JD.com,
Inc
(ADR)
77,883
33
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
11,142
JINS
Holdings,
Inc
$
316
8,720
Joshin
Denki
Co
Ltd
133
37,374
Joyful
Honda
Co
Ltd
538
98,886
JUMBO
S.A.
2,848
13,450
K
Car
Co
Ltd
137
70,649
Kingfisher
plc
222
5,500
Kintetsu
Department
Store
Co
Ltd
86
18,405
Kohnan
Shoji
Co
Ltd
531
22,152
Komeri
Co
Ltd
505
114,828
K's
Holdings
Corp
987
19,418
Leon's
Furniture
Ltd
324
20,154
Lithia
Motors,
Inc
(Class
A)
6,064
53,106
LKQ
Corp
2,836
766,180
Lojas
Renner
S.A.
2,594
8,510
Lotte
Shopping
Co
Ltd
465
49,465
(b)
Lovisa
Holdings
Ltd
1,075
825,096
Lowe's
Cos,
Inc
210,177
671,561
Luk
Fook
Holdings
International
Ltd
1,841
3,434,994
(a)
Magazine
Luiza
S.A.
1,233
6,895,000
Map
Aktif
Adiperkasa
PT
454
27,660
Matas
A.S.
469
101,370
Mekonomen
AB
1,142
58,824
(a)
Mercadolibre,
Inc
88,940
381,300
(a)
Mercari,
Inc
4,874
336,800
MINISO
Group
Holding
Ltd
1,739
6,657,100
Mitra
Adiperkasa
Tbk
PT
764
38,214
(b)
Mobilezone
Holding
AG.
630
200,068
(a)
Moonpig
Group
plc
427
126,479
Motus
Holdings
Ltd
584
2,087,600
(c)
MR
DIY
Group
M
Bhd
662
201,893
Mr
Price
Group
Ltd
1,851
32,644
Murphy
USA,
Inc
13,684
8,300
(b)
Nafco
Co
Ltd
142
159,322
Naspers
Ltd
28,243
3,970
Next
plc
463
37,720
(b)
Nextage
Co
Ltd
714
60,965
Nick
Scali
Ltd
612
27,435
(b)
Nishimatsuya
Chain
Co
Ltd
436
64,943
Nitori
Co
Ltd
9,842
46,224
Nojima
Corp
516
168,400
Nordstrom,
Inc
3,413
101,000
North-Star
International
Co
Ltd
175
45,940
(a)
Ollie's
Bargain
Outlet
Holdings,
Inc
3,655
44,203
(a)
O'Reilly
Automotive,
Inc
49,900
59,677
(a),(b),(d)
Ozon
Holdings
plc
(ADR)
1
262,800
Padini
Holdings
Bhd
189
38,256
Pal
Co
Ltd
651
606,815
PALTAC
Corp
16,134
15,000
Pan
German
Universal
Motors
Ltd
149
996,593
(a)
PDD
Holdings,
Inc
(ADR)
115,854
14,314
Penske
Auto
Group,
Inc
2,319
133,474
(a),(c)
Pepco
Group
NV
602
1,620,829
(c)
Pepkor
Holdings
Ltd
1,615
282,600
Pet
Center
Comercio
e
Participacoes
S.A.
245
28,816
(b)
Pet
Valu
Holdings
Ltd
674
71,481
(a)
Petco
Health
&
Wellness
Co,
Inc
163
353,902
Pets
at
Home
Group
PLC
1,199
28,371
Pool
Corp
11,448
444,200
(c)
Pop
Mart
International
Group
Ltd
1,635
37,076
Poya
International
Co
Ltd
577
415,288
Premier
Investments
Ltd
8,878
1,445,946
Prosus
NV
45,259
CREF
Stock
Account
March
31,
2024
34
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
720,600
PTG
Energy
PCL
(Foreign)
$
168
2,970,800
PTT
Oil
&
Retail
Business
PCL
1,441
33,436
Puuilo
Oyj
357
308,900
(a)
Rakuten,
Inc
1,753
301,230
(a)
RattanIndia
Enterprises
Ltd
251
19,535
(a)
Redtape
Ltd
155
15,735
Retailors
Ltd
385
58,240
(a)
RH
20,283
140,539
Ross
Stores,
Inc
20,625
33,245
(a)
Rusta
AB
262
43,914
Rvrc
Holding
AB
280
205,300
Ryohin
Keikaku
Co
Ltd
3,360
728,768
(a)
SACI
Falabella
1,913
128,100
Sanrio
Co
Ltd
2,465
12,964
(a)
Saregama
India
Ltd
6
23,904
Saudi
Automotive
Services
Co
514
20,302
(a)
Saudi
Co
For
Hardware
CJSC
204
810,984
(a),(b)
Savers
Value
Village,
Inc
15,636
34,781
Seria
Co
Ltd
688
198,804
Shanghai
Yuyuan
Tourist
Mart
Group
Co
Ltd
165
35,200
Shimamura
Co
Ltd
2,007
6,141
Shinsegae
Co
Ltd
777
8,588
Shinsegae
International,
Inc
114
31,534
(a)
Shoppers
Stop
Ltd
286
933,600
(a)
Siam
Global
House
PCL
428
28,122
(b),(c)
Sleep
Country
Canada
Holdings,
Inc
621
67,600
Sonic
Automotive,
Inc
(Class
A)
3,849
830,500
(a)
Stitch
Fix,
Inc
2,193
514,580
Super
Group
Ltd
698
129,936
Super
Retail
Group
Ltd
1,364
51,535
Synsam
AB
280
2,579
Tadiran
Group
Ltd
208
112,151
(b)
Takashimaya
Co
Ltd
1,791
12,869
Telepark
Corp
173
63,550
(a)
Temple
&
Webster
Group
Ltd
544
5,988
Thanga
Mayil
Jewellery
Ltd
93
1,410,091
(a),(b)
THG
plc
1,229
2,894,083
TJX
Cos,
Inc
293,518
38,927
(b)
Tokmanni
Group
Corp
637
26,222,489
(c)
Topsports
International
Holdings
Ltd
17,587
84,241
Tractor
Supply
Co
22,048
156,282
Trent
Ltd
7,418
299,436
(b)
Truworths
International
Ltd
1,207
36,284
(a)
Ulta
Beauty,
Inc
18,972
531,099
(b)
United
Arrows
Ltd
6,853
29,296
United
Electronics
Co
746
462,240
(a)
Urban
Outfitters,
Inc
20,070
87,000
USS
Co
Ltd
719
155,157
(a)
Valvoline,
Inc
6,915
975,472
Vibra
Energia
S.A.
4,864
301,302
Vipshop
Holdings
Ltd
(ADR)
4,987
9,315
V-Mart
Retail
Ltd
241
49,488
VT
Holdings
Co
Ltd
175
462,810
(a)
Warby
Parker,
Inc
6,299
200,078
(a),(c)
Watches
of
Switzerland
Group
plc
905
126,249
(a),(b)
Wayfair,
Inc
8,570
908,888
Wesfarmers
Ltd
40,514
658,998
WH
Smith
plc
10,975
187,602
Wickes
Group
plc
367
1,180,800
(a)
Wilcon
Depot,
Inc
373
8,187
Williams-Sonoma,
Inc
2,600
802,236
(b)
Woolworths
Holdings
Ltd
2,508
35
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
305,400
(b)
Workman
Co
Ltd
$
8,041
229,083
Wuchan
Zhongda
Group
Co
Ltd
139
600,000
Xinhua
Winshare
Publishing
and
Media
Co
Ltd
629
474,000
Yamada
Denki
Co
Ltd
1,373
22,733
Yellow
Hat
Ltd
298
895,069
(a),(c)
Zalando
SE
25,595
134,200
Zhejiang
China
Commodities
City
Group
Co
Ltd
163
785,072
Zhongsheng
Group
Holdings
Ltd
1,364
28,800
(b)
ZOZO,
Inc
715
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
5,986,269
CONSUMER
DURABLES
&
APPAREL
-
1.9%
756,000
361
Degrees
International
Ltd
445
234,740
Adidas-Salomon
AG.
52,448
273,352
(a)
Aditya
Birla
Fashion
and
Retail
Ltd
676
77,720
Aksa
Akrilik
Kimya
Sanayii
AS.
239
139,809
Alaseel
Co
180
18,000
Alexander
Marine
Co
Ltd
218
974,579
(a)
Alok
Industries
Ltd
304
143,400
(a)
Alpargatas
S.A.
272
13,762
(a)
Amber
Enterprises
India
Ltd
605
537,355
Anta
Sports
Products
Ltd
5,730
55,900
Arezzo
Industria
e
Comercio
S.A.
716
53,161
Ariston
Holding
NV
299
80,077
Arvind
Ltd
260
127,473
Asics
Corp
6,034
64,379
(a)
Azorim-Investment
Development
&
Construction
Co
Ltd
330
148,428
Bajaj
Electricals
Ltd
1,617
123,800
Bandai
Namco
Holdings,
Inc
2,297
36,184
Barratt
Developments
plc
217
52,226
Bata
India
Ltd
856
3,225
Beijing
Roborock
Technology
Co
Ltd
153
92,545
Bellway
plc
3,104
26,884
(b)
Beneteau
S.A.
396
3,967
Berkeley
Group
Holdings
plc
238
959,268
(a),(b)
BK
LC
Lux
Finco
2
Sarl
45,325
29,001
(a)
Borosil
Ltd
125
3,598,472
Bosideng
International
Holdings
Ltd
1,800
256,715
Bovis
Homes
Group
plc
3,986
75,010
Breville
Group
Ltd
1,344
30,691
(b)
BRP,
Inc
2,061
26,876
Brunello
Cucinelli
S.p.A
3,072
51,088
Brunswick
Corp
4,931
11,989
Burberry
Group
plc
183
6,077,715
Cairn
Homes
plc
10,463
7,881,885
Cairn
Homes
plc
13,574
1,013,152
(a)
Callaway
Golf
Co
16,383
58,262
(a)
Campus
Activewear
Ltd
150
40,714
(a),(b)
Canada
Goose
Holdings,
Inc
491
100,333
(a)
Capri
Holdings
Ltd
4,545
23,000
Carter's,
Inc
1,948
157,900
(a),(b)
Casio
Computer
Co
Ltd
1,364
30,932
(a)
CCC
S.A.
553
14,805
(a)
Cello
World
Pvt
Ltd
138
105,500
(b)
Chervon
Holdings
Ltd
265
481,000
China
Lilang
Ltd
305
14,900
Chofu
Seisakusho
Co
Ltd
212
249,357
Chow
Sang
Sang
Hldg
265
744,111
Cie
Financiere
Richemont
S.A.
113,284
956,000
(a)
Citychamp
Watch
&
Jewellery
Group
Ltd
123
1,327,535
Coats
Group
plc
1,359
46,163
Coway
Co
Ltd
1,930
CREF
Stock
Account
March
31,
2024
36
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
189,907
Crest
Nicholson
Holdings
plc
$
463
44,419
(a)
Crocs,
Inc
6,387
2,199,454
Crompton
Greaves
Consumer
Electricals
Ltd
7,076
94,900
Cury
Construtora
e
Incorporadora
S.A.
385
230,500
Cyrela
Brazil
Realty
S.A.
1,146
11,200
Daiwa
Seiko,
Inc
149
4,872
Danya
Cebus
Ltd
125
16,314
(a)
Deckers
Outdoor
Corp
15,356
60,139
De'Longhi
S.p.A.
2,080
7,817
Delta
Galil
Ltd
344
28,602
Descente
Ltd
645
13,248
DI
Dong
Il
Corp
264
92,700
Direcional
Engenharia
S.A.
474
24,685
Dixon
Technologies
India
Ltd
2,224
310,231
DR
Horton,
Inc
51,049
457,878
Dr.
Martens
PLC
508
211,640
(a),(b)
Dream
Finders
Homes,
Inc
9,255
1,362,869
Eclat
Textile
Co
Ltd
23,309
21,600
Ecovacs
Robotics
Co
Ltd
106
1,830
Einhell
Germany
AG.
302
8,296
Electra
Consumer
Products
1970
Ltd
188
173,384
(b)
Electrolux
AB
1,548
537,966
(b)
Ermenegildo
Zegna
NV
7,881
37,257
ES-Con
Japan
Ltd
250
93,600
Ez
Tec
Empreendimentos
e
Participacoes
S.A.
304
10,153
F&F
Co
Ltd
541
2,368,451
Feng
TAY
Enterprise
Co
Ltd
11,687
58,442
(a)
Ferretti
S.p.A
200
24,654
(a),(d)
FF
Group
0
^
24,000
(b)
Fields
Corp
279
35,729
Fila
Holdings
Corp
1,018
548,000
Formosa
Taffeta
Co
Ltd
378
339,999
(a),(b),(d)
Fuguiniao
Co
Ltd
0
^
50,021
(b)
Fujitsu
General
Ltd
619
110,000
Fulgent
Sun
International
Holding
Co
Ltd
421
66,000
Fusheng
Precision
Co
Ltd
486
37,873
Games
Workshop
Group
plc
4,799
56,385
(a)
Garmin
Ltd
8,394
8,937
Garware
Technical
Fibres
Ltd
357
233,000
Giant
Manufacturing
Co
Ltd
1,638
37,670
(a)
G-III
Apparel
Group
Ltd
1,093
133,311
Gildan
Activewear,
Inc
4,947
294,174
(a),(c)
Glenveagh
Properties
plc
397
2,529,425
(a),(c)
Glenveagh
Properties
plc
(London)
3,425
638,270
GN
Store
Nord
16,882
35,591
Gokaldas
Exports
Ltd
302
736,000
(a),(b)
Golden
Solar
New
Energy
Technology
Holdings
Ltd
498
17,247
(b)
Goldwin,
Inc
1,098
3,002
GOLFZON
Co
Ltd
189
75,700
Gree
Electric
Appliances,
Inc
of
Zhuhai
411
241,300
Grendene
S.A.
318
413,800
GRUPO
DE
MODA
SOMA
S.A.
628
10,718
Gunze
Ltd
385
1,022,201
Haier
Smart
Home
Co
Ltd
3,181
166,607
Haier
Smart
Home
Co
Ltd
579
7,881
Handsome
Co
Ltd
117
55,500
Hang
Zhou
Great
Star
Industrial
Co
Ltd
188
46,205
Hangzhou
Robam
Appliances
Co
Ltd
153
12,552
Hansae
Co
Ltd
186
5,846
Hanssem
Co
Ltd
213
98,150
Hasbro,
Inc
5,547
195,272
Haseko
Corp
2,416
37
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
18,335
Hermes
International
$
46,860
88,100
Hisense
Visual
Technology
Co
Ltd
288
466,000
(a),(d)
HOSA
International
Ltd
1
156,451
Hugo
Boss
AG.
9,221
129,400
(b)
Iida
Group
Holdings
Co
Ltd
1,675
75,375
Indo
Count
Industries
Ltd
321
124,000
Installed
Building
Products,
Inc
32,083
35,010
Japan
Wool
Textile
Co
Ltd
336
34,984
Jason
Furniture
Hangzhou
Co
Ltd
176
48,066
(a),(b)
JM
AB
983
617,000
JNBY
Design
Ltd
1,160
70,000
Johnson
Health
Tech
Co
Ltd
157
1,155,500
(c)
JS
Global
Lifestyle
Co
Ltd
213
118,400
JVC
KENWOOD
Holdings,
Inc
729
184,012
Kalyan
Jewellers
India
Ltd
946
8,660
(b)
Kaufman
&
Broad
S.A.
252
378,154
Kering
149,780
828,000
Kinpo
Electronics
393
6,700
Ki-Star
Real
Estate
Co
Ltd
166
38,000
KMC
Kuei
Meng
International,
Inc
168
78,600
Kontoor
Brands,
Inc
4,736
73,551
KPR
Mill
Ltd
736
45,018
LA
Opala
RG
Ltd
161
58,650
(a)
Landsea
Homes
Corp
852
127,437
Leggett
&
Platt,
Inc
2,440
181,371
Lennar
Corp
(Class
A)
31,192
9,369
Lennar
Corp
(Class
B)
1,445
167,591
(b)
Levi
Strauss
&
Co
3,350
91,720
LG
Electronics,
Inc
6,593
993,121
Li
Ning
Co
Ltd
2,649
924
LPP
S.A.
3,537
169,427
(a)
Lululemon
Athletica,
Inc
66,187
384,941
LVMH
Moet
Hennessy
Louis
Vuitton
S.A.
346,368
178,000
Makalot
Industrial
Co
Ltd
2,033
1,290,984
Man
Wah
Holdings
Ltd
912
6,442
(a),(d)
Mariella
Burani
S.p.A.
0
^
28,747
Marimekko
Oyj
386
262,180
(a)
Mattel,
Inc
5,194
238,568
(c)
Mavi
Giyim
Sanayi
Ve
Ticaret
AS.
520
41,648
Maytronics
Ltd
414
355,000
Merida
Industry
Co
Ltd
2,356
147,881
Merry
Electronics
Co
Ltd
548
185,900
Midea
Group
Co
Ltd
1,662
55,979
MIPS
AB
1,834
14,100
Mizuno
Corp
589
39,550
(a)
Mohawk
Industries,
Inc
5,177
1,555,183
Moncler
S.p.A
116,049
325,700
(a)
MRV
Engenharia
e
Participacoes
S.A.
506
5,800
(b)
Nagawa
Co
Ltd
292
19,486
(c)
Neinor
Homes
S.A.
214
71,678
(b)
New
Wave
Group
AB
857
259,115
Newell
Rubbermaid,
Inc
2,081
136,448
Nien
Made
Enterprise
Co
Ltd
1,512
1,660,206
Nike,
Inc
(Class
B)
156,026
348,100
(b)
Nikon
Corp
3,524
10,764
(a)
NVR,
Inc
87,188
1,769,866
(a),(b)
On
Holding
AG.
62,618
85,300
Onward
Kashiyama
Co
Ltd
303
56,300
Open
House
Group
Co
Ltd
1,821
20,832
Oppein
Home
Group,
Inc
185
126,391
Orient
Electric
Ltd
293
593,177
(b),(c)
OVS
S.p.A
1,560
CREF
Stock
Account
March
31,
2024
38
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
4,665
Page
Industries
Ltd
$
1,930
1,771,200
Panasonic
Corp
16,904
2,789
Pandora
A.S.
450
17,691
PDS
Ltd
101
402,000
(a),(d)
Peace
Mark
Holdings
Ltd
1
254,217
(a),(b)
Peloton
Interactive,
Inc
1,089
10,486
Persimmon
plc
174
20,656
(a),(d)
PIK
Group
(GDR)
0
^
40,136
Polaris
Industries,
Inc
4,018
1,844,006
Pou
Chen
Corp
2,087
7,897,656
PRADA
S.p.A
62,663
22,485
(b)
Pressance
Corp
263
299,662
Pulte
Homes,
Inc
36,145
3,932
Puma
AG.
Rudolf
Dassler
Sport
178
428,000
(b)
Q
Technology
Group
Co
Ltd
165
44,000
Quang
Viet
Enterprise
Co
Ltd
152
50,297
Rajesh
Exports
Ltd
159
22,000
Ralph
Lauren
Corp
4,131
25,195
Raymond
Ltd
548
204,512
Redrow
plc
1,718
96,357
Relaxo
Footwears
Ltd
945
77,700
Rinnai
Corp
1,784
9,500
Roland
Corp
290
499,027
Ruentex
Industries
Ltd
930
13,628
Safari
Industries
India
Ltd
282
208,136
(a),(b)
Safilo
Group
S.p.A.
270
50,013
(b)
Salvatore
Ferragamo
S.p.A
608
122,124
Sangetsu
Co
Ltd
2,669
805,500
Sankyo
Co
Ltd
8,799
9,954
Sanlorenzo
S.p.A
453
24,866
SEB
S.A.
3,181
123,200
Sega
Sammy
Holdings,
Inc
1,522
24,800
Seiko
Holdings
Corp
668
297,600
Sekisui
Chemical
Co
Ltd
4,354
986,400
Sekisui
House
Ltd
22,468
217,600
(a),(b)
Sharp
Corp
1,212
30,636
(a)
Sheela
Foam
Ltd
347
722,938
Shenzhou
International
Group
Holdings
Ltd
6,863
61,599
Shimano,
Inc
9,164
300,600
Sichuan
Changhong
Electric
Co
Ltd
228
1,037,504
Skyworth
Group
Ltd
393
238,900
(a)
Sonos,
Inc
4,553
3,164,622
Sony
Corp
271,369
88,899
(c)
Spin
Master
Corp
2,275
428,500
Stella
International
Holdings
Ltd
683
472,254
Steven
Madden
Ltd
19,967
124,097
Sumitomo
Forestry
Co
Ltd
3,914
86,328
Swan
Energy
Ltd
693
1,276
(b)
Swatch
Group
AG.
298
14,878
Symphony
Ltd
152
1,003,000
Tainan
Spinning
Co
Ltd
481
175,000
Taiwan
Paiho
Ltd
314
13,700
Tama
Home
Co
Ltd
406
14,800
Tamron
Co
Ltd
658
211,508
Tapestry,
Inc
10,042
279,100
(a)
Taylor
Morrison
Home
Corp
17,352
13,771,877
Taylor
Wimpey
plc
23,810
821,000
TCL
Electronics
Holdings
Ltd
297
105,233
(c)
Technogym
S.p.A
1,044
124,599
Tempur
Sealy
International,
Inc
7,080
1,665,000
Texhong
International
Group
Ltd
912
83,654
(c)
Thule
Group
AB
2,522
39
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
291,662
Titan
Co
Ltd
$
13,332
7,920
(a),(b)
Tod's
S.p.A.
367
5,490
Token
Corp
382
77,716
Toll
Brothers,
Inc
10,054
66,101
Tomy
Co
Ltd
1,207
52,391
(a)
TopBuild
Corp
23,090
41,000
Topkey
Corp
249
521,050
(a),(b)
Traeger,
Inc
1,318
420,300
(a)
Tri
Pointe
Homes,
Inc
16,249
1,051,807
Trident
Ltd
463
44,648
TTK
Prestige
Ltd
360
154,460
(a)
Under
Armour,
Inc
(Class
A)
1,140
1,071,192
(a)
Under
Armour,
Inc
(Class
C)
7,648
310,443
Universal
Entertainment
Corp
3,950
47,259
Vaibhav
Global
Ltd
207
82,419
Vardhman
Textiles
Ltd
438
323,152
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
191
125,384
(a)
Vestel
Elektronik
Sanayi
ve
Ticaret
AS.
330
33,430
(a),(b)
Victoria
plc
112
52,655
VIP
Industries
Ltd
332
3,168,000
(a),(b)
Viva
Goods
Company
Ltd
300
100,900
Vivara
Participacoes
S.A.
511
454,109
(a)
Vizio
Holding
Corp
4,968
74,700
Vulcabras
Azaleia
S.A.
258
2,428
(a),(b)
V-ZUG
Holding
AG.
161
33,213
Wacoal
Holdings
Corp
811
170,540
Welspun
India
Ltd
282
184,917
Whirlpool
Corp
22,122
28,916
Whirlpool
of
India
Ltd
423
1,053,500
Xtep
International
Holdings
Ltd
654
519,600
Yamaha
Corp
11,215
328,130
(a)
YETI
Holdings,
Inc
12,649
107,409
(b)
YIT
Oyj
225
45,300
Yonex
Co
Ltd
331
17,645
Youngone
Corp
531
4,197
Youngone
Holdings
Co
Ltd
269
651,500
Yue
Yuen
Industrial
Holdings
916
37,613
Zhejiang
Supor
Co
Ltd
298
29,400
Zojirushi
Corp
279
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,394,159
CONSUMER
SERVICES
-
3.0%
283,912
888
Holdings
plc
315
289,865
(c)
AcadeMedia
AB
1,314
593,424
Accor
S.A.
27,705
192,283
ADT,
Inc
1,292
281,699
(a)
Airbnb,
Inc
46,469
10,000
(a),(b)
Airtrip
Corp
108
6,789
Alamar
Foods
169
1,911,238
(a)
Alsea
SAB
de
C.V.
9,424
929,642
Amadeus
IT
Holding
S.A.
59,680
109,000
Ambassador
Hotel
208
2,199,096
Americana
Restaurants
International
plc
1,970
160,207
(a)
AmRest
Holdings
SE
979
47,786
(a)
Ananti,
Inc
228
702,822
Aramark
22,856
8,812,494
(e)
Arcos
Dorados
Holdings,
Inc
97,995
476,778
Aristocrat
Leisure
Ltd
13,350
5,172,368
Asset
World
Corp
PCL
586
16,650
Ataa
Educational
Co
327
93,700
(a),(b)
Atom
Corp
564
244,781
(a),(b)
Auction
Technology
Group
plc
1,909
CREF
Stock
Account
March
31,
2024
40
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
29,000
Bafang
Yunji
International
Co
Ltd
$
154
42,995
(a),(b),(c)
Basic-Fit
NV
959
787,921
Berjaya
Sports
Toto
BHD
231
96,232
Betsson
AB
952
2,924,900
(a)
Bloomberry
Resorts
Corp
574
110,872
Booking
Holdings,
Inc
402,230
38,130
Bowlero
Corp
522
239,032
Boyd
Gaming
Corp
16,092
42,964
(a)
Bright
Horizons
Family
Solutions,
Inc
4,870
152,564
(a)
Brinker
International,
Inc
7,579
974,000
Cafe
de
Coral
Holdings
Ltd
998
329,435
Cairo
Investment
&
Real
Estate
Development
Co
SAE
85
3,623,030
(a)
Carnival
Corp
59,200
545,006
(a)
Carnival
plc
7,945
109,370
Carrols
Restaurant
Group,
Inc
1,040
35,413
(a),(b)
Cava
Group,
Inc
2,481
377,500
(a)
Central
Plaza
Hotel
PCL
448
65,027
(a)
Chalet
Hotels
Ltd
691
257,730
(b)
Cheesecake
Factory
9,317
144,000
China
Chunlai
Education
Group
Co
Ltd
89
491,000
(c)
China
East
Education
Holdings
Ltd
151
5,893,200
China
Education
Group
Holdings
Ltd
3,158
3,886,000
(c)
China
New
Higher
Education
Group
Ltd
1,133
1,836,000
China
Travel
International
Inv
HK
308
61,177
(a)
Chipotle
Mexican
Grill,
Inc
(Class
A)
177,827
28,000
Choice
Hotels
International,
Inc
3,538
49,000
(a)
Chuy's
Holdings,
Inc
1,653
32,464
Cie
des
Alpes
473
1,569,900
(a)
Cogna
Educacao
S.A.
739
1,666,212
Collins
Foods
Ltd
11,011
57,700
(b)
Colowide
Co
Ltd
819
2,510,783
Compass
Group
plc
73,648
100,886
Corporate
Travel
Management
Ltd
1,116
95,600
(b)
Create
Restaurants
Holdings,
Inc
652
30,200
Curves
Holdings
Co
Ltd
159
139,478
Dadi
Early-Childhood
Education
Group
Ltd
130
583,215
Dalata
Hotel
Group
plc
2,835
222,096
Darden
Restaurants,
Inc
37,123
746,115
(a),(c)
Deliveroo
plc
1,114
174,425
(a),(c)
Delivery
Hero
SE
4,988
46,700
(a),(b)
Demae-Can
Co
Ltd
101
218,220
(a)
Denny's
Corp
1,955
248,061
(a)
Devyani
International
Ltd
449
54,846
Domino's
Pizza
Enterprises
Ltd
1,550
281,500
Domino's
Pizza
Group
plc
1,223
4,521
Domino's
Pizza,
Inc
2,246
105,605
(a)
DoorDash,
Inc
14,544
30,937
DoubleUGames
Co
Ltd
974
24,618
(b)
Doutor
Nichires
Holdings
Co
Ltd
334
23,200
(a)
DPC
Dash
Ltd
149
1,325,223
(a)
DraftKings,
Inc
60,178
105,430
(a)
Duolingo,
Inc
23,256
387,500
(a),(b),(c)
East
Buy
Holding
Ltd
1,031
229,289
Easy
Trip
Planners
Ltd
118
173,976
(a)
eDreams
ODIGEO
S.A.
1,266
157,036
EIH
Ltd
849
65,083
(a),(b),(c)
Elior
Group
S.A.
174
5,197
(a),(b),(d)
Empire
Resorts,
Inc
0
^
629,788
Entain
plc
6,320
2,018,200
Erawan
Group
PCL
260
1,500,890
(a)
Everi
Holdings,
Inc
15,084
367,442
(c)
Evolution
AB
45,638
41
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
488,928
(a)
Expedia
Group,
Inc
$
67,350
5,796
(a)
Fattal
Holdings
1998
Ltd
743
340,500
(a)
Fenbi
Ltd
189
137,440
(b)
Flight
Centre
Travel
Group
Ltd
1,955
638,037
(a)
Flutter
Entertainment
plc
127,182
87,093
Food
&
Life
Cos
Ltd
1,671
52,000
Formosa
International
Hotels
Corp
368
177,400
(a),(c)
Fosun
Tourism
Group
81
505,440
(a)
Frontdoor,
Inc
16,467
1,149,000
Fu
Shou
Yuan
International
Group
Ltd
711
18,499
(b)
Fuji
Kyuko
Co
Ltd
478
5,400
(a),(b)
Fujio
Food
Group,
Inc
50
701,323
G8
Education
Ltd
548
5,815,608
Galaxy
Entertainment
Group
Ltd
29,235
1,867,997
Genting
BHD
1,865
2,587,481
Genting
Malaysia
BHD
1,494
5,068,612
Genting
Singapore
Ltd
3,324
46,000
Gourmet
Master
Co
Ltd
133
22,229
(a)
Grand
Canyon
Education,
Inc
3,028
28,765
Grand
Korea
Leisure
Co
Ltd
275
415,934
Greggs
plc
15,087
257,262
H&R
Block,
Inc
12,634
2,837,000
(a),(b),(c)
Haichang
Ocean
Park
Holdings
Ltd
279
1,489,776
(c)
Haidilao
International
Holding
Ltd
3,371
10,172
(a)
Hana
Tour
Service,
Inc
485
42,789
Heiwa
Corp
560
370,500
(b)
Helens
International
Holdings
Co
ltd
153
21,523
Herfy
Food
Services
Co
194
19,537
Hiday
Hidaka
Corp
346
505,533
Hilton
Worldwide
Holdings,
Inc
107,835
42,628
(a),(b)
HIS
Co
Ltd
536
94,583
Hollywood
Bowl
Group
plc
393
233,000
Huangshan
Tourism
Development
Co
Ltd
181
86,937
Huazhu
Group
Ltd
(ADR)
3,364
233,307
Humansoft
Holding
Co
KSC
2,527
17,971
Hyatt
Hotels
Corp
2,869
237,000
Ichibanya
Co
Ltd
1,877
286,913
(b)
IDP
Education
Ltd
3,349
740,813
Indian
Hotels
Co
Ltd
5,258
162,457
InterContinental
Hotels
Group
plc
16,881
760,684
International
Game
Technology
plc
17,184
872,442
(a)
Intralot
S.A.-Integrated
Lottery
Systems
&
Services
1,099
79,540
(a)
Jahez
International
Co
752
724,000
(b),(c)
Jiumaojiu
International
Holdings
Ltd
523
387,213
Jollibee
Foods
Corp
1,741
342,427
Jubilant
Foodworks
Ltd
1,847
151,666
Jumbo
Interactive
Ltd
1,695
149,493
(a),(c)
Just
Eat
Takeaway.com
NV
2,209
57,973
(a)
Kambi
Group
plc
500
72,422
Kangwon
Land,
Inc
883
13,270
(a),(b)
Kappa
Create
Co
Ltd
141
15,800
(b)
Kentucky
Fried
Chicken
Japan
Ltd
457
173,253
Kindred
Group
plc
2,012
18,500
(b)
Kisoji
Co
Ltd
315
38,000
KOMEDA
Holdings
Co
Ltd
677
119,994
Koshidaka
Holdings
Co
Ltd
741
17,804
Kura
Sushi,
Inc
551
51,766
(b)
Kyoritsu
Maintenance
Co
Ltd
1,185
104,893
(c)
La
Francaise
des
Jeux
SAEM
4,275
3,135,074
Las
Vegas
Sands
Corp
162,083
1,079,753
Laureate
Education,
Inc
15,732
20,066
Leejam
Sports
Co
JSC
1,167
CREF
Stock
Account
March
31,
2024
42
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
279,607
(a),(c)
Lemon
Tree
Hotels
Ltd
$
439
181,800
(a)
Life
Time
Group
Holdings,
Inc
2,822
52,500
(a)
Lincoln
Educational
Services
Corp
542
15,500
LITALICO,
Inc
215
39,682
(a)
Lotte
Tour
Development
Co
Ltd
287
1,863,795
Lottery
Corp
Ltd
6,250
48,811
(a)
Lottomatica
Group
Spa
585
61,000
Lung
Yen
Life
Service
Corp
77
1,139,600
Magnum
Bhd
275
68,987
(a)
Mahindra
Holidays
&
Resorts
India
Ltd
325
191,738
Marriott
International,
Inc
(Class
A)
48,377
7,200
(b)
Matsuyafoods
Holdings
Co
Ltd
268
1,760,236
McDonald's
Corp
496,299
18,400
McDonald's
Holdings
Co
Japan
Ltd
827
151,586
Me
Group
International
plc
318
56,170
MegaStudyEdu
Co
Ltd
2,350
7,691,533
(a),(c)
Meituan
94,945
3,741,435
(a)
Melco
Crown
Entertainment
Ltd
(ADR)
26,976
537,817
(a),(b)
Melco
International
Development
338
327,551
(a)
MGM
Resorts
International
15,464
2,813,600
Minor
International
PCL
2,525
58,924
(a),(b)
Mister
Car
Wash,
Inc
457
192,553
(a)
Mitchells
&
Butlers
plc
548
1,068,300
MK
Restaurants
Group
PCL
1,040
223,422
Monogatari
Corp
6,860
16,000
(b)
MOS
Food
Services,
Inc
363
15,686
MTY
Food
Group,
Inc
592
14,121
National
Co
for
Learning
&
Education
524
430,500
(a),(b)
Nayuki
Holdings
Ltd
146
11,497
(a)
NEOGAMES
S.A.
333
1,348,610
(a),(b)
Nerdy,
Inc
3,924
1,277,940
(a)
New
Oriental
Education
&
Technology
Group,
Inc
11,169
61,234
NIIT
Learning
Systems
Ltd
372
142,800
(a),(b)
Noodles
&
Co
273
296,200
(a)
Offcn
Education
Technology
Co
Ltd
123
49,500
Ohsho
Food
Service
Corp
2,526
1,528,112
(a)
Ollamani
SAB
2,760
153,874
OPAP
S.A.
2,769
3,053,145
Oriental
Land
Co
Ltd
97,810
167,831
(b)
Papa
John's
International,
Inc
11,178
41,856
Paradise
Co
Ltd
445
26,171
Park
Lawn
Corp
323
21,116
Pearson
plc
278
200,575
(a)
Penn
National
Gaming,
Inc
3,652
404,000
Perfect
Medical
Health
Management
Ltd
165
125,019
(a),(b)
Pierre
&
Vacances
173
63,983
(a)
Planet
Fitness,
Inc
4,007
175,610
(a),(b)
PlayAGS,
Inc
1,577
328,469
(a)
Playtech
PLC
1,913
11,836
(b)
Pollard
Banknote
Ltd
312
441,290
(a)
Portillo's,
Inc
6,258
152,870
(a)
Potbelly
Corp
1,851
233,124
(a)
Rank
Group
plc
203
607,800
Resorttrust,
Inc
10,399
276,062
(a)
Restaurant
Brands
Asia
Ltd
336
642,971
(b)
Restaurant
Brands
International,
Inc
51,084
254,648
(b)
Restaurant
Brands
International,
Inc
20,223
18,600
(b)
Ringer
Hut
Co
Ltd
284
143,483
Round
One
Corp
743
697,414
(a)
Royal
Caribbean
Cruises
Ltd
96,948
25,700
Royal
Holdings
Co
Ltd
420
593,060
(a)
Rush
Street
Interactive,
Inc
3,861
43
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
23,000
Saizeriya
Co
Ltd
$
786
7,175,167
(a)
Sands
China
Ltd
20,243
24,963
(a)
Sapphire
Foods
India
Ltd
470
106,382
(a),(b),(c)
Scandic
Hotels
Group
AB
622
121,591
(a)
Seera
Group
Holding
921
32,652
Seobu
T&D
179
107,436
Service
Corp
International
7,973
121,280
(a)
Shake
Shack,
Inc
12,617
34,739
Shanghai
Jinjiang
International
Hotels
Development
Co
Ltd
138
1,034,000
(a)
Shangri-La
Asia
Ltd
648
192,900
SISB
PCL
217
2,107,000
(a),(b)
SJM
Holdings
Ltd
644
29,143
SkiStar
AB
439
188,182
Skylark
Holdings
Co
Ltd
2,982
220,500
Smartfit
Escola
de
Ginastica
e
Danca
S.A.
1,143
87,652
Sodexho
Alliance
S.A.
7,514
87,043
(a)
Sol
Melia
S.A.
704
109,714
Songcheng
Performance
Development
Co
Ltd
155
621,691
SSP
Group
PLC
1,717
2,032,901
(a)
Star
Entertainment
Grp
Ltd
761
3,485,916
Starbucks
Corp
318,578
48,800
Strategic
Education,
Inc
5,081
109,510
(a)
Stride,
Inc
6,905
149,000
(a),(b)
Super
Hi
International
Holding
Ltd
270
454,180
(a)
Sweetgreen,
Inc
11,473
219,471
Taaleem
Holdings
PJSC
221
40,578
(a)
TAB
Gida
Sanayi
Ve
Ticaret
AS.
167
10,045,463
TABCORP
Holdings
Ltd
4,943
1,421,122
(a)
TAL
Education
Group
(ADR)
16,130
102,416
Texas
Roadhouse,
Inc
(Class
A)
15,820
100,588
Thomas
Cook
India
Ltd
201
2,445,000
Tianli
Education
International
Holdings
Ltd
1,275
425,485
(b)
Tokyotokeiba
Co
Ltd
12,596
526,820
(a)
Tongcheng
Travel
Holdings
Ltd
1,393
37,959
(b)
Toridoll
Holdings
Corp
1,037
358,166
(a),(c)
Trainline
plc
1,674
54,170
Travel
&
Leisure
Co
2,652
895,219
Travelsky
Technology
Ltd
1,086
464,550
(a)
Trip.com
Group
Ltd
20,599
882,971
(a)
TUI
AG.
7,272
662,370
(a)
Udemy,
Inc
7,273
206,750
(a)
Universal
Technical
Institute,
Inc
3,296
28,578
Vail
Resorts,
Inc
6,368
1,598,794
(a),(b)
Webjet
Ltd
9,193
224,150
Wendy's
Co
4,223
51,621
Westlife
Foodworld
Ltd
499
64,497
(a)
Wetherspoon
(J.D.)
plc
599
183,354
Whitbread
plc
7,666
24,115
Wingstop,
Inc
8,836
7,954
Wonderla
Holidays
Ltd
95
56,075
Wowprime
Corp
423
548,859
Wyndham
Hotels
&
Resorts,
Inc
42,125
41,684,600
(a),(b)
Wynn
Macau
Ltd
37,256
57,328
Wynn
Resorts
Ltd
5,861
217,700
YDUQS
Participacoes
S.A.
786
53,419
Yoshinoya
D&C
Co
Ltd
1,191
16,727
Young
&
Co's
Brewery
plc
206
1,452,820
Yum
China
Holdings,
Inc
57,808
64,860
Yum!
Brands,
Inc
8,993
81,000
Zensho
Co
Ltd
3,368
CREF
Stock
Account
March
31,
2024
44
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
5,236,721
(a)
Zomato
Ltd
$
11,479
TOTAL
CONSUMER
SERVICES
3,714,790
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.6%
1,701,406
Abdullah
Al
Othaim
Markets
Co
6,055
524,700
Aeon
Co
Ltd
12,447
27,600
Aeon
Hokkaido
Corp
171
22,483
Ain
Holdings,
Inc
810
76,556
Al
Meera
Consumer
Goods
Co
QSC
276
123,557
Albertsons
Cos,
Inc
2,649
27,877
Al-Dawaa
Medical
Services
Co
702
2,255,829
(a)
Alibaba
Health
Information
Technology
Ltd
919
1,794,693
Alimentation
Couche-Tard,
Inc
102,431
13,862,583
(a)
Almacenes
Exito
S.A.
34,716
13,472
Almunajem
Foods
Co
394
58,900
Andersons,
Inc
3,379
33,079
Arcs
Co
Ltd
683
6,228,727
Atacadao
S.A.
16,927
139,822
(a),(c)
Avenue
Supermarts
Ltd
7,599
322,726
(b)
Axfood
AB
9,383
44,220
Axial
Retailing,
Inc
300
8,300
Belc
Co
Ltd
381
6,604
BGF
retail
Co
Ltd
574
287,738
Bid
Corp
Ltd
7,016
392,687
BIM
Birlesik
Magazalar
AS
4,266
184,760
BinDawood
Holding
Co
434
17,364
(a)
BJ's
Wholesale
Club
Holdings,
Inc
1,314
17,493
Carrefour
S.A.
300
27,787
Casey's
General
Stores,
Inc
8,849
6,151
Cawachi
Ltd
107
1,105,029
Cencosud
S.A.
1,917
167,317
(a)
Chefs'
Warehouse,
Inc
6,301
333,400
(a),(b),(d)
Chongqing
Hongjiu
Fruit
Co
Ltd
74
30,099,494
(a),(e)
Cia
Brasileira
de
Distribuicao
17,764
198,792
Clicks
Group
Ltd
3,108
1,069,740
Coles
Group
Ltd
11,809
152,532
Colruyt
S.A.
7,046
16,200
Cosmos
Pharmaceutical
Corp
1,536
800,595
Costco
Wholesale
Corp
586,540
2,421,916
CP
ALL
plc
3,623
1,737,600
CP
Axtra
PCL
1,490
20,900
Create
SD
Holdings
Co
Ltd
455
18,803
(a)
Curexo,
Inc
193
38,800
(a),(b)
Dada
Nexus
Ltd
(ADR)
80
4,418
Daikokutenbussan
Co
Ltd
282
70,141
DaShenLin
Pharmaceutical
Group
Co
Ltd
205
20,075
(a),(c)
Dino
Polska
S.A.
1,948
309,644
(b),(c)
Dis-Chem
Pharmacies
Ltd
532
16,397,216
(a)
Distribuidora
Internacional
de
Alimentacion
S.A.
223
9,669
(a),(b)
DocMorris
AG.
968
497,643
Dollar
General
Corp
77,662
227,313
(a)
Dollar
Tree,
Inc
30,267
30,720
Dongsuh
Cos,
Inc
392
14,636
(a)
E-MART,
Inc
743
121,834
Empire
Co
Ltd
2,975
296,176
Endeavour
Group
Ltd
1,063
53,148
Eurocash
S.A.
189
19,900
(b)
Fuji
Co
Ltd
243
12,400
G-7
Holdings,
Inc
117
6,700
Genky
DrugStores
Co
Ltd
289
52,083
George
Weston
Ltd
7,037
163,506
GrainCorp
Ltd-A
878
45
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
47,642
Great
Tree
Pharmacy
Co
Ltd
$
445
192,001
(a)
Grocery
Outlet
Holding
Corp
5,526
421,200
(a)
Grupo
Mateus
S.A.
735
34,485
GS
Retail
Co
Ltd
524
6,100
Halows
Co
Ltd
180
71,125
Hankyu
Department
Stores,
Inc
909
21,858
Heiwado
Co
Ltd
293
119,724
(a)
HelloFresh
SE
854
13,800
Inageya
Co
Ltd
128
2,770
Itochu-Shokuhin
Co
Ltd
132
50,415
J
Sainsbury
plc
172
466,050
(a),(c)
JD
Health
International,
Inc
1,656
1,062,475
Jeronimo
Martins
SGPS
S.A.
21,080
16,723
Kato
Sangyo
Co
Ltd
502
7,387
Kesko
Oyj
(B
Shares)
138
31,800
Kobe
Bussan
Co
Ltd
779
31,491
Koninklijke
Ahold
Delhaize
NV
942
84,586
Kroger
Co
4,832
41,502
Kusuri
no
Aoki
Holdings
Co
Ltd
855
391,900
(b)
La
Comer
SAB
de
C.V.
920
37,100
Lawson,
Inc
2,535
17,596
Life
Corp
451
134,444
Loblaw
Cos
Ltd
14,898
12,180
M
Yochananof
&
Sons
Ltd
587
16,422
(a)
Maplebear,
Inc
612
2,707,291
Marks
&
Spencer
Group
plc
9,066
23,973
MARR
S.p.A.
305
286,300
Matsumotokiyoshi
Holdings
Co
Ltd
4,597
36,200
Maxvalu
Tokai
Co
Ltd
737
40,870
(a)
Medplus
Health
Services
Ltd
338
720,958
Metcash
Ltd
1,837
95,825
METRO
AG.
521
195,301
Metro,
Inc
10,485
5,014,800
Midi
Utama
Indonesia
Tbk
PT
134
562,402
Migros
Ticaret
AS
7,102
35,434
Nahdi
Medical
Co
1,398
35,903
North
West
Co,
Inc
1,040
21,475
(a)
Ocado
Group
plc
123
23,300
(a),(b)
Oisix
ra
daichi,
Inc
199
782,344
Olam
Group
Ltd
649
274,288
(a)
Performance
Food
Group
Co
20,473
295,623
(b)
Pick'n
Pay
Stores
Ltd
292
401,200
(a),(b),(c)
Ping
An
Healthcare
and
Technology
Co
Ltd
606
511,195
President
Chain
Store
Corp
4,239
740,700
Puregold
Price
Club,
Inc
353
1,068,024
Raia
Drogasil
S.A.
5,828
14,223
Rami
Levy
Chain
Stores
Hashikma
Marketing
2006
Ltd
855
12,054
(a),(c)
Redcare
Pharmacy
NV
1,973
17,112
Retail
Partners
Co
Ltd
211
726,550
Robinsons
Retail
Holdings,
Inc
483
43,341
Ryoshoku
Ltd
1,594
15,000
San-A
Co
Ltd
465
17,322,767
Sendas
Distribuidora
S.A.
50,807
4,587,807
Seven
&
I
Holdings
Co
Ltd
66,871
2,259,410
Sheng
Siong
Group
Ltd
2,560
274,000
Shenzhen
Pagoda
Industrial
Group
Corp
Ltd
115
9,911
Shoei
Foods
Corp
308
209,057
Shoprite
Holdings
Ltd
2,731
739,274
(a)
Shufersal
Ltd
5,183
197,600
(a)
Sipai
Health
Technology
Co
Ltd
152
18,254
Sligro
Food
Group
NV
276
2,263,019
SMU
S.A.
393
CREF
Stock
Account
March
31,
2024
46
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,719,215
Sok
Marketler
Ticaret
AS.
$
3,078
696,771
Sonae
SPGS
S.A.
661
142,134
(b)
SPAR
Group
Ltd
664
83,388
Sugi
Pharmacy
Co
Ltd
1,424
16,107,400
Sumber
Alfaria
Trijaya
Tbk
PT
2,958
1,609,000
Sun
Art
Retail
Group
Ltd
321
350,600
Sundrug
Co
Ltd
10,885
64,709
Sysco
Corp
5,253
240,674
Target
Corp
42,650
22,110,020
Tesco
plc
82,812
31,200
Tsuruha
Holdings,
Inc
2,226
114,356
(a)
United
Natural
Foods,
Inc
1,314
41,650
(b)
United
Super
Markets
Holdings,
Inc
275
157,341
(a)
US
Foods
Holding
Corp
8,492
30,894
Valor
Co
Ltd
505
337,542
Walgreens
Boots
Alliance,
Inc
7,321
4,360,536
Wal-Mart
de
Mexico
SAB
de
C.V.
17,555
9,131,349
Walmart,
Inc
549,433
81,340
(b)
Weis
Markets,
Inc
5,238
69,300
Welcia
Holdings
Co
Ltd
1,178
1,001,301
Woolworths
Ltd
21,644
13,100
(b)
Yaoko
Co
Ltd
788
55,942
Yifeng
Pharmacy
Chain
Co
Ltd
305
32,200
Yokohama
Reito
Co
Ltd
219
539,000
Yonghui
Superstores
Co
Ltd
171
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
2,024,385
ENERGY
-
4.7%
198,743
(a)
3R
PETROLEUM
OLEO
E
GAS
S.A.
1,307
15,297,861
Adaro
Energy
Indonesia
Tbk
PT
2,606
385,547
(a)
Ades
Holding
Co
2,134
136,710
(a),(b)
Advantage
Energy
Ltd
997
111,057
Aegis
Logistics
Ltd
595
277,800
Africa
Oil
Corp
484
997,226
Aker
BP
ASA
25,012
203,605
Aker
Solutions
ASA
730
6,406,200
AKR
Corporindo
Tbk
PT
695
29,896
Aldrees
Petroleum
and
Transport
Services
Co
1,366
200,010
Ampol
Ltd
5,188
251,405
Antero
Midstream
Corp
3,535
10,325
APA
Corp
355
516,790
(b)
ARC
Resources
Ltd
9,214
702,390
Archrock,
Inc
13,816
456,940
(a)
Athabasca
Oil
Corp
1,764
398,525
(b)
Atlas
Energy
Solutions,
Inc
9,015
14,134
(c)
Avance
Gas
Holding
Ltd
161
1,803,720
Baker
Hughes
Co
60,425
768,900
Bangchak
Corp
PCL
939
188,300
Bangchak
Sriracha
PCL
(Foreign)
52
6,647,200
Banpu
PCL
(Foreign)
1,003
591,271
Baytex
Energy
Corp
2,134
1,244,923
Beach
Petroleum
Ltd
1,493
694,567
Bharat
Petroleum
Corp
Ltd
5,032
224,840
(b)
Birchcliff
Energy
Ltd
886
18,743
(a)
BLUENORD
ASA
989
162,145
Borr
Drilling
Ltd
1,041
315,779
(a)
Boss
Energy
Ltd
981
44,275,800
BP
plc
277,761
4,650,000
(a),(d)
Brightoil
Petroleum
Holdings
Ltd
6
48,870
(a)
Bristow
Group,
Inc
1,329
2,542,000
(a)
Bumi
Armada
Bhd
308
44,109,300
(a)
Bumi
Resources
Minerals
Tbk
PT
418
47
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
70,456
(c)
BW
LPG
Ltd
$
785
112,634
BW
Offshore
Ltd
282
2,369
Cabot
Oil
&
Gas
Corp
66
82,500
California
Resources
Corp
4,546
133,229
Cameco
Corp
5,771
1,207,183
Cameco
Corp
52,260
982,832
Canadian
Natural
Resources
Ltd
74,974
106,618
(b)
Cardinal
Energy
Ltd
557
1,207,075
Cenovus
Energy,
Inc
(Toronto)
24,132
193,250
CES
Energy
Solutions
Corp
672
2,145,000
(a),(b)
CGN
Mining
Co
Ltd
475
609,552
ChampionX
Corp
21,877
602,553
Cheniere
Energy,
Inc
97,180
146,373
Chennai
Petroleum
Corp
Ltd
1,593
48,233
Chesapeake
Energy
Corp
4,285
2,336,080
Chevron
Corp
368,493
2,253,000
China
Coal
Energy
Co
2,195
739,900
China
Merchants
Energy
Shipping
Co
Ltd
789
2,549,122
China
Oilfield
Services
Ltd
2,934
451,276
China
Shenhua
Energy
Co
Ltd
-
A
2,414
3,112,455
China
Shenhua
Energy
Co
Ltd
-
H
12,243
634,000
(b)
China
Shipping
Development
Co
Ltd
657
67,346
Chord
Energy
Corp
12,004
9,260
Civitas
Resources,
Inc
703
1,477,844
Coal
India
Ltd
7,727
118
(a),(d),(f)
Cobalt
International
Energy,
Inc
0
^
3,305,382
ConocoPhillips
420,709
54,741
Cool
Co
Ltd
593
1,042,504
Cosan
SA
Industria
e
Comercio
3,367
292,193
COSCO
SHIPPING
Energy
Transportation
Co
Ltd
644
48,658
Cosmo
Energy
Holdings
Co
Ltd
2,444
604,106
(b)
Crescent
Energy
Co
7,189
969,750
(b)
Crescent
Point
Energy
Corp
7,932
98,671
(a),(b)
Crew
Energy,
Inc
339
266,000
Dalipal
Holdings
Ltd
161
41,843
d'Amico
International
Shipping
S.A.
287
4,524,778
Dana
Gas
PJSC
798
580,601
(a)
Deep
Yellow
Ltd
505
7,057
Delek
Group
Ltd
924
582,230
Delek
US
Holdings,
Inc
17,898
1,914,868
(a),(b)
Denison
Mines
Corp
3,746
2,274
Devon
Energy
Corp
114
403,150
DHT
Holdings,
Inc
4,636
2,345,700
Dialog
Group
Bhd
1,116
1,362,891
(a)
Diamond
Offshore
Drilling,
Inc
18,590
1,554,904
Diamondback
Energy,
Inc
308,135
41,952
(b)
Diversified
Energy
Co
plc
503
10,223
(a)
DMC
Global,
Inc
199
391,964
DNO
International
ASA
355
103,582
(a)
DOF
Group
ASA
701
31,280
(a)
Dril-Quip,
Inc
705
3,237
DT
Midstream,
Inc
198
27,093
(a),(b)
Empire
Petroleum
Corp
138
361,418
Empresas
COPEC
S.A.
2,597
121,500
Enauta
Participacoes
S.A.
715
1,825,200
Enbridge,
Inc
65,958
2,412,001
ENEOS
Holdings,
Inc
11,621
95,821
Enerflex
Ltd
557
116,988
Energean
plc
1,614
30,154,540
(a)
Energi
Mega
Persada
Tbk
PT
411
1,168,600
(a),(d)
Energy
Earth
PCL
0
^
130,671
(a),(b)
Energy
Fuels,
Inc
817
1
Energy
Transfer
LP
0
^
466,520
Enerplus
Corp
9,165
CREF
Stock
Account
March
31,
2024
48
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
77,271
ENI
S.p.A.
$
1,223
1,338,985
EOG
Resources,
Inc
171,176
12,027
EQT
Corp
446
2,783,574
Equinor
ASA
74,640
19,295
(a)
Equital
Ltd
614
539,320
Equitrans
Midstream
Corp
6,736
38,147
Etablissements
Maurel
et
Prom
231
344,740
Excelerate
Energy,
Inc
5,523
34,170
(a)
Expro
Group
Holdings
NV
682
116,886
Exxaro
Resources
Ltd
1,043
6,992,297
Exxon
Mobil
Corp
812,785
496,000
(a)
Fission
Uranium
Corp
355
24,805
FLEX
LNG
Ltd
617
1,091,878
Formosa
Petrochemical
Corp
2,342
106,780
(b)
Freehold
Royalties
Ltd
1,150
136,235
(a),(b)
Frontera
Energy
Corp
832
108,927
Frontline
plc
2,472
15,496
Galp
Energia
SGPS
S.A.
256
27,058
(b)
Gaztransport
Et
Technigaz
S.A.
4,045
128,511
(b)
Gibson
Energy,
Inc
2,188
329,490
Golar
LNG
Ltd
7,927
756,130
(b)
Granite
Ridge
Resources,
Inc
4,915
86,207
Great
Eastern
Shipping
Co
Ltd
1,037
36,950
(a)
Green
Plains,
Inc
854
953,086
Guanghui
Energy
Co
Ltd
953
42,506
Gujarat
Mineral
Development
Corp
Ltd
176
843,123
Gulf
International
Services
QSC
622
78,290
(a)
Gulfport
Energy
Operating
Corp
12,536
210,321
Hafnia
Ltd
1,451
30,900
(a)
Hallador
Energy
Co
165
36,827
Halliburton
Co
1,452
495,091
Harbour
Energy
plc
1,724
1,609,500
(a)
Harum
Energy
Tbk
PT
137
20,185
HD
Hyundai
Co
Ltd
1,033
172,136
Headwater
Exploration,
Inc
975
504,510
(a)
Helix
Energy
Solutions
Group,
Inc
5,469
170,934
Hellenic
Petroleum
S.A.
1,538
67,390
Helmerich
&
Payne,
Inc
2,834
361,463
Hess
Corp
55,174
94,110
HF
Sinclair
Corp
5,681
1,675,440
Hibiscus
Petroleum
Bhd
905
527,592
Hindustan
Petroleum
Corp
Ltd
3,012
119,172
Hunting
plc
497
813,520
Idemitsu
Kosan
Co
Ltd
5,578
174,450
(b)
Imperial
Oil
Ltd
12,033
2,595,641
Indian
Oil
Corp
Ltd
5,238
7,739,600
Indika
Energy
Tbk
PT
730
908,600
Indo
Tambangraya
Megah
Tbk
PT
1,531
232,400
Inner
Mongolia
Dian
Tou
Energy
Corp
Ltd
518
1,092,400
Inner
Mongolia
Yitai
Coal
Co
2,085
813,600
Inpex
Holdings,
Inc
12,368
67,146
(a)
International
Petroleum
Corp
796
6,302,686
IRPC
PCL
(Foreign)
329
115,550
Itochu
Enex
Co
Ltd
1,190
35,022
Iwatani
International
Corp
1,889
163,077
Japan
Petroleum
Exploration
Co
7,414
628,200
Jizhong
Energy
Resources
Co
Ltd
650
2,851,264
(a)
John
Wood
Group
plc
4,756
578,486
(a)
Karoon
Energy
Ltd
817
2,625,059
(a),(b)
Kelt
Exploration
Ltd
11,725
197,934
(b)
Keyera
Corp
5,098
11,826
Kinder
Morgan,
Inc
217
4,794,000
Kinetic
Development
Group
Ltd
484
64,510
Kinetik
Holdings,
Inc
2,572
49
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
68,110
(b)
Kodiak
Gas
Services,
Inc
$
1,862
55,241
Koninklijke
Vopak
NV
2,130
1,364,086
Marathon
Oil
Corp
38,658
566,301
Marathon
Petroleum
Corp
114,110
673,801
(b)
Matador
Resources
Co
44,990
55,262
(a)
Mattr
Corp
725
63,301,600
Medco
Energi
Internasional
Tbk
PT
5,733
290,276
(a)
MEG
Energy
Corp
6,665
28,000
Mitsuuroko
Co
Ltd
262
12,330
Modec,
Inc
249
478,944
MOL
Hungarian
Oil
&
Gas
plc
3,884
62,388
Motor
Oil
Hellas
Corinth
Refineries
S.A.
1,859
509,080
Murphy
Oil
Corp
23,265
15,422
(a)
Naphtha
Israel
Petroleum
Corp
Ltd
87
17,132
Neste
Oil
Oyj
465
48,220
(b)
New
Fortress
Energy,
Inc
1,475
451,845
New
Hope
Corp
Ltd
1,369
587,400
(a)
Newpark
Resources,
Inc
4,241
3,584,376
(a),(b)
NexGen
Energy
Ltd
27,864
1,373,730
Nordic
American
Tankers
Ltd
5,385
19,889
North
American
Construction
Group
Ltd
442
623,354
Northern
Oil
and
Gas,
Inc
24,735
1,173,965
NOV,
Inc
22,916
128,634
(a)
NuVista
Energy
Ltd
1,128
57,401
(a)
Obsidian
Energy
Ltd
474
44,240
Occidental
Petroleum
Corp
2,875
310,738
Odfjell
Drilling
Ltd
1,400
637,127
Offshore
Oil
Engineering
Co
Ltd
563
1,990,240
Oil
Refineries
Ltd
661
4,790
OMV
AG.
227
11,157
ONEOK,
Inc
894
461,590
Overseas
Shipholding
Group,
Inc
2,954
175,017
Ovintiv,
Inc
9,083
2,278,471
(a)
Paladin
Resources
Ltd
2,030
213,930
(a)
Par
Pacific
Holdings,
Inc
7,928
63,930
(b)
Paramount
Resources
Ltd
(Class
A)
1,297
933,691
Parex
Resources,
Inc
14,916
120,817
Parkland
Corp
3,848
66,493
Pason
Systems,
Inc
768
384,810
Patterson-UTI
Energy,
Inc
4,595
8,080
Paz
Oil
Co
Ltd
863
61,020
PBF
Energy,
Inc
3,513
15,850
Peabody
Energy
Corp
384
471,686
(b)
Pembina
Pipeline
Corp
16,649
9,099,013
Permian
Resources
Corp
160,689
3,373,100
Petro
Rio
S.A.
32,780
3,345,395
Petroleo
Brasileiro
S.A.
25,534
4,240,827
Petroleo
Brasileiro
S.A.
(Preference)
31,590
739,713
(a)
Petroleum
Geo-Services
ASA
539
338,580
Petronas
Dagangan
BHD
1,538
701,312
Petronet
LNG
Ltd
2,221
124,500
Petroreconcavo
S.A.
585
515,500
(b)
PetroTal
Corp
293
145,256
(b)
Peyto
Exploration
&
Development
Corp
1,601
306,853
Phillips
66
50,121
550,477
Pioneer
Natural
Resources
Co
144,500
557,552
Polski
Koncern
Naftowy
Orlen
S.A.
9,081
100,100
(a),(d)
Poseidon
Concepts
Corp
1
171,212
(b)
PrairieSky
Royalty
Ltd
3,353
11,813
(a)
Precision
Drilling
Corp
795
961,500
Prima
Marine
PCL
202
80,168,000
(a)
PT
Bumi
Resources
Tbk
425
3,252,100
PT
Tambang
Batubara
Bukit
Asam
Tbk
609
620,806
PT
United
Tractors
Tbk
947
CREF
Stock
Account
March
31,
2024
50
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
1,512,648
PTT
Exploration
&
Production
PCL
$
6,232
9,836,809
PTT
PCL
9,050
613,843
Qatar
Fuel
QSC
2,490
2,303,911
Qatar
Gas
Transport
Co
Ltd
2,523
59,174,325
Raizen
S.A.
41,767
152,620
Ranger
Energy
Services,
Inc
1,723
9,498,631
Reliance
Industries
Ltd
339,654
302,231
Repsol
YPF
S.A.
5,045
132,320
(a)
Rex
American
Resources
Corp
7,768
446,190
(a),(b)
Ring
Energy,
Inc
874
936,461
(a),(b)
Saipem
S.p.A
2,288
37,452
San-Ai
Oil
Co
Ltd
510
2,716,450
Santos
Ltd
13,753
339,214
Saras
S.p.A.
648
6,568
Saudi
Arabia
Refineries
Co
153
2,440,842
(c)
Saudi
Arabian
Oil
Co
20,021
112,071
SBM
Offshore
NV
1,790
875,620
Schlumberger
Ltd
47,993
9,087
Schoeller-Bleckmann
Oilfield
Equipment
AG.
434
8,330
Scorpio
Tankers,
Inc
596
55,770
(a)
SEACOR
Marine
Holdings,
Inc
777
23,839
(a)
Seadrill
Ltd
1,196
223,470
(a),(b)
Seadrill
Ltd
11,241
194,181
Secure
Energy
Services,
Inc
1,598
2,794,600
Semirara
Mining
&
Power
Corp
1,733
205,512
Serica
Energy
plc
490
50
(a),(d)
Serval
Integrated
Energy
Services
0
^
669,838
Shaanxi
Coal
Industry
Co
Ltd
2,317
419,450
Shan
XI
Hua
Yang
Group
New
Energy
Co
Ltd
533
267,886
Shanxi
Lu'an
Environmental
Energy
Development
Co
Ltd
744
478,499
Shanxi
Xishan
Coal
&
Electricity
Power
Co
Ltd
676
12,212,337
Shell
plc
405,199
1,023,865
Shell
plc
(ADR)
68,640
181,000
Siamgas
&
Petrochemicals
PCL
39
3,552,000
Sinopec
Kantons
Holdings
Ltd
1,643
7,350
SK
Discovery
Co
Ltd
244
1,232
SK
Gas
Ltd
138
25,544
(a)
SK
Innovation
Co
Ltd
2,250
258,180
SM
Energy
Co
12,870
46,074
S-Oil
Corp
2,668
30,630
Solaris
Oilfield
Infrastructure,
Inc
266
586,750
(a)
Southwestern
Energy
Co
4,448
102,951
Spartan
Delta
Corp
288
220,688
Stanmore
Resources
Ltd
464
1,735,500
Star
Petroleum
Refining
PCL
420
1,629,143
(a)
Strike
Energy
Ltd
276
184,504
Subsea
7
S.A.
2,951
1,732,794
Suncor
Energy,
Inc
63,949
80,637
(b)
Surge
Energy,
Inc
459
429,217
(b)
Tamarack
Valley
Energy
Ltd
1,217
51,151,618
(a)
Tamboran
Resources
Ltd
5,667
7,461
Targa
Resources
Corp
836
890,315
(b)
TC
Energy
Corp
35,782
1,056,666
Technip
Energies
NV
26,731
539,955
TechnipFMC
plc
13,558
39,579
(a)
Tecnicas
Reunidas
S.A.
321
986,778
(a)
Teekay
Corp
7,184
4,890
Teekay
Tankers
Ltd
286
17,550
Tenaris
S.A.
347
219,030
(a)
Tetra
Technologies,
Inc
970
13,848
Texas
Pacific
Land
Corp
8,011
512,892
TGS
Nopec
Geophysical
Co
ASA
5,655
1,418,432
Thai
Oil
PCL
2,291
107,682
Thungela
Resources
Ltd
693
51
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
398,493
(b)
Topaz
Energy
Corp
$
6,560
175,410
TORM
plc
5,959
3,081,055
Total
S.A.
211,944
286,407
Tourmaline
Oil
Corp
13,391
192,630
Trican
Well
Service
Ltd
590
1,049,123
(a),(b)
Tullow
Oil
plc
411
891,011
Turkiye
Petrol
Rafinerileri
AS
4,875
668,861
Ultrapar
Participacoes
S.A.
3,797
6,476,000
(b)
United
Energy
Group
Ltd
464
1,304,430
Valero
Energy
Corp
222,653
814,356
(a)
Vallourec
S.A.
15,126
15,626
VERBIO
Vereinigte
BioEnergie
AG.
355
131,707
(b)
Vermilion
Energy,
Inc
1,637
267,370
Vitesse
Energy,
Inc
6,345
852,185
(c)
Viva
Energy
Group
Ltd
2,056
9,952
(a)
Weatherford
International
plc
1,149
496,637
(b)
Whitecap
Resources,
Inc
3,758
637,343
Whitehaven
Coal
Ltd
2,947
25,438
Williams
Cos,
Inc
991
2,436,215
Woodside
Energy
Group
Ltd
48,560
167,800
World
Fuel
Services
Corp
4,438
255,764
(b)
Yancoal
Australia
Ltd
873
181,833
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd
749
2,127,310
(b)
Yanzhou
Coal
Mining
Co
Ltd
4,473
285,653
Yanzhou
Coal
Mining
Co
Ltd
(Class
A)
913
1,118,820
Yinson
Holdings
BHD
548
TOTAL
ENERGY
5,954,972
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2.0%
1,746,927
(b)
Abacus
Property
Group
1,422
428,598
Abacus
Storage
King
349
170,030
Acadia
Realty
Trust
2,892
653
Activia
Properties,
Inc
1,776
481
Advance
Logistics
Investment
Corp
386
1,089
Advance
Residence
Investment
Corp
2,411
181,821
(b)
Aedifica
S.A.
11,169
1,370
AEON
REIT
Investment
Corp
1,258
156,091
Agree
Realty
Corp
8,916
396,922
AIMS
AMP
Capital
Industrial
REIT
376
132,094
Al
Rajhi
REIT
310
109,104
Alexander
&
Baldwin,
Inc
1,797
146,146
Alexandria
Real
Estate
Equities,
Inc
18,840
487,859
Allied
Properties
Real
Estate
Investment
Trust
6,364
3,578
(b)
Altarea
SCA
303
615,480
American
Assets
Trust,
Inc
13,485
1,295,692
American
Homes
4
Rent
47,656
1,042,667
American
Tower
Corp
206,021
390,226
Americold
Realty
Trust,
Inc
9,724
159,890
Apartment
Income
REIT
Corp
5,192
831,091
Apple
Hospitality
REIT,
Inc
13,613
583,200
AREIT,
Inc
365
302,852
Arena
REIT
783
226,634
Armada
Hoffler
Properties,
Inc
2,357
35,930
Artis
Real
Estate
Investment
Trust
170
3,304,878
Ascendas
REIT
6,779
2,501,330
Assura
plc
1,335
182,871
AvalonBay
Communities,
Inc
33,934
1,297,996
Axis
Real
Estate
Investment
Trust
499
565,957
Balanced
Commercial
Property
Trust
Ltd
581
186,244
Big
Yellow
Group
plc
2,499
18,210
Boardwalk
REIT
1,050
107,110
Boston
Properties,
Inc
6,995
1,757,093
British
Land
Co
plc
8,766
152,800
Brixmor
Property
Group,
Inc
3,583
CREF
Stock
Account
March
31,
2024
52
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
830,038
Broadstone
Net
Lease,
Inc
$
13,007
124,376
(c)
Brookfield
India
Real
Estate
Trust
380
29,199
BSR
Real
Estate
Investment
Trust
323
363,739
Bunnings
Warehouse
Property
Trust
856
71,378
Camden
Property
Trust
7,024
71,452
Canadian
Apartment
Properties
REIT
2,452
1,733,761
CapitaLand
Ascott
Trust
1,213
4,505,173
CapitaMall
Trust
6,606
1,047,787
(b)
CapitaRetail
China
Trust
570
221,710
CareTrust
REIT,
Inc
5,403
46,944
Carmila
S.A.
817
10,410
(b)
CBL
&
Associates
Properties,
Inc
238
802,868
CDL
Hospitality
Trusts
606
39,010
Centerspace
2,229
604,964
Centuria
Capital
Group
689
411,051
Centuria
Industrial
REIT
948
325,189
Centuria
Office
REIT
283
1,304,637
Charter
Hall
Group
11,684
510,806
Charter
Hall
Long
Wale
REIT
1,271
277,404
Charter
Hall
Social
Infrastructure
REIT
490
127,021
Choice
Properties
Real
Estate
Investment
Trust
1,292
102,580
City
Office
REIT,
Inc
534
130,049
CLS
Holdings
plc
141
27,236
Cofinimmo
1,779
540
Comforia
Residential
REIT,
Inc
1,167
50,940
Community
Healthcare
Trust,
Inc
1,352
768,514
Concentradora
Fibra
Danhos
S.A.
de
C.V.
939
707,790
Corporate
Office
Properties
Trust
17,107
114,242
Cousins
Properties,
Inc
2,746
496
CRE
Logistics
REIT,
Inc
493
42,203
Crombie
Real
Estate
Investment
Trust
427
239,300
Cromwell
European
Real
Estate
Investment
Trust
356
1,316,575
Cromwell
Group
373
904,119
Crown
Castle,
Inc
95,683
40,919
CT
Real
Estate
Investment
Trust
431
15,030
(b)
CTO
Realty
Growth,
Inc
255
60,198
CubeSmart
2,722
338,366
(b)
Custodian
Property
Income
Reit
plc
348
1,686
Daiwa
House
REIT
Investment
Corp
2,884
225
Daiwa
Office
Investment
Corp
876
1,581
Daiwa
Securities
Living
Investments
Corp
1,098
241,246
Derwent
London
plc
6,611
199,459
Dexus
Industria
REIT
401
227,786
Dexus
Property
Group
1,174
726,800
Digital
Core
REIT
Management
Pte
Ltd
436
166,623
(b)
Digital
Realty
Trust,
Inc
24,000
103,779
Dream
Industrial
Real
Estate
Investment
Trust
1,010
437,000
(a),(d)
Eagle
Hospitality
Trust
4
185,400
Easterly
Government
Properties,
Inc
2,134
298,618
EastGroup
Properties,
Inc
53,683
685,737
Embassy
Office
Parks
REIT
3,039
1,745,119
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS.
522
457,377
Empiric
Student
Property
plc
548
193,613
EPR
Properties
8,219
88,285
Equinix,
Inc
72,864
664,877
(b)
Equites
Property
Fund
Ltd
448
61,400
(a)
Equity
Commonwealth
1,159
1,034,405
Equity
Lifestyle
Properties,
Inc
66,616
409,102
Equity
Residential
25,818
115,908
ESR
Kendall
Square
REIT
Co
Ltd
379
5,348,962
(b)
ESR-LOGOS
REIT
1,169
621,824
Essential
Properties
Realty
Trust,
Inc
16,578
53
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
43,886
(b)
Essex
Property
Trust,
Inc
$
10,744
32,300
Eurocommercial
Properties
NV
737
140,483
Extra
Space
Storage,
Inc
20,651
933,805
Far
East
Hospitality
Trust
443
141,610
Federal
Realty
Investment
Trust
14,461
597,494
(c)
FIBRA
Macquarie
Mexico
1,163
2,456,897
Fibra
Uno
Administracion
S.A.
de
C.V.
4,087
91,967
First
Capital
Real
Estate
Investment
Trust
1,067
216,410
First
Industrial
Realty
Trust,
Inc
11,370
1,147,000
Fortune
Real
Estate
Investment
Trust
559
837,577
Frasers
Centrepoint
Trust
1,359
690,600
Frasers
Hospitality
Trust
235
2,488,945
Frasers
Logistics
&
Commercial
Trust
1,953
370
Frontier
Real
Estate
Investment
Corp
1,120
480
Fukuoka
REIT
Corp
548
218,891
(b)
Gaming
and
Leisure
Properties,
Inc
10,084
107,369
Gecina
S.A.
10,967
904
Global
One
Real
Estate
Investment
Corp
650
996
GLP
J-Reit
835
1,291,431
Goodman
Group
28,447
903,411
Goodman
Property
Trust
1,231
1,607,873
GPT
Group
4,785
25,439
Granite
REIT
1,452
4,044,719
Great
Portland
Estates
plc
19,834
176,423
Growthpoint
Properties
Australia
Ltd
292
2,546,084
Growthpoint
Properties
Ltd
1,514
97,862
H&R
Real
Estate
Investment
Trust
668
49,040
Hamborner
REIT
AG.
363
3,273,175
Hammerson
plc
1,234
522
Hankyu
Reit,
Inc
484
198,955
Healthcare
Realty
Trust,
Inc
2,815
321,040
(b)
HealthCo
REIT
266
697,505
Healthpeak
Properties,
Inc
13,078
741
Heiwa
Real
Estate
REIT,
Inc
696
175,633
HMC
Capital
Ltd
822
896,843
(a),(d)
Home
Reit
plc
1
11,240,117
HomeCo
Daily
Needs
REIT
9,298
205
Hoshino
Resorts
REIT,
Inc
783
911,891
Host
Hotels
&
Resorts
Inc
18,858
99,878
Hudson
Pacific
Properties,
Inc
644
1,249
Hulic
Reit,
Inc
1,270
259,138
Hyprop
Investments
Ltd
402
32,194
ICADE
872
840
Ichigo
Office
REIT
Investment
Corp
456
252,563
Impact
Healthcare
Reit
plc
269
17,745
Independence
Realty
Trust,
Inc
286
1,651
Industrial
&
Infrastructure
Fund
Investment
Corp
1,499
1,648,286
Ingenia
Communities
Group
5,614
1,224,854
Inmobiliaria
Colonial
Socimi
S.A.
7,257
4,153
Innovative
Industrial
Properties,
Inc
430
52,779
InterRent
Real
Estate
Investment
Trust
528
14,290
InvenTrust
Properties
Corp
367
670,785
Investec
Property
Fund
Ltd
267
5,560
Invincible
Investment
Corp
2,497
465,167
Invitation
Homes,
Inc
16,565
306,705
Irish
Residential
Properties
REIT
plc
341
133,042
Iron
Mountain,
Inc
10,671
277,657
(a)
Is
Gayrimenkul
Yatirim
Ortakligi
AS
125
163,994
Jadwa
REIT
Saudi
Fund
552
942
Japan
Excellent,
Inc
810
3,628
Japan
Hotel
REIT
Investment
Corp
1,902
691
Japan
Logistics
Fund
Inc
1,259
CREF
Stock
Account
March
31,
2024
54
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
657
Japan
Prime
Realty
Investment
Corp
$
1,457
1,078
Japan
Real
Estate
Investment
Corp
3,843
5,894
Japan
Retail
Fund
Investment
Corp
3,673
148,633
JR
Global
Reit
460
3,418
Kenedix
Realty
Investment
Corp
3,633
1,067,317
Keppel
DC
REIT
1,367
1,577,191
Keppel
REIT
1,016
40,864
Killam
Apartment
Real
Estate
Investment
Trust
561
106,166
Kilroy
Realty
Corp
3,868
1,400,000
Kimco
Realty
Corp
27,454
421,540
Kite
Realty
Group
Trust
9,139
1,448,954
Kiwi
Property
Group
Ltd
728
323,293
(b)
Klepierre
8,369
64,688
Lamar
Advertising
Co
7,724
91,766
Land
Securities
Group
plc
762
38,180
(a)
Lar
Espana
Real
Estate
Socimi
S.A.
297
1,510
LaSalle
Logiport
REIT
1,547
1,522,844
(b)
Lendlease
Global
Commercial
REIT
654
313,900
Lexington
Realty
Trust
2,831
2,266,227
Link
REIT
9,759
5,454,116
LondonMetric
Property
plc
13,996
94,286
LOTTE
Reit
Co
Ltd
227
153,900
Mack-Cali
Realty
Corp
2,341
2,013,407
Macquarie
CountryWide
Trust
4,867
1,722,747
Mapletree
Industrial
Trust
2,985
2,919,455
Mapletree
Logistics
Trust
3,157
1,977,722
(b)
Mapletree
Pan
Asia
Commercial
Trust
1,875
120,391
(b)
Medical
Properties
Trust,
Inc
566
70,226
Mercialys
S.A
818
279,699
Merlin
Properties
Socimi
S.A.
3,009
7,548
Mid-America
Apartment
Communities,
Inc
993
187,809
(c)
Mindspace
Business
Parks
REIT
778
12,830
(c)
Minto
Apartment
Real
Estate
Investment
Trust
150
1,629
Mirai
Corp
495
3,331,051
Mirvac
Group
5,120
400
Mitsubishi
Estate
Logistics
REIT
Investment
Corp
1,018
838
Mitsui
Fudosan
Logistics
Park,
Inc
2,522
11,269
Montea
NV
1,014
15,438
Morguard
North
American
Residential
Real
Estate
Investment
Trust
182
1,260
Mori
Hills
REIT
Investment
Corp
1,147
1,899
Mori
Trust
Sogo
Reit,
Inc
915
12,120
National
Health
Investors,
Inc
762
318,965
National
Storage
Affiliates
Trust
12,491
7,101,590
National
Storage
REIT
11,100
261,100
(b)
NETSTREIT
Corp
4,796
56
(b)
NexPoint
Diversified
Real
Estate
Trust
0
^
16,560
NexPoint
Residential
Trust,
Inc
533
32,398
Nexus
Industrial
REIT
183
129,265
Nexus
Select
Trust
198
392
Nippon
Accommodations
Fund,
Inc
1,692
1,277
Nippon
Building
Fund,
Inc
5,108
1,912
Nippon
ProLogis
REIT,
Inc
3,406
361
NIPPON
REIT
Investment
Corp
846
3,636
Nomura
Real
Estate
Master
Fund,
Inc
3,595
86,648
NorthWest
Healthcare
Properties
Real
Estate
Investment
Trust
300
14,296
NSI
NV
293
65,526
Omega
Healthcare
Investors,
Inc
2,075
209
One
REIT,
Inc
366
2,287
Orix
JREIT,
Inc
2,489
811,458
PARAGON
REIT
502
90,297
Park
Hotels
&
Resorts,
Inc
1,579
301,624
Parkway
Life
Real
Estate
Investment
Trust
782
55
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
344,724
(a)
Peker
Gayrimenkul
Yatirim
Ortakligi
AS.
$
134
520,697
Picton
Property
Income
Ltd
428
624,182
Piedmont
Office
Realty
Trust,
Inc
4,388
78,070
Plymouth
Industrial
REIT,
Inc
1,757
1,098
Premier
Investment
Co
895
159,560
Primaris
REIT
1,643
1,100,598
Primary
Health
Properties
plc
1,305
620,206
ProLogis
Property
Mexico
S.A.
de
C.V.
2,723
3,080,224
Prologis,
Inc
401,107
361,390
PRS
REIT
PLC
363
142,033
Public
Storage,
Inc
41,198
109,392
Rayonier,
Inc
3,636
253,468
Realty
Income
Corp
13,713
5,727,752
Redefine
Properties
Ltd
1,194
471,976
Regency
Centers
Corp
28,583
910,096
Region
RE
Ltd
1,417
160,513
Reit  Ltd
695
262,024
Resilient
REIT
Ltd
642
8,018
Retail
Estates
NV
563
986,962
Rexford
Industrial
Realty,
Inc
49,644
166,690
RioCan
Real
Estate
Investment
Trust
2,273
91,372
Riyad
REIT
Fund
193
876,527
RLJ
Lodging
Trust
10,361
287,702
Rural
Funds
Group
392
213,113
Ryman
Hospitality
Properties,
Inc
24,638
600,740
Sabra
Health
Care
REIT,
Inc
8,873
1,137,326
Safestore
Holdings
plc
10,852
350
Samty
Residential
Investment
Corp
248
493,300
Sasseur
Real
Estate
Investment
Trust
250
123,989
SBA
Communications
Corp
26,868
4,354,842
Scentre
Group
9,618
117,344
Segro
plc
1,338
3,280
Sekisui
House
Reit,
Inc
1,759
176,095
Sella
Capital
Real
Estate
Ltd
378
232,750
Service
Properties
Trust
1,578
3,218,342
Shaftesbury
Capital
plc
5,842
22,584
Shurgard
Self
Storage
Ltd
1,007
1,079,926
Simon
Property
Group,
Inc
168,998
358,599
SITE
Centers
Corp
5,253
101,462
SK
REITs
Co
Ltd
308
57,838
(b)
SL
Green
Realty
Corp
3,189
251,993
Slate
Grocery
REIT
2,126
59,290
SmartCentres
Real
Estate
Investment
Trust
1,017
495
SOSiLA
Logistics
REIT,
Inc
399
820,038
STAG
Industrial,
Inc
31,522
2,869
Star
Asia
Investment
Corp
1,106
1,275,029
Starhill
Global
REIT
453
166
Starts
Proceed
Investment
Corp
232
505,973
Stockland
Trust
Group
1,599
1,752,447
Summit
Hotel
Properties,
Inc
11,408
213,822
Sun
Communities,
Inc
27,493
341,350
Sunstone
Hotel
Investors,
Inc
3,803
1,718,100
Suntec
Real
Estate
Investment
Trust
1,374
1,202,600
Sunway
Real
Estate
Investment
Trust
384
10,768,080
Supermarket
Income
Reit
plc
10,547
640
Takara
Leben
Real
Estate
Investment
Corp
430
308,790
Tanger
Factory
Outlet
Centers,
Inc
9,119
578,784
Target
Healthcare
REIT
plc
615
15,718
Terreno
Realty
Corp
1,044
594,200
TF
Administradora
Industrial
S
de
RL
de
C.V.
1,623
722
Tokyu
REIT,
Inc
768
131,205
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
164
CREF
Stock
Account
March
31,
2024
56
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
11,854,996
Tritax
Big
Box
REIT
plc
$
23,569
11,510
(c)
Tritax
EuroBox
plc
8
754,711
UK
Commercial
Property
REIT
Ltd
666
713,540
UMH
Properties,
Inc
11,588
3,779
(a)
Unibail-Rodamco-Westfield
304
278,974
Unite
Group
plc
3,451
2,422
United
Urban
Investment
Corp
2,464
27,260
Urban
Edge
Properties
471
429,085
Urban
Logistics
REIT
plc
620
9,197
Vastned
Retail
NV
223
536,423
Ventas,
Inc
23,356
2,508,520
VICI
Properties,
Inc
74,729
3,127,477
Vicinity
Ltd
4,341
705,481
Vukile
Property
Fund
Ltd
565
377,759
Warehouse
REIT
plc
394
481,028
Warehouses
De
Pauw
CVA
13,716
12,936
Washington
REIT
180
516,871
Waypoint
REIT
Ltd
859
366,012
Welltower,
Inc
34,200
29,828
Wereldhave
NV
464
585,272
Weyerhaeuser
Co
21,017
107,965
Workspace
Group
plc
699
23,434
Xior
Student
Housing
NV
707
1,991,000
(b)
Yuexiu
Real
Estate
Investment
Trust
257
1,013,240
Ziraat
Gayrimenkul
Yatirim
Ortakligi
AS.
189
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,512,617
FINANCIAL
SERVICES
-
6.6%
106,700
360
Finance,
Inc
(ADR)
1,966
95,343
360
ONE
WAM
Ltd
775
31,933
3i
Group
plc
1,132
37,541
(a)
Aavas
Financiers
Ltd
595
72,291
Abrdn
plc
129
219,000
Acom
Co
Ltd
583
74,903
(a),(c)
Adyen
NV
126,521
82,200
AEON
Financial
Service
Co
Ltd
749
65,800
Aeon
Thana
Sinsap
Thailand
PCL
274
24,625
Affiliated
Managers
Group,
Inc
4,124
168,468
(a)
Affirm
Holdings,
Inc
6,277
513,908
(b)
AGNC
Investment
Corp
5,088
263,100
Aiful
Corp
791
248,151
AJ
Bell
plc
947
843,932
(a)
Al
Waha
Capital
PJSC
393
527,087
Allfunds
Group
PLC
3,801
237,321
Ally
Financial,
Inc
9,633
28,624
Alpha
Group
International
plc
689
871,018
Amanat
Holdings
PJSC
256
63,200
(b)
A-Mark
Precious
Metals,
Inc
1,940
2,066,613
American
Express
Co
470,547
404,722
Ameriprise
Financial,
Inc
177,446
29,181
Amlak
International
Finance
Co
109
2,541,222
AMP
Ltd
1,939
403
(c)
Amundi
S.A.
28
10,121
Anand
Rathi
Wealth
Ltd
450
28,758
Angel
One
Ltd
1,050
392,712
(c)
Anima
Holding
S.p.A
1,867
150,488
Annaly
Capital
Management,
Inc
2,963
37,172
(b)
Antin
Infrastructure
Partners
S.A.
539
473,061
Apollo
Global
Management,
Inc
53,196
113,230
Aptus
Value
Housing
Finance
India
Ltd
421
239,802
Ares
Management
Corp
31,889
187,758
Arzan
Financial
Group
for
Financing
&
Investment
KPSC
119
57
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
363,608
Ashmore
Group
plc
$
898
248,840
(a)
AssetMark
Financial
Holdings,
Inc
8,811
175,021
Australian
Stock
Exchange
Ltd
7,572
101,283
(a),(b)
Avanza
Bank
Holding
AB
2,183
84,514
AVIC
Industry-Finance
Holdings
Co
Ltd
35
87,276
Azimut
Holding
S.p.A.
2,373
2,342,529
B3
SA-Brasil
Bolsa
Balcao
5,600
153,000
(a),(c)
Bairong,
Inc
217
229,274
Bajaj
Finance
Ltd
20,020
159,271
Bajaj
Finserv
Ltd
3,151
22,207
Bajaj
Holdings
&
Investment
Ltd
2,207
48,146
Banca
Generali
SpA
1,913
16,093
Banca
IFIS
S.p.A.
315
926,520
Banca
Mediolanum
S.p.A
10,183
7,900,654
Banco
BTG
Pactual
S.A.
-
Unit
57,387
1,691,100
Bangkok
Commercial
Asset
Management
PCL
462
3,909,937
Bank
of
New
York
Mellon
Corp
225,291
348,364
(a),(d)
BBI
EPS
Ltd
2
1,712,235
(a)
Berkshire
Hathaway,
Inc
720,029
1,154,800
(a)
Beyond
Securities
PCL
116
872,333
(c)
BFF
Bank
S.p.A
11,679
5,541,800
BFI
Finance
Indonesia
Tbk
PT
468
159,400
BGC
Group,
Inc
1,239
208,438
BlackRock,
Inc
173,775
472,971
Blackstone,
Inc
62,134
1,155,990
(a)
Block,
Inc
97,774
340,494
Blue
Owl
Capital,
Inc
6,422
63,400
BOC
International
China
Co
Ltd
88
355,400
(b)
Bolsa
Mexicana
de
Valores
SAB
de
C.V.
793
71,749
Boursa
Kuwait
Securities
Co
KPSC
490
815,911
Bridgepoint
Group
Holdings
Ltd
2,670
268,775
Brightsphere
Investment
Group,
Inc
6,139
306,345
(b)
Brookfield
Asset
Management
Ltd
12,869
1,211,884
(a)
Brookfield
Corp
50,710
51,567
BSE
Ltd
1,558
142,802
Bure
Equity
AB
4,577
148,021
Burford
Capital
Ltd
2,322
987,500
Bursa
Malaysia
BHD
1,557
128,452
Caitong
Securities
Co
Ltd
131
65,294
Can
Fin
Homes
Ltd
591
68,348
Canaccord
Financial,
Inc
449
173,347
(a)
Cannae
Holdings,
Inc
3,855
528,300
(a)
Cantaloupe,
Inc
3,397
178
Capital
One
Financial
Corp
27
1,257,000
Capital
Securities
Corp
744
89,327
Carlyle
Group,
Inc
4,190
70,414
Cboe
Global
Markets,
Inc
12,937
23,880
(b)
Cembra
Money
Bank
AG.
2,000
37,582
Central
Depository
Services
India
Ltd
773
131,600
Century
Leasing
System,
Inc
1,371
639,854
Chailease
Holding
Co
Ltd
3,429
350,923
Challenger
Financial
Services
Group
Ltd
1,626
77,264
Changjiang
Securities
Co
Ltd
54
4,956,093
(b)
Charles
Schwab
Corp
358,524
647,000
China
Bills
Finance
Corp
305
4,269,574
China
Cinda
Asset
Management
Co
Ltd
355
896,000
China
Everbright
Ltd
446
1,647,959
China
Galaxy
Securities
Co
Ltd
810
172,650
China
Galaxy
Securities
Co
Ltd
(Class
A)
283
142,400
China
Great
Wall
Securities
Co
Ltd
145
55,000
China
International
Capital
Corp
Ltd
244
635,337
(c)
China
International
Capital
Corp
Ltd
754
CREF
Stock
Account
March
31,
2024
58
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
167,636
China
Merchants
Securities
Co
Ltd
$
321
100,900
(a),(b),(c),(d)
China
Renaissance
Holdings
Ltd
0
^
76,922
Cholamandalam
Financial
Holdings
Ltd
1,029
167,454
Cholamandalam
Investment
and
Finance
Co
Ltd
2,332
126,787
(b)
CI
Financial
Corp
1,621
1,011,500
Cielo
S.A.
1,089
788,465
CITIC
Securities
Co
Ltd
1,302
338,516
CITIC
Securities
Co
Ltd
(Class
A)
906
269,531
CME
Group,
Inc
58,027
128,099
(a)
Coinbase
Global,
Inc
33,962
239,420
Compass
Diversified
Trust
5,763
1,337,489
Corebridge
Financial,
Inc
38,426
145,931
Coronation
Fund
Managers
Ltd
233
90,239
(a)
Corpay,
Inc
27,842
97,126
(b)
Creades
AB
651
4,673
(a)
Credit
Acceptance
Corp
2,577
55,545
(b)
Credit
Corp
Group
Ltd
669
249,100
Credit
Saison
Co
Ltd
5,138
44,826
(a)
CreditAccess
Grameen
Ltd
777
14,441
CRISIL
Ltd
879
120,625
CSC
Financial
Co
Ltd
367
2,962,000
CSSC
Hong
Kong
Shipping
Co
Ltd
488
77,624
Daishin
Securities
Co
Ltd
908
28,638
Daishin
Securities
Co
Ltd
PF
311
1,219,000
(a)
Daiwa
Securities
Group,
Inc
9,275
11,520
Daou
Data
Corp
109
17,593
Daou
Technology,
Inc
277
63,470
Deutsche
Bank
AG.
(Registered)
1,000
182,385
Deutsche
Boerse
AG.
37,351
102,748
(b),(c)
Deutsche
Pfandbriefbank
AG.
549
106,000
(a)
Diamond
Biofund,
Inc
140
95,142
Discover
Financial
Services
12,472
69,025
Dongxing
Securities
Co
Ltd
75
1,429,907
(a)
Dubai
Financial
Market
PJSC
576
419,266
East
Money
Information
Co
Ltd
748
172,210
(b)
ECN
Capital
Corp
266
41,006,865
Edelweiss
Financial
Services
Ltd
31,304
246,795
Edenred
13,178
74,818
EFG
International
937
399,265
E-Finance
for
Digital
&
Financial
Investments
186
25,886
eGuarantee,
Inc
307
918,084
(a)
Egyptian
Financial
Group-Hermes
Holding
342
394,162
Enact
Holdings,
Inc
12,290
440,163
(b)
EQT
AB
13,935
865,988
Equitable
Holdings,
Inc
32,916
189,111
Essent
Group
Ltd
11,254
1,895
Eurazeo
166
18,527
(a)
Euronet
Worldwide,
Inc
2,037
365,598
(c)
Euronext
NV
34,794
105,806
Everbright
Securities
Co
Ltd
238
164,329
Evercore
Partners,
Inc
(Class
A)
31,648
92,821
EXOR
NV
10,330
28,043
Factset
Research
Systems,
Inc
12,742
531,401
Far
East
Horizon
Ltd
394
1,118,533
(a)
Fawry
for
Banking
&
Payment
Technology
Services
SAE
178
1,282,886
(b)
Fidelity
National
Information
Services,
Inc
95,164
55,663
(b)
Fiera
Capital
Corp
339
56,600
Financial
Partners
Group
Co
Ltd
796
94,600
FinVolution
Group
(ADR)
477
155,891
First
Capital
Securities
Co
Ltd
115
14,351
(b)
First
National
Financial
Corp
399
230,022
FirstCash
Holdings,
Inc
29,337
59
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,107,599
(b)
FirstRand
Ltd
$
6,867
2,141,431
(a)
Fiserv,
Inc
342,244
80,107
(a)
Five-Star
Business
Finance
Ltd
693
121,989
(a)
flatexDEGIRO
AG.
1,367
207,014
(a)
FleetPartners
Group
Ltd
507
27,392
(b)
Flow
Traders
540
592,155
(a)
Flywire
Corp
14,691
183,100
Founder
Securities
Co
Ltd
198
223,556
Franklin
Resources,
Inc
6,284
4,109,347
Fuhwa
Financial
Holdings
Co
Ltd
3,866
22,453
(a)
Fusion
Micro
Finance
Ltd
125
46,400
(a),(b)
Futu
Holdings
Ltd
(ADR)
2,513
14,484
Fuyo
General
Lease
Co
Ltd
1,289
109,140
(b)
GCM
Grosvenor,
Inc
1,054
635,000
(c)
Genertec
Universal
Medical
Group
Co
Ltd
347
909,500
(b)
Gentera
SAB
de
C.V.
1,562
424,636
GF
Securities
Co
Ltd
440
168,708
GF
Securities
Co
Ltd
(Class
A)
313
458,166
Global
Payments,
Inc
61,238
2,500
GMO
Financial
Gate,
Inc
148
15,901
GMO
Financial
Holdings,
Inc
83
278,600
GMO
Payment
Gateway,
Inc
18,044
95,713
(b)
goeasy
Ltd
11,263
459,915
Goldman
Sachs
Group,
Inc
192,102
189,840
Granite
Point
Mortgage
Trust,
Inc
906
21,587
GRENKE
AG.
564
168,475
Groupe
Bruxelles
Lambert
S.A.
12,736
10,312
Guangzhou
Yuexiu
Capital
Holdings
Group
Co
Ltd
8
28,904
Guolian
Securities
Co
Ltd
45
100,849
Guosen
Securities
Co
Ltd
116
2,407,800
(b)
Guotai
Junan
International
Holdings
Ltd
163
194,816
Guotai
Junan
Securities
Co
Ltd
384
113,154
Guoyuan
Securities
Co
Ltd
101
1,422,773
Haitong
Securities
Co
Ltd
681
250,312
Haitong
Securities
Co
Ltd
(Class
A)
300
1,330,000
(b),(c)
Haitong
UniTrust
International
Leasing
Co
Ltd
178
34,000
Hamilton
Lane,
Inc
3,834
123,618
(a)
Hanwha
Investment
&
Securities
Co
Ltd
369
7,089
Hargreaves
Lansdown
plc
66
40,964
(c)
HDFC
Asset
Management
Co
Ltd
1,847
233,291
Helia
Group
Ltd
594
14,886
Hithink
RoyalFlush
Information
Network
Co
Ltd
278
26,101
(c)
Home
First
Finance
Co
India
Ltd
282
2,639,089
Hong
Kong
Exchanges
and
Clearing
Ltd
76,898
155,000
Hotai
Finance
Co
Ltd
579
37,882
Houlihan
Lokey,
Inc
4,856
536,940
(c)
Huatai
Securities
Co
Ltd
614
106,634
Huatai
Securities
Co
Ltd
(Class
A)
204
57,773
HUB24
Ltd
1,596
3,582
(a)
Hypoport
SE
911
115,109
(a)
I3
Verticals,
Inc
2,635
68,982
(c)
ICICI
Securities
Ltd
602
1,116
ICRA
Ltd
73
914,517
(a)
IDFC
Ltd
1,218
103,100
iFAST
Corp
Ltd
509
401,778
(a)
IFCI
Ltd
192
2,201,368
IG
Group
Holdings
plc
20,311
77,708
(b)
IGM
Financial,
Inc
2,004
158,497
IIFL
Finance
Ltd
646
54,080
IIFL
Securities
Ltd
80
47,551
Illimity
Bank
S.p.A
250
82,749
Impax
Asset
Management
Group
plc
485
CREF
Stock
Account
March
31,
2024
60
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
280,316
Indiabulls
Housing
Finance
Ltd
$
567
303,865
(c)
Indian
Energy
Exchange
Ltd
491
526,758
(a)
Indian
Renewable
Energy
Development
Agency
Ltd
870
223,554
Industrial
Securities
Co
Ltd
168
5,511
(b)
Industrivarden
AB
190
125,262
Industrivarden
AB
4,308
860,724
Infibeam
Avenues
Ltd
354
560,979
IntegraFin
Holdings
plc
1,964
77,637
Interactive
Brokers
Group,
Inc
(Class
A)
8,673
1,622,636
Intercontinental
Exchange,
Inc
222,999
228,878
Intermediate
Capital
Group
plc
5,928
416,630
(a)
International
Money
Express,
Inc
9,512
16,793
Inversiones
La
Construccion
S.A.
138
273,387
Invesco
Ltd
4,535
202,924
Investcorp
Capital
plc
118
191,022
Investec
Ltd
1,260
504,284
Investec
plc
3,381
51,104
Investment
AB
Oresund
560
57,004
Investor
AB
1,430
421,706
IOOF
Holdings
Ltd
693
860,464
IP
Group
plc
517
448,014
Is
Yatirim
Menkul
Degerler
AS
428
2,800
iShares
Core
S&P
500
ETF
1,472
1,101,597
iShares
MSCI
ACWI
ETF
121,319
657,063
(b)
iShares
MSCI
Canada
Index
Fund
25,152
27,500
(b)
iShares
MSCI
EAFE
Index
Fund
2,196
6,580
(b)
iShares
Russell
2000
Index
Fund
1,384
163,529
Isracard
Ltd
667
61,800
(b)
J
Trust
Co
Ltd
180
16,725
Jaccs
Co
Ltd
608
53,063
Jack
Henry
&
Associates,
Inc
9,219
120,100
Jackson
Financial,
Inc
7,943
474,154
(b)
Jafco
Co
Ltd
5,864
179,028
Janus
Henderson
Group
plc
5,888
72,100
Japan
Securities
Finance
Co
Ltd
797
283,957
Jefferies
Financial
Group,
Inc
12,523
301,575
JM
Financial
Ltd
271
549,200
JMT
Network
Services
PCL
337
55,914
(a)
JSE
Ltd
261
110,214
(c)
JTC
plc
1,144
16,718
(b)
Julius
Baer
Group
Ltd
970
404,358
Jupiter
Fund
Management
plc
453
21,315
(a)
Kakaopay
Corp
617
47,013
Katilimevim
Tasarruf
Finansman
AS.
179
43,358
(a)
Kfin
Technologies
Ltd
319
195,445
(a)
Kinnevik
AB
2,192
12,174
KIWOOM
Securities
Co
Ltd
1,115
845,255
KKR
&
Co,
Inc
85,016
17,429
Korea
Investment
Holdings
Co
Ltd
863
14,303
KRUK
S.A.
1,584
632,428
Krungthai
Card
PCL
794
533,338
L&T
Finance
Holdings
Ltd
1,015
1,079,311
Ladder
Capital
Corp
12,013
195,378
Lazard,
Inc
8,180
6,911
(b)
Leonteq
AG.
208
236,556
LIC
Housing
Finance
Ltd
1,739
91,101
Liontrust
Asset
Management
plc
773
863,855
London
Stock
Exchange
Group
plc
103,364
56,393
LPL
Financial
Holdings,
Inc
14,899
152,700
Lufax
Holding
Ltd
(ADR)
644
12,300
M&A
Capital
Partners
Co
Ltd
182
99,700
(a)
M&A
Research
Institute
Holdings,
Inc
4,452
61
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,202,788
M&G
plc
$
6,131
66,988
(b)
MA
Financial
Group
Ltd
213
329,685
Macquarie
Group
Ltd
42,885
139,328
Magellan
Financial
Group
Ltd
898
385,365
Mahindra
&
Mahindra
Financial
Services
Ltd
1,293
17,788,253
Man
Group
plc
60,035
413,588
Manappuram
Finance
Ltd
861
26,169
MarketAxess
Holdings,
Inc
5,738
2,074,170
(a)
Marqeta,
Inc
12,362
128,900
(b)
Marui
Co
Ltd
2,066
34,143
(c)
MAS
Financial
Services
Ltd
117
2,225,728
Mastercard,
Inc
(Class
A)
1,071,844
92,000
(b)
Matsui
Securities
Co
Ltd
502
86,976
Meritz
Financial
Group,
Inc
5,289
62,249
MGIC
Investment
Corp
1,392
87,923
Mirae
Asset
Daewoo
Co
Ltd
531
705,900
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
4,923
122,500
Mizuho
Leasing
Co
Ltd
903
99,654
(a)
Molten
Ventures
plc
298
158,952
Monex
Group,
Inc
947
83,384
Moody's
Corp
32,772
692,361
Morgan
Stanley
65,193
19,174
Morningstar,
Inc
5,913
32,616
Motilal
Oswal
Financial
Services
Ltd
655
63,936
MSCI,
Inc
(Class
A)
35,833
449,982
Muangthai
Capital
PCL
575
18,722
Multi
Commodity
Exchange
of
India
Ltd
755
5,469
Mutares
SE
&
Co
KGaA
218
44,408
Muthoot
Finance
Ltd
791
99,600
Nanjing
Securities
Co
Ltd
106
403,813
Nasdaq
Stock
Market,
Inc
25,481
367,093
National
Investments
Co
KSCP
316
48,490
(a)
Nayifat
Finance
Co
185
48,481
(a)
NCR
Corp
ATM
958
510,150
Netwealth
Group
Ltd
7,015
368,084
(a),(c)
Network
International
Holdings
plc
1,827
21,863
(a),(c)
Nexi
S.p.A
139
1,044,400
Ngern
Tid
Lor
PCL
640
18,149
NICE
Holdings
Co
Ltd
161
164,299
Ninety
One
Ltd
350
224,311
Ninety
One
plc
483
120,074
(c)
Nippon
Life
India
Asset
Management
Ltd
679
543,834
(a)
NMI
Holdings,
Inc
17,588
28,100
Noah
Holdings
Ltd
(ADR)
321
2,726,100
(a)
Nomura
Holdings,
Inc
17,448
108,809
(b)
Nordnet
AB
publ
1,996
4,977
(a)
Nuvama
Wealth
Management
Ltd
281
194,510
(b)
Nuvei
Corp
6,149
112,475
(c)
Nuvei
Corp
3,556
119,593
(b)
Okasan
Holdings,
Inc
640
3,358,416
(a)
Omni
Bridgeway
Ltd
3,313
206,065
(a)
One
97
Communications
Ltd
999
207,510
OneMain
Holdings,
Inc
10,602
62,440
Onex
Corp
4,677
41,250
Orient
Corp
292
196,051
Orient
Securities
Co
Ltd
224
2,429,740
ORIX
Corp
53,143
454,677
Osaka
Securities
Exchange
Co
Ltd
12,315
2,119,238
OSB
Group
plc
10,095
88,688
(a)
Oyak
Yatirim
Menkul
Degerler
AS.
115
6,068,800
(a)
Pacific
Strategic
Financial
Tbk
PT
421
606,330
(a)
Pagseguro
Digital
Ltd
8,658
CREF
Stock
Account
March
31,
2024
62
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
400,790
Paisalo
Digital
Ltd
$
292
158,226
Paragon
Group
of
Cos
plc
1,379
741
Partners
Group
1,059
353,840
Patria
Investments
Ltd
5,251
710,200
(a)
Payoneer
Global,
Inc
3,452
1,629,932
(a)
PayPal
Holdings,
Inc
109,189
1,681,861
(a)
Pensionbee
Group
plc
2,303
202,171
Pepper
Money
Ltd
216
80,762
(b)
Perpetual
Trustees
Australia
Ltd
1,320
118,234
Pinnacle
Investment
Management
Group
Ltd
895
106,554
Piper
Jaffray
Cos
21,150
1,460,725
Piramal
Enterprises
Ltd
14,904
378,181
Platinum
Asset
Mangement
Ltd
266
152,936
Plus500
Ltd
3,484
86,280
(a),(c)
PNB
Housing
Finance
Ltd
653
64,698
Polar
Capital
Holdings
plc
372
572,127
Poonawalla
Fincorp
Ltd
3,200
1,291,197
Power
Finance
Corp
Ltd
6,058
669,000
President
Securities
Corp
506
177,730
Provident
Financial
plc
118
3,727
Prudent
Corporate
Advisory
Services
Ltd
56
911,717
PSG
Konsult
Ltd
737
1,075,784
(c)
Quilter
plc
1,456
1,973,180
Ratchthani
Leasing
PCL
121
46,752
Rathbone
Brothers
914
156,156
(b)
Ratos
AB
(B
Shares)
513
137,731
Raymond
James
Financial,
Inc
17,687
1,746,564
REC
Ltd
9,480
54,149
Reinet
Investments
S.C.A
1,310
30,238,266
(a)
Reliance
Strategic
Investments
Ltd
128,555
412,933
Remgro
Ltd
2,662
112,650
(a)
Remitly
Global,
Inc
2,336
11,261
Ricoh
Leasing
Co
Ltd
392
358,233
Rithm
Capital
Corp
3,998
898,711
(a)
Robinhood
Markets,
Inc
18,091
88,235
(a),(b)
Rocket
Cos,
Inc
1,284
616,488
S&P
Global,
Inc
262,285
22,865
Samsung
Securities
Co
Ltd
691
19,589
Saudi
Tadawul
Group
Holding
Co
1,427
110,107
SBI
Cards
&
Payment
Services
Ltd
903
1,256,850
SBI
Holdings,
Inc
32,967
29,807
Schroders
plc
142
153,200
SDIC
Capital
Co
Ltd
136
72,082
SEI
Investments
Co
5,183
9,187
Share
India
Securities
Ltd
178
665,244
Shenwan
Hongyuan
Group
Co
Ltd
407
40,039
(a),(b)
Shift4
Payments,
Inc
2,645
6,831
Shinyoung
Securities
Co
Ltd
323
36,465
SHL
Finance
Co
164
115,117
Shriram
Finance
Ltd
3,265
775,274
Singapore
Exchange
Ltd
5,291
105,000
Sinolink
Securities
Co
Ltd
123
163,675
SLM
Corp
3,566
27,107,620
Sociedad
de
Inversiones
Oro
Blanco
S.A.
190
3,695
Societe
Fonciere
Financiere
et
de
Participations
FFP
467
711,651
(a),(b)
SoFi
Technologies,
Inc
5,195
15,622
(b)
Sofina
S.A.
3,503
125,135
SooChow
Securities
Co
Ltd
117
135,973
Southwest
Securities
Co
Ltd
72
20,048
(a)
Spandana
Sphoorty
Financial
Ltd
203
18,871
Sparx
Group
Co
Ltd
235
4,500
SPDR
S&P
500
ETF
Trust
2,354
63
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
183,043
(b)
SPDR
S&P
Biotech
ETF
$
17,369
16,984
Sprott,
Inc
627
462,200
Srisawad
Corp
PCL
536
19,058
St.
James's
Place
plc
112
539,420
(b)
Starwood
Property
Trust,
Inc
10,966
86,666
State
Street
Corp
6,701
105,070
StepStone
Group,
Inc
3,755
72,508
Stifel
Financial
Corp
5,668
1,318,318
(a)
StoneCo
Ltd
21,897
53,700
(a)
StoneX
Group,
Inc
3,773
8,624
Strike
Co
Ltd
276
63,277
Svolder
AB
382
9,295
Swissquote
Group
Holding
S.A.
2,606
355,000
(b)
SY
Holdings
Group
Ltd
190
164,859
T
Rowe
Price
Group,
Inc
20,100
82,553
Tamburi
Investment
Partners
S.p.A.
886
10,866
Tata
Investment
Corp
Ltd
819
805,393
Tel
Aviv
Stock
Exchange
Ltd
5,434
241,500
Tianfeng
Securities
Co
Ltd
96
69,715
(b)
Timbercreek
Financial
Corp
398
258,791
TMX
Group
Ltd
6,826
321,953
(a)
Toast,
Inc
8,023
173,480
Tokai
Tokyo
Securities
Co
Ltd
692
84,132
Tong
Yang
Investment
Bank
169
618,131
TP
ICAP
Group
plc
1,757
53,502
TPG,
Inc
2,392
74,075
Tradeweb
Markets,
Inc
7,716
1,058,597
Turkiye
Sinai
Kalkinma
Bankasi
AS
277
379,671
(a)
Tyro
Payments
Ltd
254
1,262,410
UBS
Group
AG
38,781
5,004,359
UBS
Group
AG
154,089
18,467
Ujjivan
Financial
Services
Ltd
106
85,600
(a),(b)
Up
Fintech
Holding
Ltd
(ADR)
294
43,062
UTI
Asset
Management
Co
Ltd
422
70,490
(b)
UWM
Holdings
Corp
512
848,011
Value
Partners
Group
Ltd
194
129,318
Van
Lanschot
Kempen
NV
4,398
18,722
Verusa
Holding
AS.
140
204,520
Victory
Capital
Holdings,
Inc
8,678
282,341
Virtu
Financial,
Inc
5,794
2,391,602
Visa,
Inc
(Class
A)
667,448
22,109
(b)
Vontobel
Holding
AG.
1,341
185,456
Voya
Financial,
Inc
13,709
23,175
Warsaw
Stock
Exchange
246
197,501
Washington
H
Soul
Pattinson
&
Co
Ltd
4,324
1,850,395
Waterland
Financial
Holdings
804
31,400
(a),(b)
WealthNavi,
Inc
345
18,674
Wendel
1,906
112,603
Western
Securities
Co
Ltd
105
420,051
Western
Union
Co
5,872
18,083
(a)
WEX,
Inc
4,295
616,792
(a)
Wise
plc
7,210
43,564
Woori
Investment
&
Securities
Co
Ltd
382
8,888
(a),(c)
Worldline
S.A.
110
1,235,449
XP,
Inc
31,702
33,975
(c)
XTB
S.A.
465
9,326,200
(b)
Yangzijiang
Financial
Holding
Ltd
2,210
148,400
(a),(b)
Yeahka
Ltd
231
1,698,000
(b),(c)
Yixin
Group
Ltd
143
199,129
Yulon
Finance
Corp
898
193,365
Zenkoku
Hosho
Co
Ltd
6,927
113,991
Zheshang
Securities
Co
Ltd
178
CREF
Stock
Account
March
31,
2024
64
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
250,300
Zhongtai
Securities
Co
Ltd
$
231
TOTAL
FINANCIAL
SERVICES
8,256,711
FOOD,
BEVERAGE
&
TOBACCO
-
2.8%
142,298
AAK
AB
3,381
69,716
AG.
Barr
plc
512
217,551
(a)
Agrotech
Yueksek
Teknoloji
VE
Yatirim
AS.
237
241,807
Agthia
Group
PJSC
387
374,537
Ajinomoto
Co,
Inc
13,987
15,719
Al
Jouf
Agricultural
Development
Co
229
220,028
Almarai
Co
JSC
3,356
115,398
Altria
Group,
Inc
5,034
1,980,539
Ambev
S.A.
4,932
165,160
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
772
16,111
Angel
Yeast
Co
Ltd
64
1,182,207
(b)
Anheuser-Busch
InBev
S.A.
71,966
113,128
Anhui
Gujing
Distillery
Co
Ltd
1,592
21,514
Anhui
Gujing
Distillery
Co
Ltd
(Class
A)
782
25,117
Anhui
Kouzi
Distillery
Co
Ltd
141
29,000
Anhui
Yingjia
Distillery
Co
Ltd
262
442,226
(b)
Arca
Continental
SAB
de
C.V.
4,831
165,375
Archer-Daniels-Midland
Co
10,387
13,272
Ariake
Japan
Co
Ltd
461
3,944,035
(a)
Aryzta
AG.
7,162
768,335
Asahi
Breweries
Ltd
28,213
647,297
Associated
British
Foods
plc
20,423
32,112
Astral
Foods
Ltd
240
76,223
Austevoll
Seafood
ASA
600
141,351
(a)
Australian
Agricultural
Co
Ltd
125
32,322
Avanti
Feeds
Ltd
188
326,170
AVI
Ltd
1,573
39,816
Bakkafrost
P
2,556
642,706
Baladna
206
99,297
Balrampur
Chini
Mills
Ltd
432
130
Barry
Callebaut
AG.
189
227,536
Bega
Cheese
Ltd
620
235,601
Beijing
Dabeinong
Technology
Group
Co
Ltd
160
121,000
Beijing
Yanjing
Brewery
Co
Ltd
154
1,529
Bell
Food
Group
AG.
458
650,100
Betagro
PCL
394
53,080
Bikaji
Foods
International
Ltd
313
17,447
Bombay
Burmah
Trading
Co
329
6,948
(b)
Bonduelle
S.C.A.
56
7,012
(a)
Boston
Beer
Co,
Inc
(Class
A)
2,135
32,300
BrasilAgro-Co
Brasileira
de
Propriedades
Agricolas
158
484,600
(a)
BRF
S.A.
1,577
94,458
Britannia
Industries
Ltd
5,563
64,000
British
American
Tobacco
Malaysia
BHD
109
1,236,262
British
American
Tobacco
plc
37,522
1,438,700
Britvic
plc
14,901
3,923
Brown-Forman
Corp
(Class
A)
208
14,663
Brown-Forman
Corp
(Class
B)
757
445,237
Bunge
Global
S.A.
45,646
311,591
C&C
Group
plc
644
65,400
(b)
Calbee,
Inc
1,474
73,000
Camil
Alimentos
S.A.
131
8,010
Campbell
Soup
Co
356
208,100
Carabao
Group
PCL
363
178,915
Carlsberg
AS
(Class
B)
24,502
201,200
Carlsberg
Brewery
Malaysia
Bhd
782
59,493
CCL
Products
India
Ltd
418
410,416
(a)
Celsius
Holdings,
Inc
34,032
65
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
947,800
Century
Pacific
Food,
Inc
$
674
132,800
Charoen
Pokphand
Enterprise
456
3,075,531
Charoen
Pokphand
Foods
PCL
1,536
6,181,218
Charoen
Pokphand
Indonesia
Tbk
PT
2,047
3,495,021
(c)
China
Feihe
Ltd
1,645
2,408,000
China
Foods
Ltd
895
4,375,889
(a),(d)
China
Huishan
Dairy
Holdings
Co
Ltd
6
370,000
(a),(d)
China
Huiyuan
Juice
Group
Ltd
0
^
1,343,227
China
Mengniu
Dairy
Co
Ltd
2,891
3,105,000
(b)
China
Modern
Dairy
Holdings
Ltd
258
684,357
China
Resources
Beer
Holdings
Company
Ltd
3,160
937,000
(b),(c)
China
Youran
Dairy
Group
Ltd
146
5
Chocoladefabriken
Lindt
&
Spruengli
AG.
603
22,427
Chongqing
Brewery
Co
Ltd
201
88,277
Cia
Cervecerias
Unidas
S.A.
524
6,973
CJ
CheilJedang
Corp
1,513
197,991
Cloetta
AB
336
3,433,013
Coca-Cola
Co
210,032
1,611,280
(a)
Coca-Cola
Europacific
Partners
plc
112,709
453,983
(b)
Coca-Cola
Femsa
SAB
de
C.V.
4,407
6,130
Coca-Cola
HBC
AG.
194
65,381
(a)
Coca-Cola
Icecek
AS
1,137
105,800
Coca-Cola
West
Japan
Co
Ltd
1,560
2,280,000
(a),(b)
COFCO
Joycome
Foods
Ltd
484
37,768
ConAgra
Brands,
Inc
1,119
77,176
Constellation
Brands,
Inc
(Class
A)
20,973
41,420
Cranswick
plc
2,144
15,133
Daesang
Corp
220
293,269
Danone
18,958
178,716
(a)
Darling
International,
Inc
8,312
8,127,283
Davide
Campari-Milano
NV
81,679
1,771,433
Diageo
plc
65,547
4,879
(a)
Dodla
Dairy
Ltd
47
523,400
(b)
Dole
plc
6,244
2,585
Dongwon
F&B
Co
Ltd
64
17,000
Dydo
Drinco,
Inc
307
1,069,228
Eastern
Tobacco
609
14,100
Eastroc
Beverage
Group
Co
Ltd
367
317,283
Embotelladora
Andina
S.A.
804
1,710
(b)
Emmi
AG.
1,697
39,215
Ezaki
Glico
Co
Ltd
1,095
591,100
Farm
Fresh
Bhd
176
1,453,522
Fevertree
Drinks
plc
22,033
13,194
First
Milling
Co
282
1,944,000
First
Pacific
Co
979
387,000
First
Resources
Ltd
393
14,982
Flowers
Foods,
Inc
356
1,626,883
(b)
Fomento
Economico
Mexicano
S.A.
de
C.V.
21,264
1,086,266
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR)
141,508
231,161
Foshan
Haitian
Flavouring
&
Food
Co
Ltd
1,267
96,600
Fraser
&
Neave
Holdings
Bhd
600
119,195
Fresh
Del
Monte
Produce,
Inc
3,088
32,464
(a)
Freshpet,
Inc
3,761
11,445
Fu
Jian
Anjoy
Foods
Co
Ltd
131
34,727
Fuji
Oil
Co
Ltd
544
69,816
Fujian
Sunner
Development
Co
Ltd
150
37,232
Fujicco
Co
Ltd
467
3,382
Fujiya
Co
Ltd
56
119,105
Futuris
Corp
Ltd
728
23,347
General
Mills,
Inc
1,634
517,600
GFPT
PCL
(Foreign)
173
155,705
Glanbia
plc
3,071
CREF
Stock
Account
March
31,
2024
66
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
10,475
Godfrey
Phillips
India
Ltd
$
389
5,525,825
Golden
Agri-Resources
Ltd
1,105
467,500
Great
Wall
Enterprise
Co
Ltd
843
400,724
(a)
Greencore
Group
plc
603
41,836
Grieg
Seafood
ASA
262
150,016
(b)
Gruma
SAB
de
C.V.
2,805
1,133,041
(b)
Grupo
Bimbo
S.A.
de
C.V.
(Series
A)
5,368
67,845
Guangdong
Haid
Group
Co
Ltd
404
112,464
Gujarat
Ambuja
Exports
Ltd
216
132,650
(a)
Hain
Celestial
Group,
Inc
1,043
7,885
(a)
Halwani
Brothers
Co
107
42,064
Harim
Holdings
Co
Ltd
210
172,314
Health
&
Happiness
H&H
International
Holdings
Ltd
231
65,700
Hebei
Yangyuan
Zhihui
Beverage
Co
Ltd
228
103,332
Heilongjiang
Agriculture
Co
Ltd
172
100,624
Heineken
Holding
NV
8,121
119,400
Heineken
Malaysia
Bhd
586
2,343,442
Heineken
NV
225,926
216,823
Henan
Shuanghui
Investment
&
Development
Co
Ltd
774
9,750
Hershey
Co
1,896
58,007
Hilton
Food
Group
plc
617
33,088
(a)
Hindustan
Foods
Ltd
187
22,675
Hite
Jinro
Co
Ltd
345
14,500
Hokuto
Corp
175
23,006
Hormel
Foods
Corp
803
49,962
House
Foods
Corp
1,017
530,600
Ichitan
Group
PCL
243
27,878
Imperial
Tobacco
Group
plc
623
1,821,709
Indofood
CBP
Sukses
Makmur
Tbk
PT
1,332
291,423
Inghams
Group
Ltd
682
58,376
Ingredion,
Inc
6,821
346,853
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd
1,336
9,135,000
(a),(d)
Inti
Agri
Resources
Tbk
PT
0
^
1,869,106
IOI
Corp
BHD
1,561
424,500
I-TAIL
Corp
PCL
234
1,260,553
ITC
Ltd
6,491
43,000
Ito
En
Ltd
1,052
18,940
Itoham
Yonekyu
Holdings,
Inc
498
8,212
J.M.
Smucker
Co
1,034
66,400
Jalles
Machado
S.A.
105
435,800
Japan
Tobacco,
Inc
11,619
4,685,000
Japfa
Comfeed
Indonesia
Tbk
PT
352
648,582
JBS
S.A.
2,780
3,168
JDE
Peet's
NV
67
65,626
Jiangsu
King's
Luck
Brewery
JSC
Ltd
540
78,681
Jiangsu
Yanghe
Brewery
Joint-Stock
Co
Ltd
1,074
5,962
JiuGui
Liquor
Co
Ltd
47
13,046
J-Oil
Mills,
Inc
167
38,964
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co
Ltd
134
60,646
Kagome
Co
Ltd
1,470
10,900
Kameda
Seika
Co
Ltd
306
23,394
Kaveri
Seed
Co
Ltd
175
103,945
Kayseri
Seker
Fabrikasi
AS.
93
10,700
Kellogg
Co
613
2,608
Kerry
Group
plc
(Class
A)
223
516,657
Keurig
Dr
Pepper,
Inc
15,846
80,397
Kewpie
Corp
1,491
1,984,200
Khon
Kaen
Sugar
Industry
PCL
128
578,000
Kikkoman
Corp
7,418
160,600
Kirin
Brewery
Co
Ltd
2,233
78,900
Kotobuki
Spirits
Co
Ltd
992
4,446,624
Kraft
Heinz
Co
164,080
67
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
42,521
KRBL
Ltd
$
142
86,802
KT&G
Corp
6,041
392,195
Kuala
Lumpur
Kepong
BHD
1,851
62,785
Kweichow
Moutai
Co
Ltd
14,800
149,618
Lamb
Weston
Holdings,
Inc
15,939
3,482
Lassonde
Industries,
Inc
382
225,195
Leroy
Seafood
Group
ASA
991
61,211
Lian
HWA
Food
Corp
186
671,398
Lien
Hwa
Industrial
Corp
1,427
31
(b)
Lindt
&
Spruengli
AG.
371
3,020
Lotte
Chilsung
Beverage
Co
Ltd
287
1,838
Lotte
Wellfood
Co
Ltd
167
925
(b)
Lotus
Bakeries
NV
8,932
113,162
LT
Foods
Ltd
255
77,723
Luzhou
Laojiao
Co
Ltd
1,993
57,700
M
Dias
Branco
S.A.
439
62,285
Maple
Leaf
Foods,
Inc
1,021
295,678
(a)
Marfrig
Global
Foods
S.A.
608
432,841
Marico
Ltd
2,586
28,800
Maruha
Nichiro
Corp
564
18,746
McCormick
&
Co,
Inc
1,440
36,387
Megmilk
Snow
Brand
Co
Ltd
646
152,900
Meihua
Holdings
Group
Co
Ltd
213
186,698
MEIJI
Holdings
Co
Ltd
4,076
58,371
Mezzan
Holding
Co
KSCC
125
255,300
Minerva
S.A.
344
45,200
Mitsui
Sugar
Co
Ltd
931
14,007
Molson
Coors
Brewing
Co
(Class
B)
942
4,631,058
Mondelez
International,
Inc
324,174
4,408,741
(a)
Monster
Beverage
Corp
261,350
57,558
Morinaga
&
Co
Ltd
988
695,326
Morinaga
Milk
Industry
Co
Ltd
14,225
18,679
Mowi
ASA
343
19,551
Mrs
Bectors
Food
Specialities
Ltd
262
281,338
Muyuan
Foods
Co
Ltd
1,638
108,000
Namchow
Holdings
Co
Ltd
196
116,207
(a)
National
Agriculture
Development
Co
917
292,959
Nestle
India
Ltd
9,222
39,514
Nestle
Malaysia
Bhd
985
2,521,285
Nestle
S.A.
267,886
195,005
(a)
New
Hope
Liuhe
Co
Ltd
253
445,192
Nichirei
Corp
11,974
37,897
Nippon
Flour
Mills
Co
Ltd
582
67,500
Nippon
Meat
Packers,
Inc
2,260
233,759
Nippon
Suisan
Kaisha
Ltd
1,466
19,122
Nisshin
Oillio
Group
Ltd
641
161,300
Nisshin
Seifun
Group,
Inc
2,222
41,800
Nissin
Food
Products
Co
Ltd
1,152
88,568
Nissin
Foods
Co
Ltd
56
1,807,200
(c)
Nongfu
Spring
Co
Ltd
9,768
2,445
NongShim
Co
Ltd
676
63,745
Oceana
Group
Ltd
237
252,136
Origin
Enterprises
plc
857
19,998
Orion
Corp/Republic
of
Korea
1,365
80,772
Orion
Holdings
Corp
848
4,959
(b)
Orior
AG.
366
29,714
Orkla
ASA
210
706,100
Osotspa
PCL
399
1,254
Ottogi
Corp
371
1,832,266
PepsiCo,
Inc
320,665
380,222
Pernod-Ricard
S.A.
61,552
12,535,800
Perusahaan
Perkebunan
London
Sumatra
Indonesia
Tbk
PT
708
CREF
Stock
Account
March
31,
2024
68
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
243
Philip
Morris
CR
AS.
$
164
4,570,723
Philip
Morris
International,
Inc
418,770
104,099
(a)
Pilgrim's
Pride
Corp
3,573
4,221
(a)
Post
Holdings,
Inc
449
473,541
PPB
Group
BHD
1,561
476,389
Premier
Foods
plc
898
35,854
(b)
Premium
Brands
Holdings
Corp
2,343
64,238
Prima
Meat
Packers
Ltd
963
2,134,069
(b)
Primo
Water
Corp
38,861
128,194
(b)
Primo
Water
Corp
(Toronto)
2,334
409,800
PT
Astra
Agro
Lestari
Tbk
178
3,631,609
PT
Indofood
Sukses
Makmur
Tbk
1,460
730,400
QL
Resources
Bhd
908
463,300
R&B
Food
Supply
PCL
144
60,269
Radico
Khaitan
Ltd
1,251
40,668
Remy
Cointreau
S.A.
4,106
12,500
Riken
Vitamin
Co
Ltd
207
459,500
(b)
RLX
Technology,
Inc
(ADR)
882
60,708
(b)
Rogers
Sugar,
Inc
239
40,519
Royal
Unibrew
A.S.
2,681
14,294
S
Foods,
Inc
318
23,555
Sakata
Seed
Corp
578
65,140
Salmar
ASA
4,299
3,626
Samyang
Foods
Co
Ltd
572
2,268
Samyang
Holdings
Corp
120
124,300
Sao
Martinho
S.A.
769
89,100
Sappe
PCL
221
53,186
Sapporo
Holdings
Ltd
2,121
219,331
Saputo,
Inc
4,315
12,081
Saudia
Dairy
&
Foodstuff
Co
1,247
223,743
Savola
Group
3,371
2,975,600
Sawit
Sumbermas
Sarana
Tbk
PT
195
100,109
(c)
Scandinavian
Tobacco
Group
A.S.
1,793
9,280
Schouw
&
Co
715
155
Seaboard
Corp
500
43,439
Shanghai
Bairun
Investment
Holding
Group
Co
Ltd
107
64,142
Shanxi
Xinghuacun
Fen
Wine
Factory
Co
Ltd
2,179
14,300
Shede
Spirits
Co
Ltd
154
14,987
Showa
Sangyo
Co
Ltd
343
529,285
(a)
Shree
Renuka
Sugars
Ltd
253
18,001
Sichuan
Swellfun
Co
Ltd
119
1,678,278
Sime
Darby
Plantation
Bhd
1,545
24,410
(a)
Sinad
Holding
Co
87
172,754
SLC
Agricola
S.A.
681
1,626,171
(b),(c)
Smoore
International
Holdings
Ltd
1,386
329,700
Srinanaporn
Marketing
PCL
156
263,000
Standard
Foods
Corp
311
42,847
(a)
Strauss
Group
Ltd
808
51,361
Suedzucker
AG.
736
17,446
Sula
Vineyards
Ltd
116
60,641
(a),(b)
SunOpta,
Inc
415
28,700
Suntory
Beverage
&
Food
Ltd
971
505,400
Ta
Ann
Holdings
Bhd
427
467,000
(a)
Taiwan
TEA
Corp
301
112,003
(b)
Takara
Holdings,
Inc
807
3,692
Tanmiah
Food
Co
143
500,692
Tata
Consumer
Products
Ltd
6,593
311,183
Tate
&
Lyle
plc
2,425
2,271,800
Thai
Union
Group
PCL
897
399,230
Thai
Vegetable
Oil
PCL
(Foreign)
207
123,646
Tiger
Brands
Ltd
1,310
61,907
Tilaknagar
Industries
Ltd
157
69
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,821,301
Tingyi
Cayman
Islands
Holding
Corp
$
1,999
69,900
Toyo
Suisan
Kaisha
Ltd
4,274
182,468
Treasury
Wine
Estates
Ltd
1,480
118,700
Tres
Tentos
Agroindustrial
S.A.
249
52,366
Triveni
Engineering
&
Industries
Ltd
196
639,100
TSH
Resources
Bhd
153
567,471
Tsingtao
Brewery
Co
Ltd
3,905
40,993
Tsingtao
Brewery
Co
Ltd
(Class
A)
478
18,000
Ttet
Union
Corp
82
15,570
Tyson
Foods,
Inc
(Class
A)
914
159,020
Ulker
Biskuvi
Sanayi
AS
508
4,260,934
Uni-President
Enterprises
Corp
10,168
682,000
United
Plantations
BHD
3,530
252,509
United
Spirits
Ltd
3,438
735,260
Universal
Robina
Corp
1,377
393,606
Varun
Beverages
Ltd
6,615
150,220
Vector
Group
Ltd
1,646
317,864
Vina
Concha
y
Toro
S.A.
385
31,076
(b)
Viscofan
S.A.
1,975
227,480
(a)
Vita
Coco
Co,
Inc
5,557
636,000
Vitasoy
International
Holdings
Ltd
545
4,110
VST
Industries
Ltd
176
4,464,694
Want
Want
China
Holdings
Ltd
2,635
297,000
Wei
Chuan
Foods
Corp
174
307,800
(b)
Weilong
Delicious
Global
Holdings
Ltd
220
366,070
Wens
Foodstuffs
Group
Co
Ltd
939
7,025,696
(c)
WH
Group
Ltd
4,638
1,617,219
Wilmar
International
Ltd
4,108
5,210
WK
Kellogg
Co
98
99,321
Wuliangye
Yibin
Co
Ltd
2,106
197,900
Yakult
Honsha
Co
Ltd
4,045
90,100
Yamazaki
Baking
Co
Ltd
2,327
392,000
Yihai
International
Holding
Ltd
743
74,900
Yihai
Kerry
Arawana
Holdings
Co
Ltd
313
903,000
(b),(c)
Zhou
Hei
Ya
International
Holdings
Co
Ltd
200
13,152
Zydus
Wellnes
Ltd
233
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
3,575,218
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.5%
3,478,488
(b)
Abbott
Laboratories
395,365
102,459
(a)
Acadia
Healthcare
Co,
Inc
8,117
186,400
(a)
Accolade,
Inc
1,953
115,620
(a)
Addus
HomeCare
Corp
11,948
102,500
(a)
Adicon
Holdings
Ltd
157
168,987
Advanced
Medical
Solutions
Group
plc
418
450,271
(a),(b)
agilon
health,
Inc
2,747
232,449
Aier
Eye
Hospital
Group
Co
Ltd
414
444,000
(b),(c)
AK
Medical
Holdings
Ltd
279
65,666
Al
Hammadi
Holding
1,066
447,715
Alcon,
Inc
37,031
438,600
Alfresa
Holdings
Corp
6,374
241,938
(a)
Align
Technology,
Inc
79,336
283,000
(a)
Alphatec
Holdings,
Inc
3,903
147,230
(a)
Ambu
A.S.
2,423
14,997
(a)
Amedisys,
Inc
1,382
138,160
AmerisourceBergen
Corp
33,571
583,639
Amplifon
S.p.A.
