UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04415

College Retirement Equities Fund

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: (704) 595-1000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1.    Reports to Stockholders.

June

30,

2024

College

Retirement

Equities

Fund

This

semi-annual

report

contains

the

Accounts'

unaudited

financial

statements.

Account

Name

Class

R4

Class

R3

Class

R2

Class

R1

CREF

Stock

Account

QCSTFX

QCSTIX

QCSTPX

QCSTRX

CREF

Global

Equities

Account

QCGLFX

QCGLIX

QCGLPX

QCGLRX

CREF

Growth

Account

QCGRFX

QCGRIX

QCGRPX

QCGRRX

CREF

Equity

Index

Account

QCEQFX

QCEQIX

QCEQPX

QCEQRX

CREF

Core

Bond

Account

QCBMFX

QCBMIX

QCBMPX

QCBMRX

CREF

Inflation-Linked

Bond

Account

QCILFX

QCILIX

QCILPX

QCILRX

CREF

Social

Choice

Account

QSCCFX

QCSCIX

QCSCPX

QCSCRX

CREF

Money

Market

Account

QCMMFX

QCMMIX

QCMMPX

QCMMRX

Table

of

Contents

Letter

to

CREF

Participants

3

About

the

Accounts’

Benchmarks

5

Account

Performance

6

Expense

Examples

14

Summary

Portfolio

of

Investments

16

Statement

of

Assets

and

Liabilities

38

Statement

of

Operations

40

Statement

of

Changes

in

Net

Assets

42

Financial

Highlights

46

Notes

to

Financial

Statements

62

Additional

Account

Information

79

Approval

of

Investment

Management

Agreement

80

Liquidity

Risk

Management

Program

86

Additional

Information

About

Index

Providers

87

Letter

to

CREF

Participants

3

Colbert

Narcisse

Maintaining

a

long-term

perspective

Financial

markets

generally

performed

well

in

the

first

half

of

2024.

Yet,

uncertainty

regarding

the

future

direction

of

interest

rates,

as

well

as

potential

shifts

in

global

economic

data

and

ongoing

geopolitical

events,

have

surely

given

investors

much

to

think

about.

However,

despite

these

challenges,

global

economies

remained

resilient,

and

most

asset

classes

saw

gains

in

the

first

half

of

2024.

While

no

one

definitively

knows

where

financial

markets

are

headed

for

the

balance

of

2024

and

beyond,

it’s

important

to

keep

long-term

investment

goals

in

mind

during

periods

of

uncertainty.

We

believe

that

a

well-thought-out

financial

plan

and

a

professionally

managed

portfolio,

diversified

among

stocks,

bonds

and

other

asset

classes,

can

help

you

stay

on

track

to

achieve

your

long-term

investment

objectives.

Nevertheless,

please

keep

in

mind

that

past

performance

cannot

guarantee

future

results,

and

diversification

does

not

guarantee

against

market

losses.

Overview

of

the

markets

and

economy

U.S.

and

international

stock

markets

advanced

for

the

six-month

period

as

economies

generally

grew

and

the

rate

of

inflation

slowed.

Both

the

U.S.

economy

and

the

economy

of

the

20-nation

euro

area

expanded

in

the

first

half

of

2024.

China’s

economy

also

grew

but

continued

to

be

hampered

by

a

persistent

real

estate

downturn.

Global

central

banks

generally

refrained

from

further

interest-

rate

increases

as

the

pace

of

inflation

eased.

During

the

period,

the

U.S.

Federal

Reserve

and

Bank

of

England

left

interest

rates

unchanged

at

5.25%–5.50%

and

5.25%,

respectively,

but

both

are

expected

to

pivot

to

an

easing

stance

soon.

However,

the

European

Central

Bank

lowered

its

suite

of

benchmark

rates

in

June

2024.

Returns

for

four

CREF

Accounts

that

invest

primarily

in

stocks

ranged

from

22.2%

for

the

Growth

Account

to

11.2%

for

the

Stock

Account.

The

balanced,

Social

Choice

Account

which

invests

in

a

mix

of

stocks

and

bonds,

gained

5.6%.

The

Inflation-Linked

Bond

Account

gained

1.6%,

the

Core

Bond

Account

rose

0.2%,

and

the

Money

Market

Account

advanced

2.6%.

Most

accounts

outperformed

their

respective

benchmarks

for

the

six-month

period.

All

account

returns

are

for

Class

R3.

Stocks

posted

gains,

while

bonds

lost

ground

For

the

six-month

period,

U.S.

stocks,

as

represented

by

the

Russell

3000®

Index,

gained

13.6%.

International

equities,

as

measured

by

the

MSCI

EAFE®

Index,

advanced

5.3%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−0.7%.

Yields

on

U.S.

fixed-

income

securities

rose

across

most

maturities.

However,

short-term

maturities

either

declined

or

only

increased

modestly.

(Bond

yields

move

in

the

opposite

direction

of

prices.)

Letter

to

CREF

Participants

(continued)

4

CREF

performance

review

In

a

positive

period

for

most

financial

markets,

all

CREF

Accounts

posted

gains

for

the

first

six

months

of

2024.

Overall,

stocks

outperformed

bonds,

and

U.S.

equities

outperformed

international

stocks.

The

Growth

Account

returned

22.2%

and

outperformed

the

Russell

1000®

Growth

Index.

The

passively

managed

Equity

Index

Account

gained

13.4%.

The

Global

Equities

Account

rose

13.0%

and

exceeded

the

MSCI

All

Country

World

Index

(MSCI

ACWI)

return.

The

Stock

Account

gained

11.2%

and

outperformed

its

Morningstar

Aggressive

Target

Risk

Index

benchmark

as

well

as

its

Composite

benchmark.

The

Social

Choice

Account,

which

excludes

certain

stocks

and

bonds

due

to

environmental,

social

and

governance

criteria,

advanced

5.6%

and

outperformed

its

Morningstar

Moderate

Target

Risk

Index

benchmark

but

lagged

its

Composite

benchmark.

Among

fixed-income

accounts,

the

Inflation-Linked

Bond

Account

advanced

1.6%,

outpacing

the

Bloomberg

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

1–10

Year

Index.

The

Core

Bond

Account

rose

0.2%,

surpassing

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Account

gained

2.6%

and

exceeded

the

iMoneyNet

Money

Fund

Averages™—All

Government.

TIAA

is

here

to

help

If

you

have

any

questions

or

concerns

about

your

investments,

we

encourage

you

to

speak

with

your

financial

advisor

or

call

a

TIAA

financial

consultant.

To

learn

more,

visit

us

at

TIAA.org

or

call

800-842-2252.

We

would

be

pleased

to

assist

you.

Best

regards,

Colbert

G.

Narcisse

President

and

Chief

Executive

Officer

of

CREF

5

About

the

Accounts’

Benchmarks

CREF

Stock

Account

The

Account’s

composite

benchmark

is

a

weighted

average

of

two

unmanaged

indexes:

the

Russell

3000®

Index,

which

measures

the

performance

of

the

broad

U.S.

stock

market,

and

the

MSCI

All

Country

World

(ACWI)

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large

and

mid-cap

stocks

in

46

developed-

and

emerging-markets

nations

throughout

the

world,

excluding

the

United

States.

The

Morningstar

Aggressive

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Stock

Account

and

has

a

95%

global

equity

market

exposure

and

a

multi-asset

class

exposure

that

is

similar

to

the

Stock

Account.

CREF

Global

Equities

Account

The

Account’s

benchmark

is

the

MSCI

All

Country

World

Index

(ACWI):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

stocks

across

23

developed

and

24

emerging

markets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Growth

Account

The

Account’s

benchmark

is

the

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Equity

Index

Account

The

Account’s

benchmark

is

the

Russell

3000

Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Core

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Inflation-Linked

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index:

An

index

designed

to

measure

the

performance

of

fixed-income

securities

with

maturities

between

1

and

10

years

that

are

adjusted

for

inflation,

as

measured

by

the

Consumer

Price

Index

for

All

Urban

Consumers

(CPI-U).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Social

Choice

Account

The

Account’s

composite

benchmark

is

a

weighted

average

of

three

unmanaged

indexes:

the

S&P

500

Index,

which

is

generally

considered

a

representative

of

the

U.S.

equity

market;

Bloomberg

U.S.

Aggregate

Bond

Index,

which

measures

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market;

and

the

MSCI

EAFE

Index,

which

measures

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

United

States

and

Canada.

The

Morningstar

Moderate

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Social

Choice

Account.

The

index

has

a

multi-asset

class

exposure

(60%

global

equity,

40%

global

fixed

income)

that

is

similar

to

the

Social

Choice

Account.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

accounts’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

EAFE

stands

for

Europe,

Australasia,

Far

East.

CREF

Stock

Account

6

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

country

Total

return

Average

annual

total

return

Estimated

annual

Stock

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

11

.26

%

19

.67

%

11

.13

%

†

9

.20

%

†

0

.100

%

Class

R3

7/31/1952

11

.17

19

.47

11

.07

9

.17

0

.255

Class

R2

4/24/2015

11

.14

19

.40

11

.01

9

.11

†

0

.320

Class

R1

4/24/2015

11

.05

19

.22

10

.83

8

.91

†

0

.485

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

6

.84

14

.87

8

.90

7

.83

–

CREF

Stock

Account

Composite

Index

‡

–

10

.63

19

.02

11

.37

9

.58

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

‡

As

of

the

close

of

business

on

June

30,

2024,

the

CREF

Stock

Account

Composite

Index

consisted

of:

65.0%

Russell

3000®

Index

and

35.0%

MSCI

ACWI

ex

USA

IMI.

The

Account’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

as

of

6/30/2024

Net

assets

$

125.93

billion

Portfolio

turnover

rate

*

19%

Number

of

holdings

8,302

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

%

of

net

assets

as

of

6/30/2024

Information

technology

24.8

Financials

15.7

Consumer

discretionary

11.1

Health

care

11.1

Industrials

10.7

Communication

services

6.9

Consumer

staples

5.5

Energy

4.6

Materials

4.2

Utilities

2.4

Real

estate

2.4

Government

bonds

0.0

Short-term

investments

0.4

Investments

purchased

with

collateral

from

securities

lending

0.7

Other

assets

&

liabilities,

net

-0.5

Total

100.0

%

of

portfolio

investments

as

of

6/30/2024

United

States

66.9

Japan

5.0

United

Kingdom

2.5

China

2.2

Taiwan

2.1

Canada

2.1

France

1.9

India

1.9

Germany

1.8

Netherlands

1.6

63

other

nations

10.9

Short-term

investments

0.4

Investments

purchased

with

collateral

from

securities

lending

0.7

Total

100.0

CREF

Global

Equities

Account

7

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

country

Total

return

Average

annual

total

return

Estimated

annual

Global

Equities

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

13

.09

%

21

.40

%

12

.24

%

†

9

.06

%

†

0

.095

%

Class

R3

5/1/1992

13

.00

21

.20

12

.17

9

.03

0

.250

Class

R2

4/24/2015

12

.96

21

.13

12

.11

8

.96

†

0

.315

Class

R1

4/24/2015

12

.87

20

.94

11

.93

8

.76

†

0

.480

MSCI

All

Country

World

Index

–

11

.30

19

.38

10

.76

8

.43

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2024

Net

assets

$

29.03

billion

Portfolio

turnover

rate

*

17%

Number

of

holdings

1,993

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

%

of

net

assets

as

of

6/30/2024

Information

technology

26.7

Financials

15.3

Health

care

10.9

Consumer

discretionary

10.4

Industrials

9.9

Communication

services

6.7

Consumer

staples

6.5

Energy

5.4

Materials

4.8

Utilities

1.7

Real

estate

0.6

Short-term

investments

1.2

Investments

purchased

with

collateral

from

securities

lending

0.4

Other

assets

&

liabilities,

net

-0.5

Total

100.0

%

of

portfolio

investments

as

of

6/30/2024

United

States

66.7

Japan

6.2

Taiwan

2.5

Canada

2.1

United

Kingdom

2.1

China

1.8

France

1.7

India

1.7

Germany

1.7

Denmark

1.6

40

other

nations

10.3

Short-term

investments

1.2

Investments

purchased

with

collateral

from

securities

lending

0.4

Total

100.0

CREF

Growth

Account

8

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Total

return

Average

annual

total

return

Estimated

annual

Growth

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

22

.31

%

36

.78

%

17

.27

%

†

15

.15

%

†

0

.070

%

Class

R3

4/29/1994

22

.21

36

.56

17

.20

15

.12

0

.225

Class

R2

4/24/2015

22

.17

36

.47

17

.13

15

.05

†

0

.290

Class

R1

4/24/2015

22

.07

36

.27

16

.95

14

.84

†

0

.455

Russell

1000®

Growth

Index

–

20

.70

33

.48

19

.34

16

.33

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2024

Net

assets

$

40.24

billion

Portfolio

turnover

rate

*

8%

Number

of

holdings

88

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

%

of

net

assets

as

of

6/30/2024

Information

technology

46.3

Consumer

discretionary

13.2

Communication

services

12.3

Health

care

10.6

Financials

7.5

Industrials

4.5

Consumer

staples

3.7

Materials

1.4

Energy

0.3

Short-term

investments

0.3

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

-0.2

Total

100.0

CREF

Equity

Index

Account

9

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Total

return

Average

annual

total

return

Estimated

annual

Equity

Index

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

13

.52

%

23

.13

%

14

.04

%

†

11

.97

%

†

0

.030

%

Class

R3

4/29/1994

13

.43

22

.93

13

.98

11

.94

0

.185

Class

R2

4/24/2015

13

.39

22

.85

13

.91

11

.87

†

0

.250

Class

R1

4/24/2015

13

.30

22

.67

13

.73

11

.67

†

0

.415

Russell

3000®

Index

–

13

.56

23

.13

14

.14

12

.15

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2024

Net

assets

$

24.76

billion

Portfolio

turnover

rate

*

1%

Number

of

holdings

2,801

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

%

of

net

assets

as

of

6/30/2024

Information

technology

30.1

Financials

13.1

Health

care

11.7

Consumer

discretionary

10.2

Industrials

9.4

Communication

services

8.6

Consumer

staples

5.4

Energy

3.8

Materials

2.5

Real

estate

2.5

Utilities

2.2

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.3

Other

assets

&

liabilities,

net

-0.3

Total

100.0

CREF

Core

Bond

Account

10

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody’s,

Standard

&

Poor’s

and

Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

Total

return

Average

annual

total

return

Estimated

annual

Core

Bond

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

0

.23

%

3

.92

%

0

.26

%

†

1

.68

%

†

0

.095

%

Class

R3

3/1/1990

0

.15

3

.74

0

.20

1

.65

0

.250

Class

R2

4/24/2015

0

.12

3

.68

0

.14

1

.59

†

0

.315

Class

R1

4/24/2015

0

.04

3

.52

-

0

.02

1

.41

†

0

.480

Bloomberg

U.S.

Aggregate

Bond

Index

–

-

0

.71

2

.63

-

0

.23

1

.35

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2024

Net

assets

$

10.73

billion

Portfolio

turnover

rate

*

47%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

40%

Number

of

issues

1,809

Option-adjusted

duration

‡

6.17

years

Average

maturity

§

8.74

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2024

Government

bonds

50.3

Corporate

bonds

31.2

Structured

assets

15.8

Bank

loan

obligations

0.3

Preferred

stocks

0.0

Short-term

investments

1.5

Investments

purchased

with

collateral

from

securities

lending

0.3

Other

assets

&

liabilities,

net

0.6

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2024

Less

than

1

year

3.9

1-3

years

18.8

3-5

years

16.3

5-10

years

40.2

Over

10

years

20.8

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2024

U.S.

Treasury

&

U.S.

agency

securities*

41.1

Aaa/AAA

7.6

Aa/AA

8.4

A/A

16.2

Baa/BBB

22.5

Ba/BB

2.1

B/B

0.7

Below

B/B

0.1

Non-rated

1.3

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Inflation-Linked

Bond

Account

11

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody’s,

Standard

&

Poor’s

and

Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

Total

return

Average

annual

total

return

Estimated

annual

Inflation-Linked

Bond

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

1

.67

%

4

.69

%

2

.87

%

†

2

.07

%

†

0

.060

%

Class

R3

5/1/1997

1

.58

4

.52

2

.81

2

.04

0

.215

Class

R2

4/24/2015

1

.55

4

.45

2

.75

1

.98

†

0

.280

Class

R1

4/24/2015

1

.47

4

.30

2

.59

1

.80

†

0

.445

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index

–

1

.38

4

.26

2

.67

2

.05

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2024

Net

assets

$

6.97

billion

Portfolio

turnover

rate

*

14%

Number

of

issues

182

Option-adjusted

duration

‡

4.49

years

Average

maturity

§

4.94

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2024

Government

bonds

92.9

Structured

assets

3.9

Corporate

bonds

2.5

Bank

loan

obligations

0.3

Common

stocks

0.2

Short-term

investments

0.0

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

0.1

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2024

Less

than

1

year

3.8

1-3

years

28.7

3-5

years

29.7

5-10

years

37.6

Over

10

years

0.2

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2024

U.S.

Treasury

&

U.S.

agency

securities*

92.1

Aaa/AAA

1.3

Aa/AA

0.7

A/A

1.0

Baa/BBB

2.8

Ba/BB

1.2

B/B

0.2

Non-rated

0.7

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Social

Choice

Account

12

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

maturity

Total

return

Average

annual

total

return

Estimated

annual

Social

Choice

Account

§

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

5.70%

12.12%

7.09%

†

6.46%

†

0.065%

Class

R3

3/1/1990

5.62

11.93

7.02

6.43

0.220

Class

R2

4/24/2015

5.58

11.86

6.96

6.36

†

0.285

Class

R1

4/24/2015

5.50

11.69

6.79

6.17

†

0.450

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

4.19

10.34

5.83

5.56

–

CREF

Social

Choice

Account

Composite

Index

‡

–

6.53

12.92

7.26

6.69

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

‡

As

of

the

close

of

business

on

June

30,

2024,

the

CREF

Social

Choice

Composite

Index

consisted

of:

42.0%

S&P

500®

Index,

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index

and

18.0%

MSCI

EAFE®

Index.

The

Account’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Effective

May

1,

2024,

the

equity

components

of

the

Account's

Composite

Index

changed

from

the

Russell

3000

Index

to

the

S&P

500

Index

and

from

the

MSCI

EAFE

+

Canada

Index

to

the

MSCI

EAFE

Index.

The

returns

of

the

S&P

500

Index

and

the

MSCI

EAFE

Index

are

more

appropriate

for

comparison

purposes

due

to

the

investment

strategy

of

the

Account

to

seek

to

achieve

the

returns

of

the

U.S.

stock

market

and

foreign

stock

markets,

while

taking

into

consideration

certain

ESG

criteria.

as

of

6/30/2024

Net

assets

$

21.30

billion

Portfolio

turnover

rate

*

58%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

57%

Equity

segment

Number

of

holdings

528

Fixed-income

segment

Number

of

issues

1,042

Option-adjusted

duration

‡

6.15

years

Average

maturity

§

9.37

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2024

Equity

Investments

59.5

Fixed-income

securities

39.5

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.5

Other

assets

&

liabilities,

net

-0.0

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2024

Less

than

1

year

4.0

1-3

years

14.6

3-5

years

13.0

5-10

years

46.2

Over

10

years

22.2

Total

100.0

CREF

Money

Market

Account

13

Performance

as

of

June

30,

2024

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information,

including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org

or

nuveen.com.

You

could

lose

money

by

investing

in

this

Account.

Because

the

accumulation

unit

value

of

the

Account

will

fluctuate,

the

value

of

your

investment

may

increase

or

decrease.

An

investment

in

the Account

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

(FDIC)

or

any

other

government

agency.

The Account's

sponsor

has

no

legal

obligation

to

provide

support

to

the

Account,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the Account

at

any

time.

For

a

detailed

discussion

of

risk,

please

see

the

prospectus.

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return. 

Note:

Unlike

most

money

market

funds,

the

CREF

Money

Market

Account

does

not

distribute

income

on

a

daily

basis.

Therefore,

the

Account

does

not

maintain

a

constant

value

of

$1.00

per

accumulation

unit.

Account

profile

Portfolio

composition

Net

annualized

yield

Total

return

Average

annual

total

return

Estimated

annual

Money

Market

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

2.68%

5.45%

2.06%

†

1.35%

†

0.035%

Class

R3

4/1/1988

2.60

5.27

2.01

1.32

0.190

Class

R2

4/24/2015

2.57

5.21

1.94

1.26

†

0.255

Class

R1

4/24/2015

2.49

5.05

1.78

1.09

†

0.420

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

2.51

5.10

1.92

1.26

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

variable-rate

notes.

You

cannot

invest

directly

in

it.

as

of

6/30/2024

Net

assets

$

9.68

billion

Number

of

issues

73

%

of

net

assets

as

of

6/30/2024

Repurchase

agreements

47.7

U.S.

Treasury

securities*

21.6

Variable

rate

securities,

government

18.7

U.S.

government

agency

securities*

15.1

Treasury

inflation

protected

securities

0.3

Other

assets

&

liabilities,

net

-3.4

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

June

25,

2024)

*

Current

yield

Effective

yield

Money

Market

Account

Class

R4

5.29%

5.43%

Class

R3

5.13

5.26

Class

R2

5.08

5.20

Class

R1

4.93

5.05

iMoneyNet

Money

Fund

Averages™—

All

Government

§

4.97

5.09

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return.

*

Typically,

iMoneyNet

reports

its

7-day

yields

as

of

Tuesday

of

each

week.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

variable-rate

notes.

You

cannot

invest

directly

in

it.

Expense

Examples

14

All

participants

in

the

CREF

Accounts

incur

ongoing

costs,

including

management

fees

and

other

account

expenses.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

variable

annuity

accounts

and

mutual

funds.

Participants

in

the

CREF

Accounts

do

not

incur

a

sales

charge

for

purchases

or

other

distributions.

The

examples

are

based

on

an

investment

of

$10,000

invested

at

the

beginning

and

held

for

the

entire

reporting

period.

The

examples

are

also

based

on

each

Account’s

actual

expenses,

which

may

vary

from

the

expense

rates

shown

in

CREF’s

prospectus.

What

were

the

Accounts'

costs

for

the

last

six

months?

(based

on

a

hypothetical

$10,000

investment)

Stock

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$6

0.12%

Class

R3

$14

0.29%

Class

R2

$18

0.35%

Class

R1

$26

0.51%

Global

Equities

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$6

0.12%

Class

R3

$14

0.28%

Class

R2

$17

0.35%

Class

R1

$25

0.51%

Growth

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$3

0.06%

Class

R3

$11

0.23%

Class

R2

$15

0.29%

Class

R1

$23

0.45%

Equity

Index

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$1

0.03%

Class

R3

$10

0.19%

Class

R2

$13

0.25%

Class

R1

$21

0.41%

Core

Bond

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$5

0.09%

Class

R3

$13

0.26%

Class

R2

$16

0.32%

Class

R1

$24

0.48%

Inflation-Linked

Bond

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$3

0.06%

Class

R3

$11

0.22%

Class

R2

$14

0.29%

Class

R1

$22

0.45%

15

Social

Choice

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$3

0.06%

Class

R3

$11

0.22%

Class

R2

$14

0.29%

Class

R1

$22

0.44%

Money

Market

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Class

R4

$1

0.03%

Class

R3

$10

0.20%

Class

R2

$13

0.26%

Class

R1

$21

0.42%

*

This

cost

is

annualized.

CREF

Stock

Account

June

30,

2024

Summary

Portfolio

of

Investments

16

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

GOVERNMENT

BONDS

U.S.

TREASURY

SECURITIES

$

197‌

0

.0‌

%

$

200,000

TOTAL

GOVERNMENT

BONDS

(Cost

$209)

197‌

0

.0‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,166,935

(a)

Tesla,

Inc

428,793‌

0

.4‌

19,146,970

(a)

Toyota

Motor

Corp

392,847‌

0

.3‌

Other

1,426,535‌

1

.1‌

2,248,175‌

1

.8‌

BANKS

24,667,918

ING

Groep

NV

423,861‌

0

.3‌

4,980,213

JPMorgan

Chase

&

Co

1,007,298‌

0

.8‌

10,948,780

Wells

Fargo

&

Co

650,248‌

0

.5‌

Other

6,378,433‌

5

.1‌

8,459,840‌

6

.7‌

CAPITAL

GOODS

1,509,594

Eaton

Corp

plc

473,333‌

0

.4‌

2,934,581

Honeywell

International,

Inc

626,650‌

0

.5‌

Other

8,855,996‌

7

.0‌

9,955,979‌

7

.9‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,686,651‌

1

.3‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

16,963,907

(a)

Amazon.com,

Inc

3,278,275‌

2

.6‌

1,599,290

Home

Depot,

Inc

550,540‌

0

.5‌

Other

2,425,206‌

1

.9‌

6,254,021‌

5

.0‌

CONSUMER

DURABLES

&

APPAREL

2,216,028‌

1

.8‌

CONSUMER

SERVICES

8,812,494

(b)

Arcos

Dorados

Holdings,

Inc

79,312‌

0

.1‌

105,063

Booking

Holdings,

Inc

416,207‌

0

.3‌

1,546,877

McDonald's

Corp

394,206‌

0

.3‌

Other

2,260,518‌

1

.8‌

3,150,243‌

2

.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

30,099,494

(a),(b)

Cia

Brasileira

de

Distribuicao

14,538‌

0

.0‌

807,582

Costco

Wholesale

Corp

686,437‌

0

.5‌

9,699,247

Walmart,

Inc

656,736‌

0

.5‌

Other

718,444‌

0

.6‌

2,076,155‌

1

.6‌

ENERGY

7,662,025

Exxon

Mobil

Corp

882,052‌

0

.7‌

9,846,633

Reliance

Industries

Ltd

369,117‌

0

.3‌

11,980,225

Shell

plc

429,706‌

0

.3‌

Other

4,169,675‌

3

.3‌

5,850,550‌

4

.6‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,434,586

Prologis,

Inc

385,738‌

0

.3‌

Other

2,082,641‌

1

.7‌

2,468,379‌

2

.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

FINANCIAL

SERVICES

2,024,913

American

Express

Co

$

468,869‌

0

.4‌

%

1,529,482

(a)

Berkshire

Hathaway,

Inc

622,193‌

0

.5‌

4,918,379

Charles

Schwab

Corp

362,435‌

0

.3‌

2,063,945

Mastercard,

Inc

(Class

A)

910,530‌

0

.7‌

2,071,326

Visa,

Inc

(Class

A)

543,661‌

0

.4‌

Other

4,586,735‌

3

.6‌

7,494,423‌

5

.9‌

FOOD,

BEVERAGE

&

TOBACCO

4,312,821

Philip

Morris

International,

Inc

437,018‌

0

.4‌

Other

2,908,541‌

2

.3‌

3,345,559‌

2

.7‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,534,601

Abbott

Laboratories

367,280‌

0

.3‌

975,406

Elevance

Health,

Inc

528,533‌

0

.4‌

831,860

(a)

Intuitive

Surgical,

Inc

370,053‌

0

.3‌

2,093,388

UnitedHealth

Group,

Inc

1,066,079‌

0

.9‌

Other

3,151,806‌

2

.5‌

5,483,751‌

4

.4‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,111,763

Procter

&

Gamble

Co

513,192‌

0

.4‌

Other

1,064,408‌

0

.8‌

1,577,600‌

1

.2‌

INSURANCE

3,892,569‌

3

.1‌

MATERIALS

1,698,394

Linde

plc

745,272‌

0

.6‌

Other

4,545,263‌

3

.6‌

5,290,535‌

4

.2‌

MEDIA

&

ENTERTAINMENT

8,027,496

Alphabet,

Inc

1,472,403‌

1

.2‌

7,839,939

Alphabet,

Inc

(Class

A)

1,428,045‌

1

.1‌

5,319,943

(b),(c)

HUYA,

Inc

(ADR)

21,014‌

0

.0‌

3,588,399

Meta

Platforms,

Inc

1,809,343‌

1

.4‌

9,375,225

Tencent

Holdings

Ltd

444,764‌

0

.4‌

3,676,997

Walt

Disney

Co

365,089‌

0

.3‌

Other

1,832,578‌

1

.5‌

7,373,236‌

5

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,326,131

AbbVie,

Inc

570,498‌

0

.5‌

1,136,720

Eli

Lilly

&

Co

1,029,164‌

0

.8‌

2,459,955

Johnson

&

Johnson

359,547‌

0

.3‌

4,322,019

Merck

&

Co,

Inc

535,066‌

0

.4‌

8,010,762

Novo

Nordisk

A.S.

1,146,218‌

0

.9‌

Other

4,823,524‌

3

.8‌

8,464,017‌

6

.7‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

484,070‌

0

.4‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,154,805

Applied

Materials,

Inc

508,512‌

0

.4‌

763,890

ASML

Holding

NV

778,531‌

0

.6‌

1,027,124

Broadcom,

Inc

1,649,078‌

1

.3‌

363,451

Lam

Research

Corp

387,021‌

0

.3‌

36,490,311

Nvidia

Corp

4,508,013‌

3

.6‌

47,134,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,396,472‌

1

.1‌

Other

3,280,375‌

2

.6‌

12,508,002‌

9

.9‌

17

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Description

1

1

Value

(000)

%

of

net

assets

SOFTWARE

&

SERVICES

598,100

(a),(b)

Kaonavi,

Inc

$

5,957‌

0

.0‌

%

31,743,900

(a),(b),(d)

Locaweb

Servicos

de

Internet

S.A.

22,998‌

0

.0‌

12,622,924

Microsoft

Corp

5,641,816‌

4

.5‌

2,006,343

Salesforce,

Inc

515,831‌

0

.4‌

Other

4,915,730‌

3

.9‌

11,102,332‌

8

.8‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

22,286,411

(e)

Apple,

Inc

4,693,964‌

3

.8‌

9,613,741

Samsung

Electronics

Co

Ltd

565,805‌

0

.4‌

Other

2,382,667‌

1

.9‌

7,642,436‌

6

.1‌

TELECOMMUNICATION

SERVICES

1,253,956‌

1

.0‌

TRANSPORTATION

1,906,790‌

1

.5‌

UTILITIES

6,744,971

NextEra

Energy,

Inc

477,611‌

0

.4‌

Other

2,510,606‌

2

.0‌

2,988,217‌

2

.4‌

TOTAL

COMMON

STOCKS

(Cost

$99,847,892)

125,173,514‌

99

.4‌

a

a

a

a

RIGHTS/WARRANTS

AUTOMOBILES

&

COMPONENTS

3,260‌

0

.0‌

CAPITAL

GOODS

104‌

0

.0‌

CONSUMER

SERVICES

1‌

0

.0‌

FINANCIAL

SERVICES

0‌

^

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

7‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

14‌

0

.0‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5‌

0

.0‌

SOFTWARE

&

SERVICES

98‌

0

.0‌

TRANSPORTATION

6‌

0

.0‌

UTILITIES

25‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$2,483)

3,521‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$99,850,584)

125,177,232‌

99

.4‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

238,378‌

0

.2‌

REPURCHASE

AGREEMENT

181,465‌

0

.1‌

TREASURY

DEBT

137,276‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$557,194)

557,119‌

0

.4‌

a

a

a

a

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

216,936‌

0

.2‌

COMMERCIAL

PAPER

53,401‌

0

.0‌

REPURCHASE

AGREEMENT

566,000‌

0

.5‌

VARIABLE

RATE

SECURITIES

23,500‌

0

.0‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$

859,837

)

$

859,837‌

0

.7‌

%

TOTAL

PORTFOLIO

(Cost

$101,267,615)

126,594,188‌

100

.5‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

664,726‌

)

(

0

.5‌

)

NET

ASSETS

$

125,929,462‌

100

.0‌

%

ADR

American

Depositary

Receipt

^

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

$1,318,619,736.

(d)

Security

is

exempt

from

registration

under

Rule

144A

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

$868,263,264

or

0.7%

of

Total

Investments.

(e)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

Summary

Portfolio

of

Investments

(continued)

CREF

Stock

Account

June

30,

2024

18

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E-Mini

Index

123‌

09/20/24

 $

12,482‌

$

12,700‌

$

218‌

S&P

500

E-Mini

Index

835‌

09/20/24

229,749‌

230,523‌

774‌

S&P

Mid-Cap

400

E-Mini

Index

65‌

09/20/24

19,045‌

19,227‌

182‌

Total

1,023‌

  $

261,276‌

 $

262,450‌

 $

1,174‌

19

See

Notes

to

Financial

Statements

CREF

Global

Equities

Account

June

30,

2024

Summary

Portfolio

of

Investments

(Unaudited)

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUSTRALIA

23,859,114

Glencore

plc

$

135,765‌

0.5‌

%

164,809,536

(a),(b)

Tamboran

Resources

Ltd

18,691‌

0.1‌

Other

197,952‌

0.6‌

352,408‌

1.2‌

AUSTRIA

962‌

0.0‌

BELGIUM

54,793‌

0.2‌

BERMUDA

15,435‌

0.1‌

BRAZIL

304,934‌

1.1‌

CANADA

2,298,305

(b)

Shopify,

Inc

(Class

A)

151,888‌

0.5‌

Other

461,464‌

1.6‌

613,352‌

2.1‌

CHILE

5,882‌

0.0‌

CHINA

521,290‌

1.8‌

COLOMBIA

962‌

0.0‌

CZECH

REPUBLIC

1,661‌

0.0‌

DENMARK

2,370,318

Novo

Nordisk

A.S.

339,156‌

1.2‌

Other

120,897‌

0.4‌

460,053‌

1.6‌

EGYPT

691‌

0.0‌

FINLAND

46,171‌

0.2‌

FRANCE

504,085‌

1.7‌

GERMANY

498,005‌

1.7‌

GREECE

4,913‌

0.0‌

HONG

KONG

52,963‌

0.2‌

HUNGARY

3,295‌

0.0‌

INDIA

497,616‌

1.7‌

INDONESIA

39,603‌

0.1‌

IRELAND

60,614‌

0.2‌

ISRAEL

7,191‌

0.0‌

ITALY

199,569‌

0.7‌

JAPAN

3,738,600

Advantest

Corp

151,510‌

0.5‌

11,410,320

(b)

Hitachi

Ltd

256,918‌

0.9‌

1,580,865

Sony

Corp

134,723‌

0.5‌

7,193,710

(b)

Toyota

Motor

Corp

147,597‌

0.5‌

Other

1,119,269‌

3.8‌

1,810,017‌

6.2‌

KOREA,

REPUBLIC

OF

3,242,116

Samsung

Electronics

Co

Ltd

190,811‌

0.7‌

Other

134,816‌

0.4‌

325,627‌

1.1‌

KUWAIT

5,411‌

0.0‌

LUXEMBOURG

47,005‌

0.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

MALAYSIA

$

15,153‌

0.1‌

%

MEXICO

108,842‌

0.4‌

NETHERLANDS

191,441

ASML

Holding

NV

195,110‌

0.7‌

7,920,357

ING

Groep

NV

136,093‌

0.5‌

Other

80,940‌

0.2‌

412,143‌

1.4‌

NORWAY

73,911‌

0.3‌

PERU

1,871‌

0.0‌

PHILIPPINES

9,545‌

0.0‌

POLAND

10,290‌

0.0‌

PORTUGAL

14,661‌

0.1‌

QATAR

8,142‌

0.0‌

ROMANIA

893‌

0.0‌

RUSSIA

2‌

0.0‌

SAUDI

ARABIA

72,946‌

0.3‌

SINGAPORE

32,054‌

0.1‌

SOUTH

AFRICA

61,425‌

0.2‌

SPAIN

210,548‌

0.7‌

SWEDEN

79,853‌

0.3‌

SWITZERLAND

313,991‌

1.1‌

TAIWAN

18,639,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

552,232‌

1.9‌

Other

171,136‌

0.6‌

723,368‌

2.5‌

THAILAND

16,807‌

0.1‌

TURKEY

24,304‌

0.1‌

UNITED

ARAB

EMIRATES

13,020‌

0.0‌

UNITED

KINGDOM

919,067

AstraZeneca

plc

143,037‌

0.5‌

Other

467,221‌

1.6‌

610,258‌

2.1‌

UNITED

STATES

944,112

(b)

Advanced

Micro

Devices,

Inc

153,144‌

0.5‌

1,970,126

Alphabet,

Inc

361,361‌

1.2‌

1,457,364

Alphabet,

Inc

(Class

A)

265,459‌

0.9‌

4,581,107

(b)

Amazon.com,

Inc

885,299‌

3.1‌

6,440,454

(c)

Apple,

Inc

1,356,488‌

4.7‌

397,795

(b)

Berkshire

Hathaway,

Inc

161,823‌

0.6‌

1,991,456

(b)

Boston

Scientific

Corp

153,362‌

0.5‌

295,681

Broadcom,

Inc

474,725‌

1.6‌

2,538,103

Coca-Cola

Co

161,550‌

0.6‌

378,527

Costco

Wholesale

Corp

321,744‌

1.1‌

670,529

Diamondback

Energy,

Inc

134,233‌

0.5‌

421,588

Eli

Lilly

&

Co

381,697‌

1.3‌

3,255,112

Exxon

Mobil

Corp

374,729‌

1.3‌

3,317,542

Freeport-McMoRan,

Inc

(Class

B)

161,233‌

0.6‌

597,386

Home

Depot,

Inc

205,644‌

0.7‌

916,785

Honeywell

International,

Inc

195,770‌

0.7‌

1,633,947

JPMorgan

Chase

&

Co

330,482‌

1.1‌

513,021

Linde

plc

225,119‌

0.8‌

387,303

Mastercard,

Inc

(Class

A)

170,863‌

0.6‌

653,659

McDonald's

Corp

166,578‌

0.6‌

Summary

Portfolio

of

Investments

(continued)

CREF

Global

Equities

Account

June

30,

2024

20

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$166,536,325.

At

6/30/24,

the

aggregate

value

of

securities

exempt

from

registration

under

Rule

144(A)

of

the Securities

Act

of

1933,

as

amended,

amounted

to $123,197,773 or 0.4% of

Total

Investments.

Such securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Description

1

1

Value

(000)

%

of

net

assets

UNITED

STATES—continued

1,326,442

Merck

&

Co,

Inc

$

164,214‌

0.6‌

%

939,323

Meta

Platforms,

Inc

473,625‌

1.6‌

3,134,257

Microsoft

Corp

1,400,856‌

4.8‌

222,480

(b)

NetFlix,

Inc

150,147‌

0.5‌

11,449,768

Nvidia

Corp

1,414,504‌

4.9‌

373,306

(b)

Palo

Alto

Networks,

Inc

126,555‌

0.4‌

1,387,870

Procter

&

Gamble

Co

228,888‌

0.8‌

951,487

Salesforce,

Inc

244,627‌

0.8‌

5,200,302

Shell

plc

186,524‌

0.6‌

410,676

Stryker

Corp

139,733‌

0.5‌

1,044,994

Teradyne,

Inc

154,962‌

0.5‌

725,543

(b)

Tesla,

Inc

143,570‌

0.5‌

420,004

UnitedHealth

Group,

Inc

213,891‌

0.7‌

917,743

Valero

Energy

Corp

143,865‌

0.5‌

865,450

Visa,

Inc

(Class

A)

227,155‌

0.8‌

3,185,438

Walmart,

Inc

215,686‌

0.7‌

1,344,327

Walt

Disney

Co

133,478‌

0.5‌

4,082,137

Wells

Fargo

&

Co

242,438‌

0.8‌

Other

6,813,927‌

23.5‌

19,459,948‌

67.0‌

TOTAL

COMMON

STOCKS

(Cost

$21,342,152)

28,708,483‌

98.9‌

a

a

a

a

RIGHTS/WARRANTS

AUSTRALIA

1‌

0.0‌

BRAZIL

1‌

0.0‌

CHINA

0‌^

0.0‌

INDIA

842‌

0.0‌

ITALY

5‌

0.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$612)

849‌

0.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$21,342,764)

28,709,332‌

98.9‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

121,304‌

0.4‌

REPURCHASE

AGREEMENT

79,955‌

0.3‌

TREASURY

DEBT

139,989‌

0.5‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$341,300)

341,248‌

1.2‌

a

a

a

a

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

10,636‌

0.0‌

COMMERCIAL

PAPER

2,954‌

0.0‌

REPURCHASE

AGREEMENT

115,000‌

0.4‌

VARIABLE

RATE

SECURITIES

2,500‌

0.0‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$131,090)

131,090‌

0.4‌

TOTAL

PORTFOLIO

(Cost

$21,815,154)

29,181,670‌

100.5‌

OTHER

ASSETS

&

LIABILITIES,

NET

(155,841‌)

(0.5‌)

NET

ASSETS

$

29,025,829‌

100.0‌%

^

Amount

represents

less

than

$1,000.

(a)

Affiliated

holding

(b)

Non-income

producing

(c)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

21

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

475‌

09/20/24

 $

55,455‌

$

55,651‌

$

196‌

S&P

500

E-Mini

Index

581‌

09/20/24

159,861‌

160,400‌

539‌

Total

1,056‌

  $

215,316‌

 $

216,051‌

 $

735‌

CREF

Growth

Account

June

30,

2024

Summary

Portfolio

of

Investments

22

See

Notes

to

Financial

Statements

(Unaudited)

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

CAPITAL

GOODS

2,061,557

(a)

Boeing

Co

$

375,224‌

0.9‌

%

2,890,161

Carrier

Global

Corp

182,311‌

0.5‌

575,683

Eaton

Corp

plc

180,505‌

0.4‌

Other

164,539‌

0.4‌

902,579‌

2.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

610,530

Verisk

Analytics,

Inc

164,568‌

0.4‌

904,520

Waste

Connections,

Inc

158,617‌

0.4‌

Other

104,984‌

0.3‌

428,169‌

1.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,564,426

(a)

Amazon.com,

Inc

3,007,825‌

7.5‌

2,253,622

TJX

Cos,

Inc

248,124‌

0.6‌

3,255,949‌

8.1‌

CONSUMER

DURABLES

&

APPAREL

88,006‌

0.2‌

CONSUMER

SERVICES

208,959

Booking

Holdings,

Inc

827,791‌

2.1‌

8,919,677

(a)

Carnival

Corp

166,976‌

0.4‌

4,576,150

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

286,696‌

0.7‌

3,121,931

Starbucks

Corp

243,042‌

0.6‌

Other

451,846‌

1.1‌

1,976,351‌

4.9‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,186,739

Costco

Wholesale

Corp

1,008,716‌

2.5‌

1,008,716‌

2.5‌

ENERGY

132,808‌

0.3‌

FINANCIAL

SERVICES

1,419,613

(a)

Fiserv,

Inc

211,579‌

0.5‌

1,307,406

iShares

Russell

1000

Growth

Index

Fund

476,563‌

1.2‌

2,055,519

Mastercard,

Inc

(Class

A)

906,813‌

2.3‌

3,144,721

(a)

PayPal

Holdings,

Inc

182,488‌

0.5‌

2,327,205

Visa,

Inc

(Class

A)

610,822‌

1.5‌

Other

332,481‌

0.8‌

2,720,746‌

6.8‌

FOOD,

BEVERAGE

&

TOBACCO

6,010,857

(a)

Monster

Beverage

Corp

300,243‌

0.7‌

Other

74,016‌

0.2‌

374,259‌

0.9‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,121,562

(a)

DexCom,

Inc

353,923‌

0.9‌

339,393

Elevance

Health,

Inc

183,903‌

0.5‌

1,384,859

(a)

Intuitive

Surgical,

Inc

616,054‌

1.5‌

976,301

UnitedHealth

Group,

Inc

497,191‌

1.2‌

Other

239,819‌

0.6‌

1,890,890‌

4.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

106,493‌

0.3‌

INSURANCE

1,390,444

Progressive

Corp

288,809‌

0.7‌

288,809‌

0.7‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

MATERIALS

5,226,684

Corteva,

Inc

$

281,927‌

0.7‌

%

629,518

Linde

plc

276,239‌

0.7‌

558,166‌

1.4‌

MEDIA

&

ENTERTAINMENT

6,540,715

Alphabet,

Inc

1,199,698‌

3.0‌

5,432,383

Alphabet,

Inc

(Class

A)

989,508‌

2.5‌

4,903,145

Meta

Platforms,

Inc

2,472,264‌

6.1‌

239,365

(a)

NetFlix,

Inc

161,543‌

0.4‌

Other

104,943‌

0.3‌

4,927,956‌

12.3‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

634,107

Amgen,

Inc

198,127‌

0.5‌

1,071,325

Eli

Lilly

&

Co

969,956‌

2.4‌

3,711,967

Novo

Nordisk

A.S.

531,126‌

1.3‌

2,577,256

Novo

Nordisk

A.S.

(ADR)

367,877‌

0.9‌

Other

295,822‌

0.8‌

2,362,908‌

5.9‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,974,387

Applied

Materials,

Inc

465,936‌

1.2‌

1,036,402

Broadcom,

Inc

1,663,975‌

4.1‌

290,724

Lam

Research

Corp

309,577‌

0.8‌

39,842,950

Nvidia

Corp

4,922,198‌

12.2‌

5,490,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

162,656‌

0.4‌

Other

126,992‌

0.3‌

7,651,334‌

19.0‌

SOFTWARE

&

SERVICES

888,547

Intuit,

Inc

583,962‌

1.4‌

10,548,017

Microsoft

Corp

4,714,436‌

11.7‌

922,519

(a)

Palo

Alto

Networks,

Inc

312,743‌

0.8‌

895,755

(a)

PTC,

Inc

162,732‌

0.4‌

336,688

Roper

Industries,

Inc

189,778‌

0.5‌

2,844,890

Salesforce,

Inc

731,421‌

1.8‌

643,951

(a)

ServiceNow,

Inc

506,577‌

1.3‌

539,689

(a)

Synopsys,

Inc

321,147‌

0.8‌

1,050,606

(a)

Workday,

Inc

234,873‌

0.6‌

Other

399,877‌

1.0‌

8,157,546‌

20.3‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

12,399,911

Apple,

Inc

2,611,669‌

6.5‌

609,122

(a)

Arista

Networks,

Inc

213,485‌

0.5‌

2,825,154‌

7.0‌

TRANSPORTATION

6,287,220

(a)

Uber

Technologies,

Inc

456,955‌

1.1‌

Other

28,581‌

0.1‌

485,536‌

1.2‌

TOTAL

COMMON

STOCKS

(Cost

$24,537,440)

40,142,375‌

99.8‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$24,537,440)

40,142,375‌

99.8‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

26,839‌

0.1‌

REPURCHASE

AGREEMENT

45,533‌

0.1‌

23

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$48,565,996.

At

6/30/24,

the

aggregate

value

of

securities

exempt

from

registration

under

Rule

144(A)

of

the Securities

Act

of

1933,

as

amended,

amounted

to $128,417,426 or 0.3% of

Total

Investments.

Such securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Description

1

1

Value

(000)

%

of

net

assets

TREASURY

DEBT

$

59,426‌

0.1‌

%

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$131,811)

131,798‌

0.3‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

49,190,447

(b)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(c)

49,190‌

0.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$49,190)

49,190‌

0.1‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$24,718,441)

40,323,363‌

100.2‌

OTHER

ASSETS

&

LIABILITIES,

NET

(81,076‌)

(0.2‌)

NET

ASSETS

$

40,242,287‌

100.0‌%

ADR

American

Depositary

Receipt

(a)

Non-income

producing

(b)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(c)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

CREF

Equity

Index

Account

June

30,

2024

Summary

Portfolio

of

Investments

24

See

Notes

to

Financial

Statements

(Unaudited)

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

1,305,645

(a)

Tesla,

Inc

$

258,361‌

1

.0‌

%

Other

96,290‌

0

.4‌

354,651‌

1

.4‌

BANKS

3,188,252

Bank

of

America

Corp

126,797‌

0

.5‌

1,346,419

JPMorgan

Chase

&

Co

272,327‌

1

.1‌

1,646,095

Wells

Fargo

&

Co

97,762‌

0

.4‌

Other

382,283‌

1

.6‌

879,169‌

3

.6‌

CAPITAL

GOODS

229,709

Caterpillar,

Inc

76,516‌

0

.3‌

512,117

General

Electric

Co

81,411‌

0

.3‌

Other

1,387,497‌

5

.6‌

1,545,424‌

6

.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

392,428‌

1

.6‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,364,020

(a)

Amazon.com,

Inc

843,347‌

3

.4‌

466,040

Home

Depot,

Inc

160,430‌

0

.7‌

Other

379,006‌

1

.5‌

1,382,783‌

5

.6‌

CONSUMER

DURABLES

&

APPAREL

245,632‌

1

.0‌

CONSUMER

SERVICES

338,514

McDonald's

Corp

86,267‌

0

.4‌

Other

448,065‌

1

.8‌

534,332‌

2

.2‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

208,663

Costco

Wholesale

Corp

177,361‌

0

.7‌

2,038,898

Walmart,

Inc

138,054‌

0

.6‌

Other

131,298‌

0

.5‌

446,713‌

1

.8‌

ENERGY

809,379

Chevron

Corp

126,603‌

0

.5‌

2,108,303

Exxon

Mobil

Corp

242,708‌

1

.0‌

Other

576,481‌

2

.3‌

945,792‌

3

.8‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

591,179‌

2

.4‌

FINANCIAL

SERVICES

859,857

(a)

Berkshire

Hathaway,

Inc

349,790‌

1

.4‌

388,219

Mastercard,

Inc

(Class

A)

171,267‌

0

.7‌

740,180

Visa,

Inc

(Class

A)

194,275‌

0

.8‌

Other

1,109,842‌

4

.5‌

1,825,174‌

7

.4‌

FOOD,

BEVERAGE

&

TOBACCO

1,823,766

Coca-Cola

Co

116,083‌

0

.5‌

645,912

PepsiCo,

Inc

106,530‌

0

.4‌

Other

368,321‌

1

.5‌

590,934‌

2

.4‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

812,462

Abbott

Laboratories

84,423‌

0

.3‌

432,034

UnitedHealth

Group,

Inc

220,018‌

0

.9‌

Other

861,974‌

3

.5‌

1,166,415‌

4

.7‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,107,990

Procter

&

Gamble

Co

$

182,730‌

0

.7‌

%

Other

126,136‌

0

.5‌

308,866‌

1

.2‌

INSURANCE

524,167‌

2

.1‌

MATERIALS

225,701

Linde

plc

99,040‌

0

.4‌

Other

524,926‌

2

.1‌

623,966‌

2

.5‌

MEDIA

&

ENTERTAINMENT

2,313,809

Alphabet,

Inc

424,399‌

1

.7‌

2,761,264

Alphabet,

Inc

(Class

A)

502,964‌

2

.0‌

1,029,310

Meta

Platforms,

Inc

518,999‌

2

.1‌

200,934

(a)

NetFlix,

Inc

135,606‌

0

.6‌

861,752

Walt

Disney

Co

85,563‌

0

.3‌

Other

264,773‌

1

.1‌

1,932,304‌

7

.8‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

832,235

AbbVie,

Inc

142,745‌

0

.6‌

252,387

Amgen,

Inc

78,858‌

0

.3‌

312,586

Danaher

Corp

78,100‌

0

.3‌

399,190

Eli

Lilly

&

Co

361,419‌

1

.5‌

1,133,144

Johnson

&

Johnson

165,620‌

0

.7‌

1,190,992

Merck

&

Co,

Inc

147,445‌

0

.6‌

179,385

Thermo

Fisher

Scientific,

Inc

99,200‌

0

.4‌

Other

666,452‌

2

.6‌

1,739,839‌

7

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

30,163‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

754,974

(a)

Advanced

Micro

Devices,

Inc

122,464‌

0

.5‌

390,818

Applied

Materials,

Inc

92,229‌

0

.4‌

213,610

Broadcom,

Inc

342,957‌

1

.4‌

11,172,272

Nvidia

Corp

1,380,222‌

5

.6‌

524,580

QUALCOMM,

Inc

104,486‌

0

.4‌

427,407

Texas

Instruments,

Inc

83,144‌

0

.3‌

Other

496,999‌

2

.0‌

2,622,501‌

10

.6‌

SOFTWARE

&

SERVICES

294,773

Accenture

plc

89,437‌

0

.4‌

210,440

(a)

Adobe,

Inc

116,908‌

0

.5‌

128,267

Intuit,

Inc

84,298‌

0

.3‌

3,493,657

Microsoft

Corp

1,561,490‌

6

.3‌

737,857

Oracle

Corp

104,185‌

0

.4‌

440,504

Salesforce,

Inc

113,254‌

0

.5‌

Other

877,278‌

3

.5‌

2,946,850‌

11

.9‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,829,065

Apple,

Inc

1,438,338‌

5

.8‌

1,904,430

Cisco

Systems,

Inc

90,479‌

0

.4‌

Other

361,763‌

1

.4‌

1,890,580‌

7

.6‌

TELECOMMUNICATION

SERVICES

1,974,059

Verizon

Communications,

Inc

81,410‌

0

.3‌

Other

119,582‌

0

.5‌

200,992‌

0

.8‌

TRANSPORTATION

386,041‌

1

.6‌

25

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$111,135,432.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Description

1

1

Value

(000)

%

of

net

assets

UTILITIES

$

537,588‌

2

.2‌

%

TOTAL

COMMON

STOCKS

(Cost

$7,538,768)

24,644,483‌

99

.5‌

a

a

a

a

RIGHTS/WARRANTS

MATERIALS

0‌

^

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$3)

3‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,538,771)

24,644,486‌

99

.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

8,998‌

0

.0‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corporation

$

84,445,000

(b)

5.320%,

07/01/24

84,445‌

0

.3‌

84,445‌

0

.3‌

TREASURY

DEBT

39,800‌

0

.2‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$133,248)

133,243‌

0

.5‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

70,783,176

(c)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(d)

70,783‌

0

.3‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$70,783)

70,783‌

0

.3‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,742,802)

24,848,512‌

100

.3‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

86,617‌

)

(

0

.3‌

)

NET

ASSETS

$

24,761,895‌

100

.0‌

%

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$84,482,437

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$86,133,911.

(c)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(d)

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

384‌

09/20/24

 $

106,192‌

$

106,012‌

$

(

180‌

)

CREF

Core

Bond

Account

June

30,

2024

Summary

Portfolio

of

Investments

26

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

AUTOMOBILES

&

COMPONENTS

$

382‌

0

.0‌

%

CAPITAL

GOODS

5,208‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

652‌

0

.0‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,100‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

558‌

0

.0‌

CONSUMER

SERVICES

4,874‌

0

.1‌

ENERGY

607‌

0

.0‌

FINANCIAL

SERVICES

2,509‌

0

.0‌

FOOD,

BEVERAGE

&

TOBACCO

646‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,031‌

0

.0‌

MATERIALS

1,451‌

0

.0‌

MEDIA

&

ENTERTAINMENT

864‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

394‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

543‌

0

.0‌

SOFTWARE

&

SERVICES

5,447‌

0

.1‌

TELECOMMUNICATION

SERVICES

1,858‌

0

.0‌

TRANSPORTATION

466‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$30,686)

30,590‌

0

.3‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

92,631‌

0

.9‌

BANKS

Bank

of

America

Corp

$

55,925,000

2.592%,

04/29/31

48,354‌

0

.5‌

Citigroup,

Inc

36,375,000

3.200%,

10/21/26

34,690‌

0

.3‌

39,225,000

6.270%,

11/17/33

41,082‌

0

.3‌

JPMorgan

Chase

&

Co

31,125,000

2.301%,

10/15/25

30,812‌

0

.3‌

173,400,000

1.953%-6.875%,

06/15/26-N/A(a)

168,457‌

1

.6‌

EUR

600,000

1.638%,

05/18/28

609‌

0

.0‌

Other

364,043‌

3

.4‌

688,047‌

6

.4‌

CAPITAL

GOODS

103,093‌

1

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

10,337‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

51,310‌

0

.5‌

CONSUMER

SERVICES

48,169‌

0

.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

24,512‌

0

.2‌

ENERGY

292,539‌

2

.7‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

SBA

Tower

Trust

42,100,000

(b)

1.840%,

04/15/27

37,865‌

0

.4‌

Other

201,784‌

1

.8‌

239,649‌

2

.2‌

FINANCIAL

SERVICES

279,341‌

2

.6‌

FOOD,

BEVERAGE

&

TOBACCO

140,787‌

1

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

$

130,153‌

1

.2‌

%

HOUSEHOLD

&

PERSONAL

PRODUCTS

18,624‌

0

.2‌

INSURANCE

147,595‌

1

.4‌

MATERIALS

89,177‌

0

.8‌

MEDIA

&

ENTERTAINMENT

106,115‌

1

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

Pfizer

Investment

Enterprises

Pte

Ltd

$

31,850,000

5.300%,

05/19/53

30,720‌

0

.3‌

Other

95,041‌

0

.9‌

125,761‌

1

.2‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

54,401‌

0

.5‌

SOFTWARE

&

SERVICES

80,339‌

0

.7‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

38,898‌

0

.4‌

TELECOMMUNICATION

SERVICES

AT&T,

Inc

42,943,000

2.550%,

12/01/33

34,146‌

0

.3‌

44,670,000

3.550%,

09/15/55

30,116‌

0

.3‌

Verizon

Communications,

Inc

38,051,000

2.355%,

03/15/32

31,106‌

0

.3‌

Other

121,839‌

1

.1‌

217,207‌

2

.0‌

TRANSPORTATION

42,372‌

0

.4‌

UTILITIES

326,550‌

3

.0‌

5,720,508,917

TOTAL

CORPORATE

BONDS

(Cost

$3,682,164)

3,347,607‌

31

.2‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

32,770‌

0

.3‌

FOREIGN

GOVERNMENT

BONDS

376,543‌

3

.5‌

MORTGAGE

BACKED

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

308,327,789

(c)

0.472%-6.000%,

03/15/44-

08/01/53,

SOFR30A

+

5.806%-SOFR30A

+

9.737%

242,824‌

2

.4‌

Federal

National

Mortgage

Association

(FNMA)

66,584,003

2.500%,

12/01/51

54,833‌

0

.5‌

41,020,090

3.000%,

04/01/52

35,311‌

0

.3‌

40,168,727

4.000%,

05/01/52

36,821‌

0

.4‌

37,189,101

3.500%,

06/01/52

33,082‌

0

.3‌

52,308,125

4.000%,

07/01/52

47,870‌

0

.4‌

48,278,531

5.000%,

08/01/52

46,775‌

0

.4‌

122,112,844

4.000%,

09/01/52

111,868‌

1

.0‌

129,531,807

4.500%,

09/01/52

122,216‌

1

.1‌

87,800,646

4.000%,

10/01/52

80,351‌

0

.7‌

58,094,104

4.500%,

10/01/52

54,847‌

0

.5‌

75,148,158

4.500%,

11/01/52

70,882‌

0

.7‌

64,036,322

5.000%,

02/01/53

61,951‌

0

.6‌

55,621,341

5.500%,

02/01/53

54,899‌

0

.5‌

78,119,065

5.500%,

06/01/53

77,080‌

0

.7‌

32,826,801

5.000%,

08/01/53

31,738‌

0

.3‌

36,536,284

5.500%,

05/01/54

36,039‌

0

.3‌

663,853,453

0.500%-9.000%,

07/01/24-10/01/53

552,892‌

5

.2‌

Government

National

Mortgage

Association

(GNMA)

55,538,566

3.500%,

04/20/52

49,865‌

0

.5‌

27

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

305,222,562

0.647%-6.500%,

10/15/33-08/20/53

$

209,036‌

1

.9‌

%

JP

Morgan

Mortgage

Trust

331,607,352

(b),(c)

0.110%-5.500%,

05/25/47-06/25/53

103,259‌

1

.0‌

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

31,100,000

(b),(c)

9.835%,

06/25/42,

SOFR30A

+

4.500%

33,775‌

0

.3‌

106,785,277

(b),(c)

3.791%-10.135%,

02/25/42-

10/25/50,

SOFR30A

+

2.400%-SOFR30A

+

5.650%

113,434‌

1

.1‌

Other

213,967‌

2

.0‌

2,475,615‌

23

.1‌

MUNICIPAL

BONDS

286,103‌

2

.7‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Bond

41,710,000

2.875%,

08/15/45

31,678‌

0

.3‌

52,140,000

2.500%,

05/15/46

36,641‌

0

.3‌

51,995,000

3.000%,

08/15/48

39,449‌

0

.4‌

159,975,000

2.750%-4.750%,

02/15/37-11/15/48

133,454‌

1

.2‌

United

States

Treasury

Inflation

Indexed

Bonds

217,673,513

(d)

0.125%,

04/15/26

207,936‌

1

.9‌

United

States

Treasury

Note

56,485,000

4.000%,

02/15/26

55,722‌

0

.5‌

254,164,000

3.500%,

04/30/28

245,844‌

2

.3‌

477,360,000

4.500%,

05/31/29

480,605‌

4

.5‌

113,120,000

3.500%,

04/30/30

108,153‌

1

.0‌

50,000,000

3.750%,

12/31/30

48,301‌

0

.4‌

67,550,000

4.000%,

01/31/31

66,191‌

0

.6‌

113,200,000

4.375%,

05/15/34

113,235‌

1

.1‌

85,325,800

2.375%,

02/15/42

62,115‌

0

.6‌

91,758,000

3.375%,

08/15/42

77,500‌

0

.7‌

54,100,000

3.875%,

02/15/43

48,901‌

0

.5‌

49,620,000

3.875%,

05/15/43

44,770‌

0

.4‌

256,002,000

2.250%,

02/15/52

163,081‌

1

.5‌

44,786,000

3.625%,

02/15/53

38,100‌

0

.4‌

58,472,000

4.250%,

02/15/54

55,676‌

0

.5‌

180,293,500

0.250%-5.000%,

09/30/25-05/15/44

167,673‌

1

.6‌

2,225,025‌

20

.7‌

71,911,656,981

TOTAL

GOVERNMENT

BONDS

(Cost

$5,800,954)

5,396,056‌

50

.3‌

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

36,562,500

(b)

2.045%,

11/20/51

33,570‌

0

.3‌

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

34,000,000

1.670%,

10/15/27

32,706‌

0

.3‌

Other

498,094‌

4

.6‌

564,370‌

5

.2‌

OTHER

MORTGAGE

BACKED

COMM

Mortgage

Trust

101,182,052

(b)

2.853%-4.767%,

10/10/29-08/15/57

94,404‌

0

.9‌

Connecticut

Avenue

Securities

Trust

Series

-

2022

R06

(Class

1M2)

Principal

Description

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED—continued

$

30,200,000

(b),(c)

9.185%,

05/25/42,

SOFR30A

+

3.850%

$

32,057‌

0

.3‌

%

Other

1,008,213‌

9

.4‌

1,134,674‌

10

.6‌

1,977,696,908

TOTAL

STRUCTURED

ASSETS

(Cost

$1,842,624)

1,699,044‌

15

.8‌

Shares

PREFERRED

STOCKS

FINANCIAL

SERVICES

4,540‌

0

.0‌

TOTAL

PREFERRED

STOCKS

(Cost

$4,348)

4,540‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$11,360,776)

10,477,837‌

97

.6‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

3,985‌

0

.0‌

GOVERNMENT

AGENCY

DEBT

40,513‌

0

.4‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corporation

54,138,000

(e)

5.320%,

07/01/24

54,138‌

0

.5‌

54,138‌

0

.5‌

TREASURY

DEBT

62,743‌

0

.6‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$161,420)

161,379‌

1

.5‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

35,226,102

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(g)

35,226‌

0

.3‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$35,226)

35,226‌

0

.3‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$11,557,422)

10,674,442‌

99

.4‌

OTHER

ASSETS

&

LIABILITIES,

NET

60,553‌

0

.6‌

NET

ASSETS

$

10,734,995‌

100

.0‌

%

EUR

Euro

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

(a)

Perpetual

security

(b)

Security

is

exempt

from

registration

under

Rule

144A

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

$2,252,304,828

or

21.1%

of

Total

Investments.

(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)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(e)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$54,162,001

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

8/15/26,

valued

at

$55,220,899.

(f)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(g)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Summary

Portfolio

of

Investments

(continued)

CREF

Core

Bond

Account

June

30,

2024

28

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$41,459,361.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

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

09/19/24

 $

217,223‌

$

219,969‌

$

2,746‌

U.S.

Treasury

5-Year

Note

5,225‌

09/30/24

553,125‌

556,871‌

3,746‌

Total

7,225‌

  $

770,348‌

 $

776,840‌

 $

6,492‌

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

1,006

CAD

1,372

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

  $

3‌

$

1,010

JPY

157,078

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

31‌

$

1,199

JPY

190,906

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

10‌

$

2,133

NZD

3,547

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

(

27‌

)

Total

  $

17‌

$

5,274

AUD

8,029

Bank

of

America,

N.A.

07/16/24

  $

(

84‌

)

$

21,925

CNH

157,337

Bank

of

America,

N.A.

12/17/24

95‌

$

2,316

EUR

2,165

Bank

of

America,

N.A.

07/16/24

(

5‌

)

$

409

EUR

382

Bank

of

America,

N.A.

07/16/24

(

1‌

)

$

1,033

EUR

961

Bank

of

America,

N.A.

07/16/24

3‌

$

2,004

EUR

1,843

Bank

of

America,

N.A.

07/16/24

29‌

$

20,944

GBP

16,667

Bank

of

America,

N.A.

07/16/24

(

127‌

)

$

26,969

JPY

4,066,799

Bank

of

America,

N.A.

07/16/24

1,629‌

$

2,155

NOK

23,255

Bank

of

America,

N.A.

07/16/24

(

24‌

)

EUR

523

$

570

Bank

of

America,

N.A.

07/16/24

(

10‌

)

EUR

32

$

35

Bank

of

America,

N.A.

07/16/24

0‌

^

Total

 $

1,505‌

29

See

Notes

to

Financial

Statements

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

434

EUR

400

Citibank

N.A.

07/16/24

  $

5‌

$

324

EUR

299

Citibank

N.A.

07/16/24

4‌

$

7,399

KRW

10,202,880

Citibank

N.A.

07/18/24

(

0‌

)

^

$

419

PEN

1,588

Citibank

N.A.

07/18/24

6‌

$

1,304

RON

6,054

Citibank

N.A.

07/16/24

1‌

$

897

THB

32,914

Citibank

N.A.

07/16/24

(

1‌

)

EUR

480

$

521

Citibank

N.A.

07/16/24

(

6‌

)

EUR

166

$

180

Citibank

N.A.

07/16/24

(

2‌

)

EUR

1,050

$

1,130

Citibank

N.A.

07/16/24

(

5‌

)

Total

  $

2‌

$

93,805

EUR

87,023

Citigroup

Global

Markets,

Inc

07/16/24

  $

536‌

$

3,639

EUR

3,377

JPMorgan

Chase

Bank

N.A

07/16/24

  $

18‌

$

8,966

CAD

12,279

Morgan

Stanley

Capital

Services

07/16/24

  $

(

13‌

)

$

409

EUR

381

Morgan

Stanley

Capital

Services

07/16/24

0‌

^

$

432

EUR

397

Morgan

Stanley

Capital

Services

07/16/24

7‌

$

326

EUR

299

Morgan

Stanley

Capital

Services

07/16/24

5‌

$

431

EUR

397

Morgan

Stanley

Capital

Services

07/16/24

6‌

$

1,006

EUR

928

Morgan

Stanley

Capital

Services

07/16/24

11‌

$

1,437

IDR

23,455,700

Morgan

Stanley

Capital

Services

07/18/24

4‌

$

548

JPY

82,705

Morgan

Stanley

Capital

Services

07/16/24

33‌

$

1,409

MXN

26,124

Morgan

Stanley

Capital

Services

07/16/24

(

15‌

)

$

1,204

PLN

4,870

Morgan

Stanley

Capital

Services

07/16/24

(

6‌

)

EUR

428

$

457

Morgan

Stanley

Capital

Services

07/16/24

2‌

EUR

298

$

324

Morgan

Stanley

Capital

Services

07/16/24

(

5‌

)

EUR

533

$

574

Morgan

Stanley

Capital

Services

07/16/24

(

2‌

)

EUR

808

$

874

Morgan

Stanley

Capital

Services

07/16/24

(

8‌

)

EUR

449

$

480

Morgan

Stanley

Capital

Services

07/16/24

1‌

$

356

ZAR

6,662

Morgan

Stanley

Capital

Services

07/16/24

(

10‌

)

Total

  $

10‌

$

744

AUD

1,113

Standard

Chartered

Bank

07/16/24

  $

1‌

$

978

HUF

360,260

Toronto

Dominion

Bank

07/16/24

  $

2‌

Total

  $

2,091‌

^

Amount

represents

less

than

$1,000.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNH

Chinese

Yuan

Renminbi

Offshore

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-NAIGS42V1-5Y

Credit

event

as

specified

in

contract

1.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/29

$

450,000‌

$

(

9,347‌

)

$

(

9,304‌

)

$

(

43‌

)

CDX-NAHYS42V1-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/29

150,000‌

(

9,593‌

)

(

9,892‌

)

299‌

Total

$

(

18,940‌

)

$

(

19,196‌

)

$

256‌

*  

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

June

30,

2024

Summary

Portfolio

of

Investments

30

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

7,035‌

0

.1‌

%

CONSUMER

DURABLES

&

APPAREL

939‌

0

.0‌

CONSUMER

SERVICES

5,378‌

0

.1‌

FINANCIAL

SERVICES

1,521‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,877‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,582‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0‌

^

0

.0‌

SOFTWARE

&

SERVICES

1,716‌

0

.0‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

320‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$23,206)

23,368‌

0

.3‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

7,211‌

0

.1‌

BANKS

6,959‌

0

.1‌

CAPITAL

GOODS

5,772‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,962‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,369‌

0

.0‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,522‌

0

.0‌

ENERGY

Occidental

Petroleum

Corp

$

10,000,000

8.875%,

07/15/30

11,516‌

0

.2‌

Other

42,918‌

0

.6‌

54,434‌

0

.8‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,034‌

0

.0‌

FINANCIAL

SERVICES

6,720‌

0

.1‌

FOOD,

BEVERAGE

&

TOBACCO

4,440‌

0

.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

Montefiore

Medical

Center

12,810,000

2.895%,

04/20/32

10,788‌

0

.2‌

10,788‌

0

.2‌

MATERIALS

22,281‌

0

.3‌

MEDIA

&

ENTERTAINMENT

7,445‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,027‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,195‌

0

.1‌

TELECOMMUNICATION

SERVICES

10,116‌

0

.1‌

TRANSPORTATION

8,040‌

0

.1‌

UTILITIES

6,408‌

0

.1‌

183,690,790

TOTAL

CORPORATE

BONDS

(Cost

$182,739)

175,723‌

2

.5‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

6,473‌

0

.1‌

FOREIGN

GOVERNMENT

BONDS

6,512‌

0

.1‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED

Government

National

Mortgage

Association

(GNMA)

$

15,606,026

3.600%,

09/15/31

$

14,992‌

0

.2‌

%

32,680,887

1.730%,

07/15/37

27,241‌

0

.4‌

21,789,235

1.650%,

07/15/42

17,401‌

0

.2‌

24,182,044

2.750%,

01/15/45

21,077‌

0

.3‌

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

20,000,000

(a),(b)

8.685%,

05/25/42,

SOFR30A

+

3.350%

21,023‌

0

.3‌

10,605,000

(a),(b)

8.585%,

04/25/43,

SOFR30A

+

3.250%

11,248‌

0

.2‌

Other

49,625‌

0

.7‌

162,607‌

2

.3‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Inflation

Indexed

Bonds

68,191,200

(c)

2.375%,

01/15/25

67,577‌

1

.0‌

184,486,960

(c)

0.125%,

04/15/25

179,459‌

2

.6‌

84,609,280

(c)

0.375%,

07/15/25

82,484‌

1

.2‌

234,402,440

(c)

0.125%,

10/15/25

226,659‌

3

.2‌

229,611,645

(c)

0.625%,

01/15/26

222,130‌

3

.2‌

88,968,717

(c)

2.000%,

01/15/26

87,870‌

1

.3‌

208,725,570

(c)

0.125%,

04/15/26

199,388‌

2

.9‌

183,107,400

(c)

0.125%,

07/15/26

175,035‌

2

.5‌

320,399,587

(c)

0.125%,

10/15/26

304,956‌

4

.4‌

244,644,725

(c)

0.375%,

01/15/27

232,537‌

3

.3‌

128,969,616

(c)

2.375%,

01/15/27

128,888‌

1

.8‌

138,350,856

(c)

0.125%,

04/15/27

130,170‌

1

.9‌

173,659,510

(c)

0.375%,

07/15/27

164,794‌

2

.4‌

154,516,180

(c)

1.625%,

10/15/27

151,995‌

2

.2‌

244,663,650

(c)

0.500%,

01/15/28

230,537‌

3

.3‌

257,993,152

(c)

1.750%,

01/15/28

253,864‌

3

.6‌

197,229,240

(c)

1.250%,

04/15/28

190,483‌

2

.7‌

137,670,599

(c)

3.625%,

04/15/28

144,670‌

2

.1‌

132,513,595

(c)

0.750%,

07/15/28

125,919‌

1

.8‌

57,932,930

(c)

2.375%,

10/15/28

58,689‌

0

.8‌

299,225,600

(c)

0.875%,

01/15/29

283,463‌

4

.1‌

137,113,719

(c)

2.500%,

01/15/29

139,511‌

2

.0‌

133,995,276

(c)

2.125%,

04/15/29

134,150‌

1

.9‌

42,126,955

(c)

3.875%,

04/15/29

45,500‌

0

.6‌

238,997,850

(c)

0.250%,

07/15/29

219,454‌

3

.1‌

276,362,604

(c)

0.125%,

01/15/30

248,720‌

3

.6‌

149,789,325

(c)

0.125%,

07/15/30

134,020‌

1

.9‌

191,488,470

(c)

0.125%,

01/15/31

169,018‌

2

.4‌

275,421,086

(c)

0.125%,

07/15/31

241,843‌

3

.5‌

122,351,501

(c)

0.125%,

01/15/32

105,919‌

1

.5‌

73,475,584

(c)

3.375%,

04/15/32

80,209‌

1

.1‌

238,948,979

(c)

0.625%,

07/15/32

214,247‌

3

.1‌

441,804,792

(c)

1.125%,

01/15/33

408,743‌

5

.9‌

255,744,893

(c)

1.375%,

07/15/33

241,480‌

3

.5‌

286,745,925

(c)

1.750%,

01/15/34

278,213‌

4

.0‌

6,302,594‌

90

.4‌

6,822,965,525

TOTAL

GOVERNMENT

BONDS

(Cost

$6,835,978)

6,478,186‌

92

.9‌

STRUCTURED

ASSETS

ASSET

BACKED

Ford

Credit

Auto

Owner

Trust

Series

-

2024

1

(Class

A)

18,000,000

(b)

4.870%,

08/15/36

17,851‌

0

.3‌

Verizon

Master

Trust

Series

Series

-

2024

5

(Class

A)

31

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$4,088,250.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Description

1

1

Value

(000)

%

of

net

assets

ASSET

BACKED—continued

$

25,000,000

(b)

5.832%,

06/21/32

$

24,945‌

0

.4‌

%

Other

22,452‌

0

.3‌

65,248‌

1

.0‌

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

19,885,406

(a),(b)

6.641%,

10/15/38,

TSFR1M

+

1.312%

19,511‌

0

.3‌

Series

-

2024

XL5

(Class

A)

14,384,738

(a),(b)

6.720%,

03/15/41,

TSFR1M

+

1.392%

14,326‌

0

.2‌

Connecticut

Avenue

Securities

Trust

Series

-

2023

R01

(Class

1M2)

10,855,000

(a),(b)

9.085%,

12/25/42,

SOFR30A

+

3.750%

11,647‌

0

.2‌

GM

Financial

Revolving

Receivables

Trust

Series

-

2024

1

(Class

A)

11,000,000

(b)

4.980%,

12/11/36

10,956‌

0

.2‌

Other

148,152‌

2

.0‌

204,592‌

2

.9‌

280,088,757

TOTAL

STRUCTURED

ASSETS

(Cost

$278,256)

269,840‌

3

.9‌

Shares

COMMON

STOCKS

FINANCIAL

SERVICES

475,737

Invesco

Senior

Loan

ETF

10,009‌

0

.2‌

10,009‌

0

.2‌

TOTAL

COMMON

STOCKS

(Cost

$10,002)

10,009‌

0

.2‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,330,181)

6,957,126‌

99

.8‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

1,567‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,567)

1,567‌

0

.0‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

4,227,821

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(e)

4,228‌

0

.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$4,228)

4,228‌

0

.1‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,335,976)

6,962,921‌

99

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

10,093‌

0

.1‌

NET

ASSETS

$

6,973,014‌

100

.0‌

%

ETF

Exchange

Traded

Fund

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

^

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)

Security

is

exempt

from

registration

under

Rule

144A

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

$398,037,222

or

5.7%

of

Total

Investments.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Summary

Portfolio

of

Investments

(continued)

CREF

Inflation-Linked

Bond

Account

June

30,

2024

32

See

Notes

to

Financial

Statements

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

2,094‌

09/19/24

 $

228,315‌

$

230,307‌

$

1,992‌

U.S.

Treasury

2-Year

Note

350‌

09/30/24

71,290‌

71,476‌

186‌

U.S.

Treasury

5-Year

Note

1,430‌

09/30/24

151,382‌

152,407‌

1,025‌

Total

3,874‌

  $

450,987‌

 $

454,190‌

 $

3,203‌

33

See

Notes

to

Financial

Statements

CREF

Social

Choice

Account

June

30,

2024

Summary

Portfolio

of

Investments

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

58‌

0

.0‌

%

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,297‌

0

.0‌

UTILITIES

20,053‌

0

.1‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$35,644)

35,408‌

0

.1‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

22,311‌

0

.1‌

BANKS

311,059‌

1

.5‌

CAPITAL

GOODS

33,095‌

0

.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

31,769‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

14,146‌

0

.1‌

CONSUMER

SERVICES

71,495‌

0

.3‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

39,712‌

0

.2‌

ENERGY

197,495‌

0

.9‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

8,471‌

0

.0‌

FINANCIAL

SERVICES

317,783‌

1

.5‌

FOOD,

BEVERAGE

&

TOBACCO

50,511‌

0

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

15,439‌

0

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

86,584‌

0

.4‌

INSURANCE

44,263‌

0

.2‌

MATERIALS

149,232‌

0

.7‌

MEDIA

&

ENTERTAINMENT

10,861‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

73,585‌

0

.3‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,032‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

26,641‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,573‌

0

.1‌

TELECOMMUNICATION

SERVICES

8,112‌

0

.0‌

TRANSPORTATION

18,078‌

0

.1‌

UTILITIES

718,291‌

3

.4‌

$

2,520,471,015

TOTAL

CORPORATE

BONDS

(Cost

$2,471,187)

2,278,538‌

10

.7‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

162,910‌

0

.8‌

FOREIGN

GOVERNMENT

BONDS

808,242‌

3

.8‌

MORTGAGE

BACKED

Federal

National

Mortgage

Association

(FNMA)

193,836,029

4.500%,

09/01/52

182,888‌

0

.9‌

90,771,358

4.000%,

10/01/52

83,070‌

0

.4‌

1,063,566,302

0.500%-8.000%,

07/01/24-01/01/54

967,005‌

4

.5‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

Government

National

Mortgage

Association

(GNMA)

$

540,153,624

0.647%-6.500%,

08/15/25-04/20/54

$

438,551‌

2

.1‌

%

Other

497,965‌

2

.3‌

2,169,479‌

10

.2‌

MUNICIPAL

BONDS

243,880‌

1

.1‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note

254,153,000

4.875%,

05/31/26

254,669‌

1

.2‌

123,068,000

4.625%,

06/15/27

123,424‌

0

.6‌

136,732,000

4.500%,

05/31/29

137,661‌

0

.6‌

233,931,000

4.625%,

05/31/31

237,732‌

1

.1‌

339,496,000

4.375%,

05/15/34

339,602‌

1

.6‌

232,705,800

2.375%,

02/15/42

169,403‌

0

.8‌

241,307,000

4.625%,

05/15/44

240,855‌

1

.1‌

279,190,000

4.250%,

02/15/54

265,841‌

1

.3‌

Other

135,142‌

0

.6‌

1,904,329‌

8

.9‌

6,009,922,261

TOTAL

GOVERNMENT

BONDS

(Cost

$5,501,323)

5,288,840‌

24

.8‌

STRUCTURED

ASSETS

ASSET

BACKED

238,638‌

1

.1‌

OTHER

MORTGAGE

BACKED

584,765‌

2

.8‌

1,219,964,856

TOTAL

STRUCTURED

ASSETS

(Cost

$906,145)

823,403‌

3

.9‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

858,886

(a)

Tesla,

Inc

169,956‌

0

.8‌

Other

132,010‌

0

.6‌

301,966‌

1

.4‌

BANKS

879,510

JPMorgan

Chase

&

Co

177,890‌

0

.8‌

Other

346,473‌

1

.7‌

524,363‌

2

.5‌

CAPITAL

GOODS

257,859

Caterpillar,

Inc

85,893‌

0

.4‌

Other

940,605‌

4

.4‌

1,026,498‌

4

.8‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

271,693‌

1

.3‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

353,709

Home

Depot,

Inc

121,761‌

0

.6‌

760,389

TJX

Cos,

Inc

83,719‌

0

.4‌

Other

251,855‌

1

.2‌

457,335‌

2

.2‌

CONSUMER

DURABLES

&

APPAREL

176,943‌

0

.8‌

CONSUMER

SERVICES

22,392

Booking

Holdings,

Inc

88,706‌

0

.4‌

363,687

McDonald's

Corp

92,682‌

0

.4‌

Other

146,577‌

0

.7‌

327,965‌

1

.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

173,105‌

0

.8‌

ENERGY

148,232‌

0

.7‌

Summary

Portfolio

of

Investments

(continued)

CREF

Social

Choice

Account

June

30,

2024

34

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

$

261,350‌

1

.2‌

%

FINANCIAL

SERVICES

351,880

American

Express

Co

81,478‌

0

.4‌

188,671

Goldman

Sachs

Group,

Inc

85,340‌

0

.4‌

288,223

Mastercard,

Inc

(Class

A)

127,153‌

0

.6‌

202,615

S&P

Global,

Inc

90,366‌

0

.4‌

522,815

Visa,

Inc

(Class

A)

137,223‌

0

.6‌

Other

427,744‌

2

.1‌

949,304‌

4

.5‌

FOOD,

BEVERAGE

&

TOBACCO

1,710,182

Coca-Cola

Co

108,853‌

0

.5‌

598,845

PepsiCo,

Inc

98,767‌

0

.5‌

Other

311,789‌

1

.4‌

519,409‌

2

.4‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

153,436

Elevance

Health,

Inc

83,141‌

0

.4‌

299,606

UnitedHealth

Group,

Inc

152,577‌

0

.7‌

Other

330,863‌

1

.6‌

566,581‌

2

.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

827,822

Procter

&

Gamble

Co

136,524‌

0

.6‌

Other

124,877‌

0

.6‌

261,401‌

1

.2‌

INSURANCE

381,526

Marsh

&

McLennan

Cos,

Inc

80,395‌

0

.4‌

388,229

Progressive

Corp

80,639‌

0

.4‌

Other

481,500‌

2

.2‌

642,534‌

3

.0‌

MATERIALS

548,526‌

2

.6‌

MEDIA

&

ENTERTAINMENT

2,168,147

Comcast

Corp

(Class

A)

84,905‌

0

.4‌

175,126

(a)

NetFlix,

Inc

118,189‌

0

.6‌

878,900

Walt

Disney

Co

87,266‌

0

.4‌

Other

318,519‌

1

.5‌

608,879‌

2

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

280,940

Amgen,

Inc

87,780‌

0

.4‌

349,878

Danaher

Corp

87,417‌

0

.4‌

225,852

Eli

Lilly

&

Co

204,482‌

1

.0‌

814,430

Novo

Nordisk

A.S.

116,532‌

0

.6‌

Other

414,940‌

1

.9‌

911,151‌

4

.3‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

92,924‌

0

.4‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

426,563

Applied

Materials,

Inc

100,665‌

0

.5‌

100,887

ASML

Holding

NV

102,820‌

0

.5‌

2,699,960

Intel

Corp

83,618‌

0

.4‌

85,974

Lam

Research

Corp

91,549‌

0

.4‌

5,311,605

Nvidia

Corp

656,196‌

3

.1‌

486,905

Texas

Instruments,

Inc

94,718‌

0

.4‌

Other

188,229‌

0

.9‌

1,317,795‌

6

.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

SOFTWARE

&

SERVICES

202,020

(a)

Adobe,

Inc

$

112,230‌

0

.5‌

%

527,737

International

Business

Machines

Corp

91,272‌

0

.4‌

142,464

Intuit,

Inc

93,629‌

0

.5‌

1,590,266

Microsoft

Corp

710,769‌

3

.4‌

421,853

Salesforce,

Inc

108,459‌

0

.5‌

120,006

(a)

ServiceNow,

Inc

94,405‌

0

.4‌

Other

431,446‌

2

.0‌

1,642,210‌

7

.7‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

279,838‌

1

.3‌

TELECOMMUNICATION

SERVICES

2,226,224

Verizon

Communications,

Inc

91,809‌

0

.4‌

Other

130,221‌

0

.6‌

222,030‌

1

.0‌

TRANSPORTATION

251,607‌

1

.2‌

UTILITIES

162,961‌

0

.8‌

TOTAL

COMMON

STOCKS

(Cost

$9,941,689)

12,646,600‌

59

.4‌

a

a

a

a

PREFERRED

STOCKS

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,215‌

0

.0‌

UTILITIES

14,759‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$46,746)

27,974‌

0

.1‌

a

a

a

a

RIGHTS/WARRANTS

HEALTH

CARE

EQUIPMENT

&

SERVICES

2‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$1)

2‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,902,735)

21,100,765‌

99

.0‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

29,762‌

0

.2‌

REPURCHASE

AGREEMENT

41,438‌

0

.2‌

TREASURY

DEBT

29,230‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$100,442)

100,430‌

0

.5‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

105,363,735

(b)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(c)

105,364‌

0

.5‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$105,364)

105,364‌

0

.5‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$19,108,541)

21,306,559‌

100

.0‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

8,165‌

)

(

0

.0‌

)

NET

ASSETS

$

21,298,394‌

100

.0‌

%

35

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

At

6/30/24,

the

aggregate

value

of

securities

on

loan

is

$148,798,245.

At

6/30/24,

the

aggregate

value

of

securities

exempt

from

registration

under

Rule

144(A)

of

the Securities

Act

of

1933,

as

amended,

amounted

to $1,926,253,530 or 9.0% of

Total

Investments.

Such securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

(a)

Non-income

producing

(b)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(c)

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)

$

20,046

EUR

18,663

JPMorgan

Chase

Bank

N.A

07/16/24

  $

44‌

EUR

2,575

$

2,803

Morgan

Stanley

Capital

Services

07/16/24

  $

(

43‌

)

EUR

4,579

$

4,991

Morgan

Stanley

Capital

Services

07/16/24

(

83‌

)

EUR

2,494

$

2,719

Morgan

Stanley

Capital

Services

07/16/24

(

46‌

)

EUR

2,574

$

2,799

Morgan

Stanley

Capital

Services

07/16/24

(

41‌

)

Total

  $

(

213‌

)

Total

  $

(

169‌

)

EUR

Euro

CREF

Money

Market

Account

June

30,

2024

Summary

Portfolio

of

Investments

36

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

Federal

Farm

Credit

Bank

(FFCB)

$

56,800,000

0.000%,

10/18/24

$

55,978‌

0

.6‌

%

42,940,000

5.125%,

05/22/25

42,906‌

0

.5‌

Federal

Home

Loan

Bank

(FHLB)

81,205,000

0.000%,

07/02/24

81,193‌

0

.8‌

77,600,000

0.000%,

08/14/24

77,114‌

0

.8‌

191,500,000

0.000%,

10/15/24

188,664‌

2

.0‌

139,346,000

0.000%,

10/31/24

136,994‌

1

.4‌

40,500,000

0.000%,

01/16/25

39,414‌

0

.4‌

60,500,000

0.000%,

01/23/25

58,840‌

0

.6‌

73,509,000

0.000%,

02/05/25

71,423‌

0

.7‌

62,000,000

0.000%,

02/10/25

60,164‌

0

.6‌

81,000,000

0.000%,

02/14/25

78,532‌

0

.8‌

82,000,000

0.000%,

02/18/25

79,463‌

0

.8‌

83,000,000

0.000%,

02/26/25

80,344‌

0

.8‌

40,850,000

0.000%,

04/02/25

39,337‌

0

.4‌

57,500,000

0.000%,

04/17/25

55,207‌

0

.6‌

81,000,000

0.000%,

05/16/25

77,447‌

0

.8‌

152,960,000

0.000%-5.125%,

07/03/24-05/29/25

150,177‌

1

.6‌

Other

86,010‌

0

.9‌

1,459,207‌

15

.1‌

REPURCHASE

AGREEMENT

Bank

of

New

York

Mellon

3,920,000,000

(a)

5.320%,

07/01/24

3,920,000‌

40

.5‌

Fixed

Income

Clearing

Corporation

695,374,000

(b)

5.320%,

07/01/24

695,374‌

7

.2‌

4,615,374‌

47

.7‌

TREASURY

DEBT

United

States

Treasury

Bill

163,000,000

0.000%,

07/09/24

162,811‌

1

.7‌

84,000,000

0.000%,

07/11/24

83,877‌

0

.9‌

50,000,000

0.000%,

08/01/24

49,774‌

0

.5‌

80,950,000

0.000%,

08/08/24

80,519‌

0

.8‌

113,000,000

0.000%,

08/13/24

112,293‌

1

.2‌

163,000,000

0.000%,

08/15/24

161,968‌

1

.7‌

109,000,000

0.000%,

08/20/24

108,207‌

1

.1‌

40,900,000

0.000%,

08/29/24

40,556‌

0

.4‌

162,000,000

0.000%,

09/05/24

160,484‌

1

.7‌

55,940,000

0.000%,

10/03/24

55,182‌

0

.6‌

71,970,000

0.000%,

10/10/24

70,935‌

0

.7‌

82,000,000

0.000%,

10/17/24

80,732‌

0

.8‌

350,000,000

0.000%,

10/29/24

343,961‌

3

.6‌

42,000,000

0.000%,

12/19/24

40,973‌

0

.4‌

42,000,000

0.000%,

12/26/24

40,932‌

0

.4‌

80,750,000

0.000%,

03/20/25

77,923‌

0

.8‌

40,445,000

0.000%,

04/17/25

38,844‌

0

.4‌

144,700,000

0.000%,

05/15/25

138,380‌

1

.4‌

65,750,000

0.000%,

06/12/25

62,647‌

0

.7‌

United

States

Treasury

Note

40,000,000

0.750%,

11/15/24

39,343‌

0

.4‌

41,000,000

2.250%,

11/15/24

40,600‌

0

.4‌

62,250,000

3.875%,

04/30/25

61,602‌

0

.6‌

Other

40,049‌

0

.4‌

2,092,592‌

21

.6‌

TREASURY

INFLATION

PROTECTED

SECURITIES

26,389‌

0

.3‌

VARIABLE

RATE

SECURITIES

Federal

Home

Loan

Bank

(FHLB)

40,605,000

(c)

5.340%,

07/02/24,

SOFR

-

0.000%

40,605‌

0

.4‌

162,000,000

(c)

5.340%,

07/25/24,

SOFR

-

0.000%

162,000‌

1

.7‌

162,000,000

(c)

5.340%,

07/29/24,

SOFR

-

0.000%

162,000‌

1

.7‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

VARIABLE

RATE

SECURITIES—continued

$

405,000,000

(c)

5.340%,

07/30/24,

SOFR

-

0.000%

$

405,000‌

4

.2‌

%

364,500,000

(c)

5.340%,

08/14/24,

SOFR

-

0.000%

364,500‌

3

.8‌

243,000,000

(c)

5.340%,

08/20/24,

SOFR

-

0.000%

243,000‌

2

.5‌

81,000,000

(c)

5.345%,

09/23/24,

SOFR

+

0.005%

81,000‌

0

.8‌

121,000,000

(c)

5.345%,

09/26/24,

SOFR

+

0.005%

121,000‌

1

.2‌

121,000,000

(c)

5.345%,

10/07/24,

SOFR

+

0.005%

121,000‌

1

.2‌

United

States

Treasury

Floating

Rate

Note

79,000,000

(c)

5.342%,

07/31/24,

US

Treasury

Bill

3

M

+

0.037%

78,997‌

0

.8‌

Other

36,252‌

0

.4‌

1,815,354‌

18

.7‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$10,008,916)

10,008,916‌

103

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$10,008,916)

10,008,916‌

103

.4‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

327,689‌

)

(

3

.4‌

)

NET

ASSETS

$

9,681,227‌

100

.0‌

%

M

Month

SOFR

Secure

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

5.320%

dated

6/28/24

to

be

repurchased

at

$3,921,737,867

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.375%

and

maturity

dates

7/15/25–1/15/32,

valued

at

$3,993,435,898.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$695,682,282

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.500%

and

maturity

date

7/15/26,

valued

at

$709,281,617.

(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.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

38

June

30,

2024

(Unaudited)

(amounts

in

thousands,

except

accumulation

unit

value)

20.1

Stock

Account

20.2

Global

Equities

Account

ASSETS

Long-term

investments,

at

value*†

$

125,032,841‌

$

28,690,641‌

Affiliated

investments,

at

value‡

144,391‌

18,691‌

Short-term

investments,

at

value#

557,119‌

341,248‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

859,837‌

131,090‌

Cash

57,913‌

18,288‌

Cash

denominated

in

foreign

currencies^

71,027‌

19,721‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

47‌

–‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

swaps

contracts

–‌

–‌

Receivables:

Dividends

112,312‌

22,720‌

Interest

2,745‌

164‌

Investments

sold

2,059,589‌

125,695‌

Reclaims

60,757‌

10,598‌

Variation

margin

on

swaps

contracts

–‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

17,677‌

2,728‌

Total

assets

128,976,255‌

29,381,584‌

LIABILITIES

Due

to

affiliates

140,737‌

4,135‌

Cash

overdraft

–‌

–‌

Payables:

Investment

management

fees

2,697‌

532‌

Capital

gain

taxes

82,658‌

14,881‌

Collateral

from

securities

lending

859,959‌

130,757‌

Investments

purchased

-

regular

settlement

1,937,629‌

201,655‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

–‌

Service

agreement

fees

4,561‌

463‌

Trustee

compensation

16,747‌

2,624‌

Variation

margin

on

swaps

contracts

–‌

–‌

Variation

margin

on

futures

contracts

971‌

636‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

834‌

72‌

Total

liabilities

3,046,793‌

355,755‌

Net

assets

$

125,929,462‌

$

29,025,829‌

CLASS

R4

(Accumulation):

Net

assets

$

2,358,058‌

$

846,801‌

Units

outstanding

2,689‌

2,554‌

Unit

value

$

877

.017‌

$

331

.574‌

CLASS

R3

(Accumulation):

Net

assets

$

63,902,089‌

$

14,581,675‌

Units

outstanding

73,070‌

44,102‌

Unit

value

$

874

.528‌

$

330

.632‌

CLASS

R2

(Accumulation):

Net

assets

$

34,857,431‌

$

8,669,127‌

Units

outstanding

40,102‌

26,380‌

Unit

value

$

869

.222‌

$

328

.626‌

CLASS

R1

(Accumulation):

Net

assets

$

14,238,078‌

$

4,404,965‌

Units

outstanding

16,681‌

13,650‌

Unit

value

$

853

.564‌

$

322

.714‌

ANNUITY:

Net

assets

$

10,573,806‌

$

523,261‌

*

Includes

securities

loaned

of

$

1,318,620‌

$

166,536‌

†

Long-term

investments,

cost

$

99,637,074‌

$

21,323,847‌

‡

Affiliated

investments,

cost

$

213,510‌

$

18,917‌

#

Short-term

investments,

cost

$

557,194‌

$

341,300‌

^

Cash

denominated

in

foreign

currencies,

cost

$

70,996‌

$

19,724‌

See

Notes

to

Financial

Statements

39

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

20.7

Social

Choice

Account

20.8

Money

Market

Account

$

40,142,375‌

$

24,644,486‌

$

10,477,837‌

$

6,957,126‌

$

21,100,765‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

131,798‌

133,243‌

161,379‌

1,567‌

100,430‌

10,008,916‌

49,190‌

70,783‌

35,226‌

4,228‌

105,364‌

–‌

–‌

–‌

–‌

93‌

–‌

–‌

–‌

–‌

689‌

–‌

2,707‌

–‌

–‌

–‌

10,793‌

–‌

–‌

–‌

–‌

–‌

99,000‌

–‌

31,501‌

–‌

–‌

–‌

308‌

–‌

–‌

–‌

3,141‌

13,558‌

72‌

–‌

9,961‌

–‌

20‌

37‌

77,707‌

26,267‌

62,397‌

16,687‌

–‌

229,948‌

–‌

158‌

30,789‌

–‌

1,143‌

–‌

37‌

–‌

8,824‌

–‌

–‌

–‌

186‌

–‌

–‌

–‌

–‌

–‌

2,442‌

–‌

44‌

–‌

3,019‌

2,374‌

2,756‌

1,010‌

1,963‌

1,517‌

40,330,686‌

25,094,429‌

10,868,432‌

6,990,449‌

21,454,745‌

10,027,120‌

14,109‌

10,233‌

928‌

3,257‌

6,146‌

191‌

–‌

–‌

7,793‌

–‌

208‌

–‌

613‌

389‌

325‌

218‌

727‌

228‌

–‌

–‌

5‌

–‌

–‌

–‌

49,190‌

70,783‌

35,226‌

4,228‌

105,364‌

–‌

19,918‌

247,515‌

70,435‌

7,974‌

41,680‌

343,961‌

–‌

–‌

15,000‌

–‌

–‌

–‌

1,582‌

907‌

–‌

28‌

135‌

–‌

2,970‌

2,228‌

1,680‌

1,007‌

1,869‌

1,508‌

–‌

–‌

206‌

–‌

–‌

–‌

–‌

470‌

1,103‌

721‌

–‌

–‌

–‌

–‌

351‌

–‌

213‌

–‌

17‌

9‌

385‌

2‌

9‌

5‌

88,399‌

332,534‌

133,437‌

17,435‌

156,351‌

345,893‌

$

40,242,287‌

$

24,761,895‌

$

10,734,995‌

$

6,973,014‌

$

21,298,394‌

$

9,681,227‌

$

401,072‌

$

373,707‌

$

174,617‌

$

162,067‌

$

1,388,768‌

$

121,943‌

818‌

784‌

1,321‌

1,940‌

3,864‌

4,178‌

$

490

.142‌

$

476

.374‌

$

132

.175‌

$

83

.558‌

$

359

.426‌

$

29

.186‌

$

19,408,292‌

$

11,313,149‌

$

5,136,025‌

$

3,458,647‌

$

10,041,112‌

$

4,754,745‌

39,710‌

23,816‌

38,969‌

41,510‌

28,016‌

163,337‌

$

488

.753‌

$

475

.028‌

$

131

.797‌

$

83

.320‌

$

358

.408‌

$

29

.110‌

$

12,449,687‌

$

7,790,496‌

$

3,345,074‌

$

1,873,103‌

$

6,576,542‌

$

2,760,158‌

25,628‌

16,500‌

25,535‌

22,618‌

18,461‌

95,400‌

$

485

.783‌

$

472

.146‌

$

130

.999‌

$

82

.816‌

$

356

.236‌

$

28

.933‌

$

7,161,515‌

$

4,693,202‌

$

1,833,773‌

$

1,317,467‌

$

2,814,041‌

$

1,918,329‌

15,013‌

10,122‌

14,255‌

16,200‌

8,044‌

67,402‌

$

477

.031‌

$

463

.647‌

$

128

.642‌

$

81

.326‌

$

349

.825‌

$

28

.461‌

$

821,721‌

$

591,341‌

$

245,506‌

$

161,730‌

$

477,931‌

$

126,052‌

$

48,566‌

$

111,135‌

$

41,459‌

$

4,088‌

$

148,798‌

$

–‌

$

24,537,440‌

$

7,538,771‌

$

11,360,776‌

$

7,330,181‌

$

18,902,735‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

131,811‌

$

133,248‌

$

161,420‌

$

1,567‌

$

100,442‌

$

10,008,916‌

$

–‌

$

–‌

$

941‌

$

–‌

$

2,709‌

$

–‌

Statement

of

Operations

See

Notes

to

Financial

Statements

40

Six

Months

Ended

June

30,

2024

(Unaudited)

(amounts

in

thousands)

20.1

Stock

Account

20.2

Global

Equities

Account

INVESTMENT

INCOME

Dividends

$

1,282,631‌

$

268,361‌

Dividends

from

affiliated

investments

4,838‌

–‌

Interest

11,234‌

8,178‌

Securities

lending

income,

net

5,043‌

1,162‌

Tax

withheld

(

79,991‌

)

(

17,575‌

)

Total

investment

income

1,223,755‌

260,126‌

EXPENSES

Investment

management

fees

63,329‌

13,543‌

Administrative

-

Class

R4

123‌

47‌

Administrative

-

Class

R3

55,940‌

11,042‌

Administrative

-

Class

R2

35,623‌

8,691‌

Administrative

-

Class

R1

23,492‌

7,057‌

Distribution

fees

-

Class

R4

18‌

6‌

Distribution

fees

-

Class

R3

8,597‌

1,688‌

Distribution

fees

-

Class

R2

5,301‌

1,288‌

Distribution

fees

-

Class

R1

4,304‌

1,288‌

Mortality

and

expense

risk

charges

3,046‌

686‌

Total

expenses

199,773‌

45,336‌

Net

expenses

199,773‌

45,336‌

Net

investment

income

(loss)

1,023,982‌

214,790‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments†

4,223,793‌

923,534‌

Affiliated

investments

(

8,624‌

)

(

2‌

)

Futures

contracts

34,610‌

30,370‌

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

transactions

(

8,804‌

)

(

1,978‌

)

Net

realized

gain

(loss)

4,240,975‌

951,924‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

‡

7,716,800‌

2,197,611‌

Affiliated

investments

(

49,512‌

)

(

6,628‌

)

Futures

contracts

(

7,491‌

)

(

8,887‌

)

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

translations

(

2,866‌

)

(

586‌

)

Net

change

in

unrealized

appreciation

(depreciation)

7,656,931‌

2,181,510‌

Net

realized

and

unrealized

gain

(loss)

11,897,906‌

3,133,434‌

Net

increase

(decrease)

in

net

assets

from

operations

$

12,921,888‌

$

3,348,224‌

†  

Net

of

foreign

capital

gain

taxes

$

8,894‌

$

291‌

‡  

Net

of

change

in

unrealized

foreign

capital

gains

taxes

$

(

31,426‌

)

$

(

7,013‌

)

See

Notes

to

Financial

Statements

41

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

20.7

Social

Choice

Account

20.8

Money

Market

Account

$

106,823‌

$

156,435‌

$

141‌

$

414‌

$

142,669‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

2,437‌

1,744‌

233,278‌

156,742‌

196,052‌

254,256‌

23‌

1,053‌

208‌

11‌

(

5,660‌

)

–‌

(

2,051‌

)

(

36‌

)

(

15‌

)

–‌

(

8,408‌

)

–‌

107,232‌

159,196‌

233,612‌

157,167‌

324,653‌

254,256‌

8,206‌

882‌

3,959‌

1,354‌

4,027‌

544‌

20‌

12‌

10‌

9‌

77‌

6‌

14,396‌

8,826‌

4,152‌

2,796‌

8,180‌

3,738‌

12,096‌

7,865‌

3,511‌

1,963‌

6,958‌

2,850‌

11,165‌

7,637‌

3,004‌

2,189‌

4,782‌

3,189‌

3‌

2‌

1‌

1‌

10‌

1‌

2,193‌

1,354‌

644‌

435‌

1,266‌

581‌

1,784‌

1,169‌

528‌

295‌

1,043‌

428‌

2,034‌

1,397‌

552‌

403‌

879‌

587‌

925‌

589‌

265‌

172‌

530‌

237‌

52,822‌

29,733‌

16,626‌

9,617‌

27,752‌

12,161‌

52,822‌

29,733‌

16,626‌

9,617‌

27,752‌

12,161‌

54,410‌

129,463‌

216,986‌

147,550‌

296,901‌

242,095‌

57,444‌

732,041‌

(

79,789‌

)

(

17,940‌

)

923,498‌

3‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

10,361‌

(

15,899‌

)

(

5,423‌

)

–‌

–‌

–‌

–‌

4,582‌

–‌

468‌

–‌

–‌

–‌

(

19,524‌

)

–‌

–‌

–‌

(

157‌

)

12‌

(

3,728‌

)

12‌

(

2,286‌

)

9‌

57,287‌

742,414‌

(

114,358‌

)

(

23,351‌

)

921,680‌

12‌

7,315,293‌

2,104,375‌

(

111,937‌

)

(

13,210‌

)

(

56,749‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

660‌

)

2,727‌

(

3,947‌

)

–‌

–‌

–‌

–‌

8,758‌

–‌

58‌

–‌

–‌

–‌

10,833‌

–‌

–‌

–‌

(

16‌

)

–‌

(

136‌

)

–‌

(

352‌

)

–‌

7,315,277‌

2,103,715‌

(

89,755‌

)

(

17,157‌

)

(

57,043‌

)

–‌

7,372,564‌

2,846,129‌

(

204,113‌

)

(

40,508‌

)

864,637‌

12‌

$

7,426,974‌

$

2,975,592‌

$

12,873‌

$

107,042‌

$

1,161,538‌

$

242,107‌

$

–‌

$

–‌

$

2‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

4‌

$

–‌

$

–‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

42

20.1

Stock

Account

20.2

Global

Equities

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,023,982‌

$

1,918,357‌

$

214,790‌

$

402,843‌

Net

realized

gain

(loss)

4,240,975‌

1,716,812‌

951,924‌

768,585‌

Net

change

in

unrealized

appreciation

(depreciation)

7,656,931‌

18,827,617‌

2,181,510‌

3,907,420‌

Net

increase

(decrease)

in

net

assets

from

operations

12,921,888‌

22,462,786‌

3,348,224‌

5,078,848‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

1,836,129‌

3,115,816‌

999,610‌

1,300,822‌

Net

transfers

between

CREF

Accounts

(

360,807‌

)

(

693,786‌

)

299,105‌

258,011‌

Withdrawals

and

death

benefits

(

6,202,116‌

)

(

10,012,090‌

)

(

1,537,430‌

)

(

2,413,999‌

)

Annuity

payments

(

684,301‌

)

(

1,341,364‌

)

(

26,820‌

)

(

49,044‌

)

Net

increase

(decrease)

from

participant

transactions

(

5,411,095‌

)

(

8,931,424‌

)

(

265,535‌

)

(

904,210‌

)

Net

increase

(decrease)

in

net

assets

7,510,793‌

13,531,362‌

3,082,689‌

4,174,638‌

Net

assets

at

the

beginning

of

period

118,418,669‌

104,887,307‌

25,943,140‌

21,768,502‌

Net

assets

at

the

end

of

period

$

125,929,462‌

$

118,418,669‌

$

29,025,829‌

$

25,943,140‌

See

Notes

to

Financial

Statements

43

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

$

54,410‌

$

154,638‌

$

129,463‌

$

296,885‌

$

216,986‌

$

409,084‌

$

147,550‌

$

241,508‌

57,287‌

(

252,337‌

)

742,414‌

1,007,185‌

(

114,358‌

)

(

290,426‌

)

(

23,351‌

)

(

90,303‌

)

7,315,277‌

11,206,343‌

2,103,715‌

3,490,140‌

(

89,755‌

)

525,115‌

(

17,157‌

)

160,430‌

7,426,974‌

11,108,644‌

2,975,592‌

4,794,210‌

12,873‌

643,773‌

107,042‌

311,635‌

779,708‌

864,847‌

566,912‌

552,200‌

454,535‌

683,844‌

324,527‌

569,293‌

(

86,670‌

)

(

205,078‌

)

(

150,787‌

)

(

159,447‌

)

211,876‌

44,252‌

60,382‌

(

13,606‌

)

(

1,918,725‌

)

(

2,595,634‌

)

(

1,251,575‌

)

(

1,864,621‌

)

(

699,490‌

)

(

1,306,464‌

)

(

495,112‌

)

(

969,421‌

)

(

37,914‌

)

(

65,116‌

)

(

31,437‌

)

(

57,433‌

)

(

13,453‌

)

(

27,271‌

)

(

9,211‌

)

(

18,736‌

)

(

1,263,601‌

)

(

2,000,981‌

)

(

866,887‌

)

(

1,529,301‌

)

(

46,532‌

)

(

605,639‌

)

(

119,414‌

)

(

432,470‌

)

6,163,373‌

9,107,663‌

2,108,705‌

3,264,909‌

(

33,659‌

)

38,134‌

(

12,372‌

)

(

120,835‌

)

34,078,914‌

24,971,251‌

22,653,190‌

19,388,281‌

10,768,654‌

10,730,520‌

6,985,386‌

7,106,221‌

$

40,242,287‌

$

34,078,914‌

$

24,761,895‌

$

22,653,190‌

$

10,734,995‌

$

10,768,654‌

$

6,973,014‌

$

6,985,386‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

44

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

20.7

Social

Choice

Account

20.8

Money

Market

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

296,901‌

$

543,149‌

$

242,095‌

$

433,865‌

Net

realized

gain

(loss)

921,680‌

165,011‌

12‌

138‌

Net

change

in

unrealized

appreciation

(depreciation)

(

57,043‌

)

1,995,206‌

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

1,161,538‌

2,703,366‌

242,107‌

434,003‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

784,636‌

2,512,770‌

1,331,410‌

3,469,667‌

Net

transfers

between

CREF

Accounts

(

146,494‌

)

640,317‌

173,426‌

129,338‌

Withdrawals

and

death

benefits

(

1,849,045‌

)

(

2,133,207‌

)

(

1,581,510‌

)

(

3,192,257‌

)

Annuity

payments

(

24,245‌

)

(

45,938‌

)

(

7,306‌

)

(

13,723‌

)

Net

increase

(decrease)

from

participant

transactions

(

1,235,148‌

)

973,942‌

(

83,980‌

)

393,025‌

Net

increase

(decrease)

in

net

assets

(

73,610‌

)

3,677,308‌

158,127‌

827,028‌

Net

assets

at

the

beginning

of

period

21,372,004‌

17,694,696‌

9,523,100‌

8,696,072‌

Net

assets

at

the

end

of

period

$

21,298,394‌

$

21,372,004‌

$

9,681,227‌

$

9,523,100‌

Financial

Highlights

See

Notes

to

Financial

Statements

46

The

following

data

is

for

a

unit outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.1

STOCK

ACCOUNT

Class

R4

:

6/30/24

#

$

8

.538‌

$

0

.512‌

$

8

.026‌

$

80

.744‌

$

88

.770‌

$

788

.247‌

$

877

.017‌

12/31/23

14

.362‌

0

.845‌

13

.517‌

131

.587‌

145

.104‌

643

.143‌

788

.247‌

12/31/22

§

3

.271‌

0

.203‌

3

.068‌

9

.589‌

12

.657‌

630

.486‌

643

.143‌

Class

R3

:

6/30/24

#

8

.312‌

1

.191‌

7

.121‌

80

.753‌

87

.874‌

786

.654‌

874

.528‌

12/31/23

14

.470‌

1

.961‌

12

.509‌

131

.291‌

143

.800‌

642

.854‌

786

.654‌

12/31/22

13

.834‌

1

.691‌

12

.143‌

(

157

.619‌

)

(

145

.476‌

)

788

.330‌

642

.854‌

12/31/21

11

.872‌

1

.688‌

10

.184‌

115

.218‌

125

.402‌

662

.928‌

788

.330‌

12/31/20

10

.044‌

1

.598‌

8

.446‌

92

.234‌

100

.680‌

562

.248‌

662

.928‌

12/31/19

11

.279‌

1

.507‌

9

.772‌

111

.324‌

121

.096‌

441

.152‌

562

.248‌

Class

R2

:

6/30/24

#

8

.262‌

1

.445‌

6

.817‌

80

.278‌

87

.095‌

782

.127‌

869

.222‌

12/31/23

14

.392‌

2

.463‌

11

.929‌

130

.577‌

142

.506‌

639

.621‌

782

.127‌

12/31/22

13

.800‌

2

.019‌

11

.781‌

(

156

.913‌

)

(

145

.132‌

)

784

.753‌

639

.621‌

12/31/21

11

.811‌

2

.055‌

9

.756‌

114

.741‌

124

.497‌

660

.256‌

784

.753‌

12/31/20

10

.005‌

1

.916‌

8

.089‌

91

.852‌

99

.941‌

560

.315‌

660

.256‌

12/31/19

11

.240‌

1

.772‌

9

.468‌

110

.979‌

120

.447‌

439

.868‌

560

.315‌

Class

R1

:

6/30/24

#

8

.114‌

2

.064‌

6

.050‌

78

.867‌

84

.917‌

768

.647‌

853

.564‌

12/31/23

14

.159‌

3

.447‌

10

.712‌

128

.410‌

139

.122‌

629

.525‌

768

.647‌

12/31/22

13

.580‌

3

.012‌

10

.568‌

(

154

.604‌

)

(

144

.036‌

)

773

.561‌

629

.525‌

12/31/21

11

.657‌

3

.132‌

8

.525‌

113

.206‌

121

.731‌

651

.830‌

773

.561‌

12/31/20

9

.890‌

2

.810‌

7

.080‌

90

.652‌

97

.732‌

554

.098‌

651

.830‌

12/31/19

11

.125‌

2

.749‌

8

.376‌

109

.873‌

118

.249‌

435

.849‌

554

.098‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

47

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

11

.26‌

%

0

.12‌

%

d

1

.93‌

%

d

19‌

%

3

  $

2,358‌

22

.56‌

0

.12‌

1

.89‌

36‌

2

1,557‌

2

.01‌

0

.11‌

d

1

.68‌

d

41‌

1

566‌

11

.17‌

0

.29‌

d

1

.72‌

d

19‌

73

63,902‌

22

.37‌

0

.28‌

1

.76‌

36‌

77

60,281‌

(

18

.45‌

)

0

.25‌

1

.80‌

41‌

83

53,295‌

18

.92‌

0

.23‌

1

.38‌

50‌

87

68,462‌

17

.91‌

0

.29‌

1

.53‌

69‌

93

61,616‌

27

.45‌

0

.30‌

1

.92‌

60‌

103

57,944‌

11

.14‌

0

.35‌

d

1

.66‌

d

19‌

40

34,857‌

22

.28‌

0

.35‌

1

.69‌

36‌

42

32,969‌

(

18

.49‌

)

0

.30‌

1

.75‌

41‌

46

29,554‌

18

.86‌

0

.28‌

1

.33‌

50‌

52

41,153‌

17

.84‌

0

.35‌

1

.47‌

69‌

57

37,943‌

27

.38‌

0

.35‌

1

.86‌

60‌

63

35,441‌

11

.05‌

0

.51‌

d

1

.50‌

d

19‌

17

14,238‌

22

.10‌

0

.50‌

1

.54‌

36‌

18

13,540‌

(

18

.62‌

)

0

.45‌

1

.60‌

41‌

19

12,179‌

18

.67‌

0

.43‌

1

.17‌

50‌

21

16,519‌

17

.64‌

0

.52‌

1

.31‌

69‌

23

15,270‌

27

.13‌

0

.55‌

1

.67‌

60‌

26

14,577‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

48

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.2

GLOBAL

EQUITIES

ACCOUNT

Class

R4

:

6/30/24

#

$

2

.970‌

$

0

.183‌

$

2

.787‌

$

35

.560‌

$

38

.347‌

$

293

.227‌

$

331

.574‌

12/31/23

5

.303‌

0

.296‌

5

.007‌

52

.031‌

57

.038‌

236

.189‌

293

.227‌

12/31/22

§

1

.069‌

0

.070‌

0

.999‌

4

.803‌

5

.802‌

230

.387‌

236

.189‌

Class

R3

:

6/30/24

#

2

.948‌

0

.439‌

2

.509‌

35

.490‌

37

.999‌

292

.633‌

330

.632‌

12/31/23

5

.329‌

0

.712‌

4

.617‌

51

.933‌

56

.550‌

236

.083‌

292

.633‌

12/31/22

4

.990‌

0

.595‌

4

.395‌

(

57

.939‌

)

(

53

.544‌

)

289

.627‌

236

.083‌

12/31/21

5

.129‌

0

.560‌

4

.569‌

34

.624‌

39

.193‌

250

.434‌

289

.627‌

12/31/20

3

.517‌

0

.561‌

2

.956‌

43

.466‌

46

.422‌

204

.012‌

250

.434‌

12/31/19

4

.095‌

0

.465‌

3

.630‌

41

.347‌

44

.977‌

159

.035‌

204

.012‌

Class

R2

:

6/30/24

#

2

.928‌

0

.534‌

2

.394‌

35

.283‌

37

.677‌

290

.949‌

328

.626‌

12/31/23

5

.303‌

0

.899‌

4

.404‌

51

.649‌

56

.053‌

234

.896‌

290

.949‌

12/31/22

4

.976‌

0

.715‌

4

.261‌

(

57

.679‌

)

(

53

.418‌

)

288

.314‌

234

.896‌

12/31/21

5

.099‌

0

.697‌

4

.402‌

34

.488‌

38

.890‌

249

.424‌

288

.314‌

12/31/20

3

.505‌

0

.678‌

2

.827‌

43

.288‌

46

.115‌

203

.309‌

249

.424‌

12/31/19

4

.081‌

0

.560‌

3

.521‌

41

.217‌

44

.738‌

158

.571‌

203

.309‌

Class

R1

:

6/30/24

#

2

.880‌

0

.767‌

2

.113‌

34

.660‌

36

.773‌

285

.941‌

322

.714‌

12/31/23

5

.217‌

1

.265‌

3

.952‌

50

.794‌

54

.746‌

231

.195‌

285

.941‌

12/31/22

4

.897‌

1

.080‌

3

.817‌

(

56

.831‌

)

(

53

.014‌

)

284

.209‌

231

.195‌

12/31/21

5

.035‌

1

.096‌

3

.939‌

34

.023‌

37

.962‌

246

.247‌

284

.209‌

12/31/20

3

.467‌

1

.009‌

2

.458‌

42

.730‌

45

.188‌

201

.059‌

246

.247‌

12/31/19

4

.042‌

0

.913‌

3

.129‌

40

.803‌

43

.932‌

157

.127‌

201

.059‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

49

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

13

.09‌

%

0

.12‌

%

d

1

.79‌

%

d

17‌

%

3

  $

847‌

24

.13‌

0

.11‌

1

.89‌

32‌

2

680‌

2

.52‌

0

.10‌

d

1

.48‌

d

36‌

2

400‌

13

.00‌

0

.28‌

d

1

.61‌

d

17‌

44

14,582‌

23

.94‌

0

.27‌

1

.75‌

32‌

44

13,019‌

(

18

.49‌

)

0

.24‌

1

.77‌

36‌

46

10,883‌

15

.65‌

0

.20‌

1

.67‌

46‌

50

14,427‌

22

.75‌

0

.27‌

1

.45‌

63‌

47

11,672‌

28

.28‌

0

.25‌

1

.98‌

67‌

49

10,088‌

12

.96‌

0

.35‌

d

1

.55‌

d

17‌

26

8,669‌

23

.85‌

0

.34‌

1

.68‌

32‌

27

7,871‌

(

18

.53‌

)

0

.29‌

1

.73‌

36‌

29

6,749‌

15

.59‌

0

.26‌

1

.61‌

46‌

32

9,290‌

22

.68‌

0

.33‌

1

.39‌

63‌

33

8,190‌

28

.21‌

0

.31‌

1

.92‌

67‌

35

7,150‌

12

.87‌

0

.51‌

d

1

.39‌

d

17‌

14

4,405‌

23

.66‌

0

.49‌

1

.53‌

32‌

14

3,902‌

(

18

.65‌

)

0

.44‌

1

.57‌

36‌

14

3,333‌

15

.42‌

0

.41‌

1

.46‌

46‌

16

4,495‌

22

.48‌

0

.50‌

1

.23‌

63‌

16

4,032‌

27

.96‌

0

.50‌

1

.73‌

67‌

18

3,682‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

50

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.3

GROWTH

ACCOUNT

Class

R4

:

6/30/24

#

$

1.289‌

$

0.139‌

$

1.150‌

$

88.254‌

$

89.404‌

$

400.738‌

$

490.142‌

12/31/23

2.771‌

0.229‌

2.542‌

124.305‌

126.847‌

273.891‌

400.738‌

12/31/22

§

0.786‌

0.067‌

0.719‌

(12.196‌)

(11.477‌)

285.368‌

273.891‌

Class

R3

:

6/30/24

#

1.281‌

0.503‌

0.778‌

88.047‌

88.825‌

399.928‌

488.753‌

12/31/23

2.725‌

0.764‌

1.961‌

124.201‌

126.162‌

273.766‌

399.928‌

12/31/22

2.445‌

0.684‌

1.761‌

(132.602‌)

(130.841‌)

404.607‌

273.766‌

12/31/21

1.935‌

0.658‌

1.277‌

67.368‌

68.645‌

335.962‌

404.607‌

12/31/20

2.003‌

0.644‌

1.359‌

95.929‌

97.288‌

238.674‌

335.962‌

12/31/19

2.016‌

0.496‌

1.520‌

55.873‌

57.393‌

181.281‌

238.674‌

Class

R2

:

6/30/24

#

1.273‌

0.639‌

0.634‌

87.526‌

88.160‌

397.623‌

485.783‌

12/31/23

2.709‌

1.002‌

1.707‌

123.530‌

125.237‌

272.386‌

397.623‌

12/31/22

2.425‌

0.836‌

1.589‌

(131.969‌)

(130.380‌)

402.766‌

272.386‌

12/31/21

1.929‌

0.844‌

1.085‌

67.078‌

68.163‌

334.603‌

402.766‌

12/31/20

1.995‌

0.800‌

1.195‌

95.559‌

96.754‌

237.849‌

334.603‌

12/31/19

2.007‌

0.609‌

1.398‌

55.701‌

57.099‌

180.750‌

237.849‌

Class

R1

:

6/30/24

#

1.250‌

0.972‌

0.278‌

85.983‌

86.261‌

390.770‌

477.031‌

12/31/23

2.664‌

1.477‌

1.187‌

121.494‌

122.681‌

268.089‌

390.770‌

12/31/22

2.391‌

1.293‌

1.098‌

(130.033‌)

(128.935‌)

397.024‌

268.089‌

12/31/21

1.902‌

1.389‌

0.513‌

66.175‌

66.688‌

330.336‌

397.024‌

12/31/20

1.972‌

1.242‌

0.730‌

94.391‌

95.121‌

235.215‌

330.336‌

12/31/19

1.988‌

1.026‌

0.962‌

55.151‌

56.113‌

179.102‌

235.215‌

#

Unaudited

^

Amount

represents

less

than

1,000,000.

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

51

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

22.31‌

%

0.06‌

%

d

0.52‌

%

d

8‌

%

1

 $

401‌

46.31‌

0.07‌

0.74‌

33‌

1

265‌

(4.02‌)

0.08‌

d

0.89‌

d

41‌

0

^

90‌

22.21‌

0.23‌

d

0.35‌

d

8‌

40

19,408‌

46.09‌

0.23‌

0.58‌

33‌

41

16,457‌

(32.34‌)

0.22‌

0.57‌

41‌

44

12,025‌

20.43‌

0.18‌

0.34‌

67‌

46

18,614‌

40.76‌

0.24‌

0.50‌

82‌

49

16,452‌

31.66‌

0.23‌

0.70‌

85‌

54

12,898‌

22.17‌

0.29‌

d

0.29‌

d

8‌

26

12,450‌

45.98‌

0.30‌

0.51‌

33‌

27

10,614‌

(32.37‌)

0.27‌

0.51‌

41‌

29

7,908‌

20.37‌

0.23‌

0.29‌

67‌

33

13,218‌

40.68‌

0.30‌

0.44‌

82‌

36

12,019‌

31.59‌

0.28‌

0.65‌

85‌

39

9,335‌

22.07‌

0.45‌

d

0.13‌

d

8‌

15

7,162‌

45.76‌

0.45‌

0.36‌

33‌

15

6,055‌

(32.48‌)

0.42‌

0.36‌

41‌

17

4,447‌

20.19‌

0.38‌

0.14‌

67‌

18

7,208‌

40.44‌

0.47‌

0.27‌

82‌

20

6,548‌

31.33‌

0.48‌

0.45‌

85‌

22

5,184‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

52

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.4

EQUITY

INDEX

ACCOUNT

Class

R4

:

6/30/24

#

$

3

.093‌

$

0

.059‌

$

3

.034‌

$

53

.712‌

$

56

.746‌

$

419

.628‌

$

476

.374‌

12/31/23

6

.312‌

0

.115‌

6

.197‌

80

.314‌

86

.511‌

333

.117‌

419

.628‌

12/31/22

§

1

.690‌

0

.037‌

1

.653‌

(

4

.237‌

)

(

2

.584‌

)

335

.701‌

333

.117‌

Class

R3

:

6/30/24

#

3

.006‌

0

.425‌

2

.581‌

53

.663‌

56

.244‌

418

.784‌

475

.028‌

12/31/23

6

.221‌

0

.699‌

5

.522‌

80

.296‌

85

.818‌

332

.966‌

418

.784‌

12/31/22

5

.558‌

0

.619‌

4

.939‌

(

84

.322‌

)

(

79

.383‌

)

412

.349‌

332

.966‌

12/31/21

4

.885‌

0

.592‌

4

.293‌

79

.534‌

83

.827‌

328

.522‌

412

.349‌

12/31/20

4

.757‌

0

.578‌

4

.179‌

52

.002‌

56

.181‌

272

.341‌

328

.522‌

12/31/19

4

.851‌

0

.502‌

4

.349‌

59

.668‌

64

.017‌

208

.324‌

272

.341‌

Class

R2

:

6/30/24

#

2

.989‌

0

.563‌

2

.426‌

53

.345‌

55

.771‌

416

.375‌

472

.146‌

12/31/23

6

.187‌

0

.965‌

5

.222‌

79

.861‌

85

.083‌

331

.292‌

416

.375‌

12/31/22

5

.518‌

0

.791‌

4

.727‌

(

83

.915‌

)

(

79

.188‌

)

410

.480‌

331

.292‌

12/31/21

4

.858‌

0

.779‌

4

.079‌

79

.203‌

83

.282‌

327

.198‌

410

.480‌

12/31/20

4

.739‌

0

.737‌

4

.002‌

51

.792‌

55

.794‌

271

.404‌

327

.198‌

12/31/19

4

.832‌

0

.630‌

4

.202‌

59

.485‌

63

.687‌

207

.717‌

271

.404‌

Class

R1

:

6/30/24

#

2

.935‌

0

.899‌

2

.036‌

52

.407‌

54

.443‌

409

.204‌

463

.647‌

12/31/23

6

.085‌

1

.486‌

4

.599‌

78

.537‌

83

.136‌

326

.068‌

409

.204‌

12/31/22

5

.440‌

1

.317‌

4

.123‌

(

82

.686‌

)

(

78

.563‌

)

404

.631‌

326

.068‌

12/31/21

4

.795‌

1

.326‌

3

.469‌

78

.134‌

81

.603‌

323

.028‌

404

.631‌

12/31/20

4

.683‌

1

.182‌

3

.501‌

51

.129‌

54

.630‌

268

.398‌

323

.028‌

12/31/19

4

.780‌

1

.100‌

3

.680‌

58

.895‌

62

.575‌

205

.823‌

268

.398‌

#

Unaudited

^

Amount

represents

less

than

1,000,000.

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

53

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

13

.52‌

%

0

.03‌

%

d

1

.35‌

%

d

1‌

%

1

  $

374‌

25

.97‌

0

.03‌

1

.64‌

2‌

0

^

139‌

(

0

.77‌

)

0

.04‌

d

1

.71‌

d

2‌

0

^

10‌

13

.43‌

0

.19‌

d

1

.16‌

d

1‌

24

11,313‌

25

.77‌

0

.19‌

1

.48‌

2‌

25

10,432‌

(

19

.25‌

)

0

.17‌

1

.39‌

2‌

27

8,937‌

25

.52‌

0

.16‌

1

.15‌

4‌

28

11,486‌

20

.63‌

0

.21‌

1

.53‌

3‌

29

9,584‌

30

.73‌

0

.21‌

1

.78‌

2‌

33

8,965‌

13

.39‌

0

.25‌

d

1

.10‌

d

1‌

17

7,790‌

25

.68‌

0

.26‌

1

.41‌

2‌

17

7,206‌

(

19

.29‌

)

0

.22‌

1

.34‌

2‌

19

6,275‌

25

.45‌

0

.21‌

1

.10‌

4‌

21

8,625‌

20

.56‌

0

.27‌

1

.47‌

3‌

23

7,481‌

30

.66‌

0

.26‌

1

.73‌

2‌

25

6,889‌

13

.30‌

0

.41‌

d

0

.94‌

d

1‌

10

4,693‌

25

.50‌

0

.41‌

1

.26‌

2‌

11

4,334‌

(

19

.42‌

)

0

.38‌

1

.19‌

2‌

11

3,703‌

25

.26‌

0

.36‌

0

.95‌

4‌

12

4,943‌

20

.35‌

0

.44‌

1

.30‌

3‌

13

4,230‌

30

.40‌

0

.46‌

1

.53‌

2‌

15

3,954‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

54

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.5

CORE

BOND

ACCOUNT

Class

R4

:

6/30/24

#

$

2

.868‌

$

0

.060‌

$

2

.808‌

$

(

2

.501‌

)

$

0

.307‌

$

131

.868‌

$

132

.175‌

12/31/23

5

.275‌

0

.113‌

5

.162‌

2

.858‌

8

.020‌

123

.848‌

131

.868‌

12/31/22

§

1

.339‌

0

.034‌

1

.305‌

(

2

.437‌

)

(

1

.132‌

)

124

.980‌

123

.848‌

Class

R3

:

6/30/24

#

2

.861‌

0

.168‌

2

.693‌

(

2

.495‌

)

0

.198‌

131

.599‌

131

.797‌

12/31/23

5

.249‌

0

.313‌

4

.936‌

2

.871‌

7

.807‌

123

.792‌

131

.599‌

12/31/22

4

.037‌

0

.304‌

3

.733‌

(

22

.465‌

)

(

18

.732‌

)

142

.524‌

123

.792‌

12/31/21

3

.242‌

0

.296‌

2

.946‌

(

4

.720‌

)

(

1

.774‌

)

144

.298‌

142

.524‌

12/31/20

3

.756‌

0

.346‌

3

.410‌

7

.176‌

10

.586‌

133

.712‌

144

.298‌

12/31/19

4

.083‌

0

.317‌

3

.766‌

7

.308‌

11

.074‌

122

.638‌

133

.712‌

Class

R2

:

6/30/24

#

2

.844‌

0

.208‌

2

.636‌

(

2

.481‌

)

0

.155‌

130

.844‌

130

.999‌

12/31/23

5

.220‌

0

.404‌

4

.816‌

2

.857‌

7

.673‌

123

.171‌

130

.844‌

12/31/22

4

.005‌

0

.366‌

3

.639‌

(

22

.348‌

)

(

18

.709‌

)

141

.880‌

123

.171‌

12/31/21

3

.229‌

0

.367‌

2

.862‌

(

4

.701‌

)

(

1

.839‌

)

143

.719‌

141

.880‌

12/31/20

3

.741‌

0

.427‌

3

.314‌

7

.152‌

10

.466‌

133

.253‌

143

.719‌

12/31/19

4

.070‌

0

.385‌

3

.685‌

7

.286‌

10

.971‌

122

.282‌

133

.253‌

Class

R1

:

6/30/24

#

2

.794‌

0

.305‌

2

.489‌

(

2

.438‌

)

0

.051‌

128

.591‌

128

.642‌

12/31/23

5

.137‌

0

.579‌

4

.558‌

2

.804‌

7

.362‌

121

.229‌

128

.591‌

12/31/22

3

.950‌

0

.557‌

3

.393‌

(

22

.022‌

)

(

18

.629‌

)

139

.858‌

121

.229‌

12/31/21

3

.185‌

0

.574‌

2

.611‌

(

4

.639‌

)

(

2

.028‌

)

141

.886‌

139

.858‌

12/31/20

3

.696‌

0

.655‌

3

.041‌

7

.068‌

10

.109‌

131

.777‌

141

.886‌

12/31/19

4

.029‌

0

.634‌

3

.395‌

7

.214‌

10

.609‌

121

.168‌

131

.777‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

55

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Portfolio

Turnover

Rate

Excluding

Mortgage

Dollar

Rolls

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

0

.23‌

%

0

.09‌

%

d

4

.32‌

%

d

47‌

%

40‌

%

1

  $

175‌

6

.48‌

0

.09‌

4

.09‌

80‌

78‌

1

148‌

(

0

.91‌

)

0

.09‌

d

3

.68‌

d

176‌

105‌

1

69‌

0

.15‌

0

.26‌

d

4

.15‌

d

47‌

40‌

39

5,136‌

6

.31‌

0

.25‌

3

.90‌

80‌

78‌

39

5,196‌

(

13

.14‌

)

0

.23‌

2

.89‌

176‌

105‌

42

5,246‌

(

1

.23‌

)

0

.21‌

2

.07‌

207‌

49‌

46

6,513‌

7

.92‌

0

.25‌

2

.44‌

135‌

84‌

50

7,152‌

9

.03‌

0

.25‌

2

.91‌

85‌

79‌

51

6,817‌

0

.12‌

0

.32‌

d

4

.08‌

d

47‌

40‌

26

3,345‌

6

.23‌

0

.32‌

3

.83‌

80‌

78‌

26

3,404‌

(

13

.19‌

)

0

.28‌

2

.83‌

176‌

105‌

28

3,496‌

(

1

.28‌

)

0

.26‌

2

.02‌

207‌

49‌

33

4,649‌

7

.85‌

0

.31‌

2

.38‌

135‌

84‌

36

5,179‌

8

.97‌

0

.30‌

2

.86‌

85‌

79‌

36

4,862‌

0

.04‌

0

.48‌

d

3

.93‌

d

47‌

40‌

14

1,834‌

6

.07‌

0

.47‌

3

.69‌

80‌

78‌

14

1,769‌

(

13

.32‌

)

0

.44‌

2

.68‌

176‌

105‌

14

1,669‌

(

1

.43‌

)

0

.41‌

1

.87‌

207‌

49‌

15

2,154‌

7

.67‌

0

.48‌

2

.21‌

135‌

84‌

17

2,373‌

8

.75‌

0

.50‌

2

.66‌

85‌

79‌

17

2,220‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

56

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.6

INFLATION-LINKED

BOND

ACCOUNT

Class

R4

:

6/30/24

#

$

1

.968‌

$

0

.024‌

$

1

.944‌

$

(

0

.576‌

)

$

1

.368‌

$

82

.190‌

$

83

.558‌

12/31/23

3

.097‌

0

.036‌

3

.061‌

0

.690‌

3

.751‌

78

.439‌

82

.190‌

12/31/22

§

0

.578‌

0

.011‌

0

.567‌

(

1

.691‌

)

(

1

.124‌

)

79

.563‌

78

.439‌

Class

R3

:

6/30/24

#

1

.857‌

0

.091‌

1

.766‌

(

0

.469‌

)

1

.297‌

82

.023‌

83

.320‌

12/31/23

2

.949‌

0

.161‌

2

.788‌

0

.831‌

3

.619‌

78

.404‌

82

.023‌

12/31/22

5

.692‌

0

.150‌

5

.542‌

(

10

.852‌

)

(

5

.310‌

)

83

.714‌

78

.404‌

12/31/21

4

.494‌

0

.139‌

4

.355‌

(

0

.158‌

)

4

.197‌

79

.517‌

83

.714‌

12/31/20

1

.274‌

0

.168‌

1

.106‌

4

.805‌

5

.911‌

73

.606‌

79

.517‌

12/31/19

1

.694‌

0

.153‌

1

.541‌

2

.970‌

4

.511‌

69

.095‌

73

.606‌

Class

R2

:

6/30/24

#

1

.849‌

0

.117‌

1

.732‌

(

0

.468‌

)

1

.264‌

81

.552‌

82

.816‌

12/31/23

2

.928‌

0

.219‌

2

.709‌

0

.833‌

3

.542‌

78

.010‌

81

.552‌

12/31/22

5

.740‌

0

.188‌

5

.552‌

(

10

.877‌

)

(

5

.325‌

)

83

.335‌

78

.010‌

12/31/21

4

.462‌

0

.181‌

4

.281‌

(

0

.143‌

)

4

.138‌

79

.197‌

83

.335‌

12/31/20

1

.270‌

0

.213‌

1

.057‌

4

.787‌

5

.844‌

73

.353‌

79

.197‌

12/31/19

1

.686‌

0

.190‌

1

.496‌

2

.962‌

4

.458‌

68

.895‌

73

.353‌

Class

R1

:

6/30/24

#

1

.827‌

0

.178‌

1

.649‌

(

0

.471‌

)

1

.178‌

80

.148‌

81

.326‌

12/31/23

2

.890‌

0

.331‌

2

.559‌

0

.809‌

3

.368‌

76

.780‌

80

.148‌

12/31/22

5

.586‌

0

.308‌

5

.278‌

(

10

.647‌

)

(

5

.369‌

)

82

.149‌

76

.780‌

12/31/21

4

.419‌

0

.300‌

4

.119‌

(

0

.159‌

)

3

.960‌

78

.189‌

82

.149‌

12/31/20

1

.271‌

0

.338‌

0

.933‌

4

.714‌

5

.647‌

72

.542‌

78

.189‌

12/31/19

1

.660‌

0

.329‌

1

.331‌

2

.944‌

4

.275‌

68

.267‌

72

.542‌

#

Unaudited

^

Amount

represents

less

than

1,000,000.

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

57

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

1

.67‌

%

0

.06‌

%

d

4

.75‌

%

d

14‌

%

2

  $

162‌

4

.78‌

0

.04‌

3

.84‌

27‌

2

131‌

(

1

.41‌

)

0

.05‌

d

2

.51‌

d

16‌

0

^

37‌

1

.58‌

0

.22‌

d

4

.32‌

d

14‌

42

3,459‌

4

.62‌

0

.20‌

3

.49‌

27‌

43

3,510‌

(

6

.34‌

)

0

.18‌

6

.86‌

16‌

47

3,706‌

5

.28‌

0

.17‌

5

.34‌

24‌

47

3,970‌

8

.03‌

0

.22‌

1

.44‌

25‌

45

3,590‌

6

.53‌

0

.21‌

2

.14‌

26‌

45

3,308‌

1

.55‌

0

.29‌

d

4

.26‌

d

14‌

23

1,873‌

4

.54‌

0

.28‌

3

.41‌

27‌

23

1,890‌

(

6

.39‌

)

0

.23‌

6

.90‌

16‌

25

1,964‌

5

.22‌

0

.22‌

5

.27‌

24‌

28

2,356‌

7

.96‌

0

.28‌

1

.39‌

25‌

29

2,267‌

6

.48‌

0

.27‌

2

.09‌

26‌

29

2,099‌

1

.47‌

0

.45‌

d

4

.13‌

d

14‌

16

1,317‌

4

.39‌

0

.42‌

3

.28‌

27‌

16

1,291‌

(

6

.53‌

)

0

.39‌

6

.67‌

16‌

16

1,230‌

5

.06‌

0

.37‌

5

.14‌

24‌

16

1,303‌

7

.78‌

0

.45‌

1

.24‌

25‌

15

1,182‌

6

.27‌

0

.46‌

1

.88‌

26‌

14

1,042‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

58

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.7

SOCIAL

CHOICE

ACCOUNT

Class

R4

:

6/30/24

#

$

5

.368‌

$

0

.099‌

$

5

.269‌

$

14

.128‌

$

19

.397‌

$

340

.029‌

$

359

.426‌

12/31/23

9

.658‌

0

.211‌

9

.447‌

34

.898‌

44

.345‌

295

.684‌

340

.029‌

12/31/22

§

2

.190‌

0

.060‌

2

.130‌

2

.737‌

4

.867‌

290

.817‌

295

.684‌

Class

R3

:

6/30/24

#

5

.303‌

0

.385‌

4

.918‌

14

.145‌

19

.063‌

339

.345‌

358

.408‌

12/31/23

9

.579‌

0

.703‌

8

.876‌

34

.917‌

43

.793‌

295

.552‌

339

.345‌

12/31/22

7

.561‌

0

.639‌

6

.922‌

(

61

.010‌

)

(

54

.088‌

)

349

.640‌

295

.552‌

12/31/21

6

.601‌

0

.639‌

5

.962‌

33

.286‌

39

.248‌

310

.392‌

349

.640‌

12/31/20

6

.218‌

0

.672‌

5

.546‌

31

.423‌

36

.969‌

273

.423‌

310

.392‌

12/31/19

6

.879‌

0

.592‌

6

.287‌

40

.787‌

47

.074‌

226

.349‌

273

.423‌

Class

R2

:

6/30/24

#

5

.276‌

0

.493‌

4

.783‌

14

.059‌

18

.842‌

337

.394‌

356

.236‌

12/31/23

9

.528‌

0

.927‌

8

.601‌

34

.726‌

43

.327‌

294

.067‌

337

.394‌

12/31/22

7

.519‌

0

.789‌

6

.730‌

(

60

.721‌

)

(

53

.991‌

)

348

.058‌

294

.067‌

12/31/21

6

.570‌

0

.804‌

5

.766‌

33

.148‌

38

.914‌

309

.144‌

348

.058‌

12/31/20

6

.195‌

0

.832‌

5

.363‌

31

.296‌

36

.659‌

272

.485‌

309

.144‌

12/31/19

6

.857‌

0

.724‌

6

.133‌

40

.661‌

46

.794‌

225

.691‌

272

.485‌

Class

R1

:

6/30/24

#

5

.183‌

0

.753‌

4

.430‌

13

.811‌

18

.241‌

331

.584‌

349

.825‌

12/31/23

9

.370‌

1

.365‌

8

.005‌

34

.148‌

42

.153‌

289

.431‌

331

.584‌

12/31/22

7

.407‌

1

.242‌

6

.165‌

(

59

.835‌

)

(

53

.670‌

)

343

.101‌

289

.431‌

12/31/21

6

.484‌

1

.289‌

5

.195‌

32

.701‌

37

.896‌

305

.205‌

343

.101‌

12/31/20

6

.129‌

1

.279‌

4

.850‌

30

.887‌

35

.737‌

269

.468‌

305

.205‌

12/31/19

6

.789‌

1

.210‌

5

.579‌

40

.254‌

45

.833‌

223

.635‌

269

.468‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

59

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Portfolio

Turnover

Rate

Excluding

Mortgage

Dollar

Rolls

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

5

.70‌

%

0

.06‌

%

d

3

.03‌

%

d

58‌

%

57‌

%

4

  $

1,389‌

15

.00‌

0

.07‌

3

.00‌

81‌

80‌

3

1,075‌

1

.67‌

0

.07‌

d

2

.53‌

d

88‌

61‌

1

212‌

5

.62‌

0

.22‌

d

2

.84‌

d

58‌

57‌

28

10,041‌

14

.82‌

0

.22‌

2

.83‌

81‌

80‌

30

10,289‌

(

15

.47‌

)

0

.21‌

2

.26‌

88‌

61‌

30

8,856‌

12

.64‌

0

.19‌

1

.80‌

118‌

57‌

27

9,541‌

13

.52‌

0

.24‌

2

.01‌

100‌

73‌

27

8,235‌

20

.80‌

0

.23‌

2

.49‌

52‌

51‌

26

7,064‌

5

.58‌

0

.29‌

d

2

.78‌

d

58‌

57‌

18

6,577‌

14

.73‌

0

.30‌

2

.75‌

81‌

80‌

20

6,694‌

(

15

.51‌

)

0

.26‌

2

.20‌

88‌

61‌

20

5,753‌

12

.59‌

0

.24‌

1

.74‌

118‌

57‌

20

6,868‌

13

.45‌

0

.30‌

1

.96‌

100‌

73‌

20

6,114‌

20

.73‌

0

.29‌

2

.43‌

52‌

51‌

19

5,275‌

5

.50‌

0

.44‌

d

2

.62‌

d

58‌

57‌

8

2,814‌

14

.56‌

0

.44‌

2

.61‌

81‌

80‌

9

2,858‌

(

15

.64‌

)

0

.41‌

2

.05‌

88‌

61‌

9

2,467‌

12

.42‌

0

.40‌

1

.59‌

118‌

57‌

8

2,841‌

13

.26‌

0

.47‌

1

.79‌

100‌

73‌

9

2,601‌

20

.50‌

0

.49‌

2

.24‌

52‌

51‌

9

2,416‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

60

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.8

MONEY

MARKET

ACCOUNT

Class

R4

:

6/30/24

#

$

0

.766‌

$

0

.004‌

$

0

.762‌

$

0

.002‌

$

0

.764‌

$

28

.422‌

$

29

.186‌

12/31/23

1

.415‌

0

.011‌

1

.404‌

(

0

.015‌

)

1

.389‌

27

.033‌

28

.422‌

12/31/22

§

0

.277‌

0

.013‌

0

.264‌

(

0

.024‌

)

0

.240‌

26

.793‌

27

.033‌

Class

R3

:

6/30/24

#

0

.766‌

0

.028‌

0

.738‌

0

.000‌

0

.738‌

28

.372‌

29

.110‌

12/31/23

1

.398‌

0

.054‌

1

.344‌

0

.000‌

1

.344‌

27

.028‌

28

.372‌

12/31/22

0

.434‌

0

.096‌

0

.338‌

(

0

.008‌

)

0

.330‌

26

.698‌

27

.028‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.698‌

26

.698‌

12/31/20

0

.142‌

0

.051‌

0

.091‌

0

.011‌

0

.102‌

26

.596‌

26

.698‌

12/31/19

0

.583‌

0

.057‌

0

.526‌

0

.001‌

0

.527‌

26

.069‌

26

.596‌

Class

R2

:

6/30/24

#

0

.761‌

0

.037‌

0

.724‌

0

.001‌

0

.725‌

28

.208‌

28

.933‌

12/31/23

1

.392‌

0

.074‌

1

.318‌

(

0

.001‌

)

1

.317‌

26

.891‌

28

.208‌

12/31/22

0

.417‌

0

.137‌

0

.280‌

0

.005‌

0

.285‌

26

.606‌

26

.891‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.606‌

26

.606‌

12/31/20

0

.141‌

0

.058‌

0

.083‌

0

.011‌

0

.094‌

26

.512‌

26

.606‌

12/31/19

0

.582‌

0

.071‌

0

.511‌

0

.001‌

0

.512‌

26

.000‌

26

.512‌

Class

R1

:

6/30/24

#

0

.749‌

0

.058‌

0

.691‌

0

.000‌

0

.691‌

27

.770‌

28

.461‌

12/31/23

1

.373‌

0

.172‌

1

.201‌

(

0

.004‌

)

1

.197‌

26

.573‌

27

.770‌

12/31/22

0

.418‌

0

.189‌

0

.229‌

0

.001‌

0

.230‌

26

.343‌

26

.573‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.343‌

26

.343‌

12/31/20

0

.143‌

0

.075‌

0

.068‌

0

.006‌

0

.074‌

26

.269‌

26

.343‌

12/31/19

0

.577‌

0

.175‌

0

.402‌

0

.001‌

0

.403‌

25

.866‌

26

.269‌

#

Unaudited

^

The

Account’s

expenses

includes

recovery

of

expenses

previously

withheld

by

TIAA.

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

61

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Expenses

Net

of

TIAA

Withholding

Net

Investment

Income

(Loss)

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

2

.68‌

%

0

.03‌

%

d

0

.03‌

%

d

5

.33‌

%

d

4

  $

122‌

5

.14‌

0

.04‌

0

.04‌

^

5

.07‌

2

70‌

0

.90‌

0

.06‌

d

0

.16‌

^

d

3

.43‌

d

1

40‌

2

.60‌

0

.20‌

d

0

.20‌

d

5

.16‌

d

163

4,755‌

4

.97‌

0

.20‌

0

.20‌

4

.86‌

168

4,755‌

1

.24‌

0

.20‌

0

.36‌

^

1

.26‌

163

4,407‌

0.00‌

0

.18‌

0

.07‌

0

.00‌

152

4,066‌

0

.38‌

0

.22‌

0

.19‌

0

.34‌

197

5,263‌

2

.02‌

0

.22‌

0

.22‌

2

.00‌

189

5,017‌

2

.57‌

0

.26‌

d

0

.26‌

d

5

.10‌

d

95

2,760‌

4

.90‌

0

.27‌

0

.27‌

4

.79‌

96

2,695‌

1

.07‌

0

.25‌

0

.51‌

^

1

.05‌

91

2,441‌

0.00‌

0

.23‌

0

.07‌

0

.00‌

94

2,513‌

0

.35‌

0

.28‌

0

.22‌

0

.31‌

121

3,208‌

1

.97‌

0

.27‌

0

.27‌

1

.94‌

111

2,954‌

2

.49‌

0

.42‌

d

0

.42‌

d

4

.94‌

d

67

1,918‌

4

.50‌

0

.42‌

0

.63‌

^

4

.43‌

68

1,884‌

0

.87‌

0

.40‌

0

.72‌

^

0

.87‌

64

1,693‌

0.00‌

0

.38‌

0

.07‌

0

.00‌

63

1,660‌

0

.28‌

0

.45‌

0

.28‌

0

.26‌

76

2,001‌

1

.56‌

0

.47‌

0

.67‌

1

.54‌

74

1,936‌

62

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information

Account

Information:

The

purpose

of

the

College

Retirement

Equities

Fund

(“CREF”),

as

stated

in

its

charter,

is

to

aid

and

strengthen

non-profit

educational

and

research

organizations,

governmental

entities,

and

other

non-profit

institutions

by

providing

their

employees

with

variable

retirement

benefits.

CREF

is

registered

with

the

U.S. Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

It

consists

of

eight

investment

portfolios:

CREF

Stock

Account

(“Stock”),

CREF

Global

Equities

Account

(“Global

Equities”),

CREF Growth

Account

(“Growth”),

CREF

Equity

Index

Account

(“Equity

Index”),

CREF

Core

Bond

Account

(“Core

Bond”),

CREF

Inflation-Linked

Bond

Account

(“Inflation-Linked

Bond”),

CREF

Social

Choice

Account

(“Social

Choice”)

and

CREF

Money

Market

Account

(“Money

Market”)

(individually

referred

to

as

the

“Account”

or

collectively

referred

to

as

the

“Accounts”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Accounts

is

June

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2024

(the

"current

fiscal

period").

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Accounts

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The accumulation

unit

value (“AUV”)

for

financial

reporting

purposes

may

differ

from

the AUV

for

processing

transactions.

The AUV

for

financial

reporting

purposes

includes

security

and participant

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the AUV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Accounts.

Accumulation

and

Annuity

Funds:

The

Accumulation

Fund

represents

the

net

assets

attributable

to

participants

in

the

accumulation

phase

of

their

investment.

The

Annuity

Fund

represents

the

net

assets

attributable

to

the

participants

currently

receiving

annuity

payments.

The

net

increase

or

decrease

in

net

assets

from

investment

operations

is

apportioned

between

the

funds

based

upon

their

relative

daily

net

asset

values.

Annuitants

bear

the

mortality

risk

under

their

contracts.

Initial

annuity

payments

are

calculated

based

on

the

value

of

a

participant’s

accumulation

on

the

last

valuation

day

before

the

annuity

start

date,

the

income

option

chosen,

an

assumed

annual

investment

return,

and

expense

and

mortality

assumptions.

Annuity

payments

vary

after

the

initial

payment

based

on

investment

performance,

Account

expenses,

and

mortality

experience.

Death

benefits

are

paid

to

beneficiaries

if

the

annuitant

dies

during

the

accumulation

period,

or

during

the

annuity

period

while

payments

are

still

due

for

the

remainder

of

a

guaranteed

period.

Compensation:

The

Accounts pay

the

members

of

the

Board

of

Trustees

("Board"),

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation. Amounts

deferred

are

retained

by

the

Accounts

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Accounts

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Accounts

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related “Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable. 

Foreign

Taxes:

The Accounts

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Accounts

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the Accounts

invest.

63

Indemnification:

In

the

normal

course

of

business,

each

Account

enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities.

An

Accounts'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Accounts

that

have

not

yet

occurred.

Also,

under

the

Accounts'

organizational

documents,

the

trustees

and

officers

of

the

Accounts

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Accounts.

However,

based

on

experience,

the

Accounts

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the Accounts

determine

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Accounts estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

an

Account

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

administrative

service

fees

and

distribution

fees, which

are

unique

to

each

class

of

each

Account.

Most

expenses

of

CREF

can

be

directly

attributed

to

an

Account

or

class.

Expenses

that

cannot

be

directly

attributed

are

allocated

based

upon

the

average

net

assets

of

each

Account

or

class.

Netting

Agreements:

In

the

ordinary

course

of

business,

the Accounts

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each Account

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each Account

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the Accounts

is

held

in

a

segregated

account

by

the Accounts'

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the Accounts'

Summary

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The Accounts'

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Accounts'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

TIAA-CREF

Investment

Management,

LLC

(the

"Adviser"),

subject

to

the

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).

A

description

of

the

valuation

techniques

applied

to

the Accounts'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser and

oversight

of

the Board.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Notes

to

Financial

Statements

(Unaudited)

(continued)

64

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Accounts'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

The

Money

Market

Account’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective net

asset

value

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board,

and

are

classified

as

Level

2.

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Accounts’

investments

as

of

the

end

of

the

current

fiscal

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

:

Government

bonds

$—

$197

$—

$197

Common

stocks

87,924,907

37,246,369

2,238

125,173,514

Rights/Warrants

—

3,368

153

3,521

Short-Term

Investments

:

Government

agency

debt

—

238,378

—

238,378

Repurchase

agreement

—

181,465

—

181,465

Treasury

debt

—

137,276

—

137,276

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

216,936

—

216,936

Commercial

paper

—

53,401

—

53,401

Repurchase

agreement

—

566,000

—

566,000

Variable

rate

securities

—

23,500

—

23,500

Investments

in

Derivatives

:

Futures

contracts*

1,174

—

—

1,174

Total

$87,926,081

$38,666,890

$2,391

$126,595,362

65

Account

Level

1

Level

2

Level

3

Total

Global

Equities

Long-Term

Investments

:

Common

stocks

$20,255,375

$8,452,970

$138

$28,708,483

Rights/Warrants

—

849

—

849

Short-Term

Investments

:

Government

agency

debt

—

121,304

—

121,304

Repurchase

agreement

—

79,955

—

79,955

Treasury

debt

—

139,989

—

139,989

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

10,636

—

10,636

Commercial

paper

—

2,954

—

2,954

Repurchase

agreement

—

115,000

—

115,000

Variable

rate

securities

—

2,500

—

2,500

Investments

in

Derivatives

:

Futures

contracts*

735

—

—

735

Total

$20,256,110

$8,926,157

$138

$29,182,405

Growth

Long-Term

Investments

:

Common

stocks

$38,861,991

$1,280,384

$—

$40,142,375

Short-Term

Investments

:

Government

agency

debt

—

26,839

—

26,839

Repurchase

agreement

—

45,533

—

45,533

Treasury

debt

—

59,426

—

59,426

Investments

purchased

with

collateral

from

securities

lending

49,190

—

—

49,190

Total

$38,911,181

$1,412,182

$—

$40,323,363

Equity

Index

Long-Term

Investments

:

Common

stocks

$24,644,278

$—

$205

$24,644,483

Rights/Warrants

—

—

3

3

Short-Term

Investments

:

Government

agency

debt

—

8,998

—

8,998

Repurchase

agreement

—

84,445

—

84,445

Treasury

debt

—

39,800

—

39,800

Investments

purchased

with

collateral

from

securities

lending

70,783

—

—

70,783

Investments

in

Derivatives

:

Futures

contracts*

(180)

—

—

(180)

Total

$24,714,881

$133,243

$208

$24,848,332

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$30,590

$—

$30,590

Corporate

bonds

—

3,347,143

464

3,347,607

Government

bonds

—

5,396,056

—

5,396,056

Structured

assets

—

1,699,044

—

1,699,044

Preferred

stocks

4,540

—

—

4,540

Short-Term

Investments

:

Commercial

paper

—

3,985

—

3,985

Government

agency

debt

—

40,513

—

40,513

Repurchase

agreement

—

54,138

—

54,138

Treasury

debt

—

62,743

—

62,743

Investments

purchased

with

collateral

from

securities

lending

35,226

—

—

35,226

Investments

in

Derivatives

:

Futures

contracts*

6,492

—

—

6,492

Forward

foreign

currency

contracts*

—

2,091

—

2,091

Credit

default

swap

contracts*

—

256

—

256

Total

$46,258

$10,636,559

$464

$10,683,281

Notes

to

Financial

Statements

(Unaudited)

(continued)

66

4.

Portfolio

Securities

Mortgage

Dollar

Roll

Transactions:

Some

of

the Accounts may

enter

into

mortgage

dollar

rolls

in

which an

Account

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

an

Account forgoes

principal

and

interest

paid

on

the

securities.

The Account is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Account’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the Accounts

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements

(dollar

amounts

are

in

thousands):

Account

Level

1

Level

2

Level

3

Total

Inflation-Linked

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$23,368

$—

$23,368

Corporate

bonds

—

175,723

—

175,723

Government

bonds

—

6,478,186

—

6,478,186

Structured

assets

—

267,274

2,566

269,840

Common

stocks

10,009

—

—

10,009

Short-Term

Investments

:

Repurchase

agreement

—

1,567

—

1,567

Investments

purchased

with

collateral

from

securities

lending

4,228

—

—

4,228

Investments

in

Derivatives

:

Futures

contracts*

3,203

—

—

3,203

Total

$17,440

$6,946,118

$2,566

$6,966,124

Social

Choice

Long-Term

Investments

:

Bank

loan

obligations

$—

$35,350

$58

$35,408

Corporate

bonds

—

2,278,538

—

2,278,538

Government

bonds

—

5,288,839

1

5,288,840

Structured

assets

—

822,066

1,337

823,403

Common

stocks

9,002,762

3,643,838

—

12,646,600

Preferred

stocks

27,974

—

—

27,974

Rights/Warrants

—

1

1

2

Short-Term

Investments

:

Government

agency

debt

—

29,762

—

29,762

Repurchase

agreement

—

41,438

—

41,438

Treasury

debt

—

29,230

—

29,230

Investments

purchased

with

collateral

from

securities

lending

105,364

—

—

105,364

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

(169)

—

(169)

Total

$9,136,100

$12,168,893

$1,397

$21,306,390

Money

Market

Short-Term

Investments:

Government

agency

debt

$

—

$

1,459,207

$

—

$

1,459,207

Repurchase

agreement

—

4,615,374

—

4,615,374

Treasury

debt

—

2,092,592

—

2,092,592

Treasury

inflation

protected

securities

—

26,389

—

26,389

Variable

rate

securities

—

1,815,354

—

1,815,354

Total

$—

$10,008,916

$—

$10,008,916

*

Represents

net

unrealized

appreciation

(depreciation).

67

Securities

Lending:

Certain Accounts

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

An

Account receives

cash

collateral

and

non-cash

collateral

(in

the

form

of

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Account

the

next

business

day.

Cash

collateral

received

by the

Account will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

(“Agent”)

for

the

purpose

of

investing

cash

collateral.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Accounts’

Statement

of

Assets

and

Liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Accounts,

and

the

Accounts

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

the

end

of

the

current

fiscal

period,

securities

lending

transactions are

for equity

and

fixed

income

securities,

and

the

resulting

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

Securities

lending

income

recognized

by

the

Accounts consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

reflected

separately

in

the

Statement

of

Operations.

In

lending

its

securities,

an

Account bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Account.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Account if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned. 

As

of

the

end

of

the

current

fiscal

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows

(dollar

amounts

are

in

thousands):

Account

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Stock

Calyon

$25,000

$

(25,500)

Citigroup

75,000

$

(76,500)

Deutsche

Bank

55,000

(56,100)

Fixed

Income

Clearing

Corporation

181,465

(185,094)

HSBC

75,000

(76,500)

JP

Morgan

95,000

(96,900)

Merrill

Lynch

91,000

(92,820)

Nomura

75,000

(76,502)

Royal

Bank

of

Scotland

75,000

$

(76,500)

Total

$747,465

$

(762,416)

Global

Equities

Citigroup

$15,000

(15,300)

Deutsche

Bank

15,000

(15,300)

Fixed

Income

Clearing

Corporation

79,955

(81,554)

HSBC

15,000

(15,300)

JP

Morgan

20,000

(20,400)

Merrill

Lynch

20,000

(20,400)

Nomura

15,000

(15,300)

Royal

Bank

of

Scotland

15,000

(15,300)

Total

$194,955

(198,854)

Growth

Fixed

Income

Clearing

Corporation

$45,533

$

(46,444)

Equity

Index

Fixed

Income

Clearing

Corporation

$84,445

(86,134)

Core

Bond

Fixed

Income

Clearing

Corporation

$54,138

(55,221)

Inflation-Linked

Bond

Fixed

Income

Clearing

Corporation

$1,567

(1,598)

Social

Choice

Fixed

Income

Clearing

Corporation

$41,438

(42,267)

Money

Market

Bank

of

New

York

Mellon

$3,920,000

(3,993,436)

Fixed

Income

Clearing

Corporation

695,374

(709,282)

Total

$4,615,374

(4,702,718)

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Fixed

Income

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received**

Total

Collateral

Received

20.1

Stock

$

1,318,620

$

—

$

859,959

$

532,623

$

1,392,582

20.2

Global

Equities

166,536

—

130,757

45,961

176,718

20.3

Growth

48,566

—

49,190

—

49,190

20.4

Equity

Index

111,135

—

70,783

46,376

117,159

20.5

Core

Bond

—

41,459

35,226

7,633

42,859

20.6

Inflation-Linked

Bond

—

4,088

4,228

—

4,228

20.7

Social

Choice

89,076

59,722

105,364

50,672

156,036

*

May

include

cash

and

investment

of

cash

collateral.

**

As

of

the

end

of

the

current

fiscal

period,

the

non-cash

collateral

received

was

comprised

of

U.S.

Treasury

securities.

Notes

to

Financial

Statements

(Unaudited)

(continued)

68

Treasury

Inflation-Protected

Securities:

The

Accounts may

invest

in

Treasury

Inflation-Protected

Securities,

specially

structured

bonds

in

which

the

principal

amount

is

adjusted

periodically

to

keep

pace

with

inflation,

as

measured

by

the

U.S.

Consumer

Price

Index.

The

adjustments

for

interest

income

due

to

inflation

or

deflation

are

reflected

in

interest

income

in

the

Statement

of

Operations.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

 Long-term

purchases

and

sales

during

the

current

fiscal

period were

as

follows

(dollar

amounts

are

in

thousands):

The Accounts

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

If

the

Accounts have

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each Account

(other

than

the

Money

Market

Account) is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

 Certain

Accounts

are

subject

to

equity

price

and

interest-rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Accounts

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Account is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Summary

portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Account and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the Account records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands):

Account

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

20.1

Stock

$

23,371,088

$

—

$

27,868,741

$

—

20.2

Global

Equities

4,557,492

—

4,524,370

—

20.3

Growth

3,110,827

—

4,347,998

—

20.4

Equity

Index

330,811

—

1,035,024

—

20.5

Core

Bond

599,788

4,676,760

563,378

4,352,959

20.6

Inflation-Linked

Bond

105,529

854,966

59,484

952,908

20.7

Social

Choice

4,577,625

7,685,114

5,748,107

7,429,942

Account

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

20.1

Stock

$

223,511

20.2

Global

Equities

252,055

20.4

Equity

Index

112,920

20.5

Core

Bond

612,382

20.6

Inflation-Linked

Bond

370,460

69

Forward

Foreign

Currency

Contracts:

Certain Accounts

may

use

forward

foreign

currency

contracts

(“forward

contracts”)

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

OTC

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statement

of

Assets

and

Liabilities.

The Accounts

realize

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands):

The

following

table

presents

the

forward

foreign

currency

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

forward

foreign

currency

contracts

as

of

the

end

of

the

reporting

period

(dollar

amounts

are

in

thousands):

Credit

Default

Swap

Contracts:

Certain

Accounts

are

subject

to

credit

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The

Accounts (other

than

the

Money

Market

Account)

invest

in

credit

default

swaps

to

hedge

or

manage

the

risks

associated

with

assets

held

in

the

Accounts

and/or

to

facilitate

the

implementation

of

portfolio

strategies

to

seek

to

increase

the

total

return.

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Average

Notional

Amount

of

Forward

Contracts

Outstanding*

20.5

Core

Bond

$

215,264

20.7

Social

Choice

21,673

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Counterparty

Gross

Unrealized

Appreciation

on

Forward

Foreign

Currency

Contracts*

Gross

Unrealized

Depreciation

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Contracts

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

Core

Bond

Australia

and

New

Zealand

Banking

Group

Limited

$

44

$

(27)

$

17

$

—

$

17

Bank

of

America,

N.A.

1,756

(251)

1,505

—

1,505

Citibank

N.A.

16

(14)

2

—

2

Citigroup

Global

Markets,

Inc

536

—

536

—

536

JPMorgan

Chase

Bank

N.A

18

—

18

—

18

Morgan

Stanley

Capital

Services

69

(59)

10

—

10

Standard

Chartered

Bank

1

—

1

—

1

Toronto

Dominion

Bank

2

—

2

—

2

Total

$2,442

$(351)

$2,091

$—

$2,091

Social

Choice

JPMorgan

Chase

Bank

N.A

44

—

44

—

44

Morgan

Stanley

Capital

Services

—

(213)

(213)

—

(213)

Total

$44

$(213)

$(169)

$—

$(169)

*

Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Account’s

Summary

Portfolio

of

Investments.

Notes

to

Financial

Statements

(Unaudited)

(continued)

70

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When an

Account has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Account will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

Credit

default

swaps

can

be

settled

either

directly

with

the

counterparty,

OTC

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

credit

default

swaps

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap, an

Account is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Summary

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The Account

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

The

maximum

potential

amount

of

future

payments

the Account

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands):

Account

Average

Notional

Amount

of

Swap

Contracts

Outstanding*

20.5

Core

Bond

$

599,500

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

71

As

of the

end

of

the

reporting

period,

the

following Accounts

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows

(dollar

amounts

are

in

thousands):

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Accounts'

Statement

of

Operations

was

as

follows

(dollar

amounts

are

in

thousands):

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

$

1,174

-

$

–

1

1

1

1

1

1

1

1

Global

Equities

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

735

-

–

1

1

1

1

1

1

1

1

Equity

Index

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(180)

1

1

1

1

1

1

1

1

Core

Bond

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

6,492

-

–

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

2,442

Unrealized

depreciation

on

forward

contracts

(351)

Credit

default

swap

contracts

Credit

Unrealized

appreciation

on

swap

contracts

*

299

Unrealized

depreciation

on

swap

contracts

*

(43)

1

1

1

1

1

1

1

1

Inflation-Linked

Bond

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

3,203

-

–

1

1

1

1

1

1

1

1

Social

Choice

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

44

Unrealized

depreciation

on

forward

contracts

(213)

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Account's

Summary

Portfolio

of

Investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

20.1

Stock

Futures

contracts

Equity

$

34,610

$

(7,491)

20.2

Global

Equities

Futures

contracts

Equity

30,370

(8,887)

20.4

Equity

Index

Futures

contracts

Equity

10,361

(660)

20.5

Core

Bond

Futures

contracts

Interest

rate

(15,899)

2,727

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

4,582

8,758

Swap

contracts

Credit

(19,524)

10,833

20.6

Inflation-Linked

Bond

Futures

contracts

Interest

rate

(5,423)

(3,947)

20.7

Social

Choice

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

468

58

Notes

to

Financial

Statements

(Unaudited)

(continued)

72

6.

Account

Units

Transactions

in

Account

units

during

the

current

and

prior

fiscal

period

were

as

follows

(amounts

are

in

thousands):

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.1

Stock

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

551

$

462,615

612

$

438,337

Class

R3

909

851,130

2,013

1,612,574

Class

R2

449

370,754

1,003

712,042

Class

R1

188

151,630

503

352,863

Total

premiums

and

contributions

2,097

1,836,129

4,131

3,115,816

Net

transfers

between

CREF

Accounts:

Class

R4

496

403,756

765

534,284

Class

R3

(575)

(467,980)

(788)

(560,681)

Class

R2

(206)

(170,986)

(747)

(516,939)

Class

R1

(155)

(125,597)

(216)

(150,450)

Total

net

transfers

between

CREF

Accounts

(440)

(360,807)

(986)

(693,786)

Withdrawals

and

death

benefits:

Class

R4

(334)

(279,729)

(281)

(201,176)

Class

R3

(3,894)

(3,243,394)

(7,498)

(5,352,725)

Class

R2

(2,294)

(1,894,865)

(4,309)

(3,051,116)

Class

R1

(967)

(784,128)

(2,019)

(1,407,073)

Total

withdrawals

and

death

benefits

(7,489)

(6,202,116)

(14,107)

(10,012,090)

Annuity

payments:

–

(684,301)

–

(1,341,364)

Net

increase

(decrease)

from

participant

transactions

(5,832)

(5,411,095)

(10,962)

(8,931,424)

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.2

Global

Equities

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

541

$

170,179

654

$

175,320

Class

R3

1,409

457,142

2,489

688,626

Class

R2

459

142,320

876

231,102

Class

R1

760

229,969

785

205,774

Total

premiums

and

contributions

3,169

999,610

4,804

1,300,822

Net

transfers

between

CREF

Accounts:

Class

R4

129

40,309

445

114,626

Class

R3

481

149,574

419

114,173

Class

R2

348

108,810

130

37,531

Class

R1

2

412

(32)

(8,319)

Total

net

transfers

between

CREF

Accounts

960

299,105

962

258,011

Withdrawals

and

death

benefits:

Class

R4

(434)

(137,047)

(476)

(126,184)

Class

R3

(2,277)

(710,530)

(4,515)

(1,189,803)

Class

R2

(1,478)

(459,155)

(2,686)

(705,159)

Class

R1

(757)

(230,698)

(1,525)

(392,853)

Total

withdrawals

and

death

benefits

(4,946)

(1,537,430)

(9,202)

(2,413,999)

Annuity

payments:

–

(26,820)

–

(49,044)

Net

increase

(decrease)

from

participant

transactions

(817)

(265,535)

(3,436)

(904,210)

73

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.3

Growth

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

298

$

133,381

254

$

87,820

Class

R3

659

315,601

1,040

387,264

Class

R2

301

132,705

540

185,286

Class

R1

456

198,021

606

204,477

Total

premiums

and

contributions

1,714

779,708

2,440

864,847

Net

transfers

between

CREF

Accounts:

Class

R4

76

33,841

210

64,009

Class

R3

(134)

(61,413)

(299)

(94,839)

Class

R2

(44)

(19,796)

(417)

(129,743)

Class

R1

(92)

(39,302)

(134)

(44,505)

Total

net

transfers

between

CREF

Accounts

(194)

(86,670)

(640)

(205,078)

Withdrawals

and

death

benefits:

Class

R4

(217)

(96,777)

(132)

(45,934)

Class

R3

(1,966)

(872,844)

(3,516)

(1,198,806)

Class

R2

(1,322)

(583,584)

(2,464)

(830,381)

Class

R1

(845)

(365,520)

(1,564)

(520,513)

Total

withdrawals

and

death

benefits

(4,350)

(1,918,725)

(7,676)

(2,595,634)

Annuity

payments:

–

(37,914)

–

(65,116)

Net

increase

(decrease)

from

participant

transactions

(2,830)

(1,263,601)

(5,876)

(2,000,981)

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.4

Equity

Index

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

609

$

279,626

47

$

17,579

Class

R3

226

110,464

486

202,193

Class

R2

204

91,428

445

165,524

Class

R1

195

85,394

456

166,904

Total

premiums

and

contributions

1,234

566,912

1,434

552,200

Net

transfers

between

CREF

Accounts:

Class

R4

50

22,800

277

100,038

Class

R3

(198)

(88,855)

(188)

(69,229)

Class

R2

(110)

(48,901)

(433)

(155,980)

Class

R1

(81)

(35,831)

(93)

(34,276)

Total

net

transfers

between

CREF

Accounts

(339)

(150,787)

(437)

(159,447)

Withdrawals

and

death

benefits:

Class

R4

(207)

(96,173)

(23)

(8,706)

Class

R3

(1,122)

(500,587)

(2,229)

(833,691)

Class

R2

(901)

(400,466)

(1,645)

(609,758)

Class

R1

(583)

(254,349)

(1,129)

(412,466)

Total

withdrawals

and

death

benefits

(2,813)

(1,251,575)

(5,026)

(1,864,621)

Annuity

payments:

–

(31,437)

–

(57,433)

Net

increase

(decrease)

from

participant

transactions

(1,918)

(866,887)

(4,029)

(1,529,301)

Notes

to

Financial

Statements

(Unaudited)

(continued)

74

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.5

Core

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

377

$

49,389

385

$

48,753

Class

R3

1,252

171,397

2,195

292,973

Class

R2

670

87,388

1,175

147,813

Class

R1

1,143

146,361

1,573

194,305

Total

premiums

and

contributions

3,442

454,535

5,328

683,844

Net

transfers

between

CREF

Accounts:

Class

R4

149

19,500

376

47,702

Class

R3

649

85,171

(84)

(10,243)

Class

R2

539

69,907

(171)

(21,130)

Class

R1

291

37,298

225

27,923

Total

net

transfers

between

CREF

Accounts

1,628

211,876

346

44,252

Withdrawals

and

death

benefits:

Class

R4

(330)

(43,133)

(195)

(24,819)

Class

R3

(2,414)

(316,594)

(5,010)

(634,401)

Class

R2

(1,686)

(219,287)

(3,378)

(424,130)

Class

R1

(939)

(120,476)

(1,806)

(223,114)

Total

withdrawals

and

death

benefits

(5,369)

(699,490)

(10,389)

(1,306,464)

Annuity

payments:

–

(13,453)

–

(27,271)

Net

increase

(decrease)

from

participant

transactions

(299)

(46,532)

(4,715)

(605,639)

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.6

Inflation-Linked

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

655

$

53,987

498

$

39,855

Class

R3

1,423

122,316

2,992

246,976

Class

R2

666

54,373

1,340

106,521

Class

R1

1,170

93,851

2,251

175,941

Total

premiums

and

contributions

3,914

324,527

7,081

569,293

Net

transfers

between

CREF

Accounts:

Class

R4

195

15,993

854

67,958

Class

R3

59

4,726

(866)

(70,414)

Class

R2

375

30,563

(252)

(19,674)

Class

R1

113

9,100

109

8,524

Total

net

transfers

between

CREF

Accounts

742

60,382

(155)

(13,606)

Withdrawals

and

death

benefits:

Class

R4

(510)

(42,017)

(221)

(17,643)

Class

R3

(2,761)

(226,995)

(6,606)

(528,513)

Class

R2

(1,603)

(130,976)

(3,084)

(244,857)

Class

R1

(1,185)

(95,124)

(2,284)

(178,408)

Total

withdrawals

and

death

benefits

(6,059)

(495,112)

(12,195)

(969,421)

Annuity

payments:

–

(9,211)

–

(18,736)

Net

increase

(decrease)

from

participant

transactions

(1,403)

(119,414)

(5,269)

(432,470)

75

7.

Income

Tax

Information

CREF

is

taxed

as

a

life

insurance

company

under

Subchapter

L

of

the

Internal

Revenue

Code.

CREF

should

incur

no

federal

income

tax

liability.

Under

the

rules

of

taxation

applicable

to

life

insurance

companies,

CREF’s

Accumulation

and

Annuity

Funds

for

participants

will

generally

be

treated

as

life

insurance

reserves;

therefore,

any

increase

in

such

reserves

will

be

deductible.

CREF

files

income

tax

returns

in

U.S.

federal

and

applicable

state

jurisdictions.

CREF’s

federal

income

tax

return

is

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Accounts’

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Accounts’

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows

(dollar

amounts

are

in

thousands):

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.7

Social

Choice

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

795

$

277,786

1,362

$

429,428

Class

R3

757

284,163

3,593

1,164,381

Class

R2

450

155,740

2,040

636,499

Class

R1

197

66,947

923

282,462

Total

premiums

and

contributions

2,199

784,636

7,918

2,512,770

Net

transfers

between

CREF

Accounts:

Class

R4

489

169,445

1,387

435,397

Class

R3

(547)

(188,902)

132

39,441

Class

R2

(231)

(80,259)

367

114,679

Class

R1

(138)

(46,778)

168

50,800

Total

net

transfers

between

CREF

Accounts

(427)

(146,494)

2,054

640,317

Withdrawals

and

death

benefits:

Class

R4

(582)

(203,477)

(304)

(96,139)

Class

R3

(2,514)

(876,352)

(3,368)

(1,063,483)

Class

R2

(1,597)

(553,333)

(2,130)

(667,162)

Class

R1

(635)

(215,883)

(996)

(306,423)

Total

withdrawals

and

death

benefits

(5,328)

(1,849,045)

(6,798)

(2,133,207)

Annuity

payments:

–

(24,245)

–

(45,938)

Net

increase

(decrease)

from

participant

transactions

(3,556)

(1,235,148)

3,174

973,942

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

20.8

Money

Market

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

3,235

$

93,365

3,299

$

91,419

Class

R3

19,556

568,014

62,513

1,743,922

Class

R2

11,215

320,239

29,906

823,873

Class

R1

12,443

349,792

29,834

810,453

Total

premiums

and

contributions

46,449

1,331,410

125,552

3,469,667

Net

transfers

between

CREF

Accounts:

Class

R4

395

11,348

3

52

Class

R3

3,063

92,757

2,998

83,570

Class

R2

2,056

58,729

1,775

48,990

Class

R1

378

10,592

(117)

(3,274)

Total

net

transfers

between

CREF

Accounts

5,892

173,426

4,659

129,338

Withdrawals

and

death

benefits:

Class

R4

(1,898)

(54,738)

(2,340)

(64,857)

Class

R3

(26,883)

(771,561)

(60,974)

(1,690,059)

Class

R2

(13,412)

(382,738)

(26,914)

(741,698)

Class

R1

(13,257)

(372,473)

(25,601)

(695,643)

Total

withdrawals

and

death

benefits

(55,450)

(1,581,510)

(115,829)

(3,192,257)

Annuity

payments:

–

(7,306)

–

(13,723)

Net

increase

(decrease)

from

participant

transactions

(3,109)

(83,980)

14,382

393,025

Notes

to

Financial

Statements

(Unaudited)

(continued)

76

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Investment

advisory

services

for

the

Accounts

are

provided

by the

Adviser in

accordance

with

an

Investment

Management

Services

Agreement.

The

Adviser

is

a

registered

investment

adviser

and

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

a

companion

organization

of

CREF.

Investment

management

expenses

generally

include

investment

management,

portfolio

accounting

and

custodial

services

and

are

the

same

across

all

classes

of

an

Account.

Administrative

services

are

provided

to

the

Accounts

by

TIAA,

pursuant

to

an

Administrative

Services

Agreement

with

CREF.

Distribution

functions

are

provided

to

the

Accounts

by

TIAA-CREF

Individual

&

Institutional

Services,

LLC

(“Services”),

a

wholly

owned

subsidiary

of

TIAA,

pursuant

to

a

Principal

Underwriting

and

Distribution

Services

Agreement

with

CREF

and

the

Rule

12b-1

plan.

Participants

invested

in

a

particular

CREF

Account

will

be

subject

to

different

administrative

and

distribution

expenses

depending

upon

the

class

of

the

Account

they

own.

TIAA

charges

a

mortality

and

expense

charge

of

0.005%

to

guarantee

that

CREF

participants

transferring

Accounts

to

TIAA

for

the

immediate

purchase

of

lifetime

payout

annuities

will

not

be

charged

more

than

the

rate

stipulated

in

the

CREF

contract. This

charge

is

the

same

across

all

Accounts

and

classes.

The

services

provided

by

the

Adviser,

Services,

and

TIAA

are

provided

to

CREF

at

cost,

and

CREF

also

reimburses

the

Adviser,

Services, and

TIAA

for

certain

third

party

expenses

and

trustee

fees

paid

on

its

behalf.

Payments

from

the

CREF

Accounts

are

made

on

a

daily

basis

according

to

formulas

established

each

year

with

the

objective

of

keeping

the

estimated

expenses

as

close

as

possible

to

each

Account’s

actual

expenses.

Any

differences

between

actual

expenses

and

the

estimated

expenses

remitted

are

adjusted.

As

of

the

end

of

the

current

fiscal

period,

the

following

table

represents

the

effective

expense

deductions

as

an

annual

percentage

of

average

daily

net

assets

to

approximate

the

costs

that

CREF

incurred:

Amounts

owed

to

Account

affiliates

for

payment

of

Account

expenses,

payments

for

units

purchased,

and

receipt

for

units

sold

are

disclosed

as

due

to/from

affiliates

on

the

Statement

of

Assets

and

Liabilities.

Account

expenses

owed

to

affiliates

are

reflected

in

the

Statement

of

Operations.

Other

Transactions

with

Affiliates:

The

Accounts

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Adviser

or

by

an

affiliate

of

the

Adviser

(each

an,

"Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Account

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

affected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

$

101,306,271

$

30,485,108

$

(5,196,018)

$

25,289,090

Global

Equities

21,815,890

8,358,512

(991,997)

7,366,515

Growth

24,718,441

16,500,420

(895,498)

15,604,922

Equity

Index

7,742,622

17,744,770

(639,060)

17,105,710

Core

Bond

11,565,995

53,600

(936,314)

(882,714)

Inflation-Linked

Bond

7,339,179

15,770

(388,824)

(373,054)

Social

Choice

19,108,372

3,139,708

(941,690)

2,198,018

Money

Market

10,008,916

—

—

—

Investment

Management

Fee

Administrative

Fee

Distribution

Fee

Account

All

Classes

Class

R4

Class

R3

Class

R2

Class

R1

Class

R4

Class

R3

Class

R2

Class

R1

20.1

Stock

0.104

%

0.012

%

0.155

%

0.211

%

0.339

%

0.002

%

0.024

%

0.031

%

0.062

%

20.2

Global

Equities

0.099

0.012

0.155

0.211

0.339

0.001

0.024

0.031

0.062

20.3

Growth

0.044

0.012

0.155

0.211

0.340

0.002

0.024

0.031

0.062

20.4

Equity

Index

0.007

0.012

0.155

0.211

0.339

0.002

0.024

0.031

0.062

20.5

Core

Bond

0.075

0.012

0.155

0.211

0.339

0.001

0.024

0.032

0.062

20.6

Inflation-Linked

Bond

0.039

0.012

0.155

0.211

0.339

0.001

0.024

0.032

0.062

20.7

Social

Choice

0.038

0.012

0.155

0.211

0.339

0.002

0.024

0.032

0.062

20.8

Money

Market

0.011

0.012

0.155

0.211

0.339

0.002

0.024

0.032

0.062

77

As

of

the

end

of

the

current

fiscal

period,

the

Accounts

engaged

in

the

following

security

transactions

with

affiliated

entities

(dollar

amounts

are

in

thousands):

Companies

in

which an

Account holds

5%

or

more

of

the

outstanding

voting

shares

are

considered

“affiliated

companies”

of

the

Account, pursuant

to

the

1940

Act.

Information

regarding

transactions

with

affiliated

companies

is

as

follows

(dollar

amounts

are

in

thousands):

9.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Accounts may

participate

in

an

inter-fund

lending

program.

This

program

allows

certain

Accounts to

lend

cash

to

and/or

borrow

cash

from

other

Accounts

or

certain

other

affiliated

registered

investment

companies for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Account may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

each

Account may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Account’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

$

55,886

$

201,445

$

51,167

Global

Equities

17,962

5,217

(4,517)

Growth

104,844

17,677

2,255

Equity

Index

20,179

103,384

83,923

Social

Choice

103,124

34,044

8,352

Issue

Value

at

12/31/23

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

6/30/24

Shares

at

6/30/24

Dividend

Income

Stock

Common

stocks

Consumer

Services

Arcos

Dorados

Holdings,

Inc

$

111,831

$

–

$

–

$

–

$

(32,519)

$

79,312

8,812,494

$

1,057

Consumer

Staples

Distribution

&

Retail

Cia

Brasileira

de

Distribuicao

(a)

12,455

9,9

59

–

–

(7,87

6

)

14,538

30,099,494

–

Media

&

Entertainment

HUYA,

Inc

(ADR)(b)

21,620

–

3,457

(8,380)

11,231

21,014

5,319,943

3,781

iClick

Interactive

Asia

Group

Ltd

(ADR)(a),(b)

1,725

–

–

–

(1,153)

572

§

450,406

–

Software

&

Services

Kaonavi

,

Inc

(a)

9,287

17

7

–

–

(3,50

7

)

5,957

598,100

–

Locaweb

Servicos

de

Internet

S.A.(a),(c)

32,116

‡

7,265

451

(244)

(15,688)

22,998

31,743,900

–

Total

$189,034

$17,401

$3,908

$(8,624)

$

(4

9

,

51

2

)

$144,391

77,024,337

$4,838

Issue

Value

at

12/31/23

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

6/30/24

Shares

at

6/30/24

Dividend

Income

Global

Equities

Common

stocks

Australia

Tamboran

Resources

Ltd(a)

$

25,503

$

–

$

182

$

(2)

$

(6,628)

$

18,691

164,809,536

$

–

Total

$25,503

–

182

(2)

(6,628)

$18,691

164,809,536

–

‡

At

December

31,

2023,

the

issuer

was

not

an

affiliated

company

of

the

Account.

§

At

June

30,

2024,

the

issuer

was

not

an

affiliated

company

of

the

Account.

(a)

Non-income

producing

(b)

Security

on

loan

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

Notes

to

Financial

Statements

(Unaudited)

(continued)

78

10.

Line

of

Credit

The Accounts

(other

than

the

Money

Market

Account)

participate

in

a

$500

million

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

participant

withdrawals.

The

current

facility

was

entered

into

on

June

11,

2024

expiring

on

June

10,

2025,

replacing

the

previous $1

billion

facility,

which

expired

June

2024.

Certain

affiliated

accounts,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

at

a

specified

rate

of

interest.

The Accounts are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts.

There

were

no

borrowings

under

this

credit

facility

by

the

Accounts during

the

current fiscal

period.

Additional

Account

Information

(Unaudited)

©2024

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

79

Portfolio

holdings

Securities

and

Exchange

Commission

(SEC)

rules

allow

investment

companies

to

list

the

top

holdings

of

each

account

in

their

annual

and

semiannual

reports

instead

of

providing

complete

portfolio

listings.

The

CREF

Accounts

also

file

complete

portfolio

listings

with

the

SEC,

and

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

CREF

Accounts’

holdings

(Portfolios

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

website

at

TIAA.org;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

CREF

Accounts’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-MFP

(for

money

market

products

only)

filings.

Form

N-CSR

filings

are

as

of

December

31

or

June

30;

Form

N-PORT

or

Form

N-MFP

filings

are

as

of

March

31

or

September

30.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

CREF’s

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-

2252

to

request

a

free

copy.

A

report

of

how

the

accounts

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

under

Get

Help

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Account

management

The

CREF

Accounts

are

managed

by

the

portfolio

management

teams

of

TIAA-CREF

Investment

Management,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

accounts.

CREF

Rules

of

the

Fund

From

time

to

time,

CREF

updates

its

Rules

of

the

Fund

with

the

New

York

State

Department

of

Financial

Services.

Current

copies

of

the

updated

Rules

of

the

Fund

can

be

found

on

the

TIAA.org

website

at

the

following

location:

https://www.tiaa.org/public/about-tiaa/

corporate-governance-leadership/document-library.

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

account

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

877-518-9161.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

TIAA

Brokerage

Services

is

a

division

of

TIAA-CREF

Individual

&

Institutional

Services

LLC.

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

member

FINRA,

distributes

securities

products.

CREF

variable

annuities

are

issued

by

College

Retirement

Equities

Fund,

New

York,

NY.

Each

of

the

foregoing

is

solely

responsible

for

its

own

financial

condition

and

contractual

obligations.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

80

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

Renewal

of

the

Investment

Management

Agreement

for

the

College

Retirement

Equities

Fund

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

College

Retirement

Equities

Fund

(“CREF”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

TIAA-CREF

Investment

Management,

LLC

(“TCIM”)

and

CREF,

on

behalf

of

each

of

its

accounts

(the

“Accounts”).

Under

the

Agreement,

TCIM

is

responsible

for

providing

investment

advisory

services

to

each

Account.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement.

Most

investment

companies

that

are

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

enter

into

investment

management

agreements

that

are

subject

to

Section

15(c)

of

the

1940

Act.

This

provision

provides,

in

part,

that,

after

an

initial

period

of

up

to

two

years,

the

investment

management

agreement

will

remain

in

effect

only

if

a

fund’s

board,

including

a

majority

of

those

trustees

who

are

independent

trustees

because

they

are

not

“interested

persons”

of

the

fund,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

agreement.

The

Agreement

is

not

subject

to

this

requirement

due

to

its

unique

“at-cost”

structure

under

which

TCIM

provides

services

to

CREF

on

an

at-cost

basis.

Nevertheless,

the

Board

determined

that

it

would

conduct

an

annual

review

of

the

Agreement,

as

described

below,

in

a

manner

generally

consistent

with

relevant

1940

Act

requirements.

None

of

the

Trustees

is

an

interested

person

of

CREF.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

Renewal

Process

The

Board

held

an

in-person

meeting

on

March

22,

2024,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Account

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

or

certain

of

its

designated

members

worked

with

TCIM,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Board

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

TCIM

and

its

affiliates,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

TCIM

and

CREF,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Account

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Board

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Board

or

certain

of

its

designated

members,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Account,

including

data

relating

to

the

Account’s

actual

expenses,

total

expense

ratio,

short-term

and

long-term

investment

performance,

brokerage

commission

costs

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Account

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs

and

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies

that

underlie

variable

insurance

products,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Account

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

oversight

and

review

duties.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Account’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

TCIM

or

the

Board).

The

Board

considered

the

propriety

of

each

Account’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

Class

R4

as

the

base

class

of

Account

units

for

comparison

purposes.

Legal

counsel

to

the

Trustees

also

requested

on

behalf

of

the

Board,

and

TCIM

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Account.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Account’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Account

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Account’s

performance

during

the

relevant

period;

(2)

a

comparison

of

each

Account’s

actual

expenses

and

performance

to

other

accounts

with

comparable

strategies

managed

by

TCIM

or

its

affiliates;

(3)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

TCIM

or

its

affiliates

due

to

their

relationship

with

the

Accounts

in

addition

to

the

Accounts’

direct

payments

to

TCIM

pursuant

to

the

Agreement;

(4)

information

regarding

TCIM’s

financial

resources,

experienced

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Accounts

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading,

soft

dollar

usage

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

TCIM

in

connection

with

rendering

services

to

the

Accounts;

(5)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Accounts

and

affiliates

of

TCIM;

(6)

a

copy

of

TCIM’s

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

to

the

Trustees);

and

(7)

draft

narrative

explanations

to

be

included

in

the

participant

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

by

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

81

On

March

15,

2024,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

TCIM’s

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

TCIM.

Subsequently,

at

the

March

22,

2024

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

TCIM

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Account,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

TCIM

to

each

Account;

(2)

the

qualifications

of

the

portfolio

managers

of

the

Account

and

the

Account’s

historical

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Account

and

CREF’s

at-cost

expense

structure;

(4)

fees

charged

to

comparable

mutual

funds

that

underlie

variable

insurance

products

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Account

grows;

(6)

comparisons,

if

applicable,

of

the

services

provided

by

TCIM

and

its

affiliates,

including

Teachers

Advisors,

LLC

(“Advisors”),

to,

and

the

actual

expenses

and

performance

of,

the

Account

to

other

clients

to

which

TCIM

and

its

affiliates

provide

comparable

services;

and

(7)

any

other

benefits

identified

by

TCIM

derived

or

anticipated

to

be

derived

by

TCIM

or

its

affiliates

from

their

relationship

with

the

Account.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

22,

2024

meeting

that

included

TCIM

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

TCIM

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Account.

The

Board

also

received

and

considered

information

from

legal

counsel

to

the

Trustees

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

22,

2024

meeting,

the

oversight

and

evaluation

of

TCIM’s

services

to

the

Accounts

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Accounts.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Account,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

CREF-level

and

Account-specific

information,

but

made

its

renewal

determinations

on

an

Account-by-Account

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Account,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Account.

At

its

meeting

on

March

22,

2024,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Account.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Account.

The

Nature,

Extent

and

Quality

of

Services

The

Board

examined

the

nature,

extent

and

quality

of

the

services

that

TCIM

provides

to

the

Account.

The

Board

considered

the

level

and

depth

of

knowledge

of

TCIM,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

TCIM

is

an

experienced

investment

adviser

that

has

managed

the

Accounts

since

TCIM’s

operations

commenced.

Under

the

Agreement,

TCIM

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Accounts,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Accounts’

investment

portfolios;

active

daily

monitoring

of

the

Accounts’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Accounts

to

the

Board

on

a

regular

basis;

responding

to

Account

flows;

and

compliance

monitoring.

The

Board

considered

that

TCIM

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

TCIM

and

its

affiliates

have

committed

significant

resources

to

supporting

the

Accounts.

It

also

considered

CREF’s,

TCIM’s

and

Teachers

Insurance

and

Annuity

Association’s

compliance

programs

and

resources

and

their

compliance

records

with

respect

to

the

Accounts.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Account,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

TCIM

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

TCIM’s

and

its

affiliates’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

TCIM

to

provide

portfolio

management

and

other

services

to

the

Accounts,

including

the

impact

of

regulatory

and

other

developments

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

TCIM

to

each

Account

under

the

Agreement

was

reasonable.

82

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Investment

Performance

The

Board

considered

the

investment

performance

of

each

Account,

over

the

periods

indicated

in

the

Account-by-Account

synopsis

below.

The

Board

considered

each

Account’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

each

Account’s

benchmark

index

or,

in

circumstances

where

an

Account’s

peer

group

or

peer

universe

was

not

viewed

as

a

representative

basis

for

comparison,

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

The

Board

also

discussed

the

three-year

performance

of

the

Equity

Index

Account

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Board

considered

the

impact

of

net

asset

value

rounding

and

the

effects

of

fair

valuation,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Equity

Index

Account’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

each

Account’s

performance,

see

the

Account-by-Account

synopsis

below.

The

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Account

was

reasonable.

Cost

and

Expenses

The

Board

considered

the

amounts

charged

by

TCIM

to

each

Account

in

2023

and

the

estimated

amounts

to

be

charged

by

TCIM

to

each

Account

in

2024

(for

the

period

May

1,

2024

–

April

30,

2025).

This

included

investment

advisory

costs

paid

to

TCIM,

expressed

in

dollar

terms

and

as

a

percentage

of

assets.

The

Board

considered

that

TCIM

charges

expenses

“at

cost”

and

these

charges

are

adjusted

at

least

quarterly

to

reflect

the

actual

expenses

incurred

with

respect

to

each

Account

during

the

most

recent

quarter.

The

Board

noted

that,

because

TCIM

provides

its

services

on

an

at-cost

basis

under

the

arrangement

outlined

in

the

Agreement,

there

was

no

profit

or

loss

data

for

the

Board

to

consider.

Fees

Charged

by

Other

Advisers

The

Board

considered

comparative

information

regarding

each

Account’s

actual

expenses

and

the

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Account-by-Account

synopsis

below.

The

Board

determined

that

the

effective

management

fee

rate

charged

to

an

Account

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds

that

underlie

variable

insurance

products.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

an

Account

and

its

comparable

mutual

funds

that

underlie

variable

insurance

products.

For

example,

most

similar

mutual

funds

are

offered

only

through

variable

insurance

products

that

also

carry

additional

fees

and

expenses,

whereas

the

Accounts

bear

certain

of

these

expenses

themselves.

Another

limitation

noted

by

the

Board

was

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Accounts’

effective

management

fee

rates

compare

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Based

on

all

factors

considered,

the

Board

concluded

that

the

effective

management

fee

rates

under

the

Agreement

with

respect

to

each

Account

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

Economies

of

Scale

The

Board

considered

that

certain

economies

of

scale

are

already

integrated

into

each

Account’s

cost

structure

due

to

the

at-cost

expense

arrangements

pursuant

to

which

TCIM

renders

investment

advisory

services

to

each

Account.

The

Board

also

considered

that,

in

certain

circumstances,

an

increase

in

CREF

assets

can

result

in

additional

expenses

being

allocated

to

CREF

pursuant

to

the

cost

allocation

methodologies

that

are

used

to

calculate

payments

to

be

made

by

CREF

pursuant

to

the

at-cost

expense

arrangements.

Fee

and

Performance

Comparisons

with

Other

Clients

of

TCIM

and

its

Affiliates

The

Board

considered

that

TCIM

and

its

affiliates

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

certain

of

the

Accounts.

The

Board

also

considered

TCIM’s

comments

that,

in

the

future,

its

affiliates

may

manage

client

assets

through

additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

TCIM’s

representation

that,

while

the

management

fee

rates

charged

to

the

Accounts

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products.

The

Board

concluded

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

83

Other

Benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

TCIM

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Accounts

to

TCIM’s

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Accounts

share

investment

resources

and/or

personnel

with

other

clients

of

TCIM

and

its

affiliates,

use

of

research

obtained

through

the

Accounts’

use

of

soft

dollars

to

manage

the

assets

of

other

clients

and

the

ability

to

utilize

strategies

within

one

or

more

Accounts

to

manage

non-Account

products

in

the

future.

TCIM

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Accounts

have

with

certain

service

providers.

Also,

TCIM

and

its

affiliates

may

benefit

from

their

relationship

with

the

Accounts

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

TCIM

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets.

The

Board

concluded

that

other

benefits

to

TCIM

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Account-by-Account

Synopsis

of

Factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Account.

If

an

Account

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

expense

and

performance

factors

outlined

below

are

based

on

the

Class

R4

units

of

each

Account.

Because

Class

R4

generally

has

lower

non-management

expenses

than

the

other

classes

of

these

Accounts,

the

expenses

and

performance

of

these

other

classes

will

be

more

than

the

expenses

and

performance

shown

for

Class

R4.

Except

as

otherwise

noted,

all

time

periods

referenced

below

are

ended

December

31,

2023.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2023.

CREF

Stock

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.080%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.100%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Account

was

in

the

1st,

3rd,

1st

and

1st

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

5

stars.

CREF

Global

Equities

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.075%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.094%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

1st,

3rd,

1st

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

CREF

Growth

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.050%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.049%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

84

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

Account

was

in

the

1st,

3rd,

3rd

and

3rd

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

1st,

3rd,

3rd

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

4

stars.

CREF

Equity

Index

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.010%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.012%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

2nd

quintile

of

its

Expense

Group

and

in

the

1st

quintile

of

its

Expense

Universe.

For

the

one-,

three-

and

five-year

periods,

the

Account’s

adjusted

annualized

gross

performance

(meaning

the

Fund’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

securities

lending

and

class

action

recoveries)

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

+3,+7

and

+4

basis

points,

respectively.

For

reference,

one

basis

point

equals

0.01%.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

CREF

Core

Bond

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.075%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.072%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

costs

and

total

costs

were

each

in

the

1st

quintile

of

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

3rd,

2nd,

4th

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

2nd,

1st,

2nd

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

4

stars.

CREF

Inflation-Linked

Bond

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.040%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.027%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

1st,

2nd,

1st

and

1st

quintiles

of

both

its

Performance

Group

and

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

5

stars.

CREF

Social

Choice

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.045%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.049%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

3rd,

4th,

2nd

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

1st,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

85

CREF

Money

Market

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.015%

of

average

daily

net

assets

for

the

year

ending

April

30,

2025.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2023

equaled

0.020%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

1st,

4th

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-

and

five-year

periods,

respectively,

and

ranked

3

out

of

5

funds

within

its

Performance

Group

for

the

ten-year

period.

The

Account

was

in

the

1st,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one,

three-,

five-

and

ten-year

periods,

respectively.

Money

market

funds

are

not

rated

by

Morningstar.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Account.

Liquidity

Risk

Management

Program

(Unaudited)

86

Discussion

of

the

operation

and

effectiveness

of

the

Accounts’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Account

covered

by

this

Report

(the

“Accounts”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

each

Account’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Account

liquidity

risk,

as

discussed

further

below.

The

Accounts’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

TCIM

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

13,

2024

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2023

through

December

31,

2023

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Accounts’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Account’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Account’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Account

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Account

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Account

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Account

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

each

Account’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

an

Account

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

an

Account’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Account

exceeded

the

15%

limit

on

illiquid

investments.

87

Additional

Information

About

Index

Providers

(Unaudited)

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

makes

any

warranty,

express

or

implied,

as

to

the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

not

be

used

as

a

basis

for

or

a

component

of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

MSCI

information

is

provided

on

an

“as

is”

basis

and

the

user

of

this

information

assumes

the

entire

risk

of

any

use

made

of

this

information.

MSCI,

each

of

its

affiliates

and

each

other

person

involved

in

or

related

to

compiling,

computing

or

creating

any

MSCI

information

(collectively,

the

“MSCI

Parties”)

expressly

disclaims

all

warranties

(including,

without

limitation,

any

warranties

of

originality,

accuracy,

completeness,

timeliness,

non-infringement,

merchantability

and

fitness

for

a

particular

purpose)

with

respect

to

this

information.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

any

MSCI

Party

have

any

liability

for

any

direct,

indirect,

special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

Morningstar

Index

©2024

Morningstar.

All

Rights

Reserved.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

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complete

or

timely.

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are

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any

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or

losses

arising

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of

this

information.

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A10939

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Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

Portfolio

of

Investments

CREF

Stock

Account

June

30,

2024

1

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.4%

GOVERNMENT

BONDS

-

0.0%

U.S.

TREASURY

SECURITIES

-

0.0%

$

200,000

United

States

Treasury

Note

4

.125

%

11/15/32

$

197

TOTAL

U.S.

TREASURY

SECURITIES

197

TOTAL

GOVERNMENT

BONDS

197

(Cost

$209)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

99.4%

AUTOMOBILES

&

COMPONENTS

-

1.8%

13,843

AB

Dynamics

plc

359

57,198

Actron

Technology

Corp

401

34,790

(a)

Adient

plc

860

45,400

AIMA

Technology

Group

Co

Ltd

171

5,300

(a)

Aisan

Industry

Co

Ltd

46

224,711

Aisin

Seiki

Co

Ltd

7,341

108,700

(a)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

236

245,601

Apollo

Tyres

Ltd

1,592

491,924

(a)

Aptiv

plc

34,641

63,532

(b)

ARB

Corp

Ltd

1,583

59,946

Asahi

India

Glass

Ltd

482

608,017

(a),(c)

Aston

Martin

Lagonda

Global

Holdings

plc

1,100

1,077,078

(a)

Atmus

Filtration

Technologies,

Inc

30,998

2,208

(b)

Autoneum

Holding

AG.

319

258,000

(a)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

286

916,500

(c)

BAIC

Motor

Corp

Ltd

234

59,144

Bajaj

Auto

Ltd

6,738

65,960

Balkrishna

Industries

Ltd

2,549

11,995

Banco

Products

India

Ltd

99

431,975

Bayerische

Motoren

Werke

AG.

40,861

2,017

Bayerische

Motoren

Werke

AG.

(Preference)

178

260,900

(a)

Beiqi

Foton

Motor

Co

Ltd

81

22,680

Bethel

Automotive

Safety

Systems

Co

Ltd

121

218,841

Bharat

Forge

Ltd

4,381

1,330,301

BorgWarner,

Inc

42,889

4,767

Bosch

Fren

Sistemleri

Sanayi

ve

Ticaret

AS.

126

6,360

(a)

Bosch

Ltd

2,598

753,085

(b)

Brembo

NV

8,271

479,633

(b)

Bridgestone

Corp

18,926

2,760,000

Brilliance

China

Automotive

Holdings

Ltd

2,894

2,223,351

BYD

Co

Ltd

76,421

898,862

BYD

Co

Ltd

(H

shares)

26,695

469,520

(a)

Canoo,

Inc

1,000

16,678

(a)

Ceat

Ltd

564

5,039

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

78

1,542,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,349

206,000

China

Motor

Corp

786

91,208

Chongqing

Changan

Automobile

Co

Ltd

168

103,508

CIE

Automotive

India

Ltd

709

31,486

CIE

Automotive

S.A.

872

1,411,867

Cie

Generale

des

Etablissements

Michelin

S.C.A

54,570

179,034

Cie

Plastic

Omnium

SA

1,742

CREF

Stock

Account

June

30,

2024

2

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

619,975

(a),(b)

Cofide

S.p.A.

$

393

359,431

Continental

AG.

20,357

49,138

Cub

Elecparts,

Inc

179

741,089

Daimler

AG.

(Registered)

51,292

1,033,608

Dana

Inc

12,527

1,590,200

Denso

Corp

24,822

70,000

Depo

Auto

Parts

Ind

Co

Ltd

514

2,906

DN

Automotive

Corp

168

240,011

(c)

Dometic

Group

AB

1,522

24,937,540

Dowlais

Group

plc

23,032

374,686

Dr

ING

hc

F

Porsche

AG.

27,874

948,700

DRB-Hicom

Bhd

273

2,122

(a)

Dynamatic

Technologies

Ltd

187

10,100

Eagle

Industry

Co

Ltd

121

1,054

EGE

Endustri

VE

Ticaret

AS.

407

117,690

Eicher

Motors

Ltd

6,590

20,895

ElringKlinger

AG.

111

26,260

(c)

Endurance

Technologies

Ltd

842

24,582

Exedy

Corp

452

339,086

Exide

Industries

Ltd

2,294

127,239

Faurecia

1,518

155,000

FCC

Co

Ltd

2,271

120,287

Ferrari

NV

49,088

1,075,331

Ford

Motor

Co

13,485

56,368

Ford

Otomotiv

Sanayi

AS

1,940

50,200

Fras-Le

S.A.

174

506,945

Fuji

Heavy

Industries

Ltd

10,780

85,863

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

566

563,762

(c)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

3,266

42,567

Gabriel

India

Ltd

247

5,294,302

Geely

Automobile

Holdings

Ltd

5,953

2,301,731

General

Motors

Co

106,938

132,745

(c)

Gestamp

Automocion

S.A.

394

36,000

Global

PMX

Co

Ltd

123

121,759

Great

Wall

Motor

Co

Ltd

423

2,058,246

(b)

Great

Wall

Motor

Co

Ltd

3,167

159,200

G-Tekt

Corp

1,938

214,100

Guangzhou

Automobile

Group

Co

Ltd

228

3,635,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,282

63,397

Hankook

Tire

&

Technology

Co

Ltd

2,072

20,592

Hankook

Tire

Worldwide

Co

Ltd

227

109,018

Hanon

Systems

373

92,194

Harley-Davidson,

Inc

3,092

102,010

Hero

Honda

Motors

Ltd

6,812

26,967

HL

Mando

Co

Ltd

855

3,779,843

Honda

Motor

Co

Ltd

40,633

140,000

Hota

Industrial

Manufacturing

Co

Ltd

238

56,000

Hu

Lane

Associate,

Inc

281

148,915

Huayu

Automotive

Systems

Co

Ltd

335

586,000

(b)

Huazhong

In-Vehicle

Holdings

Co

Ltd

170

23,176

Huizhou

Desay

Sv

Automotive

Co

Ltd

277

51,687

Hyundai

Mobis

9,390

115,728

Hyundai

Motor

Co

24,680

31,402

Hyundai

Motor

Co

Ltd

(2nd

Preference)

4,164

254,819

Hyundai

Motor

Co

Ltd

(Preference)

33,529

13,070

Hyundai

Wia

Corp

547

10,776

(a)

Iljin

Hysolus

Co

ltd

171

490,800

Isuzu

Motors

Ltd

6,525

19,420

JBM

Auto

Ltd

477

67,689

JK

Tyre

&

Industries

Ltd

348

309,342

Johnson

Electric

Holdings

Ltd

467

167,200

JTEKT

Corp

1,168

3

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,596

Kayaba

Industry

Co

Ltd

$

494

501,904

Kenda

Rubber

Industrial

Co

Ltd

521

222,599

Kia

Motors

Corp

20,829

3,454

Knaus

Tabbert

AG.

144

168,400

Koito

Manufacturing

Co

Ltd

2,322

34,840

Kordsa

Teknik

Tekstil

AS.

99

96,921

(a)

Kumho

Tire

Co,

Inc

459

1,058,100

(a)

Li

Auto,

Inc

9,476

445,242

(a),(b)

Li

Auto,

Inc

(ADR)

7,961

32,520

(b)

Linamar

Corp

1,581

549,740

(a),(b)

Lucid

Group,

Inc

1,435

233,511

(b)

Magna

International,

Inc

9,787

9,526

Maharashtra

Scooters

Ltd

1,024

3,282,761

Mahindra

&

Mahindra

Ltd

112,689

28,500

Mahle

Metal

Leve

S.A.

165

133,558

Martinrea

International,

Inc

1,123

121,148

Maruti

Suzuki

India

Ltd

17,467

477,286

Mazda

Motor

Corp

4,602

81,462

Minda

Corp

Ltd

470

528,000

Minth

Group

Ltd

818

506,100

Mitsubishi

Motors

Corp

1,401

312,564

(a),(b)

Mobileye

Global,

Inc

8,778

1,506,024

Motherson

Sumi

Wiring

India

Ltd

1,358

2,074

MRF

Ltd

3,218

34,038

Musashi

Seimitsu

Industry

Co

Ltd

400

25,834

Myoung

Shin

Industrial

Co

Ltd

264

293,000

(a)

Nan

Kang

Rubber

Tire

Co

Ltd

470

2,271,598

(a),(b),(c)

Nemak

SAB

de

C.V.

361

18,798

Nexen

Tire

Corp

106

590,000

(b)

Nexteer

Automotive

Group

Ltd

265

124,100

NGK

Spark

Plug

Co

Ltd

3,619

150,115

NHK

Spring

Co

Ltd

1,506

59,612

Nifco,

Inc

1,429

28,611

Ningbo

Joyson

Electronic

Corp

58

49,778

Ningbo

Tuopu

Group

Co

Ltd

365

1,133,172

(a),(b)

NIO,

Inc

(ADR)

4,714

35,053

Nippon

Seiki

Co

Ltd

322

1,984,100

Nissan

Motor

Co

Ltd

6,736

42,010

Nissan

Shatai

Co

Ltd

257

64,188

NOK

Corp

856

94,590

(b)

Nokian

Renkaat

Oyj

777

141,100

Pacific

Industrial

Co

Ltd

1,331

90,200

Phinia,

Inc

3,550

133,362

Piaggio

&

C

S.p.A.

396

124,294

Piolax,

Inc

1,809

232,374

(c)

Pirelli

&

C

S.p.A

1,381

624,708

Porsche

AG.

28,194

43,747

(a)

Pricol

Ltd

258

1,339,100

PT

Selamat

Sempurna

Tbk

152

56,076

PWR

Holdings

Ltd

411

848,274

Renault

S.A.

43,504

495,189

(a),(b)

Rivian

Automotive,

Inc

6,645

36,708

SAF-Holland

SE

727

433,823

SAIC

Motor

Corp

Ltd

827

181,500

Sailun

Group

Co

Ltd

349

2,271,078

Samvardhana

Motherson

International

Ltd

5,171

24,460

(c)

Sansera

Engineering

Ltd

378

428,000

Sanyang

Motor

Co

Ltd

1,039

94,359

Schaeffler

AG.

544

4,049

Sebang

Global

Battery

Co

Ltd

305

33,593

(b)

Seiren

Co

Ltd

502

75,100

(a)

Seres

Group

Co

Ltd

938

CREF

Stock

Account

June

30,

2024

4

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

35,805

Shandong

Linglong

Tyre

Co

Ltd

$

90

11,400

Shenzhen

Kedali

Industry

Co

Ltd

120

37,400

Shoei

Co

Ltd

457

12,221

SL

Corp

394

5,914

SNT

Motiv

Co

Ltd

214

331,398

(c)

Sona

Blw

Precision

Forgings

Ltd

2,544

7,028,900

Sri

Trang

Agro-Industry

PCL

4,128

37,999

(a)

Ssangyong

Motor

Co

141

103,000

Stanley

Electric

Co

Ltd

1,846

731,775

Stellantis

NV

14,466

151,083

(a)

Stoneridge,

Inc

2,411

603,200

Sumitomo

Electric

Industries

Ltd

9,431

134,600

(b)

Sumitomo

Rubber

Industries,

Inc

1,350

4,973

Sundaram-Clayton

Ltd

789

89,899

Sundram

Fasteners

Ltd

1,458

38,861

Sungwoo

Hitech

Co

Ltd

252

67,753

Suprajit

Engineering

Ltd

414

1,322,900

Suzuki

Motor

Corp

15,272

4,129,701

Tata

Motors

Ltd

48,933

2,166,935

(a)

Tesla,

Inc

428,793

37,199

Thor

Industries,

Inc

3,476

227,287

(c)

TI

Fluid

Systems

plc

374

548,000

(b)

Tianneng

Power

International

Ltd

394

94,940

Tofas

Turk

Otomobil

Fabrik

989

40,147

Tokai

Rika

Co

Ltd

542

19,517

Tokai

Rubber

Industries,

Inc

180

296,000

Tong

Yang

Industry

Co

Ltd

984

26,068

Topre

Corp

345

91,725

Toyo

Tire

&

Rubber

Co

Ltd

1,472

287,200

Toyoda

Gosei

Co

Ltd

5,075

243,195

Toyota

Boshoku

Corp

3,230

19,146,970

(a)

Toyota

Motor

Corp

392,847

6,648

Trigano

S.A.

781

70,400

TS

Tech

Co

Ltd

836

90,657

Tube

Investments

of

India

Ltd

4,626

202,328

TVS

Motor

Co

Ltd

5,730

141,104

UNO

Minda

Ltd

1,844

2,241,614

Valeo

23,970

44,391

(a),(c)

Varroc

Engineering

Ltd

346

143,280

(a)

Visteon

Corp

15,288

88,590

Volkswagen

AG.

(Preference)

10,003

731,866

(a),(b)

Volvo

Car

AB

2,263

158,736

(a)

Volvo

Car

AB

125

34,500

Weifu

High-Technology

Co

Ltd

52

1,041,800

(a),(b)

XPeng,

Inc

3,842

1,119,031

(c)

Yadea

Group

Holdings

Ltd

1,408

752,200

(b)

Yamaha

Motor

Co

Ltd

6,993

95,900

Yokohama

Rubber

Co

Ltd

2,133

480,480

Yulon

Motor

Co

Ltd

987

4,144

ZF

Commercial

Vehicle

Control

Systems

India

Ltd

773

436,200

(a),(b),(c)

Zhejiang

Leapmotor

Technologies

Ltd

1,493

137,000

Zhejiang

Wanfeng

Auto

Wheel

Co

Ltd

250

TOTAL

AUTOMOBILES

&

COMPONENTS

2,248,175

BANKS

-

6.7%

5,040

1st

Source

Corp

270

42,003

77

Bank

Ltd

1,176

490,565

(c)

ABN

AMRO

Bank

NV

8,057

342,685

Absa

Group

Ltd

2,984

1,222,092

Abu

Dhabi

Commercial

Bank

PJSC

2,662

602,769

Abu

Dhabi

Islamic

Bank

PJSC

1,900

689,234

(a)

AFFIN

Holdings

Bhd

364

5

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,410,383

Agricultural

Bank

of

China

Ltd

$

20,663

2,184,662

Agricultural

Bank

of

China

Ltd

(Class

A)

1,311

16,165,623

AIB

Group

plc

85,372

31,600

Aichi

Financial

Group,

Inc

530

1,085,917

(a)

Ajman

Bank

PJSC

506

13,272,145

Akbank

TAS

26,032

872,391

Al

Ahli

Bank

of

Kuwait

KSCP

780

5,247,692

Al

Rajhi

Bank

114,384

3,034,316

Alinma

Bank

25,302

66,829

Alior

Bank

S.A.

1,700

700,800

Alliance

Financial

Group

BHD

563

913,733

(a)

Alpha

Services

and

Holdings

S.A.

1,487

315,270

(a),(d)

Amagerbanken

AS

0

^

91,410

Amalgamated

Financial

Corp

2,505

24,220

Amerant

Bancorp,

Inc

550

380,570

Ameris

Bancorp

19,162

838,934

AMMB

Holdings

BHD

762

101,000

(b)

Aozora

Bank

Ltd

1,655

362,153

Arab

National

Bank

1,960

138,945

(c)

AU

Small

Finance

Bank

Ltd

1,119

4,503,076

Australia

&

New

Zealand

Banking

Group

Ltd

84,602

21,444

Awa

Bank

Ltd

379

5,232,590

Axis

Bank

Ltd

79,299

373,260

(a)

Axos

Financial,

Inc

21,332

725,756

Banca

Monte

dei

Paschi

di

Siena

S.p.A

3,422

282,581

Banca

Popolare

di

Sondrio

SPA

2,019

68,914

Banco

ABC

Brasil

S.A.

273

14,028,746

Banco

Bilbao

Vizcaya

Argentaria

S.A.

140,828

1,214,531

Banco

BPM

S.p.A.

7,816

635,756

Banco

Bradesco

S.A.

1,273

4,823,330

Banco

Bradesco

S.A.

(Preference)

10,682

6,545,215

Banco

Comercial

Portugues

S.A.

2,354

18,352,151

Banco

de

Chile

2,048

28,807

Banco

de

Credito

e

Inversiones

811

1,634,271

(c)

Banco

del

Bajio

S.A.

4,959

708,202

Banco

do

Brasil

S.A.

3,384

156,600

Banco

do

Estado

do

Rio

Grande

do

Sul

318

54,048

Banco

Itau

Chile

S.A.

594

211,900

Banco

Pan

S.A.

307

26,770,189

Banco

Santander

Chile

S.A.

1,257

30,869,659

Banco

Santander

S.A.

143,630

106,901

BanColombia

S.A.

909

201,940

BanColombia

S.A.

(Preference)

1,658

350,503

(a)

Bancorp,

Inc

13,235

320,348

(c)

Bandhan

Bank

Ltd

782

5,584,900

(a)

Bank

Aladin

Syariah

Tbk

PT

314

248,301

Bank

AlBilad

2,165

186,042

(a)

Bank

Al-Jazira

821

1,959,600

Bank

BTPN

Syariah

Tbk

PT

137

46,509,370

Bank

Central

Asia

Tbk

PT

28,142

118,652

Bank

Hapoalim

Ltd

1,048

561,100

Bank

Islam

Malaysia

Bhd

296

3,105,800

(a)

Bank

Jago

Tbk

PT

456

148,676

Bank

Leumi

Le-Israel

1,212

460,828

(a)

Bank

Millennium

S.A.

1,072

6,116,506

Bank

Negara

Indonesia

Persero

Tbk

PT

1,736

7,429,940

Bank

of

America

Corp

295,489

440,811

Bank

of

Baroda

1,453

509,862

Bank

of

Beijing

Co

Ltd

409

260,500

Bank

of

Changsha

Co

Ltd

293

90,620

Bank

of

Chengdu

Co

Ltd

189

1,074,844

Bank

of

China

Ltd

-

A

683

CREF

Stock

Account

June

30,

2024

6

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

69,344,912

Bank

of

China

Ltd

-

H

$

34,174

1,096,812

Bank

of

Communications

Co

Ltd

-

A

1,127

4,071,319

Bank

of

Communications

Co

Ltd

-

H

3,191

898,000

Bank

of

East

Asia

Ltd

1,139

51,250

Bank

of

Georgia

Group

plc

2,607

112,795

Bank

of

Hangzhou

Co

Ltd

202

373,320

Bank

of

Ireland

Group

plc

3,900

477,518

Bank

of

Jiangsu

Co

Ltd

488

582,466

(a)

Bank

of

Kaohsiung

Co

Ltd

215

945,299

Bank

of

Montreal

79,346

5,100

Bank

of

Nagoya

Ltd

247

214,914

Bank

of

Nanjing

Co

Ltd

307

156,174

Bank

of

Ningbo

Co

Ltd

473

1,130,716

(b)

Bank

of

Nova

Scotia

51,723

797,173

(b)

Bank

of

NT

Butterfield

&

Son

Ltd

27,997

533,595

(b)

Bank

of

Queensland

Ltd

2,061

283,299

Bank

of

Shanghai

Co

Ltd

283

206,200

Bank

of

Suzhou

Co

Ltd

213

786,908

Bank

of

the

Philippine

Islands

1,599

119,540

Bank

OZK

4,901

73,975

Bank

Pekao

S.A.

3,078

2,724,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

161

432,401,068

Bank

Rakyat

Indonesia

121,244

4,944,462

Bank

Tabungan

Negara

Persero

Tbk

PT

381

14,602

Bank

Zachodni

WBK

S.A.

1,957

524,133

(b)

Bankinter

S.A.

4,289

133,520

BankUnited,

Inc

3,908

308,958

Banner

Corp

15,337

28,881

Banque

Cantonale

Vaudoise

3,064

237,678

Banque

Saudi

Fransi

2,253

10,180

Bar

Harbor

Bankshares

274

24,107,277

Barclays

plc

63,701

314,867

(c)

BAWAG

Group

AG.

19,904

9,162,349

BDO

Unibank,

Inc

20,042

442,551

Bendigo

Bank

Ltd

3,379

76,825

Berkshire

Hills

Bancorp,

Inc

1,752

215,950

BNK

Financial

Group,

Inc

1,327

712,927

BNP

Paribas

S.A.

45,593

3,379,625

BOC

Hong

Kong

Holdings

Ltd

10,429

586,005

Boubyan

Bank

KSCP

1,084

772,969

BPER

Banca

3,913

5,836

(a)

BRE

Bank

S.A.

920

401,651

Brookline

Bancorp,

Inc

3,354

2,865,099

Bumiputra-Commerce

Holdings

BHD

4,128

597,125

Burgan

Bank

SAK

358

205,825

Byline

Bancorp,

Inc

4,886

9,201,312

CaixaBank

S.A.

48,864

865,170

(b)

Canadian

Imperial

Bank

of

Commerce

41,138

77,985

Canadian

Western

Bank

2,473

1,572,486

Canara

Bank

2,248

527,396

(b)

Capitec

Bank

Holdings

Ltd

76,575

1,098,250

(b)

Capitol

Federal

Financial,

Inc

6,029

55,518

Cathay

General

Bancorp

2,094

89,991

(b)

Central

Pacific

Financial

Corp

1,908

2,000,811

Chang

Hwa

Commercial

Bank

1,137

1,773,100

Chiba

Bank

Ltd

15,893

27,626,490

China

Citic

Bank

17,700

455,407

China

Construction

Bank

Corp

-

A

464

82,301,546

China

Construction

Bank

Corp

-

H

60,839

1,339,504

China

Everbright

Bank

Co

Ltd

-

A

584

2,124,845

(a)

China

Everbright

Bank

Co

Ltd

-

H

660

8,049,981

China

Merchants

Bank

Co

Ltd

36,580

7

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,983,780

China

Merchants

Bank

Co

Ltd

(Class

A)

$

79,823

795,848

(a)

China

Minsheng

Banking

Corp

Ltd

-

A

415

3,195,491

(b)

China

Minsheng

Banking

Corp

Ltd

-

H

1,104

351,237

China

Zheshang

Bank

Co

Ltd

133

32,856,388

Chinatrust

Financial

Holding

Co

38,313

877,000

Chongqing

Rural

Commercial

Bank

Co

Ltd

606

116,600

Chugin

Financial

Group,

Inc

1,233

3,836,751

Citigroup,

Inc

243,480

278,078

City

Union

Bank

Ltd

557

122,947

Close

Brothers

Group

plc

657

11,630

(a),(b)

Coastal

Financial

Corp

537

40,731

(a)

Collector

Bank

AB

168

151,851

Columbia

Banking

System,

Inc

3,020

36,389

Comerica,

Inc

1,857

1,264,591

Commercial

Bank

PSQC

1,490

953,227

Commercial

International

Bank

1,536

3,244,419

Commerzbank

AG.

49,212

2,194,714

Commonwealth

Bank

of

Australia

185,917

257,512

Community

Bank

System,

Inc

12,157

40,710

(b)

Community

Trust

Bancorp,

Inc

1,777

2,680,500

Concordia

Financial

Group

Ltd

15,878

27,988

Credicorp

Ltd

4,515

36,336

Credit

Agricole

S.A.

496

66,555

Credito

Emiliano

S.p.A.

664

54,750

(a)

CrossFirst

Bankshares,

Inc

768

88,410

(a)

Customers

Bancorp,

Inc

4,242

5,646,074

(a),(d)

Cyprus

Popular

Bank

PCL

60

299,627

Dah

Sing

Banking

Group

Ltd

250

135,508

Dah

Sing

Financial

Holdings

Ltd

377

28,586

Daishi

Hokuetsu

Financial

Group,

Inc

917

1,932,629

Danske

Bank

AS

57,643

1,812,404

DBS

Group

Holdings

Ltd

47,737

80,886

DCB

Bank

Ltd

134

125,006

DGB

Financial

Group,

Inc

728

30,135

DNB

Bank

ASA

591

1,870,201

Doha

Bank

QPSC

736

1,193,887

Dubai

Islamic

Bank

PJSC

1,866

1,618,867

Dukhan

Bank

1,679

5,796,345

E.Sun

Financial

Holding

Co

Ltd

5,103

270,750

Eagle

Bancorp,

Inc

5,117

157,483

East

West

Bancorp,

Inc

11,532

794,637

Emirates

NBD

Bank

PJSC

3,570

37,015

Enterprise

Financial

Services

Corp

1,514

23,210

(a),(b)

Equitable

Group,

Inc

1,582

439,174

(c)

Equitas

Small

Finance

Bank

Ltd

511

887,397

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

42,005

5,600

Esquire

Financial

Holdings,

Inc

267

1,107,899

(a)

Eurobank

Ergasias

Services

and

Holdings

S.A.

2,402

1,688,578

Far

Eastern

International

Bank

864

20,530

Farmers

National

Banc

Corp

256

60,680

(b)

FB

Financial

Corp

2,368

1,358,568

Federal

Bank

Ltd

2,882

13,451

FIBI

Holdings

Ltd

528

4,442,763

Fifth

Third

Bancorp

162,116

706,577

FinecoBank

Banca

Fineco

S.p.A

10,499

1,795,627

First

Abu

Dhabi

Bank

PJSC

6,091

55,438

First

Citizens

Bancshares,

Inc

(Class

A)

93,336

69,110

First

Financial

Bancorp

1,536

573,261

First

Financial

Bankshares,

Inc

16,928

45,530

(b)

First

Financial

Corp

1,679

4,420,331

First

Financial

Holding

Co

Ltd

3,830

178,640

First

Hawaiian,

Inc

3,709

CREF

Stock

Account

June

30,

2024

8

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

591,717

First

Horizon

National

Corp

$

9,331

100,100

First

International

Bank

Of

Israel

Ltd

3,802

389,603

First

Interstate

BancSystem,

Inc

10,819

24,190

First

Merchants

Corp

805

21,310

Flushing

Financial

Corp

280

5,200

(a),(d)

FS

Finans

A.S.

0

^

140,900

Fukuoka

Financial

Group,

Inc

3,794

6,053,585

Grupo

Financiero

Banorte

S.A.

de

C.V.

47,171

750,877

(a),(b)

Grupo

Financiero

Inbursa

S.A.

1,784

1,205,431

Grupo

Security

S.A.

339

861,301

Gulf

Bank

KSCP

803

277,800

Gunma

Bank

Ltd

1,789

279,000

Hachijuni

Bank

Ltd

1,833

441,127

Haci

Omer

Sabanci

Holding

AS

1,304

122,054

Hana

Financial

Group,

Inc

5,368

102,140

Hancock

Whitney

Corp

4,885

698,735

Hang

Seng

Bank

Ltd

8,983

160,860

(b)

Hanmi

Financial

Corp

2,690

6,528,741

HDFC

Bank

Ltd

131,843

752,110

HDFC

Bank

Ltd

(ADR)

48,383

204,302

Hirogin

Holdings,

Inc

1,588

14,700

Hokkoku

Financial

Holdings,

Inc

485

85,160

Hokuhoku

Financial

Group,

Inc

1,104

925,328

Home

Bancshares,

Inc

22,171

220,312

Hong

Leong

Bank

BHD

896

173,890

Hope

Bancorp,

Inc

1,868

7,858,712

HSBC

Holdings

plc

67,836

3,447,510

Hua

Nan

Financial

Holdings

Co

Ltd

2,804

247,686

Huaxia

Bank

Co

Ltd

218

369,485

Huntington

Bancshares,

Inc

4,870

147,374

Hyakugo

Bank

Ltd

637

4,607,119

ICICI

Bank

Ltd

66,312

1,370,128

(a)

IDFC

First

Bank

Ltd

1,348

36,170

Independent

Bank

Corp

977

114,756

IndusInd

Bank

Ltd

2,013

1,734,739

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,360

56,212,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

33,412

514,105

(a)

Industrial

Bank

Co

Ltd

1,246

105,172

Industrial

Bank

of

Korea

1,071

24,667,918

ING

Groep

NV

423,861

24,009

(b)

Intercorp

Financial

Services,

Inc

538

74,900

International

Bancshares

Corp

4,285

5,370,482

Intesa

Sanpaolo

S.p.A.

19,959

2,174,223

Investimentos

Itau

S.A.

-

PR

3,819

3,743,549

iShares

Core

MSCI

EAFE

ETF

271,931

2,167,899

iShares

Core

MSCI

Emerging

Markets

ETF

116,048

125,414

Israel

Discount

Bank

Ltd

626

12,859,902

Itau

Unibanco

Holding

S.A.

74,559

186,354

Iyogin

Holdings,

Inc

1,737

312,641

Jammu

&

Kashmir

Bank

Ltd

427

1,249,800

Japan

Post

Bank

Co

Ltd

11,867

81,668

JB

Financial

Group

Co

Ltd

867

4,980,213

JPMorgan

Chase

&

Co

1,007,298

506,854

(a)

Judo

Capital

Holdings

Ltd

424

22,140

Juroku

Financial

Group,

Inc

660

37,490

Jyske

Bank

2,987

64,699

KakaoBank

Corp

949

96,536

Karnataka

Bank

Ltd

259

332,749

Karur

Vysya

Bank

Ltd

822

6,092,500

Kasikornbank

PCL

20,775

239,000

Kasikornbank

PCL

(Foreign)

817

1,050,413

KB

Financial

Group,

Inc

59,748

9

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,220

KBC

Ancora

$

1,266

676,915

KBC

Groep

NV

47,697

65,248

Keiyo

Bank

Ltd

358

181,000

Kiatnakin

Phatra

Bank

PCL

229

572,000

King's

Town

Bank

Co

Ltd

1,074

43,819

Kiyo

Bank

Ltd

516

28,989

Komercni

Banka

AS

968

452,768

Kotak

Mahindra

Bank

Ltd

9,762

3,115,396

Krung

Thai

Bank

PCL

1,435

4,292,297

Kuwait

Finance

House

KSCP

9,963

796,221

Kuwait

International

Bank

KSCP

464

1,653,792

Kuwait

Projects

Co

Holding

KSCP

609

186,100

Kyoto

Financial

Group,

Inc

3,325

251,900

Kyushu

Financial

Group,

Inc

1,486

34,846

(b)

Laurentian

Bank

of

Canada

676

261,771

Live

Oak

Bancshares,

Inc

9,178

25,140,854

Lloyds

TSB

Group

plc

17,340

530,845

M&T

Bank

Corp

80,349

2,260,830

Malayan

Banking

BHD

4,773

1,784,600

Malaysia

Building

Society

Bhd

306

2,327,109

Masraf

Al

Rayan

QSC

1,495

804,800

Mebuki

Financial

Group,

Inc

3,156

1,496,465

Mediobanca

S.p.A.

21,905

9,889,392

Mega

Financial

Holding

Co

Ltd

12,310

6,770

Mercantile

Bank

Corp

275

734,914

Metropolitan

Bank

&

Trust

848

20,650

Mid

Penn

Bancorp,

Inc

453

17,594,782

Mitsubishi

UFJ

Financial

Group,

Inc

189,883

15,308

Mizrahi

Tefahot

Bank

Ltd

519

2,198,057

Mizuho

Financial

Group,

Inc

46,263

78,914

(c)

Moneta

Money

Bank

AS

344

19,768

Musashino

Bank

Ltd

405

21,849

Nanto

Bank

Ltd

487

2,832,473

National

Australia

Bank

Ltd

68,306

239,865

National

Bank

Holdings

Corp

9,367

314,333

(b)

National

Bank

of

Canada

24,932

1,209,907

(a)

National

Bank

of

Greece

S.A.

10,086

3,339,385

National

Bank

of

Kuwait

SAKP

9,389

3,214,719

NatWest

Group

plc

12,647

27,440

NBT

Bancorp,

Inc

1,059

194,282

Nedbank

Group

Ltd

2,750

91,464

Nishi-Nippon

Financial

Holdings,

Inc

1,155

12,112,258

Nordea

Bank

AB

publ

144,390

588,328

Nordea

Bank

AB

publ

7,013

212,597

North

Pacific

Bank

Ltd

706

4,560

Northeast

Bank

278

6,031,839

(a)

NU

Holdings

Ltd

77,750

1,135,000

O-Bank

Co

Ltd

367

271,757

OceanFirst

Financial

Corp

4,318

464,824

(b)

OFG

Bancorp

17,408

23,107

Ogaki

Kyoritsu

Bank

Ltd

330

11,900

Okinawa

Financial

Group,

Inc

196

72,700

(b)

Origin

Bancorp,

Inc

2,306

83,996

OTP

Bank

Rt

4,166

5,289,725

Oversea-Chinese

Banking

Corp

56,174

142,660

Pacific

Premier

Bancorp,

Inc

3,277

160,820

Pathward

Financial,

Inc

9,098

18,860

Peoples

Bancorp,

Inc

566

466,584

Ping

An

Bank

Co

Ltd

651

421,958

(a)

Piraeus

Financial

Holdings

S.A.

1,536

360,459

PNC

Financial

Services

Group,

Inc

56,044

26,699

Popular,

Inc

2,361

CREF

Stock

Account

June

30,

2024

10

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

725,837

Postal

Savings

Bank

of

China

Co

Ltd

-

A

$

506

3,498,972

(c)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

2,049

362,864

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

5,661

193,967

Preferred

Bank

14,643

138,030

Premier

Financial

Corp

2,824

29,250

Primis

Financial

Corp

307

79,592

Prosperity

Bancshares,

Inc

4,866

15,650,470

PT

Bank

Mandiri

Persero

Tbk

5,855

5,969,880

Public

Bank

Bhd

5,084

937,442

Punjab

National

Bank

1,383

374,340

Qatar

International

Islamic

Bank

QSC

1,028

727,542

Qatar

Islamic

Bank

SAQ

3,735

1,876,094

Qatar

National

Bank

QPSC

7,555

52,872

QCR

Holdings,

Inc

3,172

103,599

Raiffeisen

International

Bank

Holding

AG.

1,790

71,600

(a)

Rakuten

Bank

Ltd

1,305

340,977

(c)

RBL

Bank

Ltd

1,071

195,600

(b)

Regional

SAB

de

C.V.

1,460

129,600

Renasant

Corp

3,958

3,073,300

Resona

Holdings,

Inc

20,444

577,974

RHB

Capital

BHD

675

21,413

Ringkjoebing

Landbobank

A.S.

3,582

593,248

Riyad

Bank

4,124

1,309,306

Royal

Bank

of

Canada

139,396

46,130

Sandy

Spring

Bancorp,

Inc

1,124

115,164

San-In

Godo

Bank

Ltd

1,034

416,928

Saudi

Awwal

Bank

4,305

221,853

Saudi

Investment

Bank

759

2,506,694

Saudi

National

Bank

24,727

43,900

(b)

SBI

Sumishin

Net

Bank

Ltd

834

706,361

SCB

X

PCL

1,983

52,390

Seacoast

Banking

Corp

of

Florida

1,239

270,120

Security

Bank

Corp

290

122,200

Senshu

Ikeda

Holdings,

Inc

306

13,930

ServisFirst

Bancshares,

Inc

880

512,700

Seven

Bank

Ltd

860

1,500,331

Shanghai

Commercial

&

Savings

Bank

Ltd

2,132

690,034

Shanghai

Pudong

Development

Bank

Co

Ltd

781

477,700

Shanghai

Rural

Commercial

Bank

Co

Ltd

441

1,062,496

Sharjah

Islamic

Bank

639

27,200

Shiga

Bank

Ltd

717

862,768

Shinhan

Financial

Group

Co

Ltd

30,078

398,600

Shizuoka

Financial

Group,

Inc

3,853

40,520

Simmons

First

National

Corp

(Class

A)

712

4,199,877

SinoPac

Financial

Holdings

Co

Ltd

3,295

3,872,357

Skandinaviska

Enskilda

Banken

AB

(Class

A)

57,252

11,540

SmartFinancial,

Inc

273

1,414,197

Societe

Generale

33,249

855,824

South

Indian

Bank

Ltd

276

232,184

SouthState

Corp

17,744

155,787

Spar

Nord

Bank

A.S.

2,999

29,425

Sparebank

Oestlandet

374

147,336

SpareBank

SR-Bank

ASA

1,805

108,061

Sparebanken

Midt-Norge

1,527

73,586

Sparebanken

Nord-Norge

683

558,300

Standard

Bank

Group

Ltd

6,501

2,022,237

Standard

Chartered

plc

18,260

754,886

State

Bank

of

India

7,669

5,360

Stock

Yards

Bancorp,

Inc

266

2,616,703

Sumitomo

Mitsui

Financial

Group,

Inc

175,646

2,243,642

Sumitomo

Mitsui

Trust

Holdings,

Inc

51,562

122,764

Suruga

Bank

Ltd

810

11

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,704

Svenska

Handelsbanken

AB

$

465

28,160

Swedbank

AB

(A

Shares)

580

92,530

Sydbank

AS

4,901

2,665,102

Taichung

Commercial

Bank

Co

Ltd

1,503

4,501,956

Taishin

Financial

Holdings

Co

Ltd

2,617

2,445,312

Taiwan

Business

Bank

1,371

4,249,192

Taiwan

Cooperative

Financial

Holding

Co

Ltd

3,405

31,123

Tamilnad

Mercantile

Bank

Ltd

176

98,826

TBC

Bank

Group

plc

3,211

182,670

(a)

Texas

Capital

Bancshares,

Inc

11,168

1,108,800

Thanachart

Capital

PCL

1,367

94,700

Tisco

Bank

PCL

246

21,803,500

TMB

Bank

PCL

(Foreign)

1,014

116,343

Toho

Bank

Ltd

240

18,900

Tokyo

Kiraboshi

Financial

Group,

Inc

565

107,364

TOMONY

Holdings,

Inc

283

1,645,277

Toronto-Dominion

Bank

90,439

58,540

Towne

Bank

1,596

433,701

Truist

Financial

Corp

16,849

9,380

TrustCo

Bank

Corp

NY

270

46,306,745

Turkiye

Is

Bankasi

(Series

C)

22,476

701,264

(c)

Ujjivan

Small

Finance

Bank

Ltd

378

2,074,935

(c)

Unicaja

Banco

S.A.

2,853

1,872,154

UniCredit

S.p.A

69,281

622,905

Union

Bank

of

India

1,018

892,353

Union

Bank

Of

Taiwan

450

132,390

United

Bankshares,

Inc

4,295

1,144,604

United

Overseas

Bank

Ltd

26,402

100,140

(b)

Univest

Financial

Corp

2,286

11,885

Valiant

Holding

AG.

1,347

323,815

Veritex

Holdings,

Inc

6,829

850,105

Virgin

Money

UK

plc

2,295

635,093

(a),(d)

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

(a),(d)

VTB

Bank

PJSC

(GDR)

Tradegate

7

958,801

(a)

Warba

Bank

KSCP

551

10,948,780

Wells

Fargo

&

Co

650,248

192,840

WesBanco,

Inc

5,382

24,670

Westamerica

Bancorporation

1,197

102,060

Western

Alliance

Bancorp

6,411

3,177,712

Westpac

Banking

Corp

57,539

269,719

Wintrust

Financial

Corp

26,584

247,941

Woori

Financial

Group,

Inc

2,646

48,700

WSFS

Financial

Corp

2,289

145,399

Yamaguchi

Financial

Group,

Inc

1,664

1,417,348

Yapi

ve

Kredi

Bankasi

1,467

5,830,142

(a)

Yes

Bank

Ltd

1,652

TOTAL

BANKS

8,459,840

CAPITAL

GOODS

-

7.9%

43,386

3M

Co

4,434

2,279

3M

India

Ltd

1,006

167,986

A.O.

Smith

Corp

13,738

76,063

Aalberts

Industries

NV

3,080

47,800

(a)

AAR

Corp

3,475

904,813

ABB

Ltd

50,173

46,807

ABB

Ltd

India

4,764

425,749

(a)

AcBel

Polytech,

Inc

509

302,313

Accelleron

Industries

AG.

11,841

17,492

Ackermans

&

Van

Haaren

3,022

7,105

(b)

ACS

Actividades

de

Construccion

y

Servicios

S.A.

307

86,000

Acter

Co

Ltd

699

28,149

Action

Construction

Equipment

Ltd

500

CREF

Stock

Account

June

30,

2024

12

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

148,552

Adani

Enterprises

Ltd

$

5,652

204,692

AddTech

AB

5,105

93,709

ADENTRA,

Inc

2,553

8,800

Advanced

Drainage

Systems,

Inc

1,411

25,000

Advanced

Energy

Solution

Holding

Co

Ltd

485

42,827

AECC

Aero-Engine

Control

Co

Ltd

118

144,252

AECC

Aviation

Power

Co

Ltd

725

217,891

Aecom

Technology

Corp

19,205

47,226

(b)

Aecon

Group,

Inc

586

198,372

AerCap

Holdings

NV

18,488

108,215

(a)

Aerovironment,

Inc

19,712

171,950

(a)

AerSale

Corp

1,190

39,954

AFG

Arbonia-Forster

Hldg

567

15,108

(b)

AG.

Growth

International,

Inc

580

18,108

Ahluwalia

Contracts

India

Ltd

270

34,797

AIA

Engineering

Ltd

1,741

83,100

Aichi

Corp

645

32,741

Aida

Engineering

Ltd

186

75,479

Air

Lease

Corp

3,588

1,236,801

Airbus

SE

169,747

119,226

Airtac

International

Group

3,619

17,469

Aker

ASA

(A

Shares)

1,005

17,107

Al

Babtain

Power

&

Telecommunication

Co

175

141,918

Alarko

Holding

AS.

467

200,380

Albany

International

Corp

(Class

A)

16,922

9,701

Alfa

Laval

AB

425

2,488,200

(b)

Alfa

S.A.

de

C.V.

(Class

A)

1,454

18,163

(a),(b),(c)

Alfen

,NV

336

54,156

(c)

Alimak

Group

AB

589

227,440

(b)

Allegion

plc

26,872

2,357,300

Alliance

Global

Group,

Inc

348

10,130

Allied

Motion

Technologies,

Inc

256

133,000

Allis

Electric

Co

Ltd

611

103,055

Allison

Transmission

Holdings,

Inc

7,822

2,835,222

(b)

Alstom

RGPT

47,816

180,150

Alta

Equipment

Group,

Inc

1,448

1,670,100

Amada

Co

Ltd

18,569

79,625

Amara

Raja

Batteries

Ltd

1,586

42,190

(a)

American

Superconductor

Corp

987

441,257

Ametek,

Inc

73,562

54,169

Andritz

AG.

3,348

12,665

Apar

Industries

Ltd

1,286

134,590

Apogee

Enterprises,

Inc

8,457

125,018

Applied

Industrial

Technologies,

Inc

24,253

33,480

AQ

Group

AB

458

162,579

(a)

Arabi

Group

Holding

KSC

161

327,048

Arcosa,

Inc

27,279

91,400

Armac

Locacao

Logistica

E

Servicos

S.A.

161

32,027

Armstrong

World

Industries,

Inc

3,627

989,061

(a),(b)

Array

Technologies,

Inc

10,148

164,800

(b)

Asahi

Glass

Co

Ltd

5,362

1,166,454

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

2,093

1,249,415

Ashok

Leyland

Ltd

3,619

72,069

(a)

Ashoka

Buildcon

Ltd

194

2,359,880

Ashtead

Group

plc

157,342

169,028

Ashtead

Technology

Holdings

plc

1,624

37,919

(a)

Ashtrom

Group

Ltd

431

2,228,522

Assa

Abloy

AB

63,113

29,633

Astra

Industrial

Group

1,234

120,598,707

Astra

International

Tbk

PT

32,783

341,003

Astral

Ltd

9,722

13,040

(a)

Astronics

Corp

261

121,115

Atkore,

Inc

16,342

684,998

Atlas

Copco

AB

11,061

13

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

2,331,381

Atlas

Copco

AB

$

43,775

224,648

(a)

ATS

Corp

7,270

576,119

Austal

Ltd

955

726,037

AviChina

Industry

&

Technology

Co

Ltd

326

22,959

AVICOPTER

plc

130

51,295

(a)

Axon

Enterprise,

Inc

15,093

95,321

Ayala

Corp

946

2,215

(a),(d)

Ayala

Corp

Preferred

0

^

10,200

(a)

Azad

Engineering

Ltd

231

229,730

(a)

AZEK

Co,

Inc

9,679

193,036

Babcock

International

Group

1,275

135,485

Badger

Infrastructure

Solutions

Ltd

4,079

2,418,962

BAE

Systems

plc

40,292

408,856

Balfour

Beatty

plc

1,887

193,892

(a),(b)

Ballard

Power

Systems,

Inc

438

13,533

Balmer

Lawrie

&

Co

Ltd

44

136,569

Barloworld

Ltd

629

20,521

Bawan

Co

240

9,895

BayWa

AG.

215

233,800

(a)

Beacon

Roofing

Supply,

Inc

21,159

438,575

(b)

Beijer

Ref

AB

6,769

83,712

Beijing

New

Building

Materials

plc

341

21,194

Belimo

Holding

AG.

10,630

15,502

BEML

Ltd

823

1,252,000

BES

Engineering

Corp

571

487,527

Bharat

Dynamics

Ltd

9,314

3,184,958

Bharat

Electronics

Ltd

11,656

928,043

Bharat

Heavy

Electricals

Ltd

3,341

284,148

Bidvest

Group

Ltd

4,460

29,685

(b)

Bird

Construction

Income

Fund

582

106,937

Bizlink

Holding,

Inc

1,230

445,600

(a)

Blue

Bird

Corp

23,996

94,596

Blue

Star

Ltd

1,851

92,006

(c)

BOC

Aviation

Ltd

657

1,533,229

Bodycote

plc

13,169

1,950,381

(a)

Boeing

Co

354,989

41,390

Boise

Cascade

Co

4,935

67,668

(a)

Bombardier,

Inc

4,339

4,300

(b)

Bossard

Holding

AG.

1,009

183,268

(b)

Bouygues

S.A.

5,891

464,129

Brenntag

SE

31,310

244,000

Brighton-Best

International

Taiwan,

Inc

258

16,490

(b)

Brookfield

Business

Corp

339

5,014

Bucher

Industries

AG.

2,017

10,863

Budimex

S.A.

1,880

20,228

Bufab

AB

744

164,625

(a)

Builders

FirstSource,

Inc

22,786

58,800

Bunka

Shutter

Co

Ltd

647

369,338

Bunzl

plc

14,033

21,501

Burckhardt

Compression

Holding

AG.

14,123

13,958

Burkhalter

Holding

AG.

1,431

64,980

BWX

Technologies,

Inc

6,173

1,170

(b)

Bystronic

AG.

492

67,000

C

Sun

Manufacturing

Ltd

319

140,143

(a)

Cadeler

A.S.

885

363,552

(a)

CAE,

Inc

6,753

15,797

Carbone

Lorraine

540

35,453

(b),(c)

Carel

Industries

S.p.A

657

30,423

Cargotec

Corp

(B

Shares)

2,444

35,545

(b)

Carlisle

Cos,

Inc

14,403

4,224,597

Carrier

Global

Corp

266,488

280,689

Caterpillar,

Inc

93,498

15,400

Central

Glass

Co

Ltd

360

5,180

Cera

Sanitaryware

Ltd

539

CREF

Stock

Account

June

30,

2024

14

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

249,537

CG

Power

&

Industrial

Solutions

Ltd

$

2,106

1,049,700

CH

Karnchang

PCL

571

276,768

(a),(b)

ChargePoint

Holdings,

Inc

418

947,529

Chemring

Group

plc

4,462

8,587

Cheryong

Electric

Co

Ltd

567

182,000

Chicony

Power

Technology

Co

Ltd

764

907,000

(a)

Chin

Hin

Group

Bhd

668

136,422

China

Baoan

Group

Co

Ltd

161

1,210,000

China

Communications

Services

Corp

Ltd

652

1,089,000

(a)

China

Conch

Venture

Holdings

Ltd

1,013

234,200

China

CSSC

Holdings

Ltd

1,310

1,871,200

(a)

China

Energy

Engineering

Corp

Ltd

545

830,000

China

Lesso

Group

Holdings

Ltd

331

144,700

(a)

China

National

Chemical

Engineering

Co

Ltd

164

594,018

China

Railway

Group

Ltd

-

A

532

1,861,000

China

Railway

Group

Ltd

-

H

1,027

754,000

China

State

Construction

Development

Holdings

Ltd

208

1,067,300

China

State

Construction

Engineering

Corp

Ltd

780

870,000

China

State

Construction

International

Holdings

Ltd

1,183

329,800

China

XD

Electric

Co

Ltd

364

138,545

(a),(b)

Chiyoda

Corp

261

96,500

Chudenko

Corp

1,937

468,000

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp

2,702

612,000

CIMC

Enric

Holdings

Ltd

617

2,710,517

Citic

Pacific

Ltd

2,463

12,358,000

Citic

Resources

Holdings

Ltd

712

10,544

CJ

Corp

926

2,253,484

CK

Hutchison

Holdings

Ltd

10,749

41,593

CKD

Corp

825

4,329,175

CNH

Industrial

NV

43,855

505,600

CNPC

Capital

Co

Ltd

383

96,495

(c)

Cochin

Shipyard

Ltd

2,562

6,123

(a)

Colt

CZ

Group

SE

177

136,514

Columbus

McKinnon

Corp

4,715

74,699

Comfort

Systems

USA,

Inc

22,717

554,707

Compagnie

de

Saint-Gobain

43,142

90,217

COMSYS

Holdings

Corp

1,742

39,411

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

1,481

67,900

(a)

Construction

Partners,

Inc

3,749

2,286,739

Contemporary

Amperex

Technology

Co

Ltd

56,646

239,000

(a)

Continental

Holdings

Corp

270

189,225

(a)

Core

&

Main,

Inc

9,261

583,900

COSCO

SHIPPING

Development

Co

Ltd

207

8,328

Craftsman

Automation

Ltd

553

142,259

Crane

Co

20,625

38,617

(a)

Creative

&

Innovative

System

303

21,361

CS

Wind

Corp

763

563,010

(a)

CSBC

Corp

Taiwan

308

85,200

(a)

CSSC

Science

&

Technology

Co

Ltd

158

431,000

CTCI

Corp

703

121,768

Cummins

India

Ltd

5,782

53,918

Cummins,

Inc

14,932

108,013

Curtiss-Wright

Corp

29,269

25,393

(a)

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS.

162

35,000

CyberPower

Systems,

Inc

317

9,018

Daelim

Industrial

Co

386

6,047

(b)

Daetwyler

Holding

AG.

1,136

162,077

(a)

Daewoo

Engineering

&

Construction

Co

Ltd

436

47,971

Daewoo

International

Corp

2,260

36,497

(a)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

809

140,200

(a)

Dai-Dan

Co

Ltd

2,687

131,153

Daifuku

Co

Ltd

2,463

14,548

Daihen

Corp

756

428,928

Daikin

Industries

Ltd

59,714

15

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

515,906

Daimler

Truck

Holding

AG.

$

20,576

57,100

Daiwa

Industries

Ltd

545

9,046

(b)

Danieli

&

Co

S.p.A.

345

30,384

Danieli

&

Co

S.p.A.

(RSP)

864

24,158

Dassault

Aviation

S.A.

4,375

18,572

Data

Patterns

India

Ltd

667

97,454

DCC

plc

6,801

222,868

Deere

&

Co

83,270

91,965

Deutz

AG.

591

17,853

(c)

Dilip

Buildcon

Ltd

112

105,332

Diploma

plc

5,506

71,722

DiscoverIE

Group

plc

607

26,394

DL

E&C

Co

Ltd

617

5,768,100

DMCI

Holdings,

Inc

1,096

279,810

(a)

DNOW,

Inc

3,842

25,790

Donaldson

Co,

Inc

1,846

150,529

Dongfang

Electric

Corp

Ltd

382

47,613

Doosan

Bobcat,

Inc

1,763

49,693

Doosan

Corp

7,787

38,176

(a)

Doosan

Fuel

Cell

Co

Ltd

583

182,903

(a)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

2,659

108,183

Doosan

Infracore

Co

Ltd

597

1,090,825

Dover

Corp

196,839

5,776

Dredging

Environmental

&

Marine

Engineering

NV

1,001

1,556,435

Dubai

Investments

PJSC

894

13,430

(a)

Ducommun,

Inc

780

40,294

Duerr

AG.

853

40,650

(a)

DXP

Enterprises,

Inc

1,863

75,861

(a)

Dycom

Industries,

Inc

12,802

4,087,800

Dynasty

Ceramic

PCL

217

1,509,594

Eaton

Corp

plc

473,333

362,000

Ebara

Corp

5,774

1,120,000

E-Commodities

Holdings

Ltd

211

28,507

Ecopro

BM

Co

Ltd

3,761

11,751

(a)

Ecopro

Materials

Co

Ltd

770

14,535

Eczacibasi

Yatirim

Holding

101

1,482

Eiffage

S.A.

136

25,901

Elbit

Systems

Ltd

4,507

8,947

Elco

Ltd

233

33,498

Elecon

Engineering

Co

Ltd

530

1,737

Electra

Israel

Ltd

580

504,360

Electrical

Industries

Co

853

1,824,332

Electrocomponents

plc

16,122

192,233

Electrolux

Professional

AB

1,273

227,212

Electrosteel

Castings

Ltd

471

157,618

Elgi

Equipments

Ltd

1,355

431,489

ElSewedy

Electric

Co

425

5,254,800

(a)

Embraer

S.A.

33,982

59,414

EMCOR

Group,

Inc

21,691

1,780,898

Emerson

Electric

Co

196,184

5,558

Energiekontor

AG.

372

40,530

(a)

Energy

Recovery,

Inc

539

97,970

Enerpac

Tool

Group

Corp

3,740

50,990

EnerSys

5,278

26,392

(b)

Engcon

AB

216

228,293

Engineers

India

Ltd

685

304,000

(a)

Enovix

Corp

4,700

105,628

EnPro

Industries,

Inc

15,376

14,489

Epiroc

AB

266

21,769

Epiroc

AB

436

100,503

Esab

Corp

9,490

15,218

ESAB

India

Ltd

1,109

229,312

ESCO

Technologies,

Inc

24,087

607,332

(a)

Estithmar

Holding

QPSC

330

CREF

Stock

Account

June

30,

2024

16

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

54,893

(a)

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS.

$

172

52,807

Eve

Energy

Co

Ltd

290

78,000

Evergreen

Aviation

Technologies

Corp

270

196,564

Fanuc

Ltd

5,396

2,668,631

Far

Eastern

Textile

Co

Ltd

2,900

416,355

Fastenal

Co

26,164

147,886

FAW

Jiefang

Group

Co

Ltd

159

239,562

Federal

Signal

Corp

20,044

192,315

Ferguson

plc

36,883

148,881

Ferguson

plc

28,831

498,744

Ferrovial

SE

19,375

44,371

(a),(b)

Fincantieri

S.p.A

215

352,196

Finning

International,

Inc

10,326

56,687

Finolex

Cables

Ltd

1,059

420,000

First

Tractor

Co

Ltd

397

660,372

Fletcher

Building

Ltd

1,138

920,384

Flowserve

Corp

44,270

151,328

FLSmidth

&

Co

AS

7,519

460,390

(a),(b)

Fluence

Energy,

Inc

7,983

74,430

Fluidra

S.A.

1,552

518,540

(a)

Fluor

Corp

22,582

726

(b)

Forbo

Holding

AG.

845

3,229

Force

Motors

Ltd

346

464,967

Fortive

Corp

34,454

28,600

Fortune

Brands

Innovations,

Inc

1,857

331,000

Fortune

Electric

Co

Ltd

9,612

2,515,508

(b)

Fosun

International

1,350

47,190

Franklin

Electric

Co,

Inc

4,545

214,327

Fugro

NV

5,169

26,515

(a)

Fuji

Electric

Holdings

Co

Ltd

1,515

350,645

Fuji

Machine

Manufacturing

Co

Ltd

5,570

192,278

Fujikura

Ltd

3,805

47,639

Fujitec

Co

Ltd

1,279

11,139

Fukushima

Galilei

Co

Ltd

461

20,256

Furukawa

Co

Ltd

237

54,144

Furukawa

Electric

Co

Ltd

1,376

17,934

(a)

G

R

Infraprojects

Ltd

373

1,611,385

Gamuda

BHD

2,245

23,773

Garden

Reach

Shipbuilders

&

Engineers

Ltd

598

120,689

(a)

Gates

Industrial

Corp

plc

1,908

41,396

GE

T&D

India

Ltd

741

453,966

GEA

Group

AG.

18,873

1,030

Geberit

AG.

607

43,618

GEK

Group

of

Cos

S.A.

771

43,671

(a)

Generac

Holdings,

Inc

5,774

242,411

General

Dynamics

Corp

70,333

290,464

General

Electric

Co

46,175

360,874

Genuit

Group

plc

1,955

61,253

Georg

Fischer

AG.

4,098

40,593

(a)

Gibraltar

Industries,

Inc

2,783

14,300

Ginlong

Technologies

Co

Ltd

82

116,629

(a)

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

182

33,556

Glory

Ltd

586

25,752

GMM

Pfaudler

Ltd

407

51,213

(a)

Godrej

Industries

Ltd

525

33,640

Gongniu

Group

Co

Ltd

357

5,644

GoodWe

Technologies

Co

Ltd

43

7,410

Gorman-Rupp

Co

272

43,630

Gotion

High-tech

Co

Ltd

115

917,027

Grafton

Group

plc

10,716

18,440

(a)

Graham

Corp

519

49,541

Graphite

India

Ltd

333

28,650

(a)

Great

Lakes

Dredge

&

Dock

Corp

252

19,721

Greenlam

Industries

Ltd

144

17

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

2,577,000

(c)

Greentown

Management

Holdings

Co

Ltd

$

1,780

80,520

Griffon

Corp

5,142

65,935

Grindwell

Norton

Ltd

2,161

509,993

(b)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

3,506

193,023

(b)

Grupo

Rotoplas

SAB

de

C.V.

288

56,409

GS

Engineering

&

Construction

Corp

614

43,547

GS

Holdings

Corp

1,479

67,154

GS

Yuasa

Corp

1,339

70,630

GT

Capital

Holdings,

Inc

747

88,232

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

412

48,989

(a),(b),(c)

GVS

S.p.A

346

616,497

Haitian

International

Holdings

Ltd

1,745

26,022

(b)

Hammond

Power

Solutions,

Inc

2,121

325,668

Hangzhou

Steam

Turbine

Power

Group

Co

Ltd

288

32,079

Hanwa

Co

Ltd

1,232

13,757

Hanwha

Corp

151

29,715

Hanwha

Corp

577

52,152

Hanwha

Systems

Co

Ltd

711

300,500

HAP

Seng

Consolidated

BHD

278

7,540

(a)

Happy

Forgings

Ltd

110

3,026,000

Harbin

Power

Equipment

939

40,800

Harmonic

Drive

Systems,

Inc

1,154

212,281

Havells

India

Ltd

4,636

96,732

(a)

Hayward

Holdings,

Inc

1,190

123,436

Hazama

Ando

Corp

896

84,247

HBL

Power

Systems

Ltd

504

9,754

HD

Hyundai

Construction

Equipment

Co

Ltd

388

18,586

HD

Hyundai

Electric

Co

Ltd

4,153

18,162

(a)

HD

Hyundai

Heavy

Industries

Co

Ltd

2,049

28,827

HDC

Hyundai

Development

Co-Engineering

&

Construction

380

9,493

HEG

Ltd

246

53,035

HEICO

Corp

11,859

58,959

HEICO

Corp

(Class

A)

10,466

71,750

(a)

Hellenic

Technodomiki

Tev

S.A.

190

226,330

Hensoldt

AG.

8,339

135,269

(b)

Hexatronic

Group

AB

647

136,143

Hexcel

Corp

8,502

10,368

HG

Infra

Engineering

Ltd

219

3,900

Hikari

Tsushin,

Inc

731

1,784,669

(a)

Hillman

Solutions

Corp

15,794

174,244

Hindustan

Aeronautics

Ltd

10,990

808,836

(a)

Hindustan

Construction

Co

461

243,900

Hino

Motors

Ltd

636

6,000

Hirata

Corp

249

90,500

(a)

Hitachi

Construction

Machinery

Co

Ltd

2,427

28,844

Hitachi

Energy

India

Ltd

4,460

11,432,840

(a)

Hitachi

Ltd

257,425

131,720

Hitachi

Zosen

Corp

865

219,643

Hiwin

Technologies

Corp

1,438

2,934,581

Honeywell

International,

Inc

626,650

13,785

Hongfa

Technology

Co

Ltd

52

98,407

(a)

Horizon

Construction

Development

Ltd

19

91,100

Hoshizaki

Corp

2,898

33,074

(a)

Hosken

Consolidated

Investments

Ltd

317

1,199,007

Howden

Joinery

Group

plc

13,261

546,936

Howmet

Aerospace,

Inc

42,459

40,304

(a)

HSD

Engine

Co

Ltd

456

2,285,000

(a),(d)

Hsin

Chong

Group

Holdings

Ltd

3

211,000

(a)

HUA

ENG

Wire

&

Cable

249

376,515

Hubbell,

Inc

137,609

11,377

(b)

Huber

&

Suhner

AG.

967

49,000

(a),(c)

Huitongda

Network

Co

Ltd

162

42,754

Huntington

Ingalls

Industries,

Inc

10,532

343,803

Husqvarna

AB

(B

Shares)

2,749

CREF

Stock

Account

June

30,

2024

18

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

5,369

(d)

Hyosung

Corp

$

230

3,616

Hyosung

Heavy

Industries

Corp

903

19,287

Hyundai

Elevator

Co

Ltd

618

32,607

Hyundai

Engineering

&

Construction

Co

Ltd

756

17,911

(a)

Hyundai

Heavy

Industries

2,062

16,665

(a)

Hyundai

Mipo

Dockyard

1,123

60,024

Hyundai

Rotem

Co

Ltd

1,775

23,077

Idec

Corp

426

28,635

IDEX

Corp

5,761

1,502,300

IJM

Corp

BHD

970

17,687

Iljin

Electric

Co

Ltd

335

192,968

Illinois

Tool

Works,

Inc

45,726

37,044

IMCD

NV

5,106

767,616

IMI

plc

17,057

9,952

Implenia

AG.

356

117,236

Inaba

Denki

Sangyo

Co

Ltd

2,870

31,698

Inabata

&

Co

Ltd

696

137,547

(c)

IndiaMart

InterMesh

Ltd

4,417

25,964

(b)

Industrie

De

Nora

S.p.A

312

1,343,386

Industries

Qatar

QSC

4,722

256,775

Indutrade

AB

6,595

731,620

Infratil

Ltd

4,993

184,725

INFRONEER

Holdings,

Inc

1,503

32,800

Ingersoll

Rand

India

Ltd

1,799

712,449

Ingersoll

Rand,

Inc

64,719

2,803,600

(a),(d)

Inovisi

Infracom

Tbk

PT

0

^

14,456

(a)

INOX

India

Ltd

227

344,740

(a)

Inox

Wind

Ltd

584

188,666

(a)

InPost

S.A.

3,320

176,144

Instalco

AB

674

7,900

(a),(b)

Institute

for

Q-shu

Pioneers

of

Space,

Inc

126

59,174

Interpump

Group

S.p.A.

2,625

537

Interroll

Holding

AG.

1,583

29,979

(a)

Intracom

S.A.

Technical

&

Steel

Constructions

164

135,496

Investment

AB

Latour

3,660

28,888

INVISIO

AB

639

117,582

Inwido

AB

1,603

940,977

IRB

Infrastructure

Developers

Ltd

730

249,726

(c)

IRCON

International

Ltd

806

18,814

IS

Dongseo

Co

Ltd

338

24,857

ISGEC

Heavy

Engineering

Ltd

370

108,300

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

3,247

505,700

(a)

Ispace,

Inc

2,347

48,559

ITD

Cementation

India

Ltd

305

368,011

(a),(b)

ITM

Power

plc

216

1,169,359

(b)

Itochu

Corp

57,484

322,289

ITT,

Inc

41,633

186,156

Iveco

Group

NV

2,085

21,570

J

Kumar

Infraprojects

Ltd

215

173,573

(a)

Jain

Irrigation

Systems

Ltd

157

931,711

(a)

Jaiprakash

Associates

Ltd

114

3,393,334

Jamna

Auto

Industries

Ltd

5,012

14,854

Jantsa

Jant

Sanayi

Ve

Ticaret

AS.

13

307,710

(a)

Janus

International

Group,

Inc

3,886

6,232

Japan

Pulp

&

Paper

Co

Ltd

236

49,161

Japan

Steel

Works

Ltd

1,309

132,345

Jardine

Matheson

Holdings

Ltd

4,672

7,782

(a)

Jeio

Co

Ltd

132

2,101,056

JG

Summit

Holdings

(Series

B)

934

724,400

JGC

Corp

5,695

69,304

Jiangsu

Hengli

Hydraulic

Co

Ltd

444

194,918

Jiangsu

Zhongtian

Technology

Co

Ltd

424

348,692

(b)

Johns

Lyng

Group

Ltd

1,319

8,972

(c)

JOST

Werke

SE

413

19

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

4,812

Judges

Scientific

plc

$

617

36,895

Jungheinrich

AG.

1,217

94,472

Jupiter

Wagons

Ltd

779

2,477

Kaba

Holding

AG.

1,271

65,457

Kajaria

Ceramics

Ltd

1,104

354,908

Kajima

Corp

6,156

103,072

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS.

137

66,804

Kalpataru

Projects

International

Ltd

942

156,800

Kanamoto

Co

Ltd

2,892

574,001

Kandenko

Co

Ltd

6,172

63,300

Kanematsu

Corp

1,064

52,000

Kaori

Heat

Treatment

Co

Ltd

769

66,072

Kardex

Holding

AG.

16,802

14,400

Katakura

Industries

Co

Ltd

193

119,100

Kawasaki

Heavy

Industries

Ltd

4,547

7,294

KCC

Glass

Corp

212

106,168

KEC

International

Ltd

1,127

48,229

KEI

Industries

Ltd

2,555

76,000

Keihan

Electric

Railway

Co

Ltd

1,363

53,948

Keller

Group

plc

837

13,622

(a),(b)

Kempower

Oyj

327

143,000

Kenmec

Mechanical

Engineering

Co

Ltd

483

6,320

Kennametal

India

Ltd

250

9,735

KEPCO

Engineering

&

Construction

Co,

Inc

482

1,225,427

Keppel

Corp

Ltd

5,825

369,575

Kier

Group

plc

618

216,674

(a)

Kiler

Holding

AS.

214

285,171

Kinden

Corp

5,703

3,644

Kingspan

Group

plc

310

186,000

Kinik

Co

1,877

212,151

KION

Group

AG.

8,862

18,681

Kirloskar

Brothers

Ltd

474

22,735

Kirloskar

Pneumatic

Co

Ltd

367

46,900

Kitz

Corp

332

43,346

Kloeckner

&

Co

AG.

256

710,455

Knorr-Bremse

AG.

54,304

134,623

KNR

Constructions

Ltd

562

650,783

KOC

Holding

AS

4,520

1,632,912

Komatsu

Ltd

47,697

3,231

(b)

Komax

Holding

AG

468

814,200

Kone

Oyj

(Class

B)

40,369

298,115

Konecranes

Oyj

16,892

295,926

Kongsberg

Gruppen

ASA

24,098

434,624

Koninklijke

BAM

Groep

NV

1,823

75,342

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

380

63,957

Korea

Aerospace

Industries

Ltd

2,455

4,002

Korea

Electric

Terminal

Co

Ltd

199

108,308

(a)

Kornit

Digital

Ltd

1,586

834,713

(a)

Kratos

Defense

&

Security

Solutions,

Inc

16,703

11,349

Krones

AG.

1,424

9,687

KSB

Ltd

545

139,276

(a)

Kuang-Chi

Technologies

Co

Ltd

332

841,581

Kubota

Corp

11,827

26,204

Kumagai

Gumi

Co

Ltd

601

40,000

Kung

Long

Batteries

Industrial

Co

Ltd

176

130,000

Kuo

Toong

International

Co

Ltd

302

77,300

Kurita

Water

Industries

Ltd

3,285

18,310

Kvutzat

Acro

Ltd

162

24,454

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

383

154,510

Kyowa

Exeo

Corp

1,543

34,122

Kyudenko

Corp

1,258

3,812

Kyung

Dong

Navien

Co

Ltd

141

323,080

L3Harris

Technologies,

Inc

72,557

3,506

Lakshmi

Machine

Works

Ltd

715

CREF

Stock

Account

June

30,

2024

20

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

574,043

Larsen

&

Toubro

Ltd

$

24,384

8,671

Legrand

S.A.

861

16,423

Lennox

International,

Inc

8,786

219,660

(a)

Leonardo

DRS,

Inc

5,604

386,182

Leonardo

S.p.A.

8,947

80,266

LG

Corp

4,669

19,613

(a)

LG

Energy

Solution

Ltd

4,623

215,655

Lifco

AB

5,919

9,375

LIG

Nex1

Co

Ltd

1,498

45,831

Lincoln

Electric

Holdings,

Inc

8,646

58,245

Lindab

International

AB

1,247

12,448

LISI

309

222,900

LIXIL

Group

Corp

2,349

427,500

(b)

LK

Technology

Holdings

Ltd

175

303,733

Lloyds

Steels

Industries

Ltd

257

73,876

Lockheed

Martin

Corp

34,507

8,216,000

Lonking

Holdings

Ltd

1,537

19,585

Lotte

Corp

358

13,742

LS

Cable

Ltd

1,426

11,703

LS

Electric

Co

Ltd

1,860

3,065,500

LT

Group,

Inc

510

8,582

(b)

LU-VE

S.p.A

239

223,910

Luxfer

Holdings

plc

2,595

34,405

LX

Holdings

Corp

175

20,292

LX

INTERNATIONAL

CORP

448

85,763

(b)

Maas

Group

Holdings

Ltd

242

1,430,164

(b)

Mabuchi

Motor

Co

Ltd

21,349

361,810

Maire

Tecnimont

S.p.A

3,005

18,239

Makino

Milling

Machine

Co

Ltd

768

189,285

Makita

Corp

5,182

2,025,200

Malaysian

Resources

Corp

Bhd

259

78,974

Man

Infraconstruction

Ltd

186

7,731

(b)

Manitou

BF

S.A.

173

47,970

(a)

Manitowoc

Co,

Inc

553

53,280

Marcopolo

S.A.

47

5,007,218

Marcopolo

S.A.

5,688

1,316,103

Marubeni

Corp

24,404

619,343

Masco

Corp

41,292

64,624

(a)

Mastec,

Inc

6,914

20,900

Max

Co

Ltd

502

1,194

MBB

SE

133

7,840

McGrath

RentCorp

835

432,287

(a),(b)

MDA

Ltd

4,316

238,082

MDU

Resources

Group,

Inc

5,976

29,971

Meidensha

Corp

681

4,492

Meier

Tobler

Group

AG.

154

5,258,523

Melrose

Industries

plc

36,623

467,003

Metallurgical

Corp

of

China

Ltd

199

18,900

METAWATER

Co

Ltd

230

600,941

(b)

Metso

Outotec

Oyj

6,387

55,506

(a)

Middleby

Corp

6,806

38,094

Mie

Kotsu

Group

Holdings,

Inc

144

24,770

Miller

Industries,

Inc

1,363

92,000

Mills

Estruturas

e

Servicos

de

Engenharia

S.A.

173

307,000

Minebea

Co

Ltd

6,324

4,400

(b)

Mirai

Industry

Co

Ltd

109

62,462

MIRAIT

ONE

corp

816

1,022,500

MISUMI

Group,

Inc

17,547

2,900,248

Mitsubishi

Corp

57,013

5,452,984

Mitsubishi

Electric

Corp

87,385

2,698,787

Mitsubishi

Heavy

Industries

Ltd

29,053

29,800

Mitsubishi

Logisnext

Co

Ltd

298

19,250

(b)

Mitsuboshi

Belting

Co

Ltd

542

2,795,316

Mitsui

&

Co

Ltd

63,752

21

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

69,800

(a)

Mitsui

Engineering

&

Shipbuilding

Co

Ltd

$

635

68,000

Miura

Co

Ltd

1,379

13,142

Momentum

Group

AB

179

71,357

Monadelphous

Group

Ltd

608

3,853,470

(b)

MonotaRO

Co

Ltd

45,130

68,516

(a),(c)

Montana

Aerospace

AG.

1,428

216,778

Morgan

Crucible

Co

plc

843

32,719

Morgan

Sindall

plc

1,049

92,444

Mori

Seiki

Co

Ltd

2,418

96,300

Morita

Holdings

Corp

1,124

75,771

Mota

Engil

SGPS

S.A.

278

573,394

(a)

MRC

Global,

Inc

7,403

33,494

MSC

Industrial

Direct

Co

(Class

A)

2,656

14,341

MSTC

Ltd

147

13,325

(a)

MTAR

Technologies

Ltd

296

110,245

MTU

Aero

Engines

Holding

AG.

28,107

79,250

Mueller

Industries,

Inc

4,512

1,014,490

Mueller

Water

Products,

Inc

(Class

A)

18,180

3,298,281

(a)

Multiply

Group

PJSC

1,841

367,765

(c)

Munters

Group

AB

6,926

16,580

(a)

MYR

Group,

Inc

2,250

53,250

Mytilineos

Holdings

S.A.

1,988

676,300

Nabtesco

Corp

11,525

7,333

Nachi-Fujikoshi

Corp

160

330,200

Nagase

&

Co

Ltd

6,482

37,000

(b)

Namura

Shipbuilding

Co

Ltd

554

428,319

NARI

Technology

Co

Ltd

1,468

1,666,828

National

Industries

Group

Holding

SAK

1,167

48,835

Nava

Bharat

Ventures

Ltd

437

459,039

NBCC

India

Ltd

862

64,556

(b)

NCC

AB

(B

Shares)

837

1,754,256

NCC

Ltd

6,643

1,380,436

(a)

NEL

ASA

723

22,788

Nexans

S.A.

2,508

315,240

(a)

NEXTracker,

Inc

14,778

71,189

(a),(b)

NFI

Group,

Inc

824

164,400

NGK

Insulators

Ltd

2,111

1,481,615

Nibe

Industrier

AB

6,249

459,340

Nichias

Corp

13,507

10,000

Nichiden

Corp

224

17,545

Nichiha

Corp

374

86,109

Nidec

Corp

3,875

117,867

Nikkiso

Co

Ltd

849

7,711

(a)

Nilfisk

Holding

A.S.

155

24,472

Ningbo

Deye

Technology

Co

Ltd

250

31,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

214

90,600

Ningbo

Sanxing

Medical

Electric

Co

Ltd

436

7,500

Nippon

Carbon

Co

Ltd

242

71,659

Nippon

Densetsu

Kogyo

Co

Ltd

883

24,700

Nippon

Road

Co

Ltd

278

26,165

Nishimatsu

Construction

Co

Ltd

735

15,400

Nishio

Rent

All

Co

Ltd

397

100,531

(b)

Nisshinbo

Industries,

Inc

673

53,800

Nitta

Corp

1,377

17,700

Nitto

Boseki

Co

Ltd

721

19,835

Nitto

Kogyo

Corp

432

42,346

(a)

NKT

Holding

AS

3,697

149,360

Nolato

AB

810

18,000

(b)

Nomura

Micro

Science

Co

Ltd

486

44,474

Norconsult

Norge

AS.

142

96,566

(a),(b)

Nordex

AG.

1,181

41,515

Nordson

Corp

9,629

10,366

Noritake

Co

Ltd

257

15,951

Noritsu

Koki

Co

Ltd

443

CREF

Stock

Account

June

30,

2024

22

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

13,031

(b)

Noritz

Corp

$

143

24,405

Norma

Group

SE

452

197,390

Northrop

Grumman

Corp

86,052

341,248

NRW

Holdings

Ltd

700

291,100

NSK

Ltd

1,420

310,861

NTN

Corp

620

1,359,852

nVent

Electric

plc

104,178

864,000

NWS

Holdings

Ltd

767

49,446

Obara

Corp

1,285

545,513

Obayashi

Corp

6,519

155,366

(b)

OC

Oerlikon

Corp

AG.

838

12,821

Oiles

Corp

187

17,367

Okuma

Holdings,

Inc

787

21,500

Okumura

Corp

672

27,288

Olectra

Greentech

Ltd

581

193,008

Opus

Global

Rt

227

49,748

Organo

Corp

2,556

88,240

(a)

Orion

Marine

Group,

Inc

839

62,606

OSG

Corp

767

50,450

Oshkosh

Corp

5,459

9

OSRAM

Licht

AG.

0

^

34,450

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

695

183,798

Owens

Corning,

Inc

31,929

121,078

(a)

OX2

AB

679

11,801

Palfinger

AG.

281

19,120

Park

Aerospace

Corp

262

650,613

Parker-Hannifin

Corp

329,087

166,909

(a)

Patel

Engineering

Ltd

131

143,081

Peab

AB

(Series

B)

897

96,159

Pentair

plc

7,373

1,411,800

Pentamaster

Corp

Bhd

1,499

223,546

Penta-Ocean

Construction

Co

Ltd

921

15,169

People

&

Technology,

Inc

735

13,958

Per

Aarsleff

Holding

A.S.

765

2,656

(a)

Pfeiffer

Vacuum

Technology

AG.

448

257,969

(a)

Phihong

Technology

Co

Ltd

387

390,583

(a),(b)

Plug

Power,

Inc

910

93,136

PNC

Infratech

Ltd

537

24,133

PNE

AG.

351

46,625

(a)

Polycab

India

Ltd

3,765

19,901

Porr

AG.

299

26,902

POSCO

Future

M

Co

Ltd

5,002

439,569

Power

Construction

Corp

of

China

Ltd

338

4,286

Power

Mech

Projects

Ltd

254

81,990

Praj

Industries

Ltd

716

2,070

Preformed

Line

Products

Co

258

214,940

Primoris

Services

Corp

10,723

40,560

(a)

Prince

Pipes

&

Fittings

Ltd

327

8,816

Prysmian

S.p.A.

544

7,928,200

(a)

PSG

Corp

PCL

123

1,953,779

QinetiQ

plc

10,910

145,547

Quanta

Services,

Inc

36,982

6,949

(a)

Rainbow

Robotics

799

273,900

Raito

Kogyo

Co

Ltd

3,577

146,500

Randon

S.A.

Implementos

e

Participacoes

286

78,500

Range

Intelligent

Computing

Technology

Group

Co

Ltd

257

440,401

Ras

Al

Khaimah

Ceramics

291

4,950

Rational

AG.

4,104

20,640

(a)

RBC

Bearings,

Inc

5,568

372,000

(a),(b)

Realord

Group

Holdings

Ltd

256

96,312

Redox

Ltd

197

39,860

(a)

Redwire

Corp

286

191,340

Reece

Ltd

3,195

187,924

Regal-Beloit

Corp

25,411

23

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

632,710

Reliance

Worldwide

Corp

Ltd

$

1,892

55,568

Renew

Holdings

plc

749

22,778

RENK

Group

AG.

617

718,140

(a)

Resideo

Technologies,

Inc

14,047

255,104

Reunert

Ltd

985

157,900

REV

Group,

Inc

3,930

52,760

Rheinmetall

AG.

26,887

43,443

Richelieu

Hardware

Ltd

1,308

1,682

Rieter

Holding

AG.

215

33,743

Rockwell

Automation,

Inc

9,289

318

Rockwool

International

AS

(B

Shares)

129

8,419

(a)

Rolex

Rings

Ltd

252

8,173,267

(a)

Rolls-Royce

Holdings

plc

46,941

2,217,341

Rotork

plc

9,429

2,491,965

RTX

Corp

250,168

35,000

Ruentex

Engineering

&

Construction

Co

197

138,950

Run

Long

Construction

Co

Ltd

481

49,998

Russel

Metals,

Inc

1,362

13,900

Ryobi

Ltd

199

314,174

(a)

Saab

AB

7,548

328,198

Sacyr

Vallehermoso

S.A.

1,157

377,150

Safran

S.A.

79,488

13,478

Salcef

Group

S.p.A

369

227,125

Sam

Engineering

&

Equipment

M

Bhd

296

70,939

Samsung

C&T

Corp

7,280

61,865

(a)

Samsung

Engineering

Co

Ltd

1,078

279,965

(a)

Samsung

Heavy

Industries

Co

Ltd

1,899

15,242

Samsung

Techwin

Co

Ltd

2,749

1,234,839

Sandvik

AB

24,813

11,180

Sanghvi

Movers

Ltd

142

169,600

Sanki

Engineering

Co

Ltd

2,252

476,541

Sanwa

Shutter

Corp

8,745

846,000

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

526

439,957

Sany

Heavy

Industry

Co

Ltd

998

8,100

Sanyo

Denki

Co

Ltd

368

280,528

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS.

307

38,631

(a)

Saudi

Ceramic

Co

306

151,399

(b)

Savaria

Corp

1,991

39,461

Schindler

Holding

AG.

9,901

48,285

Schindler

Holding

AG.

(Registered)

12,037

24,395

(a)

Schneider

Electric

Infrastructure

Ltd

252

652,900

Schneider

Electric

S.A.

156,530

231,500

Schulz

S.A.

248

668

Schweiter

Technologies

AG.

296

10,728

SDT

Uzay

VE

Savunma

Teknolojileri

AS.

81

1,708,600

(a),(b)

Seatrium

Ltd

1,733

19,395

Sekisui

Jushi

Corp

275

52,548

Sensata

Technologies

Holding

plc

1,965

6,400

(a)

Senshu

Electric

Co

Ltd

215

160,091

Seven

Group

Holdings

Ltd

3,999

12,236

SFA

Engineering

Corp

239

13,902

SFS

Group

AG.

1,845

37,129

(a),(b)

SGL

Carbon

AG.

252

42,400

(a)

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

223

264,727

Shanghai

Construction

Group

Co

Ltd

78

841,703

Shanghai

Electric

Group

Co

Ltd

428

698,000

Shanghai

Industrial

Holdings

Ltd

1,041

129,300

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

110

24,100

Shanghai

Moons'

Electric

Co

Ltd

133

224,100

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co

Ltd

165

141,900

Shanxi

Coal

International

Energy

Group

Co

Ltd

286

107,311

(a)

Shapir

Engineering

and

Industry

Ltd

542

67,140

Shenzhen

Inovance

Technology

Co

Ltd

473

114,636

(b)

Shibaura

Machine

Co

Ltd

2,753

CREF

Stock

Account

June

30,

2024

24

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

11,400

Shibuya

Corp

$

254

193,000

Shihlin

Electric

&

Engineering

Corp

1,760

272,024

(a)

Shikun

&

Binui

Ltd

504

373,000

Shimizu

Corp

2,102

3,900

(a)

Shin

Nippon

Air

Technologies

Co

Ltd

97

1,141,000

Shin

Zu

Shing

Co

Ltd

8,592

10,700

(a)

Shinko

Electric

Co

Ltd

228

18,584

Shinko

Plantech

Co

Ltd

215

223,100

Shinmaywa

Industries

Ltd

1,976

13,083

Shinsung

Delta

Tech

Co

Ltd

590

31,508

SHO-BOND

Holdings

Co

Ltd

1,129

235,330

(b)

Shyft

Group,

Inc

2,791

395,360

(a)

Sichuan

Road

and

Bridge

Group

Co

Ltd

429

1,509,982

Siemens

AG.

281,046

2,547,627

(a)

Siemens

Energy

AG.

66,428

77,952

Siemens

India

Ltd

7,194

47,500

Sieyuan

Electric

Co

Ltd

437

651,195

(a),(b)

SIG

plc

205

1,190,884

(c)

Signify

NV

29,576

2,301,259

Sime

Darby

BHD

1,277

306,726

Singapore

Technologies

Engineering

Ltd

977

7,900

(a)

Sinko

Industries

Ltd

204

172,100

Sinoma

International

Engineering

Co

285

3,687,000

Sinopec

Engineering

Group

Co

Ltd

2,548

1,096,500

Sino-Thai

Engineering

&

Construction

PCL

268

660,500

Sinotruk

Hong

Kong

Ltd

1,715

32,434

(a)

SiteOne

Landscape

Supply,

Inc

3,938

96,366

SK

Networks

Co

Ltd

336

21,677

(a)

SK

oceanplant

Co

Ltd

220

15,769

SK,

Inc

1,805

8,007

Skanska

AB

(B

Shares)

144

12,707

SKF

AB

(B

Shares)

255

31,226

(a)

SKF

India

Ltd

2,419

92,228

SM

Investments

Corp

1,305

45,956

SMC

Corp

21,896

1,448,027

Smiths

Group

plc

31,157

37,833

Snap-On,

Inc

9,889

118,558

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

4,791

176,102

Sojitz

Holdings

Corp

4,302

11,012

SPG

Co

Ltd

198

72,234

Spirax-Sarco

Engineering

plc

7,742

74,836

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,460

357,537

(a)

SPX

Technologies,

Inc

50,820

19,067

Stabilus

SE

874

44,389

(b)

Stadler

Rail

AG.

1,265

111,714

Stanley

Black

&

Decker,

Inc

8,925

97,625

Stantec,

Inc

8,173

53,066

Star

Micronics

Co

Ltd

699

5,480,900

(a),(d)

STARK

Corp

PCL

1

4,088

(a)

Steico

SE

130

69,984

(a)

Sterling

and

Wilson

Renewable

597

1,155,761

Storskogen

Group

AB

890

56,945

Sulzer

AG.

7,874

13,200

(b)

Sumiseki

Holdings,

Inc

112

1,144,546

Sumitomo

Corp

28,753

60,297

Sumitomo

Densetsu

Co

Ltd

1,374

227,000

Sumitomo

Heavy

Industries

Ltd

5,924

106,237

Sumitomo

Mitsui

Construction

Co

Ltd

265

110,698

Sungrow

Power

Supply

Co

Ltd

944

157,000

Sunonwealth

Electric

Machine

Industry

Co

Ltd

555

157,519

(a),(b)

Sunrun,

Inc

1,868

21,563

Sunwoda

Electronic

Co

Ltd

45

2,444,500

(a),(b),(d)

Superb

Summit

International

Group

Ltd

3

9,940

Suzhou

Maxwell

Technologies

Co

Ltd

163

25

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

8,017,438

(a)

Suzlon

Energy

Ltd

$

5,065

15,000

SWCC

Showa

Holdings

Co

Ltd

461

157,608

Sweco

AB

2,161

473,625

Ta

Ya

Electric

Wire

&

Cable

814

77,022

Tadano

Ltd

543

64,953

(a)

Taihan

Electric

Wire

Co

Ltd

777

21,343

Taihei

Dengyo

Kaisha

Ltd

707

152,053

Taikisha

Ltd

5,045

140,475

Taisei

Corp

5,226

937,000

Taiwan

Glass

Industrial

Corp

559

11,439

Takamatsu

Corp

221

28,364

Takara

Standard

Co

Ltd

307

33,141

Takasago

Thermal

Engineering

Co

Ltd

1,181

210,800

Takeuchi

Manufacturing

Co

Ltd

7,392

47,400

Takuma

Co

Ltd

489

48,667

(c)

Talgo

S.A.

210

1,197,000

(a)

Tatung

Co

Ltd

2,099

334,275

TBEA

Co

Ltd

637

396,238

TD

Power

Systems

Ltd

1,686

346,647

Techno

Electric

&

Engineering

Co

Ltd

6,449

1,158,271

Techtronic

Industries

Co

13,204

969,000

Teco

Electric

and

Machinery

Co

Ltd

1,595

9,186

Tega

Industries

Ltd

180

109,417

Tekfen

Holding

AS

177

160,020

Tennant

Co

15,752

142,738

Texmaco

Rail

&

Engineering

Ltd

425

212,368

Thales

S.A.

33,972

4,210,000

(b)

Theme

International

Holdings

Ltd

264

35,825

Thermax

Ltd

2,298

94,300

(a)

THK

Co

Ltd

1,691

17,597

(a)

Thyssenkrupp

Nucera

AG.

&

Co

KGaa

171

402,000

Tian

Di

Science

&

Technology

Co

Ltd

381

24,981

Timken

India

Ltd

1,280

59,436

Titagarh

Rail

System

Ltd

1,324

30,836

(b)

TKH

Group

NV

1,344

40,000

Toa

Corp/Tokyo

254

168,411

Tocalo

Co

Ltd

2,166

183,756

Toda

Corp

1,208

18,715

Toenec

Corp

698

59,900

TOKAI

Holdings

Corp

367

66,902

Tokyu

Construction

Co

Ltd

321

190,023

TOMRA

Systems

ASA

2,265

191,884

Toromont

Industries

Ltd

16,990

12,900

(a)

Totech

Corp

205

15,877

Totetsu

Kogyo

Co

Ltd

316

118,650

Toto

Ltd

2,795

212,403

Toyo

Construction

Co

Ltd

1,904

11,100

Toyo

Tanso

Co

Ltd

467

123,700

Toyota

Industries

Corp

10,523

132,900

Toyota

Tsusho

Corp

2,597

911,245

Trane

Technologies

plc

299,736

33,037

TransDigm

Group,

Inc

42,208

31,589

Transformers

&

Rectifiers

India

Ltd

273

162,535

Travis

Perkins

plc

1,580

657,852

Trelleborg

AB

(B

Shares)

25,601

78,879

(a)

Trex

Co,

Inc

5,847

482,070

(a)

Triumph

Group,

Inc

7,429

184,000

(a),(b)

Triumph

New

Energy

Co

Ltd

102

1,073,122

Triveni

Turbine

Ltd

7,977

31,567

Troax

Group

AB

704

35,910

Trusco

Nakayama

Corp

550

93,290

Tsubakimoto

Chain

Co

3,624

32,500

Tsugami

Corp

314

6,100

Tsurumi

Manufacturing

Co

Ltd

185

CREF

Stock

Account

June

30,

2024

26

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

50,100

Tupy

S.A.

$

212

1,150,811

Turkiye

Sise

ve

Cam

Fabrikalari

AS

1,769

156,758

Tyman

plc

718

29,790

UFP

Industries,

Inc

3,336

8,600

(b)

Union

Tool

Co

340

133,000

United

Integrated

Services

Co

Ltd

1,497

86,149

United

Rentals,

Inc

55,715

58,600

Ushio,

Inc

764

328,800

(a)

UWC

BHD

207

40,687

(a)

V2X,

Inc

1,951

117,437

(b)

Valmet

Oyj

3,361

8,600

Valmont

Industries,

Inc

2,360

26,083

(c)

VAT

Group

AG.

14,728

19,313

VBG

Group

AB

883

606,700

Ventia

Services

Group

Pty

Ltd

1,544

303,873

Vertiv

Holdings

Co

26,306

540,807

Vestas

Wind

Systems

A.S.

12,540

5,614

Vesuvius

India

Ltd

339

202,097

Vesuvius

plc

1,179

526,014

V-Guard

Industries

Ltd

2,716

796,391

Vinci

S.A.