21,275
394,500
Amvis
Holdings,
Inc
6,631
16,293
(b)
Andlauer
Healthcare
Group,
Inc
511
34,000
(b),(c)
Angelalign
Technology,
Inc
327
99,729
Ansell
Ltd
1,597
166,723
Apollo
Hospitals
Enterprise
Ltd
12,727
CREF
Stock
Account
March
31,
2024
70
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
781,469
Arjo
AB
$
3,732
109,500
(a),(b),(c)
Arrail
Group
Ltd
91
43,088
As
One
Corp
754
695,300
Asahi
Intecc
Co
Ltd
12,181
98,320
(a),(c)
Aster
DM
Healthcare
Ltd
483
805,017
(a)
AtriCure,
Inc
24,489
189,844
(a),(c)
Attendo
AB
724
77,866
(b)
Australian
Clinical
Labs
Ltd
136
16,100
Autobio
Diagnostics
Co
Ltd
127
250,210
(a)
Axogen,
Inc
2,019
209,937
(a)
Axonics,
Inc
14,479
1,076,200
Bangkok
Chain
Hospital
PCL
608
4,419,500
Bangkok
Dusit
Medical
Services
PCL
3,426
4,634,471
Bangkok
Dusit
Medical
Services
PCL
3,593
43,594
Baxter
International,
Inc
1,863
819,229
Becton
Dickinson
&
Co
202,718
57,250
(b)
Beijing
Chunlizhengda
Medical
Instruments
Co
Ltd
69
72,948
BioMerieux
8,046
15,045
BML,
Inc
290
4,844,603
(a)
Boston
Scientific
Corp
331,807
616,760
(a)
BrightSpring
Health
Services,
Inc
6,704
1,767,020
(a)
Brookdale
Senior
Living,
Inc
11,680
248,938
Bumrungrad
Hospital
PCL
1,523
385,253
Cardinal
Health,
Inc
43,110
38,315
Carl
Zeiss
Meditec
AG.
4,783
523,509
(a)
Centene
Corp
41,085
89,066
(a)
Certara,
Inc
1,592
37,366
(a)
Chabiotech
Co
Ltd
535
234,500
Chaoju
Eye
Care
Holdings
Ltd
118
6,871
Chemed
Corp
4,411
30,700
China
National
Medicines
Corp
Ltd
135
723,500
China
Resources
Medical
Holdings
Co
Ltd
363
4,203,000
Chularat
Hospital
PCL
332
887,813
Cigna
Group
322,445
14,752
Classys,
Inc
389
814,984
(a)
Cleopatra
Hospital
124
221,400
(a),(b)
ClouDr
Group
Ltd
74
133,878
(a)
CM
Hospitalar
S.A.
164
500,000
C-Mer
Eye
Care
Holdings
Ltd
181
55,762
Cochlear
Ltd
12,264
109,690
Coloplast
A.S.
14,810
2,230
(b)
Coltene
Holding
AG.
143
226,478
CompuGroup
Medical
SE
&
Co
KgaA
6,970
80,540
(a)
Computer
Programs
&
Systems,
Inc
743
6,395,243
(c)
ConvaTec
Group
plc
23,103
141,116
(a)
Cooper
Cos,
Inc
14,318
25,050
Craneware
plc
696
54,648
CVS
Group
plc
672
796,492
CVS
Health
Corp
63,528
75,531
(a),(b)
CYBERDYNE,
Inc
105
42,433
Dallah
Healthcare
Co
1,998
25,282
(a)
DaVita,
Inc
3,490
15,755
(a)
Demant
A.S.
783
465,702
(a)
dentalcorp
Holdings
Ltd
2,297
5,873
Dentium
Co
Ltd
588
59,394
Dentsply
Sirona,
Inc
1,971
1,661,884
(a)
DexCom,
Inc
230,503
118,300
(a)
Diagnosticos
da
America
S.A.
145
804
DiaSorin
S.p.A.
78
84,556
(a)
Doximity,
Inc
2,275
30,870
(c)
Dr
Lal
PathLabs
Ltd
839
108,185
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
9,042
71
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,027
Draegerwerk
AG.
$
331
130,528
EBOS
Group
Ltd
2,670
71,313
Eckert
&
Ziegler
Strahlen-
und
Medizintechnik
AG.
2,885
64,525
(a)
Edwards
Lifesciences
Corp
6,166
27,100
Eiken
Chemical
Co
Ltd
353
30,950
(b)
El.En.
S.p.A
391
16,838
Elan
Corp
102
290,976
(b)
Elekta
AB
(B
Shares)
2,193
956,777
Elevance
Health,
Inc
496,127
37,900
EM
Systems
Co
Ltd
179
219,434
Encompass
Health
Corp
18,121
39,084
(a)
Enovis
Corp
2,441
14,036
(a)
Envista
Holdings
Corp
300
5,186
(b)
Equasens
287
1,115,701
Essilor
International
S.A.
252,384
150,822
(a),(b)
Establishment
Labs
Holdings,
Inc
7,677
44,537
(b)
Extendicare,
Inc
251
115,199
Fagron
NV
2,195
120,820
Fisher
&
Paykel
Healthcare
Corp
1,851
200,982
Fleury
S.A.
601
371,872
Fortis
Healthcare
Ltd
1,880
514,189
Fresenius
Medical
Care
AG.
19,758
13,667
Fresenius
SE
369
11,300
Fukuda
Denshi
Co
Ltd
517
38,283
(c)
Galenica
AG.
3,195
34,000
(a)
Gaush
Meditech
Ltd
85
62,078
GE
HealthCare
Technologies,
Inc
5,643
7,626
Getinge
AB
(B
Shares)
153
113,114
(a)
Glaukos
Corp
10,666
66,947
(a)
Global
Health
Ltd
1,063
10,275
(a)
Globus
Medical,
Inc
551
39,412
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co
Ltd
156
6,938
Guangzhou
Kingmed
Diagnostics
Group
Co
Ltd
54
51,300
(a)
Guardant
Health,
Inc
1,058
104,700
(b)
Gushengtang
Holdings
Ltd
584
2,033,838
(a),(c)
Hapvida
Participacoes
e
Investimentos
S.A.
1,500
1,409,400
Hartalega
Holdings
Bhd
819
421,884
HCA,
Inc
140,711
405,363
(a)
Healius
Ltd
350
251,595
(a)
HealthEquity,
Inc
20,538
12,530
HealthStream,
Inc
334
61,336
(a)
Henry
Schein,
Inc
4,632
1,711,620
(a)
Hims
&
Hers
Health,
Inc
26,479
66,081
(a)
HLB
Life
Science
CO
Ltd
1,050
100,341
(a)
HLB,
Inc
8,171
16,100
Hogy
Medical
Co
Ltd
397
14,568
(a)
Hologic,
Inc
1,136
94,000
Hospital
Mater
Dei
S.A.
109
232,569
(a)
Hoya
Corp
29,088
42,278
Huadong
Medicine
Co
Ltd
180
340,809
Humana,
Inc
118,165
145,200
(b),(c)
Hygeia
Healthcare
Holdings
Co
Ltd
593
1,737
(a)
ICU
Medical,
Inc
186
51,699
(a)
IDEXX
Laboratories,
Inc
27,914
837,989
IHH
Healthcare
Bhd
1,068
220,210
(a)
Inari
Medical,
Inc
10,566
422,512
(a)
Inmode
Ltd
9,130
22,165
(a)
Inspire
Medical
Systems,
Inc
4,761
5,966
(a)
Insulet
Corp
1,023
134,210
(a)
Integer
Holdings
Corp
15,660
5,816
(a)
Integra
LifeSciences
Holdings
Corp
206
999,473
(a)
Intuitive
Surgical,
Inc
398,880
CREF
Stock
Account
March
31,
2024
72
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,615
iRay
Technology
Co
Ltd
$
80
20,800
(a)
iRhythm
Technologies,
Inc
2,413
14,469
i-SENS
Inc
215
46,600
Japan
Lifeline
Co
Ltd
372
44,436
(a)
Jeisys
Medical,
Inc
267
35,688
Jeol
Ltd
1,478
29,450
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
139
1,497,500
(a),(b),(c)
Jinxin
Fertility
Group
Ltd
466
18,400
(a)
JMDC,
Inc
446
93,385
Jointown
Pharmaceutical
Group
Co
Ltd
103
4,825
(a)
Jupiter
Life
Line
Hospitals
Ltd
69
244,000
(b)
Kangji
Medical
Holdings
Ltd
211
896,444
(a)
Koninklijke
Philips
Electronics
NV
17,941
1,189,600
Kossan
Rubber
Industries
Bhd
493
3,391,900
KPJ
Healthcare
Bhd
1,363
35,786
(a),(c)
Krishna
Institute
of
Medical
Sciences
Ltd
886
144,851
Laboratory
Corp
of
America
Holdings
31,644
237,912
(a)
Lantheus
Holdings,
Inc
14,808
16,113
Lepu
Medical
Technology
Beijing
Co
Ltd
31
1,231,259
(b)
Life
Healthcare
Group
Holdings
Ltd
1,117
3,064,000
(a),(b)
Lifetech
Scientific
Corp
689
331,080
(a)
LivaNova
plc
18,521
15,779
(a)
Lunit,
Inc
688
91,000
M3,
Inc
1,310
60,663
Mani,
Inc
794
3,728
(a)
Masimo
Corp
547
673,496
Max
Healthcare
Institute
Ltd
6,642
121,672
McKesson
Corp
65,320
5,388
(c)
Medacta
Group
S.A.
731
147,231
Medicare
Group
173
481,900
Mediceo
Paltac
Holdings
Co
Ltd
7,375
53,493
Medicover
AB
689
4,913,200
Medikaloka
Hermina
Tbk
PT
364
12,321
(a)
Medios
AG.
218
17,400
(a)
Medley,
Inc
517
197,000
(b),(c)
Medlive
Technology
Co
Ltd
190
55,622
(b),(c)
Medmix
AG.
987
856,166
Medtronic
plc
74,615
125,008
(a)
Meinian
Onehealth
Healthcare
Holdings
Co
Ltd
87
44,084
Menicon
Co
Ltd
453
156
Metall
Zug
AG.(B
Shares)
228
13,123,400
(a),(d)
Metro
Healthcare
Indonesia
TBK
PT
122
24,367
(c)
Metropolis
Healthcare
Ltd
505
897,000
(a),(b),(c)
Microport
Cardioflow
Medtech
Corp
130
146,000
(a),(b)
MicroPort
NeuroTech
Ltd
156
621,700
Microport
Scientific
Corp
523
34,426
(a)
Middle
East
Healthcare
Co
1,010
47,300
(b)
Miraca
Holdings,
Inc
770
40,401
(a),(c)
MLP
Saglik
Hizmetleri
AS.
228
26,961
(a)
Molina
Healthcare,
Inc
11,076
266,124
Mouwasat
Medical
Services
Co
9,679
16,936
Nagaileben
Co
Ltd
266
52,122
Nakanishi,
Inc
818
216,889
(a)
Nanosonics
Ltd
389
57,118
Narayana
Hrudayalaya
Ltd
881
18,636
National
Medical
Care
Co
930
2,102,959
Network
Healthcare
Holdings
Ltd
1,319
220,500
(a),(b),(c),(d)
New
Horizon
Health
Ltd
199
65,577
Nihon
Kohden
Corp
1,741
452,052
Nipro
Corp
3,588
159,379
(a),(d)
NMC
Health
plc
0
^
9,085
(a)
Novocure
Ltd
142
73
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
211,350
Odontoprev
S.A.
$
512
1,004,500
Olympus
Corp
14,463
192,800
(a)
Oncoclinicas
do
Brasil
Servicos
Medicos
S.A.
340
1,170,722
(a)
Option
Care
Health,
Inc
39,266
61,846
(a),(b)
Orpea
S.A.
676
136,415
(a)
Owens
&
Minor,
Inc
3,780
169,780
(a)
Paragon
28,
Inc
2,097
30,644
Paramount
Bed
Holdings
Co
Ltd
520
33,885
Pegavision
Corp
481
313,000
(a),(b),(c)
Peijia
Medical
Ltd
147
240,050
(a)
Pennant
Group,
Inc
4,712
41,937
(a)
Penumbra,
Inc
9,359
340,430
(a)
PetIQ,
Inc
6,223
20,700
(b)
PHC
Holdings
Corp
169
98,000
(a)
Phreesia,
Inc
2,345
79,000
(a),(d)
Pihsiang
Machinery
Manufacturing
Co
Ltd
0
^
23,620
Poly
Medicure
Ltd
451
462,181
(a)
PolyNovo
Ltd
659
56,441
Premier,
Inc
1,247
85,300
(a),(b)
Privia
Health
Group,
Inc
1,671
42,113
Pro
Medicus
Ltd
2,848
431,202
(a)
Progyny,
Inc
16,450
116,269
(a)
Project
Roadrunner
Parent,
Inc
1,498
52,717
Quest
Diagnostics,
Inc
7,017
40,303
(a)
QuidelOrtho
Corp
1,932
688,099
Raffles
Medical
Group
Ltd
530
41,762
Rainbow
Children's
Medicare
Ltd
651
37,794
Ramsay
Health
Care
Ltd
1,391
240,976
(c)
Rede
D'Or
Sao
Luiz
S.A.
1,216
12,594
Resmed,
Inc
2,494
16,325
(a)
Revenio
Group
Oyj
449
1,797,600
Riverstone
Holdings
Ltd
1,132
275,390
(a)
RxSight,
Inc
14,205
459,007
Ryman
Healthcare
Ltd
1,248
309,190
Saudi
Chemical
Co
Holding
577
30,741
(a)
SD
Biosensor,
Inc
270
107,571
(b)
Sectra
AB
2,081
97,672
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
155
479,724
Select
Medical
Holdings
Corp
14,464
1,071,882
Shandong
Weigao
Group
Medical
Polymer
Co
Ltd
668
174,000
(a),(b)
Shanghai
MicroPort
MedBot
Group
Co
Ltd
299
68,232
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
A
161
362,427
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
H
524
40,112
Shanghai
United
Imaging
Healthcare
Co
Ltd
728
30,922
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd
1,198
17,600
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd
164
728,303
Ship
Healthcare
Holdings,
Inc
10,060
26,764
(a)
Shockwave
Medical,
Inc
8,715
563,946
(a)
SI-BONE,
Inc
9,232
427,449
(a),(c)
Siemens
Healthineers
AG.
26,142
249,696
(b)
Sienna
Senior
Living,
Inc
2,474
680,985
Sigma
Healthcare
Ltd
575
279,360
(a)
Silk
Road
Medical,
Inc
5,118
604,187
Sinopharm
Group
Co
Ltd
1,549
890,884
Smith
&
Nephew
plc
11,153
82,400
Solasto
Corp
296
178,886
Sonic
Healthcare
Ltd
3,428
36,294
Sonova
Holdings
AG
10,510
200,534
(c)
Spire
Healthcare
Group
plc
587
1,145,900
Sri
Trang
Gloves
Thailand
PCL
272
40,000
St.
Shine
Optical
Co
Ltd
237
7,477
STERIS
plc
1,681
CREF
Stock
Account
March
31,
2024
74
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,821
STRATEC
SE
$
296
87,950
Straumann
Holding
AG.
14,033
446,878
Stryker
Corp
159,924
9,200
SUNWELS
Co
Ltd
167
1,524,701
Supermax
Corp
Bhd
263
29,166
(a)
Surgical
Science
Sweden
AB
413
273,600
Suzuken
Co
Ltd
8,341
48,338
Synlab
AG.
571
103,932
Sysmex
Corp
1,855
432,390
(a)
Tactile
Systems
Technology,
Inc
7,026
44,000
TaiDoc
Technology
Corp
215
5,405
(a)
Tandem
Diabetes
Care,
Inc
191
69,520
(a),(b)
Tela
Bio,
Inc
394
234,830
(a)
Teladoc
Health,
Inc
3,546
4,079
Teleflex,
Inc
923
299,713
(a)
Tenet
Healthcare
Corp
31,503
1,461,800
Terumo
Corp
26,749
277,500
Thonburi
Healthcare
Group
PCL
308
42,330
(b)
Toho
Pharmaceutical
Co
Ltd
1,006
35,809
Tokai
Corp
(GIFU)
510
3,615,500
(a)
Top
Glove
Corp
Bhd
611
8,580
(a)
Topchoice
Medical
Corp
72
179,950
Uniphar
plc
505
1,910,371
UnitedHealth
Group,
Inc
945,061
27,722
Universal
Health
Services,
Inc
(Class
B)
5,058
38,425
Universal
Vision
Biotechnology
Co
Ltd
328
2,440
Utah
Medical
Products,
Inc
173
7,813
Value
Added
Technology
Co
Ltd
178
460,467
(a)
Veeva
Systems,
Inc
106,686
156,500
(a),(c),(d)
Venus
MedTech
Hangzhou,
Inc
112
28,130
(a)
Viemed
Healthcare,
Inc
265
46,530
Vijaya
Diagnostic
Centre
Pvt
Ltd
356
298,028
(a),(b)
Vimian
Group
AB
905
27,000
Visco
Vision,
Inc
192
174,279
(a),(b)
Well
Health
Technologies
Corp
472
36,844
Won
Tech
Co
Ltd
266
134,211
(a)
Xvivo
Perfusion
AB
3,447
429,900
(a),(b),(c)
Yidu
Tech,
Inc
221
3,333
Ypsomed
Holding
AG.
1,332
54,746
Zimmer
Biomet
Holdings,
Inc
7,225
162,500
(a),(c)
Zylox-Tonbridge
Medical
Technology
Co
Ltd
201
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,616,728
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.3%
7,340
Aekyung
Industrial
Co
Ltd
99
24,480
Amorepacific
Corp
2,204
23,585
AMOREPACIFIC
Group
475
674,772
Beiersdorf
AG.
98,245
693,716
(a)
BellRing
Brands,
Inc
40,950
68,200
(a)
Best
World
International
Ltd
107
502,000
(a),(c)
Blue
Moon
Group
Holdings
Ltd
128
97,383
By-health
Co
Ltd
225
2,576
(a)
C&C
International
Corp
141
29,000
Chlitina
Holding
Ltd
177
176,437
Church
&
Dwight
Co,
Inc
18,404
9,925
Clorox
Co
1,520
690,557
Colgate-Palmolive
Co
62,185
120,327
Colgate-Palmolive
India
Ltd
3,920
6,686
Cosmax,
Inc
602
313,423
(a)
Coty,
Inc
3,748
535,896
Dabur
India
Ltd
3,366
10,730
Earth
Chemical
Co
Ltd
301
75
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
113,717
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
$
178
123,056
(a)
elf
Beauty,
Inc
24,123
164,635
Emami
Ltd
849
19,880
(b)
Essity
AB
472
952,369
Estee
Lauder
Cos
(Class
A)
146,808
77,300
(a),(b)
euglena
Co
Ltd
310
62,684
Fancl
Corp
835
261,200
(a),(b),(c)
Giant
Biogene
Holding
Co
ltd
1,422
353,524
Godrej
Consumer
Products
Ltd
5,323
90,000
Grape
King
Bio
Ltd
454
34,522,526
Haleon
plc
144,676
1,057,245
(b)
Haleon
plc
(ADR)
8,976
641,136
Hengan
International
Group
Co
Ltd
2,021
20,945
Henkel
KGaA
1,509
6,429
Henkel
KGaA
(Preference)
517
341,966
Hindustan
Lever
Ltd
9,304
74,570
(a)
Honasa
Consumer
Ltd
360
27,210
(a)
Hyundai
Bioscience
Co
Ltd
425
34,384,600
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk
PT
1,345
16,852
Inter
Parfums
S.A.
949
29,205
(a)
Intercos
S.p.A
423
34,897
(c)
Jamieson
Wellness,
Inc
687
126,668
Jyothy
Labs
Ltd
670
389,188
Kao
Corp
14,543
6,882,866
Kenvue,
Inc
147,706
26,918
Kimberly-Clark
Corp
3,482
1,282,918
Kimberly-Clark
de
Mexico
S.A.
de
C.V.
(Class
A)
2,986
36,900
Kobayashi
Pharmaceutical
Co
Ltd
1,197
8,859
Kolmar
BNH
Co
Ltd
98
12,171
Kolmar
Korea
Co
Ltd
430
24,000
Kose
Corp
1,286
7,675
LG
Household
&
Health
Care
Ltd
2,205
187,000
Lion
Corp
1,672
295,811
L'Oreal
S.A.
140,088
129,872
Mandom
Corp
1,146
318,934
Microbio
Co
Ltd
444
21,298
Milbon
Co
Ltd
448
773,064
Natura
&
Co
Holding
S.A.
2,756
13,710
(a)
Nature's
Sunshine
Products,
Inc
285
32,000
Noevir
Holdings
Co
Ltd
1,099
93,162
(a),(b)
Olaplex
Holdings,
Inc
179
54,477
(a),(b)
Ontex
Group
NV
461
3,381
(b)
Pharmanutra
S.p.A
208
92,600
Pigeon
Corp
892
1,318,900
Pola
Orbis
Holdings,
Inc
12,623
3,044,454
Procter
&
Gamble
Co
493,963
6,427,210
PT
Unilever
Indonesia
Tbk
1,094
181,745
PZ
Cussons
plc
205
170,900
Reckitt
Benckiser
Group
plc
9,742
4,343
Reynolds
Consumer
Products,
Inc
124
152,590
Rohto
Pharmaceutical
Co
Ltd
2,965
23,816
Sarantis
S.A.
302
42,200
(a)
Shanghai
Chicmax
Cosmetic
Co
Ltd
270
335,090
Shiseido
Co
Ltd
9,195
2,782
Spectrum
Brands
Holdings,
Inc
248
84,000
TCI
Co
Ltd
408
337,941
Uni-Charm
Corp
10,759
8,185
Unilever
plc
411
4,111,456
Unilever
plc
206,402
273,536
Vinda
International
Holdings
Ltd
820
29,100
(b)
YA-MAN
Ltd
191
CREF
Stock
Account
March
31,
2024
76
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
15,300
Yunnan
Botanee
Bio-Technology
Group
Co
Ltd
$
126
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,662,892
INSURANCE
-
3.1%
210,754
Admiral
Group
plc
7,553
1,660,675
Aegon
NV
10,131
204,922
Aflac,
Inc
17,595
5,221
Ageas
S.A.
242
15,647,959
AIA
Group
Ltd
105,257
33,692
(a)
Al
Rajhi
Co
for
Co-operative
Insurance
994
331,034
Allianz
AG.
99,217
592,401
Allstate
Corp
102,491
2,410,547
Alm
Brand
AS
4,596
74,776
(a)
AMBAC
Financial
Group,
Inc
1,169
69,198
American
Financial
Group,
Inc
9,444
4,145,469
American
International
Group,
Inc
324,051
154,102
Anadolu
Sigorta
329
56,100
Anicom
Holdings,
Inc
213
74,041
Aon
plc
24,709
1,425,775
(a)
Arch
Capital
Group
Ltd
131,799
366,952
ASR
Nederland
NV
17,984
34,139
Assicurazioni
Generali
S.p.A.
864
39,422
Assurant,
Inc
7,421
111,153
Assured
Guaranty
Ltd
9,698
397,961
AUB
Group
Ltd
7,712
4,380,188
Aviva
plc
27,484
2,484,939
AXA
S.A.
93,324
450,069
Axis
Capital
Holdings
Ltd
29,263
1,458
Baloise
Holding
AG.
229
1,837,900
Bangkok
Life
Assurance
PCL
892
449,200
Bangkok
Life
Assurance
PCL
218
587,846
BB
Seguridade
Participacoes
S.A.
3,812
4,567,598
Beazley
plc
38,408
14,622
(a)
Brighthouse
Financial,
Inc
754
34,438
Brookfield
Reinsurance
Ltd
1,449
97,314
Brown
&
Brown,
Inc
8,519
53,540
(a)
BRP
Group,
Inc
1,549
70,468
Bupa
Arabia
for
Cooperative
Insurance
Co
4,957
485,000
(a)
Caixa
Seguridade
Participacoes
S
1,510
4,014,215
Cathay
Financial
Holding
Co
Ltd
6,049
225,000
Central
Reinsurance
Co
Ltd
175
6,498,435
China
Development
Financial
Holding
Corp
2,811
1,524,132
China
Insurance
International
Holdings
Co
Ltd
1,336
6,774,790
China
Life
Insurance
Co
Ltd
8,147
174,075
China
Life
Insurance
Co
Ltd
(Class
A)
687
400,300
China
Pacific
Insurance
Group
Co
Ltd
-
A
1,255
2,375,809
China
Pacific
Insurance
Group
Co
Ltd
-
H
4,168
729,619
Chubb
Ltd
189,066
34,885
Cincinnati
Financial
Corp
4,332
51,184
(a)
Clal
Insurance
Enterprises
Holdings
Ltd
942
6,078
CNA
Financial
Corp
276
60,470
Co
for
Cooperative
Insurance
2,612
86,196
Coface
S.A.
1,363
3,630,000
(a),(d)
Convoy
Global
Holdings
Ltd
5
859,400
Dai-ichi
Life
Holdings,
Inc
21,919
63,515
Definity
Financial
Corp
2,023
390,800
Dhipaya
Group
Holdings
PCL
338
1,017,989
(a)
Direct
Line
Insurance
Group
plc
2,506
449,187
Discovery
Ltd
2,861
40,841
Dongbu
Insurance
Co
Ltd
2,921
229,326
Employers
Holdings,
Inc
10,409
350,235
Everest
Re
Group
Ltd
139,218
77
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
20,081
Fairfax
Financial
Holdings
Ltd
$
21,646
457,990
Fidelis
Insurance
Holdings
Ltd
8,922
1,320,717
Fidelity
National
Financial,
Inc
70,130
22,569
First
American
Financial
Corp
1,378
5,400
FP
Partner,
Inc
230
6,611,451
Fubon
Financial
Holding
Co
Ltd
14,311
198,041
Gallagher
(Arthur
J.)
&
Co
49,518
67,487
Gjensidige
Forsikring
ASA
980
265,937
Globe
Life,
Inc
30,947
152,175
(a)
Goosehead
Insurance,
Inc
10,138
258,617
Great-West
Lifeco
Inc
8,271
730,000
(a)
Hamilton
Insurance
Group
Ltd
10,169
136,508
Hannover
Rueckversicherung
AG.
37,379
35,359
Hanover
Insurance
Group,
Inc
4,815
332,009
Hanwha
General
Insurance
Co
Ltd
1,122
1,455,756
Hanwha
Life
Insurance
Co
Ltd
3,139
84,301
(a)
Harel
Insurance
Investments
&
Financial
Services
Ltd
810
214,241
Hartford
Financial
Services
Group,
Inc
22,078
841,986
(c)
HDFC
Life
Insurance
Co
Ltd
6,401
36,215
(b)
Helvetia
Holding
AG.
4,993
797,940
Hiscox
Ltd
12,488
247,275
Hyundai
Marine
&
Fire
Insurance
Co
Ltd
5,664
93,070
iA
Financial
Corp,
Inc
5,782
211,236
(c)
ICICI
Lombard
General
Insurance
Co
Ltd
4,273
316,573
(c)
ICICI
Prudential
Life
Insurance
Co
Ltd
2,315
2,166,008
Insurance
Australia
Group
Ltd
9,035
162,538
Intact
Financial
Corp
26,403
44,853
(a)
IRB-Brasil
Resseguros
S.A.
334
109,843
(b)
James
River
Group
Holdings
Ltd
1,022
1,842,200
Japan
Post
Holdings
Co
Ltd
18,560
176,600
Japan
Post
Insurance
Co
Ltd
3,376
848,876
Just
Group
plc
1,126
44,594
Kemper
Corp
2,761
4,915
Kinsale
Capital
Group,
Inc
2,579
367,092
(a)
Korean
Reinsurance
Co
2,267
199,273
Lancashire
Holdings
Ltd
1,557
2,760,826
Legal
&
General
Group
plc
8,870
46,600
(a),(b)
Lifenet
Insurance
Co
457
221,881
Lincoln
National
Corp
7,085
485,270
(b)
Linea
Directa
Aseguradora
S.A.
Cia
de
Seguros
y
Reaseguros
484
38,484
Loews
Corp
3,013
446,608
(a)
Mandatum
Holding
Oy
1,994
1,684,315
Manulife
Financial
Corp
42,066
701,164
Mapfre
S.A.
1,773
2,762
(a)
Markel
Corp
4,202
1,507,364
Marsh
&
McLennan
Cos,
Inc
310,487
199,885
(a)
Max
Financial
Services
Ltd
2,410
2,495,129
Medibank
Pvt
Ltd
6,113
17,084
Menora
Mivtachim
Holdings
Ltd
459
385,933
Mercuries
&
Associates
Holding
Ltd
152
2,277,132
Mercuries
Life
Insurance
Co
Ltd
344
257,120
Mercury
General
Corp
13,267
2,601,351
Metlife,
Inc
192,786
271,915
Migdal
Insurance
&
Financial
Holdings
Ltd
376
1,166,547
Mitsui
Sumitomo
Insurance
Group
Holdings,
Inc
20,598
977,791
Momentum
Metropolitan
Holdings
1,049
173,548
Muenchener
Rueckver
AG.
84,716
142,265
New
China
Life
Insurance
Co
Ltd
-
A
595
908,265
New
China
Life
insurance
Co
Ltd
-
H
1,611
380,094
nib
holdings
Ltd
1,947
851,540
NN
Group
NV
39,311
4,153,614
Old
Mutual
Ltd
2,577
CREF
Stock
Account
March
31,
2024
78
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
166,208
Old
Republic
International
Corp
$
5,106
1,402,951
(a)
Oscar
Health,
Inc
20,862
684,877
OUTsurance
Group
Ltd
1,519
9,718,600
(a)
Panin
Financial
Tbk
PT
174
191,678
(a)
PB
Fintech
Ltd
2,592
9,693,388
People's
Insurance
Co
Group
of
China
Ltd
3,099
747,915
People's
Insurance
Co
Group
of
China
Ltd
(Class
A)
530
735,924
Phoenix
Group
Holdings
plc
5,139
129,440
Phoenix
Holdings
Ltd
1,291
6,213,556
PICC
Property
&
Casualty
Co
Ltd
8,200
15,698,476
Ping
An
Insurance
Group
Co
of
China
Ltd
66,651
592,527
Ping
An
Insurance
Group
Co
of
China
Ltd
(Class
A)
3,341
516,121
(c)
Poste
Italiane
S.p.A
6,464
524,757
(b)
Power
Corp
of
Canada
14,714
513,908
Powszechny
Zaklad
Ubezpieczen
S.A.
6,277
50,852
Primerica,
Inc
12,864
53,318
Principal
Financial
Group
4,602
1,065,455
Progressive
Corp
220,357
42,413
Protector
Forsikring
ASA
888
82,783
Prudential
Financial,
Inc
9,719
3,551,196
Prudential
plc
33,305
1,348,345
QBE
Insurance
Group
Ltd
15,938
163,400
(b)
Qualitas
Controladora
SAB
de
C.V.
1,901
173,649
Reinsurance
Group
of
America,
Inc
(Class
A)
33,493
81,993
(a)
Religare
Enterprises
Ltd
206
128,758
RenaissanceRe
Holdings
Ltd
30,262
9,078
RLI
Corp
1,348
120,702
Ryan
Specialty
Holdings,
Inc
6,699
542,450
Sampo
Oyj
23,139
26,589
Samsung
Fire
&
Marine
Insurance
Co
Ltd
6,106
69,317
Samsung
Life
Insurance
Co
Ltd
4,917
1,539,977
Sanlam
Ltd
5,642
34,909
(b)
Santam
Ltd
549
28,510
(a)
Saudi
Reinsurance
Co
193
391,542
(c)
SBI
Life
Insurance
Co
Ltd
7,070
116,515
SCOR
SE
4,033
58,900
Selective
Insurance
Group,
Inc
6,430
876,251
(a)
Selectquote,
Inc
1,752
11,242,866
Shin
Kong
Financial
Holding
Co
Ltd
2,831
258,000
Shinkong
Insurance
Co
Ltd
680
84,620
(a),(b)
Skyward
Specialty
Insurance
Group,
Inc
3,166
2,229,762
Sompo
Holdings,
Inc
46,736
90,556
(a)
Star
Health
&
Allied
Insurance
Co
Ltd
592
1,517,182
Steadfast
Group
Ltd
5,813
2,361,315
Storebrand
ASA
21,820
541,720
Sun
Life
Financial,
Inc
29,559
1,147,343
Suncorp-Metway
Ltd
12,247
29,074
Swiss
Life
Holding
20,392
9,704
Swiss
Re
AG.
1,248
248,500
Syarikat
Takaful
Malaysia
Keluarga
Bhd
190
446,300
T&D
Holdings,
Inc
7,759
62,717
Talanx
AG.
4,968
37,177
(b)
Tiptree,
Inc
642
1,635,400
Tokio
Marine
Holdings,
Inc
51,264
210,227
(a)
Tongyang
Life
Insurance
Co
Ltd
910
35,157
Topdanmark
AS.
1,500
258,200
TQM
Alpha
PCL
189
167,474
Travelers
Cos,
Inc
38,542
37,010
(a)
Trisura
Group
Ltd
1,138
190,250
(a),(b)
Trupanion,
Inc
5,253
1,257,491
Tryg
A.S.
25,922
168,799
Turkiye
Sigorta
AS
259
79
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,349,729
Unipol
Gruppo
S.p.A
$
11,311
97,705
Uniqa
Versicherungen
AG.
844
341,200
(a),(b)
United
Insurance
Holdings
Corp
3,647
70,170
Universal
Insurance
Holdings,
Inc
1,426
377,700
Unum
Group
20,267
27,691
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
863
162,131
W.R.
Berkley
Corp
14,339
565
White
Mountains
Insurance
Group
Ltd
1,014
333,539
Willis
Towers
Watson
plc
91,723
16,546
Wuestenrot
&
Wuerttembergische
AG.
238
304,605
(a),(c)
ZhongAn
Online
P&C
Insurance
Co
Ltd
487
450,723
Zurich
Insurance
Group
AG
243,487
TOTAL
INSURANCE
3,907,555
MATERIALS
-
4.4%
50,400
(a),(b)
5E
Advanced
Materials,
Inc
68
137,648
Aarti
Industries
Ltd
1,100
39,449
Aarti
Pharmalabs
Ltd
206
1,174,172
Abou
Kir
Fertilizers
&
Chemical
Industries
1,563
134,937
Acerinox
S.A.
1,482
65,338
ADEKA
Corp
1,380
326,825
Adelaide
Brighton
Ltd
667
45,110
Advanced
Enzyme
Technologies
Ltd
189
7,131
Advanced
Nano
Products
Co
Ltd
700
97,430
Advanced
Petrochemical
Co
1,019
87,812
AECI
Ltd
431
12,475
Aekyung
Chemical
Co
Ltd
120
76,786
(b)
African
Rainbow
Minerals
Ltd
667
66,625
Afrimat
Ltd
203
15,643
AGI
Greenpac
Ltd
137
281,245
(b)
Agnico
Eagle
Mines
Ltd
16,776
446,712
(b)
Agnico-Eagle
Mines
Ltd
26,637
38,752
Aica
Kogyo
Co
Ltd
948
589,184
Air
Liquide
122,579
73,024
Air
Products
&
Chemicals,
Inc
17,692
148,800
Air
Water,
Inc
2,328
27,656
(a)
Akcansa
Cimento
AS
124
11,382
Akzo
Nobel
India
Ltd
325
75,603
Akzo
Nobel
NV
5,649
30,883
Al
Masane
Al
Kobra
Mining
Co
469
630,555
Alamos
Gold,
Inc
9,296
85,581
(b)
Albemarle
Corp
11,274
190,354
Alcoa
Corp
6,432
70,378
Algoma
Steel
Group,
Inc
600
14,012
Alkyl
Amines
Chemicals
306
855,807
Alleima
AB
5,776
33,000
Allied
Supreme
Corp
446
292,100
(a),(b)
Alpek
SAB
de
C.V.
215
458,332
(a)
Alpha
HPA
Ltd
263
31,177
(b)
Altius
Minerals
Corp
473
57,606
Altri
SGPS
S.A.
325
28,369
(a)
Alujain
Corp
304
2,073,432
Alumina
Ltd
1,921
1,765,964
Aluminum
Corp
of
China
Ltd
1,124
2,033,987
Aluminum
Corp
of
China
Ltd
(Class
A)
2,003
507,759
Ambuja
Cements
Ltd
3,738
92
Amcor
plc
1
321,210
American
Vanguard
Corp
4,160
24,579
AMG
Advanced
Metallurgical
Group
NV
558
5,660,500
(a)
Amman
Mineral
Internasional
PT
3,125
42,425
(b)
Anglo
American
Platinum
Ltd
1,721
3,442,850
Anglo
American
plc
84,842
CREF
Stock
Account
March
31,
2024
80
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
436,274
AngloGold
Ashanti
UK
Ltd
$
9,740
561,565
Anhui
Conch
Cement
Co
Ltd
1,164
91,645
Anhui
Conch
Cement
Co
Ltd
(Class
A)
282
492,119
Antofagasta
plc
12,641
18,784
Anupam
Rasayan
India
Ltd
196
35,948
APERAM
S.A.
1,136
140,187
APL
Apollo
Tubes
Ltd
2,523
18,341
Aptargroup,
Inc
2,639
153,299
Arabian
Cement
Co
1,313
330,683
ArcelorMittal
S.A.
9,090
29,351
Archean
Chemical
Industries
Ltd
236
110,518
Ardagh
Metal
Packaging
S.A.
379
58,034
(b)
ARE
Holdings,
Inc
737
257,009
Arkema
27,058
1,115,708
Asahi
Kasei
Corp
8,182
8,700
Asahi
Organic
Chemicals
Industry
Co
Ltd
303
24,627
Ashland,
Inc
2,398
348,000
Asia
Cement
China
Holdings
Corp
89
1,013,044
Asia
Cement
Corp
1,296
12,981
(a),(d)
Asia
Pacific
Investment
Partners
Limited
0
^
369,000
Asia
Polymer
Corp
220
331,840
Asian
Paints
Ltd
11,325
70,900
(a)
Asia-Potash
International
Investment
Guangzhou
Co
Ltd
190
71,249
Atalaya
Mining
plc
349
12,057
Atul
Ltd
831
25,534
Aurubis
AG.
1,796
19,371
Avery
Dennison
Corp
4,325
377,716
Avient
Corp
16,393
3,056,195
(a),(b),(d)
AVZ
Minerals
Ltd
20
1,475,606
(a)
Axalta
Coating
Systems
Ltd
50,746
86,583
(a)
Aya
Gold
&
Silver,
Inc
745
994,378
(b)
B2Gold
Corp
2,606
11,265
Balaji
Amines
Ltd
277
125,553
Ball
Corp
8,457
2,954,680
Baoshan
Iron
&
Steel
Co
Ltd
2,647
23,528,421
Barito
Pacific
Tbk
PT
1,403
1,507,933
Barrick
Gold
Corp
25,081
10,963
BASF
India
Ltd
439
859,558
BASF
SE
49,118
63,899
(a)
Baticim
Bati
Anadolu
Cimento
Sanayii
AS
242
12,753
Bayer
CropScience
Ltd
803
30,400
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
68
28,281
Bekaert
S.A.
1,450
895,942
(a)
Bellevue
Gold
Ltd
1,102
248,031
Berger
Paints
India
Ltd
1,709
20,163,000
(a)
Berkah
Beton
Sadaya
Tbk
PT
64
134,200
Berry
Global
Group,
Inc
8,116
6,903,033
BHP
Billiton
Ltd
199,594
231,588
(b)
BHP
Group
Ltd
6,635
176,251
Billerud
AB
1,582
4,000
(a),(b),(d)
Bio
On
Spa
0
^
28,588
Birla
Corp
Ltd
489
372,966
BlueScope
Steel
Ltd
5,801
76,524
Boliden
AB
2,125
221,933
(a),(b)
Boral
Ltd
885
21,750
(a),(d)
Borosil
Scientific
Ltd
25
75,802
Borregaard
ASA
1,321
294,305
Boubyan
Petrochemicals
Co
KSCP
591
1,326,400
Bradespar
S.A.
5,445
17,900
Bradespar
S.A.
71
220,551
Breedon
Group
plc
1,068
61,328
Brickworks
Ltd
1,138
81
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
78,140
Buzzi
Unicem
S.p.A.
$
3,069
43,500
C
Uyemura
&
Co
Ltd
2,963
488,266
(a)
Calibre
Mining
Corp
602
65,817
(a)
Canfor
Corp
831
18,482
Canmax
Technologies
Co
Ltd
50
45,797
CAP
S.A.
314
244,245
(a)
Capricorn
Metals
Ltd
819
347,117
(a),(b)
Capstone
Copper
Corp
2,209
85,783
Carborundum
Universal
Ltd
1,309
83,500
Carpenter
Technology
Corp
5,964
351,555
Cascades,
Inc
2,567
312,228
Castrol
India
Ltd
698
23,397
Cathay
Biotech,
Inc
141
128,934
CCL
Industries
6,590
641,338
Celanese
Corp
(Series
A)
110,220
137,758
Cementir
Holding
NV
1,559
378,424
Cementos
Argos
S.A.
846
13,081,130
(a),(b)
Cemex
S.A.
de
C.V.
11,791
864,482
Centamin
plc
1,231
171,214
Centerra
Gold,
Inc
1,011
686,718
Central
Asia
Metals
plc
1,713
126,000
Century
Iron
&
Steel
Industrial
Co
Ltd
871
45,282
Century
Plyboards
India
Ltd
348
41,481
Century
Textiles
&
Industries
Ltd
812
66,885
(b)
CF
Industries
Holdings,
Inc
5,566
138,584
Chambal
Fertilisers
and
Chemicals
Ltd
570
302,661
Champion
Iron
Ltd
1,461
57,481
Chemours
Co
1,509
59,219
(a)
Chemplast
Sanmar
Ltd
320
632,000
Cheng
Loong
Corp
579
32,400
Chengxin
Lithium
Group
Co
Ltd
86
350,880
Chia
Hsin
Cement
Corp
191
29,700
(a)
Chifeng
Jilong
Gold
Mining
Co
Ltd
61
1,448,000
China
BlueChemical
Ltd
418
406,000
China
General
Plastics
Corp
230
1,031,105
(b)
China
Hongqiao
Group
Ltd
1,162
101,429
China
Jushi
Co
Ltd
147
1,236,000
China
Man-Made
Fiber
Corp
280
150,000
China
Metal
Products
175
5,162,614
China
Molybdenum
Co
Ltd
4,397
985,744
China
Molybdenum
Co
Ltd
(Class
A)
1,116
1,690,276
China
National
Building
Material
Co
Ltd
582
1,100,000
China
Nonferrous
Mining
Corp
Ltd
922
91,329
China
Northern
Rare
Earth
Group
High-Tech
Co
Ltd
241
1,444,000
China
Oriental
Group
Co
Ltd
192
2,855,000
China
Petrochemical
Development
Corp
841
68,800
China
Rare
Earth
Resources
And
Technology
Co
Ltd
257
1,758,000
China
Resources
Cement
Holdings
Ltd
268
706,000
(b)
China
Risun
Group
Ltd
274
110,000
China
Steel
Chemical
Corp
424
4,917,568
China
Steel
Corp
3,657
2,791,251
China
XLX
Fertiliser
Ltd
1,331
4,462,240
(a),(b),(d)
China
Zhongwang
Holdings
Ltd
6
23,078
Chugoku
Marine
Paints
Ltd
339
512,000
Chun
Yuan
Steel
Industry
Co
Ltd
307
4,030
Chunbo
Co
Ltd
263
712,000
Chung
Hung
Steel
Corp
491
328,000
Chung
Hwa
Pulp
Corp
240
123,476
Cia
Brasileira
de
Aluminio
100
94,400
Cia
de
Ferro
Ligas
da
Bahia
FERBASA
163
231,360
Cia
de
Minas
Buenaventura
S.A.
(ADR)
(Series
B)
3,674
259,223
Cia
Siderurgica
Nacional
S.A.
811
300,629
Cimsa
Cimento
Sanayi
VE
Ticaret
AS.
294
51,901
City
Cement
Co
282
CREF
Stock
Account
March
31,
2024
82
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
7,915
Clariant
AG.
$
107
20,523
Clean
Science
&
Technology
Ltd
328
1,084,538
(a)
Cleveland-Cliffs,
Inc
24,662
21,800
CNGR
Advanced
Material
Co
Ltd
157
146,660
Commercial
Metals
Co
8,619
86,132
(a)
Companhia
Vale
do
Rio
Doce
6
1,128,773
(a)
Constellium
SE
24,957
48,247
Corbion
NV
1,032
95,978
Coromandel
International
Ltd
1,240
626,223
(c)
Coronado
Global
Resources,
Inc
510
3,714,661
Corteva,
Inc
214,225
28,489
(b)
Corticeira
Amorim
SGPS
S.A.
302
21,928
(a)
Cosmochemical
Co
Ltd
612
198,534
(c)
Covestro
AG.
10,860
1,638,760
CRH
plc
141,359
531,090
CRH
plc
45,838
95,933
Croda
International
plc
5,936
1,616,992
Crown
Holdings,
Inc
128,163
220,100
CSG
Holding
Co
Ltd
67
1,041,452
CSR
Ltd
5,987
1,389,200
D&L
Industries,
Inc
153
186,700
Daicel
Chemical
Industries
Ltd
1,843
106,655
Daido
Steel
Co
Ltd
1,236
26,300
(b)
Daiki
Aluminium
Industry
Co
Ltd
213
60,701
Dainippon
Ink
and
Chemicals,
Inc
1,159
66,699
(b)
Daio
Paper
Corp
517
73,330
(a)
Dakota
Gold
Corp
174
984,426
(a)
De
Grey
Mining
Ltd
812
48,522
Deepak
Fertilisers
&
Petrochemicals
Corp
Ltd
294
50,736
Deepak
Nitrite
Ltd
1,297
61,049
Denki
Kagaku
Kogyo
KK
952
1,719,568
Deterra
Royalties
Ltd
5,525
335,310
Dexco
S.A.
513
25,466
Dongjin
Semichem
Co
Ltd
883
25,243
Dongkuk
Steel
Mill
Co
Ltd
216
3,201
(a)
Dongwha
Enterprise
Co
Ltd
137
3,372
Dongwon
Systems
Corp
111
1,187,000
(b)
Dongyue
Group
Ltd
1,114
1,899
(a),(b)
Dottikon
Es
Holding
AG.
501
420,967
(b)
Dow,
Inc
24,387
42,679
DOWA
HOLDINGS
CO
Ltd
1,475
385,527
DRDGOLD
Ltd
322
1,080,890
DS
Smith
plc
5,407
555,749
DSM-Firmenich
AG.
63,206
147,253
Dundee
Precious
Metals,
Inc
1,120
3,525,541
DuPont
de
Nemours,
Inc
270,303
25,640
Eagle
Materials,
Inc
6,968
7,764
East
Pipes
Integrated
Co
for
Industry
259
960,500
Eastern
Polymer
Group
PCL
180
49,733
Eastern
Province
Cement
Co
469
7,926
Eastman
Chemical
Co
794
28,804
Ecolab,
Inc
6,651
17,006
Ecopro
Co
Ltd
8,309
65,163
EID
Parry
India
Ltd
427
109,436
(a)
El
Ezz
Steel
Co
137
160,062
(a)
Eldorado
Gold
Corp
2,250
164,626
Element
Solutions,
Inc
4,112
464,438
(a)
Elementis
plc
870
241,189
(c)
Elkem
ASA
475
385,294
(a)
Emerald
Resources
NL
737
988,828
Empresas
CMPC
S.A.
2,009
6,979
EMS-Chemie
Holding
AG.
5,349
110,191
(b)
Ence
Energia
y
Celulosa
S.A.
384
6,659
(a)
Enchem
Co
Ltd
1,170
83
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
91,517
Endeavour
Mining
plc
$
1,857
122,091
EPL
Ltd
263
245,333
(a),(b)
Equinox
Gold
Corp
1,480
6,620
Eramet
503
564,785
(a)
Eregli
Demir
ve
Celik
Fabrikalari
TAS
736
69,316
(a),(b)
ERO
Copper
Corp
1,337
239,748
Essentra
plc
532
668,850
(a)
Eternal
Chemical
Co
Ltd
654
134,000
EVERGREEN
Steel
Corp
536
446,000
Everlight
Chemical
Industrial
Corp
275
1,487,063
Evolution
Mining
Ltd
3,475
7,783
Evonik
Industries
AG.
154
343,000
(a)
Feng
Hsin
Iron
&
Steel
Co
760
258,319
Ferrexpo
plc
142
70,035
(a)
Filo
Corp
1,223
7,567
Fine
Organic
Industries
Ltd
367
33,792
Fineotex
Chemical
Ltd
150
220,875
Finolex
Industries
Ltd
654
1,286,478
(a),(b),(d)
Firefinch
Ltd
42
228,002
(b)
First
Majestic
Silver
Corp
1,338
607,466
First
Quantum
Minerals
Ltd
6,530
94,079
FMC
Corp
5,993
42,872
(a)
Foosung
Co
Ltd
254
144,230
(a),(b)
Foran
Mining
Corp
443
3,025,139
Formosa
Chemicals
&
Fibre
Corp
5,168
3,296,019
Formosa
Plastics
Corp
7,012
176,456
(c)
Forterra
plc
384
1,414,795
Fortescue
Metals
Group
Ltd
23,677
235,507
(a)
Fortuna
Silver
Mines,
Inc
875
37,020
(b)
FP
Corp
672
178,203
Franco-Nevada
Corp
21,234
2,248,792
Freeport-McMoRan,
Inc
(Class
B)
105,738
54,202
FUCHS
SE
2,685
1,156,000
(b)
Fufeng
Group
Ltd
750
29,877
Fuji
Seal
International,
Inc
392
43,425
(b)
Fujimi,
Inc
996
10,730
Fujimori
Kogyo
Co
Ltd
304
15,900
(b)
Fuso
Chemical
Co
Ltd
485
127,510
(b)
FutureFuel
Corp
1,026
11,151
Galaxy
Surfactants
Ltd
304
41,780
Ganfeng
Lithium
Group
Co
Ltd
208
166,200
(b),(c)
Ganfeng
Lithium
Group
Co
Ltd
509
544,054
(b)
GCC
SAB
de
C.V.
6,474
262,979
GEM
Co
Ltd
215
727,749
(a)
Genesis
Minerals
Ltd
880
671,900
Gerdau
S.A.
(Preference)
2,974
62,969
GHCL
Ltd
335
1,193,270
(a),(b)
Ginkgo
Bioworks
Holdings,
Inc
1,384
9,105
Givaudan
S.A.
40,533
25,233,308
Glencore
plc
138,469
141,426
(a),(b)
Global
Atomic
Corp
237
579,000
(a),(b)
Global
New
Material
International
Holdings
Ltd
266
350,000
Gloria
Material
Technology
Corp
543
39,541
Godawari
Power
and
Ispat
Ltd
360
3,200
Godo
Steel
Ltd
121
662,260
Gold
Fields
Ltd
10,624
876,323
Gold
Road
Resources
Ltd
904
666,000
Goldsun
Development
&
Construction
Co
Ltd
785
928,755
Grand
Pacific
Petrochemical
380
77,970
Granges
AB
843
223,852
Graphic
Packaging
Holding
Co
6,532
228,463
Grasim
Industries
Ltd
6,284
11,397
Gravita
India
Ltd
137
605,755
(a),(d)
Great
Basin
Gold
Ltd
4
CREF
Stock
Account
March
31,
2024
84
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
4,118,082
(a)
Greatland
Gold
plc
$
322
47,969
Greenpanel
Industries
Ltd
181
2,920
Greif,
Inc
(Class
B)
203
29,721
(a)
Grupa
Azoty
S.A.
166
7,403
Grupa
Kety
S.A.
1,408
228,051
Grupo
Argos
S.A.
907
3,336,738
Grupo
Mexico
S.A.
de
C.V.
(Series
B)
19,868
163,800
(a)
Guangdong
HEC
Technology
Holding
Co
Ltd
196
100,724
Guangzhou
Tinci
Materials
Technology
Co
Ltd
304
49,108
(a)
Gubre
Fabrikalari
TAS
248
17,665
Gujarat
Alkalies
&
Chemicals
Ltd
143
21,772
Gujarat
Fluorochemicals
Ltd
810
422,906
Gujarat
Narmada
Valley
Fertilizers
&
Chemicals
Ltd
3,178
199,152
Gujarat
State
Fertilizers
&
Chemicals
Ltd
469
2,267
(b)
Gurit
Holding
AG.
167
26,291
Han
Kuk
Carbon
Co
Ltd
210
47,200
Hangzhou
Oxygen
Plant
Group
Co
Ltd
186
11,998
Hanil
Cement
Co
Ltd
111
7,604
Hansol
Chemical
Co
Ltd
1,135
94,253
Hanwha
Chemical
Corp
1,935
32,600
Haohua
Chemical
Science
&
Technology
Co
Ltd
148
291,942
Harmony
Gold
Mining
Co
Ltd
2,414
841,611
HeidelbergCement
AG.
92,646
67,346
HeidelbergCement
India
Ltd
159
843,595
(a)
Hektas
Ticaret
TAS
446
193,400
Henan
Shenhuo
Coal
&
Power
Co
Ltd
519
405,069
Hengli
Petrochemical
Co
Ltd
768
196,094
Hengyi
Petrochemical
Co
Ltd
174
873,316
Hesteel
Co
Ltd
257
205,729
Hexpol
AB
2,512
540,800
Hextar
Global
Bhd
102
170,796
Hill
&
Smith
Holdings
plc
4,219
121,598
Himadri
Speciality
Chemical
Ltd
441
1,580,580
Hindalco
Industries
Ltd
10,671
191,678
Hindustan
Copper
Ltd
642
249,891
Hochschild
Mining
plc
401
85,829
(b)
Hokuetsu
Paper
Mills
Ltd
1,056
191,962
Holcim
Ltd
17,391
76,387
(a)
Holmen
AB
3,107
16,597
Honam
Petrochemical
Corp
1,480
33,400
Hoshine
Silicon
Industry
Co
Ltd
229
173,000
Hsin
Kuang
Steel
Co
Ltd
336
883,000
(b)
Huabao
International
Holdings
Ltd
257
245,900
Huafon
Chemical
Co
Ltd
224
244,000
Huaibei
Mining
Holdings
Co
Ltd
553
1,050,557
HudBay
Minerals,
Inc
7,352
77,427
(b)
Huhtamaki
Oyj
3,244
458,111
Hunan
Valin
Steel
Co
Ltd
326
99
Huntsman
Corp
3
2,312
Hyosung
Advanced
Materials
Corp
586
2,114
Hyosung
TNC
Corp
485
85,751
Hyundai
Steel
Co
2,027
134,279
(a),(b)
i-80
Gold
Corp
176
377,190
(a)
Iamgold
Corp
1,259
327,531
(c)
Ibstock
plc
623
334,431
Iluka
Resources
Ltd
1,572
410,660
Imdex
Ltd
623
27,795
Imerys
S.A.
947
1,342,962
(b)
Impala
Platinum
Holdings
Ltd
5,548
1,568,679
Incitec
Pivot
Ltd
2,954
2,121,797
Indah
Kiat
Pulp
&
Paper
Tbk
PT
1,281
511,149
Independence
Group
NL
2,355
76,930
India
Cements
Ltd
197
9,864
Indigo
Paints
Ltd
149
85
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
1,381,704
Indorama
Ventures
PCL
$
906
86,121
(a),(b)
Industrias
Penoles
S.A.
de
C.V.
1,224
1,296,018
Inner
Mongolia
BaoTou
Steel
Union
Co
Ltd
285
551,288
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co
Ltd
278
189,600
Inner
Mongolia
Yuan
Xing
Energy
Co
Ltd
147
133,496
Innospec,
Inc
17,213
41,032
(a)
Interfor
Corp
641
646,000
International
CSRC
Investment
Holdings
Co
349
234,250
(b)
International
Flavors
&
Fragrances,
Inc
20,143
80,400
Irani
Papel
e
Embalagem
S.A.
148
30,120
Israel
Chemicals
Ltd
160
2,778
(a)
Israel
Corp
Ltd
757
3,118
(a)
ISU
Specialty
Chemical
845
293,810
(a),(b)
Ivanhoe
Electric,
Inc
2,879
1,117,828
(a),(b)
Ivanhoe
Mines
Ltd
13,336
23,178
(a)
Jai
Balaji
Industries
Ltd
261
27,936
JAI
Corp
Ltd
95
367,918
(a)
James
Hardie
Industries
plc
14,788
38,843
(a)
Jastrzebska
Spolka
Weglowa
S.A.
361
12,800
JCU
Corp
326
482,449
JFE
Holdings,
Inc
7,996
260,800
Jiangsu
Eastern
Shenghong
Co
Ltd
358
15,990
Jiangsu
Yangnong
Chemical
Co
Ltd
113
28,500
Jiangsu
Yoke
Technology
Co
Ltd
211
528,115
Jiangxi
Copper
Co
Ltd
902
53,509
Jiangxi
Copper
Co
Ltd
(Class
A)
167
34,813
Jinan
Acetate
Chemical
Co
Ltd
975
2,433,000
(b)
Jinchuan
Group
International
Resources
Co
Ltd
255
955,412
Jindal
Saw
Ltd
4,951
150,110
Jindal
Steel
&
Power
Ltd
1,537
226,900
Jinduicheng
Molybdenum
Co
Ltd
352
28,600
JK
Cement
Ltd
1,400
45,172
JK
Lakshmi
Cement
Ltd
475
60,349
JK
Paper
Ltd
234
136,603
Johnson
Matthey
plc
3,087
158,728
JSR
Corp
4,543
703,068
JSW
Steel
Ltd
7,022
60,729
Jubilant
Ingrevia
Ltd
330
144,918
(b)
K&S
AG.
2,262
197,264
(a)
K92
Mining,
Inc
917
4,520
Kaiser
Aluminum
Corp
404
33,915
Kaneka
Corp
844
411,897
Kansai
Nerolac
Paints
Ltd
1,298
144,000
(b)
Kansai
Paint
Co
Ltd
2,063
28,100
Kanto
Denka
Kogyo
Co
Ltd
187
156,109
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS
(Class
A)
91
707,162
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS.
500
128,563
(a)
Karora
Resources,
Inc
482
3,125
KCC
Corp
614
11,200
KeePer
Technical
Laboratory
Co
Ltd
368
83,968
Kemira
Oyj
1,587
66,835
(a)
Kesoram
Industries
Ltd
138
32,695
KG
Chemical
Corp
145
33,544
KG
DONGBUSTEEL
175
53,770
KGHM
Polska
Miedz
S.A.
1,536
25,100
KH
Neochem
Co
Ltd
380
55,113
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS.
98
1,055,050
Kinross
Gold
Corp
6,473
48,552
Kirloskar
Ferrous
Industries
Ltd
318
61,202
Kirloskar
Oil
Engines
Ltd
632
607,138
Klabin
S.A.
3,058
179,610
(a)
Knife
River
Corp
14,563
905,300
(b)
Kobe
Steel
Ltd
12,285
118,951
Kocaer
Celik
Sanayi
Ve
Ticaret
AS.
168
CREF
Stock
Account
March
31,
2024
86
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
16,044
Kolon
Industries,
Inc
$
453
40,316
Konishi
Co
Ltd
410
749
(a)
Konya
Cimento
Sanayii
227
2,299
Korea
Petrochemical
Ind
Co
Ltd
226
3,541
Korea
Zinc
Co
Ltd
1,195
664,564
Koza
Altin
Isletmeleri
AS
460
162,650
(a)
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
241
43,830
Kronos
Worldwide,
Inc
517
13,600
Krosaki
Harima
Corp
316
28,708
(a)
Kum
Yang
Co
Ltd
2,409
25,578
Kumba
Iron
Ore
Ltd
624
6,500
Kumho
Petrochemical
Co
Ltd
678
49,548
Kumiai
Chemical
Industry
Co
Ltd
271
231,600
Kuraray
Co
Ltd
2,481
31,000
KUREHA
CORP
559
18,216
Kyoei
Steel
Ltd
285
222,458
(b)
Labrador
Iron
Ore
Royalty
Corp
4,743
96,300
Lafarge
Malayan
Cement
BHD
101
33,409
(a)
Lake
Materials
Co
Ltd
630
67,770
Lanxess
AG.
1,814
1,937,459
(a)
Latin
Resources
Ltd
233
63,295
Laxmi
Organic
Industries
Ltd
179
158,754
LB
Group
Co
Ltd
405
1,196,000
Lee
&
Man
Paper
Manufacturing
Ltd
361
15,574
Lenzing
AG.
539
816,893
(a),(b),(d)
Leo
Lithium
Ltd
202
42,583
LG
Chem
Ltd
13,938
6,834
LG
Chem
Ltd
(Preference)
1,525
1,797,728
Linde
plc
834,721
28,300
Lintec
Corp
583
1,015,887
(a),(b)
Liontown
Resources
Ltd
774
82,777
(a),(b)
Lithium
Americas
Argentina
Corp
445
82,777
(a),(b)
Lithium
Americas
Corp
556
684,477
Longchen
Paper
&
Packaging
Co
Ltd
311
627,400
(a),(c)
Lotte
Chemical
Titan
Holding
Bhd
150
11,373
LOTTE
Fine
Chemical
Co
Ltd
400
47,887
Louisiana-Pacific
Corp
4,018
89,340
Lundin
Gold,
Inc
1,256
564,724
Lundin
Mining
Corp
5,778
2,406,279
(a)
Lynas
Corp
Ltd
8,882
9,307
LyondellBasell
Industries
NV
952
11,733
(b)
Maeda
Kosen
Co
Ltd
281
73,216
(a),(b)
MAG.
Silver
Corp
772
426,397
Maharashtra
Seamless
Ltd
4,350
54,242
(a)
Major
Drilling
Group
International
360
173,713
Marshalls
plc
601
12,295
Martin
Marietta
Materials,
Inc
7,548
153,600
Maruichi
Steel
Tube
Ltd
4,101
12,421
Meghmani
Finechem
Ltd
164
3,815,196
(a)
Merdeka
Copper
Gold
Tbk
PT
549
4,798,144
Mesaieed
Petrochemical
Holding
Co
2,584
541,900
Metalurgica
Gerdau
S.A.
1,112
51,550
(b)
Methanex
Corp
2,297
27,128
(a)
Methanol
Chemicals
Co
121
29,246
Middle
East
Paper
Co
331
635,934
Mineral
Resources
Ltd
29,341
187,600
Minerals
Technologies,
Inc
14,123
27,572
(c)
Mishra
Dhatu
Nigam
Ltd
131
312,743
Misr
Fertilizers
Production
Co
SAE
342
7,500
Mitani
Sekisan
Co
Ltd
298
1,074,134
Mitsubishi
Chemical
Holdings
Corp
6,546
127,300
Mitsubishi
Gas
Chemical
Co,
Inc
2,135
103,000
Mitsubishi
Materials
Corp
1,937
143,000
Mitsui
Chemicals,
Inc
4,195
87
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
112,764
Mitsui
Mining
&
Smelting
Co
Ltd
$
3,456
910
Miwon
Commercial
Co
Ltd
122
2,560,000
(a)
MMG
Ltd
1,007
18,734
MNTech
Co
Ltd
255
24,111
MOIL
Ltd
81
16,893
Mondi
plc
298
478,406
Mount
Gibson
Iron
Ltd
134
100,558
(a),(b)
MP
Materials
Corp
1,438
134,078
(b)
M-real
Oyj
(B
Shares)
1,016
99,230
Myers
Industries,
Inc
2,299
50,071
Najran
Cement
Co
137
32,000
Nan
Pao
Resins
Chemical
Co
Ltd
313
4,101,887
Nan
Ya
Plastics
Corp
7,057
181,300
(b)
Nanofilm
Technologies
International
Ltd
96
200,000
Nantex
Industry
Co
Ltd
208
674,130
National
Aluminium
Co
Ltd
1,238
208,550
(a)
National
Industrialization
Co
736
26,332
Navin
Fluorine
International
Ltd
985
11,762
Neogen
Chemicals
Ltd
169
513,869
(a)
New
Gold,
Inc
865
4,648
NewMarket
Corp
2,950
1,995,444
Newmont
Goldcorp
Corp
71,517
1,410,307
Nickel
Industries
Ltd
744
230,681
Nihon
Parkerizing
Co
Ltd
1,858
1,131,000
(b)
Nine
Dragons
Paper
Holdings
Ltd
472
65,700
Ningbo
Shanshan
Co
Ltd
106
408,106
Ningxia
Baofeng
Energy
Group
Co
Ltd
885
104,566
Nippon
Kayaku
Co
Ltd
897
377,903
Nippon
Light
Metal
Holdings
Co
Ltd
4,484
835,400
Nippon
Paint
Co
Ltd
6,013
77,980
(b)
Nippon
Paper
Industries
Co
Ltd
603
142,700
Nippon
Pillar
Packing
Co
Ltd
5,801
80,512
Nippon
Shokubai
Co
Ltd
786
17,684
Nippon
Soda
Co
Ltd
708
714,627
(b)
Nippon
Steel
Corp
17,197
106,200
Nissan
Chemical
Industries
Ltd
4,022
30,114
Nittetsu
Mining
Co
Ltd
971
119,900
Nitto
Denko
Corp
10,964
878,048
NMDC
Ltd
2,131
623,733
(a)
NMDC
Steel
Ltd
410
102,670
NOCIL
Ltd
309
154,146
NOF
Corp
2,111
2,259,926
Norsk
Hydro
ASA
12,419
204,111
Northam
Platinum
Holdings
Ltd
1,217
55,538
Northern
Region
Cement
Co
148
960,377
Northern
Star
Resources
Ltd
9,062
212,183
(a)
Novagold
Resources,
Inc
634
337,319
Novozymes
A.S.
19,842
309,572
Nucor
Corp
61,264
298,211
Nufarm
Ltd
1,069
41,678
Nuh
Cimento
Sanayi
AS.
378
686,799
Nutrien
Ltd
37,312
109,674
(a)
Nuvoco
Vistas
Corp
Ltd
404
2,920,707
OceanaGold
Corp
6,598
4,110
OCI
Co
Ltd
262
11,133
OCI
Co
Ltd
778
74,017
OCI
NV
2,029
582,200
(b)
OJI
Paper
Co
Ltd
2,417
7,200
Okamoto
Industries,
Inc
234
106,898
Olin
Corp
6,286
56,550
Olympic
Steel,
Inc
4,008
119,157
Omnia
Holdings
Ltd
371
828,248
(b)
Orbia
Advance
Corp
SAB
de
C.V.
1,733
402,071
Orica
Ltd
4,782
CREF
Stock
Account
March
31,
2024
88
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
70,758
Orient
Cement
Ltd
$
167
474,000
Oriental
Union
Chemical
Corp
267
1,245
(a)
Orissa
Minerals
Development
Co
Ltd
88
184,329
(a),(b)
Orla
Mining
Ltd
698
6,756,076
Orora
Ltd
11,972
9,100
Osaka
Organic
Chemical
Industry
Ltd
192
12,000
(b)
Osaka
Soda
Co
Ltd
763
4,000
Osaka
Steel
Co
Ltd
58
25,300
(b)
Osaka
Titanium
Technologies
437
133,205
(b)
Osisko
Gold
Royalties
Ltd
2,186
277,515
(a)
Osisko
Mining,
Inc
570
295,734
(a),(b)
Outokumpu
Oyj
1,286
258,250
(a)
Oyak
Cimento
Fabrikalari
AS
483
1,064,800
Pabrik
Kertas
Tjiwi
Kimia
Tbk
PT
479
438,812
Packaging
Corp
of
America
83,278
99,850
Pactiv
Evergreen,
Inc
1,430
1,635,687
Pan
African
Resources
plc
465
1,141,469
(b)
Pan
American
Silver
Corp
(Toronto)
17,208
508,266
(a)
Pangang
Group
Vanadium
Titanium
&
Resources
Co
Ltd
213
229,073
(c)
Paradeep
Phosphates
Ltd
183
133,015
PCBL
Ltd
428
3,840,216
Perenti
Ltd
2,452
5,807,613
Perseus
Mining
Ltd
8,144
979,003
(a)
Petkim
Petrokimya
Holding
605
2,470,415
Petronas
Chemicals
Group
Bhd
3,547
13,469
PI
Advanced
Materials
Co
Ltd
220
75,111
PI
Industries
Ltd
3,490
130,938
Pidilite
Industries
Ltd
4,736
2,406,136
(b)
Pilbara
Minerals
Ltd
6,004
162,900
(a)
PMB
Technology
Bhd
90
574
Politeknik
Metal
Sanayi
ve
Ticaret
AS.
365
15,541
Polyplex
Corp
Ltd
143
83,644
Poongsan
Corp
3,127
166,049
Portucel
Empresa
Produtora
de
Pasta
e
Papel
S.A.
726
69,232
POSCO
21,685
17,535
(a)
POSCO
M-Tech
Co
Ltd
299
98,595
PPG
Industries,
Inc
14,286
1,513,468
Press
Metal
Aluminium
Holdings
Bhd
1,490
126,676
(a)
Prism
Johnson
Ltd
272
3,102,400
PT
Aneka
Tambang
Tbk
313
984,500
PT
Indocement
Tunggal
Prakarsa
Tbk
543
2,820,323
PT
Semen
Gresik
Persero
Tbk
1,050
2,163
(a)
PTC
Industries
Ltd
191
1,919,509
PTT
Global
Chemical
PCL
2,012
38,116
Qassim
Cement
Co
591
2,262,375
Qatar
Aluminum
Manufacturing
Co
818
228,227
Qatari
Investors
Group
QSC
103
263,900
(a)
Qinghai
Salt
Lake
Industry
Co
Ltd
581
1,080
Quaker
Chemical
Corp
222
117,923
Rain
Industries
Ltd
214
15,226
Rajratan
Global
Wire
Ltd
106
69,861
Rallis
India
Ltd
210
87,191
Ramco
Cements
Ltd
849
889,092
Ramelius
Resources
Ltd
1,079
302,521
Ramkrishna
Forgings
Ltd
2,514
42,885
Rashtriya
Chemicals
&
Fertilizers
Ltd
66
41,807
Ratnamani
Metals
&
Tubes
Ltd
1,404
32,234
(b)
Recticel
S.A.
380
2,046,643
(a)
Red
5
Ltd
508
613,912
(a)
Regis
Resources
Ltd
807
136,002
Reliance
Steel
&
Aluminum
Co
45,449
155,683
Rengo
Co
Ltd
1,187
1,769,986
(a)
Resolute
Mining
Ltd
496
50,762
Rhi
Magnesita
India
Ltd
337
89
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
15,767
RHI
Magnesita
NV
$
703
310,081
Rio
Tinto
Ltd
24,610
827,366
Rio
Tinto
plc
52,310
568,824
Rongsheng
Petrochemical
Co
Ltd
854
12,742
Rossari
Biotech
Ltd
104
50,600
Royal
Gold,
Inc
6,164
362,760
Ryerson
Holding
Corp
12,152
207,179
SABIC
Agri-Nutrients
Co
6,774
302,405
Sahara
International
Petrochemical
Co
2,496
32,600
Sakata
INX
Corp
339
137,238
Salzgitter
AG.
3,585
4,273
Sam-A
Aluminum
Co
Ltd
271
19,000
San
Fu
Chemical
Co
Ltd
95
373,321
Sandfire
Resources
Ltd
2,162
208,264
(b)
Sandstorm
Gold
Ltd
1,092
28,466
Sandur
Manganese
&
Iron
Ores
Ltd
123
55,711
Sanyo
Chemical
Industries
Ltd
1,553
15,206
Sanyo
Special
Steel
Co
Ltd
225
440,193
Sappi
Ltd
1,169
102,500
Sarda
Energy
&
Minerals
Ltd
250
1,109,092
(a)
Sasa
Polyester
Sanayi
AS
1,475
501,307
(b)
Sasol
Ltd
3,874
187,820
Satellite
Chemical
Co
Ltd
443
711,718
(a)
Saudi
Arabian
Mining
Co
9,583
43,429
Saudi
Aramco
Base
Oil
Co
1,939
785,334
Saudi
Basic
Industries
Corp
16,356
60,137
Saudi
Cement
Co
747
311,977
Saudi
Industrial
Investment
Group
1,861
645,382
(a)
Saudi
Kayan
Petrochemical
Co
1,552
13,484
(a)
Saudi
Steel
Pipe
Co
247
977,100
SCG
Packaging
PCL
771
664,000
Scientex
BHD
579
31,512
(b)
Scotts
Miracle-Gro
Co
(Class
A)
2,350
58,512
(a)
Seabridge
Gold,
Inc
885
11,934
SeAH
Besteel
Holdings
Corp
201
1,348
SeAH
Steel
Holdings
Corp
232
105,536
Sealed
Air
Corp
3,926
8,218,300
(a),(d)
Sekawan
Intipratama
Tbk
PT
0
^
15,455
Semapa-Sociedade
de
Investimento
e
Gestao
249
87,648
Shandong
Gold
Mining
Co
Ltd
-
A
318
304,255
(c)
Shandong
Gold
Mining
Co
Ltd
-
H
619
148,707
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
521
380,666
Shandong
Nanshan
Aluminum
Co
Ltd
178
129,511
Shandong
Sun
Paper
Industry
JSC
Ltd
253
241,200
Shanghai
Chlor-Alkali
Chemical
Co
Ltd
117
80,777
Shanghai
Putailai
New
Energy
Technology
Co
Ltd
213
157,629
(a)
Shanxi
Meijin
Energy
Co
Ltd
140
331,363
Shanxi
Taigang
Stainless
Steel
Co
Ltd
162
35,775
Sharda
Cropchem
Ltd
138
36,048
Shenzhen
Capchem
Technology
Co
Ltd
170
47,100
Shenzhen
YUTO
Packaging
Technology
Co
Ltd
159
192,799
Sherwin-Williams
Co
66,965
100,000
(a)
Shihlin
Paper
Corp
177
25,100
Shikoku
Kasei
Holdings
Corp
293
6,900
(b)
Shinagawa
Refractories
Co
Ltd
87
2,294,500
Shin-Etsu
Chemical
Co
Ltd
100,641
248,703
Shin-Etsu
Polymer
Co
Ltd
2,532
802,000
Shinkong
Synthetic
Fibers
Corp
393
78,000
Shiny
Chemical
Industrial
Co
Ltd
468
11,310
Shivalik
Bimetal
Controls
Ltd
71
1,622,000
Shougang
Fushan
Resources
Group
Ltd
555
141,900
Showa
Denko
KK
3,306
7,645
Shree
Cement
Ltd
2,360
31,129
Shyam
Metalics
&
Energy
Ltd
221
CREF
Stock
Account
March
31,
2024
90
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
666,283
Siam
Cement
PCL
$
4,675
86,800
Siam
City
Cement
PCL
333
1,505,262
(b)
Sibanye
Stillwater
Ltd
1,723
321,000
Sichuan
Hebang
Biotechnology
Co
Ltd
102
301,444
(b)
SIG
Group
AG.
6,684
39,023
(b)
Sika
AG.
11,611
407,129
Silgan
Holdings,
Inc
19,770
1,240,172
(a)
Silver
Lake
Resources
Ltd
1,003
162,896
(b)
Silvercorp
Metals,
Inc
530
109,641
(a),(b)
SilverCrest
Metals,
Inc
731
126,928
Sims
Ltd
1,052
1,490,000
Sinofert
Holdings
Ltd
156
81,600
Sinoma
Science
&
Technology
Co
Ltd
170
39,188
Sinomine
Resource
Group
Co
Ltd
198
217,000
Sinon
Corp
265
8,138
SK
Chemicals
Co
Ltd
382
30,880
(a),(c)
SK
IE
Technology
Co
Ltd
1,677
14,870
SKC
Co
Ltd
1,322
28,568
Skshu
Paint
Co
Ltd
129
1,028,661
Smurfit
Kappa
Group
plc
46,903
27,919
SOL
S.p.A.
1,000
434,000
Solar
Applied
Materials
Technology
Corp
672
58,924
(a)
Solaris
Resources,
Inc
208
60,404
(b)
Solvay
S.A.
1,649
72,419
Sonoco
Products
Co
4,189
2,946
Soulbrain
Co
Ltd
641
3,686
Soulbrain
Holdings
Co
Ltd
164
3,794,889
South32
Ltd
7,405
5,000
South32
Ltd
10
36,787
(b)
Southern
Copper
Corp
3,919
44,812
Southern
Province
Cement
Co
470
127,028
SRF
Ltd
3,906
189,360
Ssab
Svenskt
Stal
AB
(Series
A)
1,399
1,083,433
Ssab
Svenskt
Stal
AB
(Series
B)
8,000
372,834
(b)
SSR
Mining,
Inc
1,663
419,676
(b)
SSR
Mining,
Inc
1,868
28,639
(a)
Star
Cement
Ltd
78
25,601
Steel
Dynamics,
Inc
3,795
26,175
(b)
Stelco
Holdings,
Inc
863
40,546
Stella-Jones,
Inc
2,365
2,054
STO
AG.
351
38,037
Stora
Enso
Oyj
(R
Shares)
529
51,624
Sumitomo
Bakelite
Co
Ltd
1,556
1,021,700
(b)
Sumitomo
Chemical
Co
Ltd
2,214
94,336
Sumitomo
Chemical
India
Ltd
394
206,700
Sumitomo
Metal
Mining
Co
Ltd
6,172
288,621
(b)
Sumitomo
Osaka
Cement
Co
Ltd
7,221
912,556
(a)
Summit
Materials,
Inc
40,673
121,715
SunCoke
Energy,
Inc
1,372
29,100
Sunresin
New
Materials
Co
Ltd
180
161,664
Supreme
Industries
Ltd
8,220
64,386
Supreme
Petrochem
Ltd
482
7,067,200
(a)
Surya
Esa
Perkasa
Tbk
PT
301
17,277
Surya
Roshni
Ltd
106
671,017
Suzano
SA
8,560
602,509
(b)
Svenska
Cellulosa
AB
(B
Shares)
9,263
128,912
(a),(b)
Syensqo
S.A.
12,215
258,511
Symrise
AG.
30,947
24,900
(b)
T
Hasegawa
Co
Ltd
502
1,327,344
TA
Chen
Stainless
Pipe
1,540
269
Taekwang
Industrial
Co
Ltd
153
93,300
Taiheiyo
Cement
Corp
2,149
91
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,825,145
Taiwan
Cement
Corp
$
2,796
519,000
Taiwan
Fertilizer
Co
Ltd
1,027
203,000
Taiwan
Hon
Chuan
Enterprise
Co
Ltd
927
29,000
Taiyo
Ink
Manufacturing
Co
Ltd
639
153,219
Taiyo
Nippon
Sanso
Corp
4,807
6,355
Takasago
International
Corp
144
59,014
Takiron
Co
Ltd
262
248,216
(a)
Taseko
Mines
Ltd
533
118,618
Tata
Chemicals
Ltd
1,542
4,221,684
Tata
Steel
Ltd
7,916
6,430
Tatva
Chintan
Pharma
Chem
Pvt
Ltd
83
13,329
TCC
Steel
598
624,575
Teck
Cominco
Ltd
(Class
B)
28,588
244,422
Teck
Resources
Ltd
11,190
140,100
Teijin
Ltd
1,272
56,400
Tenma
Corp
844
112,221
Ternium
S.A.
(ADR)
4,671
19,203
(b)
Tessenderlo
Chemie
NV
502
1,128,755
ThyssenKrupp
AG.
6,055
1,306,000
Tiangong
International
Co
Ltd
276
251,200
Tianqi
Lithium
Corp
1,658
192,900
Tianshan
Aluminum
Group
Co
Ltd
171
686,100
Tipco
Asphalt
PCL
299
101,673
Titan
Cement
International
S.A.
2,912
12,591
TKG
Huchems
Co
Ltd
188
582,400
TOA
Paint
Thailand
PCL
326
64,703
Toagosei
Co
Ltd
678
23,624
(b)
Toho
Titanium
Co
Ltd
245
157,929
Tokai
Carbon
Co
Ltd
1,047
4,100
Tokushu
Tokai
Paper
Co
Ltd
108
48,541
Tokuyama
Corp
850
78,042
Tokyo
Ohka
Kogyo
Co
Ltd
2,367
157,404
Tokyo
Steel
Manufacturing
Co
Ltd
1,726
564,000
Ton
Yi
Industrial
Corp
252
95,378
Tongkun
Group
Co
Ltd
177
835,200
Tongling
Nonferrous
Metals
Group
Co
Ltd
452
1,240,781
Toray
Industries,
Inc
5,958
63,823
(a)
Torex
Gold
Resources,
Inc
940
1,065,500
Tosoh
Corp
14,479
3,300
(b)
Toyo
Gosei
Co
Ltd
212
24,300
Toyo
Ink
Manufacturing
Co
Ltd
472
102,700
Toyo
Seikan
Kaisha
Ltd
1,617
60,148
Toyobo
Co
Ltd
442
5,268,000
TPI
Polene
PCL
196
56,992
Transcontinental,
Inc
619
154,460
Tredegar
Corp
1,007
193,180
Trimas
Corp
5,164
41,097
(b)
Triple
Flag
Precious
Metals
Corp
594
506,000
TSRC
Corp
368
383,000
Tung
Ho
Steel
Enterprise
Corp
822
369,643
UACJ
Corp
10,574
74,526
UBE
Industries
Ltd
1,328
100,912
Ultra
Tech
Cement
Ltd
11,817
8,333
(b)
Umicore
S.A.
180
38,260
Uniao
de
Industrias
Petroquimicas
S.A.
509
2,087
Unid
Co
Ltd
126
72,384
United
States
Steel
Corp
2,952
336,810
Universal
Cement
Corp
332
575,000
UPC
Technology
Corp
238
420,076
UPL
Ltd
2,301
223,849
UPM-Kymmene
Oyj
7,458
129,890
Usha
Martin
Ltd
497
CREF
Stock
Account
March
31,
2024
92
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
661,000
USI
Corp
$
329
385,300
Usinas
Siderurgicas
de
Minas
Gerais
S.A.
(Preference)
769
6,350,910
Vale
S.A.
77,028
624,812
Vedanta
Ltd
2,045
58,651
(c)
Verallia
S.A.
2,280
11,215
Vetropack
Holding
AG.
405
159,486
Vicat
S.A.
6,291
67,842
Victrex
plc
1,112
16,326
Vidrala
S.A.
1,695
20,806
Vinati
Organics
Ltd
367
5,225
Voestalpine
AG.
147
17,612
(a)
VT
Co
Ltd
230
26,387
Vulcan
Materials
Co
7,202
60,530
Vulcan
Steel
Ltd
333
12,493
Wacker
Chemie
AG.
1,409
178,196
Wanhua
Chemical
Group
Co
Ltd
1,986
43,562
Weihai
Guangwei
Composites
Co
Ltd
183
63,753
Welspun
Corp
Ltd
394
116,808
(a)
Wesdome
Gold
Mines
Ltd
870
862,225
(a)
West
African
Resources
Ltd
675
2,230,000
West
China
Cement
Ltd
294
30,238
West
Coast
Paper
Mills
Ltd
215
52,031
West
Fraser
Timber
Co
Ltd
4,493
92,400
Western
Mining
Co
Ltd
237
31,291
Western
Superconducting
Technologies
Co
Ltd
161
344,634
Westgold
Resources
Ltd
590
316,430
Westlake
Chemical
Corp
48,351
419,545
Westrock
Co
20,747
389,108
Wheaton
Precious
Metals
Corp
18,327
42,340
(b)
Wheaton
Precious
Metals
Corp
1,995
84,323
Wienerberger
AG.
3,072
24,268
(b)
Winpak
Ltd
726
46,300
Worthington
Industries,
Inc
2,881
99,400
Worthington
Steel,
Inc
3,563
32,600
(a),(b)
W-Scope
Corp
118
73,915
Xiamen
Tungsten
Co
Ltd
199
78,778
Yamama
Cement
Co
707
172,105
Yamato
Kogyo
Co
Ltd
9,790
53,756
Yanbu
Cement
Co
421
244,803
Yanbu
National
Petrochemical
Co
2,430
5,296
Yara
International
ASA
168
233,000
YC
INOX
Co
Ltd
183
838,150
Yieh
Phui
Enterprise
Co
Ltd
400
161,723
(a)
Yintai
Gold
Co
Ltd
379
14,955
Yodogawa
Steel
Works
Ltd
453
21,840
YongXing
Special
Materials
Technology
Co
Ltd
144
9,285
Youlchon
Chemical
Co
Ltd
259
148
Young
Poong
Corp
52
904,000
Yuen
Foong
Yu
Paper
Manufacturing
Co
Ltd
842
68,900
Yunnan
Aluminium
Co
Ltd
130
403,100
Yunnan
Chihong
Zinc&Germanium
Co
Ltd
309
45,784
Yunnan
Energy
New
Material
Co
Ltd
258
138,100
Yunnan
Tin
Co
Ltd
276
182,600
Yunnan
Yuntianhua
Co
Ltd
468
115,500
Zangge
Mining
Co
Ltd
476
114,716
Zeon
Corp
999
569,500
Zhaojin
Mining
Industry
Co
Ltd
776
39,738
Zhejiang
Huayou
Cobalt
Co
Ltd
146
174,836
Zhejiang
Juhua
Co
Ltd
567
210,200
Zhejiang
Longsheng
Group
Co
Ltd
242
121,300
Zhongjin
Gold
Corp
Ltd
208
25,147
Zignago
Vetro
S.p.A.
360
93
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
4,795,232
Zijin
Mining
Group
Co
Ltd
$
9,607
2,166,466
Zijin
Mining
Group
Co
Ltd
(Class
A)
4,835
TOTAL
MATERIALS
5,460,038
MEDIA
&
ENTERTAINMENT
-
5.7%
121,123
37
Interactive
Entertainment
Network
Technology
Group
Co
Ltd
296
21,829
4imprint
Group
plc
1,743
370,809
(a)
Adevinta
ASA
3,887
316,510
(a)
Affle
India
Ltd
3,964
32,428
AfreecaTV
Co
Ltd
2,967
10,130,000
(a),(b)
Alibaba
Pictures
Group
Ltd
590
8,157,165
(a)
Alphabet,
Inc
1,242,010
8,201,314
(a)
Alphabet,
Inc
(Class
A)
1,237,824
15,800
(a),(b)
Anycolor,
Inc
272
12,459
Arabian
Contracting
Services
Co
741
117,488
Arnoldo
Mondadori
Editore
S.p.A.
295
348,092
(a),(b)
Ascential
plc
1,333
782,200
Astro
Malaysia
Holdings
Bhd
50
279,496
Atresmedia
Corp
de
Medios
de
Comunicacion
S.A.
1,337
1,581,022
(c)
Auto
Trader
Group
plc
13,962
29,223
Autohome,
Inc
(ADR)
766
118,759
Avex
Group
Holdings,
Inc
1,006
5,213,398
(a)
Baidu,
Inc
68,632
99,546
(a)
Baidu,
Inc
(ADR)
10,480
198,357
Beijing
Enlight
Media
Co
Ltd
284
20,018
(a),(b)
Believe
S.A.
366
6,400
(a),(b)
Bengo4.com,
Inc
142
29,669
(a),(b)
Better
Collective
A.S.
797
78,508
(a),(b)
Bilibili,
Inc
891
25,918
Bollore
SE
173
285,914
(a),(b)
Borussia
Dortmund
GmbH
&
Co
KGaA
1,033
108,380
(a)
Boston
Omaha
Corp
1,676
1,021,373
Brightcom
Group
Ltd
169
110,200
(a)
Bumble,
Inc
1,251
4,292
Cable
One,
Inc
1,816
290,400
Capcom
Co
Ltd
5,440
683,639
carsales.com
Ltd
16,070
53,060
CD
Projekt
S.A.
1,552
19,001
(a)
Charter
Communications,
Inc
5,522
56,488
Cheil
Worldwide,
Inc
783
161,865
(a),(d)
Chennai
Super
Kings
Cricket
Ltd
14
105,200
China
Film
Co
Ltd
178
166,158
(a),(c)
China
Literature
Ltd
557
4,804,000
(a),(b)
China
Ruyi
Holdings
Ltd
1,223
47,041
(a),(b)
Cineplex,
Inc
256
51,976
(a)
CJ
CGV
Co
Ltd
215
8,813
CJ
ENM
Co
Ltd
513
710,620
(a),(b)
Clear
Channel
Outdoor
Holdings,
Inc
1,173
77,050
(a),(b),(c)
Cloud
Music,
Inc
910
1,070,000
(a),(b)
CMGE
Technology
Group
Ltd
157
11,647
Cogeco
Communications,
Inc
517
44,018
(a)
COLOPL,
Inc
179
7,186
Com2uSCorp
226
8,701,771
Comcast
Corp
(Class
A)
377,222
8,606
(a)
Connectwave
Co
Ltd
89
1,857,300
(a)
Converge
Information
and
Communications
Technology
Solutions,
Inc
329
63,100
(a),(b)
Cover
Corp
1,009
298,714
CTS
Eventim
AG.
26,559
331,800
CyberAgent,
Inc
2,413
171,292
Cyfrowy
Polsat
S.A.
460
64,762
Daiichikosho
Co
Ltd
820
23,264
DB
Corp
Ltd
74
CREF
Stock
Account
March
31,
2024
94
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
59,311
(a),(b)
Dena
Co
Ltd
$
586
126,000
Dentsu,
Inc
3,499
5,990
(a)
Devsisters
Co
Ltd
216
174,994
Domain
Holdings
Australia
Ltd
374
7,801,100
Elang
Mahkota
Teknologi
Tbk
PT
215
318,533
Electronic
Arts,
Inc
42,260
618,832
(a),(b)
Embracer
Group
AB
1,348
315,220
(b)
Entravision
Communications
Corp
(Class
A)
517
113,339
(b)
Eutelsat
Communications
494
1,138,400
(a)
Eventbrite,
Inc
6,238
70,104
EVT
Ltd
567
67,290
(a)
EW
Scripps
Co
(Class
A)
264
933,607
Focus
Media
Information
Technology
Co
Ltd
840
37,300
Fuji
Television
Network,
Inc
452
77,182
Future
plc
598
1,307,640
(a),(b)
Gannett
Co,
Inc
3,191
78,400
Giant
Network
Group
Co
Ltd
133
163,700
Gray
Television,
Inc
1,035
51,750
Gree,
Inc
165
326,720
(a),(b)
Grindr,
Inc
3,310
1,806,600
(b)
Grupo
Televisa
S.A.
1,145
6,112,450
(b)
Grupo
Televisa
SAB
(ADR)
19,560
380,243
(a)
GungHo
Online
Entertainment,
Inc
6,085
154,800
Hakuhodo
DY
Holdings,
Inc
1,395
103,700
Hello
Group,
Inc
(ADR)
644
67,589
Hemnet
Group
AB
2,068
5,907,101
(a),(b),(e)
HUYA,
Inc
(ADR)
26,877
17,576
HYBE
Co
Ltd
2,990
55,926
(a)
IAC,
Inc
2,983
450,306
(a),(e)
iClick
Interactive
Asia
Group
Ltd
(ADR)
1,783
666,400
(a),(b),(c)
iDreamSky
Technology
Holdings
Ltd
218
718,000
IGG,
Inc
303
59,360
Info
Edge
India
Ltd
3,989
18,553
Infocom
Corp
328
2,971,060
Informa
plc
31,172
19,160
Innocean
Worldwide,
Inc
319
947,230
(a)
Integral
Ad
Science
Holding
Corp
9,444
94,000
International
Games
System
Co
Ltd
3,306
32,111
IPSOS
2,264
182,748
(a),(b)
iQIYI,
Inc
(ADR)
773
2,922,121
ITV
plc
2,726
51,382
(a)
JC
Decaux
S.A.
997
147,800
Jiangsu
Phoenix
Publishing
&
Media
Corp
Ltd
226
148,305
JOYY,
Inc
(ADR)
4,560
23,699
(a)
Just
Dial
Ltd
229
91,942
(a),(b)
Juventus
Football
Club
S.p.A
225
21,323
JYP
Entertainment
Corp
1,124
69,524
(b)
Kadokawa
Corp
1,222
106,400
Kakaku.com,
Inc
1,291
265,109
Kakao
Corp
10,716
24,956
(a)
Kakao
Games
Corp
433
191,000
Kanzhun
Ltd
(ADR)
3,348
10,177
Kinepolis
Group
NV
467
139,372
Kingnet
Network
Co
Ltd
216
400,310
Kingsoft
Corp
Ltd
1,235
68,400
(b)
Koei
Tecmo
Holdings
Co
Ltd
729
78,200
Konami
Corp
5,327
24,452
(a),(c)
Krafton,
Inc
4,541
1,959,100
(a),(c)
Kuaishou
Technology
12,332
36,400
Kunlun
Tech
Co
Ltd
205
18,766
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
A)
1,102
145,791
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
C)
9,564
95
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
15,821
(a)
Liberty
Media
Corp-Liberty
Live
(Class
A)
$
670
62,448
(a)
Liberty
Media
Corp-Liberty
Live
(Class
C)
2,736
275,606
(a)
Liberty
Media
Corp-Liberty
SiriusXM
8,188
56,908
(a)
Liberty
Media
Corp-Liberty
SiriusXM
(Class
A)
1,690
342,890
(a),(b)
Lions
Gate
Entertainment
Corp
(Class
A)
3,412
118,160
(a)
Lions
Gate
Entertainment
Corp
(Class
B)
1,100
115,295
(a)
Live
Nation,
Inc
12,195
19,785
M6-Metropole
Television
295
14,212
(a)
Madison
Square
Garden
Sports
Corp
2,622
1,245,571
(a)
Magnite,
Inc
13,390
486,900
Major
Cineplex
Group
PCL
(Foreign)
195
93,922
Mango
Excellent
Media
Co
Ltd
318
273,400
(a),(c)
Maoyan
Entertainment
334
1,370,796
(a)
Match
Group,
Inc
49,732
7,194,900
Media
Nusantara
Citra
Tbk
PT
153
246,500
Megacable
Holdings
SAB
de
C.V.
687
2,275,500
(b),(c)
Meitu,
Inc
956
3,999,427
Meta
Platforms,
Inc
1,942,042
710,195
MFE-MediaForEurope
NV
1,844
35,351
(b)
MFE-MediaForEurope
NV
123
279,390
Mixi
Inc
4,835
474,000
(a),(b),(c)
Mobvista,
Inc
187
59,615
(a)
Modern
Times
Group
MTG
AB
465
1,065,149
Moneysupermarket.com
Group
plc
2,954
214,280
MultiChoice
Group
1,285
110,954
Naver
Corp
15,415
26,530
(a)
Nazara
Technologies
Ltd
214
11,742
NCSoft
Corp
1,796
10,837
Neowiz
178
165,500
NetDragon
Websoft
Holdings
Ltd
232
2,591,030
NetEase,
Inc
53,690
475,145
(a)
NetFlix,
Inc
288,570
20,513
(a),(c)
Netmarble
Corp
961
123,902
(a)
Network18
Media
&
Investments
Ltd
129
121,811
New
York
Times
Co
(Class
A)
5,265
285,913
News
Corp
(Class
A)
7,485
87,844
News
Corp
(Class
B)
2,377
1,814,500
Nexon
Co
Ltd
30,160
21,265
(a)
Nexon
Games
Co
Ltd
219
24,333
Nexstar
Media
Group,
Inc
4,192
68,866
Next
15
Group
plc
803
10,648
NHN
Corp
200
1,082,925
Nine
Entertainment
Co
Holdings
Ltd
1,206
2,321,790
Nintendo
Co
Ltd
126,688
42,300
Nippon
Television
Holdings,
Inc
619
360,238
Omnicom
Group,
Inc
34,857
842,712
oOh!media
Ltd
977
266,800
Oriental
Pearl
Group
Co
Ltd
268
123,791
Paradox
Interactive
AB
2,174
9,109
(b)
Paramount
Global
(Class
A)
199
1,467,974
Paramount
Global
(Class
B)
17,278
22,498
(a)
Pearl
Abyss
Corp
507
73,400
People.cn
Co
Ltd
271
73,434
Perfect
World
Co
Ltd
108
99,639
(a)
Perion
Network
Ltd
2,243
438,640
(a)
Pinterest,
Inc
15,208
1,584,400
Plan
B
Media
Pcl
376
17,580
Playtika
Holding
Corp
124
114,828
ProSiebenSat.
Media
AG.
806
604,396
Publicis
Groupe
S.A.
65,892
58,139
(a)
PVR
Ltd
926
160,870
(a)
QuinStreet,
Inc
2,841
CREF
Stock
Account
March
31,
2024
96
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
42,472
REA
Group
Ltd
$
5,132
163,947
RELX
plc
7,102
1,628,022
Rightmove
plc
11,284
93,752
(a)
Roku,
Inc
6,110
531,960
RS
PCL
188
64,820
Saregama
India
Ltd
270
30,241
(a)
Saudi
Research
&
Media
Group
2,320
57,765
Schibsted
ASA
1,845
76,864
Schibsted
ASA
(B
Shares)
2,326
178,112
(c)
Scout24
SE
13,419
1,181,566
(a)
Sea
Ltd
(ADR)
63,462
274,287
Seek
Ltd
4,473
61,300
Septeni
Holdings
Co
Ltd
186
312,660
SES
S.A.
2,084
7,601
(b)
Shochiku
Co
Ltd
497
127,100
Sky
Perfect
Jsat
Corp
866
8,952
SM
Entertainment
Co
Ltd
568
617,600
(a),(b),(d)
SMI
Holdings
Group
Ltd
1
345,781
(a)
Snap,
Inc
3,970
140,737
(b)
Societe
Television
Francaise
1
1,286
52,000
Soft-World
International
Corp
232
103,992
(a)
Spotify
Technology
S.A.
27,443
72,600
(b)
Square
Enix
Co
Ltd
2,800
1,772,778
(a)
Stillfront
Group
AB
1,577
26,536
Stroeer
SE
&
Co
KGaA
1,615
8,878
(a)
Studio
Dragon
Corp
303
374,910
Sun
TV
Network
Ltd
2,702
20,124,700
Surya
Citra
Media
Tbk
PT
179
123,255
(a)
Take-Two
Interactive
Software,
Inc
18,302
97,105
(a)
Team17
Group
plc
288
8,508,125
Tencent
Holdings
Ltd
331,391
1,468,565
(a)
Tencent
Music
Entertainment
Group
(ADR)
16,433
46,562
TKO
Group
Holdings,
Inc
4,023
35,000
(b)
Toei
Animation
Co
Ltd
703
21,920
Toei
Co
Ltd
556
90,400
Toho
Co
Ltd
3,002
27,300
Tokyo
Broadcasting
System,
Inc
761
242,800
(a)
Tongdao
Liepin
Group
93
356,226
(a)
TripAdvisor,
Inc
9,900
222,930
(a),(c)
Trustpilot
Group
plc
559
15,151
TV
Asahi
Corp
209
345,822
(a)
TV18
Broadcast
Ltd
194
2,450
TX
Group
AG.
405
577,760
(a)
Ubisoft
Entertainment
12,153
790,719
Universal
Music
Group
NV
23,761
10,958
ValueCommerce
Co
Ltd
77
32,335
Vector,
Inc
251
4,280,800
VGI
PCL
196
1,477,600
(a)
Vimeo,
Inc
6,043
978,043
Vivendi
Universal
S.A.
10,659
3,590,598
Walt
Disney
Co
439,346
135,000
(a)
Wanda
Film
Holding
Co
Ltd
285
416,266
(a),(b)
Warner
Bros
Discovery,
Inc
3,634
34,801
Webzen,
Inc
427
59,600
Weibo
Corp
(ADR)
542
15,227
(a)
Wemade
Co
Ltd
685
35,607
WPP
plc
337
70,884
(a)
Wysiwyg
Studios
Co
Ltd
131
188,400
(a),(b)
XD,
Inc
384
167,650
(a)
Yelp,
Inc
6,605
10,159
YG
Entertainment,
Inc
347
80,594
YouGov
plc
1,017
97
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,144,000
Z
Holdings
Corp
$
5,431
690,711
ZEE
Telefilms
Ltd
1,154
130,000
Zengame
Technology
Holding
Ltd
59
19,150
Zenrin
Co
Ltd
108
486,013
(a)
Zhejiang
Century
Huatong
Group
Co
Ltd
320
114,200
(a),(b)
Zhihu,
Inc
155
219,859
(a)
Ziff
Davis,
Inc
13,860
556,900
ZIGExN
Co
Ltd
2,218
343,634
(a)
ZoomInfo
Technologies,
Inc
5,508
TOTAL
MEDIA
&
ENTERTAINMENT
7,116,590
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
6.7%
66,804
(a)
10X
Genomics,
Inc
2,507
1,266,500
(c)
3SBio,
Inc
969
33,648
Aarti
Drugs
Ltd
176
2,831,780
AbbVie,
Inc
515,667
26,827
(a)
Abivax
S.A.
388
28,409
(a)
ABLBio,
Inc
528
135,280
(a)
Acadia
Pharmaceuticals,
Inc
2,501
74,914
Adcock
Ingram
Holdings
Ltd
218
91,261
AddLife
AB
954
241,480
(a),(b)
Adicet
Bio,
Inc
567
266,000
Adimmune
Corp
220
3,388,270
(a)
ADMA
Biologics,
Inc
22,363
16,998
(a)
Aether
Industries
Ltd
159
40,361
Agilent
Technologies,
Inc
5,873
166,600
(a),(b)
AIM
Vaccine
Co
Ltd
173
39,343
Ajanta
Pharma
Ltd
1,054
212,000
(a),(b),(c)
Akeso,
Inc
1,265
39,863
Alembic
Pharmaceuticals
Ltd
472
105,096
(a)
ALK-Abello
A.S.
1,896
57,595
Almirall
S.A.
514
209,959
(a)
Alnylam
Pharmaceuticals,
Inc
31,378
328,000
(a),(b),(c)
Alphamab
Oncology
190
153,380
(a)
Alpine
Immune
Sciences,
Inc
6,080
28,978
(a)
Alteogen,
Inc
4,468
428,335
(a),(b)
Altimmune,
Inc
4,360
591,337
Amgen,
Inc
168,129
7,380
AMI
Organics
Ltd
97
1,650,510
(a)
Amneal
Pharmaceuticals,
Inc
10,002
75,840
(a)
ANI
Pharmaceuticals,
Inc
5,243
152,871
(a)
Anika
Therapeutics,
Inc
3,883
75,728
(a)
Apellis
Pharmaceuticals,
Inc
4,451
1,062,614
(a)
Ardelyx,
Inc
7,757
143,750
(a)
Argenx
SE
56,677
181,900
(a),(b),(c)
Ascentage
Pharma
Group
International
413
436,315
Aspen
Pharmacare
Holdings
Ltd
5,054
373,800
Astellas
Pharma,
Inc
4,016
5,453
AstraZeneca
Pharma
India
Ltd
348
1,989,178
AstraZeneca
plc
267,234
337,441
AstraZeneca
plc
(ADR)
22,862
94,490
(a)
Astria
Therapeutics,
Inc
1,330
6,562
Asymchem
Laboratories
Tianjin
Co
Ltd
81
849,831
(a),(b)
Aurinia
Pharmaceuticals,
Inc
4,258
114,496
Aurobindo
Pharma
Ltd
1,500
58,652
(a)
Avantor,
Inc
1,500
468,270
(a)
Avidity
Biosciences,
Inc
11,950
115,950
(a),(b)
Axsome
Therapeutics,
Inc
9,253
32,823
(b)
Bachem
Holding
AG.
3,143
9,123
(a),(b)
Basilea
Pharmaceutica
381
214,522
(a)
Bausch
Health
Cos,
Inc
2,273
60,415
(a)
Bavarian
Nordic
AS
1,353
CREF
Stock
Account
March
31,
2024
98
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
59,708
Bayer
AG.
$
1,829
291,800
(a)
BeiGene
Ltd
3,511
23,400
Beijing
Tiantan
Biological
Products
Corp
Ltd
83
205,000
(b)
Beijing
Tong
Ren
Tang
Chinese
Medicine
Co
Ltd
235
34,400
Beijing
Tongrentang
Co
Ltd
198
13,958
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co
Ltd
134
30,598
(a),(b),(c)
BioArctic
AB
616
319,816
Biocon
Ltd
1,017
467,800
(a),(b)
BioCryst
Pharmaceuticals,
Inc
2,376
191,923
BioGaia
AB
2,239
19,719
(a)
Biogen,
Inc
4,252
66,706
(a)
Biohaven
Ltd
3,648
369,339
(a)
BioMarin
Pharmaceutical,
Inc
32,258
15,763
(a)
Bioneer
Corp
354
14,895
(a)
Bio-Rad
Laboratories,
Inc
(Class
A)
5,152
50,409
Biotage
AB
856
13,457
Bio-Techne
Corp
947
9,649
Bloomage
Biotechnology
Corp
Ltd
75
45,674
(a),(c)
BoneSupport
Holding
AB
973
46,564
Bora
Pharmaceuticals
Co
Ltd
940
22,082
Boryung
217
1,730,071
Bristol-Myers
Squibb
Co
93,822
41,281
(a)
Brooks
Automation,
Inc
2,488
54,055
Bruker
BioSciences
Corp
5,078
34,686
(a),(b)
Calliditas
Therapeutics
AB
367
22,697
(a)
Camurus
AB
1,076
70,200
(a),(b),(c)
CanSino
Biologics,
Inc
143
66,914
Caplin
Point
Laboratories
Ltd
1,058
13,770
Caregen
Co
Ltd
233
263,000
(a),(b),(c)
CARsgen
Therapeutics
Holdings
Ltd
203
330,501
(a)
Catalent,
Inc
18,657
28,469
(a),(d)
Cellivery
Therapeutics,
Inc
0
^
7,163
(a)
Celltrion
Pharm
Inc
552
130,220
Celltrion,
Inc
17,782
407,385
Center
Laboratories,
Inc
554
10,014
Changchun
High
&
New
Technology
Industry
Group,
Inc
168
23,892
(a)
Charles
River
Laboratories
International,
Inc
6,474
13,057
Chemometec
A.S.
804
564,660
China
Medical
System
Holdings
Ltd
593
701,500
(c)
China
Resources
Pharmaceutical
Group
Ltd
449
28,320
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co
Ltd
207
984,000
China
Shineway
Pharmaceutical
Group
Ltd
1,225
389
(a),(d)
Chinook
Therapeutics,
Inc
0
^
5,388
Chong
Kun
Dang
Pharmaceutical
Corp
455
23,400
(a)
Chongqing
Taiji
Industry
Group
Co
Ltd
110
56,970
Chongqing
Zhifei
Biological
Products
Co
Ltd
357
661,700
Chugai
Pharmaceutical
Co
Ltd
25,287
461,977
Cipla
Ltd
8,305
2,592,000
(b)
CK
Life
Sciences
International
Holdings,
Inc
111
31,807
(b)
Clinuvel
Pharmaceuticals
Ltd
298
428,714
(a)
Codexis,
Inc
1,496
11,079
(a)
Concord
Biotech
Ltd
203
288,000
Consun
Pharmaceutical
Group
Ltd
206
6,900
(b)
COSMO
Pharmaceuticals
NV
546
299,915
(a)
Crinetics
Pharmaceuticals,
Inc
14,039
189,422
(a),(b)
Cronos
Group,
Inc
496
393,322
CSL
Ltd
73,798
68,800
CSPC
Innovation
Pharmaceutical
Co
Ltd
355
6,726,054
CSPC
Pharmaceutical
Group
Ltd
5,294
83,219
(a)
CureVac
NV
257
162,495
(a)
Cytokinetics,
Inc
11,393
14,189
Daewoong
Co
Ltd
218
99
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
3,152
Daewoong
Pharmaceutical
Co
Ltd
$
286
4,511,700
Daiichi
Sankyo
Co
Ltd
143,557
1,295,706
Danaher
Corp
323,564
689,238
(a),(b)
Deciphera
Pharmaceuticals,
Inc
10,842
101,300
(a)
Denali
Therapeutics,
Inc
2,079
15,696
Dermapharm
Holding
SE
553
50,684
Divi's
Laboratories
Ltd
2,098
3,064
Dong-A
Socio
Holdings
Co
Ltd
268
5,323
Dong-A
ST
Co
Ltd
296
324,871
Dong-E-E-Jiao
Co
Ltd
2,734
13,689
DongKook
Pharmaceutical
Co
Ltd
174
176,360
Dr
Reddy's
Laboratories
Ltd
13,034
343,090
(a)
Dyne
Therapeutics,
Inc
9,740
117,680
(a)
Edgewise
Therapeutics,
Inc
2,146
139,000
(a)
EirGenix,
Inc
382
52,100
Eisai
Co
Ltd
2,146
2,660,272
(a)
Elanco
Animal
Health,
Inc
43,309
1,274,054
Eli
Lilly
&
Co
991,163
33,780
(a)
Enanta
Pharmaceuticals,
Inc
590
334,590
(a)
Erasca,
Inc
689
34,908
(a),(c)
Eris
Lifesciences
Ltd
354
40,550
(a),(b)
Euroapi
S.A.
122
66,978
(b)
Eurofins
Scientific
SE
4,267
44,501
Ever
Supreme
Bio
Technology
Co
Ltd
303
156,500
(a),(b),(c)
Everest
Medicines
Ltd
471
81,150
(a)
Evolus,
Inc
1,136
114,762
(a)
Evotec
SE
1,789
279,220
(a)
Exact
Sciences
Corp
19,283
1,308,426
(a)
Exelixis,
Inc
31,049
646,088
Faes
Farma
S.A.
(Sigma)
2,192
49,876
(a)
FDC
Ltd
254
7,284
(a)
Formycon
AG.
364
41,352
(a)
Fortrea
Holdings,
Inc
1,660
36,414
(a),(b)
Galapagos
NV
1,167
293,141
(a)
Galderma
Group
AG.
20,592
7,624
GC
Cell
Corp
236
30,227
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS.
63
2,150
(a)
Genmab
AS
645
681,800
(b)
Genomma
Lab
Internacional
SAB
de
C.V.
648
499,386
(a),(b)
Genscript
Biotech
Corp
927
54,707
Genus
plc
1,217
108,070
Gerresheimer
AG.
12,166
2,606,470
Gilead
Sciences,
Inc
190,924
24,974
(a),(c)
Gland
Pharma
Ltd
554
34,158
GlaxoSmithKline
Pharmaceuticals
Ltd
800
94,033
Glenmark
Life
Sciences
Ltd
876
120,282
Glenmark
Pharmaceuticals
Ltd
1,384
40,701
(a)
GNI
Group
Ltd
811
958,500
Grand
Pharmaceutical
Group
Ltd
504
105,799
Granules
India
Ltd
547
4,522
Green
Cross
Corp
420
15,822
Green
Cross
Holdings
Corp
204
917,942
(b)
Grifols
S.A.
8,257
10,883,070
GSK
plc
233,664
32,104
H
Lundbeck
A.S.
133
226,097
H
Lundbeck
A.S.
1,089
665,210
(a)
Halozyme
Therapeutics,
Inc
27,061
28,412
(a)
Hanall
Biopharma
Co
Ltd
804
7,521
Hangzhou
Tigermed
Consulting
Co
Ltd
-
A
54
13,082
Hanmi
Pharm
Co
Ltd
3,324
16,712
Hanmi
Science
Co
Ltd
551
485,839
(c)
Hansoh
Pharmaceutical
Group
Co
Ltd
962
CREF
Stock
Account
March
31,
2024
100
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
125,326
(a)
Harmony
Biosciences
Holdings,
Inc
$
4,208
33,360
(a),(b)
Harrow
Health,
Inc
441
320,590
(a),(b)
Heron
Therapeutics,
Inc
888
39,992
Hikal
Ltd
127
3,925
Hikma
Pharmaceuticals
plc
95
41,800
Hisamitsu
Pharmaceutical
Co,
Inc
1,083
10,878
HK
inno
N
Corp
307
2,548,684
(a),(b),(d)
Hua
Han
Health
Industry
Holdings
Ltd
3
27,720
Hualan
Biological
Engineering,
Inc
76
11,700
Hubei
Jumpcan
Pharmaceutical
Co
Ltd
59
5,023
(a)
Hugel,
Inc
720
28,154
Humanwell
Healthcare
Group
Co
Ltd
75
2,188,500
(a),(b)
HUTCHMED
China
Ltd
7,493
145,944
Hypera
S.A.
958
70,941
(a)
ICON
plc
23,833
69,500
(a)
Ideaya
Biosciences,
Inc
3,050
14,565
(a)
Il
Dong
Pharmaceutical
Co
Ltd
174
501,874
(a)
Illumina,
Inc
68,917
5,100
Imeik
Technology
Development
Co
Ltd
239
422,795
(a)
Immunovant,
Inc
13,661
86,815
(a)
Incyte
Corp
4,946
92,759
(a)
Indivior
plc
1,982
34,969
Indoco
Remedies
Ltd
138
446,000
(a),(b),(c)
InnoCare
Pharma
Ltd
265
863,073
(a),(c)
Innovent
Biologics,
Inc
4,164
119,920
(a)
Innoviva,
Inc
1,828
273,366
(a)
Intra-Cellular
Therapies,
Inc
18,917
125,165
(a)
Ionis
Pharmaceuticals,
Inc
5,426
658,380
(a)
Iovance
Biotherapeutics,
Inc
9,757
114,682
Ipca
Laboratories
Ltd
1,706
921
Ipsen
110
100,662
(a)
IQVIA
Holdings,
Inc
25,456
789,637
(a)
Ironwood
Pharmaceuticals,
Inc
6,878
310,700
(a)
iTeos
Therapeutics,
Inc
4,238
163,500
(a),(b),(c)
Jacobio
Pharmaceuticals
Group
Co
Ltd
34
16,608
Jamjoom
Pharmaceuticals
Factory
Co
595
74,500
(a)
Jazz
Pharmaceuticals
plc
8,971
56,382
JB
Chemicals
&
Pharmaceuticals
Ltd
1,116
51,844
(b)
JCR
Pharmaceuticals
Co
Ltd
294
164,411
Jiangsu
Hengrui
Pharmaceuticals
Co
Ltd
1,052
31,200
Jiangsu
Nhwa
Pharmaceutical
Co
Ltd
93
2,576,517
Johnson
&
Johnson
407,579
41,958
Joincare
Pharmaceutical
Group
Industry
Co
Ltd
63
55,100
(c)
Joinn
Laboratories
China
Co
Ltd
65
63,434
Jubilant
Pharmova
Ltd
435
11,683
JW
Pharmaceutical
Corp
288
22,179
Kaken
Pharmaceutical
Co
Ltd
501
8,003,406
Kalbe
Farma
Tbk
PT
745
4,044
(a)
Kangmei
Pharmaceutical
Co
Ltd
1
138,500
(a),(b),(c)
Keymed
Biosciences,
Inc
602
413,640
(a)
Kiniksa
Pharmaceuticals
Ltd
8,161
21,500
Kissei
Pharmaceutical
Co
Ltd
503
55,523
(a)
Knight
Therapeutics,
Inc
217
142,432
(a)
Krystal
Biotech,
Inc
25,343
32,281
Kyorin
Co
Ltd
388
55,800
Kyowa
Hakko
Kogyo
Co
Ltd
1,004
12,661
L&C
Bio
Co
Ltd
221
16,078
Laboratorios
Farmaceuticos
Rovi
S.A
1,403
289,294
(c)
Laurus
Labs
Ltd
1,363
30,977
(a)
Legend
Biotech
Corp
(ADR)
1,737
19,495
(a)
LegoChem
Biosciences,
Inc
1,072
469,000
(a),(b),(c)
Lepu
Biopharma
Co
Ltd
191
101
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
307,911
(a),(b)
Lexicon
Pharmaceuticals,
Inc
$
739
14,717
Livzon
Pharmaceutical
Group,
Inc
76
190,785
Lonza
Group
AG.
114,013
104,000
Lotus
Pharmaceutical
Co
Ltd
994
217,727
Lupin
Ltd
4,226
1,615,000
(a),(b),(c)
Luye
Pharma
Group
Ltd
564
22,512
(a),(b)
Madrigal
Pharmaceuticals,
Inc
6,012
1,309,720
(a)
MannKind
Corp
5,933
9,734
(a)
Maravai
LifeSciences
Holdings,
Inc
84
123,332
Marksans
Pharma
Ltd
225
178,466
(a)
Medigen
Vaccine
Biologics
Corp
291
38,868
(a)
Medpace
Holdings,
Inc
15,708
3,748
Medytox,
Inc
411
287,900
Mega
Lifesciences
PCL
327
4,931,499
Merck
&
Co,
Inc
650,711
79,209
Merck
KGaA
13,967
1,866
(a)
Mettler-Toledo
International,
Inc
2,484
18,065
(a)
Mezzion
Pharma
Co
Ltd
537
18,529
MGI
Tech
Co
Ltd
152
16,175
Mochida
Pharmaceutical
Co
Ltd
342
97,236
(a),(b)
Moderna,
Inc
10,361
115,000
(a),(b)
MoonLake
Immunotherapeutics
5,776
29,402
(a),(b)
Morphosys
AG.
2,135
113,090
(a)
Mural
Oncology
PLC
553
730,496
(a)
Myriad
Genetics,
Inc
15,574
33,133
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co
Ltd
51
67,023
Natco
Pharma
Ltd
766
818,265
(a)
Natera,
Inc
74,839
47,368
(a)
Naturecell
Co
Ltd
347
5,645
Neuland
Laboratories
Ltd
428
85,378
(a)
Neuren
Pharmaceuticals
Ltd
1,180
107,850
(a)
Neurocrine
Biosciences,
Inc
14,875
43,500
Nippon
Shinyaku
Co
Ltd
1,292
153,910
(a),(b)
Nkarta,
Inc
1,664
55,518
(a),(d)
NKMax
Co
Ltd
83
2,644,733
Novartis
AG.
256,165
7,970,525
Novo
Nordisk
A.S.
1,022,406
680,187
Novo
Nordisk
A.S.
(ADR)
87,336
466,670
(a)
Nuvation
Bio,
Inc
1,699
120,669
(a)
Nykode
Therapeutics
ASA
167
99,452
(a)
OBI
Pharma,
Inc
195
253,500
(a),(b),(c)
Ocumension
Therapeutics
187
3,120
(a),(d)
OmniAb
Operations,
Inc
0
^
3,120
(a),(d)
OmniAb
Operations,
Inc
0
^
228,203
Oneness
Biotech
Co
Ltd
1,240
75,900
Ono
Pharmaceutical
Co
Ltd
1,244
119,593
Organon
&
Co
2,248
2,921
(b)
Orion
Oyj
(Class
B)
109
20,183
(a)
Oscotec,
Inc
422
447,100
Otsuka
Holdings
Co
Ltd
18,572
414,294
(a)
Oxford
Nanopore
Technologies
plc
635
285,823
(a)
Pacira
BioSciences,
Inc
8,352
81,300
(a),(b)
PeptiDream,
Inc
763
15,515
(a)
Peptron,
Inc
327
10,712
PerkinElmer,
Inc
1,125
154,244
Perrigo
Co
plc
4,965
3,624,729
Pfizer,
Inc
100,586
11,994
Pharma
Mar
S.A.
371
76,000
PharmaEngine,
Inc
236
99,000
(a)
PharmaEssentia
Corp
990
69,951
(a),(d)
Pharmally
International
Holding
Co
Ltd
0
^
5,216
PharmaResearch
Co
Ltd
385
CREF
Stock
Account
March
31,
2024
102
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
24,225
Pharmaron
Beijing
Co
Ltd
-
A
$
69
530,257
(a),(b)
Pharming
Group
NV
583
182,170
Phibro
Animal
Health
Corp
2,355
1,838,091
(a)
Piramal
Pharma
Ltd
2,846
251,000
(a)
Polaris
Group
565
12,923
(a),(b),(c)
PolyPeptide
Group
AG.
435
42,280
(a),(b)
Prime
Medicine,
Inc
296
15,958
Procter
&
Gamble
Health
Ltd
902
172,530
(a)
Protagonist
Therapeutics,
Inc
4,991
138,500
(a)
PTC
Therapeutics,
Inc
4,029
175,677
QIAGEN
NV
7,552
10,793
QIAGEN
NV
461
193,990
(a)
Quanterix
Corp
4,570
23,195
Recordati
S.p.A.
1,281
110,520
(a)
Regeneron
Pharmaceuticals,
Inc
106,374
269,993
(a)
Repligen
Corp
49,657
151,984
Richter
Gedeon
Rt
3,856
719,560
(a)
Rigel
Pharmaceuticals,
Inc
1,065
1,006
(b)
Roche
Holding
AG.
271
450,088
Roche
Holding
AG.
114,916
762,370
(a)
Roivant
Sciences
Ltd
8,035
276,912
Royalty
Pharma
plc
8,410
84,080
(a),(b)
Sagimet
Biosciences,
Inc
456
10,771
(a)
Sam
Chun
Dang
Pharm
Co
Ltd
1,099
18,883
(a),(c)
Samsung
Biologics
Co
Ltd
11,687
36,824
(a),(b)
SanBio
Co
Ltd
102
23,751
(a)
Sandoz
Group
AG.
717
864,431
Sanofi
(ADR)
42,011
20,003
Sanofi
India
Ltd
1,948
2,985,653
Sanofi-Aventis
290,458
275,600
Santen
Pharmaceutical
Co
Ltd
2,710
206,269
(a)
Sarepta
Therapeutics,
Inc
26,704
31,831
(a)
Sartorius
AG.
12,640
1,025
(a)
Sartorius
Stedim
Biotech
292
46,649
Saudi
Pharmaceutical
Industries
&
Medical
Appliances
Corp
465
29,517
Sawai
Group
Holdings
Co
Ltd
1,154
26,193
Schott
Pharma
AG.&
Co
KGaA
1,119
231,000
(c),(d)
SciClone
Pharmaceuticals
Holdings
Ltd
473
209,000
ScinoPharm
Taiwan
Ltd
181
28,787
Seegene,
Inc
527
172,000
Shandong
Xinhua
Pharmaceutical
Co
Ltd
118
51,688
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
A
165
222,929
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
H
365
526,700
Shanghai
Haixin
Group
Co
154
16,100
(c)
Shanghai
Haohai
Biological
Technology
Co
Ltd
82
13,039
(a)
Shanghai
Junshi
Biosciences
Co
Ltd
49
182,737
Shanghai
RAAS
Blood
Products
Co
Ltd
178
16,168
Shenzhen
Kangtai
Biological
Products
Co
Ltd
49
24,525
Shenzhen
Salubris
Pharmaceuticals
Co
Ltd
98
38,307
Shijiazhuang
Yiling
Pharmaceutical
Co
Ltd
107
17,800
(b)
Shin
Nippon
Biomedical
Laboratories
Ltd
181
29,390
(a)
Shin
Poong
Pharmaceutical
Co
Ltd
345
279,300
Shionogi
&
Co
Ltd
14,273
359,998
Sichuan
Kelun
Pharmaceutical
Co
Ltd
1,507
12,900
(a),(b)
Sichuan
Kelun-Biotech
Biopharmaceutical
Co
Ltd
256
4,854
(b)
Siegfried
Holding
AG.
4,956
3,616,000
Sihuan
Pharmaceutical
Holdings
Group
Ltd
245
54,297
(a)
SillaJen,
Inc
208
546,000
(a),(c)
Simcere
Pharmaceutical
Group
Ltd
371
4,365,236
Sino
Biopharmaceutical
Ltd
1,688
12,229
(a)
SK
Biopharmaceuticals
Co
Ltd
840
11,211
(a)
SK
Bioscience
Co
Ltd
514
103
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
8,455
SKAN
Group
AG.
$
798
65,629
(a),(b),(d)
Sorrento
Therapeutics,
Inc
97
55,808
(a)
Sosei
Group
Corp
598
10,720
(a)
Sotera
Health
Co
129
1,112,000
SSY
Group
Ltd
734
8,214
ST
Pharm
Co
Ltd
551
56,480
(a),(b)
Stoke
Therapeutics,
Inc
762
44,598
Strides
Pharma
Science
Ltd
420
144,000
Sumitomo
Dainippon
Pharma
Co
Ltd
377
60,594
(a)
Sun
Pharma
Advanced
Research
Co
Ltd
268
1,150,086
Sun
Pharmaceutical
Industries
Ltd
22,390
121,900
(a)
Sutro
Biopharma,
Inc
689
87,992
(a)
Suven
Pharmaceuticals
Ltd
714
53,563
(b)
SwedenCare
AB
320
190,611
(a)
Swedish
Orphan
Biovitrum
AB
4,758
145,680
(c)
Syngene
International
Ltd
1,230
265,841
Synmosa
Biopharma
Corp
329
374,000
(a)
Taigen
Biopharmaceuticals
Holdings
Ltd
181
159,484
(a)
TaiMed
Biologics,
Inc
441
13,700
Taisho
Pharmaceutical
Holdings
Co
Ltd
777
36,533
Takara
Bio,
Inc
235
1,911,100
Takeda
Pharmaceutical
Co
Ltd
53,155
24,179
(a)
Taro
Pharmaceutical
Industries
Ltd
1,024
10,307
(b)
Tecan
Group
AG.
4,270
196,709
(a)
Telix
Pharmaceuticals
Ltd
1,651
118,990
(a),(b)
Tenaya
Therapeutics,
Inc
622
956,856
(a)
Teva
Pharmaceutical
Industries
Ltd
(ADR)
13,501
611,110
(a),(b)
TG
Therapeutics,
Inc
9,295
333,224
Thermo
Fisher
Scientific,
Inc
193,673
521,000
Tong
Ren
Tang
Technologies
Co
Ltd
325
59,665
Torii
Pharmaceutical
Co
Ltd
1,624
189,839
Torrent
Pharmaceuticals
Ltd
5,925
21,413
Towa
Pharmaceutical
Co
Ltd
415
48,300
Tsumura
&
Co
1,202
131,000
TTY
Biopharm
Co
Ltd
321
649,917
UCB
S.A.
80,230
59,605
(a)
Ultragenyx
Pharmaceutical,
Inc
2,783
745,562
United
Laboratories
Ltd
854
181,747
(a)
United
Therapeutics
Corp
41,751
83,447
(a),(b)
Valneva
SE
327
147,900
(a)
Vanda
Pharmaceuticals,
Inc
608
17,611
(a)
Vaxcell-Bio
Therapeutics
Co
Ltd
269
397,510
(a)
Veracyte,
Inc
8,809
129,777
(a)
Vericel
Corp
6,751
204,412
(a)
Vertex
Pharmaceuticals,
Inc
85,446
562,556
Viatris,
Inc
6,717
130,203
(a)
Viking
Therapeutics,
Inc
10,677
3,312
(b)
Virbac
S.A.
1,238
599,370
(a)
Viridian
Therapeutics,
Inc
10,495
61,884
(b)
Vitrolife
AB
1,162
7,650
(a)
Voronoi,
Inc
204
32,728
Walvax
Biotechnology
Co
Ltd
70
5,123
(a)
Waters
Corp
1,763
141,775
West
Pharmaceutical
Services,
Inc
56,102
2,280,000
Winteam
Pharmaceutical
Group
Ltd
1,247
49,033
(a)
Wockhardt
Ltd
345
65,458
WuXi
AppTec
Co
Ltd
-
A
427
724,437
(c)
WuXi
AppTec
Co
Ltd
-
H
3,442
4,052,500
(a),(c)
Wuxi
Biologics
Cayman,
Inc
7,413
1,165,530
(a),(b)
Xeris
Biopharma
Holdings,
Inc
2,576
234,400
(a),(b),(c)
YiChang
HEC
ChangJiang
Pharmaceutical
Co
Ltd
326
123,990
(a),(b)
Y-mAbs
Therapeutics,
Inc
2,016
CREF
Stock
Account
March
31,
2024
104
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
78,236
Yuhan
Corp
$
4,498
127,000
YungShin
Global
Holding
Corp
191
54,107
Yunnan
Baiyao
Group
Co
Ltd
378
794,600
(a),(b)
Zai
Lab
Ltd
1,290
503,159
(a)
Zealand
Pharma
AS
49,838
12,500
ZERIA
Pharmaceutical
Co
Ltd
175
15,501
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd
495
30,058
Zhejiang
Huahai
Pharmaceutical
Co
Ltd
54
89,099
Zhejiang
NHU
Co
Ltd
206
1,131,662
Zoetis,
Inc
191,489
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
8,464,847
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.4%
9,287
(c)
Aedas
Homes
SAU
174
75,800
Aeon
Mall
Co
Ltd
894
1
(a)
AFI
Properties
Ltd
0
^
5,654
Africa
Israel
Residences
Ltd
378
1,412,000
(b)
Agile
Property
Holdings
Ltd
114
52,422
(a)
Airport
City
Ltd
840
28,636
Alandalus
Property
Co
212
3,267,439
Aldar
Properties
PJSC
4,911
320,941
Aliansce
Sonae
Shopping
Centers
sa
1,531
695,250
(b),(c)
A-Living
Smart
City
Services
Co
Ltd
273
12,174
(b)
Allreal
Holding
AG.
2,091
127,170
Alony
Hetz
Properties
&
Investments
Ltd
933
66,011
(b)
Altus
Group
Ltd
2,528
634,500
Amata
Corp
PCL
411
193,353
Amot
Investments
Ltd
915
39,272
Anant
Raj
Industries
Ltd
147
9,173,700
AP
Thailand
PCL
2,740
815,089
(b)
Aroundtown
S.A.
1,718
69,199
Arriyadh
Development
Co
443
43,011
(b)
Atrium
Ljungberg
AB
841
100,807
Aura
Investments
Ltd
425
5,794,508
Ayala
Land,
Inc
3,330
1,307
Azrieli
Group
Ltd
94
10,549,900
Bangkok
Land
PCL
197
1,748,301
Barwa
Real
Estate
Co
1,326
9,792
(a)
Big
Shopping
Centers
Ltd
1,085
5,522
Blue
Square
Real
Estate
Ltd
381
94,276
Brigade
Enterprises
Ltd
1,062
4,940,100
(a)
Bumi
Serpong
Damai
Tbk
PT
307
633,000
C&D
International
Investment
Group
Ltd
1,106
466,000
(b)
C&D
Property
Management
Group
Co
Ltd
194
34,114
CA
Immobilien
Anlagen
AG.
1,203
942,198
Capitaland
India
Trust
733
2,402,744
Capitaland
Investment
Ltd
4,768
310,041
Castellum
AB
4,078
26,400
(b)
Catena
AB
1,290
490,000
Cathay
Real
Estate
Development
Co
Ltd
325
285,927
(a)
CBRE
Group,
Inc
27,804
1,704,782
Central
Pattana
PCL
2,944
3,182,000
China
Jinmao
Holdings
Group
Ltd
228
445,227
China
Merchants
Shekou
Industrial
Zone
Holdings
Co
Ltd
595
1,134,000
China
Overseas
Grand
Oceans
Group
Ltd
253
3,226,286
China
Overseas
Land
&
Investment
Ltd
4,656
365,119
China
Overseas
Property
Holdings
Ltd
202
2,855,602
China
Resources
Land
Ltd
9,059
635,400
(c)
China
Resources
Mixc
Lifestyle
Services
Ltd
2,013
2,196,438
(b)
China
Vanke
Co
Ltd
1,524
551,219
China
Vanke
Co
Ltd
(Class
A)
705
105,000
Chong
Hong
Construction
Co
Ltd
288
105
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
41,625
(b)
Cibus
Nordic
Real
Estate
AB
$
546
8,098,100
Ciputra
Development
Tbk
PT
664
2,477,207
(b)
City
Developments
Ltd
10,731
60,714
(b)
Citycon
Oyj
251
1,638,817
CK
Asset
Holdings
Ltd
6,753
32,587
(b)
Colliers
International
Group,
Inc
3,983
1,385,515
Commercial
Real
Estate
Co
KSC
572
730,000
(a)
Compass,
Inc
2,628
516,627
(b)
Corem
Property
Group
AB
526
653,800
(b)
Corp
Inmobiliaria
Vesta
SAB
de
C.V.
2,560
11,042,898
(b),(d)
Country
Garden
Holdings
Co
Ltd
513
1,978,400
(b)
Country
Garden
Services
Holdings
Co
Ltd
1,270
61,435
(a)
D
B
Realty
Ltd
145
52,914
Daito
Trust
Construction
Co
Ltd
6,037
495,700
Daiwa
House
Industry
Co
Ltd
14,755
212,232
(a)
Dar
Al
Arkan
Real
Estate
Development
Co
782
310,000
(a)
Delpha
Construction
Co
Ltd
434
922,284
(a)
Deyaar
Development
PJSC
203
717,860
DigitalBridge
Group,
Inc
13,833
64,204
(b)
Dios
Fastigheter
AB
517
661,590
DLF
Ltd
7,138
520,770
Douglas
Elliman,
Inc
823
19,424
(b)
DREAM
Unlimited
Corp
278
164,000
Eco
World
Development
Group
BHD
53
17,877
Electra
Real
Estate
Ltd
191
308,269
(a)
Emaar
Economic
City
682
5,718,909
Emaar
Properties
PJSC
12,692
54,443
(c)
Entra
ASA
563
1,452,300
(c)
ESR
Group
Ltd
1,556
159,500
(b)
eXp
World
Holdings,
Inc
1,648
190,625
(b)
Fabege
AB
1,782
173,000
Farglory
Land
Development
Co
Ltd
312
774,709
(a)
Fastighets
AB
Balder
5,691
34,693
FirstService
Corp
5,744
322,890
(a)
Forestar
Group,
Inc
12,977
1,069,747
(a)
Fortress
REIT
Ltd
886
64,827
Gazit
Globe
Ltd
201
6,236,000
(b)
Gemdale
Properties
&
Investment
Corp
Ltd
197
102,517
(a)
Godrej
Properties
Ltd
2,834
7,880
Goldcrest
Co
Ltd
132
547,680
Grainger
plc
1,782
66,306
Grand
City
Properties
S.A.