83,943

106,941

Volex

plc

435

4,815

Voltamp

Transformers

Ltd

634

166,293

Voltas

Ltd

2,934

56,000

Voltronic

Power

Technology

Corp

3,316

207,129

Volution

Group

plc

1,178

6,679

Volvo

AB

(A

Shares)

175

252,700

Volvo

AB

(B

Shares)

6,493

5,902

Vossloh

AG.

295

113,036

W.W.

Grainger,

Inc

101,986

84,770

Wabash

National

Corp

1,851

70,506

Wacker

Construction

Equipment

AG.

1,165

97,000

Waffer

Technology

Corp

275

27,000

Wakita

&

Co

Ltd

291

2,429,848

Walsin

Lihwa

Corp

2,656

409,802

Wartsila

Oyj

(B

Shares)

7,945

9,448,700

(a),(d)

Waskita

Karya

Persero

Tbk

PT

29

24,537

Watsco,

Inc

11,367

287,329

(b)

Webuild

SpA

628

1,427,850

WEG

S.A.

10,776

834,709

Weichai

Power

Co

Ltd

1,589

218,186

Weichai

Power

Co

Ltd

(Class

A)

487

921,436

Weir

Group

plc

23,045

40,953

WESCO

International,

Inc

6,492

478,023

Westinghouse

Air

Brake

Technologies

Corp

75,552

135,942

(a)

WillScot

Mobile

Mini

Holdings

Corp

5,117

59,750

Wilson

Bayly

Holmes-Ovcon

Ltd

523

118,507

Woodward

Inc

20,665

373,005

Worley

Ltd

3,714

8,118

(a)

W-Scope

Chungju

Plant

Co

Ltd

177

106,630

WSP

Global,

Inc

16,604

623,838

(a)

XCMG

Construction

Machinery

Co

Ltd

613

204,711

Xiamen

C

&

D,

Inc

251

195,267

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

180

267,200

(a),(b)

Xinte

Energy

Co

Ltd

277

1,211,000

Xinyi

Glass

Holdings

Co

Ltd

1,326

111,507

Xxentria

Technology

Materials

Corp

232

131,945

Xylem,

Inc

17,896

18,480

YAMABIKO

Corp

264

41,270

Yamazen

Corp

366

6,804,100

Yangzijiang

Shipbuilding

Holdings

Ltd

12,316

36,511

Yankey

Engineering

Co

Ltd

495

27

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

50,400

Yaskawa

Electric

Corp

$

1,817

23,194

Yazicilar

Holding

AS

258

165,274

(a),(c)

Yellow

Cake

plc

1,214

30,113

(a)

YEO

Teknoloji

Enerji

VE

Endustri

AS.

173

24,279

Yokogawa

Bridge

Holdings

Corp

409

13,552

Yuasa

Trading

Co

Ltd

479

200,700

Yurtec

Corp

1,863

7,895

Zehnder

Group

AG.

466

68,863

Zhejiang

Chint

Electrics

Co

Ltd

180

15,192

Zhejiang

Dingli

Machinery

Co

Ltd

126

96,800

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

254

66,151

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

140

138,300

Zhengzhou

Yutong

Bus

Co

Ltd

491

38,825

Zhuzhou

CRRC

Times

Electric

Co

Ltd

264

205,100

(a)

Zhuzhou

CSR

Times

Electric

Co

Ltd

808

466,939

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

493

TOTAL

CAPITAL

GOODS

9,955,979

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

590,970

(a)

ACV

Auctions,

Inc

10,785

833,110

Adecco

S.A.

27,638

15,020

Aeon

Delight

Co

Ltd

373

68,531

AFRY

AB

1,230

276,717

(a)

Aker

Carbon

Capture

ASA

173

82,890

Alpha

Financial

Markets

Consulting

plc

519

356,984

ALS

Ltd

3,325

4,187

Amadeus

Fire

AG

476

167,999

APM

Human

Services

International

ltd

155

318,444

Arcadis

NV

20,152

190,104

(a)

ASGN,

Inc

16,761

138,722

AtkinsRealis

Group,

Inc

6,005

379,113

Automatic

Data

Processing,

Inc

90,490

70,040

Barrett

Business

Services,

Inc

2,295

183,500

BayCurrent

Consulting,

Inc

3,715

29,387

(c)

Befesa

S.A.

972

27,600

Bell

System24

Holdings,

Inc

275

89,590

Bilfinger

Berger

AG.

4,711

61,500

Binjiang

Service

Group

Co

Ltd

129

85,236

BLS

International

Services

Ltd

358

129,397

Booz

Allen

Hamilton

Holding

Corp

19,914

48,567

(b)

Boyd

Group

Services,

Inc

9,123

2,128,713

Brambles

Ltd

20,542

166,187

(c)

Bravida

Holding

AB

1,232

607,560

(a)

BrightView

Holdings,

Inc

8,081

18,320

Brink's

Co

1,876

85,644

Broadridge

Financial

Solutions,

Inc

16,872

15,719

Brunel

International

NV

168

560,345

(b)

Bureau

Veritas

S.A.

15,571

16,110

(a)

CACI

International,

Inc

(Class

A)

6,929

22,108

Calian

Group

Ltd

909

231,620

(a)

CECO

Environmental

Corp

6,682

3,695

Cewe

Stiftung

&

Co

KGAA

418

37,200

Changjiu

Holdings

Ltd

270

2,301,000

(b)

China

Everbright

Environment

Group

Ltd

1,152

66,350

(a)

Cimpress

plc

5,813

63,346

Cintas

Corp

44,359

337,858

(a),(b)

Clarivate

plc

1,922

36,965

(a)

Clean

Harbors,

Inc

8,360

54,000

Cleanaway

Co

Ltd

302

1,697,124

Cleanaway

Waste

Management

Ltd

3,132

115,211

CMS

Info

Systems

Ltd

680

35,530

Computer

Age

Management

Services

Ltd

1,537

CREF

Stock

Account

June

30,

2024

28

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

451,146

Computershare

Ltd

$

7,890

163,560

(c)

Coor

Service

Management

Holding

AB

723

625,354

(a)

Copart,

Inc

33,869

295,456

(a)

CoStar

Group,

Inc

21,905

1,320,000

(a),(b),(d)

CT

Environmental

Group

Ltd

2

1,417,700

CTOS

Digital

Bhd

444

175,400

Dai

Nippon

Printing

Co

Ltd

5,918

32,700

Daiei

Kankyo

Co

Ltd

556

31,665

Daiseki

Co

Ltd

740

4,454

Danel

Adir

Yeoshua

Ltd

364

79,340

Deluxe

Corp

1,782

71,718

Derichebourg

328

28,564

dip

Corp

486

28,297

DKSH

Holding

AG.

1,912

5,455

DO

&

CO

AG.

971

6,979

(a)

Doms

Industries

Ltd

170

506,493

Downer

EDI

Ltd

1,554

197,821

Dun

&

Bradstreet

Holdings,

Inc

1,832

29,098

Duskin

Co

Ltd

665

451,000

Dynagreen

Environmental

Protection

Group

Co

Ltd

177

18,137

eClerx

Services

Ltd

525

8,914

Ecopro

HN

Co

Ltd

394

30,000

ECOVE

Environment

Corp

289

333,557

Element

Fleet

Management

Corp

6,069

623,012

(b)

Elis

S.A.

13,519

19,309

eMudhra

Ltd

198

22,920

en-japan,

Inc

374

173,948

Ennis,

Inc

3,808

89,053

Equifax,

Inc

21,592

498,105

(a)

ExlService

Holdings,

Inc

15,621

997,277

Experian

Group

Ltd

46,330

29,016

Fila

S.p.A

267

108,403

(a),(c),(d)

Finablr

plc

1

311,087

Firstsource

Solutions

Ltd

782

26,799

(a),(b)

Fiverr

International

Ltd

628

15,100

(a)

Forrester

Research,

Inc

258

14,700

(a)

Franklin

Covey

Co

559

853,200

Frontken

Corp

Bhd

805

24,375

(a)

FTI

Consulting,

Inc

5,254

28,454

(b)

Funai

Soken

Holdings,

Inc

406

11,303

(a)

GDI

Integrated

Facility

Services,

Inc

266

129,283

Genpact

Ltd

4,162

187,220

GFL

Environmental,

Inc

7,291

5,914

GL

Events

106

274,200

(c)

GPS

Participacoes

e

Empreendimentos

S.A.

846

92,310

(a)

Harsco

Corp

797

1,244,095

Hays

plc

1,482

435,590

(a)

Healthcare

Services

Group

4,609

59,910

Heidrick

&

Struggles

International,

Inc

1,892

12,385

Hilan

Ltd

639

85,030

(a)

Huron

Consulting

Group,

Inc

8,375

22,430

ICF

International,

Inc

3,330

195,294

Indian

Railway

Catering

&

Tourism

Corp

Ltd

2,313

2,986,100

Infomart

Corp

5,759

35,810

(a)

Innodata,

Inc

531

42,012

Insource

Co

Ltd

232

37,710

Insperity,

Inc

3,440

5,264

Intertek

Group

plc

318

54,454

ION

Exchange

India

Ltd

374

178,941

IPH

Ltd

746

122,224

ISS

A.S.

2,099

24,800

(a)

Itoki

Corp

266

29

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

206,100

JAC

Recruitment

Co

Ltd

$

845

90,209

Jacobs

Solutions,

Inc

12,603

108,800

Japan

Elevator

Service

Holdings

Co

Ltd

1,754

640,252

Johnson

Service

Group

plc

1,277

147,078

KBR,

Inc

9,434

139,622

KEPCO

Plant

Service

&

Engineering

Co

Ltd

3,838

54,588

Kforce,

Inc

3,392

66,508

Kokuyo

Co

Ltd

1,117

51,000

Kosaido

Holdings

Co

Ltd

196

128,550

L&K

Engineering

Co

Ltd

947

41,370

(a)

Latent

View

Analytics

Ltd

248

515,028

Learning

Technologies

Group

plc

550

99,735

Leidos

Holdings,

Inc

14,549

159,314

Loomis

AB

4,136

32,564

(b)

Mader

Group

Ltd

136

198,690

Maharah

Human

Resources

Co

317

35,358

Manpower,

Inc

2,468

65,438

Marlowe

plc

356

5,762

Matsuda

Sangyo

Co

Ltd

105

321,520

MAXIMUS,

Inc

27,554

47,042

McMillan

Shakespeare

Ltd

550

59,784

Meitec

Corp

1,212

245,021

Michael

Page

International

plc

1,320

1,513,929

Mitie

Group

2,224

20,344

(b)

Mitsubishi

Pencil

Co

Ltd

319

292,820

(a)

Montrose

Environmental

Group,

Inc

13,048

56,151

MSA

Safety,

Inc

10,539

4,343,054

My

EG

Services

Bhd

938

23,660

NICE

Information

Service

Co

Ltd

195

239,700

Nihon

M&A

Center

Holdings,

Inc

1,241

12,700

Nippon

Kanzai

Holdings

Co

Ltd

214

153,211

Nippon

Parking

Development

Co

Ltd

198

211,848

Nomura

Co

Ltd

1,146

80,628

Okamura

Corp

1,131

44,147

(b)

Open

Up

Group,

Inc

545

103,100

(a)

OPENLANE,

Inc

1,710

40,700

(a)

Orizon

Valorizacao

de

Residuos

S.A.

281

1,088,900

(a)

Park24

Co

Ltd

10,907

14,600

(b)

Pasona

Group,

Inc

192

60,149

Paychex,

Inc

7,131

9,745

Paycom

Software,

Inc

1,394

1,420,700

Persol

Holdings

Co

Ltd

1,969

23,042

Pilot

Corp

615

272,620

(a)

Planet

Labs

PBC

507

71,970

(a)

Pluxee

France

S.A.

2,026

65,627

Prestige

International,

Inc

288

333,167

(b),(c)

Prosegur

Cash

S.A.

186

84,799

(b)

Prosegur

Cia

de

Seguridad

S.A.

155

51,175

(c)

Quess

Corp

Ltd

369

678,200

(a)

Raksul,

Inc

4,015

106,818

Randstad

Holdings

NV

4,850

132,386

RB

Global,

Inc

10,109

156,661

(b)

RB

Global,

Inc

11,948

3,783,162

Recruit

Holdings

Co

Ltd

203,561

2,549,768

RELX

plc

116,827

163,947

RELX

plc

7,503

58,186

Renewi

plc

488

4,489,503

Rentokil

Initial

plc

26,073

150,963

Republic

Services,

Inc

29,338

170,413

RITES

Ltd

1,411

75,443

Robert

Half

International,

Inc

4,827

186,178

Rollins,

Inc

9,084

CREF

Stock

Account

June

30,

2024

30

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

218,362

RWS

Holdings

plc

$

519

13,937

S1

Corp

(Korea)

585

18,552

Sato

Corp

250

32,578

Saudi

Airlines

Catering

Co

1,090

37,851

Science

Applications

International

Corp

4,449

78,346

(a)

Sdiptech

AB

2,394

1,845

Seche

Environnement

S.A.

191

43,177

Secom

Co

Ltd

2,557

485,647

Securitas

AB

(B

Shares)

4,814

3,181,045

Serco

Group

plc

7,205

65,623

SG

Fleet

Group

Ltd

144

35,393

SGS

S.A.

3,155

48,935

Shanghai

M&G

Stationery,

Inc

210

100,500

(a),(d)

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

(a)

SIS

Ltd

188

104,963

SmartGroup

Corp

Ltd

588

58,287

SMS

Co

Ltd

740

26,149

Societe

BIC

S.A.

1,541

300,500

Sohgo

Security

Services

Co

Ltd

1,756

727,672

SPIE

S.A.

26,364

63,000

Sporton

International,

Inc

432

467,990

Steelcase,

Inc

(Class

A)

6,065

67,258

(a)

Stericycle,

Inc

3,910

93,522

Sthree

plc

485

4,560

(a)

Sungeel

Hitech

Co

Ltd

251

48,350

Sunny

Friend

Environmental

Technology

Co

Ltd

144

196,000

Taiwan

Secom

Co

Ltd

795

140,000

Taiwan-Sogo

Shinkong

Security

Corp

183

18,773

Takkt

AG.

240

10,648

(a)

TeamLease

Services

Ltd

377

976,354

TechnoPro

Holdings,

Inc

15,992

35,462

(b)

Teleperformance

3,747

56,568

(a),(b)

TELUS

International

CDA,

Inc

327

69,537

Tetra

Tech,

Inc

14,219

146,952

Thomson

Reuters

Corp

24,771

19,443

Tinexta

Spa

336

107,140

TKC

2,317

193,423

Toppan

Printing

Co

Ltd

5,366

18,261

(a)

Trans

Cosmos,

Inc/Japan

395

141,098

TransUnion

10,464

38,800

TRE

Holdings

Corp

314

119,967

TriNet

Group,

Inc

11,997

74,420

(a)

TrueBlue,

Inc

767

14,140

Unifirst

Corp

2,425

1,382,720

(a)

Upwork,

Inc

14,864

26,099

UT

Group

Co

Ltd

533

380,614

Veralto

Corp

36,337

305,873

Verisk

Analytics,

Inc

82,448

308,253

Vestis

Corp

3,770

41,080

(a)

Viad

Corp

1,397

159,300

(a)

Visional,

Inc

7,130

20,026

(a)

Waaree

Renewable

Technologies

Ltd

473

213,488

Waste

Connections,

Inc

37,437

297,356

Waste

Management,

Inc

63,438

41,160

(a)

Willdan

Group,

Inc

1,187

341,526

(a)

WNS

Holdings

Ltd

17,930

360,155

Wolters

Kluwer

NV

59,475

231,000

(a),(b),(d)

Youyuan

International

Holdings

Ltd

0

^

84,660

Zhejiang

Weiming

Environment

Protection

Co

Ltd

240

82,000

(a),(b)

Zonqing

Environmental

Ltd

305

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,686,651

31

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.0%

81,600

ABC-Mart,

Inc

$

1,432

146,180

(a)

Abercrombie

&

Fitch

Co

(Class

A)

25,997

22,145

(a),(b)

About

You

Holding

SE

76

2,951,626

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

2,721

296,070

Academy

Sports

&

Outdoors,

Inc

15,766

828,564

Accent

Group

Ltd

1,067

6,071,700

ACE

Hardware

Indonesia

Tbk

PT

317

536,030

Adastria

Holdings

Co

Ltd

12,093

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

313

32,110,741

Alibaba

Group

Holding

Ltd

289,409

475,610

(a),(c)

Allegro.eu

S.A.

4,445

11,190

(b)

Alpen

Co

Ltd

142

85,510

AlSaif

Stores

For

Development

&

Investment

Co

214

16,963,907

(a)

Amazon.com,

Inc

3,278,275

127,480

American

Eagle

Outfitters,

Inc

2,544

237,703

(a)

AO

World

plc

331

62,000

AOKI

Holdings,

Inc

516

25,000

Aoyama

Trading

Co

Ltd

232

22,644

Arata

Corp

498

43,976

Arc

Land

Sakamoto

Co

Ltd

532

627,432

Arhaus,

Inc

10,629

65,363

(a)

Aritzia,

Inc

1,850

40,440

Arko

Corp

254

57,317

Arvind

Fashions

Ltd

353

20,750

(a)

Asbury

Automotive

Group,

Inc

4,728

779,228

ASKUL

Corp

10,583

42,262

(a),(b)

ASOS

plc

191

450,000

Aurora

Design

PCL

143

58,206

Auto

Partner

S.A.

347

82,297

(a),(c)

Auto1

Group

SE

539

50,488

Autobacs

Seven

Co

Ltd

489

17,740

(a),(b)

AutoCanada,

Inc

249

14,190

Autohellas

Tourist

and

Trading

S.A.

171

20,496

(a)

Autonation,

Inc

3,267

3,498

(a)

Autozone,

Inc

10,368

1,761,219

B&M

European

Value

Retail

S.A.

9,703

1,566,385

(a),(b)

Baozun,

Inc

(ADR)

3,665

278,809

Bapcor

Ltd

951

148,420

Bath

&

Body

Works,

Inc

5,796

30,005

Belluna

Co

Ltd

143

3,157,200

Bermaz

Auto

Bhd

1,680

140,381

Best

Buy

Co,

Inc

11,833

75,000

BIC

CAMERA,

Inc

716

44,099

Bilia

AB

585

750,974

(a),(b)

boohoo

Group

plc

327

41,443

(a),(c)

Boozt

AB

495

537,000

(a),(b),(d)

Boshiwa

International

Holding

Ltd

1

50,923,700

(a)

Bukalapak.com

PT

Tbk

431

119,395

(a)

Burlington

Stores,

Inc

28,655

66,700

(a)

C&A

Modas

Ltd

111

45,054

(b)

Canadian

Tire

Corp

Ltd

4,470

115,463

(a)

Carmax,

Inc

8,468

30,000

(a)

Carvana

Co

3,862

251,893

(a)

Ceconomy

AG

801

4,900

(a)

Central

Automotive

Products

Ltd

163

1,497,665

Central

Retail

Corp

PCL

1,251

206,498

(a),(b)

Cettire

Ltd

160

500,000

(b)

China

Meidong

Auto

Holdings

Ltd

134

161,000

(b)

China

Tobacco

International

HK

Co

Ltd

343

83,041

China

Tourism

Group

Duty

Free

Corp

Ltd

712

109,000

(b),(c)

China

Tourism

Group

Duty

Free

Corp

Ltd

666

CREF

Stock

Account

June

30,

2024

32

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,911,600

Chow

Tai

Fook

Jewellery

Group

Ltd

$

2,069

34,267

Clas

Ohlson

AB

(B

Shares)

572

712,200

Com7

PCL

(Foreign)

359

798,126

(a)

Coupang,

Inc

16,721

812,702

Currys

plc

741

83,846

DCM

Holdings

Co

Ltd

762

44,565

Delek

Automotive

Systems

Ltd

224

20,827

Dieteren

S.A.

4,410

8,700

(b)

Dillard's,

Inc

(Class

A)

3,831

995,077

(a)

Dogan

Sirketler

Grubu

Holdings

513

45,901

Dogus

Otomotiv

Servis

ve

Ticaret

AS

371

803,570

Dohome

PCL

225

933,286

Dollarama,

Inc

85,214

1,051,448

Don

Quijote

Co

Ltd

24,595

15,500

Doshisha

Co

Ltd

228

219,237

Dufry

Group

8,523

367,803

Dunelm

Group

plc

4,937

116,483

Eagers

Automotive

Ltd

811

50,378

EDION

Corp

510

61,382

(a)

Electronics

Mart

India

Ltd

168

7,146,100

Erajaya

Swasembada

Tbk

PT

165

5,129

(a)

Ethos

Ltd

172

87,121

(a)

Etsy,

Inc

5,138

128,467

(c)

Europris

ASA

868

553,000

Far

Eastern

Department

Stores

Co

Ltd

579

134,448

Fast

Retailing

Co

Ltd

34,007

5,899

(a),(b)

Fastned

BV

110

19,918

Fielmann

AG.

917

9,035

(a),(b)

Fnac

Darty

SA

286

261,039

Foschini

Ltd

1,829

6,386

Fox

Wizel

Ltd

429

92,111

(a)

Frasers

Group

plc

1,027

195,881

(a),(b)

GameStop

Corp

(Class

A)

4,836

808,616

Gap,

Inc

19,318

16,700

Geo

Holdings

Corp

173

96,205

(a),(b)

Global-e

Online

Ltd

3,489

21,560

(a)

Go

Fashion

India

Ltd

262

746,432,100

(a)

GoTo

Gojek

Tokopedia

Tbk

PT

2,270

50,300

Grupo

SBF

S.A.

108

51,100

Gulliver

International

Co

Ltd

444

158,458

Halfords

Group

plc

281

451,956

(b)

Harvey

Norman

Holdings

Ltd

1,251

21,239

(b)

Hennes

&

Mauritz

AB

(B

Shares)

336

335,400

HLA

Corp

Ltd

426

1,599,290

Home

Depot,

Inc

550,540

4,020,467

Home

Product

Center

PCL

1,019

13,635

Hornbach

Holding

AG.

&

Co

KGaA

1,150

251,591

Hotai

Motor

Co

Ltd

4,822

21,688

Hotel

Shilla

Co

Ltd

841

10,147

Hyundai

Department

Store

Co

Ltd

358

3,902

Hyundai

Home

Shopping

Network

Corp

145

1,941,118

Inchcape

plc

18,241

324,187

Industria

de

Diseno

Textil

S.A.

16,087

264,400

Isetan

Mitsukoshi

Holdings

Ltd

4,970

24,200

Izumi

Co

Ltd

485

199,300

J

Front

Retailing

Co

Ltd

2,080

14,890

J

Jill,

Inc

521

428,881

Jarir

Marketing

Co

1,450

84,857

JB

Hi-Fi

Ltd

3,448

85,071

JD

Sports

Fashion

plc

128

14,968,150

JD.com,

Inc

194,395

534,704

JD.com,

Inc

(ADR)

13,817

33

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,142

(b)

JINS

Holdings,

Inc

$

272

8,720

Joshin

Denki

Co

Ltd

144

37,374

(b)

Joyful

Honda

Co

Ltd

518

95,599

JUMBO

S.A.

2,752

13,450

K

Car

Co

Ltd

131

70,649

Kingfisher

plc

222

18,405

Kohnan

Shoji

Co

Ltd

478

22,152

Komeri

Co

Ltd

483

114,828

K's

Holdings

Corp

1,082

19,418

Leon's

Furniture

Ltd

325

19,656

Lithia

Motors,

Inc

(Class

A)

4,962

728,880

Lojas

Renner

S.A.

1,627

8,510

Lotte

Shopping

Co

Ltd

391

49,465

(b)

Lovisa

Holdings

Ltd

1,075

614,454

Lowe's

Cos,

Inc

135,463

827,561

Luk

Fook

Holdings

International

Ltd

1,759

451,348

(a)

Magazine

Luiza

S.A.

973

6,895,000

Map

Aktif

Adiperkasa

PT

328

27,660

Matas

A.S.

460

88,191

Mekonomen

AB

987

48,702

(a)

Mercadolibre,

Inc

80,037

375,500

(a),(b)

Mercari,

Inc

4,665

336,800

MINISO

Group

Holding

Ltd

1,604

6,657,100

Mitra

Adiperkasa

Tbk

PT

599

30,299

Mobilezone

Holding

AG.

459

200,068

(a)

Moonpig

Group

plc

481

126,479

Motus

Holdings

Ltd

642

2,087,600

(c)

MR

DIY

Group

M

Bhd

858

201,893

Mr

Price

Group

Ltd

2,285

24,525

Murphy

USA,

Inc

11,514

2,013

Musti

Group

Oyj

56

8,300

(b)

Nafco

Co

Ltd

158

315,236

Naspers

Ltd

61,808

68,320

(a)

National

Vision

Holdings,

Inc

894

3,572

Next

plc

408

37,720

(b)

Nextage

Co

Ltd

563

60,965

Nick

Scali

Ltd

561

27,435

Nishimatsuya

Chain

Co

Ltd

366

64,343

Nitori

Co

Ltd

6,812

46,224

Nojima

Corp

465

225,650

(b)

Nordstrom,

Inc

4,788

101,000

North-Star

International

Co

Ltd

192

44,805

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

4,399

179,824

(a)

O'Reilly

Automotive,

Inc

189,905

59,677

(a),(b),(d)

Ozon

Holdings

plc

(ADR)

1

262,800

Padini

Holdings

Bhd

203

113,056

Pal

Co

Ltd

1,273

654,415

PALTAC

Corp

17,883

15,000

Pan

German

Universal

Motors

Ltd

137

995,293

(a)

PDD

Holdings,

Inc

(ADR)

132,324

13,960

Penske

Auto

Group,

Inc

2,080

131,776

(a),(c)

Pepco

Group

NV

683

2,036,489

(b),(c)

Pepkor

Holdings

Ltd

2,094

282,600

Pet

Center

Comercio

e

Participacoes

S.A.

184

28,816

(b)

Pet

Valu

Holdings

Ltd

554

581,175

(a)

Petco

Health

&

Wellness

Co,

Inc

2,197

353,902

Pets

at

Home

Group

PLC

1,322

27,672

Pool

Corp

8,504

431,800

(c)

Pop

Mart

International

Group

Ltd

2,106

37,446

Poya

International

Co

Ltd

568

394,158

Premier

Investments

Ltd

8,153

1,371,471

Prosus

NV

48,767

CREF

Stock

Account

June

30,

2024

34

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

720,600

PTG

Energy

PCL

(Foreign)

$

162

2,970,800

PTT

Oil

&

Retail

Business

PCL

1,292

46,801

Puuilo

Oyj

505

314,600

(a)

Rakuten,

Inc

1,630

301,230

(a)

RattanIndia

Enterprises

Ltd

304

19,535

(a)

Redtape

Ltd

179

15,735

Retailors

Ltd

275

66,995

(a)

RH

16,376

140,539

Ross

Stores,

Inc

20,423

176,806

(a)

Rusta

AB

1,301

43,914

(b)

Rvrc

Holding

AB

189

196,500

Ryohin

Keikaku

Co

Ltd

3,270

728,768

(a)

SACI

Falabella

2,247

119,500

Sanrio

Co

Ltd

2,211

12,964

(a)

Saregama

India

Ltd

6

27,888

Saudi

Automotive

Services

Co

415

34,781

Seria

Co

Ltd

630

155,404

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

110

35,200

Shimamura

Co

Ltd

1,603

6,141

Shinsegae

Co

Ltd

698

8,588

Shinsegae

International,

Inc

99

31,534

(a)

Shoppers

Stop

Ltd

285

933,600

(a)

Siam

Global

House

PCL

380

121,438

Signet

Jewelers

Ltd

10,878

23,375

(a)

Silicon2

Co

Ltd

793

28,122

(b),(c)

Sleep

Country

Canada

Holdings,

Inc

536

61,780

Sonic

Automotive,

Inc

(Class

A)

3,365

759,010

(a)

Stitch

Fix,

Inc

3,150

253,438

Super

Group

Ltd

394

129,936

Super

Retail

Group

Ltd

1,197

51,535

Synsam

AB

258

2,579

Tadiran

Group

Ltd

134

112,151

(b)

Takashimaya

Co

Ltd

1,894

42,369

Telepark

Corp

807

63,550

(a)

Temple

&

Webster

Group

Ltd

395

5,988

Thanga

Mayil

Jewellery

Ltd

123

1,410,091

(a),(b)

THG

plc

1,108

3,224,889

TJX

Cos,

Inc

355,060

38,927

(b)

Tokmanni

Group

Corp

546

29,896,489

(c)

Topsports

International

Holdings

Ltd

15,875

61,322

Tractor

Supply

Co

16,557

156,282

Trent

Ltd

10,255

299,436

Truworths

International

Ltd

1,540

35,375

(a)

Ulta

Beauty,

Inc

13,650

29,296

United

Electronics

Co

739

44,300

Upbound

Group,

Inc

1,360

451,370

(a)

Urban

Outfitters,

Inc

18,529

287,100

USS

Co

Ltd

2,418

991,776

(a)

Valvoline,

Inc

42,845

810,972

Vibra

Energia

S.A.

3,032

311,202

Vipshop

Holdings

Ltd

(ADR)

4,052

9,315

V-Mart

Retail

Ltd

326

49,488

VT

Holdings

Co

Ltd

157

1,070,170

(a)

Warby

Parker,

Inc

17,187

200,078

(a),(c)

Watches

of

Switzerland

Group

plc

1,044

137,285

(a),(b)

Wayfair,

Inc

7,239

894,810

Wesfarmers

Ltd

38,747

809,444

WH

Smith

plc

11,583

187,602

Wickes

Group

plc

316

1,180,800

Wilcon

Depot,

Inc

361

784,065

Woolworths

Holdings

Ltd

2,662

299,600

(b)

Workman

Co

Ltd

6,993

35

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

325,883

Wuchan

Zhongda

Group

Co

Ltd

$

194

1,611,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

1,996

413,700

Yamada

Denki

Co

Ltd

1,113

22,733

Yellow

Hat

Ltd

326

873,252

(a),(c)

Zalando

SE

20,499

134,200

Zhejiang

China

Commodities

City

Group

Co

Ltd

137

785,072

Zhongsheng

Group

Holdings

Ltd

1,147

28,800

ZOZO,

Inc

720

51,580

(a)

Zumiez,

Inc

1,005

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

6,254,021

CONSUMER

DURABLES

&

APPAREL

-

1.8%

756,000

361

Degrees

International

Ltd

389

226,719

Adidas-Salomon

AG.

54,133

273,352

(a)

Aditya

Birla

Fashion

and

Retail

Ltd

1,022

77,720

Aksa

Akrilik

Kimya

Sanayii

AS.

307

139,809

Alaseel

Co

173

18,000

Alexander

Marine

Co

Ltd

222

974,579

(a)

Alok

Industries

Ltd

325

143,400

(a)

Alpargatas

S.A.

234

13,762

(a)

Amber

Enterprises

India

Ltd

744

112,135

Amotiv

Ltd

782

1,137,355

Anta

Sports

Products

Ltd

10,878

55,900

Arezzo

Industria

e

Comercio

S.A.

513

53,161

Ariston

Holding

NV

219

80,077

Arvind

Ltd

354

524,000

Asics

Corp

8,079

64,379

(a)

Azorim-Investment

Development

&

Construction

Co

Ltd

259

141,594

Bajaj

Electricals

Ltd

1,792

125,400

Bandai

Namco

Holdings,

Inc

2,457

39,861

Bata

India

Ltd

722

3,225

Beijing

Roborock

Technology

Co

Ltd

174

155,297

Bellway

plc

4,945

26,884

(b)

Beneteau

S.A.

280

2,359

Berkeley

Group

Holdings

plc

136

96,232

(a)

Betsson

AB

1,125

928,120

(a),(b)

BK

LC

Lux

Finco

2

Sarl

50,499

3,598,472

Bosideng

International

Holdings

Ltd

2,240

250,437

(a)

Bovis

Homes

Group

plc

3,734

75,010

(b)

Breville

Group

Ltd

1,348

31,388

(b)

BRP,

Inc

2,011

26,876

Brunello

Cucinelli

S.p.A

2,682

49,810

Brunswick

Corp

3,625

11,989

Burberry

Group

plc

133

5,603,840

Cairn

Homes

plc

9,563

7,279,255

Cairn

Homes

plc

12,427

895,147

(a)

Callaway

Golf

Co

13,696

58,262

(a)

Campus

Activewear

Ltd

204

33,662

(a),(b)

Canada

Goose

Holdings,

Inc

435

100,333

(a)

Capri

Holdings

Ltd

3,319

37,740

Carter's,

Inc

2,339

157,900

(a)

Casio

Computer

Co

Ltd

1,182

30,932

(a)

CCC

S.A.

945

30,229

(a)

Cello

World

Pvt

Ltd

319

46,810

Century

Communities,

Inc

3,822

105,500

(b)

Chervon

Holdings

Ltd

246

481,000

China

Lilang

Ltd

284

14,900

Chofu

Seisakusho

Co

Ltd

205

719,898

Cie

Financiere

Richemont

S.A.

112,508

956,000

(a)

Citychamp

Watch

&

Jewellery

Group

Ltd

122

1,237,363

Coats

Group

plc

1,239

43,973

Coway

Co

Ltd

2,038

CREF

Stock

Account

June

30,

2024

36

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

189,907

Crest

Nicholson

Holdings

plc

$

572

43,299

(a)

Crocs,

Inc

6,319

2,096,983

Crompton

Greaves

Consumer

Electricals

Ltd

10,181

94,900

Cury

Construtora

e

Incorporadora

S.A.

350

230,500

Cyrela

Brazil

Realty

S.A.

777

4,872

Danya

Cebus

Ltd

94

16,314

(a)

Deckers

Outdoor

Corp

15,791

60,139

De'Longhi

S.p.A.

1,882

7,817

Delta

Galil

Ltd

328

28,602

Descente

Ltd

601

13,248

DI

Dong

Il

Corp

275

92,700

Direcional

Engenharia

S.A.

441

24,685

Dixon

Technologies

India

Ltd

3,540

319,227

DR

Horton,

Inc

44,989

457,878

Dr.

Martens

PLC

433

1,356,869

Eclat

Textile

Co

Ltd

22,107

21,600

Ecovacs

Robotics

Co

Ltd

140

1,296

(a)

Einhell

Germany

AG.

260

8,296

(a)

Electra

Consumer

Products

1970

Ltd

165

173,384

Electrolux

AB

1,432

537,966

(b)

Ermenegildo

Zegna

NV

6,370

37,257

ES-Con

Japan

Ltd

246

93,600

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

217

10,153

F&F

Co

Ltd

458

2,255,451

Feng

TAY

Enterprise

Co

Ltd

10,753

58,442

(b)

Ferretti

S.p.A

174

24,654

(a),(d)

FF

Group

0

^

24,000

(b)

Fields

Corp

257

30,664

Fila

Holdings

Corp

890

548,000

Formosa

Taffeta

Co

Ltd

380

339,999

(a),(d)

Fuguiniao

Co

Ltd

0

^

50,021

Fujitsu

General

Ltd

649

110,000

Fulgent

Sun

International

Holding

Co

Ltd

417

66,000

Fusheng

Precision

Co

Ltd

578

25,813

Games

Workshop

Group

plc

3,477

53,581

(a)

Garmin

Ltd

8,729

8,937

Garware

Technical

Fibres

Ltd

411

233,000

Giant

Manufacturing

Co

Ltd

1,522

130,353

Gildan

Activewear,

Inc

4,944

34,721

(a),(c)

Glenveagh

Properties

plc

47

1,257,229

(a),(c)

Glenveagh

Properties

plc

(London)

1,750

1,077,376

GN

Store

Nord

30,014

35,591

Gokaldas

Exports

Ltd

401

736,000

(a),(b)

Golden

Solar

New

Energy

Technology

Holdings

Ltd

346

17,247

Goldwin,

Inc

945

3,002

GOLFZON

Co

Ltd

168

75,700

Gree

Electric

Appliances,

Inc

of

Zhuhai

408

241,300

Grendene

S.A.

249

413,800

(a)

GRUPO

DE

MODA

SOMA

S.A.

454

10,718

Gunze

Ltd

384

143,507

Haier

Smart

Home

Co

Ltd

559

1,022,201

Haier

Smart

Home

Co

Ltd

3,407

16,360

(a)

Hamilton

Beach

Brands

Holding

Co

281

55,500

Hang

Zhou

Great

Star

Industrial

Co

Ltd

188

27,705

Hangzhou

Robam

Appliances

Co

Ltd

84

12,552

Hansae

Co

Ltd

183

17,494

Hanssem

Co

Ltd

773

10,203

(a)

Harvia

Oyj

401

163,025

Hasbro,

Inc

9,537

195,272

Haseko

Corp

2,163

17,708

Hermes

International

40,899

59,300

(a)

Hisense

Home

Appliances

Group

Co

Ltd

263

37

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

331,000

Hisense

Kelon

Electrical

Holdings

Co

Ltd

$

1,087

88,100

Hisense

Visual

Technology

Co

Ltd

300

466,000

(a),(d)

HOSA

International

Ltd

1

149,616

(b)

Hugo

Boss

AG.

6,727

94,400

Iida

Group

Holdings

Co

Ltd

1,247

75,375

Indo

Count

Industries

Ltd

352

121,150

Installed

Building

Products,

Inc

24,918

35,010

Japan

Wool

Textile

Co

Ltd

297

23,484

Jason

Furniture

Hangzhou

Co

Ltd

104

48,066

(b)

JM

AB

896

856,000

JNBY

Design

Ltd

1,663

70,000

Johnson

Health

Tech

Co

Ltd

191

1,155,500

(c)

JS

Global

Lifestyle

Co

Ltd

227

118,400

JVC

KENWOOD

Holdings,

Inc

686

229,513

Kalyan

Jewellers

India

Ltd

1,377

8,660

Kaufman

&

Broad

S.A.

238

360,896

Kering

131,274

828,000

(a)

Kinpo

Electronics

456

6,700

Ki-Star

Real

Estate

Co

Ltd

147

38,000

KMC

Kuei

Meng

International,

Inc

164

71,830

Kontoor

Brands,

Inc

4,752

73,551

KPR

Mill

Ltd

778

45,018

LA

Opala

RG

Ltd

173

84,930

(a)

Landsea

Homes

Corp

780

176,840

Lennar

Corp

(Class

A)

26,503

8,927

Lennar

Corp

(Class

B)

1,245

167,591

Levi

Strauss

&

Co

3,231

43,647

LG

Electronics,

Inc

3,498

993,121

Li

Ning

Co

Ltd

2,140

35,380

(a)

Lovesac

Co

799

917

LPP

S.A.

3,889

193,227

(a)

Lululemon

Athletica,

Inc

57,717

375,812

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

288,545

178,000

Makalot

Industrial

Co

Ltd

2,306

1,290,984

Man

Wah

Holdings

Ltd

886

6,442

(a),(d)

Mariella

Burani

S.p.A.

0

^

28,747

Marimekko

Oyj

439

255,701

(a)

Mattel,

Inc

4,158

2,176,192

(c)

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

8,463

41,648

Maytronics

Ltd

155

171,000

Merida

Industry

Co

Ltd

1,140

147,881

Merry

Electronics

Co

Ltd

628

185,900

Midea

Group

Co

Ltd

1,648

56,954

MIPS

AB

2,235

14,100

Mizuno

Corp

694

38,573

(a)

Mohawk

Industries,

Inc

4,381

1,541,808

Moncler

S.p.A

94,580

325,700

(a)

MRV

Engenharia

e

Participacoes

S.A.

389

5,800

Nagawa

Co

Ltd

297

19,486

(c)

Neinor

Homes

S.A.

261

71,678

(b)

New

Wave

Group

AB

738

242,829

Newell

Rubbermaid,

Inc

1,557

136,448

Nien

Made

Enterprise

Co

Ltd

1,639

1,434,935

Nike,

Inc

(Class

B)

108,151

232,300

(b)

Nikon

Corp

2,357

10,782

(a)

NVR,

Inc

81,820

1,644,166

(a),(b)

On

Holding

AG.

63,794

85,300

Onward

Kashiyama

Co

Ltd

331

56,300

Open

House

Group

Co

Ltd

1,730

20,832

Oppein

Home

Group,

Inc

153

126,391

Orient

Electric

Ltd

409

531,376

(b),(c)

OVS

S.p.A

1,411

CREF

Stock

Account

June

30,

2024

38

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,665

Page

Industries

Ltd

$

2,184

477,859

Panasonic

Corp

3,928

2,789

Pandora

A.S.

420

17,691

PDS

Ltd

117

402,000

(a),(d)

Peace

Mark

Holdings

Ltd

0

^

247,935

(a),(b)

Peloton

Interactive,

Inc

838

20,656

(a),(d)

PIK

Group

(GDR)

0

^

39,144

(b)

Polaris

Industries,

Inc

3,065

1,844,006

Pou

Chen

Corp

1,986

6,861,553

PRADA

S.p.A

51,129

22,485

Pressance

Corp

274

314,702

Pulte

Homes,

Inc

34,649

3,932

(b)

Puma

AG.

Rudolf

Dassler

Sport

181

428,000

(b)

Q

Technology

Group

Co

Ltd

225

44,000

Quang

Viet

Enterprise

Co

Ltd

154

50,297

Rajesh

Exports

Ltd

170

16,010

Ralph

Lauren

Corp

2,803

25,195

Raymond

Ltd

882

204,512

Redrow

plc

1,724

93,101

Relaxo

Footwears

Ltd

923

77,700

Rinnai

Corp

1,772

7,260

Rocky

Brands,

Inc

268

9,500

(b)

Roland

Corp

241

499,027

Ruentex

Industries

Ltd

1,048

13,628

Safari

Industries

India

Ltd

333

208,136

(a),(b)

Safilo

Group

S.p.A.

224

50,013

(b)

Salvatore

Ferragamo

S.p.A

425

164,724

Sangetsu

Co

Ltd

3,059

163,000

Sankyo

Co

Ltd

1,772

9,954

Sanlorenzo

S.p.A

412

24,866

SEB

S.A.

2,552

123,200

Sega

Sammy

Holdings,

Inc

1,830

20,900

Seiko

Holdings

Corp

640

293,200

Sekisui

Chemical

Co

Ltd

4,070

1,207,423

Sekisui

House

Ltd

26,835

188,500

(b)

Sharp

Corp

1,091

30,636

(a)

Sheela

Foam

Ltd

336

712,938

Shenzhou

International

Group

Holdings

Ltd

6,964

60,899

Shimano,

Inc

9,412

300,600

Sichuan

Changhong

Electric

Co

Ltd

185

46,700

(a)

Skechers

U.S.A.,

Inc

(Class

A)

3,228

1,037,504

Skyworth

Group

Ltd

409

218,330

(a)

Sonos,

Inc

3,223

2,986,407

Sony

Corp

254,505

90,716

(b),(c)

Spin

Master

Corp

1,869

428,500

Stella

International

Holdings

Ltd

869

532,974

Steven

Madden

Ltd

22,545

121,197

(b)

Sumitomo

Forestry

Co

Ltd

3,885

13,680

(a)

Superior

Uniform

Group,

Inc

259

86,328

Swan

Energy

Ltd

607

1,276

Swatch

Group

AG.

261

182,942

Symphony

Ltd

2,576

1,003,000

Tainan

Spinning

Co

Ltd

533

175,000

Taiwan

Paiho

Ltd

345

13,700

(b)

Tama

Home

Co

Ltd

335

29,600

Tamron

Co

Ltd

769

127,228

Tapestry,

Inc

5,444

279,100

(a)

Taylor

Morrison

Home

Corp

15,473

18,719,672

Taylor

Wimpey

plc

33,522

3,032,000

TCL

Electronics

Holdings

Ltd

2,450

105,233

(c)

Technogym

S.p.A

1,082

121,520

Tempur

Sealy

International,

Inc

5,753

39

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,348,000

Texhong

International

Group

Ltd

$

754

83,654

(c)

Thule

Group

AB

2,185

291,662

Titan

Co

Ltd

11,886

5,490

Token

Corp

406

75,741

Toll

Brothers,

Inc

8,724

66,101

Tomy

Co

Ltd

1,304

49,328

(a)

TopBuild

Corp

19,005

41,000

Topkey

Corp

253

521,050

(a),(b)

Traeger,

Inc

1,251

493,860

(a)

Tri

Pointe

Homes,

Inc

18,396

1,051,807

Trident

Ltd

479

44,648

TTK

Prestige

Ltd

421

1,071,192

(a)

Under

Armour,

Inc

(Class

C)

6,995

114,543

(a),(b)

Universal

Entertainment

Corp

1,122

47,259

Vaibhav

Global

Ltd

174

82,419

Vardhman

Textiles

Ltd

474

37,252

(a)

Vedant

Fashions

Ltd

469

323,152

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

212

125,384

Vestel

Elektronik

Sanayi

ve

Ticaret

AS.

302

52,655

VIP

Industries

Ltd

306

3,168,000

(a)

Viva

Goods

Company

Ltd

279

100,900

Vivara

Participacoes

S.A.

378

74,700

Vulcabras

Azaleia

S.A.

198

33,213

Wacoal

Holdings

Corp

931

170,540

Welspun

India

Ltd

314

531,728

Whirlpool

Corp

54,343

49,893

Whirlpool

of

India

Ltd

1,195

1,053,500

Xtep

International

Holdings

Ltd

647

702,000

Yamaha

Corp

16,499

374,236

(a)

YETI

Holdings,

Inc

14,277

107,409

(b)

YIT

Oyj

259

45,300

Yonex

Co

Ltd

550

17,645

Youngone

Corp

445

4,197

Youngone

Holdings

Co

Ltd

251

651,500

Yue

Yuen

Industrial

Holdings

1,255

15,813

Zhejiang

Supor

Co

Ltd

109

29,400

(b)

Zojirushi

Corp

283

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,216,028

CONSUMER

SERVICES

-

2.5%

283,912

888

Holdings

plc

301

324,577

(c)

AcadeMedia

AB

1,583

794,447

Accor

S.A.

32,508

188,424

ADT,

Inc

1,432

277,639

(a)

Airbnb,

Inc

42,098

6,789

Alamar

Foods

143

1,746,438

Alsea

SAB

de

C.V.

6,071

920,080

Amadeus

IT

Holding

S.A.

61,226

109,000

Ambassador

Hotel

244

2,549,196

Americana

Restaurants

International

plc

2,216

69,300

(a)

AmRest

Holdings

SE

423

47,786

(a)

Ananti,

Inc

193

377,682

Aramark

12,849

8,812,494

(e)

Arcos

Dorados

Holdings,

Inc

79,312

468,013

Aristocrat

Leisure

Ltd

15,499

5,172,368

Asset

World

Corp

PCL

489

16,650

Ataa

Educational

Co

272

93,700

(a),(b)

Atom

Corp

421

249,730

(a),(b)

Auction

Technology

Group

plc

1,582

29,000

Bafang

Yunji

International

Co

Ltd

145

42,995

(a),(b),(c)

Basic-Fit

NV

926

787,921

Berjaya

Sports

Toto

BHD

259

CREF

Stock

Account

June

30,

2024

40

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,924,900

(a)

Bloomberry

Resorts

Corp

$

475

105,063

Booking

Holdings,

Inc

416,207

570,958

Boyd

Gaming

Corp

31,460

41,907

(a)

Bright

Horizons

Family

Solutions,

Inc

4,613

287,124

(a)

Brinker

International,

Inc

20,785

928,000

Cafe

de

Coral

Holdings

Ltd

957

3,728,038

(a)

Carnival

Corp

69,789

518,097

(a)

Carnival

plc

8,902

35,109

(a)

Cava

Group,

Inc

3,256

377,500

Central

Plaza

Hotel

PCL

408

65,027

(a)

Chalet

Hotels

Ltd

626

75,300

Cheesecake

Factory

2,959

144,000

(b)

China

Chunlai

Education

Group

Co

Ltd

83

491,000

(b),(c)

China

East

Education

Holdings

Ltd

142

4,748,200

China

Education

Group

Holdings

Ltd

2,732

3,699,000

(c)

China

New

Higher

Education

Group

Ltd

955

1,836,000

China

Travel

International

Inv

HK

272

3,169,794

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

198,588

37,960

(b)

Choice

Hotels

International,

Inc

4,517

19,970

(a)

Chuy's

Holdings,

Inc

518

31,615

Cie

des

Alpes

460

1,569,900

(a)

Cogna

Educacao

S.A.

497

2,007,070

Collins

Foods

Ltd

12,107

57,700

(b)

Colowide

Co

Ltd

719

2,374,238

Compass

Group

plc

64,682

100,886

Corporate

Travel

Management

Ltd

888

95,600

(b)

Create

Restaurants

Holdings,

Inc

655

30,200

Curves

Holdings

Co

Ltd

147

598,820

Dalata

Hotel

Group

plc

2,552

746,115

(a),(c)

Deliveroo

plc

1,235

185,636

(a),(b),(c)

Delivery

Hero

SE

4,410

283,660

(a)

Despegar.com

Corp

3,753

248,061

(a)

Devyani

International

Ltd

489

54,846

Domino's

Pizza

Enterprises

Ltd

1,309

281,500

Domino's

Pizza

Group

plc

1,091

100,453

(a)

DoorDash,

Inc

10,927

8,520

DoubleUGames

Co

Ltd

284

24,618

(b)

Doutor

Nichires

Holdings

Co

Ltd

343

23,200

(a)

DPC

Dash

Ltd

191

1,229,476

(a)

DraftKings,

Inc

46,929

34,200

(a)

Duolingo,

Inc

7,137

322,000

(a),(b),(c)

East

Buy

Holding

Ltd

519

229,289

Easy

Trip

Planners

Ltd

113

167,759

(a)

eDreams

ODIGEO

S.A.

1,168

157,036

EIH

Ltd

807

65,083

(a),(b),(c)

Elior

Group

S.A.

185

5,197

(a),(b),(d)

Empire

Resorts,

Inc

0

^

621,946

Entain

plc

4,932

2,018,200

Erawan

Group

PCL

244

1,482,700

(a)

Everi

Holdings,

Inc

12,455

365,476

(c)

Evolution

AB

38,042

456,732

(a)

Expedia

Group,

Inc

57,544

5,796

(a)

Fattal

Holdings

1998

Ltd

594

605,000

(a)

Fenbi

Ltd

322

137,440

(b)

Flight

Centre

Travel

Group

Ltd

1,846

634,535

(a)

Flutter

Entertainment

plc

115,421

87,093

Food

&

Life

Cos

Ltd

1,412

52,000

Formosa

International

Hotels

Corp

335

507,860

(a)

Frontdoor,

Inc

17,161

1,149,000

Fu

Shou

Yuan

International

Group

Ltd

718

18,499

Fuji

Kyuko

Co

Ltd

369

5,400

(a),(b)

Fujio

Food

Group,

Inc

48

41

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

701,323

G8

Education

Ltd

$

554

1,847,608

Galaxy

Entertainment

Group

Ltd

8,599

1,867,997

Genting

BHD

1,863

2,486,681

Genting

Malaysia

BHD

1,342

5,068,612

Genting

Singapore

Ltd

3,222

79,600

(a)

Global

Business

Travel

Group

I

525

40,500

Golden

Entertainment,

Inc

1,260

46,000

Gourmet

Master

Co

Ltd

122

21,680

(a)

Grand

Canyon

Education,

Inc

3,033

28,765

Grand

Korea

Leisure

Co

Ltd

265

340,732

Greggs

plc

11,940

33,500

(a),(b)

GSX

Techedu,

Inc

(ADR)

164

241,663

H&R

Block,

Inc

13,105

2,837,000

(a),(b),(c)

Haichang

Ocean

Park

Holdings

Ltd

254

1,506,776

(c)

Haidilao

International

Holding

Ltd

2,706

10,172

Hana

Tour

Service,

Inc

431

42,789

Heiwa

Corp

551

370,500

(b)

Helens

International

Holdings

Co

ltd

106

21,523

Herfy

Food

Services

Co

164

19,537

Hiday

Hidaka

Corp

365

526,979

Hilton

Worldwide

Holdings,

Inc

114,987

42,628

(a),(b)

HIS

Co

Ltd

430

94,583

Hollywood

Bowl

Group

plc

366

233,000

Huangshan

Tourism

Development

Co

Ltd

165

86,937

Huazhu

Group

Ltd

(ADR)

2,897

259,252

Humansoft

Holding

Co

KSC

2,272

226,000

Ichibanya

Co

Ltd

1,557

263,208

(b)

IDP

Education

Ltd

2,649

745,006

Indian

Hotels

Co

Ltd

5,573

157,551

InterContinental

Hotels

Group

plc

16,555

822,384

International

Game

Technology

plc

16,826

543,886

(a)

Intralot

S.A.-Integrated

Lottery

Systems

&

Services

682

79,540

(a)

Jahez

International

Co

588

724,000

(b),(c)

Jiumaojiu

International

Holdings

Ltd

374

387,213

Jollibee

Foods

Corp

1,491

294,987

Jubilant

Foodworks

Ltd

1,989

44,505

Jumbo

Interactive

Ltd

511

10,753

(a)

Juniper

Hotels

Ltd

54

306,576

(a),(c)

Just

Eat

Takeaway.com

NV

3,664

54,380

Kangwon

Land,

Inc

547

13,270

Kappa

Create

Co

Ltd

142

12,400

Kentucky

Fried

Chicken

Japan

Ltd

500

173,253

Kindred

Group

plc

2,060

18,500

(b)

Kisoji

Co

Ltd

299

38,000

KOMEDA

Holdings

Co

Ltd

643

41,094

Koshidaka

Holdings

Co

Ltd

221

17,804

Kura

Sushi,

Inc

449

600

Kustur

Kusadasi

Tur.

End.

AS.

127

51,766

Kyoritsu

Maintenance

Co

Ltd

970

104,893

(c)

La

Francaise

des

Jeux

SAEM

3,573

2,118,250

Las

Vegas

Sands

Corp

93,733

1,028,743

Laureate

Education,

Inc

15,369

20,066

Leejam

Sports

Co

JSC

1,216

279,607

(a),(c)

Lemon

Tree

Hotels

Ltd

482

286,190

(a)

Life

Time

Group

Holdings,

Inc

5,389

52,500

(a)

Lincoln

Educational

Services

Corp

623

28,880

(a)

Lindblad

Expeditions

Holdings,

Inc

279

15,500

LITALICO,

Inc

168

39,682

(a)

Lotte

Tour

Development

Co

Ltd

278

1,883,669

Lottery

Corp

Ltd

6,349

73,788

Lottomatica

Group

Spa

892

61,000

Lung

Yen

Life

Service

Corp

97

CREF

Stock

Account

June

30,

2024

42

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

68,987

(a)

Mahindra

Holidays

&

Resorts

India

Ltd

$

376

162,996

Marriott

International,

Inc

(Class

A)

39,408

7,200

Matsuyafoods

Holdings

Co

Ltd

268

1,546,877

McDonald's

Corp

394,206

17,305

McDonald's

Holdings

Co

Japan

Ltd

683

151,586

Me

Group

International

plc

328

5,998

MegaStudyEdu

Co

Ltd

245

5,120,333

(a),(c)

Meituan

72,782

3,981,635

(a)

Melco

Crown

Entertainment

Ltd

(ADR)

29,703

537,817

(a)

Melco

International

Development

361

428,072

(a)

MGM

Resorts

International

19,024

2,813,600

Minor

International

PCL

2,294

192,553

(a)

Mitchells

&

Butlers

plc

696

610,200

MK

Restaurants

Group

PCL

502

25,002

(b)

Monogatari

Corp

528

16,000

MOS

Food

Services,

Inc

360

15,686

MTY

Food

Group,

Inc

515

14,121

National

Co

for

Learning

&

Education

601

430,500

(a),(b)

Nayuki

Holdings

Ltd

114

560,590

(a),(b)

Nerdy,

Inc

936

1,277,940

(a)

New

Oriental

Education

&

Technology

Group,

Inc

9,822

61,234

NIIT

Learning

Systems

Ltd

326

48,900

Ohsho

Food

Service

Corp

2,628

415,920

(a)

OneSpaWorld

Holdings

Ltd

6,393

151,223

OPAP

S.A.

2,371

2,641,566

Oriental

Land

Co

Ltd

73,816

41,856

Paradise

Co

Ltd

427

26,171

(b)

Park

Lawn

Corp

498

21,116

Pearson

plc

264

125,019

(a),(b)

Pierre

&

Vacances

169

62,402

(a)

Planet

Fitness,

Inc

4,592

16,080

(a)

PlayAGS,

Inc

185

319,499

(a)

Playtech

PLC

1,878

11,836

(b)

Pollard

Banknote

Ltd

242

121,480

(a)

Potbelly

Corp

975

139,854

(a)

Rank

Group

plc

119

703,900

Resorttrust,

Inc

10,457

276,062

(a)

Restaurant

Brands

Asia

Ltd

328

256,715

(b)

Restaurant

Brands

International,

Inc

18,089

1,036,920

(b)

Restaurant

Brands

International,

Inc

72,968

18,600

(b)

Ringer

Hut

Co

Ltd

264

143,483

Round

One

Corp

738

329,430

(a)

Royal

Caribbean

Cruises

Ltd

52,521

25,700

(b)

Royal

Holdings

Co

Ltd

407

1,430,070

(a)

Rush

Street

Interactive,

Inc

13,714

810,900

(a),(b)

Sabre

Corp

2,165

23,000

Saizeriya

Co

Ltd

785

9,709,167

(a)

Sands

China

Ltd

20,188

24,963

(a)

Sapphire

Foods

India

Ltd

469

106,382

(a),(b),(c)

Scandic

Hotels

Group

AB

644

121,591

(a)

Seera

Group

Holding

825

104,721

Service

Corp

International

7,449

296,724

(a)

Shake

Shack,

Inc

26,705

34,739

(a)

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

110

1,034,000

Shangri-La

Asia

Ltd

711

192,900

SISB

PCL

191

2,107,000

(a),(b)

SJM

Holdings

Ltd

714

29,143

SkiStar

AB

406

188,182

Skylark

Holdings

Co

Ltd

2,507

220,500

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

852

86,789

Sodexho

Alliance

S.A.

7,818

87,043

(a)

Sol

Melia

S.A.

715

43

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

79,814

Songcheng

Performance

Development

Co

Ltd

$

88

621,691

SSP

Group

PLC

1,158

2,032,901

(a)

Star

Entertainment

Grp

Ltd

663

3,136,340

Starbucks

Corp

244,164

128,910

(b)

Strategic

Education,

Inc

14,265

28,860

(a)

Stride,

Inc

2,035

296,200

(a)

Super

Group

SGHC

Ltd

957

149,000

(a),(b)

Super

Hi

International

Holding

Ltd

278

426,970

(a)

Sweetgreen,

Inc

12,869

219,471

Taaleem

Holdings

PJSC

224

40,578

(a)

TAB

Gida

Sanayi

Ve

Ticaret

AS.

260

9,657,192

TABCORP

Holdings

Ltd

4,481

376,947

(a)

TAL

Education

Group

(ADR)

4,022

96,662

Texas

Roadhouse,

Inc

(Class

A)

16,598

100,588

Thomas

Cook

India

Ltd

291

1,085,000

Tianli

Education

International

Holdings

Ltd

622

13,385

(b)

Tokyotokeiba

Co

Ltd

338

526,820

Tongcheng

Travel

Holdings

Ltd

1,045

37,959

Toridoll

Holdings

Corp

875

358,166

(a),(c)

Trainline

plc

1,423

895,219

Travelsky

Technology

Ltd

1,047

464,550

(a)

Trip.com

Group

Ltd

21,985

1,132,101

(a)

TUI

AG.

8,003

462,211

(a),(b)

Webjet

Ltd

2,754

121,090

Wendy's

Co

2,054

51,621

Westlife

Foodworld

Ltd

519

64,497

(a)

Wetherspoon

(J.D.)

plc

597

177,974

Whitbread

plc

6,679

23,381

Wingstop,

Inc

9,882

7,954

Wonderla

Holidays

Ltd

87

56,075

Wowprime

Corp

413

183,499

Wyndham

Hotels

&

Resorts,

Inc

13,579

41,684,600

(b)

Wynn

Macau

Ltd

34,081

8,410

Wynn

Resorts

Ltd

753

217,700

YDUQS

Participacoes

S.A.

405

53,419

(b)

Yoshinoya

D&C

Co

Ltd

1,019

16,727

Young

&

Co's

Brewery

plc

207

187,035

Yum

China

Holdings,

Inc

5,768

28,530

Yum!

Brands,

Inc

3,779

81,000

Zensho

Co

Ltd

3,088

5,596,415

(a)

Zomato

Ltd

13,430

TOTAL

CONSUMER

SERVICES

3,150,243

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.6%

1,852,839

Abdullah

Al

Othaim

Markets

Co

5,606

516,813

Aeon

Co

Ltd

11,061

27,600

Aeon

Hokkaido

Corp

156

22,483

Ain

Holdings,

Inc

838

76,556

Al

Meera

Consumer

Goods

Co

QSC

303

63,790

Albertsons

Cos,

Inc

1,260

27,877

Al-Dawaa

Medical

Services

Co

648

2,255,829

(a),(b)

Alibaba

Health

Information

Technology

Ltd

901

1,793,237

Alimentation

Couche-Tard,

Inc

100,630

12,676,391

(a)

Almacenes

Exito

S.A.

26,078

13,472

Almunajem

Foods

Co

375

33,079

Arcs

Co

Ltd

599

3,667,462

(a)

Atacadao

S.A.

5,918

139,822

(a),(c)

Avenue

Supermarts

Ltd

7,909

304,210

Axfood

AB

7,974

44,220

Axial

Retailing,

Inc

282

8,300

Belc

Co

Ltd

393

6,604

BGF

retail

Co

Ltd

494

CREF

Stock

Account

June

30,

2024

44

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

287,738

Bid

Corp

Ltd

$

6,719

388,905

BIM

Birlesik

Magazalar

AS

6,491

184,760

BinDawood

Holding

Co

364

13,438

Carrefour

S.A.

190

27,100

Casey's

General

Stores,

Inc

10,340

6,151

Cawachi

Ltd

113

1,127,556

Cencosud

S.A.

2,127

63,567

(a)

Chefs'

Warehouse,

Inc

2,486

333,400

(a),(d)

Chongqing

Hongjiu

Fruit

Co

Ltd

56

30,099,494

(a),(e)

Cia

Brasileira

de

Distribuicao

14,538

194,079

Clicks

Group

Ltd

3,694

1,053,020

Coles

Group

Ltd

11,929

142,150

Colruyt

S.A.

6,787

16,200

Cosmos

Pharmaceutical

Corp

1,306

807,582

Costco

Wholesale

Corp

686,437

2,421,916

CP

ALL

plc

3,613

1,536,700

CP

Axtra

PCL

1,138

20,900

Create

SD

Holdings

Co

Ltd

470

38,800

(a),(b)

Dada

Nexus

Ltd

(ADR)

49

4,418

Daikokutenbussan

Co

Ltd

235

60,041

DaShenLin

Pharmaceutical

Group

Co

Ltd

118

20,075

(a),(c)

Dino

Polska

S.A.

2,023

309,644

(b),(c)

Dis-Chem

Pharmacies

Ltd

573

16,397,216

(a)

Distribuidora

Internacional

de

Alimentacion

S.A.

216

9,669

(a),(b)

DocMorris

AG.

572

539,299

Dollar

General

Corp

71,312

30,720

Dongsuh

Cos,

Inc

427

14,636

E-MART,

Inc

599

119,325

Empire

Co

Ltd

3,050

320,819

Endeavour

Group

Ltd

1,076

53,148

(a)

Eurocash

S.A.

173

19,900

Fuji

Co

Ltd

250

12,400

G-7

Holdings,

Inc

128

13,400

Genky

DrugStores

Co

Ltd

241

51,589

George

Weston

Ltd

7,421

163,506

GrainCorp

Ltd-A

964

47,642

Great

Tree

Pharmacy

Co

Ltd

362

70,319

(a)

Grocery

Outlet

Holding

Corp

1,555

421,200

Grupo

Mateus

S.A.

522

34,485

GS

Retail

Co

Ltd

521

6,100

Halows

Co

Ltd

170

71,125

Hankyu

Department

Stores,

Inc

1,054

21,858

Heiwado

Co

Ltd

329

119,724

(a)

HelloFresh

SE

578

10,940

Ingles

Markets,

Inc

(Class

A)

751

2,770

Itochu-Shokuhin

Co

Ltd

122

50,415

J

Sainsbury

plc

162

466,050

(a),(c)

JD

Health

International,

Inc

1,264

1,628,299

Jeronimo

Martins

SGPS

S.A.

31,823

16,723

Kato

Sangyo

Co

Ltd

448

3,249

Kesko

Oyj

(B

Shares)

57

31,800

Kobe

Bussan

Co

Ltd

708

28,207

Koninklijke

Ahold

Delhaize

NV

830

41,502

Kusuri

no

Aoki

Holdings

Co

Ltd

782

223,400

(b)

La

Comer

SAB

de

C.V.

435

17,596

Life

Corp

431

132,635

Loblaw

Cos

Ltd

15,386

11,776

M

Yochananof

&

Sons

Ltd

544

15,997

(a)

Maplebear,

Inc

514

1,553,186

Marks

&

Spencer

Group

plc

5,616

23,973

MARR

S.p.A.

312

289,000

Matsumotokiyoshi

Holdings

Co

Ltd

4,150

45

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

29,400

Maxvalu

Tokai

Co

Ltd

$

569

40,870

(a)

Medplus

Health

Services

Ltd

334

720,958

Metcash

Ltd

1,697

95,825

METRO

AG.

434

194,388

Metro,

Inc

10,769

5,014,800

Midi

Utama

Indonesia

Tbk

PT

122

178,128

Migros

Ticaret

AS

2,889

35,434

Nahdi

Medical

Co

1,239

35,903

(b)

North

West

Co,

Inc

1,088

415,774

(a)

Ocado

Group

plc

1,510

782,344

(b)

Olam

Group

Ltd

661

101,200

(a)

Performance

Food

Group

Co

6,690

295,623

(b)

Pick'n

Pay

Stores

Ltd

418

401,200

(a),(b),(c)

Ping

An

Healthcare

and

Technology

Co

Ltd

588

507,195

President

Chain

Store

Corp

4,275

740,700

Puregold

Price

Club,

Inc

306

1,068,024

Raia

Drogasil

S.A.

4,906

6,203

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006

Ltd

326

12,054

(a),(c)

Redcare

Pharmacy

NV

1,470

17,112

Retail

Partners

Co

Ltd

186

726,550

Robinsons

Retail

Holdings,

Inc

435

41,441

Ryoshoku

Ltd

1,411

15,000

San-A

Co

Ltd

472

19,212,892

Sendas

Distribuidora

S.A.

35,538

4,964,492

Seven

&

I

Holdings

Co

Ltd

60,667

1,766,910

Sheng

Siong

Group

Ltd

1,942

274,000

Shenzhen

Pagoda

Industrial

Group

Corp

Ltd

87

9,911

(b)

Shoei

Foods

Corp

288

209,057

Shoprite

Holdings

Ltd

3,278

684,852

Shufersal

Ltd

4,468

197,600

(a),(b)

Sipai

Health

Technology

Co

Ltd

158

18,254

Sligro

Food

Group

NV

253

2,263,019

SMU

S.A.

397

1,898,872

Sok

Marketler

Ticaret

AS.

3,658

1,414,536

Sonae

SPGS

S.A.

1,324

142,134

(b)

SPAR

Group

Ltd

925

114,510

SpartanNash

Co

2,148

83,388

Sugi

Pharmacy

Co

Ltd

1,146

16,426,300

Sumber

Alfaria

Trijaya

Tbk

PT

2,759

1,609,000

Sun

Art

Retail

Group

Ltd

306

402,200

Sundrug

Co

Ltd

10,147

28,622

Target

Corp

4,237

24,209,228

Tesco

plc

93,515

28,900

Tsuruha

Holdings,

Inc

1,643

248,416

(a)

United

Natural

Foods,

Inc

3,254

41,650

(b)

United

Super

Markets

Holdings,

Inc

227

117,070

(a)

US

Foods

Holding

Corp

6,202

24,194

Valor

Co

Ltd

371

269,335

(b)

Walgreens

Boots

Alliance,

Inc

3,258

4,335,636

Wal-Mart

de

Mexico

SAB

de

C.V.

14,755

9,699,247

Walmart,

Inc

656,736

101,660

Weis

Markets,

Inc

6,381

69,300

Welcia

Holdings

Co

Ltd

864

985,248

Woolworths

Ltd

22,121

13,100

Yaoko

Co

Ltd

794

67,130

Yifeng

Pharmacy

Chain

Co

Ltd

226

32,200

Yokohama

Reito

Co

Ltd

211

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

2,076,155

ENERGY

-

4.6%

177,743

3R

PETROLEUM

OLEO

E

GAS

S.A.

874

15,297,861

Adaro

Energy

Indonesia

Tbk

PT

2,606

CREF

Stock

Account

June

30,

2024

46

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

369,951

(a)

Ades

Holding

Co

$

1,984

124,463

(a)

Advantage

Energy

Ltd

944

111,057

Aegis

Logistics

Ltd

1,160

277,800

(b)

Africa

Oil

Corp

495

995,915

Aker

BP

ASA

25,448

882,335

Aker

Solutions

ASA

3,656

6,406,200

AKR

Corporindo

Tbk

PT

634

39,861

Aldrees

Petroleum

and

Transport

Services

Co

1,298

200,392

Ampol

Ltd

4,310

245,192

Antero

Midstream

Corp

3,614

513,721

(b)

ARC

Resources

Ltd

9,166

871,580

Archrock,

Inc

17,623

302,690

Ardmore

Shipping

Corp

6,820

456,940

(a)

Athabasca

Oil

Corp

1,730

611,524

(b)

Atlas

Energy

Solutions,

Inc

12,188

14,134

(c)

Avance

Gas

Holding

Ltd

226

1,842,708

Baker

Hughes

Co

64,808

768,900

Bangchak

Corp

PCL

784

188,300

Bangchak

Sriracha

PCL

(Foreign)

47

6,647,200

Banpu

PCL

(Foreign)

889

591,271

Baytex

Energy

Corp

2,049

1,244,923

Beach

Petroleum

Ltd

1,231

689,387

Bharat

Petroleum

Corp

Ltd

2,513

689,387

Bharat

Petroleum

Corp

Ltd

2,508

224,840

(b)

Birchcliff

Energy

Ltd

988

18,743

(a)

BLUENORD

ASA

966

162,145

Borr

Drilling

Ltd

1,039

315,779

(a)

Boss

Energy

Ltd

866

41,395,001

BP

plc

249,230

4,650,000

(a),(d)

Brightoil

Petroleum

Holdings

Ltd

6

29,540

(a)

Bristow

Group,

Inc

990

2,542,000

(a)

Bumi

Armada

Bhd

301

44,109,300

(a)

Bumi

Resources

Minerals

Tbk

PT

393

11,079

(a)

BW

Energy

Ltd

32

70,456

(c)

BW

LPG

Ltd

1,309

75,097

BW

Offshore

Ltd

216

1,206,501

Cameco

Corp

59,362

133,229

Cameco

Corp

6,555

1,959,832

Canadian

Natural

Resources

Ltd

69,809

1,023,443

(b)

Cardinal

Energy

Ltd

5,012

1,197,877

Cenovus

Energy,

Inc

(Toronto)

23,545

193,250

(b)

CES

Energy

Solutions

Corp

1,088

2,145,000

(b)

CGN

Mining

Co

Ltd

715

629,952

ChampionX

Corp

20,921

435,968

Cheniere

Energy,

Inc

76,220

139,566

Chennai

Petroleum

Corp

Ltd

1,640

2,070,524

Chevron

Corp

323,871

2,253,000

(a)

China

Coal

Energy

Co

2,631

739,900

(a)

China

Merchants

Energy

Shipping

Co

Ltd

860

2,051,122

China

Oilfield

Services

Ltd

1,967

451,276

China

Shenhua

Energy

Co

Ltd

-

A

2,754

3,066,455

China

Shenhua

Energy

Co

Ltd

-

H

14,134

634,000

(b)

China

Shipping

Development

Co

Ltd

822

58,204

Chord

Energy

Corp

9,760

34,500

Civitas

Resources,

Inc

2,381

1,212,800

CNOOC

Energy

Technology

&

Services

Ltd

687

20,050

(a)

CNX

Resources

Corp

487

1,461,909

Coal

India

Ltd

8,283

118

(a),(d),(f)

Cobalt

International

Energy,

Inc

0

^

3,120,805

ConocoPhillips

356,958

57,047

Cool

Co

Ltd

665

982,504

Cosan

SA

Industria

e

Comercio

2,380

47

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

303,093

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

$

651

48,658

Cosmo

Energy

Holdings

Co

Ltd

2,456

833,196

Crescent

Energy

Co

9,873

98,671

(a)

Crew

Energy,

Inc

309

266,000

(b)

Dalipal

Holdings

Ltd

155

41,843

d'Amico

International

Shipping

S.A.

330

4,524,778

Dana

Gas

PJSC

782

580,601

(a)

Deep

Yellow

Ltd

514

7,057

Delek

Group

Ltd

744

570,080

Delek

US

Holdings,

Inc

14,115

1,914,868

(a),(b)

Denison

Mines

Corp

3,835

319,860

DHT

Holdings,

Inc

3,701

2,345,700

Dialog

Group

Bhd

1,187

1,652,641

(a)

Diamond

Offshore

Drilling,

Inc

25,599

1,511,688

Diamondback

Energy,

Inc

302,625

41,952

Diversified

Energy

Co

plc

556

391,964

DNO

International

ASA

410

103,582

(a)

DOF

Group

ASA

937

306,760

(a)

Dril-Quip,

Inc

5,706

9,324,612

(a)

Empire

Energy

Group

Ltd

1,369

361,418

Empresas

COPEC

S.A.

2,784

121,500

(a)

Enauta

Participacoes

S.A.

477

1,820,266

Enbridge,

Inc

64,758

2,431,801

ENEOS

Holdings,

Inc

12,532

95,821

Enerflex

Ltd

517

116,988

Energean

plc

1,458

1,168,600

(a),(d)

Energy

Earth

PCL

0

^

130,671

(a),(b)

Energy

Fuels,

Inc

792

1

Energy

Transfer

LP

0

^

52,286

(a)

Enerplus

Corp

8,767

67,143

ENI

S.p.A.

1,031

1,354,071

EOG

Resources,

Inc

170,437

129,500

EQT

Corp

4,789

1,532,205

Equinor

ASA

43,888

19,295

(a)

Equital

Ltd

551

7,574

(a),(b)

Esso

SA

Francaise

1,335

38,147

Etablissements

Maurel

et

Prom

246

362,560

Excelerate

Energy,

Inc

6,686

116,886

Exxaro

Resources

Ltd

1,152

7,662,025

Exxon

Mobil

Corp

882,052

496,000

(a)

Fission

Uranium

Corp

435

24,805

FLEX

LNG

Ltd

682

1,204,878

(a)

Formosa

Petrochemical

Corp

2,404

97,018

(b)

Freehold

Royalties

Ltd

966

140,715

Frontera

Energy

Corp

838

324,150

Frontline

plc

8,478

13,662

Galp

Energia

SGPS

S.A.

289

27,058

Gaztransport

Et

Technigaz

S.A.

3,540

128,511

(b)

Gibson

Energy,

Inc

2,184

433,610

Golar

LNG

Ltd

13,594

775,290

(b)

Granite

Ridge

Resources,

Inc

4,908

86,207

Great

Eastern

Shipping

Co

Ltd

1,264

36,950

(a)

Green

Plains,

Inc

586

1,120,086

Guanghui

Energy

Co

Ltd

1,030

42,506

Gujarat

Mineral

Development

Corp

Ltd

200

843,123

Gulf

International

Services

QSC

760

40,970

(a)

Gulfport

Energy

Operating

Corp

6,186

428,211

Hafnia

Ltd

3,595

288,500

(a)

Hallador

Energy

Co

2,242

36,827

Halliburton

Co

1,244

3,576,328

Harbour

Energy

plc

14,042

1,609,500

(a)

Harum

Energy

Tbk

PT

112

CREF

Stock

Account

June

30,

2024

48

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,185

HD

Hyundai

Co

Ltd

$

1,088

172,136

(b)

Headwater

Exploration,

Inc

912

207,710

(a)

Helix

Energy

Solutions

Group,

Inc

2,480

164,944

Hellenic

Petroleum

S.A.

1,376

462,497

Hess

Corp

68,228

99,800

HF

Sinclair

Corp

5,323

1,606,140

Hibiscus

Petroleum

Bhd

792

250,663

(a)

Hindustan

Petroleum

Corp

Ltd

998

501,326

Hindustan

Petroleum

Corp

Ltd

1,993

119,172

Hunting

plc

623

764,524

Idemitsu

Kosan

Co

Ltd

4,969

173,509

(b)

Imperial

Oil

Ltd

11,831

2,581,627

Indian

Oil

Corp

Ltd

5,115

1,595,100

Indika

Energy

Tbk

PT

123

869,400

Indo

Tambangraya

Megah

Tbk

PT

1,269

217,200

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

631

1,124,500

Inner

Mongolia

Yitai

Coal

Co

2,020

799,000

(b)

Inpex

Holdings,

Inc

11,734

67,146

(a)

International

Petroleum

Corp

888

210,420

International

Seaways,

Inc

12,442

6,302,686

IRPC

PCL

(Foreign)

281

115,950

Itochu

Enex

Co

Ltd

1,099

35,022

Iwatani

International

Corp

2,040

152,277

Japan

Petroleum

Exploration

Co

6,169

703,000

Jizhong

Energy

Resources

Co

Ltd

648

2,666,933

(a)

John

Wood

Group

plc

6,925

930,377

(a)

Karoon

Energy

Ltd

1,126

3,065,914

(a)

Kelt

Exploration

Ltd

14,276

196,752

Keyera

Corp

5,449

3,922,000

Kinetic

Development

Group

Ltd

568

192,670

Kodiak

Gas

Services,

Inc

5,252

55,241

Koninklijke

Vopak

NV

2,295

1,400,191

Marathon

Oil

Corp

40,143

628,328

Marathon

Petroleum

Corp

109,002

673,801

Matador

Resources

Co

40,159

55,262

(a),(b)

Mattr

Corp

675

5,448,300

Medco

Energi

Internasional

Tbk

PT

443

288,606

(a)

MEG

Energy

Corp

6,175

198,466

(a)

Mermaid

Marine

Australia

Ltd

340

28,000

Mitsuuroko

Co

Ltd

307

31,430

(b)

Modec,

Inc

568

530,071

MOL

Hungarian

Oil

&

Gas

plc

4,136

62,388

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,566

463,750

Murphy

Oil

Corp

19,125

15,422

(a)

Naphtha

Israel

Petroleum

Corp

Ltd

83

13,760

(a)

Natural

Gas

Services

Group,

Inc

277

696,905

Neste

Oil

Oyj

12,436

47,028

(b)

New

Fortress

Energy,

Inc

1,034

414,335

New

Hope

Corp

Ltd

1,342

587,400

(a)

Newpark

Resources,

Inc

4,881

3,697,270

(a),(b)

NexGen

Energy

Ltd

25,783

158,260

(a)

NextDecade

Corp

1,257

238,010

Noble

Corp

plc

10,627

1,479,530

Nordic

American

Tankers

Ltd

5,889

19,889

North

American

Construction

Group

Ltd

384

623,354

Northern

Oil

and

Gas,

Inc

23,170

1,364,295

NOV,

Inc

25,935

128,634

(a)

NuVista

Energy

Ltd

1,337

57,401

(a)

Obsidian

Energy

Ltd

430

38,130

Occidental

Petroleum

Corp

2,403

66,464

Odfjell

Drilling

Ltd

361

756,927

Offshore

Oil

Engineering

Co

Ltd

615

49

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,990,240

Oil

Refineries

Ltd

$

459

4,790

OMV

AG.

208

152,080

Ovintiv,

Inc

7,128

227,847

(a)

Paladin

Resources

Ltd

1,881

226,360

(a)

Par

Pacific

Holdings,

Inc

5,716

63,930

(b)

Paramount

Resources

Ltd

(Class

A)

1,452

947,675

Parex

Resources,

Inc

15,184

120,106

(b)

Parkland

Corp

3,367

66,493

(b)

Pason

Systems,

Inc

896

562,872

Patterson-UTI

Energy,

Inc

5,831

8,080

Paz

Oil

Co

Ltd

731

496,377

Pembina

Pipeline

Corp

18,418

8,255,682

Permian

Resources

Corp

133,329

3,412,400

Petro

Rio

S.A.

26,713

3,348,995

Petroleo

Brasileiro

S.A.

24,191

4,240,427

Petroleo

Brasileiro

S.A.

(Preference)

28,863

739,713

(a)

Petroleum

Geo-Services

ASA

621

314,280

Petronas

Dagangan

BHD

1,162

684,562

Petronet

LNG

Ltd

2,706

124,500

Petroreconcavo

S.A.

413

515,500

PetroTal

Corp

279

145,256

(b)

Peyto

Exploration

&

Development

Corp

1,548

298,993

Phillips

66

42,209

342,400

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

528

555,384

Polski

Koncern

Naftowy

Orlen

S.A.

9,331

100,100

(a),(d)

Poseidon

Concepts

Corp

1

166,034

(b)

PrairieSky

Royalty

Ltd

3,156

10,446

(a),(b)

Precision

Drilling

Corp

735

961,500

Prima

Marine

PCL

225

233,010

(a)

ProPetro

Holding

Corp

2,020

80,168,000

(a)

PT

Bumi

Resources

Tbk

381

3,252,100

PT

Tambang

Batubara

Bukit

Asam

Tbk

487

617,706

PT

United

Tractors

Tbk

828

1,512,648

PTT

Exploration

&

Production

PCL

6,251

10,054,809

PTT

PCL

8,905

613,843

Qatar

Fuel

QSC

2,516

2,651,635

Qatar

Gas

Transport

Co

Ltd

3,429

59,174,325

Raizen

S.A.

31,227

9,846,633

Reliance

Industries

Ltd

369,117

284,034

(b)

Repsol

YPF

S.A.

4,504

123,390

(a)

Rex

American

Resources

Corp

5,625

18,870

Riley

Exploration

Permian,

Inc

534

325,050

(a)

Ring

Energy,

Inc

549

53,410

(a)

Sable

Offshore

Corp

805

936,461

(a)

Saipem

S.p.A

2,401

37,452

San-Ai

Oil

Co

Ltd

482

2,736,662

Santos

Ltd

13,884

339,214

Saras

S.p.A.

586

3,079,662

(c)

Saudi

Arabian

Oil

Co

22,695

223,667

SBM

Offshore

NV

3,423

667,422

Schlumberger

Ltd

31,489

6,768

Schoeller-Bleckmann

Oilfield

Equipment

AG.

273

23,839

(a)

Seadrill

Ltd

1,213

234,380

(a)

Seadrill

Ltd

12,071

181,344

(b)

Secure

Energy

Services,

Inc

1,605

2,656,200

Semirara

Mining

&

Power

Corp

1,527

205,512

Serica

Energy

plc

354

50

(a),(d)

Serval

Integrated

Energy

Services

0

^

669,838

Shaanxi

Coal

Industry

Co

Ltd

2,374

419,450

(a)

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

575

281,286

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

702

478,499

(a)

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

679

CREF

Stock

Account

June

30,

2024

50

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,980,225

Shell

plc

$

429,706

844,565

Shell

plc

(ADR)

60,961

3,190,000

Sinopec

Kantons

Holdings

Ltd

1,656

7,350

SK

Discovery

Co

Ltd

202

1,232

SK

Gas

Ltd

156

27,084

(a)

SK

Innovation

Co

Ltd

2,269

258,180

SM

Energy

Co

11,161

47,920

S-Oil

Corp

2,310

90,080

Solaris

Oilfield

Infrastructure,

Inc

773

421,940

(a)

Southwestern

Energy

Co

2,840

102,951

(b)

Spartan

Delta

Corp

303

220,688

Stanmore

Resources

Ltd

518

1,735,500

Star

Petroleum

Refining

PCL

385

1,629,143

(a),(b)

Strike

Energy

Ltd

303

177,881

Subsea

7

S.A.

3,338

1,727,622

Suncor

Energy,

Inc

65,857

80,637

(b)

Surge

Energy,

Inc

414

429,217

(b)

Tamarack

Valley

Energy

Ltd

1,170

72,630

(a)

Tamboran

Resources

Corp

1,634

51,151,618

(a)

Tamboran

Resources

Ltd

5,801

888,793

(b)

TC

Energy

Corp

33,692

1,516,679

Technip

Energies

NV

34,074

513,380

TechnipFMC

plc

13,425

39,579

(a)

Tecnicas

Reunidas

S.A.

536

582,368

(a)

Teekay

Corp

5,224

17,550

Tenaris

S.A.

270

628,160

(a)

Tetra

Technologies,

Inc

2,173

13,506

Texas

Pacific

Land

Corp

9,917

103,925

TGS

Nopec

Geophysical

Co

ASA

1,247

1,456,132

Thai

Oil

PCL

2,098

107,682

Thungela

Resources

Ltd

660

75,239

(b)

Topaz

Energy

Corp

1,320

186,253

TORM

plc

7,315

3,137,518

Total

S.A.

210,069

286,781

Tourmaline

Oil

Corp

13,007

2,779,340

(a)

Transocean

Ltd

14,869

1,591,725

(b)

Trican

Well

Service

Ltd

5,608

1,049,123

(a),(b)

Tullow

Oil

plc

425

907,926

Turkiye

Petrol

Rafinerileri

AS

4,602

657,361

Ultrapar

Participacoes

S.A.

2,540

6,476,000

(b)

United

Energy

Group

Ltd

253

2,078,872

Valero

Energy

Corp

325,884

935,924

(a)

Vallourec

S.A.

14,713

15,626

VERBIO

Vereinigte

BioEnergie

AG.

291

440,754

(b)

Veren,

Inc

3,476

123,691

(b)

Vermilion

Energy,

Inc

1,362

272,829

(a)

Vital

Energy,

Inc

12,228

151,540

(b)

Vitesse

Energy,

Inc

3,591

3,272,688

(c)

Viva

Energy

Group

Ltd

6,846

772

(a)

Weatherford

International

plc

95

473,404

(b)

Whitecap

Resources,

Inc

3,464

796,922

Whitehaven

Coal

Ltd

4,055

2,448,530

Woodside

Energy

Group

Ltd

46,108

153,350

World

Fuel

Services

Corp

3,956

292,100

(b)

Yancoal

Australia

Ltd

1,284

187,633

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

904

2,765,503

(b)

Yanzhou

Coal

Mining

Co

Ltd

3,945

301,653

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

943

1,118,820

Yinson

Holdings

BHD

553

TOTAL

ENERGY

5,850,550

51

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.0%

1,661,714

(b)

Abacus

Property

Group

$

1,285

428,598

Abacus

Storage

King

331

611

Activia

Properties,

Inc

1,384

481

Advance

Logistics

Investment

Corp

360

1,089

Advance

Residence

Investment

Corp

2,219

207,019

(b)

Aedifica

S.A.

12,604

1,370

AEON

REIT

Investment

Corp

1,135

166,429

Agree

Realty

Corp

10,309

396,922

AIMS

AMP

Capital

Industrial

REIT

366

132,094

Al

Rajhi

REIT

291

417,514

Alexander

&

Baldwin,

Inc

7,081

220,620

Alexandria

Real

Estate

Equities,

Inc

25,806

50,980

Allied

Properties

Real

Estate

Investment

Trust

571

16,790

Alpine

Income

Property

Trust,

Inc

261

3,578

(b)

Altarea

SCA

317

602,300

American

Assets

Trust,

Inc

13,479

300,550

American

Healthcare

REIT,

Inc

4,391

1,173,778

(b)

American

Homes

4

Rent

43,618

1,041,640

American

Tower

Corp

202,474

440,584

Americold

Realty

Trust,

Inc

11,253

888,721

Apple

Hospitality

REIT,

Inc

12,922

583,200

AREIT,

Inc

343

306,451

Arena

REIT

789

130,574

Armada

Hoffler

Properties,

Inc

1,448

35,930

Artis

Real

Estate

Investment

Trust

168

3,345,378

Ascendas

REIT

6,303

2,501,330

Assura

plc

1,268

182,295

AvalonBay

Communities,

Inc

37,715

1,297,996

Axis

Real

Estate

Investment

Trust

503

565,957

Balanced

Commercial

Property

Trust

Ltd

568

186,244

Big

Yellow

Group

plc

2,754

18,210

Boardwalk

REIT

938

107,110

(b)

Boston

Properties,

Inc

6,594

98,270

Braemar

Hotels

&

Resorts,

Inc

251

1,401,686

British

Land

Co

plc

7,286

163,950

Brixmor

Property

Group,

Inc

3,786

877,508

Broadstone

Net

Lease,

Inc

13,926

124,376

(c)

Brookfield

India

Real

Estate

Trust

395

29,199

BSR

Real

Estate

Investment

Trust

350

449,058

Bunnings

Warehouse

Property

Trust

1,034

71,378

Camden

Property

Trust

7,788

71,452

Canadian

Apartment

Properties

REIT

2,322

1,733,761

CapitaLand

Ascott

Trust

1,117

4,582,373

CapitaMall

Trust

6,672

1,047,787

CapitaRetail

China

Trust

517

118,300

CareTrust

REIT,

Inc

2,969

46,944

Carmila

S.A.

790

802,868

CDL

Hospitality

Trusts

563

39,010

Centerspace

2,638

604,964

Centuria

Capital

Group

661

411,051

Centuria

Industrial

REIT

823

325,189

Centuria

Office

REIT

240

1,467,040

Charter

Hall

Group

10,909

510,806

Charter

Hall

Long

Wale

REIT

1,106

281,705

Charter

Hall

Social

Infrastructure

REIT

445

61,610

Chatham

Lodging

Trust

525

127,021

Choice

Properties

Real

Estate

Investment

Trust

1,192

102,580

City

Office

REIT,

Inc

511

130,049

CLS

Holdings

plc

148

27,236

Cofinimmo

1,641

540

Comforia

Residential

REIT,

Inc

1,068

CREF

Stock

Account

June

30,

2024

52

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

50,940

Community

Healthcare

Trust,

Inc

$

1,191

734,914

Concentradora

Fibra

Danhos

S.A.

de

C.V.

795

692,540

Corporate

Office

Properties

Trust

17,334

111,419

Cousins

Properties,

Inc

2,579

496

(b)

CRE

Logistics

REIT,

Inc

442

42,203

Crombie

Real

Estate

Investment

Trust

393

239,300

Cromwell

European

Real

Estate

Investment

Trust

359

1,316,575

Cromwell

Group

343

920,913

Crown

Castle,

Inc

89,973

40,919

CT

Real

Estate

Investment

Trust

394

59,820

(b)

CTO

Realty

Growth,

Inc

1,044

60,198

CubeSmart

2,719

338,366

(b)

Custodian

Property

Income

Reit

plc

319

1,686

Daiwa

House

REIT

Investment

Corp

2,581

450

Daiwa

Office

Investment

Corp

794

1,581

Daiwa

Securities

Living

Investments

Corp

1,033

229,240

Derwent

London

plc

6,549

199,459

Dexus

Industria

REIT

375

227,786

Dexus

Property

Group

983

726,800

Digital

Core

REIT

Management

Pte

Ltd

413

166,623

Digital

Realty

Trust,

Inc

25,335

92,870

Diversified

Healthcare

Trust

283

103,779

Dream

Industrial

Real

Estate

Investment

Trust

961

437,000

(a),(d)

Eagle

Hospitality

Trust

4

169,440

Easterly

Government

Properties,

Inc

2,096

242,592

(b)

EastGroup

Properties,

Inc

41,265

685,737

Embassy

Office

Parks

REIT

2,922

1,745,119

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS.

519

457,377

Empiric

Student

Property

plc

525

155,780

(b)

EPR

Properties

6,540

84,175

Equinix,

Inc

63,687

664,877

(b)

Equites

Property

Fund

Ltd

467

633,710

(a)

Equity

Commonwealth

12,294

1,190,351

(b)

Equity

Lifestyle

Properties,

Inc

77,528

408,921

Equity

Residential

28,355

115,908

ESR

Kendall

Square

REIT

Co

Ltd

388

5,348,962

ESR-LOGOS

REIT

1,066

721,484

Essential

Properties

Realty

Trust,

Inc

19,992

42,638

(b)

Essex

Property

Trust,

Inc

11,606

32,300

(b)

Eurocommercial

Properties

NV

778

140,483

Extra

Space

Storage,

Inc

21,832

933,805

Far

East

Hospitality

Trust

426

122,599

Federal

Realty

Investment

Trust

12,379

1,586,701

(c)

FIBRA

Macquarie

Mexico

2,691

2,456,897

Fibra

Uno

Administracion

S.A.

de

C.V.

3,019

91,967

First

Capital

Real

Estate

Investment

Trust

988

203,827

First

Industrial

Realty

Trust,

Inc

9,684

1,147,000

Fortune

Real

Estate

Investment

Trust

552

167,910

(a)

Franklin

Street

Properties

Corp

257

837,577

Frasers

Centrepoint

Trust

1,313

690,600

Frasers

Hospitality

Trust

211

2,488,945

Frasers

Logistics

&

Commercial

Trust

1,741

370

(b)

Frontier

Real

Estate

Investment

Corp

1,012

480

Fukuoka

REIT

Corp

470

297,881

(b)

Gaming

and

Leisure

Properties,

Inc

13,467

97,565

Gecina

S.A.

9,006

904

Global

One

Real

Estate

Investment

Corp

574

3,315

GLP

J-Reit

2,707

711,272

Goodman

Group

16,409

903,411

Goodman

Property

Trust

1,106

1,623,510

GPT

Group

4,329

25,439

Granite

REIT

1,261

53

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,332,048

Great

Portland

Estates

plc

$

35,292

435,165

Growthpoint

Properties

Australia

Ltd

628

2,546,084

Growthpoint

Properties

Ltd

1,704

97,862

H&R

Real

Estate

Investment

Trust

640

49,040

Hamborner

REIT

AG.

343

3,273,175

Hammerson

plc

1,146

407

Hankyu

Reit,

Inc

334

198,955

(b)

Healthcare

Realty

Trust,

Inc

3,279

321,040

(b)

HealthCo

REIT

226

621,753

Healthpeak

Properties,

Inc

12,186

741

Heiwa

Real

Estate

REIT,

Inc

609

175,633

HMC

Capital

Ltd

838

896,843

(a),(d)

Home

Reit

plc

1

12,615,346

HomeCo

Daily

Needs

REIT

9,717

205

(b)

Hoshino

Resorts

REIT,

Inc

665

958,761

(b)

Host

Hotels

&

Resorts

Inc

17,239

529,608

Hudson

Pacific

Properties,

Inc

2,547

1,249

Hulic

Reit,

Inc

1,135

259,138

Hyprop

Investments

Ltd

447

32,194

(b)

ICADE

796

840

Ichigo

Office

REIT

Investment

Corp

432

252,563

Impact

Healthcare

Reit

plc

274

17,745

Independence

Realty

Trust,

Inc

333

1,651

Industrial

&

Infrastructure

Fund

Investment

Corp

1,300

72,230

(a)

Industrial

Logistics

Properties

Trust

266

1,648,286

Ingenia

Communities

Group

5,237

1,166,553

(b)

Inmobiliaria

Colonial

Socimi

S.A.

6,799

4,153

Innovative

Industrial

Properties,

Inc

454

52,779

InterRent

Real

Estate

Investment

Trust

459

5,186

(b)

Invincible

Investment

Corp

2,108

450,754

Invitation

Homes,

Inc

16,178

306,705

Irish

Residential

Properties

REIT

plc

298

211,611

Iron

Mountain,

Inc

18,965

277,657

(a)

Is

Gayrimenkul

Yatirim

Ortakligi

AS

143

163,994

Jadwa

REIT

Saudi

Fund

499

942

(b)

Japan

Excellent,

Inc

695

3,628

Japan

Hotel

REIT

Investment

Corp

1,752

691

Japan

Logistics

Fund

Inc

1,143

657

(b)

Japan

Prime

Realty

Investment

Corp

1,327

1,088

Japan

Real

Estate

Investment

Corp

3,439

4,874

Japan

Retail

Fund

Investment

Corp

2,742

148,633

JR

Global

Reit

429

3,021

Kenedix

Realty

Investment

Corp

2,937

1,067,317

Keppel

DC

REIT

1,415

1,577,191

Keppel

REIT

969

891,971

Killam

Apartment

Real

Estate

Investment

Trust

11,110

106,166

(b)

Kilroy

Realty

Corp

3,309

1,667,800

Kimco

Realty

Corp

32,455

227,380

Kite

Realty

Group

Trust

5,089

1,448,954

Kiwi

Property

Group

Ltd

732

296,116

Klepierre

7,906

63,089

Lamar

Advertising

Co

7,541

69,154

Land

Securities

Group

plc

540

38,180

Lar

Espana

Real

Estate

Socimi

S.A.

279

1,510

LaSalle

Logiport

REIT

1,388

1,522,844

Lendlease

Global

Commercial

REIT

628

148,380

Lexington

Realty

Trust

1,353

2,269,127

Link

REIT

8,812

6,047,536

LondonMetric

Property

plc

14,727

94,286

LOTTE

Reit

Co

Ltd

224

140,650

Mack-Cali

Realty

Corp

2,110

1,914,727

Macquarie

CountryWide

Trust

4,133

CREF

Stock

Account

June

30,

2024

54

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,722,747

Mapletree

Industrial

Trust

$

2,678

2,524,600

Mapletree

Logistics

Trust

2,397

1,692,400

(b)

Mapletree

Pan

Asia

Commercial

Trust

1,519

120,391

(b)

Medical

Properties

Trust,

Inc

519

70,226

Mercialys

S.A

781

279,699

Merlin

Properties

Socimi

S.A.

3,118

7,548

Mid-America

Apartment

Communities,

Inc

1,076

187,809

(c)

Mindspace

Business

Parks

REIT

750

12,830

(c)

Minto

Apartment

Real

Estate

Investment

Trust

139

1,629

Mirai

Corp

455

3,331,051

Mirvac

Group

4,144

400

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

949

838

Mitsui

Fudosan

Logistics

Park,

Inc

2,263

11,269

Montea

NV

954

15,438

Morguard

North

American

Residential

Real

Estate

Investment

Trust

175

1,260

Mori

Hills

REIT

Investment

Corp

1,030

1,899

Mori

Trust

Sogo

Reit,

Inc

820

46,340

(b)

National

Health

Investors,

Inc

3,139

327,815

National

Storage

Affiliates

Trust

13,513

8,168,996

National

Storage

REIT

12,522

261,100

(b)

NETSTREIT

Corp

4,204

49,766

NexPoint

Diversified

Real

Estate

Trust

275

21,930

(b)

NexPoint

Residential

Trust,

Inc

866

392

Nippon

Accommodations

Fund,

Inc

1,558

1,287

(b)

Nippon

Building

Fund,

Inc

4,515

1,912

Nippon

ProLogis

REIT,

Inc

2,984

361

(b)

NIPPON

REIT

Investment

Corp

742

3,668

Nomura

Real

Estate

Master

Fund,

Inc

3,258

86,648

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

295

65,526

Omega

Healthcare

Investors,

Inc

2,244

209

(b)

One

REIT,

Inc

333

76,140

Orion

Office

REIT,

Inc

273

2,287

Orix

JREIT,

Inc

2,266

811,458

PARAGON

REIT

512

90,297

Park

Hotels

&

Resorts,

Inc

1,353

301,624

Parkway

Life

Real

Estate

Investment

Trust

778

207,100

Pavilion

Real

Estate

Investment

Trust

61

23,940

Peakstone

Realty

Trust

254

488,620

Pebblebrook

Hotel

Trust

6,719

520,697

Picton

Property

Income

Ltd

444

199,320

(b)

Piedmont

Office

Realty

Trust,

Inc

1,445

37,460

Plymouth

Industrial

REIT,

Inc

801

1,098

Premier

Investment

Co

795

261,408

Primaris

REIT

2,536

1,100,598

Primary

Health

Properties

plc

1,274

611,306

ProLogis

Property

Mexico

S.A.

de

C.V.

1,997

3,434,586

Prologis,

Inc

385,738

361,390

PRS

REIT

PLC

342

142,033

Public

Storage,

Inc

40,856

106,689

Rayonier,

Inc

3,104

245,829

Realty

Income

Corp

12,985

5,727,752

Redefine

Properties

Ltd

1,261

478,496

Regency

Centers

Corp

29,762

910,096

Region

RE

Ltd

1,270

160,513

Reit  Ltd

591

454,991

Resilient

REIT

Ltd

1,172

8,018

Retail

Estates

NV

532

1,096,092

Rexford

Industrial

Realty,

Inc

48,875

166,690

RioCan

Real

Estate

Investment

Trust

2,048

639,167

RLJ

Lodging

Trust

6,155

291,777

Rural

Funds

Group

388

208,443

Ryman

Hospitality

Properties,

Inc

20,815

55

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

574,270

(b)

Sabra

Health

Care

REIT,

Inc

$

8,844

226,565

Safestore

Holdings

plc

2,197

350

Samty

Residential

Investment

Corp

229

493,300

Sasseur

Real

Estate

Investment

Trust

245

41,640

Saul

Centers,

Inc

1,531

115,393

SBA

Communications

Corp

22,652

4,397,269

Scentre

Group

9,114

117,344

Segro

plc

1,328

3,280

Sekisui

House

Reit,

Inc

1,613

176,095

Sella

Capital

Real

Estate

Ltd

306

212,710

Service

Properties

Trust

1,093

4,359,909

Shaftesbury

Capital

plc

7,672

22,584

Shurgard

Self

Storage

Ltd

873

1,108,171

Simon

Property

Group,

Inc

168,220

347,076

SITE

Centers

Corp

5,033

101,462

SK

REITs

Co

Ltd

355

57,838

(b)

SL

Green

Realty

Corp

3,276

247,792

Slate

Grocery

REIT

1,983

59,290

SmartCentres

Real

Estate

Investment

Trust

953

495

SOSiLA

Logistics

REIT,

Inc

362

816,701

STAG

Industrial,

Inc

29,450

2,869

Star

Asia

Investment

Corp

1,066

1,275,029

Starhill

Global

REIT

456

166

Starts

Proceed

Investment

Corp

207

505,973

Stockland

Trust

Group

1,401

1,429,417

Summit

Hotel

Properties,

Inc

8,562

216,125

Sun

Communities,

Inc

26,008

21,800

Sunstone

Hotel

Investors,

Inc

228

1,718,100

(b)

Suntec

Real

Estate

Investment

Trust

1,328

1,202,600

Sunway

Real

Estate

Investment

Trust

395

1,008,115

Supermarket

Income

Reit

plc

927

640

Takara

Leben

Real

Estate

Investment

Corp

396

62,740

Tanger

Factory

Outlet

Centers,

Inc

1,701

578,784

Target

Healthcare

REIT

plc

573

15,718

Terreno

Realty

Corp

930

594,200

TF

Administradora

Industrial

S

de

RL

de

C.V.

1,271

722

Tokyu

REIT,

Inc

701

131,205

(a)

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

216

16,776,441

Tritax

Big

Box

REIT

plc

32,801

11,510

(c)

Tritax

EuroBox

plc

9

638,880

UMH

Properties,

Inc

10,216

278,974

Unite

Group

plc

3,147

2,422

United

Urban

Investment

Corp

2,150

13,250

Universal

Health

Realty

Income

Trust

519

429,085

Urban

Logistics

REIT

plc

637

9,197

Vastned

Retail

NV

228

504,424

Ventas,

Inc

25,857

2,315,895

VICI

Properties,

Inc

66,327

3,080,304

Vicinity

Ltd

3,787

705,481

(b)

Vukile

Property

Fund

Ltd

590

377,759

Warehouse

REIT

plc

385

458,182

Warehouses

De

Pauw

CVA

12,375

474,376

Washington

REIT

7,557

516,871

Waypoint

REIT

Ltd

747

366,012

Welltower,

Inc

38,157

29,828

Wereldhave

NV

422

571,787

Weyerhaeuser

Co

16,233

107,965

Workspace

Group

plc

809

23,434

(b)

Xior

Student

Housing

NV

750

1,991,000

(b)

Yuexiu

Real

Estate

Investment

Trust

242

CREF

Stock

Account

June

30,

2024

56

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,013,240

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

$

242

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,468,379

FINANCIAL

SERVICES

-

5.9%

106,700

360

Finance,

Inc

(ADR)

2,105

95,343

360

ONE

WAM

Ltd

1,119

221,728

3i

Group

plc

8,546

43,242

(a)

Aavas

Financiers

Ltd

959

1,309,877

Abrdn

plc

2,446

219,000

Acom

Co

Ltd

558

17,008

(a)

Aditya

Birla

Sun

Life

Asset

Management

Co

Ltd

129

76,920

(a),(c)

Adyen

NV

91,356

82,200

AEON

Financial

Service

Co

Ltd

676

65,800

Aeon

Thana

Sinsap

Thailand

PCL

227

23,996

Affiliated

Managers

Group,

Inc

3,749

164,305

(a)

Affirm

Holdings,

Inc

4,964

37,620

AG

Mortgage

Investment

Trust,

Inc

250

502,069

(b)

AGNC

Investment

Corp

4,790

263,100

Aiful

Corp

625

248,151

AJ

Bell

plc

1,190

843,932

Al

Waha

Capital

PJSC

346

806,829

Allfunds

Group

PLC

4,497

229,331

Ally

Financial,

Inc

9,098

28,624

Alpha

Group

International

plc

820

871,018

Amanat

Holdings

PJSC

261

48,900

A-Mark

Precious

Metals,

Inc

1,583

2,024,913

American

Express

Co

468,869

331,800

Ameriprise

Financial,

Inc

141,742

2,362,290

AMP

Ltd

1,715

10,121

Anand

Rathi

Wealth

Ltd

473

34,099

Angel

One

Ltd

1,061

377,102

(c)

Anima

Holding

S.p.A

1,881

150,488

Annaly

Capital

Management,

Inc

2,868

26,492

Antin

Infrastructure

Partners

S.A.

322

519,228

Apollo

Global

Management,

Inc

61,305

113,230

Aptus

Value

Housing

Finance

India

Ltd

447

109,452

Ares

Management

Corp

14,588

195,268

Arzan

Financial

Group

for

Financing

&

Investment

KPSC

118

363,608

Ashmore

Group

plc

780

301,150

(a)

AssetMark

Financial

Holdings,

Inc

10,405

177,192

Australian

Stock

Exchange

Ltd

7,070

97,467

(b)

Avanza

Bank

Holding

AB

2,361

84,514

AVIC

Industry-Finance

Holdings

Co

Ltd

26

83,760

Azimut

Holding

S.p.A.

1,974

2,297,829

B3

SA-Brasil

Bolsa

Balcao

4,209

153,000

(a),(c)

Bairong,

Inc

174

229,274

Bajaj

Finance

Ltd

19,539

154,283

Bajaj

Finserv

Ltd

2,934

22,207

Bajaj

Holdings

&

Investment

Ltd

2,271

48,146

Banca

Generali

SpA

1,933

16,093

Banca

IFIS

S.p.A.

334

1,083,440

Banca

Mediolanum

S.p.A

11,939

4,311,654

Banco

BTG

Pactual

S.A.

-

Unit

23,841

1,691,100

Bangkok

Commercial

Asset

Management

PCL

344

3,987,216

Bank

of

New

York

Mellon

Corp

238,794

348,364

(a),(d)

BBI

EPS

Ltd

2

1,529,482

(a)

Berkshire

Hathaway,

Inc

622,193

1,212,540

(a)

Beyond

Securities

PCL

45

1,151,320

(c)

BFF

Bank

S.p.A

10,926

5,541,800

BFI

Finance

Indonesia

Tbk

PT

320

145,680

BGC

Group,

Inc

1,209

193,278

BlackRock,

Inc

152,172

57

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

374,601

Blackstone,

Inc

$

46,376

1,432,300

(a)

Block,

Inc

92,369

332,080

Blue

Owl

Capital,

Inc

5,894

63,400

BOC

International

China

Co

Ltd

79

355,400

Bolsa

Mexicana

de

Valores

SAB

de

C.V.

602

195,046

Boursa

Kuwait

Securities

Co

KPSC

1,292

207,045

Bridgepoint

Group

Holdings

Ltd

572

323,175

Brightsphere

Investment

Group,

Inc

7,165

308,271

(b)

Brookfield

Asset

Management

Ltd

11,736

1,183,113

(a)

Brookfield

Corp

49,208

51,567

BSE

Ltd

1,591

133,756

Bure

Equity

AB

4,500

148,021

Burford

Capital

Ltd

1,909

470,500

Bursa

Malaysia

BHD

881

128,452

Caitong

Securities

Co

Ltd

117

65,294

Can

Fin

Homes

Ltd

715

68,348

(b)

Canaccord

Financial,

Inc

423

144,197

Cannae

Holdings,

Inc

2,616

288,170

(a)

Cantaloupe,

Inc

1,902

178

Capital

One

Financial

Corp

25

1,257,000

Capital

Securities

Corp

972

39,415

Carlyle

Group,

Inc

1,583

19,626

Cboe

Global

Markets,

Inc

3,338

23,880

(b)

Cembra

Money

Bank

AG.

2,037

37,582

Central

Depository

Services

India

Ltd

1,072

131,600

Century

Leasing

System,

Inc

1,237

586,854

Chailease

Holding

Co

Ltd

2,770

537,198

Challenger

Financial

Services

Group

Ltd

2,503

77,264

Changjiang

Securities

Co

Ltd

51

4,918,379

Charles

Schwab

Corp

362,435

114,640

Chimera

Investment

Corp

1,467

647,000

China

Bills

Finance

Corp

311

896,000

China

Everbright

Ltd

453

1,647,959

China

Galaxy

Securities

Co

Ltd

861

172,650

China

Galaxy

Securities

Co

Ltd

(Class

A)

257

43,500

China

Great

Wall

Securities

Co

Ltd

40

55,000

China

International

Capital

Corp

Ltd

224

635,337

(c)

China

International

Capital

Corp

Ltd

704

167,636

China

Merchants

Securities

Co

Ltd

320

100,900

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

China

Renaissance

Holdings

Ltd

0

^

9,355

(a)

Choice

International

Ltd

43

76,922

Cholamandalam

Financial

Holdings

Ltd

1,340

167,454

Cholamandalam

Investment

and

Finance

Co

Ltd

2,853

121,343

(b)

CI

Financial

Corp

1,277

1,011,500

Cielo

S.A.

1,019

788,465

CITIC

Securities

Co

Ltd

1,156

338,516

CITIC

Securities

Co

Ltd

(Class

A)

846

73,888

(c)

CMC

Markets

plc

305

137,468

CME

Group,

Inc

27,026

124,969

(a)

Coinbase

Global,

Inc

27,772

273,630

Compass

Diversified

Trust

5,990

1,769,157

Corebridge

Financial,

Inc

51,518

145,931

Coronation

Fund

Managers

Ltd

288

42,281

(a)

Corpay,

Inc

11,264

125,776

Creades

AB

906

4,558

(a)

Credit

Acceptance

Corp

2,346

55,545

Credit

Corp

Group

Ltd

552

252,900

Credit

Saison

Co

Ltd

5,266

44,826

(a)

CreditAccess

Grameen

Ltd

710

14,441

CRISIL

Ltd

736

120,625

CSC

Financial

Co

Ltd

319

1,496,000

CSSC

Hong

Kong

Shipping

Co

Ltd

302

CREF

Stock

Account

June

30,

2024

58

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

671,443

(a)

CVC

Capital

Partners

plc

$

12,321

24,277

Daishin

Securities

Co

Ltd

299

28,638

Daishin

Securities

Co

Ltd

PF

308

1,223,200

Daiwa

Securities

Group,

Inc

9,391

17,593

Daou

Technology,

Inc

241

63,470

Deutsche

Bank

AG.

(Registered)

1,014

148,710

Deutsche

Boerse

AG.

30,396

102,748

(b),(c)

Deutsche

Pfandbriefbank

AG.

559

106,000

(a)

Diamond

Biofund,

Inc

146

95,142

Discover

Financial

Services

12,446

69,025

Dongxing

Securities

Co

Ltd

75

38,070

(a)

Donnelley

Financial

Solutions,

Inc

2,270

1,429,907

Dubai

Financial

Market

PJSC

494

419,266

East

Money

Information

Co

Ltd

608

41,006,865

Edelweiss

Financial

Services

Ltd

31,973

243,519

Edenred

10,328

74,818

EFG

International

1,107

399,265

E-Finance

for

Digital

&

Financial

Investments

214

25,886

eGuarantee,

Inc

234

661,776

(a)

Egyptian

Financial

Group-Hermes

Holding

271

209,122

Enact

Holdings,

Inc

6,412

24,300

(a)

Enova

International,

Inc

1,513

437,767

EQT

AB

12,834

853,346

Equitable

Holdings,

Inc

34,868

136,301

Essent

Group

Ltd

7,659

1,895

Eurazeo

151

8,135

(a)

Euronet

Worldwide,

Inc

842

341,243

(c)

Euronext

NV

31,623

105,806

Everbright

Securities

Co

Ltd

212

151,226

Evercore

Partners,

Inc

(Class

A)

31,520

96,497

EXOR

NV

10,080

28,043

Factset

Research

Systems,

Inc

11,449

531,401

Far

East

Horizon

Ltd

346

1,118,533

(a)

Fawry

for

Banking

&

Payment

Technology

Services

SAE

151

591,014

Fidelity

National

Information

Services,

Inc

44,539

55,663

(b)

Fiera

Capital

Corp

319

56,600

Financial

Partners

Group

Co

Ltd

791

94,600

FinVolution

Group

(ADR)

451

155,891

First

Capital

Securities

Co

Ltd

109

14,351

(b)

First

National

Financial

Corp

373

230,022

FirstCash

Holdings,

Inc

24,125

2,107,599

FirstRand

Ltd

8,939

2,176,032

(a)

Fiserv,

Inc

324,316

80,107

(a)

Five-Star

Business

Finance

Ltd

762

121,989

flatexDEGIRO

AG.

1,733

207,014

(a)

FleetPartners

Group

Ltd

492

27,392

(b)

Flow

Traders

544

577,775

(a)

Flywire

Corp

9,470

183,100

Founder

Securities

Co

Ltd

194

218,301

Franklin

Resources,

Inc

4,879

4,109,347

Fuhwa

Financial

Holdings

Co

Ltd

4,053

22,453

(a)

Fusion

Micro

Finance

Ltd

121

47,700

(a),(b)

Futu

Holdings

Ltd

(ADR)

3,129

14,484

Fuyo

General

Lease

Co

Ltd

1,109

141,180

GCM

Grosvenor,

Inc

1,378

635,000

(c)

Genertec

Universal

Medical

Group

Co

Ltd

345

1,625,400

(b)

Gentera

SAB

de

C.V.

2,015

528,836

GF

Securities

Co

Ltd

437

168,708

GF

Securities

Co

Ltd

(Class

A)

282

465,463

Global

Payments,

Inc

45,010

2,500

GMO

Financial

Gate,

Inc

103

15,901

GMO

Financial

Holdings,

Inc

78

59

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

32,800

GMO

Payment

Gateway,

Inc

$

1,816

95,713

(b)

goeasy

Ltd

13,791

420,406

Goldman

Sachs

Group,

Inc

190,158

21,587

GRENKE

AG.

475

249,742

Groupe

Bruxelles

Lambert

S.A.

17,782

10,312

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

7

28,904

Guolian

Securities

Co

Ltd

38

100,849

Guosen

Securities

Co

Ltd

120

2,407,800

(b)

Guotai

Junan

International

Holdings

Ltd

185

194,816

Guotai

Junan

Securities

Co

Ltd

363

113,154

Guoyuan

Securities

Co

Ltd

94

1,422,773

Haitong

Securities

Co

Ltd

660

250,312

Haitong

Securities

Co

Ltd

(Class

A)

294

1,330,000

(b),(c)

Haitong

UniTrust

International

Leasing

Co

Ltd

121

61,510

Hamilton

Lane,

Inc

7,601

123,618

(a)

Hanwha

Investment

&

Securities

Co

Ltd

288

40,964

(c)

HDFC

Asset

Management

Co

Ltd

1,960

233,291

Helia

Group

Ltd

600

14,886

Hithink

RoyalFlush

Information

Network

Co

Ltd

212

26,101

(c)

Home

First

Finance

Co

India

Ltd

323

2,751,599

Hong

Kong

Exchanges

and

Clearing

Ltd

88,060

155,000

Hotai

Finance

Co

Ltd

537

36,946

Houlihan

Lokey,

Inc

4,983

220,762

Housing

&

Urban

Development

Corp

Ltd

742

640,140

(c)

Huatai

Securities

Co

Ltd

706

106,634

Huatai

Securities

Co

Ltd

(Class

A)

181

57,773

HUB24

Ltd

1,783

3,265

(a)

Hypoport

SE

1,045

68,982

(c)

ICICI

Securities

Ltd

626

1,116

ICRA

Ltd

78

914,517

(a)

IDFC

Ltd

1,338

103,100

iFAST

Corp

Ltd

546

401,778

(a)

IFCI

Ltd

296

1,265,702

IG

Group

Holdings

plc

13,110

77,708

(b)

IGM

Financial,

Inc

2,145

158,497

IIFL

Finance

Ltd

983

54,080

IIFL

Securities

Ltd

136

47,551

Illimity

Bank

S.p.A

244

82,749

Impax

Asset

Management

Group

plc

396

280,316

Indiabulls

Housing

Finance

Ltd

558

303,865

(c)

Indian

Energy

Exchange

Ltd

656

526,758

(a)

Indian

Renewable

Energy

Development

Agency

Ltd

1,197

223,554

Industrial

Securities

Co

Ltd

155

113,079

Industrivarden

AB

3,852

765

(b)

Industrivarden

AB

26

860,724

Infibeam

Avenues

Ltd

318

578,218

IntegraFin

Holdings

plc

2,536

75,712

Interactive

Brokers

Group,

Inc

(Class

A)

9,282

1,618,791

Intercontinental

Exchange,

Inc

221,596

481,669

Intermediate

Capital

Group

plc

13,209

177,430

(a)

International

Money

Express,

Inc

3,698

16,793

Inversiones

La

Construccion

S.A.

143

266,631

Invesco

Ltd

3,989

202,924

Investcorp

Capital

plc

113

286,371

Investec

Ltd

2,082

504,284

Investec

plc

3,645

72,379

Investment

AB

Oresund

850

57,004

Investor

AB

1,562

430,057

IOOF

Holdings

Ltd

654

860,464

IP

Group

plc

452

448,014

Is

Yatirim

Menkul

Degerler

AS

541

2,800

iShares

Core

S&P

500

ETF

1,532

CREF

Stock

Account

June

30,

2024

60

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,014,677

iShares

MSCI

ACWI

ETF

$

114,050

717,637

(b)

iShares

MSCI

Canada

Index

Fund

26,617

27,500

(b)

iShares

MSCI

EAFE

Index

Fund

2,154

6,580

(b)

iShares

Russell

2000

Index

Fund

1,335

163,529

Isracard

Ltd

545

61,800

(b)

J

Trust

Co

Ltd

156

16,725

Jaccs

Co

Ltd

485

45,749

Jack

Henry

&

Associates,

Inc

7,595

198,280

Jackson

Financial,

Inc

14,724

439,454

Jafco

Co

Ltd

5,198

236,891

Janus

Henderson

Group

plc

7,986

72,100

Japan

Securities

Finance

Co

Ltd

719

264,787

Jefferies

Financial

Group,

Inc

13,176

301,575

JM

Financial

Ltd

315

549,200

JMT

Network

Services

PCL

198

55,914

JSE

Ltd

334

110,214

(c)

JTC

plc

1,335

6,948

Julius

Baer

Group

Ltd

389

404,358

Jupiter

Fund

Management

plc

392

47,013

Katilimevim

Tasarruf

Finansman

AS.

69

43,358

(a)

Kfin

Technologies

Ltd

363

195,445

(b)

Kinnevik

AB

1,600

12,174

KIWOOM

Securities

Co

Ltd

1,108

991,346

KKR

&

Co,

Inc

104,329

14,709

Korea

Investment

Holdings

Co

Ltd

744

14,303

KRUK

S.A.

1,642

423,828

Krungthai

Card

PCL

469

533,338

L&T

Finance

Holdings

Ltd

1,156

1,079,311

Ladder

Capital

Corp

12,185

80,329

Lazard,

Inc

3,067

283,410

(a)

LendingClub

Corp

2,398

6,911

(b)

Leonteq

AG.

172

236,556

LIC

Housing

Finance

Ltd

2,256

88,447

Liontrust

Asset

Management

plc

766

819,463

London

Stock

Exchange

Group

plc

97,171

54,999

LPL

Financial

Holdings,

Inc

15,361

152,700

(b)

Lufax

Holding

Ltd

(ADR)

362

12,300

M&A

Capital

Partners

Co

Ltd

168

106,500

(a),(b)

M&A

Research

Institute

Holdings,

Inc

2,660

66,988

(b)

MA

Financial

Group

Ltd

200

330,602

Macquarie

Group

Ltd

44,985

139,328

Magellan

Financial

Group

Ltd

777

385,365

Mahindra

&

Mahindra

Financial

Services

Ltd

1,387

16,874,376

Man

Group

plc

51,559

413,588

Manappuram

Finance

Ltd

1,028

6,912

MarketAxess

Holdings,

Inc

1,386

2,074,170

(a)

Marqeta,

Inc

11,366

128,900

Marui

Co

Ltd

1,819

34,143

(c)

MAS

Financial

Services

Ltd

120

2,063,945

Mastercard,

Inc

(Class

A)

910,530

92,000

Matsui

Securities

Co

Ltd

480

40,080

Meritz

Financial

Group,

Inc

2,295

2,137

MGIC

Investment

Corp

46

87,923

Mirae

Asset

Daewoo

Co

Ltd

465

700,602

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,636

122,500

Mizuho

Leasing

Co

Ltd

858

99,654

(a)

Molten

Ventures

plc

461

158,952

Monex

Group,

Inc

721

38,190

(a)

Moneylion,

Inc

2,808

116,020

Moody's

Corp

48,836

663,769

Morgan

Stanley

64,512

18,700

Morningstar,

Inc

5,532

61

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

130,464

Motilal

Oswal

Financial

Services

Ltd

$

960

62,557

MSCI,

Inc

(Class

A)

30,137

493,600

Muangthai

Capital

PCL

581

18,722

Multi

Commodity

Exchange

of

India

Ltd

879

7,895

Mutares

SE

&

Co

KGaA

274

44,408

Muthoot

Finance

Ltd

955

99,600

Nanjing

Securities

Co

Ltd

105

570,160

Nasdaq

Stock

Market,

Inc

34,358

367,093

National

Investments

Co

KSCP

292

48,490

(a)

Nayifat

Finance

Co

159

263,783

(a)

NCR

Corp

ATM

7,127

220,770

(a)

NerdWallet,

Inc

3,223

490,329

Netwealth

Group

Ltd

7,215

368,084

(a),(c)

Network

International

Holdings

plc

1,821

21,863

(a),(c)

Nexi

S.p.A

133

1,083,081

Ngern

Tid

Lor

PCL

544

164,299

Ninety

One

Ltd

343

224,311

Ninety

One

plc

475

120,074

(c)

Nippon

Life

India

Asset

Management

Ltd

927

532,194

(a)

NMI

Holdings,

Inc

18,116

28,100

(a)

Noah

Holdings

Ltd

(ADR)

271

2,752,000

(a)

Nomura

Holdings,

Inc

15,896

108,809

(b)

Nordnet

AB

publ

2,281

4,977

(a)

Nuvama

Wealth

Management

Ltd

295

50,390

Nuvei

Corp

1,632

119,593

Okasan

Holdings,

Inc

596

3,358,416

(a)

Omni

Bridgeway

Ltd

2,464

219,518

(a)

One

97

Communications

Ltd

1,058

194,796

OneMain

Holdings,

Inc

9,446

62,440

Onex

Corp

4,246

42,304

Optima

bank

S.A.

545

41,250

Orient

Corp

265

196,051

Orient

Securities

Co

Ltd

205

2,423,877

ORIX

Corp

53,722

454,177

Osaka

Securities

Exchange

Co

Ltd

10,652

2,417,301

OSB

Group

plc

13,057

262,000

(a),(b)

OSL

Group

Ltd

185

88,688

Oyak

Yatirim

Menkul

Degerler

AS.

112

122,930

P10,

Inc

1,042

6,068,800

(a)

Pacific

Strategic

Financial

Tbk

PT

385

2,799,517

(a)

Pagseguro

Digital

Ltd

32,726

400,790

Paisalo

Digital

Ltd

357

158,226

Paragon

Group

of

Cos

plc

1,468

741

Partners

Group

949

366,560

Patria

Investments

Ltd

4,421

507,410

(a)

Payoneer

Global,

Inc

2,811

1,556,502

(a)

PayPal

Holdings,

Inc

90,324

1,756,957

(a)

Pensionbee

Group

plc

3,687

202,171

Pepper

Money

Ltd

197

164,400

Perella

Weinberg

Partners

2,671

80,762

Perpetual

Trustees

Australia

Ltd

1,142

118,234

Pinnacle

Investment

Management

Group

Ltd

1,110

106,554

Piper

Jaffray

Cos

24,526

79,588

(a)

Piramal

Enterprises

Ltd

882

378,181

Platinum

Asset

Mangement

Ltd

262

155,511

Plus500

Ltd

4,471

86,280

(a),(c)

PNB

Housing

Finance

Ltd

810

64,698

Polar

Capital

Holdings

plc

462

738,401

Poonawalla

Fincorp

Ltd

3,614

624,045

Power

Finance

Corp

Ltd

3,623

669,000

(a)

President

Securities

Corp

607

3,727

Prudent

Corporate

Advisory

Services

Ltd

85

CREF

Stock

Account

June

30,

2024

62

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,075,784

(c)

Quilter

plc

$

1,633

1,973,180

Ratchthani

Leasing

PCL

117

46,752

Rathbone

Brothers

992

156,156

Ratos

AB

(B

Shares)

530

137,731

Raymond

James

Financial,

Inc

17,025

1,158,619

REC

Ltd

7,288

9,540

Regional

Management

Corp

274

54,149

Reinet

Investments

S.C.A

1,368

32,581,501

(a)

Reliance

Strategic

Investments

Ltd

139,559

412,933

Remgro

Ltd

3,089

451,220

(a)

Remitly

Global,

Inc

5,469

11,261

Ricoh

Leasing

Co

Ltd

373

349,380

Rithm

Capital

Corp

3,812

849,737

(a)

Robinhood

Markets,

Inc

19,298

86,055

(a),(b)

Rocket

Cos,

Inc

1,179

17,817

(a)

RR

Kabel

Ltd

371

517,504

S&P

Global,

Inc

230,807

103,137

Samsung

Securities

Co

Ltd

2,969

14,604

Saudi

Advanced

Industries

Co

169

19,589

Saudi

Tadawul

Group

Holding

Co

1,302

38,717

(a)

SBFC

Finance

Ltd

38

110,107

SBI

Cards

&

Payment

Services

Ltd

955

1,278,150

SBI

Holdings,

Inc

32,440

153,200

(a)

SDIC

Capital

Co

Ltd

119

72,082

SEI

Investments

Co

4,663

45,935

(a)

Share

India

Securities

Ltd

165

665,244

Shenwan

Hongyuan

Group

Co

Ltd

394

39,050

(a),(b)

Shift4

Payments,

Inc

2,864

6,569

Shinyoung

Securities

Co

Ltd

343

36,465

(a)

SHL

Finance

Co

146

115,117

Shriram

Finance

Ltd

4,010

771,635

Singapore

Exchange

Ltd

5,381

105,000

(a)

Sinolink

Securities

Co

Ltd

109

159,539

SLM

Corp

3,317

27,107,620

Sociedad

de

Inversiones

Oro

Blanco

S.A.

167

3,695

Societe

Fonciere

Financiere

et

de

Participations

FFP

357

694,410

(a),(b)

SoFi

Technologies,

Inc

4,590

14,746

Sofina

S.A.

3,355

125,135

SooChow

Securities

Co

Ltd

102

135,973

Southwest

Securities

Co

Ltd

67

20,048

(a)

Spandana

Sphoorty

Financial

Ltd

170

26,571

Sparx

Group

Co

Ltd

283

4,500

SPDR

S&P

500

ETF

Trust

2,449

130,430

(b)

SPDR

S&P

Biotech

ETF

12,092

16,984

(b)

Sprott,

Inc

704

508,420

Srisawad

Corp

PCL

475

408,862

St.

James's

Place

plc

2,810

613,637

(b)

Starwood

Property

Trust,

Inc

11,622

86,666

State

Street

Corp

6,413

365,840

StepStone

Group,

Inc

16,788

70,693

Stifel

Financial

Corp

5,949

1,318,318

(a)

StoneCo

Ltd

15,807

49,080

(a)

StoneX

Group,

Inc

3,696

8,624

Strike

Co

Ltd

248

55,150

(a)

Sundaram

Finance

Ltd

3,100

63,277

Svolder

AB

369

8,441

Swissquote

Group

Holding

S.A.

2,658

355,000

(b)

SY

Holdings

Group

Ltd

198

160,793

T

Rowe

Price

Group,

Inc

18,541

82,553

(b)

Tamburi

Investment

Partners

S.p.A.

825

10,866

Tata

Investment

Corp

Ltd

842

371,038

Tel

Aviv

Stock

Exchange

Ltd

2,652

63

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

241,500

Tianfeng

Securities

Co

Ltd

$

72

69,715

(b)

Timbercreek

Financial

Corp

365

256,984

TMX

Group

Ltd

7,153

337,063

(a)

Toast,

Inc

8,686

173,480

Tokai

Tokyo

Securities

Co

Ltd

622

84,132

Tong

Yang

Investment

Bank

177

618,131

TP

ICAP

Group

plc

1,561

52,180

TPG,

Inc

2,163

21,750

Tradeweb

Markets,

Inc

2,305

1,058,597

Turkiye

Sinai

Kalkinma

Bankasi

AS

380

1,599,292

UBS

Group

AG

47,243

3,118,080

UBS

Group

AG

91,578

85,600

(a)

Up

Fintech

Holding

Ltd

(ADR)

360

43,062

UTI

Asset

Management

Co

Ltd

517

68,748

(b)

UWM

Holdings

Corp

476

121,650

Van

Lanschot

Kempen

NV

4,883

18,722

Verusa

Holding

AS.

172

92,850

Victory

Capital

Holdings,

Inc

4,432

261,933

Virtu

Financial,

Inc

5,880

2,071,326

Visa,

Inc

(Class

A)

543,661

22,109

Vontobel

Holding

AG.

1,324

223,029

Voya

Financial,

Inc

15,869

46,735

Warsaw

Stock

Exchange

562

195,762

Washington

H

Soul

Pattinson

&

Co

Ltd

4,271

1,850,395

(a)

Waterland

Financial

Holdings

918

31,400

(a),(b)

WealthNavi,

Inc

296

18,674

Wendel

1,651

112,603

Western

Securities

Co

Ltd

96

67,925

Western

Union

Co

830

7,976

(a)

WEX,

Inc

1,413

165,710

WisdomTree,

Inc

1,642

595,048

(a)

Wise

plc

5,104

43,564

Woori

Investment

&

Securities

Co

Ltd

400

159,657

(a),(c)

Worldline

S.A.

1,740

1,308,357

XP,

Inc

23,014

43,577

(c)

XTB

S.A.

768

8,885,800

(b)

Yangzijiang

Financial

Holding

Ltd

2,290

148,400

(a),(b)

Yeahka

Ltd

190

1,698,000

(c)

Yixin

Group

Ltd

142

199,129

Yulon

Finance

Corp

916

183,965

Zenkoku

Hosho

Co

Ltd

6,788

113,991

Zheshang

Securities

Co

Ltd

168

196,800

Zhongtai

Securities

Co

Ltd

153

742,137

(a)

Zip

Co

Ltd

716

TOTAL

FINANCIAL

SERVICES

7,494,423

FOOD,

BEVERAGE

&

TOBACCO

-

2.7%

142,298

AAK

AB

4,167

69,716

AG.

Barr

plc

529

217,551

(a)

Agrotech

Yueksek

Teknoloji

VE

Yatirim

AS.

96

253,897

Agthia

Group

PJSC

415

774,537

Ajinomoto

Co,

Inc

27,260

15,719

Al

Jouf

Agricultural

Development

Co

278

220,028

Almarai

Co

JSC

3,316

1,937,839

Ambev

S.A.

3,955

165,160

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

1,257

16,111

Angel

Yeast

Co

Ltd

62

859,761

Anheuser-Busch

InBev

S.A.

49,914

116,728

Anhui

Gujing

Distillery

Co

Ltd

1,734

21,514

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

624

18,717

(a)

Anhui

Kouzi

Distillery

Co

Ltd

101

29,000

Anhui

Yingjia

Distillery

Co

Ltd

229

CREF

Stock

Account

June

30,

2024

64

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

442,226

(b)

Arca

Continental

SAB

de

C.V.

$

4,337

153,275

Archer-Daniels-Midland

Co

9,265

13,272

Ariake

Japan

Co

Ltd

432

3,672,225

(a)

Aryzta

AG.

6,542

881,247

Asahi

Breweries

Ltd

31,183

626,225

Associated

British

Foods

plc

19,553

76,223

Austevoll

Seafood

ASA

589

141,351

(a)

Australian

Agricultural

Co

Ltd

137

32,322

Avanti

Feeds

Ltd

231

279,256

AVI

Ltd

1,451

39,816

Bakkafrost

P

2,017

642,706

Baladna

231

99,297

Balrampur

Chini

Mills

Ltd

511

110

Barry

Callebaut

AG.

179

227,536

Bega

Cheese

Ltd

641

235,700

Beijing

Yanjing

Brewery

Co

Ltd

286

1,529

Bell

Food

Group

AG.

441

650,100

Betagro

PCL

396

53,080

Bikaji

Foods

International

Ltd

455

17,447

Bombay

Burmah

Trading

Co

423

6,839

(a)

Boston

Beer

Co,

Inc

(Class

A)

2,086

32,300

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

148

149,140

(a)

BRC,

Inc

914

477,100

(a)

BRF

S.A.

1,935

94,458

(a)

Britannia

Industries

Ltd

6,195

64,000

British

American

Tobacco

Malaysia

BHD

113

263,966

British

American

Tobacco

plc

8,109

602,292

Britvic

plc

8,997

333,697

Bunge

Global

S.A.

35,629

311,591

C&C

Group

plc

624

65,400

Calbee,

Inc

1,258

73,000

Camil

Alimentos

S.A.

108

208,100

Carabao

Group

PCL

376

178,601

Carlsberg

AS

(Class

B)

21,442

118,200

Carlsberg

Brewery

Malaysia

Bhd

469

59,493

CCL

Products

India

Ltd

422

732,926

(a)

Celsius

Holdings,

Inc

41,843

947,800

Century

Pacific

Food,

Inc

520

132,800

Charoen

Pokphand

Enterprise

432

3,075,531

Charoen

Pokphand

Foods

PCL

1,917

5,959,918

Charoen

Pokphand

Indonesia

Tbk

PT

1,847

3,394,021

(c)

China

Feihe

Ltd

1,566

2,300,000

China

Foods

Ltd

839

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

2,404

3,105,000

(b)

China

Modern

Dairy

Holdings

Ltd

278

684,357

China

Resources

Beer

Holdings

Company

Ltd

2,302

5

Chocoladefabriken

Lindt

&

Spruengli

AG.

576

22,427

Chongqing

Brewery

Co

Ltd

187

88,277

Cia

Cervecerias

Unidas

S.A.

505

6,973

CJ

CheilJedang

Corp

1,946

150,732

Cloetta

AB

293

3,344,115

Coca-Cola

Co

212,853

2,152,278

(a)

Coca-Cola

Europacific

Partners

plc

156,836

457,183

Coca-Cola

Femsa

SAB

de

C.V.

3,920

4,347

Coca-Cola

HBC

AG.

148

65,381

Coca-Cola

Icecek

AS

1,654

105,800

Coca-Cola

West

Japan

Co

Ltd

1,326

2,280,000

(a),(b)

COFCO

Joycome

Foods

Ltd

484

41,420

Cranswick

plc

2,327

15,133

Daesang

Corp

309

65

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

278,975

Danone

$

17,087

143,915

(a)

Darling

International,

Inc

5,289

9,351,312

(b)

Davide

Campari-Milano

NV

88,536

973,437

Diageo

plc

30,560

4,879

(a)

Dodla

Dairy

Ltd

59

750,430

(b)

Dole

plc

9,185

2,585

Dongwon

F&B

Co

Ltd

82

17,000

Dydo

Drinco,

Inc

283

1,357,962

Eastern

Tobacco

514

17,000

Eastroc

Beverage

Group

Co

Ltd

504

317,283

Embotelladora

Andina

S.A.

898

1,710

Emmi

AG.

1,690

39,215

(b)

Ezaki

Glico

Co

Ltd

1,020

591,100

Farm

Fresh

Bhd

190

1,562,775

Fevertree

Drinks

plc

21,414

13,194

First

Milling

Co

251

1,944,000

First

Pacific

Co

902

387,000

(b)

First

Resources

Ltd

394

1,615,083

Fomento

Economico

Mexicano

S.A.

de

C.V.

17,376

708,291

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

76,248

225,461

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,068

96,600

Fraser

&

Neave

Holdings

Bhd

651

119,195

Fresh

Del

Monte

Produce,

Inc

2,604

59,062

(a)

Freshpet,

Inc

7,642

11,445

Fu

Jian

Anjoy

Foods

Co

Ltd

117

34,727

Fuji

Oil

Co

Ltd

610

35,732

Fujicco

Co

Ltd

413

3,382

Fujiya

Co

Ltd

55

119,396

Futuris

Corp

Ltd

648

517,600

GFPT

PCL

(Foreign)

180

155,705

Glanbia

plc

3,035

10,475

Godfrey

Phillips

India

Ltd

518

5,525,825

(b)

Golden

Agri-Resources

Ltd

1,100

467,500

Great

Wall

Enterprise

Co

Ltd

824

400,724

(a)

Greencore

Group

plc

843

41,836

Grieg

Seafood

ASA

246

150,016

(b)

Gruma

SAB

de

C.V.

2,737

1,108,941

(b)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

3,916

89,345

Guangdong

Haid

Group

Co

Ltd

578

112,464

Gujarat

Ambuja

Exports

Ltd

183

463,790

(a),(b)

Hain

Celestial

Group,

Inc

3,205

7,885

(a)

Halwani

Brothers

Co

101

42,064

Harim

Holdings

Co

Ltd

181

172,314

Health

&

Happiness

H&H

International

Holdings

Ltd

197

65,700

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

192

118,532

Heilongjiang

Agriculture

Co

Ltd

203

246,548

Heineken

Holding

NV

19,433

119,400

Heineken

Malaysia

Bhd

558

2,408,080

(b)

Heineken

NV

232,972

138,523

Henan

Shuanghui

Investment

&

Development

Co

Ltd

453

155,090

Hilton

Food

Group

plc

1,762

33,088

(a)

Hindustan

Foods

Ltd

213

22,675

Hite

Jinro

Co

Ltd

349

14,500

Hokuto

Corp

172

44,562

House

Foods

Corp

789

530,600

Ichitan

Group

PCL

251

26,443

Imperial

Tobacco

Group

plc

677

1,821,709

Indofood

CBP

Sukses

Makmur

Tbk

PT

1,146

291,423

Inghams

Group

Ltd

702

49,350

Ingredion,

Inc

5,660

332,453

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,181

9,135,000

(a),(d)

Inti

Agri

Resources

Tbk

PT

0

^

CREF

Stock

Account

June

30,

2024

66

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,869,106

IOI

Corp

BHD

$

1,464

424,500

I-TAIL

Corp

PCL

266

1,260,553

ITC

Ltd

6,416

43,000

Ito

En

Ltd

933

18,940

Itoham

Yonekyu

Holdings,

Inc

507

66,400

Jalles

Machado

S.A.

81

430,512

(b)

Japan

Tobacco,

Inc

11,658

4,685,000

(a)

Japfa

Comfeed

Indonesia

Tbk

PT

408

648,582

(a)

JBS

S.A.

3,744

3,168

JDE

Peet's

NV

63

65,626

Jiangsu

King's

Luck

Brewery

JSC

Ltd

417

64,781

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

719

400

JiuGui

Liquor

Co

Ltd

2

13,046

J-Oil

Mills,

Inc

162

29,964

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

93

60,646

Kagome

Co

Ltd

1,235

10,900

Kameda

Seika

Co

Ltd

288

23,394

Kaveri

Seed

Co

Ltd

262

2,608

Kerry

Group

plc

(Class

A)

211

398,483

Keurig

Dr

Pepper,

Inc

13,309

80,397

Kewpie

Corp

1,599

142,600

Kikkoman

Corp

1,657

160,225

(b)

Kirin

Brewery

Co

Ltd

2,070

78,900

Kotobuki

Spirits

Co

Ltd

919

4,306,211

Kraft

Heinz

Co

138,746

42,521

KRBL

Ltd

144

86,802

KT&G

Corp

5,546

392,195

Kuala

Lumpur

Kepong

BHD

1,714

62,785

Kweichow

Moutai

Co

Ltd

12,650

150,304

Lamb

Weston

Holdings,

Inc

12,638

2,383

(b)

Lassonde

Industries,

Inc

269

225,195

Leroy

Seafood

Group

ASA

912

61,211

Lian

HWA

Food

Corp

211

671,398

Lien

Hwa

Industrial

Corp

1,413

28

Lindt

&

Spruengli

AG.

327

3,020

Lotte

Chilsung

Beverage

Co

Ltd

291

1,838

Lotte

Wellfood

Co

Ltd

244

916

(b)

Lotus

Bakeries

NV

9,447

113,162

LT

Foods

Ltd

347

77,723

Luzhou

Laojiao

Co

Ltd

1,532

57,700

M

Dias

Branco

S.A.

303

40,700

(a)

MamaMancini's

Holdings,

Inc

274

62,285

Maple

Leaf

Foods,

Inc

1,043

295,678

(a)

Marfrig

Global

Foods

S.A.

654

432,841

Marico

Ltd

3,181

28,800

Maruha

Nichiro

Corp

568

36,387

Megmilk

Snow

Brand

Co

Ltd

589

286,500

Meihua

Holdings

Group

Co

Ltd

395

49,185

MEIJI

Holdings

Co

Ltd

1,064

58,371

Mezzan

Holding

Co

KSCC

137

255,300

Minerva

S.A.

305

10,600

Mitsui

Sugar

Co

Ltd

224

5,041,886

Mondelez

International,

Inc

329,941

3,714,266

(a)

Monster

Beverage

Corp

185,528

57,558

Morinaga

&

Co

Ltd

894

808,226

Morinaga

Milk

Industry

Co

Ltd

17,006

18,679

Mowi

ASA

310

19,551

Mrs

Bectors

Food

Specialities

Ltd

322

281,338

Muyuan

Foods

Co

Ltd

1,687

108,000

Namchow

Holdings

Co

Ltd

195

116,207

(a)

National

Agriculture

Development

Co

987

292,959

Nestle

India

Ltd

8,956

67

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

54,614

Nestle

Malaysia

Bhd

$

1,407

2,358,052

Nestle

S.A.

240,696

195,005

(a)

New

Hope

Liuhe

Co

Ltd

245

508,092

Nichirei

Corp

11,212

37,897

(b)

Nippon

Flour

Mills

Co

Ltd

552

67,500

Nippon

Meat

Packers,

Inc

2,027

233,759

Nippon

Suisan

Kaisha

Ltd

1,257

19,122

Nisshin

Oillio

Group

Ltd

577

161,300

Nisshin

Seifun

Group,

Inc

1,862

43,000

Nissin

Food

Products

Co

Ltd

1,093

1,807,200

(c)

Nongfu

Spring

Co

Ltd

8,584

2,445

NongShim

Co

Ltd

867

63,745

(b)

Oceana

Group

Ltd

252

19,998

Orion

Corp/Republic

of

Korea

1,335

91,600

Orion

Holdings

Corp

1,010

4,959

(b)

Orior

AG.

308

25,073

Orkla

ASA

203

706,100

Osotspa

PCL

441

1,254

Ottogi

Corp

394

2,071,194

PepsiCo,

Inc

341,602

351,712

Pernod-Ricard

S.A.

47,987

243

Philip

Morris

CR

AS.

159

4,312,821

Philip

Morris

International,

Inc

437,018

91,670

(a)

Pilgrim's

Pride

Corp

3,528

473,541

PPB

Group

BHD

1,434

1,171,312

Premier

Foods

plc

2,351

35,854

(b)

Premium

Brands

Holdings

Corp

2,470

127,638

Prima

Meat

Packers

Ltd

1,894

1,886,330

(b)

Primo

Water

Corp

41,235

128,194

(b)

Primo

Water

Corp

(Toronto)

2,802

409,800

PT

Astra

Agro

Lestari

Tbk

135

282,700

PT

Gudang

Garam

Tbk

312

3,631,609

PT

Indofood

Sukses

Makmur

Tbk

1,347

730,400

QL

Resources

Bhd

1,008

463,300

R&B

Food

Supply

PCL

118

60,269

Radico

Khaitan

Ltd

1,289

37,784

Remy

Cointreau

S.A.

3,175

12,500

Riken

Vitamin

Co

Ltd

215

459,500

(b)

RLX

Technology,

Inc

(ADR)

845

60,708

Rogers

Sugar,

Inc

248

40,519

Royal

Unibrew

A.S.

3,214

14,294

S

Foods,

Inc

259

23,555

Sakata

Seed

Corp

506

63,671

Salmar

ASA

3,339

3,349

Samyang

Foods

Co

Ltd

1,623

2,268

Samyang

Holdings

Corp

113

124,300

Sao

Martinho

S.A.

728

89,100

Sappe

PCL

246

48,986

Sapporo

Holdings

Ltd

1,721

217,991

Saputo,

Inc

4,895

12,081

Saudia

Dairy

&

Foodstuff

Co

1,128

221,335

Savola

Group

2,752

2,975,600

(a)

Sawit

Sumbermas

Sarana

Tbk

PT

186

91,531

(c)

Scandinavian

Tobacco

Group

A.S.

1,292

9,280

Schouw

&

Co

730

151

Seaboard

Corp

477

64,142

(a)

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

1,857

14,300

Shede

Spirits

Co

Ltd

111

14,987

Showa

Sangyo

Co

Ltd

294

529,285

(a)

Shree

Renuka

Sugars

Ltd

310

18,001

Sichuan

Swellfun

Co

Ltd

93

1,678,278

Sime

Darby

Plantation

Bhd

1,499

CREF

Stock

Account

June

30,

2024

68

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,410

(a)

Sinad

Holding

Co

$

84

172,754

SLC

Agricola

S.A.

539

1,598,171

(b),(c)

Smoore

International

Holdings

Ltd

1,934

329,700

Srinanaporn

Marketing

PCL

122

263,000

Standard

Foods

Corp

347

113,500

(a),(b)

Star

Plus

Legend

Holdings

Ltd

177

42,847

Strauss

Group

Ltd

633

44,643

Suedzucker

AG.

651

17,446

Sula

Vineyards

Ltd

104

60,641

(a),(b)

SunOpta,

Inc

326

28,700

Suntory

Beverage

&

Food

Ltd

1,019

485,400

Ta

Ann

Holdings

Bhd

392

467,000

(a)

Taiwan

TEA

Corp

316

112,003

Takara

Holdings,

Inc

762

3,692

Tanmiah

Food

Co

118

500,692

Tata

Consumer

Products

Ltd

6,578

311,183

Tate

&

Lyle

plc

2,352

2,271,800

Thai

Union

Group

PCL

921

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

234

123,646

(b)

Tiger

Brands

Ltd

1,352

61,907

Tilaknagar

Industries

Ltd

186

1,863,301

Tingyi

Cayman

Islands

Holding

Corp

2,245

69,900

Toyo

Suisan

Kaisha

Ltd

4,163

170,724

Treasury

Wine

Estates

Ltd

1,413

118,700

Tres

Tentos

Agroindustrial

S.A.

210

52,366

Triveni

Engineering

&

Industries

Ltd

248

589,471

(a)

Tsingtao

Brewery

Co

Ltd

3,921

40,993

Tsingtao

Brewery

Co

Ltd

(Class

A)

410

18,000

(a)

Ttet

Union

Corp

81

62,810

Turning

Point

Brands,

Inc

2,016

136,184

Ulker

Biskuvi

Sanayi

AS

709

1,872,600

Ultrajaya

Milk

Industry

&

Trading

Co

Tbk

PT

212

4,249,934

Uni-President

Enterprises

Corp

10,651

645,900

United

Plantations

BHD

3,354

252,509

United

Spirits

Ltd

3,859

735,260

Universal

Robina

Corp

1,395

395,484

Varun

Beverages

Ltd

7,713

317,864

Vina

Concha

y

Toro

S.A.

371

31,894

(b)

Viscofan

S.A.

2,091

219,590

(a)

Vita

Coco

Co,

Inc

6,116

77,640

(a)

Vital

Farms,

Inc

3,631

636,000

Vitasoy

International

Holdings

Ltd

480

4,110

VST

Industries

Ltd

197

4,464,694

Want

Want

China

Holdings

Ltd

2,699

307,800

(b)

Weilong

Delicious

Global

Holdings

Ltd

217

366,070

Wens

Foodstuffs

Group

Co

Ltd

999

6,969,300

(c)

WH

Group

Ltd

4,587

52,380

(a)

Whole

Earth

Brands,

Inc

255

1,595,611

Wilmar

International

Ltd

3,638

99,321

(a)

Wuliangye

Yibin

Co

Ltd

1,746

52,239

Yakult

Honsha

Co

Ltd

936

90,100

Yamazaki

Baking

Co

Ltd

1,860

392,000

Yihai

International

Holding

Ltd

655

74,900

Yihai

Kerry

Arawana

Holdings

Co

Ltd

282

903,000

(b),(c)

Zhou

Hei

Ya

International

Holdings

Co

Ltd

200

13,152

Zydus

Wellnes

Ltd

281

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,345,559

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.4%

3,534,601

Abbott

Laboratories

367,280

110,343

(a)

Acadia

Healthcare

Co,

Inc

7,453

114,250

(a)

Accolade,

Inc

409

69

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

102,500

(a),(b)

Adicon

Holdings

Ltd

$

134

168,987

Advanced

Medical

Solutions

Group

plc

457

211,512

(a),(b)

agilon

health,

Inc

1,383

232,449

Aier

Eye

Hospital

Group

Co

Ltd

330

444,000

(b),(c)

AK

Medical

Holdings

Ltd

244

65,666

Al

Hammadi

Holding

814

450,188

Alcon,

Inc

40,018

136,700

Alfresa

Holdings

Corp

1,879

233,195

(a)

Align

Technology,

Inc

56,300

69,270

(a)

Alignment

Healthcare,

Inc

542

147,230

(a)

Ambu

A.S.

2,834

11,966

(a)

Amedisys,

Inc

1,098

125,005

AmerisourceBergen

Corp

28,164

607,032

Amplifon

S.p.A.

21,586

37,800

Amvis

Holdings,

Inc

540

16,154

(b)

Andlauer

Healthcare

Group,

Inc

458

34,000

(b),(c)

Angelalign

Technology,

Inc

247

421,570

(a)

Angiodynamics,

Inc

2,550

112,705

Ansell

Ltd

1,989

188,723

Apollo

Hospitals

Enterprise

Ltd

13,974

721,329

Arjo

AB

2,797

109,500

(a),(c)

Arrail

Group

Ltd

72

43,088

As

One

Corp

770

416,300

Asahi

Intecc

Co

Ltd

5,844

121,167

(c)

Aster

DM

Healthcare

Ltd

502

647,897

(a)

AtriCure,

Inc

14,753

337,015

(c)

Attendo

AB

1,393

16,100

Autobio

Diagnostics

Co

Ltd

102

250,210

(a)

Axogen,

Inc

1,811

64,050

(a)

Axonics,

Inc

4,306

1,076,200

Bangkok

Chain

Hospital

PCL

501

4,634,471

Bangkok

Dusit

Medical

Services

PCL

3,347

4,569,500

Bangkok

Dusit

Medical

Services

PCL

3,326

372,602

Baxter

International,

Inc

12,464

516,650

Becton

Dickinson

&

Co

120,746

57,250

(a),(b)

Beijing

Chunlizhengda

Medical

Instruments

Co

Ltd

63

37,744

BioMerieux

3,589

46,270

(a)

Bioventus,

Inc

266

15,045

BML,

Inc

270

3,775,555

(a)

Boston

Scientific

Corp

290,755

743,880

(a),(b)

BrightSpring

Health

Services,

Inc

8,450

2,279,880

(a)

Brookdale

Senior

Living,

Inc

15,572

248,938

Bumrungrad

Hospital

PCL

1,675

92,653

Cardinal

Health,

Inc

9,110

36,288

Carl

Zeiss

Meditec

AG.

2,551

490,110

(a)

Centene

Corp

32,494

86,865

(a)

Certara,

Inc

1,203

37,366

(a)

Chabiotech

Co

Ltd

419

5,483

Chemed

Corp

2,975

30,700

China

National

Medicines

Corp

Ltd

130

723,500

(b)

China

Resources

Medical

Holdings

Co

Ltd

326

4,203,000

Chularat

Hospital

PCL

298

861,829

Cigna

Group

284,895

14,752

Classys,

Inc

542

500,000

C-Mer

Eye

Care

Holdings

Ltd

178

43,526

Cochlear

Ltd

9,608

138,411

Coloplast

A.S.

16,639

262,396

CompuGroup

Medical

SE

&

Co

KgaA

6,705

22,300

Conmed

Corp

1,546

4,842,452

(c)

ConvaTec

Group

plc

14,347

119,606

(a)

Cooper

Cos,

Inc

10,442

21,612

Craneware

plc

631

CREF

Stock

Account

June

30,

2024

70

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

54,648

CVS

Group

plc

$

696

569,734

CVS

Health

Corp

33,648

14,673

Dallah

Healthcare

Co

622

19,494

(a)

DaVita,

Inc

2,701

15,196

(a)

Demant

A.S.

658

228,433

(a),(b)

dentalcorp

Holdings

Ltd

1,376

5,873

Dentium

Co

Ltd

503

155,947

Dentsply

Sirona,

Inc

3,885

1,178,830

(a)

DexCom,

Inc

133,656

804

DiaSorin

S.p.A.

80

82,347

(a),(b)

Doximity,

Inc

2,303

30,870

(c)

Dr

Lal

PathLabs

Ltd

1,028

109,510

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

8,401

6,027

Draegerwerk

AG.

322

111,418

EBOS

Group

Ltd

2,187

11,270

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

553

551,439

(a)

Edwards

Lifesciences

Corp

50,936

27,100

Eiken

Chemical

Co

Ltd

379

30,950

(b)

El.En.

S.p.A

311

290,976

Elekta

AB

(B

Shares)

1,814

975,406

Elevance

Health,

Inc

528,533

218,300

Encompass

Health

Corp

18,728

90,440

(a)

Enhabit,

Inc

807

38,118

(a)

Enovis

Corp

1,723

120,561

(a)

Envista

Holdings

Corp

2,005

5,186

(b)

Equasens

296

1,008,878

Essilor

International

S.A.

216,791

165,571

(a),(b)

Establishment

Labs

Holdings,

Inc

7,524

44,537

(b)

Extendicare,

Inc

236

124,697

Fagron

NV

2,426

970,193

Fisher

&

Paykel

Healthcare

Corp

17,758

200,982

Fleury

S.A.

540

371,872

Fortis

Healthcare

Ltd

2,119

645,052

Fresenius

Medical

Care

AG.

24,652

12,541

Fresenius

SE

375

11,300

Fukuda

Denshi

Co

Ltd

479

38,283

(c)

Galenica

AG.

3,135

306,667

GE

HealthCare

Technologies,

Inc

23,895

27,910

(a)

GeneDx

Holdings

Corp

730

7,626

Getinge

AB

(B

Shares)

130

113,114

(a)

Glaukos

Corp

13,387

66,947

(a)

Global

Health

Ltd

1,049

157,346

(a)

Globus

Medical,

Inc

10,777

39,412

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

159

6,938

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

26

364,150

(a)

Guardant

Health,

Inc

10,517

104,700

(b)

Gushengtang

Holdings

Ltd

503

2,033,838

(a),(c)

Hapvida

Participacoes

e

Investimentos

S.A.

1,393

1,246,500

(a)

Hartalega

Holdings

Bhd

867

459,453

HCA,

Inc

147,613

405,363

(a),(b)

Healius

Ltd

404

41,910

(a)

Health

Catalyst,

Inc

268

237,100

(a)

HealthEquity,

Inc

20,438

9,030

HealthStream,

Inc

252

48,951

(a)

Henry

Schein,

Inc

3,138

1,184,870

(a)

Hims

&

Hers

Health,

Inc

23,922

66,081

(a)

HLB

Life

Science

CO

Ltd

393

99,671

(a)

HLB,

Inc

4,214

16,100

Hogy

Medical

Co

Ltd

397

170,534

(a)

Hologic,

Inc

12,662

303,496

(a)

Hoya

Corp

35,491

42,278

Huadong

Medicine

Co

Ltd

162

71

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

361,729

Humana,

Inc

$

135,160

145,200

(a),(b),(c)

Hygeia

Healthcare

Holdings

Co

Ltd

523

14,891

(a)

ICU

Medical,

Inc

1,768

36,248

(a)

IDEXX

Laboratories,

Inc

17,660

1,391,889

IHH

Healthcare

Bhd

1,859

91,070

(a)

Inari

Medical,

Inc

4,385

485,943

(a),(b)

Inmode

Ltd

8,864

21,461

(a)

Inspire

Medical

Systems,

Inc

2,872

51,069

(a)

Insulet

Corp

10,306

134,210

(a)

Integer

Holdings

Corp

15,540

50,184

(a)

Integra

LifeSciences

Holdings

Corp

1,462

831,860

(a)

Intuitive

Surgical,

Inc

370,053

37,740

(a)

iRhythm

Technologies,

Inc

4,062

46,600

Japan

Lifeline

Co

Ltd

329

44,436

(a)

Jeisys

Medical,

Inc

414

35,688

Jeol

Ltd

1,621

29,450

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

152

1,497,500

(b),(c)

Jinxin

Fertility

Group

Ltd

533

18,400

(a)

JMDC,

Inc

381

47,090

(a)

Joint

Corp

662

120,466

Jointown

Pharmaceutical

Group

Co

Ltd

81

4,825

(a)

Jupiter

Life

Line

Hospitals

Ltd

75

244,000

(b)

Kangji

Medical

Holdings

Ltd

174

721,659

Koninklijke

Philips

Electronics

NV

18,149

1,189,600

Kossan

Rubber

Industries

Bhd

593

3,238,500

KPJ

Healthcare

Bhd

1,323

35,786

(a),(c)

Krishna

Institute

of

Medical

Sciences

Ltd

894

127,857

Labcorp

Holdings,

Inc

26,020

237,912

(a)

Lantheus

Holdings,

Inc

19,102

16,113

Lepu

Medical

Technology

Beijing

Co

Ltd

33

1,231,259

Life

Healthcare

Group

Holdings

Ltd

870

3,064,000

(a),(b)

Lifetech

Scientific

Corp

545

329,370

(a)

LivaNova

plc

18,056

15,779

(a)

Lunit,

Inc

532

91,000

M3,

Inc

871

60,663

Mani,

Inc

751

31,803

(a)

Masimo

Corp

4,005

623,496

Max

Healthcare

Institute

Ltd

7,022

109,714

McKesson

Corp

64,077

5,388

(c)

Medacta

Group

S.A.

733

148,700

Mediceo

Paltac

Holdings

Co

Ltd

2,267

53,493

Medicover

AB

960

4,913,200

Medikaloka

Hermina

Tbk

PT

407

17,400

(a)

Medley,

Inc

390

197,000

(b),(c)

Medlive

Technology

Co

Ltd

188

21,357

(b),(c)

Medmix

AG.

323

1,647,948

(b)

Medtronic

plc

129,710

44,084

Menicon

Co

Ltd

363

131,730

(a)

Merit

Medical

Systems,

Inc

11,322

156

Metall

Zug

AG.(B

Shares)

214

24,367

(c)

Metropolis

Healthcare

Ltd

577

146,000

(b)

MicroPort

NeuroTech

Ltd

116

621,700

(b)

Microport

Scientific

Corp

417

34,426

(a)

Middle

East

Healthcare

Co

793

47,300

Miraca

Holdings,

Inc

690

3,295,300

Mitra

Keluarga

Karyasehat

Tbk

PT

608

40,401

(a),(c)

MLP

Saglik

Hizmetleri

AS.

433

21,681

(a)

Molina

Healthcare,

Inc

6,446

256,124

Mouwasat

Medical

Services

Co

8,259

16,936

Nagaileben

Co

Ltd

279

52,122

Nakanishi,

Inc

825

216,889

(a)

Nanosonics

Ltd

429

CREF

Stock

Account

June

30,

2024

72

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

57,118

Narayana

Hrudayalaya

Ltd

$

824

18,636

National

Medical

Care

Co

1,080

1,120,328

Network

Healthcare

Holdings

Ltd

781

220,500

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

New

Horizon

Health

Ltd

200

123,554

Nihon

Kohden

Corp

1,788

120,352

Nipro

Corp

946

159,379

(a),(d)

NMC

Health

plc

0

^

77,330

(a)

Novocure

Ltd

1,325

211,350

Odontoprev

S.A.

429

239,568

Olympus

Corp

3,867

47,620

(a)

Omnicell,

Inc

1,289

192,800

(a)

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

213

24,830

(a)

OptimizeRx

Corp

248

555,611

(a)

Option

Care

Health,

Inc

15,390

54,440

(a),(b)

Orpea

S.A.

670

162,760

(a)

Orthofix

Medical,

Inc

2,158

79,670

(a)

PACS

Group,

Inc

2,350

30,644

Paramount

Bed

Holdings

Co

Ltd

520

33,885

Pegavision

Corp

499

163,640

(a)

Pennant

Group,

Inc

3,795

26,737

(a)

Penumbra,

Inc

4,812

228,180

(a)

PetIQ,

Inc

5,034

20,700

(b)

PHC

Holdings

Corp

151

79,000

(a),(d)

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

546

462,181

(a)

PolyNovo

Ltd

749

45,036

Premier,

Inc

841

77,960

(a)

Privia

Health

Group,

Inc

1,355

46,619

Pro

Medicus

Ltd

4,427

318,716

(a)

Progyny,

Inc

9,118

113,396

(a)

Project

Roadrunner

Parent,

Inc

1,424

25,300

(a)

Pulse

Biosciences,

Inc

283

42,065

Quest

Diagnostics,

Inc

5,758

39,375

(a)

QuidelOrtho

Corp

1,308

382,379

(a)

RadNet,

Inc

22,530

688,099

Raffles

Medical

Group

Ltd

505

41,762

(a)

Rainbow

Children's

Medicare

Ltd

624

38,074

Ramsay

Health

Care

Ltd

1,202

214,176

(c)

Rede

D'Or

Sao

Luiz

S.A.

1,042

107,066

Resmed,

Inc

20,495

16,325

(b)

Revenio

Group

Oyj

480

2,873,300

Riverstone

Holdings

Ltd

2,050

267,230

(a)

RxSight,

Inc

16,079

459,007

(a)

Ryman

Healthcare

Ltd

994

309,190

Saudi

Chemical

Co

Holding

929

30,741

SD

Biosensor,

Inc

219

107,571

(b)

Sectra

AB

2,465

97,672

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

134

671,726

Select

Medical

Holdings

Corp

23,551

1,071,882

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

511

174,000

(a),(b)

Shanghai

MicroPort

MedBot

Group

Co

Ltd

196

68,232

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

179

362,427

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

544

19,707

Shanghai

United

Imaging

Healthcare

Co

Ltd

297

30,922

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

1,237

17,600

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

163

845,803

Ship

Healthcare

Holdings,

Inc

12,536

563,946

(a)

SI-BONE,

Inc

7,292

358,948

(c)

Siemens

Healthineers

AG.

20,671

241,340

(b)

Sienna

Senior

Living,

Inc

2,514

953,625

Sigma

Healthcare

Ltd

809

465,280

(a)

Silk

Road

Medical,

Inc

12,581

73

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

604,187

Sinopharm

Group

Co

Ltd

$

1,607

792,690

Smith

&

Nephew

plc

9,823

100,087

(a)

Solventum

Corp

5,293

95,247

Sonic

Healthcare

Ltd

1,663

10,850

(a)

Sonida

Senior

Living,

Inc

298

36,266

Sonova

Holdings

AG

11,172

200,534

(c)

Spire

Healthcare

Group

plc

596

1,145,900

Sri

Trang

Gloves

Thailand

PCL

315

73,157

STERIS

plc

16,061

6,821

STRATEC

SE

333

80,679

Straumann

Holding

AG.

9,959

456,296

Stryker

Corp

155,255

9,200

SUNWELS

Co

Ltd

152

1,524,701

(a)

Supermax

Corp

Bhd

283

88,030

(a)

Surgery

Partners,

Inc

2,094

29,166

(a),(b)

Surgical

Science

Sweden

AB

345

259,800

Suzuken

Co

Ltd

7,922

105,732

Sysmex

Corp

1,707

443,777

(a)

Tactile

Systems

Technology,

Inc

5,299

44,000

TaiDoc

Technology

Corp

229

47,360

(a)

Tandem

Diabetes

Care,

Inc

1,908

61,784

(a)

Teladoc

Health,

Inc

604

51,238

Teleflex,

Inc

10,777

483,201

(a)

Tenet

Healthcare

Corp

64,280

1,272,675

Terumo

Corp

21,108

277,500

Thonburi

Healthcare

Group

PCL

227

38,230

Toho

Pharmaceutical

Co

Ltd

1,003

27,109

Tokai

Corp

(GIFU)

390

3,615,500

(a)

Top

Glove

Corp

Bhd

843

179,950

Uniphar

plc

467

2,093,388

UnitedHealth

Group,

Inc

1,066,079

22,101

Universal

Health

Services,

Inc

(Class

B)

4,087

38,425

Universal

Vision

Biotechnology

Co

Ltd

295

3,780

Utah

Medical

Products,

Inc

253

497,011

(a)

Veeva

Systems,

Inc

90,958

156,500

(a),(c),(d)

Venus

MedTech

Hangzhou,

Inc

0

^

58,720

(a)

Viemed

Healthcare,

Inc

385

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

418

100,928

(a),(b)

Vimian

Group

AB

327

27,000

Visco

Vision,

Inc

233

174,279

(a)

Well

Health

Technologies

Corp

600

36,844

Won

Tech

Co

Ltd

213

134,211

(a),(b)

Xvivo

Perfusion

AB

5,250

429,900

(a),(b),(c)

Yidu

Tech,

Inc

209

3,333

Ypsomed

Holding

AG.

1,489

176,275

Zimmer

Biomet

Holdings,

Inc

19,131

162,500

(a),(c)

Zylox-Tonbridge

Medical

Technology

Co

Ltd

207

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,483,751

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

7,340

Aekyung

Industrial

Co

Ltd

111

24,480

Amorepacific

Corp

2,963

23,585

AMOREPACIFIC

Group

552

2,346

(a)

APR

Corp

670

642,719

Beiersdorf

AG.

94,072

420,131

(a)

BellRing

Brands,

Inc

24,006

68,200

(a)

Best

World

International

Ltd

125

502,000

(c)

Blue

Moon

Group

Holdings

Ltd

133

97,383

By-health

Co

Ltd

181

2,576

(a)

C&C

International

Corp

253

29,875

(a)

Chlitina

Holding

Ltd

148

243,923

Church

&

Dwight

Co,

Inc

25,290

CREF

Stock

Account

June

30,

2024

74

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

173,993

Clorox

Co

$

23,745

677,696

Colgate-Palmolive

Co

65,764

119,533

Colgate-Palmolive

India

Ltd

4,071

6,686

Cosmax,

Inc

942

302,104

(a)

Coty,

Inc

3,027

445,731

Dabur

India

Ltd

3,208

10,730

(b)

Earth

Chemical

Co

Ltd

321

113,717

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

179

50,167

(a)

elf

Beauty,

Inc

10,571

164,635

Emami

Ltd

1,359

50,900

Energizer

Holdings,

Inc

1,504

17,710

Essity

AB

453

972,905

Estee

Lauder

Cos

(Class

A)

103,517

77,300

(a),(b)

euglena

Co

Ltd

261

62,684

(b)

Fancl

Corp

1,073

266,600

(c)

Giant

Biogene

Holding

Co

ltd

1,560

2,999

Gillette

India

Ltd

261

351,925

Godrej

Consumer

Products

Ltd

5,796

90,000

Grape

King

Bio

Ltd

426

32,976,066

Haleon

plc

134,170

1,639,483

(b)

Haleon

plc

(ADR)

13,542

657,136

Hengan

International

Group

Co

Ltd

2,001

20,417

Henkel

KGaA

1,606

162,425

Henkel

KGaA

(Preference)

14,462

341,966

Hindustan

Lever

Ltd

10,131

74,570

(a)

Honasa

Consumer

Ltd

387

96,770

(a)

Honest

Co,

Inc

283

27,210

(a)

Hyundai

Bioscience

Co

Ltd

363

33,834,000

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,601

18,537

Inter

Parfums

S.A.

758

29,205

Intercos

S.p.A

473

34,897

(b),(c)

Jamieson

Wellness,

Inc

740

126,668

Jyothy

Labs

Ltd

654

392,122

(b)

Kao

Corp

15,876

1,556,539

Kenvue,

Inc

28,298

1,282,918

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,219

36,900

(b)

Kobayashi

Pharmaceutical

Co

Ltd

1,198

12,171

Kolmar

Korea

Co

Ltd

627

24,000

Kose

Corp

1,524

7,675

LG

Household

&

Health

Care

Ltd

1,917

187,000

(b)

Lion

Corp

1,457

281,396

L'Oreal

S.A.

123,861

123,472

Mandom

Corp

929

318,934

(a)

Microbio

Co

Ltd

407

21,298

Milbon

Co

Ltd

440

713,264

Natura

&

Co

Holding

S.A.

1,983

30,600

Noevir

Holdings

Co

Ltd

1,073

90,860

(a),(b)

Olaplex

Holdings,

Inc

140

54,477

(a),(b)

Ontex

Group

NV

473

3,381

(b)

Pharmanutra

S.p.A

173

92,600

(b)

Pigeon

Corp

837

1,164,500

(b)

Pola

Orbis

Holdings,

Inc

9,457

3,111,763

Procter

&

Gamble

Co

513,192

6,257,510

PT

Unilever

Indonesia

Tbk

1,152

855,428

(a)

Puig-Group

SL

23,911

181,745

PZ

Cussons

plc

226

22,005

Reckitt

Benckiser

Group

plc

1,190

152,590

Rohto

Pharmaceutical

Co

Ltd

3,194

23,816

Sarantis

S.A.

274

42,200

(b)

Shanghai

Chicmax

Cosmetic

Co

Ltd

224

337,690

Shiseido

Co

Ltd

9,624

84,000

TCI

Co

Ltd

404

75

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

339,469

Uni-Charm

Corp

$

10,909

8,185

Unilever

plc

449

4,773,378

Unilever

plc

261,998

29,100

(b)

YA-MAN

Ltd

149

15,300

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

102

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,577,600

INSURANCE

-

3.1%

252,289

Admiral

Group

plc

8,337

1,324,701

Aegon

NV

8,191

82,405

Aflac,

Inc

7,360

5,221

Ageas

S.A.

238

14,352,043

AIA

Group

Ltd

97,102

31,029

(a)

Al

Rajhi

Co

for

Co-operative

Insurance

1,558

351,277

Allianz

AG.

97,561

602,840

Allstate

Corp

96,249

2,435,474

Alm

Brand

AS

4,834

36,836

(a)

AMBAC

Financial

Group,

Inc

472

48,813

American

Financial

Group,

Inc

6,005

3,935,336

American

International

Group,

Inc

292,159

154,102

Anadolu

Sigorta

505

214,136

Aon

plc

62,866

1,696,775

(a)

Arch

Capital

Group

Ltd

171,188

349,778

ASR

Nederland

NV

16,652

34,139

Assicurazioni

Generali

S.p.A.

850

39,220

Assurant,

Inc

6,520

76,110

Assured

Guaranty

Ltd

5,872

307,518

AUB

Group

Ltd

6,468

4,440,494

Aviva

plc

26,746

2,493,827

AXA

S.A.

81,726

597,387

Axis

Capital

Holdings

Ltd

42,205

1,458

Baloise

Holding

AG.

257

449,200

Bangkok

Life

Assurance

PCL

230

1,724,800

Bangkok

Life

Assurance

PCL

882

587,846

BB

Seguridade

Participacoes

S.A.

3,463

4,567,598

Beazley

plc

40,796

502

(a)

Brighthouse

Financial,

Inc

22

39,214

Brookfield

Reinsurance

Ltd

1,632

10,627

Brown

&

Brown,

Inc

950

70,468

Bupa

Arabia

for

Cooperative

Insurance

Co

4,827

485,000

Caixa

Seguridade

Participacoes

S

1,242

3,928,215

Cathay

Financial

Holding

Co

Ltd

7,134

225,000

Central

Reinsurance

Co

Ltd

179

6,498,435

(a)

China

Development

Financial

Holding

Corp

3,020

1,487,532

China

Insurance

International

Holdings

Co

Ltd

1,516

6,734,790

China

Life

Insurance

Co

Ltd

9,503

174,075

China

Life

Insurance

Co

Ltd

(Class

A)

742

400,300

(a)

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,530

2,343,409

China

Pacific

Insurance

Group

Co

Ltd

-

H

5,703

565,969

Chubb

Ltd

144,367

1,198

Cincinnati

Financial

Corp

141

51,184

(a)

Clal

Insurance

Enterprises

Holdings

Ltd

723

209

CNA

Financial

Corp

10

60,470

Co

for

Cooperative

Insurance

2,330

86,196

(b)

Coface

S.A.

1,200

3,630,000

(a),(b),(d)

Convoy

Global

Holdings

Ltd

5

837,266

Dai-ichi

Life

Holdings,

Inc

22,422

63,515

Definity

Financial

Corp

2,088

390,800

Dhipaya

Group

Holdings

PCL

287

1,017,989

Direct

Line

Insurance

Group

plc

2,581

442,936

Discovery

Ltd

3,279

40,841

Dongbu

Insurance

Co

Ltd

3,384

CREF

Stock

Account

June

30,

2024

76

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

239,646

Employers

Holdings,

Inc

$

10,216

343,350

Everest

Re

Group

Ltd

130,823

19,851

Fairfax

Financial

Holdings

Ltd

22,583

563,540

(b)

Fidelis

Insurance

Holdings

Ltd

9,191

941,417

Fidelity

National

Financial,

Inc

46,525

775

First

American

Financial

Corp

42

5,400

FP

Partner,

Inc

99

6,568,451

Fubon

Financial

Holding

Co

Ltd

16,041

216,462

Gallagher

(Arthur

J.)

&

Co

56,131

65,487

Gjensidige

Forsikring

ASA

1,169

529,885

Globe

Life,

Inc

43,599

259,130

(b)

Great-West

Lifeco

Inc

7,560

1,283,172

(a)

Hamilton

Insurance

Group

Ltd

21,365

134,431

Hannover

Rueckversicherung

AG.

34,030

23,603

Hanover

Insurance

Group,

Inc

2,961

579,336

Hanwha

General

Insurance

Co

Ltd

2,098

1,741,434

Hanwha

Life

Insurance

Co

Ltd

3,779

84,301

Harel

Insurance

Investments

&

Financial

Services

Ltd

674

219,076

Hartford

Financial

Services

Group,

Inc

22,026

816,353

(c)

HDFC

Life

Insurance

Co

Ltd

5,820

1,208

Helvetia

Holding

AG.

163

769,182

Hiscox

Ltd

11,165

28,050

Horace

Mann

Educators

Corp

915

266,155

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

6,651

92,004

iA

Financial

Corp,

Inc

5,778

184,997

(c)

ICICI

Lombard

General

Insurance

Co

Ltd

3,962

307,115

(c)

ICICI

Prudential

Life

Insurance

Co

Ltd

2,226

2,166,424

Insurance

Australia

Group

Ltd

10,270

162,441

Intact

Financial

Corp

27,074

44,853

(a)

IRB-Brasil

Resseguros

S.A.

254

178,183

James

River

Group

Holdings

Ltd

1,377

1,861,994

Japan

Post

Holdings

Co

Ltd

18,508

176,600

Japan

Post

Insurance

Co

Ltd

3,435

848,876

Just

Group

plc

1,127

44,635

Kemper

Corp

2,648

169

Kinsale

Capital

Group,

Inc

65

84,754

Korean

Reinsurance

Co

491

392,046

Lancashire

Holdings

Ltd

3,043

7,564,772

Legal

&

General

Group

plc

21,662

281,710

(a)

Lemonade,

Inc

4,648

46,600

(a),(b)

Lifenet

Insurance

Co

524

169,201

Lincoln

National

Corp

5,262

485,270

(a),(b)

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

601

1,428

Loews

Corp

107

1,625,496

Mandatum

Holding

Oy

7,259

1,676,698

Manulife

Financial

Corp

44,649

701,164

(b)

Mapfre

S.A.

1,617

1,339,714

Marsh

&

McLennan

Cos,

Inc

282,305

199,885

(a)

Max

Financial

Services

Ltd

2,327

2,507,255

Medibank

Pvt

Ltd

6,214

38,179

(a)

Mediterranean

and

Gulf

Cooperative

Insurance

and

Reinsurance

Co

282

17,084

Menora

Mivtachim

Holdings

Ltd

409

385,933

Mercuries

&

Associates

Holding

Ltd

197

2,277,132

Mercuries

Life

Insurance

Co

Ltd

515

221,230

Mercury

General

Corp

11,756

2,723,634

Metlife,

Inc

191,172

271,915

Migdal

Insurance

&

Financial

Holdings

Ltd

303

1,174,953

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

26,232

977,791

Momentum

Metropolitan

Holdings

1,231

170,174

Muenchener

Rueckver

AG.

85,079

142,265

New

China

Life

Insurance

Co

Ltd

-

A

586

962,465

New

China

Life

insurance

Co

Ltd

-

H

1,831

77

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

380,094

nib

holdings

Ltd

$

1,853

970,478

NN

Group

NV

45,106

4,096,133

Old

Mutual

Ltd

2,789

177,319

Old

Republic

International

Corp

5,479

1,355,471

(a)

Oscar

Health,

Inc

21,444

718,558

OUTsurance

Group

Ltd

1,833

9,718,600

(a)

Panin

Financial

Tbk

PT

181

246,584

(a)

PB

Fintech

Ltd

4,131

9,693,388

People's

Insurance

Co

Group

of

China

Ltd

3,321

806,515

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

570

41,169

Phoenix

Group

Holdings

plc

271

129,440

Phoenix

Holdings

Ltd

1,177

6,239,556

(a)

PICC

Property

&

Casualty

Co

Ltd

7,736

5,976,476

Ping

An

Insurance

Group

Co

of

China

Ltd

27,077

6,094,664

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

34,601

448,127

(c)

Poste

Italiane

S.p.A

5,702

523,295

(b)

Power

Corp

of

Canada

14,543

508,567

Powszechny

Zaklad

Ubezpieczen

S.A.

6,493

43,235

Primerica,

Inc

10,229

1,848

Principal

Financial

Group

145

1,316,677

Progressive

Corp

273,487

42,413

Protector

Forsikring

ASA

1,019

1,630

Prudential

Financial,

Inc

191

7,291,839

Prudential

plc

66,115

1,364,831

QBE

Insurance

Group

Ltd

15,755

163,400

(b)

Qualitas

Controladora

SAB

de

C.V.

1,661

206,652

Reinsurance

Group

of

America,

Inc

(Class

A)

42,419

81,993

(a)

Religare

Enterprises

Ltd

235

129,326

RenaissanceRe

Holdings

Ltd

28,906

312

RLI

Corp

44

70,233

Ryan

Specialty

Holdings,

Inc

4,067

138,021

(b)

Sampo

Oyj

5,952

26,420

Samsung

Fire

&

Marine

Insurance

Co

Ltd

7,432

68,675

Samsung

Life

Insurance

Co

Ltd

4,393

1,487,497

Sanlam

Ltd

6,616

28,839

Santam

Ltd

516

28,510

(a)

Saudi

Reinsurance

Co

213

388,812

(c)

SBI

Life

Insurance

Co

Ltd

6,951

116,515

SCOR

SE

2,953

53,830

(b)

Selective

Insurance

Group,

Inc

5,051

876,251

(a)

Selectquote,

Inc

2,418

11,242,866

Shin

Kong

Financial

Holding

Co

Ltd

3,407

105,000

Shinkong

Insurance

Co

Ltd

311

238,293

(a)

Skyward

Specialty

Insurance

Group,

Inc

8,621

2,481,104

Sompo

Holdings,

Inc

53,154

463,525

(a)

Star

Health

&

Allied

Insurance

Co

Ltd

3,104

2,402,525

Steadfast

Group

Ltd

9,860

2,498,215

Storebrand

ASA

25,505

538,875

Sun

Life

Financial,

Inc

26,423

1,159,960

Suncorp-Metway

Ltd

13,414

28,544

Swiss

Life

Holding

20,949

9,288

Swiss

Re

AG.

1,152

248,500

Syarikat

Takaful

Malaysia

Keluarga

Bhd

196

451,200

T&D

Holdings,

Inc

7,881

62,806

Talanx

AG.

5,005

93,757

Tiptree,

Inc

1,546

1,709,585

Tokio

Marine

Holdings,

Inc

64,245

200,905

Tongyang

Life

Insurance

Co

Ltd

1,140

92,339

Topdanmark

AS.

4,877

258,200

TQM

Alpha

PCL

194

168,776

Travelers

Cos,

Inc

34,319

40,962

(a)

Trisura

Group

Ltd

1,239

CREF

Stock

Account

June

30,

2024

78

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

278,640

(a),(b)

Trupanion,

Inc

$

8,192

1,342,803

Tryg

A.S.

29,338

168,799

Turkiye

Sigorta

AS

405

1,211,886

Unipol

Gruppo

S.p.A

12,019

86,438

Uniqa

Versicherungen

AG.

734

12,200

United

Fire

Group,

Inc

262

206,790

(a),(b)

United

Insurance

Holdings

Corp

2,182

70,170

Universal

Insurance

Holdings,

Inc

1,316

452,483

Unum

Group

23,126

27,691

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

905

118,052

W.R.

Berkley

Corp

9,277

28,443

(a)

Walaa

Cooperative

Insurance

Co

219

19

White

Mountains

Insurance

Group

Ltd

35

257,496

Willis

Towers

Watson

plc

67,500

16,546

Wuestenrot

&

Wuerttembergische

AG.

233

503,300

(a),(b),(c)

ZhongAn

Online

P&C

Insurance

Co

Ltd

874

445,984

Zurich

Insurance

Group

AG

237,574

TOTAL

INSURANCE

3,892,569

MATERIALS

-

4.2%

137,648

Aarti

Industries

Ltd

1,131

39,449

Aarti

Pharmalabs

Ltd

288

1,116,727

Abou

Kir

Fertilizers

&

Chemical

Industries

1,363

134,937

Acerinox

S.A.

1,405

60,438

ADEKA

Corp

1,222

45,110

Advanced

Enzyme

Technologies

Ltd

206

7,131

Advanced

Nano

Products

Co

Ltd

604

97,430

(a)

Advanced

Petrochemical

Co

1,001

87,812

AECI

Ltd

520

12,475

Aekyung

Chemical

Co

Ltd

118

76,786

African

Rainbow

Minerals

Ltd

958

66,625

Afrimat

Ltd

259

15,643

AGI

Greenpac

Ltd

132

419,214

(b)

Agnico

Eagle

Mines

Ltd

27,417

427,290

Agnico-Eagle

Mines

Ltd

27,948

38,752

Aica

Kogyo

Co

Ltd

845

530,158

Air

Liquide

91,499

44,652

Air

Products

&

Chemicals,

Inc

11,522

148,800

Air

Water,

Inc

2,022

27,656

Akcansa

Cimento

AS

121

11,382

Akzo

Nobel

India

Ltd

387

24,063

Akzo

Nobel

NV

1,467

30,883

Al

Masane

Al

Kobra

Mining

Co

531

676,818

Alamos

Gold,

Inc

10,617

54,596

(b)

Albemarle

Corp

5,215

177,288

Alcoa

Corp

7,053

70,378

Algoma

Steel

Group,

Inc

488

14,012

Alkyl

Amines

Chemicals

358

66,800

(a)

Allegheny

Technologies,

Inc

3,704

442,851

Alleima

AB

2,874

33,000

Allied

Supreme

Corp

432

292,100

(a),(b)

Alpek

SAB

de

C.V.

212

458,332

(a),(b)

Alpha

HPA

Ltd

264

31,177

(b)

Altius

Minerals

Corp

483

57,606

(b)

Altri

SGPS

S.A.

332

28,369

(a)

Alujain

Corp

309

1,491,972

Alumina

Ltd

1,670

1,765,964

Aluminum

Corp

of

China

Ltd

1,203

2,033,987

Aluminum

Corp

of

China

Ltd

(Class

A)

2,132

507,759

Ambuja

Cements

Ltd

4,072

92

Amcor

plc

1

307,820

(b)

American

Vanguard

Corp

2,647

79

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,579

(b)

AMG

Advanced

Metallurgical

Group

NV

$

408

5,660,500

(a)

Amman

Mineral

Internasional

PT

3,798

42,425

(b)

Anglo

American

Platinum

Ltd

1,397

3,423,869

Anglo

American

plc

108,196

527,029

AngloGold

Ashanti

UK

Ltd

13,285

561,565

Anhui

Conch

Cement

Co

Ltd

1,336

91,645

Anhui

Conch

Cement

Co

Ltd

(Class

A)

297

419,862

Antofagasta

plc

11,158

18,784

Anupam

Rasayan

India

Ltd

172

35,948

APERAM

S.A.

929

140,187

APL

Apollo

Tubes

Ltd

2,611

104

Aptargroup,

Inc

15

160,261

Arabian

Cement

Co

1,221

207,472

ArcelorMittal

S.A.

4,753

29,351

Archean

Chemical

Industries

Ltd

235

107,787

(b)

Ardagh

Metal

Packaging

S.A.

366

58,034

ARE

Holdings,

Inc

759

263,353

Arkema

22,949

1,121,808

Asahi

Kasei

Corp

7,203

8,700

Asahi

Organic

Chemicals

Industry

Co

Ltd

284

23,754

Ashland,

Inc

2,245

916,044

Asia

Cement

Corp

1,238

12,981

(a),(d)

Asia

Pacific

Investment

Partners

Limited

0

^

369,000

Asia

Polymer

Corp

199

328,156

Asian

Paints

Ltd

11,458

71,249

Atalaya

Mining

plc

391

12,057

Atul

Ltd

936

25,534

(b)

Aurubis

AG.

2,003

19,371

Avery

Dennison

Corp

4,235

333,686

Avient

Corp

14,565

3,056,195

(a),(b),(d)

AVZ

Minerals

Ltd

20

1,512,273

(a)

Axalta

Coating

Systems

Ltd

51,674

86,583

(a)

Aya

Gold

&

Silver,

Inc

859

994,378

(b)

B2Gold

Corp

2,668

11,265

Balaji

Amines

Ltd

309

16,978

Ball

Corp

1,019

2,954,680

Baoshan

Iron

&

Steel

Co

Ltd

2,701

23,064,465

Barito

Pacific

Tbk

PT

1,392

1,503,954

Barrick

Gold

Corp

25,087

10,963

BASF

India

Ltd

668

870,925

BASF

SE

42,103

63,899

(a)

Baticim

Bati

Anadolu

Cimento

Sanayii

AS

320

12,753

Bayer

CropScience

Ltd

1,027

30,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

52

28,281

Bekaert

S.A.

1,182

895,942

(a)

Bellevue

Gold

Ltd

1,066

20,163,000

(a)

Berkah

Beton

Sadaya

Tbk

PT

12

69,950

Berry

Global

Group,

Inc

4,117

7,169,483

BHP

Billiton

Ltd

204,918

294,583

BHP

Group

Ltd

8,396

176,251

Billerud

AB

1,632

4,000

(a),(b),(d)

Bio

On

Spa

0

^

28,588

Birla

Corp

Ltd

547

372,966

BlueScope

Steel

Ltd

5,063

9,326

Boliden

AB

300

75,802

Borregaard

ASA

1,366

294,305

Boubyan

Petrochemicals

Co

KSCP

569

207,700

Bradespar

S.A.

688

17,900

Bradespar

S.A.

57

220,551

Breedon

Group

plc

1,073

61,328

Brickworks

Ltd

1,069

75,128

Buzzi

Unicem

S.p.A.

3,025

CREF

Stock

Account

June

30,

2024

80

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

41,300

C

Uyemura

&

Co

Ltd

$

2,869

488,266

(a)

Calibre

Mining

Corp

642

333,959

(a)

Canfor

Corp

3,542

9,490

Canmax

Technologies

Co

Ltd

22

45,797

(a)

CAP

S.A.

288

244,245

(a)

Capricorn

Metals

Ltd

777

429,265

(a),(b)

Capstone

Copper

Corp

3,044

85,783

Carborundum

Universal

Ltd

1,715

76,310

Carpenter

Technology

Corp

8,362

58,955

Cascades,

Inc

389

312,228

Castrol

India

Ltd

749

23,397

Cathay

Biotech,

Inc

146

127,848

CCL

Industries

6,723

819,520

Celanese

Corp

(Series

A)

110,545

116,819

Cementir

Holding

NV

1,166

378,424

Cementos

Argos

S.A.

759

12,683,230

Cemex

S.A.

de

C.V.

8,118

864,482

Centamin

plc

1,321

171,214

Centerra

Gold,

Inc

1,151

595,225

Central

Asia

Metals

plc

1,516

138,000

Century

Iron

&

Steel

Industrial

Co

Ltd

1,284

45,282

Century

Plyboards

India

Ltd

414

41,481

Century

Textiles

&

Industries

Ltd

1,150

26,158

CF

Industries

Holdings,

Inc

1,939

138,584

Chambal

Fertilisers

and

Chemicals

Ltd

841

302,661

Champion

Iron

Ltd

1,283

6,664,200

Chandra

Asri

Pacific

Tbk

PT

3,754

59,219

(a)

Chemplast

Sanmar

Ltd

378

632,000

Cheng

Loong

Corp

556

10,400

Chengxin

Lithium

Group

Co

Ltd

19

350,880

Chia

Hsin

Cement

Corp

198

29,700

Chifeng

Jilong

Gold

Mining

Co

Ltd

66

1,448,000

China

BlueChemical

Ltd

412

1,215,105

(b)

China

Hongqiao

Group

Ltd

1,834

101,429

China

Jushi

Co

Ltd

154

1,236,000

China

Man-Made

Fiber

Corp

310

150,000

China

Metal

Products

217

3,323,614

China

Molybdenum

Co

Ltd

3,033

985,744

China

Molybdenum

Co

Ltd

(Class

A)

1,150

1,970,276

China

National

Building

Material

Co

Ltd

704

1,100,000

(a)

China

Nonferrous

Mining

Corp

Ltd

957

91,329

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

216

1,444,000

China

Oriental

Group

Co

Ltd

212

2,855,000

China

Petrochemical

Development

Corp

911

68,800

China

Rare

Earth

Resources

And

Technology

Co

Ltd

240

1,758,000

China

Resources

Cement

Holdings

Ltd

310

706,000

(b)

China

Risun

Group

Ltd

269

110,000

China

Steel

Chemical

Corp

367

4,917,568

China

Steel

Corp

3,499

2,549,251

China

XLX

Fertiliser

Ltd

1,266

4,462,240

(a),(b),(d)

China

Zhongwang

Holdings

Ltd

6

23,078

Chugoku

Marine

Paints

Ltd

293

512,000

Chun

Yuan

Steel

Industry

Co

Ltd

319

4,030

Chunbo

Co

Ltd

209

712,000

Chung

Hung

Steel

Corp

471

328,000

Chung

Hwa

Pulp

Corp

217

123,476

(a)

Cia

Brasileira

de

Aluminio

154

94,400

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

136

209,460

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

3,550

259,223

Cia

Siderurgica

Nacional

S.A.

599

300,629

Cimsa

Cimento

Sanayi

VE

Ticaret

AS.

287

125,900

Citic

Pacific

Special

Steel

Group

Co

Ltd

235

51,901

City

Cement

Co

268

7,915

Clariant

AG.

125

81

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

20,523

Clean

Science

&

Technology

Ltd

$

352

332,709

(a)

Cleveland-Cliffs,

Inc

5,120

22,920

CNGR

Advanced

Material

Co

Ltd

98

328,876

Commercial

Metals

Co

18,085

86,132

(a)

Companhia

Vale

do

Rio

Doce

5

1,103,113

(a)

Constellium

SE

20,794

41,611

Corbion

NV

831

95,978

Coromandel

International

Ltd

1,841

626,223

(c)

Coronado

Global

Resources,

Inc

493

3,904,125

Corteva,

Inc

210,589

28,489

(b)

Corticeira

Amorim

SGPS

S.A.

275

21,928

(a)

Cosmochemical

Co

Ltd

442

192,727

(c)

Covestro

AG.

11,297

63,000

CPMC

Holdings

Ltd

56

1,375,366

CRH

plc

103,125

175,956

CRH

plc

13,039

62,385

Croda

International

plc

3,104

1,037,662

Crown

Holdings,

Inc

77,192

220,100

CSG

Holding

Co

Ltd

73

1,389,200

D&L

Industries,

Inc

141

186,700

Daicel

Chemical

Industries

Ltd

1,798

92,755

Daido

Steel

Co

Ltd

859

26,300

Daiki

Aluminium

Industry

Co

Ltd

209

60,701

(b)

Dainippon

Ink

and

Chemicals,

Inc

1,155

66,699

(b)

Daio

Paper

Corp

369

73,330

(a)

Dakota

Gold

Corp

187

1,350,015

(a)

De

Grey

Mining

Ltd

1,024

48,522

Deepak

Fertilisers

&

Petrochemicals

Corp

Ltd

393

50,736

Deepak

Nitrite

Ltd

1,521

61,049

Denki

Kagaku

Kogyo

KK

823

1,995,633

Deterra

Royalties

Ltd

5,295

335,310

Dexco

S.A.

394

6,060

(a)

Dhanuka

Agritech

Ltd

123

25,466

Dongjin

Semichem

Co

Ltd

734

25,243

Dongkuk

Steel

Mill

Co

Ltd

179

8,002

(a)

Dongwha

Enterprise

Co

Ltd

87

3,372

Dongwon

Systems

Corp

114

1,080,000

(b)

Dongyue

Group

Ltd

1,173

1,899

(a),(b)

Dottikon

Es

Holding

AG.

532

433,105

(b)

Dow,

Inc

22,976

42,679

DOWA

HOLDINGS

CO

Ltd

1,526

385,527

DRDGOLD

Ltd

334

1,080,890

DS

Smith

plc

5,729

658,596

DSM-Firmenich

AG.

74,161

752,824

Dundee

Precious

Metals,

Inc

5,894

3,154,778

DuPont

de

Nemours,

Inc

253,928

7,764

East

Pipes

Integrated

Co

for

Industry

338

960,500

Eastern

Polymer

Group

PCL

134

40,083

Eastern

Province

Cement

Co

346

15,620

Ecolab,

Inc

3,718

84,557

Ecopro

Co

Ltd

5,493

65,163

EID

Parry

India

Ltd

596

109,436

(a)

El

Ezz

Steel

Co

191

160,062

(a)

Eldorado

Gold

Corp

2,365

289,458

Element

Solutions,

Inc

7,850

464,438

Elementis

plc

858

241,189

(c)

Elkem

ASA

455

385,294

(a)

Emerald

Resources

NL

905

988,828

Empresas

CMPC

S.A.

1,860

6,868

EMS-Chemie

Holding

AG.

5,620

110,191

(a)

Ence

Energia

y

Celulosa

S.A.

404

9,579

(a)

Enchem

Co

Ltd

1,554

225,427

Endeavour

Mining

plc

4,797

182,277

(a),(b)

Endeavour

Silver

Corp

641

CREF

Stock

Account

June

30,

2024

82

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

122,091

EPL

Ltd

$

290

288,659

(a),(b)

Equinox

Gold

Corp

1,507

6,620

Eramet

670

564,785

Eregli

Demir

ve

Celik

Fabrikalari

TAS

921

69,316

(a),(b)

ERO

Copper

Corp

1,482

239,748

Essentra

plc

481

668,850

Eternal

Chemical

Co

Ltd

636

134,000

EVERGREEN

Steel

Corp

576

1,487,063

Evolution

Mining

Ltd

3,477

343,000

Feng

Hsin

Iron

&

Steel

Co

815

70,035

(a)

Filo

Corp

1,284

7,567

Fine

Organic

Industries

Ltd

443

33,792

Fineotex

Chemical

Ltd

155

220,875

Finolex

Industries

Ltd

860

1,286,478

(a),(b),(d)

Firefinch

Ltd

9

115,000

(a)

First

Copper

Technology

Co

Ltd

175

228,002

(b)

First

Majestic

Silver

Corp

1,350

607,466

First

Quantum

Minerals

Ltd

7,979

90,745

FMC

Corp

5,222

48,735

Foosung

Co

Ltd

258

175,751

(a),(b)

Foran

Mining

Corp

504

2,956,139

(a)

Formosa

Chemicals

&

Fibre

Corp

4,588

3,252,019

(a)

Formosa

Plastics

Corp

5,762

176,456

(c)

Forterra

plc

355

1,423,849

Fortescue

Metals

Group

Ltd

20,271

235,507

(a)

Fortuna

Silver

Mines,

Inc

1,152

37,020

FP

Corp

557

164,551

Franco-Nevada

Corp

19,510

2,248,792

Freeport-McMoRan,

Inc

(Class

B)

109,291

54,202

(b)

FUCHS

SE

2,478

1,156,000

(b)

Fufeng

Group

Ltd

786

29,877

Fuji

Seal

International,

Inc

460

43,425

Fujimi,

Inc

821

10,730

Fujimori

Kogyo

Co

Ltd

284

15,900

Fuso

Chemical

Co

Ltd

407

226,160

FutureFuel

Corp

1,160

11,151

Galaxy

Surfactants

Ltd

367

41,780

Ganfeng

Lithium

Group

Co

Ltd

164

166,200

(b),(c)

Ganfeng

Lithium

Group

Co

Ltd

323

518,954

GCC

SAB

de

C.V.

4,863

262,979

GEM

Co

Ltd

230

727,749

(a)

Genesis

Minerals

Ltd

854

1,413,580

Gerdau

S.A.

(Preference)

4,648

62,969

(a)

GHCL

Ltd

425

26,815

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

9

9,278

Givaudan

S.A.

43,946

24,898,665

Glencore

plc

141,680

579,000

(a),(b)

Global

New

Material

International

Holdings

Ltd

291

1,179,000

Gloria

Material

Technology

Corp

1,757

39,541

Godawari

Power

and

Ispat

Ltd

503

3,200

Godo

Steel

Ltd

102

621,255

Gold

Fields

Ltd

9,283

881,973

Gold

Road

Resources

Ltd

1,003

666,000

Goldsun

Development

&

Construction

Co

Ltd

885

928,755

Grand

Pacific

Petrochemical

401

77,970

Granges

AB

1,000

228,463

Grasim

Industries

Ltd

7,305

11,397

Gravita

India

Ltd

201

605,755

(a),(d)

Great

Basin

Gold

Ltd

4

4,118,082

(a)

Greatland

Gold

plc

364

47,969

Greenpanel

Industries

Ltd

187

6,950

Greif,

Inc

(Class

B)

434

29,721

(a)

Grupa

Azoty

S.A.

148

11,603

Grupa

Kety

S.A.

2,579

83

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

228,051

Grupo

Argos

S.A.

$

927

3,491,938

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

18,783

163,800

Guangdong

HEC

Technology

Holding

Co

Ltd

159

100,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

243

49,108

(a)

Gubre

Fabrikalari

TAS

211

17,665

Gujarat

Alkalies

&

Chemicals

Ltd

163

21,772

Gujarat

Fluorochemicals

Ltd

833

400,872

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd

3,412

199,152

Gujarat

State

Fertilizers

&

Chemicals

Ltd

577

26,291

Han

Kuk

Carbon

Co

Ltd

204

47,200

Hangzhou

Oxygen

Plant

Group

Co

Ltd

144

11,998

Hanil

Cement

Co

Ltd

116

7,604

Hansol

Chemical

Co

Ltd

1,002

94,253

Hanwha

Chemical

Corp

1,874

32,600

Haohua

Chemical

Science

&

Technology

Co

Ltd

130

270,396

Harmony

Gold

Mining

Co

Ltd

2,503

780,738

HeidelbergCement

AG.

80,708

67,346

HeidelbergCement

India

Ltd

177

843,595

(a)

Hektas

Ticaret

TAS

330

180,400

Henan

Shenhuo

Coal

&

Power

Co

Ltd

501

381,569

Hengli

Petrochemical

Co

Ltd

732

196,094

Hengyi

Petrochemical

Co

Ltd

191

873,316

Hesteel

Co

Ltd

233

339,192

Hexpol

AB

3,760

540,800

Hextar

Global

Bhd

99

170,578

Hill

&

Smith

Holdings

plc

4,231

121,598

Himadri

Speciality

Chemical

Ltd

575

1,371,971

Hindalco

Industries

Ltd

11,373

191,678

Hindustan

Copper

Ltd

730

249,891

Hochschild

Mining

plc

563

72,029

(b)

Hokuetsu

Paper

Mills

Ltd

474

151,953

Holcim

Ltd

13,431

76,387

(b)

Holmen

AB

3,006

16,165

Honam

Petrochemical

Corp

1,341

28,700

(a)

Hoshine

Silicon

Industry

Co

Ltd

184

173,000

Hsin

Kuang

Steel

Co

Ltd

341

883,000

(b)

Huabao

International

Holdings

Ltd

270

245,900

(a)

Huafon

Chemical

Co

Ltd

242

244,000

Huaibei

Mining

Holdings

Co

Ltd

562

898,900

HudBay

Minerals,

Inc

8,135

77,427

Huhtamaki

Oyj

3,096

218,011

Hunan

Valin

Steel

Co

Ltd

133

131,200

Huntsman

Corp

2,987

2,312

Hyosung

Advanced

Materials

Corp

632

2,114

Hyosung

TNC

Corp

527

85,751

Hyundai

Steel

Co

1,802

422,156

(a)

Iamgold

Corp

1,586

327,531

(c)

Ibstock

plc

642

334,431

Iluka

Resources

Ltd

1,452

410,660

Imdex

Ltd

605

27,795

Imerys

S.A.

1,001

1,342,962

(b)

Impala

Platinum

Holdings

Ltd

6,670

1,508,340

Incitec

Pivot

Ltd

2,910

1,880,397

Indah

Kiat

Pulp

&

Paper

Tbk

PT

1,020

511,149

Independence

Group

NL

1,913

76,930

India

Cements

Ltd

271

9,864

Indigo

Paints

Ltd

162

1,307,404

Indorama

Ventures

PCL

693

80,121

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

1,041

1,296,018

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

249

551,288

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

280

189,600

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

180

206,656

Innospec,

Inc

25,541

41,032

(a)

Interfor

Corp

496

CREF

Stock

Account

June

30,

2024

84

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

646,000

International

CSRC

Investment

Holdings

Co

$

341

123,638

International

Flavors

&

Fragrances,

Inc

11,772

252,800

International

Paper

Co

10,908

80,400

Irani

Papel

e

Embalagem

S.A.

122

1,300

(b)

Ise

Chemicals

Corp

241

30,120

Israel

Chemicals

Ltd

130

2,778

Israel

Corp

Ltd

618

12,573

(a)

ISU

Specialty

Chemical

433

1,053,553

(a),(b)

Ivanhoe

Mines

Ltd

13,593

23,178

(a)

Jai

Balaji

Industries

Ltd

242

27,936

JAI

Corp

Ltd

128

367,217

(a)

James

Hardie

Industries

plc

11,493

38,843

(a)

Jastrzebska

Spolka

Weglowa

S.A.

285

46,000

(a)

JCHX

Mining

Management

Co

Ltd

319

12,800

JCU

Corp

319

484,249

JFE

Holdings,

Inc

6,989

237,000

Jiangsu

Eastern

Shenghong

Co

Ltd

260

15,990

Jiangsu

Yangnong

Chemical

Co

Ltd

124

28,500

Jiangsu

Yoke

Technology

Co

Ltd

246

528,115

Jiangxi

Copper

Co

Ltd

1,051

53,509

Jiangxi

Copper

Co

Ltd

(Class

A)

174

34,813

Jinan

Acetate

Chemical

Co

Ltd

954

2,433,000

(a),(b)

Jinchuan

Group

International

Resources

Co

Ltd

258

92,340

Jindal

Saw

Ltd

600

280,457

Jindal

Stainless

Ltd

2,762

150,110

Jindal

Steel

&

Power

Ltd

1,877

226,900

Jinduicheng

Molybdenum

Co

Ltd

325

28,600

JK

Cement

Ltd

1,503

45,172

JK

Lakshmi

Cement

Ltd

478

60,349

JK

Paper

Ltd

391

136,603

Johnson

Matthey

plc

2,706

703,068

JSW

Steel

Ltd

7,842

60,729

Jubilant

Ingrevia

Ltd

377

144,918

K&S

AG.

1,953

179,903

(a)

K92

Mining,

Inc

1,032

80,650

Kaiser

Aluminum

Corp

7,089

30,015

Kaneka

Corp

790

355,097

Kansai

Nerolac

Paints

Ltd

1,148

132,800

Kansai

Paint

Co

Ltd

2,147

156,109

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

(Class

A)

122

707,162

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS.

682

128,563

(a)

Karora

Resources,

Inc

560

3,125

KCC

Corp

697

11,200

(b)

KeePer

Technical

Laboratory

Co

Ltd

286

83,968

Kemira

Oyj

2,045

66,835

(a)

Kesoram

Industries

Ltd

168

33,544

KG

DONGBUSTEEL

154

56,191

KGHM

Polska

Miedz

S.A.

2,085

25,100

KH

Neochem

Co

Ltd

359

55,113

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS.

96

1,056,282

Kinross

Gold

Corp

8,794

48,552

Kirloskar

Ferrous

Industries

Ltd

400

61,202

Kirloskar

Oil

Engines

Ltd

1,020

656,051

Klabin

S.A.

2,516

3

Klabin

S.A.

(Preference)

0

^

198,050

(a)

Knife

River

Corp

13,891

867,000

Kobe

Steel

Ltd

10,786

118,951

(a)

Kocaer

Celik

Sanayi

Ve

Ticaret

AS.

204

16,044

Kolon

Industries,

Inc

445

40,316

Konishi

Co

Ltd

328

749

(a)

Konya

Cimento

Sanayii

185

2,299

Korea

Petrochemical

Ind

Co

Ltd

225

3,541

Korea

Zinc

Co

Ltd

1,319

664,564

Koza

Altin

Isletmeleri

AS

434

85

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

162,650

(a)

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

$

274

248,380

Kronos

Worldwide,

Inc

3,117

13,600

Krosaki

Harima

Corp

237

32,174

(a)

Kum

Yang

Co

Ltd

1,994

21,927

Kumba

Iron

Ore

Ltd

530

6,500

Kumho

Petrochemical

Co

Ltd

689

49,548

Kumiai

Chemical

Industry

Co

Ltd

248

231,600

(b)

Kuraray

Co

Ltd

2,680

25,500

KUREHA

CORP

444

18,216

Kyoei

Steel

Ltd

238

253,078

(b)

Labrador

Iron

Ore

Royalty

Corp

5,383

96,300

Lafarge

Malayan

Cement

BHD

102

33,409

(a)

Lake

Materials

Co

Ltd

483

67,770

(b)

Lanxess

AG.

1,667

1,937,459

(a)

Latin

Resources

Ltd

220

63,295

Laxmi

Organic

Industries

Ltd

190

143,854

LB

Group

Co

Ltd

367

1,196,000

Lee

&

Man

Paper

Manufacturing

Ltd

353

15,574

Lenzing

AG.

547

816,893

(a),(b),(d)

Leo

Lithium

Ltd

206

135,642

LG

Chem

Ltd

33,801

6,834

LG

Chem

Ltd

(Preference)

1,191

1,698,394

Linde

plc

745,272

28,300

Lintec

Corp

604

1,015,887

(a),(b)

Liontown

Resources

Ltd

610

82,777

(a),(b)

Lithium

Americas

Argentina

Corp

264

152,576

(a),(b)

Lithium

Americas

Corp

406

684,477

Longchen

Paper

&

Packaging

Co

Ltd

292

627,400

(a),(c)

Lotte

Chemical

Titan

Holding

Bhd

162

11,373

LOTTE

Fine

Chemical

Co

Ltd

366

46,704

Louisiana-Pacific

Corp

3,845

15,396

LS

Materials

Ltd

265

82,633

Lundin

Gold,

Inc

1,221

565,579

Lundin

Mining

Corp

6,296

1,766,274

(a),(b)

Lynas

Corp

Ltd

6,958

99,564

LyondellBasell

Industries

NV

9,524

23,466

Maeda

Kosen

Co

Ltd

247

73,216

(a)

MAG.

Silver

Corp

855

372,646

Maharashtra

Seamless

Ltd

2,925

54,242

(a)

Major

Drilling

Group

International

360

173,713

Marshalls

plc

639

147,100

Maruichi

Steel

Tube

Ltd

3,419

12,421

(a)

Meghmani

Finechem

Ltd

197

3,815,196

(a)

Merdeka

Copper

Gold

Tbk

PT

553

4,730,211

Mesaieed

Petrochemical

Holding

Co

2,139

541,900

Metalurgica

Gerdau

S.A.

1,032

51,550

(b)

Methanex

Corp

2,489

29,246

Middle

East

Paper

Co

316

637,104

Mineral

Resources

Ltd

22,793

224,230

Minerals

Technologies,

Inc

18,647

27,572

(c)

Mishra

Dhatu

Nigam

Ltd

152

7,500

Mitani

Sekisan

Co

Ltd

282

1,141,934

Mitsubishi

Chemical

Holdings

Corp

6,363

773,700

Mitsubishi

Gas

Chemical

Co,

Inc

14,842

103,000

Mitsubishi

Materials

Corp

1,892

143,000

Mitsui

Chemicals,

Inc

3,960

102,464

Mitsui

Mining

&

Smelting

Co

Ltd

3,284

910

Miwon

Commercial

Co

Ltd

135

2,964,000

(a),(b)

MMG

Ltd

1,131

41,763

MOIL

Ltd

247

16,893

Mondi

plc

324

31,493

Mosaic

Co

910

478,406

Mount

Gibson

Iron

Ltd

131

45,885

(a),(b)

MP

Materials

Corp

584

CREF

Stock

Account

June

30,

2024

86

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

134,078

(b)

M-real

Oyj

(B

Shares)

$

1,054

72,470

Myers

Industries,

Inc

970

50,071

Najran

Cement

Co

122

32,000

Nan

Pao

Resins

Chemical

Co

Ltd

337

4,071,887

(a)

Nan

Ya

Plastics

Corp

6,179

331,500

Nanjing

Iron

&

Steel

Co

Ltd

227

200,000

Nantex

Industry

Co

Ltd

228

674,130

National

Aluminium

Co

Ltd

1,510

208,550

(a)

National

Industrialization

Co

634

26,332

Navin

Fluorine

International

Ltd

1,126

11,762

Neogen

Chemicals

Ltd

224

618,451

(a)

New

Gold,

Inc

1,221

4,533

NewMarket

Corp

2,337

2,904,746

Newmont

Goldcorp

Corp

121,622

90,947

(a),(b)

NGEx

Minerals

Ltd

539

1,410,307

Nickel

Industries

Ltd

747

207,381

Nihon

Parkerizing

Co

Ltd

1,689

1,131,000

Nine

Dragons

Paper

Holdings

Ltd

471

33,100

Ningbo

Shanshan

Co

Ltd

37

408,106

Ningxia

Baofeng

Energy

Group

Co

Ltd

972

104,566

Nippon

Kayaku

Co

Ltd

802

436,003

Nippon

Light

Metal

Holdings

Co

Ltd

4,887

839,800

Nippon

Paint

Co

Ltd

5,490

77,980

Nippon

Paper

Industries

Co

Ltd

465

131,800

Nippon

Pillar

Packing

Co

Ltd

4,414

80,512

Nippon

Shokubai

Co

Ltd

806

17,684

Nippon

Soda

Co

Ltd

581

719,384

(b)

Nippon

Steel

Corp

15,250

104,900

Nissan

Chemical

Industries

Ltd

3,334

28,714

Nittetsu

Mining

Co

Ltd

910

121,200

Nitto

Denko

Corp

9,613

849,954

NMDC

Ltd

2,502

623,733

(a)

NMDC

Steel

Ltd

422

102,670

NOCIL

Ltd

339

154,146

NOF

Corp

2,114

2,170,361

Norsk

Hydro

ASA

13,531

204,111

Northam

Platinum

Holdings

Ltd

1,428

55,538

Northern

Region

Cement

Co

134

971,196

Northern

Star

Resources

Ltd

8,434

185,858

(a),(b)

Novagold

Resources,

Inc

651

250,943

Novozymes

A.S.

15,331

314,166

Nucor

Corp

49,663

298,211

Nufarm

Ltd

909

41,678

Nuh

Cimento

Sanayi

AS.

315

814,106

Nutrien

Ltd

41,448

109,674

(a)

Nuvoco

Vistas

Corp

Ltd

477

2,774,069

OceanaGold

Corp

6,367

11,133

OCI

Co

Ltd

712

4,110

OCI

Co

Ltd

306

3,611

OCI

NV

88

582,200

OJI

Paper

Co

Ltd

2,298

7,200

Okamoto

Industries,

Inc

225

28,191

Olin

Corp

1,329

74,100

Olympic

Steel,

Inc

3,322

119,157

Omnia

Holdings

Ltd

434

780,548

Orbia

Advance

Corp

SAB

de

C.V.

1,089

410,278

Orica

Ltd

4,872

70,758

Orient

Cement

Ltd

233

474,000

Oriental

Union

Chemical

Corp

251

1,245

(a)

Orissa

Minerals

Development

Co

Ltd

106

184,329

(a),(b)

Orla

Mining

Ltd

707

967,618

Orora

Ltd

1,265

9,100

Osaka

Organic

Chemical

Industry

Ltd

216

12,000

(b)

Osaka

Soda

Co

Ltd

812

87

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

4,000

Osaka

Steel

Co

Ltd

$

60

25,300

(b)

Osaka

Titanium

Technologies

436

133,205

(b)

Osisko

Gold

Royalties

Ltd

2,076

277,515

(a)

Osisko

Mining,

Inc

580

295,734

(b)

Outokumpu

Oyj

1,068

258,250

(a)

Oyak

Cimento

Fabrikalari

AS

495

1,064,800

Pabrik

Kertas

Tjiwi

Kimia

Tbk

PT

566

472,612

Packaging

Corp

of

America

86,280

1,635,687

Pan

African

Resources

plc

539

1,102,861

Pan

American

Silver

Corp

(Toronto)

21,919

508,266

(a)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

175

229,073

(c)

Paradeep

Phosphates

Ltd

229

91,824

(a),(b)

Patriot

Battery

Metals,

Inc

346

133,015

PCBL

Ltd

407

3,727,434

Perenti

Ltd

2,481

5,517,211

Perseus

Mining

Ltd

8,663

979,003

(a)

Petkim

Petrokimya

Holding

652

2,442,415

Petronas

Chemicals

Group

Bhd

3,264

13,469

PI

Advanced

Materials

Co

Ltd

244

68,879

PI

Industries

Ltd

3,134

130,938

Pidilite

Industries

Ltd

4,954

2,413,118

(b)

Pilbara

Minerals

Ltd

4,910

162,900

(a)

PMB

Technology

Bhd

85

574

Politeknik

Metal

Sanayi

ve

Ticaret

AS.

148

127,589

Poongsan

Corp

5,849

166,049

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

691

73,842

POSCO

19,328

17,535

POSCO

M-Tech

Co

Ltd

260

137,914

PPG

Industries,

Inc

17,362

2,108,268

Press

Metal

Aluminium

Holdings

Bhd

2,571

126,676

(a)

Prism

Johnson

Ltd

266

3,102,400

PT

Aneka

Tambang

Tbk

236

984,500

PT

Indocement

Tunggal

Prakarsa

Tbk

435

1,987,200

PT

Semen

Gresik

Persero

Tbk

452

2,163

(a)

PTC

Industries

Ltd

356

1,919,509

PTT

Global

Chemical

PCL

1,590

38,116

Qassim

Cement

Co

577

2,262,375

Qatar

Aluminum

Manufacturing

Co

831

228,227

Qatari

Investors

Group

QSC

98

263,900

(a)

Qinghai

Salt

Lake

Industry

Co

Ltd

633

1,080

Quaker

Chemical

Corp

183

117,923

(a)

Rain

Industries

Ltd

227

69,861

Rallis

India

Ltd

261

87,191

Ramco

Cements

Ltd

874

889,092

Ramelius

Resources

Ltd

1,142

192,554

Ramkrishna

Forgings

Ltd

2,052

80,750

(a)

Ranpak

Holdings

Corp

519

42,885

Rashtriya

Chemicals

&

Fertilizers

Ltd

99

25,813

Ratnamani

Metals

&

Tubes

Ltd

1,117

36,990

(b)

Recticel

S.A.

491

4,956,130

(a)

Red

5

Ltd

1,187

613,912

(a)

Regis

Resources

Ltd

719

141,427

Reliance

Steel

&

Aluminum

Co

40,392

155,683

Rengo

Co

Ltd

1,010

1,769,986

(a)

Resolute

Mining

Ltd

616

50,762

Rhi

Magnesita

India

Ltd

387

15,767

RHI

Magnesita

NV

686

312,247

Rio

Tinto

Ltd

24,734

778,220

Rio

Tinto

plc

51,065

548,924

Rongsheng

Petrochemical

Co

Ltd

729

12,742

(a)

Rossari

Biotech

Ltd

128

49,640

Royal

Gold,

Inc

6,213

80,670

Ryerson

Holding

Corp

1,573

207,179

SABIC

Agri-Nutrients

Co

6,234

CREF

Stock

Account

June

30,

2024

88

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

302,405

Sahara

International

Petrochemical

Co

$

2,354

32,600

Sakata

INX

Corp

367

19,720

Salzgitter

AG.

382

4,273

Sam-A

Aluminum

Co

Ltd

224

19,000

San

Fu

Chemical

Co

Ltd

82

373,321

Sandfire

Resources

Ltd

2,168

208,264

Sandstorm

Gold

Ltd

1,133

28,466

Sandur

Manganese

&

Iron

Ores

Ltd

185

54,511

Sanyo

Chemical

Industries

Ltd

1,351

15,206

Sanyo

Special

Steel

Co

Ltd

202

440,193

Sappi

Ltd

1,165

102,500

Sarda

Energy

&

Minerals

Ltd

286

1,109,092

(a)

Sasa

Polyester

Sanayi

AS

1,490

480,711

Sasol

Ltd

3,651

187,820

Satellite

Chemical

Co

Ltd

464

711,718

(a)

Saudi

Arabian

Mining

Co

8,174

42,409

Saudi

Aramco

Base

Oil

Co

1,487

769,346

Saudi

Basic

Industries

Corp

15,073

60,137

Saudi

Cement

Co

721

311,977

Saudi

Industrial

Investment

Group

1,748

629,794

(a)

Saudi

Kayan

Petrochemical

Co

1,361

12,313

Saudi

Paper

Manufacturing

Co

247

13,484

Saudi

Steel

Pipe

Co

234

977,100

SCG

Packaging

PCL

894

35,410

Schnitzer

Steel

Industries,

Inc

(Class

A)

541

664,000

Scientex

BHD

607

30,741

Scotts

Miracle-Gro

Co

(Class

A)

2,000

58,512

(a)

Seabridge

Gold,

Inc

800

11,934

SeAH

Besteel

Holdings

Corp

179

1,348

SeAH

Steel

Holdings

Corp

188

245,396

Sealed

Air

Corp

8,537

8,218,300

(a),(d)

Sekawan

Intipratama

Tbk

PT

0

^

33,357

Semapa-Sociedade

de

Investimento

e

Gestao

515

87,648

Shandong

Gold

Mining

Co

Ltd

-

A

329

304,255

(c)

Shandong

Gold

Mining

Co

Ltd

-

H

606

174,707

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

640

380,666

Shandong

Nanshan

Aluminum

Co

Ltd

199

151,911

Shandong

Sun

Paper

Industry

JSC

Ltd

292

241,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

121

80,777

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

157

96,129

(a)

Shanxi

Meijin

Energy

Co

Ltd

63

331,363

Shanxi

Taigang

Stainless

Steel

Co

Ltd

154

36,048

Shenzhen

Capchem

Technology

Co

Ltd

142

38,000

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

134

187,226

Sherwin-Williams

Co

55,874

100,000

(a)

Shihlin

Paper

Corp

185

17,100

(b)

Shikoku

Kasei

Holdings

Corp

228

6,900

Shinagawa

Refractories

Co

Ltd

86

2,921,622

Shin-Etsu

Chemical

Co

Ltd

113,597

235,603

Shin-Etsu

Polymer

Co

Ltd

2,219

802,000

Shinkong

Synthetic

Fibers

Corp

412

78,000

Shiny

Chemical

Industrial

Co

Ltd

360

11,310

Shivalik

Bimetal

Controls

Ltd

79

10,342,000

Shougang

Fushan

Resources

Group

Ltd

4,238

141,900

Showa

Denko

KK

3,135

7,504

Shree

Cement

Ltd

2,505

31,129

(a)

Shyam

Metalics

&

Energy

Ltd

249

655,983

Siam

Cement

PCL

4,016

86,800

Siam

City

Cement

PCL

308

1,505,262

Sibanye

Stillwater

Ltd

1,627

206,600

(a)

Sichuan

Hebang

Biotechnology

Co

Ltd

47

297,202

(b)

SIG

Group

AG.

5,461

29,753

Sika

AG.

8,493

405,591

Silgan

Holdings,

Inc

17,169

89

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

162,896

(b)

Silvercorp

Metals,

Inc

$

545

109,641

(a),(b)

SilverCrest

Metals,

Inc

896

126,928

Sims

Ltd

868

1,490,000

Sinofert

Holdings

Ltd

191

81,600

Sinoma

Science

&

Technology

Co

Ltd

145

45,988

Sinomine

Resource

Group

Co

Ltd

169

217,000

Sinon

Corp

294

8,138

SK

Chemicals

Co

Ltd

287

10,850

(a),(c)

SK

IE

Technology

Co

Ltd

346

14,870

SKC

Co

Ltd

1,810

2,310,564

Smurfit

Kappa

Group

plc

103,057

27,919

SOL

S.p.A.

988

434,000

Solar

Applied

Materials

Technology

Corp

871

23,418

(a)

Solar

Industries

India

Ltd

2,808

58,924

(a),(b)

Solaris

Resources,

Inc

165

57,715

(b)

Solvay

S.A.

2,035

70,629

Sonoco

Products

Co

3,582

2,946

Soulbrain

Co

Ltd

617

3,686

Soulbrain

Holdings

Co

Ltd

178

337,096

(b)

South32

Ltd

822

3,824,702

South32

Ltd

9,279

36,011

Southern

Copper

Corp

3,880

44,812

Southern

Province

Cement

Co

434

127,028

SRF

Ltd

3,705

189,360

Ssab

Svenskt

Stal

AB

(Series

A)

1,043

1,164,580

Ssab

Svenskt

Stal

AB

(Series

B)

6,315

164,957

(b)

SSR

Mining,

Inc

745

28,639

(a)

Star

Cement

Ltd

72

14,497

Steel

Dynamics,

Inc

1,877

30,556

Stelco

Holdings,

Inc

830

40,546

(b)

Stella-Jones,

Inc

2,646

1,513

STO

AG.

256

15,910

Stora

Enso

Oyj

(R

Shares)

217

51,624

Sumitomo

Bakelite

Co

Ltd

1,517

1,021,700

Sumitomo

Chemical

Co

Ltd

2,194

94,336

Sumitomo

Chemical

India

Ltd

542

207,900

Sumitomo

Metal

Mining

Co

Ltd

6,317

483,021

Sumitomo

Osaka

Cement

Co

Ltd

11,825

973,238

(a)

Summit

Materials,

Inc

35,630

121,715

SunCoke

Energy,

Inc

1,193

29,100

(a)

Sunresin

New

Materials

Co

Ltd

167

155,176

Supreme

Industries

Ltd

11,059

64,386

Supreme

Petrochem

Ltd

591

7,067,200

Surya

Esa

Perkasa

Tbk

PT

332

17,277

Surya

Roshni

Ltd

129

657,817

Suzano

SA

6,709

594,132

Svenska

Cellulosa

AB

(B

Shares)

8,744

190,282

Syensqo

S.A.

16,984

268,937

Symrise

AG.

32,906

24,900

T

Hasegawa

Co

Ltd

522

1,327,344

TA

Chen

Stainless

Pipe

1,466

269

Taekwang

Industrial

Co

Ltd

122

87,400

Taiheiyo

Cement

Corp

2,199

2,825,145

Taiwan

Cement

Corp

2,978

519,000

Taiwan

Fertilizer

Co

Ltd

1,028

203,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

1,073

29,000

Taiyo

Ink

Manufacturing

Co

Ltd

616

153,219

Taiyo

Nippon

Sanso

Corp

4,550

6,355

Takasago

International

Corp

156

55,714

Takiron

Co

Ltd

255

248,216

(a)

Taseko

Mines

Ltd

611

101,928

Tata

Chemicals

Ltd

1,347

CREF

Stock

Account

June

30,

2024

90

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,770,425

Tata

Steel

Ltd

$

7,849

13,329

TCC

Steel

535

550,387

Teck

Cominco

Ltd

(Class

B)

26,376

206,110

(b)

Teck

Resources

Ltd

9,873

140,100

Teijin

Ltd

1,168

112,221

Ternium

S.A.

(ADR)

4,214

19,203

(b)

Tessenderlo

Chemie

NV

487

382,952

ThyssenKrupp

AG.

1,658

1,306,000

Tiangong

International

Co

Ltd

305

251,200

Tianqi

Lithium

Corp

1,031

192,900

Tianshan

Aluminum

Group

Co

Ltd

215

65,777

Time

Technoplast

Ltd

253

525,000

Tipco

Asphalt

PCL

229

97,394

Titan

Cement

International

S.A.

3,050

12,591

TKG

Huchems

Co

Ltd

182

582,400

TOA

Paint

Thailand

PCL

314

64,703

(b)

Toagosei

Co

Ltd

611

23,624

(b)

Toho

Titanium

Co

Ltd

211

157,929

(b)

Tokai

Carbon

Co

Ltd

906

48,541

Tokuyama

Corp

894

78,042

Tokyo

Ohka

Kogyo

Co

Ltd

2,129

42,204

Tokyo

Steel

Manufacturing

Co

Ltd

429

564,000

Ton

Yi

Industrial

Corp

266

78,978

Tongkun

Group

Co

Ltd

173

835,200

Tongling

Nonferrous

Metals

Group

Co

Ltd

414

1,245,181

Toray

Industries,

Inc

5,906

63,823

(a)

Torex

Gold

Resources,

Inc

989

1,223,000

Tosoh

Corp

16,009

3,300

(b)

Toyo

Gosei

Co

Ltd

208

24,300

(b)

Toyo

Ink

Manufacturing

Co

Ltd

509

95,700

Toyo

Seikan

Kaisha

Ltd

1,504

60,148

Toyobo

Co

Ltd

395

5,268,000

TPI

Polene

PCL

190

56,992

Transcontinental,

Inc

630

154,460

Tredegar

Corp

740

196,380

Trimas

Corp

5,019

41,097

Triple

Flag

Precious

Metals

Corp

637

586,056

Tronox

Holdings

plc

9,195

506,000

(a)

TSRC

Corp

373

383,000

Tung

Ho

Steel

Enterprise

Corp

821

406,243

UACJ

Corp

9,738

74,526

UBE

Industries

Ltd

1,314

100,301

Ultra

Tech

Cement

Ltd

14,014

6,159

(b)

Umicore

S.A.

93

42,086

Uniao

de

Industrias

Petroquimicas

S.A.

367

2,087

Unid

Co

Ltd

153

219,551

United

States

Steel

Corp

8,299

336,810

Universal

Cement

Corp

370

575,000

UPC

Technology

Corp

218

405,951

UPL

Ltd

2,777

17,245

UPM-Kymmene

Oyj

606

129,890

Usha

Martin

Ltd

603

661,000

USI

Corp

312

385,300

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

545

8,047,883

Vale

S.A.

89,576

581,064

Vedanta

Ltd

3,161

56,211

(c)

Verallia

S.A.

2,045

11,215

(b)

Vetropack

Holding

AG.

404

121,126

Vicat

S.A.

4,357

67,842

Victrex

plc

983

16,326

(b)

Vidrala

S.A.

1,842

20,806

Vinati

Organics

Ltd

473

91

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,225

Voestalpine

AG.

$

141

17,612

(a)

VT

Co

Ltd

406

60,038

Vulcan

Materials

Co

14,930

60,530

Vulcan

Steel

Ltd

269

30,662

(a)

WA1

Resources

Ltd

392

12,493

Wacker

Chemie

AG.

1,361

186,000

(b)

Wanguo

International

Mining

Group

Ltd

188

178,196

Wanhua

Chemical

Group

Co

Ltd

1,979

16,562

(a)

Weihai

Guangwei

Composites

Co

Ltd

57

63,753

Welspun

Corp

Ltd

418

116,808

(a)

Wesdome

Gold

Mines

Ltd

941

862,225

(a)

West

African

Resources

Ltd

925

2,230,000

West

China

Cement

Ltd

294

30,238

West

Coast

Paper

Mills

Ltd

243

51,617

West

Fraser

Timber

Co

Ltd

3,964

92,400

Western

Mining

Co

Ltd

228

31,291

(a)

Western

Superconducting

Technologies

Co

Ltd

165

344,634

(b)

Westgold

Resources

Ltd

555

355,121

Westlake

Chemical

Corp

51,429

785,772

Westrock

Co

39,493

388,189

Wheaton

Precious

Metals

Corp

20,354

30,779

(b)

Wheaton

Precious

Metals

Corp

1,613

84,323

Wienerberger

AG.

2,795

41,872

Winpak

Ltd

1,367

123,910

Worthington

Steel,

Inc

4,134

95,015

Xiamen

Tungsten

Co

Ltd

225

78,778

Yamama

Cement

Co

700

159,605

Yamato

Kogyo

Co

Ltd

7,793

53,756

Yanbu

Cement

Co

395

239,448

Yanbu

National

Petrochemical

Co

2,336

5,296

Yara

International

ASA

153

233,000

YC

INOX

Co

Ltd

182

838,150

Yieh

Phui

Enterprise

Co

Ltd

398

161,723

Yintai

Gold

Co

Ltd

361

14,955

Yodogawa

Steel

Works

Ltd

523

21,840

YongXing

Special

Materials

Technology

Co

Ltd

107

9,285

Youlchon

Chemical

Co

Ltd

242

904,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

857

68,900

Yunnan

Aluminium

Co

Ltd

128

438,100

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

321

35,884

Yunnan

Energy

New

Material

Co

Ltd

156

138,100

Yunnan

Tin

Co

Ltd

294

182,600

Yunnan

Yuntianhua

Co

Ltd

487

125,300

Zangge

Mining

Co

Ltd

414

114,716

Zeon

Corp

955

648,000

Zhaojin

Mining

Industry

Co

Ltd

1,085

39,738

Zhejiang

Huayou

Cobalt

Co

Ltd

121

174,836

Zhejiang

Juhua

Co

Ltd

580

210,200

Zhejiang

Longsheng

Group

Co

Ltd

248

121,300

Zhongjin

Gold

Corp

Ltd

246

25,147

Zignago

Vetro

S.p.A.

318

5,371,232

Zijin

Mining

Group

Co

Ltd

11,317

2,166,466

Zijin

Mining

Group

Co

Ltd

(Class

A)

5,214

TOTAL

MATERIALS

5,290,535

MEDIA

&

ENTERTAINMENT

-

5.9%

121,123

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

217

21,829

4imprint

Group

plc

1,602

299,943

(a)

Affle

India

Ltd

4,823

19,916

AfreecaTV

Co

Ltd

1,892

10,130,000

(a),(b)

Alibaba

Pictures

Group

Ltd

537

8,027,496

Alphabet,

Inc

1,472,403

CREF

Stock

Account

June

30,

2024

92

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,839,939

Alphabet,

Inc

(Class

A)

$

1,428,045

15,800

(a),(b)

Anycolor,

Inc

272

12,459

(a)

Arabian

Contracting

Services

Co

758

117,488

Arnoldo

Mondadori

Editore

S.p.A.

307

161,747

Ascential

plc

699

395,247

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

1,873

1,548,879

(c)

Auto

Trader

Group

plc

15,590

29,223

Autohome,

Inc

(ADR)

802

194,459

Avex

Group

Holdings,

Inc

1,653

7,407,698

(a)

Baidu,

Inc

80,196

118,946

(a),(b)

Baidu,

Inc

(ADR)

10,286

176,557

Beijing

Enlight

Media

Co

Ltd

204

6,400

(a),(b)

Bengo4.com,

Inc

135

83,404

(a)

Besiktas

Futbol

Yatirimlari

Sanayi

ve

Ticaret

AS

91

29,669

(a),(b)

Better

Collective

A.S.

635

95,068

(a),(b)

Bilibili,

Inc

1,478

25,918

(b)

Bollore

SE

152

285,914

(a),(b)

Borussia

Dortmund

GmbH

&

Co

KGaA

1,092

36,910

(a)

Boston

Omaha

Corp

497

4,186

(b)

Cable

One,

Inc

1,482

70,697

Capcom

Co

Ltd

1,337

754,409

carsales.com

Ltd

17,662

26,614

CD

Projekt

S.A.

918

173,965

(a),(b)

Charter

Communications,

Inc

52,009

73,916

Cheil

Worldwide,

Inc

985

161,865

(a),(d)

Chennai

Super

Kings

Cricket

Ltd

14

105,200

China

Film

Co

Ltd

156

166,158

(a),(b),(c)

China

Literature

Ltd

534

5,504,000

(a),(b)

China

Ruyi

Holdings

Ltd

1,476

51,976

(a)

CJ

CGV

Co

Ltd

212

8,813

CJ

ENM

Co

Ltd

537

46,600

(a),(c)

Cloud

Music,

Inc

600

11,647

Cogeco

Communications,

Inc

439

44,018

(a)

COLOPL,

Inc

179

6,694,120

Comcast

Corp

(Class

A)

262,142

1,857,300

(a)

Converge

Information

and

Communications

Technology

Solutions,

Inc

364

60,400

(a),(b)

Cover

Corp

754

336,777

CTS

Eventim

AG.

28,036

331,800

CyberAgent,

Inc

2,079

171,292

Cyfrowy

Polsat

S.A.

514

55,162

Daiichikosho

Co

Ltd

569

102,196

DB

Corp

Ltd

387

59,311

(a)

Dena

Co

Ltd

590

124,300

(b)

Dentsu,

Inc

3,147

5,990

(a)

Devsisters

Co

Ltd

255

174,994

Domain

Holdings

Australia

Ltd

354

7,801,100

Elang

Mahkota

Teknologi

Tbk

PT

185

311,598

Electronic

Arts,

Inc

43,415

578,817

(a),(b)

Embracer

Group

AB

1,266

315,220

Entravision

Communications

Corp

(Class

A)

640

92,443

(b)

Eutelsat

Communications

370

328,900

(a)

Eventbrite,

Inc

1,592

70,104

EVT

Ltd

540

67,290

(a)

EW

Scripps

Co

(Class

A)

211

468,867

Focus

Media

Information

Technology

Co

Ltd

390

37,300

Fuji

Television

Network,

Inc

427

77,182

Future

plc

1,022

1,583,220

(a)

Gannett

Co,

Inc

7,299

51,750

Gree,

Inc

172

400,930

(a)

Grindr,

Inc

4,907

1,806,600

(b)

Grupo

Televisa

S.A.

987

6,112,450

(b)

Grupo

Televisa

SAB

(ADR)

16,931

93

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

359,043

(a)

GungHo

Online

Entertainment,

Inc

$

6,053

154,800

Hakuhodo

DY

Holdings,

Inc

1,133

103,700

Hello

Group,

Inc

(ADR)

635

67,589

Hemnet

Group

AB

2,036

5,319,943

(b),(e)

HUYA,

Inc

(ADR)

21,014

17,576

HYBE

Co

Ltd

2,574

54,544

(a)

IAC,

Inc

2,555

26,660

(a)

Ibotta,

Inc

2,004

450,306

(a)

iClick

Interactive

Asia

Group

Ltd

(ADR)

572

666,400

(a),(b),(c)

iDreamSky

Technology

Holdings

Ltd

253

718,000

(a)

IGG,

Inc

276

59,360

Info

Edge

India

Ltd

4,826

42,353

Infocom

Corp

1,596

2,971,060

Informa

plc

32,063

13,384

Innocean

Worldwide,

Inc

208

927,430

(a)

Integral

Ad

Science

Holding

Corp

9,015

94,000

International

Games

System

Co

Ltd

3,916

53,715

IPSOS

3,384

182,748

(a)

iQIYI,

Inc

(ADR)

671

2,807,308

ITV

plc

2,855

51,382

(a)

JC

Decaux

S.A.

1,011

147,800

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

222

28,100

JOYY,

Inc

(ADR)

846

23,699

(a)

Just

Dial

Ltd

292

91,942

(a),(b)

Juventus

Football

Club

S.p.A

218

21,323

JYP

Entertainment

Corp

882

69,524

Kadokawa

Corp

1,120

106,400

Kakaku.com,

Inc

1,396

262,198

Kakao

Corp

7,682

24,956

(a)

Kakao

Games

Corp

370

227,500

Kanzhun

Ltd

(ADR)

4,279

10,177

(b)

Kinepolis

Group

NV

370

139,372

Kingnet

Network

Co

Ltd

183

400,310

Kingsoft

Corp

Ltd

1,153

68,400

Koei

Tecmo

Holdings

Co

Ltd

594

76,832

Konami

Corp

5,555

12,061

(a),(c)

Krafton,

Inc

2,453

1,943,800

(a),(c)

Kuaishou

Technology

11,410

36,400

Kunlun

Tech

Co

Ltd

161

18,302

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

1,176

142,188

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

10,215

15,430

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

579

35,145

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

1,345

113,920

(a)

Liberty

Media

Corp-Liberty

SiriusXM

2,524

55,502

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

1,229

348,010

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

3,278

133,440

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

1,144

381,670

(a)

Live

Nation,

Inc

35,778

19,785

M6-Metropole

Television

248

13,861

(a)

Madison

Square

Garden

Sports

Corp

2,608

1,642,348

(a)

Magnite,

Inc

21,827

93,922

Mango

Excellent

Media

Co

Ltd

269

273,400

(a),(c)

Maoyan

Entertainment

281

1,316,538

(a)

Match

Group,

Inc

39,996

335,100

Megacable

Holdings

SAB

de

C.V.

842

2,275,500

(b),(c)

Meitu,

Inc

766

3,588,399

Meta

Platforms,

Inc

1,809,343

675,052

MFE-MediaForEurope

NV

2,328

35,351

(b)

MFE-MediaForEurope

NV

153

263,990

Mixi

Inc

4,988

1,074,000

(a),(c)

Mobvista,

Inc

346

59,615

(a)

Modern

Times

Group

MTG

AB

479

CREF

Stock

Account

June

30,

2024

94

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,042,031

Moneysupermarket.com

Group

plc

$

2,916

214,280

MultiChoice

Group

1,256

59,100

(a)

National

CineMedia,

Inc

259

109,477

Naver

Corp

13,174

26,530

(a)

Nazara

Technologies

Ltd

276

5,791

NCSoft

Corp

752

165,500

NetDragon

Websoft

Holdings

Ltd

250

2,591,030

NetEase,

Inc

49,478

499,862

(a)

NetFlix,

Inc

337,347

10,487

(c)

Netmarble

Corp

406

123,902

(a)

Network18

Media

&

Investments

Ltd

118

132,801

New

York

Times

Co

(Class

A)

6,801

278,823

News

Corp

(Class

A)

7,687

85,638

(b)

News

Corp

(Class

B)

2,431

1,814,500

(b)

Nexon

Co

Ltd

33,757

21,265

(a)

Nexon

Games

Co

Ltd

236

23,709

Nexstar

Media

Group,

Inc

3,936

68,866

Next

15

Group

plc

695

10,648

NHN

Corp

160

1,082,925

Nine

Entertainment

Co

Holdings

Ltd

1,007

2,070,800

Nintendo

Co

Ltd

110,584

42,300

Nippon

Television

Holdings,

Inc

614

327,433

Omnicom

Group,

Inc

29,371

1,239,697

oOh!media

Ltd

1,116

266,800

Oriental

Pearl

Group

Co

Ltd

223

118,076

Paradox

Interactive

AB

1,582

8,884

Paramount

Global

(Class

A)

163

22,498

(a)

Pearl

Abyss

Corp

718

63,500

People.cn

Co

Ltd

174

38,719

(a)

Perion

Network

Ltd

326

438,640

(a)

Pinterest,

Inc

19,331

1,584,400

Plan

B

Media

Pcl

328

17,146

Playtika

Holding

Corp

135

114,828

ProSiebenSat.

Media

AG.

812

702,012

(b)

Publicis

Groupe

S.A.

74,567

58,139

(a)

PVR

Ltd

992

209,380

(a)

QuinStreet,

Inc

3,474

41,476

(b)

REA

Group

Ltd

5,416

1,551,178

Rightmove

plc

10,471

91,469

(a)

Roku,

Inc

5,482

64,820

Saregama

India

Ltd

431

29,743

(a)

Saudi

Research

&

Media

Group

1,635

57,765

Schibsted

ASA

1,705

76,864

Schibsted

ASA

(B

Shares)

2,158

176,943

(c)

Scout24

SE

13,519

967,348

(a)

Sea

Ltd

(ADR)

69,088

270,218

Seek

Ltd

3,835

61,300

Septeni

Holdings

Co

Ltd

141

293,889

SES

S.A.

1,495

7,601

(b)

Shochiku

Co

Ltd

446

93,980

Shutterstock,

Inc

3,637

127,100

Sky

Perfect

Jsat

Corp

689

8,952

SM

Entertainment

Co

Ltd

520

617,600

(a),(b),(d)

SMI

Holdings

Group

Ltd

1

345,781

(a)

Snap,

Inc

5,743

134,473

Societe

Television

Francaise

1

1,050

52,000

Soft-World

International

Corp

235

33,671

(a)

Spotify

Technology

S.A.

10,566

58,400

Square

Enix

Co

Ltd

1,760

2,136,397

(a)

Stillfront

Group

AB

2,000

26,536

Stroeer

SE

&

Co

KGaA

1,700

8,878

(a)

Studio

Dragon

Corp

267

95

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

355,943

Sun

TV

Network

Ltd

$

3,208

20,124,700

Surya

Citra

Media

Tbk

PT

175

118,303

(a)

Take-Two

Interactive

Software,

Inc

18,395

97,105

(a)

Team17

Group

plc

338

141,600

TEGNA,

Inc

1,974

9,375,225

Tencent

Holdings

Ltd

444,764

1,894,172

Tencent

Music

Entertainment

Group

(ADR)

26,613

21,164

Tips

Industries

Ltd

104

45,425

TKO

Group

Holdings,

Inc

4,905

45,100

Toei

Animation

Co

Ltd

699

21,920

Toei

Co

Ltd

518

89,100

Toho

Co

Ltd

2,607

27,300

Tokyo

Broadcasting

System,

Inc

691

245,947

(a)

TripAdvisor,

Inc

4,380

222,930

(a),(c)

Trustpilot

Group

plc

606

15,151

TV

Asahi

Corp

202

345,822

(a)

TV18

Broadcast

Ltd

171

2,450

TX

Group

AG.

443

382,004

(a)

Ubisoft

Entertainment

8,359

788,816

Universal

Music

Group

NV

23,466

32,335

Vector,

Inc

247

4,280,800

VGI

PCL

173

604,060

(a)

Vimeo,

Inc

2,253

978,043

Vivendi

Universal

S.A.

10,222

3,676,997

Walt

Disney

Co

365,089

135,000

(a)

Wanda

Film

Holding

Co

Ltd

224

416,266

(a)

Warner

Bros

Discovery,

Inc

3,097

9,693

Webzen,

Inc

117

59,600

Weibo

Corp

(ADR)

458

15,227

Wemade

Co

Ltd

469

29,194

WPP

plc

267

188,400

(a),(b)

XD,

Inc

453

159,440

(a)

Yelp,

Inc

5,891

10,159

YG

Entertainment,

Inc

296

80,594

YouGov

plc

414

2,124,300

Z

Holdings

Corp

5,129

690,711

ZEE

Telefilms

Ltd

1,255

130,000

Zengame

Technology

Holding

Ltd

48

486,013

(a)

Zhejiang

Century

Huatong

Group

Co

Ltd

229

219,859

(a)

Ziff

Davis,

Inc

12,103

524,700

ZIGExN

Co

Ltd

1,959

382,188

(a)

ZoomInfo

Technologies,

Inc

4,881

TOTAL

MEDIA

&

ENTERTAINMENT

7,373,236

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.7%

67,610

(a)

10X

Genomics,

Inc

1,315

1,266,500

(a),(c)

3SBio,

Inc

1,042

33,648

Aarti

Drugs

Ltd

203

3,326,131

AbbVie,

Inc

570,498

26,827

(a)

Abivax

S.A.

336

28,409

(a)

ABLBio,

Inc

461

135,280

(a)

Acadia

Pharmaceuticals,

Inc

2,198

70,820

(a)

Actinium

Pharmaceuticals,

Inc

524

99,430

(a)

ADC

Therapeutics

SA

314

74,914

Adcock

Ingram

Holdings

Ltd

247

91,261

AddLife

AB

1,075

266,000

Adimmune

Corp

234

3,081,659

(a)

ADMA

Biologics,

Inc

34,453

36,690

(a)

Adverum

Biotechnologies,

Inc

252

16,998

(a)

Aether

Industries

Ltd

188

225,466

Agilent

Technologies,

Inc

29,227

153,940

(a)

Agios

Pharmaceuticals,

Inc

6,638

CREF

Stock

Account

June

30,

2024

96

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

166,600

(a),(b)

AIM

Vaccine

Co

Ltd

$

150

39,343

Ajanta

Pharma

Ltd

1,079

250,000

(a),(b),(c)

Akeso,

Inc

1,205

26,000

Alar

Pharmaceuticals,

Inc

200

39,863

Alembic

Pharmaceuticals

Ltd

419

105,096

(a)

ALK-Abello

A.S.

2,296

57,595

(b)

Almirall

S.A.

578

233,381

(a)

Alnylam

Pharmaceuticals,

Inc

56,712

328,000

(a),(b),(c)

Alphamab

Oncology

101

44,386

(a)

Alteogen,

Inc

8,998

375,310

(a),(b)

Altimmune,

Inc

2,496

25,770

(a)

Alto

Neuroscience,

Inc

275

634,523

Amgen,

Inc

198,257

7,380

AMI

Organics

Ltd

114

282,570

(a)

Amicus

Therapeutics,

Inc

2,803

1,314,150

(a)

Amneal

Pharmaceuticals,

Inc

8,345

125,200

(a)

Anavex

Life

Sciences

Corp

528

141,320

(a)

ANI

Pharmaceuticals,

Inc

8,999

56,771

(a)

Anika

Therapeutics,

Inc

1,438

166,070

(a)

Annexon,

Inc

814

73,857

(a)

Apellis

Pharmaceuticals,

Inc

2,833

367,120

(a),(b)

Arcutis

Biotherapeutics,

Inc

3,414

140,556

(a)

Argenx

SE

60,986

181,900

(a),(b),(c)

Ascentage

Pharma

Group

International

595

691,315

Aspen

Pharmacare

Holdings

Ltd

8,865

373,550

Astellas

Pharma,

Inc

3,685

5,453

AstraZeneca

Pharma

India

Ltd

408

1,811,177

AstraZeneca

plc

281,879

300,641

AstraZeneca

plc

(ADR)

23,447

185,330

(a)

Astria

Therapeutics,

Inc

1,687

6,562

Asymchem

Laboratories

Tianjin

Co

Ltd

59

32,240

(a)

Aura

Biosciences,

Inc

244

561,541

(a),(b)

Aurinia

Pharmaceuticals,

Inc

3,206

107,955

Aurobindo

Pharma

Ltd

1,562

497,536

(a)

Avantor,

Inc

10,548

468,270

(a)

Avidity

Biosciences,

Inc

19,129

29,299

(b)

Bachem

Holding

AG.

2,677

9,123

(a),(b)

Basilea

Pharmaceutica

397

214,522

(a)

Bausch

Health

Cos,

Inc

1,496

60,415

(a)

Bavarian

Nordic

AS

1,497

58,223

Bayer

AG.

1,641

283,200

(a)

BeiGene

Ltd

3,092

58,680

Beijing

Tiantan

Biological

Products

Corp

Ltd

197

205,000

(b)

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

236

34,400

Beijing

Tongrentang

Co

Ltd

181

25,258

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

229

30,598

(a),(c)

BioArctic

AB

662

319,816

Biocon

Ltd

1,345

2,125,660

(a)

BioCryst

Pharmaceuticals,

Inc

13,137

191,016

BioGaia

AB

2,227

4,617

(a)

Biogen,

Inc

1,070

148,446

(a)

Biohaven

Ltd

5,153

427,659

(a)

BioMarin

Pharmaceutical,

Inc

35,209

15,763

(a)

Bioneer

Corp

336

15,159

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

4,140

50,409

Biotage

AB

776

114,690

Bio-Techne

Corp

8,218

54,060

(a)

Black

Diamond

Therapeutics,

Inc

252

9,649

(a)

Bloomage

Biotechnology

Corp

Ltd

75

45,704

(a)

Blueprint

Medicines

Corp

4,926

45,674

(a),(c)

BoneSupport

Holding

AB

1,132

46,564

Bora

Pharmaceuticals

Co

Ltd

1,190

97

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,082

Boryung

$

154

195,200

(a)

Bridgebio

Pharma,

Inc

4,944

94,646

Bristol-Myers

Squibb

Co

3,931

40,184

(a)

Brooks

Automation,

Inc

2,114

73,821

Bruker

BioSciences

Corp

4,711

29,072

(a)

Calliditas

Therapeutics

AB

564

22,697

(a)

Camurus

AB

1,285

89,750

(a)

Candel

Therapeutics,

Inc

556

70,200

(a),(b),(c)

CanSino

Biologics,

Inc

175

18,186

Caplin

Point

Laboratories

Ltd

321

13,770

Caregen

Co

Ltd

217

289,835

(a)

Catalent,

Inc

16,297

28,469

(a),(d)

Cellivery

Therapeutics,

Inc

0

^

7,163

(a)

Celltrion

Pharm

Inc

460

128,054

Celltrion,

Inc

16,145

407,385

Center

Laboratories,

Inc

683

10,014

Changchun

High

&

New

Technology

Industry

Group,

Inc

126

19,068

(a)

Charles

River

Laboratories

International,

Inc

3,939

13,057

Chemometec

A.S.

568

970,000

China

Medical

System

Holdings

Ltd

822

877,000

(c)

China

Resources

Pharmaceutical

Group

Ltd

648

36,816

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

216

938,000

China

Shineway

Pharmaceutical

Group

Ltd

924

389

(a),(d)

Chinook

Therapeutics,

Inc

0

^

5,388

Chong

Kun

Dang

Pharmaceutical

Corp

382

56,970

(a)

Chongqing

Zhifei

Biological

Products

Co

Ltd

219

691,514

Chugai

Pharmaceutical

Co

Ltd

24,624

461,977

Cipla

Ltd

8,188

31,807

(b)

Clinuvel

Pharmaceuticals

Ltd

325

638,874

(a)

Codexis,

Inc

1,981

11,079

Concord

Biotech

Ltd

206

288,000

Consun

Pharmaceutical

Group

Ltd

205

6,900

(a),(b)

COSMO

Pharmaceuticals

NV

538

174,975

(a)

Crinetics

Pharmaceuticals,

Inc

7,837

189,422

(a),(b)

Cronos

Group,

Inc

442

422,251

CSL

Ltd

82,802

38,280

CSPC

Innovation

Pharmaceutical

Co

Ltd

133

3,512,054

CSPC

Pharmaceutical

Group

Ltd

2,797

83,219

(a)

CureVac

NV

279

14,189

Daewoong

Co

Ltd

158

3,152

Daewoong

Pharmaceutical

Co

Ltd

234

4,613,670

Daiichi

Sankyo

Co

Ltd

160,342

1,135,483

Danaher

Corp

283,700

471,780

(a)

Denali

Therapeutics,

Inc

10,955

15,696

Dermapharm

Holding

SE

606

54,550

(a),(b)

Design

Therapeutics,

Inc

183

88,866

Divi's

Laboratories

Ltd

4,892

3,064

Dong-A

Socio

Holdings

Co

Ltd

234

3,143

Dong-A

ST

Co

Ltd

143

424,871

Dong-E-E-Jiao

Co

Ltd

3,660

13,689

DongKook

Pharmaceutical

Co

Ltd

185

138,360

Dr

Reddy's

Laboratories

Ltd

10,613

354,490

(a)

Dyne

Therapeutics,

Inc

12,510

139,000

(a)

EirGenix,

Inc

387

277,800

Eisai

Co

Ltd

11,435

4,724,445

(a)

Elanco

Animal

Health,

Inc

68,174

1,136,720

Eli

Lilly

&

Co

1,029,164

23,620

(a)

Enliven

Therapeutics,

Inc

552

33,200

(a),(b)

Entrada

Therapeutics,

Inc

473

771,440

(a)

Erasca,

Inc

1,821

34,908

(a),(c)

Eris

Lifesciences

Ltd

428

163,171

(b)

Eurofins

Scientific

SE

8,170

CREF

Stock

Account

June

30,

2024

98

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,951

Ever

Supreme

Bio

Technology

Co

Ltd

$

299

156,500

(a),(b),(c)

Everest

Medicines

Ltd

392

114,762

(a),(b)

Evotec

SE

1,100

264,716

(a),(b)

Exact

Sciences

Corp

11,184

1,502,780

(a)

Exelixis,

Inc

33,767

562,314

Faes

Farma

S.A.

(Sigma)

2,170

49,876

(a)

FDC

Ltd

276

7,284

(a)

Formycon

AG.

403

32,996

(a),(b)

Fortrea

Holdings,

Inc

770

36,414

(a),(b)

Galapagos

NV

904

340,939

(a)

Galderma

Group

AG.

28,066

7,624

GC

Cell

Corp

156

30,227

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS.

62

2,030

(a)

Genmab

AS

509

582,800

(b)

Genomma

Lab

Internacional

SAB

de

C.V.

548

499,386

(a),(b)

Genscript

Biotech

Corp

530

50,323

Genus

plc

1,045

134,790

Gerresheimer

AG.

14,485

1,015,529

Gilead

Sciences,

Inc

69,675

24,974

(a),(c)

Gland

Pharma

Ltd

546

34,158

GlaxoSmithKline

Pharmaceuticals

Ltd

1,085

59,412

Glenmark

Life

Sciences

Ltd

618

112,635

Glenmark

Pharmaceuticals

Ltd

1,661

40,701

(a),(b)

GNI

Group

Ltd

601

77,407

(a),(b)

GRAIL,

Inc

1,190

958,500

Grand

Pharmaceutical

Group

Ltd

570

105,799

Granules

India

Ltd

625

4,522

Green

Cross

Corp

374

15,822

Green

Cross

Holdings

Corp

160

983,063

(a),(b)

Grifols

S.A.

8,314

11,415,487

GSK

plc

219,568

51,421

(a)

G-treeBNT

Co

Ltd

261

32,104

H

Lundbeck

A.S.

155

540,314

H

Lundbeck

A.S.

3,015

639,048

(a)

Halozyme

Therapeutics,

Inc

33,461

28,412

(a)

Hanall

Biopharma

Co

Ltd

635

7,521

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

50

3,082

Hanmi

Pharm

Co

Ltd

603

16,712

Hanmi

Science

Co

Ltd

375

485,839

(c)

Hansoh

Pharmaceutical

Group

Co

Ltd

1,017

125,326

(a)

Harmony

Biosciences

Holdings,

Inc

3,781

350,220

(a),(b)

Harrow

Health,

Inc

7,316

166,250

(a)

Heron

Therapeutics,

Inc

582

39,992

Hikal

Ltd

160

3,925

Hikma

Pharmaceuticals

plc

94

57,350

(a)

HilleVax,

Inc

829

41,800

Hisamitsu

Pharmaceutical

Co,

Inc

968

10,878

HK

inno

N

Corp

296

20,403

(a)

Hlb

Pharma

Ceutical

Co

Ltd

263

2,548,684

(a),(b),(d)

Hua

Han

Health

Industry

Holdings

Ltd

3

27,720

Hualan

Biological

Engineering,

Inc

60

11,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

51

5,023

(a)

Hugel,

Inc

841

205,710

(a)

Humacyte,

Inc

987

28,154

Humanwell

Healthcare

Group

Co

Ltd

66

446,000

(a),(b)

HUTCHMED

China

Ltd

1,566

145,944

Hypera

S.A.

749

10,488

(a)

ICON

plc

3,288

464,442

(a)

Illumina,

Inc

48,478

7,140

Imeik

Technology

Development

Co

Ltd

169

109,850

(a)

Immunome,

Inc

1,329

422,795

(a)

Immunovant,

Inc

11,162

99

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

69,287

(a),(b)

Incyte

Corp

$

4,200

92,759

(a)

Indivior

plc

1,449

446,000

(a),(b),(c)

InnoCare

Pharma

Ltd

275

853,073

(a),(c)

Innovent

Biologics,

Inc

4,016

433,481

(a)

Insmed,

Inc

29,043

225,060

(a)

Intellia

Therapeutics,

Inc

5,037

110,190

(a)

Intra-Cellular

Therapies,

Inc

7,547

116,059

(a)

Ionis

Pharmaceuticals,

Inc

5,531

658,380

(a)

Iovance

Biotherapeutics,

Inc

5,280

114,682

Ipca

Laboratories

Ltd

1,553

191

Ipsen

23

68,356

(a)

IQVIA

Holdings,

Inc

14,453

54,087

(a)

Ironwood

Pharmaceuticals,

Inc

353

297,770

(a),(b)

iTeos

Therapeutics,

Inc

4,419

16,608

Jamjoom

Pharmaceuticals

Factory

Co

644

179,350

(a)

Janux

Therapeutics,

Inc

7,513

81,083

(a)

Jazz

Pharmaceuticals

plc

8,654

56,382

JB

Chemicals

&

Pharmaceuticals

Ltd

1,186

51,844

JCR

Pharmaceuticals

Co

Ltd

196

164,411

(a)

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

869

4,400

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

14

2,459,955

Johnson

&

Johnson

359,547

41,958

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

64

55,100

(c)

Joinn

Laboratories

China

Co

Ltd

53

49,061

Jubilant

Pharmova

Ltd

435

11,683

JW

Pharmaceutical

Corp

256

22,179

Kaken

Pharmaceutical

Co

Ltd

531

8,003,406

Kalbe

Farma

Tbk

PT

745

4,044

(a)

Kangmei

Pharmaceutical

Co

Ltd

1

138,500

(a),(b),(c)

Keymed

Biosciences,

Inc

595

337,490

(a)

Kiniksa

Pharmaceuticals

Ltd

6,301

21,500

Kissei

Pharmaceutical

Co

Ltd

436

55,523

(a)

Knight

Therapeutics,

Inc

230

166,580

(a)

Krystal

Biotech,

Inc

30,591

32,281

Kyorin

Co

Ltd

342

55,800

Kyowa

Hakko

Kogyo

Co

Ltd

956

16,078

Laboratorios

Farmaceuticos

Rovi

S.A

1,506

36,040

(a)

Larimar

Therapeutics,

Inc

261

289,294

(c)

Laurus

Labs

Ltd

1,472

28,677

(a)

Legend

Biotech

Corp

(ADR)

1,270

19,495

(a)

LegoChem

Biosciences,

Inc

1,003

469,000

(a),(b),(c)

Lepu

Biopharma

Co

Ltd

213

14,717

Livzon

Pharmaceutical

Group,

Inc

75

37,400

(a)

Longboard

Pharmaceuticals,

Inc

1,011

186,824

Lonza

Group

AG.

101,708

250,000

Lotus

Pharmaceutical

Co

Ltd

2,385

297,727

Lupin

Ltd

5,780

1,615,000

(a),(b),(c)

Luye

Pharma

Group

Ltd

559

22,512

(a),(b)

Madrigal

Pharmaceuticals,

Inc

6,307

20,920

(a)

Magenta

Therapeutics,

Inc

541

86,128

(a)

Mankind

Pharma

Ltd

2,194

567,540

(a),(b)

MannKind

Corp

2,963

81,108

(a)

Maravai

LifeSciences

Holdings,

Inc

581

123,332

(a)

Marksans

Pharma

Ltd

235

178,466

(a)

Medigen

Vaccine

Biologics

Corp

303

26,949

(a)

Medpace

Holdings,

Inc

11,099

3,748

Medytox,

Inc

411

287,900

Mega

Lifesciences

PCL

299

4,322,019

Merck

&

Co,

Inc

535,066

47,985

Merck

KGaA

7,936

15,779

(a)

Mettler-Toledo

International,

Inc

22,053

18,065

(a)

Mezzion

Pharma

Co

Ltd

485

CREF

Stock

Account

June

30,

2024

100

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,298

MGI

Tech

Co

Ltd

$

61

2,496

(a)

Middle

East

Pharmaceutical

Co

86

53,550

(a)

Mirum

Pharmaceuticals,

Inc

1,831

10,775

Mochida

Pharmaceutical

Co

Ltd

209

68,913

(a)

Moderna,

Inc

8,183

237,027

(a),(b)

MoonLake

Immunotherapeutics

10,422

543,350

(a)

Myriad

Genetics,

Inc

13,290

67,023

Natco

Pharma

Ltd

934

194,643

(a)

Natera,

Inc

21,078

47,368

(a)

Naturecell

Co

Ltd

321

5,645

Neuland

Laboratories

Ltd

507

85,378

(a)

Neuren

Pharmaceuticals

Ltd

1,205

93,316

(a)

Neurocrine

Biosciences,

Inc

12,847

43,500

Nippon

Shinyaku

Co

Ltd

879

153,910

(a),(b)

Nkarta,

Inc

910

55,518

(a),(d)

NKMax

Co

Ltd

81

2,549,767

Novartis

AG.

271,478

8,010,762

Novo

Nordisk

A.S.

1,146,218

560,187

Novo

Nordisk

A.S.

(ADR)

79,961

195,500

(a)

Nurix

Therapeutics,

Inc

4,080

24,970

(a)

Nuvalent,

Inc

1,894

954,350

(a)

Nuvation

Bio,

Inc

2,787

120,669

(a)

Nykode

Therapeutics

ASA

173

99,452

(a)

OBI

Pharma,

Inc

186

253,500

(a),(b),(c)

Ocumension

Therapeutics

223

3,120

(a),(d)

OmniAb

Operations,

Inc

0

^

3,120

(a),(d)

OmniAb

Operations,

Inc

0

^

228,203

(a)

Oneness

Biotech

Co

Ltd

1,151

78,700

Ono

Pharmaceutical

Co

Ltd

1,075

9,326

(a)

Orchid

Pharma

Ltd

127

95,427

Organon

&

Co

1,975

1,844

Orion

Oyj

(Class

B)

79

20,183

(a)

Oscotec,

Inc

548

446,953

Otsuka

Holdings

Co

Ltd

18,882

35,210

(a)

Outlook

Therapeutics,

Inc

260

414,294

(a)

Oxford

Nanopore

Technologies

plc

494

377,818

(a)

Pacira

BioSciences,

Inc

10,809

81,300

(a)

PeptiDream,

Inc

1,264

15,515

(a)

Peptron,

Inc

553

91,391

PerkinElmer,

Inc

9,583

150,277

Perrigo

Co

plc

3,859

132,740

(a)

Perspective

Therapeutics,

Inc

1,323

4,413,866

Pfizer,

Inc

123,500

11,994

(b)

Pharma

Mar

S.A.

408

76,000

PharmaEngine,

Inc

228

99,000

(a)

PharmaEssentia

Corp

1,708

69,951

(a),(d)

Pharmally

International

Holding

Co

Ltd

0

^

5,216

PharmaResearch

Co

Ltd

562

24,225

Pharmaron

Beijing

Co

Ltd

-

A

62

530,257

(a),(b)

Pharming

Group

NV

427

120,080

Phibro

Animal

Health

Corp

2,014

2,038,091

(a)

Piramal

Pharma

Ltd

3,833

251,000

(a)

Polaris

Group

573

12,923

(a),(c)

PolyPeptide

Group

AG.

411

98,270

(a)

Poseida

Therapeutics,

Inc

287

33,310

(a)

Praxis

Precision

Medicines,

Inc

1,378

15,422

Procter

&

Gamble

Health

Ltd

933

113,690

(a)

ProKidney

Corp

280

126,580

(a)

PTC

Therapeutics,

Inc

3,871

82,860

(a)

Pyxis

Oncology,

Inc

274

6,794

QIAGEN

NV

281

305,954

QIAGEN

NV

12,572

101

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

193,990

(a)

Quanterix

Corp

$

2,563

245,980

(a),(b)

Quantum-Si,

Inc

258

23,195

Recordati

S.p.A.

1,207

140,887

(a)

Regeneron

Pharmaceuticals,

Inc

148,076

150,470

(a)

Relay

Therapeutics,

Inc

981

71,933

(a),(b)

Repligen

Corp

9,068

114,980

(a)

Replimune

Group,

Inc

1,035

96,952

Richter

Gedeon

Rt

2,518

444,084

Roche

Holding

AG.

123,037

848

(b)

Roche

Holding

AG.

259

1,633,676

(a)

Roivant

Sciences

Ltd

17,268

270,069

Royalty

Pharma

plc

7,122

10,771

(a)

Sam

Chun

Dang

Pharm

Co

Ltd

1,138

13,883

(a),(c)

Samsung

Biologics

Co

Ltd

7,306

12,584

Sandoz

Group

AG.

456

1,109,894

(b)

Sanofi

(ADR)

53,852

19,212

(a)

Sanofi

Consumer

Healthcare

India

Ltd

973

11,357

Sanofi

India

Ltd

884

3,048,270

Sanofi-Aventis

293,985

260,500

Santen

Pharmaceutical

Co

Ltd

2,665

184,266

(a)

Sarepta

Therapeutics,

Inc

29,114

31,966

Sartorius

AG.

7,483

1,025

Sartorius

Stedim

Biotech

169

46,649

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

363

29,517

Sawai

Group

Holdings

Co

Ltd

1,198

26,193

(b)

Schott

Pharma

AG.&

Co

KGaA

858

231,000

(c),(d)

SciClone

Pharmaceuticals

Holdings

Ltd

554

209,000

ScinoPharm

Taiwan

Ltd

187

28,787

Seegene,

Inc

417

10,540

(a)

Selecta

Biosciences,

Inc

285

172,000

Shandong

Xinhua

Pharmaceutical

Co

Ltd

119

51,688

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

157

22,540

(c)

Shanghai

Haohai

Biological

Technology

Co

Ltd

92

182,737

Shanghai

RAAS

Blood

Products

Co

Ltd

196

16,168

Shenzhen

Kangtai

Biological

Products

Co

Ltd

35

24,525

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

90

38,307

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

81

27,308

Shilpa

Medicare

Ltd

186

17,800

(b)

Shin

Nippon

Biomedical

Laboratories

Ltd

158

29,390

Shin

Poong

Pharmaceutical

Co

Ltd

253

51,781

Shionogi

&

Co

Ltd

2,017

339,998

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,419

3,552

Siegfried

Holding

AG.

3,684

7,273,000

Sihuan

Pharmaceutical

Holdings

Group

Ltd

483

18,223

(a)

SillaJen,

Inc

48

546,000

(b),(c)

Simcere

Pharmaceutical

Group

Ltd

400

4,365,236

Sino

Biopharmaceutical

Ltd

1,493

12,229

(a)

SK

Biopharmaceuticals

Co

Ltd

685

8,891

(a)

SK

Bioscience

Co

Ltd

338

8,455

SKAN

Group

AG.

751

65,629

(a),(b),(d)

Sorrento

Therapeutics,

Inc

122

55,808

(a)

Sosei

Group

Corp

555

91,235

(a)

Sotera

Health

Co

1,083

1,112,000

SSY

Group

Ltd

600

8,214

ST

Pharm

Co

Ltd

508

44,598

Strides

Pharma

Science

Ltd

507

144,000

(b)

Sumitomo

Dainippon

Pharma

Co

Ltd

363

60,594

(a)

Sun

Pharma

Advanced

Research

Co

Ltd

174

1,806,543

Sun

Pharmaceutical

Industries

Ltd

32,897

667,310

(a)

Sutro

Biopharma,

Inc

1,955

87,992

(a)

Suven

Pharmaceuticals

Ltd

847

35,491

SwedenCare

AB

198

CREF

Stock

Account

June

30,

2024

102

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

181,384

(a)

Swedish

Orphan

Biovitrum

AB

$

4,853

145,680

(c)

Syngene

International

Ltd

1,239

265,841

Synmosa

Biopharma

Corp

337

374,000

(a)

Taigen

Biopharmaceuticals

Holdings

Ltd

175

123,484

(a)

TaiMed

Biologics,

Inc

340

36,533

Takara

Bio,

Inc

251

1,161,594

Takeda

Pharmaceutical

Co

Ltd

30,130

254,340

(a)

Tarsus

Pharmaceuticals,

Inc

6,913

9,966

Tecan

Group

AG.

3,337

196,709

(a)

Telix

Pharmaceuticals

Ltd

2,439

118,990

(a),(b)

Tenaya

Therapeutics,

Inc

369

104,910

(a)

Terns

Pharmaceuticals,

Inc

714

907,323

(a)

Teva

Pharmaceutical

Industries

Ltd

(ADR)

14,744

674,590

(a)

TG

Therapeutics,

Inc

12,001

203,460

(a)

Theravance

Biopharma,

Inc

1,725

373,059

Thermo

Fisher

Scientific,

Inc

206,302

20,220

(a)

Third

Harmonic

Bio,

Inc

263

521,000

Tong

Ren

Tang

Technologies

Co

Ltd

334

56,765

Torii

Pharmaceutical

Co

Ltd

1,299

209,839

Torrent

Pharmaceuticals

Ltd

7,017

21,413

Towa

Pharmaceutical

Co

Ltd

391

48,300

Tsumura

&

Co

1,232

131,000

TTY

Biopharm

Co

Ltd

307

42,660

(a),(b)

Tyra

Biosciences,

Inc

682

662,088

UCB

S.A.

98,311

58,132

(a)

Ultragenyx

Pharmaceutical,

Inc

2,389

745,562

United

Laboratories

Ltd

789

165,495

(a)

United

Therapeutics

Corp

52,718

83,447

(a),(b)

Valneva

SE

283

134,070

(a)

Veracyte,

Inc

2,905

187,043

(a)

Vertex

Pharmaceuticals,

Inc

87,671

448,950

Viatris,

Inc

4,772

3,312

Virbac

S.A.

1,162

171,600

(a)

Viridian

Therapeutics,

Inc

2,233

56,058

(b)

Vitrolife

AB

919

7,650

(a)

Voronoi,

Inc

270

32,728

Walvax

Biotechnology

Co

Ltd

51

43,206

(a)

Waters

Corp

12,535

233,671

West

Pharmaceutical

Services,

Inc

76,969

2,280,000

Winteam

Pharmaceutical

Group

Ltd

1,060

49,033

(a)

Wockhardt

Ltd

403

65,458

WuXi

AppTec

Co

Ltd

-

A

353

151,237

(c)

WuXi

AppTec

Co

Ltd

-

H

566

5,567,500

(a),(c)

Wuxi

Biologics

Cayman,

Inc

8,194

917,640

(a)

Xeris

Biopharma

Holdings,

Inc

2,065

234,400

(a),(b),(c)

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

283

86,236

Yuhan

Corp

5,048

127,000

YungShin

Global

Holding

Corp

206

54,107

Yunnan

Baiyao

Group

Co

Ltd

381

1,091,400

(a),(b)

Zai

Lab

Ltd

1,859

479,328

(a)

Zealand

Pharma

AS

61,270

12,500

ZERIA

Pharmaceutical

Co

Ltd

164

15,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

442

30,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

70

89,099

Zhejiang

NHU

Co

Ltd

235

1,111,573

Zoetis,

Inc

192,702

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,464,017

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

164,000

Advancetek

Enterprise

Co

Ltd

313

9,287

(c)

Aedas

Homes

SAU

210

75,800

Aeon

Mall

Co

Ltd

896

103

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1

(a)

AFI

Properties

Ltd

$

0

^

5,654

Africa

Israel

Residences

Ltd

295

52,422

(a)

Airport

City

Ltd

737

28,636

Alandalus

Property

Co

187

3,287,199

Aldar

Properties

PJSC

5,602

320,941

Aliansce

Sonae

Shopping

Centers

sa

1,213

695,250

(b),(c)

A-Living

Smart

City

Services

Co

Ltd

248

12,174

Allreal

Holding

AG.

2,087

127,170

Alony

Hetz

Properties

&

Investments

Ltd

849

36,165

(b)

Altus

Group

Ltd

1,336

634,500

Amata

Corp

PCL

386

193,353

Amot

Investments

Ltd

779

80,977

(a)

Anant

Raj

Industries

Ltd

416

8,704,100

AP

Thailand

PCL

1,881

815,089

(b)

Aroundtown

S.A.

1,712

69,199

Arriyadh

Development

Co

395

43,011

Atrium

Ljungberg

AB

835

100,807

Aura

Investments

Ltd

310

5,626,708

Ayala

Land,

Inc

2,731

1,307

Azrieli

Group

Ltd

76

1,748,301

Barwa

Real

Estate

Co

1,320

9,792

(a)

Big

Shopping

Centers

Ltd

939

5,522

Blue

Square

Real

Estate

Ltd

375

94,276

Brigade

Enterprises

Ltd

1,522

4,940,100

(a)

Bumi

Serpong

Damai

Tbk

PT

288

618,000

(b)

C&D

International

Investment

Group

Ltd

1,147

466,000

(b)

C&D

Property

Management

Group

Co

Ltd

173

34,114

CA

Immobilien

Anlagen

AG.

1,131

942,198

Capitaland

India

Trust

680

2,402,744

Capitaland

Investment

Ltd

4,699

310,041

Castellum

AB

3,784

26,400

Catena

AB

1,319

490,000

Cathay

Real

Estate

Development

Co

Ltd

456

285,927

(a)

CBRE

Group,

Inc

25,479

1,655,982

Central

Pattana

PCL

2,486

3,182,000

(b)

China

Jinmao

Holdings

Group

Ltd

252

409,027

(a)

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

493

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

284

3,226,286

China

Overseas

Land

&

Investment

Ltd

5,585

2,831,602

China

Resources

Land

Ltd

9,645

625,200

(c)

China

Resources

Mixc

Lifestyle

Services

Ltd

2,069

1,982,938

(b)

China

Vanke

Co

Ltd

1,180

388,219

China

Vanke

Co

Ltd

(Class

A)

369

105,000

Chong

Hong

Construction

Co

Ltd

354

41,625

(b)

Cibus

Nordic

Real

Estate

AB

619

8,098,100

Ciputra

Development

Tbk

PT

559

3,402,100

(b)

City

Developments

Ltd

12,933

60,714

(b)

Citycon

Oyj

257

1,636,817

CK

Asset

Holdings

Ltd

6,132

32,587

(b)

Colliers

International

Group,

Inc

3,639

1,413,225

Commercial

Real

Estate

Co

KSC

567

955,500

(a)

Compass,

Inc

3,440

516,627

(b)

Corem

Property

Group

AB

427

653,800

(b)

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

1,956

11,042,898

(b),(d)

Country

Garden

Holdings

Co

Ltd

514

1,722,000

(b)

Country

Garden

Services

Holdings

Co

Ltd

1,061

102,000

Crowell

Development

Corp

143

104,901

(a)

D

B

Realty

Ltd

234

52,885

Daito

Trust

Construction

Co

Ltd

5,474

472,633

Daiwa

House

Industry

Co

Ltd

12,033

175,000

(a)

Da-Li

Development

Co

Ltd

320

212,232

(a)

Dar

Al

Arkan

Real

Estate

Development

Co

667

CREF

Stock

Account

June

30,

2024

104

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

310,000

Delpha

Construction

Co

Ltd

$

462

922,284

Deyaar

Development

PJSC

180

717,860

DigitalBridge

Group,

Inc

9,835

64,204

Dios

Fastigheter

AB

524

654,363

DLF

Ltd

6,460

19,424

(b)

DREAM

Unlimited

Corp

279

617,800

Eco

World

Development

Group

BHD

196

17,877

Electra

Real

Estate

Ltd

153

308,269

(a)

Emaar

Economic

City

532

5,718,909

Emaar

Properties

PJSC

12,768

54,443

(c)

Entra

ASA

559

1,148,400

(b),(c)

ESR

Group

Ltd

1,510

145,770

(b)

eXp

World

Holdings,

Inc

1,645

190,625

(b)

Fabege

AB

1,522

173,000

Farglory

Land

Development

Co

Ltd

429

741,571

(a)

Fastighets

AB

Balder

5,091

34,946

FirstService

Corp

5,318

326,750

(a)

Forestar

Group,

Inc

10,453

1,572,596

Fortress

REIT

Ltd

1,428

64,827

(a)

Gazit

Globe

Ltd

152

6,236,000

(b)

Gemdale

Properties

&

Investment

Corp

Ltd

196

102,517

(a)

Godrej

Properties

Ltd

3,934

7,880

Goldcrest

Co

Ltd

132

547,680

Grainger

plc

1,686

66,306

Grand

City

Properties

S.A.

770

867,500

Greentown

China

Holdings

Ltd

681

1,186,000

(b)

Greentown

Service

Group

Co

Ltd

509

518,400

(a)

Hainan

Airport

Infrastructure

Co

Ltd

224

15,448,479

(b)

Hang

Lung

Properties

Ltd

13,145

16,315,400

(a),(d)

Hanson

International

Tbk

PT

0

^

24,822

Heiwa

Real

Estate

Co

Ltd

608

58,008

(a)

Hemisphere

Properties

India

Ltd

131

1,314,899

Henderson

Land

Development

Co

Ltd

3,525

982,271

Highwealth

Construction

Corp

1,577

34,000

(a)

Hiyes

International

Co

Ltd

242

280,100

Hong

Fok

Corp

Ltd

173

1,082,345

Hongkong

Land

Holdings

Ltd

3,487

1,015,477

Hopson

Development

Holdings

Ltd

465

24,442

(a)

Howard

Hughes

Holdings,

Inc

1,584

195,800

Huaku

Development

Co

Ltd

824

88,186

Hufvudstaden

AB

(Series

A)

1,044

926,000

(b)

Hulic

Co

Ltd

8,231

461,696

Hysan

Development

Co

Ltd

663

181,125

Ichigo

Holdings

Co

Ltd

453

185,500

Iguatemi

S.A.

683

23,975

(a)

IMMOFINANZ

AG.

664

341,590

(a)

Indiabulls

Real

Estate

Ltd

593

4,235

Intershop

Holding

AG.

558

1,332,500

IOI

Properties

Group

Bhd

624

128,855

Israel

Canada

T.R

Ltd

408

2,896

(a)

Isras

Holdings

Ltd

220

1,424

Isras

Investment

Co

Ltd

247

68,112

I-Sunny

Construction

&

Development

Co

Ltd

393

608,839

IWG

plc

1,327

290,300

JHSF

Participacoes

S.A.

205

1,596,750

(a),(d)

Jiangsu

Future

Land

Co

Ltd

16

164,500

Jinke

Smart

Services

Group

Co

Ltd

156

26,377

(a)

Jones

Lang

LaSalle,

Inc

5,415

41,152

Katitas

Co

Ltd

445

271,011

KE

Holdings,

Inc

(ADR)

3,835

20,900

Keihanshin

Building

Co

Ltd

219

453,000

Kerry

Properties

Ltd

788

105

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

269,000

Kindom

Development

Co

Ltd

$

453

95,065

Kojamo

Oyj

979

587,761

(a)

Kuwait

Real

Estate

Co

KSC

430

45,169

(a)

Lamda

Development

S.A.

325

5,727,600

Land

and

Houses

PCL

913

7,158

LEG

Immobilien

SE

585

494,582

Lend

Lease

Corp

Ltd

1,779

135,443

Leopalace21

Corp

434

67,674

(b)

Lifestyle

Communities

Ltd

559

41,100

LOG

Commercial

Properties

e

Participacoes

S.A.

172

1,732,593

(b),(c)

Longfor

Group

Holdings

Ltd

2,367

629,910

Mabanee

Co

SAK

1,706

252,691

(c)

Macrotech

Developers

Ltd

4,557

876,800

Mah

Sing

Group

BHD

321

63,301

Mahindra

Lifespace

Developers

Ltd

452

35,779

(a),(b),(d)

Mapeley

Ltd

0

^

790,500

Matrix

Concepts

Holdings

Bhd

298

833,100

MBK

PCL

369

17,336

Mega

Or

Holdings

Ltd

414

8,221,000

Megaworld

Corp

245

20,530

Melisron

Ltd

1,354

222,800

(c)

Midea

Real

Estate

Holding

Ltd

190

1,068,253

Mitsubishi

Estate

Co

Ltd

16,818

2,284,073

Mitsui

Fudosan

Co

Ltd

21,022

505,890

Mivne

Real

Estate

KD

Ltd

1,181

5,815

Mobimo

Holding

AG.

1,649

2,178

(b)

Morguard

Corp

177

215,300

Multiplan

Empreendimentos

Imobiliarios

S.A.

868

1,175,112

(a)

National

Real

Estate

Co

KPSC

319

478,684

NEPI

Rockcastle

NV

3,456

21,640

NESCO

Ltd

239

1,067,000

(b)

New

World

Development

Co

Ltd

999

444,940

Newmark

Group,

Inc

4,552

32,731

(b)

Nexity

294

92,400

Nomura

Real

Estate

Holdings,

Inc

2,326

18,947

NP3

Fastigheter

AB

459

108,480

Nyfosa

AB

1,051

735,700

Origin

Property

PCL

92

179,500

OSK

Holdings

BHD

60

12,089,800

Pakuwon

Jati

Tbk

PT

270

75,722

(b)

Pandox

AB

1,350

455,296

Parque

Arauco

S.A.

688

30,375

Patrizia

Immobilien

AG.

231

99,438

(a)

PEXA

Group

Ltd

911

84,035

Phoenix

Mills

Ltd

3,610

50,802

Platzer

Fastigheter

Holding

AB

437

346,146

Plaza

S.A.

504

536,262

(a)

Poly

Developments

and

Holdings

Group

Co

Ltd

646

102,200

Poly

Property

Development

Co

Ltd

377

1,773,000

(a)

Poly

Property

Group

Co

Ltd

335

4,327

Prashkovsky

Investments

and

Construction

Ltd

84

1,075,000

Prince

Housing

&

Development

Corp

398

768,700

Pruksa

Holding

PCL

183

39,356

PSP

Swiss

Property

AG.

5,052

46,047

Puravankara

Ltd

273

3,907,900

Quality

Houses

PCL

195

733,000

(a),(b)

Radiance

Holdings

Group

Co

Ltd

251

546,617

RAK

Properties

PJSC

158

5,600

Raysum

Co

Ltd

120

1,040,000

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

Redco

Properties

Group

Ltd

44

658,370

(a),(b)

Redfin

Corp

3,957

86,228

Relo

Group,

Inc

922

CREF

Stock

Account

June

30,

2024

106

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

128,586

Retal

Urban

Development

Co

$

383

81,650

RMR

Group,

Inc

1,845

1,523,900

Robinsons

Land

Corp

387

1,266,755

Ruentex

Development

Co

Ltd

1,701

206,422

Sagax

AB

5,290

156,245

Sakura

Development

Co

Ltd

364

341,555

Salhia

Real

Estate

Co

KSCP

462

22,030

(a)

SAMTY

HOLDINGS

Co

Ltd

341

11,623,600

Sansiri

PCL

529

94,473

(a)

Saudi

Real

Estate

Co

482

927,349

Savills

plc

13,059

1,272,000

SC

Asset

Corp

PCL

99

1,898,000

(b)

Seazen

Group

Ltd

330

16,693

Seazen

Holdings

Co

Ltd

20

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

260

52,137

(a)

Shanghai

Lingang

Holdings

Corp

Ltd

65

84,300

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

213

2,584,000

Shenzhen

Investment

Ltd

307

1,874,000

(b)

Shoucheng

Holdings

Ltd

323

3,562,500

Shui

On

Land

Ltd

301

2,618,600

Sime

Darby

Property

Bhd

742

3,303,322

Sino

Land

Co

3,399

236,000

Sinyi

Realty,

Inc

231

1,014,218

Sirius

Real

Estate

Ltd

1,199

8,505,588

SM

Prime

Holdings

4,101

31,999

Sobha

Ltd

749

2,009,500

(a)

Soho

China

Ltd

172

1,318,200

SP

Setia

BHD

385

6,900

(a),(b)

SRE

Holdings

Corp

207

21,600

Starts

Corp,

Inc

457

934,209

(b)

StorageVault

Canada,

Inc

3,182

241,605

Sumitomo

Realty

&

Development

Co

Ltd

7,129

8,935,800

(a)

Summarecon

Agung

Tbk

PT

273

30,868

Summit

Real

Estate

Holdings

Ltd

348

20,462

Sumou

Real

Estate

Co

223

18,780

Sun

Frontier

Fudousan

Co

Ltd

236

1,313,503

Sun

Hung

Kai

Properties

Ltd

11,381

4,590,000

(b)

Sunac

China

Holdings

Ltd

675

1,022,000

(c)

Sunac

Services

Holdings

Ltd

236

58,429

Sunteck

Realty

Ltd

391

1,044,600

Supalai

PCL

512

355,924

Swire

Pacific

Ltd

(Class

A)

3,142

985,126

Swire

Properties

Ltd

1,569

78,360

Swiss

Prime

Site

AG.

7,420

815,071

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

11,913

814,364

Talaat

Moustafa

Group

965

54,201

(a)

TARC

Ltd

124

14,271

(a)

TKP

Corp

128

236,493

(b)

Tokyo

Tatemono

Co

Ltd

3,763

463,700

Tokyu

Fudosan

Holdings

Corp

3,113

20,443

Tosei

Corp

310

735,600

UEM

Sunrise

Bhd

168

1,414,986

United

Development

Co

QSC

435

306,700

(b)

UOL

Group

Ltd

1,175

10,406

VGP

NV

1,160

3,254

VIB

Vermoegen

AG.

31

327,058

Vonovia

SE

9,308

294,053

Wallenstam

AB

1,396

6,704,900

WHA

Corp

PCL

882

868,000

Wharf

Holdings

Ltd

2,439

1,496,756

Wharf

Real

Estate

Investment

Co

Ltd

3,967

218,840

Wihlborgs

Fastigheter

AB

2,026

107

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

580,642

Yanlord

Land

Group

Ltd

$

188

6,217

YH

Dimri

Construction

&

Development

Ltd

460

155,400

Youngor

Group

Co

Ltd

152

1,305,000

Yuexiu

Property

Co

Ltd

851

455,000

Yuexiu

Services

Group

Ltd

181

43,000

(a)

Yungshin

Construction

&

Development

Co

Ltd

284

39,247

(a)

Zillow

Group,

Inc

(Class

A)

1,768

112,713

(a)

Zillow

Group,

Inc

(Class

C)

5,229

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

484,070

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

9.9%

5,838

ACM

Research

Shanghai,

Inc

68

415,980

(a)

ACM

Research,

Inc

9,593

217,080

ADATA

Technology

Co

Ltd

720

2,101,700

(a)

Advanced

Micro

Devices,

Inc

340,917

14,250

Advanced

Micro-Fabrication

Equipment,

Inc

China

276

115,000

Advanced

Wireless

Semiconductor

Co

494

2,900,121

Advantest

Corp

117,530

673,982

(b)

AEM

Holdings

Ltd

891

154,000

Airoha

Technology

Corp

3,497

762,721

Aixtron

AG.

14,965

334,000

Alchip

Technologies

Ltd

25,149

61,073

(a)

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS.

131

54,442

(a)

Allegro

MicroSystems,

Inc

1,537

228,186

(a),(b)

Alphawave

IP

Group

plc

414

214,990

(a)

Ambarella,

Inc

11,599

10,214

Amlogic

Shanghai

Co

Ltd

83

812,698

(a)

ams-OSRAM

AG.

1,123

384,149

Analog

Devices,

Inc

87,686

32,000

(a)

Andes

Technology

Corp

426

77,000

AP

Memory

Technology

Corp

914

2,154,805

Applied

Materials,

Inc

508,512

2,680,000

Ardentec

Corp

5,641

185,256

(a)

ARM

Holdings

plc

(ADR)

30,312

2,834,925

(a)

ASE

Technology

Holding

Co

Ltd

14,686

45,440

ASM

International

NV

34,733

1,158,600

ASM

Pacific

Technology

16,045

109,000

ASMedia

Technology,

Inc

7,491

763,890

ASML

Holding

NV

778,531

24,000

ASPEED

Technology,

Inc

3,561

95,300

(a)

Axcelis

Technologies,

Inc

13,551

74,904

BE

Semiconductor

Industries

NV

12,513

45,231

(a)

Borosil

Renewables

Ltd

273

1,027,124

Broadcom,

Inc

1,649,078

11,598

(a)

Cambricon

Technologies

Corp

Ltd

314

83,943

Camtek

Ltd

10,484

359,500

Chang

Wah

Technology

Co

Ltd

430

11,538

(a),(d)

China

Energy

Savings

Technology,

Inc

0

^

32,072

China

Resources

Microelectronics

Ltd

165

479,000

Chipbond

Technology

Corp

989

4,330,000

ChipMOS

Technologies,

Inc

5,714

72,708

(a)

Cirrus

Logic,

Inc

9,282

855,240

(a)

Credo

Technology

Group

Holding

Ltd

27,316

429,500

D&O

Green

Technologies

Bhd

333

33,600

(a),(b)

Daqo

New

Energy

Corp

(ADR)

491

27,533

DB

HiTek

Co

Ltd

971

167,511

Disco

Corp

63,805

53,321

Doosan

Tesna,

Inc

1,438

10,272

(a)

Duk

San

Neolux

Co

Ltd

299

230,000

Elan

Microelectronics

Corp

1,091

223,000

Elite

Semiconductor

Microelectronics

Technology,

Inc

689

5,084

Elmos

Semiconductor

SE

414

CREF

Stock

Account

June

30,

2024

108

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,000

(a)

eMemory

Technology,

Inc

$

2,121

514,000

Ennostar,

Inc

688

97,042

(a)

Enphase

Energy,

Inc

9,676

108,742

Entegris,

Inc

14,724

6,561

Eo

Technics

Co

Ltd

879

194,595

Episil

Technologies,

Inc

361

37,860

Episil-Precision,

Inc

75

203,967

Etron

Technology,

Inc

315

136,808

Eugene

Technology

Co

Ltd

4,885

272,000

Everlight

Electronics

Co

Ltd

640

7,228

(a)

Fadu,

Inc

108

185,913

Faraday

Technology

Corp

1,917

34,333

Ferrotec

Holdings

Corp

593

77,577

(a)

First

Solar,

Inc

17,491

69,550

Fitipower

Integrated

Technology,

Inc

581

43,100

Flat

Glass

Group

Co

Ltd

119

185,000

(b)

Flat

Glass

Group

Co

Ltd

271

159,000

FocalTech

Systems

Co

Ltd

422

156,774

(a)

Formfactor,

Inc

9,490

721,000

Formosa

Advanced

Technologies

Co

Ltd

862

62,200

Formosa

Sumco

Technology

Corp

333

658,000

Foxsemicon

Integrated

Technology,

Inc

6,246

9,000

(b)

Furuya

Metal

Co

Ltd

245

18,779

GalaxyCore,

Inc

31

3,884

(a)

Gaonchips

Co

Ltd

188

8,573,000

(a)

GCL

Technology

Holdings

Ltd

1,270

19,834

GigaDevice

Semiconductor,

Inc

260

2,024

GigaVis

Co

Ltd

77

46,000

Global

Mixed

Mode

Technology,

Inc

432

37,000

Global

Unichip

Corp

1,824

65,944

(a),(b)

GLOBALFOUNDRIES,

Inc

3,334

1,120,354

Globalwafers

Co

Ltd

18,552

12,000

Grand

Plastic

Technology

Corp

499

1,327,800

(a)

Greatech

Technology

Bhd

1,476

1,460,000

Greatek

Electronics,

Inc

2,828

52,457

Gudeng

Precision

Industrial

Co

Ltd

720

10,231

HAESUNG

DS

Co

Ltd

337

6,608

Hana

Materials,

Inc

311

29,820

Hana

Micron,

Inc

439

35,618

Hangzhou

First

Applied

Material

Co

Ltd

72

38,244

Hangzhou

Silan

Microelectronics

Co

Ltd

92

18,093

Hanmi

Semiconductor

Co

Ltd

2,235

127,000

Holtek

Semiconductor,

Inc

235

31,985

HPSP

Co

Ltd

899

255,531

(c)

Hua

Hong

Semiconductor

Ltd

719

3,534

(a)

Hwatsing

Technology

Co

Ltd

92

47,849

Hygon

Information

Technology

Co

Ltd

460

734,882

Hynix

Semiconductor,

Inc

124,716

454,710

(a)

Ichor

Holdings

Ltd

17,529

1,087,500

Inari

Amertron

Bhd

851

3,902,429

Infineon

Technologies

AG.