758
438,800
Greenland
Holdings
Corp
Ltd
118
867,500
Greentown
China
Holdings
Ltd
693
1,186,000
Greentown
Service
Group
Co
Ltd
454
1,609,600
(b)
Guangzhou
R&F
Properties
Co
Ltd
179
577,100
(a)
Hainan
Airport
Infrastructure
Co
Ltd
279
5,953,318
Hang
Lung
Properties
Ltd
6,122
94,800
Hangzhou
Binjiang
Real
Estate
Group
Co
Ltd
88
16,315,400
(a),(d)
Hanson
International
Tbk
PT
0
^
24,822
(b)
Heiwa
Real
Estate
Co
Ltd
651
368,201
(a)
Heliopolis
Housing
75
58,008
(a)
Hemisphere
Properties
India
Ltd
139
1,314,899
Henderson
Land
Development
Co
Ltd
3,755
982,271
Highwealth
Construction
Corp
1,243
280,100
Hong
Fok
Corp
Ltd
172
1,093,345
Hongkong
Land
Holdings
Ltd
3,357
1,015,477
Hopson
Development
Holdings
Ltd
461
25,061
(a)
Howard
Hughes
Holdings,
Inc
1,820
178,000
Huaku
Development
Co
Ltd
698
88,186
Hufvudstaden
AB
(Series
A)
1,071
926,000
Hulic
Co
Ltd
9,510
CREF
Stock
Account
March
31,
2024
106
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
461,696
Hysan
Development
Co
Ltd
$
745
181,125
Ichigo
Holdings
Co
Ltd
523
185,500
Iguatemi
S.A.
862
23,975
(a)
IMMOFINANZ
AG.
584
341,590
(a)
Indiabulls
Real
Estate
Ltd
477
847
Intershop
Holding
AG.
609
1,332,500
IOI
Properties
Group
Bhd
634
128,855
(a)
Israel
Canada
T.R
Ltd
513
2,896
(a)
Isras
Holdings
Ltd
247
1,424
Isras
Investment
Co
Ltd
288
68,112
I-Sunny
Construction
&
Development
Co
Ltd
199
608,839
(a)
IWG
plc
1,482
290,300
JHSF
Participacoes
S.A.
282
1,596,750
(a),(d)
Jiangsu
Future
Land
Co
Ltd
16
164,500
Jinke
Smart
Services
Group
Co
Ltd
187
26,377
(a)
Jones
Lang
LaSalle,
Inc
5,146
41,152
(b)
Katitas
Co
Ltd
536
278,711
KE
Holdings,
Inc
(ADR)
3,827
20,900
Keihanshin
Building
Co
Ltd
213
453,000
Kerry
Properties
Ltd
830
269,000
Kindom
Development
Co
Ltd
345
95,065
Kojamo
Oyj
1,127
587,761
Kuwait
Real
Estate
Co
KSC
430
45,169
(a)
Lamda
Development
S.A.
329
6,288,377
Land
and
Houses
PCL
1,268
7,158
LEG
Immobilien
SE
615
494,582
Lend
Lease
Corp
Ltd
2,072
135,443
(b)
Leopalace21
Corp
456
67,674
(b)
Lifestyle
Communities
Ltd
691
35,003,300
(a)
Lippo
Karawaci
Tbk
PT
150
41,100
LOG
Commercial
Properties
e
Participacoes
S.A.
187
1,765,093
(b),(c)
Longfor
Group
Holdings
Ltd
2,504
614,056
Mabanee
Co
SAK
1,579
210,939
(c)
Macrotech
Developers
Ltd
2,883
63,301
Mahindra
Lifespace
Developers
Ltd
446
35,779
(a),(b),(d)
Mapeley
Ltd
0
^
790,500
Matrix
Concepts
Holdings
Bhd
301
833,100
MBK
PCL
404
17,336
Mega
Or
Holdings
Ltd
463
8,221,000
Megaworld
Corp
281
20,530
Melisron
Ltd
1,518
222,800
(c)
Midea
Real
Estate
Holding
Ltd
113
1,062,218
Mitsubishi
Estate
Co
Ltd
19,381
2,265,099
Mitsui
Fudosan
Co
Ltd
24,421
505,890
Mivne
Real
Estate
KD
Ltd
1,248
5,815
(b)
Mobimo
Holding
AG.
1,670
2,178
Morguard
Corp
190
215,300
Multiplan
Empreendimentos
Imobiliarios
S.A.
1,099
1,119,155
(a)
National
Real
Estate
Co
KPSC
353
485,080
(b)
NEPI
Rockcastle
NV
3,350
21,640
NESCO
Ltd
216
1,067,000
(b)
New
World
Development
Co
Ltd
1,128
32,731
(b)
Nexity
335
92,400
Nomura
Real
Estate
Holdings,
Inc
2,610
18,947
NP3
Fastigheter
AB
391
108,480
Nyfosa
AB
1,070
297,650
(a)
Opendoor
Technologies,
Inc
902
735,700
Origin
Property
PCL
141
12,089,800
Pakuwon
Jati
Tbk
PT
323
75,722
(b)
Pandox
AB
1,271
455,296
Parque
Arauco
S.A.
672
30,375
Patrizia
Immobilien
AG.
282
107
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
99,438
(a)
PEXA
Group
Ltd
$
878
80,558
Phoenix
Mills
Ltd
2,688
50,802
Platzer
Fastigheter
Holding
AB
437
346,146
(a)
Plaza
S.A.
475
659,462
Poly
Developments
and
Holdings
Group
Co
Ltd
854
102,200
Poly
Property
Development
Co
Ltd
348
1,773,000
Poly
Property
Group
Co
Ltd
322
4,327
Prashkovsky
Investments
and
Construction
Ltd
110
1,075,000
Prince
Housing
&
Development
Corp
354
789,100
Pruksa
Holding
PCL
251
39,356
PSP
Swiss
Property
AG.
5,159
3,907,900
Quality
Houses
PCL
236
733,000
(b)
Radiance
Holdings
Group
Co
Ltd
185
546,617
RAK
Properties
PJSC
195
5,600
Raysum
Co
Ltd
127
1,040,000
(a),(b),(c),(d)
Redco
Properties
Group
Ltd
88
300,000
(a),(b)
Redfin
Corp
1,995
86,228
Relo
Group,
Inc
702
128,586
Retal
Urban
Development
Co
329
178,680
RMR
Group,
Inc
4,288
1,523,900
Robinsons
Land
Corp
453
1,234,755
Ruentex
Development
Co
Ltd
1,352
201,510
Sagax
AB
5,316
156,245
Sakura
Development
Co
Ltd
351
325,291
Salhia
Real
Estate
Co
KSCP
496
22,030
SAMTY
Co
Ltd
402
11,623,600
Sansiri
PCL
542
94,473
(a)
Saudi
Real
Estate
Co
523
770,491
Savills
plc
10,367
1,272,000
SC
Asset
Corp
PCL
130
1,898,000
(b)
Seazen
Group
Ltd
255
90,523
Seazen
Holdings
Co
Ltd
123
293,192
Shanghai
Jinqiao
Export
Processing
Zone
Development
Co
Ltd
271
52,137
Shanghai
Lingang
Holdings
Corp
Ltd
71
84,300
Shanghai
Zhangjiang
High-Tech
Park
Development
Co
Ltd
234
2,584,000
Shenzhen
Investment
Ltd
337
463,572
Shenzhen
Overseas
Chinese
Town
Co
Ltd
176
1,874,000
(b)
Shoucheng
Holdings
Ltd
345
3,562,500
Shui
On
Land
Ltd
305
2,618,600
Sime
Darby
Property
Bhd
509
3,217,322
Sino
Land
Co
3,345
236,000
Sinyi
Realty,
Inc
226
1,014,218
Sirius
Real
Estate
Ltd
1,254
2,472
(d)
SK
D&D
Co
Ltd
45
8,729,788
SM
Prime
Holdings
5,078
31,999
Sobha
Ltd
557
2,009,500
(a)
Soho
China
Ltd
165
1,318,200
SP
Setia
BHD
396
6,900
(a),(b)
SRE
Holdings
Corp
193
21,600
Starts
Corp,
Inc
449
755,682
(b)
StorageVault
Canada,
Inc
2,879
239,305
Sumitomo
Realty
&
Development
Co
Ltd
8,916
8,935,800
Summarecon
Agung
Tbk
PT
299
30,868
Summit
Real
Estate
Holdings
Ltd
391
15,347
Sumou
Real
Estate
Co
257
18,780
Sun
Frontier
Fudousan
Co
Ltd
232
1,308,908
Sun
Hung
Kai
Properties
Ltd
12,644
1,022,000
(c)
Sunac
Services
Holdings
Ltd
243
58,429
Sunteck
Realty
Ltd
274
1,044,600
Supalai
PCL
605
363,424
Swire
Pacific
Ltd
(Class
A)
2,992
985,126
Swire
Properties
Ltd
2,072
CREF
Stock
Account
March
31,
2024
108
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
78,449
Swiss
Prime
Site
AG.
$
7,400
136,324
TAG
Tegernsee
Immobilien
und
Beteiligungs
AG.
1,863
743,740
Talaat
Moustafa
Group
918
54,201
(a)
TARC
Ltd
91
14,271
(a),(b)
TKP
Corp
165
236,493
Tokyo
Tatemono
Co
Ltd
3,995
497,700
Tokyu
Fudosan
Holdings
Corp
4,021
20,443
Tosei
Corp
324
210,229
(b)
Tricon
Residential,
Inc
2,344
735,600
UEM
Sunrise
Bhd
188
1,414,986
(a)
United
Development
Co
QSC
439
250,400
UOL
Group
Ltd
1,066
10,406
VGP
NV
1,191
3,254
VIB
Vermoegen
AG.
39
348,773
Vonovia
SE
10,307
294,053
(b)
Wallenstam
AB
1,437
6,704,900
WHA
Corp
PCL
883
859,000
Wharf
Holdings
Ltd
2,824
1,487,756
Wharf
Real
Estate
Investment
Co
Ltd
4,844
218,840
Wihlborgs
Fastigheter
AB
2,028
580,642
Yanlord
Land
Group
Ltd
209
6,217
YH
Dimri
Construction
&
Development
Ltd
489
155,400
Youngor
Group
Co
Ltd
150
1,619,652
Yuexiu
Property
Co
Ltd
894
455,000
Yuexiu
Services
Group
Ltd
171
137,065
(a)
Zillow
Group,
Inc
(Class
A)
6,560
115,569
(a)
Zillow
Group,
Inc
(Class
C)
5,637
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
495,760
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
8.8%
8,700
(a),(b)
Abalance
Corp
150
13,174
ACM
Research
Shanghai,
Inc
154
415,980
(a)
ACM
Research,
Inc
12,122
217,080
ADATA
Technology
Co
Ltd
671
1,457,270
(a)
Advanced
Micro
Devices,
Inc
263,023
32,025
Advanced
Micro-Fabrication
Equipment,
Inc
China
662
115,000
Advanced
Wireless
Semiconductor
Co
514
1,018,000
Advantest
Corp
45,222
17,385
(a),(b)
Aehr
Test
Systems
216
204,100
(b)
AEM
Holdings
Ltd
331
22,000
Airoha
Technology
Corp
420
540,844
Aixtron
AG.
14,280
188,000
Alchip
Technologies
Ltd
18,604
61,073
Alfa
Solar
Enerji
Sanayi
VE
Ticaret
AS.
168
191,571
(a)
Allegro
MicroSystems,
Inc
5,165
228,186
(a)
Alphawave
IP
Group
plc
504
69,613
Amazing
Microelectronic
Corp
225
167,244
Amkor
Technology,
Inc
5,392
17,327
Amlogic
Shanghai
Co
Ltd
116
812,698
(a)
ams-OSRAM
AG.
941
400,765
Analog
Devices,
Inc
79,267
32,000
Andes
Technology
Corp
425
77,000
AP
Memory
Technology
Corp
933
2,247,338
Applied
Materials,
Inc
463,469
2,833,000
Ardentec
Corp
7,290
137,733
(a),(b)
ARM
Holdings
plc
(ADR)
17,215
2,684,925
ASE
Technology
Holding
Co
Ltd
13,033
46,413
ASM
International
NV
28,423
251,400
ASM
Pacific
Technology
3,162
114,000
ASMedia
Technology,
Inc
8,222
775,655
ASML
Holding
NV
751,967
24,000
ASPEED
Technology,
Inc
2,501
109
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
15,774
(a)
ASR
Microelectronics
Co
Ltd
$
87
20,570
(a),(b)
Astera
Labs,
Inc
1,526
95,300
(a)
Axcelis
Technologies,
Inc
10,628
75,989
BE
Semiconductor
Industries
NV
11,640
45,231
(a)
Borosil
Renewables
Ltd
271
1,133,485
Broadcom,
Inc
1,502,332
23,809
(a)
Cambricon
Technologies
Corp
Ltd
588
22,886
(a)
Camtek
Ltd
1,902
359,500
Chang
Wah
Technology
Co
Ltd
383
11,538
(a),(d)
China
Energy
Savings
Technology,
Inc
0
^
60,456
China
Resources
Microelectronics
Ltd
329
479,000
Chipbond
Technology
Corp
1,166
3,798,000
ChipMOS
Technologies,
Inc
6,054
65,624
(a)
Cirrus
Logic,
Inc
6,074
875,320
(a)
Credo
Technology
Group
Holding
Ltd
18,548
429,500
D&O
Green
Technologies
Bhd
284
33,600
(a)
Daqo
New
Energy
Corp
(ADR)
946
84,523
DB
HiTek
Co
Ltd
2,757
167,500
Disco
Corp
61,227
56,287
(a)
Doosan
Tesna,
Inc
2,109
10,272
(a)
Duk
San
Neolux
Co
Ltd
290
230,000
Elan
Microelectronics
Corp
1,153
223,000
Elite
Semiconductor
Microelectronics
Technology,
Inc
610
5,084
Elmos
Semiconductor
SE
405
55,000
eMemory
Technology,
Inc
4,130
514,000
(a)
Ennostar,
Inc
621
99,501
(a)
Enphase
Energy,
Inc
12,038
111,491
Entegris,
Inc
15,669
7,188
Eo
Technics
Co
Ltd
1,026
194,595
Episil
Technologies,
Inc
369
37,860
Episil-Precision,
Inc
70
203,967
Etron
Technology,
Inc
325
12,098
Eugene
Technology
Co
Ltd
383
272,000
Everlight
Electronics
Co
Ltd
455
7,228
(a)
Fadu,
Inc
90
185,913
Faraday
Technology
Corp
1,944
34,333
(b)
Ferrotec
Holdings
Corp
668
79,543
(a)
First
Solar,
Inc
13,427
69,550
Fitipower
Integrated
Technology,
Inc
587
83,700
Flat
Glass
Group
Co
Ltd
334
395,000
(b)
Flat
Glass
Group
Co
Ltd
961
159,000
FocalTech
Systems
Co
Ltd
470
56,184
(a)
Formfactor,
Inc
2,564
762,000
Formosa
Advanced
Technologies
Co
Ltd
864
62,200
Formosa
Sumco
Technology
Corp
320
686,000
Foxsemicon
Integrated
Technology,
Inc
6,420
64,328
GalaxyCore,
Inc
149
3,884
(a)
Gaonchips
Co
Ltd
355
8,573,000
GCL
Technology
Holdings
Ltd
1,405
22,612
(a)
GemVax
&
Kael
Co
Ltd
197
35,306
GigaDevice
Semiconductor,
Inc
356
2,024
GigaVis
Co
Ltd
105
46,000
Global
Mixed
Mode
Technology,
Inc
384
81,000
Global
Unichip
Corp
3,087
58,413
(a),(b)
GLOBALFOUNDRIES,
Inc
3,044
234,988
Globalwafers
Co
Ltd
4,080
12,000
Grand
Plastic
Technology
Corp
320
1,050,900
(a)
Greatech
Technology
Bhd
1,045
1,544,000
Greatek
Electronics,
Inc
3,006
52,457
Gudeng
Precision
Industrial
Co
Ltd
710
10,231
HAESUNG
DS
Co
Ltd
388
6,608
Hana
Materials,
Inc
260
CREF
Stock
Account
March
31,
2024
110
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
29,820
Hana
Micron,
Inc
$
641
26,600
Hangzhou
Chang
Chuan
Technology
Co
Ltd
116
69,900
Hangzhou
First
Applied
Material
Co
Ltd
273
68,644
Hangzhou
Silan
Microelectronics
Co
Ltd
186
38,416
Hanmi
Semiconductor
Co
Ltd
3,823
127,000
Holtek
Semiconductor,
Inc
214
31,985
HPSP
Co
Ltd
1,271
560,531
(a),(b),(c)
Hua
Hong
Semiconductor
Ltd
1,094
7,892
Hwatsing
Technology
Co
Ltd
192
101,562
Hygon
Information
Technology
Co
Ltd
1,080
973,466
Hynix
Semiconductor,
Inc
128,960
450,054
(a)
Ichor
Holdings
Ltd
17,381
2,168,400
Inari
Amertron
Bhd
1,450
3,944,405
Infineon
Technologies
AG.
134,132
17,756
Ingenic
Semiconductor
Co
Ltd
150
12,942
Innox
Advanced
Materials
Co
Ltd
282
7,623,741
Intel
Corp
336,741
90,386
ISC
Co
Ltd
6,684
436,000
ITE
Technology,
Inc
2,405
178,817
JA
Solar
Technology
Co
Ltd
430
50,713
Japan
Material
Co
Ltd
811
22,155
(a)
Jeju
Semiconductor
Corp
471
68,097
Jentech
Precision
Industrial
Co
Ltd
1,921
19,800
Jiangsu
Pacific
Quartz
Co
Ltd
249
362,594
Jinko
Solar
Co
Ltd
414
32,900
(b)
JinkoSolar
Holding
Co
Ltd
(ADR)
829
26,621
Jusung
Engineering
Co
Ltd
736
3,501,000
King
Yuan
Electronics
Co
Ltd
11,602
244,000
Kinsus
Interconnect
Technology
Corp
755
50,666
KLA
Corp
35,394
39,830
Koh
Young
Technology,
Inc
577
77,385
KoMiCo
Ltd
4,263
471,471
Lam
Research
Corp
458,067
65,000
LandMark
Optoelectronics
Corp
271
51,700
Lasertec
Corp
14,736
119,231
(a)
Lattice
Semiconductor
Corp
9,327
42,080
LEENO
Industrial,
Inc
8,081
421,068
LONGi
Green
Energy
Technology
Co
Ltd
1,143
9,771
LX
Semicon
Co
Ltd
582
15,700
M31
Technology
Corp
631
1
(a)
MACOM
Technology
Solutions
Holdings,
Inc
0
^
1,528,000
Macronix
International
1,273
67,800
Malaysian
Pacific
Industries
Bhd
435
62,000
Marketech
International
Corp
316
620,121
Marvell
Technology,
Inc
43,954
2,903,520
MediaTek,
Inc
105,207
10,689
(a),(b)
Megachips
Corp
273
16,131
Melexis
NV
1,306
196,898
(b)
Microchip
Technology,
Inc
17,664
2,149,689
Micron
Technology,
Inc
253,427
131,600
Micronics
Japan
Co
Ltd
7,223
167,891
Mimasu
Semiconductor
Industry
Co
Ltd
3,414
16,606
Mitsui
High-Tec,
Inc
943
24,622
MKS
Instruments,
Inc
3,275
17,059
Monolithic
Power
Systems,
Inc
11,556
62,605
Montage
Technology
Co
Ltd
402
59,000
MPI
Corp
562
1,087,075
Nanya
Technology
Corp
2,296
68,815
(a)
National
Silicon
Industry
Group
Co
Ltd
127
28,114
NAURA
Technology
Group
Co
Ltd
1,193
5,995
NEXTIN,
Inc
311
133,062
(a)
Nordic
Semiconductor
ASA
1,059
111
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
73,820
(a)
Nova
Measuring
Instruments
Ltd
$
13,049
500,758
Novatek
Microelectronics
Corp
Ltd
9,219
177,000
Nuvoton
Technology
Corp
686
3,845,048
Nvidia
Corp
3,474,232
202,672
NXP
Semiconductors
NV
50,216
158,834
(a)
ON
Semiconductor
Corp
11,682
132,187
(a)
Onto
Innovation,
Inc
23,936
277,452
Optorun
Co
Ltd
3,778
301,000
Orient
Semiconductor
Electronics
Ltd
616
240,000
Pan
Jit
International,
Inc
431
64,000
Parade
Technologies
Ltd
1,842
158,230
(a)
PDF
Solutions,
Inc
5,328
130,000
Phison
Electronics
Corp
2,804
459,290
(a)
Photronics,
Inc
13,007
10,081
Piotech,
Inc
261
101,000
Pixart
Imaging,
Inc
486
2,412,000
Powerchip
Semiconductor
Manufacturing
Corp
1,952
647,000
Powertech
Technology,
Inc
4,061
2,592
Protec
Co
Ltd
99
16,595
PSK,
Inc
353
14,369
(a)
PVA
TePla
AG.
291
35,900
(a)
Qorvo,
Inc
4,122
578,494
QUALCOMM,
Inc
97,939
350,000
Radiant
Opto-Electronics
Corp
1,885
339,989
(a)
Rambus,
Inc
21,015
45,000
Raydium
Semiconductor
Corp
665
420,261
Realtek
Semiconductor
Corp
7,319
229,382
(a)
REC
Silicon
ASA
227
3,121,300
Renesas
Electronics
Corp
55,624
61,311
RichWave
Technology
Corp
392
66,000
Risen
Energy
Co
Ltd
134
14,000
Rockchip
Electronics
Co
Ltd
95
1,190,700
Rohm
Co
Ltd
19,097
8,207
Rorze
Corp
1,159
14,400
RS
Technologies
Co
Ltd
289
13,825
S&S
Tech
Corp
463
268,500
Sanan
Optoelectronics
Co
Ltd
452
17,613
(b)
Sanken
Electric
Co
Ltd
772
119,500
(b)
SCREEN
Holdings
Co
Ltd
15,494
89,000
SDI
Corp
267
916,493
(a)
Semtech
Corp
25,194
32,687
Seoul
Semiconductor
Co
Ltd
248
59,406
(a)
SFA
Semicon
Co
Ltd
267
17,344
SG
Micro
Corp
155
94,920
Shanghai
Aiko
Solar
Energy
Co
Ltd
179
24,400
Shenzhen
Goodix
Technology
Co
Ltd
196
18,721
Shenzhen
SC
New
Energy
Technology
Corp
155
68,000
(b)
Shibaura
Mechatronics
Corp
2,883
54,900
Shinko
Electric
Industries
2,049
119,613
(a)
Shinsung
Holdings
Co
Ltd
197
30,000
ShunSin
Technology
Holding
Ltd
174
2,901,000
Sigurd
Microelectronics
Corp
6,525
1,141,512
Silergy
Corp
11,677
147,917
(a),(b)
Silex
Systems
Ltd
494
448,000
Silicon
Integrated
Systems
Corp
526
82,161
(a)
Silicon
Laboratories,
Inc
11,808
12,966
Siltronic
AG.
1,150
19,427
SIMMTECH
Co
Ltd
445
404,000
Sino-American
Silicon
Products,
Inc
2,715
95,000
Sitronix
Technology
Corp
890
39,931
(a)
SK
Square
Co
Ltd
2,336
55,425
Skyworks
Solutions,
Inc
6,004
CREF
Stock
Account
March
31,
2024
112
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
13,010
(a),(b)
SMA
Solar
Technology
AG.
$
751
523,762
(a),(b)
SMART
Global
Holdings,
Inc
13,785
121,259
(a)
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS.
208
211,800
(b)
Socionext,
Inc
5,785
19,813
(a)
SOITEC
2,046
5,700
StarPower
Semiconductor
Ltd
114
675,910
STMicroelectronics
NV
29,090
14,753
SUESS
MicroTec
SE
582
8,296,742
Sumco
Corp
131,178
402,000
Sunplus
Technology
Co
Ltd
351
138,000
Taiwan
Mask
Corp
293
204,000
Taiwan
Semiconductor
Co
Ltd
480
47,205,146
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,130,856
1,321,855
(b)
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR)
179,838
203,000
Taiwan
Surface
Mounting
Technology
Corp
669
270,000
Taiwan-Asia
Semiconductor
Corp
332
211,781
TCL
Zhonghuan
Renewable
Energy
Technology
Co
Ltd
346
221,578
(a),(b)
Technoprobe
S.p.A
2,011
660,883
Teradyne,
Inc
74,567
862,523
Texas
Instruments,
Inc
150,260
219,561
Tianshui
Huatian
Technology
Co
Ltd
235
4,237
Tokai
Carbon
Korea
Co
Ltd
366
574,300
Tokyo
Electron
Ltd
149,576
32,100
Tokyo
Seimitsu
Co
Ltd
2,494
73,148
TongFu
Microelectronics
Co
Ltd
224
250,739
Tongwei
Co
Ltd
858
128,611
Topco
Scientific
Co
Ltd
878
14,900
(b)
Towa
Corp
989
88,515
(a)
Tower
Semiconductor
Ltd
(Tel
Aviv)
2,896
22,800
Tri
Chemical
Laboratories,
Inc
747
113,597
Trina
Solar
Co
Ltd
373
1,746,000
(a),(d)
Trony
Solar
Holdings
Co
Ltd
2
19,444
TSE
Co
Ltd
903
437,946
TSEC
Corp
407
5,592
(b)
u-blox
Holding
AG.
539
37,344
Ulvac,
Inc
2,403
3,325,400
UMS
Holdings
Ltd
3,324
46,068
Unigroup
Guoxin
Microelectronics
Co
Ltd
418
341,600
Unisem
M
Bhd
275
9,842,071
United
Microelectronics
Corp
15,984
1,224,000
United
Renewable
Energy
Co
Ltd/Taiwan
436
17,176
Universal
Display
Corp
2,893
34,000
UPI
Semiconductor
Corp
302
752,744
Vanguard
International
Semiconductor
Corp
1,995
330,906
(a)
Veeco
Instruments,
Inc
11,638
18,694
(a)
Verisilicon
Microelectronics
Shanghai
Co
Ltd
89
144,000
Via
Technologies,
Inc
567
88,000
VisEra
Technologies
Co
Ltd
825
122,000
Visual
Photonics
Epitaxy
Co
Ltd
641
219,200
ViTrox
Corp
Bhd
354
449,000
Wafer
Works
Corp
545
155,897
(a),(b)
Weebit
Nano
Ltd
340
2,378,746
Will
Semiconductor
Co
Ltd
32,454
4,671,727
Win
Semiconductors
Corp
21,244
2,654,570
Winbond
Electronics
Corp
2,240
21,000
WinWay
Technology
Co
Ltd
465
92,520
(a),(b)
Wolfspeed,
Inc
2,729
216,559
(a)
WONIK
IPS
Co
Ltd
5,873
12,602
Wonik
QnC
Corp
301
80,445
(a),(c)
X-Fab
Silicon
Foundries
SE
609
54,840
(a),(c)
X-Fab
Silicon
Foundries
SE
415
81,263
Xinjiang
Daqo
New
Energy
Co
Ltd
304
113
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
447,000
XinTec,
Inc
$
1,728
2,031,214
Xinyi
Solar
Holdings
Ltd
1,577
12,400
Yangzhou
Yangjie
Electronic
Technology
Co
Ltd
63
58,606
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
280
24,000
ZillTek
Technology
Corp
320
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
11,023,969
SOFTWARE
&
SERVICES
-
9.1%
184,587
360
Security
Technology,
Inc
226
1,052,139
Accenture
plc
364,682
152,510
(a)
ACI
Worldwide,
Inc
5,065
87,762
(a)
Addnode
Group
AB
938
2,913
(b)
Adesso
SE
343
359,982
(a)
Adobe,
Inc
181,647
57,244
Ahnlab,
Inc
2,842
45,911
(a)
Akamai
Technologies,
Inc
4,993
12,462
Al
Moammar
Information
Systems
Co
488
9,270
(a)
Alarm.com
Holdings,
Inc
672
52,271
(a),(c)
Alfa
Financial
Software
Holdings
plc
112
23,653
Alten
3,452
96,176
Altium
Ltd
4,085
164,629
Amdocs
Ltd
14,878
86,860
American
Software,
Inc
(Class
A)
995
31,910
(a)
Ansys,
Inc
11,078
87,690
(a)
Appfolio,
Inc
21,637
53,100
(a)
Appier
Group,
Inc
550
309,132
(a)
AppLovin
Corp
21,398
20,041
Arabian
Internet
&
Communications
Services
Co
2,020
46,100
Argo
Graphics,
Inc
1,296
140,800
(c)
AsiaInfo
Technologies
Ltd
129
167,145
Asseco
Poland
S.A.
3,242
64,044
Atea
ASA
766
633,887
(a)
Atlassian
Corp
Ltd
123,678
3,257
Atoss
Software
AG.
963
7,562
Aubay
332
5,300
Base
Co
Ltd
123
2,730,600
(a)
BASE,
Inc
5,690
204,644
Bechtle
AG.
10,816
23,894
Beijing
Kingsoft
Office
Software,
Inc
989
145,255
Bentley
Systems,
Inc
7,585
76,751
(a)
BILL
Holdings,
Inc
5,274
133,351
Birlasoft
Ltd
1,191
251,019
(a),(b)
Bitfarms
Ltd
558
405,512
(a),(b)
BlackBerry
Ltd
1,111
136,200
(a)
Box,
Inc
3,857
74,426
(a)
Brightcove,
Inc
144
749,301
Bytes
Technology
Group
plc
4,835
26,850
CANCOM
SE
801
153,302
Cap
Gemini
S.A.
35,276
9,668
cBrain
A.S.
529
251,522
(a)
CCC
Intelligent
Solutions
Holdings,
Inc
3,008
15,363
CE
Info
Systems
Ltd
345
40,664
(a),(b)
Cellebrite
DI
Ltd
451
51,450
(a),(b)
Ceridian
HCM
Holding,
Inc
3,407
177,137
(a)
CGI,
Inc
19,543
36,500
(b)
Change
Holdings,
Inc
310
182,916
(a)
Check
Point
Software
Technologies
30,000
1,858,000
Chinasoft
International
Ltd
1,122
243,960
(a)
Cipher
Mining,
Inc
1,256
858,561
Clear
Secure,
Inc
18,262
124,962
(a)
Cloudflare,
Inc
12,100
46,999
Coforge
Ltd
3,113
CREF
Stock
Account
March
31,
2024
114
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
175,733
Cognizant
Technology
Solutions
Corp
(Class
A)
$
12,879
438,948
(a)
Commvault
Systems,
Inc
44,522
65,121
Computacenter
plc
2,214
425,207
Computer
Modelling
Group
Ltd
3,192
171,688
Comture
Corp
2,241
747,402
(a)
Confluent,
Inc
22,811
17,248
Constellation
Software,
Inc
47,114
1,568,580
(b)
Converge
Technology
Solutions
Corp
6,740
426,840
(a)
Couchbase,
Inc
11,230
277,174
(a)
Coveo
Solutions,
Inc
2,104
50,987
(a),(c)
Crayon
Group
Holding
ASA
375
241,067
(a)
Crowdstrike
Holdings,
Inc
77,284
41,136
(a)
CyberArk
Software
Ltd
10,927
23,700
Cybozu,
Inc
276
68,430
Cyient
Ltd
1,641
4,813,644
(a)
Darktrace
plc
26,569
660,710
Dassault
Systemes
SE
29,248
110,640
Data#3
Ltd
597
498,436
(a)
Datadog,
Inc
61,607
7,473
Datagroup
SE
356
7,949
(a)
Dear
U
Co
Ltd
179
155,761
(a)
Descartes
Systems
Group,
Inc
14,247
105,800
Digital
Arts,
Inc
3,036
2,721,000
Digital
China
Holdings
Ltd
1,037
26,013
Digital
Garage,
Inc
566
2,348
(b)
Digital
Value
S.p.A
141
12,006
(a)
Docebo,
Inc
587
21,830
Dolby
Laboratories,
Inc
(Class
A)
1,829
76,890
(a)
Domo,
Inc
686
57,402
Douzone
Bizon
Co
Ltd
1,789
85,181
(a)
Dropbox,
Inc
2,070
31,000
DTS
Corp
810
173,155
(b)
Dye
&
Durham
Ltd
2,010
118,265
(a)
Dynatrace,
Inc
5,492
96,199
(a)
Elastic
NV
9,643
20,937
Elm
Co
5,355
17,700
Empyrean
Technology
Co
Ltd
196
5,621
(a)
EMRO,
Inc
276
36,496
Enghouse
Systems
Ltd
823
166,182
(a)
Envestnet,
Inc
9,624
425,475
(a)
EPAM
Systems,
Inc
117,499
4,709
(b)
Esker
S.A.
946
213,450
(a)
Everbridge,
Inc
7,434
7,034
(a),(b)
Exclusive
Networks
S.A.
167
18,388
(a)
Fair
Isaac
Corp
22,978
115,403
(a)
FD
Technologies
plc
1,789
64,104
FDM
Group
Holdings
plc
278
740,258
(a)
Five9,
Inc
45,977
21,279
Formula
Systems
1985
Ltd
1,703
367,270
(a)
Fortinet,
Inc
25,088
1,503,267
(a)
Fortnox
AB
9,391
115,900
(a)
Freee
KK
2,670
949,867
(a)
Freshworks,
Inc
17,297
41,768
(b)
FUJI
SOFT,
Inc
1,656
1,459,000
Fujitsu
Ltd
23,350
39,527
Fukui
Computer
Holdings,
Inc
675
58,100
Future
Architect,
Inc
640
41,983
(a)
Gartner,
Inc
20,012
197,603
GB
Group
plc
679
800,600
(a),(b)
GDS
Holdings
Ltd
662
57,800
(a),(b)
GDS
Holdings
Ltd
(ADR)
384
4,076,164
Gen
Digital,
Inc
91,306
115
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
12,591
GFT
Technologies
SE
$
366
105,766
(a)
Gitlab,
Inc
6,168
77,537
(c)
Global
Dominion
Access
S.A.
282
30,761
(a)
Globant
S.A.
6,211
53,770
GMO
internet,
Inc
974
105,322
(a)
GoDaddy,
Inc
12,500
531,597
(a)
Grid
Dynamics
Holdings,
Inc
6,533
12,311
Haansoft,
Inc
197
143,517
Hansen
Technologies
Ltd
456
52,456
Happiest
Minds
Technologies
Ltd
470
72,454
(a)
HashiCorp,
Inc
1,953
818,840
HCL
Technologies
Ltd
15,224
13,613
Hinduja
Global
Solutions
Ltd
121
54,052
Hundsun
Technologies,
Inc
170
55,148
(a),(b)
Hut
8
Corp
609
58,583
Iflytek
Co
Ltd
402
61,500
I'll,
Inc
1,228
96,921
Indra
Sistemas
S.A.
2,009
281,000
INESA
Intelligent
Tech,
Inc
164
31,819
(a)
Informatica,
Inc
1,114
22,548
Information
Services
International-Dentsu
Ltd
737
2,851,544
Infosys
Technologies
Ltd
51,351
189,190
(a)
Intapp,
Inc
6,489
67,768
Intellect
Design
Arena
Ltd
895
664,151
International
Business
Machines
Corp
126,826
420,644
Intuit,
Inc
273,419
61,368
(a)
Ionos
SE
1,410
143,764
Iress
Market
Technology
Ltd
777
56,550
(a)
Isoftstone
Information
Technology
Group
Co
Ltd
367
192,357
Justsystems
Corp
3,376
69,570
Kainos
Group
plc
848
594,800
(a),(e)
Kaonavi,
Inc
7,188
854,895
Keywords
Studios
plc
14,049
154,517
(a)
Kinaxis,
Inc
17,567
1,171,495
(a)
Kingdee
International
Software
Group
Co
Ltd
1,326
83,200
(a),(b)
Kingsoft
Cloud
Holdings
Ltd
(ADR)
253
76,954
(a),(b)
Klaviyo,
Inc
1,961
30,118
Kontron
AG.
664
131,980
KPIT
Technologies
Ltd
2,362
387,036
(a)
Kyndryl
Holdings,
Inc
8,422
1,226,158
(a)
Lightspeed
Commerce,
Inc
17,244
779,000
(b),(c)
Linklogis,
Inc
140
51,131
LiveChat
Software
S.A.
1,152
199,360
(a)
LiveRamp
Holdings,
Inc
6,878
32,039,300
(c),(e)
Locaweb
Servicos
de
Internet
S.A.
37,307
3,433
Lotte
Data
Communication
Co
94
466,645
(c)
LTIMindtree
Ltd
27,731
24,272
Magic
Software
Enterprises
Ltd
280
11,560
(a)
Manhattan
Associates,
Inc
2,893
142,500
(a),(b)
Marathon
Digital
Holdings,
Inc
3,218
14,076
Mastek
Ltd
430
25,835
Matrix
IT
Ltd
570
207,791
(a),(b)
Megaport
Ltd
2,028
196,651
(a)
MIA
Teknoloji
AS.
378
13,120,630
Microsoft
Corp
5,520,111
2,290
(a),(b)
MicroStrategy,
Inc
(Class
A)
3,903
671,000
(b)
Ming
Yuan
Cloud
Group
Holdings
Ltd
210
35,167
Mitsubishi
Research
Institute,
Inc
1,153
28,424
(a)
Monday.com
Ltd
6,420
34,088
(a)
Money
Forward,
Inc
1,521
23,018
(a)
MongoDB,
Inc
8,255
63,243
Mphasis
Ltd
1,819
CREF
Stock
Account
March
31,
2024
116
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,371
(a)
Nagarro
SE
$
548
852,000
(a),(b),(d)
National
Agricultural
Holdings
Ltd
1
275,393
NCC
Group
plc
432
39,476
(a)
nCino
OpCo,
Inc
1,476
97,272
(a)
NCR
Corp
1,229
205,900
NEC
Corp
15,032
54,443
NEC
Networks
&
System
Integration
Corp
906
57,362
Nemetschek
SE
5,678
661,706
NET
One
Systems
Co
Ltd
11,632
34,446
(c)
Netcompany
Group
A.S.
1,424
44,277
Newgen
Software
Technologies
Ltd
424
418,723
(a)
NEXTDC
Ltd
4,850
62,850
(a)
Nice
Systems
Ltd
16,356
537,284
Nihon
Unisys
Ltd
15,968
79,100
Nippon
System
Development
Co
Ltd
1,530
326,900
Nomura
Research
Institute
Ltd
9,235
8,389
(a),(b)
Northern
Data
AG.
242
170,492
NS
Solutions
Corp
5,563
529,400
NTT
Data
Corp
8,416
367,303
(a)
Nutanix,
Inc
22,670
150,300
OBIC
Business
Consultants
Ltd
7,070
14,400
Obic
Co
Ltd
2,175
25,295
Objective
Corp
Ltd
212
24,905
(a),(b)
Oddity
Tech
Ltd
1,082
164,321
(a)
Okta,
Inc
17,191
423,930
(a)
Olo,
Inc
2,327
38,911
One
Software
Technologies
Ltd
576
233,185
Open
Text
Corp
(Toronto)
9,048
2,809,762
Oracle
Corp
352,934
8,000
(a)
Oracle
Corp
Japan
602
47,200
Otsuka
Corp
1,002
31,822
(a),(b)
OVH
Groupe
SAS
332
293,138
(a),(b)
Pagaya
Technologies
Ltd
2,961
642,156
(a)
Palantir
Technologies,
Inc
14,776
786,083
(a)
Palo
Alto
Networks,
Inc
223,350
48,119
(a),(b)
Paycor
HCM,
Inc
935
30,819
(a)
Paylocity
Holding
Corp
5,297
68,741
Pegasystems,
Inc
4,443
44,170
(a)
Perfect
Presentation
For
Commercial
Services
Co
391
85,638
Persistent
Systems
Ltd
4,108
60,300
(a),(b)
PKSHA
Technology,
Inc
2,169
842,300
Plus
Alpha
Consulting
Co
Ltd
13,494
46,116
POSCO
DX
Co
Ltd
1,665
688,703
(a)
PowerSchool
Holdings,
Inc
14,662
41,934
(a)
Procore
Technologies,
Inc
3,446
789,089
(a)
PTC,
Inc
149,090
484,375
(a)
Q2
Holdings,
Inc
25,459
24,606
(a)
Qi
An
Xin
Technology
Group,
Inc
108
123,800
(a),(b),(c)
Qingdao
Ainnovation
Technology
Group
Co
Ltd
116
14,737
(a),(b)
QT
Group
Oyj
1,216
66,900
Rakus
Co
Ltd
908
499,444
(a)
Rategain
Travel
Technologies
Ltd
4,297
18,178
Reply
S.p.A
2,572
57,682
(a)
RingCentral,
Inc
2,004
59,563
(a)
Riskified
Ltd
322
336,879
Roper
Industries,
Inc
188,935
27,825
Route
Mobile
Ltd
535
1,000,927
Sage
Group
plc
15,997
14,600
(b)
Sakura
Internet,
Inc
593
2,034,218
Salesforce,
Inc
612,666
33,363
Samsung
SDS
Co
Ltd
4,054
11,780
Sangfor
Technologies,
Inc
103
117
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
52,500
(a)
Sansan,
Inc
$
603
1,158,064
SAP
AG.
225,497
206,800
Sapiens
International
Corp
NV
6,651
83,530
Sapiens
International
Corp
NV
2,613
42,000
SB
Technology
Corp
579
1,315
Secunet
Security
Networks
AG.
228
772,770
(a),(b)
SEMrush
Holdings,
Inc
10,247
586,237
(a)
SentinelOne,
Inc
13,665
366,861
(a)
ServiceNow,
Inc
279,695
49,602
Shanghai
Baosight
Software
Co
Ltd
264
583,332
Shanghai
Baosight
Software
Co
Ltd
1,184
238,572
(a)
SHIFT,
Inc
38,022
2,530,521
(a)
Shopify,
Inc
(Class
A)
195,223
143,831
(a)
SimilarWeb
Ltd
1,294
21,500
Simplex
Holdings,
Inc
397
521,291
(a),(c)
Sinch
AB
1,307
182,900
(a)
SiteMinder
Ltd
671
263,500
(a)
SKY
ICT
PCL
190
159,711
(a)
Smartsheet,
Inc
6,149
494,243
(a)
Snowflake,
Inc
79,870
478,105
Softcat
plc
9,583
137,304
Sonata
Software
Ltd
1,193
65,109
Sopra
Group
S.A.
15,779
206,900
(a)
Sprinklr,
Inc
2,539
455,558
(a),(b)
Sprout
Social,
Inc
27,201
6,837
(a)
SPS
Commerce,
Inc
1,264
121,000
(a)
Squarespace,
Inc
4,409
131,400
Sumisho
Computer
Systems
Corp
2,442
637,224
SUNeVision
Holdings
Ltd
208
308,855
(a)
Synopsys,
Inc
176,511
1,739,412
Systena
Corp
3,088
122,000
Systex
Corp
452
57,195
Tanla
Platforms
Ltd
564
779,568
Tata
Consultancy
Services
Ltd
36,384
28,230
Tata
Elxsi
Ltd
2,641
467,987
(a),(c)
TeamViewer
SE
6,974
466,365
Tech
Mahindra
Ltd
6,999
189,500
TechMatrix
Corp
2,279
828,120
Technology
One
Ltd
9,153
63,464
(b)
Temenos
Group
AG.
4,540
134,120
(a)
Tenable
Holdings,
Inc
6,630
459,231
(a)
Teradata
Corp
17,758
416,130
(a)
Thoughtworks
Holding,
Inc
1,053
23,661
(a)
Thunder
Software
Technology
Co
Ltd
169
83,678
(b)
Tietoenator
Oyj
1,771
584,900
TIS,
Inc
12,549
64,142
(a),(b)
TomTom
NV
512
445,152
TOTVS
S.A.
2,519
522,112
(a)
Trade
Desk,
Inc
45,643
27,700
(a)
Trend
Micro,
Inc
1,407
191,265
(a),(b)
Truecaller
AB
585
188,800
(a),(b)
Tuya,
Inc
(ADR)
330
149,257
(a)
Twilio,
Inc
9,127
283,451
(a)
UiPath,
Inc
6,426
217,554
(a),(b)
Unity
Software,
Inc
5,809
64,657
(a)
VeriSign,
Inc
12,253
25,739
Vitec
Software
Group
AB
1,337
83,400
(a),(b)
VNET
Group,
Inc
(ADR)
129
1,344,000
(a),(b)
Vobile
Group
Ltd
277
79,015
(a)
WalkMe
Ltd
680
7,613
(b)
Wavestone
461
374,650
(a),(b)
Weave
Communications,
Inc
4,301
CREF
Stock
Account
March
31,
2024
118
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,765,000
(a),(b),(c)
Weimob,
Inc
$
434
12,559
(b)
Wiit
S.p.A
245
13,700
WingArc1st,
Inc
276
1,144,573
Wipro
Ltd
6,634
140,212
WiseTech
Global
Ltd
8,576
53,894
(a)
Wix.com
Ltd
7,409
767,817
(a)
Workday,
Inc
209,422
151,320
(a)
Workiva,
Inc
12,832
120,273
(a)
Xero
Ltd
10,443
89,487
Yonyou
Network
Technology
Co
Ltd
149
25,505
(a)
Yubico
AB
454
94,829
Zensar
Technologies
Ltd
692
277,970
(a)
Zeta
Global
Holdings
Corp
3,038
41,433
(a)
Zoom
Video
Communications,
Inc
2,708
80,414
(a)
Zscaler,
Inc
15,490
58,300
Zuken,
Inc
1,710
1,249,030
(a)
Zuora,
Inc
11,391
TOTAL
SOFTWARE
&
SERVICES
11,403,296
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.0%
644,944
AAC
Technologies
Holdings,
Inc
2,166
55,000
Ability
Opto-Electronics
Technology
Co
Ltd
383
42,300
Accelink
Technologies
Co
Ltd
226
433,831
Accton
Technology
Corp
6,217
2,507,532
Acer,
Inc
3,655
78,000
Adlink
Technology,
Inc
167
10,631
(a)
ADVA
Optical
Networking
SE
229
30,000
Advanced
Ceramic
X
Corp
216
394,543
Advantech
Co
Ltd
5,020
25,006
Ai
Holdings
Corp
403
15,000
AIC,
Inc
177
4,176,000
Alpha
Networks,
Inc
4,711
154,100
(b)
Alps
Electric
Co
Ltd
1,212
5,288
ALSO
Holding
AG.
1,372
44,450
Amano
Corp
1,133
216,120
Amphenol
Corp
(Class
A)
24,929
19,500
Anker
Innovations
Technology
Co
Ltd
207
110,593
Anritsu
Corp
895
1,287,120
(a),(d)
Anxin-China
Holdings
Ltd
2
84,000
Apex
International
Co
Ltd
105
19,796,136
(g)
Apple,
Inc
3,394,641
128,000
Arcadyan
Technology
Corp
766
504,323
(a)
Arista
Networks,
Inc
146,244
617,589
(a)
Arlo
Technologies,
Inc
7,813
19,592
(a)
Arrow
Electronics,
Inc
2,536
129,000
Asia
Optical
Co,
Inc
262
492,385
Asia
Vital
Components
Co
Ltd
8,339
27,000
ASROCK,
Inc
218
26,174
Astra
Microwave
Products
Ltd
187
609,026
Asustek
Computer,
Inc
8,063
20,622
AT&S
Austria
Technologie
&
Systemtechnik
AG.
430
5,693,827
AU
Optronics
Corp
3,219
55,815
(a)
Audinate
Group
Ltd
761
49,000
AURAS
Technology
Co
Ltd
1,010
12,613
(a),(c)
Avalon
Technologies
Ltd
75
88,100
Avary
Holding
Shenzhen
Co
Ltd
288
33,158
Avnet,
Inc
1,644
100,800
Azbil
Corp
2,789
93,930
Badger
Meter,
Inc
15,199
56,212
(b)
Barco
NV
926
51,300
Belden
CDT,
Inc
4,751
1,085,000
Benq
Corp
1,522
119
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
22,617
BH
Co
Ltd
$
284
2,402,237
BOE
Technology
Group
Co
Ltd
1,340
266,000
(b)
BOE
Varitronix
Ltd
161
49,000
Brother
Industries
Ltd
909
718,439
BYD
Electronic
International
Co
Ltd
2,652
92,100
(a)
Calix,
Inc
3,054
90,500
(a),(b)
Canaan,
Inc
(ADR)
138
67,300
(a)
Canon
Electronics,
Inc
1,090
36,290
Canon
Marketing
Japan,
Inc
1,069
519,700
Canon,
Inc
15,484
358,574
Career
Technology
MFG.
Co
Ltd
227
514,947
Catcher
Technology
Co
Ltd
3,499
98,454
CDW
Corp
25,183
292,640
(a)
Celestica,
Inc
13,148
278,000
Chang
Wah
Electromaterials,
Inc
345
133,000
Channel
Well
Technology
Co
Ltd
331
90,745
Chaozhou
Three-Circle
Group
Co
Ltd
312
48,000
Chenbro
Micom
Co
Ltd
379
221,000
Cheng
Uei
Precision
Industry
Co
Ltd
318
1,726,000
Chicony
Electronics
Co
Ltd
11,937
489,600
(a),(d)
China
Fiber
Optic
Network
System
Group
Ltd
1
107,557
China
Greatwall
Technology
Group
Co
Ltd
147
515,855
China
Railway
Signal
&
Communication
Corp
Ltd
392
23,300
China
Zhenhua
Group
Science
&
Technology
Co
Ltd
176
281,000
Chin-Poon
Industrial
Co
Ltd
408
304,000
Chroma
ATE,
Inc
2,400
18,000
Chunghwa
Precision
Test
Tech
Co
Ltd
289
109,475
(a)
Ciena
Corp
5,414
2,718,852
Cisco
Systems,
Inc
135,698
152,000
(b)
Citizen
Watch
Co
Ltd
1,002
264,000
Clevo
Co
338
80,962
Codan
Ltd
574
129,724
Cognex
Corp
5,503
97,078
(a)
Coherent
Corp
5,885
37,110
(b)
Comet
Holding
AG.
12,910
6,663
(a)
CommScope
Holding
Co,
Inc
9
3,661,524
Compal
Electronics,
Inc
4,385
797,000
Compeq
Manufacturing
Co
Ltd
1,947
208,000
Coretronic
Corp
508
279,956
Corning,
Inc
9,227
20,284
(a)
CosmoAM&T
Co
Ltd
2,446
186,000
Co-Tech
Development
Corp
339
208,000
(a),(b)
Cowell
e
Holdings,
Inc
498
35,367
Crane
NXT
Co
2,189
13,581
(a)
Cyient
DLM
Ltd
118
31,406
Daeduck
Electronics
Co
Ltd
558
8,723
(a)
Daejoo
Electronic
Materials
Co
Ltd
607
68,070
Daiwabo
Co
Ltd
1,140
142,000
Darfon
Electronics
Corp
276
9,381
Datalogic
S.p.A.
58
280,508
DataTec
Ltd
561
220,615
Dell
Technologies,
Inc
25,174
2,649,970
Delta
Electronics
Thailand
PCL
5,260
2,272,673
Delta
Electronics,
Inc
24,324
43,601
Dexerials
Corp
1,901
49,811
Dicker
Data
Ltd
350
3,262,760
Ditto
Thailand
PCL
2,078
31,912
Dreamtech
Co
Ltd
254
199,000
Dynamic
Holding
Co
Ltd
432
1,179,000
Dynapack
International
Technology
Corp
3,501
5,646,087
E
Ink
Holdings,
Inc
40,065
10,724
Eizo
Nanao
Corp
366
33,996
Elecom
Co
Ltd
349
214,000
Elite
Material
Co
Ltd
2,696
CREF
Stock
Account
March
31,
2024
120
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
308,000
(a)
Elitegroup
Computer
Systems
Co
Ltd
$
299
10,345
EM-Tech
Co
Ltd
240
63,679
Ennoconn
Corp
695
4,400
(b)
Enplas
Corp
211
36,300
Eoptolink
Technology,
Inc
Ltd
342
2,900,704
(b)
Ericsson
(LM)
(B
Shares)
15,600
391,241
(a)
Everdisplay
Optronics
Shanghai
Co
Ltd
117
60,633
Evertz
Technologies
Ltd
663
232,101
(a)
Extreme
Networks,
Inc
2,678
20,939
(a)
F5
Networks,
Inc
3,970
15,080
(a)
Fabrinet
2,850
3,060,000
(a)
FIH
Mobile
Ltd
200
221,000
FLEXium
Interconnect,
Inc
633
1,929,246
(a)
Flextronics
International
Ltd
55,196
294,100
Forth
Corp
PCL
132
685,087
Foxconn
Industrial
Internet
Co
Ltd
2,226
736,000
Foxconn
Technology
Co
Ltd
1,497
2,272,884
FUJIFILM
Holdings
Corp
51,037
183,000
General
Interface
Solution
Holding
Ltd
343
68,000
Genius
Electronic
Optical
Co
Ltd
1,081
72,365
Genus
Power
Infrastructures
Ltd
201
291,000
Getac
Holdings
Corp
1,209
440,000
Gigabyte
Technology
Co
Ltd
4,305
230,000
Global
Brands
Manufacture
Ltd
530
162,222
GoerTek,
Inc
354
262,400
Gold
Circuit
Electronics
Ltd
2,006
155,336
GRG
Banking
Equipment
Co
Ltd
258
115,897
Guangzhou
Haige
Communications
Group,
Inc
Co
168
22,818
Guangzhou
Shiyuan
Electronic
Technology
Co
Ltd
108
9,700
(b)
Hakuto
Co
Ltd
358
619,907
Halma
plc
18,511
29,600
Hamamatsu
Photonics
KK
1,044
420,500
Hana
Microelectronics
PCL
(Foreign)
456
232,000
Hannstar
Board
Corp
458
1,669,000
(a)
HannStar
Display
Corp
558
96,300
Hengdian
Group
DMEGC
Magnetics
Co
Ltd
192
139,300
Hengtong
Optic-electric
Co
Ltd
236
4,474,462
Hewlett
Packard
Enterprise
Co
79,332
461,606
Hexagon
AB
5,457
551,000
(a)
High
Tech
Computer
Corp
820
7,500
Hioki
EE
Corp
355
6,300
Hirose
Electric
Co
Ltd
647
21,254
(b)
HMS
Networks
AB
921
112,350
Holy
Stone
Enterprise
Co
Ltd
338
10,721,640
Hon
Hai
Precision
Industry
Co,
Ltd
52,076
29,499
Horiba
Ltd
3,065
30,800
Hosiden
Corp
392
2,116,682
HP,
Inc
63,966
60,100
Huagong
Tech
Co
Ltd
263
90,000
Ibase
Technology,
Inc
238
95,100
(b)
Ibiden
Co
Ltd
4,259
1,349
Inficon
Holding
AG.
1,969
1
(a)
Infinera
Corp
0
^
57,850
Innodisk
Corp
562
7,474,456
InnoLux
Display
Corp
3,550
44,200
Inspur
Electronic
Information
Industry
Co
Ltd
271
65,600
Intelbras
S.A.
Industria
de
Telecomunicacao
Eletronica
Brasileira
275
6,763
Intellian
Technologies,
Inc
297
10,494
INTOPS
Co
Ltd
238
2,330,172
Inventec
Co
Ltd
4,264
10,993
(a)
IPG
Photonics
Corp
997
16,600
Iriso
Electronics
Co
Ltd
333
39,184
IsuPetasys
Co
Ltd
1,308
149,000
ITEQ
Corp
416
121
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
233,840
(a)
Itron,
Inc
$
21,635
47,676
Ituran
Location
and
Control
Ltd
1,333
81,700
Jabil
Inc
10,944
11,269
(a)
Jahwa
Electronics
Co
Ltd
206
37,642
(b)
Japan
Aviation
Electronics
Industry
Ltd
618
610,900
Jaymart
Group
Holdings
PCL
249
42,543
Jenoptik
AG.
1,322
112,377
Juniper
Networks,
Inc
4,165
15,000
Kaga
Electronics
Co
Ltd
638
18,433
(a)
Kaynes
Technology
India
Ltd
639
744,200
KCE
Electronics
PCL
801
177,770
Keyence
Corp
82,532
62,099
(a)
Keysight
Technologies,
Inc
9,711
44,000
King
Slide
Works
Co
Ltd
1,693
680,205
Kingboard
Chemical
Holdings
Ltd
1,389
638,000
(b)
Kingboard
Laminates
Holdings
Ltd
472
136,087
Kitron
ASA
427
17,232
(a)
KMW
Co
Ltd
216
30,000
(b)
Koa
Corp
292
355,000
Konica
Minolta
Holdings,
Inc
1,162
264,400
Kyocera
Corp
3,546
16,889
L&F
Co
Ltd
2,211
71,192
Landis&Gyr
Group
AG.
5,464
85,625
Largan
Precision
Co
Ltd
6,500
173,500
(c)
Legend
Holdings
Corp
132
371
LEM
Holding
S.A.
702
7,028,399
Lenovo
Group
Ltd
8,143
256,323
Lens
Technology
Co
Ltd
481
292,282
LG
Display
Co
Ltd
2,298
11,725
LG
Innotek
Co
Ltd
1,722
383,084
Lingyi
iTech
Guangdong
Co
289
1,729,277
Lite-On
Technology
Corp
5,732
4,816
Littelfuse,
Inc
1,167
162,042
Logitech
International
S.A.
14,520
67,999
Lotes
Co
Ltd
2,942
14,825
Lotte
Energy
Materials
Corp
550
50,248
(a)
Lumentum
Holdings,
Inc
2,379
567,956
LuxNet
Corp
2,170
357,924
Luxshare
Precision
Industry
Co
Ltd
1,474
84,707
Macnica
Holdings,
Inc
4,152
7,100
Maruwa
Co
Ltd
1,486
31,100
Maxell
Holdings
Ltd
326
27,034
Maxscend
Microelectronics
Co
Ltd
376
205,991
MCJ
Co
Ltd
1,825
8,801
Mcnex
Co
Ltd
166
15,400
Meiko
Electronics
Co
547
28,765
Melco
Holdings,
Inc
688
5,681,900
Metrodata
Electronics
Tbk
PT
213
198,000
(a),(b),(d)
MH
Development
Ltd
0
^
57,067
(b)
Micronic
AB
2,012
623,200
Micro-Star
International
Co
Ltd
3,252
682,000
Mitac
Holdings
Corp
1,113
587,098
Motorola
Solutions,
Inc
208,408
2,240,890
Murata
Manufacturing
Co
Ltd
41,910
180,000
Nan
Ya
Printed
Circuit
Board
Corp
1,114
195,400
(a),(b)
Nano
Dimension
Ltd
(ADR)
544
80,100
Napco
Security
Technologies,
Inc
3,217
518,400
Nationgate
Holdings
Bhd
168
5,718
(a)
Nayax
Ltd
151
132,934
(b)
NCAB
Group
AB
870
21,686
Neopost
S.A.
446
154,175
NetApp,
Inc
16,184
9,454
(a)
Netweb
Technologies
India
Ltd
183
6,700,300
(a)
Nex
Point
Parts
PCL
1,746
CREF
Stock
Account
March
31,
2024
122
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
38,572
Next
Vision
Stabilized
Systems
Ltd
$
459
40,450
Nichicon
Corp
342
64,615
Ninestar
Corp
205
109,300
Nippon
Ceramic
Co
Ltd
1,955
65,476
Nippon
Electric
Glass
Co
Ltd
1,672
26,556
Nippon
Signal
Co
Ltd
181
26,860
Nissha
Printing
Co
Ltd
268
14,572
Nohmi
Bosai
Ltd
218
1
Nokia
Corp
(ADR)
0
^
5,260,370
(b)
Nokia
Oyj
18,664
15,517
(a)
Note
AB
209
191,100
(a)
OFILM
Group
Co
Ltd
266
70,936
Oki
Electric
Industry
Co
Ltd
542
36,200
Omron
Corp
1,296
29,179
Optex
Group
Co
Ltd
380
44,272
Oxford
Instruments
plc
1,183
254,000
Pan-International
Industrial
304
4,331
Park
Systems
Corp
489
28,295
Partron
Co
Ltd
166
623,000
PAX
Global
Technology
Ltd
491
1,710,915
Pegatron
Corp
5,327
6,068
(a)
PG
Electroplast
Ltd
121
334,000
Primax
Electronics
Ltd
896
215,732
(a)
Pure
Storage,
Inc
11,216
2,313,390
Quanta
Computer,
Inc
20,258
179,000
Quanta
Storage,
Inc
548
26,664
(a)
Radware
Ltd
499
462,082
Redington
Ltd
1,158
180,481
(a)
Reeder
Teknoloji
Sanayi
VE
Ticaret
AS
274
29,143
Renishaw
plc
1,559
10,947
Restar
Holdings
Corp
219
113,500
Ricoh
Co
Ltd
1,008
22,252
Riken
Keiki
Co
Ltd
561
14,898
Riso
Kagaku
Corp
303
11,333
Ryosan
Co
Ltd
368
15,400
(b),(d)
Ryoyo
Electro
Corp
403
2,564
(a)
SAES
Getters
S.p.A.
98
274,081
Samsung
Electro-Mechanics
Co
Ltd
30,538
7,881,569
Samsung
Electronics
Co
Ltd
473,663
709,322
Samsung
Electronics
Co
Ltd
(Preference)
35,404
182,257
Samsung
SDI
Co
Ltd
64,638
76,715
(a)
Sanmina
Corp
4,770
18,778
(a),(b)
Seco
S.p.A
74
59,800
Seiko
Epson
Corp
1,046
7,861
(a),(b),(c)
Sensirion
Holding
AG.
581
20,000
Sensortek
Technology
Corp
253
18,310
(a)
Seojin
System
Co
Ltd
344
185,000
Sercomm
Corp
833
26,791
(b)
Sesa
S.p.A
2,962
5,690
(a),(b)
SES-imagotag
S.A.
875
5,834
Shanghai
Friendess
Electronic
Technology
Corp
Ltd
228
120,784
Shengyi
Technology
Co
Ltd
293
19,805
Shennan
Circuits
Co
Ltd
243
41,313
Shenzhen
Transsion
Holdings
Co
Ltd
934
196,900
Shimadzu
Corp
5,484
22,800
Siix
Corp
260
659,000
Simplo
Technology
Co
Ltd
9,293
185,000
Sinbon
Electronics
Co
Ltd
1,619
3,700
(a)
SK
Eternix
Co
Ltd
35
24,077
(b)
Softchoice
Corp
318
349,835
(b)
Softwareone
Holding
AG.
6,452
34,065
(a)
SOLUM
Co
Ltd
625
29,486
Solus
Advanced
Materials
Co
Ltd
384
177,972
Spectris
plc
7,405
123
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
62,000
Speed
Tech
Corp
$
117
504,318
Spirent
Communications
plc
1,276
10,072
(a)
STCUBE
48
164,392
Sterlite
Technologies
Ltd
219
625,749
Sunny
Optical
Technology
Group
Co
Ltd
3,205
118,808
(a)
Super
Micro
Computer,
Inc
120,000
3,364,277
Supreme
Electronics
Co
Ltd
7,780
93,241
Suzhou
Dongshan
Precision
Manufacturing
Co
Ltd
187
23,200
Suzhou
TFC
Optical
Communication
Co
Ltd
488
1,002,621
Synnex
Technology
International
Corp
2,455
56,748
(a)
Synopex,
Inc
391
35,247
Syrma
SGS
Technology
Ltd
197
199,000
Taiwan
Union
Technology
Corp
1,139
94,340
(b)
Taiyo
Yuden
Co
Ltd
2,233
1,061,329
TCL
Technology
Group
Corp
685
82,484
(b)
TD
SYNNEX
Corp
9,329
331,300
TDK
Corp
16,269
684,047
TE
Connectivity
Ltd
99,351
127,497
(a),(c)
Tejas
Networks
Ltd
1,006
100,000
Test
Research,
Inc
268
50,000
Thinking
Electronic
Industrial
Co
Ltd
259
20,004
Tianjin
712
Communication
&
Broadcasting
Co
Ltd
66
73,730
Tianma
Microelectronics
Co
Ltd
84
15,900
(b)
Tokyo
Electron
Device
Ltd
723
146,640
Tong
Hsing
Electronic
Industries
Ltd
674
80,356
Topcon
Corp
929
19,585
Toshiba
TEC
Corp
390
192,000
TPK
Holding
Co
Ltd
221
941,000
Transcend
Information,
Inc
2,613
90,339
(a)
Trimble
Inc
5,814
353,000
Tripod
Technology
Corp
2,255
210,600
(a)
Tsinghua
Tongfang
Co
Ltd
190
783,617
(a)
TTM
Technologies,
Inc
12,264
45,690
(a)
Turtle
Beach
Corp
788
239,000
TXC
Corp
854
3,083
(b)
Ubiquiti,
Inc
357
1,180,011
Unimicron
Technology
Corp
7,015
157,111
Unisplendour
Corp
Ltd
477
40,100
Universal
Scientific
Industrial
Shanghai
Co
Ltd
76
7,411
(a)
UTI,
Inc
182
766,900
Venture
Corp
Ltd
8,106
21,000
VIA
Labs,
Inc
142
303,921
(a),(b)
Viasat,
Inc
5,498
21,000
Vivotek,
Inc
97
1,515,857
Vontier
Corp
68,759
2,113,300
VS
Industry
Bhd
373
585,042
VSTECS
Holdings
Ltd
313
130,885
Vtech
Holdings
Ltd
794
126,900
Wacom
Co
Ltd
545
96,000
Wah
Lee
Industrial
Corp
337
259,000
Walsin
Technology
Corp
902
1,268,000
Wasion
Holdings
Ltd
918
1,796,756
(a)
Western
Digital
Corp
122,611
58,884
Wingtech
Technology
Co
Ltd
298
190,500
(a),(d),(f)
Wintek
Corp
0
^
2,226,000
Wistron
Corp
8,386
294,524
Wistron
NeWeb
Corp
1,422
452,049
Wiwynn
Corp
30,955
1,389,519
WPG
Holdings
Ltd
4,169
453,252
WT
Microelectronics
Co
Ltd
2,126
146,815
Wuhan
Guide
Infrared
Co
Ltd
147
87,452
WUS
Printed
Circuit
Kunshan
Co
Ltd
369
107,600
Xerox
Holdings
Corp
1,926
10,600
Xiamen
Faratronic
Co
Ltd
146
CREF
Stock
Account
March
31,
2024
124
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
13,157,800
(a),(c)
Xiaomi
Corp
$
25,832
15,750
(a),(d)
Ya
Hsin
Industrial
Co
Ltd
0
^
283,801
Yageo
Corp
5,266
107,500
(b),(c)
Yangtze
Optical
Fibre
and
Cable
Joint
Stock
Ltd
122
60,285
Yealink
Network
Technology
Corp
Ltd
210
47,400
Yokogawa
Electric
Corp
1,092
38,294
(a)
Zebra
Technologies
Corp
(Class
A)
11,543
23,123
Zen
Technologies
Ltd
267
186,218
Zhejiang
Dahua
Technology
Co
Ltd
480
32,010
Zhejiang
Supcon
Technology
Co
Ltd
205
580,558
Zhen
Ding
Technology
Holding
Ltd
2,267
46,223
Zhongji
Innolight
Co
Ltd
990
230,003
ZTE
Corp
874
724,799
ZTE
Corp
(Class
H)
1,447
199,000
Zyxel
Group
Corp
299
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
6,268,022
TELECOMMUNICATION
SERVICES
-
1.0%
503,371
Advanced
Info
Service
PCL
2,814
732,548
(c)
Airtel
Africa
plc
979
717,057
AL
Yah
Satellite
Communications
Co-Pjsc-Yah
Sat
430
7,899,784
(b)
America
Movil
SAB
de
C.V.
7,376
16,026,977
AT&T,
Inc
282,075
65,010
ATN
International,
Inc
2,048
170,193
(a),(b)
Aussie
Broadband
Ltd
397
1,258,806
Axiata
Group
Bhd
716
334,630
(a)
Bandwidth,
Inc
6,110
63,030
(b)
BCE,
Inc
2,142
1,527,683
Bezeq
Israeli
Telecommunication
Corp
Ltd
1,963
2,035,289
Bharti
Airtel
Ltd
30,030
6,405,309
BT
Group
plc
8,865
77,442
(a)
Cellcom
Israel
Ltd
332
457,225
(c)
Cellnex
Telecom
S.A.
16,174
22,300
Chief
Telecom,
Inc
265
20,563,912
(c)
China
Tower
Corp
Ltd
2,367
1,617,653
Chunghwa
Telecom
Co
Ltd
6,354
1,230,641
Citic
Telecom
International
Holdings
Ltd
398
3,307
Cogeco,
Inc
139
3,421,554
Deutsche
Telekom
AG.
83,056
1,372,644
Digi.Com
BHD
1,221
28,868
Drillisch
AG.
499
4,455
(a)
EchoStar
Corp
(Class
A)
63
141,487
Elisa
Oyj
(Series
A)
6,308
2,975,431
Emirates
Telecommunications
Group
Co
PJSC
14,844
105,726
Empresa
Nacional
de
Telecomunicaciones
S.A.
352
326,578
Etihad
Etisalat
Co
4,580
1,564,282
Far
EasTone
Telecommunications
Co
Ltd
3,954
95,749
Freenet
AG.
2,695
183,879
(a)
Frontier
Communications
Parent,
Inc
4,505
70,731
Gamma
Communications
plc
1,221
186,824
(a),(d)
GCI
Liberty,
Inc
2
245,160
(a)
Gogo,
Inc
2,152
611,057
(a)
Helios
Towers
plc
728
154,245
Hellenic
Telecommunications
Organization
S.A.
2,275
565,175
HFCL
Ltd
625
784,120
HKBN
Ltd
294
801,437
HKT
Trust
&
HKT
Ltd
935
1,271,607
Hutchison
Telecommunications
Hong
Kong
Holdings
Ltd
164
54,530
IDT
Corp
2,062
333,161
Infrastrutture
Wireless
Italiane
S.p.A
3,781
91,448
Internet
Initiative
Japan,
Inc
1,708
657,700
Intouch
Holdings
PCL
(Class
F)
1,241
125
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
92,320
Iridium
Communications,
Inc
$
2,415
4,399,900
Jasmine
International
PCL
280
854,300
(a),(b)
JTOWER,
Inc
22,714
937,696
KDDI
Corp
27,725
12,718,699
Koninklijke
KPN
NV
47,573
29,579
KT
Corp
834
234,829
Kuwait
Telecommunications
Co
453
222,725
(a),(b),(d)
Let's
GOWEX
S.A.
2
77,352
LG
Telecom
Ltd
577
34,377
(a)
Liberty
Global
Ltd
582
587,410
(a)
Liberty
Latin
America
Ltd
(Class
A)
4,094
337,680
(a)
Liberty
Latin
America
Ltd
(Class
C)
2,360
235,225
Magyar
Telekom
578
975,083
Maxis
Bhd
694
105,555
(a)
Millicom
International
Cellular
S.A.
2,152
1,851,949
Mobile
Telecommunications
Co
KSCP
2,955
374,464
Mobile
Telecommunications
Co
Saudi
Arabia
1,260
713,065
MTN
Group
Ltd
3,528
3,788,966
NetLink
NBN
Trust
2,399
29,348,400
Nippon
Telegraph
&
Telephone
Corp
34,957
633,600
NOS
SGPS
S.A.
2,479
13,800
Okinawa
Cellular
Telephone
Co
325
122,202
(a)
Ooma,
Inc
1,042
741,639
Ooredoo
QPSC
2,159
1,022,600
(b)
Operadora
De
Sites
Mexicanos
SAB
de
C.V.
1,246
1,953,740
Orange
S.
A.
22,976
104,150
(a)
Partner
Communications
454
3,410,000
PCCW
Ltd
1,687
34,414
PLDT,
Inc
837
107,158
Proximus
plc
867
133,019
Quebecor,
Inc
2,916
75,764
(c)
RAI
Way
S.p.A
424
64,324
Railtel
Corp
of
India
Ltd
281
304,729
Rogers
Communications,
Inc
(Class
B)
12,486
15,143,533
Sarana
Menara
Nusantara
Tbk
PT
821
1,724,940
Saudi
Telecom
Co
18,210
2,196,328
Singapore
Telecommunications
Ltd
4,128
87,977
(a),(d)
Sistema
PJSFC
(GDR)
(London)
1
22,492
SK
Telecom
Co
Ltd
891
112,264,304
(a)
Smartfren
Telecom
Tbk
PT
354
1,043,141
SmarTone
Telecommunications
Holding
Ltd
510
1,255,900
SoftBank
Corp
16,170
846,498
Softbank
Group
Corp
50,270
243,260
Spok
Holdings,
Inc
3,880
530,114
StarHub
Ltd
463
25,434
(a)
Swisscom
AG.
15,567
1,464,506
Taiwan
Mobile
Co
Ltd
4,666
102,779
Tata
Communications
Ltd
2,484
325,575
(a)
Tata
Teleservices
Maharashtra
Ltd
290
525,136
Tele2
AB
(B
Shares)
4,312
1,516,832
Telecom
Corp
of
New
Zealand
Ltd
4,318
276,074
Telecom
Egypt
220
9,947,985
(a),(b)
Telecom
Italia
S.p.A.
2,416
358,585
Telefonica
Brasil
S.A.
3,618
5,168,243
Telefonica
S.A.
22,824
575,909
Telekom
Malaysia
BHD
732
534,506
Telekomunikacja
Polska
S.A.
1,084
621,394
Telenor
ASA
6,911
476,320
Telephone
and
Data
Systems,
Inc
7,631
2,356,225
TeliaSonera
AB
6,039
42,022,501
Telkom
Indonesia
Persero
Tbk
PT
9,243
219,328
(a)
Telkom
S.A.
Ltd
347
CREF
Stock
Account
March
31,
2024
126
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
3,561,576
Telstra
Corp
Ltd
$
8,959
414,231
(b)
TELUS
Corp
6,627
589,800
Thaicom
PCL
227
730,049
TIM
S.A.
2,591
783,000
TIME
dotCom
Bhd
859
1,325,784
T-Mobile
US,
Inc
216,394
4,384,453
(a)
True
Corp
PCL
926
1,053,238
Turkcell
Iletisim
Hizmet
AS
2,228
71,640
United
Internet
AG.
1,612
16,700
Usen-Next
Holdings
Co
Ltd
572
1,362,741
Verizon
Communications,
Inc
57,181
34,742
(a)
Vision,
Inc
281
537,961
Vodacom
Group
Ltd
2,799
24,305,167
Vodafone
Group
plc
21,557
5,346,084
Vodafone
Qatar
QSC
2,565
4,107,900
XL
Axiata
Tbk
PT
586
TOTAL
TELECOMMUNICATION
SERVICES
1,233,914
TRANSPORTATION
-
1.6%
110,806
Abu
Dhabi
Aviation
Co
205
455,926
Adani
Ports
&
Special
Economic
Zone
Ltd
7,362
29,186
(a)
Aegean
Airlines
S.A.
395
74,263
Aena
SME
S.A.
14,626
34,449
Aeroports
de
Paris
4,723
1,415,886
Agility
Public
Warehousing
Co
KSC
3,066
1,899,249
Air
Arabia
PJSC
1,431
152,701
(a)
Air
Canada
2,211
294,929
(a)
Air
China
Ltd
298
793,910
(a)
Air
China
Ltd
(H
shares)
386
95,735
(a),(b)
Air
France-KLM
1,066
1,414,105
Air
New
Zealand
Ltd
511
3,589,488
Airports
of
Thailand
PCL
6,424
92,949
(a)
Alaska
Air
Group,
Inc
3,996
37,595
(b)
All
Nippon
Airways
Co
Ltd
786
230,776
(a)
Allcargo
Logistics
Ltd
198
5,708
(a),(b)
Amerco,
Inc
386
485,683
(a)
American
Airlines
Group,
Inc
7,455
634,771
(a),(b),(d),(f)
AMR
Corporation
6
3,861,500
(a)
ANE
Cayman,
Inc
2,446
370,000
Anhui
Expressway
Co
Ltd
410
2,981
AP
Moller
-
Maersk
AS
(Class
A)
3,820
4,078
AP
Moller
-
Maersk
AS
(Class
B)
5,317
598,910
Aramex
PJSC
400
228,133
ArcBest
Corp
32,509
3,686,500
(a)
Asia
Aviation
PCL
247
24,385
(a)
Asiana
Airlines,
Inc
201
39,167,400
(a),(d)
Astrindo
Nusantara
Infrastructure
Tbk
PT
203
937,309
Atlas
Arteria
Ltd
3,255
1,113,068
Auckland
International
Airport
Ltd
5,553
1,545,554
Aurizon
Holdings
Ltd
4,030
13,967
(b)
Avis
Budget
Group,
Inc
1,710
27,850
AZ-COM
MARUWA
Holdings,
Inc
249
206,900
(a)
Azul
S.A.
538
641,900
Bangkok
Airways
PCL
276
140,900
Bangkok
Aviation
Fuel
Services
PCL
90
5,464,962
Bangkok
Expressway
&
Metro
PCL
1,198
1,262,000
(a)
Beijing
Capital
International
Airport
Co
Ltd
383
1,258,900
Beijing-Shanghai
High
Speed
Railway
Co
Ltd
870
70,208
Belships
ASA
135
74,800
(a),(b)
Blade
Air
Mobility,
Inc
213
4,426
Blue
Dart
Express
Ltd
329
89,994
(b)
bpost
S.A.
336
127
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
5,327,537
BTS
Group
Holdings
PCL
$
819
551,957
Canadian
National
Railway
Co
72,683
800,183
Canadian
Pacific
Railway
Ltd
70,552
880,000
(b)
Canggang
Railway
Ltd
103
6,654
(b)
Cargojet,
Inc
550
59,960
(a),(b)
Cathay
Pacific
Airways
Ltd
68
218,200
(a)
Cebu
Air,
Inc
124
745,615
Central
Japan
Railway
Co
18,518
86,274
CH
Robinson
Worldwide,
Inc
6,569
1,115,000
China
Airlines
679
437,500
(a)
China
Eastern
Airlines
Corp
Ltd
221
199,500
China
Merchants
Expressway
Network
&
Technology
Holdings
Co
Ltd
309
614,667
China
Merchants
Holdings
International
Co
Ltd
737
283,159
(a)
China
Southern
Airlines
Co
Ltd
(Class
A)
220
750,072
Cia
de
Concessoes
Rodoviarias
2,067
46,366
Cia
de
Distribucion
Integral
Logista
Holdings
S.A.
1,296
13,350,656
Cia
Sud
Americana
de
Vapores
S.A.
1,004
6,512
CJ
Logistics
Corp
579
22,724
Clarkson
plc
1,150
2,633,800
ComfortDelgro
Corp
Ltd
2,730
212,206
Container
Corp
Of
India
Ltd
2,252
630,600
(a),(b)
Controladora
Vuela
Cia
de
Aviacion
SAB
de
C.V.
466
685,536
COSCO
Pacific
Ltd
376
693,915
COSCO
SHIPPING
Holdings
Co
Ltd
-
A
997
2,586,809
COSCO
SHIPPING
Holdings
Co
Ltd
-
H
2,724
1,690,000
COSCO
SHIPPING
International
Hong
Kong
Co
Ltd
726
2,379,976
CSX
Corp
88,226
163,078
CTT-Correios
de
Portugal
S.A.
727
138,646
D/S
Norden
5,666
387,700
Daqin
Railway
Co
Ltd
393
498,549
(a)
Delhivery
Ltd
2,678
775,643
Delta
Air
Lines,
Inc
37,130
598,939
(a)
Deutsche
Lufthansa
AG.
4,707
2,017,127
Deutsche
Post
AG.
86,933
28,844
Dfds
A.S.
838
6,674
Dreamfolks
Services
Ltd
39
408,822
DSV
AS
66,456
892,437
East
Japan
Railway
Co
17,122
791,178
easyJet
plc
5,695
195,400
EcoRodovias
Infraestrutura
e
Logistica
S.A.
318
215,133
Enav
S.p.A
900
1,115,000
Eva
Airways
Corp
1,101
445,000
Evergreen
International
Storage
&
Transport
Corp
435
1,229,013
Evergreen
Marine
Corp
Taiwan
Ltd
6,759
16,237
Exchange
Income
Corp
593
108,164
Expeditors
International
Washington,
Inc
13,150
76,940
Farglory
F
T
Z
Investment
Holding
Co
Ltd
135
185,412
FedEx
Corp
53,721
95,848
(a),(b)
Finnair
Oyj
303
515,127
Firstgroup
plc
1,174
15,629
Flughafen
Zuerich
AG.
3,549
54,400
(b)
Forward
Air
Corp
1,692
30,001
(a)
Fraport
AG.
Frankfurt
Airport
Services
Worldwide
1,581
142,910
FTAI
Infrastructure,
Inc
897
15,660
Fukuyama
Transporting
Co
Ltd
370
163,242
Gateway
Distriparks
Ltd
197
355,707
Getlink
S.E.
6,056
2,095,582
(a)
GMR
Infrastructure
Ltd
2,056
110,000
Golden
Ocean
Group
Ltd
1,385
1,771,100
(a)
Grab
Holdings
Ltd
5,561
4,357,104
(a)
Grab
Holdings
Ltd
13,681
23,257
Gram
Car
Carriers
ASA
427
CREF
Stock
Account
March
31,
2024
128
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
519,213
Grindrod
Ltd
$
356
237,800
(b)
Grupo
Aeroportuario
del
Centro
Norte
Sab
de
C.V.
2,349
331,249
(b)
Grupo
Aeroportuario
del
Pacifico
S.A.
de
C.V.
(B
Shares)
5,379
151,518
Grupo
Aeroportuario
del
Sureste
S.A.
de
C.V.
(Class
B)
4,794
302,100
(a),(b),(c)
Grupo
Traxion
SAB
de
C.V.
563
163,400
Guangzhou
Baiyun
International
Airport
Co
Ltd
228
248,552
Gujarat
Pipavav
Port
Ltd
636
284,449
(a)
Gulf
Navigation
Holding
PJSC
474
243,579
Gulf
Warehousing
Co
218
186,459
(a)
GXO
Logistics,
Inc
10,024
2,172,900
(a)
Hainan
Airlines
Holding
Co
Ltd
412
148,000
(a)
Hainan
Meilan
International
Airport
Co
Ltd
133
14,400
Hamakyorex
Co
Ltd
365
18,172
(a)
Hamburger
Hafen
und
Logistik
AG.
325
102,400
(a),(b),(c)
Hangzhou
SF
Intra-City
Industrial
Co
Ltd
127
10,297
Hanjin
Kal
Corp
454
191,598
Hankyu
Hanshin
Holdings,
Inc
5,497
81,010
Heartland
Express,
Inc
967
99,956
(a),(b)
Hertz
Global
Holdings,
Inc
783
373,900
(a)
Hidrovias
do
Brasil
S.A.
320
99,917
HMM
Co
Ltd
1,169
76,572
Hoegh
Autoliners
ASA
650
302,112
Hub
Group,
Inc
(Class
A)
13,057
4,379,651
Hutchison
Port
Holdings
Trust
551
15,229
Hyundai
Glovis
Co
Ltd
2,044
2,121
(a),(b)
ID
Logistics
Group
809
414,838
Iino
Kaiun
Kaisha
Ltd
3,462
130,389
(a),(c)
InterGlobe
Aviation
Ltd
5,556
885,255
International
Container
Term
Services,
Inc
5,008
564,840
International
Distributions
Services
plc
1,635
901,442
Japan
Airlines
Co
Ltd
17,116
48,800
Japan
Airport
Terminal
Co
Ltd
1,928
1,833,700
Jasa
Marga
Persero
Tbk
PT
642
51,925
Jazeera
Airways
Co
KSCP
199
71,556
JB
Hunt
Transport
Services,
Inc
14,258
1,900,900
(a),(c)
JD
Logistics,
Inc
1,942
21,571
(a)
Jeju
Air
Co
Ltd
180
135,212
JET2
plc
2,461
674,915
Jiangsu
Express
691
17,707
(a)
Jin
Air
Co
Ltd
169
341,580
(a),(b)
Joby
Aviation,
Inc
1,831
19,000
Julio
Simoes
Logistica
S.A.
47
75,100
Juneyao
Airlines
Co
Ltd
124
70,600
Kamigumi
Co
Ltd
1,556
329,400
(b)
Kawasaki
Kisen
Kaisha
Ltd
4,429
172,100
Keihin
Electric
Express
Railway
Co
Ltd
1,583
77,400
Keio
Corp
2,119
115,500
Keisei
Electric
Railway
Co
Ltd
4,697
120,730
Kelsian
Group
Ltd
454
260,509
Kerry
Logistics
Network
Ltd
284
137,000
Kerry
TJ
Logistics
Co
Ltd
166
151,607
(b)
Kintetsu
Corp
4,416
186,748
(a)
Kirby
Corp
17,801
117,140
Knight-Swift
Transportation
Holdings,
Inc
6,445
16,468
Konoike
Transport
Co
Ltd
230
110,380
(a)
Korea
Line
Corp
157
156,600
Korean
Air
Lines
Co
Ltd
2,521
53,739
(b)
Kuehne
&
Nagel
International
AG.
14,951
108,200
Kyushu
Railway
Co
2,469
150,968,088
(a)
Lan
Airlines
S.A.
1,881
26,642
Landstar
System,
Inc
5,136
558,200
Liaoning
Port
Co
Ltd
108
129
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,296,942
Localiza
Rent
A
Car
$
25,042
10,445
Lotte
Rental
Co
Ltd
215
11,557
(a)
Lumi
Rental
Co
315
596,715
(a)
Lyft,
Inc
(Class
A)
11,546
35,500
(c)
Mahindra
Logistics
Ltd
174
725,235
Malaysia
Airports
Holdings
Bhd
1,518
8,530
Maruzen
Showa
Unyu
Co
Ltd
261
1,543,140
MISC
Bhd
2,495
44,628
Mitsubishi
Logistics
Corp
1,445
288,200
(b)
Mitsui
OSK
Lines
Ltd
8,792
17,714
Mitsui-Soko
Co
Ltd
547
92,600
Movida
Participacoes
S.A.
157
230,951
MPC
Container
Ships
ASA
268
1,297,793
MTR
Corp
4,288
69,963
Mullen
Group
Ltd
750
148,400
Nagoya
Railroad
Co
Ltd
2,076
79,527
Nankai
Electric
Railway
Co
Ltd
1,634
1,812,265
National
Express
Group
plc
1,592
61,000
Nippon
Express
Holdings,
Inc
3,114
41,649
Nippon
Konpo
Unyu
Soko
Co
Ltd
804
384,703
(b)
Nippon
Yusen
Kabushiki
Kaisha
10,562
48,000
Nishi-Nippon
Railroad
Co
Ltd
783
544,334
(a)
Norwegian
Air
Shuttle
AS
823
4,679
(a)
NTG
Nordic
Transport
Group
A.S.
191
263,299
Odakyu
Electric
Railway
Co
Ltd
3,630
6,963
Odfjell
SE
88
27,261
Oesterreichische
Post
AG.
931
147,538
Old
Dominion
Freight
Line
32,357
122,500
Orient
Overseas
International
Ltd
1,466
35,787,290
Pacific
Basin
Shipping
Ltd
10,362
205,821
Pan
Ocean
Co
Ltd
651
32,537
(a)
Pegasus
Hava
Tasimaciligi
AS.
821
625,500
Precious
Shipping
PCL
132
150,982
Promotora
y
Operadora
de
Infraestructura
SAB
de
C.V.
1,601
781,959
(a)
Qantas
Airways
Ltd
2,776
700,430
Qatar
Navigation
QSC
2,026
1,306,290
Qube
Holdings
Ltd
2,902
105,740
(a)
Radiant
Logistics,
Inc
573
892,487
Redde
Northgate
plc
4,297
442,100
Regional
Container
Lines
PCL
222
224,908
(a)
Reysas
Tasimacilik
ve
Lojistik
Ticaret
AS.
247
1,078,646
Rumo
S.A.
4,787
156,400
(a)
RXO,
Inc
3,420
66,993
Ryder
System,
Inc
8,052
61,497
Sagami
Railway
Co
Ltd
1,099
19,845
(a)
Saia,
Inc
11,609
96
(a),(d)
SAir
Group
0
^
12,940
Sakai
Moving
Service
Co
Ltd
218
284,650
Sankyu,
Inc
9,797
392,300
Santos
Brasil
Participacoes
S.A.
1,042
149
(a)
SAS
AB
0
^
65,719
(a)
Saudi
Ground
Services
Co
890
33,012
Saudi
Industrial
Services
Co
340
49,777
(a)
Saudi
Public
Transport
Co
268
11,204
SBS
Holdings,
Inc
192
212,900
(a)
SCGJWD
Logistics
PCL
91
40,815
Schneider
National,
Inc
924
183,300
Seibu
Holdings,
Inc
2,865
96,006
(b)
Seino
Holdings
Corp
1,318
83,496
Senko
Co
Ltd
626
122,839
SF
Holding
Co
Ltd
618
268,150
SG
Holdings
Co
Ltd
3,396
CREF
Stock
Account
March
31,
2024
130
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
76,196
(a)
Shanghai
International
Airport
Co
Ltd
$
376
114,060
Shanghai
International
Port
Group
Co
Ltd
84
1,065,500
Shenzhen
International
Holdings
Ltd
818
4,827
Shenzhen
Investment
Holdings
Bay
Area
Development
Co
Ltd
1
113,060
Shinwa
Kaiun
Kaisha
Ltd
3,533
2,067,565
Shipping
Corp
of
India
Ltd
5,188
234,700
SIA
Engineering
Co
Ltd
393
558,000
Sichuan
Expressway
Co
Ltd
208
279,400
SIMPAR
S.A.
414
337,000
Sincere
Navigation
Corp
256
1,117,573
(b)
Singapore
Airlines
Ltd
5,297
738,124
(a)
Singapore
Airport
Terminal
Services
Ltd
1,421
1,316,619
Singapore
Post
Ltd
410
1,111,000
SITC
International
Holdings
Co
Ltd
2,031
10,578
Sixt
AG.
1,055
13,648
Sixt
AG.
(Preference)
1,001
173,880
(a)
Skywest,
Inc
12,012
446,190
Southwest
Airlines
Co
13,024
162,741
(a)
SpiceJet
Ltd
117
23,700
(a)
Spring
Airlines
Co
Ltd
181
16,612
Stolt-Nielsen
Ltd
612
40,383
Sumitomo
Warehouse
Co
Ltd
680
64,000
T3EX
Global
Holdings
Corp
193
1,433,501
Taiwan
High
Speed
Rail
Corp
1,350
150,087
(a)
TAV
Havalimanlari
Holding
AS
826
7,889
TCI
Express
Ltd
97
69,165
TFI
International,
Inc
11,029
16,586
Theeb
Rent
A
Car
Co
308
250,535
(b)
TNT
NV
341
158,129
Tobu
Railway
Co
Ltd
3,954
417,611
Tokyu
Corp
5,085
5,648,600
(a),(d)
Trada
Alam
Minera
Tbk
PT
0
^
5,907
Trancom
Co
Ltd
237
875,700
Transcoal
Pacific
Tbk
PT
402
26,549
Transport
Corp
of
India
Ltd
259
2,579,147
Transurban
Group
22,374
463,901
(a)
Turk
Hava
Yollari
AO
4,272
64,570
(a)
Tway
Air
Co
Ltd
133
3,605,448
(a)
Uber
Technologies,
Inc
277,583
74,627
U-Haul
Holding
Co
4,976
341,000
U-Ming
Marine
Transport
Corp
573
1,553,611
Union
Pacific
Corp
382,080
243,397
(a)
United
Airlines
Holdings,
Inc
11,654
27,314
United
International
Transportation
Co
631
918,177
United
Parcel
Service,
Inc
(Class
B)
136,469
345,600
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
S.A.
575
67,336
(a),(d)
Virgin
Australia
Holdings
Pty
Ltd
0
^
30,917
VRL
Logistics
Ltd
204
93,583
Wallenius
Wilhelmsen
ASA
766
265,350
Wan
Hai
Lines
Ltd
366
689,700
(a)
WCE
Holdings
Bhd
146
367,400
West
Japan
Railway
Co
7,657
28,193
(b)
Westshore
Terminals
Investment
Corp
533
154,300
Wilson
Sons
Holdings
Brasil
S.A.
550
109,354
Wincanton
plc
827
318,000
Wisdom
Marine
Lines
Co
Ltd
586
85,160
(a)
XPO,
Inc
10,392
223,436
Yamato
Transport
Co
Ltd
3,216
1,503,000
Yang
Ming
Marine
Transport
2,075
75,759
YTO
Express
Group
Co
Ltd
159
922,000
Yuexiu
Transport
Infrastructure
Ltd
453
68,515
Yunda
Holding
Co
Ltd
68
131
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
888,415
Zhejiang
Expressway
Co
Ltd
$
570
78,185
(b)
ZIM
Integrated
Shipping
Services
Ltd
791
177,183
ZTO
Express
Cayman,
Inc
(ADR)
3,710
TOTAL
TRANSPORTATION
2,066,363
UTILITIES
-
2.3%
1,282,893
A2A
S.p.A.
2,314
24,647
Acciona
S.A.
3,000
30,382
ACEA
S.p.A.
538
81,665
ACWA
Power
Co
7,381
274,094
(a)
Adani
Green
Energy
Ltd
6,050
667,221
(a)
Adani
Power
Ltd
4,287
160,823
(a)
AES
Brasil
Energia
S.A.
327
72,540
AES
Corp
1,301
1,650,638
AGL
Energy
Ltd
8,977
2,182,532
Aguas
Andinas
S.A.
637
634,800
(a)
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS.
260
282,547
(a)
Akfen
Yenilenebilir
Enerji
AS.
194
79,153
Aksa
Enerji
Uretim
AS
86
477,637
(b)
Algonquin
Power
&
Utilities
Corp
3,018
9,386
(a)
AlKhorayef
Water
&
Power
Technologies
Co
580
242,409
Allete,
Inc
14,457
3,032,824
Alliant
Energy
Corp
152,854
253,714
(b)
AltaGas
Ltd
5,604
119,392
Alupar
Investimento
S.A.
727
1,570,673
Ameren
Corp
116,167
1,623,628
American
Electric
Power
Co,
Inc
139,794
165,570
American
States
Water
Co
11,961
20,810
American
Water
Works
Co,
Inc
2,543
1,140,239
APA
Group
6,250
82,300
Ascopiave
S.p.A.
210
276,659
Atco
Ltd
7,702
37,711
Athens
Water
Supply
&
Sewage
Co
S.A.
243
15,025
Atmos
Energy
Corp
1,786
229,350
Auren
Energia
S.A.
544
42,370
(a)
Aygaz
AS
196
483,900
B
Grimm
Power
PCL
369
477,600
Banpu
Power
PCL
192
982,000
BCPG
PCL
182
254,679
Beijing
Enterprises
Holdings
Ltd
740
2,034,586
Beijing
Enterprises
Water
Group
Ltd
453
1,328,000
Beijing
Jingneng
Clean
Energy
Co
Ltd
296
20,833
BKW
AG.
3,201
549,556
Black
Hills
Corp
30,006
76,437
(b)
Boralex,
Inc
1,615
95,720
(b)
Brookfield
Infrastructure
Corp
3,448
116,175
Brookfield
Renewable
Corp
2,851
99,284
(b)
Brookfield
Renewable
Corp
2,439
327,022
(a)
Can2
Termik
AS.
183
113,473
Canadian
Utilities
Ltd
2,584
407,000
(b)
Canvest
Environmental
Protection
Group
Co
Ltd
210
411,769
(b)
Capital
Power
Corp
11,615
230,500
CECEP
Solar
Energy
Co
Ltd
166
45,310
Centerpoint
Energy,
Inc
1,291
1,028,951
Centrais
Eletricas
Brasileiras
S.A.
8,555
212,739
Centrais
Eletricas
Brasileiras
S.A.
1,978
179,389
Centrica
plc
289
566,175
CESC
Ltd
827
144,350
(b)
CEZ
AS
5,151
910,000
(b)
CGN
New
Energy
Holdings
Co
Ltd
241
1,246,100
CGN
Power
Co
Ltd
686
5,179,000
(c)
CGN
Power
Co
Ltd
1,536
CREF
Stock
Account
March
31,
2024
132
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,044,000
China
Datang
Corp
Renewable
Power
Co
Ltd
$
421
1,168,165
China
Gas
Holdings
Ltd
1,054
2,969,044
China
Longyuan
Power
Group
Corp
Ltd
2,083
540,300
China
National
Nuclear
Power
Co
Ltd
669
2,131,847
(b)
China
Power
International
Development
Ltd
875
415,012
China
Resources
Gas
Group
Ltd
1,324
826,373
China
Resources
Power
Holdings
Co
1,930
1,651,200
China
Three
Gorges
Renewables
Group
Co
Ltd
1,070
742,000
China
Water
Affairs
Group
Ltd
435
650,901
China
Yangtze
Power
Co
Ltd
2,238
587,091
Chubu
Electric
Power
Co,
Inc
7,677
435,100
(b)
Chugoku
Electric
Power
Co,
Inc
3,280
293,201
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
4,952
145,300
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
631
278,100
Cia
de
Saneamento
do
Parana
291
107,000
Cia
de
Saneamento
do
Parana
555
1,189,555
Cia
Energetica
de
Minas
Gerais
2,979
14,700
Cia
Energetica
do
Ceara
109
925,900
Cia
Paranaense
de
Energia
1,776
560,559
CK
Infrastructure
Holdings
Ltd
3,283
1,921,700
CK
Power
PCL
218
87,612
Clearway
Energy,
Inc
(Class
A)
1,885
63,390
Clearway
Energy,
Inc
(Class
C)
1,461
1,479,375
CLP
Holdings
Ltd
11,800
6,699,123
Colbun
S.A.
868
5,840,000
Concord
New
Energy
Group
Ltd
463
68,653
Consolidated
Edison,
Inc
6,234
296,954
Constellation
Energy
Corp
54,892
604,191
Contact
Energy
Ltd
3,125
183,200
CPFL
Energia
S.A.
1,272
722,800
Datang
International
Power
Generation
Co
Ltd
285
2,753,660
Dominion
Energy,
Inc
135,453
1,834,518
Drax
Group
plc
11,610
22,099
DTE
Energy
Co
2,478
853,705
Duke
Energy
Corp
82,562
1,275,221
E.ON
AG.
17,754
106,274
Edison
International
7,517
301,471
(b)
EDP
Renovaveis
S.A.
4,083
511,800
Electric
Power
Development
Co
8,402
385,700
Electricity
Generating
PCL
1,196
1,089
Elia
Group
S.A.
118
243,565
(b)
Emera,
Inc
8,572
1,693,937
Emirates
Central
Cooling
Systems
Corp
761
8,225
Enagas
122
93,492
(b)
Encavis
AG.
1,699
10,204
Endesa
S.A.
189
189,861
(a)
Enea
S.A.
445
25,397,947
Enel
Chile
S.A.
1,527
14,860,854
Enel
S.p.A.
98,104
2,251,397
Energias
de
Portugal
S.A.
8,784
205,478
Energisa
S.A.
1,961
224,948
Energix-Renewable
Energies
Ltd
823
1,288,644
Energy
Absolute
PCL
1,213
193,515
(c)
Enerjisa
Enerji
AS.
347
18,829,675
Enersis
S.A.
1,836
31,261
(a)
Enerya
Enerji
AS.
153
409,300
(a)
Eneva
S.A.
1,041
145,648
Engie
Brasil
Energia
S.A.
1,169
444,198
(a)
Engie
Energia
Chile
S.A.
354
2,360,532
Engie
S.A.
39,556
95,460
(a)
Enlight
Renewable
Energy
Ltd
1,597
341,835
ENN
Energy
Holdings
Ltd
2,660
133
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
133,500
ENN
Natural
Gas
Co
Ltd
$
354
870,111
Equatorial
Energia
S.A.
5,647
28,143
(b)
eRex
Co
Ltd
129
49,640
ERG
S.p.A.
1,246
23,801
Evergy,
Inc
1,270
111,579
Eversource
Energy
6,669
28,662
EVN
AG.
758
192,338
Exelon
Corp
7,226
109,746
(a)
Fersa
Energias
Renovables
S.A.
184
4,021,742
FirstEnergy
Corp
155,320
419,222
Fortis,
Inc
16,564
295,900
(b)
Fortum
Oyj
3,653
2,097,815
GAIL
India
Ltd
4,566
197,700
Gas
Malaysia
Bhd
144
587,200
GD
Power
Development
Co
Ltd
407
581,857
Global
Power
Synergy
PCL
840
53,969
(a)
Greenvolt-Energias
Renovaveis
S.A.
475
11,381
(a),(b)
Grenergy
Renovables
S.A.
299
1,333,210
Guangdong
Investments
Ltd
571
108,586
Gujarat
Gas
Ltd
709
229,921
Gujarat
State
Petronet
Ltd
985
2,419,327
Gulf
Energy
Development
PCL
2,904
3,863,300
Gunkul
Engineering
PCL
293
648,418
Hera
S.p.A.
2,285
137,393
Hokkaido
Electric
Power
Co,
Inc
751
134,577
(b)
Hokuriku
Electric
Power
Co
715
328,661
Holding
CO
ADMIE
IPTO
S.A.
803
10,030,739
Hong
Kong
&
China
Gas
Ltd
7,603
1,239,012
Hong
Kong
Electric
Holdings
Ltd
7,259
296,319
Huadian
Power
International
Corp
Ltd
(Class
A)
278
228,366
Huaneng
Power
International,
Inc
-
A
289
1,778,751
Huaneng
Power
International,
Inc
-
H
1,049
282,760
Hydro
One
Ltd
8,246
5,230,462
Iberdrola
S.A.
64,964
5,389
Idacorp,
Inc
501
279,279
Indraprastha
Gas
Ltd
1,446
127,858
(b)
Innergex
Renewable
Energy,
Inc
754
1,027,900
(a),(d)
Inter
Far
East
Energy
Corp
0
^
400,382
Interconexion
Electrica
S.A.
ESP
2,049
438,710
Inversiones
Aguas
Metropolitanas
S.A.
329
1,910,780
Iride
S.p.A.
3,909
381,294
Italgas
S.p.A
2,221
105,427
(a)
Izdemir
Enerji
Elektrik
Uretim
AS.
88
2,886,272
(a)
Jaiprakash
Power
Ventures
Ltd
530
633,163
Kansai
Electric
Power
Co,
Inc
9,034
3,900
(a)
Kasumigaseki
Capital
Co
Ltd
441
15,611
Kenon
Holdings
Ltd
409
2,833,015
Keppel
Infrastructure
Trust
1,038
109,936
Korea
Electric
Power
Corp
1,808
19,016
(a)
Korea
Gas
Corp
385
18,294
(c)
KPI
Green
Energy
Ltd
339
328,300
Kyushu
Electric
Power
Co,
Inc
2,948
43,248
Mahanagar
Gas
Ltd
709
4,445,800
Malakoff
Corp
Bhd
603
259,302
Manila
Electric
Co
1,647
765,300
Manila
Water
Co,
Inc
308
369,300
Mega
First
Corp
BHD
339
586,669
Mercury
NZ
Ltd
2,429
1,080,228
Meridian
Energy
Ltd
3,814
117,480
(b)
MGE
Energy,
Inc
9,248
583,257
National
Central
Cooling
Co
PJSC
516
2,963
National
Fuel
Gas
Co
159
CREF
Stock
Account
March
31,
2024
134
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
30,719
National
Gas
&
Industrialization
Co
$
712
6,513,020
National
Grid
plc
87,756
53,319
(c)
Neoen
S.A.
1,509
97,004
New
Jersey
Resources
Corp
4,162
7,304,623
NextEra
Energy,
Inc
466,838
84,287
Nippon
Gas
Co
Ltd
1,420
44,334
NiSource,
Inc
1,226
114,858
NLC
India
Ltd
315
219,173
(b)
Northland
Power
Income
Fund
3,581
105,510
NorthWestern
Corp
5,374
351,714
NRG
Energy,
Inc
23,808
3,835,149
NTPC
Ltd
15,499
1,043,462
(a)
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS.
288
34,001
Okinawa
Electric
Power
Co,
Inc
258
38,600
ONE
Gas,
Inc
2,491
90,939
(a)
OPC
Energy
Ltd
645
1,443,604
Origin
Energy
Ltd
8,660
190,852
Orsted
AS
10,665
313,980
Osaka
Gas
Co
Ltd
7,063
16,411
(a)
OY
Nofar
Energy
Ltd
406
217,958
Pennon
Group
plc
1,781
943,578
Petronas
Gas
BHD
3,501
1,724,478
(b),(f)
PG&E
Corp
28,902
754,204
(a)
PGE
Polska
Grupa
Energetyczna
S.A.
1,359
158,278
Pinnacle
West
Capital
Corp
11,828
66,549
Power
&
Water
Utility
Co
for
Jubail
&
Yanbu
1,229
4,123,013
Power
Grid
Corp
of
India
Ltd
13,686
44,590,400
PT
Perusahaan
Gas
Negara
Persero
Tbk
3,827
2,587,124
PTC
India
Ltd
5,785
176,663
(a)
Public
Power
Corp
2,216
51,785
Public
Service
Enterprise
Group,
Inc
3,458
34,076
(a)
Pure
Cycle
Corp
324
384,172
Qatar
Electricity
&
Water
Co
QSC
1,714
584,200
Ratch
Group
PCL
445
1,741,908
(a)
RattanIndia
Power
Ltd
173
13,121
Redeia
Corp
S.A.
224
1,383,652
Redes
Energeticas
Nacionais
S.A.
3,286
510,587
(a)
Reliance
Energy
Ltd
1,667
2,077,424
(a)
Reliance
Power
Ltd
704
32,300
(a),(b)
RENOVA,
Inc
265
78,692
Rubis
S.C.A
2,778
2,517,048
RWE
AG.
85,547
19,600
Saibu
Gas
Co
Ltd
246
749,603
Saudi
Electricity
Co
3,953
245,926
(c)
Scatec
ASA
1,637
521,775
Scottish
&
Southern
Energy
plc
10,878
217,200
SDIC
Power
Holdings
Co
Ltd
447
751,300
SembCorp
Industries
Ltd
3,003
485,637
Sempra
Energy
34,883
156,600
(a)
Serena
Energia
S.A.
294
574,343
Severn
Trent
plc
17,921
558,685
Shamal
Az-Zour
Al-Oula
for
the
First
Phase
of
Az-Zour
Power
Plant
KSC
307
41,400
Shanghai
Electric
Power
Co
Ltd
49
225,300
Shenergy
Co
Ltd
241
128,088
Shenzhen
Energy
Group
Co
Ltd
123
120,042
Shikoku
Electric
Power
Co,
Inc
938
76,000
Shinfox
Energy
Co
Ltd
342
28,110
Shizuoka
Gas
Co
Ltd
176
91,400
Sichuan
Chuantou
Energy
Co
Ltd
210
552,484
SJVN
Ltd
806
69,008
Snam
Rete
Gas
S.p.A.
326
63,023
(a),(b)
Solaria
Energia
y
Medio
Ambiente
S.A.
688
135
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
128,000
(a),(d)
Sound
Global
Ltd
$
0
^
3,368,230
Southern
Co
241,637
6,831,000
(a)
SP
New
Energy
Corp
126
1,015,900
SPCG
PCL
317
183,480
Spire,
Inc
11,260
1,461,996
(b)
Superior
Plus
Corp
10,890
1,411,100
Synergy
Grid
&
Development
Phils,
Inc
188
395,213
Taiwan
Cogeneration
Corp
587
1,268,704
Tata
Power
Co
Ltd
6,005
899,941
(a)
Tauron
Polska
Energia
S.A.
689
59,170
Telecom
Plus
plc
1,218
2,381,804
Tenaga
Nasional
BHD
5,656
46,105
Terna
Energy
S.A.
896
47,009
Terna
Rete
Elettrica
Nazionale
S.p.A.
389
208,000
Tian
Lun
Gas
Holdings
Ltd
134
56,100
Toho
Gas
Co
Ltd
1,242
368,900
Tohoku
Electric
Power
Co,
Inc
2,891
1,374,251
(a)
Tokyo
Electric
Power
Co,
Inc
8,353
360,910
Tokyo
Gas
Co
Ltd
8,204
907,000
Towngas
Smart
Energy
Co
Ltd
356
2,315,000
TPI
Polene
Power
PCL
209
211,521
TransAlta
Corp
1,357
144,200
Transmissora
Alianca
de
Energia
Eletrica
S
1,044
1,147,700
TTW
PCL
282
63,100
UGI
Corp
1,548
885,698
United
Utilities
Group
plc
11,508
1,231,272
Veolia
Environnement
40,056
70,693
Verbund
AG.
5,165
521,462
Vistra
Corp
36,320
28,917
(a),(b)
Voltalia
S.A.
205
1,121,632
WEC
Energy
Group,
Inc
92,108
17,430
West
Holdings
Corp
331
934,000
WHA
Utilities
and
Power
PCL
103
2,029,700
(a)
Wintime
Energy
Group
Co
Ltd
374
59,532
Xcel
Energy,
Inc
3,200
1,344,000
(b)
Xinyi
Energy
Holdings
Ltd
191
2,920,000
YTL
Corp
BHD
1,611
2,157,700
YTL
Power
International
BHD
1,725
799,800
Zhejiang
Zheneng
Electric
Power
Co
Ltd
720
350,000
(a),(b)
Zhongyu
Energy
Holdings
Ltd
223
1,446,287
(a)
Zorlu
Enerji
Elektrik
Uretim
AS
254
TOTAL
UTILITIES
2,893,184
TOTAL
COMMON
STOCKS
124,873,234
(Cost
$99,479,701)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
AUTOMOBILES
&
COMPONENTS
-
0.0%
409,140
Tata
Motors
Ltd
(DVR)
3,237
TOTAL
AUTOMOBILES
&
COMPONENTS
3,237
CAPITAL
GOODS
-
0.0%
2,541
(d)
Dawonsys
Co
Ltd
04/23/24
7
26,206
(b),(d)
Webuild
S.p.A
08/02/30
24
TOTAL
CAPITAL
GOODS
31
CREF
Stock
Account
March
31,
2024
136
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
EXPIRATION
DATE
VALUE
(000)
CONSUMER
SERVICES
-
0.0%
90,578
PointsBet
Holdings
Ltd
07/08/24
$
1
TOTAL
CONSUMER
SERVICES
1
ENERGY
-
0.0%
27,093
(b),(d)
Empire
Petroleum
Corp
03/25/24
0
^
TOTAL
ENERGY
0
^
FINANCIAL
SERVICES
-
0.0%
1,059
Magellan
Financial
Group
Ltd
04/16/27
0
^
TOTAL
FINANCIAL
SERVICES
0
^
MATERIALS
-
0.0%
5,863
Foosung
Co
Ltd
04/11/24
6
TOTAL
MATERIALS
6
MEDIA
&
ENTERTAINMENT
-
0.0%
53,196
RS
PCL
01/16/26
7
TOTAL
MEDIA
&
ENTERTAINMENT
7
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
12,599
(d)
Chinook
Therapeutics,
Inc
0
^
24,100
(d)
Kangmei
Pharmaceutical
Co
Ltd
12/31/28
0
^
20,027
(b),(d)
Tobira
Therapeutics,
Inc
1
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1
SOFTWARE
&
SERVICES
-
0.0%
19,369
(d)
Constellation
Software,
Inc
08/22/28
99
TOTAL
SOFTWARE
&
SERVICES
99
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
132,405
(d)
Nex
Point
Parts
PCL
04/04/24
0
^
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
0
^
TOTAL
RIGHTS/WARRANTS
3,382
(Cost
$2,367)
TOTAL
LONG-TERM
INVESTMENTS
124,876,870‌
(Cost
$99,482,341)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.2%
GOVERNMENT
AGENCY
DEBT
-
0.1%
$
25,000,000
Federal
Farm
Credit
Discount
Notes
0
.000
%
04/03/24
24,978
7,500,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/19/24
7,476
7,500,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/26/24
7,469
20,790,000
Federal
Farm
Credit,
04
0
.000
04/05/24
20,766
3,535,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
04/01/24
3,533
5,000,000
FHLB
0
.000
04/05/24
4,994
14,475,000
FHLB
0
.000
04/10/24
14,448
12,500,000
FHLB
0
.000
05/03/24
12,435
TOTAL
GOVERNMENT
AGENCY
DEBT
96,099
TREASURY
DEBT
-
0.1%
13,000,000
United
States
Treasury
Bill
0
.000
04/02/24
12,998
12,990,000
United
States
Treasury
Bill
0
.000
04/04/24
12,984
20,000,000
United
States
Treasury
Bill
0
.000
04/09/24
19,977
35,000,000
United
States
Treasury
Bill
0
.000
04/16/24
34,923
6,319,000
United
States
Treasury
Bill
0
.000
04/23/24
6,299
15,000,000
United
States
Treasury
Bill
0
.000
04/25/24
14,947
50,000,000
United
States
Treasury
Bill
0
.000
05/02/24
49,773
137
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
RATE
MATURITY
DATE
VALUE
(000)
$
18,573,000
United
States
Treasury
Bill
0
.000
%
05/07/24
$
18,476
5,000,000
United
States
Treasury
Bill
0
.000
05/09/24
4,972
TOTAL
TREASURY
DEBT
175,349
TOTAL
SHORT-TERM
INVESTMENTS
271,448
(Cost
$271,419)
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.8%
CERTIFICATE
OF
DEPOSIT
-
0.2%
5,000,000
Australia
and
New
Zealand
Banking
Group
5
.800
07/25/24
5,000
2,000,000
Australia
and
New
Zealand
Banking
Group
5
.880
10/11/24
2,000
45,000,000
BNP
Paribas
Securities
Corp
5
.310
04/01/24
45,000
5,000,000
Canadian
Imperial
Bank
of
Commerce
6
.030
04/01/24
5,000
10,000,000
Canadian
Imperial
Bank
of
Commerce
5
.930
05/03/24
10,000
5,000,000
Canadian
Imperial
Bank
of
Commerce
5
.800
11/12/24
5,000
5,000,000
Canadian
Imperial
Bank
of
Commerce
5
.500
12/06/24
5,000
5,000,000
Citibank
NA
5
.920
07/29/24
5,000
5,000,000
Citibank
NA
5
.920
08/07/24
5,000
10,000,000
Citibank
NA
5
.740
08/21/24
10,000
5,000,000
Citibank
NA
6
.010
09/19/24
5,000
44,803,000
Credit
Agricole
Cib
5
.310
04/01/24
44,803
5,000,000
ING
US
Funding
LLC
5
.620
02/10/25
5,000
5,000,000
Lloyds
Bank
PLC
5
.610
12/16/24
5,000
5,000,000
MUFG
Bank
Ltd
5
.710
04/12/24
5,000
5,000,000
MUFG
Bank
Ltd
5
.720
05/02/24
5,000
10,000,000
MUFG
Bank
Ltd
5
.730
05/16/24
10,000
5,000,000
MUFG
BK
LTD
5
.500
08/22/24
5,000
5,000,000
National
Australia
Bank
Ltd
5
.510
10/01/24
5,000
10,000,000
Natixis
SA
5
.730
08/19/24
10,000
5,000,000
Nordea
Bank
AB
publ
5
.850
04/05/24
5,000
5,000,000
Nordea
Bank
AB
publ
5
.800
07/24/24
5,000
5,000,000
Royal
Bank
of
Canada
5
.770
07/02/24
5,000
45,000,000
Skandinaviska
Enskilda
Banken
5
.300
04/01/24
45,000
5,000,000
Skandinaviska
Enskilda
Banken
AG
5
.840
04/12/24
5,000
TOTAL
CERTIFICATE
OF
DEPOSIT
261,803
COMMERCIAL
PAPER
-
0.0%
4,250,000
Australia
and
New
Zealand
Banking
Group
0
.000
04/18/24
4,239
5,000,000
DNB
Bank
ASA
0
.000
05/20/24
4,961
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
5,000
5,000,000
ING
US
Funding
LLC
0
.000
07/25/24
4,910
10,000,000
National
Bank
of
Canada
0
.000
08/16/24
9,791
TOTAL
COMMERCIAL
PAPER
38,901
REPURCHASE
AGREEMENT
-
0.6%
35,000,000
(h)
Calyon
5
.320
04/01/24
35,000
15,000,000
(i)
Calyon
5
.330
04/01/24
15,000
30,000,000
(j)
Citigroup
5
.340
04/01/24
30,000
50,000,000
(k)
Deutsche
5
.330
04/01/24
50,000
30,000,000
(l)
HSBC
5
.330
04/01/24
30,000
75,000,000
(m)
HSBC
5
.340
04/01/24
75,000
25,000,000
(n)
JP
Morgan
5
.320
04/01/24
25,000
95,000,000
(o)
JP
Morgan
5
.330
04/01/24
95,000
75,000,000
(p)
Merrill
Lynch
5
.330
04/01/24
75,000
5,000,000
(q),(r)
Mizuho
Bank
Ltd
5
.730
04/11/24
5,000
35,000,000
(s)
Nomura
5
.310
04/01/24
35,000
110,000,000
(t)
Royal
Bank
of
Scotland
5
.330
04/01/24
110,000
95,000,000
(u)
Societe
Generale
5
.330
04/01/24
95,000
TOTAL
REPURCHASE
AGREEMENT
675,000
CREF
Stock
Account
March
31,
2024
138
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)
VARIABLE
RATE
SECURITIES
-
0.0%
$
5,000,000
(r)
Mizuho
Bank
Ltd
5
.730
%
04/26/24
$
5,000
TOTAL
VARIABLE
RATE
SECURITIES
5,000
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
980,704
(Cost
$980,704)
TOTAL
INVESTMENTS
-
100.4%
126,129,022
(Cost
$100,734,464)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.4)%
(
547,758
)
NET
ASSETS
-
100.0%
$125,581,264
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
$1,540,124,131.
(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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$961,374,371
or
0.8%
of
Total
Investments.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Affiliated
holding
(f)
In
bankruptcy
(g)
All
or
a
portion
of
these
securities
have
been
segregated
to
cover
margin
requirements
on
open
futures
contracts.
(h)
Agreement
with
Calyon,
5.320%
dated
3/28/24
to
be
repurchased
at
$35,296,282
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.875%
and
maturity
date
6/15/25,
valued
at
$35,700,094.
(i)
Agreement
with
Calyon,
5.330%
dated
3/28/24
to
be
repurchased
at
$15,027,412
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.000%
and
maturity
date
7/31/28,
valued
at
$15,300,086.
(j)
Agreement
with
Citigroup,
5.340%
dated
3/28/24
to
be
repurchased
at
$30,112,250
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
4.000%–7.500%
and
maturity
dates
4/20/53–5/20/53,
valued
at
$30,600,835.
(k)
Agreement
with
Deutsche,
5.330%
dated
3/28/24
to
be
repurchased
at
$50,000,000
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
dates
11/15/27–11/15/29,
valued
at
$51,000,000.
(l)
Agreement
with
HSBC,
5.330%
dated
3/28/24
to
be
repurchased
at
$30,000,000
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
8/15/31,
valued
at
$30,600,000.
(m)
Agreement
with
HSBC,
5.340%
dated
3/28/24
to
be
repurchased
at
$75,290,417
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
3.000%–7.000%
and
maturity
dates
5/1/33–3/1/54,
valued
at
$76,500,000.
(n)
Agreement
with
JP
Morgan,
5.320%
dated
3/28/24
to
be
repurchased
at
$25,105,087
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
4.500%–7.000%
and
maturity
dates
12/20/53–8/20/63,
valued
at
$25,500,001.
(o)
Agreement
with
JP
Morgan,
5.330%
dated
3/28/24
to
be
repurchased
at
$95,282,012
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–7.000%
and
maturity
dates
8/1/30–12/1/53,
valued
at
$96,900,001.
(p)
Agreement
with
Merrill
Lynch,
5.330%
dated
3/28/24
to
be
repurchased
at
$75,237,229
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.500%–7.000%
and
maturity
dates
7/1/26–2/1/54,
valued
at
$76,500,000.
(q)
Agreement
with
Mizuho
Bank
Ltd,
5.730%
dated
0
to
be
repurchased
at
$5,000,000
on
4/11/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
0,
valued
at
$0.
(r)
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.
(s)
Agreement
with
Nomura,
5.310%
dated
3/28/24
to
be
repurchased
at
$35,114,456
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–6.000%
and
maturity
dates
10/1/28–6/20/53,
valued
at
$35,700,007.
(t)
Agreement
with
Royal
Bank
of
Scotland,
5.330%
dated
3/28/24
to
be
repurchased
at
$110,799,356
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.625%–4.250%
and
maturity
dates
4/15/25–12/31/29,
valued
at
$112,200,073.
(u)
Agreement
with
Societe
Generale,
5.330%
dated
3/28/24
to
be
repurchased
at
$96,106,017
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.625%–4.625%
and
maturity
dates
10/15/26–5/15/31,
valued
at
$96,900,019.
139
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)
Russell
2000
E-Mini
Index
90‌
06/21/24
 $
9,424‌
$
9,656‌
$
232‌
S&P
500
E-Mini
Index
611‌
06/21/24
158,586‌
162,175‌
3,588‌
S&P
Mid-Cap
400
E-Mini
Index
50‌
06/21/24
14,931‌
15,387‌
457‌
Total
751‌
 $
182,941‌
 $
187,218‌
 $
4,277‌
CREF
Global
Equities
Account
March
31,
2024
Portfolio
of
Investments
140
See
Notes
to
Portfolio
of
Investments
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
LONG-TERM
INVESTMENTS
-
98.8%
CORPORATE
BONDS
-
0.0%
INDIA
-
0.0%
INR
1,191,204
Britannia
Industries
Ltd
5
.500
%
06/03/24
$
14
TOTAL
INDIA
14
TOTAL
CORPORATE
BONDS
14
(Cost
$16)
SHARES
REFERENCERATE
&
SPREAD
COMMON
STOCKS
-
98.8%
AUSTRALIA
-
1.2%
226,600
AMP
Ltd
173
210,063
APA
Group
1,151
1,957,047
Australia
&
New
Zealand
Banking
Group
Ltd
37,509
42,922
Australian
Stock
Exchange
Ltd
1,857
1,154,198
BHP
Billiton
Ltd
33,372
53,407
Cochlear
Ltd
11,746
361,642
Commonwealth
Bank
of
Australia
28,367
23,859,114
Glencore
plc
130,928
4,480,121
Ingenia
Communities
Group
15,260
512,416
Insurance
Australia
Group
Ltd
2,137
77,788
Macquarie
Group
Ltd
10,118
29,104
Magellan
Financial
Group
Ltd
188
610,631
Medibank
Pvt
Ltd
1,496
294,218
(a)
Megaport
Ltd
2,872
326,262
Mineral
Resources
Ltd
15,053
692,155
National
Australia
Bank
Ltd
15,672
208,332
(a)
Qantas
Airways
Ltd
740
325,760
QBE
Insurance
Group
Ltd
3,851
279,583
Suncorp-Metway
Ltd
2,984
164,809,536
(a),(b)
Tamboran
Resources
Ltd
18,258
807,689
Telstra
Corp
Ltd
2,032
764,168
Westpac
Banking
Corp
12,997
112,847
Woodside
Energy
Group
Ltd
2,249
TOTAL
AUSTRALIA
351,010
AUSTRIA
-
0.0%
12,163
Verbund
AG.
889
TOTAL
AUSTRIA
889
BELGIUM
-
0.2%
274,994
(c)
KBC
Groep
NV
20,617
108,220
(a)
Liberty
Global
Ltd
1,831
242,760
UCB
S.A.
29,968
TOTAL
BELGIUM
52,416
BERMUDA
-
0.1%
69,056
RenaissanceRe
Holdings
Ltd
16,230
TOTAL
BERMUDA
16,230
BRAZIL
-
1.3%
385,700
Ambev
S.A.
961
124,700
Atacadao
S.A.
339
473,600
B3
SA-Brasil
Bolsa
Balcao
1,132
127,991
Banco
Bradesco
S.A.
325
141
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
7,771,901
Banco
Bradesco
S.A.
(Preference)
$
22,097
1,247,000
Banco
BTG
Pactual
S.A.
-
Unit
9,058
70,532
Banco
do
Brasil
S.A.
796
26,000
Banco
Santander
Brasil
S.A.
148
153,200
BB
Seguridade
Participacoes
S.A.
993
124,600
(a)
Caixa
Seguridade
Participacoes
S
388
54,100
Centrais
Eletricas
Brasileiras
S.A.
503
262,673
Centrais
Eletricas
Brasileiras
S.A.
2,184
187,300
Cia
de
Concessoes
Rodoviarias
516
74,500
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
1,258
299,213
Cia
Energetica
de
Minas
Gerais
749
248,500
Cia
Paranaense
de
Energia
477
48,800
Cia
Siderurgica
Nacional
S.A.
153
2,296,738
Companhia
Vale
do
Rio
Doce
(ADR)
27,997
262,168
Cosan
SA
Industria
e
Comercio
847
48,200
CPFL
Energia
S.A.
335
54,359
Energisa
S.A.
519
105,100
(a)
Eneva
S.A.
267
37,450
Engie
Brasil
Energia
S.A.
301
219,289
Equatorial
Energia
S.A.
1,423
154,355
Gerdau
S.A.
(Preference)
683
654,157
(a),(d)
Hapvida
Participacoes
e
Investimentos
S.A.
483
29,600
Hypera
S.A.
194
435,562
Investimentos
Itau
S.A.
-
PR
912
12,564,019
Itau
Unibanco
Holding
S.A.
86,776
157,600
Klabin
S.A.
794
1,374,163
Localiza
Rent
A
Car
14,982
195,192
Lojas
Renner
S.A.
661
290,034
(a)
Magazine
Luiza
S.A.
104
60,270
(a)
Mercadolibre,
Inc
91,126
192,895
Natura
&
Co
Holding
S.A.
688
1,924,684
(a)
NU
Holdings
Ltd
22,961
1,826,800
Petro
Rio
S.A.
17,753
856,800
Petroleo
Brasileiro
S.A.
6,539
1,086,038
Petroleo
Brasileiro
S.A.
(Preference)
8,090
270,644
Raia
Drogasil
S.A.
1,477
91,029
(d)
Rede
D'Or
Sao
Luiz
S.A.
459
272,900
Rumo
S.A.
1,211
288,359
Sendas
Distribuidora
S.A.
846
910,058
(a)
StoneCo
Ltd
15,116
170,022
Suzano
SA
2,169
92,700
Telefonica
Brasil
S.A.
935
190,500
TIM
S.A.
676
113,500
TOTVS
S.A.
642
167,900
Ultrapar
Participacoes
S.A.
953
957,464
Vale
S.A.
11,613
248,000
Vibra
Energia
S.A.
1,237
362,120
WEG
S.A.
2,758
253,428
XP,
Inc
6,503
TOTAL
BRAZIL
373,107
CANADA
-
2.2%
91,951
Agnico-Eagle
Mines
Ltd
5,483
1,159,787
Alimentation
Couche-Tard,
Inc
66,194
435,615
Bank
of
Montreal
42,531
268,985
Bank
of
Nova
Scotia
13,914
16,006
Brookfield
Asset
Management
Ltd
672
63,581
(a)
Brookfield
Corp
2,660
423
Brookfield
Reinsurance
Ltd
18
549,118
Cameco
Corp
23,772
197,393
(c)
Canadian
Imperial
Bank
of
Commerce
10,007
276,417
Canadian
National
Railway
Co
36,399
CREF
Global
Equities
Account
March
31,
2024
142
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
200,302
Canadian
Natural
Resources
Ltd
$
15,280
46,340
(c)
CI
Financial
Corp
593
424,911
Dollarama,
Inc
32,370
5,930
Fairfax
Financial
Holdings
Ltd
6,392
14,776
First
Capital
Real
Estate
Investment
Trust
171
41,837
Franco-Nevada
Corp
4,985
61,703
Great-West
Lifeco
Inc
1,973
23,711
iA
Financial
Corp,
Inc
1,473
18,383
(c)
IGM
Financial,
Inc
474
40,758
(c)
Imperial
Oil
Ltd
2,811
31,707
Intact
Financial
Corp
5,151
674,441
(a),(c)
Ivanhoe
Mines
Ltd
8,046
724,647
(a)
Lightspeed
Commerce,
Inc
10,191
430,025
Manulife
Financial
Corp
10,740
74,467
(c)
National
Bank
of
Canada
6,271
1,865,232
(a),(c)
NexGen
Energy
Ltd
14,500
18,457
Onex
Corp
1,383
700,359
(c)
Pan
American
Silver
Corp
(Toronto)
10,558
565,437
Parex
Resources,
Inc
9,033
123,217
(c)
Power
Corp
of
Canada
3,455
127,164
RioCan
Real
Estate
Investment
Trust
1,734
315,594
Royal
Bank
of
Canada
31,831
1,819,794
(a)
Shopify,
Inc
(Class
A)
140,392
129,624
Sun
Life
Financial,
Inc
7,073
459,862
Suncor
Energy,
Inc
16,971
727,912
Teck
Cominco
Ltd
(Class
B)
33,318
38,469
Thomson
Reuters
Corp
5,987
62,470
TMX
Group
Ltd
1,648
393,071
Toronto-Dominion
Bank
23,723
11,896
West
Fraser
Timber
Co
Ltd
1,027
TOTAL
CANADA
611,204
CHILE
-
0.0%
3,689,013
Banco
de
Chile
410
5,867
(a)
Banco
de
Credito
e
Inversiones
168
5,304,714
Banco
Santander
Chile
S.A.
264
288,531
Cencosud
S.A.
500
3,151,319
Cia
Sud
Americana
de
Vapores
S.A.
237
248,391
Empresas
CMPC
S.A.
505
91,695
Empresas
COPEC
S.A.
659
6,305,762
Enel
Chile
S.A.
379
4,602,657
Enersis
S.A.
448
38,412,817
(a)
Lan
Airlines
S.A.
479
182,766
(a)
SACI
Falabella
480
31,150
Sociedad
Quimica
y
Minera
de
Chile
S.A.