143,220

8,356

Ingenic

Semiconductor

Co

Ltd

63

12,942

Innox

Advanced

Materials

Co

Ltd

383

2,536,644

Intel

Corp

78,560

8,787

ISC

Co

Ltd

413

516,000

(a)

ITE

Technology,

Inc

2,703

178,817

JA

Solar

Technology

Co

Ltd

275

50,713

Japan

Material

Co

Ltd

702

22,155

(a)

Jeju

Semiconductor

Corp

298

68,097

Jentech

Precision

Industrial

Co

Ltd

2,512

14,250

Jiangsu

Pacific

Quartz

Co

Ltd

58

148,491

Jinko

Solar

Co

Ltd

145

109

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,400

(b)

JinkoSolar

Holding

Co

Ltd

(ADR)

$

568

26,621

Jusung

Engineering

Co

Ltd

715

2,361,000

King

Yuan

Electronics

Co

Ltd

8,626

244,000

Kinsus

Interconnect

Technology

Corp

694

45,691

KLA

Corp

37,673

39,830

Koh

Young

Technology,

Inc

363

73,745

KoMiCo

Ltd

4,272

363,451

Lam

Research

Corp

387,021

65,000

LandMark

Optoelectronics

Corp

335

16,500

Lasertec

Corp

3,704

99,353

(a)

Lattice

Semiconductor

Corp

5,761

39,972

LEENO

Industrial,

Inc

6,757

197,246

LONGi

Green

Energy

Technology

Co

Ltd

380

9,771

LX

Semicon

Co

Ltd

574

18,840

M31

Technology

Corp

655

25,000

Machvision,

Inc

303

1

(a)

MACOM

Technology

Solutions

Holdings,

Inc

0

^

1,528,000

Macronix

International

1,225

67,800

Malaysian

Pacific

Industries

Bhd

565

62,000

Marketech

International

Corp

323

540,693

Marvell

Technology,

Inc

37,794

31,000

(a)

Materials

Analysis

Technology,

Inc

275

73,990

(a)

MaxLinear,

Inc

1,490

1,962,920

MediaTek,

Inc

84,540

10,689

(a)

Megachips

Corp

272

16,131

(b)

Melexis

NV

1,384

186,610

Microchip

Technology,

Inc

17,075

2,277,529

Micron

Technology,

Inc

299,563

124,800

Micronics

Japan

Co

Ltd

5,202

91,991

Mimasu

Semiconductor

Industry

Co

Ltd

2,119

16,606

(b)

Mitsui

High-Tec,

Inc

650

23,409

MKS

Instruments,

Inc

3,057

15,504

Monolithic

Power

Systems,

Inc

12,739

30,810

Montage

Technology

Co

Ltd

241

59,000

MPI

Corp

958

541,075

Nanya

Technology

Corp

1,161

68,815

(a)

National

Silicon

Industry

Group

Co

Ltd

130

13,314

NAURA

Technology

Group

Co

Ltd

584

5,995

NEXTIN,

Inc

300

133,062

(a)

Nordic

Semiconductor

ASA

1,767

63,481

(a)

Nova

Measuring

Instruments

Ltd

14,898

242,758

Novatek

Microelectronics

Corp

Ltd

4,527

177,000

Nuvoton

Technology

Corp

697

36,490,311

Nvidia

Corp

4,508,013

204,583

NXP

Semiconductors

NV

55,051

150,934

(a)

ON

Semiconductor

Corp

10,347

123,678

(a)

Onto

Innovation,

Inc

27,155

262,152

Optorun

Co

Ltd

3,308

301,000

Orient

Semiconductor

Electronics

Ltd

543

240,000

Pan

Jit

International,

Inc

416

178,000

Parade

Technologies

Ltd

4,576

142,140

(a)

PDF

Solutions,

Inc

5,171

130,000

Phison

Electronics

Corp

2,461

6,850

Piotech,

Inc

113

101,000

Pixart

Imaging,

Inc

527

39,300

Power

Integrations,

Inc

2,758

2,151,000

Powerchip

Semiconductor

Manufacturing

Corp

1,776

612,000

Powertech

Technology,

Inc

3,539

16,595

PSK,

Inc

435

4,684

PSK,

Inc

235

14,369

(a)

PVA

TePla

AG.

233

34,991

(a)

Qorvo,

Inc

4,060

CREF

Stock

Account

June

30,

2024

110

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

542,421

QUALCOMM,

Inc

$

108,039

350,000

Radiant

Opto-Electronics

Corp

2,043

318,162

(a)

Rambus,

Inc

18,695

45,000

(a)

Raydium

Semiconductor

Corp

569

203,261

Realtek

Semiconductor

Corp

3,411

229,382

(a)

REC

Silicon

ASA

150

3,126,324

Renesas

Electronics

Corp

59,290

61,311

RichWave

Technology

Corp

432

565,490

(a)

Rigetti

Computing,

Inc

605

7,800

Rockchip

Electronics

Co

Ltd

63

1,641,000

Rohm

Co

Ltd

21,936

24,907

Rorze

Corp

4,921

9,400

RS

Technologies

Co

Ltd

205

13,825

S&S

Tech

Corp

355

130,100

Sanan

Optoelectronics

Co

Ltd

209

17,613

Sanken

Electric

Co

Ltd

754

116,300

SCREEN

Holdings

Co

Ltd

10,544

89,000

SDI

Corp

382

408,647

(a)

Semtech

Corp

12,210

32,687

Seoul

Semiconductor

Co

Ltd

216

59,406

(a)

SFA

Semicon

Co

Ltd

233

5,569

SG

Micro

Corp

63

41,580

(a)

Shanghai

Aiko

Solar

Energy

Co

Ltd

52

13,300

Shenzhen

Goodix

Technology

Co

Ltd

126

114,900

Shibaura

Mechatronics

Corp

6,076

54,900

Shinko

Electric

Industries

1,919

30,000

ShunSin

Technology

Holding

Ltd

255

2,743,000

Sigurd

Microelectronics

Corp

6,480

132,960

Silergy

Corp

1,886

147,917

(a),(b)

Silex

Systems

Ltd

522

448,000

Silicon

Integrated

Systems

Corp

777

114,579

(a)

Silicon

Laboratories,

Inc

12,676

12,966

Siltronic

AG.

1,008

19,427

SIMMTECH

Co

Ltd

503

404,000

Sino-American

Silicon

Products,

Inc

2,699

95,000

Sitronix

Technology

Corp

755

39,931

(a)

SK

Square

Co

Ltd

2,882

55,425

Skyworks

Solutions,

Inc

5,907

13,010

SMA

Solar

Technology

AG.

367

121,259

(a)

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

196

139,300

Socionext,

Inc

3,314

19,813

(a),(b)

SOITEC

2,200

3,500

StarPower

Semiconductor

Ltd

41

655,633

STMicroelectronics

NV

25,680

14,753

SUESS

MicroTec

SE

972

10,560,642

Sumco

Corp

152,768

402,000

Sunplus

Technology

Co

Ltd

448

138,000

Taiwan

Mask

Corp

323

204,000

Taiwan

Semiconductor

Co

Ltd

475

47,134,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,396,472

1,468,630

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

255,263

203,000

Taiwan

Surface

Mounting

Technology

Corp

750

270,000

Taiwan-Asia

Semiconductor

Corp

348

101,531

(a)

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

121

221,578

(a)

Technoprobe

S.p.A

2,177

23,764

TechWing,

Inc

1,088

736,319

Teradyne,

Inc

109,189

644,367

Texas

Instruments,

Inc

125,349

118,161

Tianshui

Huatian

Technology

Co

Ltd

132

4,237

Tokai

Carbon

Korea

Co

Ltd

410

561,298

Tokyo

Electron

Ltd

122,868

32,100

Tokyo

Seimitsu

Co

Ltd

2,463

111

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

29,348

TongFu

Microelectronics

Co

Ltd

$

90

250,739

Tongwei

Co

Ltd

658

128,611

Topco

Scientific

Co

Ltd

1,089

14,900

Towa

Corp

1,049

88,515

(a)

Tower

Semiconductor

Ltd

(Tel

Aviv)

3,408

22,800

Tri

Chemical

Laboratories,

Inc

621

55,306

Trina

Solar

Co

Ltd

128

1,746,000

(a),(d)

Trony

Solar

Holdings

Co

Ltd

2

3,586

TSE

Co

Ltd

155

437,946

(a)

TSEC

Corp

390

5,592

u-blox

Holding

AG.

586

34,944

Ulvac,

Inc

2,297

3,600,900

(b)

UMS

Holdings

Ltd

3,122

24,729

Unigroup

Guoxin

Microelectronics

Co

Ltd

178

341,600

Unisem

M

Bhd

301

4,689,071

(a)

United

Microelectronics

Corp

8,110

1,224,000

United

Renewable

Energy

Co

Ltd/Taiwan

514

16,322

Universal

Display

Corp

3,432

34,000

UPI

Semiconductor

Corp

302

355,744

Vanguard

International

Semiconductor

Corp

1,417

237,916

(a)

Veeco

Instruments,

Inc

11,113

4,467

(a)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

16

144,000

Via

Technologies,

Inc

516

88,000

(a)

VisEra

Technologies

Co

Ltd

941

1,251,000

Visual

Photonics

Epitaxy

Co

Ltd

6,350

438,400

ViTrox

Corp

Bhd

383

449,000

Wafer

Works

Corp

523

155,897

(a),(b)

Weebit

Nano

Ltd

263

3,106,352

Will

Semiconductor

Co

Ltd

42,408

4,968,727

Win

Semiconductors

Corp

26,623

1,272,570

Winbond

Electronics

Corp

1,006

21,000

WinWay

Technology

Co

Ltd

678

90,261

(a),(b)

Wolfspeed,

Inc

2,054

204,584

WONIK

IPS

Co

Ltd

5,130

12,602

Wonik

QnC

Corp

343

40,612

(a),(b),(c)

X-Fab

Silicon

Foundries

SE

259

49,561

(a),(c)

X-Fab

Silicon

Foundries

SE

317

38,417

Xinjiang

Daqo

New

Energy

Co

Ltd

108

633,000

XinTec,

Inc

3,502

2,031,214

Xinyi

Solar

Holdings

Ltd

1,020

20,711

(a)

YC

Corp

260

27,406

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

108

24,000

ZillTek

Technology

Corp

299

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

12,508,002

SOFTWARE

&

SERVICES

-

8.8%

184,587

360

Security

Technology,

Inc

194

871,054

Accenture

plc

264,286

152,510

(a)

ACI

Worldwide,

Inc

6,038

87,762

Addnode

Group

AB

1,005

2,913

Adesso

SE

262

304,297

(a)

Adobe,

Inc

169,049

53,989

Ahnlab,

Inc

2,364

65,510

(a)

Airship

AI

Holdings,

Inc

235

25,339

(a)

Akamai

Technologies,

Inc

2,283

12,462

Al

Moammar

Information

Systems

Co

555

52,271

(c)

Alfa

Financial

Software

Holdings

plc

123

23,653

(b)

Alten

2,604

93,253

Altium

Ltd

4,216

155,674

Amdocs

Ltd

12,286

14,881

(a)

Ansys,

Inc

4,784

21,840

(a)

Appfolio,

Inc

5,341

CREF

Stock

Account

June

30,

2024

112

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

438,000

(a)

Appier

Group,

Inc

$

3,292

199,293

(a)

AppLovin

Corp

16,585

20,041

Arabian

Internet

&

Communications

Services

Co

1,561

44,000

Argo

Graphics,

Inc

1,314

140,800

(c)

AsiaInfo

Technologies

Ltd

127

151,210

Asseco

Poland

S.A.

3,003

64,044

Atea

ASA

918

544,178

(a)

Atlassian

Corp

Ltd

96,254

6,514

Atoss

Software

AG.

779

7,562

Aubay

302

29,810

(a)

AudioEye,

Inc

525

427,830

(a)

AvePoint,

Inc

4,458

46,610

(a)

Backblaze,

Inc

287

5,300

Base

Co

Ltd

94

2,674,800

(a),(b)

BASE,

Inc

4,666

203,573

Bechtle

AG.

9,576

11,647

Beijing

Kingsoft

Office

Software,

Inc

363

145,255

Bentley

Systems,

Inc

7,170

74,854

(a)

BILL

Holdings,

Inc

3,939

133,351

Birlasoft

Ltd

1,101

251,019

(a),(b)

Bitfarms

Ltd

648

405,512

(a),(b)

BlackBerry

Ltd

1,014

358,780

(a)

Blend

Labs,

Inc

847

172,180

(a)

Box,

Inc

4,552

767,763

Bytes

Technology

Group

plc

5,366

26,850

CANCOM

SE

928

150,358

Cap

Gemini

S.A.

29,867

9,668

cBrain

A.S.

337

652,382

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

7,248

15,363

CE

Info

Systems

Ltd

423

40,664

(a),(b)

Cellebrite

DI

Ltd

486

27,788

(a),(b)

Ceridian

HCM

Holding,

Inc

1,378

176,405

(a)

CGI,

Inc

17,608

36,500

(b)

Change

Holdings,

Inc

274

86,954

(a)

Check

Point

Software

Technologies

14,347

1,858,000

Chinasoft

International

Ltd

975

2,572,440

(a),(b)

Cipher

Mining,

Inc

10,676

897,131

Clear

Secure,

Inc

16,785

215,473

(a)

Cloudflare,

Inc

17,848

46,999

Coforge

Ltd

3,068

91,178

Cognizant

Technology

Solutions

Corp

(Class

A)

6,200

369,023

(a)

Commvault

Systems,

Inc

44,862

65,121

Computacenter

plc

2,353

425,207

(b)

Computer

Modelling

Group

Ltd

4,100

162,188

Comture

Corp

1,847

850,802

(a)

Confluent,

Inc

25,124

17,204

Constellation

Software,

Inc

49,571

1,481,383

(b)

Converge

Technology

Solutions

Corp

4,656

382,910

(a)

Core

Scientific,

Inc

3,561

284,594

(a)

Coveo

Solutions,

Inc

1,621

50,987

(a),(c)

Crayon

Group

Holding

ASA

595

97,388

(a)

Crowdstrike

Holdings,

Inc

37,318

41,039

(a)

CyberArk

Software

Ltd

11,221

23,700

Cybozu,

Inc

294

68,430

Cyient

Ltd

1,503

717,007

(a)

Darktrace

plc

5,213

646,738

Dassault

Systemes

SE

24,318

110,640

Data#3

Ltd

616

807,965

(a)

Datadog,

Inc

104,785

7,958

Datagroup

SE

378

14,140

(a)

Dave,

Inc

428

7,949

(a)

Dear

U

Co

Ltd

147

113

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

192,354

(a)

Descartes

Systems

Group,

Inc

$

18,637

100,000

Digital

Arts,

Inc

2,814

2,587,000

Digital

China

Holdings

Ltd

1,106

26,013

Digital

Garage,

Inc

401

177,300

(a)

Digital

Turbine,

Inc

294

2,348

(a)

Digital

Value

S.p.A

151

12,006

(a)

Docebo,

Inc

464

20,744

Dolby

Laboratories,

Inc

(Class

A)

1,644

34,310

(a)

Domo,

Inc

265

13,434

Douzone

Bizon

Co

Ltd

707

45,770

(a)

Dropbox,

Inc

1,028

31,000

DTS

Corp

814

141,114

(a)

DXC

Technology

Co

2,694

177,178

(b)

Dye

&

Durham

Ltd

1,596

154,987

(a)

Dynatrace,

Inc

6,934

122,412

(a)

Elastic

NV

13,944

20,717

Elm

Co

4,734

9,100

Empyrean

Technology

Co

Ltd

96

5,621

(a)

EMRO,

Inc

236

36,496

Enghouse

Systems

Ltd

805

210,576

(a)

Envestnet,

Inc

13,180

363,227

(a)

EPAM

Systems,

Inc

68,327

4,709

Esker

S.A.

887

195,450

(a)

Everbridge,

Inc

6,839

7,034

(a)

Exclusive

Networks

S.A.

142

17,707

(a)

Fair

Isaac

Corp

26,360

21,006

(a)

FD

Technologies

plc

378

64,104

FDM

Group

Holdings

plc

333

656,058

(a)

Five9,

Inc

28,932

15,831

Formula

Systems

1985

Ltd

1,110

115,450

(a)

Fortinet,

Inc

6,958

389,085

(b)

Fortnox

AB

2,341

118,300

(a)

Freee

KK

1,790

41,768

(b)

FUJI

SOFT,

Inc

1,887

1,458,205

Fujitsu

Ltd

22,870

48,300

Future

Architect,

Inc

460

55,233

(a)

Gartner,

Inc

24,803

197,603

GB

Group

plc

849

800,600

(a),(b)

GDS

Holdings

Ltd

934

57,800

(a),(b)

GDS

Holdings

Ltd

(ADR)

537

3,908,370

Gen

Digital,

Inc

97,631

12,591

GFT

Technologies

SE

335

82,990

(a)

Gitlab,

Inc

4,126

77,537

(c)

Global

Dominion

Access

S.A.

268

30,001

(a)

Globant

S.A.

5,348

53,770

GMO

internet,

Inc

822

102,611

(a)

GoDaddy,

Inc

14,336

864,487

(a)

Grid

Dynamics

Holdings,

Inc

9,086

12,311

Haansoft,

Inc

201

11,800

Hackett

Group,

Inc

256

143,517

Hansen

Technologies

Ltd

433

52,456

Happiest

Minds

Technologies

Ltd

513

70,664

(a)

HashiCorp,

Inc

2,381

394,431

HCL

Technologies

Ltd

6,886

13,613

Hinduja

Global

Solutions

Ltd

137

12,574

(a)

HubSpot,

Inc

7,416

54,052

Hundsun

Technologies,

Inc

131

58,583

Iflytek

Co

Ltd

345

58,000

(b)

I'll,

Inc

895

76,661

(b)

Indra

Sistemas

S.A.

1,574

281,000

INESA

Intelligent

Tech,

Inc

132

31,033

(a)

Informatica,

Inc

958

CREF

Stock

Account

June

30,

2024

114

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,548

(b)

Information

Services

International-Dentsu

Ltd

$

741

5,431,010

Infosys

Technologies

Ltd

101,922

41,150

(a)

Instructure

Holdings,

Inc

963

75,630

(a)

Intapp,

Inc

2,773

67,768

Intellect

Design

Arena

Ltd

867

170,423

International

Business

Machines

Corp

29,475

401,750

Intuit,

Inc

264,034

56,243

(a)

Ionos

SE

1,530

143,764

Iress

Market

Technology

Ltd

767

56,550

Isoftstone

Information

Technology

Group

Co

Ltd

272

161,300

(a)

Jasmine

Technology

Solution

PCL

246

252,140

(a)

JFrog

Ltd

9,468

182,157

Justsystems

Corp

3,407

69,570

Kainos

Group

plc

930

598,100

(a),(e)

Kaonavi,

Inc

5,957

817,314

Keywords

Studios

plc

23,887

164,948

(a)

Kinaxis,

Inc

19,021

1,171,495

(a)

Kingdee

International

Software

Group

Co

Ltd

1,095

14,098,000

(a),(b)

Kingsoft

Cloud

Holdings

Ltd

2,434

76,954

(a),(b)

Klaviyo,

Inc

1,915

30,118

Kontron

AG.

619

131,980

KPIT

Technologies

Ltd

2,581

364,139

(a)

Kyndryl

Holdings,

Inc

9,580

1,228,643

(a)

Lightspeed

Commerce,

Inc

16,794

779,000

(a),(b),(c)

Linklogis,

Inc

216

48,914

LiveChat

Software

S.A.

931

173,530

(a)

LiveRamp

Holdings,

Inc

5,369

31,743,900

(a),(c),(e)

Locaweb

Servicos

de

Internet

S.A.

22,998

466,645

(c)

LTIMindtree

Ltd

30,062

24,272

Magic

Software

Enterprises

Ltd

230

20,360

(a)

Manhattan

Associates,

Inc

5,022

84,830

(a),(b)

Marathon

Digital

Holdings,

Inc

1,684

14,076

Mastek

Ltd

459

25,835

Matrix

IT

Ltd

466

105,605

Meeza

QSTP

LLC

102

207,791

(a),(b)

Megaport

Ltd

1,544

196,651

(a)

MIA

Teknoloji

AS.

393

12,622,924

Microsoft

Corp

5,641,816

671,000

(b)

Ming

Yuan

Cloud

Group

Holdings

Ltd

174

33,367

Mitsubishi

Research

Institute,

Inc

1,035

35,308

(a)

Monday.com

Ltd

8,501

34,088

(a)

Money

Forward,

Inc

1,144

49,624

(a)

MongoDB,

Inc

12,404

60,609

Mphasis

Ltd

1,781

134,770

(a)

N-able,

Inc

2,053

6,371

(a)

Nagarro

SE

517

852,000

(a),(b),(d)

National

Agricultural

Holdings

Ltd

1

456,167

NCC

Group

plc

875

39,476

(a)

nCino

OpCo,

Inc

1,242

94,930

(a)

NCR

Corp

1,172

205,791

NEC

Corp

16,969

54,443

NEC

Networks

&

System

Integration

Corp

833

56,599

Nemetschek

SE

5,526

850,506

NET

One

Systems

Co

Ltd

15,584

34,446

(c)

Netcompany

Group

A.S.

1,474

44,277

(a)

Newgen

Software

Technologies

Ltd

514

471,053

(a)

NEXTDC

Ltd

5,500

60,602

(a)

Nice

Systems

Ltd

10,426

593,784

Nihon

Unisys

Ltd

16,493

60,800

Nippon

System

Development

Co

Ltd

1,168

326,900

Nomura

Research

Institute

Ltd

9,239

8,389

(a),(b)

Northern

Data

AG.

213

115

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,384

NS

Solutions

Corp

$

1,263

531,400

NTT

Data

Corp

7,850

1,092,545

(a)

Nutanix,

Inc

62,111

508,600

OBIC

Business

Consultants

Ltd

21,431

13,435

Obic

Co

Ltd

1,734

25,295

Objective

Corp

Ltd

203

24,905

(a),(b)

Oddity

Tech

Ltd

978

346,495

(a)

Okta,

Inc

32,435

423,930

(a)

Olo,

Inc

1,874

38,911

One

Software

Technologies

Ltd

471

313,490

(a),(b)

OneSpan,

Inc

4,019

233,637

Open

Text

Corp

(Toronto)

7,016

2,492,292

Oracle

Corp

351,912

8,000

(a)

Oracle

Corp

Japan

552

47,200

Otsuka

Corp

910

31,822

(a),(b)

OVH

Groupe

SAS

198

374,407

(a)

Pagaya

Technologies

Ltd

4,777

1,241,410

(a)

Palantir

Technologies,

Inc

31,445

755,642

(a)

Palo

Alto

Networks,

Inc

256,170

46,930

(a)

Paycor

HCM,

Inc

596

7,338

(a),(b)

Paylocity

Holding

Corp

968

64,841

Pegasystems,

Inc

3,925

88,340

(a)

Perfect

Presentation

For

Commercial

Services

Co

345

85,638

Persistent

Systems

Ltd

4,349

610,285

(a)

Phoenix

Group

plc

289

11,800

(a)

PKSHA

Technology,

Inc

262

842,300

Plus

Alpha

Consulting

Co

Ltd

9,940

46,116

POSCO

DX

Co

Ltd

1,275

270,106

(a)

PowerSchool

Holdings,

Inc

6,048

41,934

(a)

Procore

Technologies,

Inc

2,781

626,961

(a)

PTC,

Inc

113,900

409,163

(a)

Q2

Holdings,

Inc

24,685

14,737

(a),(b)

QT

Group

Oyj

1,220

66,900

Rakus

Co

Ltd

868

31,556

(a)

Rategain

Travel

Technologies

Ltd

282

181,100

(a)

Rekor

Systems,

Inc

281

18,178

Reply

S.p.A

2,680

57,682

(a)

RingCentral,

Inc

1,627

59,563

(a)

Riskified

Ltd

381

238,274

Roper

Industries,

Inc

134,306

20,591

Route

Mobile

Ltd

450

907,789

(a)

Rubrik,

Inc

27,833

969,291

Sage

Group

plc

13,280

14,600

(b)

Sakura

Internet,

Inc

398

2,006,343

Salesforce,

Inc

515,831

17,347

Samsung

SDS

Co

Ltd

1,862

11,780

Sangfor

Technologies,

Inc

82

52,500

(a)

Sansan,

Inc

565

1,155,423

SAP

AG.

232,096

83,535

Sapiens

International

Corp

NV

2,771

135,410

Sapiens

International

Corp

NV

4,594

1,315

Secunet

Security

Networks

AG.

176

857,150

(a),(b)

SEMrush

Holdings,

Inc

11,477

1,390,572

(a)

SentinelOne,

Inc

29,272

332,971

(a)

ServiceNow,

Inc

261,938

805,018

Shanghai

Baosight

Software

Co

Ltd

1,301

59,522

Shanghai

Baosight

Software

Co

Ltd

261

64,071

(a)

SHIFT,

Inc

5,811

2,845,229

(a)

Shopify,

Inc

(Class

A)

188,032

177,884

(a)

SimilarWeb

Ltd

1,382

21,500

Simplex

Holdings,

Inc

381

6,113,011

(a),(c)

Sinch

AB

14,806

CREF

Stock

Account

June

30,

2024

116

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

182,900

(a)

SiteMinder

Ltd

$

616

263,500

(a)

SKY

ICT

PCL

178

80,210

(a)

Smartsheet,

Inc

3,536

1,060,321

(a)

Snowflake,

Inc

143,239

450,279

Softcat

plc

10,343

137,304

Sonata

Software

Ltd

974

74,111

Sopra

Group

S.A.

14,412

169,121

(a),(b)

Sprout

Social,

Inc

6,034

29,647

(a)

SPS

Commerce,

Inc

5,578

33,000

Sumisho

Computer

Systems

Corp

660

637,224

SUNeVision

Holdings

Ltd

208

288,897

(a)

Synopsys,

Inc

171,911

1,644,612

Systena

Corp

3,217

122,000

Systex

Corp

467

57,195

Tanla

Platforms

Ltd

645

480,073

Tata

Consultancy

Services

Ltd

22,426

13,913

Tata

Elxsi

Ltd

1,166

498,389

(a),(c)

TeamViewer

SE

5,578

221,313

Tech

Mahindra

Ltd

3,784

179,800

TechMatrix

Corp

2,242

791,515

Technology

One

Ltd

9,759

72,650

(a)

Telos

Corp

292

62,384

Temenos

Group

AG.

4,299

88,790

(a)

Tenable

Holdings,

Inc

3,869

448,021

(a)

Teradata

Corp

15,484

321,440

(a)

Thoughtworks

Holding,

Inc

913

12,461

Thunder

Software

Technology

Co

Ltd

78

83,678

(b)

Tietoenator

Oyj

1,616

794,800

TIS,

Inc

15,441

64,142

(a),(b)

TomTom

NV

362

445,152

TOTVS

S.A.

2,423

674,404

(a)

Trade

Desk,

Inc

65,869

28,300

(a)

Trend

Micro,

Inc

1,154

162,703

(b)

Truecaller

AB

545

188,800

(a),(b)

Tuya,

Inc

(ADR)

323

149,257

(a)

Twilio,

Inc

8,479

276,446

(a)

UiPath,

Inc

3,505

212,178

(a),(b)

Unity

Software,

Inc

3,450

64,657

(a)

VeriSign,

Inc

11,496

25,739

Vitec

Software

Group

AB

1,334

83,400

(a),(b)

VNET

Group,

Inc

(ADR)

175

18,590

(a),(b)

WalkMe

Ltd

260

5,804

(b)

Wavestone

319

374,650

(a),(b)

Weave

Communications,

Inc

3,379

1,765,000

(a),(b),(c)

Weimob,

Inc

311

12,559

(b)

Wiit

S.p.A

309

13,700

WingArc1st,

Inc

232

552,695

Wipro

Ltd

3,412

140,665

WiseTech

Global

Ltd

9,351

51,037

(a)

Wix.com

Ltd

8,118

817,761

(a)

Workday,

Inc

182,819

190,279

(a)

Workiva,

Inc

13,888

120,682

(a)

Xero

Ltd

10,914

89,487

Yonyou

Network

Technology

Co

Ltd

123

199,270

(a)

Yubico

AB

4,249

94,829

Zensar

Technologies

Ltd

848

1,037,130

(a)

Zeta

Global

Holdings

Corp

18,305

138,588

(a)

Zscaler,

Inc

26,635

55,600

Zuken,

Inc

1,464

819,320

(a)

Zuora,

Inc

8,136

TOTAL

SOFTWARE

&

SERVICES

11,102,332

117

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.1%

306,444

AAC

Technologies

Holdings,

Inc

$

1,199

55,000

Ability

Opto-Electronics

Technology

Co

Ltd

446

22,900

Accelink

Technologies

Co

Ltd

117

209,402

Accton

Technology

Corp

3,564

1,231,532

Acer,

Inc

1,774

78,000

Adlink

Technology,

Inc

196

10,631

(a)

ADVA

Optical

Networking

SE

225

30,000

Advanced

Ceramic

X

Corp

190

189,543

Advantech

Co

Ltd

2,158

25,006

(b)

Ai

Holdings

Corp

371

15,000

AIC,

Inc

190

884,000

Alpha

Networks,

Inc

947

154,100

Alps

Electric

Co

Ltd

1,478

4,931

ALSO

Holding

AG.

1,517

44,450

Amano

Corp

1,152

407,136

Amphenol

Corp

(Class

A)

27,429

2,260

Anker

Innovations

Technology

Co

Ltd

22

110,593

Anritsu

Corp

849

1,287,120

(a),(d)

Anxin-China

Holdings

Ltd

2

22,286,411

(g)

Apple,

Inc

4,693,964

128,000

Arcadyan

Technology

Corp

637

574,192

(a)

Arista

Networks,

Inc

201,243

218,170

(a)

Arlo

Technologies,

Inc

2,845

18,582

(a)

Arrow

Electronics,

Inc

2,244

129,000

Asia

Optical

Co,

Inc

276

279,000

Asia

Vital

Components

Co

Ltd

6,533

196,000

ASROCK,

Inc

1,376

26,174

Astra

Microwave

Products

Ltd

297

292,026

Asustek

Computer,

Inc

4,470

20,622

AT&S

Austria

Technologie

&

Systemtechnik

AG.

477

2,809,827

AU

Optronics

Corp

1,537

55,815

(a)

Audinate

Group

Ltd

587

45,000

AURAS

Technology

Co

Ltd

1,111

12,613

(a),(c)

Avalon

Technologies

Ltd

82

42,000

Avary

Holding

Shenzhen

Co

Ltd

229

8,870

(a)

Aviat

Networks,

Inc

254

31,509

Avnet,

Inc

1,622

78,700

Azbil

Corp

2,198

93,930

Badger

Meter,

Inc

17,504

56,212

Barco

NV

622

17,500

Belden

CDT,

Inc

1,642

1,085,000

Benq

Corp

1,282

22,617

BH

Co

Ltd

395

1,119,337

BOE

Technology

Group

Co

Ltd

629

266,000

(b)

BOE

Varitronix

Ltd

161

49,000

Brother

Industries

Ltd

866

343,439

BYD

Electronic

International

Co

Ltd

1,709

84,170

(a)

Calix,

Inc

2,982

63,900

(a)

Canon

Electronics,

Inc

900

36,290

Canon

Marketing

Japan,

Inc

1,012

205,740

(b)

Canon,

Inc

5,581

358,574

Career

Technology

MFG.

Co

Ltd

238

259,947

Catcher

Technology

Co

Ltd

1,857

98,454

CDW

Corp

22,038

246,523

(a)

Celestica,

Inc

14,117

278,000

Chang

Wah

Electromaterials,

Inc

389

133,000

Channel

Well

Technology

Co

Ltd

308

51,845

Chaozhou

Three-Circle

Group

Co

Ltd

208

85,000

Chenbro

Micom

Co

Ltd

784

221,000

Cheng

Uei

Precision

Industry

Co

Ltd

537

1,632,000

Chicony

Electronics

Co

Ltd

8,586

CREF

Stock

Account

June

30,

2024

118

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

489,600

(a),(d)

China

Fiber

Optic

Network

System

Group

Ltd

$

1

42,957

China

Greatwall

Technology

Group

Co

Ltd

52

286,069

China

Railway

Signal

&

Communication

Corp

Ltd

236

14,000

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

80

281,000

Chin-Poon

Industrial

Co

Ltd

423

304,000

Chroma

ATE,

Inc

2,972

18,000

Chunghwa

Precision

Test

Tech

Co

Ltd

253

106,772

(a)

Ciena

Corp

5,144

2,349,502

Cisco

Systems,

Inc

111,625

152,000

Citizen

Watch

Co

Ltd

1,019

264,000

Clevo

Co

435

80,962

Codan

Ltd

649

126,518

Cognex

Corp

5,916

93,249

(a)

Coherent

Corp

6,757

42,619

Comet

Holding

AG.

17,085

443,793

(a)

CommScope

Holding

Co,

Inc

546

1,716,524

Compal

Electronics,

Inc

1,830

797,000

Compeq

Manufacturing

Co

Ltd

1,996

40,240

CompoSecure,

Inc

274

208,000

Coretronic

Corp

582

266,055

Corning,

Inc

10,336

9,667

(a)

CosmoAM&T

Co

Ltd

1,005

186,000

Co-Tech

Development

Corp

401

208,000

(a),(b)

Cowell

e

Holdings,

Inc

651

34,167

Crane

NXT

Co

2,099

13,581

(a)

Cyient

DLM

Ltd

122

31,406

Daeduck

Electronics

Co

Ltd

489

8,723

Daejoo

Electronic

Materials

Co

Ltd

900

68,070

Daiwabo

Co

Ltd

1,223

142,000

Darfon

Electronics

Corp

301

170,482

DataTec

Ltd

353

179,556

Dell

Technologies,

Inc

24,763

1,290,070

Delta

Electronics

Thailand

PCL

2,903

2,261,673

Delta

Electronics,

Inc

26,976

43,601

Dexerials

Corp

2,036

49,811

Dicker

Data

Ltd

320

35,820

(a)

Diebold

Nixdorf,

Inc

1,378

31,912

Dreamtech

Co

Ltd

204

199,000

Dynamic

Holding

Co

Ltd

387

1,381,000

Dynapack

International

Technology

Corp

4,229

11,796,331

E

Ink

Holdings,

Inc

91,338

45,000

(a)

Egis

Technology,

Inc

345

10,724

Eizo

Nanao

Corp

326

33,996

Elecom

Co

Ltd

346

214,000

Elite

Material

Co

Ltd

3,120

173,000

(a)

Elitegroup

Computer

Systems

Co

Ltd

175

10,345

EM-Tech

Co

Ltd

222

63,679

Ennoconn

Corp

656

4,400

(b)

Enplas

Corp

220

18,900

(a)

Eoptolink

Technology,

Inc

Ltd

272

2,686,412

Ericsson

(LM)

(B

Shares)

16,675

148,108

(a)

Everdisplay

Optronics

Shanghai

Co

Ltd

40

42,297

Evertz

Technologies

Ltd

383

430,181

(a)

Extreme

Networks,

Inc

5,786

20,939

(a)

F5

Networks,

Inc

3,606

17,180

(a)

Fabrinet

4,205

3,060,000

(a)

FIH

Mobile

Ltd

342

221,000

FLEXium

Interconnect,

Inc

617

1,881,361

(a)

Flextronics

International

Ltd

55,481

34,000

(a)

Fositek

Corp

794

334,924

Foxconn

Industrial

Internet

Co

Ltd

1,245

736,000

Foxconn

Technology

Co

Ltd

1,616

2,634,988

FUJIFILM

Holdings

Corp

61,808

183,000

General

Interface

Solution

Holding

Ltd

383

119

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

68,000

Genius

Electronic

Optical

Co

Ltd

$

1,384

72,365

Genus

Power

Infrastructures

Ltd

268

291,000

Getac

Holdings

Corp

1,021

215,000

Gigabyte

Technology

Co

Ltd

2,013

230,000

Global

Brands

Manufacture

Ltd

526

71,822

GoerTek,

Inc

192

262,400

Gold

Circuit

Electronics

Ltd

1,668

91,636

GRG

Banking

Equipment

Co

Ltd

132

35,897

Guangzhou

Haige

Communications

Group,

Inc

Co

51

15,318

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

62

9,700

Hakuto

Co

Ltd

310

615,696

Halma

plc

20,986

28,715

Hamamatsu

Photonics

KK

771

420,500

Hana

Microelectronics

PCL

(Foreign)

529

232,000

Hannstar

Board

Corp

398

1,669,000

HannStar

Display

Corp

504

48,100

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

82

63,000

Hengtong

Optic-electric

Co

Ltd

136

3,864,493

Hewlett

Packard

Enterprise

Co

81,811

70,042

Hexagon

AB

794

551,000

(a)

High

Tech

Computer

Corp

782

7,500

Hioki

EE

Corp

316

20,100

Hirose

Electric

Co

Ltd

2,229

21,254

(b)

HMS

Networks

AB

838

112,350

Holy

Stone

Enterprise

Co

Ltd

325

8,972,640

Hon

Hai

Precision

Industry

Co,

Ltd

59,075

27,299

Horiba

Ltd

2,214

30,800

Hosiden

Corp

414

1,789,757

HP,

Inc

62,677

35,300

Huagong

Tech

Co

Ltd

144

90,000

Ibase

Technology,

Inc

234

652,400

Ibiden

Co

Ltd

26,704

1,349

Inficon

Holding

AG.

2,041

1

(a)

Infinera

Corp

0

^

57,850

Innodisk

Corp

537

3,673,456

InnoLux

Display

Corp

1,621

25,200

Inspur

Electronic

Information

Industry

Co

Ltd

125

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

271

6,763

Intellian

Technologies,

Inc

288

1,089,172

Inventec

Co

Ltd

1,863

10,446

(a)

IPG

Photonics

Corp

882

16,600

Iriso

Electronics

Co

Ltd

315

36,423

IsuPetasys

Co

Ltd

1,526

149,000

ITEQ

Corp

531

228,790

(a)

Itron,

Inc

22,641

39,545

Ituran

Location

and

Control

Ltd

974

90,312

Jabil

Inc

9,825

11,269

(a)

Jahwa

Electronics

Co

Ltd

198

153,642

(b)

Japan

Aviation

Electronics

Industry

Ltd

2,484

610,900

Jaymart

Group

Holdings

PCL

215

39,213

Jenoptik

AG.

1,133

12,398

(a)

JNTC

Co

Ltd

275

219,977

Juniper

Networks,

Inc

8,020

15,000

Kaga

Electronics

Co

Ltd

539

18,433

(a)

Kaynes

Technology

India

Ltd

851

744,200

KCE

Electronics

PCL

846

177,735

Keyence

Corp

77,791

62,026

(a)

Keysight

Technologies,

Inc

8,482

44,000

King

Slide

Works

Co

Ltd

1,673

482,500

Kingboard

Chemical

Holdings

Ltd

1,135

638,000

Kingboard

Laminates

Holdings

Ltd

687

136,087

Kitron

ASA

403

17,232

(a)

KMW

Co

Ltd

164

30,000

Koa

Corp

290

CREF

Stock

Account

June

30,

2024

120

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

355,000

Konica

Minolta

Holdings,

Inc

$

988

263,554

Kyocera

Corp

3,040

16,889

L&F

Co

Ltd

1,648

71,277

Landis&Gyr

Group

AG.

5,755

41,625

Largan

Precision

Co

Ltd

3,513

173,500

(c)

Legend

Holdings

Corp

130

371

(b)

LEM

Holding

S.A.

590

3,398,399

Lenovo

Group

Ltd

4,769

127,723

Lens

Technology

Co

Ltd

320

115,811

LG

Display

Co

Ltd

962

5,804

LG

Innotek

Co

Ltd

1,140

220,684

Lingyi

iTech

Guangdong

Co

216

816,277

Lite-On

Technology

Corp

2,652

150,754

Logitech

International

S.A.

14,509

64,999

Lotes

Co

Ltd

3,258

14,825

Lotte

Energy

Materials

Corp

565

49,006

(a)

Lumentum

Holdings,

Inc

2,495

167,956

LuxNet

Corp

651

348,524

(a)

Luxshare

Precision

Industry

Co

Ltd

1,880

81,807

Macnica

Holdings,

Inc

3,438

7,100

Maruwa

Co

Ltd

1,700

31,100

Maxell

Holdings

Ltd

346

6,542

Maxscend

Microelectronics

Co

Ltd

70

256,091

MCJ

Co

Ltd

2,408

15,400

Meiko

Electronics

Co

692

5,681,900

Metrodata

Electronics

Tbk

PT

200

198,000

(a),(b),(d)

MH

Development

Ltd

0

^

57,067

(b)

Micronic

AB

2,211

286,200

Micro-Star

International

Co

Ltd

1,566

682,000

Mitac

Holdings

Corp

928

586,452

Motorola

Solutions,

Inc

226,400

1,524,831

Murata

Manufacturing

Co

Ltd

31,577

158,000

(a)

Nan

Ya

Printed

Circuit

Board

Corp

904

146,500

(a),(b)

Nano

Dimension

Ltd

(ADR)

322

64,100

Napco

Security

Technologies,

Inc

3,330

518,400

Nationgate

Holdings

Bhd

200

5,718

(a)

Nayax

Ltd

121

132,934

(b)

NCAB

Group

AB

1,044

21,686

Neopost

S.A.

406

150,283

NetApp,

Inc

19,356

9,454

(a)

Netweb

Technologies

India

Ltd

293

3,106,400

(a)

Nex

Point

Parts

PCL

141

38,572

Next

Vision

Stabilized

Systems

Ltd

550

40,450

Nichicon

Corp

303

35,715

Ninestar

Corp

129

117,600

Nippon

Ceramic

Co

Ltd

1,864

65,476

(b)

Nippon

Electric

Glass

Co

Ltd

1,495

26,556

Nippon

Signal

Co

Ltd

174

26,860

Nissha

Printing

Co

Ltd

341

14,572

Nohmi

Bosai

Ltd

221

1

Nokia

Corp

(ADR)

0

^

5,174,524

Nokia

Oyj

19,695

16,900

(a)

OFILM

Group

Co

Ltd

18

70,936

Oki

Electric

Industry

Co

Ltd

450

36,200

Omron

Corp

1,254

29,179

Optex

Group

Co

Ltd

308

213,960

(a)

Ouster,

Inc

2,103

40,600

Oxford

Instruments

plc

1,263

3,457,000

Pan-International

Industrial

4,260

4,331

Park

Systems

Corp

585

623,000

PAX

Global

Technology

Ltd

468

7,970

PC

Connection,

Inc

512

829,915

Pegatron

Corp

2,668

6,068

(a)

PG

Electroplast

Ltd

258

121

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

12,300

(a)

Plexus

Corp

$

1,269

334,000

Primax

Electronics

Ltd

968

135,000

(a)

Promate

Electronic

Co

Ltd

394

210,472

(a)

Pure

Storage,

Inc

13,514

1,121,390

Quanta

Computer,

Inc

10,720

151,000

Quanta

Storage,

Inc

514

26,664

(a),(b)

Radware

Ltd

486

462,082

Redington

Ltd

1,185

180,481

(a)

Reeder

Teknoloji

Sanayi

VE

Ticaret

AS

197

29,143

Renishaw

plc

1,356

10,947

Restar

Holdings

Corp

218

113,500

Ricoh

Co

Ltd

973

22,252

Riken

Keiki

Co

Ltd

585

14,898

Riso

Kagaku

Corp

316

61,659

(a)

Ryoyo

Ryosan

Holdings,

Inc

1,133

481,557

Samsung

Electro-Mechanics

Co

Ltd

54,908

9,613,741

Samsung

Electronics

Co

Ltd

565,805

702,573

Samsung

Electronics

Co

Ltd

(Preference)

32,260

194,974

Samsung

SDI

Co

Ltd

49,787

108,265

(a)

Sanmina

Corp

7,173

32,000

Scientech

Corp

348

18,778

(a),(b)

Seco

S.p.A

61

59,800

Seiko

Epson

Corp

935

7,861

(a),(b),(c)

Sensirion

Holding

AG.

680

20,000

Sensortek

Technology

Corp

218

18,310

Seojin

System

Co

Ltd

407

185,000

Sercomm

Corp

671

6,313

Sesa

S.p.A

780

5,690

(b)

SES-imagotag

S.A.

789

3,283

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

83

55,784

Shengyi

Technology

Co

Ltd

161

8,092

Shennan

Circuits

Co

Ltd

117

26,430

Shenzhen

Transsion

Holdings

Co

Ltd

278

48,900

Shimadzu

Corp

1,226

180,400

Siix

Corp

1,445

133,000

Simplo

Technology

Co

Ltd

1,746

775,000

Sinbon

Electronics

Co

Ltd

6,973

24,077

(b)

Softchoice

Corp

308

349,835

Softwareone

Holding

AG.

6,554

34,065

(a)

SOLUM

Co

Ltd

517

29,486

Solus

Advanced

Materials

Co

Ltd

389

101,024

Spectris

plc

3,544

504,318

Spirent

Communications

plc

1,165

164,392

Sterlite

Technologies

Ltd

269

299,949

Sunny

Optical

Technology

Group

Co

Ltd

1,844

28,101

(a)

Super

Micro

Computer,

Inc

23,025

373,277

Supreme

Electronics

Co

Ltd

940

51,341

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

146

16,660

Suzhou

TFC

Optical

Communication

Co

Ltd

201

519,621

Synnex

Technology

International

Corp

1,169

56,748

(a)

Synopex,

Inc

503

35,247

Syrma

SGS

Technology

Ltd

210

199,000

Taiwan

Union

Technology

Corp

990

94,340

Taiyo

Yuden

Co

Ltd

2,394

978,229

TCL

Technology

Group

Corp

580

100,713

(b)

TD

SYNNEX

Corp

11,622

80,308

TDK

Corp

4,938

855,503

TE

Connectivity

Ltd

128,693

45,850

(a),(c)

Tejas

Networks

Ltd

777

100,000

Test

Research,

Inc

528

50,000

Thinking

Electronic

Industrial

Co

Ltd

274

15,900

Tokyo

Electron

Device

Ltd

425

146,640

Tong

Hsing

Electronic

Industries

Ltd

677

80,356

Topcon

Corp

905

CREF

Stock

Account

June

30,

2024

122

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

19,585

Toshiba

TEC

Corp

$

420

192,000

TPK

Holding

Co

Ltd

238

838,000

Transcend

Information,

Inc

2,968

85,846

(a)

Trimble

Inc

4,801

353,000

Tripod

Technology

Corp

2,370

871,345

(a)

TTM

Technologies,

Inc

16,930

81,400

(a)

Turtle

Beach

Corp

1,167

239,000

TXC

Corp

845

3,007

(b)

Ubiquiti,

Inc

438

575,011

Unimicron

Technology

Corp

3,181

82,291

Unisplendour

Corp

Ltd

252

427,000

(a)

Unitech

Printed

Circuit

Board

Corp

485

20,000

Universal

Scientific

Industrial

Shanghai

Co

Ltd

44

755,300

Venture

Corp

Ltd

7,905

188,000

VIA

Labs,

Inc

1,144

301,744

(a),(b)

Viasat,

Inc

3,832

21,000

Vivotek,

Inc

91

2,376,136

Vontier

Corp

90,768

13,106,000

VS

Industry

Bhd

3,525

585,042

VSTECS

Holdings

Ltd

332

130,885

Vtech

Holdings

Ltd

979

104,800

Wacom

Co

Ltd

494

96,000

(a)

Wah

Lee

Industrial

Corp

420

259,000

Walsin

Technology

Corp

939

404,000

Wasion

Holdings

Ltd

354

1,612,546

(a)

Western

Digital

Corp

122,183

10,284

Wingtech

Technology

Co

Ltd

40

190,500

(a),(d),(f)

Wintek

Corp

0

^

1,076,000

Wistron

Corp

3,492

294,524

Wistron

NeWeb

Corp

1,458

415,049

Wiwynn

Corp

33,614

667,519

WPG

Holdings

Ltd

1,846

453,252

WT

Microelectronics

Co

Ltd

1,728

72,508

Wuhan

Guide

Infrared

Co

Ltd

59

33,732

WUS

Printed

Circuit

Kunshan

Co

Ltd

168

6,600

Xiamen

Faratronic

Co

Ltd

69

7,318,400

(a),(c)

Xiaomi

Corp

15,385

15,750

(a),(d)

Ya

Hsin

Industrial

Co

Ltd

0

^

137,801

Yageo

Corp

3,095

107,500

(b),(c)

Yangtze

Optical

Fibre

and

Cable

Joint

Stock

Ltd

106

28,065

Yealink

Network

Technology

Corp

Ltd

142

47,400

Yokogawa

Electric

Corp

1,151

37,348

(a)

Zebra

Technologies

Corp

(Class

A)

11,538

23,123

Zen

Technologies

Ltd

324

58,618

Zhejiang

Dahua

Technology

Co

Ltd

124

17,060

Zhejiang

Supcon

Technology

Co

Ltd

88

288,558

Zhen

Ding

Technology

Holding

Ltd

1,150

58,692

Zhongji

Innolight

Co

Ltd

1,101

111,503

(a)

ZTE

Corp

428

335,399

(a)

ZTE

Corp

(Class

H)

739

199,000

Zyxel

Group

Corp

244

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,642,436

TELECOMMUNICATION

SERVICES

-

1.0%

486,371

Advanced

Info

Service

PCL

2,783

732,548

(c)

Airtel

Africa

plc

1,108

717,057

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

389

7,899,784

(b)

America

Movil

SAB

de

C.V.

6,723

16,385,754

AT&T,

Inc

313,132

20,630

ATN

International,

Inc

470

170,193

(a),(b)

Aussie

Broadband

Ltd

392

1,258,806

Axiata

Group

Bhd

696

228,570

(a)

Bandwidth,

Inc

3,858

61,986

(b)

BCE,

Inc

2,008

123

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,527,683

Bezeq

Israeli

Telecommunication

Corp

Ltd

$

1,713

2,035,289

Bharti

Airtel

Ltd

35,213

6,220,386

(b)

BT

Group

plc

11,028

77,442

(a)

Cellcom

Israel

Ltd

265

478,603

(c)

Cellnex

Telecom

S.A.

15,566

22,300

Chief

Telecom,

Inc

248

20,563,912

(c)

China

Tower

Corp

Ltd

2,658

1,617,653

(a)

Chunghwa

Telecom

Co

Ltd

6,268

1,230,641

Citic

Telecom

International

Holdings

Ltd

413

3,347,492

Deutsche

Telekom

AG.

84,141

1,222,344

Digi.Com

BHD

952

28,868

Drillisch

AG.

490

138,745

Elisa

Oyj

(Series

A)

6,352

2,945,032

Emirates

Telecommunications

Group

Co

PJSC

12,909

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

313

11,923

(a)

Etihad

Atheeb

Telecommunication

Co

294

337,012

Etihad

Etisalat

Co

4,794

748,282

Far

EasTone

Telecommunications

Co

Ltd

1,940

95,749

Freenet

AG.

2,546

175,227

(a)

Frontier

Communications

Parent,

Inc

4,587

70,731

Gamma

Communications

plc

1,261

186,824

(a),(d)

GCI

Liberty,

Inc

2

245,160

(a)

Gogo,

Inc

2,358

611,057

(a)

Helios

Towers

plc

889

147,592

Hellenic

Telecommunications

Organization

S.A.

2,121

565,175

HFCL

Ltd

765

784,120

(b)

HKBN

Ltd

247

781,477

HKT

Trust

&

HKT

Ltd

877

1,271,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

160

54,530

IDT

Corp

1,959

682,471

(a)

Indus

Towers

Ltd

3,068

329,583

Infrastrutture

Wireless

Italiane

S.p.A

3,433

91,448

Internet

Initiative

Japan,

Inc

1,355

642,000

Intouch

Holdings

PCL

(Class

F)

1,249

90,039

Iridium

Communications,

Inc

2,397

4,399,900

Jasmine

International

PCL

361

860,200

(a),(b)

JTOWER,

Inc

9,044

926,039

KDDI

Corp

24,532

13,206,621

Koninklijke

KPN

NV

50,617

14,310

KT

Corp

388

234,829

Kuwait

Telecommunications

Co

406

222,725

(a),(b),(d)

Let's

GOWEX

S.A.

2

77,352

LG

Telecom

Ltd

551

103,700

(a)

Liberty

Global

Ltd

1,808

343,780

(a)

Liberty

Latin

America

Ltd

(Class

A)

3,304

505,740

(a)

Liberty

Latin

America

Ltd

(Class

C)

4,865

235,225

Magyar

Telekom

666

840,183

Maxis

Bhd

629

100,658

(a)

Millicom

International

Cellular

S.A.

2,444

1,869,960

Mobile

Telecommunications

Co

KSCP

2,715

374,464

Mobile

Telecommunications

Co

Saudi

Arabia

1,170

692,421

MTN

Group

Ltd

3,222

3,696,966

NetLink

NBN

Trust

2,263

35,303,844

Nippon

Telegraph

&

Telephone

Corp

33,383

140,902

NOS

SGPS

S.A.

499

13,800

Okinawa

Cellular

Telephone

Co

337

150,152

(a)

Ooma,

Inc

1,491

819,556

Ooredoo

QPSC

2,296

960,300

(b)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

866

1,907,114

Orange

S.

A.

19,129

104,150

(a)

Partner

Communications

419

3,410,000

PCCW

Ltd

1,706

CREF

Stock

Account

June

30,

2024

124

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,469

PLDT,

Inc

$

747

526,532

Proximus

plc

4,191

133,019

Quebecor,

Inc

2,807

75,764

(c)

RAI

Way

S.p.A

398

64,324

Railtel

Corp

of

India

Ltd

358

305,361

Rogers

Communications,

Inc

(Class

B)

11,294

13,532,600

Sarana

Menara

Nusantara

Tbk

PT

607

1,724,940

Saudi

Telecom

Co

17,241

45,620

Shenandoah

Telecom

Co

745

2,183,084

Singapore

Telecommunications

Ltd

4,418

87,977

(a),(d)

Sistema

PJSFC

(GDR)

(London)

1

25,409

SK

Telecom

Co

Ltd

949

112,264,304

(a)

Smartfren

Telecom

Tbk

PT

261

342,641

SmarTone

Telecommunications

Holding

Ltd

159

1,231,922

SoftBank

Corp

15,066

833,855

Softbank

Group

Corp

53,635

43,870

Spok

Holdings,

Inc

650

530,114

StarHub

Ltd

472

25,105

Swisscom

AG.

14,117

745,506

(a)

Taiwan

Mobile

Co

Ltd

2,458

101,074

(a)

Tata

Communications

Ltd

2,244

325,575

(a)

Tata

Teleservices

Maharashtra

Ltd

303

525,840

Tele2

AB

(B

Shares)

5,308

1,514,825

Telecom

Corp

of

New

Zealand

Ltd

3,838

276,074

Telecom

Egypt

179

9,225,267

(b)

Telecom

Italia

S.p.A.

2,207

343,385

Telefonica

Brasil

S.A.

2,785

4,786,765

Telefonica

S.A.

20,278

575,909

Telekom

Malaysia

BHD

825

534,506

Telekomunikacja

Polska

S.A.

1,036

610,779

Telenor

ASA

6,962

554,075

Telephone

and

Data

Systems,

Inc

11,486

2,333,318

TeliaSonera

AB

6,256

144,765,901

Telkom

Indonesia

Persero

Tbk

PT

27,504

219,328

(a)

Telkom

S.A.

Ltd

295

3,492,877

Telstra

Corp

Ltd

8,433

417,886

TELUS

Corp

6,326

589,800

Thaicom

PCL

171

699,849

TIM

S.A.

1,988

783,000

TIME

dotCom

Bhd

835

1,243,330

T-Mobile

US,

Inc

219,050

4,384,453

(a)

True

Corp

PCL

1,042

1,031,575

Turkcell

Iletisim

Hizmet

AS

3,178

67,282

United

Internet

AG.

1,454

16,700

Usen-Next

Holdings

Co

Ltd

469

1,116,367

Verizon

Communications,

Inc

46,039

499,625

(b)

Vodacom

Group

Ltd

2,681

23,923,001

Vodafone

Group

plc

21,168

6,429,643

Vodafone

Qatar

QSC

2,997

4,107,900

XL

Axiata

Tbk

PT

542

TOTAL

TELECOMMUNICATION

SERVICES

1,253,956

TRANSPORTATION

-

1.5%

110,806

Abu

Dhabi

Aviation

Co

204

446,109

Adani

Ports

&

Special

Economic

Zone

Ltd

7,897

29,186

Aegean

Airlines

S.A.

365

72,348

Aena

SME

S.A.

14,650

34,103

Aeroports

de

Paris

4,154

2,560,898

Agility

Global

PLC

830

1,288,031

Agility

Public

Warehousing

Co

KSC

1,156

1,899,249

Air

Arabia

PJSC

1,187

152,701

(a)

Air

Canada

1,998

125

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

202,929

(a)

Air

China

Ltd

$

206

95,735

(a),(b)

Air

France-KLM

848

1,414,105

Air

New

Zealand

Ltd

456

3,548,588

Airports

of

Thailand

PCL

5,512

90,626

(a)

Alaska

Air

Group,

Inc

3,661

37,595

All

Nippon

Airways

Co

Ltd

695

230,776

(a)

Allcargo

Logistics

Ltd

167

11,500

(a)

Alps

Logistics

Co

Ltd

412

5,567

(a),(b)

Amerco,

Inc

344

473,681

(a),(b)

American

Airlines

Group,

Inc

5,367

634,771

(a),(b),(d),(f)

AMR

Corporation

6

2,942,500

(a)

ANE

Cayman,

Inc

2,535

370,000

Anhui

Expressway

Co

Ltd

443

2,939

AP

Moller

-

Maersk

AS

(Class

A)

4,987

4,338

AP

Moller

-

Maersk

AS

(Class

B)

7,524

598,910

(a)

Aramex

PJSC

404

241,003

ArcBest

Corp

25,807

3,686,500

(a)

Asia

Aviation

PCL

202

24,385

(a)

Asiana

Airlines,

Inc

186

27,489

Athens

International

Airport

S.A.

231

937,309

Atlas

Arteria

Ltd

3,186

1,115,098

Auckland

International

Airport

Ltd

5,182

1,545,554

Aurizon

Holdings

Ltd

3,755

13,599

Avis

Budget

Group,

Inc

1,421

27,850

AZ-COM

MARUWA

Holdings,

Inc

203

206,900

(a)

Azul

S.A.

272

641,900

Bangkok

Airways

PCL

366

140,900

Bangkok

Aviation

Fuel

Services

PCL

69

5,274,362

Bangkok

Expressway

&

Metro

PCL

1,097

1,262,000

(a)

Beijing

Capital

International

Airport

Co

Ltd

417

1,258,900

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

929

70,208

Belships

ASA

163

78,740

(a)

Blade

Air

Mobility,

Inc

274

4,426

Blue

Dart

Express

Ltd

423

89,994

(b)

bpost

S.A.

292

5,484,600

BTS

Group

Holdings

PCL

670

548,820

Canadian

National

Railway

Co

64,853

798,467

Canadian

Pacific

Railway

Ltd

62,883

880,000

(b)

Canggang

Railway

Ltd

97

6,654

(b)

Cargojet,

Inc

681

59,960

(b)

Cathay

Pacific

Airways

Ltd

61

747,215

Central

Japan

Railway

Co

16,197

84,142

CH

Robinson

Worldwide,

Inc

7,415

1,115,000

China

Airlines

813

437,500

(a)

China

Eastern

Airlines

Corp

Ltd

241

239,900

China

Merchants

Expressway

Network

&

Technology

Holdings

Co

Ltd

391

614,667

China

Merchants

Holdings

International

Co

Ltd

913

283,159

(a)

China

Southern

Airlines

Co

Ltd

(Class

A)

229

724,572

Cia

de

Concessoes

Rodoviarias

1,509

46,366

Cia

de

Distribucion

Integral

Logista

Holdings

S.A.

1,314

13,350,656

Cia

Sud

Americana

de

Vapores

S.A.

848

6,512

CJ

Logistics

Corp

449

22,724

Clarkson

plc

1,189

1,709,700

ComfortDelgro

Corp

Ltd

1,689

206,466

Container

Corp

Of

India

Ltd

2,576

630,600

(a),(b)

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

399

838,000

(b)

COSCO

Pacific

Ltd

578

637,015

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,358

2,525,309

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

4,408

1,612,000

COSCO

SHIPPING

International

Hong

Kong

Co

Ltd

785

169,500

(b)

Costamare,

Inc

2,785

5,240

Covenant

Logistics

Group,

Inc

258

CREF

Stock

Account

June

30,

2024

126

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,040,773

CSX

Corp

$

68,264

67,121

CTT-Correios

de

Portugal

S.A.

300

132,629

D/S

Norden

5,782

552,300

Daqin

Railway

Co

Ltd

544

527,755

(a)

Delhivery

Ltd

2,531

1,246,207

Delta

Air

Lines,

Inc

59,120

568,774

(b)

Deutsche

Lufthansa

AG.

3,489

2,394,133

Deutsche

Post

AG.

97,218

25,162

Dfds

A.S.

711

400,766

DSV

AS

61,517

161,965

Dubai

Taxi

Co

PJSC

90

1,322,572

East

Japan

Railway

Co

22,020

227,799

easyJet

plc

1,314

195,400

EcoRodovias

Infraestrutura

e

Logistica

S.A.

231

215,133

Enav

S.p.A

855

1,115,000

Eva

Airways

Corp

1,309

445,000

Evergreen

International

Storage

&

Transport

Corp

436

1,229,013

Evergreen

Marine

Corp

Taiwan

Ltd

7,312

16,237

(b)

Exchange

Income

Corp

537

105,449

Expeditors

International

Washington,

Inc

13,159

76,940

Farglory

F

T

Z

Investment

Holding

Co

Ltd

138

181,129

FedEx

Corp

54,310

95,848

(a),(b)

Finnair

Oyj

269

468,684

Firstgroup

plc

938

15,629

(b)

Flughafen

Zuerich

AG.

3,460

30,001

(a),(b)

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,552

15,660

Fukuyama

Transporting

Co

Ltd

387

163,242

Gateway

Distriparks

Ltd

200

292,242

Getlink

S.E.

4,839

2,065,847

(a)

GMR

Infrastructure

Ltd

2,385

110,000

Golden

Ocean

Group

Ltd

1,524

1,771,100

(a)

Grab

Holdings

Ltd

6,287

4,385,599

(a)

Grab

Holdings

Ltd

15,569

8,416

Gram

Car

Carriers

ASA

205

519,213

Grindrod

Ltd

429

237,800

(b)

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,017

321,599

(b)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,031

151,518

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

4,562

302,100

(a),(b),(c)

Grupo

Traxion

SAB

de

C.V.

450

163,400

Guangzhou

Baiyun

International

Airport

Co

Ltd

213

248,552

Gujarat

Pipavav

Port

Ltd

622

284,449

(a)

Gulf

Navigation

Holding

PJSC

516

243,579

Gulf

Warehousing

Co

222

189,355

(a)

GXO

Logistics,

Inc

9,562

1,012,500

(a)

Hainan

Airlines

Holding

Co

Ltd

142

148,000

(a),(b)

Hainan

Meilan

International

Airport

Co

Ltd

146

10,400

Hamakyorex

Co

Ltd

286

5,843

Hamburger

Hafen

und

Logistik

AG.

106

18,172

Hamburger

Hafen

und

Logistik

AG.

311

102,400

(a),(b),(c)

Hangzhou

SF

Intra-City

Industrial

Co

Ltd

157

10,297

Hanjin

Kal

Corp

481

47,278

Hankyu

Hanshin

Holdings,

Inc

1,261

223,940

Heartland

Express,

Inc

2,761

97,486

(a),(b)

Hertz

Global

Holdings,

Inc

344

373,900

(a)

Hidrovias

do

Brasil

S.A.

248

29,900

Himalaya

Shipping

Ltd

274

99,917

HMM

Co

Ltd

1,424

94,314

Hoegh

Autoliners

ASA

1,116

372,952

Hub

Group,

Inc

(Class

A)

16,056

4,379,651

Hutchison

Port

Holdings

Trust

561

15,229

Hyundai

Glovis

Co

Ltd

2,416

2,121

(a),(b)

ID

Logistics

Group

800

127

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

53,638

Iino

Kaiun

Kaisha

Ltd

$

429

145,236

(a),(c)

InterGlobe

Aviation

Ltd

7,360

885,255

International

Container

Term

Services,

Inc

5,284

530,830

International

Distributions

Services

plc

2,143

1,294,242

Japan

Airlines

Co

Ltd

20,449

48,800

Japan

Airport

Terminal

Co

Ltd

1,668

1,833,700

Jasa

Marga

Persero

Tbk

PT

558

51,925

Jazeera

Airways

Co

KSCP

153

60,004

JB

Hunt

Transport

Services,

Inc

9,601

1,932,900

(a),(c)

JD

Logistics,

Inc

2,068

21,571

(a)

Jeju

Air

Co

Ltd

161

135,212

JET2

plc

2,239

674,915

(a)

Jiangsu

Express

720

17,707

(a)

Jin

Air

Co

Ltd

150

19,000

Julio

Simoes

Logistica

S.A.

32

55,800

Juneyao

Airlines

Co

Ltd

84

65,500

Kamigumi

Co

Ltd

1,353

84,100

Kawasaki

Kisen

Kaisha

Ltd

1,226

172,100

Keihin

Electric

Express

Railway

Co

Ltd

1,260

77,400

Keio

Corp

1,797

216,600

Keisei

Electric

Railway

Co

Ltd

7,004

120,764

Kelsian

Group

Ltd

413

260,509

Kerry

Logistics

Network

Ltd

251

137,000

Kerry

TJ

Logistics

Co

Ltd

171

37,367

Kintetsu

Corp

815

170,612

(a)

Kirby

Corp

20,427

114,245

Knight-Swift

Transportation

Holdings,

Inc

5,703

16,468

Konoike

Transport

Co

Ltd

246

110,380

(a)

Korea

Line

Corp

232

62,177

Korean

Air

Lines

Co

Ltd

1,047

46,617

Kuehne

&

Nagel

International

AG.

13,416

108,200

Kyushu

Railway

Co

2,349

146,697,470

Lan

Airlines

S.A.

2,002

25,987

Landstar

System,

Inc

4,794

558,200

Liaoning

Port

Co

Ltd

94

368,123

Localiza

Rent

A

Car

2,766

10,445

Lotte

Rental

Co

Ltd

237

11,557

(a)

Lumi

Rental

Co

276

568,075

(a)

Lyft,

Inc

(Class

A)

8,010

35,500

(c)

Mahindra

Logistics

Ltd

223

751,135

Malaysia

Airports

Holdings

Bhd

1,575

101,140

Marten

Transport

Ltd

1,866

8,530

Maruzen

Showa

Unyu

Co

Ltd

291

1,644,440

MISC

Bhd

2,965

44,628

Mitsubishi

Logistics

Corp

1,469

257,600

(b)

Mitsui

OSK

Lines

Ltd

7,745

14,014

Mitsui-Soko

Co

Ltd

418

92,600

(a)

Movida

Participacoes

S.A.

100

1,191,117

MPC

Container

Ships

ASA

2,501

1,287,189

MTR

Corp

4,063

69,963

Mullen

Group

Ltd

672

609,300

Nagoya

Railroad

Co

Ltd

6,663

79,527

Nankai

Electric

Railway

Co

Ltd

1,322

353,102

National

Express

Group

plc

227

15,900

Nippon

Express

Holdings,

Inc

736

36,249

Nippon

Konpo

Unyu

Soko

Co

Ltd

822

94,869

Nippon

Yusen

Kabushiki

Kaisha

2,768

48,000

Nishi-Nippon

Railroad

Co

Ltd

772

544,334

Norwegian

Air

Shuttle

AS

641

4,679

(a)

NTG

Nordic

Transport

Group

A.S.

205

225,700

Odakyu

Electric

Railway

Co

Ltd

2,189

45,163

Odfjell

SE

777

CREF

Stock

Account

June

30,

2024

128

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,261

Oesterreichische

Post

AG.

$

874

143,896

Old

Dominion

Freight

Line

25,412

122,500

Orient

Overseas

International

Ltd

1,991

45,076,290

Pacific

Basin

Shipping

Ltd

14,207

205,821

Pan

Ocean

Co

Ltd

640

65,510

Pangaea

Logistics

Solutions

Ltd

513

151,120

(a)

Pegasus

Hava

Tasimaciligi

AS.

1,054

145,082

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,342

770,757

(a)

Qantas

Airways

Ltd

3,000

700,430

Qatar

Navigation

QSC

2,212

1,306,290

Qube

Holdings

Ltd

3,173

848,336

Redde

Northgate

plc

4,513

3,681,200

Regional

Container

Lines

PCL

2,859

224,908

(a)

Reysas

Tasimacilik

ve

Lojistik

Ticaret

AS.

400

1,062,246

Rumo

S.A.

3,937

142,940

(a)

RXO,

Inc

3,738

31,778

Ryder

System,

Inc

3,937

61,497

Sagami

Railway

Co

Ltd

933

19,355

(a)

Saia,

Inc

9,180

96

(a),(d)

SAir

Group

0

^

12,940

Sakai

Moving

Service

Co

Ltd

205

20,075

SAL

Saudi

Logistics

Services

1,616

323,950

Sankyu,

Inc

11,097

392,300

Santos

Brasil

Participacoes

S.A.

958

149

(a)

SAS

AB

0

^

65,719

(a)

Saudi

Ground

Services

Co

931

33,012

Saudi

Industrial

Services

Co

329

49,777

(a)

Saudi

Public

Transport

Co

233

11,204

SBS

Holdings,

Inc

187

212,900

SCGJWD

Logistics

PCL

72

39,806

(b)

Schneider

National,

Inc

962

183,300

Seibu

Holdings,

Inc

2,533

84,906

Seino

Holdings

Corp

1,150

83,496

Senko

Co

Ltd

586

122,839

SF

Holding

Co

Ltd

602

268,150

SG

Holdings

Co

Ltd

2,480

60,096

Shanghai

International

Airport

Co

Ltd

266

114,060

Shanghai

International

Port

Group

Co

Ltd

91

1,065,500

Shenzhen

International

Holdings

Ltd

850

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

104,760

Shinwa

Kaiun

Kaisha

Ltd

3,304

1,993,462

Shipping

Corp

of

India

Ltd

5,999

234,700

SIA

Engineering

Co

Ltd

401

558,000

Sichuan

Expressway

Co

Ltd

244

279,400

(a)

SIMPAR

S.A.

266

227,000

Sincere

Navigation

Corp

214

1,101,073

(b)

Singapore

Airlines

Ltd

5,595

738,124

(a)

Singapore

Airport

Terminal

Services

Ltd

1,548

1,316,619

(b)

Singapore

Post

Ltd

418

1,132,000

SITC

International

Holdings

Co

Ltd

3,070

10,578

Sixt

AG.

751

13,648

Sixt

AG.

(Preference)

751

435,164

Southwest

Airlines

Co

12,450

162,741

(a)

SpiceJet

Ltd

101

23,700

Spring

Airlines

Co

Ltd

183

16,612

Stolt-Nielsen

Ltd

786

40,383

Sumitomo

Warehouse

Co

Ltd

659

8,832

(a)

Svitzer

A.S.

329

64,000

T3EX

Global

Holdings

Corp

192

1,488,501

Taiwan

High

Speed

Rail

Corp

1,394

150,087

(a)

TAV

Havalimanlari

Holding

AS

1,193

7,889

TCI

Express

Ltd

116

129

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

68,749

(b)

TFI

International,

Inc

$

9,982

16,586

Theeb

Rent

A

Car

Co

300

250,535

(b)

TNT

NV

340

131,500

Tobu

Railway

Co

Ltd

2,217

103,060

Tokyu

Corp

1,138

5,648,600

(a),(d)

Trada

Alam

Minera

Tbk

PT

0

^

5,907

Trancom

Co

Ltd

240

875,700

(a)

Transcoal

Pacific

Tbk

PT

404

26,549

Transport

Corp

of

India

Ltd

287

2,602,082

Transurban

Group

21,461

463,901

(a)

Turk

Hava

Yollari

AO

4,386

64,570

(a)

Tway

Air

Co

Ltd

115

3,550,047

(a)

Uber

Technologies,

Inc

258,017

71,107

U-Haul

Holding

Co

4,268

341,000

U-Ming

Marine

Transport

Corp

588

1,466,398

Union

Pacific

Corp

331,787

237,382

(a)

United

Airlines

Holdings,

Inc

11,551

27,314

United

International

Transportation

Co

637

918,613

United

Parcel

Service,

Inc

(Class

B)

125,712

345,600

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

468

67,336

(a),(d)

Virgin

Australia

Holdings

Pty

Ltd

0

^

30,917

VRL

Logistics

Ltd

209

207,372

Wallenius

Wilhelmsen

ASA

2,123

265,350

Wan

Hai

Lines

Ltd

725

689,700

(a)

WCE

Holdings

Bhd

126

91,900

West

Japan

Railway

Co

1,715

28,193

(b)

Westshore

Terminals

Investment

Corp

468

154,300

Wilson

Sons

Holdings

Brasil

S.A.

420

318,000

Wisdom

Marine

Lines

Co

Ltd

667

83,056

(a)

XPO,

Inc

8,816

948,436

Yamato

Transport

Co

Ltd

10,452

1,464,000

Yang

Ming

Marine

Transport

3,366

75,759

YTO

Express

Group

Co

Ltd

163

922,000

Yuexiu

Transport

Infrastructure

Ltd

479

68,515

Yunda

Holding

Co

Ltd

73

888,415

Zhejiang

Expressway

Co

Ltd

598

108,316

ZIM

Integrated

Shipping

Services

Ltd

2,401

177,183

ZTO

Express

Cayman,

Inc

(ADR)

3,677

TOTAL

TRANSPORTATION

1,906,790

UTILITIES

-

2.4%

4,199,815

A2A

S.p.A.

8,337

24,309

(b)

Acciona

S.A.

2,877

30,382

ACEA

S.p.A.

492

7,797,000

ACEN

Corp

665

125,092

ACWA

Power

Co

11,810

268,090

(a)

Adani

Green

Energy

Ltd

5,734

667,221

(a)

Adani

Power

Ltd

5,736

160,823

AES

Brasil

Energia

S.A.

328

560,998

AES

Corp

9,857

1,572,249

AGL

Energy

Ltd

11,329

2,182,532

Aguas

Andinas

S.A.

596

634,800

(a)

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS.

280

282,547

(a)

Akfen

Yenilenebilir

Enerji

AS.

239

79,153

Aksa

Enerji

Uretim

AS

107

477,637

(b)

Algonquin

Power

&

Utilities

Corp

2,807

9,512

(a)

AlKhorayef

Water

&

Power

Technologies

Co

492

251,429

Allete,

Inc

15,677

2,884,569

Alliant

Energy

Corp

146,825

254,217

(b)

AltaGas

Ltd

5,744

124,167

Alupar

Investimento

S.A.

661

1,584,188

Ameren

Corp

112,652

CREF

Stock

Account

June

30,

2024

130

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,633,667

American

Electric

Power

Co,

Inc

$

143,338

58,480

American

States

Water

Co

4,244

1,149,762

APA

Group

6,111

27,719

Ascopiave

S.p.A.

68

58,169

Atco

Ltd

1,657

37,711

Athens

Water

Supply

&

Sewage

Co

S.A.

221

1,735,650

Auren

Energia

S.A.

3,831

42,370

Aygaz

AS

234

483,900

B

Grimm

Power

PCL

284

477,600

Banpu

Power

PCL

157

982,000

BCPG

PCL

168

254,679

Beijing

Enterprises

Holdings

Ltd

854

2,034,586

(b)

Beijing

Enterprises

Water

Group

Ltd

625

1,328,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

316

20,368

BKW

AG.

3,251

549,556

Black

Hills

Corp

29,885

69,937

Boralex,

Inc

1,713

118,599

(b)

Brookfield

Infrastructure

Corp

3,992

96,831

(b)

Brookfield

Renewable

Corp

2,748

116,494

Brookfield

Renewable

Corp

3,301

2,440,158

(a)

Can2

Termik

AS.

150

114,714

Canadian

Utilities

Ltd

2,478

407,000

(b)

Canvest

Environmental

Protection

Group

Co

Ltd

219

478,140

(b)

Capital

Power

Corp

13,627

23,310

Centerpoint

Energy,

Inc

722

1,016,851

Centrais

Eletricas

Brasileiras

S.A.

6,521

191,939

Centrais

Eletricas

Brasileiras

S.A.

1,377

179,389

Centrica

plc

306

566,175

CESC

Ltd

1,099

144,350

CEZ

AS

5,431

910,000

(b)

CGN

New

Energy

Holdings

Co

Ltd

297

1,246,100

CGN

Power

Co

Ltd

794

5,179,000

(c)

CGN

Power

Co

Ltd

2,277

2,044,000

(b)

China

Datang

Corp

Renewable

Power

Co

Ltd

528

1,168,165

China

Gas

Holdings

Ltd

1,047

1,363,044

(b)

China

Longyuan

Power

Group

Corp

Ltd

1,224

540,300

China

National

Nuclear

Power

Co

Ltd

792

2,131,847

China

Power

International

Development

Ltd

1,107

415,012

China

Resources

Gas

Group

Ltd

1,453

826,373

China

Resources

Power

Holdings

Co

2,532

1,696,300

China

Three

Gorges

Renewables

Group

Co

Ltd

1,017

742,000

China

Water

Affairs

Group

Ltd

477

650,901

China

Yangtze

Power

Co

Ltd

2,591

592,491

Chubu

Electric

Power

Co,

Inc

6,999

422,300

Chugoku

Electric

Power

Co,

Inc

2,768

286,601

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

3,844

145,300

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

543

278,100

Cia

de

Saneamento

do

Parana

278

107,000

Cia

de

Saneamento

do

Parana

528

1,546,421

Cia

Energetica

de

Minas

Gerais

2,736

925,900

Cia

Paranaense

de

Energia

1,540

560,888

CK

Infrastructure

Holdings

Ltd

3,167

1,921,700

CK

Power

PCL

205

103,072

Clearway

Energy,

Inc

(Class

A)

2,336

61,824

Clearway

Energy,

Inc

(Class

C)

1,526

1,484,551

CLP

Holdings

Ltd

12,007

6,699,123

Colbun

S.A.

867

5,840,000

Concord

New

Energy

Group

Ltd

447

68,653

Consolidated

Edison,

Inc

6,139

295,321

Constellation

Energy

Corp

59,144

604,191

Contact

Energy

Ltd

3,312

183,200

CPFL

Energia

S.A.

1,073

131

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

811,900

Datang

International

Power

Generation

Co

Ltd

$

336

1,154,406

Dominion

Energy,

Inc

56,566

2,086,641

Drax

Group

plc

12,995

765,299

Duke

Energy

Corp

76,706

1,061,072

E.ON

AG.

13,945

65,407

Edison

International

4,697

236,925

(b)

EDP

Renovaveis

S.A.

3,311

491,900

Electric

Power

Development

Co

7,690

368,500

Electricity

Generating

PCL

1,037

1,089

Elia

Group

S.A.

102

245,408

Emera,

Inc

8,189

1,693,937

Emirates

Central

Cooling

Systems

Corp

673

158,244

(b)

Enagas

2,353

93,492

(a)

Encavis

AG.

1,712

10,204

(b)

Endesa

S.A.

192

189,861

Enea

S.A.

502

25,397,947

Enel

Chile

S.A.

1,433

14,686,682

Enel

S.p.A.

101,908

1,489,037

Energias

de

Portugal

S.A.

5,583

200,278

Energisa

S.A.

1,634

224,948

Energix-Renewable

Energies

Ltd

841

1,159,544

Energy

Absolute

PCL

351

193,515

(c)

Enerjisa

Enerji

AS.

403

18,470,790

Enersis

S.A.

1,719

31,261

(a)

Enerya

Enerji

AS.

187

296,200

(a)

Eneva

S.A.

673

153,548

Engie

Brasil

Energia

S.A.

1,217

444,198

(a)

Engie

Energia

Chile

S.A.

397

1,176,622

Engie

S.A.

16,850

95,460

(a)

Enlight

Renewable

Energy

Ltd

1,509

341,835

ENN

Energy

Holdings

Ltd

2,816

133,500

ENN

Natural

Gas

Co

Ltd

382

875,811

Equatorial

Energia

S.A.

4,808

6,479

(a)

Equatorial

Energia

S.A.

36

42,456

ERG

S.p.A.

1,064

23,103

Evergy,

Inc

1,224

2,583,439

Eversource

Energy

146,507

28,662

EVN

AG.

916

84,917

Exelon

Corp

2,939

109,746

(a)

Fersa

Energias

Renovables

S.A.

219

3,855,127

FirstEnergy

Corp

147,536

421,238

Fortis,

Inc

16,372

291,415

(b)

Fortum

Oyj

4,266

2,066,161

GAIL

India

Ltd

5,428

197,700

Gas

Malaysia

Bhd

151

587,200

GD

Power

Development

Co

Ltd

484

17,660

Genie

Energy

Ltd

258

542,757

Global

Power

Synergy

PCL

584

53,969

(a)

Greenvolt-Energias

Renovaveis

S.A.

481

11,381

(a),(b)

Grenergy

Renovables

S.A.

411

1,333,210

Guangdong

Investments

Ltd

779

108,586

Gujarat

Gas

Ltd

817

229,921

Gujarat

State

Petronet

Ltd

815

2,419,327

Gulf

Energy

Development

PCL

2,662

3,863,300

Gunkul

Engineering

PCL

267

32,000

HD

Renewable

Energy

Co

Ltd

205

648,418

(b)

Hera

S.p.A.

2,216

137,393

Hokkaido

Electric

Power

Co,

Inc

1,023

134,577

Hokuriku

Electric

Power

Co

854

314,366

Holding

CO

ADMIE

IPTO

S.A.

730

10,048,103

Hong

Kong

&

China

Gas

Ltd

7,636

1,239,590

Hong

Kong

Electric

Holdings

Ltd

6,699

CREF

Stock

Account

June

30,

2024

132

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

296,319

Huadian

Power

International

Corp

Ltd

(Class

A)

$

283

228,366

Huaneng

Power

International,

Inc

-

A

302

1,778,751

Huaneng

Power

International,

Inc

-

H

1,315

281,471

Hydro

One

Ltd

8,199

5,145,465

Iberdrola

S.A.

66,762

194,190

Indraprastha

Gas

Ltd

1,171

195,623

(b)

Innergex

Renewable

Energy,

Inc

1,463

1,027,900

(a),(d)

Inter

Far

East

Energy

Corp

0

^

400,382

Interconexion

Electrica

S.A.

ESP

1,756

438,710

Inversiones

Aguas

Metropolitanas

S.A.

326

1,912,661

(a)

Iride

S.p.A.

3,980

381,294

Italgas

S.p.A

1,883

33,000

(a)

J&V

Energy

Technology

Co

Ltd

235

2,886,272

(a)

Jaiprakash

Power

Ventures

Ltd

675

299,393

JSW

Energy

Ltd

2,633

49,700

(a),(b)

K&O

Energy

Group,

Inc

1,181

638,163

Kansai

Electric

Power

Co,

Inc

10,716

5,000

(a),(b)

Kasumigaseki

Capital

Co

Ltd

430

15,611

Kenon

Holdings

Ltd

389

2,833,015

Keppel

Infrastructure

Trust

981

109,936

Korea

Electric

Power

Corp

1,556

19,016

Korea

Gas

Corp

719

18,294

(c)

KPI

Green

Energy

Ltd

395

317,500

Kyushu

Electric

Power

Co,

Inc

3,275

43,248

Mahanagar

Gas

Ltd

828

5,095,600

Malakoff

Corp

Bhd

825

266,852

Manila

Electric

Co

1,666

765,300

Manila

Water

Co,

Inc

356

369,300

Mega

First

Corp

BHD

368

586,289

Mercury

NZ

Ltd

2,344

1,082,616

Meridian

Energy

Ltd

4,148

28,730

MGE

Energy,

Inc

2,147

94,940

(a)

Montauk

Renewables,

Inc

541

583,257

National

Central

Cooling

Co

PJSC

476

30,719

National

Gas

&

Industrialization

Co

732

11,003,553

National

Grid

plc

122,867

53,319

(c)

Neoen

S.A.

2,156

63,970

New

Jersey

Resources

Corp

2,734

6,744,971

NextEra

Energy,

Inc

477,611

2,702,941

(a)

NHPC

Ltd

3,258

84,287

Nippon

Gas

Co

Ltd

1,273

247,738

NLC

India

Ltd

711

220,719

(b)

Northland

Power

Income

Fund

3,795

105,510

NorthWestern

Corp

5,284

348,358

NRG

Energy,

Inc

27,123

3,802,892

NTPC

Ltd

17,245

1,043,462

(a)

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS.

279

87,801

Okinawa

Electric

Power

Co,

Inc

609

70,630

ONE

Gas,

Inc

4,510

90,939

(a)

OPC

Energy

Ltd

637

1,456,273

Origin

Energy

Ltd

10,536

103,990

Ormat

Technologies,

Inc

7,456

176,508

Orsted

AS

9,376

311,980

Osaka

Gas

Co

Ltd

6,895

25,780

Otter

Tail

Corp

2,258

16,411

(a)

OY

Nofar

Energy

Ltd

361

217,958

Pennon

Group

plc

1,583

1,003,478

Petronas

Gas

BHD

3,791

1,714,288

(b)

PG&E

Corp

29,931

731,077

(a)

PGE

Polska

Grupa

Energetyczna

S.A.

1,304

201,112

Pinnacle

West

Capital

Corp

15,361

240,000

Portland

General

Electric

Co

10,378

133

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

66,549

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

$

1,076

4,087,760

Power

Grid

Corp

of

India

Ltd

16,189

46,789,400

PT

Perusahaan

Gas

Negara

Persero

Tbk

4,395

2,435,564

PTC

India

Ltd

6,008

176,663

(a)

Public

Power

Corp

2,125

34,076

(a)

Pure

Cycle

Corp

325

384,172

Qatar

Electricity

&

Water

Co

QSC

1,655

584,200

Ratch

Group

PCL

421

1,741,908

(a)

RattanIndia

Power

Ltd

371

13,121

Redeia

Corp

S.A.

229

1,196,569

(b)

Redes

Energeticas

Nacionais

S.A.

2,938

2,147,209

(a)

Reliance

Energy

Ltd

5,142

2,077,424

(a)

Reliance

Power

Ltd

718

32,300

(a)

RENOVA,

Inc

200

62,753

(b)

Rubis

S.C.A

1,768

2,497,543

RWE

AG.

85,679

19,600

Saibu

Gas

Co

Ltd

246

756,941

Saudi

Electricity

Co

3,315

92,869

(c)

Scatec

ASA

752

382,746

Scottish

&

Southern

Energy

plc

8,644

217,200

SDIC

Power

Holdings

Co

Ltd

545

751,300

SembCorp

Industries

Ltd

2,656

408,247

Sempra

Energy

31,051

156,600

(a)

Serena

Energia

S.A.

247

566,238

Severn

Trent

plc

17,043

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

290

41,400

Shanghai

Electric

Power

Co

Ltd

56

225,300

Shenergy

Co

Ltd

274

128,088

Shenzhen

Energy

Group

Co

Ltd

129

120,042

Shikoku

Electric

Power

Co,

Inc

1,032

76,000

Shinfox

Energy

Co

Ltd

369

28,110

Shizuoka

Gas

Co

Ltd

168

133,200

Sichuan

Chuantou

Energy

Co

Ltd

344

552,484

SJVN

Ltd

870

43,060

SJW

Corp

2,335

69,008

Snam

Rete

Gas

S.p.A.

305

63,023

(a),(b)

Solaria

Energia

y

Medio

Ambiente

S.A.

780

128,000

(a),(d)

Sound

Global

Ltd

0

^

3,141,279

Southern

Co

243,669

183,480

Spire,

Inc

11,143

2,485,595

(b)

Superior

Plus

Corp

16,116

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

230

395,213

Taiwan

Cogeneration

Corp

584

1,258,276

(a)

Tata

Power

Co

Ltd

6,640

899,941

(a)

Tauron

Polska

Energia

S.A.

885

54,887

Telecom

Plus

plc

1,223

2,286,504

Tenaga

Nasional

BHD

6,679

46,105

(a)

Terna

Energy

S.A.

962

47,009

Terna

Rete

Elettrica

Nazionale

S.p.A.

362

56,100

Toho

Gas

Co

Ltd

1,365

355,800

Tohoku

Electric

Power

Co,

Inc

3,216

1,384,151

(a)

Tokyo

Electric

Power

Co,

Inc

7,454

356,210

Tokyo

Gas

Co

Ltd

7,668

146,965

Torrent

Power

Ltd

2,638

907,000

Towngas

Smart

Energy

Co

Ltd

323

2,315,000

TPI

Polene

Power

PCL

204

211,521

TransAlta

Corp

1,500

144,200

Transmissora

Alianca

de

Energia

Eletrica

S

883

1,147,700

TTW

PCL

277

874,619

United

Utilities

Group

plc

10,865

19,710

Unitil

Corp

1,021

26,461

(a)

VA

Tech

Wabag

Ltd

405

CREF

Stock

Account

June

30,

2024

134

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,318,476

Veolia

Environnement

$

39,492

70,145

Verbund

AG.

5,550

372,941

Vistra

Corp

32,065

28,917

(a),(b)

Voltalia

S.A.

268

1,121,632

WEC

Energy

Group,

Inc

88,003

17,430

West

Holdings

Corp

283

2,288,400

(a)

Wintime

Energy

Group

Co

Ltd

371

1,344,000

(b)

Xinyi

Energy

Holdings

Ltd

174

2,920,000

YTL

Corp

BHD

2,130

2,157,700

YTL

Power

International

BHD

2,197

799,800

Zhejiang

Zheneng

Electric

Power

Co

Ltd

783

350,000

(b)

Zhongyu

Energy

Holdings

Ltd

212

1,446,287

(a)

Zorlu

Enerji

Elektrik

Uretim

AS

245

TOTAL

UTILITIES

2,988,217

TOTAL

COMMON

STOCKS

125,173,514

(Cost

$99,847,892)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUTOMOBILES

&

COMPONENTS

-

0.0%

409,140

Tata

Motors

Ltd

(DVR)

3,260

TOTAL

AUTOMOBILES

&

COMPONENTS

3,260

CAPITAL

GOODS

-

0.0%

44,371

(b)

Fincantieri

S.p.A

07/11/24

80

26,206

(b),(d)

Webuild

S.p.A

08/02/30

24

TOTAL

CAPITAL

GOODS

104

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

1

TOTAL

CONSUMER

SERVICES

1

FINANCIAL

SERVICES

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

FINANCIAL

SERVICES

0

^

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

608,974

Amplifon

S.p.A.

07/09/24

7

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

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

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

40,619

(d)

Plaza

S.A.

07/29/24

0

^

4,084

Sobha

Ltd

07/04/24

14

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

14

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

2,857

(d)

Hana

Micron,

Inc

07/30/24

5

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5

135

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

SOFTWARE

&

SERVICES

-

0.0%

19,369

(d)

Constellation

Software,

Inc

08/22/28

$

98

TOTAL

SOFTWARE

&

SERVICES

98

TRANSPORTATION

-

0.0%

3,719

Localiza

Rent

a

Car

S.A.

07/30/24

6

TOTAL

TRANSPORTATION

6

UTILITIES

-

0.0%

81,290

(d)

Arabi

Group

Holding

KSC

07/14/24

25

TOTAL

UTILITIES

25

TOTAL

RIGHTS/WARRANTS

3,521

(Cost

$2,483)

TOTAL

LONG-TERM

INVESTMENTS

125,177,232‌

(Cost

$99,850,584)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

20,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/02/24

19,988

100,000,000

FHLB

0

.000

07/08/24

99,854

26,230,000

FHLB

0

.000

07/12/24

26,177

10,840,000

FHLB

0

.000

07/19/24

10,807

13,000,000

FHLB

0

.000

07/31/24

12,937

14,922,000

FHLB

0

.000

08/02/24

14,846

11,500,000

FHLB

0

.450

08/26/24

11,410

4,625,000

FHLB

0

.000

09/20/24

4,569

3,000,000

FHLB

0

.000

12/12/24

2,930

34,921,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/10/24

34,860

TOTAL

GOVERNMENT

AGENCY

DEBT

238,378

REPURCHASE

AGREEMENT

-

0.1%

181,465,000

(h)

Fixed

Income

Clearing

Corporation

5

.320

07/01/24

181,465

TOTAL

REPURCHASE

AGREEMENT

181,465

TREASURY

DEBT

-

0.1%

9,415,000

United

States

Treasury

Bill

0

.000

07/05/24

9,409

10,000,000

United

States

Treasury

Bill

0

.000

07/25/24

9,965

30,000,000

United

States

Treasury

Bill

0

.000

07/30/24

29,873

48,665,000

United

States

Treasury

Bill

0

.000

08/13/24

48,360

30,000,000

United

States

Treasury

Bill

0

.000

08/27/24

29,755

10,000,000

United

States

Treasury

Bill

0

.000

08/29/24

9,914

TOTAL

TREASURY

DEBT

137,276

TOTAL

SHORT-TERM

INVESTMENTS

557,119

(Cost

$557,194)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.7%

CERTIFICATE

OF

DEPOSIT

-

0.2%

5,000,000

Australia

and

New

Zealand

Banking

Group

5

.810

(i)

07/25/24

5,000

2,000,000

Australia

and

New

Zealand

Banking

Group

5

.890

(i)

10/11/24

2,000

4,500,000

Australia

and

New

Zealand

Banking

Group

5

.520

(i)

12/04/24

4,500

20,936,000

BNP

Paribas

S.A.

5

.290

(i)

07/01/24

20,936

9,000,000

Canadian

Imperial

Bank

of

Commerce

5

.350

(i)

07/09/24

9,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

5

.570

(i)

11/04/24

5,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

5

.800

(i)

11/12/24

5,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

5

.500

(i)

12/06/24

5,000

5,000,000

Citibank

NA

5

.920

(i)

07/29/24

5,000

5,000,000

Citibank

NA

5

.940

(i)

08/07/24

5,000

10,000,000

Citibank

NA

5

.740

(i)

08/21/24

10,000

CREF

Stock

Account

June

30,

2024

136

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

Citibank

NA

6

.010

%

(i)

09/19/24

$

5,000

5,000,000

ING

US

Funding

LLC

5

.640

(i)

02/10/25

5,000

5,000,000

Lloyds

Bank

PLC

5

.630

(i)

12/16/24

5,000

5,000,000

MUFG

BK

LTD

5

.520

(i)

08/22/24

5,000

10,000,000

MUFG

BK

LTD

5

.580

(i)

10/25/24

10,000

9,000,000

MUFG

BK

LTD

5

.560

(i)

11/15/24

9,000

5,000,000

National

Australia

Bank

Ltd

5

.520

(i)

10/01/24

5,000

5,000,000

National

Australia

Bank

Ltd

5

.590

(i)

12/05/24

5,000

9,000,000

National

Australia

Bank

Ltd

5

.600

(i)

02/14/25

9,000

10,000,000

Natixis

SA

5

.730

(i)

08/19/24

10,000

5,000,000

Nordea

Bank

AB

publ

5

.810

(i)

07/24/24

5,000

9,000,000

Nordea

Bank

AB

publ

5

.490

(i)

09/13/24

9,000

5,000,000

Royal

Bank

of

Canada

5

.780

(i)

07/02/24

5,000

4,500,000

Royal

Bank

of

Canada

5

.610

(i)

01/22/25

4,500

10,000,000

Royal

Bank

of

Canada

5

.600

(i)

02/18/25

10,000

39,000,000

Svenska

Handelsbanken

5

.300

(i)

07/01/24

39,000

TOTAL

CERTIFICATE

OF

DEPOSIT

216,936

COMMERCIAL

PAPER

-

0.0%

9,000,000

Australia

and

New

Zealand

Banking

Group

0

.000

(i)

01/06/25

8,749

4,500,000

Australia

and

New

Zealand

Banking

Group

0

.010

(i)

04/14/25

4,312

5,000,000

ING

US

Funding

LLC

5

.820

(i)

07/08/24

5,000

5,000,000

ING

US

Funding

LLC

0

.000

(i)

07/25/24

4,981

5,000,000

ING

US

Funding

LLC

0

.000

(i)

02/07/25

4,838

10,000,000

National

Bank

of

Canada

0

.000

(i)

08/16/24

9,930

9,000,000

National

Bank

of

Canada

0

.000

(i)

10/28/24

8,841

4,500,000

Nordea

Bank

AB

publ

5

.510

(i)

10/15/24

4,500

2,250,000

Skandinaviska

Enskilda

Banken

AG

5

.590

(i)

02/28/25

2,250

TOTAL

COMMERCIAL

PAPER

53,401

REPURCHASE

AGREEMENT

-

0.5%

25,000,000

(j)

Calyon

5

.330

(i)

07/01/24

25,000

75,000,000

(k)

Citigroup

5

.340

(i)

07/01/24

75,000

55,000,000

(l)

Deutsche

Bank

5

.330

(i)

07/01/24

55,000

75,000,000

(m)

HSBC

5

.330

(i)

07/01/24

75,000

95,000,000

(n)

JP

Morgan

5

.330

(i)

07/01/24

95,000

65,000,000

(o)

Merrill

Lynch

5

.330

(i)

07/01/24

65,000

6,000,000

(p)

Merrill

Lynch

5

.320

(i)

07/01/24

6,000

20,000,000

(q)

Merrill

Lynch

5

.250

(i)

07/01/24

20,000

75,000,000

(r)

Nomura

5

.330

(i)

07/01/24

75,000

75,000,000

(s)

Royal

Bank

of

Scotland

5

.320

(i)

07/01/24

75,000

TOTAL

REPURCHASE

AGREEMENT

566,000

VARIABLE

RATE

SECURITIES

-

0.0%

4,500,000

ING

US

Funding

LLC

5

.580

(i)

11/18/24

4,500

9,000,000

National

Australia

Bank

Ltd

5

.590

(i)

03/17/25

9,000

10,000,000

Skandinaviska

Enskilda

Banken

AG

5

.590

(i)

12/26/24

10,000

TOTAL

VARIABLE

RATE

SECURITIES

23,500

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

859,837

(Cost

$859,837)

TOTAL

INVESTMENTS

-

100.5%

126,594,188

(Cost

$101,267,615)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

664,726

)

NET

ASSETS

-

100.0%

$125,929,462

137

Cost

amounts

are

in

thousands.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

TIPS

Treasury

Inflation

Protected

Security

^

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

$1,318,619,736.

(c)

Security

is

exempt

from

registration

under

Rule

144A

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

$868,263,264

or

0.7%

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

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$181,545,449

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

7/15/26,

valued

at

$185,094,320.

(i)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(j)

Agreement

with

Calyon,

5.330%

dated

6/28/24

to

be

repurchased

at

$25,094,978

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–6.000%

and

maturity

dates

8/1/51–6/1/54,

valued

at

$25,500,000.

(k)

Agreement

with

Citigroup,

5.340%

dated

6/28/24

to

be

repurchased

at

$76,381,685

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/15/27,

valued

at

$76,500,092.

(l)

Agreement

with

Deutsche

Bank,

5.330%

dated

6/28/24

to

be

repurchased

at

$55,000,000

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

dates

8/8/24–8/29/24,

valued

at

$56,100,019.

(m)

Agreement

with

HSBC,

5.330%

dated

6/28/24

to

be

repurchased

at

$75,272,679

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.468%–5.500%

and

maturity

dates

9/1/32–6/1/53,

valued

at

$76,500,000.

(n)

Agreement

with

JP

Morgan,

5.330%

dated

6/28/24

to

be

repurchased

at

$95,380,553

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.000%

and

maturity

dates

8/1/37–7/1/54,

valued

at

$96,900,000.

(o)

Agreement

with

Merrill

Lynch,

5.330%

dated

6/28/24

to

be

repurchased

at

$65,276,933

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.000%–6.000%

and

maturity

dates

4/1/52–6/1/54,

valued

at

$66,300,002.

(p)

Agreement

with

Merrill

Lynch,

5.320%

dated

6/28/24

to

be

repurchased

at

$6,000,003

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–2.250%

and

maturity

dates

6/30/26–11/15/32,

valued

at

$6,120,001.

(q)

Agreement

with

Merrill

Lynch,

5.250%

dated

6/28/24

to

be

repurchased

at

$20,067,966

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.375%

and

maturity

date

11/30/28,

valued

at

$20,400,050.

(r)

Agreement

with

Nomura,

5.330%

dated

6/28/24

to

be

repurchased

at

$75,316,657

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.500%

and

maturity

dates

9/1/27–3/1/54,

valued

at

$76,501,720.

(s)

Agreement

with

Royal

Bank

of

Scotland,

5.320%

dated

6/28/24

to

be

repurchased

at

$75,236,340

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.625%–4.500%

and

maturity

dates

5/31/27–5/31/29,

valued

at

$76,500,015.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E-Mini

Index

123‌

09/20/24

 $

12,482‌

$

12,700‌

$

218‌

S&P

500

E-Mini

Index

835‌

09/20/24

229,749‌

230,523‌

774‌

S&P

Mid-Cap

400

E-Mini

Index

65‌

09/20/24

19,045‌

19,227‌

182‌

Total

1,023‌

  $

261,276‌

 $

262,450‌

 $

1,174‌

CREF

Global

Equities

Account

June

30,

2024

Portfolio

of

Investments

138

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.9%

COMMON

STOCKS

-

98.9%

AUSTRALIA

-

1.2%

226,600

AMP

Ltd

$

165

210,063

APA

Group

1,117

1,957,047

Australia

&

New

Zealand

Banking

Group

Ltd

36,768

42,922

Australian

Stock

Exchange

Ltd

1,713

1,154,198

BHP

Billiton

Ltd

32,989

361,642

Commonwealth

Bank

of

Australia

30,635

29,136,926

(a),(b)

Empire

Energy

Group

Ltd

4,276

23,859,114

Glencore

plc

135,765

4,480,121

Ingenia

Communities

Group

14,235

512,416

Insurance

Australia

Group

Ltd

2,429

77,788

Macquarie

Group

Ltd

10,585

29,104

Magellan

Financial

Group

Ltd

162

610,631

Medibank

Pvt

Ltd

1,513

294,218

(b)

Megaport

Ltd

2,187

326,262

Mineral

Resources

Ltd

11,672

692,155

National

Australia

Bank

Ltd

16,692

203,823

(b)

Qantas

Airways

Ltd

793

325,760

QBE

Insurance

Group

Ltd

3,760

279,583

Suncorp-Metway

Ltd

3,233

227,370

(b)

Tamboran

Resources

Corp

5,116

164,809,536

(b),(c)

Tamboran

Resources

Ltd

18,691

807,689

Telstra

Corp

Ltd

1,950

764,168

Westpac

Banking

Corp

13,837

112,847

Woodside

Energy

Group

Ltd

2,125

TOTAL

AUSTRALIA

352,408

AUSTRIA

-

0.0%

12,163

Verbund

AG.

962

TOTAL

AUSTRIA

962

BELGIUM

-

0.2%

274,994

KBC

Groep

NV

19,377

238,513

UCB

S.A.

35,416

TOTAL

BELGIUM

54,793

BERMUDA

-

0.1%

69,056

RenaissanceRe

Holdings

Ltd

15,435

TOTAL

BERMUDA

15,435

BRAZIL

-

1.1%

385,700

Ambev

S.A.

787

113,000

(b)

Atacadao

S.A.

182

473,600

B3

SA-Brasil

Bolsa

Balcao

867

118,891

Banco

Bradesco

S.A.

238

1,259,285

Banco

Bradesco

S.A.

(Preference)

2,789

1,247,000

Banco

BTG

Pactual

S.A.

-

Unit

6,895

141,064

Banco

do

Brasil

S.A.

674

153,200

BB

Seguridade

Participacoes

S.A.

902

122,800

(b)

BRF

S.A.

498

124,600

Caixa

Seguridade

Participacoes

S

319

261,273

Centrais

Eletricas

Brasileiras

S.A.

1,676

52,300

Centrais

Eletricas

Brasileiras

S.A.

375

180,700

Cia

de

Concessoes

Rodoviarias

376

74,500

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

999

396,176

Cia

Energetica

de

Minas

Gerais

701

139

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

248,500

Cia

Paranaense

de

Energia

$

413

48,800

Cia

Siderurgica

Nacional

S.A.

113

2,296,738

Companhia

Vale

do

Rio

Doce

(ADR)

25,654

256,468

Cosan

SA

Industria

e

Comercio

621

49,700

CPFL

Energia

S.A.

291

50,459

Energisa

S.A.

412

76,400

(b)

Eneva

S.A.

174

40,150

Engie

Brasil

Energia

S.A.

318

1,245

(b)

Equatorial

Energia

S.A.

7

222,989

Equatorial

Energia

S.A.

1,224

371,226

Gerdau

S.A.

(Preference)

1,221

654,157

(b),(d)

Hapvida

Participacoes

e

Investimentos

S.A.

448

29,600

Hypera

S.A.

152

435,562

Investimentos

Itau

S.A.

-

PR

765

12,560,419

Itau

Unibanco

Holding

S.A.

72,822

173,360

Klabin

S.A.

665

73,963

Localiza

Rent

A

Car

556

184,992

Lojas

Renner

S.A.

413

43,520

(b)

Mercadolibre,

Inc

71,521

188,095

Natura

&

Co

Holding

S.A.

523

2,401,389

(b)

NU

Holdings

Ltd

30,954

999,004

(b)

Pagseguro

Digital

Ltd

11,678

1,837,800

Petro

Rio

S.A.

14,386

858,600

Petroleo

Brasileiro

S.A.

6,202

1,088,738

Petroleo

Brasileiro

S.A.

(Preference)

7,411

275,944

Raia

Drogasil

S.A.

1,268

91,029

(d)

Rede

D'Or

Sao

Luiz

S.A.

443

270,200

Rumo

S.A.

1,001

281,459

Sendas

Distribuidora

S.A.

521

910,058

(b)

StoneCo

Ltd

10,912

168,122

Suzano

SA

1,715

92,700

Telefonica

Brasil

S.A.

752

190,500

TIM

S.A.

541

113,500

TOTVS

S.A.

618

175,100

Ultrapar

Participacoes

S.A.

677

1,012,564

Vale

S.A.

11,270

209,100

Vibra

Energia

S.A.

782

364,920

WEG

S.A.

2,754

253,428

XP,

Inc

4,458

TOTAL

BRAZIL

304,934

CANADA

-

2.1%

1,159,787

Alimentation

Couche-Tard,

Inc

65,083

323,046

Bank

of

Montreal

27,115

268,985

Bank

of

Nova

Scotia

12,304

16,006

Brookfield

Asset

Management

Ltd

609

63,581

(b)

Brookfield

Corp

2,644

423

Brookfield

Reinsurance

Ltd

18

549,118

Cameco

Corp

27,017

197,393

(a)

Canadian

Imperial

Bank

of

Commerce

9,386

270,434

Canadian

National

Railway

Co

31,957

400,604

(a)

Canadian

Natural

Resources

Ltd

14,269

28,651

(a)

CI

Financial

Corp

302

680,486

Dollarama,

Inc

62,132

5,930

Fairfax

Financial

Holdings

Ltd

6,746

14,776

First

Capital

Real

Estate

Investment

Trust

159

61,703

(a)

Great-West

Lifeco

Inc

1,800

23,711

iA

Financial

Corp,

Inc

1,489

18,383

(a)

IGM

Financial,

Inc

507

40,758

(a)

Imperial

Oil

Ltd

2,779

31,707

Intact

Financial

Corp

5,285

654,542

(a),(b)

Ivanhoe

Mines

Ltd

8,445

CREF

Global

Equities

Account

June

30,

2024

140

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

724,647

(b)

Lightspeed

Commerce,

Inc

$

9,905

430,025

Manulife

Financial

Corp

11,451

74,467

National

Bank

of

Canada

5,906

1,865,232

(a),(b)

NexGen

Energy

Ltd

13,007

18,457

Onex

Corp

1,255

675,096

Pan

American

Silver

Corp

(Toronto)

13,418

565,437

Parex

Resources,

Inc

9,060

123,217

(a)

Power

Corp

of

Canada

3,424

127,164

RioCan

Real

Estate

Investment

Trust

1,562

315,594

Royal

Bank

of

Canada

33,600

2,298,305

(b)

Shopify,

Inc

(Class

A)

151,888

129,624

Sun

Life

Financial,

Inc

6,356

459,862

Suncor

Energy,

Inc

17,530

504,958

Teck

Cominco

Ltd

(Class

B)

24,199

38,469

Thomson

Reuters

Corp

6,485

62,470

TMX

Group

Ltd

1,739

393,071

Toronto-Dominion

Bank

21,607

11,896

West

Fraser

Timber

Co

Ltd

914

TOTAL

CANADA

613,352

CHILE

-

0.0%

3,689,013

Banco

de

Chile

412

5,867

Banco

de

Credito

e

Inversiones

165

5,304,714

Banco

Santander

Chile

S.A.

249

306,183

Cencosud

S.A.

578

3,151,319

Cia

Sud

Americana

de

Vapores

S.A.

200

248,391

Empresas

CMPC

S.A.

467

91,695

Empresas

COPEC

S.A.

706

6,305,762

Enel

Chile

S.A.

356

4,602,657

Enersis

S.A.

429

37,581,324

Lan

Airlines

S.A.

513

182,766

(b)

SACI

Falabella

563

30,796

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

1,244

TOTAL

CHILE

5,882

CHINA

-

1.8%

28,700

360

Finance,

Inc

(ADR)

566

41,200

360

Security

Technology,

Inc

43

35,400

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

63

62,500

AAC

Technologies

Holdings,

Inc

245

4,500

Accelink

Technologies

Co

Ltd

23

1,163

ACM

Research

Shanghai,

Inc

14

2,812

Advanced

Micro-Fabrication

Equipment,

Inc

China

55

12,600

AECC

Aero-Engine

Control

Co

Ltd

35

34,000

AECC

Aviation

Power

Co

Ltd

171

13,751,000

Agricultural

Bank

of

China

Ltd

5,869

434,800

Agricultural

Bank

of

China

Ltd

(Class

A)

261

41,899

Aier

Eye

Hospital

Group

Co

Ltd

59

12,400

AIMA

Technology

Group

Co

Ltd

47

55,700

(b)

Air

China

Ltd

57

30,207

Airtac

International

Group

917

50,000

(a),(b),(d)

Akeso,

Inc

241

3,931,372

Alibaba

Group

Holding

Ltd

35,433

452,759

Alibaba

Group

Holding

Ltd

(ADR)

32,599

454,000

(a),(b)

Alibaba

Health

Information

Technology

Ltd

181

350,000

Aluminum

Corp

of

China

Ltd

238

569,900

Aluminum

Corp

of

China

Ltd

(Class

A)

597

2,127

Amlogic

Shanghai

Co

Ltd

17

6,400

Angel

Yeast

Co

Ltd

25

108,500

Anhui

Conch

Cement

Co

Ltd

258

20,000

Anhui

Conch

Cement

Co

Ltd

(Class

A)

65

30,300

Anhui

Gujing

Distillery

Co

Ltd

450

141

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,400

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

$

157

25,200

(b)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

55

5,900

(b)

Anhui

Kouzi

Distillery

Co

Ltd

32

9,800

Anhui

Yingjia

Distillery

Co

Ltd

77

2,210

Anker

Innovations

Technology

Co

Ltd

22

297,200

Anta

Sports

Products

Ltd

2,842

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

16

2,800

Autobio

Diagnostics

Co

Ltd

18

5,700

Autohome,

Inc

(ADR)

156

6,900

Avary

Holding

Shenzhen

Co

Ltd

38

6,200

AVIC

Industry-Finance

Holdings

Co

Ltd

2

88,000

AviChina

Industry

&

Technology

Co

Ltd

40

5,600

AVICOPTER

plc

32

70,900

(b)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

79

488,516

(b)

Baidu,

Inc

5,289

106,000

Bank

of

Beijing

Co

Ltd

85

87,000

Bank

of

Changsha

Co

Ltd

98

18,800

Bank

of

Chengdu

Co

Ltd

39

215,500

Bank

of

China

Ltd

-

A

137

17,871,000

Bank

of

China

Ltd

-

H

8,807

233,300

Bank

of

Communications

Co

Ltd

-

A

240

804,000

Bank

of

Communications

Co

Ltd

-

H

630

29,400

Bank

of

Hangzhou

Co

Ltd

53

94,880

Bank

of

Jiangsu

Co

Ltd

97

44,300

Bank

of

Nanjing

Co

Ltd

63

33,500

Bank

of

Ningbo

Co

Ltd

101

45,122

Bank

of

Shanghai

Co

Ltd

45

73,500

Bank

of

Suzhou

Co

Ltd

76

834,005

Baoshan

Iron

&

Steel

Co

Ltd

762

56,700

(b)

BeiGene

Ltd

619

44,600

Beijing

Enlight

Media

Co

Ltd

52

48,500

Beijing

Enterprises

Holdings

Ltd

163

342,000

(a)

Beijing

Enterprises

Water

Group

Ltd

105

2,179

Beijing

Kingsoft

Office

Software,

Inc

68

23,500

Beijing

New

Building

Materials

plc

96

6,000

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

10

580

Beijing

Roborock

Technology

Co

Ltd

31

9,600

Beijing

Tiantan

Biological

Products

Corp

Ltd

32

6,900

Beijing

Tongrentang

Co

Ltd

36

5,060

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

46

51,800

Beijing

Yanjing

Brewery

Co

Ltd

63

250,100

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

185

51,700

(b)

Beiqi

Foton

Motor

Co

Ltd

16

4,480

Bethel

Automotive

Safety

Systems

Co

Ltd

24

18,900

(a),(b)

Bilibili,

Inc

294

1,770

(b)

Bloomage

Biotechnology

Corp

Ltd

14

18,700

(d)

BOC

Aviation

Ltd

134

820,000

BOC

Hong

Kong

Holdings

Ltd

2,530

14,900

BOC

International

China

Co

Ltd

19

240,600

BOE

Technology

Group

Co

Ltd

135

906,000

Bosideng

International

Holdings

Ltd

564

708,000

Brilliance

China

Automotive

Holdings

Ltd

742

24,700

BYD

Co

Ltd

849

232,500

BYD

Co

Ltd

(H

shares)

6,905

65,000

BYD

Electronic

International

Co

Ltd

324

22,060

By-health

Co

Ltd

41

163,000

(a)

C&D

International

Investment

Group

Ltd

303

30,030

Caitong

Securities

Co

Ltd

27

2,274

(b)

Cambricon

Technologies

Corp

Ltd

62

2,860

Canmax

Technologies

Co

Ltd

7

5,731

Cathay

Biotech,

Inc

36

326,400

CGN

Power

Co

Ltd

208

CREF

Global

Equities

Account

June

30,

2024

142

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,033,000

(d)

CGN

Power

Co

Ltd

$

454

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

25

24,000

Changjiang

Securities

Co

Ltd

16

1,600

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

25

10,100

Chaozhou

Three-Circle

Group

Co

Ltd

40

3,200

Chengxin

Lithium

Group

Co

Ltd

6

5,500

Chifeng

Jilong

Gold

Mining

Co

Ltd

12

35,100

China

Baoan

Group

Co

Ltd

42

8,142,000

China

Citic

Bank

5,217

561,000

(b)

China

Coal

Energy

Co

655

224,000

China

Communications

Services

Corp

Ltd

121

73,000

China

Construction

Bank

Corp

-

A

74

21,248,000

China

Construction

Bank

Corp

-

H

15,707

61,000

China

CSSC

Holdings

Ltd

341

75,900

(b)

China

Eastern

Airlines

Corp

Ltd

42

558,000

(b)

China

Energy

Engineering

Corp

Ltd

163

231,800

China

Everbright

Bank

Co

Ltd

-

A

101

407,000

(b)

China

Everbright

Bank

Co

Ltd

-

H

127

868,000

(d)

China

Feihe

Ltd

400

24,800

China

Film

Co

Ltd

37

324,000

China

Galaxy

Securities

Co

Ltd

169

41,200

China

Galaxy

Securities

Co

Ltd

(Class

A)

61

228,400

China

Gas

Holdings

Ltd

205

9,100

China

Great

Wall

Securities

Co

Ltd

8

6,400

China

Greatwall

Technology

Group

Co

Ltd

8

242,000

(a)

China

Hongqiao

Group

Ltd

365

413,800

China

Insurance

International

Holdings

Co

Ltd

422

9,100

China

International

Capital

Corp

Ltd

37

124,400

(d)

China

International

Capital

Corp

Ltd

138

19,429

China

Jushi

Co

Ltd

30

1,744,000

China

Life

Insurance

Co

Ltd

2,461

42,000

China

Life

Insurance

Co

Ltd

(Class

A)

179

31,800

(a),(b),(d)

China

Literature

Ltd

102

281,000

China

Longyuan

Power

Group

Corp

Ltd

252

262,000

China

Mengniu

Dairy

Co

Ltd

469

2,326,500

China

Merchants

Bank

Co

Ltd

10,572

1,430,890

China

Merchants

Bank

Co

Ltd

(Class

A)

6,725

193,800

(b)

China

Merchants

Energy

Shipping

Co

Ltd

225

66,400

China

Merchants

Expressway

Network

&

Technology

Holdings

Co

Ltd

108

133,426

China

Merchants

Holdings

International

Co

Ltd

198

36,020

China

Merchants

Securities

Co

Ltd

69

116,900

(b)

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

141

157,800

(b)

China

Minsheng

Banking

Corp

Ltd

-

A

82

633,300

China

Minsheng

Banking

Corp

Ltd

-

H

219

837,000

China

Molybdenum

Co

Ltd

764

234,000

China

Molybdenum

Co

Ltd

(Class

A)

273

392,000

China

National

Building

Material

Co

Ltd

140

32,900

(b)

China

National

Chemical

Engineering

Co

Ltd

37

6,100

China

National

Medicines

Corp

Ltd

26

94,300

China

National

Nuclear

Power

Co

Ltd

138

16,200

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

38

648,000

China

Oilfield

Services

Ltd

621

808,435

China

Overseas

Land

&

Investment

Ltd

1,399

98,600

(b)

China

Pacific

Insurance

Group

Co

Ltd

-

A

377

616,000

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,499

413,000

China

Power

International

Development

Ltd

214

102,500

China

Railway

Group

Ltd

-

A

92

353,000

China

Railway

Group

Ltd

-

H

195

59,748

China

Railway

Signal

&

Communication

Corp

Ltd

49

17,300

China

Rare

Earth

Resources

And

Technology

Co

Ltd

60

138,000

China

Resources

Beer

Holdings

Company

Ltd

464

82,300

China

Resources

Gas

Group

Ltd

288

143

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

734,836

China

Resources

Land

Ltd

$

2,503

5,871

China

Resources

Microelectronics

Ltd

30

169,000

(d)

China

Resources

Mixc

Lifestyle

Services

Ltd

559

175,500

(d)

China

Resources

Pharmaceutical

Group

Ltd

130

162,000

China

Resources

Power

Holdings

Co

496

6,110

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

36

1,432,000

(a),(b)

China

Ruyi

Holdings

Ltd

384

114,000

China

Shenhua

Energy

Co

Ltd

-

A

696

793,000

China

Shenhua

Energy

Co

Ltd

-

H

3,655

126,000

(a)

China

Shipping

Development

Co

Ltd

163

46,700

(b)

China

Southern

Airlines

Co

Ltd

(Class

A)

38

224,800

China

State

Construction

Engineering

Corp

Ltd

164

162,000

China

State

Construction

International

Holdings

Ltd

220

437,100

China

Three

Gorges

Renewables

Group

Co

Ltd

262

29,000

(a),(d)

China

Tourism

Group

Duty

Free

Corp

Ltd

177

22,425

China

Tourism

Group

Duty

Free

Corp

Ltd

192

4,094,000

(d)

China

Tower

Corp

Ltd

529

522,400

(a)

China

Vanke

Co

Ltd

311

116,800

China

Vanke

Co

Ltd

(Class

A)

111

80,500

China

XD

Electric

Co

Ltd

89

129,300

China

Yangtze

Power

Co

Ltd

515

2,600

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

15

67,540

China

Zheshang

Bank

Co

Ltd

26

5,000

Chongqing

Brewery

Co

Ltd

42

17,154

Chongqing

Changan

Automobile

Co

Ltd

32

231,700

Chongqing

Rural

Commercial

Bank

Co

Ltd

160

10,950

(b)

Chongqing

Zhifei

Biological

Products

Co

Ltd

42

508,600

Chow

Tai

Fook

Jewellery

Group

Ltd

551

540,000

Citic

Pacific

Ltd

491

33,300

Citic

Pacific

Special

Steel

Group

Co

Ltd

62

156,774

CITIC

Securities

Co

Ltd

230

64,870

CITIC

Securities

Co

Ltd

(Class

A)

162

4,420

CNGR

Advanced

Material

Co

Ltd

19

305,000

CNOOC

Energy

Technology

&

Services

Ltd

173

135,800

CNPC

Capital

Co

Ltd

103

111,162

Contemporary

Amperex

Technology

Co

Ltd

2,754

147,500

COSCO

SHIPPING

Development

Co

Ltd

52

83,800

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

180

173,160

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

369

641,650

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

1,120

2,908,000

(a),(e)

Country

Garden

Holdings

Co

Ltd

135

18,800

CSC

Financial

Co

Ltd

50

7,680

CSPC

Innovation

Pharmaceutical

Co

Ltd

27

700,880

CSPC

Pharmaceutical

Group

Ltd

558

21,700

(b)

CSSC

Science

&

Technology

Co

Ltd

40

93,600

Daqin

Railway

Co

Ltd

92

14,049

DaShenLin

Pharmaceutical

Group

Co

Ltd

28

209,600

Datang

International

Power

Generation

Co

Ltd

87

91,200

Dong-E-E-Jiao

Co

Ltd

786

39,000

Dongfang

Electric

Corp

Ltd

99

11,300

Dongxing

Securities

Co

Ltd

12

79,006

East

Money

Information

Co

Ltd

115

4,500

Eastroc

Beverage

Group

Co

Ltd

133

5,000

Ecovacs

Robotics

Co

Ltd

32

1,800

Empyrean

Technology

Co

Ltd

19

66,700

ENN

Energy

Holdings

Ltd

549

35,900

ENN

Natural

Gas

Co

Ltd

103

3,600

(b)

Eoptolink

Technology,

Inc

Ltd

52

8,770

Eve

Energy

Co

Ltd

48

21,000

Everbright

Securities

Co

Ltd

42

30,895

(b)

Everdisplay

Optronics

Shanghai

Co

Ltd

8

72,000

Far

East

Horizon

Ltd

47

CREF

Global

Equities

Account

June

30,

2024

144

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,200

FAW

Jiefang

Group

Co

Ltd

$

26

25,700

First

Capital

Securities

Co

Ltd

18

8,600

Flat

Glass

Group

Co

Ltd

24

34,000

(a)

Flat

Glass

Group

Co

Ltd

50

89,100

Focus

Media

Information

Technology

Co

Ltd

74

55,422

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

262

695,500

Fosun

International

373

38,800

Founder

Securities

Co

Ltd

41

66,500

Foxconn

Industrial

Internet

Co

Ltd

247

2,700

Fu

Jian

Anjoy

Foods

Co

Ltd

28

22,700

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

150

143,800

(d)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

833

4,305

GalaxyCore,

Inc

7

31,200

(a),(d)

Ganfeng

Lithium

Group

Co

Ltd

61

7,920

Ganfeng

Lithium

Group

Co

Ltd

31

1,805,000

(b)

GCL

Technology

Holdings

Ltd

267

90,000

GD

Power

Development

Co

Ltd

74

196,000

(a),(b)

GDS

Holdings

Ltd

(ADR)

1,821

1,358,000

Geely

Automobile

Holdings

Ltd

1,527

67,800

GEM

Co

Ltd

59

92,000

(a),(b)

Genscript

Biotech

Corp

98

90,600

GF

Securities

Co

Ltd

75

31,000

GF

Securities

Co

Ltd

(Class

A)

52

69,800

(d)

Giant

Biogene

Holding

Co

ltd

408

3,312

GigaDevice

Semiconductor,

Inc

43

3,900

Ginlong

Technologies

Co

Ltd

22

16,600

GoerTek,

Inc

44

8,555

Gongniu

Group

Co

Ltd

91

1,663

GoodWe

Technologies

Co

Ltd

13

6,800

Gotion

High-tech

Co

Ltd

18

529,500

(a)

Great

Wall

Motor

Co

Ltd

815

27,800

Great

Wall

Motor

Co

Ltd

97

14,200

Gree

Electric

Appliances,

Inc

of

Zhuhai

77

19,700

GRG

Banking

Equipment

Co

Ltd

28

21,000

Guangdong

Haid

Group

Co

Ltd

136

45,900

Guangdong

HEC

Technology

Holding

Co

Ltd

44

252,000

Guangdong

Investments

Ltd

147

295,900

Guanghui

Energy

Co

Ltd

272

59,400

Guangzhou

Automobile

Group

Co

Ltd

63

960,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

339

39,400

Guangzhou

Baiyun

International

Airport

Co

Ltd

51

10,500

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

42

9,600

Guangzhou

Haige

Communications

Group,

Inc

Co

14

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

7

2,095

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

8

21,800

Guangzhou

Tinci

Materials

Technology

Co

Ltd

53

13,486

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

9

12,200

Guolian

Securities

Co

Ltd

16

28,300

Guosen

Securities

Co

Ltd

34

41,000

Guotai

Junan

Securities

Co

Ltd

76

25,790

Guoyuan

Securities

Co

Ltd

21

389,000

(d)

Haidilao

International

Holding

Ltd

699

208,800

Haier

Smart

Home

Co

Ltd

696

30,300

Haier

Smart

Home

Co

Ltd

118

255,800

(b)

Hainan

Airlines

Holding

Co

Ltd

36

145,500

(b)

Hainan

Airport

Infrastructure

Co

Ltd

63

156,000

Haitian

International

Holdings

Ltd

441

263,600

Haitong

Securities

Co

Ltd

122

53,100

Haitong

Securities

Co

Ltd

(Class

A)

62

13,100

Hang

Zhou

Great

Star

Industrial

Co

Ltd

44

9,305

Hangzhou

First

Applied

Material

Co

Ltd

19

12,900

Hangzhou

Oxygen

Plant

Group

Co

Ltd

39

145

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,930

Hangzhou

Robam

Appliances

Co

Ltd

$

24

6,900

Hangzhou

Silan

Microelectronics

Co

Ltd

17

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

12

100,000

(d)

Hansoh

Pharmaceutical

Group

Co

Ltd

209

8,800

Haohua

Chemical

Science

&

Technology

Co

Ltd

35

22,500

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

66

24,100

Heilongjiang

Agriculture

Co

Ltd

41

46,600

Henan

Shenhuo

Coal

&

Power

Co

Ltd

129

41,000

Henan

Shuanghui

Investment

&

Development

Co

Ltd

134

169,000

Hengan

International

Group

Co

Ltd

515

7,900

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

14

99,280

Hengli

Petrochemical

Co

Ltd

190

11,400

Hengtong

Optic-electric

Co

Ltd

25

49,430

Hengyi

Petrochemical

Co

Ltd

48

209,900

Hesteel

Co

Ltd

56

15,500

(b)

Hisense

Home

Appliances

Group

Co

Ltd

69

87,000

Hisense

Kelon

Electrical

Holdings

Co

Ltd

286

21,000

Hisense

Visual

Technology

Co

Ltd

71

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

40

88,000

HLA

Corp

Ltd

112

2,360

Hongfa

Technology

Co

Ltd

9

13,333

(b)

Horizon

Construction

Development

Ltd

3

9,500

(b)

Hoshine

Silicon

Industry

Co

Ltd

61

47,000

(d)

Hua

Hong

Semiconductor

Ltd

132

41,700

Huadian

Power

International

Corp

Ltd

(Class

A)

40

9,740

Huadong

Medicine

Co

Ltd

37

52,800

(b)

Huafon

Chemical

Co

Ltd

52

7,000

Huagong

Tech

Co

Ltd

29

63,700

Huaibei

Mining

Holdings

Co

Ltd

147

9,360

Hualan

Biological

Engineering,

Inc

20

44,300

Huaneng

Power

International,

Inc

-

A

59

374,000

Huaneng

Power

International,

Inc

-

H

276

116,200

(d)

Huatai

Securities

Co

Ltd

128

15,500

Huatai

Securities

Co

Ltd

(Class

A)

26

49,500

Huaxia

Bank

Co

Ltd

44

37,700

Huayu

Automotive

Systems

Co

Ltd

85

16,983

Huazhu

Group

Ltd

(ADR)

566

4,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

20

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

69

9,500

Humanwell

Healthcare

Group

Co

Ltd

22

83,600

Hunan

Valin

Steel

Co

Ltd

51

8,412

Hundsun

Technologies,

Inc

20

704

(b)

Hwatsing

Technology

Co

Ltd

18

27,400

(a),(b),(d)

Hygeia

Healthcare

Holdings

Co

Ltd

99

11,443

Hygon

Information

Technology

Co

Ltd

110

23,431

(b)

iClick

Interactive

Asia

Group

Ltd

(ADR)

30

12,800

Iflytek

Co

Ltd

75

1,260

Imeik

Technology

Development

Co

Ltd

30

329,900

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

259

14,479,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

8,606

105,200

(b)

Industrial

Bank

Co

Ltd

255

40,790

Industrial

Securities

Co

Ltd

28

2,700

Ingenic

Semiconductor

Co

Ltd

21

228,300

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

44

57,600

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

167

137,200

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

70

87,300

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

310

299,200

Inner

Mongolia

Yitai

Coal

Co

537

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

54

375,000

(b),(d)

Innovent

Biologics,

Inc

1,765

8,800

Inspur

Electronic

Information

Industry

Co

Ltd

44

37,153

(b)

iQIYI,

Inc

(ADR)

136

CREF

Global

Equities

Account

June

30,

2024

146

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,250

Isoftstone

Information

Technology

Group

Co

Ltd

$

69

42,300

JA

Solar

Technology

Co

Ltd

65

4,810

Jason

Furniture

Hangzhou

Co

Ltd

21

12,700

(b)

JCHX

Mining

Management

Co

Ltd

88

92,550

(b),(d)

JD

Health

International,

Inc

251

508,500

(b),(d)

JD

Logistics,

Inc

544

1,963,055

JD.com,

Inc

25,495

163,889

JD.com,

Inc

(ADR)

4,235

73,400

Jiangsu

Eastern

Shenghong

Co

Ltd

80

134,000

(b)

Jiangsu

Express

143

16,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

108

32,882

(b)

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

174

16,400

Jiangsu

King's

Luck

Brewery

JSC

Ltd

104

5,500

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

18

2,550

Jiangsu

Pacific

Quartz

Co

Ltd

10

35,900

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

54

17,700

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

196

3,900

Jiangsu

Yangnong

Chemical

Co

Ltd

30

6,400

Jiangsu

Yoke

Technology

Co

Ltd

55

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

27

47,500

Jiangsu

Zhongtian

Technology

Co

Ltd

103

97,000

Jiangxi

Copper

Co

Ltd

193

11,158

Jiangxi

Copper

Co

Ltd

(Class

A)

36

57,600

Jinduicheng

Molybdenum

Co

Ltd

82

31,018

Jinko

Solar

Co

Ltd

30

1,000

JiuGui

Liquor

Co

Ltd

6

188,600

Jizhong

Energy

Resources

Co

Ltd

174

8,900

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

14

21,257

Jointown

Pharmaceutical

Group

Co

Ltd

14

6,900

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

22

11,700

Juneyao

Airlines

Co

Ltd

18

59,100

Kanzhun

Ltd

(ADR)

1,112

54,800

KE

Holdings,

Inc

(ADR)

775

229,000

(b)

Kingdee

International

Software

Group

Co

Ltd

214

35,900

Kingnet

Network

Co

Ltd

47

79,600

Kingsoft

Corp

Ltd

229

492,900

(b),(d)

Kuaishou

Technology

2,893

35,200

(b)

Kuang-Chi

Technologies

Co

Ltd

84

6,500

Kunlun

Tech

Co

Ltd

29

16,097

Kweichow

Moutai

Co

Ltd

3,243

33,700

LB

Group

Co

Ltd

86

680,000

Lenovo

Group

Ltd

954

22,700

Lens

Technology

Co

Ltd

57

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

3

273,200

(b)

Li

Auto,

Inc

2,447

192,500

Li

Ning

Co

Ltd

415

114,600

Liaoning

Port

Co

Ltd

19

23,300

Lingyi

iTech

Guangdong

Co

23

2,100

Livzon

Pharmaceutical

Group,

Inc

11

461,000

(a),(d)

Longfor

Group

Holdings

Ltd

630

40,213

LONGi

Green

Energy

Technology

Co

Ltd

77

92,109

(b)

Luxshare

Precision

Industry

Co

Ltd

497

19,700

Luzhou

Laojiao

Co

Ltd

388

25,790

Mango

Excellent

Media

Co

Ltd

74

2,172

Maxscend

Microelectronics

Co

Ltd

23

72,500

Meihua

Holdings

Group

Co

Ltd

100

1,343,090

(b),(d)

Meituan

19,091

85,700

Metallurgical

Corp

of

China

Ltd

37

4,721

MGI

Tech

Co

Ltd

31

47,800

Midea

Group

Co

Ltd

424

83,400

MINISO

Group

Holding

Ltd

397

780,000

(a),(b)

MMG

Ltd

298

147

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,822

Montage

Technology

Co

Ltd

$

38

73,444

Muyuan

Foods

Co

Ltd

440

91,000

Nanjing

Iron

&

Steel

Co

Ltd

62

18,200

Nanjing

Securities

Co

Ltd

19

114,452

NARI

Technology

Co

Ltd

392

13,128

(b)

National

Silicon

Industry

Group

Co

Ltd

25

2,500

NAURA

Technology

Group

Co

Ltd

110

710,695

NetEase,

Inc

13,571

30,800

New

China

Life

Insurance

Co

Ltd

-

A

127

251,000

New

China

Life

insurance

Co

Ltd

-

H

478

50,700

(b)

New

Hope

Liuhe

Co

Ltd

64

327,040

(b)

New

Oriental

Education

&

Technology

Group,

Inc

2,514

7,500

Ninestar

Corp

27

6,804

Ningbo

Deye

Technology

Co

Ltd

70

8,100

Ningbo

Joyson

Electronic

Corp

16

8,800

Ningbo

Orient

Wires

&

Cables

Co

Ltd

59

23,200

Ningbo

Sanxing

Medical

Electric

Co

Ltd

112

14,000

Ningbo

Shanshan

Co

Ltd

16

12,300

Ningbo

Tuopu

Group

Co

Ltd

90

106,000

Ningxia

Baofeng

Energy

Group

Co

Ltd

253

298,030

(a),(b)

NIO,

Inc

(ADR)

1,240

466,800

(a),(d)

Nongfu

Spring

Co

Ltd

2,217

197,100

Offshore

Oil

Engineering

Co

Ltd

160

20,900

(b)

OFILM

Group

Co

Ltd

22

5,840

Oppein

Home

Group,

Inc

43

46,728

Orient

Securities

Co

Ltd

49

61,700

Oriental

Pearl

Group

Co

Ltd

52

119,700

(b)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

41

278,645

(b)

PDD

Holdings,

Inc

(ADR)

37,046

18,400

People.cn

Co

Ltd

50

2,569,000

People's

Insurance

Co

Group

of

China

Ltd

880

206,300

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

146

7,425

Pharmaron

Beijing

Co

Ltd

-

A

19

1,628,000

(b)

PICC

Property

&

Casualty

Co

Ltd

2,018

94,200

Ping

An

Bank

Co

Ltd

131

1,497,703

Ping

An

Insurance

Group

Co

of

China

Ltd

6,785

147,900

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

840

90,400

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

139

1,360

Piotech,

Inc

22

151,500

(b)

Poly

Developments

and

Holdings

Group

Co

Ltd

182

107,200

(d)

Pop

Mart

International

Group

Ltd

523

161,100

Postal

Savings

Bank

of

China

Co

Ltd

-

A

112

694,000

(d)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

406

73,900

Power

Construction

Corp

of

China

Ltd

57

76,400

(b)

Qinghai

Salt

Lake

Industry

Co

Ltd

183

20,100

Range

Intelligent

Computing

Technology

Group

Co

Ltd

66

1,600

Rockchip

Electronics

Co

Ltd

13

126,850

Rongsheng

Petrochemical

Co

Ltd

168

116,600

SAIC

Motor

Corp

Ltd

222

31,700

Sailun

Group

Co

Ltd

61

25,400

Sanan

Optoelectronics

Co

Ltd

41

2,500

Sangfor

Technologies,

Inc

17

112,100

Sany

Heavy

Industry

Co

Ltd

254

45,573

Satellite

Chemical

Co

Ltd

113

28,600

(b)

SDIC

Capital

Co

Ltd

22

44,200

SDIC

Power

Holdings

Co

Ltd

111

6,200

Seazen

Holdings

Co

Ltd

8

20,100

(b)

Seres

Group

Co

Ltd

251

26,600

SF

Holding

Co

Ltd

130

2,437

SG

Micro

Corp

28

169,300

Shaanxi

Coal

Industry

Co

Ltd

600

109,700

(b)

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

150

CREF

Global

Equities

Account

June

30,

2024

148

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,320

Shandong

Gold

Mining

Co

Ltd

-

A

$

65

67,250

(d)

Shandong

Gold

Mining

Co

Ltd

-

H

134

12,000

(b)

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

63

43,450

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

159

11,800

Shandong

Linglong

Tyre

Co

Ltd

30

57,200

Shandong

Nanshan

Aluminum

Co

Ltd

30

43,600

Shandong

Sun

Paper

Industry

JSC

Ltd

84

198,400

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

95

7,840

(b)

Shanghai

Aiko

Solar

Energy

Co

Ltd

10

208,013

Shanghai

Baosight

Software

Co

Ltd

336

8,298

Shanghai

Baosight

Software

Co

Ltd

36

51,300

Shanghai

Construction

Group

Co

Ltd

15

238,600

Shanghai

Electric

Group

Co

Ltd

121

15,300

Shanghai

Electric

Power

Co

Ltd

21

8,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

26

638

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

16

13,100

Shanghai

International

Airport

Co

Ltd

58

22,500

Shanghai

International

Port

Group

Co

Ltd

18

9,400

(b)

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

30

1,880

(b)

Shanghai

Lingang

Holdings

Corp

Ltd

2

9,700

Shanghai

M&G

Stationery,

Inc

42

6,100

Shanghai

Moons'

Electric

Co

Ltd

34

16,300

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

43

69,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

105

139,700

Shanghai

Pudong

Development

Bank

Co

Ltd

158

21,136

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

41

21,200

Shanghai

RAAS

Blood

Products

Co

Ltd

23

150,300

Shanghai

Rural

Commercial

Bank

Co

Ltd

139

3,921

Shanghai

United

Imaging

Healthcare

Co

Ltd

59

54,600

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

39

21,500

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

54

36,000

Shanxi

Coal

International

Energy

Group

Co

Ltd

72

73,579

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

184

28,000

(b)

Shanxi

Meijin

Energy

Co

Ltd

18

74,700

Shanxi

Taigang

Stainless

Steel

Co

Ltd

35

16,380

(b)

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

474

131,670

(b)

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

187

3,500

Shede

Spirits

Co

Ltd

27

46,300

Shenergy

Co

Ltd

56

9,700

Shengyi

Technology

Co

Ltd

28

1,280

Shennan

Circuits

Co

Ltd

19

116,200

Shenwan

Hongyuan

Group

Co

Ltd

69

9,280

Shenzhen

Capchem

Technology

Co

Ltd

36

28,300

Shenzhen

Energy

Group

Co

Ltd

28

2,700

Shenzhen

Goodix

Technology

Co

Ltd

25

17,100

Shenzhen

Inovance

Technology

Co

Ltd

121

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

3

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

10

2,900

Shenzhen

Kedali

Industry

Co

Ltd

30

6,200

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

248

3,200

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

30

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

22

5,873

Shenzhen

Transsion

Holdings

Co

Ltd

62

8,500

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

30

181,900

Shenzhou

International

Group

Holdings

Ltd

1,777

8,380

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

18

77,900

Sichuan

Changhong

Electric

Co

Ltd

48

23,700

Sichuan

Chuantou

Energy

Co

Ltd

61

94,400

(b)

Sichuan

Hebang

Biotechnology

Co

Ltd

21

153,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

640

107,100

(b)

Sichuan

Road

and

Bridge

Group

Co

Ltd

116

5,100

Sichuan

Swellfun

Co

Ltd

26

149

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,100

Sieyuan

Electric

Co

Ltd

$

111

27,000

Silergy

Corp

383

18,700

(b)

Sinolink

Securities

Co

Ltd

19

46,300

Sinoma

International

Engineering

Co

77

21,400

Sinoma

Science

&

Technology

Co

Ltd

38

9,668

Sinomine

Resource

Group

Co

Ltd

36

118,800

Sinopharm

Group

Co

Ltd

316

168,500

Sinotruk

Hong

Kong

Ltd

437

422,000

(a),(d)

Smoore

International

Holdings

Ltd

511

14,600

Songcheng

Performance

Development

Co

Ltd

16

28,262

SooChow

Securities

Co

Ltd

23

29,700

Southwest

Securities

Co

Ltd

15

4,500

Spring

Airlines

Co

Ltd

35

1,260

StarPower

Semiconductor

Ltd

15

27,440

Sungrow

Power

Supply

Co

Ltd

234

58,700

Sunny

Optical

Technology

Group

Co

Ltd

361

6,850

(b)

Sunresin

New

Materials

Co

Ltd

39

12,100

Sunwoda

Electronic

Co

Ltd

25

7,800

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

22

3,224

Suzhou

Maxwell

Technologies

Co

Ltd

53

3,220

Suzhou

TFC

Optical

Communication

Co

Ltd

39

96,142

(b)

TAL

Education

Group

(ADR)

1,026

92,660

TBEA

Co

Ltd

177

262,510

TCL

Technology

Group

Corp

156

18,375

(b)

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

22

2,141,400

Tencent

Holdings

Ltd

101,589

1,151,406

Tencent

Music

Entertainment

Group

(ADR)

16,177

1,700

Thunder

Software

Technology

Co

Ltd

11

106,700

Tian

Di

Science

&

Technology

Co

Ltd

101

48,200

Tianfeng

Securities

Co

Ltd

14

71,700

Tianqi

Lithium

Corp

294

51,600

Tianshan

Aluminum

Group

Co

Ltd

57

23,400

Tianshui

Huatian

Technology

Co

Ltd

26

490,000

Tingyi

Cayman

Islands

Holding

Corp

590

102,000

Tongcheng

Travel

Holdings

Ltd

202

6,900

TongFu

Microelectronics

Co

Ltd

21

20,800

Tongkun

Group

Co

Ltd

46

223,200

Tongling

Nonferrous

Metals

Group

Co

Ltd

111

60,700

Tongwei

Co

Ltd

159

502,000

(d)

Topsports

International

Holdings

Ltd

267

245,000

Travelsky

Technology

Ltd

286

9,731

Trina

Solar

Co

Ltd

23

114,750

(b)

Trip.com

Group

Ltd

5,431

152,000

(b)

Tsingtao

Brewery

Co

Ltd

1,011

9,800

Tsingtao

Brewery

Co

Ltd

(Class

A)

98

4,099

Unigroup

Guoxin

Microelectronics

Co

Ltd

30

15,200

Unisplendour

Corp

Ltd

46

5,000

Universal

Scientific

Industrial

Shanghai

Co

Ltd

11

1,383

(b)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

5

78,265

Vipshop

Holdings

Ltd

(ADR)

1,019

5,800

Walvax

Biotechnology

Co

Ltd

9

31,900

(b)

Wanda

Film

Holding

Co

Ltd

53

44,700

Wanhua

Chemical

Group

Co

Ltd

496

1,126,000

Want

Want

China

Holdings

Ltd

681

171,000

Weichai

Power

Co

Ltd

326

41,500

Weichai

Power

Co

Ltd

(Class

A)

93

9,580

(b)

Weihai

Guangwei

Composites

Co

Ltd

33

94,875

Wens

Foodstuffs

Group

Co

Ltd

259

16,000

Western

Mining

Co

Ltd

39

26,400

Western

Securities

Co

Ltd

22

7,014

(b)

Western

Superconducting

Technologies

Co

Ltd

37

201,284

Will

Semiconductor

Co

Ltd

2,748

CREF

Global

Equities

Account

June

30,

2024

150

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,700

Wingtech

Technology

Co

Ltd

$

26

627,100

(b)

Wintime

Energy

Group

Co

Ltd

102

114,100

Wuchan

Zhongda

Group

Co

Ltd

68

14,574

Wuhan

Guide

Infrared

Co

Ltd

12

19,400

(b)

Wuliangye

Yibin

Co

Ltd

341

8,410

WUS

Printed

Circuit

Kunshan

Co

Ltd

42

13,016

WuXi

AppTec

Co

Ltd

-

A

70

30,185

(d)

WuXi

AppTec

Co

Ltd

-

H

113

1,656,000

(b),(d)

Wuxi

Biologics

Cayman,

Inc

2,437

159,600

(b)

XCMG

Construction

Machinery

Co

Ltd

157

48,700

Xiamen

C

&

D,

Inc

60

1,200

Xiamen

Faratronic

Co

Ltd

13

26,600

Xiamen

Tungsten

Co

Ltd

63

1,558,000

(b),(d)

Xiaomi

Corp

3,275

7,856

Xinjiang

Daqo

New

Energy

Co

Ltd

22

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

50

404,863

Xinyi

Solar

Holdings

Ltd

203

269,100

(a),(b)

XPeng,

Inc

993

284,000

(d)

Yadea

Group

Holdings

Ltd

357

51,800

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

250

717,600

(a)

Yanzhou

Coal

Mining

Co

Ltd

1,024

79,250

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

248

6,370

Yealink

Network

Technology

Corp

Ltd

32

15,088

Yifeng

Pharmacy

Chain

Co

Ltd

51

18,500

Yihai

Kerry

Arawana

Holdings

Co

Ltd

70

36,820

Yintai

Gold

Co

Ltd

82

6,890

YongXing

Special

Materials

Technology

Co

Ltd

34

17,959

Yonyou

Network

Technology

Co

Ltd

25

22,100

Youngor

Group

Co

Ltd

22

16,800

YTO

Express

Group

Co

Ltd

36

32,921

Yum

China

Holdings,

Inc

1,015

17,180

Yunda

Holding

Co

Ltd

18

19,100

Yunnan

Aluminium

Co

Ltd

35

8,900

Yunnan

Baiyao

Group

Co

Ltd

63

4,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

28

114,300

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

84

8,400

Yunnan

Energy

New

Material

Co

Ltd

37

34,100

Yunnan

Tin

Co

Ltd

73

49,200

Yunnan

Yuntianhua

Co

Ltd

131

131,100

(a),(b)

Zai

Lab

Ltd

223

30,800

Zangge

Mining

Co

Ltd

102

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

80

129,500

Zhaojin

Mining

Industry

Co

Ltd

217

98,220

(b)

Zhejiang

Century

Huatong

Group

Co

Ltd

46

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

45

23,700

Zhejiang

Chint

Electrics

Co

Ltd

62

19,900

Zhejiang

Dahua

Technology

Co

Ltd

42

6,460

Zhejiang

Dingli

Machinery

Co

Ltd

54

179,880

Zhejiang

Expressway

Co

Ltd

121

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

22

7,093

Zhejiang

Huayou

Cobalt

Co

Ltd

22

6,400

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

25

39,200

Zhejiang

Juhua

Co

Ltd

130

114,600

(a),(b),(d)

Zhejiang

Leapmotor

Technologies

Ltd

392

55,900

Zhejiang

Longsheng

Group

Co

Ltd

66

16,304

Zhejiang

NHU

Co

Ltd

43

24,800

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

65

2,937

Zhejiang

Supcon

Technology

Co

Ltd

15

5,600

Zhejiang

Supor

Co

Ltd

39

35,400

Zhejiang

Wanfeng

Auto

Wheel

Co

Ltd

65

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

53

19,800

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

42

151

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

208,600

Zhejiang

Zheneng

Electric

Power

Co

Ltd

$

204

45,500

Zhengzhou

Yutong

Bus

Co

Ltd

162

18,500

Zheshang

Securities

Co

Ltd

27

16,380

Zhongji

Innolight

Co

Ltd

307

35,600

Zhongjin

Gold

Corp

Ltd

72

203,000

Zhongsheng

Group

Holdings

Ltd

297

49,700

Zhongtai

Securities

Co

Ltd

39

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

64

121,100

(b)

Zhuzhou

CSR

Times

Electric

Co

Ltd

477

1,404,000

Zijin

Mining

Group

Co

Ltd

2,958

605,150

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,456

93,300

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

99

22,200

(b)

ZTE

Corp

85

62,200

(b)

ZTE

Corp

(Class

H)

137

35,346

ZTO

Express

Cayman,

Inc

(ADR)

733

TOTAL

CHINA

521,290

COLOMBIA

-

0.0%

20,180

BanColombia

S.A.

172

39,744

BanColombia

S.A.

(Preference)

326

105,813

Interconexion

Electrica

S.A.

ESP

464

TOTAL

COLOMBIA

962

CZECH

REPUBLIC

-

0.0%

37,082

CEZ

AS

1,395

5,945

Komercni

Banka

AS

199

15,414

(d)

Moneta

Money

Bank

AS

67

TOTAL

CZECH

REPUBLIC

1,661

DENMARK

-

1.6%

109,774

Carlsberg

AS

(Class

B)

13,179

587,623

Danske

Bank

AS

17,526

894,750

GN

Store

Nord

24,927

2,370,318

Novo

Nordisk

A.S.

339,156

39,405

Orsted

AS

2,093

494,203

(b)

Zealand

Pharma

AS

63,172

TOTAL

DENMARK

460,053

EGYPT

-

0.0%

189,952

Commercial

International

Bank

306

353,767

Eastern

Tobacco

134

211,573

Talaat

Moustafa

Group

251

TOTAL

EGYPT

691

FINLAND

-

0.2%

395,356

Mandatum

Holding

Oy

1,765

791,178

Nordea

Bank

AB

publ

9,432

1,503,673

Nordea

Bank

AB

publ

17,925

395,356

Sampo

Oyj

17,049

TOTAL

FINLAND

46,171

FRANCE

-

1.7%

891,894

Airbus

SE

122,409

45,956

Arkema

4,005

677,999

BNP

Paribas

S.A.

43,359

433,778

Cie

Generale

des

Etablissements

Michelin

S.C.A

16,766

281,170

Danone

17,222

173,357

Essilor

International

S.A.

37,252

8,474

Gecina

S.A.

782

11,403

(a)

ICADE

282

122,040

Kering

44,391

149,359

L'Oreal

S.A.

65,743

CREF

Global

Equities

Account

June

30,

2024

152

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

88,181

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

$

67,705

354,073

Orange

S.

A.

3,551

9,112

Pernod-Ricard

S.A.

1,243

218,899

Safran

S.A.

46,135

261,967

Total

S.A.

17,540

524,147

Veolia

Environnement

15,700

TOTAL

FRANCE

504,085

GERMANY

-

1.7%

48,344

Allianz

AG.

13,427

635,826

Aroundtown

S.A.

1,336

343,385

BASF

SE

16,600

303,278

Beiersdorf

AG.

44,390

686,191

(b)

Borussia

Dortmund

GmbH

&

Co

KGaA

2,620

239,069

Brenntag

SE

16,128

40,008

(d)

Covestro

AG.

2,345

105,213

Deutsche

Boerse

AG.

21,505

680,780

Deutsche

Telekom

AG.

17,112

379,772

Dr

ING

hc

F

Porsche

AG.

28,252

370,165

E.ON

AG.

4,865

490,726

HeidelbergCement

AG.

50,728

2,509,542

Infineon

Technologies

AG.

92,101

14,832

LEG

Immobilien

SE

1,212

1,015

OSRAM

Licht

AG.

54

2,051,555

RWE

AG.

70,379

594,575

Siemens

AG.

110,666

150,586

Vonovia

SE

4,285

TOTAL

GERMANY

498,005

GREECE

-

0.0%

176,388

(b)

Alpha

Services

and

Holdings

S.A.

287

221,030

(b)

Eurobank

Ergasias

Services

and

Holdings

S.A.

479

5,760

(b),(e)

FF

Group

0

^

39,393

Hellenic

Telecommunications

Organization

S.A.

566

24,558

JUMBO

S.A.

707

16,712

Motor

Oil

Hellas

Corinth

Refineries

S.A.

419

11,881

Mytilineos

Holdings

S.A.

444

66,203

(b)

National

Bank

of

Greece

S.A.

552

39,032

OPAP

S.A.

612

87,925

(b)

Piraeus

Financial

Holdings

S.A.

320

43,787

(b)

Public

Power

Corp

527

TOTAL

GREECE

4,913

HONG

KONG

-

0.2%

2,510,500

AIA

Group

Ltd

16,985

286,600

ASM

Pacific

Technology

3,969

129,000

Bank

of

East

Asia

Ltd

164

216,000

(a)

Cathay

Pacific

Airways

Ltd

221

107,230

CK

Infrastructure

Holdings

Ltd

606

333,000

CLP

Holdings

Ltd

2,693

845,000

(a)

Hang

Lung

Properties

Ltd

719

169,500

Hang

Seng

Bank

Ltd

2,179

315,000

Henderson

Land

Development

Co

Ltd

845

2,115,806

Hong

Kong

&

China

Gas

Ltd

1,608

246,712

Hong

Kong

Electric

Holdings

Ltd

1,333

262,182

Hong

Kong

Exchanges

and

Clearing

Ltd

8,391

529,600

Hongkong

Land

Holdings

Ltd

1,706

382,239

Link

REIT

1,484

368,000

(a)

New

World

Development

Co

Ltd

344

30,500

Orient

Overseas

International

Ltd

496

601,605

Prudential

plc

5,455

866,250

Sino

Biopharmaceutical

Ltd

296

153

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

320,500

Sun

Hung

Kai

Properties

Ltd

$

2,777

261,000

Wharf

Real

Estate

Investment

Co

Ltd

692

TOTAL

HONG

KONG

52,963

HUNGARY

-

0.0%

135,557

MOL

Hungarian

Oil

&

Gas

plc

1,058

16,698

OTP

Bank

Rt

828

54,226

Richter

Gedeon

Rt

1,409

TOTAL

HUNGARY

3,295

INDIA

-

1.7%

12,046

ABB

Ltd

India

1,226

38,063

Adani

Enterprises

Ltd

1,448

69,233

(b)

Adani

Green

Energy

Ltd

1,481

115,741

Adani

Ports

&

Special

Economic

Zone

Ltd

2,049

170,107

(b)

Adani

Power

Ltd

1,463

131,777

Ambuja

Cements

Ltd

1,057

36,218

APL

Apollo

Tubes

Ltd

675

44,217

Apollo

Hospitals

Enterprise

Ltd

3,274

321,342

Ashok

Leyland

Ltd

931

85,093

Asian

Paints

Ltd

2,971

29,477

Astral

Ltd

840

30,187

(d)

AU

Small

Finance

Bank

Ltd

243

21,109

Aurobindo

Pharma

Ltd

305

35,550

(b),(d)

Avenue

Supermarts

Ltd

2,011

1,106,711

Axis

Bank

Ltd

16,772

15,227

Bajaj

Auto

Ltd

1,735

59,512

Bajaj

Finance

Ltd

5,072

31,427

Bajaj

Finserv

Ltd

598

5,567

Bajaj

Holdings

&

Investment

Ltd

569

16,494

Balkrishna

Industries

Ltd

637

64,295

(d)

Bandhan

Bank

Ltd

157

87,407

Bank

of

Baroda

288

819,637

Bharat

Electronics

Ltd

3,000

55,411

Bharat

Forge

Ltd

1,109

240,265

Bharat

Heavy

Electricals

Ltd

865

179,094

Bharat

Petroleum

Corp

Ltd

653

179,094

Bharat

Petroleum

Corp

Ltd

652

532,828

Bharti

Airtel

Ltd

9,219

1,645

(b)

Bosch

Ltd

672

24,374

(b)

Britannia

Industries

Ltd

1,599

406,768

Canara

Bank

581

51,080

CG

Power

&

Industrial

Solutions

Ltd

431

33,887

Cholamandalam

Investment

and

Finance

Co

Ltd

577

170,371

Cipla

Ltd

3,020

377,433

Coal

India

Ltd

2,138

30,827

Colgate-Palmolive

India

Ltd

1,050

54,175

Container

Corp

Of

India

Ltd

676

31,305

Cummins

India

Ltd

1,487

115,208

Dabur

India

Ltd

829

19,839

Divi's

Laboratories

Ltd

1,092

169,711

DLF

Ltd

1,675

36,853

Dr

Reddy's

Laboratories

Ltd

2,827

29,924

Eicher

Motors

Ltd

1,676

536,999

GAIL

India

Ltd

1,411

537,100

(b)

GMR

Infrastructure

Ltd

620

90,671

Godrej

Consumer

Products

Ltd

1,493

26,173

(b)

Godrej

Properties

Ltd

1,004

58,860

Grasim

Industries

Ltd

1,882

54,997

Havells

India

Ltd

1,201

79,543

HCL

Technologies

Ltd

1,389

8,202

(d)

HDFC

Asset

Management

Co

Ltd

392

CREF

Global

Equities

Account

June

30,

2024

154

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

636,860

HDFC

Bank

Ltd

$

12,861

478,314

HDFC

Bank

Ltd

(ADR)

30,770

211,824

(d)

HDFC

Life

Insurance

Co

Ltd

1,510

26,696

Hero

Honda

Motors

Ltd

1,783

360,468

Hindalco

Industries

Ltd

2,988

45,933

Hindustan

Aeronautics

Ltd

2,897

68,152

Hindustan

Lever

Ltd

2,019

65,676

(b)

Hindustan

Petroleum

Corp

Ltd

262

131,351

Hindustan

Petroleum

Corp

Ltd

522

1,202,110

ICICI

Bank

Ltd

17,302

47,716

(d)

ICICI

Lombard

General

Insurance

Co

Ltd

1,022

77,399

(d)

ICICI

Prudential

Life

Insurance

Co

Ltd

561

267,860

(b)

IDFC

First

Bank

Ltd

264

192,692

Indian

Hotels

Co

Ltd

1,442

667,402

Indian

Oil

Corp

Ltd

1,322

50,566

Indian

Railway

Catering

&

Tourism

Corp

Ltd

599

175,908

(b)

Indus

Towers

Ltd

791

23,886

IndusInd

Bank

Ltd

419

15,086

Info

Edge

India

Ltd

1,226

999,884

Infosys

Technologies

Ltd

18,764

37,775

(b),(d)

InterGlobe

Aviation

Ltd

1,914

252,828

ITC

Ltd

1,287

72,617

Jindal

Stainless

Ltd

715

29,560

Jindal

Steel

&

Power

Ltd

370

77,264

JSW

Energy

Ltd

680

188,686

JSW

Steel

Ltd

2,105

75,713

Jubilant

Foodworks

Ltd

511

90,916

Kotak

Mahindra

Bank

Ltd

1,960

146,584

Larsen

&

Toubro

Ltd

6,227

292,899

(d)

LTIMindtree

Ltd

18,869

19,566

Lupin

Ltd

380

65,139

(d)

Macrotech

Developers

Ltd

1,175

580,306

Mahindra

&

Mahindra

Ltd

19,920

22,233

(b)

Mankind

Pharma

Ltd

566

114,983

Marico

Ltd

845

31,278

Maruti

Suzuki

India

Ltd

4,510

172,296

Max

Healthcare

Institute

Ltd

1,940

15,511

Mphasis

Ltd

456

532

MRF

Ltd

825

9,441

Muthoot

Finance

Ltd

203

75,665

Nestle

India

Ltd

2,313

698,140

(b)

NHPC

Ltd

842

219,037

NMDC

Ltd

645

984,960

NTPC

Ltd

4,467

1,188

Page

Industries

Ltd

556

63,549

(b)

PB

Fintech

Ltd

1,065

21,924

Persistent

Systems

Ltd

1,113

182,410

Petronet

LNG

Ltd

721

21,716

Phoenix

Mills

Ltd

933

18,243

PI

Industries

Ltd

830

34,113

Pidilite

Industries

Ltd

1,291

437,260

(b)

Piramal

Pharma

Ltd

822

12,039

(b)

Polycab

India

Ltd

972

124,044

Power

Finance

Corp

Ltd

720

1,058,047

Power

Grid

Corp

of

India

Ltd

4,190

187,690

Punjab

National

Bank

277

111,102

REC

Ltd

699

2,341,010

Reliance

Industries

Ltd

87,757

16,786,223

(b)

Reliance

Strategic

Investments

Ltd

71,902

585,760

Samvardhana

Motherson

International

Ltd

1,334

22,113

SBI

Cards

&

Payment

Services

Ltd

192

101,262

(d)

SBI

Life

Insurance

Co

Ltd

1,810

155

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,964

Shree

Cement

Ltd

$

656

22,757

Shriram

Finance

Ltd

793

20,145

Siemens

India

Ltd

1,859

6,062

(b)

Solar

Industries

India

Ltd

727

85,461

(d)

Sona

Blw

Precision

Forgings

Ltd

656

32,506

SRF

Ltd

948

151,091

State

Bank

of

India

1,535

325,745

Sun

Pharmaceutical

Industries

Ltd

5,932

14,282

(b)

Sundaram

Finance

Ltd

803

14,223

Supreme

Industries

Ltd

1,014

2,068,679

(b)

Suzlon

Energy

Ltd

1,307

26,229

(b)

Tata

Communications

Ltd

582

107,610

Tata

Consultancy

Services

Ltd

5,027

128,377

Tata

Consumer

Products

Ltd

1,686

2,744

Tata

Elxsi

Ltd

230

369,584

Tata

Motors

Ltd

4,379

326,363

(b)

Tata

Power

Co

Ltd

1,722

812,402

Tata

Steel

Ltd

1,691

44,122

Tech

Mahindra

Ltd

754

9,269

Thermax

Ltd

595

74,523

Titan

Co

Ltd

3,037

52,397

Torrent

Pharmaceuticals

Ltd

1,752

37,952

Torrent

Power

Ltd

681

40,296

Trent

Ltd

2,644

23,371

Tube

Investments

of

India

Ltd

1,192

52,293

TVS

Motor

Co

Ltd

1,481

25,853

Ultra

Tech

Cement

Ltd

3,612

124,807

Union

Bank

of

India

204

64,662

United

Spirits

Ltd

988

106,754

UPL

Ltd

730

102,519

Varun

Beverages

Ltd

1,999

123,610

Vedanta

Ltd

672

110,718

Wipro

Ltd

683

1,161,716

(b)

Yes

Bank

Ltd

329

1,442,177

(b)

Zomato

Ltd

3,461

TOTAL

INDIA

497,616

INDONESIA

-

0.1%

3,817,000

Adaro

Energy

Indonesia

Tbk

PT

650

1,442,400

(b)

Amman

Mineral

Internasional

PT

968

1,680,400

Astra

International

Tbk

PT

457

12,089,100

Bank

Central

Asia

Tbk

PT

7,315

1,180,000

Bank

Negara

Indonesia

Persero

Tbk

PT

335

82,665,993

Bank

Rakyat

Indonesia

23,179

5,913,743

Barito

Pacific

Tbk

PT

357

1,719,400

Chandra

Asri

Pacific

Tbk

PT

969

1,475,300

Charoen

Pokphand

Indonesia

Tbk

PT

457

191,672,600

(b)

GoTo

Gojek

Tokopedia

Tbk

PT

583

485,000

Indah

Kiat

Pulp

&

Paper

Tbk

PT

263

447,500

Indofood

CBP

Sukses

Makmur

Tbk

PT

281

1,641,400

Kalbe

Farma

Tbk

PT

153

758,249

(b)

Merdeka

Copper

Gold

Tbk

PT

110

553,000

PT

Aneka

Tambang

Tbk

42

3,118,594

PT

Bank

Mandiri

Persero

Tbk

1,167

913,800

PT

Indofood

Sukses

Makmur

Tbk

339

1,547,900

PT

Unilever

Indonesia

Tbk

285

133,500

PT

United

Tractors

Tbk

179

4,248,900

Sumber

Alfaria

Trijaya

Tbk

PT

713

4,214,400

Telkom

Indonesia

Persero

Tbk

PT

801

TOTAL

INDONESIA

39,603

CREF

Global

Equities

Account

June

30,

2024

156

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

IRELAND

-

0.2%

3,677,634

AIB

Group

plc

$

19,422

428,877

Keywords

Studios

plc

12,534

642,516

Smurfit

Kappa

Group

plc

28,658

TOTAL

IRELAND

60,614

ISRAEL

-

0.0%

251,752

Bank

Hapoalim

Ltd

2,223

322,121

Bank

Leumi

Le-Israel

2,626

258,072

Israel

Discount

Bank

Ltd

1,288

31,084

Mizrahi

Tefahot

Bank

Ltd

1,054

TOTAL

ISRAEL

7,191

ITALY

-

0.7%

421,320

(a)

Amplifon

S.p.A.

14,982

4,715,684

(a)

Davide

Campari-Milano

NV

44,647

9,070,731

Enel

S.p.A.

62,940

59,133

Ferrari

NV

24,132

636,048

Moncler

S.p.A

39,018

1,858,781

PRADA

S.p.A

13,850

TOTAL

ITALY

199,569

JAPAN

-

6.2%

88,400

Acom

Co

Ltd

225

366

Activia

Properties,

Inc

829

3,738,600

Advantest

Corp

151,510

300

Aeon

Mall

Co

Ltd

4

321,600

Aisin

Seiki

Co

Ltd

10,506

10,008

All

Nippon

Airways

Co

Ltd

185

26,200

(a)

Aozora

Bank

Ltd

429

596,300

Asahi

Breweries

Ltd

21,100

208,179

Asahi

Kasei

Corp

1,337

334,685

Central

Japan

Railway

Co

7,255

37,900

Century

Leasing

System,

Inc

356

117,500

Chiba

Bank

Ltd

1,053

152,400

Chubu

Electric

Power

Co,

Inc

1,800

227,900

Concordia

Financial

Group

Ltd

1,350

214,700

Daifuku

Co

Ltd

4,032

239,100

Dai-ichi

Life

Holdings,

Inc

6,403

2,914,191

Daiichi

Sankyo

Co

Ltd

101,279

95,031

Daikin

Industries

Ltd

13,230

7,800

Daito

Trust

Construction

Co

Ltd

807

361

Daiwa

House

REIT

Investment

Corp

553

320,300

Daiwa

Securities

Group,

Inc

2,459

60,600

Disco

Corp

23,083

419,758

East

Japan

Railway

Co

6,989

20,000

Fast

Retailing

Co

Ltd

5,059

38,100

Fukuoka

Financial

Group,

Inc

1,026

11,410,320

(b)

Hitachi

Ltd

256,918

156,700

(b)

Hoya

Corp

18,324

174,200

(a)

Hulic

Co

Ltd

1,548

843

Hulic

Reit,

Inc

766

4,143,800

Infomart

Corp

7,992

8

Invincible

Investment

Corp

3

464,700

(a)

Itochu

Corp

22,844

89,600

Japan

Post

Bank

Co

Ltd

851

349,300

Japan

Post

Holdings

Co

Ltd

3,472

49,800

Japan

Post

Insurance

Co

Ltd

969

4

Japan

Retail

Fund

Investment

Corp

2

144,000

Kansai

Electric

Power

Co,

Inc

2,418

321,300

KDDI

Corp

8,512

295

Kenedix

Realty

Investment

Corp

287

157

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,200

Kyoto

Financial

Group,

Inc

$

504

205,700

Mebuki

Financial

Group,

Inc

807

524,400

Mitsubishi

Corp

10,309

759,000

Mitsubishi

Electric

Corp

12,163

411,473

Mitsubishi

Estate

Co

Ltd

6,478

9,702,200

Mitsubishi

UFJ

Financial

Group,

Inc

104,706

89,200

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

590

2,070,600

Mitsui

&

Co

Ltd

47,223

25,950

Mitsui

Fudosan

Co

Ltd

239

1,355

Mitsui

Fudosan

Logistics

Park,

Inc

3,659

295,800

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

6,604

534,800

Mizuho

Financial

Group,

Inc

11,256

1,410,800

(a)

MonotaRO

Co

Ltd

16,523

320

Mori

Hills

REIT

Investment

Corp

262

953,400

Murata

Manufacturing

Co

Ltd

19,743

1,480,600

Nintendo

Co

Ltd

79,066

130,500

Nippon

Paint

Co

Ltd

853

6,272,800

Nippon

Telegraph

&

Telephone

Corp

5,932

697,200

(b)

Nomura

Holdings,

Inc

4,027

868

Nomura

Real

Estate

Master

Fund,

Inc

771

128,811

Omron

Corp

4,460

1,141,400

Oriental

Land

Co

Ltd

31,895

291,100

ORIX

Corp

6,452

586

Orix

JREIT,

Inc

581

113,000

Osaka

Securities

Exchange

Co

Ltd

2,650

193,900

Otsuka

Holdings

Co

Ltd

8,192

1,889,500

Recruit

Holdings

Co

Ltd

101,669

463,700

Resona

Holdings,

Inc

3,085

52,300

SBI

Holdings,

Inc

1,327

155,200

Sekisui

House

Ltd

3,449

2,055,300

Seven

&

I

Holdings

Co

Ltd

25,116

130,700

Seven

Bank

Ltd

219

749,700

Shin-Etsu

Chemical

Co

Ltd

29,150

92,400

Shizuoka

Financial

Group,

Inc

893

24,300

SMC

Corp

11,578

223,200

Sompo

Holdings,

Inc

4,782

1,580,865

Sony

Corp

134,723

3,703

Star

Asia

Investment

Corp

1,376

5,941,100

(a)

Sumco

Corp

85,943

88,001

(a)

Sumitomo

Heavy

Industries

Ltd

2,297

1,701,301

Sumitomo

Mitsui

Financial

Group,

Inc

114,200

149,800

Sumitomo

Mitsui

Trust

Holdings,

Inc

3,443

20

Sumitomo

Realty

&

Development

Co

Ltd

1

119,100

T&D

Holdings,

Inc

2,080

19,682

Taiyo

Nippon

Sanso

Corp

584

644,897

TechnoPro

Holdings,

Inc

10,563

419,600

Tokio

Marine

Holdings,

Inc

15,768

302,900

(b)

Tokyo

Electric

Power

Co,

Inc

1,631

115,500

Tokyo

Electron

Ltd

25,283

159,900

Tokyo

Gas

Co

Ltd

3,442

282,800

(a)

Tokyo

Tatemono

Co

Ltd

4,500

238,301

Toray

Industries,

Inc

1,130

7,193,710

(b)

Toyota

Motor

Corp

147,597

538

United

Urban

Investment

Corp

478

TOTAL

JAPAN

1,810,017

KOREA,

REPUBLIC

OF

-

1.1%

13,264

(b)

Alteogen,

Inc

2,689

6,327

Amorepacific

Corp

766

1,549

(b)

Celltrion

Pharm

Inc

99

32,979

Celltrion,

Inc

4,158

1,735

CJ

CheilJedang

Corp

484

CREF

Global

Equities

Account

June

30,

2024

158

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,982

(b)

CosmoAM&T

Co

Ltd

$

206

11,195

Coway

Co

Ltd

519

12,107

Daewoo

International

Corp

570

7,271

(b)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

161

10,102

Dongbu

Insurance

Co

Ltd

837

12,265

Doosan

Bobcat,

Inc

454

36,600

(b)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

532

6,587

Ecopro

BM

Co

Ltd

869

21,725

Ecopro

Co

Ltd

1,411

3,006

(b)

Ecopro

Materials

Co

Ltd

197

2,465

(b)

Enchem

Co

Ltd

400

11,561

GS

Holdings

Corp

393

24,250

Hana

Financial

Group,

Inc

1,067

2,063

Hanjin

Kal

Corp

96

16,014

Hankook

Tire

&

Technology

Co

Ltd

523

4,144

Hanmi

Pharm

Co

Ltd

811

3,668

Hanmi

Semiconductor

Co

Ltd

453

24,182

Hanwha

Chemical

Corp

481

3,805

HD

Hyundai

Co

Ltd

205

4,795

HD

Hyundai

Electric

Co

Ltd

1,072

4,699

(b)

HD

Hyundai

Heavy

Industries

Co

Ltd

530

25,686

(b)

HLB,

Inc

1,086

19,357

HMM

Co

Ltd

276

4,237

Honam

Petrochemical

Corp

351

4,460

HYBE

Co

Ltd

653

130,832

Hynix

Semiconductor,

Inc

22,203

6,230

Hyundai

Engineering

&

Construction

Co

Ltd

144

3,996

Hyundai

Glovis

Co

Ltd

634

3,506

(b)

Hyundai

Heavy

Industries

404

13,328

Hyundai

Mobis

2,421

29,835

Hyundai

Motor

Co

6,363

8,000

Hyundai

Motor

Co

Ltd

(2nd

Preference)

1,061

5,151

Hyundai

Motor

Co

Ltd

(Preference)

678

22,150

Hyundai

Steel

Co

465

21,817

Industrial

Bank

of

Korea

222

67,297

Kakao

Corp

1,972

13,449

KakaoBank

Corp

197

223,212

KB

Financial

Group,

Inc

12,696

57,477

Kia

Motors

Corp

5,378

16,641

Korea

Aerospace

Industries

Ltd

639

21,651

Korea

Electric

Power

Corp

307

2,984

Korea

Investment

Holdings

Co

Ltd

151

738

Korea

Zinc

Co

Ltd

275

12,329

Korean

Air

Lines

Co

Ltd

208

2,367

(b),(d)

Krafton,

Inc

482

2,856

KT

Corp

77

22,753

KT&G

Corp

1,454

8,053

(b)

Kum

Yang

Co

Ltd

499

1,361

Kumho

Petrochemical

Co

Ltd

144

4,067

L&F

Co

Ltd

397

10,841

LG

Chem

Ltd

2,702

1,719

LG

Chem

Ltd

(Preference)

300

20,661

LG

Corp

1,202

25,654

LG

Display

Co

Ltd

213

8,693

LG

Electronics,

Inc

697

3,897

(b)

LG

Energy

Solution

Ltd

919

1,929

LG

Household

&

Health

Care

Ltd

482

1,172

LG

Innotek

Co

Ltd

230

18,879

LG

Telecom

Ltd

134

7,991

Meritz

Financial

Group,

Inc

458

17,668

Mirae

Asset

Daewoo

Co

Ltd

93

28,272

Naver

Corp

3,402

159

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,187

NCSoft

Corp

$

154

2,085

(d)

Netmarble

Corp

81

5,169

Orion

Corp/Republic

of

Korea

345

19,416

POSCO

5,082

11,726

POSCO

DX

Co

Ltd

324

6,821

POSCO

Future

M

Co

Ltd

1,268

4,323

(b),(d)

Samsung

Biologics

Co

Ltd

2,275

18,330

Samsung

C&T

Corp

1,881

46,953

Samsung

Electro-Mechanics

Co

Ltd

5,354

3,242,116

Samsung

Electronics

Co

Ltd

190,811

180,980

Samsung

Electronics

Co

Ltd

(Preference)

8,310

12,813

(b)

Samsung

Engineering

Co

Ltd

223

6,781

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,907

54,611

(b)

Samsung

Heavy

Industries

Co

Ltd

370

17,479

Samsung

Life

Insurance

Co

Ltd

1,118

20,346

Samsung

SDI

Co

Ltd

5,195

3,453

Samsung

SDS

Co

Ltd

371

2,897

Samsung

Techwin

Co

Ltd

522

99,299

Shinhan

Financial

Group

Co

Ltd

3,462

4,665

(b)

SK

Biopharmaceuticals

Co

Ltd

261

1,817

(b)

SK

Bioscience

Co

Ltd

69

2,380

(b),(d)

SK

IE

Technology

Co

Ltd

76

5,410

(b)

SK

Innovation

Co

Ltd

453

8,116

(b)

SK

Square

Co

Ltd

586

4,927

SK

Telecom

Co

Ltd

184

3,064

SK,

Inc

351

3,900

SKC

Co

Ltd

475

12,521

S-Oil

Corp

604

47,924

Woori

Financial

Group,

Inc

511

8,668

Woori

Investment

&

Securities

Co

Ltd

80

4,648

Yuhan

Corp

272

TOTAL

KOREA,

REPUBLIC

OF

325,627

KUWAIT

-

0.0%

113,812

Boubyan

Bank

KSCP

210

165,048

Gulf

Bank

KSCP

154

854,658

Kuwait

Finance

House

KSCP

1,984

164,950

Mabanee

Co

SAK

447

511,945

Mobile

Telecommunications

Co

KSCP

743

665,957

National

Bank

of

Kuwait

SAKP

1,873

TOTAL

KUWAIT

5,411

LUXEMBOURG

-

0.2%

858,733

(a),(b)

BK

LC

Lux

Finco

2

Sarl

46,724

11,120

Reinet

Investments

S.C.A

281

TOTAL

LUXEMBOURG

47,005

MALAYSIA

-

0.1%

165,100

AMMB

Holdings

BHD

150

232,943

Axiata

Group

Bhd

129

569,979

Bumiputra-Commerce

Holdings

BHD

821

242,400

Digi.Com

BHD

189

425,572

Gamuda

BHD

593

479,200

Genting

BHD

478

630,200

Genting

Malaysia

BHD

340

41,500

Hong

Leong

Bank

BHD

169

170,900

IHH

Healthcare

Bhd

228

221,300

Inari

Amertron

Bhd

173

475,700

IOI

Corp

BHD

373

99,143

Kuala

Lumpur

Kepong

BHD

433

460,729

Malayan

Banking

BHD

973

202,860

Malaysia

Airports

Holdings

Bhd

426

CREF

Global

Equities

Account

June

30,

2024

160

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

167,500

Maxis

Bhd

$

125

427,600

MISC

Bhd

771

500,250

(d)

MR

DIY

Group

M

Bhd

206

13,900

Nestle

Malaysia

Bhd

358

622,100

Petronas

Chemicals

Group

Bhd

831

82,900

Petronas

Dagangan

BHD

306

255,800

Petronas

Gas

BHD

966

121,380

PPB

Group

BHD

368

473,500

Press

Metal

Aluminium

Holdings

Bhd

578

1,188,400

Public

Bank

Bhd

1,012

194,750

QL

Resources

Bhd

269

118,416

RHB

Capital

BHD

138

595,800

Sime

Darby

BHD

331

414,100

Sime

Darby

Plantation

Bhd

370

106,841

Telekom

Malaysia

BHD

153

611,900

Tenaga

Nasional

BHD

1,787

748,100

YTL

Corp

BHD

546

553,200

YTL

Power

International

BHD

563

TOTAL

MALAYSIA

15,153

MEXICO

-

0.4%

662,800

Alfa

S.A.

de

C.V.

(Class

A)

387

1,562,600

America

Movil

SAB

de

C.V.

1,330

114,100

(a)

Arca

Continental

SAB

de

C.V.

1,119

63,800

(d)

Banco

del

Bajio

S.A.

194

3,267,294

Cemex

S.A.

de

C.V.

2,091

119,065

Coca-Cola

Femsa

SAB

de

C.V.

1,021

632,600

Fibra

Uno

Administracion

S.A.

de

C.V.

777

412,500

Fomento

Economico

Mexicano

S.A.

de

C.V.

4,438

372,372

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

40,086

38,595

(a)

Gruma

SAB

de

C.V.

704

61,200

(a)

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

519

83,100

(a)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,300

38,630

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

1,163

288,900

(a)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,020

133,500

(a)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

918

4,930,000

Grupo

Financiero

Banorte

S.A.

de

C.V.

38,416

151,727

(a),(b)

Grupo

Financiero

Inbursa

S.A.

361

932,500

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

5,016

15,295

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

199

322,100

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

557

245,500

(a)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

221

198,800

Orbia

Advance

Corp

SAB

de

C.V.

278

160,054

ProLogis

Property

Mexico

S.A.

de

C.V.

523

36,240

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

335

7,327

Southern

Copper

Corp

790

34,363

Ternium

S.A.

(ADR)

1,290

1,113,500

Wal-Mart

de

Mexico

SAB

de

C.V.

3,789

TOTAL

MEXICO

108,842

NETHERLANDS

-

1.4%

10,570

(b),(d)

Adyen

NV

12,554

237

(b)

Argenx

SE

104

42,791

(b)

Argenx

SE

18,566

191,441

ASML

Holding

NV

195,110

123,585

(d)

Euronext

NV

11,453

370,760

Heineken

NV

35,869

7,920,357

ING

Groep

NV

136,093

624,589

Koninklijke

KPN

NV

2,394

TOTAL

NETHERLANDS

412,143

161

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

NORWAY

-

0.3%

676,678

Aker

BP

ASA

$

17,291

1,854,802

Equinor

ASA

53,128

195,662

Gjensidige

Forsikring

ASA

3,492

TOTAL

NORWAY

73,911

PERU

-

0.0%

57,055

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

967

5,600

Credicorp

Ltd

904

TOTAL

PERU

1,871

PHILIPPINES

-

0.0%

19,040

Ayala

Corp

189

1,451,570

Ayala

Land,

Inc

705

164,624

Bank

of

the

Philippine

Islands

334

196,610

BDO

Unibank,

Inc

430

224,370

International

Container

Term

Services,

Inc

1,339

539,255

JG

Summit

Holdings

(Series

B)

240

97,960

Jollibee

Foods

Corp

377

68,140

Manila

Electric

Co

425

154,393

Metropolitan

Bank

&

Trust

178

6,800

PLDT,

Inc

167

5,826,950

Robinsons

Retail

Holdings,

Inc

3,485

18,360

SM

Investments

Corp

260

2,173,200

SM

Prime

Holdings

1,048

193,850

Universal

Robina

Corp

368

TOTAL

PHILIPPINES

9,545

POLAND

-

0.0%

124,148

(b),(d)

Allegro.eu

S.A.

1,160

14,845

Bank

Pekao

S.A.

618

2,787

Bank

Zachodni

WBK

S.A.

373

1,173

(b)

BRE

Bank

S.A.

185

2,723

Budimex

S.A.

471

4,895

CD

Projekt

S.A.

169

3,915

(b),(d)

Dino

Polska

S.A.

394

11,201

KGHM

Polska

Miedz

S.A.

416

234

LPP

S.A.

992

182,585

(b)

PGE

Polska

Grupa

Energetyczna

S.A.

326

143,153

Polski

Koncern

Naftowy

Orlen

S.A.

2,405

71,009

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

1,108

131,003

Powszechny

Zaklad

Ubezpieczen

S.A.

1,673

TOTAL

POLAND

10,290

PORTUGAL

-

0.1%

750,164

Jeronimo

Martins

SGPS

S.A.

14,661

TOTAL

PORTUGAL

14,661

QATAR

-

0.0%

439,502

Barwa

Real

Estate

Co

332

259,860

Commercial

Bank

PSQC

306

434,834

Dukhan

Bank

451

344,820

Industries

Qatar

QSC

1,212

452,158

Masraf

Al

Rayan

QSC

291

1,221,845

Mesaieed

Petrochemical

Holding

Co

553

205,029

Ooredoo

QPSC

574

103,944

Qatar

Electricity

&

Water

Co

QSC

448

155,714

Qatar

Fuel

QSC

638

685,073

Qatar

Gas

Transport

Co

Ltd

886

72,345

Qatar

International

Islamic

Bank

QSC

199

145,699

Qatar

Islamic

Bank

SAQ

748

CREF

Global

Equities

Account

June

30,

2024

162

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

373,617

Qatar

National

Bank

QPSC

$

1,504

TOTAL

QATAR

8,142

ROMANIA

-

0.0%

123,719

NEPI

Rockcastle

NV

893

TOTAL

ROMANIA

893

RUSSIA

-

0.0%

12,672

(a),(b),(e)

Ozon

Holdings

plc

(ADR)

0

^

211,169

(b),(e)

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.3%

32,274

ACWA

Power

Co

3,047

95,118

(b)

Ades

Holding

Co

510

24,249

(b)

Advanced

Petrochemical

Co

249

672,003

Al

Rajhi

Bank

14,648

893,203

Alinma

Bank

7,448

55,648

Almarai

Co

JSC

839

72,629

Arab

National

Bank

393

5,110

Arabian

Internet

&

Communications

Services

Co

398

48,787

Bank

AlBilad

425

36,610

(b)

Bank

Al-Jazira

161

47,436

Banque

Saudi

Fransi

450

18,201

Bupa

Arabia

for

Cooperative

Insurance

Co

1,247

16,022

Co

for

Cooperative

Insurance

617

2,666

Dallah

Healthcare

Co

113

46,635

(b)

Dar

Al

Arkan

Real

Estate

Development

Co

147

57,636

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

4,422

5,290

Elm

Co

1,209

86,126

Etihad

Etisalat

Co

1,225

110,919

Jarir

Marketing

Co

375

98,025

Mobile

Telecommunications

Co

Saudi

Arabia

306

97,378

Mouwasat

Medical

Services

Co

3,140

8,661

Nahdi

Medical

Co

303

16,723

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

270

120,980

Riyad

Bank

841

53,895

SABIC

Agri-Nutrients

Co

1,622

78,866

Sahara

International

Petrochemical

Co

614

5,169

SAL

Saudi

Logistics

Services

416

161,012

(b)

Saudi

Arabian

Mining

Co

1,849

784,692

(d)

Saudi

Arabian

Oil

Co

5,782

11,144

Saudi

Aramco

Base

Oil

Co

391

81,337

Saudi

Awwal

Bank

840

199,932

Saudi

Basic

Industries

Corp

3,917

193,111

Saudi

Electricity

Co

846

76,338

Saudi

Industrial

Investment

Group

428

44,082

Saudi

Investment

Bank

151

166,293

(b)

Saudi

Kayan

Petrochemical

Co

359

659,763

Saudi

National

Bank

6,508

7,516

(b)

Saudi

Research

&

Media

Group

413

3,842

Saudi

Tadawul

Group

Holding

Co

255

447,033

Saudi

Telecom

Co

4,468

56,983

Savola

Group

708

61,095

Yanbu

National

Petrochemical

Co

596

TOTAL

SAUDI

ARABIA

72,946

SINGAPORE

-

0.1%

630,700

Ascendas

REIT

1,188

28,001

CapitaLand

Ascott

Trust

18

509,642

Capitaland

Investment

Ltd

997

75,604

CapitaMall

Trust

110

163

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

437,580

DBS

Group

Holdings

Ltd

$

11,525

732,961

Oversea-Chinese

Banking

Corp

7,783

178,200

Singapore

Exchange

Ltd

1,243

1,569,400

Singapore

Telecommunications

Ltd

3,176

260,716

United

Overseas

Bank

Ltd

6,014

TOTAL

SINGAPORE

32,054

SOUTH

AFRICA

-

0.2%

68,795

Absa

Group

Ltd

599

10,311

Anglo

American

Platinum

Ltd

340

549,890

Anglo

American

plc

17,377

201,143

(a)

Aspen

Pharmacare

Holdings

Ltd

2,579

73,752

Bid

Corp

Ltd

1,722

73,201

Bidvest

Group

Ltd

1,149

73,385

Capitec

Bank

Holdings

Ltd

10,655

49,560

Clicks

Group

Ltd

943

114,059

Discovery

Ltd

844

24,174

Exxaro

Resources

Ltd

238

418,940

FirstRand

Ltd

1,777

149,716

Gold

Fields

Ltd

2,237

59,894

Harmony

Gold

Mining

Co

Ltd

555

373,647

(a)

Impala

Platinum

Holdings

Ltd

1,856

4,368

(a)

Kumba

Iron

Ore

Ltd

106

138,843

MTN

Group

Ltd

646

41,062

Naspers

Ltd

8,051

38,682

Nedbank

Group

Ltd

548

46,779

Northam

Platinum

Holdings

Ltd

327

1,024,173

Old

Mutual

Ltd

698

183,332

OUTsurance

Group

Ltd

468

523,345

(a),(d)

Pepkor

Holdings

Ltd

538

108,053

Remgro

Ltd

808

384,717

Sanlam

Ltd

1,711

126,670

Sasol

Ltd

962

41,012

Shoprite

Holdings

Ltd

643

325,130

Sibanye

Stillwater

Ltd

352

112,692

Standard

Bank

Group

Ltd

1,312

131,206

(a)

Vodacom

Group

Ltd

704

200,363

Woolworths

Holdings

Ltd

680

TOTAL

SOUTH

AFRICA

61,425

SPAIN

-

0.7%

287,054

(a)

Amadeus

IT

Holding

S.A.

19,102

8,652,903

Banco

Bilbao

Vizcaya

Argentaria

S.A.

86,862

15,339,345

Banco

Santander

S.A.

71,370

3,397,865

CaixaBank

S.A.

18,045

810,458

Iberdrola

S.A.

10,516

108,528

(a),(b),(e)

Let's

GOWEX

S.A.

1

17,496

Merlin

Properties

Socimi

S.A.

195

1,052,110

Telefonica

S.A.

4,457

TOTAL

SPAIN

210,548

SWEDEN

-

0.3%

655,507

Assa

Abloy

AB

18,564

126,224

(d)

Evolution

AB

13,139

406,907

(b)

Fastighets

AB

Balder

2,793

1,231,948

Sandvik

AB

24,755

26,421

(b)

SAS

AB

0

^

1,393,469

Skandinaviska

Enskilda

Banken

AB

(Class

A)

20,602

TOTAL

SWEDEN

79,853

SWITZERLAND

-

1.1%

204,360

Alcon,

Inc

18,166

CREF

Global

Equities

Account

June

30,

2024

164

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,629

Cie

Financiere

Richemont

S.A.

$

16,196

206,892

DSM-Firmenich

AG.

23,297

202,673

(b)

Galderma

Group

AG.

16,684

3,986

Givaudan

S.A.

18,880

147,280

Lonza

Group

AG.

80,180

390,548

Novartis

AG.

41,582

1,221,809

(a),(b)

On

Holding

AG.

47,406

10,594

PSP

Swiss

Property

AG.

1,360

10,594

Swiss

Prime

Site

AG.

1,003

368,392

(a)

UBS

Group

AG

10,820

72,118

Zurich

Insurance

Group

AG

38,417

TOTAL

SWITZERLAND

313,991

TAIWAN

-

2.5%

42,000

Accton

Technology

Corp

715

236,000

Acer,

Inc

340

38,725

Advantech

Co

Ltd

441

194,000

Alchip

Technologies

Ltd

14,607

731,000

(b)

ASE

Technology

Holding

Co

Ltd

3,787

191,000

Asia

Cement

Corp

258

72,000

Asia

Vital

Components

Co

Ltd

1,686

58,000

Asustek

Computer,

Inc

888

549,800

AU

Optronics

Corp

301

52,189

Catcher

Technology

Co

Ltd

373

783,947

Cathay

Financial

Holding

Co

Ltd

1,424

117,306

Chailease

Holding

Co

Ltd

554

370,001

Chang

Hwa

Commercial

Bank

210

397,000

Cheng

Shin

Rubber

Industry

Co

Ltd

604

239,000

China

Airlines

174

1,294,844

(b)

China

Development

Financial

Holding

Corp

602

984,000

China

Steel

Corp

700

9,468,000

Chinatrust

Financial

Holding

Co

11,040

322,000

(b)

Chunghwa

Telecom

Co

Ltd

1,248

352,000

Compal

Electronics,

Inc

375

427,000

Delta

Electronics,

Inc

5,093

1,213,150

E

Ink

Holdings,

Inc

9,393

1,137,071

E.Sun

Financial

Holding

Co

Ltd

1,001

862,000

Eclat

Textile

Co

Ltd

14,044

5,000

(b)

eMemory

Technology,

Inc

393

229,000

Eva

Airways

Corp

269

330,292

Evergreen

Marine

Corp

Taiwan

Ltd

1,965

699,000

Far

Eastern

Textile

Co

Ltd

760

150,000

Far

EasTone

Telecommunications

Co

Ltd

389

94,245

Feng

TAY

Enterprise

Co

Ltd

449

886,715

First

Financial

Holding

Co

Ltd

768

750,000

(b)

Formosa

Chemicals

&

Fibre

Corp

1,164

312,391

(b)

Formosa

Petrochemical

Corp

623

843,000

(b)

Formosa

Plastics

Corp

1,493

27,000

Fortune

Electric

Co

Ltd

784

1,701,978

Fubon

Financial

Holding

Co

Ltd

4,157

826,234

Fuhwa

Financial

Holdings

Co

Ltd

815

42,000

Gigabyte

Technology

Co

Ltd

393

7,000

Global

Unichip

Corp

345

314,634

Globalwafers

Co

Ltd

5,210

2,202,000

Hon

Hai

Precision

Industry

Co,

Ltd

14,498

64,280

Hotai

Motor

Co

Ltd

1,232

696,069

Hua

Nan

Financial

Holdings

Co

Ltd

566

757,587

InnoLux

Display

Corp

334

226,000

Inventec

Co

Ltd

387

8,604

Largan

Precision

Co

Ltd

726

167,000

Lite-On

Technology

Corp

542

333,242

MediaTek,

Inc

14,352

165

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,611,796

Mega

Financial

Holding

Co

Ltd

$

3,251

59,000

Micro-Star

International

Co

Ltd

323

1,041,000

(b)

Nan

Ya

Plastics

Corp

1,580

100,000

Nanya

Technology

Corp

214

34,000

Nien

Made

Enterprise

Co

Ltd

408

48,000

Novatek

Microelectronics

Corp

Ltd

895

164,000

Pegatron

Corp

527

18,000

(b)

PharmaEssentia

Corp

311

490,000

Pou

Chen

Corp

528

130,522

President

Chain

Store

Corp

1,100

224,000

Quanta

Computer,

Inc

2,141

40,000

Realtek

Semiconductor

Corp

671

326,679

Ruentex

Development

Co

Ltd

439

306,791

Shanghai

Commercial

&

Savings

Bank

Ltd

436

2,862,684

Shin

Kong

Financial

Holding

Co

Ltd

867

848,796

SinoPac

Financial

Holdings

Co

Ltd

666

104,000

Synnex

Technology

International

Corp

234

907,806

Taishin

Financial

Holdings

Co

Ltd

528

514,968

Taiwan

Business

Bank

289

561,579

Taiwan

Cement

Corp

592

836,122

Taiwan

Cooperative

Financial

Holding

Co

Ltd

670

404,000

Taiwan

High

Speed

Rail

Corp

378

154,000

(b)

Taiwan

Mobile

Co

Ltd

508

18,639,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

552,232

112,000

Unimicron

Technology

Corp

620

1,089,450

Uni-President

Enterprises

Corp

2,730

934,000

(b)

United

Microelectronics

Corp

1,615

77,000

Vanguard

International

Semiconductor

Corp

307

14,000

Voltronic

Power

Technology

Corp

829

621,650

Walsin

Lihwa

Corp

679

50,810

Wan

Hai

Lines

Ltd

139

250,688

Winbond

Electronics

Corp

198

214,000

Wistron

Corp

695

262,000

Wiwynn

Corp

21,219

128,640

WPG

Holdings

Ltd

356

27,739

Yageo

Corp

623

377,000

Yang

Ming

Marine

Transport

867

58,000

Zhen

Ding

Technology

Holding

Ltd

231

TOTAL

TAIWAN

723,368

THAILAND

-

0.1%

98,300

Advanced

Info

Service

PCL

563

926,500

Airports

of

Thailand

PCL

1,439

1,255,000

Asset

World

Corp

PCL

119

914,400

Bangkok

Dusit

Medical

Services

PCL

660

1,417,000

Bangkok

Expressway

&

Metro

PCL

295

48,000

Bumrungrad

Hospital

PCL

323

425,300

Central

Pattana

PCL

639

367,975

Central

Retail

Corp

PCL

307

787,900

Charoen

Pokphand

Foods

PCL

491

479,700

CP

ALL

plc

716

399,800

CP

Axtra

PCL

296

256,000

Delta

Electronics

Thailand

PCL

576

291,397

Energy

Absolute

PCL

88

142,900

Global

Power

Synergy

PCL

154

632,030

Gulf

Energy

Development

PCL

695

983,300

Home

Product

Center

PCL

249

327,500

Indorama

Ventures

PCL

173

171,900

Intouch

Holdings

PCL

(Class

F)

334

48,000

Kasikornbank

PCL

(Foreign)

164

820,000

Krung

Thai

Bank

PCL

378

109,400

Krungthai

Card

PCL

121

CREF

Global

Equities

Account

June

30,

2024

166

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

702,400

Minor

International

PCL

$

573

386,400

PTT

Exploration

&

Production

PCL

1,597

494,500

PTT

Global

Chemical

PCL

409

760,500

PTT

Oil

&

Retail

Business

PCL

331

2,571,000

PTT

PCL

2,277

190,400

SCB

X

PCL

534

248,700

SCG

Packaging

PCL

227

172,100

Siam

Cement

PCL

1,054

384,602

Thai

Oil

PCL

554

5,556,800

TMB

Bank

PCL

(Foreign)

258

895,726

(b)

True

Corp

PCL

213

TOTAL

THAILAND

16,807

TURKEY

-

0.1%

4,032,530

Akbank

TAS

7,910

305,058

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

547

100,389

BIM

Birlesik

Magazalar

AS

1,676

16,756

Coca-Cola

Icecek

AS

424

114,330

Eregli

Demir

ve

Celik

Fabrikalari

TAS

186

14,534

Ford

Otomotiv

Sanayi

AS

500

91,458

Haci

Omer

Sabanci

Holding

AS

270

167,866

KOC

Holding

AS

1,166

38,187

(b)

Pegasus

Hava

Tasimaciligi

AS.

266

281,700

(b)

Sasa

Polyester

Sanayi

AS

379

26,185

Tofas

Turk

Otomobil

Fabrik

273

117,015

(b)

Turk

Hava

Yollari

AO

1,106

268,740

Turkcell

Iletisim

Hizmet

AS

828

14,104,329

Turkiye

Is

Bankasi

(Series

C)

6,846

235,513

Turkiye

Petrol

Rafinerileri

AS

1,194

290,213

Turkiye

Sise

ve

Cam

Fabrikalari

AS

446

277,144

Yapi

ve

Kredi

Bankasi

287

TOTAL

TURKEY

24,304

UNITED

ARAB

EMIRATES

-

0.0%

236,513

Abu

Dhabi

Commercial

Bank

PJSC

515

126,108

Abu

Dhabi

Islamic

Bank

PJSC

398

735,155

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

678

850,635

Aldar

Properties

PJSC

1,450

656,227

Americana

Restaurants

International

plc

570

244,629

Dubai

Islamic

Bank

PJSC

382

1,478,638

Emaar

Properties

PJSC

3,301

155,811

Emirates

NBD

Bank

PJSC

700

758,893

Emirates

Telecommunications

Group

Co

PJSC

3,326

363,398

First

Abu

Dhabi

Bank

PJSC

1,233

836,592

(b)

Multiply

Group

PJSC

467

5,358

(b),(e)

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

13,020

UNITED

KINGDOM

-

2.1%

585,182

Allfunds

Group

PLC

3,262

143,075

AngloGold

Ashanti

UK

Ltd

3,607

1,423,249

Ashtead

Group

plc

94,893

919,067

AstraZeneca

plc

143,037

1,994,150

Beazley

plc

17,811

137,761

Big

Yellow

Group

plc

2,037

638,790

British

American

Tobacco

plc

19,623

317,913

British

Land

Co

plc

1,652

328,535

(b)

Coca-Cola

Europacific

Partners

plc

23,940

523,356

Compass

Group

plc

14,258

42,386

Derwent

London

plc

1,211

849,886

Fevertree

Drinks

plc

11,646

267,660

(b)

Flutter

Entertainment

plc

48,687

167

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

339,104

Great

Portland

Estates

plc

$

1,436

2,717,006

Informa

plc

29,322

233,135

Land

Securities

Group

plc

1,822

6,447,902

Lloyds

TSB

Group

plc

4,447

287,907

London

Stock

Exchange

Group

plc

34,140

8,363,621

Man

Group

plc

25,555

2,958,997

National

Grid

plc

33,041

288,626

RELX

plc

13,224

758,120

RELX

plc

34,694

169,551

Safestore

Holdings

plc

1,644

202,461

Scottish

&

Southern

Energy

plc

4,572

273,024

Segro

plc

3,089

5,371,958

Tritax

Big

Box

REIT

plc

10,503

409,373

Unilever

plc

22,469

5,238,872

Vodafone

Group

plc

4,636

TOTAL

UNITED

KINGDOM

610,258

UNITED

STATES

-

67.0%

20,789

3M

Co

2,124

346,337

Abbott

Laboratories

35,988

491,520

AbbVie,

Inc

84,306

944,112

(b)

Advanced

Micro

Devices,

Inc

153,144

22,548

AES

Corp

396

31,626

Aflac,

Inc

2,825

64,677

Agilent

Technologies,

Inc

8,384

12,358

Agree

Realty

Corp

765

26,904

(a)

Albemarle

Corp

2,570

67,908

Alexandria

Real

Estate

Equities,

Inc

7,943

473,668

Alliant

Energy

Corp

24,110

104,088

(b)

Alnylam

Pharmaceuticals,

Inc

25,293

1,970,126

Alphabet,

Inc

361,361

1,457,364

Alphabet,

Inc

(Class

A)

265,459

55,318

(a),(b)

Altimmune,

Inc

368

4,581,107

(b)

Amazon.com,

Inc

885,299

278,944

Ameren

Corp

19,836

324,197

American

Electric

Power

Co,

Inc

28,445

273,207

American

Express

Co

63,261

325,238

American

Homes

4

Rent

12,086

521,363

American

International

Group,

Inc

38,706

86,420

American

Tower

Corp

16,798

96,001

Americold

Realty

Trust,

Inc

2,452

74,445

Ameriprise

Financial,

Inc

31,802

96,265

AmerisourceBergen

Corp

21,689

285,879

Ametek,

Inc

47,659

188,312

Amgen,

Inc

58,838

6,440,454

(f)

Apple,

Inc

1,356,488

432,772

(b)

Arch

Capital

Group

Ltd

43,662

88,260

Ares

Management

Corp

11,763

131,802

(b)

ARM

Holdings

plc

(ADR)

21,565

3,095,788

AT&T,

Inc

59,161

310,236

(a)

Atlas

Energy

Solutions,

Inc

6,183

9,890

(b)

Atlassian

Corp

Ltd

1,749

51,128

AvalonBay

Communities,

Inc

10,578

204,781

Baker

Hughes

Co

7,202

653,813

Bank

of

America

Corp

26,002

644,407

Bank

of

New

York

Mellon

Corp

38,594

72,081

Becton

Dickinson

&

Co

16,846

397,795

(b)

Berkshire

Hathaway,

Inc

161,823

37,177

BlackRock,

Inc

29,270

14,082

Blackstone,

Inc

1,743

1,205,992

(b)

Block,

Inc

77,774

570,535

(b)

Boeing

Co

103,843

CREF

Global

Equities

Account

June

30,

2024

168

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,848

Booking

Holdings,

Inc

$

23,167

24,372

Boston

Properties,

Inc

1,500

1,991,456

(b)

Boston

Scientific

Corp

153,362

7,558,494

BP

plc

45,508

50,630

Bristol-Myers

Squibb

Co

2,103

295,681

Broadcom,

Inc

474,725

709

Capital

One

Financial

Corp

98

1,481,480

Carrier

Global

Corp

93,452

366,172

Caterpillar,

Inc

121,972

230,599

Celanese

Corp

(Series

A)

31,106

73,631

Centerpoint

Energy,

Inc

2,281

594,739

Charles

Schwab

Corp

43,826

53,572

(b)

Charter

Communications,

Inc

16,016

193,723

Cheniere

Energy,

Inc

33,869

244,977

Chevron

Corp

38,319

171,700

(b)

Chipotle

Mexican

Grill,

Inc

(Class

A)

10,757

198,709

Chubb

Ltd

50,687

105,501

Cigna

Group

34,875

899,674

Citigroup,

Inc

57,093

77,023

(b)

Cleveland-Cliffs,

Inc

1,185

101,325

CME

Group,

Inc

19,921

2,538,103

Coca-Cola

Co

161,550

158,545

Colgate-Palmolive

Co

15,385

768,414

Comcast

Corp

(Class

A)

30,091

687,690

ConocoPhillips

78,658

85,853

Constellation

Energy

Corp

17,194

11,898

(b)

Cooper

Cos,

Inc

1,039

710,767

Corebridge

Financial,

Inc

20,698

1,817,675

Corteva,

Inc

98,045

378,527

Costco

Wholesale

Corp

321,744

1,218,300

CRH

plc

91,348

181,832

Crown

Castle,

Inc

17,765

910,679

Crown

Holdings,

Inc

67,745

80,508

CSL

Ltd

15,787

69,864

CSX

Corp

2,337

214,925

CVS

Health

Corp

12,694

239,901

Danaher

Corp

59,939

669,176

(b)

Datadog,

Inc

86,785

73,924

Deere

&

Co

27,620

216,415

Delta

Air

Lines,

Inc

10,267

346,827

(b)

DexCom,

Inc

39,323

670,529

Diamondback

Energy,

Inc

134,233

43,197

Digital

Realty

Trust,

Inc

6,568

263,054

Dollar

General

Corp

34,784

380,794

Dominion

Energy,

Inc

18,659

169,665

Dover

Corp

30,616

229,572

Dow,

Inc

12,179

131,346

Duke

Energy

Corp

13,165

1,057,696

DuPont

de

Nemours,

Inc

85,134

217,683

Eaton

Corp

plc

68,255

91,896

Edison

International

6,599

123,251

(b)

Edwards

Lifesciences

Corp

11,385

70,816

Elevance

Health,

Inc

38,372

421,588

Eli

Lilly

&

Co

381,697

648,775

Emerson

Electric

Co

71,469

121,412

EOG

Resources,

Inc

15,282

11,080

Equinix,

Inc

8,383

787,002

Equitable

Holdings,

Inc

32,157

164,410

Equity

Lifestyle

Properties,

Inc

10,708

100,323

Equity

Residential

6,956

16,851

Essex

Property

Trust,

Inc

4,587

24,303

Estee

Lauder

Cos

(Class

A)

2,586

169

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,913

Everest

Re

Group

Ltd

$

39,593

340,152

Eversource

Energy

19,290

153,608

(b)

Exact

Sciences

Corp

6,490

114,277

Exelon

Corp

3,955

177,393

(b)

Expedia

Group,

Inc

22,350

31,789

Extra

Space

Storage,

Inc

4,940

3,255,112

Exxon

Mobil

Corp

374,729

3,578

FedEx

Corp

1,073

116,158

Ferguson

plc

22,278

1,180,857

Fifth

Third

Bancorp

43,090

16,724

First

Citizens

Bancshares,

Inc

(Class

A)

28,157

957,298

FirstEnergy

Corp

36,636

685,950

(b)

Fiserv,

Inc

102,234

2,956,032

(b)

Flextronics

International

Ltd

87,173

434,562

Fortive

Corp

32,201

3,317,542

Freeport-McMoRan,

Inc

(Class

B)

161,233

97,068

Gaming

and

Leisure

Properties,

Inc

4,388

239,342

Gilead

Sciences,

Inc

16,421

88,214

Global

Payments,

Inc

8,530

266,893

Globe

Life,

Inc

21,960

14,763

Goldman

Sachs

Group,

Inc

6,678

40,010

(b)

GRAIL,

Inc

615

1,415,746

GSK

plc

27,231

116,676

Halliburton

Co

3,941

104,475

HCA,

Inc

33,566

28,085

Healthcare

Realty

Trust,

Inc

463

164,812

Healthpeak

Properties,

Inc

3,230

88,593

Hess

Corp

13,069

597,386

Home

Depot,

Inc

205,644

916,785

Honeywell

International,

Inc

195,770

169,551

Host

Hotels

&

Resorts

Inc

3,049

67,220

Howmet

Aerospace,

Inc

5,218

158,343

Hubbell,

Inc

57,871

12,998

(b)

IDEXX

Laboratories,

Inc

6,333

28,105

Illinois

Tool

Works,

Inc

6,660

240,059

(b)

Illumina,

Inc

25,057

289,514

(b)

Immunovant,

Inc

7,643

59,540

Independence

Realty

Trust,

Inc

1,116

769,979

Ingersoll

Rand,

Inc

69,945

13,900

Innovative

Industrial

Properties,

Inc

1,518

268,154

Intercontinental

Exchange,

Inc

36,708

176,781

(b)

Intuitive

Surgical,

Inc

78,641

56,171

Invitation

Homes,

Inc

2,016

163,493

(a)

iShares

MSCI

Canada

Index

Fund

6,064

40,724

(a)

iShares

MSCI

South

Korea

Index

Fund

2,691

165,200

(b)

JBS

S.A.

954

523,607

Johnson

&

Johnson

76,530

1,633,947

JPMorgan

Chase

&

Co

330,482

1,085,498

Keurig

Dr

Pepper,

Inc

36,256

21,192

Kilroy

Realty

Corp

661

241,109

KKR

&

Co,

Inc

25,374

950,934

Kraft

Heinz

Co

30,639

154,499

Las

Vegas

Sands

Corp

6,837

6,149

(b)

Legend

Biotech

Corp

(ADR)

272

513,021

Linde

plc

225,119

19,588

Lowe's

Cos,

Inc

4,318

168,620

(b)

Lululemon

Athletica,

Inc

50,367

62,653

LyondellBasell

Industries

NV

5,993

172,163

M&T

Bank

Corp

26,059

194,542

Marathon

Petroleum

Corp

33,749

16,202

Marriott

International,

Inc

(Class

A)

3,917

114,218

Marsh

&

McLennan

Cos,

Inc

24,068

CREF

Global

Equities

Account

June

30,

2024

170

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

387,303

Mastercard,

Inc

(Class

A)

$

170,863

14,839

Matador

Resources

Co

884

653,659

McDonald's

Corp

166,578

96,559

McKesson

Corp

56,394

216,354

Medtronic

plc

17,029

1,326,442

Merck

&

Co,

Inc

164,214

939,323

Meta

Platforms,

Inc

473,625

57,916

Metlife,

Inc

4,065

3,134,257

Microsoft

Corp

1,400,856

25,428

Mid-America

Apartment

Communities,

Inc

3,626

660,487

Mondelez

International,

Inc

43,222

1,832,816

(b)

Monster

Beverage

Corp

91,549

265,307

(b)

MoonLake

Immunotherapeutics

11,666

873,763

Morgan

Stanley

84,921

2,821

MSCI,

Inc

(Class

A)

1,359

63,771

National

Storage

Affiliates

Trust

2,629

481,530

(a)

Nestle

S.A.

49,152

222,480

(b)

NetFlix,

Inc

150,147

512,926

Newmont

Goldcorp

Corp

21,476

818,266

NextEra

Energy,

Inc

57,941

1,169,726

Nike,

Inc

(Class

B)

88,162

84,842

Northrop

Grumman

Corp

36,987

64,164

NRG

Energy,

Inc

4,996

93,599

Nucor

Corp

14,796

804,416

(b)

Nutanix,

Inc

45,731

226,696

nVent

Electric

plc

17,367

11,449,768

Nvidia

Corp

1,414,504

108,680

Occidental

Petroleum

Corp

6,850

40,700

(b)

O'Reilly

Automotive,

Inc

42,982

36,958

Owens

Corning,

Inc

6,420

373,306

(b)

Palo

Alto

Networks,

Inc

126,555

189,901

Parker-Hannifin

Corp

96,054

144,890

(b)

PayPal

Holdings,

Inc

8,408

323,007

PepsiCo,

Inc

53,274

745,682

Permian

Resources

Corp

12,043

802,681

Pfizer,

Inc

22,459

397,099

PG&E

Corp

6,933

923,314

Philip

Morris

International,

Inc

93,559

134,822

Phillips

66

19,033

21,283

PPG

Industries,

Inc

2,679

1,387,870

Procter

&

Gamble

Co

228,888

237,846

Progressive

Corp

49,403

302,212

Prologis,

Inc

33,941

38,768

Public

Storage,

Inc

11,152

54,604

Realty

Income

Corp

2,884

147,114

Regency

Centers

Corp

9,151

38,161

(b)

Regeneron

Pharmaceuticals,

Inc

40,108

40,680

(b)

Repligen

Corp

5,128

405,581

Rexford

Industrial

Realty,

Inc

18,085

96,207

Roche

Holding

AG.

26,655

11,851

Rockwell

Automation,

Inc

3,262

855,492

(b)

Roivant

Sciences

Ltd

9,043

80,410

Roper

Industries,

Inc

45,324

36,124

(b)

Royal

Caribbean

Cruises

Ltd

5,759

597,691

RTX

Corp

60,002

67,843

S&P

Global,

Inc

30,258

135,491

Sabra

Health

Care

REIT,

Inc

2,087

951,487

Salesforce,

Inc

244,627

434,098

Sanofi-Aventis

41,866

60,956

SBA

Communications

Corp

11,966

75,287

Schlumberger

Ltd

3,552

371,961

Schneider

Electric

S.A.

89,176

171

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

135,214

Sempra

Energy

$

10,284

133,982

(b)

ServiceNow,

Inc

105,400

5,200,302

Shell

plc

186,524

44,520

Sherwin-Williams

Co

13,286

132,447

Simon

Property

Group,

Inc

20,105

4,892

(a)

SL

Green

Realty

Corp

277

660,539

(b)

Snowflake,

Inc

89,232

108,890

Southern

Co

8,447

244,960

Starbucks

Corp

19,070

3,663

Steel

Dynamics,

Inc

474

410,676

Stryker

Corp

139,733

80,673

Sun

Communities,

Inc

9,708

1,044,994

Teradyne,

Inc

154,962

54,604

Terreno

Realty

Corp

3,231

725,543

(b)

Tesla,

Inc

143,570

107,575

Thermo

Fisher

Scientific,

Inc

59,489

281,159

TJX

Cos,

Inc

30,956

271,340

T-Mobile

US,

Inc

47,805

85,654

Tractor

Supply

Co

23,127

259,010

(a),(b)

Traeger,

Inc

622

224,281

Trane

Technologies

plc

73,773

255,563

(b)

Uber

Technologies,

Inc

18,574

552,486

Union

Pacific

Corp

125,006

108,820

United

Parcel

Service,

Inc

(Class

B)

14,892

123,908

United

Rentals,

Inc

80,135

420,004

UnitedHealth

Group,

Inc

213,891

917,743

Valero

Energy

Corp

143,865

487,895

Vanguard

Emerging

Markets

ETF

21,350

50,000

(a)

Vanguard

FTSE

Developed

Markets

ETF

2,471

39,200

(b)

Veeva

Systems,

Inc

7,174

137,953

Ventas,

Inc

7,072

338,456

Veralto

Corp

32,312

414,303

Verizon

Communications,

Inc

17,086

54,015

(b)

Vertex

Pharmaceuticals,

Inc

25,318

214,338

VICI

Properties,

Inc

6,139

865,450

Visa,

Inc

(Class

A)

227,155

81,890

Vistra

Corp

7,041

949,295

Vontier

Corp

36,263

169,677

Voya

Financial,

Inc

12,073

156,891

W.R.

Berkley

Corp

12,329

61,725

W.W.

Grainger,

Inc

55,691

3,185,438

Walmart,

Inc

215,686

1,344,327

Walt

Disney

Co

133,478

43,814

Washington

REIT

698

84,360

Waste

Connections,

Inc

14,793

4,082,137

Wells

Fargo

&

Co

242,438

75,797

Welltower,

Inc

7,902

40,695

West

Pharmaceutical

Services,

Inc

13,405

1,310,087

(b)

Western

Digital

Corp

99,265

171,079

Westlake

Chemical

Corp

24,776

209,216

Westrock

Co

10,515

122,860

Weyerhaeuser

Co

3,488

327,450

(b)

Workday,

Inc

73,205

431,575

(b)

YETI

Holdings,

Inc

16,465

73,840

Zoetis,

Inc

12,801

TOTAL

UNITED

STATES

19,459,948

TOTAL

COMMON

STOCKS

28,708,483

(Cost

$21,342,152)

CREF

Global

Equities

Account

June

30,

2024

172

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

$

0

^

129,949

(a)

PointsBet

Holdings

Ltd

07/08/24

1

TOTAL

AUSTRALIA

1

BRAZIL

-

0.0%

747

Localiza

Rent

a

Car

S.A.

07/30/24

1

TOTAL

BRAZIL

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)

842

TOTAL

INDIA

842

ITALY

-

0.0%

421,320

Amplifon

S.p.A.

07/09/24

5

TOTAL

ITALY

5

TOTAL

RIGHTS/WARRANTS

849

(Cost

$612)

TOTAL

LONG-TERM

INVESTMENTS

28,709,332‌

(Cost

$21,342,764)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.2%

GOVERNMENT

AGENCY

DEBT

-

0.4%

$

20,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/02/24

19,988

25,000,000

FHLB

0

.000

07/08/24

24,964

20,000,000

FHLB

0

.000

07/19/24

19,939

300,000

FHLB

0

.000

07/26/24

299

6,500,000

FHLB

0

.000

07/31/24

6,469

2,778,000

FHLB

0

.000

08/02/24

2,764

705,000

FHLB

0

.000

08/13/24

700

10,000,000

FHLB

0

.000

08/14/24

9,932

5,750,000

FHLB

0

.450

08/26/24

5,705

4,625,000

FHLB

0

.000

09/20/24

4,569

26,021,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/10/24

25,975

TOTAL

GOVERNMENT

AGENCY

DEBT

121,304

REPURCHASE

AGREEMENT

-

0.3%

79,955,000

(g)

Fixed

Income

Clearing

Corporation

5

.320

07/01/24

79,955

TOTAL

REPURCHASE

AGREEMENT

79,955

TREASURY

DEBT

-

0.5%

5,162,000

United

States

Treasury

Bill

0

.000

07/05/24

5,159

10,000,000

United

States

Treasury

Bill

0

.000

07/25/24

9,965

20,000,000

United

States

Treasury

Bill

0

.000

07/30/24

19,915

60,700,000

United

States

Treasury

Bill

0

.000

08/13/24

60,320

40,000,000

United

States

Treasury

Bill

0

.000

08/27/24

39,673

173

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

United

States

Treasury

Bill

0

.000

%

08/29/24

$

4,957

TOTAL

TREASURY

DEBT

139,989

TOTAL

SHORT-TERM

INVESTMENTS

341,248

(Cost

$341,300)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

CERTIFICATE

OF

DEPOSIT

-

0.0%

500,000

Australia

and

New

Zealand

Banking

Group

5

.520

(h)

12/04/24

500

1,000,000

Canadian

Imperial

Bank

5

.350

(h)

07/09/24

1,000

500,000

Citibank

N.A.

5

.920

(h)

07/29/24

500

1,000,000

MUFG

BK

LTD

5

.580

(h)

10/25/24

1,000

1,000,000

MUFG

BK

LTD

5

.560

(h)

11/15/24

1,000

1,000,000

National

Australia

Bank

Ltd

5

.600

(h)

02/14/25

1,000

1,000,000

Nordea

Bank

AB

publ

5

.490

(h)

09/13/24

1,000

500,000

Royal

Bank

of

Canada

5

.610

(h)

01/22/25

500

1,000,000

Royal

Bank

of

Canada

5

.600

(h)

02/18/25

1,000

3,136,000

Svenska

Handelsbanken

5

.300

(h)

07/01/24

3,136

TOTAL

CERTIFICATE

OF

DEPOSIT

10,636

COMMERCIAL

PAPER

-

0.0%

1,000,000

Australia

and

New

Zealand

Banking

Group

0

.000

(h)

01/06/25

972

1,000,000

National

Bank

of

Canada

0

.000

(h)

10/28/24

982

500,000

Nordea

Bank

AB

publ

5

.510

(h)

10/15/24

500

500,000

Skandinaviska

Enskilda

Banken

AG

5

.590

(h)

02/28/25

500

TOTAL

COMMERCIAL

PAPER

2,954

REPURCHASE

AGREEMENT

-

0.4%

15,000,000

(i)

Citigroup

5

.340

(h)

07/01/24

15,000

15,000,000

(j)

Deutsche

Bank

5

.330

(h)

07/01/24

15,000

15,000,000

(k)

HSBC

5

.330

(h)

07/01/24

15,000

20,000,000

(l)

JP

Morgan

5

.330

(h)

07/01/24

20,000

5,000,000

(m)

Merrill

Lynch

5

.250

(h)

07/01/24

5,000

15,000,000

(n)

Merrill

Lynch

5

.330

(h)

07/01/24

15,000

15,000,000

(o)

Nomura

5

.330

(h)

07/01/24

15,000

15,000,000

(p)

Royal

Bank

of

Scotland

5

.320

(h)

07/01/24

15,000

TOTAL

REPURCHASE

AGREEMENT

115,000

VARIABLE

RATE

SECURITIES

-

0.0%

500,000

ING

US

Funding

LLC

5

.580

(h)

11/18/24

500

1,000,000

National

Australia

Bank

Ltd

5

.590

(h)

03/17/25

1,000

1,000,000

Skandinaviska

Enskilda

Banken

AG

5

.590

(h)

12/26/24

1,000

TOTAL

VARIABLE

RATE

SECURITIES

2,500

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

131,090

(Cost

$131,090)

TOTAL

INVESTMENTS

-

100.5%

29,181,670

(Cost

$21,815,154)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

155,841

)

NET

ASSETS

-

100.0%

$29,025,829

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

CREF

Global

Equities

Account

June

30,

2024

174

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

^

Amount

represents

less

than

$1,000.

(a)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$166,536,325.

(b)

Non-income

producing

(c)

Affiliated

holding

(d)

Security

is

exempt

from

registration

under

Rule

144A

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

$123,197,773

or

0.4%

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)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$79,990,447

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$81,554,166.

(h)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(i)

Agreement

with

Citigroup,

5.340%

dated

6/28/24

to

be

repurchased

at

$15,133,135

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.375%

and

maturity

date

8/15/24,

valued

at

$15,300,067.

(j)

Agreement

with

Deutsche

Bank,

5.330%

dated

6/28/24

to

be

repurchased

at

$15,168,452

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.500%

and

maturity

date

1/15/29,

valued

at

$15,300,074.

(k)

Agreement

with

HSBC,

5.330%

dated

6/28/24

to

be

repurchased

at

$15,063,505

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

5.500%

and

maturity

date

4/1/54,

valued

at

$15,300,001.

(l)

Agreement

with

JP

Morgan,

5.330%

dated

6/28/24

to

be

repurchased

at

$20,077,569

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

5.000%

and

maturity

dates

8/1/52–4/1/54,

valued

at

$20,400,001.

(m)

Agreement

with

Merrill

Lynch,

5.250%

dated

6/28/24

to

be

repurchased

at

$5,000,001

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–0.875%

and

maturity

dates

5/15/26–11/30/27,

valued

at

$5,100,001.

(n)

Agreement

with

Merrill

Lynch,

5.330%

dated

6/28/24

to

be

repurchased

at

$15,081,788

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

4.000%–7.500%

and

maturity

dates

5/20/40–1/1/54,

valued

at

$15,300,001.

(o)

Agreement

with

Nomura,

5.330%

dated

6/28/24

to

be

repurchased

at

$15,050,761

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–6.000%

and

maturity

dates

4/30/26–3/1/54,

valued

at

$15,300,097.

(p)

Agreement

with

Royal

Bank

of

Scotland,

5.320%

dated

6/28/24

to

be

repurchased

at

$15,044,101

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.250%

and

maturity

date

11/15/27,

valued

at

$15,300,023.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

475‌

09/20/24

 $

55,455‌

$

55,651‌

$

196‌

S&P

500

E-Mini

Index

581‌

09/20/24

159,861‌

160,400‌

539‌

Total

1,056‌

  $

215,316‌

 $

216,051‌

 $

735‌

Portfolio

of

Investments

CREF

Growth

Account

June

30,

2024

175

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

CAPITAL

GOODS

-

2.2%

2,061,557

(a)

Boeing

Co

$

375,224

2,890,161

Carrier

Global

Corp

182,311

575,683

Eaton

Corp

plc

180,505

534,514

Honeywell

International,

Inc

114,140

198,349

Quanta

Services,

Inc

50,399

TOTAL

CAPITAL

GOODS

902,579

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.1%

2,259,828

Experian

Group

Ltd

104,984

610,530

Verisk

Analytics,

Inc

164,568

904,520

Waste

Connections,

Inc

158,617

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

428,169

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

8.1%

15,564,426

(a)

Amazon.com,

Inc

3,007,825

2,253,622

TJX

Cos,

Inc

248,124

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,255,949

CONSUMER

DURABLES

&

APPAREL

-

0.2%

11,810,500

PRADA

S.p.A

88,006

TOTAL

CONSUMER

DURABLES

&

APPAREL

88,006

CONSUMER

SERVICES

-

4.9%

208,959

Booking

Holdings,

Inc

827,791

8,919,677

(a)

Carnival

Corp

166,976

4,576,150

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

286,696

3,718,329

(a)

DraftKings,

Inc

141,929

714,054

(a)

Flutter

Entertainment

plc

129,885

2,215,115

Las

Vegas

Sands

Corp

98,019

1,165,451

(b)

Restaurant

Brands

International,

Inc

82,013

3,121,931

Starbucks

Corp

243,042

TOTAL

CONSUMER

SERVICES

1,976,351

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.5%

1,186,739

Costco

Wholesale

Corp

1,008,716

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,008,716

ENERGY

-

0.3%

1,161,112

ConocoPhillips

132,808

TOTAL

ENERGY

132,808

FINANCIAL

SERVICES

-

6.8%

108,125

(a),(c)

Adyen

NV

128,417

616,585

American

Express

Co

142,770

1,419,613

(a)

Fiserv,

Inc

211,579

1,307,406

iShares

Russell

1000

Growth

Index

Fund

476,563

516,907

London

Stock

Exchange

Group

plc

61,294

2,055,519

Mastercard,

Inc

(Class

A)

906,813

3,144,721

(a)

PayPal

Holdings,

Inc

182,488

2,327,205

Visa,

Inc

(Class

A)

610,822

TOTAL

FINANCIAL

SERVICES

2,720,746

FOOD,

BEVERAGE

&

TOBACCO

-

0.9%

7,817,703

Davide

Campari-Milano

NV

74,016

CREF

Growth

Account

June

30,

2024

176

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,010,857

(a)

Monster

Beverage

Corp

$

300,243

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

374,259

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.7%

517,420

(a)

Align

Technology,

Inc

124,921

3,121,562

(a)

DexCom,

Inc

353,923

339,393

Elevance

Health,

Inc

183,903

1,384,859

(a)

Intuitive

Surgical,

Inc

616,054

976,301

UnitedHealth

Group,

Inc

497,191

627,823

(a)

Veeva

Systems,

Inc

114,898

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,890,890

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

1,000,873

Estee

Lauder

Cos

(Class

A)

106,493

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

106,493

INSURANCE

-

0.7%

1,390,444

Progressive

Corp

288,809

TOTAL

INSURANCE

288,809

MATERIALS

-

1.4%

5,226,684

Corteva,

Inc

281,927

629,518

Linde

plc

276,239

TOTAL

MATERIALS

558,166

MEDIA

&

ENTERTAINMENT

-

12.3%

6,540,715

Alphabet,

Inc

1,199,698

5,432,383

Alphabet,

Inc

(Class

A)

989,508

3,454,338

(a)

Match

Group,

Inc

104,943

4,903,145

Meta

Platforms,

Inc

2,472,264

239,365

(a)

NetFlix,

Inc

161,543

TOTAL

MEDIA

&

ENTERTAINMENT

4,927,956

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.9%

634,107

Amgen,

Inc

198,127

887,043

AstraZeneca

plc

(ADR)

69,180

1,071,325

Eli

Lilly

&

Co

969,956

110,451

(a)

GRAIL,

Inc

1,698

662,707

(a)

Illumina,

Inc

69,173

3,711,967

Novo

Nordisk

A.S.

531,126

2,577,256

Novo

Nordisk

A.S.

(ADR)

367,877

38,792

(a)

Regeneron

Pharmaceuticals,

Inc

40,772

663,352

Zoetis,

Inc

114,999

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,362,908

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

19.0%

567,456

(a)

Advanced

Micro

Devices,

Inc

92,047

1,974,387

Applied

Materials,

Inc

465,936

1,036,402

Broadcom,

Inc

1,663,975

290,724

Lam

Research

Corp

309,577

42,529

Monolithic

Power

Systems,

Inc

34,945

39,842,950

Nvidia

Corp

4,922,198

5,490,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

162,656

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

7,651,334

SOFTWARE

&

SERVICES

-

20.3%

779,881

(a)

Atlassian

Corp

Ltd

137,945

294,164

(a)

Crowdstrike

Holdings,

Inc

112,721

216,828

(a)

EPAM

Systems,

Inc

40,788

888,547

Intuit,

Inc

583,962

10,548,017

Microsoft

Corp

4,714,436

922,519

(a)

Palo

Alto

Networks,

Inc

312,743

177

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

895,755

(a)

PTC,

Inc

$

162,732

336,688

Roper

Industries,

Inc

189,778

2,844,890

Salesforce,

Inc

731,421

643,951

(a)

ServiceNow,

Inc

506,577

802,599

(a)

Snowflake,

Inc

108,423

539,689

(a)

Synopsys,

Inc

321,147

1,050,606

(a)

Workday,

Inc

234,873

TOTAL

SOFTWARE

&

SERVICES

8,157,546

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.0%

12,399,911

Apple,

Inc

2,611,669

609,122

(a)

Arista

Networks,

Inc

213,485

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,825,154

TRANSPORTATION

-

1.2%

8,050,962

(a)

Grab

Holdings

Ltd

28,581

6,287,220

(a)

Uber

Technologies,

Inc

456,955

TOTAL

TRANSPORTATION

485,536

TOTAL

COMMON

STOCKS

40,142,375

(Cost

$24,537,440)

TOTAL

LONG-TERM

INVESTMENTS

40,142,375‌

(Cost

$24,537,440)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.3%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

6,135,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/08/24

6,126

10,000,000

FHLB

0

.000

08/14/24

9,932

10,800,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/10/24

10,781

TOTAL

GOVERNMENT

AGENCY

DEBT

26,839

REPURCHASE

AGREEMENT

-

0.1%

45,533,000

(d)

Fixed

Income

Clearing

Corporation

5

.320

07/01/24

45,533

TOTAL

REPURCHASE

AGREEMENT

45,533

TREASURY

DEBT

-

0.1%

6,463,000

United

States

Treasury

Bill

0

.000

07/25/24

6,441

20,000,000

United

States

Treasury

Bill

0

.000

07/30/24

19,915

28,290,000

United

States

Treasury

Bill

0

.000

08/13/24

28,113

5,000,000

United

States

Treasury

Bill

0

.000

08/29/24

4,957

TOTAL

TREASURY

DEBT

59,426

TOTAL

SHORT-TERM

INVESTMENTS

131,798

(Cost

$131,811)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

49,190,447

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.330

(f)

49,190

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

49,190

(Cost

$49,190)

TOTAL

INVESTMENTS

-

100.2%

40,323,363

(Cost

$24,718,441)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

81,076

)

NET

ASSETS

-

100.0%

$40,242,287

ADR

American

Depositary

Receipt

CREF

Growth

Account

June

30,

2024

178

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$48,565,996.

(c)

Security

is

exempt

from

registration

under

Rule

144A

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

$128,417,426

or

0.3%

of

Total

Investments.

(d)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$45,553,186

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

7/31/26,

valued

at

$46,443,778.

(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.

Portfolio

of

Investments

CREF

Equity

Index

Account

June

30,

2024

179

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

1.4%

49,971

(a)

Adient

plc

$

1,235

60,325

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

422

131,438

(a)

Aptiv

plc

9,256

30,671

(a)

Atmus

Filtration

Technologies,

Inc

883

115,559

BorgWarner,

Inc

3,726

8,573

(a)

Cooper-Standard

Holdings,

Inc

107

60,557

Dana

Inc

734

12,642

(a)

Dorman

Products,

Inc

1,156

1,864,428

Ford

Motor

Co

23,380

23,054

(a)

Fox

Factory

Holding

Corp

1,111

529,147

General

Motors

Co

24,584

104,978

Gentex

Corp

3,539

18,149

(a)

Gentherm,

Inc

895

139,195

(a)

Goodyear

Tire

&

Rubber

Co

1,580

67,182

Harley-Davidson,

Inc

2,253

26,694

(a),(b)

Holley,

Inc

95

12,667

LCI

Industries

1,309

27,234

Lear

Corp

3,110

372,353

(a),(b)

Lucid

Group,

Inc

972

122,392

(a),(b)

Luminar

Technologies,

Inc

182

25,388

(a)

Modine

Manufacturing

Co

2,544

10,528

Patrick

Industries,

Inc

1,143

23,111

Phinia,

Inc

910

111,576

(a),(b)

QuantumScape

Corp

549

386,669

(a),(b)

Rivian

Automotive,

Inc

5,189

29,093

(a),(b)

Solid

Power,

Inc

48

11,405

Standard

Motor

Products,

Inc

316

20,247

(a)

Stoneridge,

Inc

323

1,305,645

(a)

Tesla,

Inc

258,361

22,833

Thor

Industries,

Inc

2,134

12,140

(a)

Visteon

Corp

1,295

17,654

Winnebago

Industries,

Inc

957

9,934

(a),(b)

XPEL,

Inc

353

TOTAL

AUTOMOBILES

&

COMPONENTS

354,651

BANKS

-

3.6%

4,682

1st

Source

Corp

251

4,331

(b)

ACNB

Corp

157

7,212

Amalgamated

Financial

Corp

198

12,491

Amerant

Bancorp,

Inc

284

38,500

Ameris

Bancorp

1,938

4,191

Ames

National

Corp

86

9,484

Arrow

Financial

Corp

247

63,489

Associated

Banc-Corp

1,343

50,266

Atlantic

Union

Bankshares

Corp

1,651

31,941

(a)

Axos

Financial,

Inc

1,825

70,633

Banc

of

California,

Inc

903

10,077

Bancfirst

Corp

884

18,804

(a)

Bancorp,

Inc

710

3,732

(b)

Bank

First

Corp

308

3,188,252

Bank

of

America

Corp

126,797

23,380

(b)

Bank

of

Hawaii

Corp

1,338

7,728

(b)

Bank

of

Marin

Bancorp

125

7,072

Bank

of

NT

Butterfield

&

Son

Ltd

248

58,249

Bank

OZK

2,388

CREF

Equity

Index

Account

June

30,

2024

180

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,509

BankUnited,

Inc

$

805

15,735

Banner

Corp

781

11,016

Bar

Harbor

Bankshares

296

6,589

BayCom

Corp

134

7,362

BCB

Bancorp,

Inc

78

26,834

Berkshire

Hills

Bancorp,

Inc

612

13,432

(a)

Blue

Foundry

Bancorp

122

8,083

BOK

Financial

Corp

741

10,571

(a),(b)

Bridgewater

Bancshares,

Inc

123

38,089

Brookline

Bancorp,

Inc

318

6,190

Burke

&

Herbert

Financial

Services

Corp

316

6,436

Business

First

Bancshares,

Inc

140

5,576

Byline

Bancorp,

Inc

132

85,151

Cadence

Bank

2,408

2,502

Cambridge

Bancorp

173

7,078

(b)

Camden

National

Corp

234

4,609

(b)

Capital

Bancorp,

Inc

94

9,158

Capital

City

Bank

Group,

Inc

260

33,828

Capitol

Federal

Financial,

Inc

186

14,623

(a)

Carter

Bankshares,

Inc

221

25,721

Cathay

General

Bancorp

970

21,511

Central

Pacific

Financial

Corp

456

3,292

ChoiceOne

Financial

Services,

Inc

94

900,223

Citigroup,

Inc

57,128

9,568

Citizens

&

Northern

Corp

171

206,881

Citizens

Financial

Group,

Inc

7,454

2,180

(b)

Citizens

Financial

Services,

Inc

98

4,775

City

Holding

Co

507

7,262

Civista

Bancshares,

Inc

112

9,772

CNB

Financial

Corp

199

5,328

(a)

Coastal

Financial

Corp

246

8,393

Colony

Bankcorp,

Inc

103

97,984

Columbia

Banking

System,

Inc

1,949

17,061

(a)

Columbia

Financial,

Inc

255

69,667

Comerica,

Inc

3,556

58,590

Commerce

Bancshares,

Inc

3,268

29,222

Community

Bank

System,

Inc

1,380

16,516

Community

Trust

Bancorp,

Inc

721

7,965

Community

West

Bancshares

147

21,722

ConnectOne

Bancorp,

Inc

410

2,974

(a)

CrossFirst

Bankshares,

Inc

42

24,821

Cullen/Frost

Bankers,

Inc

2,523

19,196

(a)

Customers

Bancorp,

Inc

921

45,531

CVB

Financial

Corp

785

19,153

Dime

Community

Bancshares,

Inc

391

17,266

Eagle

Bancorp,

Inc

326

64,760

East

West

Bancorp,

Inc

4,742

94,260

Eastern

Bankshares,

Inc

1,318

6,481

Enterprise

Bancorp,

Inc

161

16,077

Enterprise

Financial

Services

Corp

658

7,477

Equity

Bancshares,

Inc

263

3,546

Esquire

Financial

Holdings,

Inc

169

6,206

(b)

Farmers

&

Merchants

Bancorp,

Inc

144

18,150

Farmers

National

Banc

Corp

227

13,107

FB

Financial

Corp

512

2,294

Fidelity

D&D

Bancorp,

Inc

100

331,334

Fifth

Third

Bancorp

12,090

10,211

Financial

Institutions,

Inc

197

15,371

First

Bancorp

491

75,472

First

BanCorp

1,380

6,485

First

Bancorp,

Inc

161

6,018

First

Bancshares,

Inc

156

181

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,950

First

Bank

$

101

26,747

First

Busey

Corp

648

4,107

First

Business

Financial

Services,

Inc

152

5,627

First

Citizens

Bancshares,

Inc

(Class

A)

9,474

52,091

First

Commonwealth

Financial

Corp

719

12,139

First

Community

Bancshares,

Inc

447

44,172

First

Financial

Bancorp

982

70,877

First

Financial

Bankshares,

Inc

2,093

505

First

Financial

Corp

19

19,660

First

Foundation,

Inc

129

71,845

First

Hawaiian,

Inc

1,492

266,280

First

Horizon

National

Corp

4,199

3,850

(a)

First

Internet

Bancorp

104

43,798

First

Interstate

BancSystem,

Inc

1,216

29,933

First

Merchants

Corp

996

7,120

First

Mid

Bancshares,

Inc

234

15,462

First

of

Long

Island

Corp

155

4,047

(a)

First

Western

Financial,

Inc

69

6,452

(b)

Five

Star

Bancorp

153

4,145

Flushing

Financial

Corp

55

157,037

FNB

Corp

2,148

3,291

FS

Bancorp,

Inc

120

75,484

Fulton

Financial

Corp

1,282

7,652

(a),(b)

FVCBankcorp,

Inc

84

5,087

German

American

Bancorp,

Inc

180

63,141

Glacier

Bancorp,

Inc

2,356

1,871

Great

Southern

Bancorp,

Inc

104

3,479

(b)

Greene

County

Bancorp,

Inc

117

1,346

(b)

Guaranty

Bancshares,

Inc

42

47,878

Hancock

Whitney

Corp

2,290

23,963

Hanmi

Financial

Corp

401

16,668

HarborOne

Bancorp,

Inc

186

6,442

HBT

Financial,

Inc

132

13,408

Heartland

Financial

USA,

Inc

596

25,661

Heritage

Commerce

Corp

223

22,188

Heritage

Financial

Corp

400

35,248

Hilltop

Holdings,

Inc

1,103

997

Hingham

Institution

For

Savings

The

178

4,264

Home

Bancorp,

Inc

171

81,882

Home

Bancshares,

Inc

1,962

15,022

HomeStreet,

Inc

171

13,541

HomeTrust

Bancshares,

Inc

407

59,403

Hope

Bancorp,

Inc

638

2,709

Horizon

Bancorp,

Inc

34

675,748

Huntington

Bancshares,

Inc

8,906

17,558

Independent

Bank

Corp

474

9,002

Independent

Bank

Corp

457

20,253

Independent

Bank

Group,

Inc

922

25,194

International

Bancshares

Corp

1,441

5,837

(b)

John

Marshall

Bancorp,

Inc

102

1,346,419

JPMorgan

Chase

&

Co

272,327

8,268

Kearny

Financial

Corp

51

434,062

Keycorp

6,168

13,317

Lakeland

Financial

Corp

819

14,926

Live

Oak

Bancshares,

Inc

523

77,098

M&T

Bank

Corp

11,670

19,210

Macatawa

Bank

Corp

280

1,529

Mercantile

Bank

Corp

62

10,190

Metrocity

Bankshares,

Inc

269

4,420

(a),(b)

Metropolitan

Bank

Holding

Corp

186

7,348

Mid

Penn

Bancorp,

Inc

161

3,829

(b)

Middlefield

Banc

Corp

92

CREF

Equity

Index

Account

June

30,

2024

182

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,800

Midland

States

Bancorp,

Inc

$

245

7,821

MidWestOne

Financial

Group,

Inc

176

5,369

MVB

Financial

Corp

100

19,324

National

Bank

Holdings

Corp

755

18,373

(a)

NB

Bancorp,

Inc

277

21,431

NBT

Bancorp,

Inc

827

356,081

(b)

New

York

Community

Bancorp,

Inc

1,147

6,480

Nicolet

Bankshares,

Inc

538

3,442

Northeast

Bank

209

5,507

Northeast

Community

Bancorp,

Inc

98

5,388

Northfield

Bancorp,

Inc

51

2,656

Northrim

BanCorp,

Inc

153

59,870

Northwest

Bancshares,

Inc

692

3,544

(b)

Norwood

Financial

Corp

90

1,494,128

(a)

NU

Holdings

Ltd

19,259

12,012

OceanFirst

Financial

Corp

191

33,903

OFG

Bancorp

1,270

140,017

Old

National

Bancorp

2,407

21,667

Old

Second

Bancorp,

Inc

321

2,418

Orange

County

Bancorp,

Inc

128

11,057

Origin

Bancorp,

Inc

351

5,318

(b)

Orrstown

Financial

Services,

Inc

146

51,153

Pacific

Premier

Bancorp,

Inc

1,175

7,855

Park

National

Corp

1,118

5,178

Parke

Bancorp,

Inc

90

20,574

Pathward

Financial,

Inc

1,164

5,966

PCB

Bancorp

97

267

Peapack

Gladstone

Financial

Corp

6

4,697

Peoples

Bancorp,

Inc

141

5,712

Peoples

Financial

Services

Corp

260

41,191

Pinnacle

Financial

Partners,

Inc

3,297

2,662

Plumas

Bancorp

96

188,240

PNC

Financial

Services

Group,

Inc

29,268

11,515

(a)

Ponce

Financial

Group,

Inc

105

32,476

Popular,

Inc

2,872

2,087

Preferred

Bank

158

20,188

Premier

Financial

Corp

413

8,140

Primis

Financial

Corp

85

41,648

Prosperity

Bancshares,

Inc

2,546

59,185

Provident

Financial

Services,

Inc

849

8,729

QCR

Holdings,

Inc

524

9,265

RBB

Bancorp

174

2,235

Red

River

Bancshares,

Inc

107

446,451

Regions

Financial

Corp

8,947

30,881

Renasant

Corp

943

6,104

(b)

Republic

Bancorp,

Inc

(Class

A)

327

13,081

(b)

S&T

Bancorp,

Inc

437

22,606

Sandy

Spring

Bancorp,

Inc

551

34,531

Seacoast

Banking

Corp

of

Florida

816

24,631

ServisFirst

Bancshares,

Inc

1,556

9,123

Shore

Bancshares,

Inc

104

8,919

(b)

Sierra

Bancorp

200

55,218

Simmons

First

National

Corp

(Class

A)

971

5,382

SmartFinancial,

Inc

127

5,202

South

Plains

Financial,

Inc

140

4,079

(a)

Southern

First

Bancshares,

Inc

119

4,139

Southern

Missouri

Bancorp,

Inc

186

3,924

Southern

States

Bancshares,

Inc

107

10,544

(b)

Southside

Bancshares,

Inc

291

38,442

SouthState

Corp

2,938

23,920

Stellar

Bancorp,

Inc

549

11,262

Stock

Yards

Bancorp,

Inc

559

183

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,250

Synovus

Financial

Corp

$

2,984

27,678

(a)

Texas

Capital

Bancshares,

Inc

1,692

6,549

(a)

Third

Coast

Bancshares,

Inc

139

3,562

Timberland

Bancorp,

Inc

97

7,201

Tompkins

Trustco,

Inc

352

34,516

Towne

Bank

941

19,212

Trico

Bancshares

760

10,668

(a)

Triumph

Financial,

Inc

872

634,840

Truist

Financial

Corp

24,664

2,656

TrustCo

Bank

Corp

NY

76

34,442

Trustmark

Corp

1,035

23,900

UMB

Financial

Corp

1,994

68,198

United

Bankshares,

Inc

2,212

48,352

United

Community

Banks,

Inc

1,231

3,873

Unity

Bancorp,

Inc

115

5,426

Univest

Financial

Corp

124

732,251

US

Bancorp

29,070

154,740

Valley

National

Bancorp

1,080

22,054

Veritex

Holdings,

Inc

465

25,531

Washington

Federal,

Inc

730

3,676

Washington

Trust

Bancorp,

Inc

101

85,391

Webster

Financial

Corp

3,722

1,646,095

Wells

Fargo

&

Co

97,762

21,097

WesBanco,

Inc

589

11,970

West

Bancorporation,

Inc

214

13,352

Westamerica

Bancorporation

648

53,770

Western

Alliance

Bancorp

3,378

31,127

Wintrust

Financial

Corp

3,068

37,346

WSFS

Financial

Corp

1,755

67,952

Zions

Bancorporation

2,947

TOTAL

BANKS

879,169

CAPITAL

GOODS

-

6.2%

29,422

(a),(b)

374Water,

Inc

35

66,252

(a)

3D

Systems

Corp

203

263,361

3M

Co

26,913

57,428

A.O.

Smith

Corp

4,696

32,247

Aaon,

Inc

2,813

11,925

(a)

AAR

Corp

867

13,778

Acuity

Brands,

Inc

3,327

31,531

Advanced

Drainage

Systems,

Inc

5,057

58,431

Aecom

Technology

Corp

5,150

12,268

(a)

Aerovironment,

Inc

2,235

8,143

(a)

AerSale

Corp

56

29,823

AGCO

Corp

2,919

38,659

Air

Lease

Corp

1,837

5,157

Alamo

Group,

Inc

892

16,794

Albany

International

Corp

(Class

A)

1,418

37,089

Allegion

plc

4,382

6,739

Allied

Motion

Technologies,

Inc

170

41,023

Allison

Transmission

Holdings,

Inc

3,114

10,745

Alta

Equipment

Group,

Inc

86

13,776

(a),(b)

Ameresco,

Inc

397

16,039

(a)

American

Superconductor

Corp

375

7,436

(a)

American

Woodmark

Corp

584

106,449

Ametek,

Inc

17,746

98,441

(a)

API

Group

Corp

3,704

4,551

Apogee

Enterprises,

Inc

286

17,287

Applied

Industrial

Technologies,

Inc

3,354

63,826

(a),(b)

Archer

Aviation,

Inc

225

26,444

Arcosa,

Inc

2,206

10,471

Argan,

Inc

766

CREF

Equity

Index

Account

June

30,

2024

184

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,887

Armstrong

World

Industries,

Inc

$

2,365

69,116

(a)

Array

Technologies,

Inc

709

15,250

Astec

Industries,

Inc

452

15,755

(a)

Astronics

Corp

316

16,113

Atkore,

Inc

2,174

32,661

(a)

Axon

Enterprise,

Inc

9,610

60,195

(a)

AZEK

Co,

Inc

2,536

13,571

AZZ,

Inc

1,048

25,595

Barnes

Group,

Inc

1,060

30,037

(a)

Beacon

Roofing

Supply,

Inc

2,718

19,926

(a),(b)

Blink

Charging

Co

55

75,992

(a),(b)

Bloom

Energy

Corp

930

16,572

(a)

Blue

Bird

Corp

892

4,896

(a)

BlueLinx

Holdings,

Inc

456

273,093

(a)

Boeing

Co

49,706

16,526

Boise

Cascade

Co

1,970

4,978

(a)

Bowman

Consulting

Group

Ltd

158

13,313

(b)

Brookfield

Business

Corp

272

59,390

(a)

Builders

FirstSource,

Inc

8,220

40,627

BWX

Technologies,

Inc

3,860

8,469

Cadre

Holdings,

Inc

284

23,004

Carlisle

Cos,

Inc

9,321

386,454

Carrier

Global

Corp

24,378

229,709

Caterpillar,

Inc

76,516

6,740

(a)

Centuri

Holdings,

Inc

131

120,169

(a),(b)

ChargePoint

Holdings,

Inc

181

20,872

(a),(b)

Chart

Industries,

Inc

3,013

439,165

CNH

Industrial

NV

4,449

14,727

Columbus

McKinnon

Corp

509

17,475

Comfort

Systems

USA,

Inc

5,315

15,927

(a),(b)

Commercial

Vehicle

Group,

Inc

78

13,197

(a)

Concrete

Pumping

Holdings,

Inc

79

11,212

(a)

Construction

Partners,

Inc

619

83,036

(a)

Core

&

Main,

Inc

4,064

21,581

Crane

Co

3,129

7,468

CSW

Industrials,

Inc

1,981

65,168

Cummins,

Inc

18,047

16,504

Curtiss-Wright

Corp

4,472

30,728

(a),(b)

Custom

Truck

One

Source,

Inc

134

119,692

Deere

&

Co

44,721

27,073

(a)

DNOW,

Inc

372

52,930

Donaldson

Co,

Inc

3,788

16,771

Douglas

Dynamics,

Inc

392

62,548

Dover

Corp

11,287

8,048

(a)

Ducommun,

Inc

467

11,117

(a)

DXP

Enterprises,

Inc

510

11,046

(a)

Dycom

Industries,

Inc

1,864

187,559

Eaton

Corp

plc

58,809

21,296

EMCOR

Group,

Inc

7,775

268,706

Emerson

Electric

Co

29,601

7,075

Encore

Wire

Corp

2,051

24,905

(a)

Energy

Recovery,

Inc

331

12,892

(a),(b)

Energy

Vault

Holdings,

Inc

12

32,971

Enerpac

Tool

Group

Corp

1,259

18,213

EnerSys

1,885

55,762

(a),(b)

Enovix

Corp

862

11,263

EnPro

Industries,

Inc

1,640

28,088

Esab

Corp

2,652

13,003

ESCO

Technologies,

Inc

1,366

9,017

(a),(b)

Eve

Holding,

Inc

37

266,692

Fastenal

Co

16,759

32,884

Federal

Signal

Corp

2,751

185

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

96,207

Ferguson

plc

$

18,630

55,538

Flowserve

Corp

2,671

18,242

(a),(b)

Fluence

Energy,

Inc

316

79,566

(a)

Fluor

Corp

3,465

165,023

Fortive

Corp

12,228

58,578

Fortune

Brands

Innovations,

Inc

3,804

20,104

Franklin

Electric

Co,

Inc

1,936

54,773

(a)

Freyr

Battery,

Inc

93

49,125

FTAI

Aviation

Ltd

5,071

176,294

(a),(b)

FuelCell

Energy,

Inc

113

79,515

(a)

Gates

Industrial

Corp

plc

1,257

14,376

GATX

Corp

1,903

129,169

(a)

GE

Vernova,

Inc

22,154

4,819

(a)

Gencor

Industries,

Inc

93

26,482

(a)

Generac

Holdings,

Inc

3,501

128,241

General

Dynamics

Corp

37,208

512,117

General

Electric

Co

81,411

17,907

(a)

Gibraltar

Industries,

Inc

1,228

9,938

Global

Industrial

Co

312

14,160

(a)

GMS,

Inc

1,141

12,385

Gorman-Rupp

Co

455

78,611

Graco,

Inc

6,232

95,580

GrafTech

International

Ltd

93

4,871

(a)

Graham

Corp

137

20,341

Granite

Construction,

Inc

1,261

44,924

(a)

Great

Lakes

Dredge

&

Dock

Corp

394

14,394

Greenbrier

Cos,

Inc

713

20,793

Griffon

Corp

1,328

17,554

H&E

Equipment

Services,

Inc

775

63,817

(a)

Hayward

Holdings,

Inc

785

21,280

HEICO

Corp

4,758

38,786

HEICO

Corp

(Class

A)

6,885

16,194

Helios

Technologies,

Inc

773

13,619

Herc

Holdings,

Inc

1,815

41,915

Hexcel

Corp

2,618

32,149

Hillenbrand,

Inc

1,287

69,001

(a)

Hillman

Solutions

Corp

611

306,057

Honeywell

International,

Inc

65,355

190,042

Howmet

Aerospace,

Inc

14,753

25,443

Hubbell,

Inc

9,299

22,109

(a)

Hudson

Technologies,

Inc

194

16,667

Huntington

Ingalls

Industries,

Inc

4,106

63,978

(a),(b)

Hyliion

Holdings

Corp

104

7,224

Hyster-Yale

Materials

Handling,

Inc

504

37,542

IDEX

Corp

7,553

5,334

(a)

IES

Holdings,

Inc

743

139,131

Illinois

Tool

Works,

Inc

32,968

192,430

Ingersoll

Rand,

Inc

17,480

3,056

Insteel

Industries,

Inc

95

39,987

ITT,

Inc

5,166

41,873

(a)

Janus

International

Group,

Inc

529

45,832

(a)

JELD-WEN

Holding,

Inc

617

9,952

John

Bean

Technologies

Corp

945

318,910

Johnson

Controls

International

plc

21,198

5,348

Kadant,

Inc

1,571

3,197

Karat

Packaging,

Inc

95

45,625

Kennametal,

Inc

1,074

66,946

(a)

Kratos

Defense

&

Security

Solutions,

Inc

1,340

88,956

L3Harris

Technologies,

Inc

19,978

9,846

(a)

Lawson

Products,

Inc

295

4,363

(a)

LB

Foster

Co

(Class

A)

94

15,315

Lennox

International,

Inc

8,193

CREF

Equity

Index

Account

June

30,

2024

186

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,937

(a)

Leonardo

DRS,

Inc

$

636

4,566

(a)

Limbach

Holdings,

Inc

260

28,514

Lincoln

Electric

Holdings,

Inc

5,379

5,950

Lindsay

Corp

731

4,837

(a)

Loar

Holdings,

Inc

258

100,313

Lockheed

Martin

Corp

46,856

12,965

LSI

Industries,

Inc

188

17,575

Luxfer

Holdings

plc

204

22,630

(a)

Manitowoc

Co,

Inc

261

107,444

Masco

Corp

7,163

32,416

(a)

Mastec,

Inc

3,468

67,350

(a)

Masterbrand,

Inc

989

12,603

(a)

Matrix

Service

Co

125

5,952

(a)

Mayville

Engineering

Co

Inc

99

8,494

McGrath

RentCorp

905

96,446

MDU

Resources

Group,

Inc

2,421

30,340

(a)

Mercury

Computer

Systems,

Inc

819

24,886

(a)

Middleby

Corp

3,051

7,280

Miller

Industries,

Inc

401

14,585

Moog,

Inc

(Class

A)

2,440

43,932

(a)

MRC

Global,

Inc

567

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,529

57,366

Mueller

Industries,

Inc

3,266

85,916

Mueller

Water

Products,

Inc

(Class

A)

1,540

6,055

(a)

MYR

Group,

Inc

822

3,534

National

Presto

Industries,

Inc

266

10,242

(a)

Net

Power,

Inc

101

60,488

(a)

NEXTracker,

Inc

2,836

2,944

(a)

Nikola

Corp

24

25,712

Nordson

Corp

5,964

65,585

Northrop

Grumman

Corp

28,592

6,891

(a)

Northwest

Pipe

Co

234

16,026

(a),(b)

NuScale

Power

Corp

187

74,858

nVent

Electric

plc

5,735

2,354

Omega

Flex,

Inc

121

14,387

(a)

Orion

Marine

Group,

Inc

137

27,603

Oshkosh

Corp

2,987

185,303

Otis

Worldwide

Corp

17,837

39,754

Owens

Corning,

Inc

6,906

241,384

PACCAR,

Inc

24,848

14,228

Park

Aerospace

Corp

195

60,689

Parker-Hannifin

Corp

30,697

3,997

Park-Ohio

Holdings

Corp

103

20,471

(a)

Parsons

Corp

1,675

81,606

Pentair

plc

6,257

274,975

(a),(b)

Plug

Power,

Inc

641

2,948

Powell

Industries,

Inc

423

1,801

Preformed

Line

Products

Co

224

28,783

Primoris

Services

Corp

1,436

15,505

(a)

Proto

Labs,

Inc

479

16,969

Quanex

Building

Products

Corp

469

68,806

Quanta

Services,

Inc

17,483

13,498

(a)

RBC

Bearings,

Inc

3,642

32,418

Regal-Beloit

Corp

4,384

82,950

(a)

Resideo

Technologies,

Inc

1,623

8,757

REV

Group,

Inc

218

109,316

(a),(b)

Rocket

Lab

USA,

Inc

525

54,516

Rockwell

Automation,

Inc

15,007

624,651

RTX

Corp

62,709

10,342

Rush

Enterprises,

Inc

406

22,836

Rush

Enterprises,

Inc

(Class

A)

956

80,042

Sensata

Technologies

Holding

plc

2,993

187

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

63,890

(a),(b)

SES

AI

Corp

$

80

81,772

(a)

Shoals

Technologies

Group,

Inc

510

18,886

Shyft

Group,

Inc

224

19,894

Simpson

Manufacturing

Co,

Inc

3,353

24,415

(a)

SiteOne

Landscape

Supply,

Inc

2,964

23,368

Snap-On,

Inc

6,108

59,911

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,969

23,935

(a)

SPX

Technologies,

Inc

3,402

4,143

Standex

International

Corp

668

77,790

Stanley

Black

&

Decker,

Inc

6,215

73,460

(a)

Stem,

Inc

82

13,737

(a)

Sterling

Construction

Co,

Inc

1,626

110,732

(a),(b)

Sunrun,

Inc

1,313

10,462

Tecnoglass,

Inc

525

10,075

Tennant

Co

992

35,787

Terex

Corp

1,963

87,191

Textron,

Inc

7,486

24,419

(a)

Thermon

Group

Holdings,

Inc

751

26,899

Timken

Co

2,155

27,553

(a)

Titan

International,

Inc

204

11,613

(a)

Titan

Machinery,

Inc

185

51,928

Toro

Co

4,856

107,148

Trane

Technologies

plc

35,244

3,856

(a)

Transcat,

Inc

461

25,384

TransDigm

Group,

Inc

32,431

52,464

(a)

Trex

Co,

Inc

3,889

37,946

Trinity

Industries,

Inc

1,135

32,779

(a)

Triumph

Group,

Inc

505

27,269

(a)

Tutor

Perini

Corp

594

26,618

UFP

Industries,

Inc

2,981

31,199

United

Rentals,

Inc

20,177

7,860

(a)

V2X,

Inc

377

10,628

Valmont

Industries,

Inc

2,917

164,299

Vertiv

Holdings

Co

14,223

12,845

(a)

Vicor

Corp

426

4,297

(a),(b)

Virgin

Galactic

Holdings,

Inc

36

20,696

W.W.

Grainger,

Inc

18,673

23,411

Wabash

National

Corp

511

16,513

Watsco,

Inc

7,649

12,667

Watts

Water

Technologies,

Inc

(Class

A)

2,323

22,053

WESCO

International,

Inc

3,496

81,108

Westinghouse

Air

Brake

Technologies

Corp

12,819

1,487

Willis

Lease

Finance

Corp

103

89,818

(a)

WillScot

Mobile

Mini

Holdings

Corp

3,381

30,482

Woodward

Inc

5,315

17,318

(a),(b)

Xometry,

Inc

200

113,464

Xylem,

Inc

15,389

65,462

Zurn

Elkay

Water

Solutions

Corp

1,925

TOTAL

CAPITAL

GOODS

1,545,424

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

27,128

ABM

Industries,

Inc

1,372

5,587

ACCO

Brands

Corp

26

57,811

(a)

ACV

Auctions,

Inc

1,055

174,070

(a)

Alight,

Inc

1,285

11,286

Aris

Water

Solution,

Inc

177

19,073

(a)

ASGN,

Inc

1,682

392,127

(a),(b)

Aurora

Innovation,

Inc

1,086

191,121

Automatic

Data

Processing,

Inc

45,619

20,580

Barrett

Business

Services,

Inc

674

60,886

(a),(b)

BlackSky

Technology,

Inc

65

61,673

Booz

Allen

Hamilton

Holding

Corp

9,491

CREF

Equity

Index

Account

June

30,

2024

188

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,522

(a)

BrightView

Holdings,

Inc

$

220

18,487

Brink's

Co

1,893

53,827

Broadridge

Financial

Solutions,

Inc

10,604

9,248

(a)

CACI

International,

Inc

(Class

A)

3,978

26,846

(a)

Casella

Waste

Systems,

Inc

(Class

A)

2,664

18,053

(a)

CBIZ,

Inc

1,338

14,787

(a)

CECO

Environmental

Corp

427

8,021

(a)

Cimpress

plc

703

40,902

Cintas

Corp

28,642

226,376

(a)

Clarivate

plc

1,288

23,755

(a)

Clean

Harbors,

Inc

5,372

21,043

Concentrix

Corp

1,332

91,431

(a)

Conduent,

Inc

298

409,477

(a)

Copart,

Inc

22,177

49,610

(a)

CoreCivic,

Inc

644

192,612

(a)

CoStar

Group,

Inc

14,280

3,881

CRA

International,

Inc

668

17,763

CSG

Systems

International,

Inc

731

22,984

Deluxe

Corp

516

20,676

(a)

Driven

Brands

Holdings,

Inc

263

129,661

Dun

&

Bradstreet

Holdings,

Inc

1,201

1,045

Ennis,

Inc

23

59,468

Equifax,

Inc

14,419

86,090

(a)

ExlService

Holdings,

Inc

2,700

28,338

Exponent,

Inc

2,695

15,944

First

Advantage

Corp

256

7,582

(a),(b)

Forrester

Research,

Inc

129

7,620

(a)

Franklin

Covey

Co

290

16,142

(a)

FTI

Consulting,

Inc

3,479

81,103

Genpact

Ltd

2,611

42,598

(a)

GEO

Group,

Inc

612

42,732

(a)

Harsco

Corp

369

40,910

(a)

Healthcare

Services

Group

433

14,300

Heidrick

&

Struggles

International,

Inc

452

37,280

Herman

Miller,

Inc

988

27,032

HNI

Corp

1,217

9,371

(a)

Huron

Consulting

Group,

Inc

923

6,267

ICF

International,

Inc

930

12,531

(a),(b)

Innodata,

Inc

186

19,828

Insperity,

Inc

1,809

44,581

Interface,

Inc

654

59,295

Jacobs

Solutions,

Inc

8,284

66,111

KBR,

Inc

4,240

20,372

Kelly

Services,

Inc

(Class

A)

436

11,207

Kforce,

Inc

696

29,134

Korn/Ferry

International

1,956

52,870

(a)

LanzaTech

Global,

Inc

98

13,624

(a)

Legalzoom.com,

Inc

114

62,921

Leidos

Holdings,

Inc

9,179

19,090

(a)

Liquidity

Services,

Inc

381

25,524

Manpower,

Inc

1,782

16,885

Matthews

International

Corp

(Class

A)

423

31,583

MAXIMUS,

Inc

2,707

12,017

(a)

Montrose

Environmental

Group,

Inc

535

15,466

MSA

Safety,

Inc

2,903

4,961

NL

Industries,

Inc

30

5,211

(a)

NV5

Global,

Inc

484

67,918

(a)

OPENLANE,

Inc

1,127

149,731

Paychex,

Inc

17,752

24,132

Paycom

Software,

Inc

3,452

33,846

(a)

Performant

Financial

Corp

98

95,984

Pitney

Bowes,

Inc

488

189

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

79,689

(a),(b)

Planet

Labs

PBC

$

148

83,579

RB

Global,

Inc

6,382

4,854

(a)

Red

Violet,

Inc

123

94,041

Republic

Services,

Inc

18,276

20,546

Resources

Connection,

Inc

227

52,374

Robert

Half

International,

Inc

3,351

131,128

Rollins,

Inc

6,398

23,991

Science

Applications

International

Corp

2,820

10,651

(a)

Spire

Global,

Inc

115

100,288

SS&C

Technologies

Holdings,

Inc

6,285

61,807

Steelcase,

Inc

(Class

A)

801

49,051

(a)

Stericycle,

Inc

2,851

12,139

(a)

Sterling

Check

Corp

180

25,107

Tetra

Tech,

Inc

5,134

92,480

TransUnion

6,858

15,001

TriNet

Group,

Inc

1,500

19,072

(a)

TrueBlue,

Inc

196

10,054

TTEC

Holdings,

Inc

59

8,983

Unifirst

Corp

1,541

63,645

(a)

Upwork,

Inc

684

115,953

Veralto

Corp

11,070

68,472

Verisk

Analytics,

Inc

18,457

63,620

(a)

Verra

Mobility

Corp

1,730

54,222

Vestis

Corp

663

15,178

(a)

Viad

Corp

516

5,586

VSE

Corp

493

188,299

Waste

Management,

Inc

40,172

5,398

(a)

Willdan

Group,

Inc

156

21,544

(a)

WNS

Holdings

Ltd

1,131

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

392,428

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.6%

18,290

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

174

18,402

Aaron's

Co,

Inc

184

23,424

(a)

Abercrombie

&

Fitch

Co

(Class

A)

4,166

36,738

Academy

Sports

&

Outdoors,

Inc

1,956

28,577

Advance

Auto

Parts,

Inc

1,810

4,364,020

(a)

Amazon.com,

Inc

843,347

85,497

American

Eagle

Outfitters,

Inc

1,706

3,312

(a)

America's

Car-Mart,

Inc

199

23,822

Arhaus,

Inc

404

65,041

Arko

Corp

408

7,272

(a)

Asbury

Automotive

Group,

Inc

1,657

12,767

(a)

Autonation,

Inc

2,035

8,267

(a)

Autozone,

Inc

24,504

62,461

(a)

BARK,

Inc

113

101,629

Bath

&

Body

Works,

Inc

3,969

101,281

Best

Buy

Co,

Inc

8,537

15,681

(a)

Boot

Barn

Holdings,

Inc

2,022

14,004

Buckle,

Inc

517

7,271

Build-A-Bear

Workshop,

Inc

184

29,889

(a)

Burlington

Stores,

Inc

7,173

20,111

Caleres,

Inc

676

22,123

(b)

Camping

World

Holdings,

Inc

395

78,807

(a)

Carmax,

Inc

5,780

47,579

(a)

Carvana

Co

6,124

3,852

(a)

Citi

Trends,

Inc

82

543,705

(a)

Coupang,

Inc

11,391

32,814

(b)

Designer

Brands,

Inc

224

30,615

(a),(b)

Destination

XL

Group,

Inc

111

25,367

Dick's

Sporting

Goods,

Inc

5,450

1,003

(b)

Dillard's,

Inc

(Class

A)

442

CREF

Equity

Index

Account

June

30,

2024

190

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

237,536

eBay,

Inc

$

12,760

61,188

(a)

Etsy,

Inc

3,609

34,837

(a),(b)

EVgo,

Inc

85

27,604

(a)

Five

Below,

Inc

3,008

49,914

(a)

Floor

&

Decor

Holdings,

Inc

4,962

33,391

Foot

Locker,

Inc

832

10,965

(a)

Funko,

Inc

107

108,270

(a),(b)

GameStop

Corp

(Class

A)

2,673

81,317

Gap,

Inc

1,943

7,998

(a),(b)

Genesco,

Inc

207

64,617

Genuine

Parts

Co

8,938

10,931

(a)

GigaCloud

Technology,

Inc

333

6,868

Group

1

Automotive,

Inc

2,042

10,720

(a)

Groupon,

Inc

164

29,518

(a),(b)

GrowGeneration

Corp

63

9,098

Haverty

Furniture

Cos,

Inc

230

635

Hibbett

Sports,

Inc

55

466,040

Home

Depot,

Inc

160,430

65,995

Kohl's

Corp

1,517

9,431

(a)

Lands'

End,

Inc

128

59,869

(a),(b)

Leslie's,

Inc

251

13,553

Lithia

Motors,

Inc

(Class

A)

3,421

113,390

LKQ

Corp

4,716

269,090

Lowe's

Cos,

Inc

59,324

109,170

Macy's,

Inc

2,096

11,739

(a)

MarineMax,

Inc

380

18,107

Monro

Muffler,

Inc

432

8,996

Murphy

USA,

Inc

4,223

47,869

(a)

National

Vision

Holdings,

Inc

627

57,180

Nordstrom,

Inc

1,213

18,624

(a)

ODP

Corp

731

27,556

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

2,705

5,690

(a),(b)

OneWater

Marine,

Inc

157

27,959

(a)

O'Reilly

Automotive,

Inc

29,526

24,586

(a),(b)

Overstock.com,

Inc

322

6,625

Penske

Auto

Group,

Inc

987

40,988

(a)

Petco

Health

&

Wellness

Co,

Inc

155

18,519

Pool

Corp

5,691

46,411

(a)

RealReal,

Inc

148

19,596

(a),(b)

Revolve

Group,

Inc

312

7,732

(a)

RH

1,890

152,340

Ross

Stores,

Inc

22,138

7,776

(a)

Sally

Beauty

Holdings,

Inc

83

13,763

(a),(b)

Savers

Value

Village,

Inc

168

4,712

Shoe

Carnival,

Inc

174

20,162

Signet

Jewelers

Ltd

1,806

13,058

(a)

Sleep

Number

Corp

125

62

Sonic

Automotive,

Inc

(Class

A)

3

32,244

(a)

Stitch

Fix,

Inc

134

30,109

(a),(b)

ThredUp,

Inc

51

6,790

(a)

Tilly's,

Inc

41

532,285

TJX

Cos,

Inc

58,605

50,647

Tractor

Supply

Co

13,675

22,854

(a)

Ulta

Beauty,

Inc

8,819

24,944

Upbound

Group,

Inc

766

31,536

(a)

Urban

Outfitters,

Inc

1,295

66,985

(a)

Valvoline,

Inc

2,894

37,799

(a)

Victoria's

Secret

&

Co

668

42,783

(a)

Warby

Parker,

Inc

687

41,399

(a)

Wayfair,

Inc

2,183

29,826

Williams-Sonoma,

Inc

8,422

1,945

Winmark

Corp

686

191

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,661

(a)

Zumiez,

Inc

$

227

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,382,783

CONSUMER

DURABLES

&

APPAREL

-

1.0%

15,286

Acushnet

Holdings

Corp

970

56,955

(a)

Amer

Sports,

Inc

716

35,953

(a),(b)

AMMO,

Inc

60

1,361

(a)

Beazer

Homes

USA,

Inc

37

14,995

(a)

BK

LC

Lux

Finco

2

Sarl

816

35,190

Brunswick

Corp

2,561

63,158

(a)

Callaway

Golf

Co

966

42,913

(a)

Capri

Holdings

Ltd

1,420

19,479

Carter's,

Inc

1,207

5,040

(a)

Cavco

Industries,

Inc

1,745

13,611

Century

Communities,

Inc

1,111

14,289

Clarus

Corp

96

14,763

Columbia

Sportswear

Co

1,167

23,677

(a)

Cricut,

Inc

142

24,729

(a)

Crocs,

Inc

3,609

12,211

(a)

Deckers

Outdoor

Corp

11,820

139,300

DR

Horton,

Inc

19,632

10,739

(a)

Dream

Finders

Homes,

Inc

277

18,783

Ethan

Allen

Interiors,

Inc

524

72,738

(a)

Garmin

Ltd

11,851

24,084

(a)

G-III

Apparel

Group

Ltd

652

74,136

(a)

GoPro,

Inc

105

7,038

(a)

Green

Brick

Partners,

Inc

403

156,073

(a)

Hanesbrands,

Inc

769

65,299

Hasbro,

Inc

3,820

13,347

(a)

Helen

of

Troy

Ltd

1,238

5,483

Hooker

Furniture

Corp

79

2,792

(a)

Hovnanian

Enterprises,

Inc

396

11,276

Installed

Building

Products,

Inc

2,319

15,263

(a)

iRobot

Corp

139

3,583

Johnson

Outdoors,

Inc

125

34,928

KB

Home

2,451

30,075

Kontoor

Brands,

Inc

1,989

12,660

(a)

Latham

Group,

Inc

38

25,091

La-Z-Boy,

Inc

935

4,968

(a)

Legacy

Housing

Corp

114

73,033

Leggett

&

Platt,

Inc

837

114,668

Lennar

Corp

(Class

A)

17,185

6,837

Lennar

Corp

(Class

B)

953

12,635

(a)

LGI

Homes,

Inc

1,131

5,568

(a)

Lovesac

Co

126

56,686

(a)

Lululemon

Athletica,

Inc

16,932

13,163

(a)

M/I

Homes,

Inc

1,608

13,092

(a)

Malibu

Boats,

Inc

459

8,407

Marine

Products

Corp

85

13,690

(a)

MasterCraft

Boat

Holdings,

Inc

258

167,123

(a)

Mattel,

Inc

2,717

17,632

Meritage

Homes

Corp

2,854

28,443

(a)

Mohawk

Industries,

Inc

3,231

11,320

Movado

Group,

Inc

281

125,637

Newell

Rubbermaid,

Inc

805

565,038

Nike,

Inc

(Class

B)

42,587

1,342

(a)

NVR,

Inc

10,184

8,770

Oxford

Industries,

Inc

878

145,284

(a),(b)

Peloton

Interactive,

Inc

491

24,590

Polaris

Industries,

Inc

1,926

99,478

Pulte

Homes,

Inc

10,953

27,406

(a),(b)

Purple

Innovation,

Inc

29

CREF

Equity

Index

Account

June

30,

2024

192

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,729

PVH

Corp

$

2,936

19,684

Ralph

Lauren

Corp

3,446

3,738

Rocky

Brands,

Inc

138

31,093

SharkNinja

Global

SPV

Ltd

2,337

61,539

(a)

Skechers

U.S.A.,

Inc

(Class

A)

4,254

28,672

(a)

Skyline

Champion

Corp

1,943

29,016

Smith

&

Wesson

Brands,

Inc

416

67,337

(a)

Sonos,

Inc

994

44,766

Steven

Madden

Ltd

1,894

3,716

Sturm

Ruger

&

Co,

Inc

155

6,084

(a)

Superior

Uniform

Group,

Inc

115

115,012

Tapestry,

Inc

4,921

44,029

(a)

Taylor

Morrison

Home

Corp

2,441

87,531

Tempur

Sealy

International,

Inc

4,144

46,691

Toll

Brothers,

Inc

5,378

15,774

(a)

TopBuild

Corp

6,077

12,158

(a)

Traeger,

Inc

29

47,835

(a)

Tri

Pointe

Homes,

Inc

1,782

84,878

(a)

Under

Armour,

Inc

(Class

A)

566

110,542

(a)

Under

Armour,

Inc

(Class

C)

722

164,277

(b)

VF

Corp

2,218

28,750

(a)

Vista

Outdoor,

Inc

1,082

34,786

(a),(b)

Vizio

Holding

Corp

376

19,639

Whirlpool

Corp

2,007

48,726

Wolverine

World

Wide,

Inc

659

46,993

(a)

YETI

Holdings,

Inc

1,793

TOTAL

CONSUMER

DURABLES

&

APPAREL

245,632

CONSUMER

SERVICES

-

2.2%

25,118

(a)

Accel

Entertainment,

Inc

258

86,801

ADT,

Inc

660

11,253

(a)

Adtalem

Global

Education,

Inc

768

205,280

(a)

Airbnb,

Inc

31,127

7,436

(a)

American

Public

Education,

Inc

131

108,444

Aramark

3,689

17,816

(a)

BALLY'S

CORP

213

769

(a)

Biglari

Holdings,

Inc

(B

Shares)

149

15,173

(a)

BJ's

Restaurants,

Inc

527

44,145

Bloomin'

Brands,

Inc

849

16,005

Booking

Holdings,

Inc

63,404

31,873

Boyd

Gaming

Corp

1,756

28,106

(a)

Bright

Horizons

Family

Solutions,

Inc

3,094

25,489

(a)

Brinker

International,

Inc

1,845

97,639

(a)

Caesars

Entertainment,

Inc

3,880

495,919

(a)

Carnival

Corp

9,284

11,838

Carriage

Services,

Inc

318

35,423

(a)

Cava

Group,

Inc

3,285

23,639

(b)

Cheesecake

Factory

929

54,286

(a)

Chegg,

Inc

172

641,550

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

40,193

13,984

(b)

Choice

Hotels

International,

Inc

1,664

32,858

Churchill

Downs,

Inc

4,587

12,474

(a)

Chuy's

Holdings,

Inc

323

57,806

(a)

Coursera,

Inc

414

12,944

(b)

Cracker

Barrel

Old

Country

Store,

Inc

546

58,405

Darden

Restaurants,

Inc

8,838

23,587

(a)

Dave

&

Buster's

Entertainment,

Inc

939

41,277

(a)

Denny's

Corp

293

28,592

(a)

Despegar.com

Corp

378

7,772

Dine

Brands

Global

Inc.

281

15,719

Domino's

Pizza,

Inc

8,116

162,804

(a)

DoorDash,

Inc

17,710

193

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

196,196

(a)

DraftKings,

Inc

$

7,489

17,216

(a)

Duolingo,

Inc

3,592

43,029

(a)

Dutch

Bros,

Inc

1,781

14,501

(a)

El

Pollo

Loco

Holdings,

Inc

164

2,242

(a),(c)

Empire

Resorts,

Inc

0

^

10,835

(a),(b)

European

Wax

Center,

Inc

108

45,885

(a)

Everi

Holdings,

Inc

385

62,889

(a)

Expedia

Group,

Inc

7,923

7,524

(a)

First

Watch

Restaurant

Group,

Inc

132

45,952

(a)

Frontdoor,

Inc

1,553

16,841

(a)

Full

House

Resorts,

Inc

84

16,169

(a),(b)

Global

Business

Travel

Group

I

107

7,389

Golden

Entertainment,

Inc

230

1,473

Graham

Holdings

Co

1,030

12,080

(a)

Grand

Canyon

Education,

Inc

1,690

70,456

H&R

Block,

Inc

3,821

34,161

(a)

Hilton

Grand

Vacations,

Inc

1,381

116,880

Hilton

Worldwide

Holdings,

Inc

25,503

19,921

Hyatt

Hotels

Corp

3,026

11,356

(a)

Inspired

Entertainment,

Inc

104

54,564

International

Game

Technology

plc

1,116

2,856

Jack

in

the

Box,

Inc

145

44,656

(b)

Krispy

Kreme,

Inc

480

2,885

(a)

Kura

Sushi

USA,

Inc

182

167,139

Las

Vegas

Sands

Corp

7,396

62,559

Laureate

Education,

Inc

935

20,784

(a)

Life

Time

Group

Holdings,

Inc

391

45,102

(a)

Light

&

Wonder,

Inc

4,730

12,366

(a)

Lincoln

Educational

Services

Corp

147

10,890

(a)

Lindblad

Expeditions

Holdings,

Inc

105

110,297

Marriott

International,

Inc

(Class

A)

26,667

13,041

Marriott

Vacations

Worldwide

Corp

1,139

338,514

McDonald's

Corp

86,267

114,548

(a)

MGM

Resorts

International

5,091

22,276

(a),(b)

Mister

Car

Wash,

Inc

159

7,140

Monarch

Casino

&

Resort,

Inc

486

22,451

(a),(b)

Mondee

Holdings,

Inc

54

1,387

Nathan's

Famous,

Inc

94

29,475

(a)

Nerdy,

Inc

49

204,209

(a)

Norwegian

Cruise

Line

Holdings

Ltd

3,837

29,338

(a)

OneSpaWorld

Holdings

Ltd

451

18,811

(b)

Papa

John's

International,

Inc

884

46,409

(a)

Penn

National

Gaming,

Inc

898

46,334

Perdoceo

Education

Corp

992

45,756

(a)

Planet

Fitness,

Inc

3,367

18,591

(a)

PlayAGS,

Inc

214

12,559

(a)

Portillo's,

Inc

122

13,091

(a)

Potbelly

Corp

105

6,547

RCI

Hospitality

Holdings,

Inc

285

26,499

Red

Rock

Resorts,

Inc

1,456

111,282

(a)

Royal

Caribbean

Cruises

Ltd

17,742

28,549

(a)

Rush

Street

Interactive,

Inc

274

186,641

(a),(b)

Sabre

Corp

498

22,953

(a)

SeaWorld

Entertainment,

Inc

1,247

70,217

Service

Corp

International

4,995

20,425

(a)

Shake

Shack,

Inc

1,838

42,367

(a)

Six

Flags

Entertainment

Corp

1,404

526,478

Starbucks

Corp

40,986

11,328

Strategic

Education,

Inc

1,254

23,465

(a)

Stride,

Inc

1,654

67,428

(a),(b)

Super

Group

SGHC

Ltd

218

44,740

(a)

Sweetgreen,

Inc

1,348

CREF

Equity

Index

Account

June

30,

2024

194

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

21,327

(a),(b)

Target

Hospitality

Corp

$

186

31,731

Texas

Roadhouse,

Inc

(Class

A)

5,449

29,960

Travel

&

Leisure

Co

1,348

36,983

(a)

Udemy,

Inc

319

16,593

(a)

Universal

Technical

Institute,

Inc

261

17,157

Vail

Resorts,

Inc

3,090

75,359

Wendy's

Co

1,278

13,605

Wingstop,

Inc

5,750

37,299

Wyndham

Hotels

&

Resorts,

Inc

2,760

45,857

Wynn

Resorts

Ltd

4,104

8,699

(a),(b)

Xponential

Fitness,

Inc

136

130,045

Yum!