(Class
B)
1,520
TOTAL
CHILE
6,049
CHINA
-
1.7%
28,700
360
Finance,
Inc
(ADR)
529
41,200
360
Security
Technology,
Inc
50
35,400
37
Interactive
Entertainment
Network
Technology
Group
Co
Ltd
86
167,000
AAC
Technologies
Holdings,
Inc
561
10,500
Accelink
Technologies
Co
Ltd
56
3,414
ACM
Research
Shanghai,
Inc
40
8,252
Advanced
Micro-Fabrication
Equipment,
Inc
China
171
12,600
AECC
Aero-Engine
Control
Co
Ltd
32
34,000
AECC
Aviation
Power
Co
Ltd
158
13,151,000
Agricultural
Bank
of
China
Ltd
5,551
470,900
Agricultural
Bank
of
China
Ltd
(Class
A)
272
41,899
Aier
Eye
Hospital
Group
Co
Ltd
75
9,700
AIMA
Technology
Group
Co
Ltd
42
55,700
(a)
Air
China
Ltd
56
143
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
148,000
(a)
Air
China
Ltd
(H
shares)
$
72
30,207
Airtac
International
Group
1,047
42,000
(a),(c),(d)
Akeso,
Inc
251
3,368,472
Alibaba
Group
Holding
Ltd
30,460
452,759
(c)
Alibaba
Group
Holding
Ltd
(ADR)
32,762
454,000
(a)
Alibaba
Health
Information
Technology
Ltd
185
326,000
Aluminum
Corp
of
China
Ltd
208
569,900
Aluminum
Corp
of
China
Ltd
(Class
A)
561
4,321
Amlogic
Shanghai
Co
Ltd
29
6,400
Angel
Yeast
Co
Ltd
26
108,500
Anhui
Conch
Cement
Co
Ltd
225
20,000
Anhui
Conch
Cement
Co
Ltd
(Class
A)
61
28,800
Anhui
Gujing
Distillery
Co
Ltd
405
5,400
Anhui
Gujing
Distillery
Co
Ltd
(Class
A)
196
29,500
(a)
Anhui
Jianghuai
Automobile
Group
Corp
Ltd
69
9,100
Anhui
Kouzi
Distillery
Co
Ltd
51
9,800
Anhui
Yingjia
Distillery
Co
Ltd
88
4,900
Anker
Innovations
Technology
Co
Ltd
52
107,200
Anta
Sports
Products
Ltd
1,143
19,200
(a)
Asia-Potash
International
Investment
Guangzhou
Co
Ltd
51
3,916
(a)
ASR
Microelectronics
Co
Ltd
22
1,820
Asymchem
Laboratories
Tianjin
Co
Ltd
22
2,800
Autobio
Diagnostics
Co
Ltd
22
5,700
Autohome,
Inc
(ADR)
149
21,200
Avary
Holding
Shenzhen
Co
Ltd
69
6,200
AVIC
Industry-Finance
Holdings
Co
Ltd
3
88,000
AviChina
Industry
&
Technology
Co
Ltd
35
5,600
AVICOPTER
plc
32
80,700
(a)
BAIC
BluePark
New
Energy
Technology
Co
Ltd
85
488,516
(a)
Baidu,
Inc
6,431
106,000
Bank
of
Beijing
Co
Ltd
83
76,800
Bank
of
Changsha
Co
Ltd
82
18,800
Bank
of
Chengdu
Co
Ltd
35
215,500
Bank
of
China
Ltd
-
A
131
17,911,000
Bank
of
China
Ltd
-
H
7,344
233,300
Bank
of
Communications
Co
Ltd
-
A
202
804,000
Bank
of
Communications
Co
Ltd
-
H
529
29,400
Bank
of
Hangzhou
Co
Ltd
45
94,880
Bank
of
Jiangsu
Co
Ltd
103
44,300
Bank
of
Nanjing
Co
Ltd
55
33,500
Bank
of
Ningbo
Co
Ltd
97
64,522
Bank
of
Shanghai
Co
Ltd
60
73,500
Bank
of
Suzhou
Co
Ltd
73
806,705
Baoshan
Iron
&
Steel
Co
Ltd
723
56,700
(a)
BeiGene
Ltd
682
65,200
Beijing
Dabeinong
Technology
Group
Co
Ltd
44
44,600
Beijing
Enlight
Media
Co
Ltd
64
48,500
Beijing
Enterprises
Holdings
Ltd
141
342,000
Beijing
Enterprises
Water
Group
Ltd
76
5,997
Beijing
Kingsoft
Office
Software,
Inc
248
23,500
Beijing
New
Building
Materials
plc
93
6,000
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
13
580
Beijing
Roborock
Technology
Co
Ltd
27
8,000
Beijing
Tiantan
Biological
Products
Corp
Ltd
28
6,900
Beijing
Tongrentang
Co
Ltd
40
2,760
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co
Ltd
26
44,500
Beijing
Yanjing
Brewery
Co
Ltd
57
250,100
Beijing-Shanghai
High
Speed
Railway
Co
Ltd
173
81,600
(a)
Beiqi
Foton
Motor
Co
Ltd
31
3,200
Bethel
Automotive
Safety
Systems
Co
Ltd
24
15,300
(a),(c)
Bilibili,
Inc
174
1,770
Bloomage
Biotechnology
Corp
Ltd
14
CREF
Global
Equities
Account
March
31,
2024
144
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
18,700
(d)
BOC
Aviation
Ltd
$
144
820,000
BOC
Hong
Kong
Holdings
Ltd
2,199
14,900
BOC
International
China
Co
Ltd
21
637,100
BOE
Technology
Group
Co
Ltd
355
906,000
Bosideng
International
Holdings
Ltd
453
708,000
Brilliance
China
Automotive
Holdings
Ltd
489
24,300
BYD
Co
Ltd
701
231,500
BYD
Co
Ltd
(H
shares)
5,928
181,000
BYD
Electronic
International
Co
Ltd
668
22,060
By-health
Co
Ltd
51
163,000
C&D
International
Investment
Group
Ltd
285
30,030
Caitong
Securities
Co
Ltd
31
5,721
(a)
Cambricon
Technologies
Corp
Ltd
141
6,760
Canmax
Technologies
Co
Ltd
18
5,731
Cathay
Biotech,
Inc
35
76,800
CECEP
Solar
Energy
Co
Ltd
55
1,033,000
(d)
CGN
Power
Co
Ltd
306
326,400
CGN
Power
Co
Ltd
180
2,000
Changchun
High
&
New
Technology
Industry
Group,
Inc
34
24,000
Changjiang
Securities
Co
Ltd
17
3,000
Changzhou
Xingyu
Automotive
Lighting
Systems
Co
Ltd
59
22,100
Chaozhou
Three-Circle
Group
Co
Ltd
76
7,700
Chengxin
Lithium
Group
Co
Ltd
20
5,500
(a)
Chifeng
Jilong
Gold
Mining
Co
Ltd
11
35,100
China
Baoan
Group
Co
Ltd
51
854,000
China
Cinda
Asset
Management
Co
Ltd
71
7,487,000
China
Citic
Bank
3,994
553,000
China
Coal
Energy
Co
539
224,000
China
Communications
Services
Corp
Ltd
105
73,000
China
Construction
Bank
Corp
-
A
69
21,334,000
China
Construction
Bank
Corp
-
H
12,874
61,000
China
CSSC
Holdings
Ltd
292
75,900
(a)
China
Eastern
Airlines
Corp
Ltd
38
480,900
China
Energy
Engineering
Corp
Ltd
140
278,300
China
Everbright
Bank
Co
Ltd
-
A
120
407,000
China
Everbright
Bank
Co
Ltd
-
H
117
889,000
(d)
China
Feihe
Ltd
418
24,800
China
Film
Co
Ltd
42
324,000
China
Galaxy
Securities
Co
Ltd
159
24,500
China
Galaxy
Securities
Co
Ltd
(Class
A)
40
228,400
China
Gas
Holdings
Ltd
206
29,700
China
Great
Wall
Securities
Co
Ltd
30
27,400
China
Greatwall
Technology
Group
Co
Ltd
37
203,500
(c)
China
Hongqiao
Group
Ltd
229
413,800
China
Insurance
International
Holdings
Co
Ltd
363
124,400
(d)
China
International
Capital
Corp
Ltd
148
9,100
China
International
Capital
Corp
Ltd
40
19,429
China
Jushi
Co
Ltd
28
1,744,000
China
Life
Insurance
Co
Ltd
2,097
42,000
China
Life
Insurance
Co
Ltd
(Class
A)
166
31,800
(a),(d)
China
Literature
Ltd
107
773,000
China
Longyuan
Power
Group
Corp
Ltd
542
112,000
China
Medical
System
Holdings
Ltd
118
262,000
China
Mengniu
Dairy
Co
Ltd
564
2,326,500
China
Merchants
Bank
Co
Ltd
9,221
555,900
China
Merchants
Bank
Co
Ltd
(Class
A)
2,480
179,400
China
Merchants
Energy
Shipping
Co
Ltd
191
53,300
China
Merchants
Expressway
Network
&
Technology
Holdings
Co
Ltd
83
133,426
China
Merchants
Holdings
International
Co
Ltd
160
36,020
China
Merchants
Securities
Co
Ltd
69
125,000
China
Merchants
Shekou
Industrial
Zone
Holdings
Co
Ltd
167
192,400
China
Minsheng
Banking
Corp
Ltd
-
A
108
145
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
633,300
China
Minsheng
Banking
Corp
Ltd
-
H
$
219
1,401,000
China
Molybdenum
Co
Ltd
1,193
234,000
China
Molybdenum
Co
Ltd
(Class
A)
265
328,000
China
National
Building
Material
Co
Ltd
113
32,900
China
National
Chemical
Engineering
Co
Ltd
30
6,100
China
National
Medicines
Corp
Ltd
27
94,300
China
National
Nuclear
Power
Co
Ltd
117
16,200
China
Northern
Rare
Earth
Group
High-Tech
Co
Ltd
43
660,000
China
Oilfield
Services
Ltd
760
808,435
China
Overseas
Land
&
Investment
Ltd
1,167
45,000
China
Overseas
Property
Holdings
Ltd
25
98,600
China
Pacific
Insurance
Group
Co
Ltd
-
A
309
620,200
China
Pacific
Insurance
Group
Co
Ltd
-
H
1,088
413,000
(c)
China
Power
International
Development
Ltd
170
102,500
China
Railway
Group
Ltd
-
A
97
353,000
China
Railway
Group
Ltd
-
H
175
130,799
China
Railway
Signal
&
Communication
Corp
Ltd
99
17,300
China
Rare
Earth
Resources
And
Technology
Co
Ltd
65
138,000
China
Resources
Beer
Holdings
Company
Ltd
637
82,300
China
Resources
Gas
Group
Ltd
263
734,836
China
Resources
Land
Ltd
2,331
14,660
China
Resources
Microelectronics
Ltd
80
169,000
(d)
China
Resources
Mixc
Lifestyle
Services
Ltd
536
133,000
(d)
China
Resources
Pharmaceutical
Group
Ltd
85
162,000
China
Resources
Power
Holdings
Co
378
4,700
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co
Ltd
34
1,248,000
(a),(c)
China
Ruyi
Holdings
Ltd
318
114,000
China
Shenhua
Energy
Co
Ltd
-
A
610
800,500
China
Shenhua
Energy
Co
Ltd
-
H
3,149
126,000
(c)
China
Shipping
Development
Co
Ltd
131
46,700
(a)
China
Southern
Airlines
Co
Ltd
(Class
A)
36
224,800
China
State
Construction
Engineering
Corp
Ltd
162
162,000
China
State
Construction
International
Holdings
Ltd
177
418,800
China
Three
Gorges
Renewables
Group
Co
Ltd
271
26,900
(c),(d)
China
Tourism
Group
Duty
Free
Corp
Ltd
269
23,925
China
Tourism
Group
Duty
Free
Corp
Ltd
286
4,094,000
(d)
China
Tower
Corp
Ltd
471
583,700
(c)
China
Vanke
Co
Ltd
405
139,400
China
Vanke
Co
Ltd
(Class
A)
178
80,500
China
XD
Electric
Co
Ltd
60
129,300
China
Yangtze
Power
Co
Ltd
445
5,400
China
Zhenhua
Group
Science
&
Technology
Co
Ltd
41
114,140
China
Zheshang
Bank
Co
Ltd
46
5,000
Chongqing
Brewery
Co
Ltd
45
17,154
Chongqing
Changan
Automobile
Co
Ltd
41
231,700
Chongqing
Rural
Commercial
Bank
Co
Ltd
149
10,200
(a)
Chongqing
Taiji
Industry
Group
Co
Ltd
48
10,950
Chongqing
Zhifei
Biological
Products
Co
Ltd
69
492,200
Chow
Tai
Fook
Jewellery
Group
Ltd
727
540,000
Citic
Pacific
Ltd
520
156,774
CITIC
Securities
Co
Ltd
259
64,870
CITIC
Securities
Co
Ltd
(Class
A)
174
4,800
CNGR
Advanced
Material
Co
Ltd
34
111,700
CNPC
Capital
Co
Ltd
87
97,330
Contemporary
Amperex
Technology
Co
Ltd
2,545
140,445
(c)
COSCO
Pacific
Ltd
77
147,500
COSCO
SHIPPING
Development
Co
Ltd
47
69,900
COSCO
SHIPPING
Energy
Transportation
Co
Ltd
154
189,260
COSCO
SHIPPING
Holdings
Co
Ltd
-
A
272
641,650
COSCO
SHIPPING
Holdings
Co
Ltd
-
H
676
2,908,000
(c),(e)
Country
Garden
Holdings
Co
Ltd
135
501,000
Country
Garden
Services
Holdings
Co
Ltd
322
CREF
Global
Equities
Account
March
31,
2024
146
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
18,800
CSC
Financial
Co
Ltd
$
57
17,700
CSPC
Innovation
Pharmaceutical
Co
Ltd
91
1,654,880
CSPC
Pharmaceutical
Group
Ltd
1,303
21,700
CSSC
Science
&
Technology
Co
Ltd
47
93,600
Daqin
Railway
Co
Ltd
95
14,049
DaShenLin
Pharmaceutical
Group
Co
Ltd
41
169,500
Datang
International
Power
Generation
Co
Ltd
67
6,200
Dong-E-E-Jiao
Co
Ltd
52
39,000
Dongfang
Electric
Corp
Ltd
83
680,000
Dongfeng
Motor
Group
Co
Ltd
284
11,300
Dongxing
Securities
Co
Ltd
12
101,000
(a),(c),(d)
East
Buy
Holding
Ltd
269
79,006
East
Money
Information
Co
Ltd
141
3,500
Eastroc
Beverage
Group
Co
Ltd
91
5,000
Ecovacs
Robotics
Co
Ltd
25
4,400
Empyrean
Technology
Co
Ltd
49
66,700
ENN
Energy
Holdings
Ltd
519
35,900
ENN
Natural
Gas
Co
Ltd
95
9,000
Eoptolink
Technology,
Inc
Ltd
85
8,770
Eve
Energy
Co
Ltd
48
21,000
Everbright
Securities
Co
Ltd
47
105,708
(a)
Everdisplay
Optronics
Shanghai
Co
Ltd
32
41,843
Fangda
Carbon
New
Material
Co
Ltd
28
72,000
Far
East
Horizon
Ltd
53
24,200
FAW
Jiefang
Group
Co
Ltd
30
25,700
First
Capital
Securities
Co
Ltd
19
96,000
(c)
Flat
Glass
Group
Co
Ltd
234
22,500
Flat
Glass
Group
Co
Ltd
90
239,700
Focus
Media
Information
Technology
Co
Ltd
216
57,822
Foshan
Haitian
Flavouring
&
Food
Co
Ltd
317
677,000
Fosun
International
353
38,800
Founder
Securities
Co
Ltd
42
174,628
Foxconn
Industrial
Internet
Co
Ltd
567
2,700
Fu
Jian
Anjoy
Foods
Co
Ltd
31
14,400
Fujian
Sunner
Development
Co
Ltd
31
22,700
Fuyao
Glass
Industry
Group
Co
Ltd
-
A
135
143,800
(d)
Fuyao
Glass
Industry
Group
Co
Ltd
-
H
724
18,268
GalaxyCore,
Inc
42
31,200
(c),(d)
Ganfeng
Lithium
Group
Co
Ltd
96
7,920
Ganfeng
Lithium
Group
Co
Ltd
39
1,805,000
GCL
Technology
Holdings
Ltd
296
90,000
GD
Power
Development
Co
Ltd
62
196,000
(a),(c)
GDS
Holdings
Ltd
(ADR)
1,303
1,358,000
Geely
Automobile
Holdings
Ltd
1,607
67,800
GEM
Co
Ltd
56
92,000
(a),(c)
Genscript
Biotech
Corp
171
90,600
GF
Securities
Co
Ltd
94
31,000
GF
Securities
Co
Ltd
(Class
A)
58
67,400
(a),(c),(d)
Giant
Biogene
Holding
Co
ltd
367
14,700
Giant
Network
Group
Co
Ltd
25
8,872
GigaDevice
Semiconductor,
Inc
89
3,900
Ginlong
Technologies
Co
Ltd
32
44,500
GoerTek,
Inc
97
5,900
Gongniu
Group
Co
Ltd
84
1,960
GoodWe
Technologies
Co
Ltd
27
6,800
Gotion
High-tech
Co
Ltd
19
523,000
(c)
Great
Wall
Motor
Co
Ltd
583
27,800
Great
Wall
Motor
Co
Ltd
88
14,200
Gree
Electric
Appliances,
Inc
of
Zhuhai
77
128,000
Greenland
Holdings
Corp
Ltd
34
39,200
GRG
Banking
Equipment
Co
Ltd
65
18,400
Guangdong
Haid
Group
Co
Ltd
110
147
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
45,900
(a)
Guangdong
HEC
Technology
Holding
Co
Ltd
$
55
252,000
Guangdong
Investments
Ltd
108
246,200
Guanghui
Energy
Co
Ltd
246
59,400
Guangzhou
Automobile
Group
Co
Ltd
73
864,000
Guangzhou
Automobile
Group
Co
Ltd
-
H
355
39,400
Guangzhou
Baiyun
International
Airport
Co
Ltd
55
10,500
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co
Ltd
42
34,300
Guangzhou
Haige
Communications
Group,
Inc
Co
50
1,800
Guangzhou
Kingmed
Diagnostics
Group
Co
Ltd
14
4,395
Guangzhou
Shiyuan
Electronic
Technology
Co
Ltd
21
21,800
Guangzhou
Tinci
Materials
Technology
Co
Ltd
66
13,486
Guangzhou
Yuexiu
Capital
Holdings
Group
Co
Ltd
10
12,200
Guolian
Securities
Co
Ltd
19
28,300
Guosen
Securities
Co
Ltd
32
41,000
Guotai
Junan
Securities
Co
Ltd
81
25,790
Guoyuan
Securities
Co
Ltd
23
378,000
(d)
Haidilao
International
Holding
Ltd
855
208,800
Haier
Smart
Home
Co
Ltd
650
30,300
Haier
Smart
Home
Co
Ltd
105
539,600
(a)
Hainan
Airlines
Holding
Co
Ltd
102
145,500
(a)
Hainan
Airport
Infrastructure
Co
Ltd
70
156,000
Haitian
International
Holdings
Ltd
454
263,600
Haitong
Securities
Co
Ltd
126
53,100
Haitong
Securities
Co
Ltd
(Class
A)
64
13,100
Hang
Zhou
Great
Star
Industrial
Co
Ltd
44
43,600
Hangzhou
Binjiang
Real
Estate
Group
Co
Ltd
40
7,800
Hangzhou
Chang
Chuan
Technology
Co
Ltd
34
19,510
Hangzhou
First
Applied
Material
Co
Ltd
76
12,900
Hangzhou
Oxygen
Plant
Group
Co
Ltd
51
13,530
Hangzhou
Robam
Appliances
Co
Ltd
45
14,100
Hangzhou
Silan
Microelectronics
Co
Ltd
38
1,800
Hangzhou
Tigermed
Consulting
Co
Ltd
-
A
13
100,000
(d)
Hansoh
Pharmaceutical
Group
Co
Ltd
198
8,800
Haohua
Chemical
Science
&
Technology
Co
Ltd
40
22,500
Hebei
Yangyuan
Zhihui
Beverage
Co
Ltd
78
19,100
Heilongjiang
Agriculture
Co
Ltd
32
49,900
Henan
Shenhuo
Coal
&
Power
Co
Ltd
134
51,700
Henan
Shuanghui
Investment
&
Development
Co
Ltd
184
164,500
Hengan
International
Group
Co
Ltd
519
22,100
Hengdian
Group
DMEGC
Magnetics
Co
Ltd
44
104,980
Hengli
Petrochemical
Co
Ltd
199
34,700
Hengtong
Optic-electric
Co
Ltd
59
49,430
Hengyi
Petrochemical
Co
Ltd
44
209,900
Hesteel
Co
Ltd
62
21,000
Hisense
Visual
Technology
Co
Ltd
69
2,800
Hithink
RoyalFlush
Information
Network
Co
Ltd
52
79,500
HLA
Corp
Ltd
97
5,860
Hongfa
Technology
Co
Ltd
20
9,500
Hoshine
Silicon
Industry
Co
Ltd
65
850
Hoymiles
Power
Electronics,
Inc
26
141,000
(a),(c),(d)
Hua
Hong
Semiconductor
Ltd
275
41,700
Huadian
Power
International
Corp
Ltd
(Class
A)
39
9,740
Huadong
Medicine
Co
Ltd
41
52,800
Huafon
Chemical
Co
Ltd
48
15,800
Huagong
Tech
Co
Ltd
69
63,700
Huaibei
Mining
Holdings
Co
Ltd
144
9,360
Hualan
Biological
Engineering,
Inc
26
44,300
Huaneng
Power
International,
Inc
-
A
56
342,000
Huaneng
Power
International,
Inc
-
H
202
116,200
(d)
Huatai
Securities
Co
Ltd
133
15,500
Huatai
Securities
Co
Ltd
(Class
A)
30
80,200
Huaxia
Bank
Co
Ltd
72
CREF
Global
Equities
Account
March
31,
2024
148
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
37,700
Huayu
Automotive
Systems
Co
Ltd
$
86
16,983
Huazhu
Group
Ltd
(ADR)
657
4,700
Hubei
Jumpcan
Pharmaceutical
Co
Ltd
24
5,800
Huizhou
Desay
Sv
Automotive
Co
Ltd
101
9,500
Humanwell
Healthcare
Group
Co
Ltd
25
101,600
Hunan
Valin
Steel
Co
Ltd
72
8,412
Hundsun
Technologies,
Inc
26
2,040
Hwatsing
Technology
Co
Ltd
50
27,400
(c),(d)
Hygeia
Healthcare
Holdings
Co
Ltd
112
25,994
Hygon
Information
Technology
Co
Ltd
276
23,431
(a)
iClick
Interactive
Asia
Group
Ltd
(ADR)
93
12,800
Iflytek
Co
Ltd
88
900
Imeik
Technology
Development
Co
Ltd
42
329,900
Industrial
&
Commercial
Bank
of
China
Ltd
-
A
240
14,518,000
Industrial
&
Commercial
Bank
of
China
Ltd
-
H
7,297
105,200
Industrial
Bank
Co
Ltd
237
40,790
Industrial
Securities
Co
Ltd
31
6,300
Ingenic
Semiconductor
Co
Ltd
53
228,300
Inner
Mongolia
BaoTou
Steel
Union
Co
Ltd
50
61,300
Inner
Mongolia
Dian
Tou
Energy
Corp
Ltd
137
137,200
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co
Ltd
69
90,600
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd
349
286,500
Inner
Mongolia
Yitai
Coal
Co
547
56,900
Inner
Mongolia
Yuan
Xing
Energy
Co
Ltd
44
375,000
(a),(d)
Innovent
Biologics,
Inc
1,809
8,800
Inspur
Electronic
Information
Industry
Co
Ltd
54
37,153
(a)
iQIYI,
Inc
(ADR)
157
452
iRay
Technology
Co
Ltd
14
14,250
(a)
Isoftstone
Information
Technology
Group
Co
Ltd
92
42,300
JA
Solar
Technology
Co
Ltd
102
8,310
Jason
Furniture
Hangzhou
Co
Ltd
42
92,550
(a),(d)
JD
Health
International,
Inc
329
491,600
(a),(d)
JD
Logistics,
Inc
502
1,965,805
JD.com,
Inc
26,965
163,889
JD.com,
Inc
(ADR)
4,489
73,400
Jiangsu
Eastern
Shenghong
Co
Ltd
101
116,000
Jiangsu
Express
119
16,804
Jiangsu
Hengli
Hydraulic
Co
Ltd
117
32,882
Jiangsu
Hengrui
Pharmaceuticals
Co
Ltd
210
16,400
Jiangsu
King's
Luck
Brewery
JSC
Ltd
135
16,000
Jiangsu
Nhwa
Pharmaceutical
Co
Ltd
48
4,800
Jiangsu
Pacific
Quartz
Co
Ltd
60
35,900
Jiangsu
Phoenix
Publishing
&
Media
Corp
Ltd
55
19,300
Jiangsu
Yanghe
Brewery
Joint-Stock
Co
Ltd
264
3,900
Jiangsu
Yangnong
Chemical
Co
Ltd
28
6,400
Jiangsu
Yoke
Technology
Co
Ltd
47
5,200
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co
Ltd
25
47,500
Jiangsu
Zhongtian
Technology
Co
Ltd
92
97,000
Jiangxi
Copper
Co
Ltd
166
11,158
Jiangxi
Copper
Co
Ltd
(Class
A)
35
23,300
(a)
Jiangxi
Special
Electric
Motor
Co
Ltd
30
57,600
Jinduicheng
Molybdenum
Co
Ltd
89
97,213
Jinko
Solar
Co
Ltd
111
2,900
JiuGui
Liquor
Co
Ltd
23
163,100
Jizhong
Energy
Resources
Co
Ltd
169
283,877
Joincare
Pharmaceutical
Group
Industry
Co
Ltd
426
16,479
Jointown
Pharmaceutical
Group
Co
Ltd
18
9,500
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co
Ltd
33
17,600
Juneyao
Airlines
Co
Ltd
29
48,900
Kanzhun
Ltd
(ADR)
857
54,800
KE
Holdings,
Inc
(ADR)
752
18,700
Keda
Industrial
Group
Co
Ltd
27
176,500
Kingboard
Chemical
Holdings
Ltd
360
229,000
(a)
Kingdee
International
Software
Group
Co
Ltd
259
149
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
35,900
Kingnet
Network
Co
Ltd
$
56
79,600
Kingsoft
Corp
Ltd
246
492,900
(a),(d)
Kuaishou
Technology
3,103
35,200
(a)
Kuang-Chi
Technologies
Co
Ltd
99
6,500
Kunlun
Tech
Co
Ltd
37
16,097
Kweichow
Moutai
Co
Ltd
3,794
37,700
LB
Group
Co
Ltd
96
1,802,000
Lenovo
Group
Ltd
2,088
62,500
Lens
Technology
Co
Ltd
117
1,300
Lepu
Medical
Technology
Beijing
Co
Ltd
2
252,500
(a)
Li
Auto,
Inc
3,834
192,500
Li
Ning
Co
Ltd
514
114,600
Liaoning
Port
Co
Ltd
22
73,400
Lingyi
iTech
Guangdong
Co
55
2,100
Livzon
Pharmaceutical
Group,
Inc
11
461,000
(c),(d)
Longfor
Group
Holdings
Ltd
654
108,889
LONGi
Green
Energy
Technology
Co
Ltd
296
92,109
Luxshare
Precision
Industry
Co
Ltd
379
19,700
Luzhou
Laojiao
Co
Ltd
505
25,790
Mango
Excellent
Media
Co
Ltd
87
6,008
Maxscend
Microelectronics
Co
Ltd
84
53,900
Meihua
Holdings
Group
Co
Ltd
75
18,800
(a)
Meinian
Onehealth
Healthcare
Holdings
Co
Ltd
13
1,347,590
(a),(d)
Meituan
16,635
85,700
Metallurgical
Corp
of
China
Ltd
41
4,721
MGI
Tech
Co
Ltd
39
47,800
Midea
Group
Co
Ltd
427
27,400
Ming
Yang
Smart
Energy
Group
Ltd
36
83,400
MINISO
Group
Holding
Ltd
431
13,652
Montage
Technology
Co
Ltd
88
73,444
Muyuan
Foods
Co
Ltd
427
7,265
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co
Ltd
11
18,200
Nanjing
Securities
Co
Ltd
19
114,452
NARI
Technology
Co
Ltd
382
13,128
(a)
National
Silicon
Industry
Group
Co
Ltd
24
7,000
NAURA
Technology
Group
Co
Ltd
297
712,395
NetEase,
Inc
14,762
30,800
New
China
Life
Insurance
Co
Ltd
-
A
129
230,900
New
China
Life
insurance
Co
Ltd
-
H
409
59,600
(a)
New
Hope
Liuhe
Co
Ltd
77
327,040
(a)
New
Oriental
Education
&
Technology
Group,
Inc
2,858
18,700
Ninestar
Corp
59
4,860
Ningbo
Deye
Technology
Co
Ltd
63
16,300
Ningbo
Joyson
Electronic
Corp
38
8,800
Ningbo
Orient
Wires
&
Cables
Co
Ltd
54
23,200
Ningbo
Sanxing
Medical
Electric
Co
Ltd
88
28,200
Ningbo
Shanshan
Co
Ltd
46
12,300
Ningbo
Tuopu
Group
Co
Ltd
109
106,000
Ningxia
Baofeng
Energy
Group
Co
Ltd
230
298,030
(a)
NIO,
Inc
(ADR)
1,341
464,200
(c),(d)
Nongfu
Spring
Co
Ltd
2,509
78,500
(a)
Offcn
Education
Technology
Co
Ltd
32
156,900
Offshore
Oil
Engineering
Co
Ltd
139
47,500
(a)
OFILM
Group
Co
Ltd
66
5,840
Oppein
Home
Group,
Inc
52
46,728
Orient
Securities
Co
Ltd
53
61,700
Oriental
Pearl
Group
Co
Ltd
62
119,700
(a)
Pangang
Group
Vanadium
Titanium
&
Resources
Co
Ltd
50
279,145
(a)
PDD
Holdings,
Inc
(ADR)
32,451
18,400
People.cn
Co
Ltd
68
2,500,000
People's
Insurance
Co
Group
of
China
Ltd
799
184,900
People's
Insurance
Co
Group
of
China
Ltd
(Class
A)
131
11,200
Perfect
World
Co
Ltd
16
7,425
Pharmaron
Beijing
Co
Ltd
-
A
21
CREF
Global
Equities
Account
March
31,
2024
150
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
1,580,000
PICC
Property
&
Casualty
Co
Ltd
$
2,085
94,200
Ping
An
Bank
Co
Ltd
137
1,504,203
Ping
An
Insurance
Group
Co
of
China
Ltd
6,386
147,900
Ping
An
Insurance
Group
Co
of
China
Ltd
(Class
A)
834
2,587
Piotech,
Inc
67
171,400
Poly
Developments
and
Holdings
Group
Co
Ltd
222
109,800
(d)
Pop
Mart
International
Group
Ltd
404
161,100
Postal
Savings
Bank
of
China
Co
Ltd
-
A
106
694,000
(d)
Postal
Savings
Bank
of
China
Co
Ltd
-
H
363
73,900
Power
Construction
Corp
of
China
Ltd
51
6,033
(a)
Qi
An
Xin
Technology
Group,
Inc
26
76,400
(a)
Qinghai
Salt
Lake
Industry
Co
Ltd
168
20,100
Range
Intelligent
Computing
Technology
Group
Co
Ltd
84
16,500
Risen
Energy
Co
Ltd
34
3,500
Rockchip
Electronics
Co
Ltd
24
126,850
Rongsheng
Petrochemical
Co
Ltd
191
116,600
SAIC
Motor
Corp
Ltd
241
31,700
Sailun
Group
Co
Ltd
64
67,500
Sanan
Optoelectronics
Co
Ltd
114
2,500
Sangfor
Technologies,
Inc
22
259,000
Sany
Heavy
Equipment
International
Holdings
Co
Ltd
167
116,200
Sany
Heavy
Industry
Co
Ltd
232
45,573
Satellite
Chemical
Co
Ltd
108
28,600
SDIC
Capital
Co
Ltd
25
44,200
SDIC
Power
Holdings
Co
Ltd
91
24,300
Seazen
Holdings
Co
Ltd
33
21,000
(a)
Seres
Group
Co
Ltd
264
26,600
SF
Holding
Co
Ltd
134
6,070
SG
Micro
Corp
54
165,000
Shaanxi
Coal
Industry
Co
Ltd
571
97,700
Shan
XI
Hua
Yang
Group
New
Energy
Co
Ltd
124
17,320
Shandong
Gold
Mining
Co
Ltd
-
A
63
67,250
(d)
Shandong
Gold
Mining
Co
Ltd
-
H
137
10,000
Shandong
Himile
Mechanical
Science
&
Technology
Co
Ltd
49
43,450
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
152
11,800
Shandong
Linglong
Tyre
Co
Ltd
34
57,200
Shandong
Nanshan
Aluminum
Co
Ltd
27
36,500
Shandong
Sun
Paper
Industry
JSC
Ltd
71
198,400
Shandong
Weigao
Group
Medical
Polymer
Co
Ltd
124
24,080
Shanghai
Aiko
Solar
Energy
Co
Ltd
46
8,732
Shanghai
Bairun
Investment
Holding
Group
Co
Ltd
22
6,915
Shanghai
Baosight
Software
Co
Ltd
37
153,144
Shanghai
Baosight
Software
Co
Ltd
311
51,300
Shanghai
Construction
Group
Co
Ltd
17
211,500
Shanghai
Electric
Group
Co
Ltd
123
15,300
Shanghai
Electric
Power
Co
Ltd
18
8,500
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
A
27
38,500
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
-
H
63
1,482
Shanghai
Friendess
Electronic
Technology
Corp
Ltd
58
17,800
(a)
Shanghai
International
Airport
Co
Ltd
88
22,500
Shanghai
International
Port
Group
Co
Ltd
17
9,400
Shanghai
Jinjiang
International
Hotels
Development
Co
Ltd
37
4,232
(a)
Shanghai
Junshi
Biosciences
Co
Ltd
16
1,880
Shanghai
Lingang
Holdings
Corp
Ltd
3
9,700
Shanghai
M&G
Stationery,
Inc
48
6,100
Shanghai
Moons'
Electric
Co
Ltd
50
16,300
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
A
38
69,600
Shanghai
Pharmaceuticals
Holding
Co
Ltd
-
H
101
139,700
Shanghai
Pudong
Development
Bank
Co
Ltd
139
21,136
Shanghai
Putailai
New
Energy
Technology
Co
Ltd
56
21,200
Shanghai
RAAS
Blood
Products
Co
Ltd
21
178,800
Shanghai
Rural
Commercial
Bank
Co
Ltd
164
10,182
Shanghai
United
Imaging
Healthcare
Co
Ltd
185
67,500
Shanghai
Yuyuan
Tourist
Mart
Group
Co
Ltd
56
151
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
21,500
Shanghai
Zhangjiang
High-Tech
Park
Development
Co
Ltd
$
60
36,000
Shanxi
Coal
International
Energy
Group
Co
Ltd
84
68,779
Shanxi
Lu'an
Environmental
Energy
Development
Co
Ltd
191
46,600
(a)
Shanxi
Meijin
Energy
Co
Ltd
41
74,700
Shanxi
Taigang
Stainless
Steel
Co
Ltd
37
16,380
Shanxi
Xinghuacun
Fen
Wine
Factory
Co
Ltd
556
125,770
Shanxi
Xishan
Coal
&
Electricity
Power
Co
Ltd
178
3,500
Shede
Spirits
Co
Ltd
38
46,300
Shenergy
Co
Ltd
49
29,600
Shengyi
Technology
Co
Ltd
72
4,680
Shennan
Circuits
Co
Ltd
57
116,200
Shenwan
Hongyuan
Group
Co
Ltd
71
9,280
Shenzhen
Capchem
Technology
Co
Ltd
44
28,300
Shenzhen
Energy
Group
Co
Ltd
27
6,100
Shenzhen
Goodix
Technology
Co
Ltd
49
17,100
Shenzhen
Inovance
Technology
Co
Ltd
143
11,260
Shenzhen
Investment
Holdings
Bay
Area
Development
Co
Ltd
2
4,640
Shenzhen
Kangtai
Biological
Products
Co
Ltd
14
2,900
Shenzhen
Kedali
Industry
Co
Ltd
33
6,200
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd
240
3,200
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd
30
112,300
Shenzhen
Overseas
Chinese
Town
Co
Ltd
43
6,000
Shenzhen
Salubris
Pharmaceuticals
Co
Ltd
24
4,600
Shenzhen
SC
New
Energy
Technology
Corp
38
12,500
Shenzhen
SED
Industry
Co
Ltd
32
11,081
Shenzhen
Transsion
Holdings
Co
Ltd
251
11,200
Shenzhen
YUTO
Packaging
Technology
Co
Ltd
38
183,400
Shenzhou
International
Group
Holdings
Ltd
1,741
8,380
Shijiazhuang
Yiling
Pharmaceutical
Co
Ltd
23
77,900
Sichuan
Changhong
Electric
Co
Ltd
59
23,700
Sichuan
Chuantou
Energy
Co
Ltd
54
129,700
Sichuan
Hebang
Biotechnology
Co
Ltd
41
353,500
Sichuan
Kelun
Pharmaceutical
Co
Ltd
1,480
107,100
Sichuan
Road
and
Bridge
Group
Co
Ltd
110
5,100
Sichuan
Swellfun
Co
Ltd
34
11,000
Sieyuan
Electric
Co
Ltd
89
71,000
Silergy
Corp
726
18,700
Sinolink
Securities
Co
Ltd
22
41,000
Sinoma
International
Engineering
Co
64
21,400
Sinoma
Science
&
Technology
Co
Ltd
45
9,668
Sinomine
Resource
Group
Co
Ltd
49
118,800
Sinopharm
Group
Co
Ltd
305
168,500
Sinotruk
Hong
Kong
Ltd
414
6,860
Skshu
Paint
Co
Ltd
31
422,000
(c),(d)
Smoore
International
Holdings
Ltd
360
23,800
Songcheng
Performance
Development
Co
Ltd
34
28,262
SooChow
Securities
Co
Ltd
26
29,700
Southwest
Securities
Co
Ltd
16
4,500
(a)
Spring
Airlines
Co
Ltd
34
1,900
StarPower
Semiconductor
Ltd
38
18,500
Sungrow
Power
Supply
Co
Ltd
264
159,400
Sunny
Optical
Technology
Group
Co
Ltd
816
6,850
Sunresin
New
Materials
Co
Ltd
42
19,300
Sunwoda
Electronic
Co
Ltd
37
20,600
Suzhou
Dongshan
Precision
Manufacturing
Co
Ltd
41
3,224
Suzhou
Maxwell
Technologies
Co
Ltd
48
5,800
Suzhou
TFC
Optical
Communication
Co
Ltd
122
416,252
(a)
TAL
Education
Group
(ADR)
4,724
78,460
TBEA
Co
Ltd
164
285,410
TCL
Technology
Group
Corp
184
51,875
TCL
Zhonghuan
Renewable
Energy
Technology
Co
Ltd
85
2,122,000
Tencent
Holdings
Ltd
82,652
848,804
(a)
Tencent
Music
Entertainment
Group
(ADR)
9,498
5,100
(a)
Thunder
Software
Technology
Co
Ltd
36
CREF
Global
Equities
Account
March
31,
2024
152
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
48,200
Tianfeng
Securities
Co
Ltd
$
19
7,100
Tianjin
712
Communication
&
Broadcasting
Co
Ltd
24
19,200
Tianma
Microelectronics
Co
Ltd
22
71,700
Tianqi
Lithium
Corp
473
51,600
Tianshan
Aluminum
Group
Co
Ltd
46
54,400
Tianshui
Huatian
Technology
Co
Ltd
58
476,000
Tingyi
Cayman
Islands
Holding
Corp
522
102,000
(a)
Tongcheng
Travel
Holdings
Ltd
270
20,400
TongFu
Microelectronics
Co
Ltd
63
25,400
Tongkun
Group
Co
Ltd
47
223,200
Tongling
Nonferrous
Metals
Group
Co
Ltd
121
60,700
Tongwei
Co
Ltd
208
1,500
(a)
Topchoice
Medical
Corp
13
473,000
(d)
Topsports
International
Holdings
Ltd
317
245,000
Travelsky
Technology
Ltd
297
27,449
Trina
Solar
Co
Ltd
90
114,750
(a)
Trip.com
Group
Ltd
5,088
54,100
(a)
Tsinghua
Tongfang
Co
Ltd
49
148,000
Tsingtao
Brewery
Co
Ltd
1,019
9,800
Tsingtao
Brewery
Co
Ltd
(Class
A)
114
10,399
Unigroup
Guoxin
Microelectronics
Co
Ltd
94
39,800
Unisplendour
Corp
Ltd
121
11,200
Universal
Scientific
Industrial
Shanghai
Co
Ltd
21
4,208
(a)
Verisilicon
Microelectronics
Shanghai
Co
Ltd
20
75,865
Vipshop
Holdings
Ltd
(ADR)
1,256
5,800
Walvax
Biotechnology
Co
Ltd
12
31,900
(a)
Wanda
Film
Holding
Co
Ltd
67
44,700
Wanhua
Chemical
Group
Co
Ltd
498
1,104,000
Want
Want
China
Holdings
Ltd
652
171,000
Weichai
Power
Co
Ltd
326
41,500
Weichai
Power
Co
Ltd
(Class
A)
94
9,580
Weihai
Guangwei
Composites
Co
Ltd
40
88,375
Wens
Foodstuffs
Group
Co
Ltd
227
16,000
Western
Mining
Co
Ltd
41
26,400
Western
Securities
Co
Ltd
25
7,014
Western
Superconducting
Technologies
Co
Ltd
36
13,890
Will
Semiconductor
Co
Ltd
189
14,600
Wingtech
Technology
Co
Ltd
74
539,100
(a)
Wintime
Energy
Group
Co
Ltd
99
83,100
Wuchan
Zhongda
Group
Co
Ltd
50
37,518
Wuhan
Guide
Infrared
Co
Ltd
38
19,400
Wuliangye
Yibin
Co
Ltd
411
24,950
WUS
Printed
Circuit
Kunshan
Co
Ltd
105
102,936
WuXi
AppTec
Co
Ltd
-
A
671
30,185
(d)
WuXi
AppTec
Co
Ltd
-
H
143
1,106,000
(a),(d)
Wuxi
Biologics
Cayman,
Inc
2,023
159,600
XCMG
Construction
Machinery
Co
Ltd
137
48,700
Xiamen
C
&
D,
Inc
68
2,400
Xiamen
Faratronic
Co
Ltd
33
19,800
Xiamen
Tungsten
Co
Ltd
53
3,374,200
(a),(d)
Xiaomi
Corp
6,624
20,892
Xinjiang
Daqo
New
Energy
Co
Ltd
78
53,800
Xinjiang
Goldwind
Science
&
Technology
Co
Ltd
-
A
55
404,863
Xinyi
Solar
Holdings
Ltd
314
254,100
(a),(c)
XPeng,
Inc
1,007
274,000
(d)
Yadea
Group
Holdings
Ltd
445
6,300
Yangzhou
Yangjie
Electronic
Technology
Co
Ltd
32
49,500
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd
204
542,000
(c)
Yanzhou
Coal
Mining
Co
Ltd
1,140
76,150
Yanzhou
Coal
Mining
Co
Ltd
(Class
A)
243
14,210
Yealink
Network
Technology
Corp
Ltd
49
12,574
Yifeng
Pharmacy
Chain
Co
Ltd
68
18,500
Yihai
Kerry
Arawana
Holdings
Co
Ltd
77
36,820
(a)
Yintai
Gold
Co
Ltd
86
153
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
143,500
Yonghui
Superstores
Co
Ltd
$
45
6,890
YongXing
Special
Materials
Technology
Co
Ltd
45
17,959
Yonyou
Network
Technology
Co
Ltd
30
22,100
Youngor
Group
Co
Ltd
21
16,800
YTO
Express
Group
Co
Ltd
35
412,360
Yuexiu
Property
Co
Ltd
228
88,467
Yum
China
Holdings,
Inc
3,520
17,180
Yunda
Holding
Co
Ltd
17
19,100
Yunnan
Aluminium
Co
Ltd
36
8,900
Yunnan
Baiyao
Group
Co
Ltd
62
4,200
Yunnan
Botanee
Bio-Technology
Group
Co
Ltd
35
101,800
Yunnan
Chihong
Zinc&Germanium
Co
Ltd
78
11,400
Yunnan
Energy
New
Material
Co
Ltd
64
34,100
Yunnan
Tin
Co
Ltd
68
42,300
Yunnan
Yuntianhua
Co
Ltd
108
206,300
(a),(c)
Zai
Lab
Ltd
335
27,400
Zangge
Mining
Co
Ltd
113
2,800
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd
89
110,500
Zhaojin
Mining
Industry
Co
Ltd
151
98,220
(a)
Zhejiang
Century
Huatong
Group
Co
Ltd
65
44,100
Zhejiang
China
Commodities
City
Group
Co
Ltd
54
27,500
Zhejiang
Chint
Electrics
Co
Ltd
77
46,300
Zhejiang
Dahua
Technology
Co
Ltd
119
7,760
Zhejiang
Dingli
Machinery
Co
Ltd
60
179,880
Zhejiang
Expressway
Co
Ltd
115
9,350
Zhejiang
Huahai
Pharmaceutical
Co
Ltd
17
7,093
Zhejiang
Huayou
Cobalt
Co
Ltd
26
16,000
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
76
39,200
Zhejiang
Juhua
Co
Ltd
127
111,100
(a),(c),(d)
Zhejiang
Leapmotor
Technologies
Ltd
373
46,900
Zhejiang
Longsheng
Group
Co
Ltd
54
16,304
Zhejiang
NHU
Co
Ltd
38
24,800
Zhejiang
Sanhua
Intelligent
Controls
Co
Ltd
82
7,511
Zhejiang
Supcon
Technology
Co
Ltd
48
7,900
Zhejiang
Supor
Co
Ltd
63
18,590
Zhejiang
Weiming
Environment
Protection
Co
Ltd
47
24,100
Zhejiang
Weixing
New
Building
Materials
Co
Ltd
52
208,600
Zhejiang
Zheneng
Electric
Power
Co
Ltd
188
45,500
Zhengzhou
Yutong
Bus
Co
Ltd
118
18,500
Zheshang
Securities
Co
Ltd
29
58,500
(a),(d)
ZhongAn
Online
P&C
Insurance
Co
Ltd
94
11,700
Zhongji
Innolight
Co
Ltd
251
35,600
Zhongjin
Gold
Corp
Ltd
61
203,000
Zhongsheng
Group
Holdings
Ltd
353
65,400
Zhongtai
Securities
Co
Ltd
60
9,447
Zhuzhou
CRRC
Times
Electric
Co
Ltd
58
121,100
Zhuzhou
CSR
Times
Electric
Co
Ltd
384
1,220,000
Zijin
Mining
Group
Co
Ltd
2,444
605,150
Zijin
Mining
Group
Co
Ltd
(Class
A)
1,351
103,300
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
-
A
115
58,800
ZTE
Corp
223
182,600
ZTE
Corp
(Class
H)
364
35,346
ZTO
Express
Cayman,
Inc
(ADR)
740
TOTAL
CHINA
490,016
COLOMBIA
-
0.0%
20,180
BanColombia
S.A.
179
39,744
BanColombia
S.A.
(Preference)
338
105,813
Interconexion
Electrica
S.A.
ESP
541
TOTAL
COLOMBIA
1,058
CREF
Global
Equities
Account
March
31,
2024
154
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
CZECH
REPUBLIC
-
0.0%
36,585
(c)
CEZ
AS
$
1,306
5,945
Komercni
Banka
AS
213
24,216
(d)
Moneta
Money
Bank
AS
105
TOTAL
CZECH
REPUBLIC
1,624
DENMARK
-
1.4%
109,774
Carlsberg
AS
(Class
B)
15,033
587,623
Danske
Bank
AS
17,638
666,409
GN
Store
Nord
17,626
2,371,420
Novo
Nordisk
A.S.
304,190
75,703
Orsted
AS
4,230
461,524
(a)
Zealand
Pharma
AS
45,714
TOTAL
DENMARK
404,431
EGYPT
-
0.0%
212,287
Commercial
International
Bank
358
262,967
Eastern
Tobacco
150
250,378
(a)
Egyptian
Financial
Group-Hermes
Holding
93
TOTAL
EGYPT
601
FINLAND
-
0.2%
266,715
Kone
Oyj
(Class
B)
12,426
395,356
(a)
Mandatum
Holding
Oy
1,765
791,178
Nordea
Bank
Abp
8,944
1,503,673
(c)
Nordea
Bank
Abp
16,758
395,356
Sampo
Oyj
16,864
TOTAL
FINLAND
56,757
FRANCE
-
2.1%
134,153
Air
Liquide
27,910
898,718
Airbus
SE
165,570
45,956
Arkema
4,838
677,999
BNP
Paribas
S.A.
48,270
443,374
Cie
Generale
des
Etablissements
Michelin
S.C.A
16,992
281,170
Danone
18,176
582,488
Engie
S.A.
9,761
214,689
Essilor
International
S.A.
48,565
8,474
Gecina
S.A.
865
11,403
ICADE
309
122,040
Kering
48,338
149,359
L'Oreal
S.A.
70,732
88,181
LVMH
Moet
Hennessy
Louis
Vuitton
S.A.
79,345
354,073
Orange
S.
A.
4,164
9,112
Pernod-Ricard
S.A.
1,475
119,838
Safran
S.A.
27,140
79,646
Teleperformance
7,736
105,857
Total
S.A.
7,282
118,703
Veolia
Environnement
3,862
TOTAL
FRANCE
591,330
GERMANY
-
1.9%
48,344
Allianz
AG.
14,490
635,826
Aroundtown
S.A.
1,340
146,496
BASF
SE
8,371
303,278
Beiersdorf
AG.
44,156
686,191
(a)
Borussia
Dortmund
GmbH
&
Co
KGaA
2,480
239,069
Brenntag
SE
20,149
40,008
(d)
Covestro
AG.
2,188
105,213
Deutsche
Boerse
AG.
21,547
680,780
Deutsche
Telekom
AG.
16,526
356,818
Dr
ING
hc
F
Porsche
AG.
35,488
155
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
980,465
E.ON
AG.
$
13,650
490,726
HeidelbergCement
AG.
54,020
3,090,159
Infineon
Technologies
AG.
105,082
14,832
LEG
Immobilien
SE
1,274
1,037
OSRAM
Licht
AG.
57
2,051,555
RWE
AG.
69,727
628,492
Siemens
AG.
120,004
199,351
(a),(d)
Siemens
Healthineers
AG.
12,192
150,586
Vonovia
SE
4,450
TOTAL
GERMANY
547,191
GREECE
-
0.0%
176,388
(a)
Alpha
Services
and
Holdings
S.A.
310
210,360
(a)
Eurobank
Ergasias
Services
and
Holdings
S.A.
405
5,760
(a),(e)
FF
Group
0
^
41,126
Hellenic
Telecommunications
Organization
S.A.
607
24,558
JUMBO
S.A.
707
16,198
Motor
Oil
Hellas
Corinth
Refineries
S.A.
483
11,881
Mytilineos
Holdings
S.A.
458
63,098
(a)
National
Bank
of
Greece
S.A.
494
39,032
OPAP
S.A.
702
228,350
(a)
Piraeus
Financial
Holdings
S.A.
954
43,787
(a)
Public
Power
Corp
549
TOTAL
GREECE
5,669
HONG
KONG
-
0.2%
2,510,500
AIA
Group
Ltd
16,887
129,000
Bank
of
East
Asia
Ltd
154
220,000
(a),(c)
Cathay
Pacific
Airways
Ltd
250
107,230
CK
Infrastructure
Holdings
Ltd
628
333,000
CLP
Holdings
Ltd
2,656
845,000
Hang
Lung
Properties
Ltd
869
169,500
Hang
Seng
Bank
Ltd
1,858
315,000
Henderson
Land
Development
Co
Ltd
900
2,115,806
Hong
Kong
&
China
Gas
Ltd
1,604
246,712
Hong
Kong
Electric
Holdings
Ltd
1,445
262,182
Hong
Kong
Exchanges
and
Clearing
Ltd
7,639
529,600
Hongkong
Land
Holdings
Ltd
1,626
382,239
Link
REIT
1,646
368,000
(c)
New
World
Development
Co
Ltd
389
30,000
Orient
Overseas
International
Ltd
359
601,605
Prudential
plc
5,642
866,250
Sino
Biopharmaceutical
Ltd
335
320,500
Sun
Hung
Kai
Properties
Ltd
3,096
78,000
Vinda
International
Holdings
Ltd
234
261,000
Wharf
Real
Estate
Investment
Co
Ltd
850
TOTAL
HONG
KONG
49,067
HUNGARY
-
0.0%
122,125
MOL
Hungarian
Oil
&
Gas
plc
990
17,396
OTP
Bank
Rt
801
35,356
Richter
Gedeon
Rt
897
TOTAL
HUNGARY
2,688
INDIA
-
1.6%
11,644
ABB
Ltd
India
890
38,063
Adani
Enterprises
Ltd
1,464
69,233
(a)
Adani
Green
Energy
Ltd
1,528
115,741
Adani
Ports
&
Special
Economic
Zone
Ltd
1,869
170,107
(a)
Adani
Power
Ltd
1,093
131,777
Ambuja
Cements
Ltd
970
35,651
APL
Apollo
Tubes
Ltd
642
CREF
Global
Equities
Account
March
31,
2024
156
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
44,217
Apollo
Hospitals
Enterprise
Ltd
$
3,375
321,342
Ashok
Leyland
Ltd
661
84,810
Asian
Paints
Ltd
2,894
29,477
Astral
Ltd
705
13,621
(d)
AU
Small
Finance
Bank
Ltd
93
21,109
Aurobindo
Pharma
Ltd
277
35,550
(a),(d)
Avenue
Supermarts
Ltd
1,932
1,109,715
Axis
Bank
Ltd
13,986
15,333
Bajaj
Auto
Ltd
1,687
59,512
Bajaj
Finance
Ltd
5,197
31,427
Bajaj
Finserv
Ltd
622
5,567
Bajaj
Holdings
&
Investment
Ltd
553
15,888
Balkrishna
Industries
Ltd
442
64,295
(d)
Bandhan
Bank
Ltd
139
87,407
Bank
of
Baroda
278
63,048
Berger
Paints
India
Ltd
434
825,748
Bharat
Electronics
Ltd
2,000
54,520
Bharat
Forge
Ltd
740
240,265
Bharat
Heavy
Electricals
Ltd
715
179,094
Bharat
Petroleum
Corp
Ltd
1,297
532,828
Bharti
Airtel
Ltd
7,862
24,231
Britannia
Industries
Ltd
1,427
48,140
CG
Power
&
Industrial
Solutions
Ltd
313
33,887
Cholamandalam
Investment
and
Finance
Co
Ltd
472
170,371
Cipla
Ltd
3,063
379,184
Coal
India
Ltd
1,983
30,827
Colgate-Palmolive
India
Ltd
1,004
55,508
Container
Corp
Of
India
Ltd
589
31,044
Cummins
India
Ltd
1,121
134,592
Dabur
India
Ltd
845
19,839
Divi's
Laboratories
Ltd
821
169,711
DLF
Ltd
1,831
36,853
Dr
Reddy's
Laboratories
Ltd
2,724
29,569
Eicher
Motors
Ltd
1,428
542,738
GAIL
India
Ltd
1,181
537,100
(a)
GMR
Infrastructure
Ltd
527
90,671
Godrej
Consumer
Products
Ltd
1,365
26,173
(a)
Godrej
Properties
Ltd
724
58,245
Grasim
Industries
Ltd
1,602
53,919
Havells
India
Ltd
982
210,720
HCL
Technologies
Ltd
3,918
8,202
(d)
HDFC
Asset
Management
Co
Ltd
370
638,987
HDFC
Bank
Ltd
11,142
478,314
HDFC
Bank
Ltd
(ADR)
26,771
211,824
(d)
HDFC
Life
Insurance
Co
Ltd
1,610
26,839
Hero
Honda
Motors
Ltd
1,524
424,382
Hindalco
Industries
Ltd
2,865
45,933
Hindustan
Aeronautics
Ltd
1,838
68,152
Hindustan
Lever
Ltd
1,854
133,040
Hindustan
Petroleum
Corp
Ltd
760
830,036
ICICI
Bank
Ltd
10,943
53,238
(d)
ICICI
Lombard
General
Insurance
Co
Ltd
1,077
79,336
(d)
ICICI
Prudential
Life
Insurance
Co
Ltd
580
738,909
(a)
IDFC
First
Bank
Ltd
670
189,815
Indian
Hotels
Co
Ltd
1,347
667,402
Indian
Oil
Corp
Ltd
1,347
51,418
Indian
Railway
Catering
&
Tourism
Corp
Ltd
574
71,687
Indraprastha
Gas
Ltd
371
63,773
IndusInd
Bank
Ltd
1,192
15,086
Info
Edge
India
Ltd
1,014
730,755
Infosys
Technologies
Ltd
13,160
33,387
(a),(d)
InterGlobe
Aviation
Ltd
1,423
157
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
252,828
ITC
Ltd
$
1,302
29,560
Jindal
Steel
&
Power
Ltd
303
188,686
JSW
Steel
Ltd
1,884
85,735
Jubilant
Foodworks
Ltd
463
90,916
Kotak
Mahindra
Bank
Ltd
1,953
146,584
Larsen
&
Toubro
Ltd
6,630
292,731
(d)
LTIMindtree
Ltd
17,396
19,566
Lupin
Ltd
380
53,748
(d)
Macrotech
Developers
Ltd
735
580,931
Mahindra
&
Mahindra
Ltd
13,420
113,145
Marico
Ltd
676
31,203
Maruti
Suzuki
India
Ltd
4,724
172,296
Max
Healthcare
Institute
Ltd
1,699
16,102
Mphasis
Ltd
463
532
MRF
Ltd
851
9,441
Muthoot
Finance
Ltd
168
75,050
Nestle
India
Ltd
2,362
225,777
NMDC
Ltd
548
984,960
NTPC
Ltd
3,981
53,205
(a)
One
97
Communications
Ltd
258
1,188
Page
Industries
Ltd
491
21,924
Persistent
Systems
Ltd
1,052
193,907
Petronet
LNG
Ltd
614
19,079
PI
Industries
Ltd
886
33,802
Pidilite
Industries
Ltd
1,223
437,260
(a)
Piramal
Pharma
Ltd
677
10,171
Polycab
India
Ltd
619
330,909
Power
Finance
Corp
Ltd
1,553
1,058,047
Power
Grid
Corp
of
India
Ltd
3,512
501,701
Punjab
National
Bank
752
111,102
REC
Ltd
603
2,343,268
Reliance
Industries
Ltd
83,791
15,752,773
(a)
Reliance
Strategic
Investments
Ltd
66,971
508,889
Samvardhana
Motherson
International
Ltd
718
22,113
SBI
Cards
&
Payment
Services
Ltd
181
101,262
(d)
SBI
Life
Insurance
Co
Ltd
1,828
1,964
Shree
Cement
Ltd
606
22,757
Shriram
Finance
Ltd
645
19,484
Siemens
India
Ltd
1,259
85,461
(d)
Sona
Blw
Precision
Forgings
Ltd
725
32,119
SRF
Ltd
988
151,091
State
Bank
of
India
1,368
325,745
Sun
Pharmaceutical
Industries
Ltd
6,342
14,223
Supreme
Industries
Ltd
723
1,935,985
(a)
Suzlon
Energy
Ltd
942
26,229
Tata
Communications
Ltd
634
199,854
Tata
Consultancy
Services
Ltd
9,328
128,377
Tata
Consumer
Products
Ltd
1,690
7,219
Tata
Elxsi
Ltd
675
368,096
Tata
Motors
Ltd
4,394
326,363
Tata
Power
Co
Ltd
1,545
965,624
Tata
Steel
Ltd
1,811
117,988
Tech
Mahindra
Ltd
1,771
74,523
Titan
Co
Ltd
3,407
52,397
Torrent
Pharmaceuticals
Ltd
1,635
40,107
Trent
Ltd
1,904
23,133
Tube
Investments
of
India
Ltd
1,039
51,023
TVS
Motor
Co
Ltd
1,321
25,853
Ultra
Tech
Cement
Ltd
3,027
334,922
Union
Bank
of
India
619
64,662
United
Spirits
Ltd
881
110,297
UPL
Ltd
604
CREF
Global
Equities
Account
March
31,
2024
158
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
101,558
Varun
Beverages
Ltd
$
1,707
143,707
Vedanta
Ltd
470
293,657
Wipro
Ltd
1,702
1,082,917
(a)
Yes
Bank
Ltd
302
1,341,071
(a)
Zomato
Ltd
2,940
TOTAL
INDIA
447,368
INDONESIA
-
0.2%
3,817,000
Adaro
Energy
Indonesia
Tbk
PT
650
1,442,400
(a)
Amman
Mineral
Internasional
PT
796
1,680,400
Astra
International
Tbk
PT
546
12,089,100
Bank
Central
Asia
Tbk
PT
7,688
13,371,500
Bank
Negara
Indonesia
Persero
Tbk
PT
4,978
82,733,593
Bank
Rakyat
Indonesia
31,635
5,904,297
Barito
Pacific
Tbk
PT
352
1,516,900
Charoen
Pokphand
Indonesia
Tbk
PT
502
178,534,400
(a)
GoTo
Gojek
Tokopedia
Tbk
PT
777
553,500
Indah
Kiat
Pulp
&
Paper
Tbk
PT
334
447,500
Indofood
CBP
Sukses
Makmur
Tbk
PT
327
1,641,400
Kalbe
Farma
Tbk
PT
153
758,249
(a)
Merdeka
Copper
Gold
Tbk
PT
109
553,000
PT
Aneka
Tambang
Tbk
56
3,118,594
PT
Bank
Mandiri
Persero
Tbk
1,419
913,800
PT
Indofood
Sukses
Makmur
Tbk
367
695,433
PT
Semen
Gresik
Persero
Tbk
259
1,547,900
PT
Unilever
Indonesia
Tbk
264
133,500
PT
United
Tractors
Tbk
204
3,821,800
Sarana
Menara
Nusantara
Tbk
PT
207
4,159,700
Sumber
Alfaria
Trijaya
Tbk
PT
764
10,523,000
Telkom
Indonesia
Persero
Tbk
PT
2,315
TOTAL
INDONESIA
54,702
IRELAND
-
0.5%
3,677,634
AIB
Group
plc
18,669
1,218,300
(c)
CRH
plc
105,091
428,877
Keywords
Studios
plc
7,048
493,757
Smurfit
Kappa
Group
plc
22,513
TOTAL
IRELAND
153,321
ISRAEL
-
0.0%
251,752
Bank
Hapoalim
Ltd
2,359
322,121
Bank
Leumi
Le-Israel
2,678
258,072
Israel
Discount
Bank
Ltd
1,335
31,084
Mizrahi
Tefahot
Bank
Ltd
1,165
TOTAL
ISRAEL
7,537
ITALY
-
0.8%
421,320
(c)
Amplifon
S.p.A.
15,358
4,715,684
(c)
Davide
Campari-Milano
NV
47,393
9,070,731
Enel
S.p.A.
59,881
78,652
Ferrari
NV
34,295
636,048
Moncler
S.p.A
47,462
1,858,781
PRADA
S.p.A
14,748
TOTAL
ITALY
219,137
JAPAN
-
6.5%
88,400
Acom
Co
Ltd
235
366
Activia
Properties,
Inc
995
1,533,800
Advantest
Corp
68,136
300
Aeon
Mall
Co
Ltd
4
328,700
Aisin
Seiki
Co
Ltd
13,432
10,208
(c)
All
Nippon
Airways
Co
Ltd
213
159
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
26,200
(c)
Aozora
Bank
Ltd
$
424
98,424
(a),(c)
ARM
Holdings
plc
(ADR)
12,302
595,000
Asahi
Breweries
Ltd
21,848
454,800
Asahi
Intecc
Co
Ltd
7,968
208,179
Asahi
Kasei
Corp
1,527
342,085
Central
Japan
Railway
Co
8,496
37,900
Century
Leasing
System,
Inc
395
117,500
Chiba
Bank
Ltd
978
152,400
Chubu
Electric
Power
Co,
Inc
1,993
227,900
Concordia
Financial
Group
Ltd
1,145
219,400
Daifuku
Co
Ltd
5,259
239,100
Dai-ichi
Life
Holdings,
Inc
6,098
2,578,491
Daiichi
Sankyo
Co
Ltd
82,045
97,131
Daikin
Industries
Ltd
13,262
7,800
Daito
Trust
Construction
Co
Ltd
890
361
Daiwa
House
REIT
Investment
Corp
618
320,300
(a)
Daiwa
Securities
Group,
Inc
2,437
60,600
Disco
Corp
22,151
428,958
East
Japan
Railway
Co
8,230
20,000
Fast
Retailing
Co
Ltd
6,196
38,100
(c)
Fukuoka
Financial
Group,
Inc
1,017
178,499
GMO
Payment
Gateway,
Inc
11,561
2,367,364
(a)
Hitachi
Ltd
216,331
174,200
Hulic
Co
Ltd
1,789
843
Hulic
Reit,
Inc
857
4,143,800
Infomart
Corp
11,320
8
Invincible
Investment
Corp
4
474,900
(c)
Itochu
Corp
20,401
89,600
Japan
Post
Bank
Co
Ltd
963
349,300
Japan
Post
Holdings
Co
Ltd
3,519
49,800
Japan
Post
Insurance
Co
Ltd
952
4
Japan
Retail
Fund
Investment
Corp
2
32,373
JSR
Corp
927
144,000
Kansai
Electric
Power
Co,
Inc
2,055
321,300
KDDI
Corp
9,500
295
Kenedix
Realty
Investment
Corp
314
28,200
Kyoto
Financial
Group,
Inc
509
205,700
Mebuki
Financial
Group,
Inc
676
536,000
Mitsubishi
Corp
12,388
775,700
Mitsubishi
Electric
Corp
12,984
411,473
Mitsubishi
Estate
Co
Ltd
7,508
9,702,200
Mitsubishi
UFJ
Financial
Group,
Inc
98,711
89,200
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
622
1,058,200
Mitsui
&
Co
Ltd
49,472
25,950
Mitsui
Fudosan
Co
Ltd
280
1,355
Mitsui
Fudosan
Logistics
Park,
Inc
4,078
295,800
Mitsui
Sumitomo
Insurance
Group
Holdings,
Inc
5,223
534,800
Mizuho
Financial
Group,
Inc
10,576
1,410,800
MonotaRO
Co
Ltd
16,982
320
Mori
Hills
REIT
Investment
Corp
291
953,400
Murata
Manufacturing
Co
Ltd
17,831
2,270,400
Nintendo
Co
Ltd
123,883
130,500
Nippon
Paint
Co
Ltd
939
6,272,800
Nippon
Telegraph
&
Telephone
Corp
7,472
697,200
(a)
Nomura
Holdings,
Inc
4,462
868
Nomura
Real
Estate
Master
Fund,
Inc
858
131,611
Omron
Corp
4,713
1,182,600
Oriental
Land
Co
Ltd
37,885
291,100
ORIX
Corp
6,367
586
Orix
JREIT,
Inc
638
113,000
Osaka
Securities
Exchange
Co
Ltd
3,061
197,300
Otsuka
Holdings
Co
Ltd
8,195
CREF
Global
Equities
Account
March
31,
2024
160
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,889,500
Recruit
Holdings
Co
Ltd
$
82,962
463,700
Resona
Holdings,
Inc
2,858
52,300
SBI
Holdings,
Inc
1,372
155,200
Sekisui
House
Ltd
3,535
2,055,300
Seven
&
I
Holdings
Co
Ltd
29,958
130,700
(c)
Seven
Bank
Ltd
253
356,898
(a)
SHIFT,
Inc
56,880
749,700
Shin-Etsu
Chemical
Co
Ltd
32,883
92,400
Shizuoka
Financial
Group,
Inc
879
24,300
SMC
Corp
13,709
223,200
Sompo
Holdings,
Inc
4,678
1,580,865
Sony
Corp
135,560
3,703
Star
Asia
Investment
Corp
1,427
5,200,700
Sumco
Corp
82,227
89,901
Sumitomo
Heavy
Industries
Ltd
2,831
1,701,301
Sumitomo
Mitsui
Financial
Group,
Inc
99,480
149,800
Sumitomo
Mitsui
Trust
Holdings,
Inc
3,228
20
Sumitomo
Realty
&
Development
Co
Ltd
1
119,100
T&D
Holdings,
Inc
2,070
19,682
Taiyo
Nippon
Sanso
Corp
618
226,100
Takeda
Pharmaceutical
Co
Ltd
6,289
644,897
TechnoPro
Holdings,
Inc
12,916
419,600
Tokio
Marine
Holdings,
Inc
13,153
302,900
(a)
Tokyo
Electric
Power
Co,
Inc
1,841
127,100
Tokyo
Electron
Ltd
33,103
159,900
Tokyo
Gas
Co
Ltd
3,635
282,800
Tokyo
Tatemono
Co
Ltd
4,777
238,301
Toray
Industries,
Inc
1,144
7,283,910
(a)
Toyota
Motor
Corp
184,100
538
United
Urban
Investment
Corp
547
TOTAL
JAPAN
1,824,307
KOREA,
REPUBLIC
OF
-
1.1%
6,228
Amorepacific
Corp
561
1,549
(a)
Celltrion
Pharm
Inc
119
33,456
Celltrion,
Inc
4,569
1,735
CJ
CheilJedang
Corp
376
5,213
(a)
CosmoAM&T
Co
Ltd
629
11,729
Coway
Co
Ltd
490
12,107
Daewoo
International
Corp
479
6,322
(a)
Daewoo
Shipbuilding
&
Marine
Engineering
Co
Ltd
129
10,102
Dongbu
Insurance
Co
Ltd
723
12,008
Doosan
Bobcat,
Inc
482
36,600
(a)
Doosan
Heavy
Industries
and
Construction
Co
Ltd
476
8,083
Ecopro
BM
Co
Ltd
1,668
4,345
Ecopro
Co
Ltd
2,123
3,006
(a)
Ecopro
Materials
Co
Ltd
298
11,561
GS
Holdings
Corp
416
24,250
Hana
Financial
Group,
Inc
1,062
2,063
Hanjin
Kal
Corp
91
16,014
Hankook
Tire
&
Technology
Co
Ltd
643
4,144
Hanmi
Pharm
Co
Ltd
1,053
9,702
Hanmi
Semiconductor
Co
Ltd
965
34,770
Hanon
Systems
154
24,182
Hanwha
Chemical
Corp
497
3,805
HD
Hyundai
Co
Ltd
195
4,699
(a)
HD
Hyundai
Heavy
Industries
Co
Ltd
414
25,686
(a)
HLB,
Inc
2,092
19,357
HMM
Co
Ltd
226
4,237
Honam
Petrochemical
Corp
378
4,460
HYBE
Co
Ltd
759
120,140
Hynix
Semiconductor,
Inc
15,916
161
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,230
Hyundai
Engineering
&
Construction
Co
Ltd
$
154
3,996
Hyundai
Glovis
Co
Ltd
536
3,506
(a)
Hyundai
Heavy
Industries
313
13,257
Hyundai
Mobis
2,574
30,103
Hyundai
Motor
Co
5,297
8,000
Hyundai
Motor
Co
Ltd
(2nd
Preference)
932
5,151
Hyundai
Motor
Co
Ltd
(Preference)
605
22,150
Hyundai
Steel
Co
524
21,817
Industrial
Bank
of
Korea
226
67,641
Kakao
Corp
2,734
13,449
KakaoBank
Corp
281
5,138
(a)
Kakaopay
Corp
149
19,054
Kangwon
Land,
Inc
232
223,570
KB
Financial
Group,
Inc
11,683
57,338
Kia
Motors
Corp
4,765
16,641
Korea
Aerospace
Industries
Ltd
623
21,651
Korea
Electric
Power
Corp
356
2,984
Korea
Investment
Holdings
Co
Ltd
148
738
Korea
Zinc
Co
Ltd
249
40,191
Korean
Air
Lines
Co
Ltd
647
6,228
(a),(d)
Krafton,
Inc
1,157
5,263
KT
Corp
148
22,452
KT&G
Corp
1,563
7,663
(a)
Kum
Yang
Co
Ltd
643
1,361
Kumho
Petrochemical
Co
Ltd
142
4,067
L&F
Co
Ltd
532
10,841
LG
Chem
Ltd
3,548
1,719
LG
Chem
Ltd
(Preference)
383
20,661
LG
Corp
1,344
73,738
LG
Display
Co
Ltd
580
23,172
LG
Electronics,
Inc
1,666
6,334
(a)
LG
Energy
Solution
Ltd
1,887
1,929
LG
Household
&
Health
Care
Ltd
554
3,002
LG
Innotek
Co
Ltd
441
18,879
LG
Telecom
Ltd
141
22,322
Meritz
Financial
Group,
Inc
1,357
17,668
Mirae
Asset
Daewoo
Co
Ltd
107
28,466
Naver
Corp
3,955
3,026
NCSoft
Corp
463
5,183
(a),(d)
Netmarble
Corp
243
5,016
Orion
Corp/Republic
of
Korea
342
18,007
POSCO
5,640
11,726
POSCO
DX
Co
Ltd
423
6,821
POSCO
Future
M
Co
Ltd
1,534
5,323
(a),(d)
Samsung
Biologics
Co
Ltd
3,295
18,330
Samsung
C&T
Corp
2,180
12,022
Samsung
Electro-Mechanics
Co
Ltd
1,339
3,049,393
Samsung
Electronics
Co
Ltd
183,261
181,733
Samsung
Electronics
Co
Ltd
(Preference)
9,071
12,813
(a)
Samsung
Engineering
Co
Ltd
240
6,781
Samsung
Fire
&
Marine
Insurance
Co
Ltd
1,557
54,611
(a)
Samsung
Heavy
Industries
Co
Ltd
350
17,479
Samsung
Life
Insurance
Co
Ltd
1,240
18,643
Samsung
SDI
Co
Ltd
6,612
8,420
Samsung
SDS
Co
Ltd
1,023
4,443
Samsung
Securities
Co
Ltd
134
7,829
Samsung
Techwin
Co
Ltd
1,208
99,299
Shinhan
Financial
Group
Co
Ltd
3,503
4,665
(a)
SK
Biopharmaceuticals
Co
Ltd
321
1,817
(a)
SK
Bioscience
Co
Ltd
83
8,513
(a),(d)
SK
IE
Technology
Co
Ltd
462
5,076
(a)
SK
Innovation
Co
Ltd
447
CREF
Global
Equities
Account
March
31,
2024
162
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
8,116
(a)
SK
Square
Co
Ltd
$
475
4,927
SK
Telecom
Co
Ltd
195
8,198
SK,
Inc
1,112
3,779
SKC
Co
Ltd
336
11,788
S-Oil
Corp
683
49,784
Woori
Financial
Group,
Inc
540
8,668
Woori
Investment
&
Securities
Co
Ltd
76
4,648
Yuhan
Corp
267
TOTAL
KOREA,
REPUBLIC
OF
319,814
KUWAIT
-
0.0%
358,896
Agility
Public
Warehousing
Co
KSC
777
107,370
Boubyan
Bank
KSCP
216
157,189
Gulf
Bank
KSCP
150
724,280
Kuwait
Finance
House
KSCP
1,884
157,468
Mabanee
Co
SAK
405
501,280
Mobile
Telecommunications
Co
KSCP
800
634,245
National
Bank
of
Kuwait
SAKP
1,979
TOTAL
KUWAIT
6,211
LUXEMBOURG
-
0.2%
959,933
(a)
BK
LC
Lux
Finco
2
Sarl
45,357
11,120
Reinet
Investments
S.C.A
269
TOTAL
LUXEMBOURG
45,626
MALAYSIA
-
0.1%
191,900
AMMB
Holdings
BHD
169
232,943
Axiata
Group
Bhd
133
536,479
Bumiputra-Commerce
Holdings
BHD
743
290,600
Digi.Com
BHD
259
406,972
Gamuda
BHD
453
479,200
Genting
BHD
478
657,500
Genting
Malaysia
BHD
380
46,800
Hong
Leong
Bank
BHD
191
170,900
IHH
Healthcare
Bhd
218
555,300
Inari
Amertron
Bhd
371
475,700
IOI
Corp
BHD
397
99,143
Kuala
Lumpur
Kepong
BHD
468
460,729
Malayan
Banking
BHD
940
184,360
Malaysia
Airports
Holdings
Bhd
386
196,800
Maxis
Bhd
140
398,100
MISC
Bhd
644
500,250
(d)
MR
DIY
Group
M
Bhd
159
10,400
Nestle
Malaysia
Bhd
259
622,100
Petronas
Chemicals
Group
Bhd
893
87,100
Petronas
Dagangan
BHD
396
242,100
Petronas
Gas
BHD
898
121,380
PPB
Group
BHD
400
291,400
Press
Metal
Aluminium
Holdings
Bhd
287
1,188,400
Public
Bank
Bhd
1,057
186,750
QL
Resources
Bhd
232
116,039
RHB
Capital
BHD
138
621,500
Sime
Darby
BHD
342
414,100
Sime
Darby
Plantation
Bhd
381
106,841
Telekom
Malaysia
BHD
136
611,900
Tenaga
Nasional
BHD
1,453
748,100
YTL
Corp
BHD
413
553,200
YTL
Power
International
BHD
442
TOTAL
MALAYSIA
14,256
MEXICO
-
0.5%
662,800
Alfa
S.A.
de
C.V.
(Class
A)
493
163
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,562,600
America
Movil
SAB
de
C.V.
$
1,459
112,900
(c)
Arca
Continental
SAB
de
C.V.
1,233
63,800
(d)
Banco
del
Bajio
S.A.
248
3,329,594
(a),(c)
Cemex
S.A.
de
C.V.
3,001
117,565
Coca-Cola
Femsa
SAB
de
C.V.
1,141
632,600
Fibra
Uno
Administracion
S.A.
de
C.V.
1,052
414,400
Fomento
Economico
Mexicano
S.A.
de
C.V.
5,416
372,372
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR)
48,509
37,875
(c)
Gruma
SAB
de
C.V.
708
61,200
Grupo
Aeroportuario
del
Centro
Norte
Sab
de
C.V.
604
83,100
(c)
Grupo
Aeroportuario
del
Pacifico
S.A.
de
C.V.
(B
Shares)
1,350
39,345
Grupo
Aeroportuario
del
Sureste
S.A.
de
C.V.
(Class
B)
1,245
284,900
(c)
Grupo
Bimbo
S.A.
de
C.V.
(Series
A)
1,350
131,800
(c)
Grupo
Carso
S.A.
de
C.V.
(Series
A1)
1,179
4,932,600
Grupo
Financiero
Banorte
S.A.
de
C.V.
52,391
151,727
(a),(c)
Grupo
Financiero
Inbursa
S.A.
469
881,400
Grupo
Mexico
S.A.
de
C.V.
(Series
B)
5,248
15,295
(a),(c)
Industrias
Penoles
S.A.
de
C.V.
217
322,100
Kimberly-Clark
de
Mexico
S.A.
de
C.V.
(Class
A)
750
261,800
(c)
Operadora
De
Sites
Mexicanos
SAB
de
C.V.
319
212,200
Orbia
Advance
Corp
SAB
de
C.V.
444
160,054
ProLogis
Property
Mexico
S.A.
de
C.V.
703
37,565
Promotora
y
Operadora
de
Infraestructura
SAB
de
C.V.
399
7,253
(c)
Southern
Copper
Corp
773
34,363
Ternium
S.A.
(ADR)
1,430
1,113,500
Wal-Mart
de
Mexico
SAB
de
C.V.
4,483
TOTAL
MEXICO
136,614
NETHERLANDS
-
2.0%
10,570
(a),(d)
Adyen
NV
17,854
237
(a)
Argenx
SE
94
43,557
(a)
Argenx
SE
17,173
191,441
ASML
Holding
NV
185,595
123,585
(d)
Euronext
NV
11,762
370,760
Heineken
NV
35,744
7,677,508
ING
Groep
NV
126,397
624,589
Koninklijke
KPN
NV
2,336
5,200,302
Shell
plc
172,543
TOTAL
NETHERLANDS
569,498
NORWAY
-
0.4%
676,678
Aker
BP
ASA
16,972
3,155,657
Equinor
ASA
84,617
195,662
Gjensidige
Forsikring
ASA
2,840
296,695
Norsk
Hydro
ASA
1,630
TOTAL
NORWAY
106,059
PERU
-
0.0%
60,155
Cia
de
Minas
Buenaventura
S.A.
(ADR)
(Series
B)
955
5,600
Credicorp
Ltd
949
TOTAL
PERU
1,904
PHILIPPINES
-
0.0%
352,740
Aboitiz
Equity
Ventures,
Inc
294
22,870
Ayala
Corp
260
1,475,370
Ayala
Land,
Inc
848
164,624
Bank
of
the
Philippine
Islands
346
196,610
BDO
Unibank,
Inc
540
222,410
International
Container
Term
Services,
Inc
1,258
520,055
JG
Summit
Holdings
(Series
B)
337
97,960
Jollibee
Foods
Corp
440
65,270
Manila
Electric
Co
415
CREF
Global
Equities
Account
March
31,
2024
164
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
133,823
Metropolitan
Bank
&
Trust
$
155
6,800
PLDT,
Inc
165
5,826,950
Robinsons
Retail
Holdings,
Inc
3,872
19,810
SM
Investments
Corp
343
2,262,100
SM
Prime
Holdings
1,316
187,610
Universal
Robina
Corp
352
TOTAL
PHILIPPINES
10,941
POLAND
-
0.0%
111,847
(a),(d)
Allegro.eu
S.A.
926
14,845
Bank
Pekao
S.A.
675
2,787
Bank
Zachodni
WBK
S.A.
397
1,173
(a)
BRE
Bank
S.A.
217
2,723
Budimex
S.A.
477
13,067
CD
Projekt
S.A.
382
3,915
(a),(d)
Dino
Polska
S.A.
380
10,715
KGHM
Polska
Miedz
S.A.
306
234
LPP
S.A.
896
192,369
(a)
PGE
Polska
Grupa
Energetyczna
S.A.
346
143,153
Polski
Koncern
Naftowy
Orlen
S.A.
2,332
72,378
Powszechna
Kasa
Oszczednosci
Bank
Polski
S.A.
1,074
132,210
Powszechny
Zaklad
Ubezpieczen
S.A.
1,615
TOTAL
POLAND
10,023
PORTUGAL
-
0.1%
750,164
Jeronimo
Martins
SGPS
S.A.
14,883
TOTAL
PORTUGAL
14,883
QATAR
-
0.0%
427,460
Barwa
Real
Estate
Co
324
259,860
(a)
Commercial
Bank
PSQC
352
434,834
Dukhan
Bank
461
344,820
Industries
Qatar
QSC
1,134
452,158
Masraf
Al
Rayan
QSC
295
1,221,845
Mesaieed
Petrochemical
Holding
Co
658
194,748
Ooredoo
QPSC
567
100,454
Qatar
Electricity
&
Water
Co
QSC
448
155,714
Qatar
Fuel
QSC
632
598,506
Qatar
Gas
Transport
Co
Ltd
656
72,345
(a)
Qatar
International
Islamic
Bank
QSC
217
145,699
Qatar
Islamic
Bank
SAQ
761
378,964
Qatar
National
Bank
QPSC
1,478
TOTAL
QATAR
7,983
ROMANIA
-
0.0%
123,719
NEPI
Rockcastle
NV
854
TOTAL
ROMANIA
854
RUSSIA
-
0.0%
12,672
(a),(c),(e)
Ozon
Holdings
plc
(ADR)
0
^
211,169
(a),(e)
VTB
Bank
PJSC
(GDR)
Tradegate
2
TOTAL
RUSSIA
2
SAUDI
ARABIA
-
0.3%
20,834
ACWA
Power
Co
1,883
99,163
(a)
Ades
Holding
Co
549
24,249
Advanced
Petrochemical
Co
253
673,610
Al
Rajhi
Bank
14,933
714,563
Alinma
Bank
8,349
55,648
Almarai
Co
JSC
849
54,472
Arab
National
Bank
429
5,110
Arabian
Internet
&
Communications
Services
Co
515
165
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
39,030
Bank
AlBilad
$
506
29,288
(a)
Bank
Al-Jazira
156
47,436
Banque
Saudi
Fransi
493
17,937
Bupa
Arabia
for
Cooperative
Insurance
Co
1,262
16,022
Co
for
Cooperative
Insurance
692
7,502
Dallah
Healthcare
Co
353
46,635
(a)
Dar
Al
Arkan
Real
Estate
Development
Co
172
57,636
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
4,817
5,290
Elm
Co
1,353
84,815
Etihad
Etisalat
Co
1,189
121,380
Jarir
Marketing
Co
476
98,025
Mobile
Telecommunications
Co
Saudi
Arabia
330
97,378
Mouwasat
Medical
Services
Co
3,541
8,661
Nahdi
Medical
Co
342
16,723
Power
&
Water
Utility
Co
for
Jubail
&
Yanbu
309
120,980
Riyad
Bank
962
53,218
SABIC
Agri-Nutrients
Co
1,740
76,876
Sahara
International
Petrochemical
Co
634
161,012
(a)
Saudi
Arabian
Mining
Co
2,168
622,672
(d)
Saudi
Arabian
Oil
Co
5,107
11,144
Saudi
Aramco
Base
Oil
Co
498
81,337
Saudi
Awwal
Bank
900
200,609
Saudi
Basic
Industries
Corp
4,178
188,421
Saudi
Electricity
Co
994
76,338
Saudi
Industrial
Investment
Group
455
35,266
Saudi
Investment
Bank
156
157,481
(a)
Saudi
Kayan
Petrochemical
Co
379
664,379
Saudi
National
Bank
7,231
7,516
(a)
Saudi
Research
&
Media
Group
577
3,842
Saudi
Tadawul
Group
Holding
Co
280
443,862
Saudi
Telecom
Co
4,686
56,983
Savola
Group
858
62,277
Yanbu
National
Petrochemical
Co
618
TOTAL
SAUDI
ARABIA
76,172
SINGAPORE
-
0.1%
630,700
Ascendas
REIT
1,294
28,001
CapitaLand
Ascott
Trust
20
509,642
Capitaland
Investment
Ltd
1,011
75,604
CapitaMall
Trust
111
397,800
DBS
Group
Holdings
Ltd
10,616
732,961
Oversea-Chinese
Banking
Corp
7,324
178,200
Singapore
Exchange
Ltd
1,216
1,569,400
Singapore
Telecommunications
Ltd
2,949
260,716
United
Overseas
Bank
Ltd
5,668
TOTAL
SINGAPORE
30,209
SOUTH
AFRICA
-
0.2%
68,795
Absa
Group
Ltd
537
10,311
(c)
Anglo
American
Platinum
Ltd
418
201,089
Anglo
American
plc
4,955
159,255
(c)
Aspen
Pharmacare
Holdings
Ltd
1,845
73,299
(c)
Bid
Corp
Ltd
1,787
61,686
(c)
Bidvest
Group
Ltd
790
73,385
Capitec
Bank
Holdings
Ltd
8,117
50,352
Clicks
Group
Ltd
787
114,059
Discovery
Ltd
727
24,174
Exxaro
Resources
Ltd
216
418,940
(c)
FirstRand
Ltd
1,365
162,271
Gold
Fields
Ltd
2,603
66,502
Harmony
Gold
Mining
Co
Ltd
550
373,647
(c)
Impala
Platinum
Holdings
Ltd
1,544
CREF
Global
Equities
Account
March
31,
2024
166
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
5,054
(c)
Kumba
Iron
Ore
Ltd
$
123
138,843
MTN
Group
Ltd
687
41,614
Naspers
Ltd
7,377
36,087
(c)
Nedbank
Group
Ltd
435
46,779
Northam
Platinum
Holdings
Ltd
279
1,047,185
Old
Mutual
Ltd
650
173,339
OUTsurance
Group
Ltd
384
414,483
(d)
Pepkor
Holdings
Ltd
413
106,374
Remgro
Ltd
686
388,156
Sanlam
Ltd
1,422
126,670
(c)
Sasol
Ltd
979
41,012
(c)
Shoprite
Holdings
Ltd
536
325,130
Sibanye
Stillwater
Ltd
372
815,724
Standard
Bank
Group
Ltd
7,978
135,319
Vodacom
Group
Ltd
704
200,363
Woolworths
Holdings
Ltd
626
TOTAL
SOUTH
AFRICA
49,892
SPAIN
-
0.6%
287,054
Amadeus
IT
Holding
S.A.
18,428
8,652,903
(c)
Banco
Bilbao
Vizcaya
Argentaria
S.A.
103,043
3,397,865
(c)
CaixaBank
S.A.
16,489
810,458
Iberdrola
S.A.
10,066
274,556
Industria
de
Diseno
Textil
S.A.
13,826
108,528
(a),(c),(e)
Let's
GOWEX
S.A.
1
17,496
Merlin
Properties
Socimi
S.A.
188
1,052,110
Telefonica
S.A.
4,646
TOTAL
SPAIN
166,687
SWEDEN
-
0.3%
873,199
Assa
Abloy
AB
25,059
126,224
(d)
Evolution
AB
15,678
406,907
(a)
Fastighets
AB
Balder
2,989
1,259,202
Sandvik
AB
27,955
26,421
(a)
SAS
AB
0
^
1,393,469
(c)
Skandinaviska
Enskilda
Banken
AB
(Class
A)
18,878
TOTAL
SWEDEN
90,559
SWITZERLAND
-
1.2%
106,218
Alcon,
Inc
8,786
103,629
Cie
Financiere
Richemont
S.A.
15,777
193,503
DSM-Firmenich
AG.
22,008
172,687
(a)
Galderma
Group
AG.
12,130
3,986
Givaudan
S.A.
17,745
147,603
(c)
Lonza
Group
AG.
88,207
397,502
Novartis
AG.
38,501
1,500,209
(a),(c)
On
Holding
AG.
53,077
10,594
PSP
Swiss
Property
AG.
1,389
10,594
Swiss
Prime
Site
AG.
999
1,225,879
UBS
Group
AG
37,746
72,118
Zurich
Insurance
Group
AG
38,959
TOTAL
SWITZERLAND
335,324
TAIWAN
-
2.2%
110,571
Accton
Technology
Corp
1,585
630,000
Acer,
Inc
918
102,725
Advantech
Co
Ltd
1,307
99,000
Alchip
Technologies
Ltd
9,797
684,000
ASE
Technology
Holding
Co
Ltd
3,320
191,000
Asia
Cement
Corp
244
154,000
Asustek
Computer,
Inc
2,039
1,440,800
AU
Optronics
Corp
815
167
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
131,189
Catcher
Technology
Co
Ltd
$
892
783,947
Cathay
Financial
Holding
Co
Ltd
1,181
123,306
Chailease
Holding
Co
Ltd
661
409,001
Chang
Hwa
Commercial
Bank
232
431,000
Cheng
Shin
Rubber
Industry
Co
Ltd
669
239,000
China
Airlines
146
1,294,844
China
Development
Financial
Holding
Corp
560
984,000
China
Steel
Corp
732
7,768,000
Chinatrust
Financial
Holding
Co
7,862
322,000
Chunghwa
Telecom
Co
Ltd
1,265
922,000
Compal
Electronics,
Inc
1,104
663,541
Dadi
Early-Childhood
Education
Group
Ltd
617
427,000
Delta
Electronics,
Inc
4,570
185,142
E
Ink
Holdings,
Inc
1,314
1,137,071
E.Sun
Financial
Holding
Co
Ltd
964
866,000
Eclat
Textile
Co
Ltd
14,811
14,000
eMemory
Technology,
Inc
1,051
229,000
Eva
Airways
Corp
226
330,292
Evergreen
Marine
Corp
Taiwan
Ltd
1,816
684,000
Far
Eastern
Textile
Co
Ltd
706
402,000
Far
EasTone
Telecommunications
Co
Ltd
1,016
114,245
Feng
TAY
Enterprise
Co
Ltd
564
886,715
First
Financial
Holding
Co
Ltd
765
758,000
Formosa
Chemicals
&
Fibre
Corp
1,295
282,391
Formosa
Petrochemical
Corp
606
848,000
Formosa
Plastics
Corp
1,804
1,710,978
Fubon
Financial
Holding
Co
Ltd
3,704
826,234
Fuhwa
Financial
Holdings
Co
Ltd
777
111,000
Gigabyte
Technology
Co
Ltd
1,086
21,000
Global
Unichip
Corp
800
48,000
Globalwafers
Co
Ltd
833
2,746,000
Hon
Hai
Precision
Industry
Co,
Ltd
13,337
64,280
Hotai
Motor
Co
Ltd
1,299
696,069
Hua
Nan
Financial
Holdings
Co
Ltd
498
1,931,587
InnoLux
Display
Corp
917
592,000
Inventec
Co
Ltd
1,083
22,604
Largan
Precision
Co
Ltd
1,716
441,000
Lite-On
Technology
Corp
1,462
335,242
MediaTek,
Inc
12,147
2,633,796
Mega
Financial
Holding
Co
Ltd
3,312
157,000
Micro-Star
International
Co
Ltd
819
1,041,000
Nan
Ya
Plastics
Corp
1,791
46,000
Nan
Ya
Printed
Circuit
Board
Corp
285
269,000
Nanya
Technology
Corp
568
34,000
Nien
Made
Enterprise
Co
Ltd
377
128,000
Novatek
Microelectronics
Corp
Ltd
2,356
436,000
Pegatron
Corp
1,357
18,000
(a)
PharmaEssentia
Corp
180
477,000
Pou
Chen
Corp
540
612,000
Powerchip
Semiconductor
Manufacturing
Corp
495
130,522
President
Chain
Store
Corp
1,082
594,000
Quanta
Computer,
Inc
5,202
107,000
Realtek
Semiconductor
Corp
1,863
312,679
Ruentex
Development
Co
Ltd
342
306,791
Shanghai
Commercial
&
Savings
Bank
Ltd
463
2,862,684
Shin
Kong
Financial
Holding
Co
Ltd
721
848,796
SinoPac
Financial
Holdings
Co
Ltd
570
252,000
Synnex
Technology
International
Corp
617
907,806
Taishin
Financial
Holdings
Co
Ltd
509
467,968
Taiwan
Business
Bank
233
561,579
Taiwan
Cement
Corp
556
836,122
Taiwan
Cooperative
Financial
Holding
Co
Ltd
679
CREF
Global
Equities
Account
March
31,
2024
168
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
391,000
Taiwan
High
Speed
Rail
Corp
$
368
373,000
Taiwan
Mobile
Co
Ltd
1,188
18,477,100
Taiwan
Semiconductor
Manufacturing
Co
Ltd
442,641
299,000
Unimicron
Technology
Corp
1,778
1,082,450
Uni-President
Enterprises
Corp
2,583
2,514,000
United
Microelectronics
Corp
4,083
200,000
Vanguard
International
Semiconductor
Corp
530
14,000
Voltronic
Power
Technology
Corp
722
609,650
Walsin
Lihwa
Corp
712
50,810
Wan
Hai
Lines
Ltd
70
677,688
Winbond
Electronics
Corp
572
569,000
Wistron
Corp
2,144
275,000
Wiwynn
Corp
18,831
351,640
WPG
Holdings
Ltd
1,055
72,739
Yageo
Corp
1,350
377,000
Yang
Ming
Marine
Transport
521
148,000
Zhen
Ding
Technology
Holding
Ltd
578
TOTAL
TAIWAN
611,756
THAILAND
-
0.1%
98,300
Advanced
Info
Service
PCL
550
926,500
Airports
of
Thailand
PCL
1,658
1,255,000
Asset
World
Corp
PCL
142
914,400
Bangkok
Dusit
Medical
Services
PCL
709
1,417,000
Bangkok
Expressway
&
Metro
PCL
311
1,489,090
BTS
Group
Holdings
PCL
229
48,000
Bumrungrad
Hospital
PCL
294
433,000
Central
Pattana
PCL
748
367,975
Central
Retail
Corp
PCL
364
787,900
Charoen
Pokphand
Foods
PCL
394
479,700
CP
ALL
plc
718
440,200
CP
Axtra
PCL
377
680,500
Delta
Electronics
Thailand
PCL
1,351
337,097
Energy
Absolute
PCL
317
153,900
Global
Power
Synergy
PCL
222
632,030
Gulf
Energy
Development
PCL
759
1,089,600
Home
Product
Center
PCL
320
346,200
Indorama
Ventures
PCL
227
171,900
Intouch
Holdings
PCL
(Class
F)
324
48,000
Kasikornbank
PCL
(Foreign)
163
788,300
Krung
Thai
Bank
PCL
363
161,300
Krungthai
Card
PCL
203
1,607,400
Land
and
Houses
PCL
324
702,400
Minor
International
PCL
630
112,400
Muangthai
Capital
PCL
144
378,800
PTT
Exploration
&
Production
PCL
1,561
506,000
PTT
Global
Chemical
PCL
530
760,500
PTT
Oil
&
Retail
Business
PCL
369
2,505,600
PTT
PCL
2,305
190,400
SCB
X
PCL
595
248,700
SCG
Packaging
PCL
196
172,100
Siam
Cement
PCL
1,207
369,502
Thai
Oil
PCL
597
5,556,800
TMB
Bank
PCL
(Foreign)
277
895,726
(a)
True
Corp
PCL
189
TOTAL
THAILAND
19,667
TURKEY
-
0.1%
2,512,530
Akbank
TAS
3,635
305,058
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
523
100,389
BIM
Birlesik
Magazalar
AS
1,091
16,756
(a)
Coca-Cola
Icecek
AS
291
169
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
114,330
(a)
Eregli
Demir
ve
Celik
Fabrikalari
TAS
$
149
14,534
Ford
Otomotiv
Sanayi
AS
519
81,798
Haci
Omer
Sabanci
Holding
AS
210
165,299
(a)
KOC
Holding
AS
1,040
8,169
(a)
Pegasus
Hava
Tasimaciligi
AS.
206
281,700
(a)
Sasa
Polyester
Sanayi
AS
375
26,185
(a)
Tofas
Turk
Otomobil
Fabrik
221
117,015
(a)
Turk
Hava
Yollari
AO
1,078
268,740
Turkcell
Iletisim
Hizmet
AS
568
9,304,329
Turkiye
Is
Bankasi
(Series
C)
3,228
232,797
Turkiye
Petrol
Rafinerileri
AS
1,274
290,213
Turkiye
Sise
ve
Cam
Fabrikalari
AS
408
277,144
(a)
Yapi
ve
Kredi
Bankasi
236
TOTAL
TURKEY
15,052
UNITED
ARAB
EMIRATES
-
0.0%
236,513
Abu
Dhabi
Commercial
Bank
PJSC
541
117,357
Abu
Dhabi
Islamic
Bank
PJSC
349
735,155
Abu
Dhabi
National
Oil
Co
for
Distribution
PJSC
729
833,246
Aldar
Properties
PJSC
1,252
545,572
Americana
Restaurants
International
plc
489
244,629
Dubai
Islamic
Bank
PJSC
389
1,468,822
Emaar
Properties
PJSC
3,260
155,811
Emirates
NBD
Bank
PJSC
734
762,108
Emirates
Telecommunications
Group
Co
PJSC
3,802
363,398
First
Abu
Dhabi
Bank
PJSC
1,326
836,592
(a)
Multiply
Group
PJSC
510
5,358
(a),(e)
NMC
Health
plc
0
^
TOTAL
UNITED
ARAB
EMIRATES
13,381
UNITED
KINGDOM
-
2.4%
585,182
Allfunds
Group
PLC
4,220
115,298
AngloGold
Ashanti
UK
Ltd
2,574
1,423,249
Ashtead
Group
plc
101,377
973,217
AstraZeneca
plc
130,746
1,994,150
Beazley
plc
16,769
137,761
Big
Yellow
Group
plc
1,848
7,558,494
BP
plc
47,418
638,790
British
American
Tobacco
plc
19,388
317,913
British
Land
Co
plc
1,586
256,435
(a)
Coca-Cola
Europacific
Partners
plc
17,938
808,080
Compass
Group
plc
23,703
2,503,563
(d)
ConvaTec
Group
plc
9,044
2,797,671
(a)
Darktrace
plc
15,442
42,386
Derwent
London
plc
1,162
1,927,917
Electrocomponents
plc
17,677
849,886
Fevertree
Drinks
plc
12,883
267,660
(a)
Flutter
Entertainment
plc
53,354
211,940
Great
Portland
Estates
plc
1,039
2,717,006
Informa
plc
28,507
233,135
Land
Securities
Group
plc
1,936
6,447,902
Lloyds
TSB
Group
plc
4,217
287,907
London
Stock
Exchange
Group
plc
34,449
8,363,621
Man
Group
plc
28,227
1,221,772
National
Grid
plc
16,462
32,248
(a),(d)
Pepco
Group
NV
145
758,120
RELX
plc
32,839
169,551
Safestore
Holdings
plc
1,618
202,461
Scottish
&
Southern
Energy
plc
4,221
273,024
Segro
plc
3,113
5,371,958
Tritax
Big
Box
REIT
plc
10,680
409,373
Unilever
plc
20,551
CREF
Global
Equities
Account
March
31,
2024
170
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
5,238,872
Vodafone
Group
plc
$
4,647
TOTAL
UNITED
KINGDOM
669,780
UNITED
STATES
-
64.8%
20,789
3M
Co
2,205
351,078
Abbott
Laboratories
39,904
498,165
AbbVie,
Inc
90,716
177,739
Accenture
plc
61,606
450,900
(a)
Advanced
Micro
Devices,
Inc
81,383
31,626
Aflac,
Inc
2,715
97,693
Agilent
Technologies,
Inc
14,215
12,358
Agree
Realty
Corp
706
3,426
Air
Products
&
Chemicals,
Inc
830
26,904
(c)
Albemarle
Corp
3,544
67,908
Alexandria
Real
Estate
Equities,
Inc
8,754
26,693
(a)
Align
Technology,
Inc
8,753
466,031
Alliant
Energy
Corp
23,488
58,541
(a)
Alnylam
Pharmaceuticals,
Inc
8,749
1,952,888
(a)
Alphabet,
Inc
297,347
1,443,664
(a)
Alphabet,
Inc
(Class
A)
217,892
290,556
(a),(c)
Altimmune,
Inc
2,958
4,598,582
(a)
Amazon.com,
Inc
829,492
278,944
Ameren
Corp
20,631
315,563
American
Electric
Power
Co,
Inc
27,170
273,207
American
Express
Co
62,207
325,238
American
Homes
4
Rent
11,962
521,363
American
International
Group,
Inc
40,755
86,420
American
Tower
Corp
17,076
96,001
Americold
Realty
Trust,
Inc
2,392
74,445
Ameriprise
Financial,
Inc
32,640
77,247
AmerisourceBergen
Corp
18,770
247,937
Ametek,
Inc
45,348
140,192
Amgen,
Inc
39,859
4,424,385
(f)
Apple,
Inc
758,694
464,838
(a)
Arch
Capital
Group
Ltd
42,970
88,260
Ares
Management
Corp
11,737
2,590,318
AT&T,
Inc
45,590
310,236
(c)
Atlas
Energy
Solutions,
Inc
7,018
249,302
(a)
Atlassian
Corp
Ltd
48,641
51,128
AvalonBay
Communities,
Inc
9,487
204,781
Baker
Hughes
Co
6,860
113,438
Ball
Corp
7,641
653,813
Bank
of
America
Corp
24,793
644,407
Bank
of
New
York
Mellon
Corp
37,131
113,601
Becton
Dickinson
&
Co
28,111
397,795
(a)
Berkshire
Hathaway,
Inc
167,281
37,177
BlackRock,
Inc
30,994
14,082
Blackstone,
Inc
1,850
1,068,981
(a)
Block,
Inc
90,414
526,276
(a)
Boeing
Co
101,566
5,848
Booking
Holdings,
Inc
21,216
24,372
Boston
Properties,
Inc
1,592
2,001,540
(a)
Boston
Scientific
Corp
137,085
50,630
Bristol-Myers
Squibb
Co
2,746
312,954
Broadcom,
Inc
414,792
709
Capital
One
Financial
Corp
106
1,508,740
Carrier
Global
Corp
87,703
97,512
(a)
Catalent,
Inc
5,505
367,219
Caterpillar,
Inc
134,560
195,269
Celanese
Corp
(Series
A)
33,559
16,183
(a)
Centene
Corp
1,270
142,953
Centerpoint
Energy,
Inc
4,073
171
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
594,739
Charles
Schwab
Corp
$
43,023
27,259
(a)
Charter
Communications,
Inc
7,922
276,178
Cheniere
Energy,
Inc
44,542
327,340
Chevron
Corp
51,635
3,434
(a)
Chipotle
Mexican
Grill,
Inc
(Class
A)
9,982
198,709
Chubb
Ltd
51,491
106,933
Cigna
Group
38,837
899,674
Citigroup,
Inc
56,895
763,320
(a)
Cleveland-Cliffs,
Inc
17,358
101,325
CME
Group,
Inc
21,814
2,538,103
Coca-Cola
Co
155,281
158,545
Colgate-Palmolive
Co
14,277
1,001,880
Comcast
Corp
(Class
A)
43,431
687,690
ConocoPhillips
87,529
59,720
Constellation
Brands,
Inc
(Class
A)
16,230
85,853
Constellation
Energy
Corp
15,870
105,725
(a)
Cooper
Cos,
Inc
10,727
505,288
Corebridge
Financial,
Inc
14,517
1,817,675
Corteva,
Inc
104,825
383,727
Costco
Wholesale
Corp
281,130
181,832
Crown
Castle,
Inc
19,243
910,679
Crown
Holdings,
Inc
72,180
91,942
CSL
Ltd
17,251
69,864
CSX
Corp
2,590
258,262
CVS
Health
Corp
20,599
160,201
Danaher
Corp
40,005
402,530
(a)
Datadog,
Inc
49,753
77,353
Deere
&
Co
31,772
219,917
Delta
Air
Lines,
Inc
10,527
246,921
(a)
DexCom,
Inc
34,248
670,529
Diamondback
Energy,
Inc
132,879
43,197
Digital
Realty
Trust,
Inc
6,222
275,054
Dollar
General
Corp
42,925
735,676
Dominion
Energy,
Inc
36,188
172,774
Dover
Corp
30,614
21,333
Dow,
Inc
1,236
131,346
Duke
Energy
Corp
12,702
1,078,303
DuPont
de
Nemours,
Inc
82,673
275,091
Eaton
Corp
plc
86,015
14,312
(a)
EchoStar
Corp
(Class
A)
204
91,896
Edison
International
6,500
68,753
Elevance
Health,
Inc
35,651
431,052
Eli
Lilly
&
Co
335,341
121,412
EOG
Resources,
Inc
15,521
224,969
(a)
EPAM
Systems,
Inc
62,127
11,080
Equinix,
Inc
9,145
787,002
Equitable
Holdings,
Inc
29,914
164,410
Equity
Lifestyle
Properties,
Inc
10,588
100,323
Equity
Residential
6,331
16,851
Essex
Property
Trust,
Inc
4,125
73,604
Estee
Lauder
Cos
(Class
A)
11,346
111,029
Everest
Re
Group
Ltd
44,134
155,779
(a)
Exact
Sciences
Corp
10,758
114,277
Exelon
Corp
4,293
177,393
(a)
Expedia
Group,
Inc
24,436
31,789
Extra
Space
Storage,
Inc
4,673
2,934,453
Exxon
Mobil
Corp
341,101
3,578
FedEx
Corp
1,037
116,158
Ferguson
plc
25,415
1,180,857
Fifth
Third
Bancorp
43,940
16,724
First
Citizens
Bancshares,
Inc
(Class
A)
27,344
957,298
FirstEnergy
Corp
36,971
CREF
Global
Equities
Account
March
31,
2024
172
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
773,213
(a)
Fiserv,
Inc
$
123,575
2,948,225
(a)
Flextronics
International
Ltd
84,349
442,292
Fortive
Corp
38,046
3,317,542
Freeport-McMoRan,
Inc
(Class
B)
155,991
97,068
Gaming
and
Leisure
Properties,
Inc
4,472
4,803
GE
HealthCare
Technologies,
Inc
437
472,885
Gilead
Sciences,
Inc
34,639
88,214
Global
Payments,
Inc
11,791
137,466
Globe
Life,
Inc
15,997
14,763
Goldman
Sachs
Group,
Inc
6,166
1,440,955
GSK
plc
30,938
116,676
Halliburton
Co
4,599
105,848
HCA,
Inc
35,303
28,085
Healthcare
Realty
Trust,
Inc
397
164,812
Healthpeak
Properties,
Inc
3,090
76,631
Hess
Corp
11,697
37,972
(a)
Hologic,
Inc
2,960
597,386
Home
Depot,
Inc
229,157
926,322
Honeywell
International,
Inc
190,128
169,551
Host
Hotels
&
Resorts
Inc
3,506
67,220
Howmet
Aerospace,
Inc
4,600
161,389
Hubbell,
Inc
66,985
27,178
(a)
IDEXX
Laboratories,
Inc
14,674
28,105
Illinois
Tool
Works,
Inc
7,541
120,123
(a)
Illumina,
Inc
16,495
293,472
(a)
Immunovant,
Inc
9,482
59,540
Independence
Realty
Trust,
Inc
960
784,816
Ingersoll
Rand,
Inc
74,518
13,900
Innovative
Industrial
Properties,
Inc
1,439
268,154
Intercontinental
Exchange,
Inc
36,852
65,069
International
Flavors
&
Fragrances,
Inc
5,595
154,924
(a)
Intuitive
Surgical,
Inc
61,829
56,171
Invitation
Homes,
Inc
2,000
4,803
(a)
IQVIA
Holdings,
Inc
1,215
200,886
(c)
iShares
MSCI
Canada
Index
Fund
7,690
50,429
(c)
iShares
MSCI
South
Korea
Index
Fund
3,384
4,666
JB
Hunt
Transport
Services,
Inc
930
165,200
JBS
S.A.
708
530,797
Johnson
&
Johnson
83,967
1,633,947
JPMorgan
Chase
&
Co
327,280
1,592,625
Kenvue,
Inc
34,178
1,326,354
Keurig
Dr
Pepper,
Inc
40,679
21,192
Kilroy
Realty
Corp
772
241,109
KKR
&
Co,
Inc
24,251
950,934
Kraft
Heinz
Co
35,089
108,705
Lam
Research
Corp
105,615
154,499
Las
Vegas
Sands
Corp
7,988
6,149
(a)
Legend
Biotech
Corp
(ADR)
345
561,690
Linde
plc
260,804
19,588
Lowe's
Cos,
Inc
4,990
119,120
(a)
Lululemon
Athletica,
Inc
46,534
172,163
M&T
Bank
Corp
25,039
194,542
Marathon
Petroleum
Corp
39,200
16,202
Marriott
International,
Inc
(Class
A)
4,088
114,218
Marsh
&
McLennan
Cos,
Inc
23,527
606,320
Mastercard,
Inc
(Class
A)
291,986
14,839
Matador
Resources
Co
991
653,659
McDonald's
Corp
184,299
97,945
McKesson
Corp
52,582
219,343
Medtronic
plc
19,116
1,337,558
Merck
&
Co,
Inc
176,491
1,294,300
Meta
Platforms,
Inc
628,486
173
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
57,916
Metlife,
Inc
$
4,292
3,196,587
Microsoft
Corp
1,344,867
25,428
Mid-America
Apartment
Communities,
Inc
3,346
660,487
Mondelez
International,
Inc
46,234
1,832,816
(a)
Monster
Beverage
Corp
108,649
57,639
(a),(c)
MoonLake
Immunotherapeutics
2,895
873,763
Morgan
Stanley
82,274
2,821
MSCI,
Inc
(Class
A)
1,581
49,980
(a)
Natera,
Inc
4,571
63,771
National
Storage
Affiliates
Trust
2,497
481,530
(c)
Nestle
S.A.
51,163
239,433
(a)
NetFlix,
Inc
145,415
258,592
Newmont
Goldcorp
Corp
9,268
818,266
NextEra
Energy,
Inc
52,295
1,169,726
Nike,
Inc
(Class
B)
109,931
104,076
Northrop
Grumman
Corp
49,817
64,164
NRG
Energy,
Inc
4,343
93,599
Nucor
Corp
18,523
231,187
nVent
Electric
plc
17,431
1,201,404
Nvidia
Corp
1,085,541
108,680
Occidental
Petroleum
Corp
7,063
36,958
Owens
Corning,
Inc
6,165
218,578
(a)
Palo
Alto
Networks,
Inc
62,105
16,000
Parade
Technologies
Ltd
461
193,489
Parker-Hannifin
Corp
107,539
144,890
(a)
PayPal
Holdings,
Inc
9,706
4,803
(a)
Penumbra,
Inc
1,072
323,007
PepsiCo,
Inc
56,529
745,682
Permian
Resources
Corp
13,169
814,017
Pfizer,
Inc
22,589
397,099
(g)
PG&E
Corp
6,655
923,314
Philip
Morris
International,
Inc
84,594
134,822
Phillips
66
22,022
138,013
Pioneer
Natural
Resources
Co
36,228
1,387,870
Procter
&
Gamble
Co
225,182
237,846
Progressive
Corp
49,191
302,212
Prologis,
Inc
39,354
246,966
(a)
PTC,
Inc
46,662
38,768
Public
Storage,
Inc
11,245
54,604
Realty
Income
Corp
2,954
147,114
Regency
Centers
Corp
8,909
35,180
(a)
Regeneron
Pharmaceuticals,
Inc
33,860
36,285
(a)
Repligen
Corp
6,674
405,581
Rexford
Industrial
Realty,
Inc
20,401
138,489
Roche
Holding
AG.
35,359
11,851
Rockwell
Automation,
Inc
3,453
868,245
(a)
Roivant
Sciences
Ltd
9,151
67,452
Roper
Industries,
Inc
37,830
36,124
(a)
Royal
Caribbean
Cruises
Ltd
5,022
607,798
RTX
Corp
59,279
67,843
S&P
Global,
Inc
28,864
135,491
Sabra
Health
Care
REIT,
Inc
2,001
893,155
Salesforce,
Inc
269,000
360,403
Sanofi-Aventis
35,062
49,287
(a)
Sarepta
Therapeutics,
Inc
6,381
60,956
SBA
Communications
Corp
13,209
75,287
Schlumberger
Ltd
4,126
350,260
Schneider
Electric
S.A.
79,186
135,214
Sempra
Energy
9,712
133,982
(a)
ServiceNow,
Inc
102,148
44,520
Sherwin-Williams
Co
15,463
132,447
Simon
Property
Group,
Inc
20,727
CREF
Global
Equities
Account
March
31,
2024
174
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
4,892
(c)
SL
Green
Realty
Corp
$
270
108,890
Southern
Co
7,812
244,960
Starbucks
Corp
22,387
3,663
Steel
Dynamics,
Inc
543
413,229
Stryker
Corp
147,882
80,673
Sun
Communities,
Inc
10,373
105,846
TE
Connectivity
Ltd
15,373
922,372
Teradyne,
Inc
104,071
54,604
Terreno
Realty
Corp
3,626
767,062
(a)
Tesla,
Inc
134,842
91,985
Thermo
Fisher
Scientific,
Inc
53,463
281,159
TJX
Cos,
Inc
28,515
274,826
T-Mobile
US,
Inc
44,857
112,854
Tractor
Supply
Co
29,536
259,010
(a),(c)
Traeger,
Inc
655
228,142
Trane
Technologies
plc
68,488
259,896
(a)
Uber
Technologies,
Inc
20,009
605,213
Union
Pacific
Corp
148,840
110,103
United
Parcel
Service,
Inc
(Class
B)
16,365
123,908
United
Rentals,
Inc
89,351
446,512
UnitedHealth
Group,
Inc
220,889
739,318
Valero
Energy
Corp
126,194
572,409
Vanguard
Emerging
Markets
ETF
23,910
50,000
(c)
Vanguard
FTSE
Developed
Markets
ETF
2,509
6,725
(a)
Veeva
Systems,
Inc
1,558
137,953
Ventas,
Inc
6,006
344,693
Veralto
Corp
30,560
813,222
Verizon
Communications,
Inc
34,123
54,684
(a)
Vertex
Pharmaceuticals,
Inc
22,858
214,338
VICI
Properties,
Inc
6,385
865,450
Visa,
Inc
(Class
A)
241,530
81,890
Vistra
Corp
5,704
575,617
Vontier
Corp
26,110
169,677
Voya
Financial,
Inc
12,543
156,891
W.R.
Berkley
Corp
13,875
88,239
W.W.
Grainger,
Inc
89,766
3,270,138
Walmart,
Inc
196,764
1,287,227
Walt
Disney
Co
157,505
43,814
Washington
REIT
610
86,226
Waste
Connections,
Inc
14,832
4,074,878
Wells
Fargo
&
Co
236,180
75,797
Welltower,
Inc
7,082
37,247
West
Pharmaceutical
Services,
Inc
14,739
1,206,272
(a)
Western
Digital
Corp
82,316
127,587
Westinghouse
Air
Brake
Technologies
Corp
18,587
116,097
Westlake
Chemical
Corp
17,740
33,373
Westrock
Co
1,650
122,860
Weyerhaeuser
Co
4,412
253,999
(a)
Workday,
Inc
69,278
431,575
(a)
YETI
Holdings,
Inc
16,637
104,858
Zoetis,
Inc
17,743
TOTAL
UNITED
STATES
18,338,405
TOTAL
COMMON
STOCKS
27,929,261
(Cost
$20,948,362)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
175
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
EXPIRATION
DATE
VALUE
(000)
AUSTRALIA
-
0.0%
3,698
Magellan
Financial
Group
Ltd
04/16/27
$
0
^
129,949
(c)
PointsBet
Holdings
Ltd
07/08/24
1
TOTAL
AUSTRALIA
1
CHINA
-
0.0%
3,524
(e)
Kangmei
Pharmaceutical
Co
Ltd
12/31/28
0
^
TOTAL
CHINA
0
^
INDIA
-
0.0%
105,711
Tata
Motors
Ltd
(DVR)
837
TOTAL
INDIA
837
TOTAL
RIGHTS/WARRANTS
838
(Cost
$612)
TOTAL
LONG-TERM
INVESTMENTS
27,930,113‌
(Cost
$20,948,990)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
1.1%
GOVERNMENT
AGENCY
DEBT
-
0.3%
$
255,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
%
04/02/24
255
8,000,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
04/01/24
7,995
5,000,000
FHLB
0
.000
04/05/24
4,994
4,475,000
FHLB
0
.000
04/10/24
4,467
400,000
FHLB
0
.000
04/12/24
399
12,875,000
FHLB
0
.000
05/03/24
12,808
9,459,000
FHLB
0
.000
05/17/24
9,391
25,000,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/03/24
24,978
5,000,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/19/24
4,984
7,500,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/26/24
7,469
TOTAL
GOVERNMENT
AGENCY
DEBT
77,740
REPURCHASE
AGREEMENT
-
0.2%
57,560,000
(h)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
04/01/24
57,560
TOTAL
REPURCHASE
AGREEMENT
57,560
TREASURY
DEBT
-
0.6%
3,000,000
United
States
Treasury
Bill
0
.000
04/02/24
2,999
25,000,000
United
States
Treasury
Bill
0
.000
04/04/24
24,989
20,000,000
United
States
Treasury
Bill
0
.000
04/09/24
19,977
51,600,000
United
States
Treasury
Bill
0
.000
04/16/24
51,487
6,250,000
United
States
Treasury
Bill
0
.000
04/23/24
6,230
15,000,000
United
States
Treasury
Bill
0
.000
04/25/24
14,947
20,201,000
United
States
Treasury
Bill
0
.000
05/02/24
20,109
16,000,000
United
States
Treasury
Bill
0
.000
05/07/24
15,916
22,500,000
United
States
Treasury
Bill
0
.000
05/09/24
22,375
TOTAL
TREASURY
DEBT
179,029
TOTAL
SHORT-TERM
INVESTMENTS
314,329
(Cost
$314,338)
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.6%
CERTIFICATE
OF
DEPOSIT
-
0.1%
5,000,000
BNP
Paribas
Securities
Corp
5
.310
04/01/24
5,000
2,000,000
Canadian
Imperial
Bank
of
Commerce
5
.930
05/03/24
2,000
500,000
Citibank
N.A.
5
.920
07/29/24
500
6,152,000
Credit
Agricole
CIB
5
.310
04/01/24
6,152
5,000,000
Skandinaviska
Enskilda
Banken
5
.300
04/01/24
5,000
TOTAL
CERTIFICATE
OF
DEPOSIT
18,652
COMMERCIAL
PAPER
-
0.0%
CREF
Global
Equities
Account
March
31,
2024
176
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)
$
2,000,000
ING
US
Funding
LLC
5
.910
%
04/24/24
$
2,000
TOTAL
COMMERCIAL
PAPER
2,000
REPURCHASE
AGREEMENT
-
0.5%
20,000,000
(i)
Calyon
5
.320
04/01/24
20,000
15,000,000
(j)
Deutsche
5
.330
04/01/24
15,000
20,000,000
(k)
HSBC
5
.340
04/01/24
20,000
20,000,000
(l)
JP
Morgan
5
.330
04/01/24
20,000
15,000,000
(m)
Merrill
Lynch
5
.330
04/01/24
15,000
15,000,000
(n)
Nomura
5
.310
04/01/24
15,000
25,000,000
(o)
Royal
Bank
of
Scotland
5
.330
04/01/24
25,000
25,000,000
(p)
Societe
Generale
5
.330
04/01/24
25,000
TOTAL
REPURCHASE
AGREEMENT
155,000
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
175,652
(Cost
$175,652)
TOTAL
INVESTMENTS
-
100.5%
28,420,094
(Cost
$21,438,980)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.5)%
(
133,904
)
NET
ASSETS
-
100.0%
$28,286,190
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)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$235,968,357.
(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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$152,795,950
or
0.5%
of
Total
Investments.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
All
or
a
portion
of
these
securities
have
been
segregated
to
cover
margin
requirements
on
open
futures
contracts.
(g)
In
bankruptcy
(h)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
5.320%
dated
3/28/24
to
be
repurchased
at
$57,594,024
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.125%
and
maturity
date
7/15/26,
valued
at
$58,711,207.
(i)
Agreement
with
Calyon,
5.320%
dated
3/28/24
to
be
repurchased
at
$20,036,549
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.000%
and
maturity
date
7/31/28,
valued
at
$20,400,028.
(j)
Agreement
with
Deutsche,
5.330%
dated
3/28/24
to
be
repurchased
at
$15,000,000
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.000%
and
maturity
date
6/11/24,
valued
at
$15,300,073.
(k)
Agreement
with
HSBC,
5.340%
dated
3/28/24
to
be
repurchased
at
$20,057,402
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.000%–3.500%
and
maturity
dates
4/1/50–6/1/56,
valued
at
$20,400,000.
(l)
Agreement
with
JP
Morgan,
5.330%
dated
3/28/24
to
be
repurchased
at
$20,073,268
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.500%–6.232%
and
maturity
dates
8/1/34–8/1/56,
valued
at
$20,400,001.
(m)
Agreement
with
Merrill
Lynch,
5.330%
dated
3/28/24
to
be
repurchased
at
$15,054,850
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
2.500%–8.000%
and
maturity
dates
8/1/32–2/1/54,
valued
at
$15,300,000.
(n)
Agreement
with
Nomura,
5.310%
dated
3/28/24
to
be
repurchased
at
$15,046,319
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.500%–6.000%
and
maturity
dates
3/1/42–8/20/53,
valued
at
$15,300,001.
(o)
Agreement
with
Royal
Bank
of
Scotland,
5.330%
dated
3/28/24
to
be
repurchased
at
$25,139,238
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
1.125%–4.750%
and
maturity
dates
8/15/39–2/15/53,
valued
at
$25,500,027.
(p)
Agreement
with
Societe
Generale,
5.330%
dated
3/28/24
to
be
repurchased
at
$25,406,429
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.500%
and
maturity
date
11/15/33,
valued
at
$25,500,049.
177
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
580‌
06/21/24
 $
67,671‌
$
68,356‌
$
685‌
S&P
500
E-Mini
Index
711‌
06/21/24
185,020‌
188,717‌
3,697‌
Total
1,291‌
 $
252,691‌
 $
257,073‌
 $
4,382‌
CREF
Growth
Account
March
31,
2024
Portfolio
of
Investments
178
See
Notes
to
Portfolio
of
Investments
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
LONG-TERM
INVESTMENTS
-
99.8%
COMMON
STOCKS
-
99.8%
AUTOMOBILES
&
COMPONENTS
-
0.4%
818,457
(a)
Tesla,
Inc
$
143,877
TOTAL
AUTOMOBILES
&
COMPONENTS
143,877
CAPITAL
GOODS
-
2.4%
2,264,015
(a)
Boeing
Co
436,932
2,890,161
Carrier
Global
Corp
168,005
575,683
Eaton
Corp
plc
180,005
554,565
Honeywell
International,
Inc
113,824
TOTAL
CAPITAL
GOODS
898,766
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.1%
2,259,828
Experian
Group
Ltd
98,467
633,434
Verisk
Analytics,
Inc
149,320
938,453
Waste
Connections,
Inc
161,423
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
409,210
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
7.9%
15,564,426
(a)
Amazon.com,
Inc
2,807,511
1,998,700
TJX
Cos,
Inc
202,708
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,010,219
CONSUMER
DURABLES
&
APPAREL
-
0.7%
164,627
Kering
65,206
1,127,320
Nike,
Inc
(Class
B)
105,946
11,810,500
PRADA
S.p.A
93,708
TOTAL
CONSUMER
DURABLES
&
APPAREL
264,860
CONSUMER
SERVICES
-
5.2%
213,991
Booking
Holdings,
Inc
776,334
8,632,367
(a)
Carnival
Corp
141,053
91,523
(a)
Chipotle
Mexican
Grill,
Inc
(Class
A)
266,036
3,718,329
(a)
DraftKings,
Inc
168,849
727,871
(a)
Flutter
Entertainment
plc
145,089
3,913,047
Las
Vegas
Sands
Corp
202,305
466,188
(b)
Restaurant
Brands
International,
Inc
37,039
2,696,712
Starbucks
Corp
246,452
TOTAL
CONSUMER
SERVICES
1,983,157
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.3%
1,204,853
Costco
Wholesale
Corp
882,711
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
882,711
ENERGY
-
0.4%
1,204,671
ConocoPhillips
153,330
TOTAL
ENERGY
153,330
FINANCIAL
SERVICES
-
7.9%
100,132
(a),(c)
Adyen
NV
169,137
639,716
American
Express
Co
145,657
1,210,105
(a)
Fiserv,
Inc
193,399
1,547,116
iShares
Russell
1000
Growth
Index
Fund
521,455
526,909
London
Stock
Exchange
Group
plc
63,047
2,113,677
Mastercard,
Inc
(Class
A)
1,017,883
3,262,691
(a)
PayPal
Holdings,
Inc
218,568
179
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
2,368,675
Visa,
Inc
(Class
A)
$
661,050
TOTAL
FINANCIAL
SERVICES
2,990,196
FOOD,
BEVERAGE
&
TOBACCO
-
1.2%
7,817,703
Davide
Campari-Milano
NV
78,568
6,575,390
(a)
Monster
Beverage
Corp
389,789
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
468,357
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5.4%
523,871
(a)
Align
Technology,
Inc
171,788
3,507,545
(a)
DexCom,
Inc
486,497
275,015
Elevance
Health,
Inc
142,606
1,412,113
(a)
Intuitive
Surgical,
Inc
563,560
1,078,038
UnitedHealth
Group,
Inc
533,305
606,456
(a)
Veeva
Systems,
Inc
140,510
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,038,266
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.4%
1,038,421
Estee
Lauder
Cos
(Class
A)
160,073
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
160,073
INSURANCE
-
0.4%
790,342
Progressive
Corp
163,458
TOTAL
INSURANCE
163,458
MATERIALS
-
1.5%
4,452,390
Corteva,
Inc
256,770
721,251
Linde
plc
334,891
TOTAL
MATERIALS
591,661
MEDIA
&
ENTERTAINMENT
-
11.4%
6,176,593
(a)
Alphabet,
Inc
940,448
5,432,383
(a)
Alphabet,
Inc
(Class
A)
819,910
3,583,925
(a)
Match
Group,
Inc
130,025
4,903,145
Meta
Platforms,
Inc
2,380,869
86,451
(a)
NetFlix,
Inc
52,504
TOTAL
MEDIA
&
ENTERTAINMENT
4,323,756
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
5.6%
657,895
Amgen,
Inc
187,053
887,043
AstraZeneca
plc
(ADR)
60,097
1,071,325
Eli
Lilly
&
Co
833,448
687,567
(a)
Illumina,
Inc
94,417
3,052,498
Novo
Nordisk
A.S.
391,554
2,577,256
Novo
Nordisk
A.S.
(ADR)
330,920
39,483
(a)
Regeneron
Pharmaceuticals,
Inc
38,002
1,041,411
Zoetis,
Inc
176,217
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,111,708
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
16.3%
265,255
(a)
Advanced
Micro
Devices,
Inc
47,876
2,000,112
Applied
Materials,
Inc
412,483
999,302
Broadcom,
Inc
1,324,485
7,735,463
Intel
Corp
341,675
271,212
Lam
Research
Corp
263,502
42,529
Monolithic
Power
Systems,
Inc
28,810
4,076,969
Nvidia
Corp
3,683,786
3,807,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
91,201
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
6,193,818
SOFTWARE
&
SERVICES
-
21.9%
227,304
(a)
Adobe,
Inc
114,698
CREF
Growth
Account
March
31,
2024
180
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
809,138
(a)
Atlassian
Corp
Ltd
$
157,871
294,164
(a)
Crowdstrike
Holdings,
Inc
94,306
424,286
(a)
EPAM
Systems,
Inc
117,171
906,922
Intuit,
Inc
589,499
10,548,017
Microsoft
Corp
4,437,762
1,284,815
(a)
Palo
Alto
Networks,
Inc
365,054
895,755
(a)
PTC,
Inc
169,244
318,648
Roper
Industries,
Inc
178,711
2,706,012
Salesforce,
Inc
814,997
674,796
(a)
ServiceNow,
Inc
514,464
730,829
(a)
Snowflake,
Inc
118,102
539,689
(a)
Synopsys,
Inc
308,432
1,274,824
(a)
Workday,
Inc
347,708
TOTAL
SOFTWARE
&
SERVICES
8,328,019
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
6.0%
12,399,911
Apple,
Inc
2,126,337
488,649
(a)
Arista
Networks,
Inc
141,698
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,268,035
TRANSPORTATION
-
1.4%
8,050,962
(a)
Grab
Holdings
Ltd
25,280
6,523,082
(a)
Uber
Technologies,
Inc
502,212
TOTAL
TRANSPORTATION
527,492
TOTAL
COMMON
STOCKS
37,910,969
(Cost
$25,269,926)
TOTAL
LONG-TERM
INVESTMENTS
37,910,969‌
(Cost
$25,269,926)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.3%
GOVERNMENT
AGENCY
DEBT
-
0.0%
$
5,000,000
Federal
Farm
Credit
Discount
Notes
0
.000
%
04/26/24
4,979
TOTAL
GOVERNMENT
AGENCY
DEBT
4,979
REPURCHASE
AGREEMENT
-
0.2%
67,300,000
(d)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
04/01/24
67,300
TOTAL
REPURCHASE
AGREEMENT
67,300
TREASURY
DEBT
-
0.1%
10,000,000
United
States
Treasury
Bill
0
.000
04/16/24
9,978
10,000,000
United
States
Treasury
Bill
0
.000
05/02/24
9,955
12,500,000
United
States
Treasury
Bill
0
.000
05/09/24
12,430
TOTAL
TREASURY
DEBT
32,363
TOTAL
SHORT-TERM
INVESTMENTS
104,642
(Cost
$104,645)
SHARES
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
19,318,232
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.340
(f)
19,318
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
19,318
(Cost
$19,318)
TOTAL
INVESTMENTS
-
100.1%
38,034,929
(Cost
$25,393,889)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.1)%
(
38,522
)
NET
ASSETS
-
100.0%
$37,996,407
181
See
Notes
to
Portfolio
of
Investments
Cost
amounts
are
in
thousands.
ADR
American
Depositary
Receipt
(a)
Non-income
producing
(b)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$18,981,400.
(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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$169,136,607
or
0.4%
of
Total
Investments.
(d)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
5.320%
dated
3/28/24
to
be
repurchased
at
$67,339,782
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.125%
and
maturity
date
7/15/26,
valued
at
$68,646,020.