Brands,

Inc

17,226

TOTAL

CONSUMER

SERVICES

534,332

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.8%

174,481

Albertsons

Cos,

Inc

3,446

19,849

Andersons,

Inc

984

61,928

(a)

BJ's

Wholesale

Club

Holdings,

Inc

5,440

18,360

Casey's

General

Stores,

Inc

7,005

14,374

(a)

Chefs'

Warehouse,

Inc

562

208,663

Costco

Wholesale

Corp

177,361

105,007

Dollar

General

Corp

13,885

96,907

(a)

Dollar

Tree,

Inc

10,347

47,990

(a)

Grocery

Outlet

Holding

Corp

1,062

21,180

(a)

HF

Foods

Group,

Inc

64

7,244

Ingles

Markets,

Inc

(Class

A)

497

303,811

Kroger

Co

15,169

80,852

(a)

Maplebear,

Inc

2,599

6,410

Natural

Grocers

by

Vitamin

Cottage,

Inc

136

71,529

(a)

Performance

Food

Group

Co

4,729

14,866

Pricesmart,

Inc

1,207

7,101

SpartanNash

Co

133

46,984

(a)

Sprouts

Farmers

Market,

Inc

3,931

237,589

Sysco

Corp

16,961

219,102

Target

Corp

32,436

30,449

(a)

United

Natural

Foods,

Inc

399

108,028

(a)

US

Foods

Holding

Corp

5,723

4,843

Village

Super

Market

(Class

A)

128

324,604

Walgreens

Boots

Alliance,

Inc

3,926

2,038,898

Walmart,

Inc

138,054

8,426

Weis

Markets,

Inc

529

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

446,713

ENERGY

-

3.8%

18,289

(a)

Amplify

Energy

Corp

124

132,151

Antero

Midstream

Corp

1,948

142,450

(a)

Antero

Resources

Corp

4,648

169,645

APA

Corp

4,994

66,096

Archrock,

Inc

1,336

17,877

Ardmore

Shipping

Corp

403

7,867

(b)

Atlas

Energy

Solutions,

Inc

157

468,639

Baker

Hughes

Co

16,482

36,376

Berry

Corp

235

88,444

(b)

Borr

Drilling

Ltd

570

4,788

(a)

Bristow

Group,

Inc

161

348,308

Cabot

Oil

&

Gas

Corp

9,289

29,784

Cactus,

Inc

1,571

30,263

California

Resources

Corp

1,611

5,171

(a)

Centrus

Energy

Corp

221

89,692

ChampionX

Corp

2,979

107,934

Cheniere

Energy,

Inc

18,870

61,620

(b)

Chesapeake

Energy

Corp

5,065

195

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

809,379

Chevron

Corp

$

126,603

29,442

Chord

Energy

Corp

4,937

46,856

Civitas

Resources,

Inc

3,233

75,896

(a)

Clean

Energy

Fuels

Corp

203

51,225

(a)

CNX

Resources

Corp

1,245

7,387

(b)

Comstock

Resources,

Inc

77

550,496

ConocoPhillips

62,966

16,946

CONSOL

Energy,

Inc

1,729

23,258

(b)

Core

Laboratories,

Inc

472

4,767

Crescent

Energy

Co

56

11,149

CVR

Energy,

Inc

298

27,497

Delek

US

Holdings,

Inc

681

303,336

Devon

Energy

Corp

14,378

55,111

DHT

Holdings,

Inc

638

51,211

(a)

Diamond

Offshore

Drilling,

Inc

793

83,922

Diamondback

Energy,

Inc

16,800

21,773

(a)

Diversified

Energy

Co

PLC

294

9,586

(a)

DMC

Global,

Inc

138

19,179

Dorian

LPG

Ltd

805

19,159

(a)

Dril-Quip,

Inc

356

48,260

DT

Midstream,

Inc

3,428

70,957

(a),(b)

Encore

Energy

Corp

280

56,201

(a),(b)

Energy

Fuels,

Inc

341

270,271

EOG

Resources,

Inc

34,019

205,756

EQT

Corp

7,609

184,012

Equitrans

Midstream

Corp

2,388

15,511

Evolution

Petroleum

Corp

82

9,511

Excelerate

Energy,

Inc

175

39,745

(a)

Expro

Group

Holdings

NV

911

2,108,303

Exxon

Mobil

Corp

242,708

14,619

(b)

FLEX

LNG

Ltd

395

5,005

(a)

Forum

Energy

Technologies,

Inc

84

42,501

Golar

LNG

Ltd

1,332

15,821

(b)

Granite

Ridge

Resources,

Inc

100

26,945

(a)

Green

Plains,

Inc

427

6,101

(a)

Gulfport

Energy

Operating

Corp

921

11,237

(a)

Hallador

Energy

Co

87

407,333

Halliburton

Co

13,760

40,320

(a)

Helix

Energy

Solutions

Group,

Inc

481

35,444

Helmerich

&

Payne,

Inc

1,281

133,053

Hess

Corp

19,628

74,422

HF

Sinclair

Corp

3,970

6,589

HighPeak

Energy,

Inc

93

16,438

International

Seaways,

Inc

972

909,707

Kinder

Morgan,

Inc

18,076

8,490

Kinetik

Holdings,

Inc

352

9,068

Kodiak

Gas

Services,

Inc

247

234,852

(a)

Kosmos

Energy

Ltd

1,301

75,041

Liberty

Energy,

Inc

1,568

85,538

(b)

Magnolia

Oil

&

Gas

Corp

2,168

268,369

Marathon

Oil

Corp

7,694

165,495

Marathon

Petroleum

Corp

28,710

61,756

Matador

Resources

Co

3,681

60,673

Murphy

Oil

Corp

2,502

4,194

(a)

Nabors

Industries

Ltd

298

5,019

(a)

Natural

Gas

Services

Group,

Inc

101

24,850

(b)

New

Fortress

Energy,

Inc

546

63,344

(a)

Newpark

Resources,

Inc

526

15,430

(a)

NextDecade

Corp

122

55,205

Noble

Corp

plc

2,465

66,221

Nordic

American

Tankers

Ltd

264

46,086

Northern

Oil

and

Gas,

Inc

1,713

CREF

Equity

Index

Account

June

30,

2024

196

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

181,097

NOV,

Inc

$

3,443

298,879

Occidental

Petroleum

Corp

18,838

54,360

(a)

Oceaneering

International,

Inc

1,286

38,178

(a),(b)

Oil

States

International,

Inc

169

276,146

ONEOK,

Inc

22,520

28,818

Overseas

Shipholding

Group,

Inc

244

115,301

Ovintiv,

Inc

5,404

23,180

(a)

Par

Pacific

Holdings,

Inc

585

159,529

Patterson-UTI

Energy,

Inc

1,653

46,492

PBF

Energy,

Inc

2,140

60,358

Peabody

Energy

Corp

1,335

294,528

Permian

Resources

Corp

4,757

199,065

Phillips

66

28,102

11,921

(a),(b)

ProFrac

Holding

Corp

88

48,018

(a)

ProPetro

Holding

Corp

416

112,319

Range

Resources

Corp

3,766

51,530

Ranger

Energy

Services,

Inc

542

12,558

(a)

Rex

American

Resources

Corp

573

4,815

Riley

Exploration

Permian,

Inc

136

44,313

(a),(b)

Ring

Energy,

Inc

75

42,512

RPC,

Inc

266

23,780

(a)

Sable

Offshore

Corp

358

16,291

SandRidge

Energy,

Inc

211

666,903

Schlumberger

Ltd

31,464

18,385

Scorpio

Tankers,

Inc

1,495

12,227

(a)

SEACOR

Marine

Holdings,

Inc

165

24,929

(a)

Seadrill

Ltd

1,284

6,869

Select

Water

Solutions,

Inc

73

45,041

SFL

Corp

Ltd

625

6,017

(a)

SilverBow

Resources,

Inc

228

33,204

Sitio

Royalties

Corp

784

53,250

SM

Energy

Co

2,302

6,855

Solaris

Oilfield

Infrastructure,

Inc

59

525,409

(a)

Southwestern

Energy

Co

3,536

55,355

(a)

Talos

Energy,

Inc

673

103,179

Targa

Resources

Corp

13,287

218,592

TechnipFMC

plc

5,716

35,750

(a)

Teekay

Corp

321

11,719

Teekay

Tankers

Ltd

806

66,939

(a)

Tetra

Technologies,

Inc

232

8,745

Texas

Pacific

Land

Corp

6,421

25,843

(a)

Tidewater,

Inc

2,460

339,662

(a)

Transocean

Ltd

1,817

137,868

(a)

Uranium

Energy

Corp

829

131,135

(a)

Ur-Energy,

Inc

184

37,988

(a)

US

Silica

Holdings,

Inc

587

29,976

Vaalco

Energy,

Inc

188

31,352

(a)

Valaris

Ltd

2,336

153,172

Valero

Energy

Corp

24,011

42,609

Viper

Energy

Partners

LP

1,599

6,863

(a)

Vital

Energy,

Inc

308

13,021

Vitesse

Energy,

Inc

309

50,011

(b)

W&T

Offshore,

Inc

107

36,238

(a)

Weatherford

International

plc

4,437

571,703

Williams

Cos,

Inc

24,297

29,960

World

Fuel

Services

Corp

773

TOTAL

ENERGY

945,792

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.4%

46,252

Acadia

Realty

Trust

829

45,529

Agree

Realty

Corp

2,820

5,921

Alexander

&

Baldwin,

Inc

100

197

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,329

Alexander's,

Inc

$

299

83,569

Alexandria

Real

Estate

Equities,

Inc

9,775

6,783

Alpine

Income

Property

Trust,

Inc

106

5,188

American

Assets

Trust,

Inc

116

30,360

American

Healthcare

REIT,

Inc

444

145,461

American

Homes

4

Rent

5,405

217,309

American

Tower

Corp

42,241

133,721

Americold

Realty

Trust,

Inc

3,415

73,193

(a)

Apartment

Investment

and

Management

Co

607

106,401

Apple

Hospitality

REIT,

Inc

1,547

31,681

Armada

Hoffler

Properties,

Inc

351

65,544

AvalonBay

Communities,

Inc

13,560

81,787

Boston

Properties,

Inc

5,035

35,081

Braemar

Hotels

&

Resorts,

Inc

89

92,621

Brandywine

Realty

Trust

415

132,744

Brixmor

Property

Group,

Inc

3,065

77,650

Broadstone

Net

Lease,

Inc

1,232

6,068

BRT

Apartments

Corp

106

52,715

Camden

Property

Trust

5,752

50,740

CareTrust

REIT,

Inc

1,274

13,650

(b)

CBL

&

Associates

Properties,

Inc

319

9,060

Centerspace

613

28,285

(b)

Chatham

Lodging

Trust

241

21,833

City

Office

REIT,

Inc

109

10,462

Clipper

Realty,

Inc

38

9,586

Community

Healthcare

Trust,

Inc

224

61,652

Corporate

Office

Properties

Trust

1,543

84,914

Cousins

Properties,

Inc

1,966

204,255

Crown

Castle,

Inc

19,956

11,994

(b)

CTO

Realty

Growth,

Inc

209

110,271

CubeSmart

4,981

114,160

DiamondRock

Hospitality

Co

965

151,688

Digital

Realty

Trust,

Inc

23,064

136,618

Diversified

Healthcare

Trust

417

91,371

Douglas

Emmett,

Inc

1,216

46,730

Easterly

Government

Properties,

Inc

578

21,698

EastGroup

Properties,

Inc

3,691

82,308

Empire

State

Realty

Trust,

Inc

772

35,076

EPR

Properties

1,473

44,252

Equinix,

Inc

33,481

43,426

(a)

Equity

Commonwealth

842

81,720

Equity

Lifestyle

Properties,

Inc

5,322

180,687

Equity

Residential

12,529

63,885

Essential

Properties

Realty

Trust,

Inc

1,770

31,793

Essex

Property

Trust,

Inc

8,654

98,971

Extra

Space

Storage,

Inc

15,381

19,962

(b)

Farmland

Partners,

Inc

230

34,789

Federal

Realty

Investment

Trust

3,513

53,571

First

Industrial

Realty

Trust,

Inc

2,545

41,086

Four

Corners

Property

Trust,

Inc

1,014

119,848

Gaming

and

Leisure

Properties,

Inc

5,418

18,198

Getty

Realty

Corp

485

17,811

Gladstone

Commercial

Corp

254

11,325

Gladstone

Land

Corp

155

30,930

Global

Medical

REIT,

Inc

281

90,865

Global

Net

Lease,

Inc

668

202,313

Healthcare

Realty

Trust,

Inc

3,334

352,355

Healthpeak

Properties,

Inc

6,906

46,362

(b)

Highwoods

Properties,

Inc

1,218

327,100

Host

Hotels

&

Resorts

Inc

5,881

80,595

Hudson

Pacific

Properties,

Inc

388

115,925

Independence

Realty

Trust,

Inc

2,172

CREF

Equity

Index

Account

June

30,

2024

198

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

31,006

(a)

Industrial

Logistics

Properties

Trust

$

114

12,344

Innovative

Industrial

Properties,

Inc

1,348

34,736

InvenTrust

Properties

Corp

860

286,776

Invitation

Homes,

Inc

10,292

135,732

Iron

Mountain,

Inc

12,164

64,898

JBG

SMITH

Properties

988

63,758

Kilroy

Realty

Corp

1,987

335,384

Kimco

Realty

Corp

6,527

118,460

Kite

Realty

Group

Trust

2,651

37,540

Lamar

Advertising

Co

4,487

144,484

Lexington

Realty

Trust

1,318

19,960

LTC

Properties,

Inc

689

107,859

Macerich

Co

1,665

47,939

Mack-Cali

Realty

Corp

719

283,531

(b)

Medical

Properties

Trust,

Inc

1,222

56,954

Mid-America

Apartment

Communities,

Inc

8,122

19,457

National

Health

Investors,

Inc

1,318

87,536

National

Retail

Properties,

Inc

3,729

38,309

National

Storage

Affiliates

Trust

1,579

6,447

NET

Lease

Office

Properties

159

21,654

NETSTREIT

Corp

349

15,501

(b)

NexPoint

Diversified

Real

Estate

Trust

86

12,730

NexPoint

Residential

Trust,

Inc

503

108,572

Omega

Healthcare

Investors,

Inc

3,719

9,166

(b)

One

Liberty

Properties,

Inc

215

29,999

Orion

Office

REIT,

Inc

108

76,197

Outfront

Media,

Inc

1,090

101,864

Paramount

Group,

Inc

472

84,337

Park

Hotels

&

Resorts,

Inc

1,263

14,178

(b)

Peakstone

Realty

Trust

150

71,223

Pebblebrook

Hotel

Trust

979

59,852

Phillips

Edison

&

Co,

Inc

1,958

36,714

(b)

Piedmont

Office

Realty

Trust,

Inc

266

13,733

Plymouth

Industrial

REIT,

Inc

294

9,072

Postal

Realty

Trust,

Inc

121

40,727

PotlatchDeltic

Corp

1,604

434,085

Prologis,

Inc

48,752

73,025

Public

Storage,

Inc

21,006

75,814

Rayonier,

Inc

2,205

400,440

Realty

Income

Corp

21,151

80,805

Regency

Centers

Corp

5,026

63,462

Retail

Opportunity

Investments

Corp

789

98,830

Rexford

Industrial

Realty,

Inc

4,407

30,023

RLJ

Lodging

Trust

289

28,461

Ryman

Hospitality

Properties,

Inc

2,842

79,527

Sabra

Health

Care

REIT,

Inc

1,225

16,656

(b)

Safehold,

Inc

321

6,451

Saul

Centers,

Inc

237

52,759

SBA

Communications

Corp

10,357

19,689

Service

Properties

Trust

101

154,249

Simon

Property

Group,

Inc

23,415

103,764

SITE

Centers

Corp

1,505

38,202

SL

Green

Realty

Corp

2,164

84,224

STAG

Industrial,

Inc

3,037

5,909

(a),(b)

Star

Holdings

71

73,018

Summit

Hotel

Properties,

Inc

437

60,721

Sun

Communities,

Inc

7,307

117,301

Sunstone

Hotel

Investors,

Inc

1,227

54,135

Tanger

Factory

Outlet

Centers,

Inc

1,468

44,584

Terreno

Realty

Corp

2,638

162,250

UDR,

Inc

6,677

20,169

UMH

Properties,

Inc

323

199

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

121,658

(b)

Uniti

Group,

Inc

$

355

2,401

Universal

Health

Realty

Income

Trust

94

70,770

Urban

Edge

Properties

1,307

190,663

Ventas,

Inc

9,773

487,538

VICI

Properties,

Inc

13,963

96,380

Vornado

Realty

Trust

2,534

46,196

Washington

REIT

736

277,983

(d)

Welltower,

Inc

28,980

332,834

Weyerhaeuser

Co

9,449

25,132

Whitestone

REIT

335

95,747

WP

Carey,

Inc

5,271

62,184

Xenia

Hotels

&

Resorts,

Inc

891

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

591,179

FINANCIAL

SERVICES

-

7.4%

17,037

(a)

Acacia

Research

(Acacia

Technologies)

85

8,101

AFC

Gamma,

Inc

99

13,210

Affiliated

Managers

Group,

Inc

2,064

110,488

(a)

Affirm

Holdings,

Inc

3,338

14,120

AG

Mortgage

Investment

Trust,

Inc

94

324,507

(b)

AGNC

Investment

Corp

3,096

8,948

Alerus

Financial

Corp

175

129,820

Ally

Financial,

Inc

5,150

9,522

(b)

A-Mark

Precious

Metals,

Inc

308

266,701

American

Express

Co

61,755

46,936

Ameriprise

Financial,

Inc

20,051

239,553

Annaly

Capital

Management,

Inc

4,566

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

675

245,576

Apollo

Global

Management,

Inc

28,995

61,262

(b)

Arbor

Realty

Trust,

Inc

879

22,112

(b)

Ares

Commercial

Real

Estate

Corp

147

83,713

Ares

Management

Corp

11,157

5,232

(b)

ARMOUR

Residential

REIT,

Inc

101

32,135

Artisan

Partners

Asset

Management,

Inc

1,326

8,796

(a)

AssetMark

Financial

Holdings,

Inc

304

2,420

(a)

Atlanticus

Holdings

Corp

68

75,147

(a)

AvidXchange

Holdings,

Inc

906

28,225

(b)

B

Riley

Financial,

Inc

498

2,262

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

67

351,562

Bank

of

New

York

Mellon

Corp

21,055

859,857

(a)

Berkshire

Hathaway,

Inc

349,790

166,153

BGC

Group,

Inc

1,379

69,671

BlackRock,

Inc

54,853

87,301

(b)

Blackstone

Mortgage

Trust,

Inc

1,521

335,702

Blackstone,

Inc

41,560

267,045

(a)

Block,

Inc

17,222

207,831

Blue

Owl

Capital,

Inc

3,689

23,808

Bread

Financial

Holdings,

Inc

1,061

23,450

Brightsphere

Investment

Group,

Inc

520

46,061

BrightSpire

Capital,

Inc

263

93,115

Burford

Capital

Ltd

1,215

48,331

Cannae

Holdings,

Inc

877

31,787

(a)

Cantaloupe,

Inc

210

179,783

Capital

One

Financial

Corp

24,891

106,775

Carlyle

Group,

Inc

4,287

10,596

Cass

Information

Systems,

Inc

425

49,547

Cboe

Global

Markets,

Inc

8,426

699,895

Charles

Schwab

Corp

51,575

7,850

(b)

Chicago

Atlantic

Real

Estate

Finance,

Inc

121

336

Chimera

Investment

Corp

4

47,158

Claros

Mortgage

Trust,

Inc

378

170,065

CME

Group,

Inc

33,435

CREF

Equity

Index

Account

June

30,

2024

200

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,440

Cohen

&

Steers,

Inc

$

1,120

92,694

(a)

Coinbase

Global,

Inc

20,599

31,056

Compass

Diversified

Trust

680

111,781

Corebridge

Financial,

Inc

3,255

31,935

(a)

Corpay,

Inc

8,508

2,633

(a)

Credit

Acceptance

Corp

1,355

2,179

Diamond

Hill

Investment

Group,

Inc

307

120,676

Discover

Financial

Services

15,786

19,156

(a)

Donnelley

Financial

Solutions,

Inc

1,142

11,107

Dynex

Capital,

Inc

133

17,423

(b)

Ellington

Financial,

Inc

210

15,393

Enact

Holdings,

Inc

472

10,179

(a)

Encore

Capital

Group,

Inc

425

14,291

(a)

Enova

International,

Inc

890

142,585

Equitable

Holdings,

Inc

5,826

51,962

Essent

Group

Ltd

2,920

22,022

(a)

Euronet

Worldwide,

Inc

2,279

18,622

Evercore

Partners,

Inc

(Class

A)

3,881

31,074

EVERTEC,

Inc

1,033

18,222

Factset

Research

Systems,

Inc

7,439

4,507

Federal

Agricultural

Mortgage

Corp

(FAMC)

815

264,016

Fidelity

National

Information

Services,

Inc

19,896

17,545

FirstCash

Holdings,

Inc

1,840

273,575

(a)

Fiserv,

Inc

40,774

47,493

(a)

Flywire

Corp

778

55,325

(a),(b)

Forge

Global

Holdings,

Inc

81

23,368

Franklin

BSP

Realty

Trust,

Inc

294

145,793

Franklin

Resources,

Inc

3,258

23,172

GCM

Grosvenor,

Inc

226

119,965

Global

Payments,

Inc

11,601

148,133

Goldman

Sachs

Group,

Inc

67,003

31,227

Granite

Point

Mortgage

Trust,

Inc

93

33,057

(a)

Green

Dot

Corp

312

18,233

Hamilton

Lane,

Inc

2,253

41,845

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,239

25,893

Houlihan

Lokey,

Inc

3,492

37,438

(a)

Hut

8

Corp

561

9,245

(a)

I3

Verticals,

Inc

204

49,742

Interactive

Brokers

Group,

Inc

(Class

A)

6,098

267,221

Intercontinental

Exchange,

Inc

36,580

13,645

(a)

International

Money

Express,

Inc

284

183,237

Invesco

Ltd

2,741

10,073

(b)

Invesco

Mortgage

Capital,

Inc

94

33,491

Jack

Henry

&

Associates,

Inc

5,560

31,883

Jackson

Financial,

Inc

2,368

66,557

Janus

Henderson

Group

plc

2,244

88,592

Jefferies

Financial

Group,

Inc

4,408

316,345

KKR

&

Co,

Inc

33,292

17,625

KKR

Real

Estate

Finance

Trust,

Inc

159

49,932

Ladder

Capital

Corp

564

54,468

Lazard,

Inc

2,080

42,896

(a)

LendingClub

Corp

363

6,343

(a)

LendingTree,

Inc

264

35,840

LPL

Financial

Holdings,

Inc

10,010

18,723

MarketAxess

Holdings,

Inc

3,755

222,577

(a)

Marqeta,

Inc

1,220

388,219

Mastercard,

Inc

(Class

A)

171,267

8,062

Merchants

Bancorp

327

46,018

MFA

Financial,

Inc

490

136,986

MGIC

Investment

Corp

2,952

33,380

Moelis

&

Co

1,898

3,965

(a)

Moneylion,

Inc

292

201

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,081

Moody's

Corp

$

31,183

545,337

Morgan

Stanley

53,001

12,847

Morningstar,

Inc

3,801

30,374

(a)

Mr

Cooper

Group,

Inc

2,467

36,039

MSCI,

Inc

(Class

A)

17,362

174,327

Nasdaq

Stock

Market,

Inc

10,505

35,663

Navient

Corp

519

34,496

(a)

NCR

Corp

ATM

932

3,424

Nelnet,

Inc

(Class

A)

345

13,129

(a)

NerdWallet,

Inc

192

18,284

(b)

New

York

Mortgage

Trust,

Inc

107

11,601

NewtekOne,

Inc

146

38,864

(a)

NMI

Holdings,

Inc

1,323

94,708

Northern

Trust

Corp

7,954

3,281

(a)

Ocwen

Financial

Corp

79

52,599

OneMain

Holdings,

Inc

2,551

56,898

(a)

Open

Lending

Corp

317

4,738

(b)

Orchid

Island

Capital,

Inc

39

21,454

P10,

Inc

182

98,142

(a)

Pagseguro

Digital

Ltd

1,147

26,821

Patria

Investments

Ltd

323

110,964

(a)

Payoneer

Global,

Inc

615

491,510

(a)

PayPal

Holdings,

Inc

28,522

18,818

(a)

Paysafe

Ltd

333

9,684

PennyMac

Financial

Services,

Inc

916

47,765

PennyMac

Mortgage

Investment

Trust

657

23,862

Perella

Weinberg

Partners

388

6,778

Piper

Jaffray

Cos

1,560

13,025

PJT

Partners,

Inc

1,406

24,781

(a)

PRA

Group,

Inc

487

17,833

PROG

Holdings,

Inc

618

73,149

Radian

Group,

Inc

2,275

89,696

Raymond

James

Financial,

Inc

11,087

19,953

(b)

Ready

Capital

Corp

163

49,700

Redwood

Trust,

Inc

323

8,577

Regional

Management

Corp

246

68,799

(a)

Remitly

Global,

Inc

834

42,004

(a)

Repay

Holdings

Corp

444

225,423

Rithm

Capital

Corp

2,459

293,376

(a)

Robinhood

Markets,

Inc

6,663

74,318

(a),(b)

Rocket

Cos,

Inc

1,018

147,016

S&P

Global,

Inc

65,569

47,565

SEI

Investments

Co

3,077

1,101

(a)

Sezzle,

Inc

97

23,585

(a),(b)

Shift4

Payments,

Inc

1,730

4,705

Silvercrest

Asset

Management

Group,

Inc

73

103,622

SLM

Corp

2,154

457,564

(a),(b)

SoFi

Technologies,

Inc

3,024

137,605

(b)

Starwood

Property

Trust,

Inc

2,606

147,812

State

Street

Corp

10,938

20,369

StepStone

Group,

Inc

935

46,329

Stifel

Financial

Corp

3,899

120,616

(a)

StoneCo

Ltd

1,446

17,053

(a)

StoneX

Group,

Inc

1,284

188,259

Synchrony

Financial

8,884

100,704

T

Rowe

Price

Group,

Inc

11,612

34,383

TFS

Financial

Corp

434

208,402

(a)

Toast,

Inc

5,371

32,761

TPG

RE

Finance

Trust,

Inc

283

31,933

TPG,

Inc

1,324

52,338

Tradeweb

Markets,

Inc

5,548

37,367

Two

Harbors

Investment

Corp

494

CREF

Equity

Index

Account

June

30,

2024

202

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

37,848

(a),(b)

Upstart

Holdings,

Inc

$

893

23,393

(b)

UWM

Holdings

Corp

162

19,179

Victory

Capital

Holdings,

Inc

915

51,259

Virtu

Financial,

Inc

1,151

2,751

Virtus

Investment

Partners,

Inc

621

740,180

Visa,

Inc

(Class

A)

194,275

47,571

Voya

Financial,

Inc

3,385

12,277

Walker

&

Dunlop,

Inc

1,206

19,189

(b)

Waterstone

Financial,

Inc

245

143,284

Western

Union

Co

1,751

18,658

(a)

WEX,

Inc

3,305

84,317

WisdomTree,

Inc

836

2,399

(a)

World

Acceptance

Corp

296

165,480

XP,

Inc

2,911

TOTAL

FINANCIAL

SERVICES

1,825,174

FOOD,

BEVERAGE

&

TOBACCO

-

2.4%

3,213

Alico,

Inc

83

807,220

Altria

Group,

Inc

36,769

231,569

Archer-Daniels-Midland

Co

13,998

34,958

(b)

B&G

Foods,

Inc

(Class

A)

282

31,483

(a),(b)

Beyond

Meat,

Inc

211

5,121

(a)

Boston

Beer

Co,

Inc

(Class

A)

1,562

13,162

(a),(b)

BRC,

Inc

81

25,010

Brown-Forman

Corp

(Class

A)

1,104

91,961

Brown-Forman

Corp

(Class

B)

3,972

70,268

Bunge

Global

S.A.

7,503

11,455

Calavo

Growers,

Inc

260

22,629

Cal-Maine

Foods,

Inc

1,383

79,250

Campbell

Soup

Co

3,581

82,643

(a)

Celsius

Holdings,

Inc

4,718

1,823,766

Coca-Cola

Co

116,083

2,770

Coca-Cola

Consolidated

Inc

3,005

225,066

ConAgra

Brands,

Inc

6,396

75,478

Constellation

Brands,

Inc

(Class

A)

19,419

81,644

(a)

Darling

International,

Inc

3,000

35,454

Dole

plc

434

11,007

(a)

Duckhorn

Portfolio,

Inc

78

85,884

Flowers

Foods,

Inc

1,907

20,613

Fresh

Del

Monte

Produce,

Inc

450

20,694

(a)

Freshpet,

Inc

2,678

259,804

General

Mills,

Inc

16,435

46,022

(a)

Hain

Celestial

Group,

Inc

318

72,018

Hershey

Co

13,239

143,109

Hormel

Foods

Corp

4,363

26,446

Ingredion,

Inc

3,033

8,046

J&J

Snack

Foods

Corp

1,306

47,942

J.M.

Smucker

Co

5,228

5,780

John

B

Sanfilippo

&

Son,

Inc

562

118,743

Kellogg

Co

6,849

497,939

Keurig

Dr

Pepper,

Inc

16,631

417,105

Kraft

Heinz

Co

13,439

66,946

Lamb

Weston

Holdings,

Inc

5,629

9,131

Lancaster

Colony

Corp

1,726

8,891

(b)

Limoneira

Co

185

15,439

(a)

MamaMancini's

Holdings,

Inc

104

123,083

McCormick

&

Co,

Inc

8,732

9,193

(b)

MGP

Ingredients,

Inc

684

20,226

(a)

Mission

Produce,

Inc

200

79,682

Molson

Coors

Brewing

Co

(Class

B)

4,050

628,776

Mondelez

International,

Inc

41,147

347,059

(a)

Monster

Beverage

Corp

17,336

203

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,819

National

Beverage

Corp

$

657

645,912

PepsiCo,

Inc

106,530

729,317

Philip

Morris

International,

Inc

73,902

11,317

(a)

Pilgrim's

Pride

Corp

436

20,596

(a)

Post

Holdings,

Inc

2,145

73,667

Primo

Water

Corp

1,610

127

Seaboard

Corp

401

5,451

(a)

Seneca

Foods

Corp

313

46,457

(a)

Simply

Good

Foods

Co

1,679

50,062

(a),(b)

SunOpta,

Inc

270

29,630

(a)

TreeHouse

Foods,

Inc

1,086

4,760

Turning

Point

Brands,

Inc

153

140,077

Tyson

Foods,

Inc

(Class

A)

8,004

11,870

Universal

Corp

572

32,173

Utz

Brands,

Inc

535

78,380

Vector

Group

Ltd

829

14,289

(a)

Vita

Coco

Co,

Inc

398

13,394

(a)

Vital

Farms,

Inc

626

14,287

(a),(b)

Westrock

Coffee

Co

146

29,685

WK

Kellogg

Co

489

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

590,934

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.7%

812,462

Abbott

Laboratories

84,423

40,295

(a)

Acadia

Healthcare

Co,

Inc

2,722

27,471

(a)

Accolade,

Inc

98

46,624

(a),(b)

Accuray,

Inc

85

42,027

(a)

AdaptHealth

Corp

420

8,397

(a)

Addus

HomeCare

Corp

975

137,773

(a),(b)

agilon

health,

Inc

901

35,682

(a)

Align

Technology,

Inc

8,615

14,356

(a)

Alignment

Healthcare,

Inc

112

31,277

(a)

Alphatec

Holdings,

Inc

327

10,394

(a)

Amedisys,

Inc

954

77,604

AmerisourceBergen

Corp

17,484

20,081

(a)

AMN

Healthcare

Services,

Inc

1,029

26,107

(a)

Angiodynamics,

Inc

158

16,786

(a)

Apollo

Medical

Holdings,

Inc

681

22,609

(a)

AtriCure,

Inc

515

1,019

Atrion

Corp

461

26,266

(a)

Avanos

Medical,

Inc

523

21,058

(a),(b)

Aveanna

Healthcare

Holdings,

Inc

58

18,090

(a)

Axogen,

Inc

131

22,714

(a)

Axonics,

Inc

1,527

234,095

Baxter

International,

Inc

7,830

135,776

Becton

Dickinson

&

Co

31,732

17,556

(a)

Bioventus,

Inc

101

689,751

(a)

Boston

Scientific

Corp

53,118

25,383

(a)

BrightSpring

Health

Services,

Inc

288

100,981

(a)

Brookdale

Senior

Living,

Inc

690

114,931

Cardinal

Health,

Inc

11,300

11,625

(a)

Castle

Biosciences,

Inc

253

250,580

(a)

Centene

Corp

16,613

50,223

(a)

Certara,

Inc

696

71,510

(a)

Cerus

Corp

126

6,630

Chemed

Corp

3,597

130,933

Cigna

Group

43,282

15,846

Conmed

Corp

1,098

91,072

(a)

Cooper

Cos,

Inc

7,951

4,814

(a)

Corvel

Corp

1,224

25,224

(a)

Cross

Country

Healthcare,

Inc

349

23,064

(a)

CryoLife,

Inc

592

CREF

Equity

Index

Account

June

30,

2024

204

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

592,589

CVS

Health

Corp

$

34,998

24,791

(a)

DaVita,

Inc

3,435

10,656

(a)

Definitive

Healthcare

Corp

58

106,534

Dentsply

Sirona,

Inc

2,654

185,954

(a)

DexCom,

Inc

21,083

41,284

(a),(b)

DocGo,

Inc

128

49,456

(a)

Doximity,

Inc

1,383

285,535

(a)

Edwards

Lifesciences

Corp

26,375

109,185

Elevance

Health,

Inc

59,163

30,207

Embecta

Corp

378

44,802

Encompass

Health

Corp

3,844

27,101

(a)

Enhabit,

Inc

242

21,428

(a)

Enovis

Corp

969

28,674

Ensign

Group,

Inc

3,547

79,184

(a)

Envista

Holdings

Corp

1,317

45,708

(a)

Evolent

Health,

Inc

874

65,385

(a)

Figs,

Inc

348

11,072

(a)

Fulgent

Genetics,

Inc

217

200,058

GE

HealthCare

Technologies,

Inc

15,588

5,712

(a)

GeneDx

Holdings

Corp

149

24,523

(a)

Glaukos

Corp

2,902

57,262

(a)

Globus

Medical,

Inc

3,922

49,332

(a)

Guardant

Health,

Inc

1,425

24,773

(a)

Haemonetics

Corp

2,049

90,821

HCA,

Inc

29,179

24,393

(a)

Health

Catalyst,

Inc

156

42,554

(a)

HealthEquity,

Inc

3,668

18,780

HealthStream,

Inc

524

64,969

(a)

Henry

Schein,

Inc

4,164

88,452

(a)

Hims

&

Hers

Health,

Inc

1,786

108,485

(a)

Hologic,

Inc

8,055

56,642

Humana,

Inc

21,164

10,885

(a)

ICU

Medical,

Inc

1,293

38,436

(a)

IDEXX

Laboratories,

Inc

18,726

24,734

(a)

Inari

Medical,

Inc

1,191

9,354

(a),(b)

InfuSystem

Holdings,

Inc

64

38,335

(a)

Inmode

Ltd

699

10,000

(a),(b)

Innovage

Holding

Corp

50

12,244

(a)

Inogen,

Inc

100

13,280

(a)

Inspire

Medical

Systems,

Inc

1,777

34,390

(a)

Insulet

Corp

6,940

17,928

(a)

Integer

Holdings

Corp

2,076

30,442

(a)

Integra

LifeSciences

Holdings

Corp

887

165,940

(a)

Intuitive

Surgical,

Inc

73,818

3,653

iRadimed

Corp

160

16,105

(a)

iRhythm

Technologies,

Inc

1,734

7,427

(a)

Joint

Corp

104

39,532

Labcorp

Holdings,

Inc

8,045

34,223

(a)

Lantheus

Holdings,

Inc

2,748

9,523

LeMaitre

Vascular,

Inc

784

25,006

(a),(b)

LifeStance

Health

Group,

Inc

123

26,810

(a)

LivaNova

plc

1,470

19,104

(a)

Masimo

Corp

2,406

61,624

McKesson

Corp

35,991

627,707

Medtronic

plc

49,407

28,011

(a)

Merit

Medical

Systems,

Inc

2,408

6,780

(a)

ModivCare,

Inc

178

28,118

(a)

Molina

Healthcare,

Inc

8,359

21,550

(a),(b)

Nano-X

Imaging

Ltd

158

2,600

National

Healthcare

Corp

282

5,598

National

Research

Corp

128

110,527

(a)

Neogen

Corp

1,728

205

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,635

(a)

NeoGenomics,

Inc

$

813

19,942

(a)

Nevro

Corp

168

56,233

(a)

Novocure

Ltd

963

23,061

(a)

Omnicell,

Inc

624

238,337

(a),(b)

Opko

Health,

Inc

298

8,440

(a)

OptimizeRx

Corp

84

80,646

(a)

Option

Care

Health,

Inc

2,234

40,487

(a)

OraSure

Technologies,

Inc

172

18,671

(a)

Orthofix

Medical,

Inc

248

5,177

(a)

OrthoPediatrics

Corp

149

31,294

(a)

Owens

&

Minor,

Inc

422

11,592

(a)

PACS

Group,

Inc

342

23,637

(a)

Paragon

28,

Inc

162

44,685

Patterson

Cos,

Inc

1,078

43,753

(a)

Pediatrix

Medical

Group,

Inc

330

17,723

(a)

Pennant

Group,

Inc

411

17,918

(a)

Penumbra,

Inc

3,225

14,406

(a)

PetIQ,

Inc

318

20,801

(a)

Phreesia,

Inc

441

56,653

Premier,

Inc

1,058

32,525

(a)

Privia

Health

Group,

Inc

565

13,124

(a)

PROCEPT

BioRobotics

Corp

802

34,423

(a)

Progyny,

Inc

985

72,154

(a)

Project

Roadrunner

Parent,

Inc

906

13,858

(a)

Pulmonx

Corp

88

8,661

(a)

Pulse

Biosciences,

Inc

97

48,948

Quest

Diagnostics,

Inc

6,700

26,154

(a)

QuidelOrtho

Corp

869

20,774

(a),(b)

Quipt

Home

Medical

Corp

67

25,914

(a)

RadNet,

Inc

1,527

70,741

Resmed,

Inc

13,541

10,559

(a)

RxSight,

Inc

635

24,729

(a),(b)

Schrodinger,

Inc

478

49,976

Select

Medical

Holdings

Corp

1,752

2,256

(a)

Semler

Scientific,

Inc

78

17,531

(a)

SI-BONE,

Inc

227

16,583

(a)

Sight

Sciences,

Inc

111

18,916

(a)

Silk

Road

Medical,

Inc

511

7,680

Simulations

Plus,

Inc

373

65,840

(a)

Solventum

Corp

3,482

26,141

(a)

STAAR

Surgical

Co

1,245

45,324

STERIS

plc

9,950

169,958

Stryker

Corp

57,828

33,599

(a)

Surgery

Partners,

Inc

799

10,275

(a),(b)

SurModics,

Inc

432

10,460

(a)

Tactile

Systems

Technology,

Inc

125

57,840

(a)

Talkspace,

Inc

133

35,006

(a)

Tandem

Diabetes

Care,

Inc

1,410

80,556

(a)

Teladoc

Health,

Inc

788

20,420

Teleflex,

Inc

4,295

47,915

(a)

Tenet

Healthcare

Corp

6,374

11,703

(a),(b)

TransMedics

Group,

Inc

1,763

22,415

(a)

Treace

Medical

Concepts,

Inc

149

4,630

(a)

UFP

Technologies,

Inc

1,222

432,034

UnitedHealth

Group,

Inc

220,018

27,197

Universal

Health

Services,

Inc

(Class

B)

5,030

6,975

US

Physical

Therapy,

Inc

645

2,349

Utah

Medical

Products,

Inc

157

27,229

(a)

Varex

Imaging

Corp

401

68,213

(a)

Veeva

Systems,

Inc

12,484

17,155

(a)

Viemed

Healthcare,

Inc

112

99,213

Zimmer

Biomet

Holdings,

Inc

10,768

CREF

Equity

Index

Account

June

30,

2024

206

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,899

(a)

Zimvie,

Inc

$

235

10,840

(a),(b)

Zynex,

Inc

101

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,166,415

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

66,090

(a)

BellRing

Brands,

Inc

3,776

7,431

(a),(b)

Central

Garden

&

Pet

Co

286

29,455

(a)

Central

Garden

and

Pet

Co

(Class

A)

973

111,645

Church

&

Dwight

Co,

Inc

11,575

56,035

Clorox

Co

7,647

379,337

Colgate-Palmolive

Co

36,811

159,439

(a)

Coty,

Inc

1,598

29,639

Edgewell

Personal

Care

Co

1,191

24,917

(a)

elf

Beauty,

Inc

5,251

34,187

Energizer

Holdings,

Inc

1,010

111,564

Estee

Lauder

Cos

(Class

A)

11,870

58,982

(a)

Herbalife

Ltd

613

37,814

(a)

Honest

Co,

Inc

110

9,082

Inter

Parfums,

Inc

1,054

909,295

Kenvue,

Inc

16,531

156,644

Kimberly-Clark

Corp

21,648

16,201

(a)

LifeMD,

Inc

111

6,191

(b)

Medifast,

Inc

135

5,868

(a)

Nature's

Sunshine

Products,

Inc

88

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

286

2,434

Oil-Dri

Corp

of

America

156

43,357

(a)

Olaplex

Holdings,

Inc

67

1,107,990

Procter

&

Gamble

Co

182,730

8,085

Reynolds

Consumer

Products,

Inc

226

13,172

Spectrum

Brands

Holdings,

Inc

1,132

8,349

(a)

USANA

Health

Sciences,

Inc

378

10,102

(a)

Waldencast

plc

36

7,178

WD-40

Co

1,577

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

308,866

INSURANCE

-

2.1%

268,724

Aflac,

Inc

24,000

125,640

Allstate

Corp

20,060

32,424

(a)

AMBAC

Financial

Group,

Inc

416

34,605

American

Financial

Group,

Inc

4,257

316,546

American

International

Group,

Inc

23,500

13,468

Amerisafe,

Inc

591

92,253

Aon

plc

27,084

164,909

(a)

Arch

Capital

Group

Ltd

16,638

24,935

Assurant,

Inc

4,145

28,366

Assured

Guaranty

Ltd

2,188

30,658

Axis

Capital

Holdings

Ltd

2,166

25,977

(a)

Brighthouse

Financial,

Inc

1,126

109,755

Brown

&

Brown,

Inc

9,813

25,189

(a)

BRP

Group,

Inc

893

190,040

Chubb

Ltd

48,475

74,945

Cincinnati

Financial

Corp

8,851

1,733

CNA

Financial

Corp

80

47,903

CNO

Financial

Group,

Inc

1,328

7,812

Donegal

Group,

Inc

(Class

A)

101

6,714

Employers

Holdings,

Inc

286

4,741

(a)

Enstar

Group

Ltd

1,449

19,744

Everest

Re

Group

Ltd

7,523

9,274

F&G

Annuities

&

Life,

Inc

353

28,518

(b)

Fidelis

Insurance

Holdings

Ltd

465

120,728

Fidelity

National

Financial,

Inc

5,966

52,851

First

American

Financial

Corp

2,851

207

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

99,784

Gallagher

(Arthur

J.)

&

Co

$

25,875

184,221

(a)

Genworth

Financial,

Inc

(Class

A)

1,113

41,690

Globe

Life,

Inc

3,430

9,663

(a)

Goosehead

Insurance,

Inc

555

20,683

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

271

7,468

(a)

Hamilton

Insurance

Group

Ltd

124

17,079

Hanover

Insurance

Group,

Inc

2,142

136,670

Hartford

Financial

Services

Group,

Inc

13,741

3,092

(b)

HCI

Group,

Inc

285

5,219

(a),(b)

Hippo

Holdings,

Inc

90

24,812

Horace

Mann

Educators

Corp

809

1,119

Investors

Title

Co

202

19,526

James

River

Group

Holdings

Ltd

151

33,482

Kemper

Corp

1,987

10,502

Kinsale

Capital

Group,

Inc

4,046

20,988

(a),(b)

Lemonade,

Inc

346

79,803

Lincoln

National

Corp

2,482

82,321

Loews

Corp

6,153

46,136

(a)

Maiden

Holdings

Ltd

95

6,263

(a)

Markel

Corp

9,868

231,667

Marsh

&

McLennan

Cos,

Inc

48,817

26,174

(b)

MBIA,

Inc

144

12,675

Mercury

General

Corp

674

279,810

Metlife,

Inc

19,640

78

National

Western

Life

Group,

Inc

39

7,308

(a)

NI

Holdings,

Inc

112

111,944

Old

Republic

International

Corp

3,459

90,605

(a)

Oscar

Health,

Inc

1,433

13,408

(a)

Palomar

Holdings,

Inc

1,088

16,249

Primerica,

Inc

3,844

109,545

Principal

Financial

Group

8,594

37,307

(a)

ProAssurance

Corp

456

273,771

Progressive

Corp

56,865

168,703

Prudential

Financial,

Inc

19,770

29,828

Reinsurance

Group

of

America,

Inc

(Class

A)

6,123

22,258

RenaissanceRe

Holdings

Ltd

4,975

20,019

RLI

Corp

2,817

4,047

(a)

Root,

Inc

209

42,415

Ryan

Specialty

Holdings,

Inc

2,456

4,020

Safety

Insurance

Group,

Inc

302

25,615

Selective

Insurance

Group,

Inc

2,403

62,768

(a)

Selectquote,

Inc

173

8,398

(a)

SiriusPoint

Ltd

103

5,293

(a)

Skyward

Specialty

Insurance

Group,

Inc

192

15,315

Stewart

Information

Services

Corp

951

22,143

Tiptree,

Inc

365

107,605

Travelers

Cos,

Inc

21,880

20,838

(a),(b)

Trupanion,

Inc

613

16,104

United

Fire

Group,

Inc

346

11,311

(a)

United

Insurance

Holdings

Corp

119

22,402

Universal

Insurance

Holdings,

Inc

420

83,611

Unum

Group

4,273

92,006

W.R.

Berkley

Corp

7,230

1,280

White

Mountains

Insurance

Group

Ltd

2,326

48,013

Willis

Towers

Watson

plc

12,586

TOTAL

INSURANCE

524,167

MATERIALS

-

2.5%

14,906

AdvanSix,

Inc

342

105,994

Air

Products

&

Chemicals,

Inc

27,352

56,068

(b)

Albemarle

Corp

5,356

83,796

Alcoa

Corp

3,333

CREF

Equity

Index

Account

June

30,

2024

208

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,071

(a)

Allegheny

Technologies,

Inc

$

3,220

5,106

Alpha

Metallurgical

Resources,

Inc

1,432

675,486

Amcor

plc

6,606

20,501

American

Vanguard

Corp

176

30,628

Aptargroup,

Inc

4,313

491,853

(a),(b)

Arcadium

Lithium

plc

1,653

7,811

Arch

Resources,

Inc

1,189

74,922

Ardagh

Metal

Packaging

S.A.

255

26,123

Ashland,

Inc

2,468

7,718

(a)

Aspen

Aerogels,

Inc

184

37,556

Avery

Dennison

Corp

8,212

49,682

Avient

Corp

2,169

92,244

(a)

Axalta

Coating

Systems

Ltd

3,152

15,070

Balchem

Corp

2,320

145,865

Ball

Corp

8,755

46,136

Berry

Global

Group,

Inc

2,715

23,466

Cabot

Corp

2,156

8,054

Caledonia

Mining

Corp

plc

78

25,997

Carpenter

Technology

Corp

2,849

52,229

Celanese

Corp

(Series

A)

7,045

12,437

(a)

Century

Aluminum

Co

208

93,988

CF

Industries

Holdings,

Inc

6,966

59,993

Chemours

Co

1,354

11,678

(a)

Clearwater

Paper

Corp

566

230,842

(a)

Cleveland-Cliffs,

Inc

3,553

119,550

(a)

Coeur

Mining,

Inc

672

53,154

Commercial

Metals

Co

2,923

20,319

Compass

Minerals

International,

Inc

210

60,613

(a)

Constellium

SE

1,143

328,308

Corteva,

Inc

17,709

322,551

CRH

plc

24,185

52,888

Crown

Holdings,

Inc

3,934

324,853

Dow,

Inc

17,234

196,129

DuPont

de

Nemours,

Inc

15,786

16,817

Eagle

Materials,

Inc

3,657

54,856

Eastman

Chemical

Co

5,374

116,752

Ecolab,

Inc

27,787

20,162

(a)

Ecovyst,

Inc

181

92,641

Element

Solutions,

Inc

2,512

64,363

FMC

Corp

3,704

669,715

Freeport-McMoRan,

Inc

(Class

B)

32,548

17,819

FutureFuel

Corp

91

145,764

Graphic

Packaging

Holding

Co

3,821

14,075

Greif,

Inc

(Class

A)

809

3,993

Greif,

Inc

(Class

B)

250

22,652

H.B.

Fuller

Co

1,743

7,483

Hawkins,

Inc

681

834

Haynes

International,

Inc

49

290,099

Hecla

Mining

Co

1,407

85,574

Huntsman

Corp

1,949

96,273

(a),(b)

i-80

Gold

Corp

104

21,966

(a)

Ingevity

Corp

960

11,273

Innospec,

Inc

1,393

119,984

International

Flavors

&

Fragrances,

Inc

11,424

172,512

International

Paper

Co

7,444

6,735

(a)

Intrepid

Potash,

Inc

158

23,280

(a),(b)

Ivanhoe

Electric,

Inc

218

8,625

Kaiser

Aluminum

Corp

758

24,111

(a)

Knife

River

Corp

1,691

15,231

Koppers

Holdings,

Inc

563

14,288

Kronos

Worldwide,

Inc

179

17,061

(a)

Lifezone

Metals

Ltd

131

209

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

225,701

Linde

plc

$

99,040

27,683

Louisiana-Pacific

Corp

2,279

16,250

(a)

LSB

Industries,

Inc

133

122,748

LyondellBasell

Industries

NV

11,742

28,783

Martin

Marietta

Materials,

Inc

15,595

11,119

Materion

Corp

1,202

25,012

(a)

Metals

Acquisition

Ltd

342

12,674

Minerals

Technologies,

Inc

1,054

144,298

Mosaic

Co

4,170

39,809

(a),(b)

MP

Materials

Corp

507

18,118

Myers

Industries,

Inc

242

3,150

NewMarket

Corp

1,624

546,316

Newmont

Goldcorp

Corp

22,874

149,512

(a)

Novagold

Resources,

Inc

517

112,510

Nucor

Corp

17,786

59,953

(a)

O-I

Glass,

Inc

667

62,167

Olin

Corp

2,931

6,559

Olympic

Steel,

Inc

294

38,461

Orion

S.A.

844

41,034

Packaging

Corp

of

America

7,491

22,477

Pactiv

Evergreen,

Inc

255

62,456

(a)

Perimeter

Solutions

S.A.

489

17,966

(a)

Perpetua

Resources

Corp

93

8,901

(a),(b)

Piedmont

Lithium,

Inc

89

109,686

PPG

Industries,

Inc

13,808

57,700

(a)

PureCycle

Technologies,

Inc

342

7,360

Quaker

Chemical

Corp

1,249

11,495

Ramaco

Resources,

Inc

143

2,299

Ramaco

Resources,

Inc

25

16,208

(a),(b)

Ranpak

Holdings

Corp

104

31,957

(a)

Rayonier

Advanced

Materials,

Inc

174

25,953

Reliance

Steel

&

Aluminum

Co

7,412

32,757

Royal

Gold,

Inc

4,100

57,694

RPM

International,

Inc

6,213

8,418

Ryerson

Holding

Corp

164

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

216

9,517

Schweitzer-Mauduit

International,

Inc

161

22,512

Scotts

Miracle-Gro

Co

(Class

A)

1,465

70,338

Sealed

Air

Corp

2,447

18,559

Sensient

Technologies

Corp

1,377

110,169

Sherwin-Williams

Co

32,878

30,105

Silgan

Holdings,

Inc

1,274

36,841

Sonoco

Products

Co

1,869

38,473

Southern

Copper

Corp

4,145

109,335

SSR

Mining,

Inc

493

72,343

Steel

Dynamics,

Inc

9,368

8,132

Stepan

Co

683

65,111

(a)

Summit

Materials,

Inc

2,384

48,451

SunCoke

Energy,

Inc

475

17,918

Sylvamo

Corp

1,229

29,755

(a)

TimkenSteel

Corp

603

19,671

Tredegar

Corp

94

23,586

Trimas

Corp

603

62,538

Tronox

Holdings

plc

981

1,357

United

States

Lime

&

Minerals,

Inc

494

98,029

United

States

Steel

Corp

3,706

4,209

(a)

Universal

Stainless

&

Alloy

115

60,968

Vulcan

Materials

Co

15,162

28,082

Warrior

Met

Coal,

Inc

1,763

14,533

Westlake

Chemical

Corp

2,105

113,717

Westrock

Co

5,715

10,006

Worthington

Industries,

Inc

474

CREF

Equity

Index

Account

June

30,

2024

210

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,006

Worthington

Steel,

Inc

$

334

TOTAL

MATERIALS

623,966

MEDIA

&

ENTERTAINMENT

-

7.8%

41,683

(a)

Advantage

Solutions,

Inc

134

2,313,809

Alphabet,

Inc

424,399

2,761,264

Alphabet,

Inc

(Class

A)

502,964

129,967

(a),(b)

AMC

Entertainment

Holdings,

Inc

647

16,067

(a)

AMC

Networks,

Inc

155

7,655

(a)

Atlanta

Braves

Holdings,

Inc

316

28,493

(a)

Atlanta

Braves

Holdings,

Inc

1,124

7,354

(a)

Boston

Omaha

Corp

99

44,223

(a)

Bumble,

Inc

465

2,634

(b)

Cable

One,

Inc

932

76,237

(a),(b)

Cardlytics,

Inc

626

51,402

(a)

Cargurus,

Inc

1,347

37,344

(a)

Cars.com,

Inc

736

44,087

(a)

Charter

Communications,

Inc

13,180

58,982

(a)

Cinemark

Holdings,

Inc

1,275

198,206

(a)

Clear

Channel

Outdoor

Holdings,

Inc

280

1,828,255

Comcast

Corp

(Class

A)

71,594

772

(a)

Daily

Journal

Corp

305

126,113

Electronic

Arts,

Inc

17,571

50,932

Entravision

Communications

Corp

(Class

A)

103

40,961

(a)

Eventbrite,

Inc

198

8,345

(a)

EverQuote,

Inc

174

31,270

(a)

EW

Scripps

Co

(Class

A)

98

114,163

Fox

Corp

(Class

A)

3,924

52,050

Fox

Corp

(Class

B)

1,667

135,594

(a),(b)

fuboTV,

Inc

168

74,491

(a)

Gannett

Co,

Inc

343

46,825

(a)

Getty

Images

Holdings,

Inc

153

46,930

Gray

Television,

Inc

244

20,672

(a)

Grindr,

Inc

253

42,355

(a)

IAC,

Inc

1,984

3,559

(a)

Ibotta,

Inc

268

27,196

(a),(b)

IMAX

Corp

456

50,401

(a)

Innovid

Corp

93

16,911

(a)

Integral

Ad

Science

Holding

Corp

164

183,140

Interpublic

Group

of

Cos,

Inc

5,328

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

958

58,788

(a)

Liberty

Broadband

Corp

3,223

5,960

(a)

Liberty

Broadband

Corp

(Class

A)

325

6,884

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

442

90,959

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

6,535

9,028

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

339

22,561

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

863

72,983

(a)

Liberty

Media

Corp-Liberty

SiriusXM

1,617

34,936

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

774

37,150

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

350

71,817

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

616

71,776

(a)

Live

Nation,

Inc

6,728

13,156

(a)

Madison

Square

Garden

Entertainment

Corp

450

10,365

(a)

Madison

Square

Garden

Sports

Corp

1,950

61,168

(a)

Magnite,

Inc

813

14,211

(b)

Marcus

Corp

162

133,165

(a)

Match

Group,

Inc

4,046

9,561

(a)

MediaAlpha,

Inc

126

1,029,310

Meta

Platforms,

Inc

518,999

33,263

(a)

National

CineMedia,

Inc

146

200,934

(a)

NetFlix,

Inc

135,606

73,578

New

York

Times

Co

(Class

A)

3,768

211

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

189,629

News

Corp

(Class

A)

$

5,228

66,535

News

Corp

(Class

B)

1,889

14,548

Nexstar

Media

Group,

Inc

2,415

73,273

(a)

Nextdoor

Holdings,

Inc

204

90,917

Omnicom

Group,

Inc

8,155

20,470

(a)

Outbrain,

Inc

102

4,594

Paramount

Global

(Class

A)

84

305,131

Paramount

Global

(Class

B)

3,170

277,011

(a)

Pinterest,

Inc

12,208

40,614

(a)

Playstudios,

Inc

84

42,908

Playtika

Holding

Corp

338

21,386

(a)

PubMatic,

Inc

434

20,643

(a)

QuinStreet,

Inc

343

227,072

(a)

ROBLOX

Corp

8,449

57,130

(a)

Roku,

Inc

3,424

19,984

Scholastic

Corp

709

13,499

(b)

Shutterstock,

Inc

522

11,690

(b)

Sinclair,

Inc

156

319,108

(b)

Sirius

XM

Holdings,

Inc

903

13,156

(a),(b)

Sphere

Entertainment

Co

461

68,175

(a)

Spotify

Technology

S.A.

21,393

33,238

(a)

Stagwell,

Inc

227

77,842

(a)

Take-Two

Interactive

Software,

Inc

12,104

12,153

(a)

TechTarget,

Inc

379

58,775

TEGNA,

Inc

819

13,027

(a)

Thryv

Holdings,

Inc

232

37,058

TKO

Group

Holdings,

Inc

4,002

56,597

(a)

TripAdvisor,

Inc

1,008

44,667

(a)

TrueCar,

Inc

140

27,031

(a)

Trump

Media

&

Technology

Group

Corp

885

68,763

(a)

Vimeo,

Inc

257

12,686

(a),(b)

Vivid

Seats,

Inc

73

861,752

Walt

Disney

Co

85,563

1,098,789

(a)

Warner

Bros

Discovery,

Inc

8,175

28,599

(a)

WideOpenWest,

Inc

155

41,665

(a)

Yelp,

Inc

1,540

23,417

(a)

Ziff

Davis,

Inc

1,289

40,960

(a)

ZipRecruiter,

Inc

372

141,765

(a)

ZoomInfo

Technologies,

Inc

1,810

TOTAL

MEDIA

&

ENTERTAINMENT

1,932,304

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.0%

45,940

(a)

10X

Genomics,

Inc

894

11,229

(a),(b)

2seventy

bio,

Inc

43

22,403

(a)

4D

Molecular

Therapeutics,

Inc

470

30,587

(a)

89bio,

Inc

245

832,235

AbbVie,

Inc

142,745

37,660

(a)

Absci

Corp

116

46,492

(a)

Acadia

Pharmaceuticals,

Inc

755

34,596

(a),(b)

ACELYRIN,

Inc

153

12,987

(a),(b)

Actinium

Pharmaceuticals,

Inc

96

59,774

(a)

Adaptive

Biotechnologies

Corp

216

33,132

(a)

ADC

Therapeutics

SA

105

95,244

(a)

ADMA

Biologics,

Inc

1,065

5,378

(a),(b)

Agenus,

Inc

90

135,963

Agilent

Technologies,

Inc

17,625

34,493

(a)

Agios

Pharmaceuticals,

Inc

1,487

98,139

(a)

Akebia

Therapeutics,

Inc

100

22,177

(a)

Akero

Therapeutics,

Inc

520

23,019

(a),(b)

Aldeyra

Therapeutics,

Inc

76

31,429

(a)

Alector,

Inc

143

87,531

(a)

Alkermes

plc

2,109

CREF

Equity

Index

Account

June

30,

2024

212

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,864

(a)

Allogene

Therapeutics,

Inc

$

67

59,300

(a)

Alnylam

Pharmaceuticals,

Inc

14,410

24,706

(a),(b)

Altimmune,

Inc

164

9,675

(a),(b)

ALX

Oncology

Holdings,

Inc

58

252,387

Amgen,

Inc

78,858

151,298

(a)

Amicus

Therapeutics,

Inc

1,501

53,162

(a)

Amneal

Pharmaceuticals,

Inc

338

14,523

(a)

Amphastar

Pharmaceuticals,

Inc

581

12,566

(a),(b)

AnaptysBio,

Inc

315

30,524

(a),(b)

Anavex

Life

Sciences

Corp

129

5,767

(a)

ANI

Pharmaceuticals,

Inc

367

10,943

(a)

Anika

Therapeutics,

Inc

277

94,340

(a)

Annexon,

Inc

462

46,610

(a)

Apellis

Pharmaceuticals,

Inc

1,788

19,643

(a),(b)

Apogee

Therapeutics,

Inc

773

44,996

(a)

Applied

Therapeutics,

Inc

210

35,056

(a)

Aquestive

Therapeutics,

Inc

91

55,373

(a),(b)

Arbutus

Biopharma

Corp

171

15,098

(a)

Arcellx,

Inc

833

7,756

(a)

Arcturus

Therapeutics

Holdings,

Inc

189

20,717

(a)

Arcus

Biosciences,

Inc

316

10,402

(a)

Arcutis

Biotherapeutics,

Inc

97

105,254

(a)

Ardelyx,

Inc

780

4,638

(a)

ArriVent

Biopharma,

Inc

86

55,310

(a)

Arrowhead

Pharmaceuticals,

Inc

1,437

23,136

(a)

ARS

Pharmaceuticals,

Inc

197

23,815

(a)

Arvinas,

Inc

634

197

(a)

Astria

Therapeutics,

Inc

2

35,244

(a)

Atea

Pharmaceuticals,

Inc

117

9,389

(a)

Aura

Biosciences,

Inc

71

68,772

(a),(b)

Aurinia

Pharmaceuticals,

Inc

393

43,102

(a)

Avadel

Pharmaceuticals

PLC

606

318,550

(a)

Avantor,

Inc

6,753

33,858

(a)

Avid

Bioservices,

Inc

242

38,891

(a)

Avidity

Biosciences,

Inc

1,589

12,422

(a),(b)

Avita

Medical,

Inc

98

15,727

(a),(b)

Axsome

Therapeutics,

Inc

1,266

25,636

(a),(b)

Beam

Therapeutics,

Inc

601

97,016

(a)

BioCryst

Pharmaceuticals,

Inc

600

68,965

(a)

Biogen,

Inc

15,987

34,983

(a)

Biohaven

Ltd

1,214

13,317

(a)

BioLife

Solutions,

Inc

285

93,702

(a)

BioMarin

Pharmaceutical,

Inc

7,714

9,809

(a),(b)

Biomea

Fusion,

Inc

44

10,456

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

2,856

12,720

(a)

Biote

Corp

95

78,368

Bio-Techne

Corp

5,615

17,551

(a)

Black

Diamond

Therapeutics,

Inc

82

33,689

(a),(b)

Bluebird

Bio,

Inc

33

31,927

(a)

Blueprint

Medicines

Corp

3,441

58,721

(a)

Bridgebio

Pharma,

Inc

1,487

952,871

Bristol-Myers

Squibb

Co

39,573

26,921

(a)

Brooks

Automation,

Inc

1,417

47,870

Bruker

BioSciences

Corp

3,055

27,672

(a)

C4

Therapeutics,

Inc

128

11,526

(a),(b)

Cabaletta

Bio,

Inc

86

27,306

(a)

CareDx,

Inc

424

10,249

(a),(b)

Cargo

Therapeutics,

Inc

168

17,393

(a)

Caribou

Biosciences,

Inc

29

20,876

(a),(b)

Cassava

Sciences,

Inc

258

85,996

(a)

Catalent,

Inc

4,836

50,782

(a)

Catalyst

Pharmaceuticals,

Inc

787

213

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,603

(a),(b)

Celcuity,

Inc

$

141

21,395

(a)

Celldex

Therapeutics,

Inc

792

35,533

(a)

Cerevel

Therapeutics

Holdings,

Inc

1,453

11,058

(a)

CG

oncology,

Inc

349

25,265

(a)

Charles

River

Laboratories

International,

Inc

5,219

28,644

(a),(c)

Chinook

Therapeutics,

Inc

11

23,538

(a)

Codexis,

Inc

73

22,858

(a)

Cogent

Biosciences,

Inc

193

16,286

(a)

Collegium

Pharmaceutical,

Inc

524

45,293

(a),(b)

Compass

Therapeutics,

Inc

45

4,745

(a)

Corbus

Pharmaceuticals

Holdings,

Inc

215

33,186

(a)

Corcept

Therapeutics,

Inc

1,078

22,299

(a),(b)

CorMedix,

Inc

97

38,468

(a)

Crinetics

Pharmaceuticals,

Inc

1,723

22,130

(a)

CryoPort,

Inc

153

7,345

(a)

Cullinan

Oncology,

Inc

128

51,177

(a)

Cytek

Biosciences,

Inc

286

42,716

(a)

Cytokinetics,

Inc

2,314

312,586

Danaher

Corp

78,100

11,974

(a)

Day

One

Biopharmaceuticals,

Inc

165

49,642

(a)

Denali

Therapeutics,

Inc

1,153

14,200

(a)

Design

Therapeutics,

Inc

48

3,831

(a)

Disc

Medicine,

Inc

173

58,823

(a)

Dynavax

Technologies

Corp

661

38,158

(a)

Dyne

Therapeutics,

Inc

1,347

20,664

(a)

Edgewise

Therapeutics,

Inc

372

35,681

(a),(b)

Editas

Medicine,

Inc

167

242,401

(a)

Elanco

Animal

Health,

Inc

3,498

399,190

Eli

Lilly

&

Co

361,419

11,786

(a)

Enanta

Pharmaceuticals,

Inc

153

11,571

(a),(b)

Enliven

Therapeutics,

Inc

270

10,600

(a),(b)

Entrada

Therapeutics,

Inc

151

33,527

(a)

Erasca,

Inc

79

88,737

(a)

Esperion

Thereapeutics,

Inc

197

17,590

(a)

Evolus,

Inc

191

88,922

(a)

Exact

Sciences

Corp

3,757

133,902

(a)

Exelixis,

Inc

3,009

12,962

(a),(b)

EyePoint

Pharmaceuticals,

Inc

113

42,216

(a)

Fate

Therapeutics,

Inc

138

141,270

(a)

Fluidigm

Corp

250

10,305

(a),(b)

Foghorn

Therapeutics,

Inc

59

45,181

(a)

Fortrea

Holdings,

Inc

1,055

2,881

(a)

Frequency

Therapeutics,

Inc

98

29,069

(a)

Fulcrum

Therapeutics,

Inc

180

23,909

(a),(b)

Generation

Bio

Co

67

245,957

(a)

Geron

Corp

1,043

586,186

Gilead

Sciences,

Inc

40,218

13,132

(a)

GRAIL,

Inc

202

53,640

(a)

Halozyme

Therapeutics,

Inc

2,809

12,195

(a)

Harmony

Biosciences

Holdings,

Inc

368

12,872

(a),(b)

Harrow

Health,

Inc

269

19,354

(a)

Harvard

Bioscience,

Inc

55

6,489

(a),(b)

Heron

Therapeutics,

Inc

23

10,524

(a)

HilleVax,

Inc

152

76,480

(a),(b)

Humacyte,

Inc

367

31,278

(a)

Ideaya

Biosciences,

Inc

1,098

2,211

(a),(b)

IGM

Biosciences,

Inc

15

78,792

(a)

Illumina,

Inc

8,224

34,968

(a),(b)

ImmunityBio,

Inc

221

23,979

(a)

Immunome,

Inc

290

19,494

(a)

Immunovant,

Inc

515

87,640

(a)

Incyte

Corp

5,313

CREF

Equity

Index

Account

June

30,

2024

214

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,807

(a),(b)

Inhibrx

Biosciences,

Inc

$

54

15,231

(a),(c)

Inhibrx,

Inc

10

34,523

(a)

Innoviva,

Inc

566

12,024

(a)

Inovio

Pharmaceuticals,

Inc

97

16,918

(a),(b)

Inozyme

Pharma,

Inc

75

72,421

(a)

Insmed,

Inc

4,852

34,856

(a)

Intellia

Therapeutics,

Inc

780

46,963

(a)

Intra-Cellular

Therapies,

Inc

3,216

68,224

(a)

Ionis

Pharmaceuticals,

Inc

3,252

109,007

(a)

Iovance

Biotherapeutics,

Inc

874

86,333

(a)

IQVIA

Holdings,

Inc

18,254

95,014

(a)

Ironwood

Pharmaceuticals,

Inc

619

11,046

(a)

iTeos

Therapeutics,

Inc

164

8,802

(a)

Janux

Therapeutics,

Inc

369

5,318

(a)

Jasper

Therapeutics,

Inc

121

28,814

(a)

Jazz

Pharmaceuticals

plc

3,075

1,133,144

Johnson

&

Johnson

165,620

10,666

(a),(b)

KalVista

Pharmaceuticals,

Inc

126

8,516

(a)

Keros

Therapeutics,

Inc

389

11,321

(a)

Kiniksa

Pharmaceuticals

Ltd

211

18,276

(a)

Kodiak

Sciences,

Inc

43

9,785

(a)

Krystal

Biotech,

Inc

1,797

31,598

(a)

Kura

Oncology,

Inc

651

15,771

(a)

Kymera

Therapeutics,

Inc

471

69,606

(a),(b)

Larimar

Therapeutics,

Inc

505

5,908

LENZ

Therapeutics,

Inc

102

4,815

(a)

Lexeo

Therapeutics,

Inc

77

30,110

(a),(b)

Lexicon

Pharmaceuticals,

Inc

51

8,586

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

723

65,652

(a),(b)

Lineage

Cell

Therapeutics,

Inc

65

24,455

(a),(b)

Liquidia

Corp

293

5,405

(a),(b)

Longboard

Pharmaceuticals,

Inc

146

77,816

(a),(b)

Lyell

Immunopharma,

Inc

113

32,187

(a)

MacroGenics,

Inc

137

8,182

(a),(b)

Madrigal

Pharmaceuticals,

Inc

2,292

11,133

(a)

Magenta

Therapeutics,

Inc

288

94,899

(a)

MannKind

Corp

495

54,984

(a)

Maravai

LifeSciences

Holdings,

Inc

394

51,230

(a),(b)

MaxCyte,

Inc

201

11,925

(a)

Medpace

Holdings,

Inc

4,911

10,086

(a)

MeiraGTx

Holdings

plc

42

1,190,992

Merck

&

Co,

Inc

147,445

2,255

Mesa

Laboratories,

Inc

196

10,239

(a)

Mettler-Toledo

International,

Inc

14,310

60,615

(a)

MiMedx

Group,

Inc

420

33,765

(a)

Mind

Medicine

MindMed,

Inc

243

7,068

(a),(b)

Mineralys

Therapeutics,

Inc

83

8,147

(a)

Mirum

Pharmaceuticals,

Inc

279

151,753

(a)

Moderna,

Inc

18,021

14,704

(a),(b)

Monte

Rosa

Therapeutics,

Inc

55

15,005

(a)

Morphic

Holding,

Inc

511

46,607

(a)

Myriad

Genetics,

Inc

1,140

51,554

(a)

Natera,

Inc

5,583

25,317

(a)

Nautilus

Biotechnology,

Inc

59

84,671

(a)

Nektar

Therapeutics

105

39,443

(a)

Neumora

Therapeutics,

Inc

388

45,814

(a)

Neurocrine

Biosciences,

Inc

6,307

4,815

(a)

Neurogene,

Inc

175

9,374

(a)

Nkarta,

Inc

55

40,572

(a),(b)

Novavax,

Inc

514

17,085

(a)

Nurix

Therapeutics,

Inc

357

10,256

(a)

Nuvalent,

Inc

778

215

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

35,946

(a)

Nuvation

Bio,

Inc

$

105

119,984

(a)

Ocugen,

Inc

186

41,830

(a),(b)

Ocular

Therapeutix,

Inc

286

13,370

(a)

Olema

Pharmaceuticals,

Inc

145

26,439

(a)

Omeros

Corp

107

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

42,041

(a)

OmniAb,

Inc

158

13,691

(a)

Organogenesis

Holdings,

Inc

38

99,908

Organon

&

Co

2,068

19,543

(a),(b)

ORIC

Pharmaceuticals,

Inc

138

29,936

(a),(b)

Ovid

therapeutics,

Inc

23

23,821

(a)

Pacira

BioSciences,

Inc

682

7,281

(a)

PepGen,

Inc

116

59,289

PerkinElmer,

Inc

6,217

48,417

Perrigo

Co

plc

1,243

21,996

(a)

Perspective

Therapeutics,

Inc

219

2,663,177

Pfizer,

Inc

74,516

456

(a),(b)

Phathom

Pharmaceuticals,

Inc

5

12,927

Phibro

Animal

Health

Corp

217

27,964

(a)

Pliant

Therapeutics,

Inc

301

32,424

(a)

Poseida

Therapeutics,

Inc

95

8,041

(a)

Praxis

Precision

Medicines,

Inc

333

39,456

(a),(b)

Precigen,

Inc

62

24,486

(a)

Prestige

Consumer

Healthcare,

Inc.

1,686

19,579

(a),(b)

Prime

Medicine,

Inc

101

30,525

(a),(b)

ProKidney

Corp

75

22,557

(a)

Protagonist

Therapeutics,

Inc

782

18,603

(a)

Prothena

Corp

plc

384

37,990

(a)

PTC

Therapeutics,

Inc

1,162

109,718

QIAGEN

NV

4,508

16,838

(a)

Quanterix

Corp

222

46,832

(a),(b)

Quantum-Si,

Inc

49

6,533

(a)

RAPT

Therapeutics,

Inc

20

63,522

(a),(b)

Recursion

Pharmaceuticals,

Inc

476

49,081

(a)

Regeneron

Pharmaceuticals,

Inc

51,586

19,715

(a)

REGENXBIO,

Inc

231

31,945

(a)

Relay

Therapeutics,

Inc

208

26,192

(a)

Repligen

Corp

3,302

10,254

(a),(b)

Replimune

Group,

Inc

92

33,815

(a)

Revance

Therapeutics,

Inc

87

71,048

(a)

REVOLUTION

Medicines,

Inc

2,757

25,414

(a)

Rhythm

Pharmaceuticals,

Inc

1,043

20,281

(a)

Rocket

Pharmaceuticals,

Inc

437

178,841

(a)

Roivant

Sciences

Ltd

1,890

165,226

Royalty

Pharma

plc

4,357

28,225

(a)

Sage

Therapeutics,

Inc

307

46,510

(a),(b)

Sana

Biotechnology,

Inc

254

41,917

(a)

Sarepta

Therapeutics,

Inc

6,623

38,005

(a)

Savara,

Inc

153

7,676

(a),(b)

Scholar

Rock

Holding

Corp

64

14,352

(a),(b)

scPharmaceuticals,

Inc

62

3,372

(a)

Selecta

Biosciences,

Inc

91

35,191

SIGA

Technologies,

Inc

267

10,251

(a)

Soleno

Therapeutics,

Inc

418

99,083

(a),(b),(c)

Sorrento

Therapeutics,

Inc

184

43,033

(a)

Sotera

Health

Co

511

35,381

(a)

SpringWorks

Therapeutics,

Inc

1,333

16,178

(a)

Spyre

Therapeutics,

Inc

380

10,464

(a),(b)

Stoke

Therapeutics,

Inc

141

57,751

(a)

Summit

Therapeutics,

Inc

450

26,807

(a)

Supernus

Pharmaceuticals,

Inc

717

CREF

Equity

Index

Account

June

30,

2024

216

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,843

(a)

Sutro

Biopharma,

Inc

$

46

24,529

(a)

Syndax

Pharmaceuticals,

Inc

504

23,918

(a),(b)

Tango

Therapeutics,

Inc

205

9,396

(a)

Tarsus

Pharmaceuticals,

Inc

255

75,209

(a)

Taysha

Gene

Therapies,

Inc

168

22,763

(a),(b)

Tenaya

Therapeutics,

Inc

71

21,241

(a)

Terns

Pharmaceuticals,

Inc

145

69,942

(a)

TG

Therapeutics,

Inc

1,244

29,259

(a)

Theravance

Biopharma,

Inc

248

179,385

Thermo

Fisher

Scientific,

Inc

99,200

9,283

(a)

Third

Harmonic

Bio,

Inc

121

10,802

Tourmaline

Bio,

Inc

139

25,726

(a)

Travere

Therapeutics,

Inc

211

17,957

(a)

TScan

Therapeutics,

Inc

105

26,284

(a)

Twist

Bioscience

Corp

1,295

6,957

(a),(b)

Tyra

Biosciences,

Inc

111

33,751

(a)

Ultragenyx

Pharmaceutical,

Inc

1,387

20,495

(a)

United

Therapeutics

Corp

6,529

9,811

(a),(b)

UroGen

Pharma

Ltd

165

31,395

(a)

Vanda

Pharmaceuticals,

Inc

177

45,372

(a)

Vaxcyte,

Inc

3,426

30,037

(a)

Ventyx

Biosciences,

Inc

69

5,414

(a)

Vera

Therapeutics,

Inc

196

36,815

(a)

Veracyte,

Inc

798

24,994

(a)

Vericel

Corp

1,147

121,411

(a)

Vertex

Pharmaceuticals,

Inc

56,908

23,209

(a)

Verve

Therapeutics,

Inc

113

526,128

Viatris,

Inc

5,593

47,438

(a)

Viking

Therapeutics,

Inc

2,515

32,800

(a)

Vir

Biotechnology,

Inc

292

16,873

(a)

Viridian

Therapeutics,

Inc

220

15,628

(a)

Voyager

Therapeutics,

Inc

124

29,140

(a)

Waters

Corp

8,454

29,537

(a),(b)

WaVe

Life

Sciences

Ltd

147

35,435

West

Pharmaceutical

Services,

Inc

11,672

61,355

(a),(b)

X4

Pharmaceuticals,

Inc

36

27,098

(a)

Xencor,

Inc

513

67,913

(a)

Xeris

Biopharma

Holdings,

Inc

153

3,848

(a)

XOMA

Corp

91

19,065

(a)

Y-mAbs

Therapeutics,

Inc

230

18,143

(a)

Zentalis

Pharmaceuticals,

Inc

74

17,404

(a),(b)

Zevra

Therapeutics,

Inc

85

214,795

Zoetis,

Inc

37,237

26,472

(a)

Zymeworks,

Inc

225

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,739,839

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

62,854

(a)

Anywhere

Real

Estate,

Inc

208

143,011

(a)

CBRE

Group,

Inc

12,744

133,621

(a)

Compass,

Inc

481

66,192

(a)

Cushman

&

Wakefield

plc

688

69,755

DigitalBridge

Group,

Inc

956

28,436

(b)

eXp

World

Holdings,

Inc

321

425

(a)

Forestar

Group,

Inc

14

9,884

(a)

FRP

Holdings,

Inc

282

16,878

(a)

Howard

Hughes

Holdings,

Inc

1,094

23,806

(a)

Jones

Lang

LaSalle,

Inc

4,887

44,610

Kennedy-Wilson

Holdings,

Inc

434

11,498

Marcus

&

Millichap,

Inc

362

81,428

Newmark

Group,

Inc

833

228,590

(a)

Opendoor

Technologies,

Inc

421

13,117

(b)

Re/Max

Holdings,

Inc

106

217

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

44,481

(a)

Real

Brokerage,

Inc

$

181

57,095

(a),(b)

Redfin

Corp

343

5,123

RMR

Group,

Inc

116

18,561

St.

Joe

Co

1,015

3,112

(a)

Stratus

Properties,

Inc

78

12,164

(a)

Tejon

Ranch

Co

207

20,587

(a)

Zillow

Group,

Inc

(Class

A)

927

74,688

(a)

Zillow

Group,

Inc

(Class

C)

3,465

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

30,163

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10.6%

24,578

(a)

ACM

Research,

Inc

567

754,974

(a)

Advanced

Micro

Devices,

Inc

122,464

12,826

(a),(b)

Aehr

Test

Systems

143

26,133

(a)

Allegro

MicroSystems,

Inc

738

15,539

(a)

Alpha

&

Omega

Semiconductor

Ltd

581

19,074

(a)

Ambarella,

Inc

1,029

55,705

Amkor

Technology,

Inc

2,229

234,156

Analog

Devices,

Inc

53,448

390,818

Applied

Materials,

Inc

92,229

10,398

(a)

Astera

Labs,

Inc

629

16,075

(a)

Axcelis

Technologies,

Inc

2,286

213,610

Broadcom,

Inc

342,957

15,710

(a)

Ceva,

Inc

303

25,543

(a)

Cirrus

Logic,

Inc

3,261

26,675

(a)

Cohu,

Inc

883

63,354

(a)

Credo

Technology

Group

Holding

Ltd

2,024

23,788

(a)

Diodes,

Inc

1,711

65,386

(a)

Enphase

Energy,

Inc

6,520

72,011

Entegris,

Inc

9,750

48,242

(a)

First

Solar,

Inc

10,877

30,004

(a)

Formfactor,

Inc

1,816

39,047

(a),(b)

GLOBALFOUNDRIES,

Inc

1,974

15,133

(a)

Ichor

Holdings

Ltd

583

8,061

(a)

Impinj,

Inc

1,264

51,148

(a),(b)

indie

Semiconductor,

Inc

316

1,997,523

Intel

Corp

61,863

63,710

KLA

Corp

52,530

26,815

Kulicke

&

Soffa

Industries,

Inc

1,319

61,358

Lam

Research

Corp

65,337

68,594

(a)

Lattice

Semiconductor

Corp

3,978

26,755

(a)

MACOM

Technology

Solutions

Holdings,

Inc

2,982

403,149

Marvell

Technology,

Inc

28,180

38,172

(a)

MaxLinear,

Inc

769

251,780

Microchip

Technology,

Inc

23,038

517,623

Micron

Technology,

Inc

68,083

33,135

MKS

Instruments,

Inc

4,327

21,877

Monolithic

Power

Systems,

Inc

17,976

50,806

(a)

Navitas

Semiconductor

Corp

200

2,338

NVE

Corp

175

11,172,272

Nvidia

Corp

1,380,222

208,183

(a)

ON

Semiconductor

Corp

14,271

21,454

(a)

Onto

Innovation,

Inc

4,710

20,605

(a)

PDF

Solutions,

Inc

750

29,998

(a)

Photronics,

Inc

740

25,919

Power

Integrations,

Inc

1,819

46,313

(a)

Qorvo,

Inc

5,374

524,580

QUALCOMM,

Inc

104,486

53,820

(a)

Rambus,

Inc

3,162

35,296

(a)

Semtech

Corp

1,055

15,676

(a)

Silicon

Laboratories,

Inc

1,734

7,023

(a)

SiTime

Corp

874

CREF

Equity

Index

Account

June

30,

2024

218

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,927

(a)

SkyWater

Technology,

Inc

$

99

75,418

Skyworks

Solutions,

Inc

8,038

15,494

(a)

SMART

Global

Holdings,

Inc

354

19,257

(a)

Synaptics,

Inc

1,698

70,711

Teradyne,

Inc

10,486

427,407

Texas

Instruments,

Inc

83,144

23,500

(a)

Ultra

Clean

Holdings

1,152

20,752

Universal

Display

Corp

4,363

25,957

(a)

Veeco

Instruments,

Inc

1,212

62,345

(a),(b)

Wolfspeed,

Inc

1,419

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,622,501

SOFTWARE

&

SERVICES

-

11.9%

65,506

(a)

8x8,

Inc

145

32,215

A10

Networks,

Inc

446

294,773

Accenture

plc

89,437

51,028

(a)

ACI

Worldwide,

Inc

2,020

57,275

Adeia,

Inc

641

210,440

(a)

Adobe,

Inc

116,908

11,056

(a)

Agilysys,

Inc

1,151

70,255

(a)

Akamai

Technologies,

Inc

6,329

26,945

(a)

Alarm.com

Holdings,

Inc

1,712

15,192

(a)

Alkami

Technology,

Inc

433

24,769

(a)

Altair

Engineering,

Inc

2,429

51,231

Amdocs

Ltd

4,043

15,720

American

Software,

Inc

(Class

A)

144

28,669

(a)

Amplitude,

Inc

255

40,974

(a)

Ansys,

Inc

13,173

9,509

(a)

Appfolio,

Inc

2,326

20,140

(a)

Appian

Corp

622

33,758

(a),(b)

Applied

Digital

Corp

201

123,147

(a)

AppLovin

Corp

10,248

13,197

(a)

Arteris,

Inc

99

40,356

(a),(b)

Asana,

Inc

565

14,242

(a)

Aspentech

Corp

2,829

9,467

(a)

Asure

Software,

Inc

80

72,980

(a)

Atlassian

Corp

Ltd

12,909

100,178

(a)

Autodesk,

Inc

24,789

66,029

(a)

AvePoint,

Inc

688

19,045

(a)

Backblaze,

Inc

117

65,819

Bentley

Systems,

Inc

3,249

24,476

(a)

BigCommerce

Holdings,

Inc

197

49,304

(a)

BILL

Holdings,

Inc

2,594

36,478

(a)

Bit

Digital,

Inc

116

17,422

(a)

Blackbaud,

Inc

1,327

29,853

(a)

BlackLine,

Inc

1,446

108,065

(a)

Blend

Labs,

Inc

255

66,925

(a)

Box,

Inc

1,770

17,121

(a)

Braze,

Inc

665

29,086

(a),(b)

C3.ai,

Inc

842

127,596

(a)

Cadence

Design

Systems,

Inc

39,268

161,339

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

1,792

22,039

(a)

Cerence,

Inc

62

73,546

(a),(b)

Ceridian

HCM

Holding,

Inc

3,648

80,624

(a)

Cipher

Mining,

Inc

335

82,383

(a)

Cleanspark,

Inc

1,314

31,897

Clear

Secure,

Inc

597

65,042

(a)

Clearwater

Analytics

Holdings,

Inc

1,205

136,887

(a)

Cloudflare,

Inc

11,338

232,781

Cognizant

Technology

Solutions

Corp

(Class

A)

15,829

20,876

(a)

Commvault

Systems,

Inc

2,538

113,585

(a)

Confluent,

Inc

3,354

219

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,805

(a)

Consensus

Cloud

Solutions,

Inc

$

134

83,149

(a)

Core

Scientific,

Inc

773

13,583

(a)

Couchbase,

Inc

248

101,429

(a)

Crowdstrike

Holdings,

Inc

38,867

6,968

(a)

CS

Disco,

Inc

42

140,367

(a)

Datadog,

Inc

18,204

3,677

(a)

Dave,

Inc

111

7,264

(a),(b)

Digimarc

Corp

225

46,104

(a)

Digital

Turbine,

Inc

77

39,126

(a),(b)

DigitalOcean

Holdings,

Inc

1,360

91,998

(a)

DocuSign,

Inc

4,922

29,210

Dolby

Laboratories,

Inc

(Class

A)

2,314

15,039

(a)

Domo,

Inc

116

55,975

(a)

DoubleVerify

Holdings,

Inc

1,090

118,133

(a)

Dropbox,

Inc

2,654

83,626

(a)

DXC

Technology

Co

1,596

123,521

(a)

Dynatrace,

Inc

5,526

87,429

(a)

E2open

Parent

Holdings,

Inc

393

10,699

(a)

eGain

Corp

68

37,517

(a)

Elastic

NV

4,274

13,046

(a)

Enfusion,

Inc

111

30,234

(a)

Envestnet,

Inc

1,892

27,283

(a)

EPAM

Systems,

Inc

5,132

21,053

(a)

Everbridge,

Inc

737

12,378

(a)

EverCommerce,

Inc

136

11,453

(a)

Fair

Isaac

Corp

17,050

58,075

(a)

Fastly,

Inc

428

37,675

(a)

Five9,

Inc

1,661

303,554

(a)

Fortinet,

Inc

18,295

80,143

(a)

Freshworks,

Inc

1,017

35,194

(a)

Gartner,

Inc

15,804

250,363

Gen

Digital,

Inc

6,254

55,662

(a)

Gitlab,

Inc

2,768

18,760

(a)

Globant

S.A.

3,344

63,212

(a)

GoDaddy,

Inc

8,831

15,258

(a)

Grid

Dynamics

Holdings,

Inc

160

39,348

(a)

Guidewire

Software,

Inc

5,426

17,956

Hackett

Group,

Inc

390

46,373

(a)

HashiCorp,

Inc

1,562

22,934

(a)

HubSpot,

Inc

13,526

5,474

(a)

IBEX

Holdings

Ltd

89

13,864

(a)

iLearningEngines

Holdings,

Inc

126

17,943

(a)

Informatica,

Inc

554

18,219

Information

Services

Group,

Inc

54

8,870

(a)

Instructure

Holdings,

Inc

208

26,694

(a)

Intapp,

Inc

979

13,365

(b)

InterDigital,

Inc

1,558

431,270

International

Business

Machines

Corp

74,588

128,267

Intuit,

Inc

84,298

29,050

(a)

Jamf

Holding

Corp

479

95,867

(a)

Kyndryl

Holdings,

Inc

2,522

35,615

(a)

LiveRamp

Holdings,

Inc

1,102

28,757

(a)

Manhattan

Associates,

Inc

7,094

102,816

(a),(b)

Marathon

Digital

Holdings,

Inc

2,041

112,247

(a)

Matterport,

Inc

502

11,893

(a)

MeridianLink,

Inc

254

3,493,657

Microsoft

Corp

1,561,490

7,052

(a),(b)

MicroStrategy,

Inc

(Class

A)

9,714

22,456

(a)

Mitek

Systems,

Inc

251

31,781

(a)

MongoDB,

Inc

7,944

19,169

(a)

N-able,

Inc

292

25,933

(a)

nCino

OpCo,

Inc

816

CREF

Equity

Index

Account

June

30,

2024

220

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

68,992

(a)

NCR

Corp

$

852

34,975

(a)

NextNav,

Inc

284

120,180

(a)

Nutanix,

Inc

6,832

67,719

(a)

Okta,

Inc

6,339

46,103

(a)

Olo,

Inc

204

4,837

(a)

ON24,

Inc

29

21,489

(a)

OneSpan,

Inc

276

737,857

Oracle

Corp

104,185

18,910

(a)

Pagaya

Technologies

Ltd

241

41,005

(a)

PagerDuty,

Inc

940

944,823

(a)

Palantir

Technologies,

Inc

23,932

144,905

(a)

Palo

Alto

Networks,

Inc

49,124

5,466

(a)

Park

City

Group,

Inc

84

36,294

(a)

Paycor

HCM,

Inc

461

20,584

(a)

Paylocity

Holding

Corp

2,714

22,404

Pegasystems,

Inc

1,356

17,663

(a)

Perficient,

Inc

1,321

23,203

(a)

PowerSchool

Holdings,

Inc

520

49,471

(a)

Procore

Technologies,

Inc

3,280

23,997

Progress

Software

Corp

1,302

19,034

(a)

PROS

Holdings,

Inc

545

52,897

(a)

PTC,

Inc

9,610

29,530

(a)

Q2

Holdings,

Inc

1,782

18,605

(a)

Qualys,

Inc

2,653

32,323

(a)

Rackspace

Technology,

Inc

96

31,056

(a)

Rapid7,

Inc

1,343

24,959

(a)

Rimini

Street,

Inc

77

44,149

(a)

RingCentral,

Inc

1,245

126,644

(a),(b)

Riot

Platforms,

Inc

1,158

49,947

Roper

Industries,

Inc

28,153

440,504

Salesforce,

Inc

113,254

15,268

Sapiens

International

Corp

NV

518

15,611

(a)

SEMrush

Holdings,

Inc

209

113,808

(a)

SentinelOne,

Inc

2,396

96,451

(a)

ServiceNow,

Inc

75,875

66,115

(a)

Smartsheet,

Inc

2,914

150,198

(a)

Snowflake,

Inc

20,290

19,169

SolarWinds

Corp

231

69,720

(a),(b)

SoundHound

AI,

Inc

275

4,906

(a)

SoundThinking,

Inc

60

42,968

(a)

Sprinklr,

Inc

413

24,107

(a)

Sprout

Social,

Inc

860

19,690

(a)

SPS

Commerce,

Inc

3,705

28,180

(a)

Squarespace,

Inc

1,230

71,762

(a)

Synopsys,

Inc

42,703

26,632

(a)

Telos

Corp

107

49,510

(a)

Tenable

Holdings,

Inc

2,158

51,680

(a)

Teradata

Corp

1,786

71,297

(a),(b)

Terawulf,

Inc

317

22,872

(a)

Thoughtworks

Holding,

Inc

65

207,335

(a)

Trade

Desk,

Inc

20,250

6,516

(a),(b)

Tucows,

Inc

126

85,658

(a)

Twilio,

Inc

4,866

19,472

(a)

Tyler

Technologies,

Inc

9,790

192,445

(a)

UiPath,

Inc

2,440

38,674

(a)

Unisys

Corp

160

143,370

(a),(b)

Unity

Software,

Inc

2,331

56,469

(a)

Varonis

Systems,

Inc

2,709

35,164

(a)

Verint

Systems,

Inc

1,132

43,208

(a)

VeriSign,

Inc

7,682

25,338

(a)

Vertex,

Inc

913

6,012

(a)

Viant

Technology,

Inc

59

221

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,330

(a)

Weave

Communications,

Inc

$

147

99,393

(a)

Workday,

Inc

22,220

22,930

(a)

Workiva,

Inc

1,674

22,910

(a)

Xperi,

Inc

188

55,032

(a)

Yext,

Inc

294

55,743

(a)

Zeta

Global

Holdings

Corp

984

121,590

(a)

Zoom

Video

Communications,

Inc

7,197

41,021

(a)

Zscaler,

Inc

7,884

55,037

(a)

Zuora,

Inc

547

TOTAL

SOFTWARE

&

SERVICES

2,946,850

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.6%

6,963

(a),(b)

908

Devices,

Inc

36

35,649

ADTRAN

Holdings,

Inc

188

20,999

Advanced

Energy

Industries,

Inc

2,284

8,262

(a),(b)

Aeva

Technologies,

Inc

21

554,067

Amphenol

Corp

(Class

A)

37,327

6,829,065

Apple,

Inc

1,438,338

17,372

(a)

Applied

Optoelectronics,

Inc

144

120,975

(a)

Arista

Networks,

Inc

42,399

47,303

(a)

Arlo

Technologies,

Inc

617

25,833

(a)

Arrow

Electronics,

Inc

3,120

5,662

(a)

Aviat

Networks,

Inc

162

36,381

Avnet,

Inc

1,873

13,192

Badger

Meter,

Inc

2,458

5,150

Bel

Fuse,

Inc

(Class

B)

336

24,142

Belden

CDT,

Inc

2,265

19,531

Benchmark

Electronics,

Inc

771

28,887

(a)

Calix,

Inc

1,023

63,294

CDW

Corp

14,168

66,786

(a)

Ciena

Corp

3,218

1,904,430

Cisco

Systems,

Inc

90,479

8,964

(a),(b)

Clearfield,

Inc

346

2,062

Climb

Global

Solutions,

Inc

130

83,398

Cognex

Corp

3,900

59,436

(a)

Coherent

Corp

4,307

360,625

Corning,

Inc

14,010

8,680

(a)

Corsair

Gaming,

Inc

96

21,581

Crane

NXT

Co

1,326

17,421

CTS

Corp

882

19,434

(a)

Daktronics,

Inc

271

116,320

Dell

Technologies,

Inc

16,042

11,671

(a)

Diebold

Nixdorf,

Inc

449

18,652

(a)

Digi

International,

Inc

428

24,605

(a)

Eastman

Kodak

Co

132

8,409

(a)

ePlus,

Inc

620

43,075

(a),(b)

Evolv

Technologies

Holdings,

Inc

110

62,313

(a)

Extreme

Networks,

Inc

838

25,536

(a)

F5

Networks,

Inc

4,398

16,219

(a)

Fabrinet

3,970

9,925

(a)

FARO

Technologies,

Inc

159

58,321

(a)

Harmonic,

Inc

686

604,149

Hewlett

Packard

Enterprise

Co

12,790

459,264

HP,

Inc

16,083

15,475

Immersion

Corp

146

103,799

(a),(b)

Infinera

Corp

632

14,981

(a)

Insight

Enterprises,

Inc

2,972

60,908

(a),(b)

IonQ,

Inc

428

14,955

(a)

IPG

Photonics

Corp

1,262

21,652

(a)

Iteris,

Inc

94

24,355

(a)

Itron,

Inc

2,410

59,421

Jabil

Inc

6,464

CREF

Equity

Index

Account

June

30,

2024

222

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

144,108

Juniper

Networks,

Inc

$

5,254

80,922

(a)

Keysight

Technologies,

Inc

11,066

21,162

(a)

Kimball

Electronics,

Inc

465

28,141

(a)

Knowles

Corp

486

57,291

(a),(b)

Lightwave

Logic,

Inc

171

13,151

Littelfuse,

Inc

3,361

36,595

(a)

Lumentum

Holdings,

Inc

1,863

20,833

Methode

Electronics,

Inc

216

86,400

(a),(b)

MicroVision,

Inc

92

70,213

(a)

Mirion

Technologies,

Inc

754

77,796

Motorola

Solutions,

Inc

30,033

15,874

Napco

Security

Technologies,

Inc

825

98,249

NetApp,

Inc

12,654

16,454

(a)

Netgear,

Inc

252

43,446

(a)

Netscout

Systems,

Inc

795

20,535

(a)

nLight,

Inc

224

18,332

(a)

Novanta,

Inc

2,990

9,244

(a)

OSI

Systems,

Inc

1,271

20,398

(a)

Ouster,

Inc

201

12,941

(a),(b)

PAR

Technology

Corp

609

8,216

PC

Connection,

Inc

527

17,083

(a)

Plexus

Corp

1,763

42,352

(a)

Powerfleet,

Inc

194

128,500

(a)

Pure

Storage,

Inc

8,251

37,508

(a)

Ribbon

Communications,

Inc

123

5,943

Richardson

Electronics

Ltd

71

8,376

(a)

Rogers

Corp

1,010

28,498

(a)

Sanmina

Corp

1,888

17,777

(a)

Scansource,

Inc

788

61,017

(a)

SmartRent,

Inc

146

23,360

(a)

Super

Micro

Computer,

Inc

19,140

35,303

TD

SYNNEX

Corp

4,074

21,133

(a)

Teledyne

Technologies,

Inc

8,199

116,227

(a)

Trimble

Inc

6,499

51,948

(a)

TTM

Technologies,

Inc

1,009

8,166

(a)

Turtle

Beach

Corp

117

1,436

(b)

Ubiquiti,

Inc

209

59,678

(a),(b)

Viasat,

Inc

758

89,946

(a)

Viavi

Solutions,

Inc

618

52,971

Vishay

Intertechnology,

Inc

1,181

9,508

(a)

Vishay

Precision

Group,

Inc

289

71,903

Vontier

Corp

2,747

155,579

(a)

Western

Digital

Corp

11,788

58,625

Xerox

Holdings

Corp

681

23,694

(a)

Zebra

Technologies

Corp

(Class

A)

7,320

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,890,580

TELECOMMUNICATION

SERVICES

-

0.8%

7,472

(a)

Anterix,

Inc

296

44,982

(a),(b)

AST

SpaceMobile,

Inc

522

3,372,578

AT&T,

Inc

64,450

7,918

ATN

International,

Inc

181

12,460

(a)

Bandwidth,

Inc

210

15,982

Cogent

Communications

Group,

Inc

902

48,355

(a)

Consolidated

Communications

Holdings,

Inc

213

70,447

(a)

EchoStar

Corp

(Class

A)

1,255

126,319

(a)

Frontier

Communications

Parent,

Inc

3,307

52,848

(a),(c)

GCI

Liberty,

Inc

0

^

331,269

(a),(b)

Globalstar,

Inc

371

13,459

(a)

Gogo,

Inc

129

11,096

IDT

Corp

399

60,764

Iridium

Communications,

Inc

1,618

223

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

78,661

(a)

Liberty

Global

Ltd

$

1,371

82,270

(a)

Liberty

Global

Ltd

1,468

29,453

(a)

Liberty

Latin

America

Ltd

(Class

A)

283

84,348

(a)

Liberty

Latin

America

Ltd

(Class

C)

811

13,047

(a)

Ooma,

Inc

130

26,373

Shenandoah

Telecom

Co

431

8,527

Spok

Holdings,

Inc

126

55,138

Telephone

and

Data

Systems,

Inc

1,143

226,849

T-Mobile

US,

Inc

39,966

1,974,059

Verizon

Communications,

Inc

81,410

TOTAL

TELECOMMUNICATION

SERVICES

200,992

TRANSPORTATION

-

1.6%

37,928

(a)

Air

Transport

Services

Group,

Inc

526

60,779

(a)

Alaska

Air

Group,

Inc

2,455

8,270

Allegiant

Travel

Co

415

4,307

(a),(b)

Amerco,

Inc

266

308,882

(a),(b)

American

Airlines

Group,

Inc

3,500

8,772

ArcBest

Corp

939

8,746

(b)

Avis

Budget

Group,

Inc

914

28,768

(a)

Blade

Air

Mobility,

Inc

100

56,673

CH

Robinson

Worldwide,

Inc

4,994

23,634

Costamare,

Inc

388

8,672

Covenant

Logistics

Group,

Inc

427

917,697

CSX

Corp

30,697

299,318

Delta

Air

Lines,

Inc

14,200

64,636

Expeditors

International

Washington,

Inc

8,066

106,296

FedEx

Corp

31,872

18,987

(a),(b)

Frontier

Group

Holdings,

Inc

94

49,956

FTAI

Infrastructure,

Inc

431

17,525

Genco

Shipping

&

Trading

Ltd

373

62,934

Golden

Ocean

Group

Ltd

868

58,331

(a)

GXO

Logistics,

Inc

2,946

27,588

(a)

Hawaiian

Holdings,

Inc

343

26,012

Heartland

Express,

Inc

321

47,325

(a),(b)

Hertz

Global

Holdings,

Inc

167

14,156

Himalaya

Shipping

Ltd

130

18,600

Hub

Group,

Inc

(Class

A)

801

40,450

JB

Hunt

Transport

Services,

Inc

6,472

124,072

(a)

JetBlue

Airways

Corp

756

128,773

(a),(b)

Joby

Aviation,

Inc

657

25,265

(a)

Kirby

Corp

3,025

79,606

Knight-Swift

Transportation

Holdings,

Inc

3,974

17,753

Landstar

System,

Inc

3,275

154,071

(a)

Lyft,

Inc

(Class

A)

2,172

34,852

Marten

Transport

Ltd

643

17,593

Matson,

Inc

2,304

106,075

Norfolk

Southern

Corp

22,773

95,028

Old

Dominion

Freight

Line

16,782

18,024

Pangaea

Logistics

Solutions

Ltd

141

29,335

(a)

Radiant

Logistics,

Inc

167

52,508

(a)

RXO,

Inc

1,373

16,381

Ryder

System,

Inc

2,029

33,371

(b)

Safe

Bulkers,

Inc

194

12,372

(a)

Saia,

Inc

5,868

22,723

Schneider

National,

Inc

549

14,929

(a)

Skywest,

Inc

1,225

281,073

Southwest

Airlines

Co

8,041

9,455

(a)

Sun

Country

Airlines

Holdings,

Inc

119

943,796

(a)

Uber

Technologies,

Inc

68,595

38,763

U-Haul

Holding

Co

2,327

286,184

Union

Pacific

Corp

64,752

CREF

Equity

Index

Account

June

30,

2024

224

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

150,341

(a)

United

Airlines

Holdings,

Inc

$

7,316

344,535

United

Parcel

Service,

Inc

(Class

B)

47,150

6,297

Universal

Truckload

Services,

Inc

256

36,247

Werner

Enterprises,

Inc

1,299

52,508

(a)

XPO,

Inc

5,574

TOTAL

TRANSPORTATION

386,041

UTILITIES

-

2.2%

332,725

AES

Corp

5,846

29,387

Allete,

Inc

1,832

116,456

Alliant

Energy

Corp

5,928

21,469

(a),(b)

Altus

Power,

Inc

84

128,677

Ameren

Corp

9,150

247,843

American

Electric

Power

Co,

Inc

21,746

20,132

American

States

Water

Co

1,461

91,256

American

Water

Works

Co,

Inc

11,787

69,829

Atmos

Energy

Corp

8,146

33,490

Avangrid,

Inc

1,190

33,562

Avista

Corp

1,162

34,402

Black

Hills

Corp

1,871

44,578

Brookfield

Infrastructure

Corp

1,500

72,027

(b)

Brookfield

Renewable

Corp

2,044

27,522

California

Water

Service

Group

1,335

307,461

Centerpoint

Energy,

Inc

9,525

9,405

Chesapeake

Utilities

Corp

999

10,556

Clearway

Energy,

Inc

(Class

A)

239

20,458

Clearway

Energy,

Inc

(Class

C)

505

135,718

CMS

Energy

Corp

8,079

165,615

Consolidated

Edison,

Inc

14,809

7,347

Consolidated

Water

Co,

Inc

195

147,907

Constellation

Energy

Corp

29,621

402,639

Dominion

Energy,

Inc

19,729

97,092

DTE

Energy

Co

10,778

363,402

Duke

Energy

Corp

36,424

178,792

Edison

International

12,839

99,676

Entergy

Corp

10,665

120,927

Essential

Utilities,

Inc

4,514

98,754

Evergy,

Inc

5,231

167,619

Eversource

Energy

9,506

480,277

Exelon

Corp

16,622

270,713

FirstEnergy

Corp

10,360

9,688

Genie

Energy

Ltd

142

6,410

Global

Water

Resources,

Inc

78

51,729

Hawaiian

Electric

Industries,

Inc

467

23,041

Idacorp,

Inc

2,146

14,433

MGE

Energy,

Inc

1,078

11,759

Middlesex

Water

Co

615

33,009

(a)

Montauk

Renewables,

Inc

188

42,297

National

Fuel

Gas

Co

2,292

38,348

New

Jersey

Resources

Corp

1,639

967,674

NextEra

Energy,

Inc

68,521

209,437

NiSource,

Inc

6,034

14,483

Northwest

Natural

Holding

Co

523

27,636

NorthWestern

Corp

1,384

101,910

NRG

Energy,

Inc

7,935

96,380

OGE

Energy

Corp

3,441

27,567

ONE

Gas,

Inc

1,760

24,734

Ormat

Technologies,

Inc

1,773

16,819

Otter

Tail

Corp

1,473

1,004,493

PG&E

Corp

17,538

55,268

Pinnacle

West

Capital

Corp

4,221

28,323

PNM

Resources,

Inc

1,047

225

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

40,332

Portland

General

Electric

Co

$

1,744

332,474

PPL

Corp

9,193

229,133

Public

Service

Enterprise

Group,

Inc

16,887

11,616

(a)

Pure

Cycle

Corp

111

300,422

Sempra

Energy

22,850

12,005

SJW

Corp

651

511,922

Southern

Co

39,710

28,412

Southwest

Gas

Holdings

Inc

2,000

21,354

Spire,

Inc

1,297

46,961

(a),(b)

Sunnova

Energy

International,

Inc

262

100,921

UGI

Corp

2,311

10,272

Unitil

Corp

532

161,793

Vistra

Corp

13,911

151,716

WEC

Energy

Group,

Inc

11,904

259,767

Xcel

Energy,

Inc

13,874

9,006

York

Water

Co

334

TOTAL

UTILITIES

537,588

TOTAL

COMMON

STOCKS

24,644,483

(Cost

$7,538,768)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

MATERIALS

-

0.0%

12,007

(c)

Danimer

Scientific,

Inc

05/03/29

0

^

TOTAL

MATERIALS

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

$3)

TOTAL

LONG-TERM

INVESTMENTS

24,644,486‌

(Cost

$7,538,771)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

6,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/02/24

5,997

3,010,000

FHLB

0

.000

07/19/24

3,001

TOTAL

GOVERNMENT

AGENCY

DEBT

8,998

REPURCHASE

AGREEMENT

-

0.3%

84,445,000

(e)

Fixed

Income

Clearing

Corporation

5

.320

07/01/24

84,445

TOTAL

REPURCHASE

AGREEMENT

84,445

TREASURY

DEBT

-

0.2%

4,987,000

United

States

Treasury

Bill

0

.000

07/05/24

4,984

5,000,000

United

States

Treasury

Bill

0

.000

07/25/24

4,983

20,000,000

United

States

Treasury

Bill

0

.000

07/30/24

19,915

CREF

Equity

Index

Account

June

30,

2024

226

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

United

States

Treasury

Bill

0

.000

%

08/27/24

$

9,918

TOTAL

TREASURY

DEBT

39,800

TOTAL

SHORT-TERM

INVESTMENTS

133,243

(Cost

$133,248)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

70,783,176

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.330

(g)

70,783

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

70,783

(Cost

$70,783)

TOTAL

INVESTMENTS

-

100.3%

24,848,512

(Cost

$7,742,802)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

86,617

)

NET

ASSETS

-

100.0%

$24,761,895

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

$111,135,432.

(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)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$84,482,437

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$86,133,911.

(f)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(g)

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

384‌

09/20/24

 $

106,192‌

$

106,012‌

$

(

180‌

)

Portfolio

of

Investments

CREF

Core

Bond

Account

June

30,

2024

227

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

97.6%

BANK

LOAN

OBLIGATIONS

-

0.3%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

379,484

(a)

Adient

US

LLC

TSFR1M

+

2.750%

8.094

%

01/31/31

$

382

TOTAL

AUTOMOBILES

&

COMPONENTS

382

CAPITAL

GOODS

-

0.1%

1,013,686

(a)

Alliance

Laundry

Systems

LLC

TSFR3M

+

3.500%

8.899

10/08/27

1,019

574,768

(a)

Beacon

Roofing

Supply,

Inc

TSFR1M

+

2.750%

7.344

05/19/28

577

343,300

(a)

Cornerstone

Building

Brands,

Inc

TSFR1M

+

3.250%

8.679

04/12/28

336

183,672

(a)

Oregon

Tool

Holdings,

Inc

TSFR3M

+

0.053%

9.596

10/13/28

140

1,254,530

(a)

TK

Elevator

US

Newco,

Inc

TSFR6M

+

3.500%

8.791

04/30/30

1,263

900,527

(a)

TransDigm,

Inc

TSFR3M

+

0.028%

3.250

08/24/28

903

966,694

(a)

TransDigm,

Inc

TSFR3M

+

0.028%

8.085

03/22/30

970

TOTAL

CAPITAL

GOODS

5,208

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

649,527

(a)

GFL

Environmental,

Inc

TSFR3M

+

2.500%

7.826

05/31/27

652

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

652

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

688,676

(a)

CNT

Holdings

I

Corp

TSFR3M

+

3.500%

8.830

11/08/27

691

407,866

(a)

LS

Group

OpCo

Acquistion

LLC

TSFR1M

+

3.000%

8.344

04/23/31

409

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,100

CONSUMER

DURABLES

&

APPAREL

-

0.0%

167,329

(a)

Samsonite

IP

Holdings

Sarl

TSFR1M

+

0.020%

7.344

06/21/30

168

417,873

(a)

Weber-Stephen

Products

LLC

TSFR1M

+

3.250%

8.708

10/30/27

390

TOTAL

CONSUMER

DURABLES

&

APPAREL

558

CONSUMER

SERVICES

-

0.1%

430,284

(a)

1011778

BC

ULC

TSFR1M

+

0.018%

7.578

09/20/30

430

663,109

(a)

Carnival

Corp

TSFR1M

+

2.750%

8.094

10/18/28

666

1,990,000

(a)

Flutter

Financing

BV

TSFR3M

+

2.250%

7.585

11/25/30

1,993

354,974

(a)

IRB

Holding

Corp

TSFR1M

+

2.750%

8.179

12/15/27

355

930,043

(a)

KFC

Holding

Co

TSFR1M

+

1.750%

7.196

03/15/28

931

581,932

(a)

Spin

Holdco,

Inc

TSFR3M

+

2.000%

9.600

03/04/28

499

TOTAL

CONSUMER

SERVICES

4,874

ENERGY

-

0.0%

477,030

(a)

Buckeye

Partners

LP

TSFR1M

+

2.000%

7.344

11/01/26

478

128,567

(a)

DT

Midstream,

Inc

TSFR1M

+

2.000%

7.458

06/26/28

129

TOTAL

ENERGY

607

FINANCIAL

SERVICES

-

0.0%

215,438

(a)

Avolon

TLB

Borrower

US

LLC

TSFR1M

+

0.015%

6.939

02/12/27

216

172,754

(a)

Avolon

TLB

Borrower

US

LLC

TSFR1M

+

0.020%

7.339

06/22/28

173

2,116,947

(a)

Trans

Union

LLC

TSFR1M

+

2.000%

7.344

12/01/28

2,120

TOTAL

FINANCIAL

SERVICES

2,509

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

239,780

(a)

Arterra

Wines

Canada,

Inc

TSFR3M

+

3.500%

9.096

11/24/27

222

421,737

(a)

Chobani

LLC

TSFR1M

+

2.750%

8.708

10/25/27

424

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

646

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

407,787

(a)

DaVita,

Inc

TSFR12M

+

1.750%

7.208

08/12/26

407

519,530

(a)

Medline

Borrower

LP

TSFR1M

+

2.750%

8.094

10/23/28

521

CREF

Core

Bond

Account

June

30,

2024

228

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,040,303

(a)

Select

Medical

Corp

TSFR1M

+

3.500%

8.344

%

03/06/27

$

2,044

62,820

(a)

Team

Health

Holdings,

Inc

TSFR3M

+

5.250%

10.580

03/02/27

59

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,031

MATERIALS

-

0.0%

1,229,820

(a)

Asplundh

Tree

Expert

LLC

TSFR1M

+

1.750%

7.194

09/07/27

1,232

218,606

(a)

Berry

Global,

Inc

TSFR1M

+

1.750%

7.191

07/01/26

219

TOTAL

MATERIALS

1,451

MEDIA

&

ENTERTAINMENT

-

0.0%

49,574

(a)

Diamond

Sports

Group

LLC

TSFR1M

+

8.000%

8.000

05/25/26

47

366,358

(a)

DIRECTV

Financing

LLC

TSFR1M

+

2.500%

10.458

08/02/27

367

449,661

(a)

Lions

Gate

Capital

Holdings

LLC

TSFR1M

+

2.250%

7.694

03/24/25

450

TOTAL

MEDIA

&

ENTERTAINMENT

864

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

253,508

(a)

Avantor

Funding,

Inc

TSFR1M

+

2.000%

7.444

11/08/27

255

140,931

(a)

Grifols

Worldwide

Operations

USA,

Inc

TSFR1M

+

2.000%

7.444

11/15/27

139

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

394

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

25,828

(a)

Cushman

&

Wakefield

plc

TSFR1M

+

2.750%

8.208

08/21/25

26

516,477

(a)

Cushman

&

Wakefield

US

Borrower

LLC

TSFR1M

+

0.033%

8.679

01/31/30

517

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

543

SOFTWARE

&

SERVICES

-

0.1%

809,586

(a)

Camelot

US

Acquisition

LLC

TSFR1M

+

2.750%

8.094

01/31/31

812

1,518,043

(a)

Ellucian

Holdings,

Inc

TSFR1M

+

3.500%

8.944

10/09/29

1,527

1,255,762

(a)

Gen

Digital,

Inc

TSFR1M

+

1.750%

7.094

09/12/29

1,253

371,034

(a)

Rackspace

Finance

LLC

TSFR1M

+

0.053%

8.186

05/15/28

171

87,981

(a)

Rackspace

Finance

LLC

TSFR1M

+

0.053%

11.692

05/15/28

90

697,345

(a)

Rocket

Software,

Inc

TSFR1M

+

4.750%

10.094

11/28/28

701

888,797

(a)

UKG,

Inc

TSFR1M

+

3.250%

8.576

02/10/31

893

TOTAL

SOFTWARE

&

SERVICES

5,447

TELECOMMUNICATION

SERVICES

-

0.0%

299,138

(a)

Cablevision

Lightpath

LLC

TSFR1M

+

3.250%

8.693

11/30/27

285

1,642,000

(a)

Virgin

Media

Bristol

LLC

TSFR1M

+

2.500%

8.656

03/31/31

1,573

TOTAL

TELECOMMUNICATION

SERVICES

1,858

TRANSPORTATION

-

0.0%

204,488

(a)

Air

Canada

TSFR3M

+

2.500%

7.847

03/21/31

205

254,990

(a)

SkyMiles

IP

Ltd

TSFR3M

+

3.750%

9.075

10/20/27

261

TOTAL

TRANSPORTATION

466

TOTAL

BANK

LOAN

OBLIGATIONS

30,590

(Cost

$30,686)

CORPORATE

BONDS

-

31.2%

AUTOMOBILES

&

COMPONENTS

-

0.9%

EUR

425,000

American

Honda

Finance

Corp

1.950

10/18/24

453

EUR

300,000

Aptiv

plc

1.500

03/10/25

316

EUR

500,000

(b)

Dana

Financing

Luxembourg

Sarl

3.000

07/15/29

484

225,000

Dana,

Inc

5.375

11/15/27

220

350,000

(c)

Dana,

Inc

5.625

06/15/28

340

8,080,000

Ford

Motor

Credit

Co

LLC

6.950

03/06/26

8,210

EUR

300,000

Ford

Motor

Credit

Co

LLC

5.125

02/20/29

334

4,525,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

4,789

4,000,000

(b)

Ford

Otomotiv

Sanayi

AS.

7.125

04/25/29

4,036

229

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

200,000

General

Motors

Financial

Co,

Inc

2.250

%

09/06/24

$

251

$

20,000,000

General

Motors

Financial

Co,

Inc

2.750

06/20/25

19,440

19,850,000

General

Motors

Financial

Co,

Inc

5.000

04/09/27

19,647

EUR

500,000

General

Motors

Financial

Co,

Inc

0.600

05/20/27

491

EUR

300,000

General

Motors

Financial

Co,

Inc

4.300

02/15/29

327

6,250,000

General

Motors

Financial

Co,

Inc

5.850

04/06/30

6,326

2,550,000

General

Motors

Financial

Co,

Inc

5.750

02/08/31

2,557

12,000,000

General

Motors

Financial

Co,

Inc

2.700

06/10/31

9,921

4,975,000

General

Motors

Financial

Co,

Inc

5.600

06/18/31

4,938

5,450,000

General

Motors

Financial

Co,

Inc

5.700

N/A(d)

5,116

EUR

205,000

(b)

Goodyear

Europe

BV

2.750

08/15/28

198

3,575,000

(b)

Hyundai

Capital

Services,

Inc

2.125

04/24/25

3,475

EUR

400,000

(b),(e)

IHO

Verwaltungs

GmbH

3.750

09/15/26

422

200,000

(b)

Kia

Corp

2.750

02/14/27

187

150,000

(b)

ZF

North

America

Capital,

Inc

6.875

04/14/28

153

TOTAL

AUTOMOBILES

&

COMPONENTS

92,631

BANKS

-

6.4%

2,000,000

(b)

Akbank

T.A.S.

6.800

06/22/31

1,951

1,775,000

(b)

Banco

de

Credito

del

Peru

3.125

07/01/30

1,708

1,500,000

(b)

Banco

de

Credito

e

Inversiones

S.A.

2.875

10/14/31

1,280

700,000

(b)

Banco

de

Credito

e

Inversiones

S.A.

8.750

N/A(d)

733

3,000,000

(b)

Banco

del

Estado

de

Chile

2.704

01/09/25

2,940

3,000,000

(b)

Banco

Nacional

de

Panama

2.500

08/11/30

2,308

EUR

600,000

(a)

Banco

Santander

S.A.

0.500

03/24/27

608

EUR

400,000

Banco

Santander

S.A.

0.200

02/11/28

380

GBP

400,000

Banco

Santander

S.A.

4.750

08/30/28

498

2,650,000

Bancolombia

S.A.

4.625

12/18/29

2,559

2,000,000

Bancolombia

S.A.

8.625

12/24/34

2,042

3,010,000

(b)

Bangkok

Bank

PCL

3.466

09/23/36

2,504

1,750,000

(b)

Banistmo

S.A.

4.250

07/31/27

1,660

8,100,000

(b)

Bank

Hapoalim

BM

3.255

01/21/32

7,273

6,300,000

(b)

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

5,829

EUR

400,000

Bank

of

America

Corp

1.375

03/26/25

421

EUR

300,000

Bank

of

America

Corp

1.776

05/04/27

311

55,925,000

Bank

of

America

Corp

2.592

04/29/31

48,354

23,000,000

Bank

of

America

Corp

5.288

04/25/34

22,759

14,150,000

Bank

of

America

Corp

5.468

01/23/35

14,136

26,750,000

Bank

of

America

Corp

2.676

06/19/41

18,690

3,000,000

Bank

of

America

Corp

6.100

N/A(d)

2,991

5,000,000

Bank

of

America

Corp

6.250

N/A(d)

4,979

2,975,000

Bank

of

Montreal

3.803

12/15/32

2,795

GBP

300,000

Banque

Federative

du

Credit

Mutuel

S.A.

4.875

09/25/25

376

EUR

500,000

Barclays

plc

4.918

08/08/30

557

6,075,000

Barclays

plc

3.330

11/24/42

4,362

300,000

(b)

BBVA

Bancomer

S.A.

5.350

11/12/29

296

1,500,000

(b)

BBVA

Bancomer

S.A.

5.125

01/18/33

1,367

1,400,000

(b)

BBVA

Bancomer

S.A.

8.450

06/29/38

1,443

5,600,000

(b)

BNP

Paribas

S.A.

1.904

09/30/28

5,000

EUR

500,000

BNP

Paribas

S.A.

3.875

02/23/29

539

5,000,000

(b)

BNP

Paribas

S.A.

2.159

09/15/29

4,364

2,775,000

(b)

BNP

Paribas

S.A.

2.588

08/12/35

2,268

449,000

(b)

BPCE

S.A.

4.625

07/11/24

449

EUR

300,000

BPCE

S.A.

0.500

09/15/27

298

7,900,000

CitiBank

NA

5.570

04/30/34

8,026

36,375,000

Citigroup,

Inc

3.200

10/21/26

34,690

11,970,000

Citigroup,

Inc

4.125

07/25/28

11,490

7,125,000

Citigroup,

Inc

2.572

06/03/31

6,116

39,225,000

Citigroup,

Inc

6.270

11/17/33

41,082

6,750,000

Citigroup,

Inc

7.625

N/A(d)

7,028

5,000,000

Citigroup,

Inc

5.000

N/A(d)

4,968

8,425,000

Cooperatieve

Rabobank

UA

3.750

07/21/26

8,110

CREF

Core

Bond

Account

June

30,

2024

230

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

600,000

Danske

Bank

A.S.

2.250

%

01/14/28

$

700

$

7,350,000

Deutsche

Bank

AG.

5.371

09/09/27

7,362

5,575,000

Deutsche

Bank

AG.

2.311

11/16/27

5,147

4,325,000

Deutsche

Bank

AG.

6.819

11/20/29

4,498

2,975,000

(b)

Development

Bank

of

Kazakhstan

JSC

2.950

05/06/31

2,473

3,325,000

(b)

Grupo

Aval

Ltd

4.375

02/04/30

2,854

2,880,000

(b)

Hana

Bank

3.500

N/A(d)

2,700

9,925,000

HSBC

Holdings

plc

4.292

09/12/26

9,751

6,200,000

HSBC

Holdings

plc

2.013

09/22/28

5,568

12,400,000

HSBC

Holdings

plc

7.390

11/03/28

13,113

11,925,000

HSBC

Holdings

plc

2.206

08/17/29

10,483

3,750,000

HSBC

Holdings

plc

3.973

05/22/30

3,505

7,000,000

Huntington

Bancshares,

Inc

5.625

N/A(d)

6,691

UGX

2,000,000,000

(b),(f)

ICBC

Standard

Bank

plc

14.250

06/26/34

464

2,125,000

(b)

Intercorp

Financial

Services,

Inc

4.125

10/19/27

1,982

200,000

(b)

Intesa

Sanpaolo

S.p.A

4.198

06/01/32

169

31,125,000

JPMorgan

Chase

&

Co

2.301

10/15/25

30,812

14,600,000

JPMorgan

Chase

&

Co

3.200

06/15/26

14,055

8,325,000

JPMorgan

Chase

&

Co

4.323

04/26/28

8,121

EUR

600,000

JPMorgan

Chase

&

Co

1.638

05/18/28

609

16,900,000

JPMorgan

Chase

&

Co

5.581

04/22/30

17,168

10,500,000

JPMorgan

Chase

&

Co

3.702

05/06/30

9,818

2,150,000

JPMorgan

Chase

&

Co

1.953

02/04/32

1,749

19,775,000

JPMorgan

Chase

&

Co

4.912

07/25/33

19,206

24,425,000

JPMorgan

Chase

&

Co

5.350

06/01/34

24,317

3,200,000

JPMorgan

Chase

&

Co

6.254

10/23/34

3,394

27,925,000

JPMorgan

Chase

&

Co

5.766

04/22/35

28,651

2,625,000

JPMorgan

Chase

&

Co

2.525

11/19/41

1,788

10,750,000

JPMorgan

Chase

&

Co

3.157

04/22/42

8,000

6,250,000

JPMorgan

Chase

&

Co

3.650

N/A(d)

5,912

5,500,000

JPMorgan

Chase

&

Co

5.000

N/A(d)

5,484

11,100,000

JPMorgan

Chase

&

Co

6.100

N/A(d)

11,111

9,375,000

JPMorgan

Chase

&

Co

6.875

N/A(d)

9,683

5,950,000

M&T

Bank

Corp

3.500

N/A(d)

4,965

3,675,000

(b)

Mizrahi

Tefahot

Bank

Ltd

3.077

04/07/31

3,364

7,925,000

(b)

NBK

SPC

Ltd

1.625

09/15/27

7,281

2,100,000

(b)

Oversea-Chinese

Banking

Corp

Ltd

1.832

09/10/30

2,007

7,465,000

PNC

Financial

Services

Group,

Inc

3.400

N/A(d)

6,697

CNY

8,000,000

QNB

Finance

Ltd

3.150

02/04/26

1,098

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1.474

07/08/25

7,488

11,700,000

Toronto-Dominion

Bank

4.285

09/13/24

11,662

2,350,000

Toronto-Dominion

Bank

3.625

09/15/31

2,237

5,000,000

Truist

Financial

Corp

4.950

N/A(d)

4,898

9,000,000

Truist

Financial

Corp

4.800

N/A(d)

8,843

3,500,000

(b)

United

Overseas

Bank

Ltd

2.000

10/14/31

3,234

5,300,000

Wells

Fargo

&

Co

3.550

09/29/25

5,174

16,375,000

Wells

Fargo

&

Co

2.393

06/02/28

15,081

9,600,000

Wells

Fargo

&

Co

6.303

10/23/29

9,962

5,775,000

(c)

Wells

Fargo

&

Co

7.625

N/A(d)

6,150

10,000,000

Wells

Fargo

&

Co

3.900

N/A(d)

9,569

8,500,000

(c)

Wells

Fargo

&

Co

5.875

N/A(d)

8,461

TOTAL

BANKS

688,047

CAPITAL

GOODS

-

1.0%

3,250,000

Air

Lease

Corp

3.125

12/01/30

2,840

EUR

1,000,000

(b)

Albion

Financing

1

SARL

5.250

10/15/26

1,073

25,400,000

Boeing

Co

2.196

02/04/26

23,873

5,350,000

Boeing

Co

3.250

02/01/28

4,900

3,350,000

Boeing

Co

5.705

05/01/40

3,089

16,800,000

Boeing

Co

5.805

05/01/50

15,140

EUR

200,000

Carrier

Global

Corp

4.375

05/29/25

215

EUR

400,000

Carrier

Global

Corp

4.125

05/29/28

436

231

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

300,000

Carrier

Global

Corp

4.500

%

11/29/32

$

336

$

1,300,000

(b)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

1,357

3,075,000

(b)

H&E

Equipment

Services,

Inc

3.875

12/15/28

2,774

EUR

500,000

Honeywell

International,

Inc

3.750

03/01/36

526

11,500,000

Honeywell

International,

Inc

5.250

03/01/54

11,159

EUR

300,000

Illinois

Tool

Works,

Inc

3.250

05/17/28

321

8,000,000

L3Harris

Technologies,

Inc

5.400

07/31/33

7,975

3,550,000

Lockheed

Martin

Corp

5.200

02/15/64

3,356

7,275,000

Northrop

Grumman

Corp

3.250

01/15/28

6,851

EUR

500,000

Raytheon

Technologies

Corp

2.150

05/18/30

485

5,575,000

Raytheon

Technologies

Corp

2.250

07/01/30

4,761

1,925,000

(b)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6.500

11/07/33

2,012

3,000,000

(b)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3.500

09/10/51

2,029

5,425,000

Trane

Technologies

Luxembourg

Finance

S.A.

3.800

03/21/29

5,156

2,175,000

Tyco

Electronics

Group

S.A.

3.700

02/15/26

2,124

300,000

(b)

WESCO

Distribution,

Inc

7.250

06/15/28

305

TOTAL

CAPITAL

GOODS

103,093

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

325,000

(b)

ASGN,

Inc

4.625

05/15/28

306

1,000,000

(b)

GFL

Environmental,

Inc

3.750

08/01/25

991

2,000,000

(b)

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

1,985

1,325,000

(b)

Prime

Security

Services

Borrower

LLC

3.375

08/31/27

1,226

725,000

(b)

Prime

Security

Services

Borrower

LLC

6.250

01/15/28

714

3,771,000

Republic

Services,

Inc

2.900

07/01/26

3,605

2,525,000

Waste

Management,

Inc

2.500

11/15/50

1,510

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

10,337

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.5%

5,575,000

AutoZone,

Inc

1.650

01/15/31

4,471

925,000

(b)

Bath

&

Body

Works,

Inc

6.625

10/01/30

928

550,000

(b)

Group

1

Automotive,

Inc

4.000

08/15/28

508

8,400,000

Home

Depot,

Inc

4.950

06/25/34

8,312

875,000

(b)

Lithia

Motors,

Inc

4.625

12/15/27

835

8,850,000

Lowe's

Cos,

Inc

4.250

04/01/52

6,955

5,100,000

O'Reilly

Automotive,

Inc

3.550

03/15/26

4,939

6,875,000

O'Reilly

Automotive,

Inc

3.600

09/01/27

6,550

4,075,000

O'Reilly

Automotive,

Inc

4.200

04/01/30

3,879

12,400,000

O'Reilly

Automotive,

Inc

1.750

03/15/31

9,992

5,050,000

(b)

Prosus

NV

4.987

01/19/52

3,941

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

51,310

CONSUMER

SERVICES

-

0.5%

9,820,000

Amherst

College

4.100

11/01/45

8,395

3,000,000

(b)

Genm

Capital

Labuan

Ltd

3.882

04/19/31

2,619

125,000

(b)

Hilton

Domestic

Operating

Co,

Inc

5.750

05/01/28

124

1,151,000

(b)

International

Game

Technology

plc

6.500

02/15/25

1,152

8,000,000

President

and

Fellows

of

Harvard

College

3.529

10/01/31

7,391

14,250,000

President

and

Fellows

of

Harvard

College

3.619

10/01/37

12,405

1,000,000

Sands

China

Ltd

2.300

03/08/27

911

2,100,000

Sands

China

Ltd

5.900

08/08/28

2,056

15,000,000

Smith

College

4.620

07/01/45

13,116

TOTAL

CONSUMER

SERVICES

48,169

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

4,000,000

Costco

Wholesale

Corp

1.600

04/20/30

3,362

1,200,000

SYSCO

Corp

6.000

01/17/34

1,260

5,450,000

SYSCO

Corp

3.150

12/14/51

3,566

8,500,000

Walmart,

Inc

1.800

09/22/31

7,003

4,000,000

Walmart,

Inc

2.500

09/22/41

2,771

CREF

Core

Bond

Account

June

30,

2024

232

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,400,000

Walmart,

Inc

4.500

%

04/15/53

$

6,550

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

24,512

ENERGY

-

2.7%

EUR

500,000

BP

Capital

Markets

plc

1.231

05/08/31

458

2,973,000

Cenovus

Energy,

Inc

5.400

06/15/47

2,736

6,850,000

Cheniere

Energy

Partners

LP

3.250

01/31/32

5,847

8,625,000

(b)

Cheniere

Energy

Partners

LP

5.750

08/15/34

8,659

900,000

Chevron

USA,

Inc

3.900

11/15/24

895

7,200,000

Diamondback

Energy,

Inc

4.400

03/24/51

5,751

2,000,000

Ecopetrol

S.A.

6.875

04/29/30

1,921

2,125,000

Ecopetrol

S.A.

4.625

11/02/31

1,739

200,000

Ecopetrol

S.A.

8.875

01/13/33

207

400,000

Ecopetrol

S.A.

8.375

01/19/36

393

3,000,000

(b)

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

2,577

3,000,000

(b)

Empresa

Nacional

del

Petroleo

5.250

11/06/29

2,931

12,968,000

Enbridge,

Inc

3.125

11/15/29

11,709

3,925,000

Enbridge,

Inc

5.700

03/08/33

3,956

2,950,000

Enbridge,

Inc

3.400

08/01/51

1,997

4,575,000

Energy

Transfer

LP

2.900

05/15/25

4,463

4,725,000

Energy

Transfer

LP

4.750

01/15/26

4,668

6,350,000

Energy

Transfer

LP

4.950

06/15/28

6,266

4,225,000

Energy

Transfer

LP

5.250

04/15/29

4,208

2,900,000

Energy

Transfer

LP

5.750

02/15/33

2,930

5,100,000

Energy

Transfer

LP

6.550

12/01/33

5,405

3,100,000

Energy

Transfer

LP

5.550

05/15/34

3,068

775,000

Energy

Transfer

LP

5.400

10/01/47

693

8,700,000

Energy

Transfer

LP

6.250

04/15/49

8,655

9,125,000

Energy

Transfer

LP

5.000

05/15/50

7,745

3,100,000

Energy

Transfer

LP

5.950

05/15/54

3,019

2,950,000

Energy

Transfer

Operating

LP

5.500

06/01/27

2,958

5,125,000

Enterprise

Products

Operating

LLC

3.700

02/15/26

4,993

2,650,000

Enterprise

Products

Operating

LLC

4.250

02/15/48

2,166

6,200,000

Enterprise

Products

Operating

LLC

4.200

01/31/50

4,972

4,500,000

Enterprise

Products

Operating

LLC

3.200

02/15/52

2,990

6,500,000

Enterprise

Products

Operating

LLC

3.300

02/15/53

4,378

450,000

(b)

EQM

Midstream

Partners

LP

6.000

07/01/25

450

2,431,200

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.160

03/31/34

2,085

3,300,000

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.625

03/31/36

2,681

14,875,000

Marathon

Oil

Corp

5.300

04/01/29

14,936

8,375,000

Marathon

Petroleum

Corp

3.800

04/01/28

7,980

5,060,000

Marathon

Petroleum

Corp

4.750

09/15/44

4,314

5,500,000

Marathon

Petroleum

Corp

5.000

09/15/54

4,670

725,000

(b)

MEG

Energy

Corp

5.875

02/01/29

705

3,525,000

(b)

Midwest

Connector

Capital

Co

LLC

4.625

04/01/29

3,422

8,950,000

MPLX

LP

1.750

03/01/26

8,410

20,000,000

MPLX

LP

2.650

08/15/30

17,235

5,825,000

MPLX

LP

4.700

04/15/48

4,791

275,000

Murphy

Oil

Corp

5.875

12/01/27

275

2,200,000

Occidental

Petroleum

Corp

5.550

03/15/26

2,196

5,325,000

ONEOK,

Inc

3.250

06/01/30

4,794

5,000,000

ONEOK,

Inc

4.500

03/15/50

3,955

315,000

(b)

Parkland

Corp

4.625

05/01/30

287

500,000

(b)

Parkland

Fuel

Corp

5.875

07/15/27

493

200,000

(b)

Pertamina

Persero

PT

3.650

07/30/29

186

300,000

Petroleos

Mexicanos

6.840

01/23/30

264

5,300,000

Petroleos

Mexicanos

5.950

01/28/31

4,271

3,000,000

Petroleos

Mexicanos

6.700

02/16/32

2,512

13,575,000

Phillips

66

2.150

12/15/30

11,339

3,225,000

Phillips

66

3.300

03/15/52

2,109

2,375,000

Phillips

66

Co

4.680

02/15/45

2,026

475,000

Plains

All

American

Pipeline

LP

3.800

09/15/30

434

233

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,300,000

(b)

Promigas

S.A.

ESP

3.750

%

10/16/29

$

2,089

2,950,000

(b)

QazaqGaz

NC

JSC

4.375

09/26/27

2,762

1,838,040

(b)

Rio

Oil

Finance

Trust

8.200

04/06/28

1,864

6,200,000

Sabine

Pass

Liquefaction

LLC

5.875

06/30/26

6,225

4,800,000

Sabine

Pass

Liquefaction

LLC

4.500

05/15/30

4,605

3,000,000

(b)

Saudi

Arabian

Oil

Co

3.250

11/24/50

2,012

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4.000

10/01/27

6,240

425,000

Targa

Resources

Partners

LP

6.500

07/15/27

428

3,000,000

Targa

Resources

Partners

LP

6.500

03/30/34

3,177

350,000

(b)

Tengizchevroil

Finance

Co

International

Ltd

2.625

08/15/25

335

4,300,000

(b)

Thaioil

Treasury

Center

Co

Ltd

2.500

06/18/30

3,627

11,000,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

7,417

2,500,000

TotalEnergies

Capital

S.A.

5.488

04/05/54

2,465

3,875,000

TotalEnergies

Capital

S.A.

5.638

04/05/64

3,837

4,675,000

Williams

Cos,

Inc

2.600

03/15/31

3,949

9,250,000

Williams

Cos,

Inc

5.650

03/15/33

9,334

TOTAL

ENERGY

292,539

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.2%

5,100,000

Agree

LP

2.000

06/15/28

4,505

1,675,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/28

1,603

5,500,000

Alexandria

Real

Estate

Equities,

Inc

4.900

12/15/30

5,383

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

1,510

4,350,000

American

Tower

Corp

3.800

08/15/29

4,043

13,700,000

American

Tower

Corp

2.900

01/15/30

12,077

2,750,000

American

Tower

Corp

2.100

06/15/30

2,304

3,825,000

American

Tower

Corp

1.875

10/15/30

3,114

5,825,000

Brixmor

Operating

Partnership

LP

3.850

02/01/25

5,762

1,075,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

959

3,200,000

CubeSmart

LP

2.250

12/15/28

2,818

GBP

400,000

Digital

Stout

Holding

LLC

3.750

10/17/30

457

2,275,000

Equinix,

Inc

2.150

07/15/30

1,907

6,700,000

Essex

Portfolio

LP

3.000

01/15/30

5,951

3,875,000

Extra

Space

Storage

LP

2.400

10/15/31

3,184

6,600,000

Healthcare

Realty

Holdings

LP

3.875

05/01/25

6,473

6,250,000

Healthcare

Realty

Holdings

LP

3.500

08/01/26

5,987

3,000,000

Healthcare

Realty

Holdings

LP

3.625

01/15/28

2,773

8,975,000

Healthcare

Realty

Holdings

LP

3.100

02/15/30

7,848

1,750,000

Healthcare

Realty

Holdings

LP

2.400

03/15/30

1,442

1,050,000

Healthcare

Realty

Holdings

LP

2.050

03/15/31

812

7,950,000

Highwoods

Realty

LP

3.875

03/01/27

7,538

2,900,000

Highwoods

Realty

LP

4.125

03/15/28

2,709

2,875,000

Highwoods

Realty

LP

4.200

04/15/29

2,634

4,000,000

Highwoods

Realty

LP

3.050

02/15/30

3,392

3,845,000

(b)

Iron

Mountain,

Inc

7.000

02/15/29

3,913

2,750,000

Kite

Realty

Group

LP

5.500

03/01/34

2,689

5,300,000

Kite

Realty

Group

Trust

4.750

09/15/30

5,062

4,300,000

Mid-America

Apartments

LP

4.000

11/15/25

4,218

11,100,000

Mid-America

Apartments

LP

2.750

03/15/30

9,824

3,025,000

Mid-America

Apartments

LP

1.700

02/15/31

2,427

2,575,000

Mid-America

Apartments

LP

2.875

09/15/51

1,594

600,000

National

Retail

Properties,

Inc

4.000

11/15/25

588

3,000,000

National

Retail

Properties,

Inc

3.600

12/15/26

2,878

1,800,000

NNN

REIT,

Inc

5.600

10/15/33

1,791

EUR

400,000

ProLogis

Euro

Finance

LLC

4.000

05/05/34

426

GBP

300,000

ProLogis

International

Funding

II

S.A.

2.750

02/22/32

319

1,275,000

ProLogis

LP

2.875

11/15/29

1,147

3,125,000

ProLogis

LP

1.750

07/01/30

2,584

6,350,000

Regency

Centers

LP

3.900

11/01/25

6,205

1,025,000

Regency

Centers

LP

3.600

02/01/27

984

CREF

Core

Bond

Account

June

30,

2024

234

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,500,000

Regency

Centers

LP

2.950

%

09/15/29

$

4,937

8,150,000

(b)

SBA

Tower

Trust

2.836

01/15/25

8,007

11,046,000

(b)

SBA

Tower

Trust

1.884

01/15/26

10,388

25,315,000

(b)

SBA

Tower

Trust

1.631

11/15/26

22,993

42,100,000

(b)

SBA

Tower

Trust

1.840

04/15/27

37,865

2,968,000

SITE

Centers

Corp

3.625

02/01/25

2,929

3,850,000

SITE

Centers

Corp

4.700

06/01/27

3,821

2,150,000

(b)

Trust

Fibra

Uno

7.375

02/13/34

2,121

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

239,649

FINANCIAL

SERVICES

-

2.6%

8,975,000

AerCap

Ireland

Capital

DAC

1.750

01/30/26

8,454

21,944,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

19,942

2,250,000

AerCap

Ireland

Capital

DAC

3.850

10/29/41

1,760

1,375,000

American

Express

Co

2.550

03/04/27

1,285

7,500,000

American

Express

Co

3.550

N/A(d)

6,991

10,000,000

Bank

of

New

York

Mellon

Corp

4.700

N/A(d)

9,824

EUR

400,000

(b)

Blackstone

Private

Credit

Fund

1.750

11/30/26

399

6,635,000

(c)

Capital

One

Financial

Corp

3.950

N/A(d)

6,106

7,000,000

(c)

Charles

Schwab

Corp

5.375

N/A(d)

6,921

6,250,000

Community

Preservation

Corp

2.867

02/01/30

5,445

3,200,000

(b)

Corebridge

Financial,

Inc

6.050

09/15/33

3,282

4,350,000

Corebridge

Financial,

Inc

5.750

01/15/34

4,379

EUR

500,000

Deutsche

Bank

AG.

5.000

09/05/30

552

600,000

Deutsche

Bank

AG.

3.742

01/07/33

494

7,525,000

Discover

Bank

2.450

09/12/24

7,472

7,305,000

Discover

Bank

3.450

07/27/26

6,977

3,750,000

Discover

Bank

2.700

02/06/30

3,219

200,000

(b)

ENN

Clean

Energy

International

Investment

Ltd

3.375

05/12/26

191

1,825,000

(b)

Equitable

Financial

Life

Global

Funding

1.400

07/07/25

1,748

3,543,000

Equitable

Holdings,

Inc

4.950

N/A(d)

3,488

EUR

375,000

Fidelity

National

Information

Services,

Inc

1.100

07/15/24

401

6,575,000

Fiserv,

Inc

5.450

03/15/34

6,534

12,825,000

Goldman

Sachs

Group,

Inc

3.500

04/01/25

12,629

EUR

500,000

Goldman

Sachs

Group,

Inc

1.250

02/07/29

482

12,375,000

Goldman

Sachs

Group,

Inc

5.851

04/25/35

12,676

3,500,000

Goldman

Sachs

Group,

Inc

4.411

04/23/39

3,095

6,825,000

Goldman

Sachs

Group,

Inc

3.436

02/24/43

5,154

3,000,000

Goldman

Sachs

Group,

Inc

3.800

N/A(d)

2,827

200,000

(b),(c)

Indian

Railway

Finance

Corp

Ltd

3.249

02/13/30

180

3,600,000

(b)

Indian

Railway

Finance

Corp

Ltd

2.800

02/10/31

3,085

1,700,000

(b)

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,514

2,445,000

(b)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4.875

01/15/28

2,227

2,789,400

(b)

Minejesa

Capital

BV

4.625

08/10/30

2,674

10,000,000

Morgan

Stanley

2.188

04/28/26

9,711

31,425,000

Morgan

Stanley

3.125

07/27/26

30,044

EUR

700,000

Morgan

Stanley

1.342

10/23/26

727

1,400,000

Morgan

Stanley

5.449

07/20/29

1,409

6,600,000

Morgan

Stanley

6.407

11/01/29

6,886

EUR

300,000

Morgan

Stanley

3.790

03/21/30

322

EUR

500,000

Morgan

Stanley

2.950

05/07/32

506

14,250,000

Morgan

Stanley

5.250

04/21/34

14,027

5,150,000

Morgan

Stanley

5.424

07/21/34

5,124

4,000,000

Morgan

Stanley

5.831

04/19/35

4,100

4,440,000

Northern

Trust

Corp

4.600

N/A(d)

4,297

3,350,000

(b)

Power

Finance

Corp

Ltd

3.950

04/23/30

3,082

550,000

Springleaf

Finance

Corp

5.375

11/15/29

516

6,950,000

State

Street

Corp

6.700

N/A(d)

6,991

8,825,000

UBS

Group

AG.

3.750

03/26/25

8,703

2,950,000

(b)

UBS

Group

AG.

2.193

06/05/26

2,851

9,100,000

(b)

UBS

Group

AG.

1.305

02/02/27

8,484

6,200,000

(b)

UBS

Group

AG.

6.442

08/11/28

6,357

235

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,500,000

(b)

UBS

Group

AG.

5.617

%

09/13/30

$

7,532

3,065,000

(b)

UBS

Group

AG.

3.179

02/11/43

2,186

4,225,000

Visa,

Inc

2.700

04/15/40

3,079

TOTAL

FINANCIAL

SERVICES

279,341

FOOD,

BEVERAGE

&

TOBACCO

-

1.3%

1,600,000

(b)

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3.375

06/29/28

1,387

6,975,000

Anheuser-Busch

Cos

LLC

4.700

02/01/36

6,650

17,525,000

Anheuser-Busch

Cos

LLC

4.900

02/01/46

16,157

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4.750

01/23/29

16,754

7,500,000

Anheuser-Busch

InBev

Worldwide,

Inc

5.000

06/15/34

7,442

11,500,000

BAT

Capital

Corp

2.259

03/25/28

10,304

10,225,000

BAT

Capital

Corp

4.906

04/02/30

9,966

4,400,000

BAT

Capital

Corp

2.726

03/25/31

3,711

10,000,000

BAT

International

Finance

plc

4.448

03/16/28

9,681

225,000

(b)

Becle

SAB

de

C.V.

2.500

10/14/31

179

3,800,000

(b)

Bimbo

Bakeries

USA,

Inc

6.050

01/15/29

3,906

3,875,000

(b)

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

3,370

3,000,000

(b)

Coca-Cola

Icecek

AS.

4.500

01/20/29

2,760

1,700,000

Constellation

Brands,

Inc

4.400

11/15/25

1,676

2,675,000

Constellation

Brands,

Inc

3.700

12/06/26

2,585

1,050,000

Constellation

Brands,

Inc

3.150

08/01/29

952

6,900,000

Constellation

Brands,

Inc

2.875

05/01/30

6,089

20,175,000

Constellation

Brands,

Inc

2.250

08/01/31

16,560

4,500,000

Diageo

Capital

plc

1.375

09/29/25

4,284

2,500,000

(b)

Grupo

Bimbo

SAB

de

C.V.

4.700

11/10/47

2,153

3,950,000

Kraft

Heinz

Foods

Co

4.375

06/01/46

3,212

EUR

300,000

(b)

Mondelez

International

Holdings

Netherlands

BV

1.250

09/09/41

217

11,000,000

Philip

Morris

International,

Inc

5.250

02/13/34

10,792

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

140,787

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.2%

EUR

200,000

Becton

Dickinson

&

Co

3.519

02/08/31

212

12,500,000

Bon

Secours

Mercy

Health,

Inc

3.382

11/01/25

12,123

1,925,000

Boston

Scientific

Corp

2.650

06/01/30

1,690

3,285,000

Centene

Corp

2.450

07/15/28

2,916

2,910,000

Centene

Corp

3.000

10/15/30

2,488

19,230,000

Children's

Hospital

Medic

4.268

05/15/44

16,704

9,750,000

CVS

Health

Corp

4.780

03/25/38

8,705

4,050,000

CVS

Health

Corp

2.700

08/21/40

2,691

12,655,000

CVS

Health

Corp

5.050

03/25/48

10,904

4,105,000

Dartmouth-Hitchcock

Health

4.178

08/01/48

3,215

10,775,000

Elevance

Health,

Inc

2.250

05/15/30

9,232

4,750,000

Elevance

Health,

Inc

5.125

02/15/53

4,369

4,225,000

HCA,

Inc

5.625

09/01/28

4,263

11,200,000

HCA,

Inc

3.625

03/15/32

9,866

5,350,000

HCA,

Inc

4.625

03/15/52

4,319

3,500,000

(b)

Hologic,

Inc

3.250

02/15/29

3,140

6,125,000

Humana,

Inc

2.150

02/03/32

4,887

2,700,000

Humana,

Inc

5.875

03/01/33

2,747

EUR

250,000

(b)

IQVIA,

Inc

1.750

03/15/26

257

GBP

500,000

McKesson

Corp

3.125

02/17/29

588

2,925,000

McKesson

Corp

5.100

07/15/33

2,918

5,000,000

New

York

and

Presbyterian

Hospital

3.563

08/01/36

4,224

EUR

450,000

Stryker

Corp

2.625

11/30/30

457

375,000

Tenet

Healthcare

Corp

4.625

06/15/28

357

5,775,000

UnitedHealth

Group,

Inc

2.950

10/15/27

5,429

10,700,000

UnitedHealth

Group,

Inc

2.300

05/15/31

8,978

3,250,000

UnitedHealth

Group,

Inc

3.750

10/15/47

2,474

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

130,153

CREF

Core

Bond

Account

June

30,

2024

236

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.2%

$

6,220,000

Church

&

Dwight

Co,

Inc

2.300

%

12/15/31

$

5,173

EUR

750,000

(b)

Coty,

Inc

3.875

04/15/26

798

5,975,000

Haleon

US

Capital

LLC

3.375

03/24/27

5,701

5,725,000

Haleon

US

Capital

LLC

3.625

03/24/32

5,129

EUR

300,000

Procter

&

Gamble

Co

3.250

08/02/31

322

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

357

EUR

500,000

Unilever

Finance

Netherlands

BV

1.125

02/12/27

508

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

18,624

INSURANCE

-

1.4%

825,000

(b)

Alliant

Holdings

Intermediate

LLC

4.250

10/15/27

773

6,800,000

(b)

Allianz

SE

6.350

09/06/53

6,999

4,925,000

Aon

Corp

2.800

05/15/30

4,317

3,900,000

Aon

Corp

5.350

02/28/33

3,874

3,025,000

Arthur

J

Gallagher

&

Co

5.750

03/02/53

2,933

5,250,000

AXIS

Specialty

Finance

LLC

4.900

01/15/40

4,807

16,000,000

Berkshire

Hathaway

Finance

Corp

2.850

10/15/50

10,288

1,400,000

Berkshire

Hathaway

Finance

Corp

3.850

03/15/52

1,082

EUR

500,000

Chubb

INA

Holdings,

Inc

1.550

03/15/28

499

EUR

450,000

Chubb

INA

Holdings,

Inc

1.400

06/15/31

419

EUR

300,000

Credit

Agricole

Assurances

S.A.

1.500

10/06/31

262

EUR

400,000

Equitable

Financial

Life

Global

Funding

0.600

06/16/28

381

EUR

250,000

(b)

Fairfax

Financial

Holdings

Ltd

2.750

03/29/28

255

7,325,000

(b)

Five

Corners

Funding

Trust

II

2.850

05/15/30

6,450

3,000,000

(b)

Hanwha

Life

Insurance

Co

Ltd

3.379

02/04/32

2,809

22,408,000

Hartford

Financial

Services

Group,

Inc

2.800

08/19/29

19,898

1,100,000

Hartford

Financial

Services

Group,

Inc

4.300

04/15/43

928

2,500,000

Hartford

Financial

Services

Group,

Inc

2.900

09/15/51

1,572

EUR

750,000

Liberty

Mutual

Group,

Inc

2.750

05/04/26

788

EUR

400,000

(b)

Liberty

Mutual

Group,

Inc

4.625

12/02/30

441

4,100,000

(b)

Liberty

Mutual

Group,

Inc

3.951

10/15/50

2,981

1,250,000

MetLife,

Inc

3.600

11/13/25

1,222

1,750,000

MetLife,

Inc

5.000

07/15/52

1,594

11,820,000

MetLife,

Inc

3.850

N/A(d)

11,440

GBP

200,000

Metropolitan

Life

Global

Funding

I

4.125

09/02/25

249

8,200,000

(b)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

8,180

11,875,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

10,781

5,250,000

Principal

Financial

Group,

Inc

2.125

06/15/30

4,386

1,450,000

Prudential

Financial,

Inc

3.905

12/07/47

1,114

6,960,000

Prudential

Financial,

Inc

3.700

10/01/50

6,054

3,875,000

Prudential

Financial,

Inc

5.125

03/01/52

3,602

3,950,000

Prudential

Financial,

Inc

6.500

03/15/54

3,987

3,275,000

Reinsurance

Group

of

America,

Inc

3.900

05/15/29

3,070

9,200,000

Reinsurance

Group

of

America,

Inc

5.750

09/15/34

9,167

5,600,000

(b)

Swiss

Re

Finance

Luxembourg

S.A.