(e)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
CREF
Equity
Index
Account
March
31,
2024
Portfolio
of
Investments
182
See
Notes
to
Portfolio
of
Investments
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
LONG-TERM
INVESTMENTS
-
99.4%
COMMON
STOCKS
-
99.4%
AUTOMOBILES
&
COMPONENTS
-
1.4%
49,971
(a)
Adient
plc
$
1,645
60,325
(a)
American
Axle
&
Manufacturing
Holdings,
Inc
444
131,438
(a)
Aptiv
plc
10,469
115,559
BorgWarner,
Inc
4,014
8,573
(a)
Cooper-Standard
Holdings,
Inc
142
18,785
Dana
Inc
239
12,642
(a)
Dorman
Products,
Inc
1,219
1,903,324
Ford
Motor
Co
25,276
23,054
(a)
Fox
Factory
Holding
Corp
1,200
551,602
General
Motors
Co
25,015
104,978
Gentex
Corp
3,792
18,149
(a)
Gentherm,
Inc
1,045
139,195
(a)
Goodyear
Tire
&
Rubber
Co
1,911
67,182
Harley-Davidson,
Inc
2,939
26,694
(a),(b)
Holley,
Inc
119
12,667
LCI
Industries
1,559
27,234
Lear
Corp
3,946
372,353
(a),(b)
Lucid
Group,
Inc
1,061
122,392
(a),(b)
Luminar
Technologies,
Inc
241
25,388
(a)
Modine
Manufacturing
Co
2,417
10,528
Patrick
Industries,
Inc
1,258
23,111
Phinia,
Inc
888
111,576
(a),(b)
QuantumScape
Corp
702
326,042
(a),(b)
Rivian
Automotive,
Inc
3,570
29,093
(a),(b)
Solid
Power,
Inc
59
11,405
Standard
Motor
Products,
Inc
383
20,247
(a)
Stoneridge,
Inc
373
1,316,079
(a)
Tesla,
Inc
231,353
22,833
Thor
Industries,
Inc
2,679
12,140
(a)
Visteon
Corp
1,428
17,654
Winnebago
Industries,
Inc
1,306
67,449
(a),(b)
Workhorse
Group,
Inc
16
9,934
(a)
XPEL,
Inc
537
TOTAL
AUTOMOBILES
&
COMPONENTS
333,245
BANKS
-
3.6%
4,682
1st
Source
Corp
245
4,331
(b)
ACNB
Corp
163
7,212
Amalgamated
Financial
Corp
173
12,491
Amerant
Bancorp,
Inc
291
5,882
American
National
Bankshares,
Inc
281
38,500
Ameris
Bancorp
1,863
9,484
Arrow
Financial
Corp
237
63,489
Associated
Banc-Corp
1,366
42,326
Atlantic
Union
Bankshares
Corp
1,495
31,941
(a)
Axos
Financial,
Inc
1,726
70,633
(b)
Banc
of
California,
Inc
1,074
10,077
Bancfirst
Corp
887
18,804
(a)
Bancorp,
Inc
629
3,732
(b)
Bank
First
Corp
323
3,280,546
Bank
of
America
Corp
124,398
23,380
(b)
Bank
of
Hawaii
Corp
1,459
7,728
Bank
of
Marin
Bancorp
130
4,849
Bank
of
NT
Butterfield
&
Son
Ltd
155
58,249
Bank
OZK
2,648
183
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
27,509
BankUnited,
Inc
$
770
682
Banner
Corp
33
11,016
Bar
Harbor
Bankshares
292
6,589
BayCom
Corp
136
7,362
BCB
Bancorp,
Inc
77
26,834
Berkshire
Hills
Bancorp,
Inc
615
13,432
(a)
Blue
Foundry
Bancorp
126
8,721
(b)
Blue
Ridge
Bankshares,
Inc
23
8,083
BOK
Financial
Corp
744
10,571
(a)
Bridgewater
Bancshares,
Inc
123
38,089
Brookline
Bancorp,
Inc
379
3,114
(b)
Burke
&
Herbert
Financial
Services
Corp
174
6,436
Business
First
Bancshares,
Inc
143
5,576
Byline
Bancorp,
Inc
121
107,871
Cadence
Bank
3,128
2,502
Cambridge
Bancorp
171
7,078
Camden
National
Corp
237
4,609
Capital
Bancorp,
Inc
96
9,158
Capital
City
Bank
Group,
Inc
254
33,828
Capitol
Federal
Financial,
Inc
202
5,956
Capstar
Financial
Holdings,
Inc
120
14,623
(a)
Carter
Bankshares,
Inc
185
25,721
Cathay
General
Bancorp
973
21,511
Central
Pacific
Financial
Corp
425
913,355
Citigroup,
Inc
57,761
9,568
Citizens
&
Northern
Corp
180
206,881
Citizens
Financial
Group,
Inc
7,508
2,158
(b)
Citizens
Financial
Services,
Inc
106
4,775
City
Holding
Co
498
7,262
Civista
Bancshares,
Inc
112
9,772
CNB
Financial
Corp
199
5,328
(a)
Coastal
Financial
Corp
207
4,711
Codorus
Valley
Bancorp,
Inc
107
8,393
Colony
Bankcorp,
Inc
97
109,266
Columbia
Banking
System,
Inc
2,114
17,061
(a)
Columbia
Financial,
Inc
294
69,667
Comerica,
Inc
3,831
58,590
Commerce
Bancshares,
Inc
3,117
29,222
Community
Bank
System,
Inc
1,404
16,516
Community
Trust
Bancorp,
Inc
704
21,722
ConnectOne
Bancorp,
Inc
424
2,974
(a)
CrossFirst
Bankshares,
Inc
41
24,821
Cullen/Frost
Bankers,
Inc
2,794
19,196
(a)
Customers
Bancorp,
Inc
1,019
45,531
CVB
Financial
Corp
812
19,153
Dime
Community
Bancshares,
Inc
369
17,266
Eagle
Bancorp,
Inc
406
71,752
East
West
Bancorp,
Inc
5,676
94,260
Eastern
Bankshares,
Inc
1,299
6,481
Enterprise
Bancorp,
Inc
168
16,077
Enterprise
Financial
Services
Corp
652
7,477
Equity
Bancshares,
Inc
257
3,546
Esquire
Financial
Holdings,
Inc
168
6,206
(b)
Farmers
&
Merchants
Bancorp,
Inc
138
18,150
Farmers
National
Banc
Corp
242
13,107
FB
Financial
Corp
494
2,294
(b)
Fidelity
D&D
Bancorp,
Inc
111
331,334
Fifth
Third
Bancorp
12,329
10,211
Financial
Institutions,
Inc
192
15,371
First
Bancorp
555
114,850
First
BanCorp
2,014
6,485
First
Bancorp,
Inc
160
CREF
Equity
Index
Account
March
31,
2024
184
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,018
First
Bancshares,
Inc
$
156
7,950
First
Bank
109
26,747
First
Busey
Corp
643
4,107
First
Business
Financial
Services,
Inc
154
5,110
First
Citizens
Bancshares,
Inc
(Class
A)
8,355
52,091
First
Commonwealth
Financial
Corp
725
12,139
First
Community
Bancshares,
Inc
420
13,901
First
Financial
Bancorp
312
70,877
First
Financial
Bankshares,
Inc
2,325
505
First
Financial
Corp
19
19,660
First
Foundation,
Inc
148
71,845
First
Hawaiian,
Inc
1,578
266,280
First
Horizon
National
Corp
4,101
43,798
First
Interstate
BancSystem,
Inc
1,192
29,933
First
Merchants
Corp
1,045
7,120
First
Mid
Bancshares,
Inc
233
15,462
First
of
Long
Island
Corp
171
4,047
(a)
First
Western
Financial,
Inc
59
6,452
Five
Star
Bancorp
145
4,145
(b)
Flushing
Financial
Corp
52
157,037
FNB
Corp
2,214
3,291
FS
Bancorp,
Inc
114
75,484
Fulton
Financial
Corp
1,199
7,652
(a),(b)
FVCBankcorp,
Inc
93
5,087
German
American
Bancorp,
Inc
176
63,141
Glacier
Bancorp,
Inc
2,543
1,871
(b)
Great
Southern
Bancorp,
Inc
103
3,479
(b)
Greene
County
Bancorp,
Inc
100
1,346
Guaranty
Bancshares,
Inc
41
47,878
Hancock
Whitney
Corp
2,204
23,963
Hanmi
Financial
Corp
382
16,668
HarborOne
Bancorp,
Inc
178
6,442
HBT
Financial,
Inc
123
13,408
Heartland
Financial
USA,
Inc
471
25,661
Heritage
Commerce
Corp
220
22,188
Heritage
Financial
Corp
430
35,248
Hilltop
Holdings,
Inc
1,104
997
Hingham
Institution
For
Savings
The
174
4,264
Home
Bancorp,
Inc
163
81,882
Home
Bancshares,
Inc
2,012
15,022
HomeStreet,
Inc
226
13,541
HomeTrust
Bancshares,
Inc
370
59,403
Hope
Bancorp,
Inc
684
2,709
Horizon
Bancorp,
Inc
35
728,267
Huntington
Bancshares,
Inc
10,159
25,003
Independent
Bank
Corp
1,301
17,558
Independent
Bank
Corp
445
20,253
Independent
Bank
Group,
Inc
925
15,656
International
Bancshares
Corp
879
5,837
(b)
John
Marshall
Bancorp,
Inc
105
1,373,502
JPMorgan
Chase
&
Co
275,112
8,268
Kearny
Financial
Corp
53
434,062
Keycorp
6,863
9,106
Lakeland
Bancorp,
Inc
110
13,317
Lakeland
Financial
Corp
883
14,926
Live
Oak
Bancshares,
Inc
620
77,098
M&T
Bank
Corp
11,213
19,210
Macatawa
Bank
Corp
188
1,529
Mercantile
Bank
Corp
59
10,190
Metrocity
Bankshares,
Inc
254
4,420
(a),(b)
Metropolitan
Bank
Holding
Corp
170
7,348
Mid
Penn
Bancorp,
Inc
147
185
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
3,829
(b)
Middlefield
Banc
Corp
$
91
10,800
Midland
States
Bancorp,
Inc
271
7,821
MidWestOne
Financial
Group,
Inc
183
5,369
MVB
Financial
Corp
120
19,324
National
Bank
Holdings
Corp
697
21,431
NBT
Bancorp,
Inc
786
90,301
(b)
New
York
Community
Bancorp,
Inc
291
6,480
Nicolet
Bankshares,
Inc
557
3,442
Northeast
Bank
190
5,388
Northfield
Bancorp,
Inc
52
2,656
Northrim
BanCorp,
Inc
134
7,868
Northwest
Bancshares,
Inc
92
3,544
(b)
Norwood
Financial
Corp
96
1,079,262
(a)
NU
Holdings
Ltd
12,876
12,012
OceanFirst
Financial
Corp
197
33,903
OFG
Bancorp
1,248
133,138
Old
National
Bancorp
2,318
21,667
Old
Second
Bancorp,
Inc
300
11,057
Origin
Bancorp,
Inc
345
5,318
Orrstown
Financial
Services,
Inc
142
51,153
Pacific
Premier
Bancorp,
Inc
1,228
7,855
Park
National
Corp
1,067
5,178
(b)
Parke
Bancorp,
Inc
89
20,574
Pathward
Financial,
Inc
1,039
5,966
PCB
Bancorp
97
267
Peapack
Gladstone
Financial
Corp
7
4,697
Peoples
Bancorp,
Inc
139
5,712
(b)
Peoples
Financial
Services
Corp
246
41,191
Pinnacle
Financial
Partners,
Inc
3,537
2,662
Plumas
Bancorp
98
194,236
PNC
Financial
Services
Group,
Inc
31,389
11,515
(a)
Ponce
Financial
Group,
Inc
102
38,321
Popular,
Inc
3,376
8,859
Preferred
Bank
680
20,188
Premier
Financial
Corp
410
8,140
Primis
Financial
Corp
99
41,648
Prosperity
Bancshares,
Inc
2,740
35,868
Provident
Financial
Services,
Inc
523
8,729
QCR
Holdings,
Inc
530
9,265
RBB
Bancorp
167
2,235
Red
River
Bancshares,
Inc
111
446,451
Regions
Financial
Corp
9,393
30,881
Renasant
Corp
967
6,104
Republic
Bancorp,
Inc
(Class
A)
311
13,081
(b)
S&T
Bancorp,
Inc
420
22,606
Sandy
Spring
Bancorp,
Inc
524
34,531
Seacoast
Banking
Corp
of
Florida
877
24,631
ServisFirst
Bancshares,
Inc
1,635
9,123
Shore
Bancshares,
Inc
105
8,919
Sierra
Bancorp
180
55,218
Simmons
First
National
Corp
(Class
A)
1,075
5,382
SmartFinancial,
Inc
113
5,202
South
Plains
Financial,
Inc
139
4,079
(a)
Southern
First
Bancshares,
Inc
130
4,139
Southern
Missouri
Bancorp,
Inc
181
10,544
(b)
Southside
Bancshares,
Inc
308
38,442
SouthState
Corp
3,269
23,920
Stellar
Bancorp,
Inc
583
11,262
(b)
Stock
Yards
Bancorp,
Inc
551
6,101
Summit
Financial
Group,
Inc
166
74,250
Synovus
Financial
Corp
2,974
27,678
(a)
Texas
Capital
Bancshares,
Inc
1,704
CREF
Equity
Index
Account
March
31,
2024
186
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,549
(a)
Third
Coast
Bancshares,
Inc
$
131
7,201
Tompkins
Trustco,
Inc
362
34,516
Towne
Bank
969
19,212
Trico
Bancshares
707
10,668
(a)
Triumph
Financial,
Inc
846
634,840
Truist
Financial
Corp
24,746
2,656
TrustCo
Bank
Corp
NY
75
34,442
Trustmark
Corp
968
23,900
UMB
Financial
Corp
2,079
68,198
United
Bankshares,
Inc
2,441
48,352
United
Community
Banks,
Inc
1,273
3,873
Unity
Bancorp,
Inc
107
5,426
Univest
Financial
Corp
113
746,165
US
Bancorp
33,354
218,557
Valley
National
Bancorp
1,740
22,054
Veritex
Holdings,
Inc
452
25,531
Washington
Federal,
Inc
741
3,676
Washington
Trust
Bancorp,
Inc
99
85,391
Webster
Financial
Corp
4,335
1,712,159
Wells
Fargo
&
Co
99,237
21,097
WesBanco,
Inc
629
11,970
West
Bancorporation,
Inc
213
13,352
Westamerica
Bancorporation
653
53,770
Western
Alliance
Bancorp
3,452
31,127
Wintrust
Financial
Corp
3,249
37,346
WSFS
Financial
Corp
1,686
81,460
Zions
Bancorporation
3,535
TOTAL
BANKS
886,893
CAPITAL
GOODS
-
6.7%
29,422
(a),(b)
374Water,
Inc
37
66,252
(a),(b)
3D
Systems
Corp
294
263,361
3M
Co
27,935
57,428
A.O.
Smith
Corp
5,138
32,247
Aaon,
Inc
2,841
11,925
(a)
AAR
Corp
714
13,778
Acuity
Brands,
Inc
3,703
31,531
Advanced
Drainage
Systems,
Inc
5,431
58,431
Aecom
Technology
Corp
5,731
12,268
(a)
Aerovironment,
Inc
1,880
8,143
(a)
AerSale
Corp
58
29,823
AGCO
Corp
3,669
49,083
Air
Lease
Corp
2,525
5,157
Alamo
Group,
Inc
1,178
16,794
Albany
International
Corp
(Class
A)
1,570
41,449
Allegion
plc
5,584
6,739
Allied
Motion
Technologies,
Inc
240
33,685
Allison
Transmission
Holdings,
Inc
2,734
10,745
Alta
Equipment
Group,
Inc
139
13,776
(a),(b)
Ameresco,
Inc
332
10,171
(a)
American
Woodmark
Corp
1,034
106,449
Ametek,
Inc
19,470
98,441
(a)
API
Group
Corp
3,866
4,551
Apogee
Enterprises,
Inc
269
17,287
Applied
Industrial
Technologies,
Inc
3,415
63,826
(a),(b)
Archer
Aviation,
Inc
295
26,444
Arcosa,
Inc
2,271
10,471
Argan,
Inc
529
20,887
Armstrong
World
Industries,
Inc
2,595
69,116
(a)
Array
Technologies,
Inc
1,031
15,250
Astec
Industries,
Inc
667
15,755
(a)
Astronics
Corp
300
187
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
16,113
Atkore,
Inc
$
3,067
32,661
(a)
Axon
Enterprise,
Inc
10,219
60,195
(a)
AZEK
Co,
Inc
3,023
13,571
AZZ,
Inc
1,049
25,595
Barnes
Group,
Inc
951
30,037
(a)
Beacon
Roofing
Supply,
Inc
2,944
19,926
(a),(b)
Blink
Charging
Co
60
75,992
(a),(b)
Bloom
Energy
Corp
854
3,946
(a)
Blue
Bird
Corp
151
4,896
(a)
BlueLinx
Holdings,
Inc
638
268,071
(a)
Boeing
Co
51,735
16,526
Boise
Cascade
Co
2,535
4,978
(a)
Bowman
Consulting
Group
Ltd
173
13,313
(b)
Brookfield
Business
Corp
321
59,390
(a)
Builders
FirstSource,
Inc
12,386
40,627
BWX
Technologies,
Inc
4,169
8,469
Cadre
Holdings,
Inc
307
23,004
Carlisle
Cos,
Inc
9,014
398,310
Carrier
Global
Corp
23,154
243,343
Caterpillar,
Inc
89,168
120,169
(a),(b)
ChargePoint
Holdings,
Inc
228
20,872
(a),(b)
Chart
Industries,
Inc
3,438
439,165
CNH
Industrial
NV
5,692
14,727
Columbus
McKinnon
Corp
657
17,475
Comfort
Systems
USA,
Inc
5,552
15,927
(a)
Commercial
Vehicle
Group,
Inc
102
13,197
(a)
Concrete
Pumping
Holdings,
Inc
104
11,212
(a)
Construction
Partners,
Inc
630
83,036
(a)
Core
&
Main,
Inc
4,754
21,581
Crane
Co
2,916
7,468
CSW
Industrials,
Inc
1,752
67,933
Cummins,
Inc
20,016
16,504
Curtiss-Wright
Corp
4,224
30,728
(a)
Custom
Truck
One
Source,
Inc
179
123,456
Deere
&
Co
50,708
62,846
(a),(b)
Desktop
Metal,
Inc
55
27,073
(a)
DNOW,
Inc
412
52,930
Donaldson
Co,
Inc
3,953
16,771
Douglas
Dynamics,
Inc
405
65,346
Dover
Corp
11,579
8,048
(a)
Ducommun,
Inc
413
11,117
(a)
DXP
Enterprises,
Inc
597
11,046
(a)
Dycom
Industries,
Inc
1,585
191,865
Eaton
Corp
plc
59,992
21,296
EMCOR
Group,
Inc
7,458
273,301
Emerson
Electric
Co
30,998
8,964
Encore
Wire
Corp
2,356
24,905
(a)
Energy
Recovery,
Inc
393
12,892
(a),(b)
Energy
Vault
Holdings,
Inc
23
32,971
Enerpac
Tool
Group
Corp
1,176
18,213
EnerSys
1,720
55,762
(a),(b)
Enovix
Corp
447
11,263
EnPro
Industries,
Inc
1,901
28,088
Esab
Corp
3,106
13,003
ESCO
Technologies,
Inc
1,392
41,349
(a),(b)
ESS
Tech,
Inc
30
9,017
(a),(b)
Eve
Holding,
Inc
49
266,692
Fastenal
Co
20,573
32,884
Federal
Signal
Corp
2,791
98,612
Ferguson
plc
21,540
55,538
Flowserve
Corp
2,537
18,242
(a),(b)
Fluence
Energy,
Inc
316
CREF
Equity
Index
Account
March
31,
2024
188
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
77,505
(a)
Fluor
Corp
$
3,277
165,023
Fortive
Corp
14,195
67,350
Fortune
Brands
Innovations,
Inc
5,703
20,104
Franklin
Electric
Co,
Inc
2,147
49,125
FTAI
Aviation
Ltd
3,306
21,243
(a),(b)
FTC
Solar,
Inc
11
176,294
(a),(b)
FuelCell
Energy,
Inc
210
79,515
(a)
Gates
Industrial
Corp
plc
1,408
14,376
GATX
Corp
1,927
26,482
(a)
Generac
Holdings,
Inc
3,340
116,542
General
Dynamics
Corp
32,922
516,678
General
Electric
Co
90,693
17,907
(a)
Gibraltar
Industries,
Inc
1,442
9,938
Global
Industrial
Co
445
14,160
(a)
GMS,
Inc
1,378
12,385
Gorman-Rupp
Co
490
78,611
Graco,
Inc
7,347
95,580
(b)
GrafTech
International
Ltd
132
12,176
Granite
Construction,
Inc
696
44,924
(a)
Great
Lakes
Dredge
&
Dock
Corp
393
14,394
Greenbrier
Cos,
Inc
750
20,793
Griffon
Corp
1,525
17,554
H&E
Equipment
Services,
Inc
1,127
63,817
(a)
Hayward
Holdings,
Inc
977
21,280
HEICO
Corp
4,064
38,786
HEICO
Corp
(Class
A)
5,971
16,194
Helios
Technologies,
Inc
724
13,619
Herc
Holdings,
Inc
2,292
41,915
Hexcel
Corp
3,054
32,149
Hillenbrand,
Inc
1,617
69,001
(a)
Hillman
Solutions
Corp
734
314,740
Honeywell
International,
Inc
64,600
188,854
Howmet
Aerospace,
Inc
12,923
25,443
Hubbell,
Inc
10,560
22,109
(a)
Hudson
Technologies,
Inc
243
16,667
Huntington
Ingalls
Industries,
Inc
4,858
63,978
(a),(b)
Hyliion
Holdings
Corp
113
7,224
Hyster-Yale
Materials
Handling,
Inc
464
37,542
IDEX
Corp
9,161
5,334
(a)
IES
Holdings,
Inc
649
141,344
Illinois
Tool
Works,
Inc
37,927
192,430
Ingersoll
Rand,
Inc
18,271
3,056
Insteel
Industries,
Inc
117
39,987
ITT,
Inc
5,439
41,873
(a)
Janus
International
Group,
Inc
634
45,832
(a)
JELD-WEN
Holding,
Inc
973
9,952
John
Bean
Technologies
Corp
1,044
318,910
Johnson
Controls
International
plc
20,831
5,348
Kadant,
Inc
1,755
15,070
Kaman
Corp
691
45,625
Kennametal,
Inc
1,138
66,946
(a)
Kratos
Defense
&
Security
Solutions,
Inc
1,230
92,330
L3Harris
Technologies,
Inc
19,676
9,846
(a)
Lawson
Products,
Inc
349
15,315
Lennox
International,
Inc
7,485
24,937
(a)
Leonardo
DRS,
Inc
551
4,566
(a)
Limbach
Holdings,
Inc
189
28,514
Lincoln
Electric
Holdings,
Inc
7,284
5,950
Lindsay
Corp
700
103,368
Lockheed
Martin
Corp
47,019
12,965
LSI
Industries,
Inc
196
17,575
Luxfer
Holdings
plc
182
189
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
22,630
(a)
Manitowoc
Co,
Inc
$
320
107,444
Masco
Corp
8,475
7,698
(a)
Masonite
International
Corp
1,012
32,416
(a)
Mastec,
Inc
3,023
67,350
(a)
Masterbrand,
Inc
1,262
8,494
McGrath
RentCorp
1,048
96,446
MDU
Resources
Group,
Inc
2,430
30,340
(a)
Mercury
Computer
Systems,
Inc
895
87,434
(a),(b)
Microvast
Holdings,
Inc
73
24,886
(a)
Middleby
Corp
4,001
7,280
Miller
Industries,
Inc
365
14,585
Moog,
Inc
(Class
A)
2,329
43,932
(a)
MRC
Global,
Inc
552
19,273
MSC
Industrial
Direct
Co
(Class
A)
1,870
57,366
Mueller
Industries,
Inc
3,094
85,916
Mueller
Water
Products,
Inc
(Class
A)
1,382
6,055
(a)
MYR
Group,
Inc
1,070
3,534
National
Presto
Industries,
Inc
296
60,488
(a)
NEXTracker,
Inc
3,404
88,306
(a),(b)
Nikola
Corp
92
25,712
Nordson
Corp
7,059
68,211
Northrop
Grumman
Corp
32,650
6,891
(a)
Northwest
Pipe
Co
239
16,026
(a),(b)
NuScale
Power
Corp
85
74,858
nVent
Electric
plc
5,644
2,354
(b)
Omega
Flex,
Inc
167
27,603
Oshkosh
Corp
3,442
190,527
Otis
Worldwide
Corp
18,914
42,635
Owens
Corning,
Inc
7,112
246,202
PACCAR,
Inc
30,502
14,228
(b)
Park
Aerospace
Corp
237
61,844
Parker-Hannifin
Corp
34,372
20,471
(a)
Parsons
Corp
1,698
81,606
Pentair
plc
6,972
274,975
(a),(b)
Plug
Power,
Inc
946
2,948
Powell
Industries,
Inc
420
1,801
Preformed
Line
Products
Co
232
28,783
Primoris
Services
Corp
1,225
15,505
(a)
Proto
Labs,
Inc
554
16,969
Quanex
Building
Products
Corp
652
68,806
Quanta
Services,
Inc
17,876
13,498
(a)
RBC
Bearings,
Inc
3,649
32,418
Regal-Beloit
Corp
5,838
82,950
(a)
Resideo
Technologies,
Inc
1,860
8,757
REV
Group,
Inc
193
109,316
(a),(b)
Rocket
Lab
USA,
Inc
449
56,702
Rockwell
Automation,
Inc
16,519
691,265
RTX
Corp
67,419
10,342
Rush
Enterprises,
Inc
551
22,836
Rush
Enterprises,
Inc
(Class
A)
1,222
80,042
Sensata
Technologies
Holding
plc
2,941
63,890
(a),(b)
SES
AI
Corp
107
81,772
(a)
Shoals
Technologies
Group,
Inc
914
18,886
Shyft
Group,
Inc
235
19,894
Simpson
Manufacturing
Co,
Inc
4,082
24,415
(a)
SiteOne
Landscape
Supply,
Inc
4,262
23,368
Snap-On,
Inc
6,922
59,911
(a)
Spirit
Aerosystems
Holdings,
Inc
(Class
A)
2,161
23,935
(a)
SPX
Technologies,
Inc
2,947
4,143
Standex
International
Corp
755
77,790
Stanley
Black
&
Decker,
Inc
7,618
73,460
(a),(b)
Stem,
Inc
161
CREF
Equity
Index
Account
March
31,
2024
190
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
18,886
(a)
Sterling
Construction
Co,
Inc
$
2,083
42,585
(a),(b)
SunPower
Corp
128
109,516
(a),(b)
Sunrun,
Inc
1,443
10,075
Tennant
Co
1,225
35,787
Terex
Corp
2,305
87,191
Textron,
Inc
8,364
24,419
(a)
Thermon
Group
Holdings,
Inc
799
26,899
Timken
Co
2,352
27,553
(a)
Titan
International,
Inc
343
11,613
(a)
Titan
Machinery,
Inc
288
51,928
Toro
Co
4,758
108,872
Trane
Technologies
plc
32,683
3,856
(a)
Transcat,
Inc
430
25,384
TransDigm
Group,
Inc
31,263
52,464
(a)
Trex
Co,
Inc
5,233
16,444
Trinity
Industries,
Inc
458
32,779
(a)
Triumph
Group,
Inc
493
27,269
(a)
Tutor
Perini
Corp
394
26,618
UFP
Industries,
Inc
3,274
32,367
United
Rentals,
Inc
23,340
7,860
(a)
V2X,
Inc
367
10,628
Valmont
Industries,
Inc
2,426
164,299
Vertiv
Holdings
Co
13,418
12,845
(a)
Vicor
Corp
491
85,951
(a),(b)
Virgin
Galactic
Holdings,
Inc
127
20,696
W.W.
Grainger,
Inc
21,054
23,411
Wabash
National
Corp
701
16,513
Watsco,
Inc
7,133
12,667
Watts
Water
Technologies,
Inc
(Class
A)
2,692
22,053
WESCO
International,
Inc
3,777
81,108
Westinghouse
Air
Brake
Technologies
Corp
11,816
89,818
(a)
WillScot
Mobile
Mini
Holdings
Corp
4,177
30,482
Woodward
Inc
4,698
17,318
(a),(b)
Xometry,
Inc
293
113,012
Xylem,
Inc
14,606
65,462
Zurn
Elkay
Water
Solutions
Corp
2,191
TOTAL
CAPITAL
GOODS
1,624,110
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.7%
27,128
ABM
Industries,
Inc
1,210
5,587
ACCO
Brands
Corp
31
57,811
(a)
ACV
Auctions,
Inc
1,085
174,070
(a)
Alight,
Inc
1,715
11,286
Aris
Water
Solution,
Inc
160
27,574
(a)
ASGN,
Inc
2,889
152,445
(a),(b)
Aurora
Innovation,
Inc
430
196,234
Automatic
Data
Processing,
Inc
49,007
5,145
Barrett
Business
Services,
Inc
652
60,886
(a),(b)
BlackSky
Technology,
Inc
83
61,673
Booz
Allen
Hamilton
Holding
Corp
9,155
16,522
(a)
BrightView
Holdings,
Inc
197
18,487
Brink's
Co
1,708
53,827
Broadridge
Financial
Solutions,
Inc
11,027
10,973
(a)
CACI
International,
Inc
(Class
A)
4,157
26,846
(a)
Casella
Waste
Systems,
Inc
(Class
A)
2,654
18,053
(a)
CBIZ,
Inc
1,417
14,787
(a)
CECO
Environmental
Corp
340
8,021
(a)
Cimpress
plc
710
40,902
Cintas
Corp
28,101
226,376
(a),(b)
Clarivate
plc
1,682
23,755
(a)
Clean
Harbors,
Inc
4,782
21,043
Concentrix
Corp
1,393
191
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
91,431
(a)
Conduent,
Inc
$
309
397,909
(a)
Copart,
Inc
23,047
49,610
(a)
CoreCivic,
Inc
774
192,612
(a)
CoStar
Group,
Inc
18,606
3,881
CRA
International,
Inc
581
17,763
CSG
Systems
International,
Inc
916
22,984
Deluxe
Corp
473
20,676
(a)
Driven
Brands
Holdings,
Inc
326
129,661
Dun
&
Bradstreet
Holdings,
Inc
1,302
1,045
Ennis,
Inc
21
59,468
Equifax,
Inc
15,909
86,090
(a)
ExlService
Holdings,
Inc
2,738
28,338
Exponent,
Inc
2,343
15,944
First
Advantage
Corp
259
7,582
(a)
Forrester
Research,
Inc
163
7,620
(a)
Franklin
Covey
Co
299
16,142
(a)
FTI
Consulting,
Inc
3,395
81,103
Genpact
Ltd
2,672
42,598
(a),(b)
GEO
Group,
Inc
601
42,732
(a)
Harsco
Corp
391
40,910
(a)
Healthcare
Services
Group
511
14,300
Heidrick
&
Struggles
International,
Inc
481
37,280
Herman
Miller,
Inc
923
10,874
(a)
HireRight
Holdings
Corp
155
27,032
HNI
Corp
1,220
9,371
(a)
Huron
Consulting
Group,
Inc
905
6,267
ICF
International,
Inc
944
12,531
(a),(b)
Innodata,
Inc
83
19,828
Insperity,
Inc
2,173
44,581
Interface,
Inc
750
59,295
Jacobs
Solutions,
Inc
9,115
66,111
KBR,
Inc
4,209
20,372
Kelly
Services,
Inc
(Class
A)
510
11,207
Kforce,
Inc
790
29,134
Korn/Ferry
International
1,916
23,268
(a)
Legalzoom.com,
Inc
310
62,921
Leidos
Holdings,
Inc
8,248
19,090
(a)
Liquidity
Services,
Inc
355
25,524
Manpower,
Inc
1,982
16,885
Matthews
International
Corp
(Class
A)
525
31,583
MAXIMUS,
Inc
2,650
12,017
(a)
Montrose
Environmental
Group,
Inc
471
15,466
MSA
Safety,
Inc
2,994
4,961
NL
Industries,
Inc
36
5,211
(a)
NV5
Global,
Inc
511
67,918
(a)
OPENLANE,
Inc
1,175
149,731
Paychex,
Inc
18,387
24,132
Paycom
Software,
Inc
4,803
33,846
(a)
Performant
Financial
Corp
100
95,984
Pitney
Bowes,
Inc
416
79,689
(a),(b)
Planet
Labs
PBC
203
90,452
RB
Global,
Inc
6,890
4,854
(a),(b)
Red
Violet,
Inc
95
97,841
Republic
Services,
Inc
18,731
20,546
Resources
Connection,
Inc
270
52,374
Robert
Half
International,
Inc
4,152
119,495
Rollins,
Inc
5,529
28,414
Science
Applications
International
Corp
3,705
12,140
(a)
SP
Plus
Corp
634
100,288
SS&C
Technologies
Holdings,
Inc
6,456
61,807
Steelcase,
Inc
(Class
A)
808
49,051
(a)
Stericycle,
Inc
2,587
CREF
Equity
Index
Account
March
31,
2024
192
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
12,139
(a),(b)
Sterling
Check
Corp
$
195
25,107
Tetra
Tech,
Inc
4,638
92,480
TransUnion
7,380
15,001
TriNet
Group,
Inc
1,987
19,072
(a)
TrueBlue,
Inc
239
10,054
TTEC
Holdings,
Inc
104
8,983
Unifirst
Corp
1,558
63,645
(a)
Upwork,
Inc
780
100,108
Veralto
Corp
8,876
68,472
Verisk
Analytics,
Inc
16,141
63,620
(a)
Verra
Mobility
Corp
1,589
54,222
Vestis
Corp
1,045
15,178
(a)
Viad
Corp
599
5,586
VSE
Corp
447
191,328
Waste
Management,
Inc
40,782
5,398
(a)
Willdan
Group,
Inc
156
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
403,934
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
5.6%
18,290
(a)
1-800-FLOWERS.COM,
Inc
(Class
A)
198
18,402
Aaron's
Co,
Inc
138
23,424
(a)
Abercrombie
&
Fitch
Co
(Class
A)
2,936
36,738
Academy
Sports
&
Outdoors,
Inc
2,481
28,577
Advance
Auto
Parts,
Inc
2,432
4,293,587
(a)
Amazon.com,
Inc
774,477
85,497
American
Eagle
Outfitters,
Inc
2,205
3,312
(a)
America's
Car-Mart,
Inc
212
65,041
Arko
Corp
371
7,272
(a)
Asbury
Automotive
Group,
Inc
1,715
12,767
(a)
Autonation,
Inc
2,114
8,267
(a)
Autozone,
Inc
26,055
101,629
Bath
&
Body
Works,
Inc
5,083
88,141
Best
Buy
Co,
Inc
7,230
11,361
(b)
Big
5
Sporting
Goods
Corp
40
15,681
(a)
Boot
Barn
Holdings,
Inc
1,492
14,004
Buckle,
Inc
564
7,271
(b)
Build-A-Bear
Workshop,
Inc
217
29,889
(a)
Burlington
Stores,
Inc
6,940
20,111
Caleres,
Inc
825
22,123
Camping
World
Holdings,
Inc
616
78,807
(a)
Carmax,
Inc
6,865
19,398
(a)
CarParts.com,
Inc
31
47,579
(a)
Carvana
Co
4,183
12,003
Cato
Corp
(Class
A)
69
9,723
(a),(b)
ContextLogic,
Inc
55
511,300
(a)
Coupang,
Inc
9,096
32,814
(b)
Designer
Brands,
Inc
359
30,615
(a)
Destination
XL
Group,
Inc
110
25,367
Dick's
Sporting
Goods,
Inc
5,704
1,003
(b)
Dillard's,
Inc
(Class
A)
473
7,236
(a)
Duluth
Holdings,
Inc
35
248,893
eBay,
Inc
13,137
61,188
(a)
Etsy,
Inc
4,205
34,837
(a),(b)
EVgo,
Inc
87
27,604
(a)
Five
Below,
Inc
5,007
49,914
(a)
Floor
&
Decor
Holdings,
Inc
6,470
33,391
Foot
Locker,
Inc
952
10,965
(a)
Funko,
Inc
68
138,452
(a),(b)
GameStop
Corp
(Class
A)
1,733
81,317
Gap,
Inc
2,240
7,998
(a)
Genesco,
Inc
225
67,692
Genuine
Parts
Co
10,488
193
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,868
Group
1
Automotive,
Inc
$
2,007
29,518
(a),(b)
GrowGeneration
Corp
84
21,962
(b)
Guess,
Inc
691
9,098
Haverty
Furniture
Cos,
Inc
310
9,181
Hibbett
Sports,
Inc
705
475,829
Home
Depot,
Inc
182,528
65,995
Kohl's
Corp
1,924
9,431
(a)
Lands'
End,
Inc
103
59,869
(a)
Leslie's,
Inc
389
13,553
Lithia
Motors,
Inc
(Class
A)
4,078
125,433
LKQ
Corp
6,699
275,617
Lowe's
Cos,
Inc
70,208
109,170
Macy's,
Inc
2,182
11,739
(a)
MarineMax,
Inc
390
18,107
Monro
Muffler,
Inc
571
8,996
Murphy
USA,
Inc
3,771
47,869
(a)
National
Vision
Holdings,
Inc
1,061
57,180
(b)
Nordstrom,
Inc
1,159
18,624
(a)
ODP
Corp
988
27,556
(a)
Ollie's
Bargain
Outlet
Holdings,
Inc
2,193
5,690
(a),(b)
OneWater
Marine,
Inc
160
28,419
(a)
O'Reilly
Automotive,
Inc
32,082
24,586
(a)
Overstock.com,
Inc
883
9,990
Penske
Auto
Group,
Inc
1,618
40,988
(a)
Petco
Health
&
Wellness
Co,
Inc
93
14,105
(b)
PetMed
Express,
Inc
68
18,519
Pool
Corp
7,472
19,596
(a),(b)
Revolve
Group,
Inc
415
7,732
(a)
RH
2,693
155,693
Ross
Stores,
Inc
22,849
7,776
(a)
Sally
Beauty
Holdings,
Inc
97
13,763
(a),(b)
Savers
Value
Village,
Inc
265
4,712
Shoe
Carnival,
Inc
173
20,162
Signet
Jewelers
Ltd
2,018
13,058
(a)
Sleep
Number
Corp
209
62
Sonic
Automotive,
Inc
(Class
A)
4
19,952
(a)
Sportsman's
Warehouse
Holdings,
Inc
62
32,244
(a)
Stitch
Fix,
Inc
85
30,109
(a),(b)
ThredUp,
Inc
60
6,790
(a)
Tilly's,
Inc
46
538,352
TJX
Cos,
Inc
54,600
52,588
Tractor
Supply
Co
13,763
24,062
(a)
Ulta
Beauty,
Inc
12,582
6,465
Upbound
Group,
Inc
228
31,536
(a)
Urban
Outfitters,
Inc
1,369
66,985
(a)
Valvoline,
Inc
2,986
37,799
(a)
Victoria's
Secret
&
Co
733
42,783
(a)
Warby
Parker,
Inc
582
41,399
(a),(b)
Wayfair,
Inc
2,810
29,826
Williams-Sonoma,
Inc
9,471
1,945
Winmark
Corp
704
11,661
(a)
Zumiez,
Inc
177
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,363,331
CONSUMER
DURABLES
&
APPAREL
-
1.1%
15,286
Acushnet
Holdings
Corp
1,008
48,382
(a),(b)
Allbirds,
Inc
34
35,953
(a),(b)
AMMO,
Inc
99
1,361
(a)
Beazer
Homes
USA,
Inc
45
14,995
(a)
BK
LC
Lux
Finco
2
Sarl
708
35,190
Brunswick
Corp
3,397
63,158
(a)
Callaway
Golf
Co
1,021
CREF
Equity
Index
Account
March
31,
2024
194
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
42,913
(a)
Capri
Holdings
Ltd
$
1,944
19,479
Carter's,
Inc
1,649
5,040
(a)
Cavco
Industries,
Inc
2,011
13,611
Century
Communities,
Inc
1,313
14,289
Clarus
Corp
96
14,763
Columbia
Sportswear
Co
1,198
23,677
(b)
Cricut,
Inc
113
24,729
(a)
Crocs,
Inc
3,556
12,211
(a)
Deckers
Outdoor
Corp
11,494
144,818
DR
Horton,
Inc
23,830
10,739
(a)
Dream
Finders
Homes,
Inc
470
18,783
Ethan
Allen
Interiors,
Inc
649
69,522
(a)
Garmin
Ltd
10,350
24,084
(a)
G-III
Apparel
Group
Ltd
699
74,136
(a)
GoPro,
Inc
165
16,535
(a)
Green
Brick
Partners,
Inc
996
156,073
(a)
Hanesbrands,
Inc
905
52,964
Hasbro,
Inc
2,994
13,347
(a)
Helen
of
Troy
Ltd
1,538
5,483
Hooker
Furniture
Corp
132
2,792
(a)
Hovnanian
Enterprises,
Inc
438
11,276
Installed
Building
Products,
Inc
2,917
15,263
(a)
iRobot
Corp
134
3,583
Johnson
Outdoors,
Inc
165
34,928
KB
Home
2,476
30,075
Kontoor
Brands,
Inc
1,812
12,660
(a)
Latham
Group,
Inc
50
25,091
La-Z-Boy,
Inc
944
4,968
(a)
Legacy
Housing
Corp
107
73,033
Leggett
&
Platt,
Inc
1,399
114,668
Lennar
Corp
(Class
A)
19,721
6,837
Lennar
Corp
(Class
B)
1,054
12,635
(a)
LGI
Homes,
Inc
1,470
5,568
(a)
Lovesac
Co
126
52,172
(a)
Lululemon
Athletica,
Inc
20,381
13,163
(a)
M/I
Homes,
Inc
1,794
13,092
(a)
Malibu
Boats,
Inc
567
8,407
(b)
Marine
Products
Corp
99
13,690
(a)
MasterCraft
Boat
Holdings,
Inc
325
167,123
(a)
Mattel,
Inc
3,311
23,210
MDC
Holdings,
Inc
1,460
17,632
Meritage
Homes
Corp
3,094
28,443
(a)
Mohawk
Industries,
Inc
3,723
11,320
Movado
Group,
Inc
316
125,637
Newell
Rubbermaid,
Inc
1,009
562,601
Nike,
Inc
(Class
B)
52,873
1,342
(a)
NVR,
Inc
10,870
8,770
Oxford
Industries,
Inc
986
145,284
(a),(b)
Peloton
Interactive,
Inc
623
24,590
Polaris
Industries,
Inc
2,462
99,478
Pulte
Homes,
Inc
11,999
27,406
(b)
Purple
Innovation,
Inc
48
27,729
PVH
Corp
3,899
19,684
Ralph
Lauren
Corp
3,696
3,738
Rocky
Brands,
Inc
101
61,539
(a)
Skechers
U.S.A.,
Inc
(Class
A)
3,770
28,672
(a)
Skyline
Champion
Corp
2,437
29,016
Smith
&
Wesson
Brands,
Inc
504
67,337
(a)
Sonos,
Inc
1,283
44,766
Steven
Madden
Ltd
1,893
3,716
Sturm
Ruger
&
Co,
Inc
171
115,012
Tapestry,
Inc
5,461
195
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
44,029
(a)
Taylor
Morrison
Home
Corp
$
2,737
87,531
Tempur
Sealy
International,
Inc
4,973
46,691
Toll
Brothers,
Inc
6,040
15,774
(a)
TopBuild
Corp
6,952
12,158
(a)
Traeger,
Inc
31
47,835
(a)
Tri
Pointe
Homes,
Inc
1,849
84,878
(a)
Under
Armour,
Inc
(Class
A)
626
110,542
(a)
Under
Armour,
Inc
(Class
C)
789
180,319
VF
Corp
2,766
28,750
(a)
Vista
Outdoor,
Inc
942
34,786
(a)
Vizio
Holding
Corp
381
32,024
(a),(b)
Vuzix
Corp
39
19,639
Whirlpool
Corp
2,349
48,726
Wolverine
World
Wide,
Inc
546
46,993
(a)
YETI
Holdings,
Inc
1,812
TOTAL
CONSUMER
DURABLES
&
APPAREL
277,214
CONSUMER
SERVICES
-
2.3%
25,118
(a)
Accel
Entertainment,
Inc
296
86,801
ADT,
Inc
583
22,794
(a)
Adtalem
Global
Education,
Inc
1,172
198,261
(a)
Airbnb,
Inc
32,705
108,444
Aramark
3,527
17,816
(a),(b)
BALLY'S
CORP
248
769
(a)
Biglari
Holdings,
Inc
(B
Shares)
146
15,173
(a)
BJ's
Restaurants,
Inc
549
44,145
Bloomin'
Brands,
Inc
1,266
16,504
Booking
Holdings,
Inc
59,875
19,931
(b)
Bowlero
Corp
273
31,873
Boyd
Gaming
Corp
2,146
28,106
(a)
Bright
Horizons
Family
Solutions,
Inc
3,186
25,489
(a)
Brinker
International,
Inc
1,266
97,639
(a)
Caesars
Entertainment,
Inc
4,271
495,919
(a)
Carnival
Corp
8,103
11,838
Carriage
Services,
Inc
320
18,666
Carrols
Restaurant
Group,
Inc
177
23,002
(a)
Cava
Group,
Inc
1,611
16,727
(a),(b)
Century
Casinos,
Inc
53
23,639
(b)
Cheesecake
Factory
855
54,286
(a)
Chegg,
Inc
411
13,161
(a)
Chipotle
Mexican
Grill,
Inc
(Class
A)
38,256
13,984
(b)
Choice
Hotels
International,
Inc
1,767
32,858
Churchill
Downs,
Inc
4,066
12,474
(a)
Chuy's
Holdings,
Inc
421
57,806
(a)
Coursera,
Inc
810
12,944
(b)
Cracker
Barrel
Old
Country
Store,
Inc
941
58,405
Darden
Restaurants,
Inc
9,762
23,587
(a)
Dave
&
Buster's
Entertainment,
Inc
1,477
41,277
(a)
Denny's
Corp
370
7,772
Dine
Brands
Global
Inc.
361
17,125
Domino's
Pizza,
Inc
8,509
150,388
(a)
DoorDash,
Inc
20,711
208,489
(a)
DraftKings,
Inc
9,467
12,069
(a)
Duolingo,
Inc
2,662
14,501
(a)
El
Pollo
Loco
Holdings,
Inc
141
2,242
(a),(c)
Empire
Resorts,
Inc
0
^
10,835
(a),(b)
European
Wax
Center,
Inc
141
45,885
(a)
Everi
Holdings,
Inc
461
66,749
(a)
Expedia
Group,
Inc
9,195
7,524
(a)
First
Watch
Restaurant
Group,
Inc
185
45,952
(a)
Frontdoor,
Inc
1,497
16,841
(a)
Full
House
Resorts,
Inc
94
CREF
Equity
Index
Account
March
31,
2024
196
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
16,169
(a),(b)
Global
Business
Travel
Group
I
$
97
7,389
Golden
Entertainment,
Inc
272
1,473
Graham
Holdings
Co
1,131
12,080
(a)
Grand
Canyon
Education,
Inc
1,645
70,456
H&R
Block,
Inc
3,460
34,161
(a)
Hilton
Grand
Vacations,
Inc
1,613
116,880
Hilton
Worldwide
Holdings,
Inc
24,932
19,921
Hyatt
Hotels
Corp
3,180
11,356
(a)
Inspired
Entertainment,
Inc
112
54,564
International
Game
Technology
plc
1,233
2,856
Jack
in
the
Box,
Inc
196
44,656
(b)
Krispy
Kreme,
Inc
680
2,885
(a),(b)
Kura
Sushi
USA,
Inc
332
167,139
Las
Vegas
Sands
Corp
8,641
62,559
Laureate
Education,
Inc
911
20,784
(a)
Life
Time
Group
Holdings,
Inc
323
45,102
(a)
Light
&
Wonder,
Inc
4,604
10,890
(a)
Lindblad
Expeditions
Holdings,
Inc
102
113,082
Marriott
International,
Inc
(Class
A)
28,532
13,041
Marriott
Vacations
Worldwide
Corp
1,405
347,467
McDonald's
Corp
97,968
132,729
(a)
MGM
Resorts
International
6,266
22,276
(a),(b)
Mister
Car
Wash,
Inc
173
7,140
Monarch
Casino
&
Resort,
Inc
535
22,451
(a),(b)
Mondee
Holdings,
Inc
52
1,387
Nathan's
Famous,
Inc
98
29,475
(a)
Nerdy,
Inc
86
8,091
(a),(b)
Noodles
&
Co
15
204,209
(a),(b)
Norwegian
Cruise
Line
Holdings
Ltd
4,274
29,338
(a)
OneSpaWorld
Holdings
Ltd
388
18,811
Papa
John's
International,
Inc
1,253
46,409
(a)
Penn
National
Gaming,
Inc
845
46,334
Perdoceo
Education
Corp
814
45,756
(a)
Planet
Fitness,
Inc
2,866
18,591
(a)
PlayAGS,
Inc
167
12,559
(a)
Portillo's,
Inc
178
13,091
(a)
Potbelly
Corp
159
6,547
RCI
Hospitality
Holdings,
Inc
380
8,020
(a),(b)
Red
Robin
Gourmet
Burgers,
Inc
61
26,499
Red
Rock
Resorts,
Inc
1,585
111,282
(a)
Royal
Caribbean
Cruises
Ltd
15,469
28,549
(a)
Rush
Street
Interactive,
Inc
186
186,641
(a)
Sabre
Corp
452
22,953
(a)
SeaWorld
Entertainment,
Inc
1,290
70,217
Service
Corp
International
5,211
20,425
(a)
Shake
Shack,
Inc
2,125
42,367
(a)
Six
Flags
Entertainment
Corp
1,115
532,168
Starbucks
Corp
48,635
11,328
Strategic
Education,
Inc
1,179
13,194
(a)
Stride,
Inc
832
67,428
(a)
Super
Group
SGHC
Ltd
233
44,740
(a)
Sweetgreen,
Inc
1,130
21,327
(a),(b)
Target
Hospitality
Corp
232
35,053
Texas
Roadhouse,
Inc
(Class
A)
5,415
29,960
Travel
&
Leisure
Co
1,467
36,983
(a)
Udemy,
Inc
406
16,593
(a)
Universal
Technical
Institute,
Inc
264
17,157
Vail
Resorts,
Inc
3,823
75,359
Wendy's
Co
1,420
13,605
Wingstop,
Inc
4,985
37,299
Wyndham
Hotels
&
Resorts,
Inc
2,863
45,857
Wynn
Resorts
Ltd
4,688
197
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
8,699
(a),(b)
Xponential
Fitness,
Inc
$
144
130,045
Yum!
Brands,
Inc
18,031
TOTAL
CONSUMER
SERVICES
557,492
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.7%
177,508
Albertsons
Cos,
Inc
3,806
19,849
Andersons,
Inc
1,139
68,459
(a)
BJ's
Wholesale
Club
Holdings,
Inc
5,179
18,360
Casey's
General
Stores,
Inc
5,847
14,374
(a)
Chefs'
Warehouse,
Inc
541
211,676
Costco
Wholesale
Corp
155,080
105,007
Dollar
General
Corp
16,387
96,907
(a)
Dollar
Tree,
Inc
12,903
47,990
(a)
Grocery
Outlet
Holding
Corp
1,381
21,180
(a)
HF
Foods
Group,
Inc
74
7,244
Ingles
Markets,
Inc
(Class
A)
555
303,811
Kroger
Co
17,357
10,344
(a)
Maplebear,
Inc
386
6,410
Natural
Grocers
by
Vitamin
Cottage,
Inc
116
71,529
(a)
Performance
Food
Group
Co
5,339
14,866
Pricesmart,
Inc
1,249
7,101
SpartanNash
Co
143
46,984
(a)
Sprouts
Farmers
Market,
Inc
3,029
237,589
Sysco
Corp
19,287
219,102
Target
Corp
38,827
30,449
(a)
United
Natural
Foods,
Inc
350
108,028
(a)
US
Foods
Holding
Corp
5,830
4,843
Village
Super
Market
(Class
A)
139
324,604
Walgreens
Boots
Alliance,
Inc
7,041
2,034,547
Walmart,
Inc
122,419
8,426
(b)
Weis
Markets,
Inc
543
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
424,947
ENERGY
-
4.1%
18,289
(a)
Amplify
Energy
Corp
121
183,627
Antero
Midstream
Corp
2,582
142,450
(a)
Antero
Resources
Corp
4,131
125,364
APA
Corp
4,310
66,096
Archrock,
Inc
1,300
17,877
Ardmore
Shipping
Corp
294
7,867
(b)
Atlas
Energy
Solutions,
Inc
178
485,677
Baker
Hughes
Co
16,270
36,376
Berry
Corp
293
88,444
(b)
Borr
Drilling
Ltd
606
4,788
(a)
Bristow
Group,
Inc
130
366,836
Cabot
Oil
&
Gas
Corp
10,227
29,784
Cactus,
Inc
1,492
30,263
California
Resources
Corp
1,667
21,769
(a)
Callon
Petroleum
Co
778
5,171
(a)
Centrus
Energy
Corp
215
89,692
ChampionX
Corp
3,219
112,246
Cheniere
Energy,
Inc
18,103
53,941
Chesapeake
Energy
Corp
4,792
818,795
Chevron
Corp
129,157
18,920
Chord
Energy
Corp
3,372
37,806
Civitas
Resources,
Inc
2,870
75,896
(a)
Clean
Energy
Fuels
Corp
203
51,225
(a),(b)
CNX
Resources
Corp
1,215
7,387
(b)
Comstock
Resources,
Inc
69
575,677
ConocoPhillips
73,272
16,946
CONSOL
Energy,
Inc
1,419
23,258
Core
Laboratories,
Inc
397
CREF
Equity
Index
Account
March
31,
2024
198
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
10,678
(b)
Crescent
Energy
Co
$
127
11,149
(b)
CVR
Energy,
Inc
398
27,497
Delek
US
Holdings,
Inc
845
303,336
Devon
Energy
Corp
15,221
55,111
DHT
Holdings,
Inc
634
51,211
(a)
Diamond
Offshore
Drilling,
Inc
699
83,922
Diamondback
Energy,
Inc
16,631
9,586
(a)
DMC
Global,
Inc
187
19,179
Dorian
LPG
Ltd
738
19,159
(a)
Dril-Quip,
Inc
432
48,260
DT
Midstream,
Inc
2,949
70,957
(a),(b)
Encore
Energy
Corp
311
56,201
(a),(b)
Energy
Fuels,
Inc
353
283,808
EOG
Resources,
Inc
36,282
179,575
EQT
Corp
6,657
223,182
Equitrans
Midstream
Corp
2,788
15,511
Evolution
Petroleum
Corp
95
9,511
Excelerate
Energy,
Inc
152
39,745
(a)
Expro
Group
Holdings
NV
794
1,906,687
Exxon
Mobil
Corp
221,633
14,619
FLEX
LNG
Ltd
372
5,005
(a)
Forum
Energy
Technologies,
Inc
100
106,507
(a),(b)
Gevo,
Inc
82
42,501
Golar
LNG
Ltd
1,023
109,520
(b)
Granite
Ridge
Resources,
Inc
712
26,945
(a)
Green
Plains,
Inc
623
6,101
(a)
Gulfport
Energy
Operating
Corp
977
11,237
(a)
Hallador
Energy
Co
60
429,710
Halliburton
Co
16,939
40,320
(a)
Helix
Energy
Solutions
Group,
Inc
437
35,444
Helmerich
&
Payne,
Inc
1,491
133,053
Hess
Corp
20,309
74,422
HF
Sinclair
Corp
4,493
16,438
International
Seaways,
Inc
874
909,707
Kinder
Morgan,
Inc
16,684
8,490
Kinetik
Holdings,
Inc
338
234,852
(a)
Kosmos
Energy
Ltd
1,400
42,395
Liberty
Energy,
Inc
878
85,538
(b)
Magnolia
Oil
&
Gas
Corp
2,220
296,202
Marathon
Oil
Corp
8,394
176,227
Marathon
Petroleum
Corp
35,510
61,756
Matador
Resources
Co
4,123
60,673
Murphy
Oil
Corp
2,773
4,194
(a)
Nabors
Industries
Ltd
361
24,850
(b)
New
Fortress
Energy,
Inc
760
63,344
(a)
Newpark
Resources,
Inc
457
15,430
(a),(b)
NextDecade
Corp
88
55,205
Noble
Corp
plc
2,677
68,002
Nordic
American
Tankers
Ltd
267
26,098
Northern
Oil
and
Gas,
Inc
1,036
181,097
NOV,
Inc
3,535
324,172
Occidental
Petroleum
Corp
21,068
54,360
(a)
Oceaneering
International,
Inc
1,272
38,178
(a)
Oil
States
International,
Inc
235
283,462
ONEOK,
Inc
22,725
28,818
Overseas
Shipholding
Group,
Inc
184
115,301
Ovintiv,
Inc
5,984
23,180
(a)
Par
Pacific
Holdings,
Inc
859
159,529
Patterson-UTI
Energy,
Inc
1,905
46,492
PBF
Energy,
Inc
2,677
60,358
Peabody
Energy
Corp
1,464
216,789
Permian
Resources
Corp
3,828
199
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
212,110
Phillips
66
$
34,646
113,240
Pioneer
Natural
Resources
Co
29,725
11,921
(a),(b)
ProFrac
Holding
Corp
100
48,018
(a)
ProPetro
Holding
Corp
388
112,319
Range
Resources
Corp
3,867
51,530
Ranger
Energy
Services,
Inc
582
12,558
(a)
Rex
American
Resources
Corp
737
4,815
(b)
Riley
Exploration
Permian,
Inc
159
44,313
(a),(b)
Ring
Energy,
Inc
87
42,512
RPC,
Inc
329
16,291
SandRidge
Energy,
Inc
237
684,906
Schlumberger
Ltd
37,540
18,385
Scorpio
Tankers,
Inc
1,315
12,227
(a)
SEACOR
Marine
Holdings,
Inc
170
24,929
(a)
Seadrill
Ltd
1,254
6,869
Select
Water
Solutions,
Inc
63
45,041
SFL
Corp
Ltd
594
6,017
(a)
SilverBow
Resources,
Inc
205
33,204
Sitio
Royalties
Corp
821
63,633
SM
Energy
Co
3,172
6,855
Solaris
Oilfield
Infrastructure,
Inc
59
525,409
(a)
Southwestern
Energy
Co
3,983
55,355
(a)
Talos
Energy,
Inc
771
107,385
Targa
Resources
Corp
12,026
218,592
TechnipFMC
plc
5,489
35,750
(a)
Teekay
Corp
260
11,719
Teekay
Tankers
Ltd
685
763,744
(a),(b)
Tellurian,
Inc
505
66,939
(a)
Tetra
Technologies,
Inc
297
8,745
Texas
Pacific
Land
Corp
5,059
25,843
(a)
Tidewater,
Inc
2,378
137,868
(a),(b)
Uranium
Energy
Corp
931
37,988
(a)
US
Silica
Holdings,
Inc
471
29,976
Vaalco
Energy,
Inc
209
31,352
(a)
Valaris
Ltd
2,360
165,727
Valero
Energy
Corp
28,288
27,727
(a),(b)
Vertex
Energy,
Inc
39
6,863
(a)
Vital
Energy,
Inc
361
13,021
(b)
Vitesse
Energy,
Inc
309
14,396
(b)
W&T
Offshore,
Inc
38
36,238
(a)
Weatherford
International
plc
4,183
592,514
Williams
Cos,
Inc
23,090
29,960
World
Fuel
Services
Corp
792
TOTAL
ENERGY
991,376
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2.5%
46,252
Acadia
Realty
Trust
787
45,529
Agree
Realty
Corp
2,601
5,921
Alexander
&
Baldwin,
Inc
98
1,329
Alexander's,
Inc
289
83,569
Alexandria
Real
Estate
Equities,
Inc
10,773
6,783
Alpine
Income
Property
Trust,
Inc
104
28,646
American
Assets
Trust,
Inc
628
145,461
American
Homes
4
Rent
5,350
222,870
American
Tower
Corp
44,037
133,721
Americold
Realty
Trust,
Inc
3,332
74,495
Apartment
Income
REIT
Corp
2,419
73,193
(a)
Apartment
Investment
and
Management
Co
599
106,401
Apple
Hospitality
REIT,
Inc
1,743
31,681
Armada
Hoffler
Properties,
Inc
329
65,544
AvalonBay
Communities,
Inc
12,162
81,787
Boston
Properties,
Inc
5,341
CREF
Equity
Index
Account
March
31,
2024
200
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
35,081
Braemar
Hotels
&
Resorts,
Inc
$
70
92,621
Brandywine
Realty
Trust
445
132,744
Brixmor
Property
Group,
Inc
3,113
77,650
Broadstone
Net
Lease,
Inc
1,217
6,068
BRT
Apartments
Corp
102
52,715
Camden
Property
Trust
5,187
50,740
CareTrust
REIT,
Inc
1,237
13,650
(b)
CBL
&
Associates
Properties,
Inc
313
9,060
Centerspace
518
28,285
Chatham
Lodging
Trust
286
21,833
City
Office
REIT,
Inc
114
10,462
Clipper
Realty,
Inc
51
9,586
Community
Healthcare
Trust,
Inc
254
61,652
Corporate
Office
Properties
Trust
1,490
84,914
Cousins
Properties,
Inc
2,041
210,447
Crown
Castle,
Inc
22,272
11,994
(b)
CTO
Realty
Growth,
Inc
203
110,271
CubeSmart
4,986
114,160
DiamondRock
Hospitality
Co
1,097
146,702
Digital
Realty
Trust,
Inc
21,131
136,618
Diversified
Healthcare
Trust
336
91,371
(b)
Douglas
Emmett,
Inc
1,267
46,730
Easterly
Government
Properties,
Inc
538
21,698
EastGroup
Properties,
Inc
3,901
82,308
Empire
State
Realty
Trust,
Inc
834
22,162
EPR
Properties
941
44,252
Equinix,
Inc
36,522
43,426
(a)
Equity
Commonwealth
820
81,720
Equity
Lifestyle
Properties,
Inc
5,263
180,687
Equity
Residential
11,403
63,885
Essential
Properties
Realty
Trust,
Inc
1,703
31,793
Essex
Property
Trust,
Inc
7,783
98,971
Extra
Space
Storage,
Inc
14,549
19,962
(b)
Farmland
Partners,
Inc
222
39,750
Federal
Realty
Investment
Trust
4,059
53,571
First
Industrial
Realty
Trust,
Inc
2,815
41,086
Four
Corners
Property
Trust,
Inc
1,005
119,848
Gaming
and
Leisure
Properties,
Inc
5,521
18,198
Getty
Realty
Corp
498
17,811
Gladstone
Commercial
Corp
246
11,325
Gladstone
Land
Corp
151
30,930
Global
Medical
REIT,
Inc
271
90,865
Global
Net
Lease,
Inc
706
202,313
Healthcare
Realty
Trust,
Inc
2,863
352,355
Healthpeak
Properties,
Inc
6,607
46,362
Highwoods
Properties,
Inc
1,214
327,100
Host
Hotels
&
Resorts
Inc
6,764
80,595
Hudson
Pacific
Properties,
Inc
520
115,925
Independence
Realty
Trust,
Inc
1,870
12,344
Innovative
Industrial
Properties,
Inc
1,278
34,736
InvenTrust
Properties
Corp
893
286,776
Invitation
Homes,
Inc
10,212
135,732
Iron
Mountain,
Inc
10,887
64,898
JBG
SMITH
Properties
1,042
63,758
Kilroy
Realty
Corp
2,323
335,384
Kimco
Realty
Corp
6,577
118,460
Kite
Realty
Group
Trust
2,568
37,540
Lamar
Advertising
Co
4,483
144,484
Lexington
Realty
Trust
1,303
19,960
LTC
Properties,
Inc
649
107,859
Macerich
Co
1,858
47,939
Mack-Cali
Realty
Corp
729
201
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
283,531
(b)
Medical
Properties
Trust,
Inc
$
1,333
56,954
Mid-America
Apartment
Communities,
Inc
7,494
9,876
National
Health
Investors,
Inc
621
86,371
National
Retail
Properties,
Inc
3,691
38,309
National
Storage
Affiliates
Trust
1,500
6,447
(b)
NET
Lease
Office
Properties
153
21,654
(b)
NETSTREIT
Corp
398
15,495
(b)
NexPoint
Diversified
Real
Estate
Trust
102
12,730
NexPoint
Residential
Trust,
Inc
410
108,572
Omega
Healthcare
Investors,
Inc
3,438
9,166
(b)
One
Liberty
Properties,
Inc
207
29,999
Orion
Office
REIT,
Inc
105
76,197
Outfront
Media,
Inc
1,279
101,864
Paramount
Group,
Inc
478
84,337
Park
Hotels
&
Resorts,
Inc
1,475
14,178
(b)
Peakstone
Realty
Trust
229
71,223
(b)
Pebblebrook
Hotel
Trust
1,098
59,852
Phillips
Edison
&
Co,
Inc
2,147
36,714
Piedmont
Office
Realty
Trust,
Inc
258
13,733
Plymouth
Industrial
REIT,
Inc
309
9,072
Postal
Realty
Trust,
Inc
130
40,727
PotlatchDeltic
Corp
1,915
440,041
Prologis,
Inc
57,302
75,586
Public
Storage,
Inc
21,924
75,814
Rayonier,
Inc
2,520
400,440
Realty
Income
Corp
21,664
80,805
Regency
Centers
Corp
4,894
63,462
Retail
Opportunity
Investments
Corp
814
98,830
Rexford
Industrial
Realty,
Inc
4,971
30,023
RLJ
Lodging
Trust
355
28,461
Ryman
Hospitality
Properties,
Inc
3,290
116,469
Sabra
Health
Care
REIT,
Inc
1,720
16,656
Safehold,
Inc
343
6,451
Saul
Centers,
Inc
248
52,759
SBA
Communications
Corp
11,433
19,689
Service
Properties
Trust
133
154,249
Simon
Property
Group,
Inc
24,138
103,764
SITE
Centers
Corp
1,520
38,202
(b)
SL
Green
Realty
Corp
2,106
84,224
STAG
Industrial,
Inc
3,238
5,909
(a)
Star
Holdings
76
73,018
Summit
Hotel
Properties,
Inc
475
60,721
Sun
Communities,
Inc
7,807
117,301
Sunstone
Hotel
Investors,
Inc
1,307
54,135
Tanger
Factory
Outlet
Centers,
Inc
1,599
35,329
Terreno
Realty
Corp
2,346
162,250
UDR,
Inc
6,070
20,169
UMH
Properties,
Inc
328
121,658
(b)
Uniti
Group,
Inc
718
2,401
Universal
Health
Realty
Income
Trust
88
70,770
Urban
Edge
Properties
1,222
190,663
Ventas,
Inc
8,301
487,538
VICI
Properties,
Inc
14,524
96,380
(b)
Vornado
Realty
Trust
2,773
46,196
Washington
REIT
643
264,845
(d)
Welltower,
Inc
24,747
348,827
Weyerhaeuser
Co
12,526
25,132
Whitestone
REIT
315
95,747
WP
Carey,
Inc
5,404
62,184
Xenia
Hotels
&
Resorts,
Inc
933
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
606,298
CREF
Equity
Index
Account
March
31,
2024
202
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
FINANCIAL
SERVICES
-
7.9%
8,101
AFC
Gamma,
Inc
$
100
13,210
Affiliated
Managers
Group,
Inc
2,212
110,488
(a)
Affirm
Holdings,
Inc
4,117
331,276
(b)
AGNC
Investment
Corp
3,280
8,948
(b)
Alerus
Financial
Corp
195
129,820
Ally
Financial,
Inc
5,269
9,522
A-Mark
Precious
Metals,
Inc
292
276,005
American
Express
Co
62,844
46,936
Ameriprise
Financial,
Inc
20,579
239,553
Annaly
Capital
Management,
Inc
4,717
68,911
(b)
Apollo
Commercial
Real
Estate
Finance,
Inc
768
245,576
Apollo
Global
Management,
Inc
27,615
61,262
(b)
Arbor
Realty
Trust,
Inc
812
22,112
(b)
Ares
Commercial
Real
Estate
Corp
165
78,238
Ares
Management
Corp
10,404
5,232
(b)
ARMOUR
Residential
REIT,
Inc
103
32,135
Artisan
Partners
Asset
Management,
Inc
1,471
8,796
(a)
AssetMark
Financial
Holdings,
Inc
311
2,420
(a)
Atlanticus
Holdings
Corp
72
75,147
(a)
AvidXchange
Holdings,
Inc
988
2,262
Banco
Latinoamericano
de
Exportaciones
S.A.
(Class
E)
67
365,426
Bank
of
New
York
Mellon
Corp
21,056
871,698
(a)
Berkshire
Hathaway,
Inc
366,566
166,153
BGC
Group,
Inc
1,291
70,619
BlackRock,
Inc
58,875
87,301
(b)
Blackstone
Mortgage
Trust,
Inc
1,738
341,674
Blackstone,
Inc
44,886
267,045
(a)
Block,
Inc
22,587
207,831
Blue
Owl
Capital,
Inc
3,920
23,808
Bread
Financial
Holdings,
Inc
887
23,450
Brightsphere
Investment
Group,
Inc
536
46,061
BrightSpire
Capital,
Inc
317
48,331
(a)
Cannae
Holdings,
Inc
1,075
31,787
(a)
Cantaloupe,
Inc
204
183,192
Capital
One
Financial
Corp
27,275
106,775
Carlyle
Group,
Inc
5,009
10,596
Cass
Information
Systems,
Inc
510
49,547
Cboe
Global
Markets,
Inc
9,103
706,595
Charles
Schwab
Corp
51,115
7,850
(b)
Chicago
Atlantic
Real
Estate
Finance,
Inc
124
121,929
Chimera
Investment
Corp
562
47,158
Claros
Mortgage
Trust,
Inc
460
172,387
CME
Group,
Inc
37,113
15,440
Cohen
&
Steers,
Inc
1,187
79,947
(a)
Coinbase
Global,
Inc
21,196
31,056
Compass
Diversified
Trust
748
111,781
Corebridge
Financial,
Inc
3,211
33,596
(a)
Corpay,
Inc
10,366
3,577
(a)
Credit
Acceptance
Corp
1,973
2,179
Diamond
Hill
Investment
Group,
Inc
336
120,676
Discover
Financial
Services
15,819
19,156
(a)
Donnelley
Financial
Solutions,
Inc
1,188
11,107
Dynex
Capital,
Inc
138
17,423
(b)
Ellington
Financial,
Inc
206
15,393
Enact
Holdings,
Inc
480
10,179
(a)
Encore
Capital
Group,
Inc
464
14,291
(a)
Enova
International,
Inc
898
154,872
Equitable
Holdings,
Inc
5,887
51,962
Essent
Group
Ltd
3,092
22,022
(a)
Euronet
Worldwide,
Inc
2,421
18,622
Evercore
Partners,
Inc
(Class
A)
3,586
203
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
31,074
EVERTEC,
Inc
$
1,240
18,222
Factset
Research
Systems,
Inc
8,280
4,507
Federal
Agricultural
Mortgage
Corp
(FAMC)
887
283,563
Fidelity
National
Information
Services,
Inc
21,035
17,545
FirstCash
Holdings,
Inc
2,238
281,562
(a)
Fiserv,
Inc
44,999
47,493
(a)
Flywire
Corp
1,178
55,325
(a),(b)
Forge
Global
Holdings,
Inc
107
23,368
Franklin
BSP
Realty
Trust,
Inc
312
145,793
Franklin
Resources,
Inc
4,098
23,172
GCM
Grosvenor,
Inc
224
119,965
Global
Payments,
Inc
16,035
151,067
Goldman
Sachs
Group,
Inc
63,099
31,227
Granite
Point
Mortgage
Trust,
Inc
149
33,057
(a)
Green
Dot
Corp
308
18,233
Hamilton
Lane,
Inc
2,056
41,845
(b)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc
1,188
25,893
Houlihan
Lokey,
Inc
3,319
9,245
(a)
I3
Verticals,
Inc
212
49,742
Interactive
Brokers
Group,
Inc
(Class
A)
5,557
267,221
Intercontinental
Exchange,
Inc
36,724
13,645
(a)
International
Money
Express,
Inc
312
183,237
Invesco
Ltd
3,040
10,073
(b)
Invesco
Mortgage
Capital,
Inc
98
33,491
Jack
Henry
&
Associates,
Inc
5,818
38,721
Jackson
Financial,
Inc
2,561
66,557
Janus
Henderson
Group
plc
2,189
88,592
Jefferies
Financial
Group,
Inc
3,907
316,070
KKR
&
Co,
Inc
31,790
17,625
KKR
Real
Estate
Finance
Trust,
Inc
177
49,932
Ladder
Capital
Corp
556
54,468
Lazard,
Inc
2,281
42,896
(a)
LendingClub
Corp
377
6,343
(a)
LendingTree,
Inc
269
35,840
LPL
Financial
Holdings,
Inc
9,469
18,723
MarketAxess
Holdings,
Inc
4,105
222,577
(a)
Marqeta,
Inc
1,327
395,314
Mastercard,
Inc
(Class
A)
190,371
8,062
Merchants
Bancorp
348
46,018
MFA
Financial,
Inc
525
136,986
MGIC
Investment
Corp
3,063
33,380
Moelis
&
Co
1,895
74,081
Moody's
Corp
29,116
560,328
Morgan
Stanley
52,760
12,847
Morningstar,
Inc
3,962
37,224
(a)
Mr
Cooper
Group,
Inc
2,902
36,039
MSCI,
Inc
(Class
A)
20,198
161,890
Nasdaq
Stock
Market,
Inc
10,215
35,663
Navient
Corp
621
34,496
(a)
NCR
Corp
ATM
681
3,424
Nelnet,
Inc
(Class
A)
324
13,129
(a)
NerdWallet,
Inc
193
18,284
(b)
New
York
Mortgage
Trust,
Inc
132
11,601
(b)
NewtekOne,
Inc
128
38,864
(a)
NMI
Holdings,
Inc
1,257
102,028
Northern
Trust
Corp
9,072
3,281
(a),(b)
Ocwen
Financial
Corp
89
52,599
OneMain
Holdings,
Inc
2,687
56,898
(a)
Open
Lending
Corp
356
4,738
(b)
Orchid
Island
Capital,
Inc
42
21,454
P10,
Inc
181
98,142
(a)
Pagseguro
Digital
Ltd
1,401
CREF
Equity
Index
Account
March
31,
2024
204
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
26,821
Patria
Investments
Ltd
$
398
110,964
(a)
Payoneer
Global,
Inc
539
513,916
(a)
PayPal
Holdings,
Inc
34,427
18,818
(a)
Paysafe
Ltd
297
9,684
PennyMac
Financial
Services,
Inc
882
47,765
PennyMac
Mortgage
Investment
Trust
701
23,862
Perella
Weinberg
Partners
337
10,272
Piper
Jaffray
Cos
2,039
13,025
PJT
Partners,
Inc
1,228
24,781
(a)
PRA
Group,
Inc
646
17,833
PROG
Holdings,
Inc
614
73,149
Radian
Group,
Inc
2,448
89,696
Raymond
James
Financial,
Inc
11,519
77,326
(b)
Ready
Capital
Corp
706
49,700
Redwood
Trust,
Inc
317
8,577
Regional
Management
Corp
208
68,799
(a)
Remitly
Global,
Inc
1,427
42,004
(a)
Repay
Holdings
Corp
462
175,369
Rithm
Capital
Corp
1,957
293,376
(a)
Robinhood
Markets,
Inc
5,906
74,318
(a),(b)
Rocket
Cos,
Inc
1,081
149,938
S&P
Global,
Inc
63,791
39,028
SEI
Investments
Co
2,806
23,585
(a),(b)
Shift4
Payments,
Inc
1,558
4,705
Silvercrest
Asset
Management
Group,
Inc
74
126,744
SLM
Corp
2,762
457,564
(a),(b)
SoFi
Technologies,
Inc
3,340
137,605
(b)
Starwood
Property
Trust,
Inc
2,798
147,812
State
Street
Corp
11,429
20,369
StepStone
Group,
Inc
728
46,329
Stifel
Financial
Corp
3,622
120,616
(a)
StoneCo
Ltd
2,003
17,053
(a)
StoneX
Group,
Inc
1,198
204,642
Synchrony
Financial
8,824
107,019
T
Rowe
Price
Group,
Inc
13,048
34,383
TFS
Financial
Corp
432
176,704
(a)
Toast,
Inc
4,403
32,761
TPG
RE
Finance
Trust,
Inc
253
31,933
TPG,
Inc
1,427
52,338
Tradeweb
Markets,
Inc
5,452
37,367
Two
Harbors
Investment
Corp
495
37,848
(a),(b)
Upstart
Holdings,
Inc
1,018
23,393
(b)
UWM
Holdings
Corp
170
8,459
Victory
Capital
Holdings,
Inc
359
51,259
Virtu
Financial,
Inc
1,052
2,751
Virtus
Investment
Partners,
Inc
682
758,939
Visa,
Inc
(Class
A)
211,805
39,439
Voya
Financial,
Inc
2,915
12,277
Walker
&
Dunlop,
Inc
1,241
19,189
Waterstone
Financial,
Inc
234
143,284
Western
Union
Co
2,003
20,819
(a)
WEX,
Inc
4,945
84,317
WisdomTree,
Inc
775
2,399
(a)
World
Acceptance
Corp
348
165,480
XP,
Inc
4,246
TOTAL
FINANCIAL
SERVICES
1,919,201
FOOD,
BEVERAGE
&
TOBACCO
-
2.5%
3,213
Alico,
Inc
94
843,457
Altria
Group,
Inc
36,792
255,153
Archer-Daniels-Midland
Co
16,026
34,958
(b)
B&G
Foods,
Inc
(Class
A)
400
205
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
31,483
(a),(b)
Beyond
Meat,
Inc
$
261
5,121
(a)
Boston
Beer
Co,
Inc
(Class
A)
1,559
13,162
(a),(b)
BRC,
Inc
56
25,010
Brown-Forman
Corp
(Class
A)
1,324
91,961
Brown-Forman
Corp
(Class
B)
4,747
70,268
Bunge
Global
S.A.
7,204
11,455
(b)
Calavo
Growers,
Inc
319
22,629
Cal-Maine
Foods,
Inc
1,332
77,875
Campbell
Soup
Co
3,462
64,566
(a)
Celsius
Holdings,
Inc
5,354
1,855,975
Coca-Cola
Co
113,549
1,804
Coca-Cola
Consolidated
Inc
1,527
225,066
ConAgra
Brands,
Inc
6,671
75,478
Constellation
Brands,
Inc
(Class
A)
20,512
81,644
(a)
Darling
International,
Inc
3,797
35,454
Dole
plc
423
11,007
(a)
Duckhorn
Portfolio,
Inc
102
85,884
Flowers
Foods,
Inc
2,040
20,613
Fresh
Del
Monte
Produce,
Inc
534
20,694
(a)
Freshpet,
Inc
2,398
267,606
General
Mills,
Inc
18,724
46,022
(a)
Hain
Celestial
Group,
Inc
362
72,018
Hershey
Co
14,007
143,109
Hormel
Foods
Corp
4,993
26,446
Ingredion,
Inc
3,090
8,046
J&J
Snack
Foods
Corp
1,163
47,942
J.M.
Smucker
Co
6,034
5,780
John
B
Sanfilippo
&
Son,
Inc
612
118,743
Kellogg
Co
6,803
474,896
Keurig
Dr
Pepper,
Inc
14,565
381,992
Kraft
Heinz
Co
14,095
66,946
Lamb
Weston
Holdings,
Inc
7,132
10,268
Lancaster
Colony
Corp
2,132
8,891
(b)
Limoneira
Co
174
123,083
McCormick
&
Co,
Inc
9,454
9,193
MGP
Ingredients,
Inc
792
20,226
(a)
Mission
Produce,
Inc
240
79,682
Molson
Coors
Brewing
Co
(Class
B)
5,359
640,339
Mondelez
International,
Inc
44,824
347,059
(a)
Monster
Beverage
Corp
20,574
12,819
(a)
National
Beverage
Corp
608
660,389
PepsiCo,
Inc
115,575
734,496
Philip
Morris
International,
Inc
67,295
24,393
(a)
Pilgrim's
Pride
Corp
837
27,833
(a)
Post
Holdings,
Inc
2,958
47,967
Primo
Water
Corp
873
127
Seaboard
Corp
409
5,451
(a)
Seneca
Foods
Corp
310
46,457
(a)
Simply
Good
Foods
Co
1,581
50,062
(a)
SunOpta,
Inc
344
29,630
(a)
TreeHouse
Foods,
Inc
1,154
4,760
Turning
Point
Brands,
Inc
139
140,077
Tyson
Foods,
Inc
(Class
A)
8,227
11,870
Universal
Corp
614
32,173
Utz
Brands,
Inc
593
78,380
Vector
Group
Ltd
859
14,289
(a)
Vita
Coco
Co,
Inc
349
13,394
(a)
Vital
Farms,
Inc
311
14,287
(a),(b)
Westrock
Coffee
Co
148
29,685
WK
Kellogg
Co
558
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
609,354
CREF
Equity
Index
Account
March
31,
2024
206
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5.1%
88,085
(a),(b)
23andMe
Holding
Co
$
47
824,505
Abbott
Laboratories
93,713
40,295
(a)
Acadia
Healthcare
Co,
Inc
3,192
27,471
(a)
Accolade,
Inc
288
46,624
(a),(b)
Accuray,
Inc
115
42,027
(a)
AdaptHealth
Corp
484
8,397
(a)
Addus
HomeCare
Corp
868
12,333
(a)
Agiliti,
Inc
125
137,773
(a),(b)
agilon
health,
Inc
840
35,682
(a)
Align
Technology,
Inc
11,701
14,356
(a)
Alignment
Healthcare,
Inc
71
31,277
(a)
Alphatec
Holdings,
Inc
431
11,006
(a)
Amedisys,
Inc
1,014
106,234
(a)
American
Well
Corp
86
77,495
AmerisourceBergen
Corp
18,830
20,081
(a)
AMN
Healthcare
Services,
Inc
1,255
26,107
(a)
Angiodynamics,
Inc
153
16,786
(a)
Apollo
Medical
Holdings,
Inc
705
22,609
(a)
AtriCure,
Inc
688
1,019
Atrion
Corp
472
26,266
(a)
Avanos
Medical,
Inc
523
21,058
(a)
Aveanna
Healthcare
Holdings,
Inc
52
18,090
(a)
Axogen,
Inc
146
22,714
(a)
Axonics,
Inc
1,567
234,095
Baxter
International,
Inc
10,005
138,929
Becton
Dickinson
&
Co
34,378
692,480
(a)
Boston
Scientific
Corp
47,428
100,981
(a)
Brookdale
Senior
Living,
Inc
667
98,379
(a),(b)
Butterfly
Network,
Inc
106
119,770
Cardinal
Health,
Inc
13,402
11,625
(a)
Castle
Biosciences,
Inc
257
258,020
(a)
Centene
Corp
20,249
50,223
(a)
Certara,
Inc
898
71,510
(a)
Cerus
Corp
135
6,630
Chemed
Corp
4,256
137,736
Cigna
Group
50,024
8,700
(a)
Computer
Programs
&
Systems,
Inc
80
15,846
Conmed
Corp
1,269
91,072
(a)
Cooper
Cos,
Inc
9,240
4,814
(a)
Corvel
Corp
1,266
25,224
(a)
Cross
Country
Healthcare,
Inc
472
23,064
(a)
CryoLife,
Inc
488
616,011
CVS
Health
Corp
49,133
24,791
(a)
DaVita,
Inc
3,422
10,656
(a)
Definitive
Healthcare
Corp
86
106,534
Dentsply
Sirona,
Inc
3,536
185,954
(a)
DexCom,
Inc
25,792
41,284
(a),(b)
DocGo,
Inc
167
49,456
(a)
Doximity,
Inc
1,331
291,345
(a)
Edwards
Lifesciences
Corp
27,841
112,197
Elevance
Health,
Inc
58,179
30,207
Embecta
Corp
401
44,802
Encompass
Health
Corp
3,700
27,101
(a)
Enhabit,
Inc
316
21,428
(a)
Enovis
Corp
1,338
28,674
Ensign
Group,
Inc
3,568
79,184
(a)
Envista
Holdings
Corp
1,693
45,708
(a)
Evolent
Health,
Inc
1,499
65,385
(a),(b)
Figs,
Inc
326
11,072
(a)
Fulgent
Genetics,
Inc
240
199,606
GE
HealthCare
Technologies,
Inc
18,146
207
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
24,523
(a)
Glaukos
Corp
$
2,312
57,262
(a)
Globus
Medical,
Inc
3,072
49,332
(a)
Guardant
Health,
Inc
1,018
24,773
(a)
Haemonetics
Corp
2,114
96,972
HCA,
Inc
32,343
24,393
(a)
Health
Catalyst,
Inc
184
42,554
(a)
HealthEquity,
Inc
3,474
18,780
HealthStream,
Inc
501
64,969
(a)
Henry
Schein,
Inc
4,906
62,220
(a)
Hims
&
Hers
Health,
Inc
963
110,770
(a)
Hologic,
Inc
8,636
58,606
Humana,
Inc
20,320
10,885
(a)
ICU
Medical,
Inc
1,168
39,487
(a)
IDEXX
Laboratories,
Inc
21,320
24,734
(a)
Inari
Medical,
Inc
1,187
9,354
(a),(b)
InfuSystem
Holdings,
Inc
80
38,335
(a)
Inmode
Ltd
828
10,000
(a),(b)
Innovage
Holding
Corp
44
12,244
(a)
Inogen,
Inc
99
13,280
(a)
Inspire
Medical
Systems,
Inc
2,852
34,390
(a)
Insulet
Corp
5,894
17,928
(a)
Integer
Holdings
Corp
2,092
30,442
(a)
Integra
LifeSciences
Holdings
Corp
1,079
166,055
(a)
Intuitive
Surgical,
Inc
66,271
3,653
iRadimed
Corp
161
16,105
(a)
iRhythm
Technologies,
Inc
1,868
7,427
(a),(b)
Joint
Corp
97
42,144
Laboratory
Corp
of
America
Holdings
9,207
34,223
(a)
Lantheus
Holdings,
Inc
2,130
9,523
LeMaitre
Vascular,
Inc
632
25,006
(a),(b)
LifeStance
Health
Group,
Inc
154
26,810
(a)
LivaNova
plc
1,500
19,104
(a)
Masimo
Corp
2,805
62,413
McKesson
Corp
33,506
627,707
Medtronic
plc
54,705
28,011
(a)
Merit
Medical
Systems,
Inc
2,122
6,780
(a)
ModivCare,
Inc
159
28,118
(a)
Molina
Healthcare,
Inc
11,552
187,715
(a)
Multiplan
Corp
152
21,550
(a),(b)
Nano-X
Imaging
Ltd
211
2,600
National
Healthcare
Corp
246
5,598
National
Research
Corp
222
110,527
(a),(b)
Neogen
Corp
1,744
58,635
(a)
NeoGenomics,
Inc
922
19,942
(a)
Nevro
Corp
288
56,233
(a)
Novocure
Ltd
879
23,061
(a)
Omnicell,
Inc
674
238,337
(a),(b)
Opko
Health,
Inc
286
8,440
(a)
OptimizeRx
Corp
103
80,646
(a)
Option
Care
Health,
Inc
2,705
40,487
(a)
OraSure
Technologies,
Inc
249
18,671
(a)
Orthofix
Medical,
Inc
271
5,177
(a)
OrthoPediatrics
Corp
151
24,964
(a),(b)
Outset
Medical,
Inc
55
31,294
(a)
Owens
&
Minor,
Inc
867
23,637
(a)
Paragon
28,
Inc
292
44,685
Patterson
Cos,
Inc
1,236
43,753
(a)
Pediatrix
Medical
Group,
Inc
439
17,723
(a)
Pennant
Group,
Inc
348
17,918
(a)
Penumbra,
Inc
3,999
14,406
(a)
PetIQ,
Inc
263
20,801
(a)
Phreesia,
Inc
498
CREF
Equity
Index
Account
March
31,
2024
208
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
56,653
Premier,
Inc
$
1,252
32,525
(a),(b)
Privia
Health
Group,
Inc
637
13,124
(a)
PROCEPT
BioRobotics
Corp
649
34,423
(a)
Progyny,
Inc
1,313
72,154
(a)
Project
Roadrunner
Parent,
Inc
929
13,858
(a)
Pulmonx
Corp
128
48,948
Quest
Diagnostics,
Inc
6,515
26,154
(a)
QuidelOrtho
Corp
1,254
20,774
(a),(b)
Quipt
Home
Medical
Corp
91
25,914
(a)
RadNet,
Inc
1,261
70,741
Resmed,
Inc
14,009
10,559
(a)
RxSight,
Inc
545
24,729
(a),(b)
Schrodinger,
Inc
668
34,123
Select
Medical
Holdings
Corp
1,029
150,613
(a),(b)
Sharecare,
Inc
116
15,932
(a)
Shockwave
Medical,
Inc
5,188
17,531
(a)
SI-BONE,
Inc
287
18,916
(a)
Silk
Road
Medical,
Inc
347
7,680
Simulations
Plus,
Inc
316
26,141
(a)
STAAR
Surgical
Co
1,001
45,324
STERIS
plc
10,190
169,508
Stryker
Corp
60,662
33,599
(a)
Surgery
Partners,
Inc
1,002
10,275
(a)
SurModics,
Inc
301
10,460
(a)
Tactile
Systems
Technology,
Inc
170
35,006
(a)
Tandem
Diabetes
Care,
Inc
1,240
8,220
(a),(b)
Tela
Bio,
Inc
47
80,556
(a)
Teladoc
Health,
Inc
1,216
20,420
Teleflex,
Inc
4,618
53,386
(a)
Tenet
Healthcare
Corp
5,611
11,786
(a),(b)
TransMedics
Group,
Inc
871
22,415
(a)
Treace
Medical
Concepts,
Inc
293
4,630
(a)
UFP
Technologies,
Inc
1,168
443,027
UnitedHealth
Group,
Inc
219,165
29,977
Universal
Health
Services,
Inc
(Class
B)
5,470
6,975
US
Physical
Therapy,
Inc
787
2,349
Utah
Medical
Products,
Inc
167
27,229
(a)
Varex
Imaging
Corp
493
68,213
(a)
Veeva
Systems,
Inc
15,804
17,155
(a),(b)
Viemed
Healthcare,
Inc
162
99,213
Zimmer
Biomet
Holdings,
Inc
13,094
12,899
(a)
Zimvie,
Inc
213
10,840
(a),(b)
Zynex,
Inc
134
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,233,568
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.3%
66,090
(a)
BellRing
Brands,
Inc
3,901
7,431
(a),(b)
Central
Garden
&
Pet
Co
318
29,455
(a)
Central
Garden
and
Pet
Co
(Class
A)
1,088
111,645
Church
&
Dwight
Co,
Inc
11,646
61,531
Clorox
Co
9,421
390,835
Colgate-Palmolive
Co
35,195
159,439
(a)
Coty,
Inc
1,907
29,639
Edgewell
Personal
Care
Co
1,145
24,917
(a)
elf
Beauty,
Inc
4,885
34,187
Energizer
Holdings,
Inc
1,006
111,564
Estee
Lauder
Cos
(Class
A)
17,198
58,982
(a)
Herbalife
Ltd
593
9,082
Inter
Parfums,
Inc
1,276
852,014
Kenvue,
Inc
18,284
156,644
Kimberly-Clark
Corp
20,262
6,191
Medifast,
Inc
237
209
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
5,868
(a)
Nature's
Sunshine
Products,
Inc
$
122
27,121
Nu
Skin
Enterprises,
Inc
(Class
A)
375
2,434
Oil-Dri
Corp
of
America
182
43,357
(a)
Olaplex
Holdings,
Inc
83
1,119,200
Procter
&
Gamble
Co
181,590
25,608
Reynolds
Consumer
Products,
Inc
731
13,172
Spectrum
Brands
Holdings,
Inc
1,172
8,349
(a)
USANA
Health
Sciences,
Inc
405
10,102
(a),(b)
Waldencast
plc
66
7,178
(b)
WD-40
Co
1,818
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
314,906
INSURANCE
-
2.3%
278,016
Aflac,
Inc
23,870
125,640
Allstate
Corp
21,737
32,424
(a)
AMBAC
Financial
Group,
Inc
507
30,850
American
Equity
Investment
Life
Holding
Co
1,734
34,605
American
Financial
Group,
Inc
4,723
336,820
American
International
Group,
Inc
26,329
13,468
Amerisafe,
Inc
676
95,856
Aon
plc
31,989
169,908
(a)
Arch
Capital
Group
Ltd
15,706
27,795
Assurant,
Inc
5,232
28,366
Assured
Guaranty
Ltd
2,475
27,757
Axis
Capital
Holdings
Ltd
1,805
25,977
(a)
Brighthouse
Financial,
Inc
1,339
117,798
Brown
&
Brown,
Inc
10,312
25,189
(a)
BRP
Group,
Inc
729
192,172
Chubb
Ltd
49,797
74,945
Cincinnati
Financial
Corp
9,306
2,717
CNA
Financial
Corp
123
66,761
CNO
Financial
Group,
Inc
1,835
7,812
(b)
Donegal
Group,
Inc
(Class
A)
110
15,165
(a)
eHealth,
Inc
91
6,714
Employers
Holdings,
Inc
305
4,741
(a)
Enstar
Group
Ltd
1,473
21,082
Everest
Re
Group
Ltd
8,380
9,274
F&G
Annuities
&
Life,
Inc
376
28,518
(b)
Fidelis
Insurance
Holdings
Ltd
556
120,728
Fidelity
National
Financial,
Inc
6,411
52,851
First
American
Financial
Corp
3,227
102,609
Gallagher
(Arthur
J.)
&
Co
25,656
184,221
(a)
Genworth
Financial,
Inc
(Class
A)
1,185
41,690
Globe
Life,
Inc
4,851
9,663
(a)
Goosehead
Insurance,
Inc
644
20,683
(a)
Greenlight
Capital
Re
Ltd
(Class
A)
258
17,079
Hanover
Insurance
Group,
Inc
2,326
136,670
Hartford
Financial
Services
Group,
Inc
14,084
3,092
(b)
HCI
Group,
Inc
359
5,219
(a),(b)
Hippo
Holdings,
Inc
95
3,881
Horace
Mann
Educators
Corp
144
1,119
Investors
Title
Co
183
19,526
James
River
Group
Holdings
Ltd
182
33,482
Kemper
Corp
2,073
10,502
Kinsale
Capital
Group,
Inc
5,511
20,988
(a),(b)
Lemonade,
Inc
344
63,080
Lincoln
National
Corp
2,014
82,321
Loews
Corp
6,445
46,136
(a),(b)
Maiden
Holdings
Ltd
104
6,263
(a)
Markel
Corp
9,529
235,140
Marsh
&
McLennan
Cos,
Inc
48,434
26,174
(b)
MBIA,
Inc
177
CREF
Equity
Index
Account
March
31,
2024
210
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
12,675
Mercury
General
Corp
$
654
298,856
Metlife,
Inc
22,148
78
National
Western
Life
Group,
Inc
38
7,308
(a)
NI
Holdings,
Inc
111
111,944
Old
Republic
International
Corp
3,439
60,575
(a)
Oscar
Health,
Inc
901
13,408
(a)
Palomar
Holdings,
Inc
1,124
18,445
Primerica,
Inc
4,666
120,318
Principal
Financial
Group
10,385
37,307
ProAssurance
Corp
480
279,676
Progressive
Corp
57,843
173,536
Prudential
Financial,
Inc
20,373
29,828
Reinsurance
Group
of
America,
Inc
(Class
A)
5,753
24,465
RenaissanceRe
Holdings
Ltd
5,750
20,019
RLI
Corp
2,972
42,415
Ryan
Specialty
Holdings,
Inc
2,354
4,020
Safety
Insurance
Group,
Inc
330
25,615
Selective
Insurance
Group,
Inc
2,796
8,398
(a)
SiriusPoint
Ltd
107
5,293
(a),(b)
Skyward
Specialty
Insurance
Group,
Inc
198
15,315
Stewart
Information
Services
Corp
996
22,143
Tiptree,
Inc
383
107,605
Travelers
Cos,
Inc
24,764
20,838
(a),(b)
Trupanion,
Inc
575
16,104
United
Fire
Group,
Inc
351
22,402
Universal
Insurance
Holdings,
Inc
455
84,743
Unum
Group
4,547
92,006
W.R.
Berkley
Corp
8,137
1,280
White
Mountains
Insurance
Group
Ltd
2,297
50,392
Willis
Towers
Watson
plc
13,858
TOTAL
INSURANCE
554,536
MATERIALS
-
2.7%
16,560
(a),(b)
5E
Advanced
Materials,
Inc
22
14,906
AdvanSix,
Inc
426
105,994
Air
Products
&
Chemicals,
Inc
25,679
56,068
Albemarle
Corp
7,386
99,055
Alcoa
Corp
3,347
58,071
(a)
Allegheny
Technologies,
Inc
2,971
5,106
Alpha
Metallurgical
Resources,
Inc
1,691
726,379
Amcor
plc
6,908
20,501
American
Vanguard
Corp
265
30,628
Aptargroup,
Inc
4,407
491,853
(a),(b)
Arcadium
Lithium
plc
2,120
7,811
Arch
Resources,
Inc
1,256
74,922
Ardagh
Metal
Packaging
S.A.
257
26,123
Ashland,
Inc
2,544
11,564
(a)
Aspen
Aerogels,
Inc
204
37,556
Avery
Dennison
Corp
8,384
49,682
Avient
Corp
2,156
92,244
(a)
Axalta
Coating
Systems
Ltd
3,172
15,070
Balchem
Corp
2,335
153,554
Ball
Corp
10,343
44,452
Berry
Global
Group,
Inc
2,688
23,466
Cabot
Corp
2,164
8,054
(b)
Caledonia
Mining
Corp
plc
89
25,997
Carpenter
Technology
Corp
1,857
47,153
Celanese
Corp
(Series
A)
8,104
12,437
(a)
Century
Aluminum
Co
191
93,988
(b)
CF
Industries
Holdings,
Inc
7,821
59,993
Chemours
Co
1,575
11,678
(a)
Clearwater
Paper
Corp
511
211
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
230,842
(a)
Cleveland-Cliffs,
Inc
$
5,249
119,550
(a)
Coeur
Mining,
Inc
451
53,154
Commercial
Metals
Co
3,124
20,319
(b)
Compass
Minerals
International,
Inc
320
32,878
(a)
Constellium
SE
727
343,155
Corteva,
Inc
19,790
52,888
Crown
Holdings,
Inc
4,192
36,022
(a),(b)
Danimer
Scientific,
Inc
39
339,626
Dow,
Inc
19,675
205,544
DuPont
de
Nemours,
Inc
15,759
16,817
Eagle
Materials,
Inc
4,570
60,013
Eastman
Chemical
Co
6,014
119,042
Ecolab,
Inc
27,487
20,162
(a)
Ecovyst,
Inc
225
92,641
Element
Solutions,
Inc
2,314
64,363
FMC
Corp
4,100
669,715
Freeport-McMoRan,
Inc
(Class
B)
31,490
17,819
FutureFuel
Corp
143
768,616
(a),(b)
Ginkgo
Bioworks
Holdings,
Inc
892
32,454
(a)
Glatfelter
Corp
65
145,764
Graphic
Packaging
Holding
Co
4,253
14,075
Greif,
Inc
(Class
A)
972
3,993
Greif,
Inc
(Class
B)
278
22,652
H.B.
Fuller
Co
1,806
15,846
Hawkins,
Inc
1,217
9,402
Haynes
International,
Inc
565
290,099
Hecla
Mining
Co
1,395
85,574
Huntsman
Corp
2,227
96,273
(a),(b)
i-80
Gold
Corp
129
21,966
(a)
Ingevity
Corp
1,048
11,273
Innospec,
Inc
1,454
127,265
International
Flavors
&
Fragrances,
Inc
10,944
172,512
International
Paper
Co
6,731
6,735
(a)
Intrepid
Potash,
Inc
140
23,280
(a),(b)
Ivanhoe
Electric,
Inc
228
8,625
Kaiser
Aluminum
Corp
771
24,111
(a)
Knife
River
Corp
1,955
15,231
Koppers
Holdings,
Inc
840
14,288
Kronos
Worldwide,
Inc
169
231,199
Linde
plc
107,350
34,555
Louisiana-Pacific
Corp
2,899
16,250
(a)
LSB
Industries,
Inc
143
122,748
LyondellBasell
Industries
NV
12,555
28,783
Martin
Marietta
Materials,
Inc
17,671
11,119
Materion
Corp
1,465
12,674
Minerals
Technologies,
Inc
954
144,298
Mosaic
Co
4,684
39,809
(a),(b)
MP
Materials
Corp
569
18,118
Myers
Industries,
Inc
420
2,137
NewMarket
Corp
1,356
566,834
Newmont
Goldcorp
Corp
20,315
149,512
(a)
Novagold
Resources,
Inc
449
117,400
Nucor
Corp
23,233
59,953
(a)
O-I
Glass,
Inc
995
62,167
Olin
Corp
3,655
6,559
Olympic
Steel,
Inc
465
54,529
(a),(b)
Origin
Materials,
Inc
28
38,461
Orion
S.A.
905
41,034
Packaging
Corp
of
America
7,787
22,477
Pactiv
Evergreen,
Inc
322
62,456
(a)
Perimeter
Solutions
S.A.
463
8,901
(a),(b)
Piedmont
Lithium,
Inc
119
CREF
Equity
Index
Account
March
31,
2024
212
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
111,158
PPG
Industries,
Inc
$
16,107
7,360
Quaker
Chemical
Corp
1,511
2,299
Ramaco
Resources,
Inc
29
11,495
Ramaco
Resources,
Inc
194
16,208
(a)
Ranpak
Holdings
Corp
128
31,957
(a)
Rayonier
Advanced
Materials,
Inc
153
25,953
Reliance
Steel
&
Aluminum
Co
8,673
32,757
Royal
Gold,
Inc
3,990
57,694
RPM
International,
Inc
6,863
8,418
Ryerson
Holding
Corp
282
14,147
Schnitzer
Steel
Industries,
Inc
(Class
A)
299
9,517
Schweitzer-Mauduit
International,
Inc
178
22,512
Scotts
Miracle-Gro
Co
(Class
A)
1,679
70,338
Sealed
Air
Corp
2,617
18,559
Sensient
Technologies
Corp
1,284
112,338
Sherwin-Williams
Co
39,018
41,605
Silgan
Holdings,
Inc
2,020
36,841
Sonoco
Products
Co
2,131
38,078
(b)
Southern
Copper
Corp
4,056
109,335
SSR
Mining,
Inc
488
76,597
Steel
Dynamics,
Inc
11,354
8,132
Stepan
Co
732
65,111
(a)
Summit
Materials,
Inc
2,902
48,451
SunCoke
Energy,
Inc
546
17,918
Sylvamo
Corp
1,106
29,755
(a)
TimkenSteel
Corp
662
19,671
Tredegar
Corp
128
23,586
Trimas
Corp
630
23,427
Trinseo
plc
89
62,538
Tronox
Holdings
plc
1,085
1,357
United
States
Lime
&
Minerals,
Inc
405
98,029
United
States
Steel
Corp
3,998
60,968
Vulcan
Materials
Co
16,639
28,082
Warrior
Met
Coal,
Inc
1,705
14,533
Westlake
Chemical
Corp
2,221
113,717
Westrock
Co
5,623
10,006
Worthington
Industries,
Inc
623
10,006
Worthington
Steel,
Inc
359
TOTAL
MATERIALS
645,930
MEDIA
&
ENTERTAINMENT
-
7.4%
41,683
(a),(b)
Advantage
Solutions,
Inc
180
2,392,687
(a)
Alphabet,
Inc
364,310
2,832,696
(a)
Alphabet,
Inc
(Class
A)
427,539
3,196
(a)
AMC
Entertainment
Holdings,
Inc
12
16,067
(a)
AMC
Networks,
Inc
195
28,493
(a)
Atlanta
Braves
Holdings,
Inc
1,113
7,655
(a)
Atlanta
Braves
Holdings,
Inc
321
7,354
(a)
Boston
Omaha
Corp
114
44,223
(a)
Bumble,
Inc
502
3,042
Cable
One,
Inc
1,287
51,402
(a)
Cargurus,
Inc
1,186
37,344
(a)
Cars.com,
Inc
642
48,408
(a)
Charter
Communications,
Inc
14,069
58,982
(a)
Cinemark
Holdings,
Inc
1,060
198,206
(a)
Clear
Channel
Outdoor
Holdings,
Inc
327
1,887,403
Comcast
Corp
(Class
A)
81,819
772
(a)
Daily
Journal
Corp
279
22,415
(a)
DHI
Group,
Inc
57
126,113
Electronic
Arts,
Inc
16,731
50,932
Entravision
Communications
Corp
(Class
A)
84
40,961
(a)
Eventbrite,
Inc
224
213
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
8,345
(a)
EverQuote,
Inc
$
155
31,270
(a)
EW
Scripps
Co
(Class
A)
123
114,163
Fox
Corp
(Class
A)
3,570
52,050
Fox
Corp
(Class
B)
1,490
135,594
(a),(b)
fuboTV,
Inc
214
74,491
(a)
Gannett
Co,
Inc
182
46,930
Gray
Television,
Inc
297
20,672
(a),(b)
Grindr,
Inc
209
42,355
(a)
IAC,
Inc
2,259
27,196
(a)
IMAX
Corp
440
16,911
(a)
Integral
Ad
Science
Holding
Corp
169
183,140
Interpublic
Group
of
Cos,
Inc
5,976
23,547
John
Wiley
&
Sons,
Inc
(Class
A)
898
58,788
(a)
Liberty
Broadband
Corp
3,364
5,960
(a)
Liberty
Broadband
Corp
(Class
A)
340
6,884
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
A)
404
90,959
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
C)
5,967
9,028
(a)
Liberty
Media
Corp-Liberty
Live
(Class
A)
382
22,561
(a)
Liberty
Media
Corp-Liberty
Live
(Class
C)
989
72,983
(a)
Liberty
Media
Corp-Liberty
SiriusXM
2,168
34,936
(a)
Liberty
Media
Corp-Liberty
SiriusXM
(Class
A)
1,038
37,150
(a)
Lions
Gate
Entertainment
Corp
(Class
A)
370
71,817
(a)
Lions
Gate
Entertainment
Corp
(Class
B)
669
71,776
(a)
Live
Nation,
Inc
7,592
13,156
(a)
Madison
Square
Garden
Entertainment
Corp
516
10,365
(a)
Madison
Square
Garden
Sports
Corp
1,913
61,168
(a)
Magnite,
Inc
658
14,211
(b)
Marcus
Corp
203
133,165
(a)
Match
Group,
Inc
4,831
9,561
(a)
MediaAlpha,
Inc
195
1,054,293
Meta
Platforms,
Inc
511,944
203,300
(a)
NetFlix,
Inc
123,470
73,578
New
York
Times
Co
(Class
A)
3,180
189,629
News
Corp
(Class
A)
4,964
66,535
News
Corp
(Class
B)
1,800
14,548
Nexstar
Media
Group,
Inc
2,506
73,273
(a)
Nextdoor
Holdings,
Inc
165
97,357
Omnicom
Group,
Inc
9,420
20,470
(a)
Outbrain,
Inc
81
4,594
(b)
Paramount
Global
(Class
A)
100
305,131
Paramount
Global
(Class
B)
3,591
277,011
(a)
Pinterest,
Inc
9,604
40,614
(a)
Playstudios,
Inc
113
42,908
Playtika
Holding
Corp
302
21,386
(a)
PubMatic,
Inc
507
20,643
(a)
QuinStreet,
Inc
365
227,072
(a)
ROBLOX
Corp
8,670
57,130
(a)
Roku,
Inc
3,723
19,984
Scholastic
Corp
754
13,499
Shutterstock,
Inc
618
11,690
(b)
Sinclair,
Inc
157
319,108
(b)
Sirius
XM
Holdings,
Inc
1,238
13,156
(a),(b)
Sphere
Entertainment
Co
646
67,991
(a)
Spotify
Technology
S.A.
17,943
33,238
(a)
Stagwell,
Inc
207
77,842
(a)
Take-Two
Interactive
Software,
Inc
11,559
12,153
(a)
TechTarget,
Inc
402
58,775
TEGNA,
Inc
878
13,027
(a)
Thryv
Holdings,
Inc
290
29,728
TKO
Group
Holdings,
Inc
2,569
56,597
(a)
TripAdvisor,
Inc
1,573
44,667
(a)
TrueCar,
Inc
151
CREF
Equity
Index
Account
March
31,
2024
214
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
68,763
(a)
Vimeo,
Inc
$
281
12,686
(a),(b)
Vivid
Seats,
Inc
76
875,427
Walt
Disney
Co
107,117
1,098,789
(a)
Warner
Bros
Discovery,
Inc
9,592
28,599
(a)
WideOpenWest,
Inc
103
41,665
(a)
Yelp,
Inc
1,642
23,417
(a)
Ziff
Davis,
Inc
1,476
40,960
(a)
ZipRecruiter,
Inc
471
141,765
(a)
ZoomInfo
Technologies,
Inc
2,272
TOTAL
MEDIA
&
ENTERTAINMENT
1,806,152
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.3%
45,940
(a)
10X
Genomics,
Inc
1,724
11,229
(a),(b)
2seventy
bio,
Inc
60
22,403
(a)
4D
Molecular
Therapeutics,
Inc
714
30,587
(a)
89bio,
Inc
356
841,172
AbbVie,
Inc
153,177
46,492
(a)
Acadia
Pharmaceuticals,
Inc
860
34,596
(a),(b)
ACELYRIN,
Inc
234
23,691
(a)
Aclaris
Therapeutics,
Inc
29
12,987
(a),(b)
Actinium
Pharmaceuticals,
Inc
102
59,774
(a)
Adaptive
Biotechnologies
Corp
192
14,505
(a),(b)
Adicet
Bio,
Inc
34
95,244
(a)
ADMA
Biologics,
Inc
629
107,560
(a)
Agenus,
Inc
62
141,540
Agilent
Technologies,
Inc
20,596
34,493
(a)
Agios
Pharmaceuticals,
Inc
1,009
22,177
(a)
Akero
Therapeutics,
Inc
560
23,019
(a)
Aldeyra
Therapeutics,
Inc
75
31,429
(a)
Alector,
Inc
189
87,531
(a)
Alkermes
plc
2,369
33,411
(a),(b)
Allakos,
Inc
42
28,864
(a)
Allogene
Therapeutics,
Inc
129
61,672
(a)
Alnylam
Pharmaceuticals,
Inc
9,217
15,824
(a)
Alpine
Immune
Sciences,
Inc
627
24,706
(a),(b)
Altimmune,
Inc
252
9,675
(a),(b)
ALX
Oncology
Holdings,
Inc
108
254,785
Amgen,
Inc
72,440
151,298
(a)
Amicus
Therapeutics,
Inc
1,782
53,162
(a)
Amneal
Pharmaceuticals,
Inc
322
14,523
(a)
Amphastar
Pharmaceuticals,
Inc
638
25,689
(a),(b)
Amylyx
Pharmaceuticals,
Inc
73
12,566
(a)
AnaptysBio,
Inc
283
30,524
(a),(b)
Anavex
Life
Sciences
Corp
155
5,767
(a)
ANI
Pharmaceuticals,
Inc
399
10,943
(a)
Anika
Therapeutics,
Inc
278
94,340
(a)
Annexon,
Inc
676
46,610
(a)
Apellis
Pharmaceuticals,
Inc
2,740
19,643
(a),(b)
Apogee
Therapeutics,
Inc
1,305
55,373
(a),(b)
Arbutus
Biopharma
Corp
143
15,098
(a)
Arcellx,
Inc
1,050
7,756
(a)
Arcturus
Therapeutics
Holdings,
Inc
262
20,717
(a)
Arcus
Biosciences,
Inc
391
70,172
(a)
Arcutis
Biotherapeutics,
Inc
695
105,254
(a)
Ardelyx,
Inc
768
55,310
(a)
Arrowhead
Pharmaceuticals,
Inc
1,582
23,815
(a)
Arvinas,
Inc
983
27,175
(a),(b)
Assertio
Holdings,
Inc
26
197
(a)
Astria
Therapeutics,
Inc
3
35,244
(a),(b)
Atea
Pharmaceuticals,
Inc
142
9,389
(a)
Aura
Biosciences,
Inc
74
68,772
(a),(b)
Aurinia
Pharmaceuticals,
Inc
345
215
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
318,550
(a)
Avantor,
Inc
$
8,145
33,858
(a)
Avid
Bioservices,
Inc
227
38,891
(a)
Avidity
Biosciences,
Inc
993
12,422
(a),(b)
Avita
Medical,
Inc
199
15,727
(a),(b)
Axsome
Therapeutics,
Inc
1,255
25,636
(a),(b)
Beam
Therapeutics,
Inc
847
97,016
(a)
BioCryst
Pharmaceuticals,
Inc
493
68,965
(a)
Biogen,
Inc
14,871
34,983
(a)
Biohaven
Ltd
1,913
13,317
(a)
BioLife
Solutions,
Inc
247
93,702
(a)
BioMarin
Pharmaceutical,
Inc
8,184
9,809
(a),(b)
Biomea
Fusion,
Inc
147
10,456
(a)
Bio-Rad
Laboratories,
Inc
(Class
A)
3,616
78,368
Bio-Techne
Corp
5,516
33,689
(a),(b)
Bluebird
Bio,
Inc
43
31,927
(a)
Blueprint
Medicines
Corp
3,029
58,721
(a)
Bridgebio
Pharma,
Inc
1,816
975,921
Bristol-Myers
Squibb
Co
52,924
26,921
(a)
Brooks
Automation,
Inc
1,623
47,870
Bruker
BioSciences
Corp
4,497
11,526
(a)
Cabaletta
Bio,
Inc
197
19,366
(a),(b)
Cara
Therapeutics,
Inc
18
27,306
(a),(b)
CareDx,
Inc
289
10,249
(a),(b)
Cargo
Therapeutics,
Inc
229
17,393
(a)
Caribou
Biosciences,
Inc
89
13,320
(a),(b)
Carisma
Therapeutics,
Inc
30
20,876
(a),(b)
Cassava
Sciences,
Inc
424
85,996
(a)
Catalent,
Inc
4,854
50,782
(a),(b)
Catalyst
Pharmaceuticals,
Inc
809
8,603
(a),(b)
Celcuity,
Inc
186
21,395
(a)
Celldex
Therapeutics,
Inc
898
35,533
(a)
Cerevel
Therapeutics
Holdings,
Inc
1,502
11,058
(a),(b)
CG
oncology,
Inc
485
25,265
(a)
Charles
River
Laboratories
International,
Inc
6,846
28,644
(a),(c)
Chinook
Therapeutics,
Inc
11
23,538
(a)
Codexis,
Inc
82
22,858
(a)
Cogent
Biosciences,
Inc
154
16,286
(a)
Collegium
Pharmaceutical,
Inc
632
45,293
(a),(b)
Compass
Therapeutics,
Inc
90
33,186
(a)
Corcept
Therapeutics,
Inc
836
22,299
(a),(b)
CorMedix,
Inc
95
38,468
(a)
Crinetics
Pharmaceuticals,
Inc
1,801
22,130
(a)
CryoPort,
Inc
392
7,345
(a)
Cullinan
Oncology,
Inc
125
51,177
(a)
Cytek
Biosciences,
Inc
343
42,716
(a)
Cytokinetics,
Inc
2,995
316,303
Danaher
Corp
78,987
11,974
(a)
Day
One
Biopharmaceuticals,
Inc
198
22,263
(a)
Deciphera
Pharmaceuticals,
Inc
350
49,642
(a)
Denali
Therapeutics,
Inc
1,019
14,200
(a)
Design
Therapeutics,
Inc
57
3,831
(a),(b)
Disc
Medicine,
Inc
239
58,823
(a)
Dynavax
Technologies
Corp
730
38,158
(a)
Dyne
Therapeutics,
Inc
1,083
6,368
(a),(b)
Eagle
Pharmaceuticals,
Inc
33
20,664
(a)
Edgewise
Therapeutics,
Inc
377
35,681
(a),(b)
Editas
Medicine,
Inc
265
242,401
(a)
Elanco
Animal
Health,
Inc
3,946
404,332
Eli
Lilly
&
Co
314,554
11,786
(a)
Enanta
Pharmaceuticals,
Inc
206
11,571
(a),(b)
Enliven
Therapeutics,
Inc
204
10,600
(a),(b)
Entrada
Therapeutics,
Inc
150
CREF
Equity
Index
Account
March
31,
2024
216
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
33,527
(a)
Erasca,
Inc
$
69
17,590
(a)
Evolus,
Inc
246
88,922
(a)
Exact
Sciences
Corp
6,141
170,031
(a)
Exelixis,
Inc
4,035
12,962
(a),(b)
EyePoint
Pharmaceuticals,
Inc
268
42,216
(a)
Fate
Therapeutics,
Inc
310
10,305
(a),(b)
Foghorn
Therapeutics,
Inc
69
45,181
(a)
Fortrea
Holdings,
Inc
1,814
29,510
(a)
Genelux
Corp
190
23,909
(a),(b)
Generation
Bio
Co
97
245,957
(a)
Geron
Corp
812
596,877
Gilead
Sciences,
Inc
43,721
44,572
(a),(b)
Gritstone
bio,
Inc
115
68,124
(a)
Halozyme
Therapeutics,
Inc
2,771
12,195
(a)
Harmony
Biosciences
Holdings,
Inc
410
12,872
(a),(b)
Harrow
Health,
Inc
170
19,354
(a)
Harvard
Bioscience,
Inc
82
197,694
(a),(b)
Heron
Therapeutics,
Inc
548
10,524
(a)
HilleVax,
Inc
175
38,381
(a)
ICON
plc
12,894
31,278
(a)
Ideaya
Biosciences,
Inc
1,372
2,211
(a),(b)
IGM
Biosciences,
Inc
21
78,792
(a)
Illumina,
Inc
10,820
10,169
(a),(b)
Immuneering
Corp
29
29,826
(a),(b)
ImmunityBio,
Inc
160
19,494
(a)
Immunovant,
Inc
630
87,640
(a)
Incyte
Corp
4,993
15,231
(a)
Inhibrx,
Inc
532
34,523
(a)
Innoviva,
Inc
526
16,918
(a),(b)
Inozyme
Pharma,
Inc
130
60,247
(a)
Insmed,
Inc
1,635
34,856
(a)
Intellia
Therapeutics,
Inc
959
46,963
(a)
Intra-Cellular
Therapies,
Inc
3,250
79,163
(a)
Ionis
Pharmaceuticals,
Inc
3,432
109,007
(a)
Iovance
Biotherapeutics,
Inc
1,615
86,333
(a)
IQVIA
Holdings,
Inc
21,833
95,014
(a)
Ironwood
Pharmaceuticals,
Inc
828
11,046
(a)
iTeos
Therapeutics,
Inc
151
8,802
(a),(b)
Janux
Therapeutics,
Inc
331
28,814
(a)
Jazz
Pharmaceuticals
plc
3,470
1,150,367
Johnson
&
Johnson
181,977
10,666
(a)
KalVista
Pharmaceuticals,
Inc
127
46,110
(a),(b)
Karyopharm
Therapeutics,
Inc
70
8,516
(a)
Keros
Therapeutics,
Inc
564
18,676
(a)
Kezar
Life
Sciences,
Inc
17
11,321
(a)
Kiniksa
Pharmaceuticals
Ltd
223
18,276
(a),(b)
Kodiak
Sciences,
Inc
96
9,785
(a)
Krystal
Biotech,
Inc
1,741
31,598
(a)
Kura
Oncology,
Inc
674
15,771
(a)
Kymera
Therapeutics,
Inc
634
69,606
(a),(b)
Larimar
Therapeutics,
Inc
528
30,110
(a)
Lexicon
Pharmaceuticals,
Inc
72
8,586
(a)
Ligand
Pharmaceuticals,
Inc
(Class
B)
628
65,652
(a),(b)
Lineage
Cell
Therapeutics,
Inc
97
24,455
(a),(b)
Liquidia
Corp
361
32,698
(a),(b)
Longboard
Pharmaceuticals,
Inc
706
77,816
(a),(b)
Lyell
Immunopharma,
Inc
174
32,187
(a)
MacroGenics,
Inc
474
6,193
(a),(b)
Madrigal
Pharmaceuticals,
Inc
1,654
94,899
(a),(b)
MannKind
Corp
430
54,984
(a)
Maravai
LifeSciences
Holdings,
Inc
477
24,801
(a),(b)
Marinus
Pharmaceuticals,
Inc
224
217
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
51,230
(a),(b)
MaxCyte,
Inc
$
215
10,580
(a)
Medpace
Holdings,
Inc
4,276
10,086
(a)
MeiraGTx
Holdings
plc
61
1,210,461
Merck
&
Co,
Inc
159,720
2,255
Mesa
Laboratories,
Inc
247
10,239
(a)
Mettler-Toledo
International,
Inc
13,631
60,615
(a)
MiMedx
Group,
Inc
467
7,068
(a),(b)
Mineralys
Therapeutics,
Inc
91
8,147
(a),(b)
Mirum
Pharmaceuticals,
Inc
205
158,943
(a),(b)
Moderna,
Inc
16,937
14,704
(a),(b)
Monte
Rosa
Therapeutics,
Inc
104
15,005
(a)
Morphic
Holding,
Inc
528
8,753
(a)
Mural
Oncology
PLC
43
46,607
(a)
Myriad
Genetics,
Inc
994
51,554
(a)
Natera,
Inc
4,715
25,317
(a),(b)
Nautilus
Biotechnology,
Inc
74
45,814
(a)
Neurocrine
Biosciences,
Inc
6,319
15,360
(a),(b)
NGM
Biopharmaceuticals,
Inc
24
9,374
(a),(b)
Nkarta,
Inc
101
40,572
(a),(b)
Novavax,
Inc
194
17,085
(a),(b)
Nurix
Therapeutics,
Inc
251
10,256
(a),(b)
Nuvalent,
Inc
770
35,946
(a)
Nuvation
Bio,
Inc
131
41,830
(a)
Ocular
Therapeutix,
Inc
381
13,370
(a)
Olema
Pharmaceuticals,
Inc
151
12,172
(a),(b)
Omega
Therapeutics,
Inc
44
3,255
(a),(c)
OmniAb
Operations,
Inc
0
^
3,255
(a),(c)
OmniAb
Operations,
Inc
0
^
42,040
(a)
OmniAb,
Inc
228
13,691
(a)
Organogenesis
Holdings,
Inc
39
99,908
Organon
&
Co
1,878
19,543
(a),(b)
ORIC
Pharmaceuticals,
Inc
269
29,936
(a)
Ovid
therapeutics,
Inc
91
100,456
(a),(b)
Pacific
Biosciences
of
California,
Inc
377
23,821
(a)
Pacira
BioSciences,
Inc
696
59,289
PerkinElmer,
Inc
6,225
48,417
Perrigo
Co
plc
1,559
2,706,201
Pfizer,
Inc
75,097
56,260
(a),(b)
Phathom
Pharmaceuticals,
Inc
597
12,927
Phibro
Animal
Health
Corp
167
27,964
(a),(b)
Pliant
Therapeutics,
Inc
417
14,315
(a),(b)
PMV
Pharmaceuticals,
Inc
24
39,456
(a),(b)
Precigen,
Inc
57
24,486
(a)
Prestige
Consumer
Healthcare,
Inc.
1,777
19,579
(a),(b)
Prime
Medicine,
Inc
137
30,525
(a),(b)
ProKidney
Corp
50
22,557
(a)
Protagonist
Therapeutics,
Inc
653
18,603
(a)
Prothena
Corp
plc
461
37,990
(a)
PTC
Therapeutics,
Inc
1,105
109,718
QIAGEN
NV
4,717
16,838
(a)
Quanterix
Corp
397
46,832
(a),(b)
Quantum-Si,
Inc
92
15,258
(a)
Rallybio
Corp
28
6,533
(a),(b)
RAPT
Therapeutics,
Inc
59
63,522
(a),(b)
Recursion
Pharmaceuticals,
Inc
633
48,518
(a)
Regeneron
Pharmaceuticals,
Inc
46,698
19,715
(a)
REGENXBIO,
Inc
415
31,945
(a)
Relay
Therapeutics,
Inc
265
26,192
(a)
Repligen
Corp
4,817
10,254
(a)
Replimune
Group,
Inc
84
33,815
(a)
Revance
Therapeutics,
Inc
166
57,859
(a)
REVOLUTION
Medicines,
Inc
1,865
CREF
Equity
Index
Account
March
31,
2024
218
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
25,414
(a)
Rhythm
Pharmaceuticals,
Inc
$
1,101
86,450
(a)
Rigel
Pharmaceuticals,
Inc
128
20,281
(a)
Rocket
Pharmaceuticals,
Inc
546
178,841
(a)
Roivant
Sciences
Ltd
1,885
165,226
Royalty
Pharma
plc
5,018
28,225
(a)
Sage
Therapeutics,
Inc
529
46,510
(a),(b)
Sana
Biotechnology,
Inc
465
52,234
(a)
Sangamo
Therapeutics
Inc
35
41,917
(a)
Sarepta
Therapeutics,
Inc
5,427
38,005
(a),(b)
Savara,
Inc
189
7,676
(a)
Scholar
Rock
Holding
Corp
136
14,352
(a),(b)
scPharmaceuticals,
Inc
72
22,417
(a),(b)
Seer,
Inc
43
35,191
SIGA
Technologies,
Inc
301
99,083
(a),(b),(c)
Sorrento
Therapeutics,
Inc
146
43,033
(a)
Sotera
Health
Co
517
35,381
(a),(b)
SpringWorks
Therapeutics,
Inc
1,741
10,464
(a),(b)
Stoke
Therapeutics,
Inc
141
57,751
(a),(b)
Summit
Therapeutics,
Inc
239
26,807
(a)
Supernus
Pharmaceuticals,
Inc
914
15,843
(a)
Sutro
Biopharma,
Inc
90
24,529
(a)
Syndax
Pharmaceuticals,
Inc
584
23,918
(a)
Tango
Therapeutics,
Inc
190
4,094
(a)
Taro
Pharmaceutical
Industries
Ltd
173
9,396
(a)
Tarsus
Pharmaceuticals,
Inc
342
22,763
(a)
Tenaya
Therapeutics,
Inc
119
21,241
(a)
Terns
Pharmaceuticals,
Inc
139
69,942
(a)
TG
Therapeutics,
Inc
1,064
29,259
(a),(b)
Theravance
Biopharma,
Inc
262
183,985
Thermo
Fisher
Scientific,
Inc
106,934
25,726
(a),(b)
Travere
Therapeutics,
Inc
198
26,284
(a)
Twist
Bioscience
Corp
902
6,957
(a),(b)
Tyra
Biosciences,
Inc
114
33,751
(a)
Ultragenyx
Pharmaceutical,
Inc
1,576
22,243
(a)
United
Therapeutics
Corp
5,110
9,811
(a),(b)
UroGen
Pharma
Ltd
147
31,395
(a)
Vanda
Pharmaceuticals,
Inc
129
45,372
(a)
Vaxcyte,
Inc
3,099
30,037
(a)
Ventyx
Biosciences,
Inc
165
6,792
(a),(b)
Vera
Therapeutics,
Inc
293
36,815
(a)
Veracyte,
Inc
816
24,994
(a)
Vericel
Corp
1,300
122,651
(a)
Vertex
Pharmaceuticals,
Inc
51,269
23,209
(a),(b)
Verve
Therapeutics,
Inc
308
530,013
Viatris,
Inc
6,328
47,438
(a)
Viking
Therapeutics,
Inc
3,890
32,800
(a)
Vir
Biotechnology,
Inc
332
16,873
(a)
Viridian
Therapeutics,
Inc
295
19,087
(a)
Vor
BioPharma,
Inc
45
15,628
(a)
Voyager
Therapeutics,
Inc
146
29,140
(a)
Waters
Corp
10,031
29,537
(a),(b)
WaVe
Life
Sciences
Ltd
182
35,435
West
Pharmaceutical
Services,
Inc
14,022
61,355
(a),(b)
X4
Pharmaceuticals,
Inc
85
27,098
(a)
Xencor,
Inc
600
67,913
(a)
Xeris
Biopharma
Holdings,
Inc
150
19,065
(a),(b)
Y-mAbs
Therapeutics,
Inc
310
18,143
(a)
Zentalis
Pharmaceuticals,
Inc
286
17,404
(a),(b)
Zevra
Therapeutics,
Inc
101
223,138
Zoetis,
Inc
37,757
219
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
26,472
(a)
Zymeworks,
Inc
$
279
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,774,447
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
62,854
(a)
Anywhere
Real
Estate,
Inc
388
143,011
(a)
CBRE
Group,
Inc
13,906
133,621
(a)
Compass,
Inc
481
66,192
(a)
Cushman
&
Wakefield
plc
692
69,755
DigitalBridge
Group,
Inc
1,344
41,149
Douglas
Elliman,
Inc
65
28,436
(b)
eXp
World
Holdings,
Inc
294
425
(a)
Forestar
Group,
Inc
17
4,942
(a)
FRP
Holdings,
Inc
304
16,878
(a)
Howard
Hughes
Holdings,
Inc
1,226
23,806
(a)
Jones
Lang
LaSalle,
Inc
4,644
44,610
Kennedy-Wilson
Holdings,
Inc
383
11,498
Marcus
&
Millichap,
Inc
393
81,428
Newmark
Group,
Inc
903
228,590
(a)
Opendoor
Technologies,
Inc
693
13,117
(b)
Re/Max
Holdings,
Inc
115
57,095
(a),(b)
Redfin
Corp
380
5,123
RMR
Group,
Inc
123
18,561
St.
Joe
Co
1,076
3,112
(a)
Stratus
Properties,
Inc
71
12,164
(a)
Tejon
Ranch
Co
188
20,587
(a)
Zillow
Group,
Inc
(Class
A)
985
74,688
(a)
Zillow
Group,
Inc
(Class
C)
3,643
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
32,314
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
8.9%
24,578
(a)
ACM
Research,
Inc
716
763,015
(a)
Advanced
Micro
Devices,
Inc
137,717
12,826
(a),(b)
Aehr
Test
Systems
159
26,133
(a)
Allegro
MicroSystems,
Inc
705
15,539
(a)
Alpha
&
Omega
Semiconductor
Ltd
342
19,074
(a)
Ambarella,
Inc
968
55,705
Amkor
Technology,
Inc
1,796
236,844
Analog
Devices,
Inc
46,845
400,589
Applied
Materials,
Inc
82,613
10,142
(a),(b)
Atomera,
Inc
62
16,075
(a)
Axcelis
Technologies,
Inc
1,793
205,582
Broadcom,
Inc
272,480
15,710
(a)
Ceva,
Inc
357
18,757
(a)
Cirrus
Logic,
Inc
1,736
26,675
(a)
Cohu,
Inc
889
63,354
(a)
Credo
Technology
Group
Holding
Ltd
1,342
23,788
(a)
Diodes,
Inc
1,677
59,868
(a)
Enphase
Energy,
Inc
7,243
72,011
Entegris,
Inc
10,120
51,096
(a)
First
Solar,
Inc
8,625
42,439
(a)
Formfactor,
Inc
1,936
39,047
(a),(b)
GLOBALFOUNDRIES,
Inc
2,035
15,133
(a)
Ichor
Holdings
Ltd
584
13,074
(a),(b)
Impinj,
Inc
1,679
51,148
(a),(b)
indie
Semiconductor,
Inc
362
2,012,141
Intel
Corp
88,876
5,319
(a),(b)
inTEST
Corp
70
63,710
KLA
Corp
44,506
26,815
Kulicke
&
Soffa
Industries,
Inc
1,349
62,802
Lam
Research
Corp
61,017
68,594
(a)
Lattice
Semiconductor
Corp
5,366
26,755
(a)
MACOM
Technology
Solutions
Holdings,
Inc
2,559
CREF
Equity
Index
Account
March
31,
2024
220
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
413,387
Marvell
Technology,
Inc
$
29,301
12,490
(a),(b)
Maxeon
Solar
Technologies
Ltd
42
38,172
(a)
MaxLinear,
Inc
713
251,780
Microchip
Technology,
Inc
22,587
517,623
Micron
Technology,
Inc
61,023
33,135
MKS
Instruments,
Inc
4,407
21,877
Monolithic
Power
Systems,
Inc
14,820
50,806
(a)
Navitas
Semiconductor
Corp
242
2,338
NVE
Corp
211
1,132,824
Nvidia
Corp
1,023,574
208,183
(a)
ON
Semiconductor
Corp
15,312
21,454
(a)
Onto
Innovation,
Inc
3,885
20,605
(a)
PDF
Solutions,
Inc
694
29,998
(a)
Photronics,
Inc
850
25,919
Power
Integrations,
Inc
1,855
46,313
(a)
Qorvo,
Inc
5,318
531,781
QUALCOMM,
Inc
90,031
53,820
(a)
Rambus,
Inc
3,327
35,296
(a)
Semtech
Corp
970
15,676
(a)
Silicon
Laboratories,
Inc
2,253
7,023
(a)
SiTime
Corp
655
69,239
Skyworks
Solutions,
Inc
7,500
15,494
(a)
SMART
Global
Holdings,
Inc
408
19,257
(a)
Synaptics,
Inc
1,879
75,708
Teradyne,
Inc
8,542
433,797
Texas
Instruments,
Inc
75,572
23,500
(a),(b)
Ultra
Clean
Holdings
1,080
20,752
Universal
Display
Corp
3,496
13,515
(a)
Veeco
Instruments,
Inc
475
62,345
(a)
Wolfspeed,
Inc
1,839
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2,171,385
SOFTWARE
&
SERVICES
-
12.0%
65,506
(a),(b)
8x8,
Inc
177
32,215
A10
Networks,
Inc
441
300,460
Accenture
plc
104,142
68,208
(a)
ACI
Worldwide,
Inc
2,265
57,275
Adeia,
Inc
625
214,803
(a)
Adobe,
Inc
108,390
11,056
(a)
Agilysys,
Inc
932
70,255
(a)
Akamai
Technologies,
Inc
7,641
26,945
(a)
Alarm.com
Holdings,
Inc
1,953
15,192
(a)
Alkami
Technology,
Inc
373
24,769
(a)
Altair
Engineering,
Inc
2,134
51,231
Amdocs
Ltd
4,630
15,720
American
Software,
Inc
(Class
A)
180
28,669
(a)
Amplitude,
Inc
312
41,203
(a)
Ansys,
Inc
14,304
9,509
(a)
Appfolio,
Inc
2,346
20,140
(a)
Appian
Corp
805
33,758
(a),(b)
Applied
Digital
Corp
145
99,212
(a)
AppLovin
Corp
6,867
40,356
(a),(b)
Asana,
Inc
625
14,242
(a)
Aspentech
Corp
3,038
9,467
(a)
Asure
Software,
Inc
74
75,578
(a)
Atlassian
Corp
Ltd
14,746
102,498
(a)
Autodesk,
Inc
26,693
66,029
(a)
AvePoint,
Inc
523
95,656
Bentley
Systems,
Inc
4,995
24,476
(a)
BigCommerce
Holdings,
Inc
169
49,304
(a)
BILL
Holdings,
Inc
3,388
36,478
(a),(b)
Bit
Digital,
Inc
105
221
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
17,422
(a)
Blackbaud,
Inc
$
1,292
29,853
(a)
BlackLine,
Inc
1,928
66,925
(a)
Box,
Inc
1,895
17,121
(a)
Braze,
Inc
758
20,694
(a)
Brightcove,
Inc
40
29,086
(a),(b)
C3.ai,
Inc
787
129,358
(a)
Cadence
Design
Systems,
Inc
40,267
161,339
(a)
CCC
Intelligent
Solutions
Holdings,
Inc
1,930
22,039
(a)
Cerence,
Inc
347
73,546
(a)
Ceridian
HCM
Holding,
Inc
4,869
82,383
(a)
Cleanspark,
Inc
1,747
31,897
Clear
Secure,
Inc
678
136,887
(a)
Cloudflare,
Inc
13,255
232,781
Cognizant
Technology
Solutions
Corp
(Class
A)
17,061
20,876
(a)
Commvault
Systems,
Inc
2,117
92,360
(a)
Confluent,
Inc
2,819
7,805
(a)
Consensus
Cloud
Solutions,
Inc
124
3,649
(a),(b)
CoreCard
Corp
40
13,583
(a)
Couchbase,
Inc
357
101,429
(a)
Crowdstrike
Holdings,
Inc
32,517
6,968
(a)
CS
Disco,
Inc
57
133,433
(a)
Datadog,
Inc
16,492
7,264
(a),(b)
Digimarc
Corp
197
46,104
(a)
Digital
Turbine,
Inc
121
39,126
(a),(b)
DigitalOcean
Holdings,
Inc
1,494
91,998
(a)
DocuSign,
Inc
5,478
29,210
Dolby
Laboratories,
Inc
(Class
A)
2,447
15,039
(a)
Domo,
Inc
134
55,975
(a)
DoubleVerify
Holdings,
Inc
1,968
118,133
(a)
Dropbox,
Inc
2,871
83,626
(a)
DXC
Technology
Co
1,774
123,521
(a)
Dynatrace,
Inc
5,736
87,429
(a)
E2open
Parent
Holdings,
Inc
388
10,699
(a)
eGain
Corp
69
37,517
(a)
Elastic
NV
3,761
13,046
(a)
Enfusion,
Inc
121
30,234
(a)
Envestnet,
Inc
1,751
27,283
(a)
EPAM
Systems,
Inc
7,534
21,053
(a)
Everbridge,
Inc
733
12,378
(a),(b)
EverCommerce,
Inc
117
27,561
(a),(b)
Expensify,
Inc
51
11,453
(a)
Fair
Isaac
Corp
14,312
58,075
(a)
Fastly,
Inc
753
37,675
(a)
Five9,
Inc
2,340
311,471
(a)
Fortinet,
Inc
21,277
80,143
(a)
Freshworks,
Inc
1,459
36,319
(a)
Gartner,
Inc
17,312
250,363
Gen
Digital,
Inc
5,608
43,093
(a)
Gitlab,
Inc
2,513
18,760
(a)
Globant
S.A.
3,788
68,647
(a)
GoDaddy,
Inc
8,147
15,258
(a)
Grid
Dynamics
Holdings,
Inc
188
39,348
(a)
Guidewire
Software,
Inc
4,592
17,956
Hackett
Group,
Inc
436
46,373
(a)
HashiCorp,
Inc
1,250
21,605
(a)
HubSpot,
Inc
13,537
5,474
(a)
IBEX
Holdings
Ltd
84
17,943
(a)
Informatica,
Inc
628
18,219
Information
Services
Group,
Inc
74
8,870
(a)
Instructure
Holdings,
Inc
190
7,324
(a)
Intapp,
Inc
251
13,365
(b)
InterDigital,
Inc
1,423
CREF
Equity
Index
Account
March
31,
2024
222
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
434,475
International
Business
Machines
Corp
$
82,967
130,275
Intuit,
Inc
84,679
29,050
(a)
Jamf
Holding
Corp
533
95,867
(a)
Kyndryl
Holdings,
Inc
2,086
35,615
(a)
LiveRamp
Holdings,
Inc
1,229
29,686
(a)
Manhattan
Associates,
Inc
7,428
102,816
(a)
Marathon
Digital
Holdings,
Inc
2,322
112,247
(a),(b)
Matterport,
Inc
254
11,893
(a)
MeridianLink,
Inc
222
3,547,433
Microsoft
Corp
1,492,476
7,052
(a),(b)
MicroStrategy,
Inc
(Class
A)
12,021
22,456
(a),(b)
Mitek
Systems,
Inc
317
14,483
(a)
Model
N,
Inc
412
31,781
(a)
MongoDB,
Inc
11,398
19,169
(a)
N-able,
Inc
251
25,933
(a),(b)
nCino
OpCo,
Inc
969
68,992
(a)
NCR
Corp
871
120,180
(a)
Nutanix,
Inc
7,418
67,719
(a)
Okta,
Inc
7,085
46,103
(a)
Olo,
Inc
253
4,837
ON24,
Inc
35
21,489
(a)
OneSpan,
Inc
250
733,065
Oracle
Corp
92,080
41,005
(a)
PagerDuty,
Inc
930
900,325
(a)
Palantir
Technologies,
Inc
20,716
144,905
(a)
Palo
Alto
Networks,
Inc
41,172
36,294
(a)
Paycor
HCM,
Inc
706
20,584
(a)
Paylocity
Holding
Corp
3,538
22,404
Pegasystems,
Inc
1,448
17,663
(a)
Perficient,
Inc
994
23,203
(a)
PowerSchool
Holdings,
Inc
494
39,107
(a)
Procore
Technologies,
Inc
3,213
23,997
Progress
Software
Corp
1,279
19,034
(a)
PROS
Holdings,
Inc
692
52,897
(a)
PTC,
Inc
9,994
29,530
(a)
Q2
Holdings,
Inc
1,552
18,605
(a)
Qualys,
Inc
3,105
31,056
(a)
Rapid7,
Inc
1,523
24,959
(a)
Rimini
Street,
Inc
81
44,149
(a)
RingCentral,
Inc
1,534
68,622
(a)
Riot
Platforms,
Inc
840
49,947
Roper
Industries,
Inc
28,012
445,780
Salesforce,
Inc
134,260
15,268
Sapiens
International
Corp
NV
491
15,611
(a)
SEMrush
Holdings,
Inc
207
113,808
(a)
SentinelOne,
Inc
2,653
96,682
(a)
ServiceNow,
Inc
73,710
66,115
(a)
Smartsheet,
Inc
2,545
150,198
(a)
Snowflake,
Inc
24,272
19,169
(a)
SolarWinds
Corp
242
69,720
(a),(b)
SoundHound
AI,
Inc
411
4,906
(a)
SoundThinking,
Inc
78
42,968
(a)
Sprinklr,
Inc
527
24,107
(a)
Sprout
Social,
Inc
1,439
19,690
(a)
SPS
Commerce,
Inc
3,641
16,060
(a)
Squarespace,
Inc
585
71,762
(a)
Synopsys,
Inc
41,012
49,510
(a)
Tenable
Holdings,
Inc
2,447
51,680
(a)
Teradata
Corp
1,998
71,297
(a),(b)
Terawulf,
Inc
188
22,872
(a)
Thoughtworks
Holding,
Inc
58
207,335
(a)
Trade
Desk,
Inc
18,125
223
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
6,516
(a),(b)
Tucows,
Inc
$
121
85,658
(a)
Twilio,
Inc
5,238
19,472
(a)
Tyler
Technologies,
Inc
8,276
192,445
(a)
UiPath,
Inc
4,363
38,674
(a)
Unisys
Corp
190
143,370
(a),(b)
Unity
Software,
Inc
3,828
56,469
(a)
Varonis
Systems,
Inc
2,664
35,164
(a)
Verint
Systems,
Inc
1,166
43,208
(a)
VeriSign,
Inc
8,188
6,012
(a)
Viant
Technology,
Inc
64
16,330
(a)
Weave
Communications,
Inc
187
94,731
(a)
Workday,
Inc
25,838
22,930
(a)
Workiva,
Inc
1,944
22,910
(a)
Xperi,
Inc
276
55,032
(a)
Yext,
Inc
332
55,743
(a)
Zeta
Global
Holdings
Corp
609
121,590
(a)
Zoom
Video
Communications,
Inc
7,948
41,021
(a)
Zscaler,
Inc
7,902
55,037
(a)
Zuora,
Inc
502
TOTAL
SOFTWARE
&
SERVICES
2,909,206
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
6.6%
6,963
(a),(b)
908
Devices,
Inc
53
35,649
ADTRAN
Holdings,
Inc
194
20,999
Advanced
Energy
Industries,
Inc
2,141
8,262
(a),(b)
Aeva
Technologies,
Inc
32
18,515
(a),(b)
Akoustis
Technologies,
Inc
11
272,612
Amphenol
Corp
(Class
A)
31,446
6,951,253
(b)
Apple,
Inc
1,192,001
120,718
(a)
Arista
Networks,
Inc
35,006
47,303
(a)
Arlo
Technologies,
Inc
598
25,833
(a)
Arrow
Electronics,
Inc
3,344
5,662
(a)
Aviat
Networks,
Inc
217
46,118
Avnet,
Inc
2,287
15,939
Badger
Meter,
Inc
2,579
5,150
Bel
Fuse,
Inc
(Class
B)
311
24,142
Belden
CDT,
Inc
2,236
19,531
Benchmark
Electronics,
Inc
586
28,887
(a)
Calix,
Inc
958
4,889
(a),(b)
Cambium
Networks
Corp
21
63,294
CDW
Corp
16,189
66,786
(a)
Ciena
Corp
3,303
1,933,885
Cisco
Systems,
Inc
96,520
8,964
(a),(b)
Clearfield,
Inc
276
2,062
Climb
Global
Solutions,
Inc
146
83,398
Cognex
Corp
3,538
59,436
(a)
Coherent
Corp
3,603
378,993
Corning,
Inc
12,492
8,680
(a)
Corsair
Gaming,
Inc
107
21,581
Crane
NXT
Co
1,336
17,421
CTS
Corp
815
19,434
(a)
Daktronics,
Inc
194
18,652
(a)
Digi
International,
Inc
596
9,167
(a),(b)
DZS,
Inc
12
24,605
(a)
Eastman
Kodak
Co
122
18,556
(a)
ePlus,
Inc
1,457
43,075
(a),(b)
Evolv
Technologies
Holdings,
Inc
192
62,313
(a)
Extreme
Networks,
Inc
719
25,536
(a)
F5
Networks,
Inc
4,841
16,219
(a)
Fabrinet
3,066
9,925
(a)
FARO
Technologies,
Inc
213
58,321
(a)
Harmonic,
Inc
784
CREF
Equity
Index
Account
March
31,
2024
224
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
639,437
Hewlett
Packard
Enterprise
Co
$
11,337
409,106
HP,
Inc
12,363
15,475
Immersion
Corp
116
103,799
(a),(b)
Infinera
Corp
626
14,981
(a)
Insight
Enterprises,
Inc
2,779
60,908
(a),(b)
IonQ,
Inc
608
14,955
(a)
IPG
Photonics
Corp
1,356
21,652
(a)
Iteris,
Inc
107
24,355
(a)
Itron,
Inc
2,253
59,421
Jabil
Inc
7,959
144,108
Juniper
Networks,
Inc
5,341
80,922
(a)
Keysight
Technologies,
Inc
12,655
21,162
(a)
Kimball
Electronics,
Inc
458
28,141
(a)
Knowles
Corp
453
9,450
(a)
KVH
Industries,
Inc
48
57,291
(a),(b)
Lightwave
Logic,
Inc
268
13,151
Littelfuse,
Inc
3,187
36,595
(a)
Lumentum
Holdings,
Inc
1,733
16,008
(a),(b)
Luna
Innovations,
Inc
51
20,833
Methode
Electronics,
Inc
254
86,400
(a),(b)
MicroVision,
Inc
159
70,213
(a)
Mirion
Technologies,
Inc
798
77,796
Motorola
Solutions,
Inc
27,616
15,874
Napco
Security
Technologies,
Inc
637
98,249
NetApp,
Inc
10,313
16,454
(a)
Netgear,
Inc
259
43,446
(a)
Netscout
Systems,
Inc
949
20,535
(a)
nLight,
Inc
267
18,332
(a)
Novanta,
Inc
3,204
9,244
(a)
OSI
Systems,
Inc
1,320
12,941
(a),(b)
PAR
Technology
Corp
587
8,216
PC
Connection,
Inc
542
17,083
(a)
Plexus
Corp
1,620
128,500
(a)
Pure
Storage,
Inc
6,681
37,508
(a)
Ribbon
Communications,
Inc
120
5,943
Richardson
Electronics
Ltd
55
8,376
(a)
Rogers
Corp
994
28,498
(a)
Sanmina
Corp
1,772
17,777
(a)
Scansource,
Inc
783
61,017
(a)
SmartRent,
Inc
164
23,312
(a)
Super
Micro
Computer,
Inc
23,546
25,618
TD
SYNNEX
Corp
2,897
21,133
(a)
Teledyne
Technologies,
Inc
9,073
116,227
(a)
Trimble
Inc
7,480
51,948
(a)
TTM
Technologies,
Inc
813
8,166
(a)
Turtle
Beach
Corp
141
1,436
(b)
Ubiquiti,
Inc
166
59,678
(a)
Viasat,
Inc
1,080
89,946
(a)
Viavi
Solutions,
Inc
818
52,971
Vishay
Intertechnology,
Inc
1,201
9,508
(a)
Vishay
Precision
Group,
Inc
336
71,903
Vontier
Corp
3,262
155,579
(a)
Western
Digital
Corp
10,617
58,625
Xerox
Holdings
Corp
1,049
26,184
(a)
Zebra
Technologies
Corp
(Class
A)
7,893
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,617,706
TELECOMMUNICATION
SERVICES
-
0.8%
7,472
(a)
Anterix,
Inc
251
30,214
(a),(b)
AST
SpaceMobile,
Inc
88
3,437,254
AT&T,
Inc
60,496
7,918
ATN
International,
Inc
249
225
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
12,460
(a)
Bandwidth,
Inc
$
227
15,982
Cogent
Communications
Group,
Inc
1,044
48,355
(a),(b)
Consolidated
Communications
Holdings,
Inc
209
70,447
(a)
EchoStar
Corp
(Class
A)
1,004
126,319
(a)
Frontier
Communications
Parent,
Inc
3,095
52,848
(a),(c)
GCI
Liberty,
Inc
0
^
331,269
(a),(b)
Globalstar,
Inc
487
13,459
(a)
Gogo,
Inc
118
11,096
IDT
Corp
420
60,764
Iridium
Communications,
Inc
1,590
29,453
(a)
Liberty
Latin
America
Ltd
(Class
A)
205
84,348
(a)
Liberty
Latin
America
Ltd
(Class
C)
590
13,047
(a)
Ooma,
Inc
111
26,373
(b)
Shenandoah
Telecom
Co
458
8,527
Spok
Holdings,
Inc
136
55,138
Telephone
and
Data
Systems,
Inc
883
229,712
T-Mobile
US,
Inc
37,494
2,017,761
Verizon
Communications,
Inc
84,665
TOTAL
TELECOMMUNICATION
SERVICES
193,820
TRANSPORTATION
-
1.7%
37,928
(a)
Air
Transport
Services
Group,
Inc
522
60,779
(a)
Alaska
Air
Group,
Inc
2,613
8,270
Allegiant
Travel
Co
622
4,307
(a),(b)
Amerco,
Inc
291
308,882
(a)
American
Airlines
Group,
Inc
4,741
8,772
ArcBest
Corp
1,250
8,746
(b)
Avis
Budget
Group,
Inc
1,071
28,768
(a),(b)
Blade
Air
Mobility,
Inc
82
56,673
CH
Robinson
Worldwide,
Inc
4,315
23,634
Costamare,
Inc
268
8,672
Covenant
Logistics
Group,
Inc
402
934,562
CSX
Corp
34,644
14,173
(a)
Daseke,
Inc
118
299,318
Delta
Air
Lines,
Inc
14,328
4,116
(a),(b)
Eagle
Bulk
Shipping,
Inc
257
69,012
Expeditors
International
Washington,
Inc
8,390
110,406
FedEx
Corp
31,989
14,836
Forward
Air
Corp
461
18,987
(a),(b)
Frontier
Group
Holdings,
Inc
154
49,956
FTAI
Infrastructure,
Inc
314
17,525
Genco
Shipping
&
Trading
Ltd
356
62,934
Golden
Ocean
Group
Ltd
816
58,331
(a)
GXO
Logistics,
Inc
3,136
27,588
(a)
Hawaiian
Holdings,
Inc
368
26,012
Heartland
Express,
Inc
311
47,325
(a),(b)
Hertz
Global
Holdings,
Inc
371
18,600
Hub
Group,
Inc
(Class
A)
804
40,450
JB
Hunt
Transport
Services,
Inc
8,060
124,072
(a)
JetBlue
Airways
Corp
921
128,773
(a),(b)
Joby
Aviation,
Inc
690
25,265
(a)
Kirby
Corp
2,408
79,606
Knight-Swift
Transportation
Holdings,
Inc
4,380
17,753
Landstar
System,
Inc
3,422
154,071
(a)
Lyft,
Inc
(Class
A)
2,981
34,852
Marten
Transport
Ltd
644
17,593
Matson,
Inc
1,977
110,296
Norfolk
Southern
Corp
28,111
95,028
Old
Dominion
Freight
Line
20,841
18,024
Pangaea
Logistics
Solutions
Ltd
126
29,335
(a)
Radiant
Logistics,
Inc
159
52,508
(a)
RXO,
Inc
1,148
CREF
Equity
Index
Account
March
31,
2024
226
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
16,381
Ryder
System,
Inc
$
1,969
33,371
(b)
Safe
Bulkers,
Inc
165
12,372
(a)
Saia,
Inc
7,238
22,723
Schneider
National,
Inc
514
14,929
(a)
Skywest,
Inc
1,031
299,691
Southwest
Airlines
Co
8,748
9,455
(a)
Sun
Country
Airlines
Holdings,
Inc
143
940,074
(a)
Uber
Technologies,
Inc
72,376
38,763
U-Haul
Holding
Co
2,585
289,517
Union
Pacific
Corp
71,201
150,341
(a)
United
Airlines
Holdings,
Inc
7,198
348,451
United
Parcel
Service,
Inc
(Class
B)
51,790
6,297
Universal
Truckload
Services,
Inc
232
36,247
Werner
Enterprises,
Inc
1,418
52,508
(a)
XPO,
Inc
6,408
TOTAL
TRANSPORTATION
421,878
UTILITIES
-
2.1%
297,148
AES
Corp
5,328
29,387
Allete,
Inc
1,753
116,456
Alliant
Energy
Corp
5,869
21,469
(a),(b)
Altus
Power,
Inc
103
128,677
Ameren
Corp
9,517
257,385
American
Electric
Power
Co,
Inc
22,161
20,132
American
States
Water
Co
1,454
97,164
American
Water
Works
Co,
Inc
11,874
4,909
Artesian
Resources
Corp
182
69,829
Atmos
Energy
Corp
8,301
33,490
(b)
Avangrid,
Inc
1,220
33,562
Avista
Corp
1,175
34,402
Black
Hills
Corp
1,878
44,578
Brookfield
Infrastructure
Corp
1,607
72,027
(b)
Brookfield
Renewable
Corp
1,770
27,522
California
Water
Service
Group
1,279
307,461
Centerpoint
Energy,
Inc
8,760
9,405
Chesapeake
Utilities
Corp
1,009
10,556
Clearway
Energy,
Inc
(Class
A)
227
20,458
Clearway
Energy,
Inc
(Class
C)
472
148,205
CMS
Energy
Corp
8,943
165,615
Consolidated
Edison,
Inc
15,040
7,347
Consolidated
Water
Co,
Inc
215
152,189
Constellation
Energy
Corp
28,132
402,639
Dominion
Energy,
Inc
19,806
102,627
DTE
Energy
Co
11,509
368,774
Duke
Energy
Corp
35,664
186,837
Edison
International
13,215
99,676
Entergy
Corp
10,534
120,927
Essential
Utilities,
Inc
4,480
98,754
Evergy,
Inc
5,271
167,619
Eversource
Energy
10,019
480,277
Exelon
Corp
18,044
263,997
FirstEnergy
Corp
10,196
9,688
Genie
Energy
Ltd
146
6,410
Global
Water
Resources,
Inc
82
23,041
Idacorp,
Inc
2,140
14,433
MGE
Energy,
Inc
1,136
11,759
Middlesex
Water
Co
617
33,009
(a)
Montauk
Renewables,
Inc
137
31,391
National
Fuel
Gas
Co
1,686
38,348
New
Jersey
Resources
Corp
1,646
977,815
NextEra
Energy,
Inc
62,492
209,437
NiSource,
Inc
5,793
227
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
14,483
Northwest
Natural
Holding
Co
$
539
27,636
NorthWestern
Corp
1,408
101,910
NRG
Energy,
Inc
6,898
96,380
OGE
Energy
Corp
3,306
27,567
ONE
Gas,
Inc
1,779
24,734
Ormat
Technologies,
Inc
1,637
16,819
Otter
Tail
Corp
1,453
982,053
(e)
PG&E
Corp
16,459
55,268
Pinnacle
West
Capital
Corp
4,130
29,406
PNM
Resources,
Inc
1,107
40,332
Portland
General
Electric
Co
1,694
332,474
PPL
Corp
9,153
236,684
Public
Service
Enterprise
Group,
Inc
15,806
11,616
(a)
Pure
Cycle
Corp
110
300,422
Sempra
Energy
21,579
12,005
SJW
Corp
679
518,807
Southern
Co
37,219
21,163
Southwest
Gas
Holdings
Inc
1,611
21,354
Spire,
Inc
1,311
46,961
(a),(b)
Sunnova
Energy
International,
Inc
288
100,921
UGI
Corp
2,477
10,272
Unitil
Corp
538
170,465
Vistra
Corp
11,873
151,716
WEC
Energy
Group,
Inc
12,459
273,699
Xcel
Energy,
Inc
14,711
9,006
York
Water
Co
327
TOTAL
UTILITIES
523,433
TOTAL
COMMON
STOCKS
24,196,676
(Cost
$7,435,088)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
7,208
(c)
AstraZeneca
plc
02/20/29
2
7,917
(c)
Chinook
Therapeutics,
Inc
1
6,981
(c)
Tobira
Therapeutics,
Inc
0
^
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
3
TOTAL
RIGHTS/WARRANTS
3
(Cost
$2)
TOTAL
LONG-TERM
INVESTMENTS
24,196,679‌
(Cost
$7,435,090)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.5%
GOVERNMENT
AGENCY
DEBT
-
0.1%
$
13,903,000
Federal
Farm
Credit
Discount
Notes
0
.000
%
04/03/24
13,891
TOTAL
GOVERNMENT
AGENCY
DEBT
13,891
REPURCHASE
AGREEMENT
-
0.3%
82,530,000
(f)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
04/01/24
82,530
TOTAL
REPURCHASE
AGREEMENT
82,530
TREASURY
DEBT
-
0.1%
5,000,000
United
States
Treasury
Bill
0
.000
04/09/24
4,994
CREF
Equity
Index
Account
March
31,
2024
228
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Cost
amounts
are
in
thousands.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
DATE
VALUE
(000)
$
5,000,000
United
States
Treasury
Bill
0
.000
%
04/16/24
$
4,989
20,000,000
United
States
Treasury
Bill
0
.000
05/09/24
19,889
TOTAL
TREASURY
DEBT
29,872
TOTAL
SHORT-TERM
INVESTMENTS
126,293
(Cost
$126,301)
SHARES
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.4%
91,143,631
(g)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.340
(h)
91,144
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
91,144
(Cost
$91,144)
TOTAL
INVESTMENTS
-
100.3%
24,414,116
(Cost
$7,652,535)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.3)%
(
82,485
)
NET
ASSETS
-
100.0%
$24,331,631
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
$139,029,648.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
All
or
a
portion
of
these
securities
have
been
segregated
to
cover
margin
requirements
on
open
futures
contracts.
(e)
In
bankruptcy
(f)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
5.320%
dated
3/28/24
to
be
repurchased
at
$82,578,784
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.500%
and
maturity
date
8/15/26,
valued
at
$84,180,628.
(g)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(h)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
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
469‌
06/21/24
 $
123,153‌
$
124,484‌
$
1,332‌
Portfolio
of
Investments
CREF
Core
Bond
Account
March
31,
2024
229
See
Notes
to
Portfolio
of
Investments
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
LONG-TERM
INVESTMENTS
-
97.3%
BANK
LOAN
OBLIGATIONS
-
0.4%
AUTOMOBILES
&
COMPONENTS
-
0.0%
$
380,435
(a)
Adient
US
LLC
SOFR
12
M
+
2.750%
8
.077
%
01/31/31
$
382
TOTAL
AUTOMOBILES
&
COMPONENTS
382
CAPITAL
GOODS
-
0.1%
461,201
(a)
AECOM
SOFR
12
M
+
1.750%
7
.192
04/13/28
462
1,054,723
(a)
Alliance
Laundry
Systems
LLC
SOFR
4
M
+
3.500%
8
.927
10/08/27
1,059
173,622
(a)
Avolon
TLB
Borrower  US
LLC
SOFR
12
M
+
2.000%
7
.329
06/22/28
174
577,656
(a)
Beacon
Roofing
Supply,
Inc
SOFR
12
M
+
2.000%
7
.330
05/19/28
579
345,074
(a)
Cornerstone
Building
Brands,
Inc
SOFR
12
M
+
3.250%
8
.675
04/12/28
344
1,324,941
(a)
Gates
Global
LLC
SOFR
12
M
+
2.500%
7
.930
03/31/27
1,329
184,557
(a)
Oregon
Tool
Holdings,
Inc
SOFR
4
M
+
4.000%
9
.564
10/13/28
167
969,117
(a)
TransDigm,
Inc
SOFR
3
M
+
3.250%
3
.250
02/22/27
972
900,527
(a)
TransDigm,
Inc
SOFR
3
M
+
3.250%
8
.598
08/24/28
905
TOTAL
CAPITAL
GOODS
5,991
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
652,799
(a)
GFL
Environmental,
Inc
SOFR
4
M
+
2.500%
7
.816
05/31/27
656
1,260,755
(a)
TK
Elevator
US
Newco,
Inc
SOFR
2
M
+
3.500%
9
.081
07/30/27
1,266
2,122,253
(a)
Trans
Union
LLC
SOFR
12
M
+
2.000%
7
.327
12/01/28
2,124
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,046
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
692,137
(a)
CNT
Holdings
I
Corp
SOFR
4
M
+
3.500%
8
.817
11/08/27
694
531,872
(a),(b)
LS
Group
OpCo
Acquisition
LLC
SOFR
12
M
+
3.250%
8
.684
11/02/27
533
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,227
CONSUMER
DURABLES
&
APPAREL
-
0.0%
167,329
(a)
Samsonite
IP
Holdings
Sarl
SOFR
12
M
+
2.750%
8
.080
06/21/30
168
420,522
(a)
Weber-Stephen
Products
LLC
SOFR
12
M
+
3.250%
8
.692
10/30/27
391
TOTAL
CONSUMER
DURABLES
&
APPAREL
559
CONSUMER
SERVICES
-
0.1%
430,284
(a)
1011778
BC
ULC
SOFR
12
M
+
2.250%
7
.580
09/20/30
431
852,758
(a)
Carnival
Corp
SOFR
12
M
+
3.250%
3
.250
10/18/28
855
1,995,000
(a)
Flutter
Financing
BV
SOFR
4
M
+
2.250%
7
.659
11/25/30
1,999
354,974
(a)
IRB
Holding
Corp
SOFR
12
M
+
2.750%
8
.177
12/15/27
356
932,446
(a)
KFC
Holding
Co
SOFR
12
M
+
1.750%
7
.191
03/15/28
933
584,939
(a)
Spin
Holdco,
Inc
SOFR
4
M
+
4.000%
9
.585
03/04/28
543
TOTAL
CONSUMER
SERVICES
5,117
ENERGY
-
0.0%
918,854
(a)
Buckeye
Partners
LP
SOFR
12
M
+
2.000%
7
.330
11/01/26
922
128,567
(a)
DT
Midstream,
Inc
SOFR
12
M
+
2.000%
7
.442
06/26/28
129
TOTAL
ENERGY
1,051
FINANCIAL
SERVICES
-
0.0%
216,563
(a)
Avolon
TLB
Borrower
US
LLC
SOFR
12
M
+
1.500%
6
.929
02/12/27
217
1,401,453
(a)
NFP
Corp
SOFR
12
M
+
3.250%
8
.695
02/16/27
1,405
TOTAL
FINANCIAL
SERVICES
1,622
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
240,402
(a)
Arterra
Wines
Canada,
Inc
SOFR
4
M
+
3.500%
9
.071
11/24/27
224
422,832
(a)
Chobani
LLC
SOFR
12
M
+
3.500%
8
.945
10/25/27
424
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
648
CREF
Core
Bond
Account
March
31,
2024
230
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
$
690,030
(a)
DaVita,
Inc
SOFR
12
M
+
1.750%
7
.192
%
08/12/26
$
691
520,832
(a)
Mozart
Borrower
LP
SOFR
1
M
+
3.000%
2
.750
10/23/28
522
2,040,303
(a)
Select
Medical
Corp
SOFR
12
M
+
3.000%
8
.330
03/06/27
2,046
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
3,259
MATERIALS
-
0.0%
1,233,015
(a)
Asplundh
Tree
Expert
LLC
SOFR
12
M
+
1.750%
7
.180
09/07/27
1,235
435,408
(a)
Avient
Corp
SOFR
4
M
+
2.500%
7
.826
08/29/29
436
367,528
(a)
Berry
Global,
Inc
SOFR
12
M
+
1.750%
7
.182
07/01/26
369
715,873
(a)
Reynolds
Group
Holdings,
Inc
SOFR
12
M
+
3.250%
8
.695
02/05/26
719
TOTAL
MATERIALS
2,759
MEDIA
&
ENTERTAINMENT
-
0.0%
1,398,098
(a)
Charter
Communications
Operating
LLC
SOFR
1
Month
+
1.750%
7
.076
02/01/27
1,399
507,183
(a)
CSC
Holdings
LLC
LIBOR
12
M
+
2.500%
7
.940
04/15/27
460
49,574
(a)
Diamond
Sports
Group
LLC
SOFR
4
M
-
1.000%
4
.476
05/25/26
48
383,798
(a)
DIRECTV
Financing
LLC
SOFR
12
M
+
5.000%
10
.445
08/02/27
384
608,771
(a)
Lions
Gate
Capital
Holdings
LLC
SOFR
12
M
+
2.250%
7
.680
03/24/25
609
8,832
(a)
Radiate
Holdco
LLC
SOFR
12
M
+
3.250%
8
.695
09/25/26
7
TOTAL
MEDIA
&
ENTERTAINMENT
2,907
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.0%
257,485
(a)
Avantor,
Inc
SOFR
12
M
+
2.250%
7
.680
11/08/27
258
141,300
(a)
Grifols
Worldwide
Operations
USA,
Inc
SOFR
4
M
+
2.000%
7
.459
11/15/27
137
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
395
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
37,697
(a)
Cushman
&
Wakefield
plc
SOFR
12
M
+
2.750%
8
.195
08/21/25
38
516,477
(a)
Cushman
&
Wakefield
US
Borrower
LLC
SOFR
12
M
+
3.250%
8
.680
01/31/30
515
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
553
SOFTWARE
&
SERVICES
-
0.1%
811,615
(a)
Camelot
US
Acquisition
LLC
SOFR
12
M
+
2.750%
8
.077
01/31/31
812
1,281,063
(a)
NortonLifeLock,
Inc
SOFR
12
M
+
2.000%
7
.427
09/12/29
1,282
405,992
(a)
Rackspace
Finance
LLC
SOFR
12
M
+
2.750%
8
.184
02/15/28
201
36,246
(a)
Rackspace
Finance
LLC
SOFR
4
M
+
6.250%
11
.683
05/15/28
37
699,101
(a)
Rocket
Software,
Inc
SOFR
12
M
+
4.750%
10
.080
11/28/28
695
1,502,129
(a)
Sophia
LP
LIBOR
1
M
+
3.750%
8
.230
10/07/27
1,510
888,797
(a)
UKG,
Inc
SOFR
4
M
+
3.500%
8
.814
02/10/31
895
TOTAL
SOFTWARE
&
SERVICES
5,432
TELECOMMUNICATION
SERVICES
-
0.0%
299,913
(a)
Cablevision
Lightpath
LLC
SOFR
12
M
+
3.250%
8
.690
11/30/27
297
1,642,000
(a)
Virgin
Media
Bristol
LLC
SOFR
12
M
+
2.500%
7
.940
01/31/28
1,620
TOTAL
TELECOMMUNICATION
SERVICES
1,917
TRANSPORTATION
-
0.0%
205,000
(a)
Air
Canada
SOFR
4
M
+
2.500%
7
.833
03/14/31
206
445,500
(a)
SkyMiles
IP
Ltd
SOFR
4
M
+
3.750%
9
.068
10/20/27
460
TOTAL
TRANSPORTATION
666
TOTAL
BANK
LOAN
OBLIGATIONS
38,531
(Cost
$38,497)
CORPORATE
BONDS
-
31.9%
AUTOMOBILES
&
COMPONENTS
-
0.8%
EUR
425,000
American
Honda
Finance
Corp
1
.950
10/18/24
454
EUR
300,000
Aptiv
plc
1
.500
03/10/25
316
231
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
EUR
500,000
(c)
Dana
Financing
Luxembourg
Sarl
3
.000
%
07/15/29
$
485
$
225,000
(d)
Dana,
Inc
5
.375
11/15/27
220
350,000
(d)
Dana,
Inc
5
.625
06/15/28
341
8,080,000
Ford
Motor
Credit
Co
LLC
6
.950
03/06/26
8,234
EUR
300,000
Ford
Motor
Credit
Co
LLC
5
.125
02/20/29
339
4,525,000
Ford
Motor
Credit
Co
LLC
7
.350
03/06/30
4,824
GBP
200,000
General
Motors
Financial
Co,
Inc
2
.250
09/06/24
249
20,000,000
General
Motors
Financial
Co,
Inc
2
.750
06/20/25
19,327
19,850,000
General
Motors
Financial
Co,
Inc
5
.000
04/09/27
19,702
EUR
500,000
General
Motors
Financial
Co,
Inc
0
.600
05/20/27
493
EUR
300,000
General
Motors
Financial
Co,
Inc
4
.300
02/15/29
333
6,250,000
General
Motors
Financial
Co,
Inc
5
.850
04/06/30
6,375
2,550,000
General
Motors
Financial
Co,
Inc
5
.750
02/08/31
2,578
12,000,000
General
Motors
Financial
Co,
Inc
2
.700
06/10/31
10,003
5,450,000
General
Motors
Financial
Co,
Inc
5
.700
N/A(e)
5,226
EUR
205,000
(c)
Goodyear
Europe
BV
2
.750
08/15/28
199
3,575,000
(c)
Hyundai
Capital
Services,
Inc
2
.125
04/24/25
3,445
EUR
400,000
(c),(f)
IHO
Verwaltungs
GmbH
3
.750
09/15/26
425
200,000
(c)
Kia
Corp
2
.750
02/14/27
186
4,450,000
Magna
International,
Inc
3
.625
06/15/24
4,428
EUR
300,000
Volkswagen
Bank
GmbH
2
.500
07/31/26
314
150,000
(c)
ZF
North
America
Capital,
Inc
6
.875
04/14/28
156
TOTAL
AUTOMOBILES
&
COMPONENTS
88,652
BANKS
-
6.7%
2,000,000
(c)
Akbank
T.A.S.
6
.800
06/22/31
1,957
1,775,000
(c)
Banco
de
Credito
del
Peru
3
.125
07/01/30
1,700
1,500,000
(c)
Banco
de
Credito
e
Inversiones
S.A.
2
.875
10/14/31
1,280
700,000
(c)
Banco
de
Credito
e
Inversiones
S.A.
8
.750
N/A(e)
722
3,000,000
(c)
Banco
del
Estado
de
Chile
2
.704
01/09/25
2,921
3,000,000
(c)
Banco
Nacional
de
Panama
2
.500
08/11/30
2,348
EUR
400,000
Banco
Santander
S.A.
0
.200
02/11/28
381
GBP
400,000
Banco
Santander
S.A.
4
.750
08/30/28
498
2,650,000
Bancolombia
S.A.
4
.625
12/18/29
2,583
3,010,000
(c)
Bangkok
Bank
PCL
3
.466
09/23/36
2,538
1,750,000
(c)
Banistmo
S.A.
4
.250
07/31/27
1,629
8,100,000
(c)
Bank
Hapoalim
BM
3
.255
01/21/32
7,258
6,300,000
(c)
Bank
Leumi
Le-Israel
BM
3
.275
01/29/31
5,828
EUR
400,000
Bank
of
America
Corp
1
.375
03/26/25
422
EUR
300,000
Bank
of
America
Corp
1
.776
05/04/27
311
11,500,000
Bank
of
America
Corp
5
.202
04/25/29
11,511
8,500,000
Bank
of
America
Corp
5
.819
09/15/29
8,715
55,925,000
Bank
of
America
Corp
2
.592
04/29/31
48,216
39,000,000
Bank
of
America
Corp
5
.288
04/25/34
38,881
39,150,000
Bank
of
America
Corp
5
.468
01/23/35
39,405
26,750,000
Bank
of
America
Corp
2
.676
06/19/41
19,033
3,000,000
Bank
of
America
Corp
6
.100
N/A(e)
3,008
5,000,000
Bank
of
America
Corp
6
.250
N/A(e)
5,006
2,975,000
Bank
of
Montreal
3
.803
12/15/32
2,775
GBP
300,000
Banque
Federative
du
Credit
Mutuel
S.A.
4
.875
09/25/25
377
9,475,000
Barclays
plc
3
.932
05/07/25
9,456
EUR
500,000
Barclays
plc
4
.918
08/08/30
563
6,075,000
Barclays
plc
3
.330
11/24/42
4,455
300,000
(c)
BBVA
Bancomer
S.A.
5
.350
11/12/29
297
1,500,000
(c)
BBVA
Bancomer
S.A.
5
.125
01/18/33
1,394
1,400,000
(c)
BBVA
Bancomer
S.A.
8
.450
06/29/38
1,478
5,600,000
(c)
BNP
Paribas
S.A.
1
.904
09/30/28
4,982
EUR
500,000
BNP
Paribas
S.A.
3
.875
02/23/29
548
5,000,000
(c)
BNP
Paribas
S.A.
2
.159
09/15/29
4,369
2,775,000
(c)
BNP
Paribas
S.A.
2
.588
08/12/35
2,275
449,000
(c)
BPCE
S.A.
4
.625
07/11/24
447
EUR
300,000
BPCE
S.A.
0
.500
09/15/27
299
CREF
Core
Bond
Account
March
31,
2024
232
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
EUR
500,000
BPCE
S.A.
4
.625
%
03/02/30
$
560
$
36,375,000
Citigroup,
Inc
3
.200
10/21/26
34,642
11,970,000
Citigroup,
Inc
4
.125
07/25/28
11,474
7,125,000
Citigroup,
Inc
2
.572
06/03/31
6,088
39,225,000
Citigroup,
Inc
6
.270
11/17/33
41,428
6,750,000
Citigroup,
Inc
7
.625
N/A(e)
7,087
5,000,000
Citigroup,
Inc
5
.000
N/A(e)
4,969
8,425,000
Cooperatieve
Rabobank
UA
3
.750
07/21/26
8,095
GBP
600,000
Danske
Bank
A.S.
2
.250
01/14/28
697
7,350,000
Deutsche
Bank
AG.
5
.371
09/09/27
7,388
5,575,000
Deutsche
Bank
AG.
2
.311
11/16/27
5,097
4,325,000
Deutsche
Bank
AG.
6
.819
11/20/29
4,521
2,975,000
(c)
Development
Bank
of
Kazakhstan
JSC
2
.950
05/06/31
2,463
3,325,000
(c)
Grupo
Aval
Ltd
4
.375
02/04/30
2,805
2,880,000
(c)
Hana
Bank
3
.500
N/A(e)
2,696
9,925,000
HSBC
Holdings
plc
4
.292
09/12/26
9,743
6,200,000
HSBC
Holdings
plc
2
.013
09/22/28
5,543
12,400,000
HSBC
Holdings
plc
7
.390
11/03/28
13,192
11,925,000
HSBC
Holdings
plc
2
.206
08/17/29
10,451
3,750,000
HSBC
Holdings
plc
3
.973
05/22/30
3,505
7,000,000
Huntington
Bancshares,
Inc
5
.625
N/A(e)
6,367
UGX
2,000,000,000
(c),(g)
ICBC
Standard
Bank
plc
14
.250
06/26/34
450
EUR
500,000
ING
Groep
NV
1
.250
02/16/27
514
2,125,000
(c)
Intercorp
Financial
Services,
Inc
4
.125
10/19/27
1,992
200,000
(c)
Intesa
Sanpaolo
S.p.A
4
.198
06/01/32
167
31,125,000
JPMorgan
Chase
&
Co
2
.301
10/15/25
30,577
14,600,000
JPMorgan
Chase
&
Co
3
.200
06/15/26
14,049
8,325,000
JPMorgan
Chase
&
Co
4
.323
04/26/28
8,133
EUR
600,000
JPMorgan
Chase
&
Co
1
.638
05/18/28
611
10,500,000
JPMorgan
Chase
&
Co
3
.702
05/06/30
9,837
2,150,000
JPMorgan
Chase
&
Co
1
.953
02/04/32
1,752
19,775,000
JPMorgan
Chase
&
Co
4
.912
07/25/33
19,363
24,425,000
JPMorgan
Chase
&
Co
5
.350
06/01/34
24,519
3,200,000
JPMorgan
Chase
&
Co
6
.254
10/23/34
3,419
2,625,000
JPMorgan
Chase
&
Co
2
.525
11/19/41
1,832
10,750,000
JPMorgan
Chase
&
Co
3
.157
04/22/42
8,179
9,375,000
JPMorgan
Chase
&
Co
6
.875
N/A(e)
9,701
6,250,000
JPMorgan
Chase
&
Co
3
.650
N/A(e)
5,936
5,500,000
JPMorgan
Chase
&
Co
5
.000
N/A(e)
5,482
11,100,000
JPMorgan
Chase
&
Co
6
.100
N/A(e)
11,104
5,950,000
M&T
Bank
Corp
3
.500
N/A(e)
4,564
3,675,000
(c)
Mizrahi
Tefahot
Bank
Ltd
3
.077
04/07/31
3,358
9,225,000
(c)
NBK
SPC
Ltd
1
.625
09/15/27
8,399
2,100,000
(c)
Oversea-Chinese
Banking
Corp
Ltd
1
.832
09/10/30
1,985
6,000,000
PNC
Financial
Services
Group,
Inc
3
.900
04/29/24
5,992
7,465,000
PNC
Financial
Services
Group,
Inc
3
.400
N/A(e)
6,525
CNY
8,000,000
QNB
Finance
Ltd
3
.150
02/04/26
1,103
7,800,000
Sumitomo
Mitsui
Financial
Group,
Inc
1
.474
07/08/25
7,425
11,700,000
Toronto-Dominion
Bank
4
.285
09/13/24
11,631
2,350,000
Toronto-Dominion
Bank
3
.625
09/15/31
2,248
2,400,000
Truist
Financial
Corp
4
.000
05/01/25
2,361
5,000,000
Truist
Financial
Corp
4
.950
N/A(e)
4,905
9,000,000
Truist
Financial
Corp
4
.800
N/A(e)
8,711
2,350,000
(c)
United
Overseas
Bank
Ltd
3
.750
04/15/29
2,348
3,500,000
(c)
United
Overseas
Bank
Ltd
2
.000
10/14/31
3,204
5,300,000
Wells
Fargo
&
Co
3
.550
09/29/25
5,168
16,375,000
Wells
Fargo
&
Co
2
.393
06/02/28
14,988
9,600,000
Wells
Fargo
&
Co
6
.303
10/23/29
9,999
8,500,000
(d)
Wells
Fargo
&
Co
5
.875
N/A(e)
8,481
5,775,000
(d)
Wells
Fargo
&
Co
7
.625
N/A(e)
6,172
6,000,000
Wells
Fargo
&
Co
5
.900
N/A(e)
5,975
233
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,000,000
Wells
Fargo
&
Co
3
.900
%
N/A(e)
$
9,514
TOTAL
BANKS
721,350
CAPITAL
GOODS
-
1.0%
3,250,000
Air
Lease
Corp
3
.125
12/01/30
2,853
EUR
1,000,000
(c)
Albion
Financing
1
SARL
5
.250
10/15/26
1,085
25,400,000
Boeing
Co
2
.196
02/04/26
23,780
5,350,000
Boeing
Co
3
.250
02/01/28
4,922
7,600,000
Boeing
Co
2
.950
02/01/30
6,564
3,352,000
Boeing
Co
3
.250
02/01/35
2,638
3,350,000
Boeing
Co
5
.705
05/01/40
3,206
8,425,000
Boeing
Co
5
.805
05/01/50
7,971
EUR
200,000
Carrier
Global
Corp
4
.375
05/29/25
217
EUR
400,000
Carrier
Global
Corp
4
.125
05/29/28
441
EUR
300,000
Carrier
Global
Corp
4
.500
11/29/32
343
1,600,000
(c)
Cemex
SAB
de
C.V.
5
.125
N/A(e)
1,546
1,300,000
(c)
Embraer
Netherlands
Finance
BV
7
.000
07/28/30
1,361
EUR
500,000
(c)
Emerald
Debt
Merger
Sub
LLC
6
.375
12/15/30
566
3,075,000
(c)
H&E
Equipment
Services,
Inc
3
.875
12/15/28
2,815
EUR
500,000
Honeywell
International,
Inc
3
.750
03/01/36
544
11,500,000
Honeywell
International,
Inc
5
.250
03/01/54
11,604
8,000,000
L3Harris
Technologies,
Inc
5
.400
07/31/33
8,050
3,550,000
Lockheed
Martin
Corp
5
.200
02/15/64
3,510
7,275,000
Northrop
Grumman
Corp
3
.250
01/15/28
6,874
EUR
500,000
Raytheon
Technologies
Corp
2
.150
05/18/30
495
5,575,000
Raytheon
Technologies
Corp
2
.250
07/01/30
4,760
1,925,000
(c)
Sociedad
Quimica
y
Minera
de
Chile
S.A.
6
.500
11/07/33
2,015
3,000,000
(c)
Sociedad
Quimica
y
Minera
de
Chile
S.A.
3
.500
09/10/51
2,052
5,425,000
Trane
Technologies
Luxembourg
Finance
S.A.
3
.800
03/21/29
5,162
2,175,000
Tyco
Electronics
Group
S.A.
3
.700
02/15/26
2,120
300,000
(c)
WESCO
Distribution,
Inc
7
.250
06/15/28
306
TOTAL
CAPITAL
GOODS
107,800
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
325,000
(c)
ASGN,
Inc
4
.625
05/15/28
306
250,000
(c)
GFL
Environmental,
Inc
4
.250
06/01/25
246
1,000,000
(c)
GFL
Environmental,
Inc
3
.750
08/01/25
974
313,000
(c)
Prime
Security
Services
Borrower
LLC
5
.250
04/15/24
312
2,000,000
(c)
Prime
Security
Services
Borrower
LLC
5
.750
04/15/26
1,994
1,325,000
(c)
Prime
Security
Services
Borrower
LLC
3
.375
08/31/27
1,217
725,000
(c)
Prime
Security
Services
Borrower
LLC
6
.250
01/15/28
710
3,771,000
Republic
Services,
Inc
2
.900
07/01/26
3,613
2,525,000
Waste
Management,
Inc
2
.500
11/15/50
1,575
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
10,947
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.4%
5,575,000
AutoZone,
Inc
1
.650
01/15/31
4,493
925,000
(c)
Bath
&
Body
Works,
Inc
6
.625
10/01/30
945
550,000
(c)
Group
1
Automotive,
Inc
4
.000
08/15/28
507
875,000
(c)
Lithia
Motors,
Inc
4
.625
12/15/27
840
8,850,000
Lowe's
Cos,
Inc
4
.250
04/01/52
7,251
5,100,000
O'Reilly
Automotive,
Inc
3
.550
03/15/26
4,944
6,875,000
O'Reilly
Automotive,
Inc
3
.600
09/01/27
6,570
4,075,000
O'Reilly
Automotive,
Inc
4
.200
04/01/30
3,897
12,400,000
O'Reilly
Automotive,
Inc
1
.750
03/15/31
10,035
5,050,000
(c)
Prosus
NV
4
.987
01/19/52
3,714
3,000,000
(c)
Staples,
Inc
7
.500
04/15/26
2,928
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
46,124
CREF
Core
Bond
Account
March
31,
2024
234
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
CONSUMER
DURABLES
&
APPAREL
-
0.0%
EUR
500,000
Whirlpool
EMEA
Finance
Sarl
0
.500
%
02/20/28
$
478
TOTAL
CONSUMER
DURABLES
&
APPAREL
478
CONSUMER
SERVICES
-
0.5%
$
9,820,000
Amherst
College
4
.100
11/01/45
8,693
3,000,000
(c)
Genm
Capital
Labuan
Ltd
3
.882
04/19/31
2,627
125,000
(c)
Hilton
Domestic
Operating
Co,
Inc
5
.750
05/01/28
125
1,151,000
(c)
International
Game
Technology
plc
6
.500
02/15/25
1,155
8,000,000
President
and
Fellows
of
Harvard
College
3
.529
10/01/31
7,417
14,250,000
President
and
Fellows
of
Harvard
College
3
.619
10/01/37
12,333
1,000,000
Sands
China
Ltd
2
.300
03/08/27
906
2,100,000
Sands
China
Ltd
5
.900
08/08/28
2,060
15,000,000
Smith
College
4
.620
07/01/45
13,562
TOTAL
CONSUMER
SERVICES
48,878
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.2%
4,000,000
Costco
Wholesale
Corp
1
.600
04/20/30
3,368
1,200,000
SYSCO
Corp
6
.000
01/17/34
1,277
5,450,000
SYSCO
Corp
3
.150
12/14/51
3,733
8,500,000
Walmart,
Inc
1
.800
09/22/31
7,057
4,000,000
Walmart,
Inc
2
.500
09/22/41
2,873
7,400,000
Walmart,
Inc
4
.500
04/15/53
6,840
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
25,148
ENERGY
-
2.7%
EUR
500,000
BP
Capital
Markets
plc
1
.231
05/08/31
465
2,973,000
Cenovus
Energy,
Inc
5
.400
06/15/47
2,800
6,850,000
Cheniere
Energy
Partners
LP
3
.250
01/31/32
5,835
900,000
Chevron
USA,
Inc
3
.900
11/15/24
892
7,200,000
Diamondback
Energy,
Inc
4
.400
03/24/51
5,964
2,000,000
Ecopetrol
S.A.
6
.875
04/29/30
1,953
2,125,000
Ecopetrol
S.A.
4
.625
11/02/31
1,768
200,000
Ecopetrol
S.A.
8
.875
01/13/33
212
400,000
Ecopetrol
S.A.
8
.375
01/19/36
404
3,000,000
(c)
EIG
Pearl
Holdings
Sarl
3
.545
08/31/36
2,558
3,000,000
(c)
Empresa
Nacional
del
Petroleo
5
.250
11/06/29
2,937
12,968,000
Enbridge,
Inc
3
.125
11/15/29
11,838
3,925,000
Enbridge,
Inc
5
.700
03/08/33
4,020
2,950,000
Enbridge,
Inc
3
.400
08/01/51
2,075
4,575,000
Energy
Transfer
LP
2
.900
05/15/25
4,440
4,725,000
Energy
Transfer
LP
4
.750
01/15/26
4,675
6,350,000
Energy
Transfer
LP
4
.950
06/15/28
6,299
4,225,000
Energy
Transfer
LP
5
.250
04/15/29
4,230
2,900,000
Energy
Transfer
LP
5
.750
02/15/33
2,946
5,100,000
Energy
Transfer
LP
6
.550
12/01/33
5,475
3,100,000
Energy
Transfer
LP
5
.550
05/15/34
3,109
775,000
Energy
Transfer
LP
5
.400
10/01/47
715
8,700,000
Energy
Transfer
LP
6
.250
04/15/49
8,929
9,125,000
Energy
Transfer
LP
5
.000
05/15/50
8,006
3,100,000
Energy
Transfer
LP
5
.950
05/15/54
3,094
2,950,000
Energy
Transfer
Operating
LP
5
.500
06/01/27
2,968
5,125,000
Enterprise
Products
Operating
LLC
3
.700
02/15/26
5,008
5,425,000
Enterprise
Products
Operating
LLC
3
.125
07/31/29
5,004
2,650,000
Enterprise
Products
Operating
LLC
4
.250
02/15/48
2,268
6,200,000
Enterprise
Products
Operating
LLC
4
.200
01/31/50
5,241
4,500,000
Enterprise
Products
Operating
LLC
3
.200
02/15/52
3,152
6,500,000
Enterprise
Products
Operating
LLC
3
.300
02/15/53
4,613
450,000
(c)
EQM
Midstream
Partners
LP
6
.000
07/01/25
451
2,548,320
(c)
Galaxy
Pipeline
Assets
Bidco
Ltd
2
.160
03/31/34
2,191
3,300,000
(c)
Galaxy
Pipeline
Assets
Bidco
Ltd
2
.625
03/31/36
2,683
14,875,000
Marathon
Oil
Corp
5
.300
04/01/29
14,848
235
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
8,375,000
Marathon
Petroleum
Corp
3
.800
%
04/01/28
$
8,035
5,060,000
Marathon
Petroleum
Corp
4
.750
09/15/44
4,502
5,500,000
Marathon
Petroleum
Corp
5
.000
09/15/54
4,895
725,000
(c)
MEG
Energy
Corp
5
.875
02/01/29
712
3,525,000
(c)
Midwest
Connector
Capital
Co
LLC
4
.625
04/01/29
3,403
8,950,000
MPLX
LP
1
.750
03/01/26
8,366
20,000,000
MPLX
LP
2
.650
08/15/30
17,202
5,825,000
MPLX
LP
4
.700
04/15/48
4,969
275,000
Murphy
Oil
Corp
5
.875
12/01/27
273
950,000
NAK
Naftogaz
Ukraine
via
Kondor
Finance
plc
7
.650
07/31/24
770
2,200,000
Occidental
Petroleum
Corp
5
.550
03/15/26
2,208
5,325,000
ONEOK,
Inc
3
.250
06/01/30
4,813
5,000,000
ONEOK,
Inc
4
.500
03/15/50
4,077
315,000
(c)
Parkland
Corp
4
.625
05/01/30
290
500,000
(c)
Parkland
Fuel
Corp
5
.875
07/15/27
496
200,000
(c)
Pertamina
Persero
PT
3
.650
07/30/29
186
300,000
Petroleos
Mexicanos
6
.840
01/23/30
265
5,300,000
Petroleos
Mexicanos
5
.950
01/28/31
4,251
3,000,000
Petroleos
Mexicanos
6
.700
02/16/32
2,495
13,575,000
Phillips
66
2
.150
12/15/30
11,388
3,225,000
Phillips
66
3
.300
03/15/52
2,256
2,375,000
Phillips
66
Co
4
.680
02/15/45
2,108
475,000
Plains
All
American
Pipeline
LP
3
.800
09/15/30
435
3,300,000
(c)
Promigas
S.A.
ESP
3
.750
10/16/29
2,909
3,200,000
(c)
QazaqGaz
NC
JSC
4
.375
09/26/27
3,007
1,913,035
(c)
Rio
Oil
Finance
Trust
8
.200
04/06/28
1,946
6,200,000
Sabine
Pass
Liquefaction
LLC
5
.875
06/30/26
6,249
4,800,000
Sabine
Pass
Liquefaction
LLC
4
.500
05/15/30
4,616
1,162,000
(c)
Saka
Energi
Indonesia
PT
4
.450
05/05/24
1,161
3,000,000
(c)
Saudi
Arabian
Oil
Co
3
.250
11/24/50
2,023
6,500,000
Sunoco
Logistics
Partners
Operations
LP
4
.000
10/01/27
6,247
425,000
Targa
Resources
Partners
LP
6
.500
07/15/27
430
350,000
(c)
Tengizchevroil
Finance
Co
International
Ltd
2
.625
08/15/25
332
4,300,000
(c)
Thaioil
Treasury
Center
Co
Ltd
2
.500
06/18/30
3,619
11,000,000
TotalEnergies
Capital
International
S.A.
3
.127
05/29/50
7,834
4,675,000
Williams
Cos,
Inc
2
.600
03/15/31
3,983
9,250,000
Williams
Cos,
Inc
5
.650
03/15/33
9,490
TOTAL
ENERGY
286,307
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2.3%
5,100,000
Agree
LP
2
.000
06/15/28
4,484
1,675,000
Alexandria
Real
Estate
Equities,
Inc
3
.950
01/15/28
1,604
5,500,000
Alexandria
Real
Estate
Equities,
Inc
4
.900
12/15/30
5,422
2,418,000
American
Tower
Corp
3
.375
10/15/26
2,309
EUR
450,000
American
Tower
Corp
0
.450
01/15/27
445
1,600,000
American
Tower
Corp
3
.600
01/15/28
1,512
4,350,000
American
Tower
Corp
3
.800
08/15/29
4,060
13,700,000
American
Tower
Corp
2
.900
01/15/30
12,045
2,750,000
American
Tower
Corp
2
.100
06/15/30
2,284
3,825,000
American
Tower
Corp
1
.875
10/15/30
3,101
4,125,000
Brandywine
Operating
Partnership
LP
4
.100
10/01/24
4,078
5,825,000
Brixmor
Operating
Partnership
LP
3
.850
02/01/25
5,725
1,075,000
Brixmor
Operating
Partnership
LP
2
.250
04/01/28
955
3,200,000
CubeSmart
LP
2
.250
12/15/28
2,807
GBP
400,000
Digital
Stout
Holding
LLC
3
.750
10/17/30
463
2,275,000
Equinix,
Inc
2
.150
07/15/30
1,885
6,700,000
Essex
Portfolio
LP
3
.000
01/15/30
5,942
3,875,000
Extra
Space
Storage
LP
2
.400
10/15/31
3,188
6,600,000
Healthcare
Realty
Holdings
LP
3
.875
05/01/25
6,452
6,250,000
Healthcare
Realty
Holdings
LP
3
.500
08/01/26
5,965
3,000,000
Healthcare
Realty
Holdings
LP
3
.625
01/15/28
2,770
8,975,000
Healthcare
Realty
Holdings
LP
3
.100
02/15/30
7,814
CREF
Core
Bond
Account
March
31,
2024
236
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,750,000
Healthcare
Realty
Holdings
LP
2
.400
%
03/15/30
$
1,432
1,050,000
Healthcare
Realty
Holdings
LP
2
.050
03/15/31
810
7,950,000
Highwoods
Realty
LP
3
.875
03/01/27
7,483
2,900,000
Highwoods
Realty
LP
4
.125
03/15/28
2,712
2,875,000
Highwoods
Realty
LP
4
.200
04/15/29
2,617
4,000,000
Highwoods
Realty
LP
3
.050
02/15/30
3,373
3,845,000
(c)
Iron
Mountain,
Inc
7
.000
02/15/29
3,918
2,750,000
Kite
Realty
Group
LP
5
.500
03/01/34
2,733
5,300,000
Kite
Realty
Group
Trust
4
.750
09/15/30
5,071
4,475,000
Mid-America
Apartments
LP
3
.750
06/15/24
4,454
4,300,000
Mid-America
Apartments
LP
4
.000
11/15/25
4,214
11,100,000
Mid-America
Apartments
LP
2
.750
03/15/30
9,816
3,025,000
Mid-America
Apartments
LP
1
.700
02/15/31
2,436
2,575,000
Mid-America
Apartments
LP
2
.875
09/15/51
1,648
600,000
National
Retail
Properties,
Inc
4
.000
11/15/25
587
3,000,000
National
Retail
Properties,
Inc
3
.600
12/15/26
2,865
1,800,000
NNN
REIT,
Inc
5
.600
10/15/33
1,822
GBP
300,000
ProLogis
International
Funding
II
S.A.
2
.750
02/22/32
324
1,275,000
ProLogis
LP
2
.875
11/15/29
1,152
3,125,000
ProLogis
LP
1
.750
07/01/30
2,596
6,350,000
Regency
Centers
LP
3
.900
11/01/25
6,155
1,025,000
Regency
Centers
LP
3
.600
02/01/27
986
5,500,000
Regency
Centers
LP
2
.950
09/15/29
4,921
8,150,000
(c)
SBA
Tower
Trust
2
.836
01/15/25
7,955
11,046,000
(c)
SBA
Tower
Trust
1
.884
01/15/26
10,311
25,315,000
(c)
SBA
Tower
Trust
1
.631
11/15/26
22,906
42,100,000
(c)
SBA
Tower
Trust
1
.840
04/15/27
37,726
2,968,000
SITE
Centers
Corp
3
.625
02/01/25
2,922
3,850,000
SITE
Centers
Corp
4
.700
06/01/27
3,797
2,150,000
(c)
Trust
Fibra
Uno
7
.375
02/13/34
2,145
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
247,197
FINANCIAL
SERVICES
-
2.5%
8,975,000
AerCap
Ireland
Capital
DAC
1
.750
01/30/26
8,380
21,944,000
AerCap
Ireland
Capital
DAC
3
.000
10/29/28
19,855
2,250,000
AerCap
Ireland
Capital
DAC
3
.850
10/29/41
1,782
1,375,000
American
Express
Co
2
.550
03/04/27
1,284
7,500,000
American
Express
Co
3
.550
N/A(e)
6,942
10,000,000
Bank
of
New
York
Mellon
Corp
4
.700
N/A(e)
9,812
EUR
400,000
(c)
Blackstone
Private
Credit
Fund
1
.750
11/30/26
397
EUR
500,000
Capital
One
Financial
Corp
0
.800
06/12/24
536
6,635,000
(d)
Capital
One
Financial
Corp
3
.950
N/A(e)
5,894
7,000,000
Charles
Schwab
Corp
5
.375
N/A(e)
6,952
6,250,000
Community
Preservation
Corp
2
.867
02/01/30
5,460
3,200,000
(c)
Corebridge
Financial,
Inc
6
.050
09/15/33
3,296
4,350,000
Corebridge
Financial,
Inc
5
.750
01/15/34
4,438
EUR
500,000
Deutsche
Bank
AG.
5
.000
09/05/30
560
600,000
Deutsche
Bank
AG.
3
.742
01/07/33
496
7,525,000
Discover
Bank
2
.450
09/12/24
7,413
7,305,000
Discover
Bank
3
.450
07/27/26
6,957
3,750,000
Discover
Bank
2
.700
02/06/30
3,223
200,000
(c)
ENN
Clean
Energy
International
Investment
Ltd
3
.375
05/12/26
189
1,825,000
(c)
Equitable
Financial
Life
Global
Funding
1
.400
07/07/25
1,730
3,543,000
Equitable
Holdings,
Inc
4
.950
N/A(e)
3,463
EUR
375,000
Fidelity
National
Information
Services,
Inc
1
.100
07/15/24
401
6,575,000
Fiserv,
Inc
5
.450
03/15/34
6,659
12,825,000
Goldman
Sachs
Group,
Inc
3
.500
04/01/25
12,582
EUR
500,000
Goldman
Sachs
Group,
Inc
1
.250
02/07/29
488
6,000,000
Goldman
Sachs
Group,
Inc
1
.992
01/27/32
4,855
12,080,000
Goldman
Sachs
Group,
Inc
2
.615
04/22/32
10,138
3,500,000
Goldman
Sachs
Group,
Inc
4
.411
04/23/39
3,133
6,825,000
Goldman
Sachs
Group,
Inc
3
.436
02/24/43
5,287
237
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,000,000
Goldman
Sachs
Group,
Inc
3
.800
%
N/A(e)
$
2,794
200,000
(c)
Indian
Railway
Finance
Corp
Ltd
3
.249
02/13/30
178
3,600,000
(c)
Indian
Railway
Finance
Corp
Ltd
2
.800
02/10/31
3,050
1,700,000
(c),(d)
Indian
Railway
Finance
Corp
Ltd
3
.570
01/21/32
1,502
2,608,000
(c)
Mexico
Remittances
Funding
Fiduciary
Estate
Management
Sarl
4
.875
01/15/28
2,340
2,789,400
(c)
Minejesa
Capital
BV
4
.625
08/10/30
2,647
10,000,000
Morgan
Stanley
2
.188
04/28/26
9,648
31,425,000
Morgan
Stanley
3
.125
07/27/26
30,058
EUR
700,000
Morgan
Stanley
1
.342
10/23/26
728
1,400,000
Morgan
Stanley
5
.449
07/20/29
1,412
6,600,000
Morgan
Stanley
6
.407
11/01/29
6,921
EUR
300,000
(a)
Morgan
Stanley
3
.790
03/21/30
326
EUR
500,000
Morgan
Stanley
2
.950
05/07/32
518
14,250,000
Morgan
Stanley
5
.250
04/21/34
14,139
5,150,000
Morgan
Stanley
5
.424
07/21/34
5,166
4,440,000
Northern
Trust
Corp
4
.600
N/A(e)
4,261
3,350,000
(c)
Power
Finance
Corp
Ltd
3
.950
04/23/30
3,055
550,000
Springleaf
Finance
Corp
5
.375
11/15/29
517
6,950,000
State
Street
Corp
6
.700
N/A(e)
7,052
8,825,000
UBS
Group
AG.
3
.750
03/26/25
8,659
2,950,000
(c)
UBS
Group
AG.
2
.193
06/05/26
2,828
9,100,000
(c)
UBS
Group
AG.
1
.305
02/02/27
8,400
6,200,000
(c)
UBS
Group
AG.
6
.442
08/11/28
6,383
3,065,000
(c)
UBS
Group
AG.
3
.179
02/11/43
2,242
4,225,000
Visa,
Inc
2
.700
04/15/40
3,166
TOTAL
FINANCIAL
SERVICES
270,592
FOOD,
BEVERAGE
&
TOBACCO
-
1.3%
1,600,000
(c)
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS.
3
.375
06/29/28
1,394
6,975,000
Anheuser-Busch
Cos
LLC
4
.700
02/01/36
6,744
12,875,000
Anheuser-Busch
Cos
LLC
4
.900
02/01/46
12,235
16,850,000
Anheuser-Busch
InBev
Worldwide,
Inc
4
.750
01/23/29
16,845
7,500,000
Anheuser-Busch
InBev
Worldwide,
Inc
5
.000
06/15/34
7,545
11,500,000
BAT
Capital
Corp
2
.259
03/25/28
10,237
10,225,000
BAT
Capital
Corp
4
.906
04/02/30
10,003
4,400,000
BAT
Capital
Corp
2
.726
03/25/31
3,700
10,000,000
BAT
International
Finance
plc
4
.448
03/16/28
9,710
225,000
(c)
Becle
SAB
de
C.V.
2
.500
10/14/31
179
3,800,000
(c)
Bimbo
Bakeries
USA,
Inc
6
.050
01/15/29
3,932
3,875,000
(c)
Cia
Cervecerias
Unidas
S.A.
3
.350
01/19/32
3,291
3,000,000
(c)
Coca-Cola
Icecek
AS.
4
.500
01/20/29
2,798
1,700,000
Constellation
Brands,
Inc
4
.400
11/15/25
1,674
2,675,000
Constellation
Brands,
Inc
3
.700
12/06/26
2,581
1,050,000
Constellation
Brands,
Inc
3
.150
08/01/29
956
6,900,000
Constellation
Brands,
Inc
2
.875
05/01/30
6,104
20,175,000
Constellation
Brands,
Inc
2
.250
08/01/31
16,664
4,500,000
Diageo
Capital
plc
1
.375
09/29/25
4,258
2,500,000
(c)
Grupo
Bimbo
SAB
de
C.V.
4
.700
11/10/47
2,172
3,950,000
Kraft
Heinz
Foods
Co
4
.375
06/01/46
3,336
EUR
300,000
(c)
Mondelez
International
Holdings
Netherlands
BV
1
.250
09/09/41
227
11,000,000
Philip
Morris
International,
Inc
5
.250
02/13/34
10,902
250,000
(c)
Sigma
Alimentos
S.A.
de
C.V.
4
.125
05/02/26
242
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
137,729
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.3%
1,500,000
Abbott
Laboratories
5
.300
05/27/40
1,549
EUR
200,000
Becton
Dickinson
&
Co
3
.519
02/08/31
216
12,500,000
Bon
Secours
Mercy
Health,
Inc
3
.382
11/01/25
12,113
1,925,000
Boston
Scientific
Corp
2
.650
06/01/30
1,695
3,285,000
Centene
Corp
2
.450
07/15/28
2,913
2,910,000
Centene
Corp
3
.000
10/15/30
2,495
19,230,000
Children's
Hospital
Medic
4
.268
05/15/44
16,921
CREF
Core
Bond
Account
March
31,
2024
238
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,750,000
CVS
Health
Corp
4
.780
%
03/25/38
$
9,004
4,050,000
CVS
Health
Corp
2
.700
08/21/40
2,812
21,150,000
CVS
Health
Corp
5
.050
03/25/48
19,208
4,105,000
Dartmouth-Hitchcock
Health
4
.178
08/01/48
3,285
10,775,000
Elevance
Health,
Inc
2
.250
05/15/30
9,215
4,750,000
Elevance
Health,
Inc
5
.125
02/15/53
4,552
4,225,000
HCA,
Inc
5
.625
09/01/28
4,278
6,200,000
HCA,
Inc
3
.625
03/15/32
5,488
5,350,000
HCA,
Inc
4
.625
03/15/52
4,471
3,500,000
(c)
Hologic,
Inc
3
.250
02/15/29
3,137
6,125,000
Humana,
Inc
2
.150
02/03/32
4,897
2,700,000
Humana,
Inc
5
.875
03/01/33
2,786
EUR
250,000
(c)
IQVIA,
Inc
1
.750
03/15/26
258
GBP
500,000
McKesson
Corp
3
.125
02/17/29
590
2,925,000
McKesson
Corp
5
.100
07/15/33
2,952
7,625,000
Medtronic
Global
Holdings
S.C.A
4
.250
03/30/28
7,491
5,000,000
New
York
and
Presbyterian
Hospital
3
.563
08/01/36
4,335
EUR
450,000
Stryker
Corp
2
.625
11/30/30
464
375,000
Tenet
Healthcare
Corp
4
.625
06/15/28
357
5,775,000
UnitedHealth
Group,
Inc
2
.950
10/15/27
5,435
10,700,000
UnitedHealth
Group,
Inc
2
.300
05/15/31
9,065
3,250,000
UnitedHealth
Group,
Inc
3
.750
10/15/47
2,569
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
144,551
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.2%
6,220,000
Church
&
Dwight
Co,
Inc
2
.300
12/15/31
5,171
EUR
750,000
(c)
Coty,
Inc
3
.875
04/15/26
799
5,975,000
Haleon
US
Capital
LLC
3
.375
03/24/27
5,718
5,725,000
Haleon
US
Capital
LLC
3
.625
03/24/32
5,159
EUR
300,000
Procter
&
Gamble
Co
3
.250
08/02/31
330
EUR
600,000
The
Procter
&
Gamble
Company
0
.625
10/30/24
636
EUR
400,000
The
Procter
&
Gamble
Company
1
.875
10/30/38
369
EUR
500,000
Unilever
Finance
Netherlands
BV
1
.125
02/12/27
511
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
18,693
INSURANCE
-
1.4%
825,000
(c)
Alliant
Holdings
Intermediate
LLC
4
.250
10/15/27
777
6,800,000
(c)
Allianz
SE
6
.350
09/06/53
7,138
4,925,000
Aon
Corp
2
.800
05/15/30
4,338
3,900,000
Aon
Corp
5
.350
02/28/33
3,921
8,306,000
Aon
Global
Ltd
3
.500
06/14/24
8,267
5,250,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
4,683
16,000,000
Berkshire
Hathaway
Finance
Corp
2
.850
10/15/50
10,798
1,400,000
Berkshire
Hathaway
Finance
Corp
3
.850
03/15/52
1,132
EUR
500,000
Chubb
INA
Holdings,
Inc
1
.550
03/15/28
504
EUR
450,000
Chubb
INA
Holdings,
Inc
1
.400
06/15/31
425
EUR
300,000
Credit
Agricole
Assurances
S.A.
1
.500
10/06/31
269
EUR
400,000
Equitable
Financial
Life
Global
Funding
0
.600
06/16/28
382
EUR
250,000
(c)
Fairfax
Financial
Holdings
Ltd
2
.750
03/29/28
258
7,325,000
(c)
Five
Corners
Funding
Trust
II
2
.850
05/15/30
6,420
3,000,000
(c)
Hanwha
Life
Insurance
Co
Ltd
3
.379
02/04/32
2,780
22,408,000
Hartford
Financial
Services
Group,
Inc
2
.800
08/19/29
20,106
1,100,000
Hartford
Financial
Services
Group,
Inc
4
.300
04/15/43
944
2,500,000
Hartford
Financial
Services
Group,
Inc
2
.900
09/15/51
1,633
EUR
750,000
Liberty
Mutual
Group,
Inc
2
.750
05/04/26
790
EUR
400,000
(c)
Liberty
Mutual
Group,
Inc
4
.625
12/02/30
449
4,100,000
(c)
Liberty
Mutual
Group,
Inc
3
.951
10/15/50
3,083
7,000,000
MetLife,
Inc
3
.600
04/10/24
6,997
1,250,000
MetLife,
Inc
3
.600
11/13/25
1,220
1,750,000
MetLife,
Inc
5
.000
07/15/52
1,648
11,820,000
MetLife,
Inc
3
.850
N/A(e)
11,361
GBP
200,000
Metropolitan
Life
Global
Funding
I
4
.125
09/02/25
249
239
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
8,200,000
(c)
Muenchener
Rueckversicherungs-Gesellschaft
AG.
in
Muenchen
5
.875
%
05/23/42
$
8,309
11,875,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
10,823
5,250,000
Principal
Financial
Group,
Inc
2
.125
06/15/30
4,398
1,450,000
Prudential
Financial,
Inc
3
.905
12/07/47
1,157
6,960,000
Prudential
Financial,
Inc
3
.700
10/01/50
6,084
3,875,000
Prudential
Financial,
Inc
5
.125
03/01/52
3,632
3,950,000
Prudential
Financial,
Inc
6
.500
03/15/54
4,005
3,275,000
Reinsurance
Group
of
America,
Inc
3
.900
05/15/29
3,091
5,600,000
(c)
Swiss
Re
Finance
Luxembourg
S.A.
5
.000
04/02/49
5,432
TOTAL
INSURANCE
147,503
MATERIALS
-
0.8%
7,975,000
Albemarle
Corp
4
.650
06/01/27
7,826
2,600,000
(c)
Alpek
SAB
de
C.V.
3
.250
02/25/31
2,226
852,000
Amcor
Flexibles
North
America,
Inc
3
.100
09/15/26
798
4,879,000
Amcor
Flexibles
North
America,
Inc
2
.630
06/19/30
4,201
9,400,000
(d)
Amcor
Flexibles
North
America,
Inc
2
.690
05/25/31
7,987
11,325,000
AngloGold
Ashanti
Holdings
plc
3
.750
10/01/30
9,896
2,000,000
(c)
Antofagasta
plc
5
.625
05/13/32
2,006
EUR
500,000
(c)
Ardagh
Metal
Packaging
Finance
USA
LLC
2
.000
09/01/28
458
375,000
(c)
Avient
Corp
5
.750
05/15/25
373
1,875,000
Ball
Corp
2
.875
08/15/30
1,600
14,250,000
Berry
Global,
Inc
1
.570
01/15/26
13,321
200,000
Celulosa
Arauco
y
Constitucion
S.A.
3
.875
11/02/27
187
3,000,000
(c)
Celulosa
Arauco
y
Constitucion
S.A.
4
.250
04/30/29
2,791
1,650,000
(c)
Celulosa
Arauco
y
Constitucion
S.A.
4
.200
01/29/30
1,510
4,200,000
(c)
Corp
Nacional
del
Cobre
de
Chile
3
.625
08/01/27
3,972
1,250,000
(c)
Corp
Nacional
del
Cobre
de
Chile
6
.440
01/26/36
1,287
EUR
500,000
Dow
Chemical
Co
0
.500
03/15/27
495
1,800,000
(c)
Freeport
Indonesia
PT
4
.763
04/14/27
1,753
2,400,000
(c)
Fresnillo
plc
4
.250
10/02/50
1,808
3,600,000
(c)
Inversiones
CMPC
S.A.
3
.000
04/06/31
3,076
2,800,000
(c)
MEGlobal
BV
2
.625
04/28/28
2,492
6,675,000
Nutrien
Ltd
2
.950
05/13/30
5,950
1,920,000
(c)
OCI
NV
4
.625
10/15/25
1,875
875,000
(c)
OCP
S.A.
3
.750
06/23/31
745
EUR
250,000
(c)
OI
European
Group
BV
6
.250
05/15/28
281
EUR
250,000
(c)
Olympus
Water
US
Holding
Corp
3
.875
10/01/28
252
300,000
(c)
Orbia
Advance
Corp
SAB
de
C.V.
1
.875
05/11/26
276
2,075,000
Sasol
Financing
USA
LLC
4
.375
09/18/26
1,957
300,000
Sasol
Financing
USA
LLC
5
.500
03/18/31
253
1,800,000
(c)
St.
Marys
Cement,
Inc
Canada
5
.750
04/02/34
1,782
4,300,000
Suzano
Austria
GmbH
3
.125
01/15/32
3,572
200,000
(c)
UltraTech
Cement
Ltd
2
.800
02/16/31
169
TOTAL
MATERIALS
87,175
MEDIA
&
ENTERTAINMENT
-
1.1%
EUR
750,000
(c)
BOI
Finance
BV
7
.500
02/16/27
762
5,000,000
(c)
CCO
Holdings
LLC
4
.250
02/01/31
4,083
10,200,000
(d)
Charter
Communications
Operating
LLC
4
.400
04/01/33
9,039
14,100,000
Charter
Communications
Operating
LLC
3
.500
03/01/42
9,408
6,150,000
Charter
Communications
Operating
LLC
5
.125
07/01/49
4,765
20,345,000
Charter
Communications
Operating
LLC
4
.800
03/01/50
15,060
3,000,000
Charter
Communications
Operating
LLC
3
.700
04/01/51
1,855
EUR
450,000
Comcast
Corp
0
.250
05/20/27
442
17,000,000
Comcast
Corp
3
.200
07/15/36
13,965
1,925,000
Comcast
Corp
3
.900
03/01/38
1,678
28,050,000
Comcast
Corp
2
.887
11/01/51
18,208
GBP
300,000
Discovery
Communications
LLC
2
.500
09/20/24
373
650,000
Lamar
Media
Corp
3
.750
02/15/28
607
1,000,000
Lamar
Media
Corp
4
.000
02/15/30
909
2,675,000
(c)
Sirius
XM
Radio,
Inc
4
.125
07/01/30
2,338
CREF
Core
Bond
Account
March
31,
2024
240
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
GBP
200,000
Time
Warner
Cable
LLC
5
.750
%
06/02/31
$
245
$
4,400,000
Time
Warner
Cable
LLC
5
.875
11/15/40
3,811
3,450,000
Time
Warner
Cable
LLC
4
.500
09/15/42
2,552
EUR
700,000
(c)
VZ
Secured
Financing
BV
3
.500
01/15/32
661
9,800,000
Warnermedia
Holdings,
Inc
3
.755
03/15/27
9,353
18,225,000
Warnermedia
Holdings,
Inc
5
.050
03/15/42
15,664
2,375,000
Warnermedia
Holdings,
Inc
5
.141
03/15/52
1,971
2,700,000
(d)
Weibo
Corp
3
.375
07/08/30
2,344
1,413,000
(c)
Ziff
Davis,
Inc
4
.625
10/15/30
1,274
TOTAL
MEDIA
&
ENTERTAINMENT
121,367
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.2%
EUR
550,000
AbbVie,
Inc
1
.250
06/01/24
591
9,400,000
AbbVie,
Inc
5
.050
03/15/34
9,517
9,850,000
AbbVie,
Inc
4
.050
11/21/39
8,770
4,650,000
AbbVie,
Inc
5
.400
03/15/54
4,786
16,075,000
Amgen,
Inc
5
.250
03/02/33
16,210
12,925,000
Amgen,
Inc
5
.650
03/02/53
13,170
7,350,000
AstraZeneca
Finance
LLC
1
.200
05/28/26
6,790
3,795,000
AstraZeneca
Finance
LLC
2
.250
05/28/31
3,206
EUR
500,000
(c)
Avantor
Funding,
Inc
3
.875
07/15/28
523
1,500,000
(c)
Avantor
Funding,
Inc
4
.625
07/15/28
1,421
3,125,000
Danaher
Corp
2
.800
12/10/51
2,058
4,700,000
Eli
Lilly
&
Co
5
.000
02/09/54
4,674
10,600,000
Gilead
Sciences,
Inc
5
.250
10/15/33
10,817
5,500,000
Gilead
Sciences,
Inc
5
.550
10/15/53
5,693
4,025,000
Merck
&
Co,
Inc
2
.750
12/10/51
2,631
EUR
600,000
(c)
Organon
Finance  LLC
2
.875
04/30/28
602
250,000
(c)
Organon
Finance  LLC
5
.125
04/30/31
222
4,150,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.750
05/19/33
4,086
31,850,000
Pfizer
Investment
Enterprises
Pte
Ltd
5
.300
05/19/53
31,666
EUR
300,000
Sartorius
Finance
BV
4
.375
09/14/29
335
EUR
500,000
Takeda
Pharmaceutical
Co
Ltd
2
.000
07/09/40
425
1,045,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4
.750
05/09/27
1,012
EUR
800,000
Thermo
Fisher
Scientific
Finance
I
BV
0
.800
10/18/30
744
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
129,949
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
EUR
200,000
Vonovia
SE
0
.625
12/14/29
179
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
179
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.6%
25,131,000
(c)
Broadcom,
Inc
4
.926
05/15/37
23,851
1,675,000
Intel
Corp
3
.734
12/08/47
1,301
8,375,000
NVIDIA
Corp
2
.000
06/15/31
7,077
1,100,000
(c)
NXP
BV
2
.700
05/01/25
1,067
5,450,000
NXP
BV
3
.875
06/18/26
5,291
3,475,000
NXP
BV
4
.400
06/01/27
3,407
4,100,000
NXP
BV
3
.125
02/15/42
2,956
4,800,000
(c)
SK
Hynix,
Inc
1
.500
01/19/26
4,470
2,200,000
Texas
Instruments,
Inc
4
.150
05/15/48
1,894
4,000,000
Texas
Instruments,
Inc
5
.000
03/14/53
3,925
4,000,000
(c)
TSMC
Global
Ltd
1
.000
09/28/27
3,495
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
58,734
SOFTWARE
&
SERVICES
-
0.8%
7,350,000
Adobe,
Inc
2
.300
02/01/30
6,468
200,000
(c)
CA
Magnum
Holdings
5
.375
10/31/26
191
900,000
(c)
Gartner,
Inc
3
.750
10/01/30
806
EUR
400,000
International
Business
Machines
Corp
0
.650
02/11/32
352
26,300,000
Microsoft
Corp
2
.400
08/08/26
24,961
2,200,000
(c)
Microsoft
Corp
3
.400
09/15/26
2,131
241
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,120,000
Microsoft
Corp
2
.525
%
06/01/50
$
2,707
550,000
(c)
Open
Text
Holdings,
Inc
4
.125
02/15/30
493
8,025,000
Oracle
Corp
4
.900
02/06/33
7,857
17,650,000
Oracle
Corp
5
.550
02/06/53
17,266
3,000,000
Roper
Technologies,
Inc
1
.400
09/15/27
2,662
10,050,000
Roper
Technologies,
Inc
2
.000
06/30/30
8,388
9,650,000
Salesforce,
Inc
2
.700
07/15/41
6,983
TOTAL
SOFTWARE
&
SERVICES
81,265
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
4,325,000
Amphenol
Corp
2
.800
02/15/30
3,870
4,825,000
Apple,
Inc
2
.450
08/04/26
4,584
26,100,000
Apple,
Inc
2
.050
09/11/26
24,500
3,225,000
Apple,
Inc
4
.650
02/23/46
3,102
4,675,000
Apple,
Inc
2
.650
02/08/51
3,078
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
39,134
TELECOMMUNICATION
SERVICES
-
2.1%
GBP
300,000
AT&T,
Inc
2
.900
12/04/26
359
EUR
500,000
AT&T,
Inc
2
.350
09/05/29
513
42,943,000
AT&T,
Inc
2
.550
12/01/33
34,396
8,325,000
AT&T,
Inc
4
.500
05/15/35
7,776
7,375,000
AT&T,
Inc
3
.500
06/01/41
5,757
38,320,000
AT&T,
Inc
3
.550
09/15/55
26,794
6,553,000
AT&T,
Inc
3
.800
12/01/57
4,745
225,000
(c)
Bharti
Airtel
Ltd
3
.250
06/03/31
198
3,000,000
(c)
C&W
Senior
Financing
Designated
Activity
Co
6
.875
09/15/27
2,833
850,000
Deutsche
Telekom
International
Finance
BV
8
.750
06/15/30
1,005
500,000
(c)
Empresa
Nacional
de
Telecomunicaciones
S.A.
3
.050
09/14/32
398
EUR
665,000
(c)
Iliad
Holding
SAS
5
.125
10/15/26
708
1,375,000
(c)
Millicom
International
Cellular
S.A.
4
.500
04/27/31
1,179
2,750,000
(c)
Millicom
International
Cellular
S.A.
7
.375
04/02/32
2,750
4,000,000
(c)
MTN
Mauritius
Investment
Ltd
6
.500
10/13/26
4,020
2,425,000
Orange
S.A.
5
.375
01/13/42
2,414
3,300,000
(c)
Sitios
Latinoamerica
SAB
de
C.V.
5
.375
04/04/32
3,083
900,000
(c)
Telecomunicaciones
Digitales
S.A.
4
.500
01/30/30
809
22,975,000
T-Mobile
USA,
Inc
2
.625
02/15/29
20,560
30,200,000
T-Mobile
USA,
Inc
3
.875
04/15/30
28,291
8,800,000
T-Mobile
USA,
Inc
5
.050
07/15/33
8,704
2,225,000
T-Mobile
USA,
Inc
3
.000
02/15/41
1,639
7,800,000
T-Mobile
USA,
Inc
3
.300
02/15/51
5,454
EUR
400,000
Verizon
Communications,
Inc
1
.875
10/26/29
400
EUR
200,000
Verizon
Communications,
Inc
4
.250
10/31/30
226
10,300,000
Verizon
Communications,
Inc
1
.750
01/20/31
8,361
8,450,000
Verizon
Communications,
Inc
2
.550
03/21/31
7,219
38,051,000
Verizon
Communications,
Inc
2
.355
03/15/32
31,270
EUR
300,000
Verizon
Communications,
Inc
2
.875
01/15/38
295
GBP
1,000,000
(c)
Vmed
O2
UK
Financing
I
plc
4
.500
07/15/31
1,073
6,550,000
Vodafone
Group
plc
4
.375
02/19/43
5,659
5,125,000
Vodafone
Group
plc
4
.250
09/17/50
4,137
TOTAL
TELECOMMUNICATION
SERVICES
223,025
TRANSPORTATION
-
0.4%
1,850,000
(c)
Adani
Ports
&
Special
Economic
Zone
Ltd
4
.000
07/30/27
1,696
2,000,000
(c)
Adani
Ports
&
Special
Economic
Zone
Ltd
4
.200
08/04/27
1,846
2,700,000
(c)
Adani
Ports
&
Special
Economic
Zone
Ltd
3
.100
02/02/31
2,149
1,450,000
(c)
Aeropuerto
Internacional
de
Tocumen
S.A.
4
.000
08/11/41
1,063
4,075,000
Burlington
Northern
Santa
Fe
LLC
3
.050
02/15/51
2,797
1,300,000
Canadian
Pacific
Railway
Co
2
.050
03/05/30
1,106
5,600,000
Canadian
Pacific
Railway
Co
3
.100
12/02/51
3,864
2,040,000
CSX
Corp
2
.600
11/01/26
1,929
1,525,000
CSX
Corp
3
.800
03/01/28
1,475
CREF
Core
Bond
Account
March
31,
2024
242
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
14,175,000
CSX
Corp
4
.250
%
03/15/29
$
13,876
1,550,000
(c)
Empresa
de
los
Ferrocarriles
del
Estado
3
.068
08/18/50
932
3,800,000
(c)
ENA
Master
Trust
4
.000
05/19/48
2,662
3,260,000
(c)
Misc
Capital
Two
Labuan
Ltd
3
.750
04/06/27
3,113
5,100,000
Union
Pacific
Corp
2
.891
04/06/36
4,160
2,275,000
Union
Pacific
Corp
3
.839
03/20/60
1,747
TOTAL
TRANSPORTATION
44,415
UTILITIES
-
3.1%
1,950,000
(c)
Adani
Electricity
Mumbai
Ltd
3
.867
07/22/31
1,600
1,650,000
AEP
Transmission
Co
LLC
3
.100
12/01/26
1,569
1,650,000
AEP
Transmission
Co
LLC
4
.000
12/01/46
1,360
4,750,000
AEP
Transmission
Co
LLC
2
.750
08/15/51
2,987
1,175,000
AEP
Transmission
Co
LLC
5
.400
03/15/53
1,170
3,475,000
Alabama
Power
Co
4
.150
08/15/44
2,932
6,025,000
Alabama
Power
Co
3
.450
10/01/49
4,453
3,971,763
(c)
Alfa
Desarrollo
S.p.A
4
.550
09/27/51
3,035
17,400,000
Ameren
Illinois
Co
4
.950
06/01/33
17,221
3,225,000
Ameren
Illinois
Co
5
.900
12/01/52
3,454
2,750,000
American
Water
Capital
Corp
3
.000
12/01/26
2,598
4,000,000
American
Water
Capital
Corp
2
.800
05/01/30
3,521
8,500,000
American
Water
Capital
Corp
2
.300
06/01/31
7,082
2,375,000
American
Water
Capital
Corp
4
.000
12/01/46
1,960
4,500,000
American
Water
Capital
Corp
3
.750
09/01/47
3,551
5,788,000
Appalachian
Power
Co
4
.450
06/01/45
4,783
8,475,000
Atmos
Energy
Corp
1
.500
01/15/31
6,802
1,175,000
Atmos
Energy
Corp
4
.125
10/15/44
1,014
5,325,000
Atmos
Energy
Corp
6
.200
11/15/53
5,999
6,500,000
Baltimore
Gas
and
Electric
Co
3
.750
08/15/47
5,047
5,925,000
Berkshire
Hathaway
Energy
Co
3
.250
04/15/28
5,590
1,075,000
CenterPoint
Energy
Houston
Electric
LLC
3
.000
03/01/32
935
EUR
350,000
CEZ
AS.
0
.875
12/02/26
348
2,975,000
CMS
Energy
Corp
3
.600
11/15/25
2,889
3,500,000
Commonwealth
Edison
Co
5
.900
03/15/36
3,723
8,250,000
Commonwealth
Edison
Co
3
.000
03/01/50
5,515
5,100,000
Commonwealth
Edison
Co
2
.750
09/01/51
3,160
2,178,000
Consumers
Energy
Co
2
.650
08/15/52
1,376
1,542,000
Consumers
Energy
Co
2
.500
05/01/60
889
2,350,000
Dominion
Energy,
Inc
2
.250
08/15/31
1,923
4,000,000
Dominion
Energy,
Inc
3
.300
04/15/41
2,998
2,500,000
DTE
Electric
Co
3
.650
03/01/52
1,892
4,125,000
(d)
DTE
Electric
Co
5
.400
04/01/53
4,160
4,600,000
Duke
Energy
Florida
LLC
3
.400
10/01/46
3,371
8,850,000
Duke
Energy
Indiana
LLC
2
.750
04/01/50
5,608
6,100,000
Duke
Energy
Progress
LLC
2
.500
08/15/50
3,667
EUR
500,000
EDP
Finance
BV
3
.875
03/11/30
551
EUR
300,000
Electricite
de
France
S.A.
2
.000
10/02/30
294
3,445,000
(c)
Empresas
Publicas
de
Medellin
ESP
4
.250
07/18/29
2,984
2,000,000
(c)
EnfraGen
Energia
Sur
S.A.
5
.375
12/30/30
1,659
6,900,000
Entergy
Corp
0
.900
09/15/25
6,468
10,600,000
Enterprise
Products
Operating
LLC
3
.700
01/31/51
8,190
6,350,000
Eversource
Energy
3
.450
01/15/50
4,439
8,200,000
Florida
Power
&
Light
Co
4
.800
05/15/33
8,076
5,775,000
Florida
Power
&
Light
Co
3
.990
03/01/49
4,751
2,900,000
Indiana
Michigan
Power
Co
3
.750
07/01/47
2,185
4,525,000
(c)
Israel
Electric
Corp
Ltd
4
.250
08/14/28
4,196
3,200,000
(c)
Korea
Southern
Power
Co
Ltd
0
.750
01/27/26
2,950
6,975,000
MidAmerican
Energy
Co
3
.650
04/15/29
6,634
5,400,000
MidAmerican
Energy
Co
3
.650
08/01/48
4,138
7,350,000
Nevada
Power
Co
2
.400
05/01/30
6,333
3,335,000
Nevada
Power
Co
5
.450
05/15/41
3,292
12,700,000
NextEra
Energy
Capital
Holdings,
Inc
2
.250
06/01/30
10,814
243
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
20,060,000
NiSource,
Inc
1
.700
%
02/15/31
$
16,022
6,000,000
(c)
NRG
Energy,
Inc
2
.450
12/02/27
5,393
2,750,000
Ohio
Power
Co
2
.600
04/01/30
2,394
6,150,000
Ohio
Power
Co
4
.150
04/01/48
4,961
4,925,000
Ohio
Power
Co
4
.000
06/01/49
3,905
1,280,000
Oncor
Electric
Delivery
Co
LLC
5
.250
09/30/40
1,267
600,000
(c)
Pattern
Energy
Operations
LP
4
.500
08/15/28
559
2,775,000
PECO
Energy
Co
3
.000
09/15/49
1,896
3,700,000
PECO
Energy
Co
2
.800
06/15/50
2,420
650,000
(c)
Perusahaan
Listrik
Negara
PT
3
.875
07/17/29
605
3,000,000
(c)
Perusahaan
Listrik
Negara
PT
3
.375
02/05/30
2,691
200,000
(c)
Perusahaan
Listrik
Negara
PT
4
.875
07/17/49
169
5,000,000
(c)
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
4
.000
06/30/50
3,717
750,000
(d)
Potomac
Electric
Power
Co
7
.900
12/15/38
956
6,800,000
Public
Service
Co
of
Colorado
1
.875
06/15/31
5,498
2,100,000
Public
Service
Co
of
Colorado
4
.050
09/15/49
1,642
4,450,000
Public
Service
Co
of
Colorado
3
.200
03/01/50
3,013
5,150,000
Public
Service
Electric
and
Gas
Co
4
.900
12/15/32
5,127
6,970,000
Public
Service
Electric
and
Gas
Co
3
.150
01/01/50
4,964
5,000,000
Public
Service
Electric
and
Gas
Co
5
.450
03/01/54
5,156
20,000,000
Southern
Co
4
.000
01/15/51
19,227
8,475,000
Southern
Co
Gas
Capital
Corp
3
.875
11/15/25
8,258
EUR
500,000
Southern
Power
Co
1
.850
06/20/26
518
2,440,000
Southwestern
Public
Service
Co
3
.400
08/15/46
1,713
3,986,514
(c)
Sweihan
PV
Power
Co
PJSC
3
.625
01/31/49
3,170
6,700,000
Union
Electric
Co
5
.450
03/15/53
6,635
3,250,000
Virginia
Electric
and
Power
Co
2
.950
11/15/26
3,089
1,900,000
Virginia
Electric
and
Power
Co
5
.700
08/15/53
1,954
3,000,000
Wisconsin
Power
and
Light
Co
4
.950
04/01/33
2,934
4,125,000
Wisconsin
Power
and
Light
Co
4
.100
10/15/44
3,250
2,240,000
Xcel
Energy,
Inc
4
.800
09/15/41
1,924
TOTAL
UTILITIES
333,163
TOTAL
CORPORATE
BONDS
3,420,355
(Cost
$3,752,985)
GOVERNMENT
BONDS
-
49.3%
-
0.0%
EUR
950,000
Republic
of
Bulgaria
3
.125
03/26/35
959
TOTAL
959
AGENCY
SECURITIES
-
0.3%
2,668,633
Canal
Barge
Co,
Inc
4
.500
11/12/34
2,585
114
Export-Import
Bank
of
the
United
States
1
.822
05/03/25
0
^
25,000,000
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
1
.540
08/17/35
17,774
9,000,000
Federal
National
Mortgage
Association
(FNMA)
1
.625
08/24/35
6,476
6,125,000
Private
Export
Funding
Corp
(PEFCO)
1
.750
11/15/24
5,989
TOTAL
AGENCY
SECURITIES
32,824
FOREIGN
GOVERNMENT
BONDS
-
3.5%
750,000
(c)
Africa
Finance
Corp
2
.875
04/28/28
658
3,925,000
(c)
Angolan
Government
International
Bond
8
.750
04/14/32
3,602
INR
41,700,000
Asian
Infrastructure
Investment
Bank
6
.000
12/08/31
468
AUD
1,250,000
Australia
Government
Bond
1
.000
12/21/30
681
AUD
1,775,000
Australia
Government
Bond
1
.250
05/21/32
944
AUD
1,960,000
Australia
Government
Bond
1
.750
06/21/51
747
200,000
(c)
Bank
Gospodarstwa
Krajowego
6
.250
10/31/28
208
2,215,000
(c)
Bank
Gospodarstwa
Krajowego
5
.375
05/22/33
2,201
8,500,000
(c)
Banque
Ouest
Africaine
de
Developpement
4
.700
10/22/31
7,310
EUR
3,650,000
(c)
Banque
Ouest
Africaine
de
Developpement
2
.750
01/22/33
3,032
EUR
850,000
(c)
Benin
Government
International
Bond
4
.950
01/22/35
743
CREF
Core
Bond
Account
March
31,
2024
244
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,000,000
(c)
BNG
Bank
NV
3
.500
%
08/26/24
$
4,962
8,000,000
(c)
BNG
Bank
NV
0
.875
05/18/26
7,378
1,560,000
(c)
Brazil
Minas
SPE
via
State
of
Minas
Gerais
5
.333
02/15/28
1,531
BRL
3,000,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/27
596
BRL
3,750,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/31
719
3,410,000
Brazilian
Government
International
Bond
6
.000
10/20/33
3,375
EUR
545,000
Bundesobligation
0
.000
10/10/25
562
EUR
6,450,000
Bundesrepublik
Deutschland
0
.000
08/15/31
5,922
EUR
380,000
Bundesrepublik
Deutschland
0
.000
02/15/32
345
EUR
1,400,000
Bundesrepublik
Deutschland
2
.300
02/15/33
1,515
EUR
3,700,000
Bundesrepublik
Deutschland
1
.000
05/15/38
3,306
EUR
135,000
Bundesrepublik
Deutschland
1
.250
08/15/48
114
EUR
2,465,000
Bundesrepublik
Deutschland
0
.000
08/15/52
1,354
7,000,000
(c)
Caisse
d'Amortissement
de
la
Dette
Sociale
1
.125
11/29/24
6,809
CAD
1,400,000
(c)
Canada
Housing
Trust
No
1
.100
12/15/26
957
CAD
1,525,000
(c)
Canada
Housing
Trust
No
3
.550
09/15/32
1,105
CAD
1,650,000
Canadian
Government
Bond
3
.000
11/01/24
1,205
CAD
875,000
Canadian
Government
International
Bond
3
.500
08/01/25
638
CAD
1,475,000
Canadian
Government
International
Bond
2
.000
06/01/28
1,026
CAD
850,000
Canadian
Government
International
Bond
2
.000
06/01/32
563
1,250,000
(d)
Chile
Government
International
Bond
2
.550
01/27/32
1,055
CNY
5,750,000
China
Government
Bond
2
.940
10/17/24
801
CNY
47,400,000
China
Government
Bond
3
.120
12/05/26
6,740
CNY
9,000,000
China
Government
Bond
2
.040
02/25/27
1,244
CNY
20,200,000
China
Government
Bond
2
.500
07/25/27
2,821
CNY
16,100,000
China
Government
Bond
3
.270
11/19/30
2,358
CNY
18,900,000
China
Government
Bond
3
.860
07/22/49
3,187
CNY
10,000,000
China
Government
Bond
3
.390
03/16/50
1,569
CNY
4,700,000
China
Government
Bond
3
.810
09/14/50
791
CNY
4,700,000
China
Government
Bond
3
.720
04/12/51
782
NOK
7,000,000
City
of
Oslo
Norway
2
.050
10/31/24
634
2,075,000
Colombia
Government
International
Bond
3
.250
04/22/32
1,614
1,100,000
Colombia
Government
International
Bond
8
.000
11/14/35
1,155
1,700,000
Colombia
Government
International
Bond
5
.000
06/15/45
1,230
COP
3,300,000,000
Colombian
TES
7
.750
09/18/30
779
275,000
(c)
Costa
Rica
Government
International
Bond
6
.550
04/03/34
284
2,200,000
(c)
Costa
Rica
Government
International
Bond
5
.625
04/30/43
1,983
1,575,000
(c)
Dominican
Republic
Government
International
Bond
4
.875
09/23/32
1,410
DOP
8,500,000
(c)
Dominican
Republic
Government
International
Bond
11
.250
09/15/35
155
3,050,000
(c)
Dominican
Republic
Government
International
Bond
5
.875
01/30/60
2,591
24,960
(c)
Ecuador
Government
International
Bond
0
.000
07/31/30
12
141,600
(c)
Ecuador
Government
International
Bond
5
.000
07/31/30
96
99,120
(c)
Ecuador
Government
International
Bond
1
.000
07/31/35
52
EGP
19,025,000
Egypt
Government
International
Bond
15
.900
07/02/24
387
1,500,000
(c)
Egypt
Government
International
Bond
5
.800
09/30/27
1,350
EUR
1,100,000
(c)
Egypt
Government
International
Bond
5
.625
04/16/30
970
EUR
700,000
(c)
Egypt
Government
International
Bond
6
.375
04/11/31
624
325,000
(c)
Egypt
Government
International
Bond
7
.053
01/15/32
269
2,700,000
(c)
Egypt
Government
International
Bond
8
.500
01/31/47
2,137
1,425,000
Emirate
of
Dubai
Government
International
Bonds
3
.900
09/09/50
1,051
3,500,000
European
Investment
Bank
4
.875
02/15/36
3,656
2,000,000
(c)
Export-Import
Bank
of
India
3
.875
02/01/28
1,906
2,000,000
(c)
Export-Import
Bank
of
India
2
.250
01/13/31
1,653
3,350,000
Export-Import
Bank
of
Korea
1
.250
09/21/30
2,686
EUR
1,325,000
(c)
French
Republic
Government
Bond
OAT
0
.750
11/25/28
1,313
EUR
1,525,000
French
Republic
Government
Bond
OAT
1
.250
05/25/36
1,362
EUR
3,500,000
(c)
French
Republic
Government
Bond
OAT
0
.500
05/25/40
2,542
EUR
860,000
(c)
French
Republic
Government
Bond
OAT
0
.750
05/25/52
509
EUR
960,000
(c)
French
Republic
Government
Bond
OAT
0
.750
05/25/53
555
2,325,000
(c)
Ghana
Government
International
Bond
8
.125
03/26/32
1,197
1,000,000
(c)
Ghana
Government
International
Bond
8
.627
06/16/49
504
450,000
(c)
Guatemala
Government
International
Bond
4
.375
06/05/27
431
245
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
EUR
1,250,000
(c)
Hellenic
Republic
Government
International
Bond
1
.500
%
06/18/30
$
1,228
EUR
725,000
(c)
Hellenic
Republic
Government
International
Bond
0
.750
06/18/31
663
EUR
975,000
(c)
Hellenic
Republic
Government
International
Bond
3
.375
06/15/34
1,051
EUR
750,000
(c)
Hellenic
Republic
Government
International
Bond
4
.375
07/18/38
872
$
4,305,000
(c)
Hong
Kong
Government
International
Bond
4
.625
01/11/33
4,396
HUF
345,000,000
Hungary
Government
International
Bond
5
.500
06/24/25
932
1,565,000
(c)
Hungary
Government
International
Bond
6
.125
05/22/28
1,602
1,725,000
(c)
Hungary
Government
International
Bond
5
.250
06/16/29
1,704
HUF
421,500,000
Hungary
Government
International
Bond
3
.000
08/21/30
938
1,150,000
(c)
Hungary
Government
International
Bond
2
.125
09/22/31
911
EUR
600,000
Hungary
Government
International
Bond
1
.750
06/05/35
496
CAD
1,475,000
Hydro-Quebec
5
.000
02/15/45
1,175
6,300,000
(c)
Indonesia
Government
International
Bond
4
.625
04/15/43
5,881
IDR
7,750,000,000
Indonesia
Treasury
Bond
8
.125
05/15/24
490
IDR
10,000,000,000
Indonesia
Treasury
Bond
6
.375
04/15/32
618
AUD
500,000
Inter-American
Development
Bank
4
.750
08/27/24
326
AUD
900,000
Inter-American
Development
Bank
2
.750
10/30/25
573
INR
17,000,000
Inter-American
Development
Bank
7
.000
04/17/33
205
CAD
1,300,000
International
Bank
for
Reconstruction
&
Development
1
.900
01/16/25
938
INR
56,000,000
International
Bank
for
Reconstruction
&
Development
5
.500
01/21/27
646
IDR
20,900,000,000
International
Bank
for
Reconstruction
&
Development
6
.250
01/12/28
1,318
GBP
500,000
International
Finance
Corp
0
.250
12/15/25
586
1,025,000
(c)
Iraq
Government
International
Bond
5
.800
01/15/28
964
EUR
350,000
Ireland
Government
Bond
0
.000
10/18/31
311
EUR
400,000
Ireland
Government
Bond
1
.700
05/15/37
377
EUR
425,000
Ireland
Government
Bond
1
.500
05/15/50
333
1,750,000
Israel
Government
International
Bond
5
.375
03/12/29
1,754
EUR
4,315,000
Italy
Buoni
Poliennali
Del
Tesoro
0
.450
02/15/29
4,088
EUR
1,875,000
Italy
Buoni
Poliennali
Del
Tesoro
0
.950
08/01/30
1,752
EUR
875,000
(c)
Italy
Buoni
Poliennali
Del
Tesoro
4
.450
09/01/43
987
EUR
425,000
(c)
Italy
Buoni
Poliennali
Del
Tesoro
1
.700
09/01/51
285
EUR
1,000,000
(c)
Ivory
Coast
Government
International
Bond
5
.875
10/17/31
995
EUR
100,000
(c)
Ivory
Coast
Government
International
Bond
4
.875
01/30/32
93
1,400,000
(c)
Ivory
Coast
Government
International
Bond
8
.250
01/30/37
1,403
1,234,973
(c)
Ivory
Coast
Government
International
Bond
(Step
Bond)
5
.750
12/31/32
1,174
2,850,000
Jamaica
Government
International
Bond
7
.875
07/28/45
3,347
2,500,000
(c)
Japan
Finance
Organization
for
Municipalities
1
.000
05/21/25
2,380
JPY
140,000,000
Japan
Finance
Organization
for
Municipalities
0
.020
03/13/26
921
JPY
498,000,000
Japan
Government
Five
Year
Bond
0
.005
09/20/26
3,274
JPY
445,000,000
Japan
Government
Five
Year
Bond
0
.300
09/20/28
2,937
JPY
475,000,000
Japan
Government
Ten
Year
Bond
0
.100
09/20/26
3,131
JPY
162,000,000
Japan
Government
Ten
Year
Bond
0
.100
12/20/29
1,053
JPY
603,600,000
Japan
Government
Ten
Year
Bond
0
.100
12/20/30
3,897
JPY
225,000,000
Japan
Government
Thirty
Year
Bond
0
.500
09/20/46
1,192
JPY
105,000,000
Japan
Government
Thirty
Year
Bond
0
.600
09/20/50
535
JPY
132,000,000
Japan
Government
Thirty
Year
Bond
0
.700
09/20/51
682
JPY
118,500,000
Japan
Government
Thirty
Year
Bond
1
.300
06/20/52
711
JPY
181,600,000
Japan
Government
Thirty
Year
Bond
1
.200
06/20/53
1,058
JPY
182,000,000
Japan
Government
Thirty
Year
Bond
1
.800
09/20/53
1,221
JPY
202,000,000
Japan
Government
Twenty
Year
Bond
1
.400
09/20/34
1,419
JPY
93,000,000
Japan
Government
Twenty
Year
Bond
0
.600
12/20/36
589
JPY
153,000,000
Japan
Government
Twenty
Year
Bond
0
.300
06/20/39
891
JPY
385,000,000
Japan
Government
Twenty
Year
Bond
1
.100
09/20/42
2,433
JPY
348,000,000
Japan
Government
Two
Year
Bond
0
.005
07/01/25
2,297
925,000
(c)
Jordan
Government
International
Bond
4
.950
07/07/25
896
500,000
(c)
Jordan
Government
International
Bond
7
.750
01/15/28
506
1,000,000
(c)
Jordan
Government
International
Bond
7
.500
01/13/29
997
1,025,000
(c)
Jordan
Government
International
Bond
5
.850
07/07/30
942
KZT
235,000,000
Kazakhstan
Government
Bond-MEUKAM
7
.130
08/06/24
514
CREF
Core
Bond
Account
March
31,
2024
246
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
550,000
(c)
Kenya
Government
International
Bond
7
.000
%
05/22/27
$
535
EUR
2,900,000
(c)
Kingdom
of
Belgium
Government
Bond
0
.350
06/22/32
2,582
EUR
3,950,000
(c)
Kingdom
of
Belgium
Government
Bond
1
.450
06/22/37
3,536
3,000,000
(c)
Kommunalbanken
AS.
1
.125
06/14/30
2,453
KRW
1,800,000,000
Korea
Treasury
Bond
1
.500
12/10/26
1,275
KRW
2,660,000,000
Korea
Treasury
Bond
1
.375
12/10/29
1,775
KRW
2,400,000,000
Korea
Treasury
Bond
2
.000
06/10/31
1,631
KRW
1,225,000,000
Korea
Treasury
Bond
2
.375
12/10/31
852
KRW
2,380,000,000
Korea
Treasury
Bond
2
.375
09/10/38
1,565
KRW
400,000,000
Korea
Treasury
Bond
1
.875
09/10/41
238
KRW
365,000,000
Korea
Treasury
Bond
2
.500
03/10/52
231
MXN
7,800,000
Kreditanstalt
fuer
Wiederaufbau
4
.400
07/25/25
437
1,750,000
(h)
Lebanon
Government
International
Bond
6
.750
11/29/27
114
MYR
2,610,000
Malaysia
Government
Bond
4
.457
03/31/53
575
MXN
23,500,000
Mexican
Bonos
5
.750
03/05/26
1,307
MXN
24,700,000
Mexican
Bonos
8
.500
11/18/38
1,380
1,675,000
Mexico
Government
International
Bond
5
.400
02/09/28
1,684
3,375,000
Mexico
Government
International
Bond
3
.250
04/16/30
3,004
3,001,000
Mexico
Government
International
Bond
6
.050
01/11/40
2,962
6,650,000
Mexico
Government
International
Bond
4
.280
08/14/41
5,333
3,500,000
Mexico
Government
International
Bond
4
.600
02/10/48
2,795
5,075,000
Mexico
Government
International
Bond
4
.400
02/12/52
3,871
1,500,000
Mexico
Government
International
Bond
6
.400
05/07/54
1,494
950,000
(c)
Morocco
Government
International
Bond
2
.375
12/15/27
846
4,050,000
(c)
Morocco
Government
International
Bond
5
.500
12/11/42
3,554
1,675,000
(c)
Namibia
Government
International
Bond
5
.250
10/29/25
1,654
EUR
475,000
Netherlands
Government
International
Bond
2
.500
07/15/34
508
EUR
400,000
(c)
Netherlands
Government
International
Bond
2
.750
01/15/47
438
EUR
380,000
(c)
Netherlands
Government
International
Bond
0
.000
01/15/52
202
AUD
500,000
New
South
Wales
Treasury
Corp
4
.000
05/20/26
326
AUD
2,690,000
New
South
Wales
Treasury
Corp
3
.000
04/20/29
1,671
NZD
1,175,000
New
Zealand
Government
International
Bond
2
.750
04/15/25
685
NZD
2,650,000
New
Zealand
Government
International
Bond
3
.500
04/14/33
1,461
925,000
(c)
Nigeria
Government
International
Bond
8
.375
03/24/29
901
NOK
17,250,000
(c)
Norway
Government
International
Bond
2
.000
04/26/28
1,495
1,100,000
(c)
Oman
Government
International
Bond
6
.000
08/01/29
1,123
2,400,000
(c)
Oman
Government
International
Bond
6
.250
01/25/31
2,481
3,575,000
(c)
OPEC
Fund
for
International
Development
4
.500
01/26/26
3,530
5,400,000
Panama
Bonos
del
Tesoro
3
.362
06/30/31
4,279
500,000
(i)
Panama
Government
International
Bond
8
.000
03/01/38
524
2,025,000
Panama
Government
International
Bond
4
.300
04/29/53
1,311
3,150,000
Panama
Notas
del
Tesoro
3
.750
04/17/26
3,012
750,000
(c)
Paraguay
Government
International
Bond
6
.000
02/09/36
759
1,000,000
(c)
Paraguay
Government
International
Bond
6
.100
08/11/44
969
1,100,000
(c)
Perusahaan
Penerbit
SBSN
Indonesia
III
4
.700
06/06/32
1,078
3,000,000
Peruvian
Government
International
Bond
1
.862
12/01/32
2,284
1,970,000
Peruvian
Government
International
Bond
3
.000
01/15/34
1,612
PEN
3,515,000
(c)
Peruvian
Government
International
Bond
5
.400
08/12/34
813
6,170,000
Philippine
Government
International
Bond
4
.200
03/29/47
5,193
CAD
875,000
Province
of
Ontario
Canada
2
.150
06/02/31
574
CAD
875,000
Province
of
Ontario
Canada
1
.900
12/02/51
399
CAD
650,000
Province
of
Quebec
Canada
2
.750
09/01/27
462
6,000,000
Province
of
Quebec
Canada
7
.500
09/15/29
6,852
2,050,000
(c)
Qatar
Government
International
Bond
3
.750
04/16/30
1,966
EUR
425,000
(c)
Republic
of
Cameroon
International
Bond
5
.950
07/07/32
353
500,000
(c)
Republic
of
Guatemala
4
.650
10/07/41
401
7,000,000
Republic
of
Italy
Government
International
Bond
4
.000
10/17/49
5,196
2,000,000
(c)
Republic
of
Kenya
Government
International
Bond
9
.750
02/16/31
2,047
PLN
5,650,000
Republic
of
Poland
Government
International
Bond
5
.750
04/25/29
1,439
1,425,000
Republic
of
Poland
Government
International
Bond
5
.750
11/16/32
1,490
PLN
3,700,000
Republic
of
Poland
Government
International
Bond
6
.000
10/25/33
965
550,000
Republic
of
Poland
Government
International
Bond
5
.125
09/18/34
548
247
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,795,000
Republic
of
Poland
Government
International
Bond
5
.500
%
04/04/53
$
2,783
200,000
Republic
of
South
Africa
Government
International
Bond
5
.875
04/20/32
180
ZAR
18,725,000
Republic
of
South
Africa
Government
International
Bond
8
.875
02/28/35
788
ZAR
15,100,000
Republic
of
South
Africa
Government
International
Bond
8
.750
01/31/44
558
2,800,000
Republic
of
South
Africa
Government
International
Bond
5
.375
07/24/44
2,023
350,000
Republic
of
South
Africa
Government
International
Bond
7
.300
04/20/52
303
UZS
5,708,925,000
(c)
Republic
of
Uzbekistan
International
Bond
14
.000
07/19/24
448
1,485,000
(c)
Republic
of
Uzbekistan
International
Bond
7
.850
10/12/28
1,552
RON
5,655,000
Romanian
Government
International
Bond
8
.000
04/29/30
1,323
1,850,000
(c)
Romanian
Government
International
Bond
3
.000
02/14/31
1,550
EUR
600,000
(c)
Romanian
Government
International
Bond
2
.000
01/28/32
514
EUR
500,000
(c)
Romanian
Government
International
Bond
2
.000
04/14/33
413
3,300,000
(c)
Romanian
Government
International
Bond
4
.000
02/14/51
2,330
3,125,000
(c)
Rwanda
International
Government
Bond
5
.500
08/09/31
2,526
1,425,000
(c)
Saudi
Government
International
Bond
3
.250
10/26/26
1,366
5,650,000
(c)
Saudi
Government
International
Bond
3
.750
01/21/55
4,068
EUR
325,000
(c)
Senegal
Government
International
Bond
4
.750
03/13/28
315
EUR
425,000
(c)
Senegal
Government
International
Bond
5
.375
06/08/37
332
1,000,000
(c)
Senegal
Government
International
Bond
6
.750
03/13/48
740
EUR
1,250,000
(c)
Serbia
Government
International
Bond
1
.500
06/26/29
1,137
760,000
(c)
Serbia
Government
International
Bond
6
.500
09/26/33
774
3,450,000
(c)
Serbia
International
Bond
2
.125
12/01/30
2,730
EUR
525,000
(c)
Serbia
International
Bond
1
.650
03/03/33
423
RSD
96,000,000
Serbia
Treasury
Bonds
5
.875
02/08/28
911
RSD
31,700,000
Serbia
Treasury
Bonds
4
.500
08/20/32
264
2,000,000
South
Africa
Government
International
Bond
5
.875
09/16/25
1,992
EUR
2,550,000
(c)
Spain
Government
International
Bond
2
.750
10/31/24
2,734
EUR
845,000
(c)
Spain
Government
International
Bond
1
.400
07/30/28
860
EUR
1,475,000
(c)
Spain
Government
International
Bond
0
.600
10/31/29
1,409
EUR
625,000
(c)
Spain
Government
International
Bond
0
.100
04/30/31
554
EUR
2,350,000
(c)
Spain
Government
International
Bond
1
.200
10/31/40
1,800
EUR
1,000,000
(c)
Spain
Government
International
Bond
1
.900
10/31/52
737
3,100,000
State
of
Israel
3
.375
01/15/50
2,081
THB
9,000,000
Thailand
Government
International
Bond
1
.585
12/17/35
221
THB
24,400,000
Thailand
Government
International
Bond
3
.300
06/17/38
712
EUR
750,000
Turkiye
Government
International
Bond
5
.875
05/21/30
808
1,850,000
Turkiye
Government
International
Bond
7
.625
05/15/34
1,855
EUR
1,000,000
(c)
Ukraine
Government
International
Bond
6
.750
06/20/28
322
EUR
500,000
UNEDIC
ASSEO
0
.250
07/16/35
400
GBP
485,000
United
Kingdom
Gilt
0
.125
01/31/28
531
GBP
1,220,000
United
Kingdom
Gilt
1
.625
10/22/28
1,402
GBP
425,000
United
Kingdom
Gilt
0
.500
01/31/29
458
GBP
440,000
United
Kingdom
Gilt
3
.250
01/31/33
530
GBP
550,000
United
Kingdom
Gilt
0
.875
07/31/33
531
GBP
760,000
United
Kingdom
Gilt
4
.625
01/31/34
1,012
GBP
2,665,000
United
Kingdom
Gilt
1
.750
09/07/37
2,541
GBP
900,000
United
Kingdom
Gilt
3
.750
01/29/38
1,084
GBP
275,000
United
Kingdom
Gilt
1
.250
10/22/41
217
GBP
575,000
United
Kingdom
Gilt
1
.500
07/22/47
422
GBP
800,000
United
Kingdom
Gilt
4
.250
12/07/49
986
GBP
1,875,000
United
Kingdom
Gilt
0
.625
10/22/50
988
GBP
1,475,000
United
Kingdom
Gilt
1
.500
07/31/53
983
5,280,000
Uruguay
Government
International
Bond
4
.375
01/23/31
5,162
UYU
20,300,000
Uruguay
Government
International
Bond
8
.250
05/21/31
515
1,400,000
Uruguay
Government
International
Bond
5
.100
06/18/50
1,355
TOTAL
FOREIGN
GOVERNMENT
BONDS
375,492
MORTGAGE
BACKED
-
24.1%
CREF
Core
Bond
Account
March
31,
2024
248
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,176,000
(a),(c)
Angel
Oak
Mortgage
Trust
2
.837
%
11/25/66
$
3,609
6,396,751
(a),(c)
Bayview
MSR
Opportunity
Master
Fund
Trust
3
.000
10/25/51
5,307
77,211,084
(a),(c)
Citigroup
Mortgage
Loan
Trust
0
.156
02/25/52
646
8,656,777
(a),(c)
Citigroup
Mortgage
Loan
Trust
0
.250
02/25/52
116
6,591,056
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
1.900%
7
.220
12/25/41
6,645
4,960,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.500%
9
.820
01/25/42
5,222
19,340,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.100%
8
.420
03/25/42
20,130
23,635,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.650%
9
.971
06/25/42
25,727
340,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.350%
8
.670
01/25/43
359
915,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
6.850%
12
.171
06/25/43
1,017
3,960,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.900%
9
.188
07/25/43
4,172
4,960,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.550%
8
.870
10/25/43
5,169
13,460,805
Fannie
Mae
Pool
3
.000
05/01/52
11,709
3,545,809
(a)
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
30
D
AVG
SOFR
+
5.806%
0
.487
03/15/44
277
8,609,524
FHLMC
3
.500
01/15/47
7,543
1,682,184
FHLMC
4
.000
10/15/47
1,556
1,535,056
FHLMC
4
.000
11/15/47
1,409
8,791,345
FHLMC
4
.000
01/15/48
8,224
8,466,291
FHLMC
4
.000
03/15/48
7,799
2,467,983
FHLMC
4
.000
04/15/48
2,296
5,367,200
FHLMC
4
.000
04/15/48
4,877
7,536,866
(a)
FHLMC
30
D
AVG
SOFR
+
9.737%
1
.227
06/15/48
6,704
5,625,203
(a)
FHLMC
30
D
AVG
SOFR
+
9.657%
1
.147
10/15/48
4,948
12,411,976
FHLMC
3
.000
11/01/49
10,896
4,842,228
FHLMC
2
.000
09/25/50
627
13,505,044
FHLMC
3
.000
09/25/50
9,480
6,840,672
FHLMC
3
.000
10/25/50
4,731
34,988,234
FHLMC
2
.500
02/25/51
5,891
8,481,427
FHLMC
2
.500
05/25/51
5,347
9,556,689
FHLMC
2
.500
11/01/51
7,925
30,839,599
FHLMC
3
.000
11/01/51
27,113
4,462,828
FHLMC
3
.000
11/01/51
3,904
2,730,883
FHLMC
3
.000
11/01/51
2,412
3,961,313
FHLMC
3
.000
11/01/51
3,483
15,567,382
FHLMC
2
.500
01/01/52
12,904
32,267,969
FHLMC
2
.500
02/01/52
26,999
7,020,170
FHLMC
3
.000
02/01/52
6,047
22,068,593
FHLMC
2
.500
03/01/52
18,465
9,467,159
FHLMC
3
.000
03/01/52
8,154
12,759,932
FHLMC
2
.500
04/01/52
10,592
6,636,626
FHLMC
4
.000
04/01/52
6,156
11,083,313
FHLMC
3
.000
06/01/52
9,544
1,207,810
FHLMC
3
.500
06/01/52
1,085
16,554,392
FHLMC
4
.500
06/01/52
15,763
15,993,805
FHLMC
4
.500
07/01/52
15,229
3,377,473
FHLMC
4
.000
08/25/52
2,751
3,568,200
FHLMC
3
.000
10/01/52
3,071
6,279,111
FHLMC
4
.500
10/25/52
5,745
29,893,095
FHLMC
6
.000
11/01/52
30,246
7,587,498
FHLMC
5
.500
11/25/52
7,483
3,608,599
FHLMC
5
.500
02/25/53
3,584
22,382,656
FHLMC
5
.500
08/01/53
22,280
5,412
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
8
.000
01/01/31
5
3,780
FGLMC
7
.000
01/01/32
4
195,347
FGLMC
4
.500
07/01/33
191
1,339,181
FGLMC
7
.000
12/01/33
1,382
348,263
FGLMC
4
.500
10/01/34
338
261,786
FGLMC
4
.500
04/01/35
256
355,123
FGLMC
7
.000
05/01/35
367
1,108,221
FGLMC
5
.000
06/01/36
1,115
400,871
FGLMC
5
.000
07/01/39
401
53,661
FGLMC
4
.500
12/01/43
53
249
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
30,926
FGLMC
4
.500
%
02/01/44
$
30
997,730
FGLMC
4
.500
10/01/44
970
511,129
FGLMC
4
.500
11/01/44
497
927,027
FGLMC
4
.500
11/01/44
901
562,245
FGLMC
4
.500
12/01/44
547
541,172
FGLMC
4
.500
12/01/44
526
3,026,316
FGLMC
3
.500
04/01/45
2,794
438,228
FGLMC
4
.500
05/01/45
420
13,179,607
(b)
FGLMC
3
.500
08/01/45
12,135
1,342,541
FGLMC
4
.500
06/01/47
1,307
2,234,046
FGLMC
4
.000
09/01/47
2,110
2,303,802
FGLMC
3
.500
12/01/47
2,109
8,303,900
FGLMC
4
.500
08/01/48
8,102
3,839,685
FGLMC
4
.500
10/01/48
3,735
6,191,495
FGLMC
3
.500
11/01/48
5,668
449
Federal
National
Mortgage
Association
(FNMA)
8
.000
07/01/24
0
^
604
FNMA
9
.000
11/01/25
1
1,735,852
FNMA
3
.500
05/01/32
1,675
10,768,544
FNMA
3
.000
10/01/32
10,169
187,540
FNMA
4
.500
10/01/33
183
343,003
FNMA
4
.500
05/01/35
334
2,134,026
FNMA
5
.000
05/01/35
2,145
1,006,070
FNMA
5
.000
10/01/35
1,011
843,647
FNMA
5
.000
02/01/36
848
2,539,096
FNMA
5
.500
11/01/38
2,592
910,335
FNMA
3
.000
10/01/39
821
11,126,854
FNMA
3
.000
05/01/40
10,016
1,441,021
FNMA
5
.000
09/01/40
1,438
3,167,733
FNMA
5
.000
05/01/41
3,157
8,420,393
FNMA
4
.000
09/01/42
7,986
6,616,891
FNMA
3
.500
04/01/43
6,078
5,715,960
FNMA
3
.500
09/01/43
5,266
4,671,620
(a)
FNMA
30
D
AVG
SOFR
+
5.836%
0
.515
09/25/43
495
5,971,049
FNMA
4
.500
03/01/44
5,856
27,926,077
FNMA
4
.000
05/01/44
26,519
2,616,437
FNMA
4
.500
06/01/44
2,540
2,717,362
FNMA
4
.500
10/01/44
2,638
4,389,808
FNMA
4
.500
11/01/44
4,262
1,353,225
FNMA
5
.000
11/01/44
1,356
1,592,475
FNMA
4
.500
12/01/44
1,546
1,833,744
FNMA
4
.000
01/01/45
1,739
491,283
FNMA
4
.500
03/01/45
477
261,231
FNMA
4
.500
04/01/45
254
6,176,337
FNMA
3
.500
05/01/45
5,681
2,942,555
FNMA
3
.000
07/25/45
2,572
7,829,670
FNMA
3
.500
01/01/46
7,168
897,834
FNMA
4
.000
04/01/46
851
6,389,891
FNMA
3
.500
06/01/46
5,848
8,057,541
FNMA
3
.500
07/01/46
7,374
13,899,414
FNMA
3
.500
07/01/46
12,774
1,359,425
FNMA
3
.000
10/01/46
1,174
7,785,081
FNMA
3
.500
10/01/46
7,122
3,235,509
FNMA
4
.500
05/01/47
3,173
334,455
FNMA
3
.000
11/01/47
289
6,008,445
FNMA
3
.500
11/01/47
5,508
12,731,378
FNMA
3
.500
01/01/48
11,642
5,287,997
FNMA
4
.500
01/01/48
5,138
4,529,358
FNMA
4
.500
02/01/48
4,401
5,912,251
FNMA
3
.500
02/25/48
4,982
3,442,441
FNMA
4
.500
05/01/48
3,345
2,510,687
FNMA
4
.500
05/01/48
2,439
4,223,335
FNMA
4
.000
07/25/48
3,890
CREF
Core
Bond
Account
March
31,
2024
250
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
442,336
FNMA
3
.000
%
06/01/49
$
378
16,510,622
FNMA
3
.000
07/01/50
14,490
11,270,734
FNMA
2
.000
08/25/50
1,462
9,090,314
FNMA
2
.000
10/25/50
6,030
29,591,897
FNMA
2
.500
11/25/50
4,169
9,926,135
FNMA
3
.000
12/25/50
1,607
3,709,644
FNMA
3
.000
02/25/51
591
10,948,263
FNMA
3
.000
09/01/51
9,580
10,158,704
(b)
FNMA
2
.500
11/01/51
8,418
11,389,978
FNMA
2
.500
11/25/51
1,444
67,989,101
FNMA
2
.500
12/01/51
56,601
27,440,896
FNMA
2
.500
02/01/52
22,954
25,524,068
FNMA
2
.500
02/01/52
21,372
9,088,681
FNMA
2
.500
02/01/52
7,574
16,006,686
FNMA
3
.000
02/01/52
13,775
11,979,682
FNMA
3
.500
02/01/52
10,866
41,929,583
FNMA
3
.000
04/01/52
36,477
16,986,929
FNMA
3
.000
04/01/52
14,722
9,935,801
FNMA
3
.000
04/01/52
8,559
41,131,200
FNMA
4
.000
05/01/52
38,151
3,433,211
FNMA
4
.000
05/25/52
2,724
10,238,110
FNMA
3
.000
06/01/52
8,810
47,251,430
FNMA
3
.500
06/01/52
42,451
25,371,345
FNMA
3
.500
06/01/52
22,720
28,803,508
FNMA
4
.000
06/01/52
26,717
7,688,081
FNMA
4
.500
06/01/52
7,321
53,274,562
FNMA
4
.000
07/01/52
49,400
15,563,663
FNMA
4
.000
07/01/52
14,435
7,429,425
FNMA
4
.500
07/01/52
7,075
8,242,518
FNMA
4
.500
07/01/52
7,849
5,054,847
FNMA
4
.500
07/01/52
4,813
9,571,469
FNMA
4
.500
07/25/52
8,762
49,637,412
FNMA
5
.000
08/01/52
48,474
5,604,211
FNMA
4
.500
08/25/52
4,712
5,489,725
FNMA
2
.500
09/01/52
4,544
123,933,489
FNMA
4
.000
09/01/52
114,942
131,994,812
FNMA
4
.500
09/01/52
125,689
28,705,730
FNMA
5
.000
09/01/52
28,030
4,234,447
FNMA
4
.000
09/25/52
3,522
4,830,998
FNMA
4
.000
09/25/52
4,222
93,000,636
FNMA
4
.000
10/01/52
86,248
59,496,336
FNMA
4
.500
10/01/52
56,654
15,643,025
FNMA
5
.000
10/01/52
15,274
4,064,842
FNMA
4
.500
10/25/52
3,693
4,642,477
FNMA
4
.500
10/25/52
4,367
76,466,828
FNMA
4
.500
11/01/52
72,814
7,609,115
FNMA
5
.500
11/25/52
7,430
350,050
FNMA
5
.000
01/01/53
342
65,621,125
FNMA
5
.000
02/01/53
64,059
57,073,950
FNMA
5
.500
02/01/53
56,932
18,433,962
FNMA
6
.000
02/01/53
18,601
21,997,580
FNMA
5
.000
06/01/53
21,660
63,322,448
FNMA
5
.500
06/01/53
63,022
24,124,480
FNMA
4
.500
07/01/53
22,972
33,282,113
FNMA
5
.000
08/01/53
32,471
2,261,984
(a),(c)
Flagstar
Mortgage
Trust
3
.987
10/25/47
2,001
10,226,592
Freddie
Mac
Pool
3
.000
04/01/52
8,922
9,945,371
Government
National
Mortgage
Association
(GNMA)
3
.700
10/15/33
9,480
164,465
GNMA
5
.000
04/15/38
165
200,574
GNMA
6
.500
11/20/38
211
711,466
GNMA
5
.000
06/15/39
714
419,237
GNMA
5
.000
06/15/39
418
251
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
16,200,185
GNMA
5
.000
%
01/20/40
$
3,364
7,292,116
GNMA
4
.500
03/20/40
1,331
11,732,621
GNMA
5
.000
03/20/40
2,406
9,373,340
GNMA
3
.700
08/15/40
8,893
9,290,230
GNMA
2
.500
12/20/43
8,109
4,583,331
GNMA
3
.000
03/20/45
3,992
4,136,129
GNMA
4
.500
12/20/45
4,167
3,332,822
GNMA
4
.000
06/20/46
411
4,230,707
GNMA
5
.000
09/20/46
812
6,770,565
(a)
GNMA
SOFR
1
M
+
5.986%
0
.657
03/20/50
847
16,462,746
GNMA
3
.000
11/20/51
11,714
18,243,446
GNMA
3
.000
12/20/51
12,580
16,619,758
GNMA
3
.000
01/20/52
11,686
5,381,644
GNMA
2
.500
02/20/52
4,422
15,264,477
GNMA
3
.000
02/20/52
10,362
10,601,265
GNMA
4
.000
04/20/52
8,816
12,515,252
GNMA
5
.000
04/20/52
2,428
18,271,285
GNMA
3
.000
05/20/52
16,109
4,537,792
GNMA
3
.500
07/20/52
4,128
5,442,747
GNMA
4
.000
07/20/52
4,373
11,974,970
GNMA
4
.000
08/20/52
11,203
7,430,345
GNMA
4
.000
09/20/52
6,951
9,719,173
GNMA
4
.500
09/20/52
8,691
8,253,147
GNMA
4
.500
09/20/52
7,582
6,879,210
GNMA
4
.500
09/20/52
6,292
4,685,265
GNMA
4
.500
09/20/52
4,088
9,674,692
GNMA
5
.000
11/20/52
9,515
5,365,054
GNMA
4
.500
02/20/53
4,740
4,588,796
GNMA
5
.500
02/20/53
4,467
12,586,953
(a)
GNMA
30
D
AVG
SOFR
+
6.950%
1
.631
05/20/53
1,317
9,823,889
(a)
GNMA
30
D
AVG
SOFR
+
23.205%
2
.460
08/20/53
10,100
6,854,743
(a)
GNMA
30
D
AVG
SOFR
+
25.350%
4
.605
08/20/53
7,100
89,872,309
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
0
.148
08/25/51
714
17,243,025
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
11/25/51
13,747
10,310,610
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
03/25/52
8,220
4,545,685
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
05/01/52
3,934
2,986,311
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.830
05/28/52
2,394
10,742,526
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.000
08/26/52
8,913
1,314,579
(a)
HarborView
Mortgage
Loan
Trust
SOFR
1
M
+
0.734%
6
.061
08/19/45
1,194
231,568
(a)
Impac
CMB
Trust
SOFR
1
M
+
0.774%
6
.104
03/25/35
209
1,057,175
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
05/25/47
919
1,040,726
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
883
213,158
(a),(c)
JP
Morgan
Mortgage
Trust
4
.000
01/25/49
195
25,288,746
(a),(c)
JP
Morgan
Mortgage
Trust
0
.126
06/25/51
168
44,429,117
(a),(c)
JP
Morgan
Mortgage
Trust
0
.111
11/25/51
264
5,112,556
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
11/25/51
4,083
44,008,632
(a),(c)
JP
Morgan
Mortgage
Trust
0
.117
12/25/51
281
6,219,993
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
4,967
8,346,995
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
01/25/52
6,665
9,962,919
(a),(c)
JP
Morgan
Mortgage
Trust
0
.500
04/25/52
295
8,739,291
(a),(c)
JP
Morgan
Mortgage
Trust
3
.337
04/25/52
7,261
5,592,204
(a),(c)
JP
Morgan
Mortgage
Trust
3
.337
04/25/52
4,595
10,726,333
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
06/25/52
8,552
88,672,769
(c)
JP
Morgan
Mortgage
Trust
0
.224
07/25/52
1,020
13,609,258
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
07/25/52
10,850
22,999,733
(a),(c)
JP
Morgan
Mortgage
Trust
3
.250
07/25/52
19,692
18,163,207
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
15,093
9,841,378
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
10/25/52
8,178
5,979,024
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
11/25/52
4,976
4,030,492
(a),(c)
JP
Morgan
Mortgage
Trust
5
.000
06/25/53
3,875
4,035,026
(a),(c)
JP
Morgan
Mortgage
Trust
5
.500
06/25/53
3,955
3,000,000
(a)
Morgan
Stanley
Capital
I
Trust
3
.779
05/15/48
2,919
CREF
Core
Bond
Account
March
31,
2024
252
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,765,920
(a),(c)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
%
08/25/51
$
6,201
5,279,188
(a),(c)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
4,216
1,903,239
(a),(c)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
1,660
949,736
(a),(c)
New
Residential
Mortgage
Loan
Trust
2
.797
09/25/59
883
1,825,000
(a),(c)
NLT
Trust
2
.569
08/25/56
1,255
5,495,212
(a),(c)
OBX
3
.000
01/25/52
4,559
14,275,810
(a),(c)
RCKT
Mortgage
Trust
2
.500
02/25/52
11,382
6,263,617
(a),(c)
RCKT
Mortgage
Trust
3
.000
05/25/52
5,205
892,809
(a),(c)
RCKT
Mortgage
Trust
4
.000
06/25/52
800
261,544
(a),(c)
Sequoia
Mortgage
Trust
4
.000
06/25/49
240
1,279,867
(a),(c)
Sequoia
Mortgage
Trust
3
.500
12/25/49
1,122
5,718,922
(a),(c)
Sequoia
Mortgage
Trust
2
.500
06/25/51
4,567
9,590,000
(a),(c)
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
30
D
AVG
SOFR
+
2.400%
7
.720
02/25/42
9,777
3,480,000
(a),(c)
STACR
30
D
AVG
SOFR
+
4.750%
10
.070
02/25/42
3,712
16,690,000
(a),(c)
STACR
30
D
AVG
SOFR
+
2.900%
8
.220
04/25/42
17,281
6,630,000
(a),(c)
STACR
30
D
AVG
SOFR
+
5.650%
8
.647
04/25/42
7,198
25,280,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.350%
8
.670
05/25/42
26,452
31,100,000
(a),(c)
STACR
30
D
AVG
SOFR
+
4.500%
9
.820
06/25/42
33,682
20,340,000
(a),(c)
STACR
30
D
AVG
SOFR
+
4.000%
9
.320
07/25/42
21,663
15,170,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.700%
9
.020
09/25/42
16,101
790,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.100%
8
.444
03/25/43
830
1,215,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.250%
8
.570
04/25/43
1,277
140,861
(a),(c)
STACR
3
.789
02/25/48
132
29,416
(a),(c)
STACR
3
.842
05/25/48
28
7,430,000
(a),(c)
STACR
30
D
AVG
SOFR
+
4.800%
10
.120
10/25/50
8,355
2,070,000
(a),(c)
Verus
Securitization
Trust
3
.207
11/25/59
1,856
955,859
(c)
Verus
Securitization
Trust
1
.733
05/25/65
897
4,509,885
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
08/25/51
3,745
5,310,285
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.313
08/25/51
4,387
TOTAL
MORTGAGE
BACKED
2,582,456
MUNICIPAL
BONDS
-
2.9%
2,975,000
Chicago
Housing
Authority
3
.682
01/01/25
2,939
245,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.264
09/01/25
239
1,000,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.038
09/01/34
919
845,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.750
09/01/37
739
2,000,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.000
09/01/48
1,628
3,995,000
City
of
Los
Angeles
CA
Wastewater
System
Revenue
4
.029
06/01/39
3,644
4,940,000
City
of
New
York
NY
3
.200
12/01/26
4,749
1,575,000
City
of
San
Antonio
TX
Customer
Facility
Charge
Revenue
4
.353
07/01/25
1,552
4,055,000
Commonwealth
Financing
Authority
3
.864
06/01/38
3,703
19,355,000
Commonwealth
Financing
Authority
3
.807
06/01/41
16,658
3,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.504
10/01/24
3,451
4,365,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.604
10/01/25
4,209
2,375,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.505
10/01/25
2,321
2,500,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.704
10/01/26
2,375
3,940,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.049
10/01/26
3,774
3,750,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.612
10/01/26
3,641
4,700,000
County
of
Miami-Dade
FL
Aviation
Revenue
2
.529
10/01/30
4,140
3,730,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.732
10/01/37
3,263
3,900,000
County
of
Miami-Dade
FL
Aviation
Revenue
3
.982
10/01/41
3,349
9,160,000
County
of
Miami-Dade
FL
Aviation
Revenue
4
.280
10/01/41
8,364
2,000,000
Duke
University
3
.199
10/01/38
1,638
5,080,000
Illinois
Finance
Authority
3
.944
08/15/47
4,202
4,805,000
Los
Angeles
County
Redevelopment
Refunding
Authority
Redev
Agency
Successor
Agy
3
.375
09/01/35
4,133
1,000,000
New
York
City
Housing
Development
Corp
3
.650
05/01/24
999
5,680,000
New
York
State
Dormitory
Authority
3
.998
07/01/39
5,200
253
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,605,000
New
York
State
Dormitory
Authority
4
.294
%
07/01/44
$
9,771
6,000,000
New
York
State
Dormitory
Authority
3
.879
07/01/46
5,013
5,000,000
New
York
State
Thruway
Authority
2
.256
01/01/25
4,891
6,460,000
New
York
State
Thruway
Authority
2
.406
01/01/26
6,181
4,750,000
New
York
State
Thruway
Authority
2
.500
01/01/27
4,471
1,500,000
Port
of
Corpus
Christi
Authority
of
Nueces
County
3
.387
12/01/24
1,481
1,000,000
Port
of
Corpus
Christi
Authority
of
Nueces
County
3
.487
12/01/25
975
1,910,000
Public
Finance
Authority
4
.269
07/01/40
1,731
6,360,000
San
Jose
Redevelopment
Agency
Successor
Agency
3
.375
08/01/34
5,749
13,060,000
State
of
California
4
.600
04/01/38
12,634
10,500,000
State
of
Illinois
3
.150
06/15/26
10,120
12,500,000
State
of
Illinois
3
.250
06/15/27
11,950
27,150,000
State
of
Illinois
5
.100
06/01/33
26,978
9,700,000
State
of
Oregon
Department
of
Administrative
Services
4
.103
05/01/39
8,712
9,900,000
State
of
Wisconsin
3
.154
05/01/27
9,501
25,860,000
University
of
California
3
.063
07/01/25
25,289
17,045,000
University
of
California
3
.931
05/15/45
15,751
21,000,000
University
of
Chicago
4
.151
10/01/45
18,080
7,620,000
University
of
Massachusetts
Building
Authority
3
.097
11/01/35
6,480
13,000,000
University
of
Massachusetts
Building
Authority
3
.434
11/01/40
10,654
20,000,000
University
of
New
Mexico
3
.532
06/20/32
19,004
2,160,000
Virginia
Port
Authority
4
.228
07/01/36
2,036
390,000
Washington
Convention
&
Sports
Authority
3
.969
10/01/30
373
TOTAL
MUNICIPAL
BONDS
309,654
U.S.
TREASURY
SECURITIES
-
18.5%
4,500,000
United
States
Treasury
Bond
4
.750
02/15/37
4,786
22,750,000
United
States
Treasury
Bond
3
.500
02/15/39
20,901
12,050,000
United
States
Treasury
Bond
3
.875
08/15/40
11,374
20,935,000
United
States
Treasury
Bond
4
.375
05/15/41
20,895
6,000,000
United
States
Treasury
Bond
2
.750
11/15/42
4,696
35,680,000
United
States
Treasury
Bond
3
.000
05/15/45
28,446
41,710,000
United
States
Treasury
Bond
2
.875
08/15/45
32,467
52,140,000
United
States
Treasury
Bond
2
.500
05/15/46
37,614
1,075,000
United
States
Treasury
Bond
3
.000
05/15/47
844
30,710,000
United
States
Treasury
Bond
2
.750
11/15/47
22,946
6,155,000
United
States
Treasury
Bond
3
.125
05/15/48
4,923
51,995,000
United
States
Treasury
Bond
3
.000
08/15/48
40,581
20,120,000
United
States
Treasury
Bond
3
.375
11/15/48
16,814
12,930,000
United
States
Treasury
Note
5
.000
09/30/25
12,962
2,205,000
United
States
Treasury
Note
0
.250
10/31/25
2,054
10,000,000
United
States
Treasury
Note
4
.875
11/30/25
10,014
825,000
United
States
Treasury
Note
4
.250
12/31/25
818
156,485,000
United
States
Treasury
Note
4
.000
02/15/26
154,541
2,765,000
United
States
Treasury
Note
4
.625
03/15/26
2,763
4,215,000
United
States
Treasury
Note
4
.500
07/15/26
4,209
2,950,000
United
States
Treasury
Note
4
.625
09/15/26
2,957
700,000
United
States
Treasury
Note
4
.625
10/15/26
702
6,610,000
United
States
Treasury
Note
4
.375
12/15/26
6,594
2,270,000
United
States
Treasury
Note
4
.000
01/15/27
2,243
29,800,000
United
States
Treasury
Note
0
.500
10/31/27
26,023
255,364,000
United
States
Treasury
Note
3
.500
04/30/28
247,713
1,250,000
United
States
Treasury
Note
1
.250
09/30/28
1,097
334,851,000
(d)
United
States
Treasury
Note
4
.250
02/28/29
335,296
116,445,000
United
States
Treasury
Note
3
.500
04/30/30
111,896
2,312,500
United
States
Treasury
Note
4
.000
07/31/30
2,282
5,650,000
United
States
Treasury
Note
4
.375
11/30/30
5,697
50,000,000
United
States
Treasury
Note
3
.750
12/31/30
48,615
67,550,000
United
States
Treasury
Note
4
.000
01/31/31
66,663
135,706,000
United
States
Treasury
Note
4
.000
02/15/34
133,458
10,000,000
United
States
Treasury
Note
1
.125
08/15/40
6,190
85,325,800
United
States
Treasury
Note
2
.375
02/15/42
63,464
CREF
Core
Bond
Account
March
31,
2024
254
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
26,721,000
United
States
Treasury
Note
3
.250
%
05/15/42
$
22,714
91,758,000
United
States
Treasury
Note
3
.375
08/15/42
79,256
54,100,000
United
States
Treasury
Note
3
.875
02/15/43
50,011
49,620,000
United
States
Treasury
Note
3
.875
05/15/43
45,796
9,560,000
United
States
Treasury
Note
4
.375
08/15/43
9,447
13,535,000
United
States
Treasury
Note
4
.750
11/15/43
14,040
256,002,000
United
States
Treasury
Note
2
.250
02/15/52
168,391
44,786,000
United
States
Treasury
Note
3
.625
02/15/53
39,328
61,707,000
United
States
Treasury
Note
4
.750
11/15/53
65,872
TOTAL
U.S.
TREASURY
SECURITIES
1,990,393
TOTAL
GOVERNMENT
BONDS
5,291,778
(Cost
$5,669,527)
STRUCTURED
ASSETS
-
15.7%
ASSET
BACKED
-
5.0%
1,000,000
(c)
Affirm
Asset
Securitization
Trust
6
.820
09/15/28
1,015
Series
-
2023
B
(Class
A)
5,000,000
(a),(c)
AGL
CLO
19
Ltd
SOFR
3
M
+
2.750%
8
.068
07/21/35
5,015
Series
-
2022
19A
(Class
B1)
7,100,000
(a),(c)
AIMCO
CLO
16
Ltd
SOFR
3
M
+
1.912%
7
.228
01/17/35
7,104
Series
-
2021
16A
(Class
B)
7,500,000
(a),(c)
AIMCO
CLO
Series
SOFR
3
M
+
1.762%
7
.079
04/20/34
7,494
Series
-
2017
AA
(Class
BR)
4,120,000
AmeriCredit
Automobile
Receivables
Trust
2
.130
03/18/26
4,023
Series
-
2020
2
(Class
D)
6,190,000
AmeriCredit
Automobile
Receivables
Trust
1
.490
09/18/26
5,924
Series
-
2020
3
(Class
D)
3,499,000
(c)
AMSR
Trust
3
.148
01/19/39
3,268
Series
-
2019
SFR1
(Class
C)
3,347,000
(c)
AMSR
Trust
3
.247
01/19/39
3,114
Series
-
2019
SFR1
(Class
D)
74,236
(c)
Asset
Backed
Funding
Corp
NIM
Trust
5
.900
07/26/35
0
^
Series
-
2005
WMC1
(Class
N1)
9,500,000
(c)
Avis
Budget
Rental
Car
Funding
AESOP
LLC
1
.380
08/20/27
8,728
Series
-
2021
1A
(Class
A)
4,400,000
(c)
BHG
Securitization
Trust
1
.670
10/17/34
4,090
Series
-
2021
B
(Class
B)
1,442,733
(c)
BRE
Grand
Islander
Timeshare
Issuer
LLC
3
.280
09/26/33
1,387
Series
-
2019
A
(Class
A)
EUR
725,926
(a),(c)
Bruegel
2021
DAC
EURIBOR
3
M
+
2.470%
6
.413
05/22/31
714
Series
-
2021
1A
(Class
D)
1,500,000
(a),(c)
BX
Trust
SOFR
1
Month
+
3.339%
8
.664
05/15/38
1,521
Series
-
2023
DELC
(Class
B)
5,684,846
(c)
Capital
Automotive
REIT
1
.440
08/15/51
5,083
Series
-
2021
1A
(Class
A1)
4,204,444
(c)
Capital
Automotive
REIT
1
.920
08/15/51
3,736
Series
-
2021
1A
(Class
A3)
9,737,500
(c)
Cars
Net
Lease
Mortgage
Notes
Series
2
.010
12/15/50
8,480
Series
-
2020
1A
(Class
A1)
3,917,905
Carvana
Auto
Receivables
Trust
0
.970
03/10/28
3,736
Series
-
2021
N2
(Class
A2)
181,242
Carvana
Auto
Receivables
Trust
1
.270
03/10/28
170
Series
-
2021
N2
(Class
D)
EUR
595,590
(a),(c)
Cassia
SRL
EURIBOR
3
M
+
3.500%
7
.443
05/22/34
604
Series
-
2022
1A
(Class
B)
4,150,000
(a),(c)
Cayuga
Park
CLO
Ltd
SOFR
3
M
+
1.912%
1
.000
07/17/34
4,153
Series
-
2020
1A
(Class
B1R)
412,783
(a)
C-BASS
Trust
SOFR
1
M
+
0.274%
3
.523
07/25/36
396
Series
-
2006
CB6
(Class
A1)
255
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
428,194
(a)
Chase
Funding
Mortgage
Loan
Asset-Backed
Certificates
5
.700
%
02/26/35
$
397
Series
-
2004
2
(Class
1M2)
1,142,180
(a),(c)
CIFC
Funding
Ltd
SOFR
3
M
+
1.482%
6
.799
07/20/30
1,143
Series
-
2017
3A
(Class
A1)
2,000,000
(a),(c)
CIFC
Funding
Ltd
SOFR
3
Month
+
1.862%
7
.178
11/16/30
2,001
Series
-
2017
5A
(Class
A2)
5,500,000
(a),(c)
CIFC
Funding
Ltd
SOFR
3
M
+
3.000%
8
.318
10/22/35
5,539
Series
-
2022
7A
(Class
B1)
20,483
CIT
Group
Home
Equity
Loan
Trust
(Step
Bond)
6
.200
02/25/30
20
Series
-
2002
1
(Class
AF6)
6,520,000
(a)
Citibank
Credit
Card
Issuance
Trust
SOFR
1
Month
+
0.884%
6
.210
05/14/29
6,577
Series
-
2017
A6
(Class
A6)
2,500,000
(a)
COMM
Mortgage
Trust
3
.926
03/10/48
2,319
Series
-
2015
CR22
(Class
B)
7,859,650
(c)
DB
Master
Finance
LLC
4
.021
05/20/49
7,606
Series
-
2019
1A
(Class
A2II)
36,656,250
(c)
DB
Master
Finance
LLC
2
.045
11/20/51
33,549
Series
-
2021
1A
(Class
A2I)
28,934,000
(c)
DB
Master
Finance
LLC
2
.493
11/20/51
25,501
Series
-
2021
1A
(Class
A2II)
251,698
(c)
Diamond
Resorts
Owner
Trust
2
.700
11/21/33
239
Series
-
2021
1A
(Class
C)
27,789,188
(c)
Domino's
Pizza
Master
Issuer
LLC
2
.662
04/25/51
24,716
Series
-
2021
1A
(Class
A2I)
3,800,000
(a),(c)
Dryden
49
Senior
Loan
Fund
SOFR
3
M
+
1.862%
7
.160
07/18/30
3,802
Series
-
2017
49A
(Class
BR)
893,520
(c)
DT
Auto
Owner
Trust
0
.840
10/15/26
887
Series
-
2021
1A
(Class
C)
539,047
(a),(c)
Ellington
Loan
Acquisition
Trust
SOFR
1
M
+
1.214%
6
.544
05/25/37
534
Series
-
2007
2
(Class
A2C)
959,792
(c)
FCI
Funding
LLC
1
.130
04/15/33
951
Series
-
2021
1A
(Class
A)
4,367,170
(c)
FNA
VI
LLC
1
.350
01/10/32
4,029
Series
-
2021
1A
(Class
A)
992,986
(a),(c)
Gracie
Point
International
Funding
LLC
7
.308
09/01/26
1,000
Series
-
2023
1A
(Class
A)
13,000,000
(a),(c)
Gracie
Point
International
Funding
LLC
7
.058
03/01/28
13,034
Series
-
2024
1A
(Class
A)
4,000,000
(c)
GSCG
Trust
2
.936
09/06/34
3,100
Series
-
2019
600C
(Class
A)
214,513
(c)
HERO
Funding
Trust
3
.280
09/20/48
187
Series
-
2017
2A
(Class
A1)
429,025
(c)
HERO
Funding
Trust
4
.070
09/20/48
384
Series
-
2017
2A
(Class
A2)
24,000,000
(c)
Hertz
Vehicle
Financing
LLC
1
.210
12/26/25
23,432
Series
-
2021
1A
(Class
A)
2,113,184
(c)
Hilton
Grand
Vacations
Trust
2
.340
07/25/33
2,021
Series
-
2019
AA
(Class
A)
307,347
(a)
Home
Equity
Asset
Trust
SOFR
1
M
+
1.614%
3
.986
06/25/33
293
Series
-
2003
1
(Class
M1)
1,499,931
(a),(c)
Invitation
Homes
Trust
SOFR
1
M
+
1.364%
6
.690
01/17/38
1,502
Series
-
2018
SFR4
(Class
B)
2,178,517
(c)
JG
Wentworth
XXII
LLC
3
.820
12/15/48
2,176
Series
-
2010
3A
(Class
A)
5,000,000
(a),(c)
KKR
Clo
32
Ltd
SOFR
3
Month
+
2.012%
7
.326
01/15/32
5,005
Series
-
2020
32A
(Class
B)
3,500,000
(a),(c)
Madison
Park
Funding
LV
Ltd
SOFR
3
M
+
2.900%
8
.198
07/18/35
3,515
Series
-
2022
55A
(Class
B1)
5,500,000
(a),(c)
Madison
Park
Funding
XXI
Ltd
SOFR
3
Month
+
1.912%
7
.226
10/15/32
5,505
Series
-
2016
21A
(Class
A2RR)
530,000
(a),(c)
Magnetite
XVIII
Ltd
SOFR
3
M
+
1.762%
7
.069
11/15/28
530
Series
-
2016
18A
(Class
BR)
CREF
Core
Bond
Account
March
31,
2024
256
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,500,000
(a),(c)
Massachusetts
St
SOFR
3
M
+
1.912%
7
.226
%
01/15/35
$
3,504
Series
-
2021
3A
(Class
B)
2,532,804
(c)
MVW
LLC
1
.140
01/22/41
2,356
Series
-
2021
1WA
(Class
A)
903,904
(c)
MVW
Owner
Trust
3
.450
01/21/36
896
Series
-
2018
1A
(Class
A)
1,016,113
(c)
MVW
Owner
Trust
2
.890
11/20/36
987
Series
-
2019
1A
(Class
A)
3,469,100
(c)
MVW
Owner
Trust
2
.220
10/20/38
3,296
Series
-
2019
2A
(Class
A)
2,139,248
(c)
Navient
Private
Education
Refi
Loan
Trust
1
.310
01/15/69
1,975
Series
-
2020
HA
(Class
A)
4,267,583
(c)
Navient
Private
Education
Refi
Loan
Trust
0
.840
05/15/69
3,742
Series
-
2021
A
(Class
A)
1,858,492
(c)
Navient
Student
Loan
Trust
3
.390
12/15/59
1,784
Series
-
2019
BA
(Class
A2A)
887,007
(a),(c)
Navient
Student
Loan
Trust
LIBOR
1
M
+
1.094%
6
.420
12/15/59
885
Series
-
2019
BA
(Class
A2B)
10,000,000
(a),(c)
Neuberger
Berman
CLO
Ltd
SOFR
3
Month
+
1.800%
7
.125
04/25/36
10,010
Series
-
2022
48A
(Class
B)
8,600,000
(a),(c)
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd
SOFR
3
M
+
1.812%
7
.129
04/20/31
8,572
Series
-
2019
31A
(Class
BR)
1,000,000
(a),(c)
Neuberger
Berman
Loan
Advisers
Clo
43
Ltd
SOFR
3
Month
+
1.862%
7
.178
07/17/35
1,001
Series
-
2021
43A
(Class
B)
6,650,000
(a),(c)
OHA
Credit
Funding
10
Ltd
SOFR
3
M
+
1.912%
7
.210
01/18/36
6,657
Series
-
2021
10A
(Class
B)
2,250,000
(a),(c)
OHA
Credit
Funding
6
Ltd
SOFR
3
Month
+
1.912%
7
.229
07/20/34
2,253
Series
-
2020
6A
(Class
BR)
10,015,000
(c)
OneMain
Financial
Issuance
Trust
4
.890
10/14/34
9,944
Series
-
2022
2A
(Class
A)
17,350,000
(c)
OneMain
Financial
Issuance
Trust
1
.750
09/14/35
16,159
Series
-
2020
2A
(Class
A)
21,646,000
(a),(c)
OneMain
Financial
Issuance
Trust
30
D
AVG
SOFR
+
0.760%
6
.079
06/16/36
21,569
Series
-
2021
1A
(Class
A2)
1,945,926
(c)
Oportun
Funding
XIV
LLC
1
.210
03/08/28
1,882
Series
-
2021
A
(Class
A)
8,000,000
(a),(c)
Palmer
Square
CLO
Ltd
SOFR
3
Month
+
1.800%
7
.118
04/20/35
8,011
Series
-
2022
1A
(Class
B)
1,450,000
(c)
Progress
Residential
Trust
2
.711
11/17/40
1,263
Series
-
2021
SFR9
(Class
D)
3,338,231
Santander
Drive
Auto
Receivables
Trust
2
.220
09/15/26
3,318
Series
-
2020
2
(Class
D)
1,985,850
Santander
Drive
Auto
Receivables
Trust
1
.480
01/15/27
1,951
Series
-
2020
4
(Class
D)
34,000,000
Santander
Drive
Auto
Receivables
Trust
1
.670
10/15/27
32,312
Series
-
2021
4
(Class
D)
20,082,125
(c)
SERVPRO
Master
Issuer
LLC
2
.394
04/25/51
17,630
Series
-
2021
1A
(Class
A2)
1,196,630
(c)
Sierra
Timeshare
Receivables
Funding
LLC
2
.590
05/20/36
1,186
Series
-
2019
2A
(Class
A)
717,035
(c)
Sierra
Timeshare
Receivables
Funding
LLC
2
.340
08/20/36
706
Series
-
2019
3A
(Class
A)
943,205
(c)
Sierra
Timeshare
Receivables
Funding
LLC
0
.990
11/20/37
892
Series
-
2021
1A
(Class
A)
1,022,688
(c)
Sierra
Timeshare
Receivables
Funding
LLC
1
.340
11/20/37
967
Series
-
2021
1A
(Class
B)
566,983
(c)
Sierra
Timeshare
Receivables
Funding
LLC
1
.790
11/20/37
536
Series
-
2021
1A
(Class
C)
1,014,881
(c)
SMB
Private
Education
Loan
Trust
2
.430
02/17/32
994
Series
-
2016
B
(Class
A2A)
2,149,779
(c)
SMB
Private
Education
Loan
Trust
2
.880
09/15/34
2,095
Series
-
2017
A
(Class
A2A)
257
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,061,810
(c)
SMB
Private
Education
Loan
Trust
2
.820
%
10/15/35
$
2,966
Series
-
2017
B
(Class
A2A)
1,511,019
(c)
SMB
Private
Education
Loan
Trust
3
.500
02/15/36
1,466
Series
-
2018
A
(Class
A2A)
1,502,487
(c)
SoFi
Professional
Loan
Program
LLC
2
.840
01/25/41
1,464
Series
-
2017
F
(Class
A2FX)
2,523,831
(c)
SoFi
Professional
Loan
Program
LLC
2
.950
02/25/42
2,462
Series
-
2018
A
(Class
A2B)
1,332,175
(c)
SoFi
Professional
Loan
Program
LLC
3
.690
06/15/48
1,285
Series
-
2019
A
(Class
A2FX)
3,063,185
(c)
SpringCastle
America
Funding
LLC
1
.970
09/25/37
2,842
Series
-
2020
AA
(Class
A)
9,021,000
(c)
SpringCastle
America
Funding
LLC
2
.660
09/25/37
8,191
Series
-
2020
AA
(Class
B)
6,475,000
(c)
Stack
Infrastructure
Issuer
LLC
1
.893
08/25/45
6,102
Series
-
2020
1A
(Class
A2)
5,875,000
(c)
Stack
Infrastructure
Issuer
LLC
1
.877
03/26/46
5,418
Series
-
2021
1A
(Class
A2)
235,437
(a)
Structured
Asset
Investment
Loan
Trust
SOFR
1
M
+
1.014%
6
.344
09/25/34
223
Series
-
2004
8
(Class
M1)
1,781,250
(c)
Taco
Bell
Funding
LLC
4
.970
05/25/46
1,754
Series
-
2016
1A
(Class
A23)
26,399,775
(c)
Taco
Bell
Funding
LLC
1
.946
08/25/51
23,879
Series
-
2021
1A
(Class
A2I)
16,122,825
(c)
Taco
Bell
Funding
LLC
2
.294
08/25/51
14,002
Series
-
2021
1A
(Class
A2II)
1,050,000
(c)
Tesla
Auto
Lease
Trust
6
.570
08/20/27
1,063
Series
-
2023
B
(Class
B)
7,000,000
(a),(c)
TICP
CLO
VIII
Ltd
SOFR
3
M
+
1.962%
7
.279
10/20/34
7,005
Series
-
2017
8A
(Class
A2R)
1,275,000
(c)
Tricon
American
Homes
Trust
2
.049
07/17/38
1,176
Series
-
2020
SFR1
(Class
B)
19,183,826
(c)
Wendy's
Funding
LLC
2
.370
06/15/51
16,694
Series
-
2021
1A
(Class
A2I)
14,300,000
(b),(c)
Ziply
Fiber
Issuer
LLC
6
.640
04/20/54
14,309
Series
-
2024
1A
(Class
A2)
TOTAL
ASSET
BACKED
542,883
OTHER
MORTGAGE
BACKED
-
10.7%
12,000,000
(a),(c)
20
TSQ
GROUNDCO
LLC
3
.100
05/15/35
9,616
Series
-
2018
20TS
(Class
E)
73,001
(a),(c)
ACRE
Commercial
Mortgage
Ltd
SOFR
1
M
+
0.944%
6
.271
12/18/37
73
Series
-
2021
FL4
(Class
A)
1,018,198
(a),(c)
Agate
Bay
Mortgage
Trust
3
.500
09/25/45
912
Series
-
2015
6
(Class
A9)
GBP
599,776
(a)
Agora
Securities
SONIA
Interest
Rate
Benchmark
+
1.900%
7
.122
07/22/31
736
Series
-
2021
1X
(Class
C)
5,000,000
(a),(c)
Alen
Mortgage
Trust
SOFR
1
M
+
2.364%
7
.690
04/15/34
3,752
Series
-
2021
ACEN
(Class
C)
GBP
420,888
(a),(c)
Atom
Mortgage
Securities
DAC
SONIA
Interest
Rate
Benchmark
+
1.900%
7
.122
07/22/31
443
Series
-
2021
1A
(Class
D)
1,067,340
(a)
BANK
3
.950
11/15/50
930
Series
-
2017
BNK8
(Class
B)
2,500,000
(a)
BANK
4
.094
11/15/50
1,932
Series
-
2017
BNK8
(Class
C)
1,000,000
BANK
3
.093
10/17/52
863
Series
-
2019
BN21
(Class
AS)
3,800,000
BANK
3
.203
12/15/52
3,347
Series
-
2019
BN23
(Class
AS)
1,000,000
(a)
BANK
3
.851
07/15/60
883
Series
-
2017
BNK6
(Class
C)
CREF
Core
Bond
Account
March
31,
2024
258
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,641,528
BANK
2
.758
%
09/15/62
$
1,447
Series
-
2019
BN20
(Class
A2)
8,000,000
(a)
BANK
3
.283
11/15/62
7,107
Series
-
2019
BN24
(Class
AS)
1,183,000
(a)
BANK
3
.517
11/15/62
953
Series
-
2019
BN24
(Class
C)
3,400,000
(a)
BANK5
6
.268
02/15/29
3,510
Series
-
2024
5YR5
(Class
AS)
1,250,000
(a),(c)
BBCMS
Mortgage
Trust
4
.267
08/05/38
894
Series
-
2018
CHRS
(Class
E)
3,008,953
BBCMS
Mortgage
Trust
3
.488
02/15/50
2,925
Series
-
2017
C1
(Class
ASB)
4,000,000
BBCMS
Mortgage
Trust
5
.753
04/15/56
4,030
Series
-
2023
C19
(Class
A2B)
4,700,000
(a)
BBCMS
Mortgage
Trust
6
.383
07/15/56
4,887
Series
-
2023
C20
(Class
A2)
4,600,000
(a),(c)
Benchmark
Mortgage
Trust
2
.791
09/15/48
3,742
Series
-
2020
IG2
(Class
AM)
2,740,000
(a),(c)
Benchmark
Mortgage
Trust
3
.133
09/15/48
2,203
Series
-
2020
IG3
(Class
AS)
2,500,000
(a),(c)
Benchmark
Mortgage
Trust
3
.536
09/15/48
2,223
Series
-
2020
IG3
(Class
BXA)
3,000,000
(a)
Benchmark
Mortgage
Trust
4
.285
02/15/51
2,483
Series
-
2018
B2
(Class
C)
3,452,143
Benchmark
Mortgage
Trust
4
.016
03/15/52
3,230
Series
-
2019
B9
(Class
A5)
3,000,000
Benchmark
Mortgage
Trust
3
.784
05/15/52
2,698
Series
-
2019
B11
(Class
AS)
830,000
Benchmark
Mortgage
Trust
4
.241
05/15/53
788
Series
-
2018
B7
(Class
A3)
5,921,744
(a)
Benchmark
Mortgage
Trust
4
.510
05/15/53
5,714
Series
-
2018
B7
(Class
A4)
1,000,000
Benchmark
Mortgage
Trust
2
.355
07/15/54
728
Series
-
2021
B27
(Class
B)
10,000,000
(a)
Benchmark
Mortgage
Trust
2
.244
08/15/54
7,774
Series
-
2021
B28
(Class
B)
3,150,000
Benchmark
Mortgage
Trust
2
.429
08/15/54
2,553
Series
-
2021
B28
(Class
AS)
9,500,000
BMARK
AS
2
.612
09/15/54
7,735
Series
-
2021
B29
(Class
AS)
2,360,000
(c)
BWAY
Mortgage
Trust
3
.402
02/10/44
1,835
Series
-
2022
26BW
(Class
A)
5,000,000
(a),(c)
BX
Commercial
Mortgage
Trust
SOFR
1
Month
+
1.035%
6
.360
12/15/38
4,951
Series
-
2021
CIP
(Class
A)
7,500,000
(a),(c)
BX
Commercial
Mortgage
Trust
SOFR
1
Month
+
1.385%
6
.710
12/15/38
7,415
Series
-
2021
CIP
(Class
B)
1,089,077
(a),(c)
BX
TRUST
SOFR
1
M
+
2.949%
8
.274
08/15/39
1,099
Series
-
2022
PSB
(Class
B)
1,325,000
(c)
BXP
Trust
3
.459
08/13/37
1,224
Series
-
2017
CC
(Class
A)
5,000,000
(c)
BXP
Trust
2
.618
01/15/44
4,038
Series
-
2021
601L
(Class
A)
10,000,000
(a),(c)
BXP
Trust
2
.775
01/15/44
7,224
Series
-
2021
601L
(Class
C)
5,500,000
(a),(c)
BXP
Trust
2
.775
01/15/44
3,566
Series
-
2021
601L
(Class
D)
12,154,818
(c)
Capital
Automotive
REIT
2
.690
02/15/50
11,802
Series
-
2020
1A
(Class
A1)
2,634,897
CD
Mortgage
Trust
2
.622
08/10/49
2,543
Series
-
2016
CD1
(Class
ASB)
9,000,000
CD
Mortgage
Trust
2
.926
08/10/49
8,096
Series
-
2016
CD1
(Class
AM)
259
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,750,000
(a)
CD
Mortgage
Trust
3
.879
%
11/10/49
$
5,006
Series
-
2016
CD2
(Class
B)
1,000,000
(a)
CD
Mortgage
Trust
3
.977
11/10/49
830
Series
-
2016
CD2
(Class
C)
551,095
CD
Mortgage
Trust
3
.453
02/10/50
534
Series
-
2017
CD3
(Class
AAB)
500,000
(a)
CD
Mortgage
Trust
4
.538
02/10/50
250
Series
-
2017
CD3
(Class
C)
3,320,691
CD
Mortgage
Trust
3
.220
08/15/50
3,210
Series
-
2017
CD5
(Class
AAB)
3,457,000
CD
Mortgage
Trust
2
.812
08/15/57
3,241
Series
-
2019
CD8
(Class
ASB)
17,179,533
(c)
CF
Hippolyta
LLC
1
.690
07/15/60
16,061
Series
-
2020
1
(Class
A1)
5,026,921
(c)
CF
Hippolyta
LLC
1
.990
07/15/60
4,321
Series
-
2020
1
(Class
A2)
2,941,208
(c)
CF
Hippolyta
LLC
2
.280
07/15/60
2,706
Series
-
2020
1
(Class
B1)
18,848,951
(c)
CF
Hippolyta
LLC
1
.530
03/15/61
17,045
Series
-
2021
1A
(Class
A1)
4,476,626
(c)
CF
Hippolyta
LLC
1
.980
03/15/61
3,939
Series
-
2021
1A
(Class
B1)
869,088
CFCRE
Commercial
Mortgage
Trust
3
.121
05/10/58
845
Series
-
2016
C4
(Class
AHR)
210,580
(a)
CHL
Mortgage
Pass-Through
Trust
5
.077
02/20/35
210
Series
-
2004
HYB9
(Class
1A1)
2,500,000
(a),(c)
Citigroup
Commercial
Mortgage
Trust
3
.518
05/10/35
2,372
Series
-
2013
375P
(Class
B)
2,350,000
Citigroup
Commercial
Mortgage
Trust
4
.017
10/10/47
2,311
Series
-
2014
GC25
(Class
AS)
2,137,000
Citigroup
Commercial
Mortgage
Trust
3
.457
04/10/48
2,058
Series
-
2015
GC29
(Class
AS)
1,700,000
(a)
Citigroup
Commercial
Mortgage
Trust
3
.758
04/10/48
1,640
Series
-
2015
GC29
(Class
B)
3,000,000
(a)
Citigroup
Commercial
Mortgage
Trust
4
.137
04/10/48
2,792
Series
-
2015
GC29
(Class
C)
3,832,264
Citigroup
Commercial
Mortgage
Trust
3
.243
08/15/50
3,704
Series
-
2017
B1
(Class
AAB)
7,765,000
Citigroup
Commercial
Mortgage
Trust
3
.764
10/12/50
7,036
Series
-
2017
C4
(Class
AS)
2,000,000
Citigroup
Commercial
Mortgage
Trust
3
.778
09/10/58
1,931
Series
-
2015
GC33
(Class
A4)
5,000,000
(c)
COMM
Mortgage
Trust
3
.244
10/10/29
4,625
Series
-
2017
PANW
(Class
A)
3,000,000
(c)
COMM
Mortgage
Trust
3
.376
01/10/39
2,627
Series
-
2022
HC
(Class
C)
123,617
COMM
Mortgage
Trust
2
.853
10/15/45
114
Series
-
2012
CR4
(Class
A3)
1,833,792
(a),(c)
COMM
Mortgage
Trust
3
.566
06/10/46
1,786
Series
-
2013
CR8
(Class
B)
750,000
COMM
Mortgage
Trust
4
.174
05/10/47
725
Series
-
2014
CR17
(Class
AM)
2,500,000
(a),(c)
COMM
Mortgage
Trust
4
.767
06/10/47
1,405
Series
-
2014
UBS3
(Class
D)
5,240,000
COMM
Mortgage
Trust
3
.917
10/10/47
5,187
Series
-
2014
LC17
(Class
A5)
5,205,000
(a)
COMM
Mortgage
Trust
4
.188
10/10/47
5,122
Series
-
2014
LC17
(Class
AM)
4,658,546
(a)
COMM
Mortgage
Trust
4
.490
10/10/47
4,539
Series
-
2014
LC17
(Class
B)
2,825,979
(a)
COMM
Mortgage
Trust
3
.829
02/10/48
2,663
Series
-
2015
LC19
(Class
B)
CREF
Core
Bond
Account
March
31,
2024
260
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,000,000
(c)
COMM
Mortgage
Trust
3
.000
%
03/10/48
$
765
Series
-
2015
CR22
(Class
E)
1,445,000
COMM
Mortgage
Trust
3
.309
03/10/48
1,411
Series
-
2015
CR22
(Class
A5)
5,592,775
(a)
COMM
Mortgage
Trust
3
.603
03/10/48
5,336
Series
-
2015
CR22
(Class
AM)
2,696,000
(a)
COMM
Mortgage
Trust
4
.066
03/10/48
2,442
Series
-
2015
CR22
(Class
C)
7,405,000
COMM
Mortgage
Trust
3
.801
05/10/48
7,197
Series
-
2015
CR23
(Class
AM)
4,500,000
(a)
COMM
Mortgage
Trust
4
.183
05/10/48
4,368
Series
-
2015
CR23
(Class
B)
2,549,000
(a)
COMM
Mortgage
Trust
4
.283
05/10/48
2,389
Series
-
2015
CR23
(Class
C)
963,603
COMM
Mortgage
Trust
3
.421
07/10/48
953
Series
-
2015
LC21
(Class
ASB)
4,000,000
(a)
COMM
Mortgage
Trust
3
.463
08/10/48
3,452
Series
-
2015
CR24
(Class
D)
2,550,000
COMM
Mortgage
Trust
3
.696
08/10/48
2,482
Series
-
2015
CR24
(Class
A5)
5,000,000
(a)
COMM
Mortgage
Trust
4
.028
08/10/48
4,841
Series
-
2015
CR24
(Class
AM)
2,000,000
(a)
COMM
Mortgage
Trust
4
.348
08/10/48
1,905
Series
-
2015
CR24
(Class
B)
1,467,000
(a)
COMM
Mortgage
Trust
4
.348
08/10/48
1,327
Series
-
2015
CR24
(Class
C)
1,352,000
COMM
Mortgage
Trust
3
.612
10/10/48
1,311
Series
-
2015
CR27
(Class
A4)
3,212,210
COMM
Mortgage
Trust
3
.630
10/10/48
3,112
Series
-
2015
CR26
(Class
A4)
2,075,000
COMM
Mortgage
Trust
3
.774
10/10/48
2,011
Series
-
2015
LC23
(Class
A4)
1,875,000
(a)
COMM
Mortgage
Trust
4
.464
10/10/48
1,788
Series
-
2015
CR26
(Class
B)
4,855,000
(a)
COMM
Mortgage
Trust
4
.545
10/10/48
4,586
Series
-
2015
LC23
(Class
C)
973,379
COMM
Mortgage
Trust
3
.651
02/10/49
950
Series
-
2016
CR28
(Class
AHR)
4,650,000
(a)
COMM
Mortgage
Trust
4
.605
02/10/49
4,367
Series
-
2016
CR28
(Class
B)
4,600,000
(a)
COMM
Mortgage
Trust
4
.340
05/10/51
4,164
Series
-
2018
COR3
(Class
AM)
1,550,000
COMM
Mortgage
Trust
3
.263
08/15/57
1,362
Series
-
2019
GC44
(Class
AM)
2,000,000
(a)
COMM
Mortgage
Trust
3
.522
08/15/57
1,611
Series
-
2019
GC44
(Class
C)
626,400
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
6.250%
6
.349
03/25/42
700
Series
-
2022
R03
(Class
1B1)
18,955,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.500%
8
.820
03/25/42
19,897
Series
-
2022
R03
(Class
1M2)
5,970,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.000%
8
.320
04/25/42
6,163
Series
-
2022
R05
(Class
2M2)
30,200,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.850%
9
.170
05/25/42
32,077
Series
-
2022
R06
(Class
1M2)
9,505,000
(a),(c)
Connecticut
Avenue
Securities
Trust
SOFR
+
3.600%
8
.920
07/25/42
10,052
Series
-
2022
R08
(Class
1M2)
12,890,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.750%
10
.071
09/25/42
14,112
Series
-
2022
R09
(Class
2M2)
870,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
6.750%
12
.071
09/25/42
968
Series
-
2022
R09
(Class
2B1)
16,045,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.750%
9
.071
12/25/42
17,181
Series
-
2023
R01
(Class
1M2)
261
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,400,000
(a),(c)
Credit
Suisse
Commercial
Mortgage
Trust
3
.728
%
11/10/32
$
5,507
Series
-
2017
CALI
(Class
B)
1,905,260
(a),(c)
Credit
Suisse
Mortgage
Capital
Certificates
SOFR
1
M
+
1.647%
6
.973
05/15/36
1,905
Series
-
2019
ICE4
(Class
D)
4,270,400
(a),(c)
Credit
Suisse
Mortgage
Capital
Certificates
3
.388
10/25/59
3,922
Series
-
2019
NQM1
(Class
M1)
7,573,750
(a),(c)
Credit
Suisse
Mortgage
Capital
Certificates
2
.405
10/25/66
6,435
Series
-
2021
NQM8
(Class
A3)
9,500,000
DBGS
Mortgage
Trust
4
.466
10/15/51
8,902
Series
-
2018
C1
(Class
A4)
4,932,718
DBJPM
Mortgage
Trust
2
.756
08/10/49
4,788
Series
-
2016
C3
(Class
ASB)
6,372,762
DBJPM
Mortgage
Trust
3
.121
06/10/50
6,187
Series
-
2017
C6
(Class
ASB)
5,300,000
DBJPM
Mortgage
Trust
2
.340
08/15/53
4,313
Series
-
2020
C9
(Class
AM)
17,410,000
(c)
DBUBS
Mortgage
Trust
3
.452
10/10/34
16,087
Series
-
2017
BRBK
(Class
A)
15,500,000
(a),(c)
DBUBS
Mortgage
Trust
3
.530
10/10/34
14,062
Series
-
2017
BRBK
(Class
B)
4,994,187
(a),(c)
ELP
Commercial
Mortgage
Trust
SOFR
1
Month
+
1.235%
6
.561
11/15/38
4,952
Series
-
2021
ELP
(Class
B)
6,991,862
(a),(c)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
1.434%
6
.760
11/15/38
6,925
Series
-
2021
ELP
(Class
C)
4,664,571
(a),(c)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
2.233%
7
.559
11/15/38
4,622
Series
-
2021
ELP
(Class
E)
4,999,900
(a),(c)
EQUS
Mortgage
Trust
SOFR
1
Month
+
0.869%
6
.195
10/15/38
4,975
Series
-
2021
EQAZ
(Class
A)
106,203
(a),(c)
Flagstar
Mortgage
Trust
4
.000
09/25/48
98
Series
-
2018
5
(Class
A11)
3,101,961
(a),(c)
Flagstar
Mortgage
Trust
2
.500
04/25/51
2,477
Series
-
2021
2
(Class
A4)
8,828,799
(a),(c)
Flagstar
Mortgage
Trust
2
.500
06/01/51
7,050
Series
-
2021
4
(Class
A21)
550,887
Ford
Credit
Auto
Owner
Trust
5
.140
03/15/26
550
Series
-
2023
A
(Class
A2A)
550,887
(a)
Ford
Credit
Auto
Owner
Trust
30
D
AVG
SOFR
+
0.720%
6
.039
03/15/26
551
Series
-
2023
A
(Class
A2B)
GBP
886,824
(a),(c)
Frost
CMBS
DAC
SONIA
Interest
Rate
Benchmark
+
2.900%
8
.122
11/20/33
1,041
Series
-
2021
1A
(Class
GBD)
5,000,000
(a),(c)
GS
Mortgage
Securities
Corp
II
SOFR
1
Month
+
1.364%
6
.690
11/15/36
4,922
Series
-
2021
ARDN
(Class
A)
3,600,000
(a),(c)
GS
Mortgage
Securities
Corp
II
SOFR
1
M
+
3.464%
8
.790
11/15/36
3,463
Series
-
2021
ARDN
(Class
E)
1,130,000
(a),(c)
GS
Mortgage
Securities
Corp
II
3
.475
09/10/37
1,034
Series
-
2017
375H
(Class
A)
2,500,000
(a),(c)
GS
Mortgage
Securities
Corp
II
3
.483
09/10/37
2,177
Series
-
2017
375H
(Class
B)
1,350,000
(a)
GS
Mortgage
Securities
Corp
II
3
.777
05/10/50
1,305
Series
-
2015
GC30
(Class
AS)
5,235,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
SOFR
1
Month
+
1.897%
7
.223
07/15/31
2,173
Series
-
2018
TWR
(Class
D)
1,500,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
SOFR
1
M
+
2.164%
7
.490
11/15/36
1,455
Series
-
2021
ARDN
(Class
C)
3,000,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
SOFR
1
M
+
2.864%
8
.190
11/15/36
2,908
Series
-
2021
ARDN
(Class
D)
2,000,000
(a),(c)
GS
Mortgage
Securities
Trust
SOFR
1
M
+
1.747%
7
.073
07/15/31
1,230
Series
-
2018
TWR
(Class
C)
207,179
GS
Mortgage
Securities
Trust
3
.206
02/10/48
205
Series
-
2015
GC28
(Class
AAB)
2,816,500
GS
Mortgage
Securities
Trust
3
.396
02/10/48
2,772
Series
-
2015
GC28
(Class
A5)
CREF
Core
Bond
Account
March
31,
2024
262
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,400,000
(a)
GS
Mortgage
Securities
Trust
4
.018
%
07/10/48
$
7,175
Series
-
2015
GC32
(Class
AS)
1,042,732
GS
Mortgage
Securities
Trust
3
.278
10/10/48
1,023
Series
-
2015
GC34
(Class
AAB)
2,000,000
GS
Mortgage
Securities
Trust
3
.143
10/10/49
1,857
Series
-
2016
GS3
(Class
AS)
1,500,000
(a)
GS
Mortgage
Securities
Trust
3
.952
11/10/49
1,279
Series
-
2016
GS4
(Class
C)
2,000,000
GS
Mortgage
Securities
Trust
3
.674
03/10/50
1,878
Series
-
2017
GS5
(Class
A4)
4,250,000
(a)
GS
Mortgage
Securities
Trust
3
.826
03/10/50
3,897
Series
-
2017
GS5
(Class
AS)
7,138,202
GS
Mortgage
Securities
Trust
3
.230
05/10/50
6,939
Series
-
2017
GS6
(Class
AAB)
6,000,000
GS
Mortgage
Securities
Trust
3
.433
05/10/50
5,605
Series
-
2017
GS6
(Class
A3)
2,540,000
(a)
GS
Mortgage
Securities
Trust
4
.024
05/10/50
2,373
Series
-
2015
GC30
(Class
B)
5,000,000
(a)
GS
Mortgage
Securities
Trust
4
.068
05/10/50
4,449
Series
-
2015
GC30
(Class
C)
3,000,000
GS
Mortgage
Securities
Trust
3
.837
11/10/50
2,834
Series
-
2017
GS8
(Class
ABP)
4,844,000
(a)
GS
Mortgage
Securities
Trust
4
.322
11/10/50
4,363
Series
-
2017
GS8
(Class
C)
3,050,000
(a)
GS
Mortgage
Securities
Trust
4
.158
02/10/52
2,823
Series
-
2019
GC38
(Class
AS)
2,500,000
(a)
GS
Mortgage
Securities
Trust
3
.173
02/13/53
2,156
Series
-
2020
GC45
(Class
AS)
2,190,000
GS
Mortgage
Securities
Trust
2
.012
12/12/53
1,746
Series
-
2020
GSA2
(Class
A5)
367,816
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
4
.000
11/25/49
340
Series
-
2019
PJ2
(Class
A4)
140,807
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
4
.000
11/25/49
130
Series
-
2019
PJ2
(Class
A1)
864,563
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
01/25/51
730
Series
-
2020
PJ4
(Class
A4)
36,602,307
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
0
.257
03/27/51
448
Series
-
2020
PJ5
(Class
AX1)
1,251,095
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
03/27/51
1,057
Series
-
2020
PJ5
(Class
A4)
1,894,504
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
05/25/51
1,533
Series
-
2020
PJ6
(Class
A4)
11,993,326
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
10/25/51
9,577
Series
-
2021
PJ5
(Class
A4)
11,603,087
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
06/25/52
9,641
Series
-
2022
PJ2
(Class
A36)
4,194,497
(a),(c)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
09/25/52
3,485
Series
-
2022
PJ4
(Class
A36)
1,001,809
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.630
05/25/50
852
Series
-
2020
PJ1
(Class
B2)
2,337,124
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
07/25/51
1,866
Series
-
2021
PJ2
(Class
A4)
21,175,949
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
16,910
Series
-
2021
PJ7
(Class
A4)
9,747,427
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
7,784
Series
-
2021
PJ8
(Class
A4)
3,353,796
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2
.722
01/25/52
2,628
Series
-
2021
PJ7
(Class
B2)
6,951,971
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.000
07/25/52
5,772
Series
-
2022
INV1
(Class
A4)
9,173,626
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.000
09/25/52
7,611
Series
-
2022
HP1
(Class
A4)
263
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
6,854,375
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.000
%
10/25/52
$
5,696
Series
-
2022
PJ5
(Class
A36)
5,519,499
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.000
01/25/53
4,586
Series
-
2022
PJ6
(Class
A24)
8,073,718
(a),(c)
GS
Mortgage-Backed
Securities
Trust
3
.500
02/25/53
6,989
Series
-
2023
PJ1
(Class
A24)
4,500,000
(c)
Hudson
Yards
Mortgage
Trust
2
.835
08/10/38
4,206
Series
-
2016
10HY
(Class
A)
2,500,000
(a),(c)
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
2,317
Series
-
2016
10HY
(Class
B)
7,250,000
(a),(c)
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
6,654
Series
-
2016
10HY
(Class
C)
4,750,000
(a),(c)
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
3,863
Series
-
2019
55HY
(Class
D)
2,750,000
(a),(c)
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
2,130
Series
-
2019
55HY
(Class
E)
2,339,087
(a),(c)
Imperial
Fund
Mortgage
Trust
2
.051
10/25/55
2,115
Series
-
2020
NQM1
(Class
A3)
1,043,500
(a),(c)
Imperial
Fund
Mortgage
Trust
3
.531
10/25/55
896
Series
-
2020
NQM1
(Class
M1)
1,000,000
(a),(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
4
.613
07/05/31
615
Series
-
2018
AON
(Class
D)
1,780,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
3
.914
01/15/49
1,723
Series
-
2015
JP1
(Class
A5)
2,792,819
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
2
.713
08/15/49
2,716
Series
-
2016
JP2
(Class
ASB)
4,327,511
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp
3
.379
09/15/50
4,214
Series
-
2017
JP7
(Class
A3)
3,155,000
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
3
.065
01/16/37
2,414
Series
-
2020
NNN
(Class
BFX)
2,509,406
(a),(c)
JP
Morgan
Mortgage
Trust
LIBOR
1
M
-
0.000%
6
.677
12/25/44
2,413
Series
-
2015
1
(Class
B1)
190,936
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
05/25/45
172
Series
-
2015
3
(Class
A19)
1,972,937
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
10/25/45
1,762
Series
-
2015
6
(Class
A13)
2,176,596
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
09/25/48
1,891
Series
-
2018
3
(Class
A13)
3,040,018
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
2,632
Series
-
2018
5
(Class
A13)
1,879,096
(a),(c)
JP
Morgan
Mortgage
Trust
4
.257
10/26/48
1,859
Series
-
2017
5
(Class
A2)
645,036
(a),(c)
JP
Morgan
Mortgage
Trust
4
.000
02/25/49
589
Series
-
2018
9
(Class
A13)
497,017
(a),(c)
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
463
Series
-
2019
1
(Class
A15)
6,521,146
(a),(c)
JP
Morgan
Mortgage
Trust
3
.823
06/25/50
5,686
Series
-
2020
1
(Class
B2)
28,133,864
(a),(c)
JP
Morgan
Mortgage
Trust
0
.139
07/25/51
209
Series
-
2021
3
(Class
AX1)
19,969,877
(a),(c)
JP
Morgan
Mortgage
Trust
0
.130
08/25/51
140
Series
-
2021
4
(Class
AX1)
2,363,695
(a),(c)
JP
Morgan
Mortgage
Trust
2
.880
08/25/51
1,876
Series
-
2021
4
(Class
B2)
38,236,537
(a),(c)
JP
Morgan
Mortgage
Trust
0
.137
10/25/51
289
Series
-
2021
6
(Class
AX1)
7,146,646
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
10/25/51
5,707
Series
-
2021
6
(Class
A15)
CREF
Core
Bond
Account
March
31,
2024
264
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,178,541
(a),(c)
JP
Morgan
Mortgage
Trust
0
.400
%
12/25/51
$
221
Series
-
2021
INV2
(Class
AX4)
2,398,409
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
1,915
Series
-
2021
10
(Class
A15)
2,406,469
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
02/25/52
1,919
Series
-
2021
12
(Class
A15)
3,721,020
(a),(c)
JP
Morgan
Mortgage
Trust
2
.500
05/25/52
2,967
Series
-
2021
14
(Class
A15)
2,460,675
(a),(c)
JP
Morgan
Mortgage
Trust
2
.927
05/25/52
2,026
Series
-
2021
LTV2
(Class
A3)
16,542,345
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
13,746
Series
-
2022
2
(Class
A25)
7,128,796
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
09/25/52
5,919
Series
-
2022
INV3
(Class
A6)
11,695,210
(a),(c)
JP
Morgan
Mortgage
Trust
3
.500
09/25/52
10,139
Series
-
2022
LTV2
(Class
A6)
6,684,130
(a),(c)
JP
Morgan
Mortgage
Trust
3
.000
12/25/52
5,554
Series
-
2022
7
(Class
1A17)
2,260,613
(a),(c)
JP
Morgan
Mortgage
Trust
4
.000
12/25/52
2,033
Series
-
2022
7
(Class
2A6A)
5,172,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.997
08/15/47
5,061
Series
-
2014
C21
(Class
AS)
3,000,000
JPMBB
Commercial
Mortgage
Securities
Trust
4
.110
09/15/47
2,847
Series
-
2014
C22
(Class
AS)
2,686,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.480
09/15/47
2,633
Series
-
2014
C23
(Class
B)
3,000,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.898
02/15/48
2,716
Series
-
2015
C27
(Class
B)
2,556,000
JPMBB
Commercial
Mortgage
Securities
Trust
3
.611
05/15/48
2,490
Series
-
2015
C29
(Class
A4)
2,500,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
3
.917
05/15/48
2,426
Series
-
2015
C29
(Class
AS)
2,350,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.118
05/15/48
2,228
Series
-
2015
C29
(Class
B)
3,500,000
JPMBB
Commercial
Mortgage
Securities
Trust
4
.106
08/15/48
3,318
Series
-
2015
C31
(Class
AS)
9,952,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.624
08/15/48
8,832
Series
-
2015
C31
(Class
B)
3,000,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.624
08/15/48
2,496
Series
-
2015
C31
(Class
C)
1,820,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.702
03/17/49
1,688
Series
-
2016
C1
(Class
C)
2,410,915
JPMCC
Commercial
Mortgage
Securities
Trust
3
.457
03/15/50
2,338
Series
-
2017
JP5
(Class
A4)
749,208
JPMCC
Commercial
Mortgage
Securities
Trust
3
.549
03/15/50
729
Series
-
2017
JP5
(Class
ASB)
1,000,000
(a)
JPMCC
Commercial
Mortgage
Securities
Trust
3
.904
03/15/50
813
Series
-
2017
JP5
(Class
C)
1,000,000
(a)
JPMDB
Commercial
Mortgage
Securities
Trust
3
.042
12/15/49
738
Series
-
2016
C4
(Class
C)
3,000,000
JPMDB
Commercial
Mortgage
Securities
Trust
3
.694
03/15/50
2,808
Series
-
2017
C5
(Class
A5)
7,575,000
JPMDB
Commercial
Mortgage
Securities
Trust
2
.536
05/13/53
5,643
Series
-
2020
COR7
(Class
AS)
2,126,928
(c)
Ladder
Capital
Commercial
Mortgage
Securities
3
.575
02/15/36
1,990
Series
-
2013
GCP
(Class
A1)
3,247,426
(c)
Ladder
Capital
Commercial
Mortgage
Securities
3
.357
07/12/50
3,151
Series
-
2017
LC26
(Class
ASB)
EUR
589,114
(a),(c)
Last
Mile
Logistics
Pan
Euro
Finance
DAC
EURIBOR
3
M
+
2.700%
1
.000
08/17/33
606
Series
-
2021
1A
(Class
E)
EUR
599,877
(a),(c)
Last
Mile
Securities
EURIBOR
3
M
+
2.350%
6
.265
08/17/31
640
Series
-
2021
1A
(Class
D)
265
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
5,450,000
(c)
Liberty
Street
Trust
3
.597
%
02/10/36
$
5,057
Series
-
2016
225L
(Class
A)
5,000,000
(c)
LSTAR
Commercial
Mortgage
Trust
4
.021
03/10/50
4,604
Series
-
2017
5
(Class
AS)
4,000,000
(a),(c)
MAD
Mortgage
Trust
3
.082
08/15/34
3,701
Series
-
2017
330M
(Class
A)
1,500,000
(a),(c)
Manhattan
West
2
.335
09/10/39
1,323
Series
-
2020
1MW
(Class
B)
468,491
(a)
Merrill
Lynch
Mortgage
Investors
Trust
SOFR
1
M
+
0.634%
2
.278
01/25/37
439
Series
-
2006
WMC1
(Class
A1B)
6,650,000
(c)
MetroNet
Infrastructure
Issuer
LLC
6
.230
04/20/54
6,672
Series
-
2024
1A
(Class
A2)
2,677,478
(c)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.989
12/15/46
2,547
Series
-
2014
C19
(Class
LNC1)
882,200
(c)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.384
12/15/46
827
Series
-
2014
C19
(Class
LNC2)
6,150,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.832
12/15/47
5,973
Series
-
2014
C19
(Class
AS)
5,600,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.605
02/15/48
5,440
Series
-
2015
C20
(Class
AS)
1,250,000
(a)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.455
02/15/48
1,184
Series
-
2015
C20
(Class
C)
2,500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.338
03/15/48
2,433
Series
-
2015
C21
(Class
A4)
6,500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.652
03/15/48
6,237
Series
-
2015
C21
(Class
AS)
3,000,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
3
.561
04/15/48
2,905
Series
-
2015
C22
(Class
AS)
3,380,820
(a),(c)
Morgan
Stanley
Capital
I
Inc
SOFR
1
M
+
1.491%
6
.817
11/09/24
3,351
Series
-
2021
ILP
(Class
C)
378,466
(a)
Morgan
Stanley
Capital
I
Trust
5
.877
12/12/49
161
Series
-
2007
IQ16
(Class
AJ)
258,162
(a)
Morgan
Stanley
Capital
I
Trust
5
.877
12/12/49
109
Series
-
2007
IQ16
(Class
AJFX)
3,195,901
Morgan
Stanley
Capital
I
Trust
3
.304
06/15/50
3,124
Series
-
2017
H1
(Class
ASB)
1,458,000
Morgan
Stanley
Capital
I
Trust
3
.587
12/15/50
1,371
Series
-
2017
HR2
(Class
A4)
2,840,000
(a)
Morgan
Stanley
Capital
I
Trust
4
.429
07/15/51
2,701
Series
-
2018
H3
(Class
AS)
598,697
(a),(c)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
07/25/51
523
Series
-
2021
4
(Class
A4)
3,000,000
(a),(c)
MSDB
Trust
3
.316
07/11/39
2,671
Series
-
2017
712F
(Class
A)
1,200,000
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
3
.790
11/15/32
1,065
Series
-
2018
285M
(Class
A)
12,741,348
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
1.579%
5
.915
07/15/36
11,799
Series
-
2019
MILE
(Class
A)
5,000,000
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
1.879%
7
.205
07/15/36
4,367
Series
-
2019
MILE
(Class
B)
2,900,000
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
2.279%
7
.605
07/15/36
2,390
Series
-
2019
MILE
(Class
C)
5,000,000
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
2.829%
8
.155
07/15/36
3,871
Series
-
2019
MILE
(Class
D)
703,488
(c)
Natixis
Commercial
Mortgage
Securities
Trust
2
.966
12/15/38
639
Series
-
2020
2PAC
(Class
A)
209,814
(a)
New
York
Mortgage
Trust
SOFR
1
M
+
0.594%
5
.924
02/25/36
206
Series
-
2005
3
(Class
A1)
10,724,203
(a),(c)
OBX
Trust
2
.500
07/25/51
8,564
Series
-
2021
J2
(Class
A19)
9,393,220
(a),(c)
OBX
Trust
4
.000
10/25/52
8,412
Series
-
2022
INV5
(Class
A13)
CREF
Core
Bond
Account
March
31,
2024
266
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
729,783
(a),(c)
OBX
Trust
SOFR
1
M
+
0.764%
4
.658
%
06/25/57
$
704
Series
-
2018
1
(Class
A2)
3,291,864
(a),(c)
Oceanview
Mortgage
Trust
2
.500
05/25/51
2,629
Series
-
2021
1
(Class
A19)
2,438,489
(a),(c)
Oceanview
Mortgage
Trust
4
.500
11/25/52
2,262
Series
-
2022
1
(Class
A1)
5,434,000
(c)
Olympic
Tower
Mortgage
Trust
3
.566
05/10/39
4,718
Series
-
2017
OT
(Class
A)
8,520,000
(c)
One
Bryant
Park
Trust
2
.516
09/15/54
7,289
Series
-
2019
OBP
(Class
A)
2,870,587
(a),(c)
OPEN
Trust
SOFR
1
M
+
5.236%
10
.561
10/15/28
2,898
Series
-
2023
AIR
(Class
C)
2,000,000
(c)
RBS
Commercial
Funding,
Inc
Trust
3
.511
03/11/31
1,801
Series
-
2013
SMV
(Class
B)
2,352,881
RCKT
Mortgage
Trust
3
.006
09/25/51
1,804
3,153,179
(a),(c)
RCKT
Mortgage
Trust
3
.500
06/25/52
2,728
Series
-
2022
4
(Class
A22)
578,560
(a),(c)
Sequoia
Mortgage
Trust
3
.500
05/25/45
516
Series
-
2015
2
(Class
A1)
511,102
(a),(c)
Sequoia
Mortgage
Trust
3
.500
06/25/46
456
Series
-
2016
1
(Class
A19)
130,013
(a),(c)
Sequoia
Mortgage
Trust
3
.500
02/25/47
115
Series
-
2017
2
(Class
A19)
1,986,168
(a),(c)
Sequoia
Mortgage
Trust
3
.724
09/25/47
1,819
Series
-
2017
6
(Class
B1)
869,978
(a),(c)
Sequoia
Mortgage
Trust
3
.500
03/25/48
768
Series
-
2018
3
(Class
A1)
67,484
(a),(c)
Sequoia
Mortgage
Trust
4
.000
09/25/48
62
Series
-
2018
7
(Class
A19)
5,677,895
(a),(c)
Sequoia
Mortgage
Trust
3
.000
04/25/50
4,787
Series
-
2020
3
(Class
A19)
4,746,311
(a),(c)
Sequoia
Mortgage
Trust
5
.000
01/25/53
4,513
Series
-
2023
1
(Class
A19)
397,522
(a),(c)
Shellpoint
Co-Originator
Trust
3
.500
04/25/47
352
Series
-
2017
1
(Class
A19)
4,350,000
(c)
SLG
Office
Trust
2
.585
07/15/41
3,603
Series
-
2021
OVA
(Class
A)
22,865,000
(c)
SLG
Office
Trust
2
.851
07/15/41
17,981
Series
-
2021
OVA
(Class
D)
9,741,110
(a),(c)
SMR
Mortgage
Trust
SOFR
1
Month
+
1.650%
6
.975
02/15/39
9,497
Series
-
2022
IND
(Class
A)
9,277,248
(a),(c)
SMR
Mortgage
Trust
SOFR
1
Month
+
2.950%
8
.275
02/15/39
8,752
Series
-
2022
IND
(Class
C)
5,000,000
(a),(c)
SREIT
Trust
SOFR
1
Month
+
0.936%
6
.261
11/15/36
4,977
Series
-
2021
MFP2
(Class
A)
6,930,000
(a),(c)
SREIT
Trust
SOFR
1
Month
+
1.286%
6
.611
11/15/36
6,889
Series
-
2021
MFP2
(Class
B)
GBP
347,448
(a),(c)
Taurus
UK
DAC
SONIA
Interest
Rate
Benchmark
+
1.300%
6
.521
05/17/31
436
Series
-
2021
UK1A
(Class
B)
GBP
506,281
(a),(c)
Taurus
UK
DAC
SONIA
Interest
Rate
Benchmark
+
1.650%
6
.871
05/17/31
635
Series
-
2021
UK1A
(Class
C)
1,600,000
(a),(c)
Times
Square
Trust
3
.100
05/15/35
1,392
Series
-
2018
20TS
(Class
B)
6,851,883
UBS
Commercial
Mortgage
Trust
3
.256
06/15/50
6,663
Series
-
2017
C1
(Class
ASB)
1,373,959
UBS
Commercial
Mortgage
Trust
3
.366
10/15/50
1,335
Series
-
2017
C4
(Class
ASB)
1,450,000
UBS
Commercial
Mortgage
Trust
3
.563
10/15/50
1,335
Series
-
2017
C4
(Class
A4)
1,750,000
UBS
Commercial
Mortgage
Trust
4
.334
10/15/51
1,661
Series
-
2018
C13
(Class
A4)
267
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,723,471
(a),(c)
Verus
Securitization
Trust
2
.240
%
10/25/66
$
1,445
Series
-
2021
7
(Class
A3)
1,740,030
Wells
Fargo
Commercial
Mortgage
Trust
3
.405
12/15/47
1,706
Series
-
2014
LC18
(Class
A5)
4,500,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.808
12/15/47
4,400
Series
-
2014
LC18
(Class
AS)
1,810,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.406
05/15/48
1,740
Series
-
2015
NXS1
(Class
AS)
2,000,000
(a)
Wells
Fargo
Commercial
Mortgage
Trust
3
.658
05/15/48
1,896
Series
-
2015
NXS1
(Class
B)
2,279,000
(a)
Wells
Fargo
Commercial
Mortgage
Trust
4
.140
05/15/48
1,965
Series
-
2015
NXS1
(Class
D)
3,917,943
Wells
Fargo
Commercial
Mortgage
Trust
2
.788
07/15/48
3,834
Series
-
2016
C35
(Class
ASB)
6,024,181
Wells
Fargo
Commercial
Mortgage
Trust
2
.514
08/15/49
5,858
Series
-
2016
BNK1
(Class
ASB)
6,292,698
Wells
Fargo
Commercial
Mortgage
Trust
2
.825
10/15/49
6,123
Series
-
2016
LC24
(Class
ASB)
872,111
Wells
Fargo
Commercial
Mortgage
Trust
3
.635
03/15/50
814
Series
-
2017
RB1
(Class
A5)
2,000,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.757
03/15/50
1,836
Series
-
2017
RB1
(Class
AS)
8,777,763
Wells
Fargo
Commercial
Mortgage
Trust
3
.261
07/15/50
8,564
Series
-
2017
C38
(Class
ASB)
2,197,255
(a)
Wells
Fargo
Commercial
Mortgage
Trust
3
.903
07/15/50
1,936
Series
-
2017
C38
(Class
C)
6,455,355
Wells
Fargo
Commercial
Mortgage
Trust
3
.212
09/15/50
6,263
Series
-
2017
C39
(Class
ASB)
4,000,000
(a)
Wells
Fargo
Commercial
Mortgage
Trust
3
.767
07/15/58
3,873
Series
-
2015
NXS2
(Class
A5)
1,000,000
(a)
Wells
Fargo
Commercial
Mortgage
Trust
4
.268
07/15/58
932
Series
-
2015
NXS2
(Class
B)
6,000,000
Wells
Fargo
Commercial
Mortgage
Trust
3
.749
03/15/59
5,713
Series
-
2016
C33
(Class
AS)
170,457
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
4
.000
04/25/49
159
Series
-
2019
2
(Class
A17)
2,311,134
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.500
09/25/49
2,037
Series
-
2019
4
(Class
A1)
881,059
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
07/25/50
745
Series
-
2020
4
(Class
A17)
10,926,789
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
06/25/51
8,725
Series
-
2021
2
(Class
A17)
4,411,567
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
12/25/51
3,517
Series
-
2022
2
(Class
A18)
3,859,534
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
03/25/52
3,202
Series
-
2022
INV1
(Class
A18)
6,630,504
(a),(c)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.500
03/25/52
5,731
Series
-
2022
INV1
(Class
A17)
1,260,001
WFRBS
Commercial
Mortgage
Trust
3
.995
05/15/47
1,256
Series
-
2014
C20
(Class
A5)
3,865,000
WFRBS
Commercial
Mortgage
Trust
3
.607
11/15/47
3,800
Series
-
2014
C24
(Class
A5)
CREF
Core
Bond
Account
March
31,
2024
268
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
247,062
(a),(c)
WinWater
Mortgage
Loan
Trust
3
.920
%
06/20/44
$
202
Series
-
2014
1
(Class
B4)
TOTAL
OTHER
MORTGAGE
BACKED
1,148,540
TOTAL
STRUCTURED
ASSETS
1,691,423
(Cost
$1,841,132)
SHARES
REFERENCERATE
&
SPREAD
PREFERRED
STOCKS
-
0.0%
FINANCIAL
SERVICES
-
0.0%
173,925
Morgan
Stanley
4,576
TOTAL
FINANCIAL
SERVICES
4,576
TOTAL
PREFERRED
STOCKS
4,576
(Cost
$4,348)
TOTAL
LONG-TERM
INVESTMENTS
10,446,663‌
(Cost
$11,306,489)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
1.1%
COMMERCIAL
PAPER
-
0.0%
4,000,000
(c)
HSBC
USA,
Inc
0
.000
07/23/24
3,929
TOTAL
COMMERCIAL
PAPER
3,929
GOVERNMENT
AGENCY
DEBT
-
0.0%
2,500,000
Federal
Farm
Credit
Discount
Notes
0
.000
04/26/24
2,490
TOTAL
GOVERNMENT
AGENCY
DEBT
2,490
REPURCHASE
AGREEMENT
-
0.7%
72,400,000
(j)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
04/01/24
72,400
TOTAL
REPURCHASE
AGREEMENT
72,400
TREASURY
DEBT
-
0.4%
9,805,000
United
States
Treasury
Bill
0
.000
04/04/24
9,801
10,000,000
United
States
Treasury
Bill
0
.000
04/09/24
9,988
5,000,000
United
States
Treasury
Bill
0
.000
04/16/24
4,989
5,000,000
United
States
Treasury
Bill
0
.000
04/25/24
4,982
12,500,000
United
States
Treasury
Bill
0
.000
05/09/24
12,431
TOTAL
TREASURY
DEBT
42,191
TOTAL
SHORT-TERM
INVESTMENTS
121,010
(Cost
$121,015)
SHARES
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
21,588,506
(k)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.340
(l)
21,589
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
21,589
(Cost
$21,589)
TOTAL
INVESTMENTS
-
98.6%
10,589,262
(Cost
$11,449,093)
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.4%
146,379
NET
ASSETS
-
100.0%
$10,735,641
269
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
D
Day
DOP
Dominican
Republic
Peso
EGP
Egyptian
Pound
EUR
Euro
EURIBOR
EURO
Interbank
Offer
Rate
GBP
Pound
Sterling
HUF
Hungary
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstani
Tenge
LIBOR
London
Interbank
Offered
Rate
M
Month
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Sol
PLN
Polish
Zloty
REIT
Real
Estate
Investment
Trust
RON
Romanian
Leu
RSD
Serbian
Dinar
SOFR
Secure
Overnight
Financing
Rate
SONIA
Sterling
Overnight
Interbank
Average
Rate
THB
Thai
Baht
UGX
Ugandan
Shilling
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
^
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$2,229,534,675
or
21.1%
of
Total
Investments.
(d)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$376,147,996.
(e)
Perpetual
security
(f)
Payment
in
Kind
Bond
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
In
default
(i)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(j)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
5.320%
dated
3/28/24
to
be
repurchased
at
$72,442,796
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.125%–0.625%
and
maturity
dates
7/15/26–7/31/26,
valued
at
$73,848,090.
(k)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(l)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
CREF
Core
Bond
Account
March
31,
2024
270
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
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
2,000‌
06/18/24
 $
221,394‌
$
221,594‌
$
199‌
U.S.
Treasury
5-Year
Note
5,500‌
06/28/24
587,024‌
588,586‌
1,562‌
Total
7,500‌
 $
808,418‌
 $
810,180‌
 $
1,761‌
Forward
Foreign
Currency
Contracts
Currency
Purchased
Receive
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000)
$
2,249
NZD
3,606
Australia
and
New
Zealand
Banking
Group
Limited
04/16/24
 $
95‌
$
408
EUR
374
Bank
of
America,
N.A.
04/15/24
 $
4‌
$
92,634
EUR
84,254
Bank
of
America,
N.A.
04/16/24
1,679‌
$
19,995
GBP
15,672
Bank
of
America,
N.A.
04/16/24
214‌
$
993
GBP
791
Bank
of
America,
N.A.
04/16/24
(
6‌
)
$
1,516
IDR
23,625,630
Bank
of
America,
N.A.
04/17/24
29‌
EUR
8
$
9
Bank
of
America,
N.A.
04/16/24
(
0‌
)
^
Total
 $
1,920‌
$
3,499
EUR
3,184
Barclays
Bank
PLC
04/16/24
 $
62‌
$
22,026
CNY
157,337
Citibank
N.A.
06/17/24
 $
(
48‌
)
$
7,822
KRW
10,268,540
Citibank
N.A.
04/17/24
208‌
$
423
PEN
1,550
Citibank
N.A.
04/17/24
6‌
$
1,427
RON
6,485
Citibank
N.A.
04/16/24
20‌
EUR
681
$
749
Citibank
N.A.
04/16/24
(
14‌
)
Total
 $
172‌
$
5,382
AUD
8,033
Morgan
Stanley
Capital
Services
04/16/24
 $
145‌
$
10,183
CAD
13,608
Morgan
Stanley
Capital
Services
04/16/24
134‌
$
2,610
EUR
2,390
Morgan
Stanley
Capital
Services
04/15/24
30‌
$
539
EUR
496
Morgan
Stanley
Capital
Services
04/16/24
3‌
$
215
EUR
200
Morgan
Stanley
Capital
Services
04/16/24
(
1‌
)
$
1,051
EUR
967
Morgan
Stanley
Capital
Services
04/16/24
8‌
$
808
EUR
740
Morgan
Stanley
Capital
Services
04/16/24
8‌
$
1,000
EUR
918
Morgan
Stanley
Capital
Services
04/16/24
10‌
$
326
EUR
300
Morgan
Stanley
Capital
Services
04/16/24
2‌
$
30,235
JPY
4,337,200
Morgan
Stanley
Capital
Services
04/16/24
1,514‌
$
1,578
MXN
26,550
Morgan
Stanley
Capital
Services
04/16/24
(
16‌
)
$
2,277
NOK
23,381
Morgan
Stanley
Capital
Services
04/16/24
122‌
$
1,278
PLN
5,005
Morgan
Stanley
Capital
Services
04/16/24
25‌
EUR
1,405
$
1,531
Morgan
Stanley
Capital
Services
04/16/24
(
14‌
)
EUR
647
$
707
Morgan
Stanley
Capital
Services
04/16/24
(
9‌
)
JPY
192,952
$
1,321
Morgan
Stanley
Capital
Services
04/16/24
(
43‌
)
$
707
ZAR
13,190
Morgan
Stanley
Capital
Services
04/16/24
12‌
Total
 $
1,930‌
$
959
THB
34,134
Standard
Chartered
Bank
04/17/24
 $
23‌
CAD
1,182
$
876
Standard
Chartered
Bank
04/16/24
(
3‌
)
EUR
228
$
246
Standard
Chartered
Bank
04/16/24
(
0‌
)
^
EUR
264
$
286
Standard
Chartered
Bank
04/16/24
(
2‌
)
EUR
720
$
787
Standard
Chartered
Bank
04/16/24
(
10‌
)
Total
 $
8‌
$
1,000
GBP
783
Toronto
Dominion
Bank
04/16/24
 $
11‌
$
980
HUF
356,629
Toronto
Dominion
Bank
04/16/24
4‌
Total
 $
15‌
Total
 $
4,202‌
^
Amount
represents
less
than
$1,000.
271
See
Notes
to
Portfolio
of
Investments
AUD
Australian
Dollar
CAD
Canadian
Dollar
CNY
Chinese
Yuan
EUR
Euro
GBP
Pound
Sterling
HUF
Hungary
Forint
IDR
Indonesia
Rupiah
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Sol
PLN
Polish
Zloty
RON
Romanian
Leu
THB
Thai
Baht
ZAR
South
African
Rand
Credit
Default
Swaps
-
Centrally
Cleared
SOLD
Reference
Entity
Terms
of
Payments
to
be
Paid
Terms
of
Payments
to
be
Received
Counterparty
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(000)
*
Value
(000)
Premiums
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
CDX-NAHYS42V1-5Y
Credit
event
as
specified
in
contract
5.000%
Citigroup
Global
Markets,
Inc
Quarterly
06/20/29
$
150,000‌
$
(
11,062‌
)
$
(
10,388‌
)
$
(
674‌
)
CDX-NAIGS42V1-5Y
Credit
event
as
specified
in
contract
1.000
Citigroup
Global
Markets,
Inc
Quarterly
06/20/29
450,000‌
(
10,066‌
)
(
9,771‌
)
(
280‌
)
Total
$
(
21,129‌
)
$
(
20,159‌
)
$
(
954‌
)
*  
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
March
31,
2024
Portfolio
of
Investments
272
See
Notes
to
Portfolio
of
Investments
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
LONG-TERM
INVESTMENTS
-
99.1%
BANK
LOAN
OBLIGATIONS
-
0.4%
CAPITAL
GOODS
-
0.1%
$
2,443,609
(a)
Core
&
Main
LP
SOFR
2
M
+
2.500%
8
.056
%
07/27/28
$
2,446
1,955,000
(a)
Fluidra
Finco
SL
SOFR
12
M
+
1.925%
7
.355
01/29/29
1,954
2,620,227
(a)
Rexnord
LLC
SOFR
12
M
+
2.000%
7
.445
10/04/28
2,637
TOTAL
CAPITAL
GOODS
7,037
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.0%
1,522,581
(a)
Trans
Union
LLC
SOFR
12
M
+
2.000%
7
.327
12/01/28
1,524
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,524
CONSUMER
DURABLES
&
APPAREL
-
0.0%
1,115,200
(a)
Crocs,
Inc
SOFR
12
M
+
2.250%
7
.577
02/20/29
1,119
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,119
CONSUMER
SERVICES
-
0.1%
2,939,198
(a)
1011778
BC
ULC
SOFR
12
M
+
2.250%
7
.580
09/20/30
2,941
2,443,875
(a)
Flutter
Financing
BV
SOFR
4
M
+
2.250%
7
.659
11/25/30
2,449
1,253,045
(a)
Nascar
Holdings
LLC
SOFR
12
M
+
2.500%
7
.945
10/19/26
1,260
TOTAL
CONSUMER
SERVICES
6,650
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
2,872,183
(a)
Select
Medical
Corp
SOFR
12
M
+
3.000%
8
.330
03/06/27
2,880
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,880
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
1,403,370
(a)
Avantor,
Inc
SOFR
12
M
+
2.250%
7
.680
11/08/27
1,407
2,194,802
(a)
Jazz
Financing
Lux
Sarl
SOFR
12
M
+
3.000%
8
.445
05/05/28
2,209
2,124,060
(a)
Organon
&
Co
SOFR
12
M
+
3.000%
8
.433
06/02/28
2,134
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,750
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
1
(a),(b)
MKS
Instruments,
Inc
SOFR
12
M
+
2.500%
7
.823
08/17/29
0
^
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
0
^
SOFTWARE
&
SERVICES
-
0.1%
1,755,063
(a)
NortonLifeLock,
Inc
SOFR
12
M
+
2.000%
7
.427
09/12/29
1,756
1,323,361
(a)
SS&C
Technologies,
Inc
SOFR
12
M
+
1.750%
7
.195
04/16/25
1,325
1,249,474
(a)
SS&C
Technologies,
Inc
Term
SOFR
1
M
+
1.750%
7
.195
04/16/25
1,251
TOTAL
SOFTWARE
&
SERVICES
4,332
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
326,200
(a)
Coherent
Corp
SOFR
12
M
+
2.750%
8
.195
07/02/29
327
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
327
TOTAL
BANK
LOAN
OBLIGATIONS
29,619
(Cost
$29,424)
CORPORATE
BONDS
-
2.5%
AUTOMOBILES
&
COMPONENTS
-
0.0%
3,000,000
Ford
Motor
Credit
Co
LLC
7
.350
03/06/30
3,198
TOTAL
AUTOMOBILES
&
COMPONENTS
3,198
273
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
BANKS
-
0.1%
$
3,125,000
(c)
Banco
de
Chile
2
.990
%
12/09/31
$
2,709
3,000,000
Bank
of
America
Corp
2
.572
10/20/32
2,489
3,000,000
JPMorgan
Chase
&
Co
2
.545
11/08/32
2,496
TOTAL
BANKS
7,694
CAPITAL
GOODS
-
0.1%
1,150,000
(c)
Embraer
Netherlands
Finance
BV
7
.000
07/28/30
1,204
3,250,000
L3Harris
Technologies,
Inc
5
.400
07/31/33
3,271
1,275,000
(c)
Sociedad
Quimica
y
Minera
de
Chile
S.A.
6
.500
11/07/33
1,334
TOTAL
CAPITAL
GOODS
5,809
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
5,000,000
(c)
Prime
Security
Services
Borrower
LLC
5
.750
04/15/26
4,985
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,985
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
3,600,000
(c)
Prosus
NV
3
.257
01/19/27
3,336
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,336
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.1%
3,505,000
(c)
Albertsons
Cos,
Inc
6
.500
02/15/28
3,542
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,542
ENERGY
-
0.8%
2,275,000
Ecopetrol
S.A.
4
.625
11/02/31
1,893
5,000,000
(c)
EIG
Pearl
Holdings
Sarl
3
.545
08/31/36
4,265
1,025,000
(c)
Empresa
Nacional
del
Petroleo
6
.150
05/10/33
1,041
3,000,000
Energy
Transfer
LP
6
.400
12/01/30
3,167
680,000
(c)
EQM
Midstream
Partners
LP
7
.500
06/01/27
697
6,000,000
(c)
EQM
Midstream
Partners
LP
6
.500
07/01/27
6,053
2,500,000
Genesis
Energy
LP
8
.000
01/15/27
2,529
5,000,000
(c)
Hilcorp
Energy
I
LP
6
.000
04/15/30
4,895
2,000,000
(c)
Hilcorp
Energy
I
LP
6
.250
04/15/32
1,972
5,000,000
(c)
Kinetik
Holdings
LP
5
.875
06/15/30
4,891
5,000,000
Occidental
Petroleum
Corp
3
.500
08/15/29
4,534
10,000,000
Occidental
Petroleum
Corp
8
.875
07/15/30
11,617
3,150,000
(c)
Parkland
Corp
4
.625
05/01/30
2,904
1,000,000
Petroleos
Mexicanos
5
.350
02/12/28
886
2,375,000
Petroleos
Mexicanos
6
.700
02/16/32
1,975
1,315,789
Reliance
Industries
Ltd
2
.444
01/15/26
1,273
TOTAL
ENERGY
54,592
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.0%
3,000,000
Extra
Space
Storage
LP
5
.700
04/01/28
3,054
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
3,054
FINANCIAL
SERVICES
-
0.1%
3,000,000
AerCap
Ireland
Capital
DAC
3
.000
10/29/28
2,714
1,700,000
(c),(d)
Indian
Railway
Finance
Corp
Ltd
3
.570
01/21/32
1,502
3,000,000
Morgan
Stanley
2
.511
10/20/32
2,482
TOTAL
FINANCIAL
SERVICES
6,698
FOOD,
BEVERAGE
&
TOBACCO
-
0.1%
4,200,000
(c)
Bimbo
Bakeries
USA,
Inc
6
.400
01/15/34
4,502
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
4,502
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.2%
13,510,000
Montefiore
Medical
Center
2
.895
04/20/32
11,438
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
11,438
CREF
Inflation-Linked
Bond
Account
March
31,
2024
274
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
-
0.3%
$
3,300,000
(c)
Alpek
SAB
de
C.V.
3
.250
%
02/25/31
$
2,826
600,000
(c)
Antofagasta
plc
5
.625
05/13/32
602
8,700,000
(c)
Corp
Nacional
del
Cobre
de
Chile
5
.125
02/02/33
8,282
2,950,000
(c)
Freeport
Indonesia
PT
5
.315
04/14/32
2,886
2,800,000
(c)
POSCO
4
.375
08/04/25
2,756
1,000,000
(c)
Sasol
Financing
USA
LLC
8
.750
05/03/29
1,019
5,000,000
(c)
SunCoke
Energy,
Inc
4
.875
06/30/29
4,527
TOTAL
MATERIALS
22,898
MEDIA
&
ENTERTAINMENT
-
0.1%
5,000,000
(c)
CCO
Holdings
LLC
5
.125
05/01/27
4,764
3,000,000
Charter
Communications
Operating
LLC
4
.400
04/01/33
2,658
TOTAL
MEDIA
&
ENTERTAINMENT
7,422
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
4,680,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
7
.875
09/15/29
5,024
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,024
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
1,715,000
(c)
SK
Hynix,
Inc
6
.500
01/17/33
1,827
1,575,000
TSMC
Arizona
Corp
1
.750
10/25/26
1,451
2,000,000
TSMC
Arizona
Corp
4
.250
04/22/32
1,948
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
5,226
SOFTWARE
&
SERVICES
-
0.0%
455,000
(c)
Open
Text
Corp
6
.900
12/01/27
470
TOTAL
SOFTWARE
&
SERVICES
470
TELECOMMUNICATION
SERVICES
-
0.1%
2,900,000
AT&T,
Inc
2
.250
02/01/32
2,357
3,000,000
(c)
Telefonica
Moviles
Chile
S.A.
3
.537
11/18/31
2,278
3,000,000
T-Mobile
USA,
Inc
5
.050
07/15/33
2,967
3,100,000
Verizon
Communications,
Inc
2
.355
03/15/32
2,548
TOTAL
TELECOMMUNICATION
SERVICES
10,150
TRANSPORTATION
-
0.1%
2,500,000
(c)
Grupo
Aeromexico
SAB
de
C.V.
8
.500
03/17/27
2,479
3,260,000
(c)
Misc
Capital
Two
Labuan
Ltd
3
.750
04/06/27
3,113
3,900,000
(c)
Transnet
SOC
Ltd
8
.250
02/06/28
3,875
TOTAL
TRANSPORTATION
9,467
UTILITIES
-
0.1%
2,500,000
(c)
Ferrellgas
LP
5
.875
04/01/29
2,381
3,000,000
Florida
Power
&
Light
Co
4
.800
05/15/33
2,955
1,450,000
(c)
Israel
Electric
Corp
Ltd
3
.750
02/22/32
1,222
TOTAL
UTILITIES
6,558
TOTAL
CORPORATE
BONDS
176,063
(Cost
$183,790)
GOVERNMENT
BONDS
-
92.3%
AGENCY
SECURITIES
-
0.1%
9,000,000
Federal
National
Mortgage
Association
(FNMA)
1
.625
08/24/35
6,476
TOTAL
AGENCY
SECURITIES
6,476
FOREIGN
GOVERNMENT
BONDS
-
0.1%
6,250,000
(c)
Central
American
Bank
for
Economic
Integration
5
.000
02/09/26
6,215
300,000
(c)
Magyar
Export-Import
Bank
Zrt
6
.125
12/04/27
302
TOTAL
FOREIGN
GOVERNMENT
BONDS
6,517
275
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
MORTGAGE
BACKED
-
2.3%
$
360,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.100%
8
.420
%
03/25/42
$
375
6,235,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.350%
8
.670
01/25/43
6,592
4,365,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.550%
8
.871
05/25/43
4,657
6,324,200
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.900%
9
.188
07/25/43
6,663
4,510,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.550%
8
.870
10/25/43
4,700
16,070,425
Government
National
Mortgage
Association
(GNMA)
3
.600
09/15/31
16,019
8,108,670
GNMA
3
.650
02/15/32
7,767
1,943,468
GNMA
3
.380
07/15/35
1,858
2,584,451
GNMA
3
.870
10/15/36
2,460
33,226,676
GNMA
1
.730
07/15/37
27,988
22,041,114
GNMA
1
.650
07/15/42
17,932
24,393,641
GNMA
2
.750
01/15/45
21,305
5,002,673
GNMA
4
.930
10/15/45
4,976
918,017
(a),(c)
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
30
D
AVG
SOFR
+
2.900%
8
.220
04/25/42
950
20,000,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.350%
8
.670
05/25/42
20,927
4,355,000
(a),(c)
STACR
30
D
AVG
SOFR
+
4.500%
9
.820
06/25/42
4,716
2,815,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.700%
9
.020
09/25/42
2,988
1,995,000
(a),(c)
STACR
30
D
AVG
SOFR
+
3.250%
8
.570
04/25/43
2,096
1,256,843
(c)
Verus
Securitization
Trust
4
.000
11/25/59
1,221
TOTAL
MORTGAGE
BACKED
156,190
U.S.
TREASURY
SECURITIES
-
89.8%
40,033,733
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.250
01/15/25
39,349
93,246,870
(e)
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
01/15/25
93,155
193,397,220
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/25
188,605
201,549,600
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/25
197,147
282,252,125
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
10/15/25
273,940
225,843,982
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
01/15/26
219,348
71,972,373
(e)
United
States
Treasury
Inflation
Indexed
Bonds
2
.000
01/15/26
71,641
205,301,664
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/26
196,618
180,103,000
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/26
172,611
315,141,046
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
10/15/26
300,626
240,629,675
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
01/15/27
229,512
126,853,306
(e)
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
01/15/27
127,859
136,080,644
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/27
128,215
170,809,945
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/27
162,525
151,980,160
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.625
10/15/27
150,515
240,650,025
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.500
01/15/28
227,699
253,760,732
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.750
01/15/28
251,624
177,647,040
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.250
04/15/28
172,567
135,412,004
(e)
United
States
Treasury
Inflation
Indexed
Bonds
3
.625
04/15/28
143,950
130,339,606
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.750
07/15/28
124,512
56,982,616
(e)
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
10/15/28
58,303
255,237,070
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.875
01/15/29
243,292
134,863,875
(e)
United
States
Treasury
Inflation
Indexed
Bonds
2
.500
01/15/29
138,541
28,305,218
(e)
United
States
Treasury
Inflation
Indexed
Bonds
3
.875
04/15/29
30,945
225,430,370
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.250
07/15/29
207,853
271,826,604
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/30
246,049
147,331,975
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/30
132,723
188,346,630
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/31
167,555
270,902,590
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/31
239,662
104,769,889
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/32
91,519
72,270,016
(e)
United
States
Treasury
Inflation
Indexed
Bonds
3
.375
04/15/32
80,044
235,027,100
(e)
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
07/15/32
213,111
430,414,438
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.125
01/15/33
403,648
241,394,708
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.375
07/15/33
231,661
217,685,720
(e)
United
States
Treasury
Inflation
Indexed
Bonds
1
.750
01/15/34
214,898
14,000,000
United
States
Treasury
Note
3
.500
02/15/33
13,259
37,200,000
United
States
Treasury
Note
3
.875
08/15/33
36,212
CREF
Inflation-Linked
Bond
Account
March
31,
2024
276
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
21,800,000
United
States
Treasury
Note
4
.500
%
11/15/33
$
22,284
TOTAL
U.S.
TREASURY
SECURITIES
6,243,577
TOTAL
GOVERNMENT
BONDS
6,412,760
(Cost
$6,735,697)
STRUCTURED
ASSETS
-
3.7%
ASSET
BACKED
-
0.6%
3,903,948
CarMax
Auto
Owner
Trust
5
.230
01/15/26
3,901
Series
-
2023
1
(Class
A2A)
2,932,500
(c)
DB
Master
Finance
LLC
2
.045
11/20/51
2,684
Series
-
2021
1A
(Class
A2I)
5,767,250
(c)
DB
Master
Finance
LLC
2
.493
11/20/51
5,083
Series
-
2021
1A
(Class
A2II)
4,301,000
(c)
DB
Master
Finance
LLC
2
.791
11/20/51
3,597
Series
-
2021
1A
(Class
A23)
18,000,000
(c)
Ford
Credit
Auto
Owner
Trust
4
.870
08/15/36
17,963
Series
-
2024
1
(Class
A)
3,000,000
(c),(f)
Industrial
DPR
Funding
Ltd
5
.380
04/15/34
2,566
Series
-
2022
1A
(Class
1)
3,622,053
(c)
MVW
LLC
1
.830
05/20/39
3,340
Series
-
2021
2A
(Class
B)
4,191,920
(c)
Sunnova
Helios
VIII
Issuer
LLC
2
.790
02/22/49
3,759
Series
-
2022
A
(Class
A)
TOTAL
ASSET
BACKED
42,893
OTHER
MORTGAGE
BACKED
-
3.1%
5,000,000
(a),(c)
BAMLL
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
Month
+
1.150%
6
.476
01/15/39
4,959
Series
-
2022
DKLX
(Class
A)
7,500,000
(a),(c)
BAMLL
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
Month
+
2.150%
7
.476
01/15/39
7,384
Series
-
2022
DKLX
(Class
C)
2,500,000
(a),(c)
BAMLL
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
Month
+
3.000%
8
.326
01/15/39
2,459
Series
-
2022
DKLX
(Class
D)
2,014,165
(a),(c)
Barclays
Commercial
Mortgage
Trust
Term
SOFR
1
Month
+
1.672%
6
.997
10/15/37
1,988
Series
-
2018
BXH
(Class
C)
2,000,000
(a)
Benchmark
Mortgage
Trust
4
.285
02/15/51
1,656
Series
-
2018
B2
(Class
C)
22,089,527
(a),(c)
BX
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
1.312%
6
.637
10/15/38
21,877
Series
-
2021
XL2
(Class
C)
6,000,000
(a),(c)
BX
Commercial
Mortgage
Trust
SOFR
1
Month
+
1.385%
6
.710
12/15/38
5,932
Series
-
2021
CIP
(Class
B)
2,000,000
(a),(c)
BX
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
1.840%
7
.165
01/17/39
1,975
Series
-
2022
AHP
(Class
B)
15,000,000
(a),(c)
BX
Commercial
Mortgage
Trust
Term
SOFR
1
Month
+
1.392%
6
.692
03/15/41
15,030
Series
-
2024
XL5
(Class
A)
5,650,000
(a),(c)
Citigroup
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
2.014%
7
.340
10/15/38
5,546
Series
-
2021
PRM2
(Class
D)
7,500,000
(a),(c)
Citigroup
Commercial
Mortgage
Trust
Term
SOFR
1
Month
+
2.514%
7
.840
10/15/38
7,381
Series
-
2021
PRM2
(Class
E)
7,144,000
(a)
Citigroup
Commercial
Mortgage
Trust
4
.175
07/10/47
6,997
Series
-
2014
GC23
(Class
B)
929,645
(c)
COMM
Mortgage
Trust
3
.397
03/10/46
856
Series
-
2013
CR6
(Class
B)
2,938,944
(a)
COMM
Mortgage
Trust
4
.585
02/10/47
2,809
Series
-
2014
CR14
(Class
B)
6,821,700
COMM
Mortgage
Trust
4
.377
05/10/47
6,493
Series
-
2014
CR17
(Class
B)
1,000,000
(a)
COMM
Mortgage
Trust
4
.537
10/10/47
955
Series
-
2014
LC17
(Class
C)
2,500,000
(a)
COMM
Mortgage
Trust
4
.464
10/10/48
2,384
Series
-
2015
CR26
(Class
B)
277
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
.970
%
12/25/41
$
9,049
Series
-
2021
R03
(Class
1M2)
150,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.850%
9
.170
05/25/42
159
Series
-
2022
R06
(Class
1M2)
4,000,000
(a),(c)
Connecticut
Avenue
Securities
Trust
SOFR
+
3.600%
8
.920
07/25/42
4,230
Series
-
2022
R08
(Class
1M2)
4,500,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.750%
10
.071
09/25/42
4,927
Series
-
2022
R09
(Class
2M2)
10,855,000
(a),(c)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.750%
9
.071
12/25/42
11,624
Series
-
2023
R01
(Class
1M2)
5,993,024
(a),(c)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
1.434%
6
.760
11/15/38
5,936
Series
-
2021
ELP
(Class
C)
2,497,093
(a),(c)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
2.233%
7
.559
11/15/38
2,474
Series
-
2021
ELP
(Class
E)
11,000,000
(c)
GM
Financial
Revolving
Receivables
Trust
4
.980
12/11/36
11,047
Series
-
2024
1
(Class
A)
5,000,000
(a),(c)
GS
Mortgage
Securities
Corp
II
SOFR
1
M
+
3.464%
8
.790
11/15/36
4,810
Series
-
2021
ARDN
(Class
E)
3,000,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
SOFR
1
M
+
2.864%
8
.190
11/15/36
2,908
Series
-
2021
ARDN
(Class
D)
2,000,000
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
3
.620
01/16/37
1,154
Series
-
2020
NNN
(Class
DFX)
2,200,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4
.480
09/15/47
2,157
Series
-
2014
C23
(Class
B)
5,000,000
(a)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4
.000
12/15/47
4,801
Series
-
2014
C19
(Class
B)
3,986,816
(a),(c)
Morgan
Stanley
Capital
I
Inc
SOFR
1
M
+
1.491%
6
.817
11/09/24
3,951
Series
-
2021
ILP
(Class
C)
2,500,000
(c)
MRCD
Mortgage
Trust
2
.718
12/15/36
1,562
Series
-
2019
PARK
(Class
E)
2,500,000
(c)
MRCD
Mortgage
Trust
2
.718
12/15/36
1,687
Series
-
2019
PARK
(Class
D)
9,565,000
(a),(c)
MTN
Commercial
Mortgage
Trust
Term
SOFR
1
Month
+
1.397%
6
.727
03/15/39
9,476
Series
-
2022
LPFL
(Class
A)
6,555,000
(a),(c)
MTN
Commercial
Mortgage
Trust
Term
SOFR
1
Month
+
2.943%
7
.773
03/15/39
6,308
Series
-
2022
LPFL
(Class
D)
2,500,000
(a),(c)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
2.279%
7
.605
07/15/36
2,060
Series
-
2019
MILE
(Class
C)
6,720,221
(c)
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2
.380
11/20/51
6,064
Series
-
2021
2A
(Class
A1)
7,421,798
(a),(c)
SMR
Mortgage
Trust
Term
SOFR
1
M
+
2.400%
7
.725
02/15/39
7,132
Series
-
2022
IND
(Class
B)
2,000,000
(a),(c)
SREIT
Trust
SOFR
1
Month
+
1.286%
6
.611
11/15/36
1,988
Series
-
2021
MFP2
(Class
B)
7,165,000
UBS
Commercial
Mortgage
Trust
4
.036
06/15/50
6,441
Series
-
2017
C1
(Class
B)
7,272,031
(a),(c)
Verus
Securitization
Trust
2
.240
10/25/66
6,098
Series
-
2021
7
(Class
A3)
1,951,000
(a)
WFRBS
Commercial
Mortgage
Trust
4
.004
03/15/45
1,732
Series
-
2013
C11
(Class
C)
TOTAL
OTHER
MORTGAGE
BACKED
216,456
TOTAL
STRUCTURED
ASSETS
259,349
(Cost
$267,798)
SHARES
REFERENCERATE
&
SPREAD
CREF
Inflation-Linked
Bond
Account
March
31,
2024
278
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Cost
amounts
are
in
thousands.
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
COMMON
STOCKS
-
0.2%
FINANCIAL
SERVICES
-
0.2%
475,737
Invesco
Senior
Loan
ETF
$
10,062
TOTAL
FINANCIAL
SERVICES
10,062
TOTAL
COMMON
STOCKS
10,062
(Cost
$10,002)
TOTAL
LONG-TERM
INVESTMENTS
6,887,853‌
(Cost
$7,226,711)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.7%
REPURCHASE
AGREEMENT
-
0.7%
$
44,340,000
(g)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
%
04/01/24
44,340
TOTAL
REPURCHASE
AGREEMENT
44,340
TOTAL
SHORT-TERM
INVESTMENTS
44,340
(Cost
$44,340)
SHARES
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
1,534,859
(h)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.340
(i)
1,535
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
1,535
(Cost
$1,535)
TOTAL
INVESTMENTS
-
99.8%
6,933,728
(Cost
$7,272,586)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
16,533
NET
ASSETS
-
100.0%
$6,950,261
AVG
Average
D
Day
ETF
Exchange
Traded
Fund
M
Month
SOFR
Secure
Overnight
Financing
Rate
^
Amount
represents
less
than
$1,000.
(a)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(b)
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$376,566,010
or
5.4%
of
Total
Investments.
(d)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$1,486,628.
(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),
5.320%
dated
3/28/24
to
be
repurchased
at
$44,366,210
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.500%
and
maturity
date
7/15/26,
valued
at
$45,226,896.
(h)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(i)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
279
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)
U.S.
Treasury
10-Year
Note
1,950‌
06/18/24
 $
215,039‌
$
216,054‌
$
1,015‌
U.S.
Treasury
5-Year
Note
1,482‌
06/28/24
158,176‌
158,597‌
421‌
Total
3,432‌
 $
373,215‌
 $
374,651‌
 $
1,436‌
CREF
Social
Choice
Account
March
31,
2024
Portfolio
of
Investments
280
See
Notes
to
Portfolio
of
Investments
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
LONG-TERM
INVESTMENTS
-
99.2%
BANK
LOAN
OBLIGATIONS
-
0.1%
CAPITAL
GOODS
-
0.0%
$
450,366
(a),(b)
KDC
Agribusiness
Fairless
Hills
LLC
12
.000
%
09/17/24
$
58
TOTAL
CAPITAL
GOODS
58
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.0%
15,600,000
(c)
LTR
Intermediate
Holdings,
Inc
SOFR
4
M
+
4.500%
10
.110
05/05/28
14,690
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,690
UTILITIES
-
0.1%
15,311,026
(c)
TerraForm
Power
Operating
LLC
SOFR
4
M
+
2.500%
7
.902
05/21/29
15,234
TOTAL
UTILITIES
15,234
TOTAL
BANK
LOAN
OBLIGATIONS
29,982
(Cost
$31,089)
CORPORATE
BONDS
-
11.2%
AUTOMOBILES
&
COMPONENTS
-
0.2%
6,760,000
Ford
Motor
Co
3
.250
02/12/32
5,623
12,866,000
Magna
International,
Inc
3
.625
06/15/24
12,801
10,727,000
Toyota
Motor
Credit
Corp
2
.150
02/13/30
9,283
2,260,000
(d)
ZF
North
America
Capital,
Inc
6
.875
04/14/28
2,344
4,980,000
(d)
ZF
North
America
Capital,
Inc
7
.125
04/14/30
5,247
TOTAL
AUTOMOBILES
&
COMPONENTS
35,298
BANKS
-
1.6%
6,925,000
(d)
Banco
Nacional
de
Comercio
Exterior
SNC
2
.720
08/11/31
6,247
11,181,000
Bank
of
America
Corp
0
.981
09/25/25
10,922
4,900,000
(c)
Bank
of
America
Corp
Term
SOFR
3
M
+
3.397%
8
.738
N/A(e)
4,919
10,000,000
Bank
of
Montreal
3
.803
12/15/32
9,329
8,875,000
Bank
of
Montreal
7
.700
05/26/84
8,979
6,325,000
Barclays
plc
6
.692
09/13/34
6,738
1,775,000
Barclays
plc
6
.036
03/12/55
1,848
11,375,000
(d)
BNP
Paribas
S.A.
5
.894
12/05/34
11,894
2,500,000
(d),(f)
BNP
Paribas
S.A.
8
.500
N/A(e)
2,613
20,525,000
(d)
BPCE
S.A.
2
.045
10/19/27
18,726
3,530,000
Citigroup,
Inc
6
.035
10/30/24
3,534
14,591,000
Citigroup,
Inc
1
.281
11/03/25
14,194
4,841,000
Citigroup,
Inc
2
.014
01/25/26
4,694
3,250,000
(c)
Citigroup,
Inc
SOFR
+
0.694%
5
.330
01/25/26
3,253
2,625,000
(f)
Citigroup,
Inc
7
.625
N/A(e)
2,756
2,150,000
(d)
Cooperatieve
Rabobank
UA
1
.004
09/24/26
2,011
18,000,000
(d),(f)
Credit
Agricole
S.A.
5
.335
01/10/30
17,949
9,500,000
(d)
Credit
Agricole
S.A.
6
.251
01/10/35
9,656
7,500,000
Deutsche
Bank
AG.
6
.819
11/20/29
7,840
2,425,000
(c),(d)
Federation
des
Caisses
Desjardins
du
Quebec
SOFR
+
0.430%
5
.774
05/21/24
2,426
4,950,000
(d)
Federation
des
Caisses
Desjardins
du
Quebec
5
.147
11/27/28
5,020
9,125,000
(d)
Federation
des
Caisses
Desjardins
du
Quebec
5
.250
04/26/29
9,103
10,000,000
HSBC
Holdings
plc
5
.210
08/11/28
9,971
9,925,000
HSBC
Holdings
plc
6
.161
03/09/29
10,197
5,500,000
(d)
ING
Groep
NV
1
.400
07/01/26
5,223
3,850,000
ING
Groep
NV
6
.114
09/11/34
3,997
1,825,000
(d)
Intesa
Sanpaolo
S.p.A
5
.017
06/26/24
1,819
9,750,000
(d)
Intesa
Sanpaolo
S.p.A
3
.250
09/23/24
9,633
281
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,650,000
(d)
Intesa
Sanpaolo
S.p.A
6
.625
%
06/20/33
$
3,787
13,800,000
(d)
Intesa
Sanpaolo
S.p.A
7
.200
11/28/33
14,865
15,000,000
(d)
Intesa
Sanpaolo
S.p.A
7
.800
11/28/53
17,018
12,475,000
JPMorgan
Chase
&
Co
6
.875
N/A(e)
12,909
5,990,000
JPMorgan
Chase
&
Co
3
.650
N/A(e)
5,689
4,000,000
Lloyds
Banking
Group
plc
4
.500
11/04/24
3,961
10,875,000
(d)
National
Australia
Bank
Ltd
2
.332
08/21/30
8,956
3,250,000
Royal
Bank
of
Canada
1
.200
04/27/26
3,004
3,375,000
(d)
Royal
Bank
of
Canada
1
.050
09/14/26
3,075
10,750,000
(d)
Royal
Bank
of
Canada
4
.851
12/14/26
10,736
3,933,000
Santander
Holdings
USA,
Inc
5
.807
09/09/26
3,935
7,550,000
(d)
Shinhan
Financial
Group
Co
Ltd
5
.000
07/24/28
7,492
8,850,000
(d)
Societe
Generale
S.A.
7
.132
01/19/55
8,835
3,507,000
Toronto-Dominion
Bank
1
.250
12/13/24
3,405
15,000,000
(d)
UniCredit
S.p.A
2
.569
09/22/26
14,286
5,000,000
(d)
United
Overseas
Bank
Ltd
2
.000
10/14/31
4,577
10,450,000
Wells
Fargo
&
Co
4
.540
08/15/26
10,316
TOTAL
BANKS
342,337
CAPITAL
GOODS
-
0.2%
10,625,000
Air
Lease
Corp
5
.100
03/01/29
10,555
4,390,000
Conservation
Fund
3
.474
12/15/29
3,982
8,725,000
Cummins,
Inc
5
.450
02/20/54
8,920
1,720,000
Nature
Conservancy
2
.668
03/01/26
1,622
3,000,000
Nature
Conservancy
3
.001
03/01/29
2,741
6,668,000
Nature
Conservancy
3
.957
03/01/52
5,640
6,900,000
(d),(f)
Sociedad
de
Transmision
Austral
S.A.
4
.000
01/27/32
6,038
10,500,000
(d)
Triton
Container
International
Ltd
1
.150
06/07/24
10,406
TOTAL
CAPITAL
GOODS
49,904
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
5,575,000
(d)
Ambipar
Lux
Sarl
9
.875
02/06/31
5,586
9,500,000
Automatic
Data
Processing,
Inc
1
.700
05/15/28
8,503
10,000,000
Automatic
Data
Processing,
Inc
1
.250
09/01/30
8,170
15,810,000
Rockefeller
Foundation
2
.492
10/01/50
10,152
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
32,411
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.1%
6,200,000
Genuine
Parts
Co
1
.750
02/01/25
6,000
11,000,000
Lowe's
Cos,
Inc
4
.800
04/01/26
10,937
5,525,000
Lowe's
Cos,
Inc
2
.800
09/15/41
3,927
5,300,000
Lowe's
Cos,
Inc
5
.750
07/01/53
5,470
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
26,334
CONSUMER
DURABLES
&
APPAREL
-
0.0%
3,950,000
Unilever
Capital
Corp
2
.600
05/05/24
3,938
TOTAL
CONSUMER
DURABLES
&
APPAREL
3,938
CONSUMER
SERVICES
-
0.3%
2,900,000
Bush
Foundation
2
.754
10/01/50
1,893
4,750,000
Enterprise
Community
Loan
Fund,
Inc
4
.152
11/01/28
4,486
10,000,000
Henry
J
Kaiser
Family
Foundation
3
.356
12/01/25
9,510
2,250,000
Mary
Free
Bed
Rehabilitation
Hospital
3
.786
04/01/51
1,690
7,725,000
Massachusetts
Higher
Education
Assistance
Corp
2
.673
07/01/31
6,410
10,000,000
Mather
Foundation
2
.675
10/01/31
8,262
2,200,000
Salvation
Army
5
.637
09/01/26
2,209
20,000,000
Salvation
Army
4
.528
09/01/48
17,517
8,400,000
Starbucks
Corp
2
.450
06/15/26
7,942
5,000,000
Starbucks
Corp
4
.450
08/15/49
4,337
11,065,000
YMCA
of
Greater
New
York
5
.151
08/01/48
9,062
TOTAL
CONSUMER
SERVICES
73,318
CREF
Social
Choice
Account
March
31,
2024
282
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.2%
$
2,000,000
(d)
Alimentation
Couche-Tard,
Inc
3
.625
%
05/13/51
$
1,480
10,625,000
SYSCO
Corp
5
.750
01/17/29
10,932
13,598,000
SYSCO
Corp
2
.400
02/15/30
11,766
3,700,000
SYSCO
Corp
6
.000
01/17/34
3,937
18,954,000
Walmart,
Inc
1
.800
09/22/31
15,736
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
43,851
ENERGY
-
0.8%
11,125,000
BP
Capital
Markets
America,
Inc
4
.699
04/10/29
11,097
9,265,000
BP
Capital
Markets
America,
Inc
4
.812
02/13/33
9,144
6,050,000
BP
Capital
Markets
America,
Inc
4
.893
09/11/33
6,008
5,525,000
BP
Capital
Markets
America,
Inc
4
.989
04/10/34
5,518
9,875,000
BP
Capital
Markets
America,
Inc
2
.772
11/10/50
6,392
6,925,000
BP
Capital
Markets
plc
6
.450
N/A(e)
7,172
8,000,000
(f)
Cheniere
Energy
Partners
LP
4
.000
03/01/31
7,271
4,850,000
(f)
Cheniere
Energy
Partners
LP
5
.950
06/30/33
4,959
4,050,000
(d)
Cheniere
Energy,
Inc
5
.650
04/15/34
4,079
8,350,000
ConocoPhillips
Co
5
.050
09/15/33
8,426
8,875,000
ConocoPhillips
Co
5
.300
05/15/53
8,813
4,515,000
ConocoPhillips
Co
5
.550
03/15/54
4,653
9,625,000
Enbridge,
Inc
2
.500
01/15/25
9,396
2,423,000
Enbridge,
Inc
5
.750
07/15/80
2,293
8,125,000
Equinor
ASA
2
.375
05/22/30
7,115
5,932,000
Equinor
ASA
3
.950
05/15/43
5,016
12,450,000
Equinor
ASA
3
.250
11/18/49
9,070
5,825,000
Marathon
Oil
Corp
5
.300
04/01/29
5,814
10,070,000
(d)
New
York
State
Electric
&
Gas
Corp
5
.650
08/15/28
10,298
6,800,000
Pioneer
Natural
Resources
Co
5
.100
03/29/26
6,791
2,975,000
(d)
Raizen
Fuels
Finance
S.A.
6
.450
03/05/34
3,052
2,185,000
Total
Capital
International
S.A.
3
.750
04/10/24
2,184
11,400,000
TotalEnergies
Capital
International
S.A.
2
.986
06/29/41
8,621
11,316,000
TotalEnergies
Capital
International
S.A.
3
.127
05/29/50
8,059
9,483,000
Williams
Cos,
Inc
5
.400
03/02/26
9,507
10,000,000
Williams
Cos,
Inc
5
.300
08/15/28
10,085
TOTAL
ENERGY
180,833
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.3%
8,595,000
Brixmor
Operating
Partnership
LP
3
.900
03/15/27
8,247
6,600,000
Brixmor
Operating
Partnership
LP
2
.250
04/01/28
5,861
1,500,000
ERP
Operating
LP
4
.150
12/01/28
1,454
4,470,000
(d),(f)
HAT
Holdings
I
LLC
3
.375
06/15/26
4,210
3,480,000
(d),(f)
HAT
Holdings
I
LLC
8
.000
06/15/27
3,629
9,585,000
(d),(f)
HAT
Holdings
I
LLC
3
.750
09/15/30
8,050
1,800,000
Regency
Centers
Corp
5
.250
01/15/34
1,793
16,822,000
Regency
Centers
LP
3
.750
06/15/24
16,726
7,118,000
SITE
Centers
Corp
3
.625
02/01/25
7,008
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
56,978
FINANCIAL
SERVICES
-
1.5%
5,000,000
BB
Blue
Financing
DAC
4
.395
09/20/29
4,913
10,839,600
BB
Blue
Financing
DAC
4
.395
09/20/37
10,699
11,645,000
Community
Preservation
Corp
2
.867
02/01/30
10,174
405,288
Durrah
MSN
35603
1
.684
01/22/25
399
3,250,000
(d)
Equitable
Financial
Life
Global
Funding
1
.300
07/12/26
2,950
950,000
Fiserv,
Inc
2
.750
07/01/24
943
10,400,000
Ford
Foundation
2
.815
06/01/70
6,358
10,000,000
Goldman
Sachs
Group,
Inc
0
.855
02/12/26
9,579
3,416,000
Goldman
Sachs
Group,
Inc
5
.500
N/A(e)
3,387
14,242,000
(d)
GPS
Blue
Financing
DAC
5
.645
11/09/41
13,558
6,955,000
Kreditanstalt
fuer
Wiederaufbau
4
.375
02/28/34
6,978
9,875,000
Low
Income
Investment
Fund
3
.711
07/01/29
8,985
283
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,725,000
Mastercard,
Inc
1
.900
%
03/15/31
$
6,452
10,000,000
Morgan
Stanley
5
.857
01/22/25
10,006
14,438,000
National
Rural
Utilities
Cooperative
Finance
Corp
4
.150
12/15/32
13,401
1,992,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.250
04/20/46
1,940
1,925,000
NHP
Foundation
5
.850
12/01/28
1,958
4,850,000
NHP
Foundation
6
.000
12/01/33
4,917
16,475,000
Private
Export
Funding
Corp
(PEFCO)
1
.400
07/15/28
14,555
13,500,000
Private
Export
Funding
Corp
(PEFCO)
4
.300
12/15/28
13,469
9,900,000
Private
Export
Funding
Corp
(PEFCO)
4
.600
02/15/34
9,940
10,250,000
Reinvestment
Fund,
Inc
3
.366
11/01/24
10,042
2,570,000
Reinvestment
Fund,
Inc
3
.513
11/01/25
2,434
15,240,000
Reinvestment
Fund,
Inc
3
.880
02/15/27
13,991
7,435,000
Reinvestment
Fund,
Inc
3
.930
02/15/28
6,834
4,430,000
(d)
Starwood
Property
Trust,
Inc
4
.375
01/15/27
4,167
2,800,000
(d)
Starwood
Property
Trust,
Inc
7
.250
04/01/29
2,822
7,671,540
Thirax  LLC
1
.462
03/07/33
6,594
12,250,000
(d)
UBS
Group
AG.
6
.327
12/22/27
12,514
10,250,000
(d)
UBS
Group
AG.
5
.428
02/08/30
10,265
10,000,000
(d)
UBS
Group
AG.
2
.746
02/11/33
8,169
9,925,000
(d)
UBS
Group
AG.
6
.301
09/22/34
10,389
6,150,000
(d)
UBS
Group
AG.
5
.699
02/08/35
6,181
7,150,000
(d)
UBS
Group
AG.
3
.179
02/11/43
5,231
4,050,000
(d)
UBS
Group
AG.
9
.250
N/A(e)
4,388
9,500,000
(d),(f)
UBS
Group
AG.
7
.750
N/A(e)
9,770
3,375,000
(d)
UBS
Group
AG.
9
.250
N/A(e)
3,809
7,500,000
Visa,
Inc
1
.900
04/15/27
6,936
17,000,000
Visa,
Inc
1
.100
02/15/31
13,566
3,450,000
(d)
WLB
Asset
II
B
Pte
Ltd
3
.950
12/10/24
3,278
5,500,000
(d)
WLB
Asset
II
C
Pte
Ltd
3
.900
12/23/25
5,135
15,750,000
(d)
WLB
Asset
II
D
Pte
Ltd
6
.500
12/21/26
15,092
9,750,000
(d)
WLB
Asset
VI
Pte
Ltd
7
.250
12/21/27
9,736
TOTAL
FINANCIAL
SERVICES
326,904
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
3,725,000
Campbell
Soup
Co
5
.200
03/21/29
3,743
6,325,000
Campbell
Soup
Co
5
.400
03/21/34
6,372
10,125,000
(d)
Mars,
Inc
4
.650
04/20/31
9,994
10,000,000
(d),(f)
NBM
US
Holdings,
Inc
6
.625
08/06/29
9,936
6,600,000
(d)
Nestle
Holdings,
Inc
4
.950
03/14/30
6,684
10,000,000
PepsiCo,
Inc
3
.900
07/18/32
9,480
16,674,000
PepsiCo,
Inc
2
.875
10/15/49
11,614
11,075,000
Unilever
Capital
Corp
2
.000
07/28/26
10,385
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
68,208
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.1%
1,625,000
Cigna
Group
5
.600
02/15/54
1,631
6,688,000
Kaiser
Foundation
Hospitals
2
.810
06/01/41
4,936
13,275,000
Montefiore
Medical
Center
2
.895
04/20/32
11,239
10,385,000
Stanford
Health
Care
3
.027
08/15/51
7,191
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
24,997
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.4%
5,300,000
Procter
&
Gamble
Co
3
.000
03/25/30
4,879
12,975,000
Procter
&
Gamble
Co
1
.200
10/29/30
10,613
10,875,000
Procter
&
Gamble
Co
4
.550
01/29/34
10,815
17,300,000
Unilever
Capital
Corp
4
.875
09/08/28
17,490
5,523,000
Unilever
Capital
Corp
2
.125
09/06/29
4,866
6,125,000
Unilever
Capital
Corp
1
.375
09/14/30
4,978
8,475,000
Unilever
Capital
Corp
1
.750
08/12/31
6,923
10,000,000
Unilever
Capital
Corp
5
.000
12/08/33
10,111
CREF
Social
Choice
Account
March
31,
2024
284
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,425,000
Unilever
Capital
Corp
2
.625
%
08/12/51
$
6,198
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
76,873
INSURANCE
-
0.2%
14,425,000
(d)
Five
Corners
Funding
Trust
II
2
.850
05/15/30
12,643
11,600,000
(d)
Muenchener
Rueckversicherungs-Gesellschaft
AG.
in
Muenchen
5
.875
05/23/42
11,754
10,000,000
Principal
Financial
Group,
Inc
2
.125
06/15/30
8,378
2,152,000
Prudential
Financial,
Inc
3
.700
10/01/50
1,881
11,448,000
(d)
USAA
Capital
Corp
2
.125
05/01/30
9,569
TOTAL
INSURANCE
44,225
MATERIALS
-
0.7%
10,500,000
Air
Products
and
Chemicals,
Inc
4
.800
03/03/33
10,443
2,755,000
(d)
Alcoa
Nederland
Holding
BV
7
.125
03/15/31
2,806
6,550,000
(d),(f)
Celulosa
Arauco
y
Constitucion
S.A.
4
.200
01/29/30
5,994
9,145,000
(d)
Celulosa
Arauco
y
Constitucion
S.A.
5
.150
01/29/50
7,469
7,250,000
(d)
Cemex
SAB
de
C.V.
9
.125
N/A(e)
7,876
14,000,000
Dow
Chemical
Co
5
.150
02/15/34
13,950
11,000,000
(d),(f)
FMG
Resources
August
2006
Pty
Ltd
6
.125
04/15/32
10,876
3,409,000
International
Paper
Co
4
.800
06/15/44
3,078
12,000,000
(d)
Inversiones
CMPC
S.A.
4
.375
04/04/27
11,544
2,150,000
(d)
Inversiones
CMPC
S.A.
6
.125
06/23/33
2,181
4,000,000
(d)
Klabin
Austria
GmbH
7
.000
04/03/49
4,047
4,000,000
(d)
Klabin
Finance
S.A.
4
.875
09/19/27
3,877
6,855,000
(d)
LG
Chem
Ltd
4
.375
07/14/25
6,743
3,250,000
(d)
LG
Chem
Ltd
3
.625
04/15/29
3,029
14,875,000
LYB
International
Finance
III
LLC
5
.500
03/01/34
14,902
5,000,000
Newmont
Corp
2
.250
10/01/30
4,255
9,875,000
PPG
Industries,
Inc
1
.200
03/15/26
9,155
3,775,000
(d),(g)
Smurfit
Kappa
Treasury
ULC
5
.200
01/15/30
3,767
13,945,760
(d)
Star
Energy
Geothermal
Wayang
Windu
Ltd
6
.750
04/24/33
13,994
7,500,000
Suzano
International
Finance
BV
5
.500
01/17/27
7,470
12,736,000
Teck
Resources
Ltd
3
.900
07/15/30
11,740
TOTAL
MATERIALS
159,196
MEDIA
&
ENTERTAINMENT
-
0.1%
11,250,000
(f)
Comcast
Corp
4
.650
02/15/33
11,040
TOTAL
MEDIA
&
ENTERTAINMENT
11,040
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.3%
3,884,000
Merck
&
Co,
Inc
1
.900
12/10/28
3,445
12,550,000
Merck
&
Co,
Inc
2
.150
12/10/31
10,504
8,800,000
Merck
&
Co,
Inc
2
.750
12/10/51
5,753
6,925,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.650
05/19/25
6,880
9,025,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.750
05/19/33
8,886
6,475,000
Pfizer
Investment
Enterprises
Pte
Ltd
5
.110
05/19/43
6,332
15,000,000
Pfizer
Investment
Enterprises
Pte
Ltd
5
.300
05/19/53
14,913
4,497,000
Pfizer,
Inc
2
.625
04/01/30
4,006
5,400,000
Pfizer,
Inc
1
.750
08/18/31
4,406
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
65,125
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
8,550,000
National
Community
Renaissance
of
California
3
.270
12/01/32
6,824
9,770,000
Preservation
Of
Affordable
Housing,
Inc
4
.479
12/01/32
9,032
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
15,856
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
11,550,000
(f)
Intel
Corp
4
.150
08/05/32
10,970
7,208,000
NXP
BV
3
.400
05/01/30
6,542
10,000,000
Texas
Instruments,
Inc
5
.050
05/18/63
9,739
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
27,251
285
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
$
14,250,000
Apple,
Inc
3
.000
%
06/20/27
$
13,575
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
13,575
TELECOMMUNICATION
SERVICES
-
0.1%
9,548,000
Verizon
Communications,
Inc
2
.550
03/21/31
8,157
1,800,000
Vodafone
Group
plc
3
.250
06/04/81
1,684
8,200,000
Vodafone
Group
plc
4
.125
06/04/81
7,063
TOTAL
TELECOMMUNICATION
SERVICES
16,904
TRANSPORTATION
-
0.1%
6,000,000
Norfolk
Southern
Corp
2
.300
05/15/31
5,074
8,377,000
Vessel
Management
Services,
Inc
5
.125
04/16/35
8,341
TOTAL
TRANSPORTATION
13,415
UTILITIES
-
3.3%
3,750,000
AES
Corp
1
.375
01/15/26
3,473
7,954,000
AES
Corp
5
.450
06/01/28
7,939
6,725,000
Algonquin
Power
&
Utilities
Corp
5
.365
06/15/26
6,689
12,325,000
Ameren
Illinois
Co
2
.900
06/15/51
8,084
4,500,000
Atlantic
City
Electric
Co
2
.300
03/15/31
3,771
3,345,000
Avangrid,
Inc
3
.150
12/01/24
3,288
9,950,000
Avangrid,
Inc
3
.200
04/15/25
9,695
13,200,000
Avangrid,
Inc
3
.800
06/01/29
12,381
7,050,000
(d)
Brooklyn
Union
Gas
Co
4
.632
08/05/27
6,844
10,000,000
(d)
Brooklyn
Union
Gas
Co
4
.866
08/05/32
9,260
9,875,000
CenterPoint
Energy
Houston
Electric
LLC
2
.350
04/01/31
8,368
3,550,000
CMS
Energy
Corp
4
.750
06/01/50
3,270
3,100,000
CMS
Energy
Corp
3
.750
12/01/50
2,540
11,300,000
(d)
Colbun
S.A.
3
.150
01/19/32
9,535
17,500,000
Commonwealth
Edison
Co
2
.750
09/01/51
10,842
5,600,000
Connecticut
Light
and
Power
Co
4
.650
01/01/29
5,536
7,525,000
(d)
Consorcio
Transmantaro
SA
4
.700
04/16/34
7,095
6,200,000
Consumers
Energy
Co
4
.600
05/30/29
6,128
5,453,000
Consumers
Energy
Co
2
.500
05/01/60
3,144
14,804,160
(d)
Continental
Wind
LLC
6
.000
02/28/33
14,998
13,087,000
Dominion
Energy,
Inc
2
.250
08/15/31
10,709
8,325,000
(f)
Dominion
Energy,
Inc
4
.350
N/A(e)
7,794
4,000,000
Dominion
Energy,
Inc
(Step
Bond)
3
.071
08/15/24
3,957
22,625,000
DTE
Electric
Co
1
.900
04/01/28
20,286
3,998,000
DTE
Electric
Co
3
.950
03/01/49
3,242
9,025,000
DTE
Electric
Co
3
.250
04/01/51
6,316
3,688,000
Duke
Energy
Carolinas
LLC
2
.850
03/15/32
3,163
2,332,000
Duke
Energy
Carolinas
LLC
3
.550
03/15/52
1,698
10,000,000
Duke
Energy
Florida
LLC
2
.500
12/01/29
8,866
5,625,000
Duke
Energy
Florida
LLC
2
.400
12/15/31
4,718
8,875,000
Duke
Energy
Florida
LLC
3
.000
12/15/51
5,823
4,000,000
Duke
Energy
Progress
LLC
3
.450
03/15/29
3,763
5,276,000
Duke
Energy
Progress
LLC
4
.000
04/01/52
4,186
20,250,000
(d)
Electricite
de
France
S.A.
3
.625
10/13/25
19,730
2,800,000
Eversource
Energy
0
.800
08/15/25
2,621
6,375,000
Florida
Power
&
Light
Co
4
.625
05/15/30
6,330
9,885,000
Georgia
Power
Co
3
.250
04/01/26
9,519
8,700,000
Georgia
Power
Co
5
.125
05/15/52
8,415
7,288,875
(d)
India
Cleantech
Energy
4
.700
08/10/26
6,837
9,700,000
Interstate
Power
and
Light
Co
3
.500
09/30/49
7,000
14,641,000
(d)
Liberty
Utilities
Finance
GP
2
.050
09/15/30
11,857
7,511,000
MidAmerican
Energy
Co
3
.650
04/15/29
7,144
5,725,000
MidAmerican
Energy
Co
5
.350
01/15/34
5,891
1,000,000
MidAmerican
Energy
Co
3
.950
08/01/47
803
3,596,000
MidAmerican
Energy
Co
3
.150
04/15/50
2,506
1,925,000
MidAmerican
Energy
Co
5
.850
09/15/54
2,054
CREF
Social
Choice
Account
March
31,
2024
286
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
12,350,000
National
Fuel
Gas
Co
5
.500
%
01/15/26
$
12,331
5,600,000
(f)
National
Fuel
Gas
Co
5
.500
10/01/26
5,601
11,250,000
National
Fuel
Gas
Co
2
.950
03/01/31
9,460
11,610,000
(d)
New
York
State
Electric
&
Gas
Corp
2
.150
10/01/31
9,312
12,500,000
NextEra
Energy
Capital
Holdings,
Inc
4
.900
03/15/29
12,448
5,650,000
NextEra
Energy
Capital
Holdings,
Inc
5
.250
03/15/34
5,637
3,829,000
(d),(f)
NextEra
Energy
Operating
Partners
LP
7
.250
01/15/29
3,918
14,417,000
(d)
Niagara
Mohawk
Power
Corp
1
.960
06/27/30
11,884
9,750,000
(d)
Niagara
Mohawk
Power
Corp
4
.119
11/28/42
7,908
5,250,000
Northwest
Natural
Gas
Co
3
.078
12/01/51
3,237
21,737,000
Pacific
Gas
and
Electric
Co
6
.700
04/01/53
23,527
10,534,000
PacifiCorp
2
.900
06/15/52
6,457
7,113,000
Piedmont
Natural
Gas
Co,
Inc
3
.350
06/01/50
4,805
2,100,000
PPL
Electric
Utilities
Corp
4
.850
02/15/34
2,065
630,000
Public
Service
Co
of
Colorado
4
.750
08/15/41
547
5,000,000
Public
Service
Co
of
Colorado
3
.200
03/01/50
3,386
7,279,000
Public
Service
Co
of
Oklahoma
2
.200
08/15/31
5,949
1,651,000
Public
Service
Electric
and
Gas
Co
3
.100
03/15/32
1,447
4,875,000
Public
Service
Electric
and
Gas
Co
4
.650
03/15/33
4,752
6,134,000
Public
Service
Electric
and
Gas
Co
3
.200
08/01/49
4,387
6,550,000
Public
Service
Electric
and
Gas
Co
5
.125
03/15/53
6,443
17,875,000
Public
Service
Enterprise
Group,
Inc
0
.800
08/15/25
16,797
16,684,000
San
Diego
Gas
&
Electric
Co
4
.950
08/15/28
16,747
19,738,000
San
Diego
Gas
&
Electric
Co
2
.950
08/15/51
13,291
2,615,957
SCE
Recovery
Funding
LLC
1
.977
11/15/28
2,428
7,100,000
SCE
Recovery
Funding
LLC
2
.943
11/15/42
5,747
2,640,000
SCE
Recovery
Funding
LLC
3
.240
11/15/46
1,921
4,900,000
(f)
Sempra
4
.875
N/A(e)
4,794
19,066,301
(d)
Solar
Star
Funding
LLC
3
.950
06/30/35
17,061
18,215,678
(d)
Solar
Star
Funding
LLC
5
.375
06/30/35
17,501
8,150,000
Southern
California
Edison
Co
4
.875
02/01/27
8,125
750,000
Southern
California
Edison
Co
2
.750
02/01/32
635
8,300,000
Southern
California
Edison
Co
5
.200
06/01/34
8,217
1,493,000
Southern
California
Edison
Co
3
.650
06/01/51
1,102
5,000,000
Southern
California
Edison
Co
3
.450
02/01/52
3,532
14,635,000
Southern
Power
Co
4
.150
12/01/25
14,389
14,825,000
Southwestern
Electric
Power
Co
3
.250
11/01/51
9,841
18,650,000
Southwestern
Public
Service
Co
3
.150
05/01/50
12,237
3,690,000
(d),(f)
Sunnova
Energy
Corp
5
.875
09/01/26
2,873
16,135,890
(d)
Sweihan
PV
Power
Co
PJSC
3
.625
01/31/49
12,831
8,612,000
(d)
TerraForm
Power
Operating
LLC
5
.000
01/31/28
8,202
16,283,898
(d),(f)
Topaz
Solar
Farms
LLC
4
.875
09/30/39
14,411
12,478,843
(d)
Topaz
Solar
Farms
LLC
5
.750
09/30/39
12,462
7,708,121
(d)
UEP
Penonome
II
S.A.
6
.500
10/01/38
6,012
15,000,000
Union
Electric
Co
2
.150
03/15/32
12,167
19,626,000
Union
Electric
Co
2
.625
03/15/51
12,073
10,952,000
Union
Electric
Co
3
.900
04/01/52
8,661
3,775,000
(d)
Vistra
Corp
7
.000
N/A(e)
3,738
10,049,000
Wisconsin
Power
and
Light
Co
3
.950
09/01/32
9,320
TOTAL
UTILITIES
720,724
TOTAL
CORPORATE
BONDS
2,429,495
(Cost
$2,627,289)
GOVERNMENT
BONDS
-
24.0%
AGENCY
SECURITIES
-
0.7%
330,050
Abay
Leasing
LLC
2
.654
11/09/26
317
3,332,444
Canal
Barge
Co,
Inc
4
.500
11/12/34
3,228
12,230,793
Crowley
Conro
LLC
4
.181
08/15/43
11,090
3,205,956
Ethiopian
Leasing
LLC
2
.566
08/14/26
3,127
439,968
Export-Import
Bank
of
the
United
States
2
.578
12/10/25
428
287
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
25,000,000
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
1
.540
%
08/17/35
$
17,774
8,000,000
Federal
National
Mortgage
Association
(FNMA)
0
.625
04/22/25
7,638
18,880,000
FNMA
0
.875
08/05/30
15,286
9,000,000
FNMA
1
.625
08/24/35
6,476
7,340,000
Hashemite
Kingdom
of
Jordan
Government
AID
Bond
3
.000
06/30/25
7,096
2,250,000
(c)
India
Government
AID
Bond
LIBOR
3
M
+
0.100%
5
.668
02/01/27
2,240
13,250,000
Private
Export
Funding
Corp
(PEFCO)
3
.250
06/15/25
12,985
7,765,000
PEFCO
3
.900
10/15/27
7,527
423,833
Sandalwood
LLC
2
.836
07/10/25
417
872,700
Sandalwood
LLC
2
.821
02/12/26
849
21,637,140
Thirax  LLC
0
.968
01/14/33
18,289
3,407,814
Thirax
2
LLC
2
.320
01/22/34
3,015
1,775,000
United
States
International
Development
Finance
Corp
1
.440
04/15/28
1,592
1,000,000
United
States
International
Development
Finance
Corp
1
.650
04/15/28
903
4,264,532
United
States
International
Development
Finance
Corp
1
.790
10/15/29
3,944
13,326,663
United
States
International
Development
Finance
Corp
2
.360
10/15/29
12,525
2,185,000
United
States
International
Development
Finance
Corp
2
.930
05/15/30
2,056
3,611,000
United
States
International
Development
Finance
Corp
3
.040
05/15/30
3,411
10,181,698
United
States
International
Development
Finance
Corp
3
.430
06/01/33
9,503
7,958,959
United
States
International
Development
Finance
Corp
1
.630
07/15/38
6,414
4,911,815
United
States
International
Development
Finance
Corp
2
.450
07/15/38
4,189
5,000,000
US
Department
of
Housing
and
Urban
Development
(HUD)
3
.535
08/01/36
4,359
TOTAL
AGENCY
SECURITIES
166,678
FOREIGN
GOVERNMENT
BONDS
-
3.4%
17,925,000
African
Development
Bank
4
.125
02/25/27
17,711
11,850,000
(d)
Arab
Petroleum
Investments
Corp
1
.483
10/06/26
10,814
9,500,000
Asian
Development
Bank
2
.125
03/19/25
9,234
9,670,000
Asian
Development
Bank
4
.625
06/13/25
9,626
11,500,000
Asian
Development
Bank
1
.750
08/14/26
10,768
22,676,000
Asian
Development
Bank
3
.125
09/26/28
21,532
10,000,000
Asian
Development
Bank
3
.875
06/14/33
9,627
6,263,000
Asian
Infrastructure
Investment
Bank
0
.500
01/27/26
5,800
5,375,000
(f)
Asian
Infrastructure
Investment
Bank
4
.875
09/14/26
5,403
3,000,000
(c),(d),(f)
Asian
Infrastructure
Investment
Bank
SOFR
Compounded
Index
+
0.620%
5
.964
08/16/27
3,015
10,000,000
Asian
Infrastructure
Investment
Bank
4
.125
01/18/29
9,897
11,400,000
Asian
Infrastructure
Investment
Bank
4
.250
03/13/34
11,293
EUR
7,925,000
(d)
Banque
Ouest
Africaine
de
Developpement
2
.750
01/22/33
6,583
17,250,000
(d)
BNG
Bank
NV
3
.500
05/19/28
16,608
1,900,000
(d)
Caisse
d'Amortissement
de
la
Dette
Sociale
0
.625
02/18/26
1,758
12,250,000
(d)
Caisse
d'Amortissement
de
la
Dette
Sociale
4
.875
09/19/26
12,313
4,750,000
(d)
Caisse
d'Amortissement
de
la
Dette
Sociale
1
.375
01/20/31
3,895
5,000,000
Caisse
d'Amortissement
de
la
Dette
Sociale
2
.125
01/26/32
4,231
21,980,000
Canada
Government
International
Bond
2
.875
04/28/25
21,488
16,020,000
Canada
Government
International
Bond
3
.750
04/26/28
15,616
12,500,000
(d)
CDP
Financial,
Inc
1
.000
05/26/26
11,533
5,625,000
(d)
Central
American
Bank
for
Economic
Integration
5
.000
02/09/26
5,594
10,075,000
Chile
Government
International
Bond
3
.100
05/07/41
7,446
8,025,000
Colombia
Government
International
Bond
8
.000
11/14/35
8,425
4,800,000
Colombia
Government
International
Bond
8
.750
11/14/53
5,208
19,500,000
European
Bank
for
Reconstruction
&
Development
1
.625
09/27/24
19,138
5,000,000
European
Investment
Bank
2
.500
10/15/24
4,926
6,540,000
(d)
European
Investment
Bank
2
.876
06/13/25
6,385
CREF
Social
Choice
Account
March
31,
2024
288
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
3,750,000
European
Investment
Bank
2
.375
%
05/24/27
$
3,522
11,961,000
European
Investment
Bank
0
.625
10/21/27
10,467
3,750,000
European
Investment
Bank
3
.250
11/15/27
3,601
11,600,000
European
Investment
Bank
1
.625
10/09/29
10,078
10,000,000
European
Investment
Bank
0
.875
05/17/30
8,155
19,749,000
European
Investment
Bank
0
.750
09/23/30
15,831
6,445,000
(f)
European
Investment
Bank
3
.750
02/14/33
6,179
2,000,000
European
Investment
Bank
4
.875
02/15/36
2,089
10,875,000
Export
Development
Canada
3
.375
08/26/25
10,647
13,050,000
Export
Development
Canada
3
.875
02/14/28
12,785
10,000,000
Export
Development
Canada
4
.125
02/13/29
9,902
10,610,000
Hydro-Quebec
8
.050
07/07/24
10,673
4,868,000
Inter-American
Development
Bank
1
.125
07/20/28
4,253
5,000,000
Inter-American
Development
Bank
1
.125
01/13/31
4,063
15,800,000
Inter-American
Development
Bank
3
.500
04/12/33
14,764
10,625,000
(f)
Inter-American
Investment
Corp
2
.625
04/22/25
10,336
2,644,000
Inter-American
Investment
Corp
0
.625
02/10/26
2,443
19,785,000
Inter-American
Investment
Corp
4
.125
02/15/28
19,441
3,215,000
(c)
International
Bank
for
Reconstruction
&
Development
SOFR
Compounded
Index
+
0.390%
5
.744
06/17/24
3,217
12,850,000
International
Bank
for
Reconstruction
&
Development
0
.625
04/22/25
12,282
14,750,000
International
Bank
for
Reconstruction
&
Development
3
.125
11/20/25
14,366
28,030,000
International
Bank
for
Reconstruction
&
Development
0
.000
03/31/27
25,027
5,250,000
International
Bank
for
Reconstruction
&
Development
0
.000
03/31/28
5,103
5,000,000
(d)
International
Development
Association
0
.875
04/28/26
4,622
14,750,000
International
Finance
Corp
4
.750
03/16/26
14,697
10,643,000
International
Finance
Facility
for
Immunisation
Co
1
.000
04/21/26
9,843
3,050,000
Japan
Bank
for
International
Cooperation
1
.625
01/20/27
2,801
1,750,000
Japan
Bank
for
International
Cooperation
4
.875
10/18/28
1,770
8,750,000
Japan
International
Cooperation
Agency
1
.750
04/28/31
7,231
12,500,000
(d)
Kommunalbanken
AS.
2
.125
02/11/25
12,171
4,175,000
(d)
Kommuninvest
I
Sverige
AB
4
.625
09/29/28
4,214
10,100,000
(d)
Korea
Electric
Power
Corp
1
.125
06/15/25
9,605
10,250,000
(d)
Korea
Electric
Power
Corp
4
.875
01/31/27
10,192
6,500,000
Kreditanstalt
fuer
Wiederaufbau
1
.750
09/14/29
5,699
13,000,000
Landwirtschaftliche
Rentenbank
0
.875
09/03/30
10,461
EUR
12,240,000
Mexico
Government
International
Bond
4
.490
05/25/32
13,413
18,250,000
(d)
Nederlandse
Waterschapsbank
NV
1
.750
01/15/25
17,751
17,600,000
(d)
Nederlandse
Waterschapsbank
NV
2
.375
03/24/26
16,810
12,375,000
(d)
Nederlandse
Waterschapsbank
NV
4
.000
06/01/28
12,135
4,450,000
(d)
Nederlandse
Waterschapsbank
NV
4
.375
02/28/29
4,442
4,430,000
(d)
Nederlandse
Waterschapsbank
NV
1
.000
05/28/30
3,611
2,250,000
OMERS
Finance
Trust
3
.500
04/19/32
2,057
7,666,000
(d)
OMERS
Finance
Trust
3
.500
04/19/32
7,008
4,825,000
(d)
OMERS
Finance
Trust
4
.000
04/19/52
3,818
5,030,000
OPEC
Fund
for
International
Development
4
.500
01/26/26
4,967
4,970,000
(d)
OPEC
Fund
for
International
Development
4
.500
01/26/26
4,908
10,500,000
(d)
Perusahaan
Penerbit
SBSN
Indonesia
III
3
.900
08/20/24
10,426
10,000,000
Province
of
Quebec
Canada
2
.750
04/12/27
9,468
5,000,000
Province
of
Quebec
Canada
7
.500
09/15/29
5,710
15,250,000
Province
of
Quebec
Canada
1
.900
04/21/31
12,851
10,625,000
Province
of
Quebec
Canada
4
.500
09/08/33
10,514
7,750,000
Republic
of
Italy
Government
International
Bond
4
.000
10/17/49
5,753
TOTAL
FOREIGN
GOVERNMENT
BONDS
734,039
MORTGAGE
BACKED
-
10.1%
2,115,000
(c),(d)
Angel
Oak
Mortgage
Trust
2
.837
11/25/66
1,475
57,268,922
(c),(d)
Citigroup
Mortgage
Loan
Trust
0
.156
02/25/52
479
6,420,224
(c),(d)
Citigroup
Mortgage
Loan
Trust
0
.250
02/25/52
86
289
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,983,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
1.900%
7
.220
%
12/25/41
$
3,007
10,555,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.100%
8
.420
03/25/42
10,986
18,627,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.650%
9
.971
06/25/42
20,276
1,295,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.350%
8
.670
01/25/43
1,369
1,940,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.550%
8
.871
05/25/43
2,070
3,170,482
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.100%
8
.421
06/25/43
3,335
3,400,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.900%
9
.188
07/25/43
3,582
4,470,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.550%
8
.870
10/25/43
4,658
5,307,568
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
2
.310
12/01/31
4,543
6,875,000
FHLMC
3
.740
06/01/37
6,189
2,271,133
FHLMC
3
.400
12/01/37
1,972
5,646,500
FHLMC
4
.300
12/01/37
5,330
1,847,132
FHLMC
3
.500
03/01/38
1,619
640,000
FHLMC
4
.330
05/01/38
606
3,197,308
FHLMC
2
.970
07/01/38
2,636
3,405,071
FHLMC
4
.550
07/01/38
3,294
5,775,000
FHLMC
3
.500
10/01/38
4,999
400,946
FHLMC
3
.160
11/01/38
336
3,381,178
FHLMC
3
.000
01/01/41
2,738
841,347
(c)
FHLMC
30
D
AVG
SOFR
+
5.806%
0
.487
03/15/44
66
6,022,891
FHLMC
3
.500
01/15/47
5,276
1,330,397
FHLMC
4
.000
10/15/47
1,231
2,246,110
FHLMC
4
.000
11/15/47
2,062
6,279,532
FHLMC
4
.000
01/15/48
5,874
6,156,744
FHLMC
4
.000
03/15/48
5,671
1,944,235
FHLMC
4
.000
04/15/48
1,809
5,771,940
FHLMC
4
.000
04/15/48
5,245
2,871,556
(c)
FHLMC
30
D
AVG
SOFR
+
9.737%
1
.227
06/15/48
2,554
1,955,428
(c)
FHLMC
30
D
AVG
SOFR
+
9.657%
1
.147
10/15/48
1,720
4,564,204
FHLMC
3
.000
11/01/49
4,007
2,582,522
FHLMC
2
.000
09/25/50
335
6,254,559
FHLMC
3
.000
09/25/50
4,390
4,773,155
FHLMC
3
.000
10/25/50
3,301
16,335,485
FHLMC
2
.500
02/25/51
2,750
5,931,710
FHLMC
2
.500
05/25/51
3,739
3,884,147
FHLMC
2
.500
11/01/51
3,221
10,794,724
FHLMC
3
.000
11/01/51
9,490
1,309,647
(g)
FHLMC
3
.000
11/01/51
1,146
1,550,960
FHLMC
3
.000
11/01/51
1,364
1,120,125
FHLMC
3
.000
11/01/51
989
4,387,960
FHLMC
2
.500
01/01/52
3,637
17,784,150
FHLMC
2
.500
02/01/52
14,880
5,183,994
FHLMC
3
.000
02/01/52
4,466
9,343,012
FHLMC
2
.500
03/01/52
7,817
6,998,868
FHLMC
3
.000
03/01/52
6,028
5,195,349
FHLMC
2
.500
04/01/52
4,313
15,385,447
FHLMC
4
.000
04/01/52
14,272
9,033,274
FHLMC
3
.500
05/01/52
8,107
6,420,218
FHLMC
3
.000
06/01/52
5,528
455,777
FHLMC
3
.500
06/01/52
409
8,939,008
FHLMC
4
.500
06/01/52
8,512
8,650,793
FHLMC
4
.500
07/01/52
8,237
1,619,263
FHLMC
4
.000
08/25/52
1,319
216,412
FHLMC
3
.000
10/01/52
186
2,754,465
FHLMC
4
.500
10/25/52
2,520
9,957,829
FHLMC
6
.000
11/01/52
10,075
3,361,413
FHLMC
5
.500
11/25/52
3,315
3,139,146
FHLMC
3
.500
12/01/52
2,810
15,540,233
FHLMC
5
.000
01/01/53
15,171
2,674,349
FHLMC
5
.500
02/25/53
2,656
19,259,946
FHLMC
5
.500
08/01/53
19,172
3,217
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
8
.000
01/01/31
3
CREF
Social
Choice
Account
March
31,
2024
290
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
85,734
FGLMC
4
.500
%
07/01/33
$
84
588,436
FGLMC
7
.000
12/01/33
607
155,975
FGLMC
7
.000
05/01/35
161
410,589
FGLMC
5
.000
06/01/36
413
125,176
FGLMC
5
.000
07/01/39
125
82,248
FGLMC
4
.000
06/01/42
78
166,288
FGLMC
4
.500
10/01/44
162
227,169
FGLMC
4
.500
11/01/44
221
412,012
FGLMC
4
.500
11/01/44
401
249,887
FGLMC
4
.500
12/01/44
243
240,521
FGLMC
4
.500
12/01/44
234
1,001,136
FGLMC
3
.500
04/01/45
924
3,834,996
FGLMC
3
.500
10/01/45
3,514
66,697
FGLMC
3
.000
04/01/47
59
483,778
FGLMC
4
.500
06/01/47
471
955,219
FGLMC
4
.000
09/01/47
902
723,394
FGLMC
3
.500
12/01/47
662
2,976,821
FGLMC
4
.500
08/01/48
2,904
124
Federal
National
Mortgage
Association
(FNMA)
8
.000
07/01/24
0
^
11,063,444
(c)
FNMA
2
.825
02/25/27
10,523
3,164,640
(c)
FNMA
3
.302
06/25/28
3,007
8,250,000
(c)
FNMA
1
.469
11/25/30
6,764
15,500,000
(c)
FNMA
1
.245
01/25/31
12,516
841,702
FNMA
3
.500
05/01/32
812
982,736
FNMA
3
.000
10/01/32
928
995,879
FNMA
5
.000
05/01/35
1,001
670,713
FNMA
5
.000
10/01/35
674
504,300
FNMA
5
.000
02/01/36
507
1,015,638
FNMA
5
.500
11/01/38
1,037
137,481
FNMA
3
.000
05/01/40
124
401,618
FNMA
5
.000
09/01/40
401
1,000,337
FNMA
5
.000
05/01/41
997
672,332
FNMA
4
.000
09/01/42
638
1,360,507
(c)
FNMA
30
D
AVG
SOFR
+
5.836%
0
.515
09/25/43
144
1,131,060
FNMA
4
.500
03/01/44
1,109
53,217,857
FNMA
4
.000
05/01/44
50,537
312,173
FNMA
4
.500
06/01/44
303
3,320,340
FNMA
4
.500
06/01/44
3,224
730,446
FNMA
4
.500
08/01/44
709
1,901,630
FNMA
4
.500
10/01/44
1,846
3,291,836
FNMA
4
.500
11/01/44
3,196
594,229
FNMA
5
.000
11/01/44
596
887,509
FNMA
4
.500
12/01/44
862
387,014
FNMA
4
.000
01/01/45
367
163,761
FNMA
4
.500
03/01/45
159
261,230
FNMA
4
.500
04/01/45
254
1,966,986
FNMA
3
.500
05/01/45
1,809
2,328,894
FNMA
3
.000
07/25/45
2,036
2,796,310
FNMA
3
.500
01/01/46
2,560
542,074
FNMA
4
.000
04/01/46
514
3,194,945
FNMA
3
.500
06/01/46
2,924
2,096,788
FNMA
3
.500
07/01/46
1,919
3,366,570
FNMA
3
.500
07/01/46
3,094
934,808
FNMA
3
.500
08/01/46
855
283,214
FNMA
3
.000
10/01/46
245
2,527,831
FNMA
3
.500
10/01/46
2,313
1,095,786
FNMA
4
.500
05/01/47
1,075
1,277,027
FNMA
4
.000
10/01/47
1,206
255,098
FNMA
3
.500
11/01/47
234
262,034
FNMA
4
.500
11/01/47
255
14,470
FNMA
3
.500
01/01/48
13
2,844,043
FNMA
3
.500
01/01/48
2,593
291
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,894,590
FNMA
4
.500
%
01/01/48
$
1,841
1,501,596
FNMA
4
.500
02/01/48
1,459
4,155,694
FNMA
3
.500
02/25/48
3,502
1,238,650
FNMA
4
.500
05/01/48
1,204
896,102
FNMA
4
.500
05/01/48
871
3,069,810
FNMA
4
.000
07/25/48
2,828
11,132,711
FNMA
3
.000
07/01/50
9,770
5,213,918
FNMA
2
.000
08/25/50
676
6,354,951
FNMA
2
.000
10/25/50
4,215
13,104,983
FNMA
2
.500
11/25/50
1,846
4,567,073
FNMA
3
.000
12/25/50
739
3,777,092
FNMA
3
.000
02/25/51
602
4,201,566
FNMA
3
.000
09/01/51
3,676
4,122,159
FNMA
2
.500
11/01/51
3,416
4,885,800
FNMA
2
.500
11/25/51
620
4,411,527
FNMA
2
.500
12/01/51
3,673
12,871,690
FNMA
2
.500
02/01/52
10,767
6,797,728
FNMA
2
.500
02/01/52
5,692
6,504,425
FNMA
3
.000
02/01/52
5,598
4,600,198
FNMA
3
.500
02/01/52
4,173
1,796,088
FNMA
2
.500
04/01/52
1,503
9,023,336
FNMA
3
.000
04/01/52
7,850
6,935,934
FNMA
3
.000
04/01/52
6,011
1,516,942
FNMA
3
.000
04/01/52
1,307
1,289,706
FNMA
3
.500
04/01/52
1,155
12,911,885
FNMA
3
.500
05/01/52
11,605
36,470,694
FNMA
3
.500
05/01/52
32,660
21,681,699
FNMA
4
.000
05/01/52
20,111
2,473,648
FNMA
4
.000
05/25/52
1,963
619,298
FNMA
3
.000
06/01/52
533
15,634,732
FNMA
3
.500
06/01/52
14,046
41,797,352
FNMA
3
.500
06/01/52
37,430
12,486,555
FNMA
3
.500
06/01/52
11,182
18,216,603
FNMA
4
.000
06/01/52
16,897
4,158,124
FNMA
4
.500
06/01/52
3,959
30,025,932
FNMA
4
.000
07/01/52
27,849
40,940,181
FNMA
4
.000
07/01/52
37,963
3,821,213
FNMA
4
.500
07/01/52
3,639
32,754,079
FNMA
4
.500
07/01/52
31,189
6,693,146
FNMA
4
.500
07/25/52
6,127
27,971,539
FNMA
5
.000
08/01/52
27,316
2,457,231
FNMA
4
.500
08/25/52
2,066
2,228,325
FNMA
2
.500
09/01/52
1,844
81,227,783
FNMA
4
.000
09/01/52
75,334
196,612,630
FNMA
4
.500
09/01/52
187,220
11,442,654
FNMA
5
.000
09/01/52
11,173
1,864,222
FNMA
4
.000
09/25/52
1,550
2,322,288
FNMA
4
.000
09/25/52
2,029
97,698,190
FNMA
4
.000
10/01/52
90,605
61,248,709
FNMA
4
.500
10/01/52
58,323
73,667,266
FNMA
5
.000
10/01/52
71,929
1,786,391
FNMA
4
.500
10/25/52
1,623
2,050,247
FNMA
4
.500
10/25/52
1,929
52,616,974
FNMA
4
.500
11/01/52
50,104
3,631,623
FNMA
5
.500
11/25/52
3,546
31,016,337
FNMA
5
.500
12/01/52
30,919
172,691
FNMA
5
.000
01/01/53
169
33,444,123
FNMA
5
.000
02/01/53
32,648
16,266,446
FNMA
6
.000
02/01/53
16,413
6,412,032
FNMA
6
.000
03/01/53
6,475
8,675,232
FNMA
5
.000
04/01/53
8,467
2,977,806
FNMA
6
.000
05/01/53
3,005
CREF
Social
Choice
Account
March
31,
2024
292
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
10,583,268
FNMA
5
.000
%
06/01/53
$
10,421
46,099,980
FNMA
5
.500
06/01/53
45,882
15,582,649
FNMA
5
.000
08/01/53
15,203
38,630,108
FNMA
5
.500
10/01/53
38,435
9,331,876
FGLMC
2
.875
07/25/36
8,313
7,412,405
FGLMC
4
.050
08/25/38
7,147
1,853,500
FHLMC
3
.910
01/01/39
1,673
495,144
(c),(d)
Flagstar
Mortgage
Trust
3
.987
10/25/47
438
796,828
Government
National
Mortgage
Association
(GNMA)
2
.580
08/15/25
794
7,362,856
GNMA
2
.690
06/15/33
7,037
6,182,964
GNMA
3
.700
10/15/33
5,893
50,045
GNMA
5
.000
04/15/38
50
100,287
GNMA
6
.500
11/20/38
105
12,334,867
GNMA
5
.000
01/20/40
2,561
5,774,165
GNMA
4
.500
03/20/40
1,054
9,315,380
GNMA
5
.000
03/20/40
1,910
6,750,175
GNMA
3
.700
08/15/40
6,404
7,357,399
GNMA
2
.500
10/16/43
6,426
7,269,812
GNMA
2
.500
12/20/43
6,346
11,008,431
GNMA
2
.750
01/15/45
9,615
2,337,499
GNMA
3
.000
03/20/45
2,036
1,524,639
GNMA
4
.500
12/20/45
1,536
1,117,245
GNMA
4
.000
06/20/46
138
3,344,511
GNMA
5
.000
09/20/46
642
3,965,826
GNMA
3
.500
12/20/46
3,663
2,705,745
GNMA
3
.500
01/20/47
2,495
2,970,530
(c)
GNMA
SOFR
1
M
+
5.986%
0
.657
03/20/50
372
1,521,924
GNMA
3
.500
10/20/50
1,392
5,203,926
GNMA
3
.000
07/20/51
4,611
10,969,660
GNMA
3
.000
11/20/51
7,805
20,879,090
GNMA
2
.500
12/20/51
17,785
44,794,434
GNMA
3
.000
12/20/51
39,518
13,038,814
GNMA
3
.000
12/20/51
8,991
25,682,446
GNMA
3
.000
01/20/52
22,647
8,995,020
GNMA
3
.000
01/20/52
6,325
4,216,363
GNMA
2
.500
02/20/52
3,465
10,685,134
GNMA
3
.000
02/20/52
7,253
7,455,308
GNMA
4
.000
04/20/52
6,200
9,892,394
GNMA
5
.000
04/20/52
1,919
4,211,152
GNMA
2
.500
05/20/52
3,586
39,206,519
GNMA
3
.500
07/20/52
35,667
2,501,040
GNMA
4
.000
07/20/52
2,010
7,066,290
GNMA
4
.000
08/20/52
6,611
61,029,751
GNMA
4
.000
09/20/52
57,095
4,449,293
GNMA
4
.500
09/20/52
3,978
3,283,964
GNMA
4
.500
09/20/52
2,865
3,631,615
GNMA
4
.500
09/20/52
3,336
3,053,980
GNMA
4
.500
09/20/52
2,793
3,794,106
GNMA
5
.000
09/20/52
3,731
9,145,970
GNMA
5
.000
11/20/52
8,995
30,025,712
GNMA
3
.500
12/20/52
27,315
38,952,575
GNMA
4
.500
12/20/52
37,442
7,826,845
GNMA
4
.500
02/20/53
7,522
3,873,991
GNMA
4
.500
02/20/53
3,422
8,080,488
GNMA
5
.000
02/20/53
7,948
3,390,693
GNMA
5
.500
02/20/53
3,301
8,813,582
(c)
GNMA
30
D
AVG
SOFR
+
6.950%
1
.631
05/20/53
922
6,911,992
(c)
GNMA
30
D
AVG
SOFR
+
23.205%
2
.460
08/20/53
7,106
6,018,783
GNMA
3
.000
08/20/53
5,307
4,812,904
(c)
GNMA
30
D
AVG
SOFR
+
25.350%
4
.605
08/20/53
4,985
62,905,556
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
0
.148
08/25/51
500
1,977,354
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
08/25/51
1,579
293
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,877,856
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
%
11/25/51
$
6,280
4,434,580
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
03/25/52
3,536
2,735,829
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
05/01/52
2,368
2,082,818
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.830
05/28/52
1,669
472,102
(c)
HarborView
Mortgage
Loan
Trust
SOFR
1
M
+
0.734%
6
.061
08/19/45
429
111,468
(c)
Impac
CMB
Trust
SOFR
1
M
+
0.774%
6
.104
03/25/35
101
209,187
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
05/25/47
182
237,174
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
201
83,243
(c),(d)
JP
Morgan
Mortgage
Trust
4
.000
01/25/49
76
17,902,730
(c),(d)
JP
Morgan
Mortgage
Trust
0
.126
06/25/51
119
31,517,406
(c),(d)
JP
Morgan
Mortgage
Trust
0
.111
11/25/51
187
2,165,318
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
11/25/51
1,729
31,219,120
(c),(d)
JP
Morgan
Mortgage
Trust
0
.117
12/25/51
199
2,724,722
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
2,176
3,961,804
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
01/25/52
3,164
3,656,416
(c),(d)
JP
Morgan
Mortgage
Trust
3
.342
04/25/52
2,868
5,572,668
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
06/25/52
4,443
36,260,272
(d)
JP
Morgan
Mortgage
Trust
0
.224
07/25/52
417
6,208,952
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
07/25/52
4,950
9,404,976
(c),(d)
JP
Morgan
Mortgage
Trust
3
.250
07/25/52
8,053
9,429,243
(c),(d)
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
7,835
4,967,006
(c),(d)
JP
Morgan
Mortgage
Trust
3
.000
10/25/52
4,127
4,913,589
(c),(d)
JP
Morgan
Mortgage
Trust
3
.000
11/25/52
4,089
408,036
(c),(d)
JP
Morgan
Mortgage
Trust
5
.000
06/25/53
392
2,792,782
(c),(d)
JP
Morgan
Mortgage
Trust
5
.500
06/25/53
2,738
3,617,221
(c),(d)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
08/25/51
2,888
2,679,610
(c),(d)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
2,337
2,369,316
(c),(d)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
09/25/51
1,892
404,517
(c),(d)
New
Residential
Mortgage
Loan
Trust
2
.797
09/25/59
376
6,659,143
(c),(d)
RCKT
Mortgage
Trust
2
.500
02/25/52
5,309
3,303,402
(c),(d)
RCKT
Mortgage
Trust
3
.000
05/25/52
2,745
63,076
(c),(d)
Sequoia
Mortgage
Trust
4
.000
06/25/49
58
168,054
(c),(d)
Sequoia
Mortgage
Trust
3
.500
12/25/49
147
2,777,056
(c),(d)
Sequoia
Mortgage
Trust
2
.500
06/25/51
2,218
269,650
(c),(d)
Shellpoint
Co-Originator
Trust
3
.500
10/25/47
241
9,146,561
(c),(d)
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
30
D
AVG
SOFR
+
2.050%
7
.395
12/25/33
9,272
4,407,000
(c),(d)
STACR
30
D
AVG
SOFR
+
2.400%
7
.720
02/25/42
4,493
2,785,000
(c),(d)
STACR
30
D
AVG
SOFR
+
4.750%
10
.070
02/25/42
2,971
8,185,000
(c),(d)
STACR
30
D
AVG
SOFR
+
2.900%
8
.220
04/25/42
8,475
3,000,000
(c),(d)
STACR
30
D
AVG
SOFR
+
5.650%
8
.647
04/25/42
3,257
17,190,000
(c),(d)
STACR
30
D
AVG
SOFR
+
3.350%
8
.670
05/25/42
17,987
15,004,000
(c),(d)
STACR
30
D
AVG
SOFR
+
4.500%
9
.820
06/25/42
16,249
8,336,000
(c),(d)
STACR
30
D
AVG
SOFR
+
4.000%
9
.320
07/25/42
8,878
8,695,000
(c),(d)
STACR
30
D
AVG
SOFR
+
3.550%
8
.870
08/25/42
9,140
6,670,000
(c),(d)
STACR
30
D
AVG
SOFR
+
3.700%
9
.020
09/25/42
7,079
8,225,000
(c),(d)
STACR
30
D
AVG
SOFR
+
3.250%
8
.570
04/25/43
8,642
5,395,000
(c),(d)
STACR
30
D
AVG
SOFR
+
3.500%
8
.820
05/25/43
5,702
58,931
(c),(d)
STACR
3
.789
02/25/48
55
74,055
(c),(d)
STACR
3
.842
05/25/48
71
2,890,000
(c),(d)
STACR
30
D
AVG
SOFR
+
4.800%
10
.120
10/25/50
3,250
982,000
(c),(d)
Verus
Securitization
Trust
3
.207
11/25/59
881
367,638
(d)
Verus
Securitization
Trust
1
.733
05/25/65
345
TOTAL
MORTGAGE
BACKED
2,200,939
MUNICIPAL
BONDS
-
1.2%
1,170,000
Brunswick
&
Glynn
County
Development
Authority
3
.060
04/01/25
1,147
1,990,000
California
Health
Facilities
Financing
Authority
2
.984
06/01/33
1,733
915,000
California
Health
Facilities
Financing
Authority
4
.353
06/01/41
839
50,000
California
Municipal
Finance
Authority
2
.288
08/15/28
45
3,035,000
City
&
County
of
Honolulu
HI
2
.668
10/01/27
2,856
5,645,000
City
&
County
of
Honolulu
HI
3
.974
09/01/35
5,190
1,615,000
City
&
County
of
Honolulu
HI
4
.004
09/01/36
1,473
CREF
Social
Choice
Account
March
31,
2024
294
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
7,085,000
City
&
County
of
San
Francisco
CA
4
.000
%
04/01/47
$
5,685
5,500,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4
.000
09/01/48
4,476
7,790,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3
.482
09/01/50
5,669
1,240,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
No
2014
6
.332
09/01/51
1,303
350,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
No
2014-1
3
.091
09/01/36
291
1,000
City
of
Chicago
IL
7
.750
01/01/42
1
1,000,000
City
of
Houston
TX
Combined
Utility
System
Revenue
3
.375
11/15/24
986
1,275,000
City
of
Houston
TX
Combined
Utility
System
Revenue
4
.172
11/15/38
1,159
7,500,000
City
of
Los
Angeles
CA
3
.880
09/01/38
6,781
7,190,000
City
of
Los
Angeles
CA
5
.000
09/01/42
7,080
1,530,000
City
of
Los
Angeles
Department
of
Airports
Customer
Facility
Charge
Revenue
3
.158
05/15/29
1,430
1,780,000
(d)
City
of
Miami
FL
4
.808
01/01/39
1,715
3,000,000
City
of
New
York
NY
5
.828
10/01/53
3,356
4,835,000
City
of
Oakland
CA
2
.070
01/15/29
4,354
3,025,000
City
of
Port
Lions
AK
7
.500
10/01/52
3,160
3,345,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
3
.000
11/01/26
3,220
3,725,000
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
3
.950
11/01/36
3,437
1,000,000
City
of
San
Juan
Capistrano
CA
3
.700
08/01/31
949
5,255,000
City
of
Seattle
WA
Local
Improvement
District
No
6751
2
.999
11/01/43
4,395
5,235,000
City
of
Seattle
WA
Local
Improvement
District
No
6751
3
.079
11/01/43
4,338
3,500,000
(d)
County
of
Gallatin
MT
11
.500
09/01/27
3,604
10,515,000
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
3
.490
10/01/42
8,773
3,500,000
District
of
Columbia
3
.432
04/01/42
2,812
10,000,000
District
of
Columbia
Water
&
Sewer
Authority
4
.814
10/01/14
9,286
3,125,000
Florida
Development
Finance
Corp
7
.500
07/01/57
3,108
6,000,000
(d)
Florida
Development
Finance
Corp
8
.000
07/01/57
6,360
2,170,000
(d)
Florida
Development
Finance
Corp
8
.250
07/01/57
2,170
640,000
Henry
County
Water
Authority
3
.000
01/01/43
469
850,000
Henry
County
Water
Authority
3
.200
01/01/49
590
1,000,000
Honolulu
City
&
County
Board
of
Water
Supply
2
.327
07/01/32
846
6,430,000
Lavaca-Navidad
River
Authority
4
.430
08/01/35
6,258
8,655,000
Los
Angeles
Community
College
District
2
.106
08/01/32
7,274
1,025,000
Maine
State
Housing
Authority
2
.331
11/15/30
878
2,495,000
Maryland
Community
Development
Administration
Housing
Revenue
3
.797
03/01/39
2,169
3,000,000
Massachusetts
Clean
Energy
Cooperative
Corp
2
.020
07/01/28
2,703
3,000,000
Massachusetts
Clean
Energy
Cooperative
Corp
2
.485
07/01/32
2,533
3,405,000
Massachusetts
Housing
Finance
Agency
5
.562
12/01/52
3,396
7,620,000
Metropolitan
Transportation
Authority
5
.175
11/15/49
7,094
11,645,000
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
5
.720
12/01/38
12,388
5,750,000
(d)
New
Hampshire
Business
Finance
Authority
5
.600
02/01/29
5,750
8,295,000
(d)
New
Hampshire
Business
Finance
Authority
5
.430
07/01/33
8,295
720,000
New
Jersey
Economic
Development
Authority
5
.298
03/01/32
732
4,065,000
New
York
City
Housing
Development
Corp
3
.119
08/01/38
3,262
2,500,000
New
York
City
Housing
Development
Corp
3
.720
11/01/39
2,144
17,500,000
New
York
Transportation
Development
Corp
5
.000
01/01/26
17,827
7,420,000
New
York
Transportation
Development
Corp
6
.971
06/30/51
7,380
13,250,000
(b),(d)
Oregon
State
Business
Development
Commission
6
.500
04/01/31
1
3,470,000
(b),(d)
Oregon
State
Business
Development
Commission
9
.000
04/01/37
0
^
2,500,000
Palm
Beach
County
Solid
Waste
Authority
2
.636
10/01/24
2,469
4,500,000
Pend
Oreille
County
Public
Utility
District
No
Box
Canyon
5
.000
01/01/30
4,484
295
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
6,925,000
(a),(b),(d)
Pennsylvania
Economic
Development
Financing
Authority
10
.000
%
12/01/29
$
1
1,170,000
Pharr
Economic
Development
Corp
3
.513
08/15/30
1,090
1,140,000
Pharr
Economic
Development
Corp
3
.893
08/15/33
1,051
405,000
(a),(b)
Public
Finance
Authority
15
.000
03/31/24
0
^
1,735,000
(d)
Public
Finance
Authority
7
.500
06/01/29
1,698
1,250,000
Redevelopment
Authority
of
the
City
of
Philadelphia
1
.927
09/01/27
1,141
1,005,000
Sales
Tax
Securitization
Corp
5
.293
01/01/41
1,016
2,000,000
San
Francisco
City
&
County
Redevelopment
Agency
4
.375
08/01/44
1,713
1,555,000
South
Dakota
Housing
Development
Authority
5
.460
05/01/53
1,545
3,150,000
State
of
Oregon
4
.250
05/01/29
3,116
3,000
State
of
Wisconsin
5
.700
05/01/26
3
1,650,000
(d)
Syracuse
Industrial
Development
Agency
5
.000
01/01/36
1,252
2,280,000
Tampa
Bay
Water
2
.612
10/01/25
2,205
3,225,000
Tampa
Bay
Water
2
.782
10/01/26
3,083
3,000,000
Tampa
Bay
Water
2
.952
10/01/27
2,849
1,255,000
Texas
Water
Development
Board
4
.248
10/15/35
1,199
4,170,000
Texas
Water
Development
Board
4
.648
04/15/50
3,872
5,000,000
Tuolumne
Wind
Project
Authority
6
.918
01/01/34
5,522
1,000,000
University
of
Cincinnati
3
.250
06/01/29
994
18,000,000
University
of
New
Mexico
3
.532
06/20/32
17,103
500,000
Upper
Allegheny
Joint
Sanitary
Authority
3
.550
09/01/39
405
1,500,000
Upper
Allegheny
Joint
Sanitary
Authority
3
.800
09/01/49
1,138
1,000,000
Washington
County
Clean
Water
Services
5
.078
10/01/24
1,000
TOTAL
MUNICIPAL
BONDS
265,119
U.S.
TREASURY
SECURITIES
-
8.6%
35,830,000
United
States
Treasury
Bond
2
.875
11/15/46
27,610
2,500,000
United
States
Treasury
Bond
3
.000
02/15/49
1,949
1,525,000
United
States
Treasury
Note
2
.250
10/31/24
1,499
1,500,000
United
States
Treasury
Note
0
.375
12/31/25
1,391
184,006,000
United
States
Treasury
Note
4
.625
02/28/26
183,855
136,990,000
United
States
Treasury
Note
4
.250
03/15/27
136,359
15,031,000
United
States
Treasury
Note
0
.500
10/31/27
13,126
28,250,000
United
States
Treasury
Note
1
.125
08/31/28
24,702
83,559,000
United
States
Treasury
Note
4
.250
02/28/29
83,670
272,190,000
United
States
Treasury
Note
4
.250
02/28/31
272,658
335,345,000
United
States
Treasury
Note
4
.000
02/15/34
329,791
14,508,000
United
States
Treasury
Note
1
.875
02/15/41
10,114
4,700,000
United
States
Treasury
Note
2
.250
05/15/41
3,472
232,705,800
United
States
Treasury
Note
2
.375
02/15/42
173,084
29,796,000
United
States
Treasury
Note
3
.250
05/15/42
25,328
2,070,000
United
States
Treasury
Note
4
.000
11/15/42
1,950
233,112,000
United
States
Treasury
Note
4
.500
02/15/44
234,387
40,008,000
United
States
Treasury
Note
2
.250
02/15/52
26,316
297,258,000
United
States
Treasury
Note
4
.750
11/15/53
317,323
TOTAL
U.S.
TREASURY
SECURITIES
1,868,584
TOTAL
GOVERNMENT
BONDS
5,235,359
(Cost
$5,453,579)
STRUCTURED
ASSETS
-
3.8%
ASSET
BACKED
-
1.3%
2,200,459
(d)
Air
Canada
Pass
Through
Trust
3
.550
01/15/30
1,945
Series
-
2017
1
(Class
A)
900,000
(d)
AMSR
Trust
3
.148
01/19/39
841
Series
-
2019
SFR1
(Class
C)
800,000
(d)
AMSR
Trust
3
.247
01/19/39
744
Series
-
2019
SFR1
(Class
D)
2,000,000
(c),(d)
BFLD
Trust
Term
SOFR
1
M
+
2.214%
7
.540
10/15/35
907
Series
-
2020
EYP
(Class
C)
CREF
Social
Choice
Account
March
31,
2024
296
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
148,089
(c)
C-BASS
Trust
SOFR
1
M
+
0.274%
3
.523
%
07/25/36
$
142
Series
-
2006
CB6
(Class
A1)
27,160,000
Delta
Air
Lines
Pass
Through
Trust
3
.204
04/25/24
27,139
Series
-
2019
1
(Class
AA)
3,953,606
Delta
Air
Lines
Pass
Through
Trust
2
.000
06/10/28
3,574
Series
-
2020
1
(Class
AA)
15,587,308
Delta
Air
Lines
Pass
Through
Trust
2
.500
06/10/28
14,023
Series
-
2020
1
(Class
A)
55,991
(c),(d)
Ellington
Loan
Acquisition
Trust
SOFR
1
M
+
1.214%
6
.544
05/25/37
55
Series
-
2007
2
(Class
A2C)
5,750,000
(d)
Frontier
Issuer
LLC
8
.300
08/20/53
5,843
Series
-
2023
1
(Class
B)
3,078,025
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
2
.100
05/20/48
2,419
Series
-
2021
3CS
(Class
A)
3,314,049
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
1
.930
07/20/48
2,567
Series
-
2021
4GS
(Class
A)
12,090,903
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
2
.310
10/20/48
9,724
Series
-
2021
5CS
(Class
A)
4,210,679
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
2
.700
01/20/49
3,483
Series
-
2022
1GS
(Class
A)
3,153,851
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
2
.940
01/20/49
2,367
Series
-
2022
1GS
(Class
B)
13,735,455
(d)
GoodLeap
Sustainable
Home
Solutions
Trust
4
.950
07/20/49
12,898
Series
-
2022
3CS
(Class
A)
8,297,000
(d)
Grace
Trust
2
.347
12/10/40
6,761
Series
-
2020
GRCE
(Class
A)
2,421,853
(d)
Helios
Issuer,
LLC
5
.600
08/22/50
2,340
Series
-
2023
B
(Class
B)
2,041,978
(d)
HERO
Funding
Trust
3
.840
09/21/40
1,863
Series
-
2015
1A
(Class
A)
536,556
(d)
HERO
Funding
Trust
3
.990
09/21/40
500
Series
-
2014
2A
(Class
A)
1,011,605
(d)
HERO
Funding
Trust
3
.750
09/20/41
916
Series
-
2016
2A
(Class
A)
922,901
(d)
HERO
Funding
Trust
4
.050
09/20/41
848
Series
-
2016
1A
(Class
A)
356,374
(d)
HERO
Funding
Trust
3
.080
09/20/42
315
Series
-
2016
3A
(Class
A1)
2,783,223
(d)
HERO
Funding
Trust
3
.710
09/20/47
2,466
Series
-
2017
1A
(Class
A1)
2,734,628
(d)
HERO
Funding
Trust
3
.190
09/20/48
2,352
Series
-
2017
3A
(Class
A1)
643,538
(d)
HERO
Funding
Trust
3
.280
09/20/48
560
Series
-
2017
2A
(Class
A1)
2,991,797
(d)
HERO
Funding
Trust
4
.670
09/20/48
2,784
Series
-
2018
1A
(Class
A2)
2,309,738
(d)
HERO
Funding
Trust
2
.240
09/20/51
1,908
Series
-
2021
1A
(Class
A)
7,375,000
(d)
Hertz
Vehicle
Financing
III
LLC
5
.570
09/25/29
7,429
Series
-
2023
2A
(Class
A)
11,787
(c)
Home
Equity
Asset
Trust
SOFR
1
M
+
1.614%
3
.986
06/25/33
11
Series
-
2003
1
(Class
M1)
599,972
(c),(d)
Invitation
Homes
Trust
SOFR
1
M
+
1.364%
6
.690
01/17/38
601
Series
-
2018
SFR4
(Class
B)
3,058,597
(d)
Loanpal
Solar
Loan
Ltd
2
.290
01/20/48
2,453
Series
-
2021
1GS
(Class
A)
5,252,988
(d)
Loanpal
Solar
Loan
Ltd
2
.220
03/20/48
4,085
Series
-
2021
2GS
(Class
A)
1,827,154
(a),(d)
Mosaic
Solar
Loan
Trust
0
.000
04/20/46
1,133
Series
-
2020
1A
(Class
R)
1,190,622
(d)
Mosaic
Solar
Loan
Trust
2
.100
04/20/46
1,031
Series
-
2020
1A
(Class
A)
297
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,647,736
(d)
Mosaic
Solar
Loan
Trust
3
.100
%
04/20/46
$
1,439
Series
-
2020
1A
(Class
B)
1,941,600
(d)
Mosaic
Solar
Loan
Trust
2
.050
12/20/46
1,524
Series
-
2021
1A
(Class
B)
1,305,000
(a),(d)
Mosaic
Solar
Loan
Trust
10
.000
09/20/49
1,093
Series
-
2024
1A
(Class
D)
2,889,392
(d)
Mosaic
Solar
Loan
Trust
1
.440
06/20/52
2,340
Series
-
2021
3A
(Class
A)
2,592,397
(d)
Mosaic
Solar
Loans
LLC
3
.820
06/22/43
2,417
Series
-
2017
2A
(Class
A)
3,062,454
(d)
Mosaic
Solar
Loans
LLC
1
.640
04/22/47
2,493
Series
-
2021
2A
(Class
A)
750,000
(d)
Progress
Residential
Trust
2
.711
11/17/40
653
Series
-
2021
SFR9
(Class
D)
1,900,053
(d)
Renew
3
.670
09/20/52
1,722
Series
-
2017
1A
(Class
A)
3,890,901
(d)
Renew
3
.950
09/20/53
3,556
Series
-
2018
1
(Class
A)
3,548,722
(d)
Renew
2
.060
11/20/56
2,831
Series
-
2021
1
(Class
A)
4,954,119
SCE
Recovery
Funding
LLC
0
.861
11/15/31
4,243
Series
-
2021
A-1
(Class
A)
181,412
(c)
Structured
Asset
Investment
Loan
Trust
SOFR
1
M
+
1.014%
6
.344
09/25/34
172
Series
-
2004
8
(Class
M1)
6,295,721
(d)
Sunnova
Helios
VII
Issuer
LLC
2
.030
10/20/48
5,505
Series
-
2021
C
(Class
A)
3,558,766
(d)
Sunnova
Helios
VIII
Issuer
LLC
2
.790
02/22/49
3,191
Series
-
2022
A
(Class
A)
2,630,583
(d)
Sunrun
Athena
Issuer
LLC
5
.310
04/30/49
2,517
Series
-
2018
1
(Class
A)
8,517,905
(d)
Sunrun
Atlas
Issuer
LLC
3
.610
02/01/55
7,785
Series
-
2019
2
(Class
A)
5,367,838
(d)
Sunrun
Callisto
Issuer
LLC
2
.270
01/30/57
4,379
Series
-
2021
2A
(Class
A)
5,041,399
(d)
Sunrun
Julius
Issuer
LLC
6
.600
01/30/59
5,062
Series
-
2023
2A
(Class
A1)
6,694,395
(d)
Sunrun
Jupiter
Issuer
LLC
4
.750
07/30/57
6,244
Series
-
2022
1A
(Class
A)
11,281,150
(d)
Tesla
Auto
Lease
Trust
5
.860
08/20/25
11,296
Series
-
2023
A
(Class
A2)
1,148,370
(d)
Tesla
Auto
Lease
Trust
0
.600
09/22/25
1,147
Series
-
2021
B
(Class
A3)
5,000,000
(d)
Tesla
Auto
Lease
Trust
0
.630
09/22/25
4,983
Series
-
2021
B
(Class
A4)
4,625,000
(d)
Tesla
Auto
Lease
Trust
5
.890
06/22/26
4,651
Series
-
2023
A
(Class
A3)
9,422,000
(d)
Tesla
Auto
Lease
Trust
6
.130
09/21/26
9,508
Series
-
2023
B
(Class
A3)
2,385,000
(d)
Tesla
Auto
Lease
Trust
6
.220
03/22/27
2,415
Series
-
2023
B
(Class
A4)
5,390,000
(d)
Tesla
Auto
Lease
Trust
5
.300
06/21/27
5,379
Series
-
2024
A
(Class
A3)
5,380,000
(d)
Tesla
Auto
Lease
Trust
6
.570
08/20/27
5,447
Series
-
2023
B
(Class
B)
8,250,000
(d)
Tesla
Electric
Vehicle
Trust
5
.540
12/21/26
8,254
Series
-
2023
1
(Class
A2A)
4,650,000
(d)
Tesla
Electric
Vehicle
Trust
5
.380
06/20/28
4,668
Series
-
2023
1
(Class
A3)
1,500,000
(d)
Tesla
Electric
Vehicle
Trust
5
.380
02/20/29
1,510
Series
-
2023
1
(Class
A4)
2,676,764
Toyota
Auto
Receivables
Owner
Trust
0
.260
11/17/25
2,634
Series
-
2021
B
(Class
A3)
CREF
Social
Choice
Account
March
31,
2024
298
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
9,900,000
Toyota
Auto
Receivables
Owner
Trust
0
.530
%
10/15/26
$
9,418
Series
-
2021
B
(Class
A4)
475,000
(d)
Tricon
American
Homes
Trust
2
.049
07/17/38
438
Series
-
2020
SFR1
(Class
B)
13,216,186
(d)
Vivint
Colar
Financing
V
LLC
4
.730
04/30/48
12,304
Series
-
2018
1A
(Class
A)
4,421,303
(d)
Vivint
Solar
Financing
VII
LLC
2
.210
07/31/51
3,639
Series
-
2020
1A
(Class
A)
TOTAL
ASSET
BACKED
275,884
OTHER
MORTGAGE
BACKED
-
2.5%
72,728
(c),(d)
Agate
Bay
Mortgage
Trust
3
.500
09/25/45
65
Series
-
2015
6
(Class
A9)
4,075,000
(c),(d)
Alen
Mortgage
Trust
SOFR
1
M
+
2.364%
7
.690
04/15/34
3,058
Series
-
2021
ACEN
(Class
C)
5,000,000
(d)
BANK
2
.500
10/17/52
2,888
Series
-
2019
BN21
(Class
D)
6,500,000
(c)
BANK
3
.517
10/17/52
4,843
Series
-
2019
BN21
(Class
C)
8,000,000
(c)
BANK
3
.461
11/15/62
6,644
Series
-
2019
BN22
(Class
C)
4,940,000
(c),(d)
BBCMS
Mortgage
Trust
4
.267
08/05/38
3,533
Series
-
2018
CHRS
(Class
E)
2,750,000
(d)
BBCMS
Trust
4
.798
08/10/35
2,377
Series
-
2015
SRCH
(Class
C)
1,316,000
(c),(d)
BBCMS
Trust
4
.957
08/10/35
1,100
Series
-
2015
SRCH
(Class
D)
8,870,000
(c),(d)
Benchmark
Mortgage
Trust
3
.899
03/15/62
6,338
Series
-
2019
B10
(Class
3CCA)
5,200,000
(d)
BMO
360A
3
.776
02/17/55
4,270
Series
-
2022
C1
(Class
360A)
5,238,932
(c),(d)
BX
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
1.312%
6
.637
10/15/38
5,189
Series
-
2021
XL2
(Class
C)
6,000,000
(c),(d)
BX
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
1.840%
7
.165
01/17/39
5,926
Series
-
2022
AHP
(Class
B)
6,000,000
(c),(d)
BX
TRUST
Term
SOFR
1
M
+
1.490%
6
.815
01/17/39
5,936
Series
-
2022
AHP
(Class
AS)
2,901,500
(c),(d)
CCRC
Affordable
Multifamily
Housing
Mortgage
Trust
5
.637
06/25/34
2,586
Series
-
2017
Q005
(Class
B)
2,000,000
(c)
CD
Mortgage
Trust
3
.879
11/10/49
1,741
Series
-
2016
CD2
(Class
B)
1,000,000
(c),(d)
Century
Plaza
Towers
2
.997
11/13/39
836
Series
-
2019
CPT
(Class
B)
2,000,000
(c)
Citigroup
Commercial
Mortgage
Trust
4
.137
04/10/48
1,861
Series
-
2015
GC29
(Class
C)
1,615,000
Citigroup
Commercial
Mortgage
Trust
3
.018
08/10/56
1,406
Series
-
2019
GC41
(Class
AS)
3,740,000
(c),(d)
COMM
Mortgage
Trust
3
.413
10/10/29
3,423
Series
-
2017
PANW
(Class
B)
3,000,000
(c),(d)
COMM
Mortgage
Trust
3
.538
10/10/29
2,688
Series
-
2017
PANW
(Class
C)
5,120,000
(d)
COMM
Mortgage
Trust
4
.353
08/10/30
4,821
Series
-
2013
300P
(Class
A1)
4,375,000
(d)
COMM
Mortgage
Trust
3
.376
01/10/39
3,831
Series
-
2022
HC
(Class
C)
3,500,000
(c),(d)
COMM
Mortgage
Trust
4
.066
03/10/48
2,982
Series
-
2015
CR22
(Class
D)
1,100,000
(c)
COMM
Mortgage
Trust
4
.283
05/10/48
1,031
Series
-
2015
CR23
(Class
C)
1,000,000
(c)
COMM
Mortgage
Trust
4
.283
05/10/48
888
Series
-
2015
CR23
(Class
D)
299
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
2,500,000
(c)
COMM
Mortgage
Trust
3
.463
%
08/10/48
$
2,157
Series
-
2015
CR24
(Class
D)
1,000,000
COMM
Mortgage
Trust
3
.263
08/15/57
879
Series
-
2019
GC44
(Class
AM)
5,000,000
(c),(d)
Commercial
Mortgage
Pass
Through
Certificates
4
.084
01/10/39
4,328
Series
-
2022
HC
(Class
D)
22,834,198
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.500%
8
.820
03/25/42
23,969
Series
-
2022
R03
(Class
1M2)
4,985,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.000%
8
.320
04/25/42
5,146
Series
-
2022
R05
(Class
2M2)
15,710,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.850%
9
.170
05/25/42
16,687
Series
-
2022
R06
(Class
1M2)
4,298,000
(c),(d)
Connecticut
Avenue
Securities
Trust
SOFR
+
3.600%
8
.920
07/25/42
4,546
Series
-
2022
R08
(Class
1M2)
19,020,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
4.750%
10
.071
09/25/42
20,823
Series
-
2022
R09
(Class
2M2)
24,864,000
(c),(d)
Connecticut
Avenue
Securities
Trust
30
D
AVG
SOFR
+
3.750%
9
.071
12/25/42
26,624
Series
-
2023
R01
(Class
1M2)
15,000,000
(d)
CPT
Mortgage
Trust
2
.865
11/13/39
12,904
Series
-
2019
CPT
(Class
A)
2,000,000
(c),(d)
CPT
Mortgage
Trust
2
.997
11/13/39
1,330
Series
-
2019
CPT
(Class
E)
5,000,000
(c),(d)
Credit
Suisse
Commercial
Mortgage
Trust
3
.728
11/10/32
3,721
Series
-
2017
CALI
(Class
B)
2,000,000
(c),(d)
Credit
Suisse
Mortgage
Capital
Certificates
3
.388
10/25/59
1,837
Series
-
2019
NQM1
(Class
M1)
2,970,425
(c),(d)
Credit
Suisse
Mortgage
Capital
Certificates
2
.405
10/25/66
2,524
Series
-
2021
NQM8
(Class
A3)
6,650,000
(c),(d)
CSAIL
Commercial
Mortgage
Trust
3
.677
06/15/37
5,988
Series
-
2017
C8
(Class
85BA)
6,100,000
(c),(d)
CSAIL
Commercial
Mortgage
Trust
3
.677
06/15/37
5,217
Series
-
2017
C8
(Class
85BB)
102,725,000
(c),(d)
DOLP
Trust
0
.665
05/10/41
3,586
Series
-
2021
NYC
(Class
X)
7,491,280
(c),(d)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
1.434%
6
.760
11/15/38
7,420
Series
-
2021
ELP
(Class
C)
3,995,350
(c),(d)
ELP
Commercial
Mortgage
Trust
SOFR
1
M
+
2.233%
7
.559
11/15/38
3,959
Series
-
2021
ELP
(Class
E)
10,260,000
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
1
.878
01/25/31
8,596
Series
-
2021
P009
(Class
A2)
7,324,000
(c)
FGLMC
2
.760
02/25/32
6,231
Series
-
2022
P013
(Class
A2)
3,500,000
FGLMC
3
.871
07/25/33
3,275
Series
-
2015
Q002
(Class
A2)
4,444,708
FGLMC
1
.555
01/25/36
3,555
Series
-
2020
Q014
(Class
A1)
16,362,704
FGLMC
3
.150
10/15/36
13,853
Series
-
2022
M068
(Class
A)
1,725,000
FGLMC
4
.013
04/15/37
1,586
Series
-
2022
M069
(Class
A)
6,580,858
FGLMC
1
.877
07/25/37
5,204
Series
-
2021
21-ML08
(Class
ML08)
38,980,937
(c)
FGLMC
1
.770
11/25/37
4,671
Series
-
2021
ML08
(Class
XCA)
5,960,000
FGLMC
1
.761
09/15/38
4,705
Series
-
2020
M061
(Class
A)
15,587,996
FGLMC
2
.340
07/25/41
12,691
Series
-
2021
ML12
(Class
AUS)
37,177
(c),(d)
Flagstar
Mortgage
Trust
4
.000
09/25/48
34
Series
-
2018
5
(Class
A11)
1,359,652
(c),(d)
Flagstar
Mortgage
Trust
2
.500
04/25/51
1,086
Series
-
2021
2
(Class
A4)
CREF
Social
Choice
Account
March
31,
2024
300
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,171,712
(c),(d)
Flagstar
Mortgage
Trust
2
.500
%
06/01/51
$
3,331
Series
-
2021
4
(Class
A21)
2,948,167
(c),(d)
Flagstar
Mortgage
Trust
3
.346
07/25/51
2,290
Series
-
2021
5INV
(Class
B4)
1,024,958
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.518
09/25/35
781
Series
-
2020
Q012
(Class
A3)
11,875,000
(d)
Frontier
Issuer
LLC
6
.600
08/20/53
11,993
Series
-
2023
1
(Class
A2)
1,325,000
(c),(d)
GCT
Commercial
Mortgage
Trust
Term
SOFR
1
M
+
0.914%
6
.240
02/15/38
1,112
Series
-
2021
GCT
(Class
A)
2,972,000
(c),(d)
GS
Mortgage
Securities
Trust
4
.740
03/10/33
2,664
Series
-
2018
GS10
(Class
WLSC)
3,000,000
GS
Mortgage
Securities
Trust
3
.143
10/10/49
2,786
Series
-
2016
GS3
(Class
AS)
830,000
(c)
GS
Mortgage
Securities
Trust
3
.952
11/10/49
708
Series
-
2016
GS4
(Class
C)
342,844
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
01/25/51
289
Series
-
2020
PJ4
(Class
A4)
25,762,666
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
0
.257
03/27/51
315
Series
-
2020
PJ5
(Class
AX1)
701,501
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
03/27/51
593
Series
-
2020
PJ5
(Class
A4)
1,611,272
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
05/25/51
1,303
Series
-
2020
PJ6
(Class
A4)
5,312,480
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2
.500
10/25/51
4,242
Series
-
2021
PJ5
(Class
A4)
4,684,209
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
06/25/52
3,892
Series
-
2022
PJ2
(Class
A36)
2,243,141
(c),(d)
GS
Mortgage-Backed
Securities
Corp
Trust
3
.000
09/25/52
1,864
Series
-
2022
PJ4
(Class
A36)
400,724
(c),(d)
GS
Mortgage-Backed
Securities
Trust
3
.630
05/25/50
341
Series
-
2020
PJ1
(Class
B2)
1,079,835
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
07/25/51
862
Series
-
2021
PJ2
(Class
A4)
10,151,142
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
8,106
Series
-
2021
PJ7
(Class
A4)
4,532,761
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.500
01/25/52
3,620
Series
-
2021
PJ8
(Class
A4)
2,489,656
(c),(d)
GS
Mortgage-Backed
Securities
Trust
2
.722
01/25/52
1,951
Series
-
2021
PJ7
(Class
B2)
5,192,708
(c),(d)
GS
Mortgage-Backed
Securities
Trust
3
.000
10/25/52
4,315
Series
-
2022
PJ5
(Class
A36)
2,897,737
(c),(d)
GS
Mortgage-Backed
Securities
Trust
3
.000
01/25/53
2,408
Series
-
2022
PJ6
(Class
A24)
5,677,126
(c),(d)
GS
Mortgage-Backed
Securities
Trust
3
.500
02/25/53
4,914
Series
-
2023
PJ1
(Class
A24)
3,785,000
(d)
Hudson
Yards
Mortgage
Trust
2
.835
08/10/38
3,538
Series
-
2016
10HY
(Class
A)
5,000,000
(c),(d)
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
4,634
Series
-
2016
10HY
(Class
B)
5,000,000
(c),(d)
Hudson
Yards
Mortgage
Trust
2
.977
08/10/38
4,589
Series
-
2016
10HY
(Class
C)
7,000,000
(d)
Hudson
Yards
Mortgage
Trust
3
.228
07/10/39
6,274
Series
-
2019
30HY
(Class
A)
4,000,000
(c),(d)
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
3,253
Series
-
2019
55HY
(Class
D)
7,000,000
(c),(d)
Hudson
Yards
Mortgage
Trust
2
.943
12/10/41
5,422
Series
-
2019
55HY
(Class
E)
480,000
(c),(d)
Imperial
Fund
Mortgage
Trust
3
.531
10/25/55
412
Series
-
2020
NQM1
(Class
M1)
301
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,700,000
(c),(d)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
M
+
2.134%
7
.460
%
10/15/33
$
1,602
Series
-
2020
609M
(Class
B)
2,000,000
(c),(d)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
Month
+
2.534%
7
.860
10/15/33
1,767
Series
-
2020
609M
(Class
C)
1,128,330
(c),(d)
JP
Morgan
Mortgage
Trust
LIBOR
1
M
-
0.000%
6
.677
12/25/44
1,085
Series
-
2015
1
(Class
B1)
72,986
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
05/25/45
66
Series
-
2015
3
(Class
A19)
396,318
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
10/25/45
354
Series
-
2015
6
(Class
A13)
292,561
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
09/25/48
254
Series
-
2018
3
(Class
A13)
815,038
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
10/25/48
706
Series
-
2018
5
(Class
A13)
786,499
(c),(d)
JP
Morgan
Mortgage
Trust
4
.257
10/26/48
778
Series
-
2017
5
(Class
A2)
182,997
(c),(d)
JP
Morgan
Mortgage
Trust
4
.000
02/25/49
167
Series
-
2018
9
(Class
A13)
158,278
(c),(d)
JP
Morgan
Mortgage
Trust
4
.000
05/25/49
147
Series
-
2019
1
(Class
A15)
1,536,587
(c),(d)
JP
Morgan
Mortgage
Trust
3
.823
06/25/50
1,340
Series
-
2020
1
(Class
B2)
20,320,848
(c),(d)
JP
Morgan
Mortgage
Trust
0
.139
07/25/51
151
Series
-
2021
3
(Class
AX1)
14,410,675
(c),(d)
JP
Morgan
Mortgage
Trust
0
.130
08/25/51
101
Series
-
2021
4
(Class
AX1)
2,610,842
(c),(d)
JP
Morgan
Mortgage
Trust
2
.880
08/25/51
2,072
Series
-
2021
4
(Class
B2)
27,751,768
(c),(d)
JP
Morgan
Mortgage
Trust
0
.137
10/25/51
210
Series
-
2021
6
(Class
AX1)
3,101,301
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
10/25/51
2,476
Series
-
2021
6
(Class
A15)
1,157,853
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
12/25/51
925
Series
-
2021
10
(Class
A15)
2,967,991
(c),(d)
JP
Morgan
Mortgage
Trust
3
.212
01/25/52
2,313
Series
-
2021
INV4
(Class
B4)
1,047,978
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
02/25/52
836
Series
-
2021
12
(Class
A15)
3,526,505
(c),(d)
JP
Morgan
Mortgage
Trust
3
.140
04/25/52
2,721
Series
-
2021
13
(Class
B4)
1,740,876
(c),(d)
JP
Morgan
Mortgage
Trust
2
.500
05/25/52
1,388
Series
-
2021
14
(Class
A15)
1,111,655
(c),(d)
JP
Morgan
Mortgage
Trust
2
.927
05/25/52
915
Series
-
2021
LTV2
(Class
A3)
972,268
(c),(d)
JP
Morgan
Mortgage
Trust
3
.289
05/25/52
767
Series
-
2021
INV8
(Class
B4)
6,731,326
(c),(d)
JP
Morgan
Mortgage
Trust
3
.000
08/25/52
5,593
Series
-
2022
2
(Class
A25)
6,101,537
(c),(d)
JP
Morgan
Mortgage
Trust
3
.500
09/25/52
5,289
Series
-
2022
LTV2
(Class
A6)
3,228,595
(c),(d)
JP
Morgan
Mortgage
Trust
3
.000
12/25/52
2,683
Series
-
2022
7
(Class
1A17)
1,589,527
(c),(d)
JP
Morgan
Mortgage
Trust
4
.000
12/25/52
1,429
Series
-
2022
7
(Class
2A6A)
21,884,000
(c),(d)
JP
Morgan
Mortgage
Trust
Series
3
.000
05/25/54
18,106
Series
-
2024
3
(Class
A9)
4,000,000
(d)
Liberty
Street
Trust
3
.597
02/10/36
3,712
Series
-
2016
225L
(Class
A)
5,493,000
(c),(d)
MAD
Mortgage
Trust
3
.082
08/15/34
5,083
Series
-
2017
330M
(Class
A)
CREF
Social
Choice
Account
March
31,
2024
302
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
4,000,000
(c),(d)
MAD
Mortgage
Trust
3
.254
%
08/15/34
$
3,535
Series
-
2017
330M
(Class
B)
2,000,000
(c),(d)
Manhattan
West
2
.335
09/10/39
1,748
Series
-
2020
1MW
(Class
C)
2,000,000
(d)
Manhattan
West
Mortgage
Trust
2
.130
09/10/39
1,778
Series
-
2020
1MW
(Class
A)
2,169,000
(c),(d)
Menora
Mivtachim
Holdings
Ltd
3
.939
02/17/55
1,243
Series
-
2022
C1
(Class
360D)
129,081
(c)
Morgan
Stanley
Capital
I
Trust
5
.877
12/12/49
55
Series
-
2007
IQ16
(Class
AJFX)
844,126
(c),(d)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2
.500
07/25/51
737
Series
-
2021
4
(Class
A4)
3,000,000
(c),(d)
MSDB
Trust
3
.316
07/11/39
2,671
Series
-
2017
712F
(Class
A)
4,880,929
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
1.579%
5
.915
07/15/36
4,520
Series
-
2019
MILE
(Class
A)
6,750,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
1.879%
7
.205
07/15/36
5,896
Series
-
2019
MILE
(Class
B)
4,250,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
SOFR
1
M
+
2.279%
7
.605
07/15/36
3,502
Series
-
2019
MILE
(Class
C)
9,800,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
M
+
3.579%
8
.905
07/15/36
7,052
Series
-
2019
MILE
(Class
E)
1,500,000
(c),(d)
Natixis
Commercial
Mortgage
Securities
Trust
Term
SOFR
1
M
+
4.329%
9
.655
07/15/36
1,000
Series
-
2019
MILE
(Class
F)
30,484
(c)
New
York
Mortgage
Trust
SOFR
1
M
+
0.594%
5
.924
02/25/36
30
Series
-
2005
3
(Class
A1)
4,926,893
(c),(d)
OBX
Trust
2
.500
07/25/51
3,934
Series
-
2021
J2
(Class
A19)
274,678
(c),(d)
OBX
Trust
SOFR
1
M
+
0.764%
4
.658
06/25/57
265
Series
-
2018
1
(Class
A2)
1,491,320
(c),(d)
Oceanview
Mortgage
Trust
2
.500
05/25/51
1,191
Series
-
2021
1
(Class
A19)
1,744,320
(c),(d)
Oceanview
Mortgage
Trust
4
.500
11/25/52
1,618
Series
-
2022
1
(Class
A1)
11,800,000
(d)
One
Bryant
Park
Trust
2
.516
09/15/54
10,095
Series
-
2019
OBP
(Class
A)
3,432,374
(d)
One
Market
Plaza
Trust
3
.614
02/10/32
3,173
Series
-
2017
1MKT
(Class
A)
1,000,000
(d)
One
Market
Plaza
Trust
3
.845
02/10/32
907
Series
-
2017
1MKT
(Class
B)
2,000,000
(d)
One
Market
Plaza
Trust
4
.146
02/10/32
1,752
Series
-
2017
1MKT
(Class
D)
2,862,953
(c),(d)
RCKT
Mortgage
Trust
2
.500
06/25/51
2,286
Series
-
2021
2
(Class
A21)
2,428,043
(c),(d)
RCKT
Mortgage
Trust
2
.780
07/25/51
1,836
Series
-
2021
3
(Class
B4)
4,818,079
(c),(d)
RCKT
Mortgage
Trust
2
.500
09/25/51
3,847
Series
-
2021
4
(Class
A21)
1,882,305
RCKT
Mortgage
Trust
3
.006
09/25/51
1,443
4,922,880
(c),(d)
RCKT
Mortgage
Trust
2
.922
11/25/51
3,749
Series
-
2021
5
(Class
B4)
5,071,157
(c),(d)
RCKT
Mortgage
Trust
3
.500
06/25/52
4,387
Series
-
2022
4
(Class
A22)
392,989
(c),(d)
Sequoia
Mortgage
Trust
3
.500
05/25/45
351
Series
-
2015
2
(Class
A1)
170,366
(c),(d)
Sequoia
Mortgage
Trust
3
.500
06/25/46
152
Series
-
2016
1
(Class
A19)
622,279
(c),(d)
Sequoia
Mortgage
Trust
3
.724
09/25/47
570
Series
-
2017
6
(Class
B1)
8,998
(c),(d)
Sequoia
Mortgage
Trust
4
.000
09/25/48
8
Series
-
2018
7
(Class
A19)
303
See
Notes
to
Portfolio
of
Investments
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
(000)
$
1,364,239
(c),(d)
Sequoia
Mortgage
Trust
3
.000
%
04/25/50
$
1,150
Series
-
2020
3
(Class
A19)
3,552,352
(c),(d)
Sequoia
Mortgage
Trust
5
.000
01/25/53
3,378
Series
-
2023
1
(Class
A19)
78,068,000
(c),(d)
SLG
Office
Trust
0
.258
07/15/41
1,132
Series
-
2021
OVA
(Class
X)
1,755,000
(c),(d)
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
30
D
AVG
SOFR
+
2.614%
7
.935
02/25/50
1,835
Series
-
2020
DNA2
(Class
B1)
1,125,000
(c),(d)
STWD
Mortgage
Trust
Term
SOFR
1
M
+
1.371%
6
.697
11/15/36
1,117
Series
-
2021
LIH
(Class
AS)
4,000,000
(d)
SUMIT
Mortgage
Trust
2
.789
02/12/41
3,091
Series
-
2022
BVUE
(Class
A)
2,417,950
(c),(d)
Verus
Securitization
Trust
2
.240
10/25/66
2,028
Series
-
2021
7
(Class
A3)
1,205,000
(c),(d)
WB
Commercial
Mortgage
Trust
6
.134
03/15/40
1,213
Series
-
2024
HQ
(Class
A)
45,047
(c),(d)
Wells
Fargo
Mortgage
Backed
Securities
Trust
4
.000
04/25/49
42
Series
-
2019
2
(Class
A17)
435,251
(c),(d)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3
.000
07/25/50
368
Series
-
2020
4
(Class
A17)
6,639,009
(c),(d)
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
06/25/51
5,301
Series
-
2021
2
(Class
A17)
2,284,161
(c),(d)
Wells
Fargo
Mortgage
Backed
Securities
Trust
2
.500
12/25/51
1,821
Series
-
2022
2
(Class
A18)
145,780
(c),(d)
WinWater
Mortgage
Loan
Trust
3
.920
06/20/44
119
Series
-
2014
1
(Class
B4)
TOTAL
OTHER
MORTGAGE
BACKED
555,157
TOTAL
STRUCTURED
ASSETS
831,041
(Cost
$915,105)
SHARES
REFERENCERATE
&
SPREAD
COMMON
STOCKS
-
59.9%
AUTOMOBILES
&
COMPONENTS
-
1.4%
222,606
(h)
American
Axle
&
Manufacturing
Holdings,
Inc
1,638
162,522
(h)
Aptiv
plc
12,945
169,453
Bayerische
Motoren
Werke
AG.
19,551
73,915
Bayerische
Motoren
Werke
AG.
(Preference)
7,931
373,600
Bridgestone
Corp
16,558
430,697
Cie
Generale
des
Etablissements
Michelin
S.C.A
16,506
56,647
Continental
AG.
4,089
313,509
Daimler
AG.
(Registered)
24,967
1,867,890
Honda
Motor
Co
Ltd
23,113
721,100
Isuzu
Motors
Ltd
9,748
265,187
Magna
International,
Inc
14,446
100,348
(h)
Modine
Manufacturing
Co
9,552
797,481
(f),(h)
Rivian
Automotive,
Inc
8,732
697,158
(h)
Tesla,
Inc
122,553
594,969
Yamaha
Motor
Co
Ltd
5,481
TOTAL
AUTOMOBILES
&
COMPONENTS
297,810
BANKS
-
3.2%
2,364
Ameris
Bancorp
114
2,184,130
(f)
Banco
Bilbao
Vizcaya
Argentaria
S.A.
26,010
25,028
(h)
Bancorp,
Inc
837
1,521,949
Bank
Hapoalim
Ltd
14,263
270,720
Bank
of
Montreal
26,432
486,090
(f)
Bank
of
Nova
Scotia
25,145
65,681
Bank
OZK
2,986
2,405
Banner
Corp
115
CREF
Social
Choice
Account
March
31,
2024
304
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
68,859
Berkshire
Hills
Bancorp,
Inc
$
1,578
4,739,500
BOC
Hong
Kong
Holdings
Ltd
12,708
1,840
Cadence
Bank
53
6,038
(f)
Camden
National
Corp
202
425,637
(f)
Canadian
Imperial
Bank
of
Commerce
21,578
1,072,146
Citigroup,
Inc
67,803
1,366
Citizens
Financial
Group,
Inc
50
2,120
Columbia
Banking
System,
Inc
41
863
Commerce
Bancshares,
Inc
46
494,639
Commonwealth
Bank
of
Australia
38,799
889
Community
Trust
Bancorp,
Inc
38
55,792
(h)
Customers
Bancorp,
Inc
2,960
568,987
DNB
Bank
ASA
11,310
330,921
Erste
Bank
der
Oesterreichischen
Sparkassen
AG.
14,748
7,030
First
Busey
Corp
169
1,019
Glacier
Bancorp,
Inc
41
1,984
Hancock
Whitney
Corp
91
4,964
Heritage
Financial
Corp
96
5,484,490
HSBC
Holdings
plc
42,871
414,518
Huntington
Bancshares,
Inc
5,783
6,543,789
Intesa
Sanpaolo
S.p.A.
23,758
535,325
JPMorgan
Chase
&
Co
107,226
210,652
KBC
Groep
NV
15,793
2,557
Keycorp
40
1,076,221
Mizuho
Financial
Group,
Inc
21,283
36,265
National
Bank
Holdings
Corp
1,308
178,034
(f)
National
Bank
of
Canada
14,991
9,051
Old
National
Bancorp
158
1,809,667
Oversea-Chinese
Banking
Corp
18,082
300,721
PNC
Financial
Services
Group,
Inc
48,597
990,460
Regions
Financial
Corp
20,839
594,864
Societe
Generale
15,938
1,882,907
Standard
Chartered
plc
15,963
1,241,707
(f)
Svenska
Handelsbanken
AB
12,554
2,226
(h)
Texas
Capital
Bancshares,
Inc
137
560,694
Toronto-Dominion
Bank
33,839
4,787
Trico
Bancshares
176
463,111
Truist
Financial
Corp
18,052
2,114
UMB
Financial
Corp
184
18,027
Univest
Financial
Corp
375
2,021
Westamerica
Bancorporation
99
1,110
Wintrust
Financial
Corp
116
TOTAL
BANKS
686,375
CAPITAL
GOODS
-
4.5%
389,871
3M
Co
41,354
575,715
ABB
Ltd
26,708
790
Acuity
Brands,
Inc
212
247
Allegion
plc
33
181,708
Ashtead
Group
plc
12,943
510,377
Assa
Abloy
AB
14,647
1,084,108
Atlas
Copco
AB
16,012
1,169,208
Atlas
Copco
AB
19,746
91,736
(h)
Axon
Enterprise,
Inc
28,702
688
(h)
Beacon
Roofing
Supply,
Inc
67
12,294
Boise
Cascade
Co
1,886
272,149
Bouygues
S.A.
11,110
413,898
(h)
CAE,
Inc
8,547
866,531
Carrier
Global
Corp
50,371
218,845
Caterpillar,
Inc
80,191
51,829
Cummins,
Inc
15,271
74,989
Curtiss-Wright
Corp
19,193
305
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
900
Daifuku
Co
Ltd
$
22
81,100
Daikin
Industries
Ltd
11,073
92,545
DCC
plc
6,733
155,356
Deere
&
Co
63,811
396
Dover
Corp
70
216,730
Eaton
Corp
plc
67,767
98,775
Eiffage
S.A.
11,210
1,733
EMCOR
Group,
Inc
607
71,368
Emerson
Electric
Co
8,095
1,823
Epiroc
AB
34
46,955
Fanuc
Ltd
1,310
172,378
Fastenal
Co
13,297
576
Ferguson
plc
126
144,957
Fortive
Corp
12,469
3,852
Fortune
Brands
Innovations,
Inc
326
4,591
Geberit
AG.
2,713
127,826
(h)
Great
Lakes
Dredge
&
Dock
Corp
1,119
143,716
Hexcel
Corp
10,470
986
Husqvarna
AB
(B
Shares)
8
2,459
IDEX
Corp
600
223,686
Illinois
Tool
Works,
Inc
60,022
1,115
Ingersoll
Rand,
Inc
106
355,681
Johnson
Controls
International
plc
23,233
1,076,270
Keppel
Corp
Ltd
5,849
346,500
Komatsu
Ltd
10,253
271,696
(h)
Kratos
Defense
&
Security
Solutions,
Inc
4,994
383,900
Kubota
Corp
6,023
161,080
Legrand
S.A.
17,058
86
Lennox
International,
Inc
42
50,237
(h)
Manitowoc
Co,
Inc
710
874,400
Marubeni
Corp
15,144
105,523
(h)
Mercury
Computer
Systems,
Inc
3,113
52,107
Metso
Outotec
Oyj
619
501,800
Mitsui
&
Co
Ltd
23,460
31,924
Moog,
Inc
(Class
A)
5,097
15,055
(h)
MYR
Group,
Inc
2,661
147,555
(f)
Nibe
Industrier
AB
726
333,800
Obayashi
Corp
3,969
9,277
Owens
Corning,
Inc
1,547
455
Pentair
plc
39
107,001
(f),(h)
Plug
Power,
Inc
368
51,414
(h)
Proto
Labs,
Inc
1,838
31,896
Quanta
Services,
Inc
8,287
56,823
Rockwell
Automation,
Inc
16,554
7,116
Rush
Enterprises,
Inc
(Class
A)
381
127,111
Sandvik
AB
2,822
164,206
Schneider
Electric
S.A.
37,123
55,809,519
(f),(h)
SembCorp
Marine
Ltd
3,262
355,600
(f)
Shimizu
Corp
2,296
216,049
Siemens
AG.
41,252
18,061
(f)
SKF
AB
(B
Shares)
369
151,416
(f),(h)
Stem,
Inc
332
111,428
(f),(h)
SunPower
Corp
334
392
Toto
Ltd
11
101,895
Trane
Technologies
plc
30,589
118,758
(h)
Triumph
Group,
Inc
1,786
44,615
United
Rentals,
Inc
32,172
24,341
(h)
V2X,
Inc
1,137
258,187
Vestas
Wind
Systems
A.S.
7,202
697,434
(f)
Volvo
AB
(B
Shares)
18,902
19,301
W.W.
Grainger,
Inc
19,635
1,964
Wabash
National
Corp
59
CREF
Social
Choice
Account
March
31,
2024
306
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
344,045
Wartsila
Oyj
(B
Shares)
$
5,229
40,621
WSP
Global,
Inc
6,770
53,419
Xylem,
Inc
6,904
700
Yaskawa
Electric
Corp
30
TOTAL
CAPITAL
GOODS
989,162
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.5%
834
ABM
Industries,
Inc
37
33,977
ACCO
Brands
Corp
191
53,127
(h)
ASGN,
Inc
5,566
249,991
Automatic
Data
Processing,
Inc
62,433
3,969
Brambles
Ltd
42
369,489
Bureau
Veritas
S.A.
11,282
274,481
Computershare
Ltd
4,675
957,232
(h)
Copart,
Inc
55,443
23,184
CSG
Systems
International,
Inc
1,195
614
Dai
Nippon
Printing
Co
Ltd
19
195,183
(h)
ExlService
Holdings,
Inc
6,207
43,749
(h)
FTI
Consulting,
Inc
9,200
5,059
Heidrick
&
Struggles
International,
Inc
170
44,488
Intertek
Group
plc
2,800
56,079
Kelly
Services,
Inc
(Class
A)
1,404
50,425
(h)
Liquidity
Services,
Inc
938
205,155
(h)
OPENLANE,
Inc
3,549
37,996
(f)
Randstad
Holdings
NV
2,006
71,301
(f)
RB
Global,
Inc
5,431
288,600
Recruit
Holdings
Co
Ltd
12,671
673,559
RELX
plc
29,048
62,095
Robert
Half
International,
Inc
4,923
471
Secom
Co
Ltd
34
97,700
(h)
SGS
S.A.
9,485
20,295
(f),(h)
Sterling
Check
Corp
326
102,953
Thomson
Reuters
Corp
16,022
173,583
TransUnion
13,852
2,948
TriNet
Group,
Inc
391
97,005
Veralto
Corp
8,600
21,187
Verisk
Analytics,
Inc
4,994
212,798
Waste
Management,
Inc
45,358
35,895
Wolters
Kluwer
NV
5,621
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
323,913
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.9%
20,974
(h)
1-800-FLOWERS.COM,
Inc
(Class
A)
227
635
(h)
Autozone,
Inc
2,001
621
Best
Buy
Co,
Inc
51
184
(h)
Burlington
Stores,
Inc
43
158
(f)
Canadian
Tire
Corp
Ltd
16
899
(h)
Carmax,
Inc
78
28,621
Dieteren
S.A.
6,345
34,769
Dollarama,
Inc
2,649
687,185
eBay,
Inc
36,270
54,500
Fast
Retailing
Co
Ltd
16,886
8,815
(h)
Five
Below,
Inc
1,599
21,486
(f),(h)
Genesco,
Inc
605
679
Genuine
Parts
Co
105
289,675
Hennes
&
Mauritz
AB
(B
Shares)
4,723
296,264
Home
Depot,
Inc
113,647
457,794
Industria
de
Diseno
Textil
S.A.
23,053
5,813
Kingfisher
plc
18
59,121
Kohl's
Corp
1,723
3,030
LKQ
Corp
162
280,129
Lowe's
Cos,
Inc
71,357
307
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
44,620
(h)
MarineMax,
Inc
$
1,484
383
(h)
Mercadolibre,
Inc
579
366
Next
plc
43
50,670
Pool
Corp
20,445
654,845
Prosus
NV
20,497
1,006,700
(h)
Rakuten,
Inc
5,714
34,896
Shoe
Carnival,
Inc
1,279
663,315
TJX
Cos,
Inc
67,273
23,577
Tractor
Supply
Co
6,171
186,836
Wesfarmers
Ltd
8,328
1,992
Winmark
Corp
721
146,996
(d),(h)
Zalando
SE
4,203
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
418,295
CONSUMER
DURABLES
&
APPAREL
-
1.0%
74,165
Adidas-Salomon
AG.
16,571
385,655
Barratt
Developments
plc
2,315
68,119
Berkeley
Group
Holdings
plc
4,093
308,453
Burberry
Group
plc
4,718
35,677
(h)
Crocs,
Inc
5,130
13,639
(h)
Deckers
Outdoor
Corp
12,838
524
Gildan
Activewear,
Inc
19
58,468
(h)
GoPro,
Inc
130
50,857
(h)
Green
Brick
Partners,
Inc
3,063
804
Hasbro,
Inc
45
11,315
Hermes
International
28,919
32,983
(f),(h)
iRobot
Corp
289
37,871
Kering
15,000
96,369
(h)
Lululemon
Athletica,
Inc
37,646
175,418
Moncler
S.p.A
13,090
2,248
(h)
NVR,
Inc
18,209
1,484,700
Panasonic
Corp
14,170
262
Pandora
A.S.
42
880
Persimmon
plc
15
48,760
Pulte
Homes,
Inc
5,881
18,601
Puma
AG.
Rudolf
Dassler
Sport
842
2,388
PVH
Corp
336
1,026
Sekisui
Chemical
Co
Ltd
15
237,400
Sekisui
House
Ltd
5,407
196,385
(h)
Sonos,
Inc
3,743
380,400
Sony
Corp
32,620
1,076,998
Taylor
Wimpey
plc
1,862
389
(f)
Yamaha
Corp
8
TOTAL
CONSUMER
DURABLES
&
APPAREL
227,016
CONSUMER
SERVICES
-
1.7%
237,336
Accor
S.A.
11,080
38,630
ADT,
Inc
260
244,616
Amadeus
IT
Holding
S.A.
15,703
18,299
Booking
Holdings,
Inc
66,387
48,734
(h)
Bright
Horizons
Family
Solutions,
Inc
5,524
26,134
Carriage
Services,
Inc
707
711,559
Compass
Group
plc
20,872
70,484
(h)
Dave
&
Buster's
Entertainment,
Inc
4,412
258,715
Hilton
Worldwide
Holdings,
Inc
55,186
575
IDP
Education
Ltd
7
109,464
InterContinental
Hotels
Group
plc
11,375
254,952
McDonald's
Corp
71,884
524,200
Oriental
Land
Co
Ltd
16,793
280,736
Pearson
plc
3,697
40,501
(h)
Planet
Fitness,
Inc
2,537
3,541
(h)
Shake
Shack,
Inc
368
CREF
Social
Choice
Account
March
31,
2024
308
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
26,316
(f),(h)
Six
Flags
Entertainment
Corp
$
693
623,953
Starbucks
Corp
57,023
1,846
Vail
Resorts,
Inc
411
129,335
Whitbread
plc
5,407
27,447
Wingstop,
Inc
10,057
81,717
Yum!
Brands,
Inc
11,330
TOTAL
CONSUMER
SERVICES
371,713
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.9%
232,500
Aeon
Co
Ltd
5,515
350,460
Alimentation
Couche-Tard,
Inc
20,002
251,706
(h)
BJ's
Wholesale
Club
Holdings,
Inc
19,042
328,482
Carrefour
S.A.
5,635
818,506
Coles
Group
Ltd
9,036
2,121,073
J
Sainsbury
plc
7,242
752
Kesko
Oyj
(B
Shares)
14
151,556
Koninklijke
Ahold
Delhaize
NV
4,535
6,934
Kroger
Co
396
154,400
Matsumotokiyoshi
Holdings
Co
Ltd
2,479
340,308
(h)
Ocado
Group
plc
1,952
116,280
(h)
Performance
Food
Group
Co
8,679
49,071
Pricesmart,
Inc
4,122
64,250
SpartanNash
Co
1,299
198,700
(h)
Sprouts
Farmers
Market,
Inc
12,812
309,188
Target
Corp
54,791
113,975
(h)
United
Natural
Foods,
Inc
1,310
362,113
(h)
US
Foods
Holding
Corp
19,543
649,626
Woolworths
Ltd
14,042
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
192,446
ENERGY
-
2.8%
343,310
(f)
ARC
Resources
Ltd
6,121
268,675
Baker
Hughes
Co
9,001
731,836
Cenovus
Energy,
Inc
(Toronto)
14,631
3,725
ChampionX
Corp
134
160,525
Cheniere
Energy,
Inc
25,889
519,057
Chevron
Corp
81,876
268,323
(h)
Clean
Energy
Fuels
Corp
719
586,582
ConocoPhillips
74,660
2,773
Delek
US
Holdings,
Inc
85
36,565
(h)
DMC
Global,
Inc
713
60,033
(h)
Dril-Quip,
Inc
1,353
691,684
Enbridge,
Inc
24,996
307,418
EQT
Corp
11,396
416,218
Equinor
ASA
11,161
584,895
Galp
Energia
SGPS
S.A.
9,670
141,430
Hess
Corp
21,588
212,089
(f)
Imperial
Oil
Ltd
14,629
593,900
Inpex
Holdings,
Inc
9,028
6,419
(f)
Keyera
Corp
165
674,835
Kinder
Morgan,
Inc
12,377
755,603
(h)
Kosmos
Energy
Ltd
4,503
351,330
Neste
Oil
Oyj
9,526
119,577
NOV,
Inc
2,334
17,408
(h)
Oceaneering
International,
Inc
407
114,033
OMV
AG.
5,401
31,537
ONEOK,
Inc
2,528
703
Ovintiv,
Inc
37
171,714
Parkland
Corp
5,469
182,711
Pembina
Pipeline
Corp
6,449
48,471
Phillips
66
7,917
119,063
Pioneer
Natural
Resources
Co
31,254
309
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
661,872
Schlumberger
Ltd
$
36,277
1,290,892
Shell
plc
42,831
522,200
Suncor
Energy,
Inc
19,272
247,951
TechnipFMC
plc
6,226
629,430
Total
S.A.
43,298
229,089
Valero
Energy
Corp
39,103
52,316
(h)
Weatherford
International
plc
6,038
742,877
Woodside
Energy
Group
Ltd
14,807
TOTAL
ENERGY
613,869
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.3%
245,832
American
Tower
Corp
48,574
817
Boston
Properties,
Inc
53
2,405,177
CapitaMall
Trust
3,527
1,190
Crown
Castle,
Inc
126
2,975
Dexus
Property
Group
15
410,080
DiamondRock
Hospitality
Co
3,941
88,036
Digital
Realty
Trust,
Inc
12,681
66,669
Equinix,
Inc
55,024
46,383
First
Industrial
Realty
Trust,
Inc
2,437
63,273
Fonciere
Des
Regions
3,261
57,595
Gecina
S.A.
5,883
924,578
Goodman
Group
20,366
688,636
GPT
Group
2,049
1,804
Healthpeak
Properties,
Inc
34
945
Iron
Mountain,
Inc
76
4,380
Kilroy
Realty
Corp
159
269,497
(f)
Klepierre
6,976
204,332
Macerich
Co
3,521
1,050,750
Mirvac
Group
1,615
369,158
Park
Hotels
&
Resorts,
Inc
6,457
470,316
Prologis,
Inc
61,244
298
SBA
Communications
Corp
65
151,016
Segro
plc
1,722
6,604
Stockland
Trust
Group
21
148,462
(h)
Unibail-Rodamco-Westfield
11,943
190,252
Vicinity
Ltd
264
260,103
Welltower,
Inc
24,304
344,928
Weyerhaeuser
Co
12,386
84,284
Xenia
Hotels
&
Resorts,
Inc
1,265
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
289,989
FINANCIAL
SERVICES
-
4.6%
531,588
3i
Group
plc
18,849
2,388,396
Abrdn
plc
4,255
3,076
Ally
Financial,
Inc
125
305,156
American
Express
Co
69,481
89,396
Ameriprise
Financial,
Inc
39,195
6,128
Annaly
Capital
Management,
Inc
121
536
Australian
Stock
Exchange
Ltd
23
739,110
Bank
of
New
York
Mellon
Corp
42,587
81,427
BlackRock,
Inc
67,886
94,759
Deutsche
Boerse
AG.
19,406
153,501
Discover
Financial
Services
20,122
54,588
Eurazeo
4,783
12,881
Factset
Research
Systems,
Inc
5,853
377,671
Fidelity
National
Information
Services,
Inc
28,016
166,377
Goldman
Sachs
Group,
Inc
69,494
10,629
(h)
Green
Dot
Corp
99
334,646
Hong
Kong
Exchanges
and
Clearing
Ltd
9,751
175,806
London
Stock
Exchange
Group
plc
21,036
221
LPL
Financial
Holdings,
Inc
58
CREF
Social
Choice
Account
March
31,
2024
310
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
147,247
Macquarie
Group
Ltd
$
19,154
260
MarketAxess
Holdings,
Inc
57
243,334
Mastercard,
Inc
(Class
A)
117,182
114,452
Moody's
Corp
44,983
688,297
Morgan
Stanley
64,810
22,082
(h)
Mr
Cooper
Group,
Inc
1,721
99,693
Nasdaq
Stock
Market,
Inc
6,291
2,335,400
(h)
Nomura
Holdings,
Inc
14,948
1,142
Northern
Trust
Corp
102
773,090
ORIX
Corp
16,909
552,593
(h)
PayPal
Holdings,
Inc
37,018
5,978
(h)
PRA
Group,
Inc
156
2,150
PROG
Holdings,
Inc
74
159,705
S&P
Global,
Inc
67,946
656,988
Schroders
plc
3,121
115,952
St.
James's
Place
plc
680
182,346
State
Street
Corp
14,099
1,437
Synchrony
Financial
62
770
TMX
Group
Ltd
20
1,052,856
UBS
Group
AG
32,418
444,463
Visa,
Inc
(Class
A)
124,041
6,707
Voya
Financial,
Inc
496
71,853
(h)
WEX,
Inc
17,067
TOTAL
FINANCIAL
SERVICES
1,004,495
FOOD,
BEVERAGE
&
TOBACCO
-
2.0%
356,363
Ajinomoto
Co,
Inc
13,308
104,366
Archer-Daniels-Midland
Co
6,555
1,758
Bunge
Global
S.A.
180
3,095
Campbell
Soup
Co
138
1,431,481
Coca-Cola
Co
87,578
202,358
(h)
Coca-Cola
Europacific
Partners
plc
14,155
279,246
Coca-Cola
HBC
AG.
8,824
1,330
ConAgra
Brands,
Inc
39
305,282
Danone
19,735
19,284
(h)
Darling
International,
Inc
897
52,370
Fresh
Del
Monte
Produce,
Inc
1,357
421,681
General
Mills,
Inc
29,505
273,218
Hormel
Foods
Corp
9,533
4,508
Kellogg
Co
258
162,389
Kerry
Group
plc
(Class
A)
13,915
2,155
Keurig
Dr
Pepper,
Inc
66
865,000
Kikkoman
Corp
11,102
276,611
Lamb
Weston
Holdings,
Inc
29,467
104,324
McCormick
&
Co,
Inc
8,013
116,254
Mowi
ASA
2,135
659,778
Nestle
S.A.
70,101
304,982
Orkla
ASA
2,154
502,278
PepsiCo,
Inc
87,904
170,400
Suntory
Beverage
&
Food
Ltd
5,764
12,328
(h)
TreeHouse
Foods,
Inc
480
16,271
(h)
Vital
Farms,
Inc
378
2,415,114
Wilmar
International
Ltd
6,135
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
429,676
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.3%
323,502
(f),(h)
23andMe
Holding
Co
172
138,102
(h)
Accolade,
Inc
1,447
155,988
Amplifon
S.p.A.
5,686
8,730
(h)
AtriCure,
Inc
266
270,603
(f),(h)
Brookdale
Senior
Living,
Inc
1,789
53,045
(h)
Castle
Biosciences,
Inc
1,175
311
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
104,587
Cigna
Group
$
37,985
24,182
Cochlear
Ltd
5,318
72,282
Coloplast
A.S.
9,759
960
(h)
Cooper
Cos,
Inc
97
72,482
(f),(h)
CryoLife,
Inc
1,534
188
(h)
DaVita,
Inc
26
67,021
(h)
Demant
A.S.
3,331
105,549
(f),(h)
DocGo,
Inc
426
72,580
EBOS
Group
Ltd
1,484
544,609
(h)
Edwards
Lifesciences
Corp
52,043
83,412
Elevance
Health,
Inc
43,252
98,145
(h)
Enhabit,
Inc
1,143
203,819
(h)
Envista
Holdings
Corp
4,358
44,000
(h)
Fulgent
Genetics,
Inc
955
39,509
(h)
Glaukos
Corp
3,725
16,584
(h)
Globus
Medical,
Inc
890
147,398
HCA,
Inc
49,162
113,131
(h)
Health
Catalyst,
Inc
852
29,671
(h)
Henry
Schein,
Inc
2,241
135,994
(h)
Hologic,
Inc
10,602
104,900
(h)
Hoya
Corp
13,120
72,953
(h)
IDEXX
Laboratories,
Inc
39,389
527
(h)
Insulet
Corp
90
3,424
Laboratory
Corp
of
America
Holdings
748
36,806
LeMaitre
Vascular,
Inc
2,442
10,988
(h)
LivaNova
plc
615
20,170
McKesson
Corp
10,828
52,783
(h)
Merit
Medical
Systems,
Inc
3,998
161
(h)
Molina
Healthcare,
Inc
66
179,941
(h)
NeoGenomics,
Inc
2,829
69,219
(h)
Nevro
Corp
999
87,619
(h)
Omnicell,
Inc
2,561
143,905
(h)
OraSure
Technologies,
Inc
885
69,413
(h)
Orthofix
Medical,
Inc
1,008
16,134
(h)
Pennant
Group,
Inc
317
18,923
(h)
Penumbra,
Inc
4,223
72,016
(f),(h)
Pulmonx
Corp
668
1,238
Quest
Diagnostics,
Inc
165
167,024
Ramsay
Health
Care
Ltd
6,149
101,039
Resmed,
Inc
20,009
52,460
(h)
RxSight,
Inc
2,706
1,485
(h)
Shockwave
Medical,
Inc
484
69,700
(h)
SI-BONE,
Inc
1,141
212,936
Sonic
Healthcare
Ltd
4,080
45,077
Sonova
Holdings
AG
13,054
29,781
(h)
STAAR
Surgical
Co
1,140
41,996
STERIS
plc
9,442
188,700
Sysmex
Corp
3,367
431,372
Terumo
Corp
7,894
70,082
(h)
Treace
Medical
Concepts,
Inc
915
13,821
(h)
UFP
Technologies,
Inc
3,486
203,423
UnitedHealth
Group,
Inc
100,633
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
499,169
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.0%
2,635
Church
&
Dwight
Co,
Inc
275
589
Clorox
Co
90
340,276
(f)
Essity
AB
8,083
57,175
Henkel
KGaA
4,120
111,129
Henkel
KGaA
(Preference)
8,932
172,700
Kao
Corp
6,453
13,981
Kimberly-Clark
Corp
1,808
CREF
Social
Choice
Account
March
31,
2024
312
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
74,176
L'Oreal
S.A.
$
35,128
704,197
Procter
&
Gamble
Co
114,256
193,300
Shiseido
Co
Ltd
5,304
138,700
Uni-Charm
Corp
4,416
688,144
Unilever
plc
34,546
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
223,411
INSURANCE
-
2.2%
1,969,389
Aegon
NV
12,015
2,897,000
AIA
Group
Ltd
19,487
122,500
Allianz
AG.
36,715
686,328
Assicurazioni
Generali
S.p.A.
17,373
147
Assurant,
Inc
28
697,161
AXA
S.A.
26,182
901,275
(h)
Genworth
Financial,
Inc
(Class
A)
5,795
914
Hartford
Financial
Services
Group,
Inc
94
1,068
Insurance
Australia
Group
Ltd
4
4,265,379
Legal
&
General
Group
plc
13,703
301,020
Marsh
&
McLennan
Cos,
Inc
62,004
246,900
Mitsui
Sumitomo
Insurance
Group
Holdings,
Inc
4,360
48,605
Muenchener
Rueckver
AG.
23,726
225,357
NN
Group
NV
10,404
325,151
Progressive
Corp
67,248
391,791
Prudential
Financial,
Inc
45,996
305,354
QBE
Insurance
Group
Ltd
3,610
447,600
Sompo
Holdings,
Inc
9,382
77,096
Sun
Life
Financial,
Inc
4,207
20,793
Swiss
Life
Holding
14,584
121,443
Swiss
Re
AG.
15,622
344,800
Tokio
Marine
Holdings,
Inc
10,808
188,068
Travelers
Cos,
Inc
43,282
49,200
Zurich
Insurance
Group
AG
26,579
TOTAL
INSURANCE
473,208
MATERIALS
-
2.7%
162,065
Agnico-Eagle
Mines
Ltd
9,664
502
Akzo
Nobel
NV
37
34,359
(h)
Allegheny
Technologies,
Inc
1,758
19,088
Amcor
plc
182
591,902
Anglo
American
plc
14,586
478,464
Antofagasta
plc
12,290
14,878
Aptargroup,
Inc
2,141
480,800
Asahi
Kasei
Corp
3,526
511,862
Ball
Corp
34,479
220,460
BlueScope
Steel
Ltd
3,429
274,151
Boliden
AB
7,612
322,184
(h)
Coeur
Mining,
Inc
1,215
279,223
CRH
plc
24,100
41,736
Croda
International
plc
2,582
142,739
Dow,
Inc
8,269
45,775
DSM-Firmenich
AG.
5,206
241,467
Ecolab,
Inc
55,755
178,945
Endeavour
Mining
plc
3,631
176,670
Evonik
Industries
AG.
3,495
939,120
Fortescue
Metals
Group
Ltd
15,716
56,667
Franco-Nevada
Corp
6,752
3,439
Givaudan
S.A.
15,309
114,550
HeidelbergCement
AG.
12,610
111,533
Holcim
Ltd
10,104
37,584
(h)
Holmen
AB
1,529
64,829
International
Flavors
&
Fragrances,
Inc
5,575
1,576
International
Paper
Co
61
313
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,233
(h)
James
Hardie
Industries
plc
$
50
309,800
JFE
Holdings,
Inc
5,134
221,890
JSR
Corp
6,351
39,324
Koppers
Holdings,
Inc
2,169
184,437
Linde
plc
85,638
22,118
Martin
Marietta
Materials,
Inc
13,579
181,711
Mineral
Resources
Ltd
8,384
306,342
Mitsubishi
Chemical
Holdings
Corp
1,867
602
Mitsui
Chemicals,
Inc
18
144,380
Mondi
plc
2,543
560,636
Newmont
Goldcorp
Corp
20,093
735,500
Nippon
Paint
Co
Ltd
5,294
89,700
Nitto
Denko
Corp
8,202
1,488,628
Norsk
Hydro
ASA
8,181
375,868
Northern
Star
Resources
Ltd
3,546
1,010
Novozymes
A.S.
59
236,698
Nucor
Corp
46,843
220,547
Nutrien
Ltd
11,982
13,246
Olympic
Steel,
Inc
939
1,122
Orica
Ltd
13
1,713,646
(f)
Pilbara
Minerals
Ltd
4,276
27,126
PPG
Industries,
Inc
3,931
79,314
(h)
Ranpak
Holdings
Corp
624
14,302
Royal
Gold,
Inc
1,742
5,386
Schnitzer
Steel
Industries,
Inc
(Class
A)
114
624,700
Shin-Etsu
Chemical
Co
Ltd
27,401
74,729
(f)
SIG
Group
AG.
1,657
58,204
Sika
AG.
17,319
678
Smurfit
Kappa
Group
plc
31
527
Steel
Dynamics,
Inc
78
152,065
Stora
Enso
Oyj
(R
Shares)
2,115
290,200
Sumitomo
Metal
Mining
Co
Ltd
8,665
212,840
(h)
Summit
Materials,
Inc
9,486
312,241
(f)
Svenska
Cellulosa
AB
(B
Shares)
4,800
9,000
Toray
Industries,
Inc
43
209,511
Umicore
S.A.
4,517
96,545
UPM-Kymmene
Oyj
3,217
3,394
Westrock
Co
168
212,433
Wheaton
Precious
Metals
Corp
10,006
TOTAL
MATERIALS
592,688
MEDIA
&
ENTERTAINMENT
-
2.0%
27,760
(d)
Auto
Trader
Group
plc
245
311
(h)
Charter
Communications,
Inc
90
53,246
(f),(h)
Cinemark
Holdings,
Inc
957
731,093
(h)
Clear
Channel
Outdoor
Holdings,
Inc
1,206
1,628,593
Comcast
Corp
(Class
A)
70,599
186,874
Electronic
Arts,
Inc
24,793
30,526
(h)
EW
Scripps
Co
(Class
A)
120
870
Fox
Corp
(Class
A)
27
409
Fox
Corp
(Class
B)
12
111,679
Gray
Television,
Inc
706
9,348
(h)
IMAX
Corp
151
742,910
Informa
plc
7,795
150,800
Interpublic
Group
of
Cos,
Inc
4,921
18,942
John
Wiley
&
Sons,
Inc
(Class
A)
722
44,067
(h)
MediaAlpha,
Inc
898
148,159
(h)
NetFlix,
Inc
89,981
23,769
New
York
Times
Co
(Class
A)
1,027
330,009
News
Corp
(Class
A)
8,640
412,300
Nintendo
Co
Ltd
22,497
275,624
Omnicom
Group,
Inc
26,669
CREF
Social
Choice
Account
March
31,
2024
314
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
1,668
Paramount
Global
(Class
B)
$
20
75,820
Publicis
Groupe
S.A.
8,266
1,597
REA
Group
Ltd
193
60,978
(h)
Roku,
Inc
3,974
13,853
Scholastic
Corp
522
10,765
Seek
Ltd
176
1,290,070
(f)
Sirius
XM
Holdings,
Inc
5,005
31,164
(h)
Snap,
Inc
358
206,207
(h)
Take-Two
Interactive
Software,
Inc
30,620
9,574
TEGNA,
Inc
143
348,388
Universal
Music
Group
NV
10,469
296,759
(h)
Vimeo,
Inc
1,214
716,186
Walt
Disney
Co
87,631
428,608
(h)
Warner
Bros
Discovery,
Inc
3,742
670,825
WPP
plc
6,357
129,824
(h)
Yelp,
Inc
5,115
2,389,325
Z
Holdings
Corp
6,052
27,738
(h)
Ziff
Davis,
Inc
1,749
131,879
(h)
ZipRecruiter,
Inc
1,515
591,625
(h)
ZoomInfo
Technologies,
Inc
9,484
TOTAL
MEDIA
&
ENTERTAINMENT
444,661
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
5.0%
179,570
(h)
Adaptive
Biotechnologies
Corp
576
261,187
Agilent
Technologies,
Inc
38,005
119,809
(h)
Alector,
Inc
721
63,186
(f),(h)
Allogene
Therapeutics,
Inc
282
233,547
Amgen,
Inc
66,402
72,239
(h)
Arcellx,
Inc
5,024
45,439
(h)
Arcturus
Therapeutics
Holdings,
Inc
1,535
789,014
Astellas
Pharma,
Inc
8,476
401,839
AstraZeneca
plc
53,985
2,859
(f),(h)
Axsome
Therapeutics,
Inc
228
10,381
(h)
Biogen,
Inc
2,238
107,510
(h)
Biohaven
Ltd
5,880
927,580
Bristol-Myers
Squibb
Co
50,303
66,971
(f),(h)
Cabaletta
Bio,
Inc
1,143
49,927
(f),(h)
Cassava
Sciences,
Inc
1,013
15,403
(h)
CryoPort,
Inc
273
711,847
Daiichi
Sankyo
Co
Ltd
22,650
291,719
Danaher
Corp
72,848
199,100
Eisai
Co
Ltd
8,201
211,597
Eli
Lilly
&
Co
164,614
47,598
(h)
Genmab
AS
14,271
484,778
Gilead
Sciences,
Inc
35,510
1,389,005
GSK
plc
29,823
78,577
(h)
Immunovant,
Inc
2,539
127,669
(h)
Intellia
Therapeutics,
Inc
3,512
22,895
(h)
Intra-Cellular
Therapies,
Inc
1,584
95,626
(h)
IQVIA
Holdings,
Inc
24,183
3,169
(f),(h)
Janux
Therapeutics,
Inc
119
168
(h)
Jazz
Pharmaceuticals
plc
20
276,847
Kyowa
Hakko
Kogyo
Co
Ltd
4,981
35,855
Lonza
Group
AG.
21,427
58,855
(f),(h)
Lyell
Immunopharma,
Inc
131
815,098
Merck
&
Co,
Inc
107,552
90,364
Merck
KGaA
15,934
8,560
(h)
Mettler-Toledo
International,
Inc
11,396
530,480
Novartis
AG.
51,381
771,350
Novo
Nordisk
A.S.
98,944
275,800
Ono
Pharmaceutical
Co
Ltd
4,519
65,309
(f),(h)
Phathom
Pharmaceuticals,
Inc
694
315
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
40,531
Phibro
Animal
Health
Corp
$
524
83,677
(h)
Prothena
Corp
plc
2,073
120,580
(f),(h)
Recursion
Pharmaceuticals,
Inc
1,202
47,327
(h)
Regeneron
Pharmaceuticals,
Inc
45,552
186,987
(f),(h)
Sana
Biotechnology,
Inc
1,870
106,344
(h)
Scholar
Rock
Holding
Corp
1,889
101,433
Shionogi
&
Co
Ltd
5,183
86,995
(h)
Tango
Therapeutics,
Inc
691
47,772
(f),(h)
Tarsus
Pharmaceuticals,
Inc
1,737
134,427
(h)
Ultragenyx
Pharmaceutical,
Inc
6,276
96,414
(f),(h)
Verve
Therapeutics,
Inc
1,280
29,240
(f),(h)
Viridian
Therapeutics,
Inc
512
27,016
(h)
Waters
Corp
9,300
55,362
West
Pharmaceutical
Services,
Inc
21,907
303,908
Zoetis,
Inc
51,424
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,084,337
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.3%
210,217
(h)
Anywhere
Real
Estate,
Inc
1,299
2,280,173
Capitaland
Investment
Ltd
4,525
122,737
(h)
CBRE
Group,
Inc
11,935
1,100
City
Developments
Ltd
5
301,100
Daiwa
House
Industry
Co
Ltd
8,962
5,328
FirstService
Corp
882
1,608
(h)
Howard
Hughes
Holdings,
Inc
117
8,252
(h)
Jones
Lang
LaSalle,
Inc
1,610
22,997
LEG
Immobilien
SE
1,975
469,872
Mitsubishi
Estate
Co
Ltd
8,573
1,077,951
Mitsui
Fudosan
Co
Ltd
11,622
2,740
RMR
Group,
Inc
66
602,000
Swire
Pacific
Ltd
(Class
A)
4,956
1,367,000
Swire
Properties
Ltd
2,875
6,482
(h)
Tejon
Ranch
Co
100
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
59,502
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
4.6%
318,200
Advantest
Corp
14,135
367,177
Applied
Materials,
Inc
75,723
96,125
ASML
Holding
NV
93,190
31,832
(h)
Cirrus
Logic,
Inc
2,946
158,897
(h)
First
Solar,
Inc
26,822
20,411
(h)
Ichor
Holdings
Ltd
788
1,701,117
Intel
Corp
75,138
70,074
Lam
Research
Corp
68,082
738,535
Marvell
Technology,
Inc
52,347
477,818
Nvidia
Corp
431,737
4,318
NXP
Semiconductors
NV
1,070
95,508
(h)
Onto
Innovation,
Inc
17,295
212,652
(h)
Rambus,
Inc
13,144
989,344
Renesas
Electronics
Corp
17,631
26,693
(h)
Silicon
Laboratories,
Inc
3,836
424,005
Texas
Instruments,
Inc
73,866
141,600
Tokyo
Electron
Ltd
36,880
228,663
(f),(h)
Wolfspeed,
Inc
6,746
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,011,376
SOFTWARE
&
SERVICES
-
7.3%
156,641
(h)
Adobe,
Inc
79,041
55,622
(h)
Altair
Engineering,
Inc
4,792
14,011
(h)
Ansys,
Inc
4,864
18,914
(h)
Appfolio,
Inc
4,667
86,443
(f),(h)
Asana,
Inc
1,339
CREF
Social
Choice
Account
March
31,
2024
316
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
211,462
(h)
Autodesk,
Inc
$
55,069
189,418
(h)
Cadence
Design
Systems,
Inc
58,962
381
(h)
Ceridian
HCM
Holding,
Inc
25
357,178
Dassault
Systemes
SE
15,811
17,006
(f),(h)
Digimarc
Corp
462
116,313
Dolby
Laboratories,
Inc
(Class
A)
9,743
262,624
(h)
DoubleVerify
Holdings,
Inc
9,234
402,436
(h)
DXC
Technology
Co
8,536
62,667
(h)
Elastic
NV
6,282
978,000
Fujitsu
Ltd
15,652
1,601
Gen
Digital,
Inc
36
127,001
(h)
Guidewire
Software,
Inc
14,822
78,717
(h)
HubSpot,
Inc
49,321
47,778
(h)
Intapp,
Inc
1,639
25,844
(f)
InterDigital,
Inc
2,751
396,064
International
Business
Machines
Corp
75,632
117,099
Intuit,
Inc
76,114
1,449,669
Microsoft
Corp
609,905
198,081
NEC
Corp
14,461
196,400
Nomura
Research
Institute
Ltd
5,548
439,510
(h)
Nutanix,
Inc
27,127
26,145
(h)
OneSpan,
Inc
304
165,017
Open
Text
Corp
(Toronto)
6,403
63,934
(h)
PTC,
Inc
12,080
317,622
Salesforce,
Inc
95,661
276,898
SAP
AG.
53,917
94,157
(h)
ServiceNow,
Inc
71,785
400,635
(h)
Shopify,
Inc
(Class
A)
30,908
212,279
(h)
Sprinklr,
Inc
2,605
73,658
(h)
Sprout
Social,
Inc
4,398
71,573
(h)
SPS
Commerce,
Inc
13,234
40,900
Sumisho
Computer
Systems
Corp
760
103,954
(h)
Synopsys,
Inc
59,410
195,154
(h)
Teradata
Corp
7,547
178,295
WiseTech
Global
Ltd
10,905
187,870
(h)
Workday,
Inc
51,242
108,091
(h)
Xero
Ltd
9,385
34,711
(h)
Xperi,
Inc
419
TOTAL
SOFTWARE
&
SERVICES
1,582,798
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.6%
95,953
ADTRAN
Holdings,
Inc
522
178,634
Avnet,
Inc
8,857
3,490
(f)
Azbil
Corp
97
57,372
Badger
Meter,
Inc
9,283
68,965
Benchmark
Electronics,
Inc
2,070
291,626
(h)
Ciena
Corp
14,421
60,414
CTS
Corp
2,827
51,824
(h)
ePlus,
Inc
4,070
71,782
(h)
Fabrinet
13,568
696,600
FUJIFILM
Holdings
Corp
15,642
214,714
(h)
Harmonic,
Inc
2,886
2,557,499
Hewlett
Packard
Enterprise
Co
45,344
1,602,078
HP,
Inc
48,415
142,800
(f)
Ibiden
Co
Ltd
6,396
229,007
(f),(h)
Infinera
Corp
1,381
55,985
(f),(h)
Insight
Enterprises,
Inc
10,386
67,862
(h)
Itron,
Inc
6,279
309,714
(h)
Keysight
Technologies,
Inc
48,433
45,982
(h)
Kimball
Electronics,
Inc
995
175,274
(h)
Knowles
Corp
2,822
94,502
(h)
Lumentum
Holdings,
Inc
4,475
317
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
8,736
Methode
Electronics,
Inc
$
106
390,661
(h)
Mirion
Technologies,
Inc
4,442
61,451
(h)
Netgear,
Inc
969
44,721
(h)
Netscout
Systems,
Inc
977
35,179
(h)
Novanta,
Inc
6,148
46,700
Omron
Corp
1,672
31,396
(h)
OSI
Systems,
Inc
4,484
51,944
(f),(h)
PAR
Technology
Corp
2,356
53,527
(h)
Plexus
Corp
5,075
64,222
(h)
Ribbon
Communications,
Inc
206
16,655
Ricoh
Co
Ltd
148
33,767
(h)
Rogers
Corp
4,008
151,655
Shimadzu
Corp
4,224
298,359
TDK
Corp
14,652
492,111
(h)
Trimble
Inc
31,672
26,134
(h)
Vishay
Precision
Group,
Inc
923
305,957
Vontier
Corp
13,878
228,116
Xerox
Holdings
Corp
4,083
632
Yokogawa
Electric
Corp
15
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
349,207
TELECOMMUNICATION
SERVICES
-
0.8%
7,159,532
BT
Group
plc
9,908
265,750
(d)
Cellnex
Telecom
S.A.
9,401
393
Elisa
Oyj
(Series
A)
17
224,381
Iridium
Communications,
Inc
5,870
655,732
KDDI
Corp
19,388
555,864
Koninklijke
KPN
NV
2,079
192,952
Rogers
Communications,
Inc
(Class
B)
7,906
1,333,900
SoftBank
Corp
17,174
15,375
(h)
Swisscom
AG.
9,410
8,252
Tele2
AB
(B
Shares)
68
5,177
Telecom
Corp
of
New
Zealand
Ltd
15
131,695
Telenor
ASA
1,465
1,677,759
TeliaSonera
AB
4,300
1,675,158
Telstra
Corp
Ltd
4,214
139,183
TELUS
Corp
2,226
1,823,637
Verizon
Communications,
Inc
76,520
13,481,335
Vodafone
Group
plc
11,957
TOTAL
TELECOMMUNICATION
SERVICES
181,918
TRANSPORTATION
-
1.8%
205,200
(f)
All
Nippon
Airways
Co
Ltd
4,288
46,417
ArcBest
Corp
6,614
1,195,665
Auckland
International
Airport
Ltd
5,965
620,413
Aurizon
Holdings
Ltd
1,618
203,886
Canadian
National
Railway
Co
26,848
39,392
CH
Robinson
Worldwide,
Inc
2,999
1,532,414
CSX
Corp
56,807
903,204
Delta
Air
Lines,
Inc
43,236
762,900
East
Japan
Railway
Co
14,636
147,733
Expeditors
International
Washington,
Inc
17,960
2,184,237
(h)
Grab
Holdings
Ltd
6,858
270,700
Hankyu
Hanshin
Holdings,
Inc
7,767
24,300
(f)
Kintetsu
Corp
708
44,472
(f)
Kuehne
&
Nagel
International
AG.
12,373
459
Landstar
System,
Inc
88
1,995,864
MTR
Corp
6,594
87,913
Nippon
Express
Holdings,
Inc
4,488
420,875
(f)
Nippon
Yusen
Kabushiki
Kaisha
11,555
13,556
Norfolk
Southern
Corp
3,455
233,332
Old
Dominion
Freight
Line
51,172
CREF
Social
Choice
Account
March
31,
2024
318
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
185,813
(h)
Qantas
Airways
Ltd
$
660
46,790
(h)
Saia,
Inc
27,372
101,200
SG
Holdings
Co
Ltd
1,282
1,469
Tokyu
Corp
18
1,653,344
Transurban
Group
14,343
243
U-Haul
Holding
Co
16
361,784
United
Parcel
Service,
Inc
(Class
B)
53,772
344,414
West
Japan
Railway
Co
7,178
TOTAL
TRANSPORTATION
390,670
UTILITIES
-
1.5%
689
Alliant
Energy
Corp
35
403,833
American
Electric
Power
Co,
Inc
34,770
500,415
APA
Group
2,743
1,391,690
CLP
Holdings
Ltd
11,100
797
CMS
Energy
Corp
48
203,718
Consolidated
Edison,
Inc
18,500
1,246
DTE
Energy
Co
140
3,215,120
Enel
S.p.A.
21,225
1,260,240
Energias
de
Portugal
S.A.
4,917
689
Essential
Utilities,
Inc
25
2,202
Eversource
Energy
132
118,617
Fortis,
Inc
4,687
911
Hydro
One
Ltd
27
2,177,164
Iberdrola
S.A.
27,041
152,834
Mercury
NZ
Ltd
633
502,825
Meridian
Energy
Ltd
1,775
1,317,013
National
Grid
plc
17,745
1,032,179
NextEra
Energy,
Inc
65,967
1,123
NiSource,
Inc
31
746,374
Origin
Energy
Ltd
4,477
140,579
Orsted
AS
7,855
145,500
Osaka
Gas
Co
Ltd
3,273
1,123
Redeia
Corp
S.A.
19
492,137
Scottish
&
Southern
Energy
plc
10,260
771,535
SembCorp
Industries
Ltd
3,084
732,965
Southern
Co
52,583
153,126
(f),(h)
Sunnova
Energy
International,
Inc
939
181,100
Tokyo
Gas
Co
Ltd
4,117
110,135
WEC
Energy
Group,
Inc
9,044
263,329
Xcel
Energy,
Inc
14,154
TOTAL
UTILITIES
321,346
TOTAL
COMMON
STOCKS
13,059,050
(Cost
$9,656,335)
PREFERRED
STOCKS
-
0.2%
INSURANCE
-
0.0%
178,941
Assurant,
Inc
4,080
TOTAL
INSURANCE
4,080
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
390,000
(f)
Brookfield
Property
Partners
LP
5,620
681,850
Brookfield
Property
Partners
LP
8,700
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
14,320
UTILITIES
-
0.1%
490,000
(f)
Brookfield
Infrastructure
Partners
LP
8,889
319
See
Notes
to
Portfolio
of
Investments
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
(000)
308,000
Brookfield
Renewable
Partners
LP
$
5,615
TOTAL
UTILITIES
14,504
TOTAL
PREFERRED
STOCKS
32,904
(Cost
$51,220)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
774
(a)
ABIOMED,
Inc
12/31/29
1
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1
TOTAL
RIGHTS/WARRANTS
1
(Cost
$1)
TOTAL
LONG-TERM
INVESTMENTS
21,617,832‌
(Cost
$18,734,618)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.3%
REPURCHASE
AGREEMENT
-
0.2%
$
43,910,000
(i)
Fixed
Income
Clearing
Corp
(FICC)
5
.320
%
04/01/24
43,910
TOTAL
REPURCHASE
AGREEMENT
43,910
TREASURY
DEBT
-
0.1%
12,500,000
United
States
Treasury
Bill
0
.000
05/09/24
12,430
TOTAL
TREASURY
DEBT
12,430
TOTAL
SHORT-TERM
INVESTMENTS
56,340
(Cost
$56,340)
SHARES
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.9%
194,805,126
(j)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.340
(k)
194,805
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
194,805
(Cost
$194,805)
TOTAL
INVESTMENTS
-
100.4%
21,868,977
(Cost
$18,985,763)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.4)%
(
78,455
)
NET
ASSETS
-
100.0%
$21,790,522
AVG
Average
CCRC
Congregate
Care
Retirement
Center
D
Day
EUR
Euro
LIBOR
London
Interbank
Offered
Rate
M
Month
SOFR
Secure
Overnight
Financing
Rate
CREF
Social
Choice
Account
March
31,
2024
320
See
Notes
to
Portfolio
of
Investments
Portfolio
of
Investments
(continued)
Cost
amounts
are
in
thousands.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
^
Amount
represents
less
than
$1,000.
(a)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(b)
In
default
(c)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,910,441,670
or
8.7%
of
Total
Investments.
(e)
Perpetual
security
(f)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$265,182,617.
(g)
When-issued
or
delayed
delivery
security.
(h)
Non-income
producing
(i)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
5.320%
dated
3/28/24
to
be
repurchased
at
$43,935,956
on
4/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.125%
and
maturity
date
7/15/26,
valued
at
$44,788,207.
(j)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(k)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
Forward
Foreign
Currency
Contracts
Currency
Purchased
Receive
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000)
$
6,861
EUR
6,227
JPMorgan
Chase
Bank
04/16/24
 $
139‌
$
16,065
EUR
14,740
JPMorgan
Chase
Bank
04/16/24
152‌
EUR
2,523
$
2,718
JPMorgan
Chase
Bank
04/16/24
6‌
Total
 $
297‌
EUR
Euro
Portfolio
of
Investments
(unaudited)
College
Retirement
Equities
Fund
March
31,
2024
321
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
199
199
Common
stocks
88,234,510
36,635,652
3,072
124,873,234
Rights/Warrants
3,251
131
3,382
Short-Term
Investments
:
Government
agency
debt
96,099
96,099
Treasury
debt
175,349
175,349
Investments
purchased
with
collateral
from
securities
lending:
Certificate
of
deposit
261,803
261,803
Commercial
paper
38,901
38,901
Repurchase
agreement
675,000
675,000
Variable
rate
securities
5,000
5,000
Investments
in
Derivatives
:
Futures
contracts*
4,277
4,277
Total
$88,238,787
$37,891,309
$3,203
$126,133,299
Global
Equities
Long-Term
Investments
:
Corporate
bonds
$—
$14
$—
$14
Common
stocks
19,561,332
8,367,791
138
27,929,261
Rights/Warrants
838
838
Short-Term
Investments
:
Government
agency
debt
77,740
77,740
Repurchase
agreement
57,560
57,560
Treasury
debt
179,029
179,029
College
Retirement
Equities
Fund
March
31,
2024
322
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
18,652
18,652
Commercial
paper
2,000
2,000
Repurchase
agreement
155,000
155,000
Investments
in
Derivatives
:
Futures
contracts*
4,382
4,382
Total
$19,565,714
$8,858,624
$138
$28,424,476
Growth
Long-Term
Investments
:
Common
stocks
$36,714,992
$1,195,977
$—
$37,910,969
Short-Term
Investments
:
Government
agency
debt
4,979
4,979
Repurchase
agreement
67,300
67,300
Treasury
debt
32,363
32,363
Investments
purchased
with
collateral
from
securities
lending
19,318
19,318
Total
$36,734,310
$1,300,619
$—
$38,034,929
Equity
Index
Long-Term
Investments
:
Common
stocks
$24,196,519
$—
$157
$24,196,676
Rights/Warrants
3
3
Short-Term
Investments
:
Government
agency
debt
13,891
13,891
Repurchase
agreement
82,530
82,530
Treasury
debt
29,872
29,872
Investments
purchased
with
collateral
from
securities
lending
91,144
91,144
Investments
in
Derivatives
:
Futures
contracts*
1,332
1,332
Total
$24,288,995
$126,293
$160
$24,415,448
Core
Bond
Long-Term
Investments
:
Bank
loan
obligations
$—
$38,531
$—
$38,531
Corporate
bonds
3,419,905
450
3,420,355
Government
bonds
5,291,778
5,291,778
Structured
assets
1,691,423
1,691,423
Preferred
stocks
4,576
4,576
Short-Term
Investments
:
Commercial
paper
3,929
3,929
Government
agency
debt
2,490
2,490
Repurchase
agreement
72,400
72,400
Treasury
debt
42,191
42,191
Investments
purchased
with
collateral
from
securities
lending
21,589
21,589
Investments
in
Derivatives
:
Futures
contracts*
1,761
1,761
Forward
foreign
currency
contracts*
4,202
4,202
Credit
default
swap
contracts*
(954)
(954)
Total
$27,926
$10,565,895
$450
$10,594,271
Inflation-Linked
Bond
Long-Term
Investments
:
Bank
loan
obligations
$—
$29,619
$—
$29,619
Corporate
bonds
176,063
176,063
Government
bonds
6,412,760
6,412,760
Structured
assets
256,783
2,566
259,349
Common
stocks
10,062
10,062
Short-Term
Investments
:
Repurchase
agreement
44,340
44,340
Investments
purchased
with
collateral
from
securities
lending
1,535
1,535
Investments
in
Derivatives
:
Futures
contracts*
1,436
1,436
Total
$13,033
$6,919,565
$2,566
$6,935,164
323
Account
Level
1
Level
2
Level
3
Total
Social
Choice
Long-Term
Investments
:
Bank
loan
obligations
$—
$29,924
$58
$29,982
Corporate
bonds
2,429,495
2,429,495
Government
bonds
5,229,608
1
5,229,609
Structured
assets
828,815
2,226
831,041
Common
stocks
9,582,929
3,476,121
13,059,050
Preferred
stocks
32,904
32,904
Rights/Warrants
1
1
Short-Term
Investments
:
Municipal
bonds
5,750
5,750
Repurchase
agreement
43,910
43,910
Treasury
debt
12,430
12,430
Investments
purchased
with
collateral
from
securities
lending
194,805
194,805
Investments
in
Derivatives
:
Forward
foreign
currency
contracts*
297
297
Total
$9,810,638
$12,056,350
$2,286
$21,869,274
*
Represents
net
unrealized
appreciation
(depreciation).
A10944-B
(5/24)