5.000

04/02/49

5,390

4,675,000

Verisk

Analytics,

Inc

5.250

06/05/34

4,603

TOTAL

INSURANCE

147,595

MATERIALS

-

0.8%

7,975,000

Albemarle

Corp

4.650

06/01/27

7,847

2,600,000

(b)

Alpek

SAB

de

C.V.

3.250

02/25/31

2,193

852,000

Amcor

Flexibles

North

America,

Inc

3.100

09/15/26

805

4,879,000

Amcor

Flexibles

North

America,

Inc

2.630

06/19/30

4,186

9,400,000

(c)

Amcor

Flexibles

North

America,

Inc

2.690

05/25/31

7,899

EUR

400,000

Amcor

UK

Finance

plc

3.950

05/29/32

428

7,325,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

6,392

2,000,000

(b)

Antofagasta

plc

5.625

05/13/32

2,002

1,150,000

(b)

Antofagasta

plc

6.250

05/02/34

1,191

375,000

(b)

Avient

Corp

5.750

05/15/25

374

1,875,000

Ball

Corp

2.875

08/15/30

1,593

237

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

14,250,000

Berry

Global,

Inc

1.570

%

01/15/26

$

13,388

2,425,000

Celulosa

Arauco

y

Constitucion

S.A.

3.875

11/02/27

2,267

3,000,000

(b)

Celulosa

Arauco

y

Constitucion

S.A.

4.250

04/30/29

2,791

200,000

(b),(c)

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

185

1,600,000

(b)

Cemex

SAB

de

C.V.

5.125

N/A(d)

1,538

4,200,000

(b)

Corp

Nacional

del

Cobre

de

Chile

3.625

08/01/27

3,982

1,250,000

(b)

Corp

Nacional

del

Cobre

de

Chile

6.440

01/26/36

1,290

EUR

500,000

Dow

Chemical

Co

0.500

03/15/27

493

1,800,000

(b)

Freeport

Indonesia

PT

4.763

04/14/27

1,763

2,400,000

(b)

Fresnillo

plc

4.250

10/02/50

1,767

3,600,000

(b)

Inversiones

CMPC

S.A.

3.000

04/06/31

3,066

2,800,000

(b)

MEGlobal

BV

2.625

04/28/28

2,516

6,675,000

Nutrien

Ltd

2.950

05/13/30

5,907

1,920,000

(b)

OCI

NV

4.625

10/15/25

1,887

875,000

(b)

OCP

S.A.

3.750

06/23/31

753

2,150,000

(b)

OCP

S.A.

6.750

05/01/34

2,206

EUR

250,000

(b)

OI

European

Group

BV

6.250

05/15/28

277

EUR

250,000

(b)

Olympus

Water

US

Holding

Corp

3.875

10/01/28

250

300,000

(b)

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

280

2,075,000

(c)

Sasol

Financing

USA

LLC

4.375

09/18/26

1,953

300,000

Sasol

Financing

USA

LLC

5.500

03/18/31

253

1,800,000

(b)

St.

Marys

Cement,

Inc

Canada

5.750

04/02/34

1,766

4,300,000

Suzano

Austria

GmbH

3.125

01/15/32

3,520

200,000

(b)

UltraTech

Cement

Ltd

2.800

02/16/31

169

TOTAL

MATERIALS

89,177

MEDIA

&

ENTERTAINMENT

-

1.0%

EUR

750,000

(b)

BOI

Finance

BV

7.500

02/16/27

756

5,000,000

(b)

CCO

Holdings

LLC

4.250

02/01/31

4,082

10,200,000

(c)

Charter

Communications

Operating

LLC

4.400

04/01/33

8,992

12,800,000

Charter

Communications

Operating

LLC

6.550

06/01/34

12,804

6,100,000

Charter

Communications

Operating

LLC

3.500

03/01/42

4,058

4,000,000

Charter

Communications

Operating

LLC

4.800

03/01/50

2,934

EUR

450,000

Comcast

Corp

0.250

05/20/27

441

17,000,000

Comcast

Corp

3.200

07/15/36

13,736

1,925,000

Comcast

Corp

3.900

03/01/38

1,632

28,050,000

Comcast

Corp

2.887

11/01/51

17,500

GBP

300,000

Discovery

Communications

LLC

2.500

09/20/24

377

650,000

Lamar

Media

Corp

3.750

02/15/28

608

1,000,000

Lamar

Media

Corp

4.000

02/15/30

907

2,675,000

(b)

Sirius

XM

Radio,

Inc

4.125

07/01/30

2,285

GBP

200,000

Time

Warner

Cable

LLC

5.750

06/02/31

241

4,400,000

Time

Warner

Cable

LLC

5.875

11/15/40

3,818

3,450,000

Time

Warner

Cable

LLC

4.500

09/15/42

2,525

EUR

700,000

(b)

VZ

Secured

Financing

BV

3.500

01/15/32

654

9,800,000

Warnermedia

Holdings,

Inc

3.755

03/15/27

9,304

18,225,000

Warnermedia

Holdings,

Inc

5.050

03/15/42

14,824

2,700,000

(c)

Weibo

Corp

3.375

07/08/30

2,359

1,413,000

(b)

Ziff

Davis,

Inc

4.625

10/15/30

1,278

TOTAL

MEDIA

&

ENTERTAINMENT

106,115

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.2%

EUR

500,000

AbbVie,

Inc

2.125

06/01/29

506

9,400,000

AbbVie,

Inc

5.050

03/15/34

9,373

9,850,000

AbbVie,

Inc

4.050

11/21/39

8,556

6,950,000

AbbVie,

Inc

5.400

03/15/54

6,872

16,075,000

Amgen,

Inc

5.250

03/02/33

16,028

18,925,000

Amgen,

Inc

5.650

03/02/53

18,638

3,795,000

AstraZeneca

Finance

LLC

2.250

05/28/31

3,205

EUR

500,000

(b)

Avantor

Funding,

Inc

3.875

07/15/28

522

1,500,000

(b)

Avantor

Funding,

Inc

4.625

07/15/28

1,427

3,125,000

Danaher

Corp

2.800

12/10/51

1,973

CREF

Core

Bond

Account

June

30,

2024

238

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,700,000

Eli

Lilly

&

Co

5.000

%

02/09/54

$

4,488

10,600,000

Gilead

Sciences,

Inc

5.250

10/15/33

10,677

1,900,000

Gilead

Sciences,

Inc

2.600

10/01/40

1,310

5,500,000

Gilead

Sciences,

Inc

5.550

10/15/53

5,492

EUR

400,000

Johnson

&

Johnson

3.200

06/01/32

428

4,025,000

Merck

&

Co,

Inc

2.750

12/10/51

2,516

EUR

300,000

MSD

Netherlands

Capital

BV

3.250

05/30/32

318

EUR

400,000

MSD

Netherlands

Capital

BV

3.750

05/30/54

416

EUR

600,000

(b)

Organon

Finance   LLC

2.875

04/30/28

603

250,000

(b)

Organon

Finance   LLC

5.125

04/30/31

225

31,850,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

30,720

EUR

300,000

Sartorius

Finance

BV

4.375

09/14/29

329

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2.000

07/09/40

406

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0.800

10/18/30

733

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

125,761

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.5%

25,131,000

(b)

Broadcom,

Inc

4.926

05/15/37

23,636

1,675,000

Intel

Corp

3.734

12/08/47

1,231

8,375,000

NVIDIA

Corp

2.000

06/15/31

7,038

1,100,000

(b)

NXP

BV

2.700

05/01/25

1,074

5,450,000

NXP

BV

3.875

06/18/26

5,293

3,475,000

NXP

BV

4.400

06/01/27

3,399

4,100,000

NXP

BV

3.125

02/15/42

2,884

4,800,000

(b)

SK

Hynix,

Inc

1.500

01/19/26

4,506

2,200,000

Texas

Instruments,

Inc

4.150

05/15/48

1,824

4,000,000

(b)

TSMC

Global

Ltd

1.000

09/28/27

3,516

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

54,401

SOFTWARE

&

SERVICES

-

0.7%

7,350,000

Adobe,

Inc

2.300

02/01/30

6,440

200,000

(b)

CA

Magnum

Holdings

5.375

10/31/26

190

900,000

(b)

Gartner,

Inc

3.750

10/01/30

807

EUR

400,000

International

Business

Machines

Corp

0.650

02/11/32

347

26,300,000

Microsoft

Corp

2.400

08/08/26

25,023

2,200,000

Microsoft

Corp

3.400

09/15/26

2,130

4,120,000

Microsoft

Corp

2.525

06/01/50

2,601

550,000

(b)

Open

Text

Holdings,

Inc

4.125

02/15/30

496

8,025,000

Oracle

Corp

4.900

02/06/33

7,784

17,650,000

Oracle

Corp

5.550

02/06/53

16,700

3,000,000

Roper

Technologies,

Inc

1.400

09/15/27

2,671

10,050,000

Roper

Technologies,

Inc

2.000

06/30/30

8,396

9,650,000

Salesforce,

Inc

2.700

07/15/41

6,754

TOTAL

SOFTWARE

&

SERVICES

80,339

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2.800

02/15/30

3,850

4,825,000

Apple,

Inc

2.450

08/04/26

4,584

26,100,000

Apple,

Inc

2.050

09/11/26

24,536

3,225,000

Apple,

Inc

4.650

02/23/46

2,972

4,675,000

Apple,

Inc

2.650

02/08/51

2,956

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

38,898

TELECOMMUNICATION

SERVICES

-

2.0%

GBP

300,000

AT&T,

Inc

2.900

12/04/26

360

EUR

500,000

AT&T,

Inc

2.350

09/05/29

505

42,943,000

AT&T,

Inc

2.550

12/01/33

34,146

8,325,000

AT&T,

Inc

4.500

05/15/35

7,667

44,670,000

AT&T,

Inc

3.550

09/15/55

30,116

6,553,000

AT&T,

Inc

3.800

12/01/57

4,578

225,000

(b)

Bharti

Airtel

Ltd

3.250

06/03/31

198

3,000,000

(b)

C&W

Senior

Financing

Designated

Activity

Co

6.875

09/15/27

2,878

239

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

850,000

Deutsche

Telekom

International

Finance

BV

8.750

%

06/15/30

$

991

500,000

(b)

Empresa

Nacional

de

Telecomunicaciones

S.A.

3.050

09/14/32

404

EUR

665,000

(b)

Iliad

Holding

SAS

5.125

10/15/26

712

1,375,000

(b)

Millicom

International

Cellular

S.A.

4.500

04/27/31

1,183

2,750,000

(b),(c)

Millicom

International

Cellular

S.A.

7.375

04/02/32

2,742

2,000,000

(b)

MTN

Mauritius

Investment

Ltd

6.500

10/13/26

1,988

2,425,000

Orange

S.A.

5.375

01/13/42

2,315

3,300,000

(b)

Sitios

Latinoamerica

SAB

de

C.V.

5.375

04/04/32

3,072

900,000

(b)

Telecomunicaciones

Digitales

S.A.

4.500

01/30/30

800

22,975,000

T-Mobile

USA,

Inc

2.625

02/15/29

20,578

30,200,000

T-Mobile

USA,

Inc

3.875

04/15/30

28,232

8,800,000

T-Mobile

USA,

Inc

5.050

07/15/33

8,609

2,225,000

T-Mobile

USA,

Inc

3.000

02/15/41

1,592

7,800,000

T-Mobile

USA,

Inc

3.300

02/15/51

5,266

EUR

400,000

Verizon

Communications,

Inc

1.875

10/26/29

395

EUR

200,000

Verizon

Communications,

Inc

4.250

10/31/30

222

10,300,000

Verizon

Communications,

Inc

1.750

01/20/31

8,336

8,450,000

Verizon

Communications,

Inc

2.550

03/21/31

7,179

38,051,000

Verizon

Communications,

Inc

2.355

03/15/32

31,106

EUR

300,000

Verizon

Communications,

Inc

2.875

01/15/38

286

GBP

1,000,000

(b)

Vmed

O2

UK

Financing

I

plc

4.500

07/15/31

1,043

6,550,000

Vodafone

Group

plc

4.375

02/19/43

5,710

5,125,000

Vodafone

Group

plc

4.250

09/17/50

3,998

TOTAL

TELECOMMUNICATION

SERVICES

217,207

TRANSPORTATION

-

0.4%

1,850,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.000

07/30/27

1,709

2,000,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.200

08/04/27

1,859

2,700,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

3.100

02/02/31

2,149

1,450,000

(b)

Aeropuerto

Internacional

de

Tocumen

S.A.

4.000

08/11/41

1,090

4,075,000

Burlington

Northern

Santa

Fe

LLC

3.050

02/15/51

2,693

1,300,000

Canadian

Pacific

Railway

Co

2.050

03/05/30

1,109

5,600,000

Canadian

Pacific

Railway

Co

3.100

12/02/51

3,719

2,040,000

CSX

Corp

2.600

11/01/26

1,928

1,525,000

CSX

Corp

3.800

03/01/28

1,467

14,175,000

CSX

Corp

4.250

03/15/29

13,747

450,000

(b)

Empresa

de

los

Ferrocarriles

del

Estado

3.068

08/18/50

271

3,800,000

(b)

ENA

Master

Trust

4.000

05/19/48

2,693

2,260,000

(b)

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

2,160

5,100,000

Union

Pacific

Corp

2.891

04/06/36

4,108

2,275,000

Union

Pacific

Corp

3.839

03/20/60

1,670

TOTAL

TRANSPORTATION

42,372

UTILITIES

-

3.0%

1,950,000

(b)

Adani

Electricity

Mumbai

Ltd

3.867

07/22/31

1,589

1,650,000

AEP

Transmission

Co

LLC

3.100

12/01/26

1,571

1,650,000

AEP

Transmission

Co

LLC

4.000

12/01/46

1,309

4,750,000

AEP

Transmission

Co

LLC

2.750

08/15/51

2,845

1,175,000

AEP

Transmission

Co

LLC

5.400

03/15/53

1,123

3,475,000

Alabama

Power

Co

4.150

08/15/44

2,865

6,025,000

Alabama

Power

Co

3.450

10/01/49

4,296

3,971,763

(b)

Alfa

Desarrollo

S.p.A

4.550

09/27/51

2,983

17,400,000

Ameren

Illinois

Co

4.950

06/01/33

16,984

3,225,000

Ameren

Illinois

Co

5.900

12/01/52

3,326

2,750,000

American

Water

Capital

Corp

3.000

12/01/26

2,604

4,000,000

American

Water

Capital

Corp

2.800

05/01/30

3,522

8,500,000

American

Water

Capital

Corp

2.300

06/01/31

7,031

2,375,000

American

Water

Capital

Corp

4.000

12/01/46

1,865

4,500,000

American

Water

Capital

Corp

3.750

09/01/47

3,404

5,788,000

Appalachian

Power

Co

4.450

06/01/45

4,662

8,475,000

Atmos

Energy

Corp

1.500

01/15/31

6,790

1,175,000

Atmos

Energy

Corp

4.125

10/15/44

970

CREF

Core

Bond

Account

June

30,

2024

240

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,325,000

Atmos

Energy

Corp

6.200

%

11/15/53

$

5,732

6,500,000

Baltimore

Gas

and

Electric

Co

3.750

08/15/47

4,868

5,925,000

Berkshire

Hathaway

Energy

Co

3.250

04/15/28

5,558

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3.000

03/01/32

928

EUR

350,000

CEZ

AS.

0.875

12/02/26

350

2,975,000

CMS

Energy

Corp

3.600

11/15/25

2,886

8,250,000

Commonwealth

Edison

Co

3.000

03/01/50

5,290

6,600,000

Commonwealth

Edison

Co

2.750

09/01/51

3,936

12,050,000

Consolidated

Edison

Co

of

New

York,

Inc

5.700

05/15/54

12,021

2,178,000

Consumers

Energy

Co

2.650

08/15/52

1,340

2,350,000

Dominion

Energy,

Inc

2.250

08/15/31

1,914

4,000,000

Dominion

Energy,

Inc

3.300

04/15/41

2,888

2,500,000

DTE

Electric

Co

3.650

03/01/52

1,839

4,125,000

(c)

DTE

Electric

Co

5.400

04/01/53

4,022

EUR

400,000

Duke

Energy

Corp

3.750

04/01/31

422

4,600,000

Duke

Energy

Florida

LLC

3.400

10/01/46

3,237

8,850,000

Duke

Energy

Indiana

LLC

2.750

04/01/50

5,354

6,100,000

Duke

Energy

Progress

LLC

2.500

08/15/50

3,512

EUR

500,000

EDP

Finance

BV

3.875

03/11/30

541

EUR

300,000

Electricite

de

France

S.A.

2.000

10/02/30

291

3,445,000

(b)

Empresas

Publicas

de

Medellin

ESP

4.250

07/18/29

2,958

2,000,000

(b)

EnfraGen

Energia

Sur

S.A.

5.375

12/30/30

1,669

1,310,000

(b)

Engie

Energia

Chile

S.A.

6.375

04/17/34

1,327

6,900,000

Entergy

Corp

0.900

09/15/25

6,529

10,600,000

Enterprise

Products

Operating

LLC

3.700

01/31/51

7,814

6,350,000

Eversource

Energy

3.450

01/15/50

4,342

8,200,000

Florida

Power

&

Light

Co

4.800

05/15/33

7,973

5,775,000

Florida

Power

&

Light

Co

3.990

03/01/49

4,571

2,900,000

Indiana

Michigan

Power

Co

3.750

07/01/47

2,135

4,525,000

(b)

Israel

Electric

Corp

Ltd

4.250

08/14/28

4,170

3,200,000

(b)

Korea

Southern

Power

Co

Ltd

0.750

01/27/26

2,977

6,975,000

MidAmerican

Energy

Co

3.650

04/15/29

6,596

5,400,000

MidAmerican

Energy

Co

3.650

08/01/48

4,052

7,350,000

Nevada

Power

Co

2.400

05/01/30

6,329

3,335,000

Nevada

Power

Co

5.450

05/15/41

3,244

5,200,000

NextEra

Energy

Capital

Holdings,

Inc

6.750

06/15/54

5,230

20,060,000

NiSource,

Inc

1.700

02/15/31

15,953

6,000,000

(b)

NRG

Energy,

Inc

2.450

12/02/27

5,415

2,750,000

Ohio

Power

Co

2.600

04/01/30

2,395

6,150,000

Ohio

Power

Co

4.150

04/01/48

4,737

4,925,000

Ohio

Power

Co

4.000

06/01/49

3,729

1,280,000

Oncor

Electric

Delivery

Co

LLC

5.250

09/30/40

1,231

600,000

(b)

Pattern

Energy

Operations

LP

4.500

08/15/28

555

2,775,000

PECO

Energy

Co

3.000

09/15/49

1,826

3,700,000

PECO

Energy

Co

2.800

06/15/50

2,314

650,000

(b)

Perusahaan

Listrik

Negara

PT

3.875

07/17/29

602

3,000,000

(b)

Perusahaan

Listrik

Negara

PT

3.375

02/05/30

2,677

200,000

(b)

Perusahaan

Listrik

Negara

PT

4.875

07/17/49

165

5,000,000

(b)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.000

06/30/50

3,588

750,000

Potomac

Electric

Power

Co

7.900

12/15/38

950

2,100,000

Public

Service

Co

of

Colorado

4.050

09/15/49

1,590

4,450,000

Public

Service

Co

of

Colorado

3.200

03/01/50

2,925

5,150,000

Public

Service

Electric

and

Gas

Co

4.900

12/15/32

5,068

6,970,000

Public

Service

Electric

and

Gas

Co

3.150

01/01/50

4,774

5,000,000

Public

Service

Electric

and

Gas

Co

5.450

03/01/54

4,930

20,000,000

Southern

Co

4.000

01/15/51

19,391

8,475,000

Southern

Co

Gas

Capital

Corp

3.875

11/15/25

8,286

EUR

500,000

Southern

Power

Co

1.850

06/20/26

516

2,440,000

Southwestern

Public

Service

Co

3.400

08/15/46

1,651

3,986,514

(b)

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

3,193

6,700,000

Union

Electric

Co

5.450

03/15/53

6,444

3,250,000

Virginia

Electric

and

Power

Co

2.950

11/15/26

3,090

241

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,900,000

Virginia

Electric

and

Power

Co

5.700

%

08/15/53

$

1,889

3,000,000

Wisconsin

Power

and

Light

Co

4.950

04/01/33

2,903

4,125,000

Wisconsin

Power

and

Light

Co

4.100

10/15/44

3,233

2,240,000

Xcel

Energy,

Inc

4.800

09/15/41

1,946

TOTAL

UTILITIES

326,550

TOTAL

CORPORATE

BONDS

3,347,607

(Cost

$3,682,164)

GOVERNMENT

BONDS

-

50.3%

AGENCY

SECURITIES

-

0.3%

2,547,633

Canal

Barge

Co,

Inc

4.500

11/12/34

2,452

91

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

17,809

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,473

6,125,000

Private

Export

Funding

Corp

(PEFCO)

1.750

11/15/24

6,036

TOTAL

AGENCY

SECURITIES

32,770

FOREIGN

GOVERNMENT

BONDS

-

3.5%

750,000

(b)

Africa

Finance

Corp

2.875

04/28/28

662

3,925,000

(b)

Angolan

Government

International

Bond

8.750

04/14/32

3,472

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6.000

12/08/31

463

AUD

1,250,000

Australia

Government

Bond

1.000

12/21/30

683

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

715

200,000

(b)

Bank

Gospodarstwa

Krajowego

6.250

10/31/28

207

2,215,000

(b)

Bank

Gospodarstwa

Krajowego

5.375

05/22/33

2,193

EUR

925,000

Bank

Gospodarstwa

Krajowego

4.375

03/13/39

983

8,500,000

(b)

Banque

Ouest

Africaine

de

Developpement

4.700

10/22/31

7,424

EUR

3,650,000

(b)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

3,144

EUR

850,000

(b)

Benin

Government

International

Bond

4.950

01/22/35

718

5,000,000

(b)

BNG

Bank

NV

3.500

08/26/24

4,984

8,000,000

(b)

BNG

Bank

NV

0.875

05/18/26

7,423

1,560,000

(b)

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

516

BRL

3,750,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000

01/01/31

606

500,000

Brazilian

Government

International

Bond

6.125

01/22/32

493

3,410,000

Brazilian

Government

International

Bond

6.000

10/20/33

3,277

EUR

545,000

Bundesobligation

0.000

10/10/25

562

EUR

6,450,000

Bundesrepublik

Deutschland

0.000

08/15/31

5,845

EUR

380,000

Bundesrepublik

Deutschland

0.000

02/15/32

340

EUR

1,400,000

Bundesrepublik

Deutschland

2.300

02/15/33

1,483

EUR

3,700,000

Bundesrepublik

Deutschland

1.000

05/15/38

3,208

EUR

135,000

Bundesrepublik

Deutschland

1.250

08/15/48

108

EUR

2,465,000

Bundesrepublik

Deutschland

0.000

08/15/52

1,273

EUR

750,000

Bundesschatzanweisungen

2.500

03/19/26

798

7,000,000

(b)

Caisse

d'Amortissement

de

la

Dette

Sociale

1.125

11/29/24

6,877

CAD

1,400,000

(b)

Canada

Housing

Trust

No

1

1.100

12/15/26

957

CAD

1,525,000

(b)

Canada

Housing

Trust

No

1

3.550

09/15/32

1,092

CAD

1,650,000

Canadian

Government

International

Bond

3.000

11/01/24

1,199

CAD

875,000

Canadian

Government

International

Bond

3.500

08/01/25

634

CAD

1,475,000

Canadian

Government

International

Bond

2.000

06/01/28

1,019

CAD

850,000

Canadian

Government

International

Bond

2.000

06/01/32

557

2,000,000

Chile

Government

International

Bond

4.850

01/22/29

1,974

1,250,000

Chile

Government

International

Bond

2.550

01/27/32

1,048

CNY

5,750,000

China

Government

Bond

2.940

10/17/24

795

CNY

47,400,000

China

Government

Bond

3.120

12/05/26

6,745

CNY

9,000,000

China

Government

Bond

2.040

02/25/27

1,246

CNY

20,200,000

China

Government

Bond

2.500

07/25/27

2,831

CNY

16,100,000

China

Government

Bond

3.270

11/19/30

2,379

CNY

18,900,000

China

Government

Bond

3.860

07/22/49

3,269

CREF

Core

Bond

Account

June

30,

2024

242

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CNY

10,000,000

China

Government

Bond

3.390

%

03/16/50

$

1,604

CNY

4,700,000

China

Government

Bond

3.810

09/14/50

807

CNY

4,700,000

China

Government

Bond

3.720

04/12/51

799

NOK

7,000,000

City

of

Oslo

Norway

2.050

10/31/24

649

$

2,075,000

Colombia

Government

International

Bond

3.250

04/22/32

1,587

1,300,000

Colombia

Government

International

Bond

8.000

11/14/35

1,336

1,700,000

Colombia

Government

International

Bond

5.000

06/15/45

1,192

COP

3,300,000,000

Colombian

TES

7.750

09/18/30

704

275,000

(b)

Costa

Rica

Government

International

Bond

6.550

04/03/34

283

2,200,000

(b)

Costa

Rica

Government

International

Bond

5.625

04/30/43

1,976

DOP

29,000,000

(b)

Dominican

Republic

Central

Bank

Notes

13.000

12/05/25

499

800,000

(b)

Dominican

Republic

Government

International

Bond

7.050

02/03/31

822

1,575,000

(b)

Dominican

Republic

Government

International

Bond

4.875

09/23/32

1,409

DOP

8,500,000

(b)

Dominican

Republic

Government

International

Bond

11.250

09/15/35

151

3,050,000

(b)

Dominican

Republic

Government

International

Bond

5.875

01/30/60

2,585

141,600

(b)

Ecuador

Government

International

Bond

(Step

Bond)

5.000

07/31/30

90

99,120

(b)

Ecuador

Government

International

Bond

(Step

Bond)

1.000

07/31/35

49

28,000

(b)

Ecuador

Government

International

Bond

(Step

Bond)

2.500

07/31/40

13

EGP

19,025,000

Egypt

Government

International

Bond

15.900

07/02/24

396

1,500,000

(b)

Egypt

Government

International

Bond

5.800

09/30/27

1,350

EUR

1,100,000

(b)

Egypt

Government

International

Bond

5.625

04/16/30

940

EUR

700,000

(b)

Egypt

Government

International

Bond

6.375

04/11/31

596

325,000

(b)

Egypt

Government

International

Bond

7.053

01/15/32

260

2,700,000

(b)

Egypt

Government

International

Bond

8.500

01/31/47

2,002

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3.900

09/09/50

1,048

3,500,000

European

Investment

Bank

4.875

02/15/36

3,611

2,000,000

(b)

Export-Import

Bank

of

India

3.875

02/01/28

1,914

2,000,000

(b)

Export-Import

Bank

of

India

2.250

01/13/31

1,659

3,350,000

Export-Import

Bank

of

Korea

1.250

09/21/30

2,706

EUR

1,325,000

(b)

French

Republic

Government

Bond

OAT

0.750

11/25/28

1,289

EUR

290,000

(b)

French

Republic

Government

Bond

OAT

4.750

04/25/35

350

EUR

1,525,000

French

Republic

Government

Bond

OAT

1.250

05/25/36

1,295

EUR

2,225,000

(b)

French

Republic

Government

Bond

OAT

0.500

05/25/40

1,518

EUR

860,000

(b)

French

Republic

Government

Bond

OAT

0.750

05/25/52

461

EUR

960,000

(b)

French

Republic

Government

Bond

OAT

0.750

05/25/53

499

2,325,000

(b)

Ghana

Government

International

Bond

8.125

03/26/32

1,192

1,000,000

(b)

Ghana

Government

International

Bond

8.627

06/16/49

502

450,000

(b)

Guatemala

Government

International

Bond

4.375

06/05/27

430

500,000

(b)

Guatemala

Government

International

Bond

4.650

10/07/41

394

EUR

1,250,000

(b)

Hellenic

Republic

Government

International

Bond

1.500

06/18/30

1,203

EUR

725,000

(b)

Hellenic

Republic

Government

International

Bond

0.750

06/18/31

651

EUR

975,000

(b)

Hellenic

Republic

Government

International

Bond

3.375

06/15/34

1,014

EUR

750,000

(b)

Hellenic

Republic

Government

International

Bond

4.375

07/18/38

837

EUR

390,000

(b)

Hellenic

Republic

Government

International

Bond

4.125

06/15/54

402

3,725,000

(b)

Hong

Kong

Government

International

Bond

4.625

01/11/33

3,776

HUF

345,000,000

Hungary

Government

International

Bond

5.500

06/24/25

926

1,565,000

(b)

Hungary

Government

International

Bond

6.125

05/22/28

1,593

1,725,000

(b)

Hungary

Government

International

Bond

5.250

06/16/29

1,693

HUF

421,500,000

Hungary

Government

International

Bond

3.000

08/21/30

933

1,150,000

(b)

Hungary

Government

International

Bond

2.125

09/22/31

910

EUR

600,000

Hungary

Government

International

Bond

1.750

06/05/35

484

CAD

1,475,000

Hydro-Quebec

5.000

02/15/45

1,157

3,625,000

(b)

Indonesia

Government

International

Bond

4.625

04/15/43

3,294

IDR

7,600,000,000

Indonesia

Treasury

Bond

8.375

09/15/26

481

IDR

10,000,000,000

Indonesia

Treasury

Bond

6.375

04/15/32

587

AUD

500,000

Inter-American

Development

Bank

4.750

08/27/24

334

AUD

900,000

Inter-American

Development

Bank

2.750

10/30/25

586

INR

17,000,000

Inter-American

Development

Bank

7.000

04/17/33

203

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1.900

01/16/25

936

INR

56,000,000

International

Bank

for

Reconstruction

&

Development

5.500

01/21/27

647

IDR

20,900,000,000

International

Bank

for

Reconstruction

&

Development

6.250

01/12/28

1,263

GBP

500,000

International

Finance

Corp

0.250

12/15/25

591

243

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,025,000

(b)

Iraq

Government

International

Bond

5.800

%

01/15/28

$

957

EUR

350,000

Ireland

Government

Bond

0.000

10/18/31

306

EUR

725,000

Ireland

Government

Bond

2.600

10/18/34

752

EUR

400,000

Ireland

Government

Bond

1.700

05/15/37

365

EUR

425,000

Ireland

Government

Bond

1.500

05/15/50

316

1,750,000

Israel

Government

International

Bond

5.375

03/12/29

1,717

3,100,000

Israel

Government

International

Bond

3.375

01/15/50

1,975

EUR

4,315,000

Italy

Buoni

Poliennali

Del

Tesoro

0.450

02/15/29

4,027

EUR

1,875,000

Italy

Buoni

Poliennali

Del

Tesoro

0.950

08/01/30

1,714

EUR

675,000

Italy

Buoni

Poliennali

Del

Tesoro

4.000

10/30/31

735

EUR

875,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

4.450

09/01/43

934

EUR

425,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

1.700

09/01/51

265

EUR

1,000,000

(b)

Ivory

Coast

Government

International

Bond

5.875

10/17/31

964

EUR

100,000

(b)

Ivory

Coast

Government

International

Bond

4.875

01/30/32

90

1,400,000

(b)

Ivory

Coast

Government

International

Bond

8.250

01/30/37

1,356

1,234,973

(b)

Ivory

Coast

Government

International

Bond

(Step

Bond)

5.750

12/31/32

1,148

2,850,000

Jamaica

Government

International

Bond

7.875

07/28/45

3,333

2,500,000

(b)

Japan

Finance

Organization

for

Municipalities

1.000

05/21/25

2,404

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0.020

03/13/26

865

JPY

498,000,000

Japan

Government

Five

Year

Bond

0.005

09/20/26

3,070

JPY

445,000,000

Japan

Government

Five

Year

Bond

0.300

09/20/28

2,741

JPY

191,000,000

Japan

Government

Five

Year

Bond

0.500

03/20/29

1,182

JPY

239,000,000

Japan

Government

Forty

Year

Bond

1.300

03/20/63

1,096

JPY

475,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/26

2,936

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0.100

12/20/29

979

JPY

603,600,000

Japan

Government

Ten

Year

Bond

0.100

12/20/30

3,608

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0.500

09/20/46

1,032

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0.600

09/20/50

456

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0.700

09/20/51

580

JPY

118,500,000

Japan

Government

Thirty

Year

Bond

1.300

06/20/52

606

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1.400

09/20/34

1,290

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0.600

12/20/36

529

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0.300

06/20/39

793

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1.100

09/20/42

2,144

JPY

142,000,000

Japan

Government

Twenty

Year

Bond

1.600

03/20/44

845

JPY

348,000,000

Japan

Government

Two

Year

Bond

0.005

07/01/25

2,159

JPY

157,000,000

Japan

Government

Two

Year

Bond

0.300

05/01/26

975

500,000

(b)

Jordan

Government

International

Bond

7.750

01/15/28

495

1,000,000

(b)

Jordan

Government

International

Bond

7.500

01/13/29

979

1,025,000

(b)

Jordan

Government

International

Bond

5.850

07/07/30

916

KZT

235,000,000

Kazakhstan

Government

Bond-MEUKAM

7.130

08/06/24

493

550,000

(b)

Kenya

Government

International

Bond

7.000

05/22/27

523

EUR

2,900,000

(b)

Kingdom

of

Belgium

Government

Bond

0.350

06/22/32

2,528

EUR

3,950,000

(b)

Kingdom

of

Belgium

Government

Bond

1.450

06/22/37

3,408

3,000,000

(b)

Kommunalbanken

AS.

1.125

06/14/30

2,459

KRW

1,800,000,000

Korea

Treasury

Bond

1.500

12/10/26

1,254

KRW

2,660,000,000

Korea

Treasury

Bond

1.375

12/10/29

1,751

KRW

2,400,000,000

Korea

Treasury

Bond

2.000

06/10/31

1,598

KRW

1,225,000,000

Korea

Treasury

Bond

2.375

12/10/31

836

KRW

2,380,000,000

Korea

Treasury

Bond

2.375

09/10/38

1,546

KRW

400,000,000

Korea

Treasury

Bond

1.875

09/10/41

236

KRW

365,000,000

Korea

Treasury

Bond

2.500

03/10/52

227

1,750,000

(g)

Lebanon

Government

International

Bond

6.750

11/29/27

119

MYR

2,610,000

Malaysia

Government

Bond

4.457

03/31/53

574

MXN

7,750,000

Mexican

Bonos

5.000

03/06/25

408

MXN

23,500,000

Mexican

Bonos

5.750

03/05/26

1,187

MXN

24,700,000

Mexican

Bonos

8.500

11/18/38

1,196

1,675,000

Mexico

Government

International

Bond

5.400

02/09/28

1,669

3,375,000

Mexico

Government

International

Bond

3.250

04/16/30

2,968

3,001,000

Mexico

Government

International

Bond

6.050

01/11/40

2,898

6,650,000

Mexico

Government

International

Bond

4.280

08/14/41

5,147

3,500,000

Mexico

Government

International

Bond

4.600

02/10/48

2,666

CREF

Core

Bond

Account

June

30,

2024

244

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,075,000

Mexico

Government

International

Bond

4.400

%

02/12/52

$

3,700

1,500,000

Mexico

Government

International

Bond

6.400

05/07/54

1,429

950,000

(b)

Morocco

Government

International

Bond

2.375

12/15/27

847

4,050,000

(b)

Morocco

Government

International

Bond

5.500

12/11/42

3,568

1,675,000

(b)

Namibia

Government

International

Bond

5.250

10/29/25

1,646

EUR

475,000

Netherlands

Government

International

Bond

2.500

07/15/34

494

EUR

400,000

(b)

Netherlands

Government

International

Bond

2.750

01/15/47

416

EUR

380,000

(b)

Netherlands

Government

International

Bond

0.000

01/15/52

189

AUD

500,000

New

South

Wales

Treasury

Corp

4.000

05/20/26

331

AUD

2,690,000

New

South

Wales

Treasury

Corp

3.000

04/20/29

1,680

NZD

1,175,000

New

Zealand

Government

International

Bond

2.750

04/15/25

701

NZD

2,650,000

New

Zealand

Government

International

Bond

3.500

04/14/33

1,476

925,000

(b)

Nigeria

Government

International

Bond

8.375

03/24/29

867

NOK

17,250,000

(b)

Norway

Government

International

Bond

2.000

04/26/28

1,523

1,100,000

(b)

Oman

Government

International

Bond

6.000

08/01/29

1,115

2,400,000

(b)

Oman

Government

International

Bond

6.250

01/25/31

2,469

3,575,000

(b)

OPEC

Fund

for

International

Development

4.500

01/26/26

3,528

5,400,000

Panama

Bonos

del

Tesoro

3.362

06/30/31

4,306

3,150,000

Panama

Government

International

Bond

6.700

01/26/36

3,053

500,000

Panama

Government

International

Bond

8.000

03/01/38

527

2,025,000

Panama

Government

International

Bond

4.300

04/29/53

1,296

750,000

(b)

Paraguay

Government

International

Bond

6.000

02/09/36

753

1,000,000

(b)

Paraguay

Government

International

Bond

6.100

08/11/44

965

2,450,000

(b)

Perusahaan

Penerbit

SBSN

Indonesia

III

5.400

11/15/28

2,465

1,100,000

(b)

Perusahaan

Penerbit

SBSN

Indonesia

III

4.700

06/06/32

1,059

3,000,000

(c)

Peruvian

Government

International

Bond

1.862

12/01/32

2,264

1,970,000

Peruvian

Government

International

Bond

3.000

01/15/34

1,596

PEN

3,515,000

(b)

Peruvian

Government

International

Bond

5.400

08/12/34

804

6,170,000

Philippine

Government

International

Bond

4.200

03/29/47

5,144

CAD

875,000

Province

of

Ontario

Canada

2.150

06/02/31

570

CAD

875,000

Province

of

Ontario

Canada

1.900

12/02/51

393

CAD

650,000

Province

of

Quebec

Canada

2.750

09/01/27

459

6,000,000

Province

of

Quebec

Canada

7.500

09/15/29

6,770

2,050,000

(b)

Qatar

Government

International

Bond

3.750

04/16/30

1,952

EUR

950,000

Republic

of

Bulgaria

3.125

03/26/35

928

EUR

425,000

(b)

Republic

of

Cameroon

International

Bond

5.950

07/07/32

353

7,000,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

5,201

2,000,000

(b)

Republic

of

Kenya

Government

International

Bond

9.750

02/16/31

1,917

PLN

5,650,000

Republic

of

Poland

Government

International

Bond

5.750

04/25/29

1,419

1,425,000

Republic

of

Poland

Government

International

Bond

5.750

11/16/32

1,476

PLN

3,700,000

Republic

of

Poland

Government

International

Bond

6.000

10/25/33

942

550,000

Republic

of

Poland

Government

International

Bond

5.125

09/18/34

541

2,795,000

Republic

of

Poland

Government

International

Bond

5.500

04/04/53

2,740

2,000,000

Republic

of

South

Africa

Government

International

Bond

5.875

09/16/25

1,991

200,000

Republic

of

South

Africa

Government

International

Bond

5.875

04/20/32

186

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8.875

02/28/35

867

ZAR

15,100,000

Republic

of

South

Africa

Government

International

Bond

8.750

01/31/44

616

2,800,000

Republic

of

South

Africa

Government

International

Bond

5.375

07/24/44

2,112

350,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

316

UZS

8,925,000

(b)

Republic

of

Uzbekistan

International

Bond

14.000

07/19/24

1

UZS

5,990,000,000

(b)

Republic

of

Uzbekistan

International

Bond

16.625

05/29/27

477

1,485,000

(b)

Republic

of

Uzbekistan

International

Bond

7.850

10/12/28

1,532

RON

5,655,000

Romanian

Government

International

Bond

8.000

04/29/30

1,288

1,850,000

(b)

Romanian

Government

International

Bond

3.000

02/14/31

1,534

EUR

600,000

(b)

Romanian

Government

International

Bond

2.000

01/28/32

501

EUR

500,000

(b)

Romanian

Government

International

Bond

2.000

04/14/33

402

3,300,000

(b)

Romanian

Government

International

Bond

4.000

02/14/51

2,272

3,125,000

(b)

Rwanda

International

Government

Bond

5.500

08/09/31

2,505

1,425,000

(b)

Saudi

Government

International

Bond

3.250

10/26/26

1,366

5,650,000

(b)

Saudi

Government

International

Bond

3.750

01/21/55

3,997

EUR

325,000

(b)

Senegal

Government

International

Bond

4.750

03/13/28

321

EUR

425,000

(b)

Senegal

Government

International

Bond

5.375

06/08/37

331

245

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,000,000

(b)

Senegal

Government

International

Bond

6.750

%

03/13/48

$

722

EUR

1,250,000

(b)

Serbia

Government

International

Bond

1.500

06/26/29

1,136

3,450,000

(b)

Serbia

Government

International

Bond

2.125

12/01/30

2,753

760,000

(b)

Serbia

Government

International

Bond

6.500

09/26/33

770

EUR

525,000

(b)

Serbia

International

Bond

1.650

03/03/33

420

RSD

90,000,000

Serbia

Treasury

Bonds

7.000

10/26/31

891

RSD

31,700,000

Serbia

Treasury

Bonds

4.500

08/20/32

267

EUR

2,550,000

(b)

Spain

Government

International

Bond

2.750

10/31/24

2,723

EUR

845,000

(b)

Spain

Government

International

Bond

1.400

07/30/28

850

EUR

1,475,000

(b)

Spain

Government

International

Bond

0.600

10/31/29

1,391

EUR

625,000

(b)

Spain

Government

International

Bond

0.100

04/30/31

547

EUR

2,350,000

(b)

Spain

Government

International

Bond

1.200

10/31/40

1,737

EUR

1,000,000

(b)

Spain

Government

International

Bond

1.900

10/31/52

701

THB

9,000,000

Thailand

Government

International

Bond

1.585

12/17/35

216

THB

24,400,000

Thailand

Government

International

Bond

3.300

06/17/38

692

AUD

1,450,000

Treasury

Corp

of

Victoria

2.250

11/20/34

737

TRY

30,000,000

Turkiye

Government

International

Bond

12.600

10/01/25

691

EUR

750,000

Turkiye

Government

International

Bond

5.875

05/21/30

804

1,850,000

(c)

Turkiye

Government

International

Bond

7.625

05/15/34

1,862

EUR

1,000,000

(b)

Ukraine

Government

International

Bond

6.750

06/20/28

300

GBP

485,000

United

Kingdom

Gilt

0.125

01/31/28

533

GBP

1,220,000

United

Kingdom

Gilt

1.625

10/22/28

1,400

GBP

425,000

United

Kingdom

Gilt

0.500

01/31/29

458

GBP

440,000

United

Kingdom

Gilt

3.250

01/31/33

521

GBP

550,000

United

Kingdom

Gilt

0.875

07/31/33

523

GBP

760,000

United

Kingdom

Gilt

4.625

01/31/34

992

GBP

2,665,000

United

Kingdom

Gilt

1.750

09/07/37

2,484

GBP

900,000

United

Kingdom

Gilt

3.750

01/29/38

1,063

GBP

275,000

United

Kingdom

Gilt

1.250

10/22/41

213

GBP

575,000

United

Kingdom

Gilt

1.500

07/22/47

408

GBP

800,000

United

Kingdom

Gilt

4.250

12/07/49

953

GBP

1,875,000

United

Kingdom

Gilt

0.625

10/22/50

949

GBP

1,475,000

United

Kingdom

Gilt

1.500

07/31/53

947

3,230,000

Uruguay

Government

International

Bond

4.375

01/23/31

3,136

UYU

20,300,000

Uruguay

Government

International

Bond

8.250

05/21/31

480

1,400,000

Uruguay

Government

International

Bond

5.100

06/18/50

1,316

TOTAL

FOREIGN

GOVERNMENT

BONDS

376,543

MORTGAGE

BACKED

-

23.1%

5,176,000

(a),(b)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

3,592

6,327,110

(a),(b)

Bayview

MSR

Opportunity

Master

Fund

Trust

3.000

10/25/51

5,179

2,060,199

(a),(b)

Citigroup

Mortgage

Loan

Trust

2.708

05/25/51

1,586

75,340,372

(a),(b)

Citigroup

Mortgage

Loan

Trust

0.155

02/25/52

630

8,447,036

(a),(b)

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

118

6,591,056

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.900%

7.235

12/25/41

6,676

4,960,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.500%

9.835

01/25/42

5,228

19,340,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.100%

8.435

03/25/42

20,170

23,635,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.650%

9.985

06/25/42

25,651

340,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.350%

8.685

01/25/43

360

915,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.850%

12.185

06/25/43

1,028

3,960,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.900%

9.188

07/25/43

4,210

4,960,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.550%

8.885

10/25/43

5,194

3,449,828

(a)

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

SOFR30A

+

5.806%

0.472

03/15/44

271

8,685,077

FHLMC

3.500

01/15/47

7,553

1,699,062

FHLMC

4.000

10/15/47

1,560

1,550,458

FHLMC

4.000

11/15/47

1,414

8,573,525

FHLMC

4.000

01/15/48

7,958

8,551,237

FHLMC

4.000

03/15/48

7,816

2,492,745

FHLMC

4.000

04/15/48

2,306

5,397,932

FHLMC

4.000

04/15/48

4,908

7,339,540

(a)

FHLMC

SOFR30A

+

9.737%

1.204

06/15/48

6,456

5,489,197

(a)

FHLMC

SOFR30A

+

9.657%

1.124

10/15/48

4,522

CREF

Core

Bond

Account

June

30,

2024

246

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

12,149,731

FHLMC

3.000

%

11/01/49

$

10,531

4,769,283

FHLMC

2.000

09/25/50

617

13,606,585

FHLMC

3.000

09/25/50

9,693

6,892,105

FHLMC

3.000

10/25/50

4,769

34,559,483

FHLMC

2.500

02/25/51

5,761

8,534,547

FHLMC

2.500

05/25/51

5,175

4,380,862

FHLMC

3.000

11/01/51

3,791

29,974,241

FHLMC

3.000

11/01/51

26,074

3,863,177

FHLMC

3.000

11/01/51

3,360

2,677,242

FHLMC

3.000

11/01/51

2,344

12,513,201

FHLMC

2.500

04/01/52

10,273

9,930,250

FHLMC

3.000

04/01/52

8,560

6,422,627

FHLMC

4.000

04/01/52

5,888

1,172,725

FHLMC

3.500

06/01/52

1,041

15,905,568

FHLMC

4.500

06/01/52

15,016

15,634,328

FHLMC

4.500

07/01/52

14,760

3,411,361

FHLMC

4.000

08/25/52

2,740

6,350,016

FHLMC

4.500

10/25/52

5,706

28,797,650

FHLMC

6.000

11/01/52

28,987

7,692,305

FHLMC

5.500

11/25/52

7,474

3,658,445

FHLMC

5.500

02/25/53

3,573

22,203,457

FHLMC

5.500

08/01/53

21,927

5,234

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

5

3,690

FGLMC

7.000

01/01/32

4

186,998

FGLMC

4.500

07/01/33

181

1,271,624

FGLMC

7.000

12/01/33

1,309

337,951

FGLMC

4.500

10/01/34

325

251,900

FGLMC

4.500

04/01/35

244

340,322

FGLMC

7.000

05/01/35

351

1,065,748

FGLMC

5.000

06/01/36

1,054

390,006

FGLMC

5.000

07/01/39

386

52,140

FGLMC

4.500

12/01/43

51

30,518

FGLMC

4.500

02/01/44

30

986,494

FGLMC

4.500

10/01/44

950

919,492

FGLMC

4.500

11/01/44

885

507,087

FGLMC

4.500

11/01/44

488

498,831

FGLMC

4.500

12/01/44

481

535,734

FGLMC

4.500

12/01/44

516

2,991,829

FGLMC

3.500

04/01/45

2,723

435,008

FGLMC

4.500

05/01/45

412

12,836,903

FGLMC

3.500

08/01/45

11,706

1,280,418

FGLMC

4.500

06/01/47

1,234

2,138,643

FGLMC

4.000

09/01/47

1,997

2,244,931

FGLMC

3.500

12/01/47

2,035

8,064,430

FGLMC

4.500

08/01/48

7,762

3,744,277

FGLMC

4.500

10/01/48

3,602

6,007,462

FGLMC

3.500

11/01/48

5,427

40

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

0^

355

FNMA

9.000

11/01/25

0^

1,657,923

FNMA

3.500

05/01/32

1,598

178,519

FNMA

4.500

10/01/33

173

329,429

FNMA

4.500

05/01/35

318

2,048,374

FNMA

5.000

05/01/35

2,021

965,162

FNMA

5.000

10/01/35

953

814,425

FNMA

5.000

02/01/36

804

2,489,534

FNMA

5.500

11/01/38

2,499

880,350

FNMA

3.000

10/01/39

792

10,805,048

FNMA

3.000

05/01/40

9,653

1,281,707

FNMA

5.000

09/01/40

1,267

3,122,527

FNMA

5.000

05/01/41

3,084

8,209,265

FNMA

4.000

09/01/42

7,696

6,401,808

FNMA

3.500

04/01/43

5,820

247

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,576,630

FNMA

3.500

%

09/01/43

$

5,089

4,502,586

(a)

FNMA

SOFR30A

+

5.836%

0.500

09/25/43

478

5,895,361

FNMA

4.500

03/01/44

5,722

27,150,294

FNMA

4.000

05/01/44

25,588

2,594,087

FNMA

4.500

06/01/44

2,495

2,649,252

FNMA

4.500

10/01/44

2,548

4,319,877

FNMA

4.500

11/01/44

4,154

1,316,713

FNMA

5.000

11/01/44

1,302

1,579,953

FNMA

4.500

12/01/44

1,519

1,790,272

FNMA

4.000

01/01/45

1,678

446,625

FNMA

4.500

03/01/45

429

258,814

FNMA

4.500

04/01/45

249

5,838,729

FNMA

3.500

05/01/45

5,317

2,964,679

FNMA

3.000

07/25/45

2,580

7,590,968

FNMA

3.500

01/01/46

6,880

863,379

FNMA

4.000

04/01/46

809

6,166,609

FNMA

3.500

06/01/46

5,583

7,944,280

FNMA

3.500

07/01/46

7,193

13,600,314

FNMA

3.500

07/01/46

12,378

1,339,604

FNMA

3.000

10/01/46

1,144

7,540,088

FNMA

3.500

10/01/46

6,824

3,123,666

FNMA

4.500

05/01/47

3,034

327,365

FNMA

3.000

11/01/47

280

5,851,639

FNMA

3.500

11/01/47

5,309

12,408,809

FNMA

3.500

01/01/48

11,231

5,206,533

FNMA

4.500

01/01/48

5,004

4,354,134

FNMA

4.500

02/01/48

4,185

5,964,134

FNMA

3.500

02/25/48

5,117

2,446,349

FNMA

4.500

05/01/48

2,349

3,413,793

FNMA

4.500

05/01/48

3,279

4,265,709

FNMA

4.000

07/25/48

3,900

439,419

FNMA

3.000

06/01/49

372

16,012,977

FNMA

3.000

07/01/50

13,883

11,026,416

FNMA

2.000

08/25/50

1,419

9,135,841

FNMA

2.000

10/25/50

5,979

28,903,141

FNMA

2.500

11/25/50

4,042

9,746,708

FNMA

3.000

12/25/50

1,675

3,653,868

FNMA

3.000

02/25/51

613

10,780,835

FNMA

3.000

09/01/51

9,334

11,276,294

FNMA

2.500

11/25/51

1,386

66,584,003

FNMA

2.500

12/01/51

54,833

24,862,898

FNMA

2.500

02/01/52

20,579

8,916,092

FNMA

2.500

02/01/52

7,366

15,677,217

FNMA

3.000

02/01/52

13,356

11,650,601

FNMA

3.500

02/01/52

10,414

41,020,090

FNMA

3.000

04/01/52

35,311

16,591,444

FNMA

3.000

04/01/52

14,222

12,838,209

FNMA

3.000

05/01/52

11,041

7,426,682

FNMA

3.500

05/01/52

6,578

40,168,727

FNMA

4.000

05/01/52

36,821

3,467,658

FNMA

4.000

05/25/52

2,692

37,189,101

FNMA

3.500

06/01/52

33,082

19,792,906

FNMA

3.500

06/01/52

17,531

28,096,081

FNMA

4.000

06/01/52

25,729

7,606,258

FNMA

4.500

06/01/52

7,181

52,308,125

FNMA

4.000

07/01/52

47,870

15,320,307

FNMA

4.000

07/01/52

14,027

7,377,370

FNMA

4.500

07/01/52

6,965

8,210,497

FNMA

4.500

07/01/52

7,752

4,958,539

FNMA

4.500

07/01/52

4,675

9,679,552

FNMA

4.500

07/25/52

9,116

48,278,531

FNMA

5.000

08/01/52

46,775

CREF

Core

Bond

Account

June

30,

2024

248

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,667,495

FNMA

4.500

%

08/25/52

$

4,677

122,112,844

FNMA

4.000

09/01/52

111,868

129,531,807

FNMA

4.500

09/01/52

122,216

28,017,219

FNMA

5.000

09/01/52

27,135

4,879,469

FNMA

4.000

09/25/52

4,193

4,276,933

FNMA

4.000

09/25/52

3,500

87,800,646

FNMA

4.000

10/01/52

80,351

58,094,104

FNMA

4.500

10/01/52

54,847

15,251,423

FNMA

5.000

10/01/52

14,766

4,694,901

FNMA

4.500

10/25/52

4,353

4,110,743

FNMA

4.500

10/25/52

3,678

75,148,158

FNMA

4.500

11/01/52

70,882

7,714,220

FNMA

5.500

11/25/52

7,404

343,815

FNMA

5.000

01/01/53

333

64,036,322

FNMA

5.000

02/01/53

61,951

55,621,341

FNMA

5.500

02/01/53

54,899

17,789,437

FNMA

6.000

02/01/53

17,857

12,412,613

FNMA

5.000

04/01/53

12,006

21,316,143

FNMA

5.000

06/01/53

20,784

78,119,065

FNMA

5.500

06/01/53

77,080

23,744,282

FNMA

4.500

07/01/53

22,402

32,826,801

FNMA

5.000

08/01/53

31,738

11,711,239

FNMA

5.500

10/01/53

11,552

36,536,284

FNMA

5.500

05/01/54

36,039

9,731,345

Government

National

Mortgage

Association

(GNMA)

3.700

10/15/33

9,246

158,695

GNMA

5.000

04/15/38

158

196,660

GNMA

6.500

11/20/38

204

700,965

GNMA

5.000

06/15/39

698

414,273

GNMA

5.000

06/15/39

409

15,796,349

GNMA

5.000

01/20/40

3,436

7,098,605

GNMA

4.500

03/20/40

1,281

11,432,407

GNMA

5.000

03/20/40

2,321

9,271,805

GNMA

3.700

08/15/40

8,748

9,063,982

GNMA

2.500

12/20/43

7,881

4,617,792

GNMA

3.000

03/20/45

4,021

4,017,585

GNMA

4.500

12/20/45

3,978

3,171,199

GNMA

4.000

06/20/46

384

4,107,358

GNMA

5.000

09/20/46

782

6,601,772

(a)

GNMA

TSFR1M

+

5.986%

0.647

03/20/50

819

7,813,665

GNMA

3.000

06/20/51

6,818

16,586,526

GNMA

3.000

11/20/51

11,560

18,380,614

GNMA

3.000

12/20/51

12,461

16,744,718

GNMA

3.000

01/20/52

11,589

5,314,132

GNMA

2.500

02/20/52

4,334

15,379,247

GNMA

3.000

02/20/52

10,221

55,538,566

GNMA

3.500

04/20/52

49,865

10,707,631

GNMA

4.000

04/20/52

8,867

12,160,817

GNMA

5.000

04/20/52

2,325

10,041,669

GNMA

3.000

05/20/52

8,748

4,433,803

GNMA

3.500

07/20/52

3,981

5,497,356

GNMA

4.000

07/20/52

4,351

11,710,312

GNMA

4.000

08/20/52

10,821

7,263,983

GNMA

4.000

09/20/52

6,712

9,828,925

GNMA

4.500

09/20/52

8,846

8,346,343

GNMA

4.500

09/20/52

7,526

6,956,892

GNMA

4.500

09/20/52

6,333

4,738,172

GNMA

4.500

09/20/52

4,070

9,439,799

GNMA

5.000

11/20/52

9,206

5,425,637

GNMA

4.500

02/20/53

4,716

4,652,182

GNMA

5.500

02/20/53

4,489

12,004,296

(a)

GNMA

SOFR30A

+

6.950%

1.617

05/20/53

1,267

9,264,412

(a)

GNMA

SOFR30A

+

23.205%

2.406

08/20/53

9,039

249

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,150,639

(a)

GNMA

SOFR30A

+

25.350%

4.551

%

08/20/53

$

6,390

88,672,705

(a),(b)

GS

Mortgage-Backed

Securities

Trust

0.148

08/25/51

697

16,895,627

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

13,317

10,163,542

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

7,976

4,463,504

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

3,822

2,964,394

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.830

05/28/52

2,348

10,591,178

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.000

08/26/52

8,670

228,872

(a)

Impac

CMB

Trust

TSFR1M

+

0.774%

6.120

03/25/35

204

1,016,266

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

887

1,026,729

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

882

211,813

(a),(b)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

192

24,838,103

(a),(b)

JP

Morgan

Mortgage

Trust

0.122

06/25/51

161

43,622,436

(a),(b)

JP

Morgan

Mortgage

Trust

0.110

11/25/51

254

5,019,730

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

3,945

43,113,028

(a),(b)

JP

Morgan

Mortgage

Trust

0.119

12/25/51

272

6,093,412

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

4,789

8,163,915

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

01/25/52

6,417

9,801,811

(a),(b)

JP

Morgan

Mortgage

Trust

0.500

04/25/52

277

8,681,049

(a),(b)

JP

Morgan

Mortgage

Trust

3.344

04/25/52

7,112

5,554,936

(a),(b)

JP

Morgan

Mortgage

Trust

3.344

04/25/52

4,501

10,543,011

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

8,273

86,810,271

(b)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

989

13,366,410

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

10,489

22,489,468

(a),(b)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

18,929

17,802,791

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

14,574

9,752,538

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

7,984

5,836,589

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

4,785

3,929,313

(a),(b)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

3,733

3,933,733

(a),(b)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

3,814

7,610,901

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

5,982

1,851,825

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,599

5,180,304

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

4,072

933,165

(a),(b)

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

867

1,825,000

(a),(b)

NLT

Trust

2.569

08/25/56

1,254

5,435,837

(a),(b)

OBX

3.000

01/25/52

4,450

2,342,836

(a),(b)

RCKT

Mortgage

Trust

3.007

09/25/51

1,796

13,925,016

(a),(b)

RCKT

Mortgage

Trust

2.500

02/25/52

10,927

6,076,158

(a),(b)

RCKT

Mortgage

Trust

3.000

05/25/52

4,974

876,869

(a),(b)

RCKT

Mortgage

Trust

4.000

06/25/52

775

258,880

(a),(b)

Sequoia

Mortgage

Trust

4.000

06/25/49

235

1,238,666

(a),(b)

Sequoia

Mortgage

Trust

3.500

12/25/49

1,074

5,595,892

(a),(b)

Sequoia

Mortgage

Trust

2.500

06/25/51

4,440

9,590,000

(a),(b)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

SOFR30A

+

2.400%

7.735

02/25/42

9,840

3,480,000

(a),(b)

STACR

SOFR30A

+

4.750%

10.085

02/25/42

3,717

16,690,000

(a),(b)

STACR

SOFR30A

+

2.900%

8.235

04/25/42

17,366

6,630,000

(a),(b)

STACR

SOFR30A

+

5.650%

8.647

04/25/42

7,222

25,280,000

(a),(b)

STACR

SOFR30A

+

3.350%

8.685

05/25/42

26,573

31,100,000

(a),(b)

STACR

SOFR30A

+

4.500%

9.835

06/25/42

33,775

20,340,000

(a),(b)

STACR

SOFR30A

+

4.000%

9.335

07/25/42

21,749

15,170,000

(a),(b)

STACR

SOFR30A

+

3.700%

9.035

09/25/42

16,171

790,000

(a),(b)

STACR

SOFR30A

+

3.100%

8.444

03/25/43

835

1,215,000

(a),(b)

STACR

SOFR30A

+

3.250%

8.585

04/25/43

1,289

140,861

(a),(b)

STACR

3.791

02/25/48

133

29,416

(a),(b)

STACR

3.848

05/25/48

28

7,430,000

(a),(b)

STACR

SOFR30A

+

4.800%

10.135

10/25/50

8,511

2,070,000

(a),(b)

Verus

Securitization

Trust

3.207

11/25/59

1,917

913,937

(b)

Verus

Securitization

Trust

(Step

Bond)

1.733

05/25/65

860

4,421,563

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

08/25/51

3,625

5,279,747

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.312

08/25/51

4,306

TOTAL

MORTGAGE

BACKED

2,475,615

MUNICIPAL

BONDS

-

2.7%

CREF

Core

Bond

Account

June

30,

2024

250

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,975,000

Chicago

Housing

Authority

3.682

%

01/01/25

$

2,950

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

905

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.750

09/01/37

728

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.000

09/01/48

1,589

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4.029

06/01/39

3,566

4,940,000

City

of

New

York

NY

3.200

12/01/26

4,737

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4.353

07/01/25

1,558

4,055,000

Commonwealth

Financing

Authority

3.864

06/01/38

3,663

19,355,000

Commonwealth

Financing

Authority

3.807

06/01/41

16,504

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.504

10/01/24

3,474

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.604

10/01/25

4,223

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.505

10/01/25

2,323

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.704

10/01/26

2,374

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.049

10/01/26

3,769

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.612

10/01/26

3,632

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.529

10/01/30

4,076

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.732

10/01/37

3,162

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.982

10/01/41

3,205

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4.280

10/01/41

8,083

2,000,000

Duke

University

3.199

10/01/38

1,630

5,080,000

Illinois

Finance

Authority

3.944

08/15/47

4,023

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3.375

09/01/35

4,105

5,680,000

New

York

State

Dormitory

Authority

3.998

07/01/39

5,030

10,605,000

New

York

State

Dormitory

Authority

4.294

07/01/44

9,378

6,000,000

New

York

State

Dormitory

Authority

3.879

07/01/46

4,853

5,000,000

New

York

State

Thruway

Authority

2.256

01/01/25

4,918

6,460,000

New

York

State

Thruway

Authority

2.406

01/01/26

6,200

4,750,000

New

York

State

Thruway

Authority

2.500

01/01/27

4,474

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.387

12/01/24

1,488

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.487

12/01/25

977

1,910,000

Public

Finance

Authority

4.269

07/01/40

1,726

6,360,000

San

Jose

Redevelopment

Agency

Successor

Agency

3.375

08/01/34

5,687

13,060,000

State

of

California

4.600

04/01/38

12,325

10,500,000

State

of

Illinois

3.150

06/15/26

10,108

12,500,000

State

of

Illinois

3.250

06/15/27

11,908

25,552,941

State

of

Illinois

5.100

06/01/33

25,091

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4.103

05/01/39

8,645

9,900,000

State

of

Wisconsin

3.154

05/01/27

9,487

25,860,000

University

of

California

3.063

07/01/25

25,324

17,045,000

University

of

California

3.931

05/15/45

15,437

7,620,000

University

of

Massachusetts

Building

Authority

3.097

11/01/35

6,447

13,000,000

University

of

Massachusetts

Building

Authority

3.434

11/01/40

10,701

20,000,000

University

of

New

Mexico

3.532

06/20/32

18,983

2,160,000

Virginia

Port

Authority

4.228

07/01/36

2,027

390,000

Washington

Convention

&

Sports

Authority

3.969

10/01/30

371

TOTAL

MUNICIPAL

BONDS

286,103

U.S.

TREASURY

SECURITIES

-

20.7%

4,500,000

United

States

Treasury

Bond

4.750

02/15/37

4,671

22,750,000

United

States

Treasury

Bond

3.500

02/15/39

20,471

12,050,000

United

States

Treasury

Bond

3.875

08/15/40

11,175

20,935,000

United

States

Treasury

Bond

4.375

05/15/41

20,530

6,000,000

United

States

Treasury

Bond

2.750

11/15/42

4,598

35,680,000

United

States

Treasury

Bond

3.000

05/15/45

27,733

41,710,000

United

States

Treasury

Bond

2.875

08/15/45

31,678

52,140,000

United

States

Treasury

Bond

2.500

05/15/46

36,641

1,075,000

United

States

Treasury

Bond

3.000

05/15/47

822

251

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

30,710,000

United

States

Treasury

Bond

2.750

%

11/15/47

$

22,327

6,155,000

United

States

Treasury

Bond

3.125

05/15/48

4,787

51,995,000

United

States

Treasury

Bond

3.000

08/15/48

39,449

20,120,000

United

States

Treasury

Bond

3.375

11/15/48

16,340

217,673,513

(h)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/26

207,936

12,930,000

United

States

Treasury

Note

5.000

09/30/25

12,925

2,205,000

United

States

Treasury

Note

0.250

10/31/25

2,072

10,000,000

United

States

Treasury

Note

4.875

11/30/25

9,989

825,000

United

States

Treasury

Note

4.250

12/31/25

817

56,485,000

United

States

Treasury

Note

4.000

02/15/26

55,722

2,765,000

United

States

Treasury

Note

4.625

03/15/26

2,755

3,740,000

United

States

Treasury

Note

4.500

03/31/26

3,720

25,500,000

United

States

Treasury

Note

4.875

04/30/26

25,538

5,515,000

United

States

Treasury

Note

4.500

07/15/26

5,491

2,950,000

United

States

Treasury

Note

4.625

09/15/26

2,946

700,000

United

States

Treasury

Note

4.625

10/15/26

699

6,610,000

United

States

Treasury

Note

4.375

12/15/26

6,572

2,270,000

United

States

Treasury

Note

4.000

01/15/27

2,237

950,000

United

States

Treasury

Note

4.500

04/15/27

949

29,505,000

United

States

Treasury

Note

0.500

10/31/27

25,899

254,164,000

United

States

Treasury

Note

3.500

04/30/28

245,844

1,250,000

United

States

Treasury

Note

1.250

09/30/28

1,098

477,360,000

United

States

Treasury

Note

4.500

05/31/29

480,605

113,120,000

United

States

Treasury

Note

3.500

04/30/30

108,153

2,312,500

United

States

Treasury

Note

4.000

07/31/30

2,268

5,650,000

United

States

Treasury

Note

4.375

11/30/30

5,655

50,000,000

United

States

Treasury

Note

3.750

12/31/30

48,301

67,550,000

United

States

Treasury

Note

4.000

01/31/31

66,191

113,200,000

United

States

Treasury

Note

4.375

05/15/34

113,235

10,000,000

United

States

Treasury

Note

1.125

08/15/40

6,089

85,325,800

United

States

Treasury

Note

2.375

02/15/42

62,115

26,721,000

United

States

Treasury

Note

3.250

05/15/42

22,220

91,758,000

United

States

Treasury

Note

3.375

08/15/42

77,500

54,100,000

United

States

Treasury

Note

3.875

02/15/43

48,901

49,620,000

United

States

Treasury

Note

3.875

05/15/43

44,770

9,560,000

United

States

Treasury

Note

4.375

08/15/43

9,228

13,535,000

United

States

Treasury

Note

4.750

11/15/43

13,715

4,800,000

United

States

Treasury

Note

4.625

05/15/44

4,791

256,002,000

United

States

Treasury

Note

2.250

02/15/52

163,081

44,786,000

United

States

Treasury

Note

3.625

02/15/53

38,100

58,472,000

United

States

Treasury

Note

4.250

02/15/54

55,676

TOTAL

U.S.

TREASURY

SECURITIES

2,225,025

TOTAL

GOVERNMENT

BONDS

5,396,056

(Cost

$5,800,954)

STRUCTURED

ASSETS

-

15.8%

ASSET

BACKED

-

5.2%

1,000,000

(b)

Affirm

Asset

Securitization

Trust

6.820

09/15/28

1,012

Series

-

2023

B

(Class

A)

5,000,000

(a),(b)

AGL

CLO

19

Ltd

TSFR3M

+

2.750%

8.075

07/21/35

5,017

Series

-

2022

19A

(Class

B1)

7,100,000

(a),(b)

AIMCO

CLO

16

Ltd

TSFR3M

+

1.912%

7.229

01/17/35

7,110

Series

-

2021

16A

(Class

B)

15,000,000

(a),(b),(i)

AIMCO

CLO

16

Ltd

TSFR3M

+

1.650%

0.000

07/17/37

15,019

Series

-

2021

16A

(Class

BR)

7,500,000

(a),(b)

AIMCO

CLO

Series

TSFR3M

+

1.762%

7.086

04/20/34

7,505

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2.130

03/18/26

4,071

Series

-

2020

2

(Class

D)

CREF

Core

Bond

Account

June

30,

2024

252

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1.490

%

09/18/26

$

6,012

Series

-

2020

3

(Class

D)

3,499,000

(b)

AMSR

Trust

3.148

01/19/39

3,303

Series

-

2019

SFR1

(Class

C)

74,236

(b)

Asset

Backed

Funding

Corp

NIM

Trust

5.900

07/26/35

0^

Series

-

2005

WMC1

(Class

N1)

9,500,000

(b)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1.380

08/20/27

8,771

Series

-

2021

1A

(Class

A)

4,400,000

(b)

BHG

Securitization

Trust

1.670

10/17/34

4,112

Series

-

2021

B

(Class

B)

1,321,556

(b)

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280

09/26/33

1,272

Series

-

2019

A

(Class

A)

EUR

681,460

(a),(b)

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

6.292

05/22/31

677

Series

-

2021

1A

(Class

D)

1,500,000

(a),(b)

BX

Trust

TSFR1M

+

3.339%

8.668

05/15/38

1,509

Series

-

2023

DELC

(Class

B)

12,138,564

(b)

Capital

Automotive

REIT

2.690

02/15/50

11,879

Series

-

2020

1A

(Class

A1)

5,677,304

(b)

Capital

Automotive

REIT

1.440

08/15/51

5,183

Series

-

2021

1A

(Class

A1)

4,199,156

(b)

Capital

Automotive

REIT

1.920

08/15/51

3,851

Series

-

2021

1A

(Class

A3)

9,725,000

(b)

Cars

Net

Lease

Mortgage

Notes

2.010

12/15/50

8,509

Series

-

2020

1A

(Class

A1)

3,402,818

Carvana

Auto

Receivables

Trust

0.970

03/10/28

3,253

Series

-

2021

N2

(Class

A2)

161,059

Carvana

Auto

Receivables

Trust

1.270

03/10/28

152

Series

-

2021

N2

(Class

D)

EUR

595,590

(a),(b)

Cassia

SRL

EURIBOR

3

M

+

3.500%

7.322

05/22/34

623

Series

-

2022

1A

(Class

B)

4,150,000

(a),(b)

Cayuga

Park

CLO

Ltd

TSFR3M

+

1.912%

1.000

07/17/34

4,159

Series

-

2020

1A

(Class

B1R)

390,876

(a)

C-BASS

Trust

TSFR1M

+

0.274%

3.530

07/25/36

375

Series

-

2006

CB6

(Class

A1)

428,194

(a)

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5.700

02/26/35

388

Series

-

2004

2

(Class

1M2)

5,500,000

(a),(b)

CIFC

Funding

Ltd

TSFR3M

+

3.000%

8.325

10/22/35

5,530

Series

-

2022

7A

(Class

B1)

14,152

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6.200

02/25/30

14

Series

-

2002

1

(Class

AF6)

6,520,000

(a)

Citibank

Credit

Card

Issuance

Trust

TSFR1M

+

0.884%

6.215

05/14/29

6,594

Series

-

2017

A6

(Class

A6)

7,839,075

(b)

DB

Master

Finance

LLC

4.021

05/20/49

7,588

Series

-

2019

1A

(Class

A2II)

36,562,500

(b)

DB

Master

Finance

LLC

2.045

11/20/51

33,570

Series

-

2021

1A

(Class

A2I)

28,860,000

(b)

DB

Master

Finance

LLC

2.493

11/20/51

25,347

Series

-

2021

1A

(Class

A2II)

230,980

(b)

Diamond

Resorts

Owner

Trust

2.700

11/21/33

219

Series

-

2021

1A

(Class

C)

27,789,188

(b)

Domino's

Pizza

Master

Issuer

LLC

2.662

04/25/51

24,663

Series

-

2021

1A

(Class

A2I)

3,800,000

(a),(b)

Dryden

49

Senior

Loan

Fund

TSFR1M

+

1.862%

7.189

07/18/30

3,806

Series

-

2017

49A

(Class

BR)

186,670

(b)

DT

Auto

Owner

Trust

0.840

10/15/26

186

Series

-

2021

1A

(Class

C)

444,045

(a),(b)

Ellington

Loan

Acquisition

Trust

TSFR1M

+

1.214%

6.560

05/25/37

440

Series

-

2007

2

(Class

A2C)

786,955

(b)

FCI

Funding

LLC

1.130

04/15/33

776

Series

-

2021

1A

(Class

A)

4,105,161

(b)

FNA

VI

LLC

1.350

01/10/32

3,767

Series

-

2021

1A

(Class

A)

253

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

982,219

(a),(b)

Gracie

Point

International

Funding

LLC

7.299

%

09/01/26

$

992

Series

-

2023

1A

(Class

A)

13,000,000

(a),(b)

Gracie

Point

International

Funding

LLC

7.050

03/01/28

13,051

Series

-

2024

1A

(Class

A)

4,000,000

(b)

GSCG

Trust

2.936

09/06/34

3,024

Series

-

2019

600C

(Class

A)

210,115

(b)

HERO

Funding

Trust

3.280

09/20/48

183

Series

-

2017

2A

(Class

A1)

420,230

(b)

HERO

Funding

Trust

4.070

09/20/48

376

Series

-

2017

2A

(Class

A2)

24,000,000

(b)

Hertz

Vehicle

Financing

LLC

1.210

12/26/25

23,682

Series

-

2021

1A

(Class

A)

1,937,545

(b)

Hilton

Grand

Vacations

Trust

2.340

07/25/33

1,859

Series

-

2019

AA

(Class

A)

268,947

(a)

Home

Equity

Asset

Trust

TSFR1M

+

1.614%

3.986

06/25/33

258

Series

-

2003

1

(Class

M1)

12,900,000

(b)

Hotwire

Funding

LLC

5.893

06/20/54

13,059

Series

-

2024

1A

(Class

A2)

1,499,931

(a),(b)

Invitation

Homes

Trust

TSFR1M

+

1.364%

6.693

01/17/38

1,502

Series

-

2018

SFR4

(Class

B)

2,014,265

(b)

JG

Wentworth

XXII

LLC

3.820

12/15/48

2,012

Series

-

2010

3A

(Class

A)

3,500,000

(a),(b)

Madison

Park

Funding

LV

Ltd

TSFR1M

+

2.900%

8.227

07/18/35

3,507

Series

-

2022

55A

(Class

B1)

5,500,000

(a),(b)

Madison

Park

Funding

XXI

Ltd

TSFR3M

+

1.912%

7.240

10/15/32

5,511

Series

-

2016

21A

(Class

A2RR)

3,500,000

(a),(b)

Massachusetts

St

TSFR1M

+

1.912%

7.240

01/15/35

3,508

Series

-

2021

3A

(Class

B)

2,288,826

(b)

MVW

LLC

1.140

01/22/41

2,136

Series

-

2021

1WA

(Class

A)

801,734

(b)

MVW

Owner

Trust

3.450

01/21/36

800

Series

-

2018

1A

(Class

A)

917,682

(b)

MVW

Owner

Trust

2.890

11/20/36

895

Series

-

2019

1A

(Class

A)

3,140,721

(b)

MVW

Owner

Trust

2.220

10/20/38

2,999

Series

-

2019

2A

(Class

A)

1,967,632

(b)

Navient

Private

Education

Refi

Loan

Trust

1.310

01/15/69

1,812

Series

-

2020

HA

(Class

A)

4,027,560

(b)

Navient

Private

Education

Refi

Loan

Trust

0.840

05/15/69

3,558

Series

-

2021

A

(Class

A)

1,698,732

(b)

Navient

Student

Loan

Trust

3.390

12/15/59

1,631

Series

-

2019

BA

(Class

A2A)

810,759

(a),(b)

Navient

Student

Loan

Trust

LIBOR

1

M

+

1.094%

6.423

12/15/59

809

Series

-

2019

BA

(Class

A2B)

10,000,000

(a),(b)

Neuberger

Berman

CLO

Ltd

TSFR1M

+

1.800%

7.124

04/25/36

10,020

Series

-

2022

48A

(Class

B)

8,600,000

(a),(b)

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

TSFR1M

+

1.812%

7.136

04/20/31

8,608

Series

-

2019

31A

(Class

BR)

1,000,000

(a),(b)

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

TSFR1M

+

1.862%

7.179

07/17/35

1,003

Series

-

2021

43A

(Class

B)

6,650,000

(a),(b)

OHA

Credit

Funding

10

Ltd

TSFR1M

+

1.912%

7.239

01/18/36

6,668

Series

-

2021

10A

(Class

B)

2,250,000

(a),(b)

OHA

Credit

Funding

6

Ltd

TSFR1M

+

1.912%

7.236

07/20/34

2,254

Series

-

2020

6A

(Class

BR)

10,015,000

(b)

OneMain

Financial

Issuance

Trust

4.890

10/14/34

9,937

Series

-

2022

2A

(Class

A)

17,350,000

(b)

OneMain

Financial

Issuance

Trust

1.750

09/14/35

16,200

Series

-

2020

2A

(Class

A)

21,646,000

(a),(b)

OneMain

Financial

Issuance

Trust

SOFR30A

+

0.760%

6.093

06/16/36

21,601

Series

-

2021

1A

(Class

A2)

1,460,689

(b)

Oportun

Funding

XIV

LLC

1.210

03/08/28

1,417

Series

-

2021

A

(Class

A)

CREF

Core

Bond

Account

June

30,

2024

254

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,000,000

(a),(b)

Palmer

Square

CLO

Ltd

TSFR1M

+

1.800%

7.125

%

04/20/35

$

8,021

Series

-

2022

1A

(Class

B)

1,450,000

(b)

Progress

Residential

Trust

2.711

11/17/40

1,283

Series

-

2021

SFR9

(Class

D)

980,570

Santander

Drive

Auto

Receivables

Trust

2.220

09/15/26

979

Series

-

2020

2

(Class

D)

1,337,664

Santander

Drive

Auto

Receivables

Trust

1.480

01/15/27

1,321

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1.670

10/15/27

32,706

Series

-

2021

4

(Class

D)

20,030,500

(b)

SERVPRO

Master

Issuer

LLC

2.394

04/25/51

17,656

Series

-

2021

1A

(Class

A2)

1,054,941

(b)

Sierra

Timeshare

Receivables

Funding

LLC

2.590

05/20/36

1,053

Series

-

2019

2A

(Class

A)

635,382

(b)

Sierra

Timeshare

Receivables

Funding

LLC

2.340

08/20/36

630

Series

-

2019

3A

(Class

A)

829,657

(b)

Sierra

Timeshare

Receivables

Funding

LLC

0.990

11/20/37

789

Series

-

2021

1A

(Class

A)

899,571

(b)

Sierra

Timeshare

Receivables

Funding

LLC

1.340

11/20/37

855

Series

-

2021

1A

(Class

B)

498,726

(b)

Sierra

Timeshare

Receivables

Funding

LLC

1.790

11/20/37

475

Series

-

2021

1A

(Class

C)

729,274

(b)

SMB

Private

Education

Loan

Trust

2.430

02/17/32

718

Series

-

2016

B

(Class

A2A)

1,735,045

(b)

SMB

Private

Education

Loan

Trust

2.880

09/15/34

1,702

Series

-

2017

A

(Class

A2A)

2,605,642

(b)

SMB

Private

Education

Loan

Trust

2.820

10/15/35

2,530

Series

-

2017

B

(Class

A2A)

1,339,467

(b)

SMB

Private

Education

Loan

Trust

3.500

02/15/36

1,301

Series

-

2018

A

(Class

A2A)

1,254,151

(b)

SoFi

Professional

Loan

Program

LLC

2.840

01/25/41

1,225

Series

-

2017

F

(Class

A2FX)

2,060,345

(b)

SoFi

Professional

Loan

Program

LLC

2.950

02/25/42

2,021

Series

-

2018

A

(Class

A2B)

1,218,768

(b)

SoFi

Professional

Loan

Program

LLC

3.690

06/15/48

1,183

Series

-

2019

A

(Class

A2FX)

2,823,702

(b)

SpringCastle

America

Funding

LLC

1.970

09/25/37

2,581

Series

-

2020

AA

(Class

A)

9,021,000

(b)

SpringCastle

America

Funding

LLC

2.660

09/25/37

8,113

Series

-

2020

AA

(Class

B)

6,475,000

(b)

Stack

Infrastructure

Issuer

LLC

1.893

08/25/45

6,160

Series

-

2020

1A

(Class

A2)

5,875,000

(b)

Stack

Infrastructure

Issuer

LLC

1.877

03/26/46

5,468

Series

-

2021

1A

(Class

A2)

228,298

(a)

Structured

Asset

Investment

Loan

Trust

TSFR1M

+

1.014%

6.360

09/25/34

217

Series

-

2004

8

(Class

M1)

1,781,250

(b)

Taco

Bell

Funding

LLC

4.970

05/25/46

1,747

Series

-

2016

1A

(Class

A23)

26,399,775

(b)

Taco

Bell

Funding

LLC

1.946

08/25/51

24,002

Series

-

2021

1A

(Class

A2I)

16,122,825

(b)

Taco

Bell

Funding

LLC

2.294

08/25/51

13,979

Series

-

2021

1A

(Class

A2II)

1,050,000

(b)

Tesla

Auto

Lease

Trust

6.570

08/20/27

1,060

Series

-

2023

B

(Class

B)

7,000,000

(a),(b)

TICP

CLO

VIII

Ltd

TSFR3M

+

1.962%

7.286

10/20/34

7,009

Series

-

2017

8A

(Class

A2R)

1,275,000

(b)

Tricon

American

Homes

Trust

2.049

07/17/38

1,188

Series

-

2020

SFR1

(Class

B)

19,132,702

(b)

Wendy's

Funding

LLC

2.370

06/15/51

16,676

Series

-

2021

1A

(Class

A2I)

255

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

18,300,000

(b)

Ziply

Fiber

Issuer

LLC

6.640

%

04/20/54

$

18,588

Series

-

2024

1A

(Class

A2)

TOTAL

ASSET

BACKED

564,370

OTHER

MORTGAGE

BACKED

-

10.6%

12,000,000

(a),(b)

20

TSQ

GROUNDCO

LLC

3.203

05/15/35

9,828

Series

-

2018

20TS

(Class

E)

71,510

(a),(b)

ACRE

Commercial

Mortgage

Ltd

TSFR1M

+

0.944%

6.276

12/18/37

71

Series

-

2021

FL4

(Class

A)

987,325

(a),(b)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

877

Series

-

2015

6

(Class

A9)

GBP

599,776

(a)

Agora

Securities

SONIA

Interest

Rate

Benchmark

+

1.900%

7.133

07/22/31

742

Series

-

2021

1X

(Class

C)

5,000,000

(a),(b)

Alen

Mortgage

Trust

TSFR1M

+

2.364%

7.693

04/15/34

3,856

Series

-

2021

ACEN

(Class

C)

GBP

420,888

(a),(b)

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

7.133

07/22/31

446

Series

-

2021

1A

(Class

D)

3,400,000

(a)

BANK

6.268

02/15/29

3,470

Series

-

2024

5YR5

(Class

AS)

1,067,340

(a)

BANK

4.086

11/15/50

926

Series

-

2017

BNK8

(Class

B)

2,500,000

(a)

BANK

4.230

11/15/50

1,854

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3.093

10/17/52

858

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3.203

12/15/52

3,316

Series

-

2019

BN23

(Class

AS)

2,675,000

BANK

5.769

06/15/57

2,715

Series

-

2024

5YR7

(Class

A3)

1,000,000

(a)

BANK

3.851

07/15/60

877

Series

-

2017

BNK6

(Class

C)

1,630,612

BANK

2.758

09/15/62

1,454

Series

-

2019

BN20

(Class

A2)

8,000,000

(a)

BANK

3.283

11/15/62

7,024

Series

-

2019

BN24

(Class

AS)

1,183,000

(a)

BANK

3.634

11/15/62

955

Series

-

2019

BN24

(Class

C)

1,250,000

(a),(b)

BBCMS

Mortgage

Trust

4.409

08/05/38

979

Series

-

2018

CHRS

(Class

E)

2,693,864

BBCMS

Mortgage

Trust

3.488

02/15/50

2,620

Series

-

2017

C1

(Class

ASB)

4,000,000

BBCMS

Mortgage

Trust

5.753

04/15/56

3,996

Series

-

2023

C19

(Class

A2B)

4,700,000

(a)

BBCMS

Mortgage

Trust

6.383

07/15/56

4,809

Series

-

2023

C20

(Class

A2)

4,600,000

(a),(b)

Benchmark

Mortgage

Trust

2.791

09/15/48

3,748

Series

-

2020

IG2

(Class

AM)

2,740,000

(a),(b)

Benchmark

Mortgage

Trust

3.229

09/15/48

2,206

Series

-

2020

IG3

(Class

AS)

2,500,000

(a),(b)

Benchmark

Mortgage

Trust

3.654

09/15/48

2,243

Series

-

2020

IG3

(Class

BXA)

3,000,000

(a)

Benchmark

Mortgage

Trust

4.425

02/15/51

2,499

Series

-

2018

B2

(Class

C)

3,452,143

Benchmark

Mortgage

Trust

4.016

03/15/52

3,214

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3.784

05/15/52

2,684

Series

-

2019

B11

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4.241

05/15/53

786

Series

-

2018

B7

(Class

A3)

3,500,000

(a)

Benchmark

Mortgage

Trust

4.510

05/15/53

3,359

Series

-

2018

B7

(Class

A4)

CREF

Core

Bond

Account

June

30,

2024

256

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,000,000

Benchmark

Mortgage

Trust

2.355

%

07/15/54

$

735

Series

-

2021

B27

(Class

B)

10,000,000

(a)

Benchmark

Mortgage

Trust

2.244

08/15/54

7,723

Series

-

2021

B28

(Class

B)

3,150,000

Benchmark

Mortgage

Trust

2.429

08/15/54

2,520

Series

-

2021

B28

(Class

AS)

9,500,000

BMARK

AS

2.612

09/15/54

7,697

Series

-

2021

B29

(Class

AS)

2,360,000

(b)

BWAY

Mortgage

Trust

3.402

02/10/44

1,880

Series

-

2022

26BW

(Class

A)

5,000,000

(a),(b)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.035%

6.364

12/15/38

4,948

Series

-

2021

CIP

(Class

A)

7,500,000

(a),(b)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.385%

6.714

12/15/38

7,410

Series

-

2021

CIP

(Class

B)

997,487

(a),(b)

BX

TRUST

TSFR1M

+

2.949%

8.278

08/15/39

997

Series

-

2022

PSB

(Class

B)

1,325,000

(b)

BXP

Trust

3.459

08/13/37

1,221

Series

-

2017

CC

(Class

A)

5,000,000

(b)

BXP

Trust

2.618

01/15/44

3,951

Series

-

2021

601L

(Class

A)

7,000,000

(a),(b)

BXP

Trust

2.868

01/15/44

5,172

Series

-

2021

601L

(Class

C)

2,500,000

(a),(b)

BXP

Trust

2.868

01/15/44

1,709

Series

-

2021

601L

(Class

D)

2,214,418

CD

Mortgage

Trust

2.622

08/10/49

2,137

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2.926

08/10/49

8,146

Series

-

2016

CD1

(Class

AM)

5,750,000

(a)

CD

Mortgage

Trust

3.879

11/10/49

4,797

Series

-

2016

CD2

(Class

B)

1,000,000

(a)

CD

Mortgage

Trust

4.109

11/10/49

756

Series

-

2016

CD2

(Class

C)

505,295

CD

Mortgage

Trust

3.453

02/10/50

491

Series

-

2017

CD3

(Class

AAB)

500,000

(a)

CD

Mortgage

Trust

4.689

02/10/50

197

Series

-

2017

CD3

(Class

C)

3,060,890

CD

Mortgage

Trust

3.220

08/15/50

2,955

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2.812

08/15/57

3,249

Series

-

2019

CD8

(Class

ASB)

17,179,533

(b)

CF

Hippolyta

LLC

1.690

07/15/60

16,280

Series

-

2020

1

(Class

A1)

5,020,640

(b)

CF

Hippolyta

LLC

1.990

07/15/60

4,360

Series

-

2020

1

(Class

A2)

2,941,208

(b)

CF

Hippolyta

LLC

2.280

07/15/60

2,748

Series

-

2020

1

(Class

B1)

18,848,951

(b)

CF

Hippolyta

LLC

1.530

03/15/61

17,265

Series

-

2021

1A

(Class

A1)

4,476,626

(b)

CF

Hippolyta

LLC

1.980

03/15/61

3,996

Series

-

2021

1A

(Class

B1)

863,882

CFCRE

Commercial

Mortgage

Trust

3.121

05/10/58

849

Series

-

2016

C4

(Class

AHR)

205,466

(a)

CHL

Mortgage

Pass-Through

Trust

5.069

02/20/35

205

Series

-

2004

HYB9

(Class

1A1)

2,500,000

(a),(b)

Citigroup

Commercial

Mortgage

Trust

3.635

05/10/35

2,409

Series

-

2013

375P

(Class

B)

2,350,000

Citigroup

Commercial

Mortgage

Trust

4.017

10/10/47

2,338

Series

-

2014

GC25

(Class

AS)

2,137,000

Citigroup

Commercial

Mortgage

Trust

3.457

04/10/48

2,073

Series

-

2015

GC29

(Class

AS)

1,700,000

(a)

Citigroup

Commercial

Mortgage

Trust

3.758

04/10/48

1,651

Series

-

2015

GC29

(Class

B)

257

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.274

%

04/10/48

$

2,835

Series

-

2015

GC29

(Class

C)

3,596,670

Citigroup

Commercial

Mortgage

Trust

3.243

08/15/50

3,474

Series

-

2017

B1

(Class

AAB)

7,765,000

Citigroup

Commercial

Mortgage

Trust

3.764

10/12/50

7,104

Series

-

2017

C4

(Class

AS)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3.778

09/10/58

1,938

Series

-

2015

GC33

(Class

A4)

5,000,000

(b)

COMM

Mortgage

Trust

3.244

10/10/29

4,627

Series

-

2017

PANW

(Class

A)

3,000,000

(b)

COMM

Mortgage

Trust

3.376

01/10/39

2,660

Series

-

2022

HC

(Class

C)

123,617

COMM

Mortgage

Trust

2.853

10/15/45

114

Series

-

2012

CR4

(Class

A3)

1,346,698

(a),(b)

COMM

Mortgage

Trust

3.658

06/10/46

1,311

Series

-

2013

CR8

(Class

B)

750,000

COMM

Mortgage

Trust

4.174

05/10/47

720

Series

-

2014

CR17

(Class

AM)

2,500,000

(a),(b)

COMM

Mortgage

Trust

4.767

06/10/47

1,121

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3.917

10/10/47

5,218

Series

-

2014

LC17

(Class

A5)

5,205,000

(a)

COMM

Mortgage

Trust

4.188

10/10/47

5,172

Series

-

2014

LC17

(Class

AM)

4,658,546

(a)

COMM

Mortgage

Trust

4.490

10/10/47

4,598

Series

-

2014

LC17

(Class

B)

2,825,979

(a)

COMM

Mortgage

Trust

3.829

02/10/48

2,675

Series

-

2015

LC19

(Class

B)

1,000,000

(b)

COMM

Mortgage

Trust

3.000

03/10/48

665

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3.309

03/10/48

1,416

Series

-

2015

CR22

(Class

A5)

5,592,775

(a)

COMM

Mortgage

Trust

3.603

03/10/48

5,284

Series

-

2015

CR22

(Class

AM)

2,500,000

(a)

COMM

Mortgage

Trust

3.926

03/10/48

2,311

Series

-

2015

CR22

(Class

B)

2,696,000

(a)

COMM

Mortgage

Trust

4.200

03/10/48

2,409

Series

-

2015

CR22

(Class

C)

7,405,000

COMM

Mortgage

Trust

3.801

05/10/48

7,228

Series

-

2015

CR23

(Class

AM)

4,500,000

(a)

COMM

Mortgage

Trust

4.183

05/10/48

4,390

Series

-

2015

CR23

(Class

B)

2,549,000

(a)

COMM

Mortgage

Trust

4.413

05/10/48

2,419

Series

-

2015

CR23

(Class

C)

690,679

COMM

Mortgage

Trust

3.421

07/10/48

685

Series

-

2015

LC21

(Class

ASB)

4,000,000

(a)

COMM

Mortgage

Trust

3.463

08/10/48

3,529

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3.696

08/10/48

2,492

Series

-

2015

CR24

(Class

A5)

5,000,000

(a)

COMM

Mortgage

Trust

4.028

08/10/48

4,857

Series

-

2015

CR24

(Class

AM)

1,467,000

(a)

COMM

Mortgage

Trust

4.494

08/10/48

1,348

Series

-

2015

CR24

(Class

C)

2,000,000

(a)

COMM

Mortgage

Trust

4.494

08/10/48

1,918

Series

-

2015

CR24

(Class

B)

1,352,000

COMM

Mortgage

Trust

3.612

10/10/48

1,315

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3.630

10/10/48

3,116

Series

-

2015

CR26

(Class

A4)

2,075,000

COMM

Mortgage

Trust

3.774

10/10/48

2,022

Series

-

2015

LC23

(Class

A4)

CREF

Core

Bond

Account

June

30,

2024

258

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,875,000

(a)

COMM

Mortgage

Trust

4.613

%

10/10/48

$

1,778

Series

-

2015

CR26

(Class

B)

4,855,000

(a)

COMM

Mortgage

Trust

4.696

10/10/48

4,603

Series

-

2015

LC23

(Class

C)

967,548

COMM

Mortgage

Trust

3.651

02/10/49

953

Series

-

2016

CR28

(Class

AHR)

4,650,000

(a)

COMM

Mortgage

Trust

4.759

02/10/49

4,338

Series

-

2016

CR28

(Class

B)

4,600,000

(a)

COMM

Mortgage

Trust

4.498

05/10/51

4,140

Series

-

2018

COR3

(Class

AM)

1,550,000

COMM

Mortgage

Trust

3.263

08/15/57

1,361

Series

-

2019

GC44

(Class

AM)

2,000,000

(a)

COMM

Mortgage

Trust

3.638

08/15/57

1,611

Series

-

2019

GC44

(Class

C)

626,400

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.250%

6.349

03/25/42

697

Series

-

2022

R03

(Class

1B1)

18,955,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.500%

8.835

03/25/42

19,976

Series

-

2022

R03

(Class

1M2)

5,970,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.000%

8.335

04/25/42

6,187

Series

-

2022

R05

(Class

2M2)

30,200,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.850%

9.185

05/25/42

32,057

Series

-

2022

R06

(Class

1M2)

9,505,000

(a),(b)

Connecticut

Avenue

Securities

Trust

TSFR1M

+

3.600%

8.935

07/25/42

10,082

Series

-

2022

R08

(Class

1M2)

12,890,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.750%

10.085

09/25/42

14,080

Series

-

2022

R09

(Class

2M2)

870,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.750%

12.085

09/25/42

973

Series

-

2022

R09

(Class

2B1)

16,045,000

(a),(b)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.750%

9.085

12/25/42

17,215

Series

-

2023

R01

(Class

1M2)

7,400,000

(a),(b)

Credit

Suisse

Commercial

Mortgage

Trust

3.854

11/10/32

5,512

Series

-

2017

CALI

(Class

B)

4,270,400

(a),(b)

Credit

Suisse

Mortgage

Capital

Certificates

3.388

10/25/59

3,937

Series

-

2019

NQM1

(Class

M1)

7,432,077

(a),(b)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

6,294

Series

-

2021

NQM8

(Class

A3)

9,500,000

DBGS

Mortgage

Trust

4.466

10/15/51

8,902

Series

-

2018

C1

(Class

A4)

4,417,372

DBJPM

Mortgage

Trust

2.756

08/10/49

4,290

Series

-

2016

C3

(Class

ASB)

5,765,833

DBJPM

Mortgage

Trust

3.121

06/10/50

5,592

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2.340

08/15/53

4,328

Series

-

2020

C9

(Class

AM)

2,000,000

(a),(b)

DBSG

Mortgage

Trust

6.595

06/10/37

2,005

Series

-

2024

ALTA

(Class

B)

17,410,000

(b)

DBUBS

Mortgage

Trust

3.452

10/10/34

16,642

Series

-

2017

BRBK

(Class

A)

15,500,000

(a),(b)

DBUBS

Mortgage

Trust

3.648

10/10/34

14,480

Series

-

2017

BRBK

(Class

B)

4,994,187

(a),(b)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

1.235%

6.564

11/15/38

4,937

Series

-

2021

ELP

(Class

B)

6,991,862

(a),(b)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

1.434%

6.763

11/15/38

6,904

Series

-

2021

ELP

(Class

C)

4,165,152

(a),(b)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

2.233%

7.562

11/15/38

4,101

Series

-

2021

ELP

(Class

E)

1,499,970

(a),(b)

EQUS

Mortgage

Trust

TSFR1M

+

0.869%

6.198

10/15/38

1,487

Series

-

2021

EQAZ

(Class

A)

2,236,180

(a),(b)

Flagstar

Mortgage

Trust

3.985

10/25/47

1,965

Series

-

2017

2

(Class

B3)

95,743

(a),(b)

Flagstar

Mortgage

Trust

4.000

09/25/48

88

Series

-

2018

5

(Class

A11)

259

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,070,800

(a),(b)

Flagstar

Mortgage

Trust

2.500

%

04/25/51

$

2,415

Series

-

2021

2

(Class

A4)

8,711,431

(a),(b)

Flagstar

Mortgage

Trust

2.500

06/01/51

6,847

Series

-

2021

4

(Class

A21)

359,374

Ford

Credit

Auto

Owner

Trust

5.140

03/15/26

359

Series

-

2023

A

(Class

A2A)

359,374

(a)

Ford

Credit

Auto

Owner

Trust

SOFR30A

+

0.720%

6.053

03/15/26

360

Series

-

2023

A

(Class

A2B)

2,580,000

(b)

Frontier

Issuer

LLC

6.600

08/20/53

2,595

Series

-

2023

1

(Class

A2)

GBP

882,431

(a),(b)

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

8.133

11/20/33

1,086

Series

-

2021

1A

(Class

GBD)

5,000,000

(a),(b)

GS

Mortgage

Securities

Corp

II

TSFR1M

+

1.364%

6.693

11/15/36

4,945

Series

-

2021

ARDN

(Class

A)

3,600,000

(a),(b)

GS

Mortgage

Securities

Corp

II

TSFR1M

+

3.464%

8.793

11/15/36

3,550

Series

-

2021

ARDN

(Class

E)

1,130,000

(a),(b)

GS

Mortgage

Securities

Corp

II

3.591

09/10/37

1,037

Series

-

2017

375H

(Class

A)

2,500,000

(a),(b)

GS

Mortgage

Securities

Corp

II

3.599

09/10/37

2,235

Series

-

2017

375H

(Class

B)

1,350,000

(a)

GS

Mortgage

Securities

Corp

II

3.777

05/10/50

1,307

Series

-

2015

GC30

(Class

AS)

5,235,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

TSFR1M

+

1.897%

7.226

07/15/31

2,042

Series

-

2018

TWR

(Class

D)

1,500,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

TSFR1M

+

2.164%

7.493

11/15/36

1,472

Series

-

2021

ARDN

(Class

C)

3,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

TSFR1M

+

2.864%

8.193

11/15/36

2,962

Series

-

2021

ARDN

(Class

D)

2,000,000

(a),(b)

GS

Mortgage

Securities

Trust

TSFR1M

+

1.747%

7.076

07/15/31

1,200

Series

-

2018

TWR

(Class

C)

116,734

GS

Mortgage

Securities

Trust

3.206

02/10/48

116

Series

-

2015

GC28

(Class

AAB)

2,816,500

GS

Mortgage

Securities

Trust

3.396

02/10/48

2,789

Series

-

2015

GC28

(Class

A5)

7,400,000

(a)

GS

Mortgage

Securities

Trust

4.018

07/10/48

7,201

Series

-

2015

GC32

(Class

AS)

905,243

GS

Mortgage

Securities

Trust

3.278

10/10/48

889

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

1,865

Series

-

2016

GS3

(Class

AS)

1,500,000

(a)

GS

Mortgage

Securities

Trust

4.076

11/10/49

1,274

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3.674

03/10/50

1,883

Series

-

2017

GS5

(Class

A4)

4,250,000

(a)

GS

Mortgage

Securities

Trust

3.826

03/10/50

3,910

Series

-

2017

GS5

(Class

AS)

6,460,275

GS

Mortgage

Securities

Trust

3.230

05/10/50

6,284

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3.433

05/10/50

5,613

Series

-

2017

GS6

(Class

A3)

2,540,000

(a)

GS

Mortgage

Securities

Trust

4.159

05/10/50

2,404

Series

-

2015

GC30

(Class

B)

5,000,000

(a)

GS

Mortgage

Securities

Trust

4.203

05/10/50

4,562

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3.837

11/10/50

2,831

Series

-

2017

GS8

(Class

ABP)

4,844,000

(a)

GS

Mortgage

Securities

Trust

4.463

11/10/50

4,308

Series

-

2017

GS8

(Class

C)

3,050,000

(a)

GS

Mortgage

Securities

Trust

4.158

02/10/52

2,817

Series

-

2019

GC38

(Class

AS)

2,500,000

(a)

GS

Mortgage

Securities

Trust

3.173

02/13/53

2,176

Series

-

2020

GC45

(Class

AS)

CREF

Core

Bond

Account

June

30,

2024

260

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,190,000

GS

Mortgage

Securities

Trust

2.012

%

12/12/53

$

1,763

Series

-

2020

GSA2

(Class

A5)

134,499

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

123

Series

-

2019

PJ2

(Class

A1)

351,339

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

322

Series

-

2019

PJ2

(Class

A4)

851,983

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

711

Series

-

2020

PJ4

(Class

A4)

34,354,222

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

0.262

03/27/51

427

Series

-

2020

PJ5

(Class

AX1)

1,174,254

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

981

Series

-

2020

PJ5

(Class

A4)

1,863,528

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

1,490

Series

-

2020

PJ6

(Class

A4)

11,867,729

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

9,335

Series

-

2021

PJ5

(Class

A4)

11,359,912

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

9,299

Series

-

2022

PJ2

(Class

A36)

4,125,302

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

3,382

Series

-

2022

PJ4

(Class

A36)

994,555

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.631

05/25/50

841

Series

-

2020

PJ1

(Class

B2)

20,710,555

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

16,278

Series

-

2021

PJ7

(Class

A4)

9,531,537

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,494

Series

-

2021

PJ8

(Class

A4)

3,331,133

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2.721

01/25/52

2,574

Series

-

2021

PJ7

(Class

B2)

2,242,602

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.245

06/25/52

1,734

Series

-

2022

LTV1

(Class

B3)

6,805,176

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.000

07/25/52

5,570

Series

-

2022

INV1

(Class

A4)

9,060,324

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.000

09/25/52

7,416

Series

-

2022

HP1

(Class

A4)

6,781,933

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

5,552

Series

-

2022

PJ5

(Class

A36)

5,387,681

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

4,410

Series

-

2022

PJ6

(Class

A24)

8,019,425

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

6,846

Series

-

2023

PJ1

(Class

A24)

4,500,000

(b)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

4,211

Series

-

2016

10HY

(Class

A)

2,500,000

(a),(b)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

2,331

Series

-

2016

10HY

(Class

B)

7,250,000

(a),(b)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

6,713

Series

-

2016

10HY

(Class

C)

4,750,000

(a),(b)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

3,863

Series

-

2019

55HY

(Class

D)

2,750,000

(a),(b)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

2,185

Series

-

2019

55HY

(Class

E)

2,225,523

(a),(b)

Imperial

Fund

Mortgage

Trust

2.051

10/25/55

2,012

Series

-

2020

NQM1

(Class

A3)

1,043,500

(a),(b)

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

898

Series

-

2020

NQM1

(Class

M1)

1,000,000

(a),(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4.767

07/05/31

623

Series

-

2018

AON

(Class

D)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.914

01/15/49

1,727

Series

-

2015

JP1

(Class

A5)

2,206,483

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2.713

08/15/49

2,153

Series

-

2016

JP2

(Class

ASB)

2,982,526

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.379

09/15/50

2,940

Series

-

2017

JP7

(Class

A3)

261

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,155,000

(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.065

%

01/16/37

$

2,474

Series

-

2020

NNN

(Class

BFX)

2,146,976

(a),(b)

JP

Morgan

Mortgage

Trust

6.646

12/25/44

2,072

Series

-

2015

1

(Class

B1)

185,256

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

05/25/45

166

Series

-

2015

3

(Class

A19)

1,920,403

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

10/25/45

1,701

Series

-

2015

6

(Class

A13)

2,149,473

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

1,848

Series

-

2018

3

(Class

A13)

3,007,635

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

2,608

Series

-

2018

5

(Class

A13)

1,812,850

(a),(b)

JP

Morgan

Mortgage

Trust

5.518

10/26/48

1,806

Series

-

2017

5

(Class

A2)

625,817

(a),(b)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

566

Series

-

2018

9

(Class

A13)

487,563

(a),(b)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

448

Series

-

2019

1

(Class

A15)

6,477,317

(a),(b)

JP

Morgan

Mortgage

Trust

3.821

06/25/50

5,597

Series

-

2020

1

(Class

B2)

27,733,092

(a),(b)

JP

Morgan

Mortgage

Trust

0.138

07/25/51

204

Series

-

2021

3

(Class

AX1)

19,601,320

(a),(b)

JP

Morgan

Mortgage

Trust

0.131

08/25/51

137

Series

-

2021

4

(Class

AX1)

2,347,781

(a),(b)

JP

Morgan

Mortgage

Trust

2.881

08/25/51

1,832

Series

-

2021

4

(Class

B2)

37,471,753

(a),(b)

JP

Morgan

Mortgage

Trust

0.135

10/25/51

279

Series

-

2021

6

(Class

AX1)

7,003,703

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

5,509

Series

-

2021

6

(Class

A15)

10,030,821

(a),(b)

JP

Morgan

Mortgage

Trust

0.400

12/25/51

224

Series

-

2021

INV2

(Class

AX4)

2,357,551

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

1,853

Series

-

2021

10

(Class

A15)

2,371,681

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

1,861

Series

-

2021

12

(Class

A15)

3,640,230

(a),(b)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

2,857

Series

-

2021

14

(Class

A15)

2,399,821

(a),(b)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

1,950

Series

-

2021

LTV2

(Class

A3)

16,322,012

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

13,361

Series

-

2022

2

(Class

A25)

6,976,540

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

09/25/52

5,707

Series

-

2022

INV3

(Class

A6)

11,387,858

(a),(b)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

9,736

Series

-

2022

LTV2

(Class

A6)

6,587,220

(a),(b)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

5,392

Series

-

2022

7

(Class

1A17)

2,248,863

(a),(b)

JP

Morgan

Mortgage

Trust

4.000

12/25/52

2,011

Series

-

2022

7

(Class

2A6A)

4,105,508

JPMBB

Commercial

Mortgage

Securities

Trust

3.997

08/15/47

4,034

Series

-

2014

C21

(Class

AS)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.110

09/15/47

2,864

Series

-

2014

C22

(Class

AS)

2,686,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.602

09/15/47

2,654

Series

-

2014

C23

(Class

B)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.898

02/15/48

2,686

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.611

05/15/48

2,505

Series

-

2015

C29

(Class

A4)

2,500,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

3.917

05/15/48

2,439

Series

-

2015

C29

(Class

AS)

CREF

Core

Bond

Account

June

30,

2024

262

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,350,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.118

%

05/15/48

$

2,240

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.106

08/15/48

3,342

Series

-

2015

C31

(Class

AS)

3,000,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.777

08/15/48

2,440

Series

-

2015

C31

(Class

C)

9,952,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.777

08/15/48

8,919

Series

-

2015

C31

(Class

B)

1,820,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.858

03/17/49

1,664

Series

-

2016

C1

(Class

C)

2,410,915

JPMCC

Commercial

Mortgage

Securities

Trust

3.457

03/15/50

2,300

Series

-

2017

JP5

(Class

A4)

697,357

JPMCC

Commercial

Mortgage

Securities

Trust

3.549

03/15/50

677

Series

-

2017

JP5

(Class

ASB)

1,000,000

(a)

JPMCC

Commercial

Mortgage

Securities

Trust

3.904

03/15/50

832

Series

-

2017

JP5

(Class

C)

1,000,000

(a)

JPMDB

Commercial

Mortgage

Securities

Trust

3.167

12/15/49

756

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3.694

03/15/50

2,830

Series

-

2017

C5

(Class

A5)

7,575,000

JPMDB

Commercial

Mortgage

Securities

Trust

2.536

05/13/53

5,554

Series

-

2020

COR7

(Class

AS)

2,005,427

(b)

Ladder

Capital

Commercial

Mortgage

Securities

3.575

02/15/36

1,880

Series

-

2013

GCP

(Class

A1)

2,975,587

(b)

Ladder

Capital

Commercial

Mortgage

Securities

3.357

07/12/50

2,887

Series

-

2017

LC26

(Class

ASB)

EUR

589,114

(a),(b)

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1.000

08/17/33

619

Series

-

2021

1A

(Class

E)

EUR

599,877

(a),(b)

Last

Mile

Securities

EURIBOR

3

M

+

2.350%

6.166

08/17/31

640

Series

-

2021

1A

(Class

D)

5,450,000

(b)

Liberty

Street

Trust

3.597

02/10/36

5,056

Series

-

2016

225L

(Class

A)

5,000,000

(b)

LSTAR

Commercial

Mortgage

Trust

4.021

03/10/50

4,613

Series

-

2017

5

(Class

AS)

4,000,000

(a),(b)

MAD

Mortgage

Trust

3.294

08/15/34

3,718

Series

-

2017

330M

(Class

A)

1,500,000

(a),(b)

Manhattan

West

2.413

09/10/39

1,329

Series

-

2020

1MW

(Class

B)

3,500,000

(a),(b)

MARQ

Trust

TSFR1M

+

1.591%

6.910

06/15/39

3,476

Series

-

2024

HOU

(Class

A)

442,187

(a)

Merrill

Lynch

Mortgage

Investors

Trust

TSFR1M

+

0.634%

2.278

01/25/37

420

Series

-

2006

WMC1

(Class

A1B)

6,650,000

(b)

MetroNet

Infrastructure

Issuer

LLC

6.230

04/20/54

6,717

Series

-

2024

1A

(Class

A2)

2,662,436

(b)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.989

12/15/46

2,575

Series

-

2014

C19

(Class

LNC1)

877,244

(b)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.384

12/15/46

841

Series

-

2014

C19

(Class

LNC2)

6,150,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.832

12/15/47

6,046

Series

-

2014

C19

(Class

AS)

5,600,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.605

02/15/48

5,499

Series

-

2015

C20

(Class

AS)

1,250,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.570

02/15/48

1,201

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.338

03/15/48

2,451

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.652

03/15/48

6,301

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.561

04/15/48

2,917

Series

-

2015

C22

(Class

AS)

3,380,820

(a),(b)

Morgan

Stanley

Capital

I

Inc

TSFR1M

+

1.491%

6.820

11/09/24

3,330

Series

-

2021

ILP

(Class

C)

263

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

(a)

Morgan

Stanley

Capital

I

Trust

3.779

%

05/15/48

$

2,934

Series

-

2015

MS1

(Class

A4)

258,162

(a)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

92

Series

-

2007

IQ16

(Class

AJFX)

378,466

(a)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

135

Series

-

2007

IQ16

(Class

AJ)

2,843,575

Morgan

Stanley

Capital

I

Trust

3.304

06/15/50

2,779

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3.587

12/15/50

1,370

Series

-

2017

HR2

(Class

A4)

2,840,000

(a)

Morgan

Stanley

Capital

I

Trust

4.429

07/15/51

2,690

Series

-

2018

H3

(Class

AS)

587,424

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

508

Series

-

2021

4

(Class

A4)

3,660,772

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4.000

02/25/53

3,235

Series

-

2023

1

(Class

A7)

3,000,000

(a),(b)

MSDB

Trust

3.427

07/11/39

2,684

Series

-

2017

712F

(Class

A)

1,052,155

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

3.917

11/15/32

952

Series

-

2018

285M

(Class

A)

12,741,348

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

1.579%

5.915

07/15/36

11,894

Series

-

2019

MILE

(Class

A)

5,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

1.879%

7.208

07/15/36

4,404

Series

-

2019

MILE

(Class

B)

2,900,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

2.279%

7.608

07/15/36

2,411

Series

-

2019

MILE

(Class

C)

5,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

2.829%

8.158

07/15/36

3,907

Series

-

2019

MILE

(Class

D)

703,488

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2.966

12/15/38

646

Series

-

2020

2PAC

(Class

A)

3,377,131

(a),(b)

New

Residential

Mortgage

Loan

Trust

3.514

03/25/52

2,658

Series

-

2022

INV1

(Class

B4)

191,606

(a)

New

York

Mortgage

Trust

TSFR1M

+

0.594%

5.940

02/25/36

187

Series

-

2005

3

(Class

A1)

10,573,951

(a),(b)

OBX

Trust

2.500

07/25/51

8,311

Series

-

2021

J2

(Class

A19)

8,476,326

(a),(b)

OBX

Trust

3.500

08/25/52

7,331

Series

-

2022

J2

(Class

A1)

9,227,443

(a),(b)

OBX

Trust

4.000

10/25/52

8,151

Series

-

2022

INV5

(Class

A13)

684,335

(a),(b)

OBX

Trust

TSFR1M

+

0.764%

4.658

06/25/57

663

Series

-

2018

1

(Class

A2)

3,218,834

(a),(b)

Oceanview

Mortgage

Trust

2.500

05/25/51

2,532

Series

-

2021

1

(Class

A19)

2,399,748

(a),(b)

Oceanview

Mortgage

Trust

4.500

11/25/52

2,216

Series

-

2022

1

(Class

A1)

5,434,000

(b)

Olympic

Tower

Mortgage

Trust

3.566

05/10/39

4,725

Series

-

2017

OT

(Class

A)

8,520,000

(b)

One

Bryant

Park

Trust

2.516

09/15/54

7,228

Series

-

2019

OBP

(Class

A)

2,708,586

(a),(b)

OPEN

Trust

TSFR1M

+

5.236%

10.565

10/15/28

2,727

Series

-

2023

AIR

(Class

C)

2,000,000

(b)

RBS

Commercial

Funding,

Inc

Trust

3.511

03/11/31

1,811

Series

-

2013

SMV

(Class

B)

3,096,881

(a),(b)

RCKT

Mortgage

Trust

3.500

06/25/52

2,644

Series

-

2022

4

(Class

A22)

572,465

(a),(b)

Sequoia

Mortgage

Trust

3.500

05/25/45

507

Series

-

2015

2

(Class

A1)

501,504

(a),(b)

Sequoia

Mortgage

Trust

3.500

06/25/46

443

Series

-

2016

1

(Class

A19)

128,820

(a),(b)

Sequoia

Mortgage

Trust

3.500

02/25/47

113

Series

-

2017

2

(Class

A19)

CREF

Core

Bond

Account

June

30,

2024

264

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,941,822

(a),(b)

Sequoia

Mortgage

Trust

3.724

%

09/25/47

$

1,771

Series

-

2017

6

(Class

B1)

852,823

(a),(b)

Sequoia

Mortgage

Trust

3.500

03/25/48

745

Series

-

2018

3

(Class

A1)

67,167

(a),(b)

Sequoia

Mortgage

Trust

4.000

09/25/48

61

Series

-

2018

7

(Class

A19)

5,415,814

(a),(b)

Sequoia

Mortgage

Trust

3.000

04/25/50

4,483

Series

-

2020

3

(Class

A19)

4,670,194

(a),(b)

Sequoia

Mortgage

Trust

5.000

01/25/53

4,388

Series

-

2023

1

(Class

A19)

387,553

(a),(b)

Shellpoint

Co-Originator

Trust

3.500

04/25/47

340

Series

-

2017

1

(Class

A19)

4,350,000

(b)

SLG

Office

Trust

2.585

07/15/41

3,557

Series

-

2021

OVA

(Class

A)

22,865,000

(b)

SLG

Office

Trust

2.851

07/15/41

18,026

Series

-

2021

OVA

(Class

D)

9,741,110

(a),(b)

SMR

Mortgage

Trust

TSFR1M

+

1.650%

6.979

02/15/39

9,517

Series

-

2022

IND

(Class

A)

9,277,248

(a),(b)

SMR

Mortgage

Trust

TSFR1M

+

2.950%

8.279

02/15/39

8,956

Series

-

2022

IND

(Class

C)

5,000,000

(a),(b)

SREIT

Trust

TSFR1M

+

0.936%

6.265

11/15/36

4,942

Series

-

2021

MFP2

(Class

A)

6,930,000

(a),(b)

SREIT

Trust

TSFR1M

+

1.286%

6.615

11/15/36

6,833

Series

-

2021

MFP2

(Class

B)

GBP

347,448

(a),(b)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

6.534

05/17/31

439

Series

-

2021

UK1A

(Class

B)

GBP

506,281

(a),(b)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

6.884

05/17/31

638

Series

-

2021

UK1A

(Class

C)

1,600,000

(a),(b)

Times

Square

Trust

3.203

05/15/35

1,398

Series

-

2018

20TS

(Class

B)

6,107,375

UBS

Commercial

Mortgage

Trust

3.256

06/15/50

5,943

Series

-

2017

C1

(Class

ASB)

1,268,011

UBS

Commercial

Mortgage

Trust

3.366

10/15/50

1,231

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3.563

10/15/50

1,331

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4.334

10/15/51

1,655

Series

-

2018

C13

(Class

A4)

1,680,586

(a),(b)

Verus

Securitization

Trust

2.240

10/25/66

1,414

Series

-

2021

7

(Class

A3)

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3.405

12/15/47

1,718

Series

-

2014

LC18

(Class

A5)

4,500,000

Wells

Fargo

Commercial

Mortgage

Trust

3.808

12/15/47

4,429

Series

-

2014

LC18

(Class

AS)

1,810,000

Wells

Fargo

Commercial

Mortgage

Trust

3.406

05/15/48

1,758

Series

-

2015

NXS1

(Class

AS)

2,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.658

05/15/48

1,916

Series

-

2015

NXS1

(Class

B)

2,279,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.254

05/15/48

2,024

Series

-

2015

NXS1

(Class

D)

3,360,405

Wells

Fargo

Commercial

Mortgage

Trust

2.788

07/15/48

3,297

Series

-

2016

C35

(Class

ASB)

5,113,079

Wells

Fargo

Commercial

Mortgage

Trust

2.514

08/15/49

4,994

Series

-

2016

BNK1

(Class

ASB)

5,455,696

Wells

Fargo

Commercial

Mortgage

Trust

2.825

10/15/49

5,322

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3.635

03/15/50

815

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.757

03/15/50

1,842

Series

-

2017

RB1

(Class

AS)

265

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,798,969

Wells

Fargo

Commercial

Mortgage

Trust

3.261

%

07/15/50

$

7,610

Series

-

2017

C38

(Class

ASB)

2,197,255

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.903

07/15/50

1,946

Series

-

2017

C38

(Class

C)

5,913,471

Wells

Fargo

Commercial

Mortgage

Trust

3.212

09/15/50

5,736

Series

-

2017

C39

(Class

ASB)

4,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.767

07/15/58

3,888

Series

-

2015

NXS2

(Class

A5)

1,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.414

07/15/58

942

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.749

03/15/59

5,758

Series

-

2016

C33

(Class

AS)

163,028

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

151

Series

-

2019

2

(Class

A17)

2,201,165

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

09/25/49

1,920

Series

-

2019

4

(Class

A1)

862,916

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

722

Series

-

2020

4

(Class

A17)

10,783,181

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

8,475

Series

-

2021

2

(Class

A17)

4,334,880

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

3,402

Series

-

2022

2

(Class

A18)

3,793,359

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

03/25/52

3,105

Series

-

2022

INV1

(Class

A18)

6,516,819

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

03/25/52

5,563

Series

-

2022

INV1

(Class

A17)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3.607

11/15/47

3,832

Series

-

2014

C24

(Class

A5)

247,062

(a),(b)

WinWater

Mortgage

Loan

Trust

3.924

06/20/44

201

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

1,134,674

TOTAL

STRUCTURED

ASSETS

1,699,044

(Cost

$1,842,624)

SHARES

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

173,925

Morgan

Stanley

4,540

TOTAL

FINANCIAL

SERVICES

4,540

TOTAL

PREFERRED

STOCKS

4,540

(Cost

$4,348)

TOTAL

LONG-TERM

INVESTMENTS

10,477,837‌

(Cost

$11,360,776)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.5%

COMMERCIAL

PAPER

-

0.0%

4,000,000

(b)

HSBC

USA,

Inc

0.000

07/23/24

3,985

TOTAL

COMMERCIAL

PAPER

3,985

GOVERNMENT

AGENCY

DEBT

-

0.4%

6,950,000

Federal

Home

Loan

Bank

(FHLB)

0.000

07/01/24

6,947

6,000,000

FHLB

0.000

07/02/24

5,996

10,000,000

FHLB

0.000

07/08/24

9,985

5,000,000

FHLB

0.000

07/19/24

4,985

2,630,000

FHLB

0.000

08/02/24

2,617

CREF

Core

Bond

Account

June

30,

2024

266

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

Tennessee

Valley

Authority

(TVA)

0.000

%

07/10/24

$

9,983

TOTAL

GOVERNMENT

AGENCY

DEBT

40,513

REPURCHASE

AGREEMENT

-

0.5%

54,138,000

(j)

Fixed

Income

Clearing

Corporation

5.320

07/01/24

54,138

TOTAL

REPURCHASE

AGREEMENT

54,138

TREASURY

DEBT

-

0.6%

CAD

1,400,000

Canadian

Treasury

Bill

0.000

10/24/24

1,008

EUR

1,875,000

German

Treasury

Bill

0.000

11/20/24

1,981

5,064,000

United

States

Treasury

Bill

0.000

07/05/24

5,061

10,000,000

United

States

Treasury

Bill

0.000

07/25/24

9,965

20,000,000

United

States

Treasury

Bill

0.000

07/30/24

19,916

10,000,000

United

States

Treasury

Bill

0.000

08/13/24

9,937

10,000,000

United

States

Treasury

Bill

0.000

08/27/24

9,918

5,000,000

United

States

Treasury

Bill

0.000

08/29/24

4,957

TOTAL

TREASURY

DEBT

62,743

TOTAL

SHORT-TERM

INVESTMENTS

161,379

(Cost

$161,420)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

35,226,102

(k)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330

(l)

35,226

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

35,226

(Cost

$35,226)

TOTAL

INVESTMENTS

-

99.4%

10,674,442

(Cost

$11,557,422)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.6%

60,553

NET

ASSETS

-

100.0%

$10,734,995

267

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

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

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

TRY

Turkish

Lira

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

TSFR6M

CME

Term

Secured

Overnight

Financing

Rate

6

Month

TSFR12M

CME

Term

Secured

Overnight

Financing

Rate

12

Month

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)

Security

is

exempt

from

registration

under

Rule

144A

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

$2,252,304,828

or

21.1%

of

Total

Investments.

(c)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$41,459,361.

(d)

Perpetual

security

(e)

Payment

in

Kind

Bond

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

In

default

(h)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(i)

When-issued

or

delayed

delivery

security.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$54,162,001

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

8/15/26,

valued

at

$55,220,899.

(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

June

30,

2024

268

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

09/19/24

 $

217,223‌

$

219,969‌

$

2,746‌

U.S.

Treasury

5-Year

Note

5,225‌

09/30/24

553,125‌

556,871‌

3,746‌

Total

7,225‌

  $

770,348‌

 $

776,840‌

 $

6,492‌

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

1,006

CAD

1,372

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

  $

3‌

$

1,010

JPY

157,078

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

31‌

$

1,199

JPY

190,906

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

10‌

$

2,133

NZD

3,547

Australia

and

New

Zealand

Banking

Group

Limited

07/16/24

(27‌)

Total

  $

17‌

$

5,274

AUD

8,029

Bank

of

America,

N.A.

07/16/24

  $

(84‌)

$

21,925

CNH

157,337

Bank

of

America,

N.A.

12/17/24

95‌

$

2,316

EUR

2,165

Bank

of

America,

N.A.

07/16/24

(5‌)

$

409

EUR

382

Bank

of

America,

N.A.

07/16/24

(1‌)

$

1,033

EUR

961

Bank

of

America,

N.A.

07/16/24

3‌

$

2,004

EUR

1,843

Bank

of

America,

N.A.

07/16/24

29‌

$

20,944

GBP

16,667

Bank

of

America,

N.A.

07/16/24

(127‌)

$

26,969

JPY

4,066,799

Bank

of

America,

N.A.

07/16/24

1,629‌

$

2,155

NOK

23,255

Bank

of

America,

N.A.

07/16/24

(24‌)

EUR

523

$

570

Bank

of

America,

N.A.

07/16/24

(10‌)

EUR

32

$

35

Bank

of

America,

N.A.

07/16/24

0‌^

Total

  $

1,505‌

$

434

EUR

400

Citibank

N.A.

07/16/24

  $

5‌

$

324

EUR

299

Citibank

N.A.

07/16/24

4‌

$

7,399

KRW

10,202,880

Citibank

N.A.

07/18/24

(0‌)^

$

419

PEN

1,588

Citibank

N.A.

07/18/24

6‌

$

1,304

RON

6,054

Citibank

N.A.

07/16/24

1‌

$

897

THB

32,914

Citibank

N.A.

07/16/24

(1‌)

EUR

480

$

521

Citibank

N.A.

07/16/24

(6‌)

EUR

166

$

180

Citibank

N.A.

07/16/24

(2‌)

EUR

1,050

$

1,130

Citibank

N.A.

07/16/24

(5‌)

Total

  $

2‌

$

93,805

EUR

87,023

Citigroup

Global

Markets,

Inc

07/16/24

  $

536‌

$

3,639

EUR

3,377

JPMorgan

Chase

Bank

N.A

07/16/24

  $

18‌

$

8,966

CAD

12,279

Morgan

Stanley

Capital

Services

07/16/24

  $

(13‌)

$

409

EUR

381

Morgan

Stanley

Capital

Services

07/16/24

0‌^

$

432

EUR

397

Morgan

Stanley

Capital

Services

07/16/24

7‌

$

326

EUR

299

Morgan

Stanley

Capital

Services

07/16/24

5‌

$

431

EUR

397

Morgan

Stanley

Capital

Services

07/16/24

6‌

$

1,006

EUR

928

Morgan

Stanley

Capital

Services

07/16/24

11‌

$

1,437

IDR

23,455,700

Morgan

Stanley

Capital

Services

07/18/24

4‌

$

548

JPY

82,705

Morgan

Stanley

Capital

Services

07/16/24

33‌

$

1,409

MXN

26,124

Morgan

Stanley

Capital

Services

07/16/24

(15‌)

$

1,204

PLN

4,870

Morgan

Stanley

Capital

Services

07/16/24

(6‌)

EUR

428

$

457

Morgan

Stanley

Capital

Services

07/16/24

2‌

EUR

298

$

324

Morgan

Stanley

Capital

Services

07/16/24

(5‌)

EUR

533

$

574

Morgan

Stanley

Capital

Services

07/16/24

(2‌)

EUR

808

$

874

Morgan

Stanley

Capital

Services

07/16/24

(8‌)

EUR

449

$

480

Morgan

Stanley

Capital

Services

07/16/24

1‌

$

356

ZAR

6,662

Morgan

Stanley

Capital

Services

07/16/24

(10‌)

Total

  $

10‌

$

744

AUD

1,113

Standard

Chartered

Bank

07/16/24

  $

1‌

$

978

HUF

360,260

Toronto

Dominion

Bank

07/16/24

  $

2‌

Total

  $

2,091‌

^

Amount

represents

less

than

$1,000.

269

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNH

Chinese

Yuan

Renminbi

Offshore

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-NAIGS42V1-5Y

Credit

event

as

specified

in

contract

1.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/29

$450,000‌

$(9,347‌)

$(9,304‌)

$(43‌)

CDX-NAHYS42V1-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/29

150,000‌

(9,593‌)

(9,892‌)

299‌

Total

$(18,940‌)

$(19,196‌)

$256‌

*  

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

June

30,

2024

Portfolio

of

Investments

270

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.8%

BANK

LOAN

OBLIGATIONS

-

0.3%

CAPITAL

GOODS

-

0.1%

$

2,437,343

(a)

Core

&

Main

LP

TSFR3M

+

2.000%

7.339

%

07/27/28

$

2,445

1,950,000

(a)

Fluidra

Finco

SL

TSFR1M

+

1.930%

7.369

01/29/29

1,950

2,620,227

(a)

Rexnord

LLC

TSFR1M

+

2.000%

7.458

10/04/28

2,640

TOTAL

CAPITAL

GOODS

7,035

CONSUMER

DURABLES

&

APPAREL

-

0.0%

931,600

(a)

Crocs,

Inc

TSFR3M

+

2.250%

7.585

02/20/29

939

TOTAL

CONSUMER

DURABLES

&

APPAREL

939

CONSUMER

SERVICES

-

0.1%

2,939,198

(a)

1011778

BC

ULC

TSFR1M

+

0.018%

7.578

09/20/30

2,936

2,437,750

(a)

Flutter

Financing

BV

TSFR3M

+

2.250%

7.585

11/25/30

2,442

TOTAL

CONSUMER

SERVICES

5,378

FINANCIAL

SERVICES

-

0.0%

1,518,774

(a)

Trans

Union

LLC

TSFR1M

+

2.000%

7.344

12/01/28

1,521

TOTAL

FINANCIAL

SERVICES

1,521

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

2,872,183

(a)

Select

Medical

Corp

TSFR1M

+

3.500%

8.344

03/06/27

2,877

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,877

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

1,381,692

(a)

Avantor

Funding,

Inc

TSFR1M

+

2.000%

7.444

11/08/27

1,390

2,188,536

(a)

Jazz

Financing

Lux

Sarl

TSFR1M

+

3.000%

8.458

05/05/28

2,192

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,582

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

(a)

MKS

Instruments,

Inc

TSFR1M

+

0.053%

7.828

08/17/29

0^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0^

SOFTWARE

&

SERVICES

-

0.0%

1,720,400

(a)

Gen

Digital,

Inc

TSFR1M

+

1.750%

7.094

09/12/29

1,716

TOTAL

SOFTWARE

&

SERVICES

1,716

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

319,357

(a)

Coherent

Corp

TSFR1M

+

2.500%

7.844

07/02/29

320

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

320

TOTAL

BANK

LOAN

OBLIGATIONS

23,368

(Cost

$23,206)

CORPORATE

BONDS

-

2.5%

AUTOMOBILES

&

COMPONENTS

-

0.1%

3,000,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

3,175

4,000,000

(b),(c)

Ford

Otomotiv

Sanayi

AS.

7.125

04/25/29

4,036

TOTAL

AUTOMOBILES

&

COMPONENTS

7,211

BANKS

-

0.1%

1,625,000

(c)

Banco

de

Chile

2.990

12/09/31

1,395

3,000,000

Bank

of

America

Corp

2.572

10/20/32

2,486

271

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

JPMorgan

Chase

&

Co

5.766

%

04/22/35

$

3,078

TOTAL

BANKS

6,959

CAPITAL

GOODS

-

0.1%

1,150,000

(c)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

1,200

3,250,000

L3Harris

Technologies,

Inc

5.400

07/31/33

3,240

1,275,000

(c)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6.500

11/07/33

1,332

TOTAL

CAPITAL

GOODS

5,772

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

5,000,000

(c)

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

4,962

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,962

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

3,600,000

(c)

Prosus

NV

3.257

01/19/27

3,369

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,369

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.0%

3,505,000

(c)

Albertsons

Cos,

Inc

6.500

02/15/28

3,522

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,522

ENERGY

-

0.8%

2,275,000

Ecopetrol

S.A.

4.625

11/02/31

1,862

5,000,000

(c)

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

4,295

1,025,000

(c)

Empresa

Nacional

del

Petroleo

6.150

05/10/33

1,025

3,000,000

Energy

Transfer

LP

6.400

12/01/30

3,155

680,000

(c)

EQM

Midstream

Partners

LP

7.500

06/01/27

694

6,000,000

(c)

EQM

Midstream

Partners

LP

6.500

07/01/27

6,064

2,500,000

Genesis

Energy

LP

8.000

01/15/27

2,556

5,000,000

(c)

Hilcorp

Energy

I

LP

6.000

04/15/30

4,830

2,000,000

(c)

Hilcorp

Energy

I

LP

6.250

04/15/32

1,923

5,000,000

(c)

Kinetik

Holdings

LP

5.875

06/15/30

4,927

5,000,000

Occidental

Petroleum

Corp

3.500

08/15/29

4,544

10,000,000

Occidental

Petroleum

Corp

8.875

07/15/30

11,516

3,150,000

(c)

Parkland

Corp

4.625

05/01/30

2,873

1,000,000

Petroleos

Mexicanos

5.350

02/12/28

899

2,375,000

Petroleos

Mexicanos

6.700

02/16/32

1,989

1,315,789

Reliance

Industries

Ltd

2.444

01/15/26

1,282

TOTAL

ENERGY

54,434

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

3,000,000

Extra

Space

Storage

LP

5.700

04/01/28

3,034

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,034

FINANCIAL

SERVICES

-

0.1%

3,000,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

2,726

1,700,000

(c)

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,514

3,000,000

Morgan

Stanley

2.511

10/20/32

2,480

TOTAL

FINANCIAL

SERVICES

6,720

FOOD,

BEVERAGE

&

TOBACCO

-

0.1%

4,200,000

(c)

Bimbo

Bakeries

USA,

Inc

6.400

01/15/34

4,440

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,440

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.2%

12,810,000

Montefiore

Medical

Center

2.895

04/20/32

10,788

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

10,788

MATERIALS

-

0.3%

1,400,000

(c)

Alpek

SAB

de

C.V.

3.250

02/25/31

1,181

600,000

(c)

Antofagasta

plc

5.625

05/13/32

601

1,575,000

(c)

Antofagasta

plc

6.250

05/02/34

1,631

CREF

Inflation-Linked

Bond

Account

June

30,

2024

272

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,700,000

(b),(c)

Corp

Nacional

del

Cobre

de

Chile

5.125

%

02/02/33

$

4,475

2,950,000

(c)

Freeport

Indonesia

PT

5.315

04/14/32

2,861

650,000

(c)

Nexa

Resources

S.A.

6.750

04/09/34

660

2,500,000

(c)

OCP

S.A.

6.750

05/01/34

2,565

2,800,000

(c)

POSCO

4.375

08/04/25

2,762

1,000,000

(c)

Sasol

Financing

USA

LLC

8.750

05/03/29

1,015

5,000,000

(c)

SunCoke

Energy,

Inc

4.875

06/30/29

4,530

TOTAL

MATERIALS

22,281

MEDIA

&

ENTERTAINMENT

-

0.1%

5,000,000

(c)

CCO

Holdings

LLC

5.125

05/01/27

4,801

3,000,000

(b)

Charter

Communications

Operating

LLC

4.400

04/01/33

2,644

TOTAL

MEDIA

&

ENTERTAINMENT

7,445

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

4,680,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.875

09/15/29

5,027

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,027

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

1,715,000

(c)

SK

Hynix,

Inc

6.500

01/17/33

1,806

1,575,000

TSMC

Arizona

Corp

1.750

10/25/26

1,458

2,000,000

TSMC

Arizona

Corp

4.250

04/22/32

1,931

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,195

TELECOMMUNICATION

SERVICES

-

0.1%

2,900,000

AT&T,

Inc

2.250

02/01/32

2,352

3,000,000

(c)

Telefonica

Moviles

Chile

S.A.

3.537

11/18/31

2,295

3,000,000

T-Mobile

USA,

Inc

5.050

07/15/33

2,935

3,100,000

Verizon

Communications,

Inc

2.355

03/15/32

2,534

TOTAL

TELECOMMUNICATION

SERVICES

10,116

TRANSPORTATION

-

0.1%

2,000,000

(c)

Grupo

Aeromexico

SAB

de

C.V.

8.500

03/17/27

2,002

2,260,000

(c)

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

2,160

3,900,000

(c)

Transnet

SOC

Ltd

8.250

02/06/28

3,878

TOTAL

TRANSPORTATION

8,040

UTILITIES

-

0.1%

2,500,000

(c)

Ferrellgas

LP

5.875

04/01/29

2,300

3,000,000

Florida

Power

&

Light

Co

4.800

05/15/33

2,917

1,450,000

(c)

Israel

Electric

Corp

Ltd

3.750

02/22/32

1,191

TOTAL

UTILITIES

6,408

TOTAL

CORPORATE

BONDS

175,723

(Cost

$182,739)

GOVERNMENT

BONDS

-

92.9%

AGENCY

SECURITIES

-

0.1%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,473

TOTAL

AGENCY

SECURITIES

6,473

FOREIGN

GOVERNMENT

BONDS

-

0.1%

6,250,000

(c)

Central

American

Bank

for

Economic

Integration

5.000

02/09/26

6,211

300,000

(c)

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

301

TOTAL

FOREIGN

GOVERNMENT

BONDS

6,512

MORTGAGE

BACKED

-

2.3%

360,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.100%

8.435

03/25/42

375

6,235,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.350%

8.685

01/25/43

6,597

4,365,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.550%

8.885

05/25/43

4,703

6,324,200

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.900%

9.188

07/25/43

6,724

273

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,510,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.550%

8.885

%

10/25/43

$

4,723

15,606,026

Government

National

Mortgage

Association

(GNMA)

3.600

09/15/31

14,992

7,889,422

GNMA

3.650

02/15/32

7,554

1,908,643

GNMA

3.380

07/15/35

1,822

2,545,048

GNMA

3.870

10/15/36

2,412

32,680,887

GNMA

1.730

07/15/37

27,241

21,789,235

GNMA

1.650

07/15/42

17,401

24,182,044

GNMA

2.750

01/15/45

21,077

4,970,956

GNMA

4.930

10/15/45

4,944

918,017

(a),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

SOFR30A

+

2.900%

8.235

04/25/42

955

20,000,000

(a),(c)

STACR

SOFR30A

+

3.350%

8.685

05/25/42

21,023

4,355,000

(a),(c)

STACR

SOFR30A

+

4.500%

9.835

06/25/42

4,730

2,815,000

(a),(c)

STACR

SOFR30A

+

3.700%

9.035

09/25/42

3,001

10,605,000

(a),(c)

STACR

SOFR30A

+

3.250%

8.585

04/25/43

11,248

1,116,636

(c)

Verus

Securitization

Trust

4.000

11/25/59

1,085

TOTAL

MORTGAGE

BACKED

162,607

U.S.

TREASURY

SECURITIES

-

90.4%

68,191,200

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.375

01/15/25

67,577

184,486,960

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/25

179,459

84,609,280

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

07/15/25

82,484

234,402,440

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

10/15/25

226,659

229,611,645

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

01/15/26

222,130

88,968,717

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.000

01/15/26

87,870

208,725,570

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/26

199,388

183,107,400

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/26

175,035

320,399,587

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

10/15/26

304,956

244,644,725

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

01/15/27

232,537

128,969,616

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.375

01/15/27

128,888

138,350,856

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

04/15/27

130,170

173,659,510

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.375

07/15/27

164,794

154,516,180

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.625

10/15/27

151,995

244,663,650

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.500

01/15/28

230,537

257,993,152

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.750

01/15/28

253,864

197,229,240

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.250

04/15/28

190,483

137,670,599

(d)

United

States

Treasury

Inflation

Indexed

Bonds

3.625

04/15/28

144,670

132,513,595

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.750

07/15/28

125,919

57,932,930

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.375

10/15/28

58,689

299,225,600

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.875

01/15/29

283,463

137,113,719

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.500

01/15/29

139,511

133,995,276

(d)

United

States

Treasury

Inflation

Indexed

Bonds

2.125

04/15/29

134,150

42,126,955

(d)

United

States

Treasury

Inflation

Indexed

Bonds

3.875

04/15/29

45,500

238,997,850

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.250

07/15/29

219,454

276,362,604

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/30

248,720

149,789,325

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/30

134,020

191,488,470

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/31

169,018

275,421,086

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

07/15/31

241,843

122,351,501

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.125

01/15/32

105,919

73,475,584

(d)

United

States

Treasury

Inflation

Indexed

Bonds

3.375

04/15/32

80,209

238,948,979

(d)

United

States

Treasury

Inflation

Indexed

Bonds

0.625

07/15/32

214,247

441,804,792

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.125

01/15/33

408,743

255,744,893

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.375

07/15/33

241,480

286,745,925

(d)

United

States

Treasury

Inflation

Indexed

Bonds

1.750

01/15/34

278,213

TOTAL

U.S.

TREASURY

SECURITIES

6,302,594

TOTAL

GOVERNMENT

BONDS

6,478,186

(Cost

$6,835,978)

STRUCTURED

ASSETS

-

3.9%

ASSET

BACKED

-

1.0%

CREF

Inflation-Linked

Bond

Account

June

30,

2024

274

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,019,131

CarMax

Auto

Owner

Trust

5.230

%

01/15/26

$

2,018

Series

-

2023

1

(Class

A2A)

2,925,000

(c)

DB

Master

Finance

LLC

2.045

11/20/51

2,686

Series

-

2021

1A

(Class

A2I)

5,752,500

(c)

DB

Master

Finance

LLC

2.493

11/20/51

5,052

Series

-

2021

1A

(Class

A2II)

4,290,000

(c)

DB

Master

Finance

LLC

2.791

11/20/51

3,549

Series

-

2021

1A

(Class

A23)

18,000,000

(c)

Ford

Credit

Auto

Owner

Trust

4.870

08/15/36

17,851

Series

-

2024

1

(Class

A)

3,000,000

(c),(e)

Industrial

DPR

Funding

Ltd

5.380

04/15/34

2,566

Series

-

2022

1A

(Class

1)

3,280,805

(c)

MVW

LLC

1.830

05/20/39

3,032

Series

-

2021

2A

(Class

B)

4,137,222

(c)

Sunnova

Helios

VIII

Issuer

LLC

2.790

02/22/49

3,549

Series

-

2022

A

(Class

A)

25,000,000

(c)

Verizon

Master

Trust

Series

5.832

06/21/32

24,945

Series

-

2024

5

(Class

A)

TOTAL

ASSET

BACKED

65,248

OTHER

MORTGAGE

BACKED

-

2.9%

7,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

TSFR1M

+

2.150%

7.479

01/15/39

7,390

Series

-

2022

DKLX

(Class

C)

2,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

TSFR1M

+

3.000%

8.329

01/15/39

2,464

Series

-

2022

DKLX

(Class

D)

2,014,165

(a),(c)

Barclays

Commercial

Mortgage

Trust

TSFR1M

+

1.672%

7.001

10/15/37

2,003

Series

-

2018

BXH

(Class

C)

2,000,000

(a)

Benchmark

Mortgage

Trust

4.425

02/15/51

1,666

Series

-

2018

B2

(Class

C)

19,885,406

(a),(c)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.312%

6.641

10/15/38

19,511

Series

-

2021

XL2

(Class

C)

6,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.385%

6.714

12/15/38

5,928

Series

-

2021

CIP

(Class

B)

2,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.840%

7.169

01/17/39

1,972

Series

-

2022

AHP

(Class

B)

14,384,738

(a),(c)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.392%

6.720

03/15/41

14,326

Series

-

2024

XL5

(Class

A)

5,650,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

TSFR1M

+

2.014%

7.343

10/15/38

5,580

Series

-

2021

PRM2

(Class

D)

7,500,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

TSFR1M

+

2.514%

7.843

10/15/38

7,424

Series

-

2021

PRM2

(Class

E)

7,144,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.175

07/10/47

7,120

Series

-

2014

GC23

(Class

B)

929,645

(c)

COMM

Mortgage

Trust

3.397

03/10/46

877

Series

-

2013

CR6

(Class

B)

2,922,150

(a)

COMM

Mortgage

Trust

4.585

02/10/47

2,784

Series

-

2014

CR14

(Class

B)

6,821,700

COMM

Mortgage

Trust

4.377

05/10/47

6,436

Series

-

2014

CR17

(Class

B)

1,000,000

(a)

COMM

Mortgage

Trust

4.691

10/10/47

971

Series

-

2014

LC17

(Class

C)

2,500,000

(a)

COMM

Mortgage

Trust

4.613

10/10/48

2,371

Series

-

2015

CR26

(Class

B)

150,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.850%

9.185

05/25/42

159

Series

-

2022

R06

(Class

1M2)

4,000,000

(a),(c)

Connecticut

Avenue

Securities

Trust

TSFR1M

+

3.600%

8.935

07/25/42

4,243

Series

-

2022

R08

(Class

1M2)

4,500,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.750%

10.085

09/25/42

4,916

Series

-

2022

R09

(Class

2M2)

10,855,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.750%

9.085

12/25/42

11,647

Series

-

2023

R01

(Class

1M2)

275

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,993,024

(a),(c)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

1.434%

6.763

%

11/15/38

$

5,917

Series

-

2021

ELP

(Class

C)

1,997,675

(a),(c)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

2.233%

7.562

11/15/38

1,967

Series

-

2021

ELP

(Class

E)

11,000,000

(c)

GM

Financial

Revolving

Receivables

Trust

4.980

12/11/36

10,956

Series

-

2024

1

(Class

A)

5,000,000

(a),(c)

GS

Mortgage

Securities

Corp

II

TSFR1M

+

3.464%

8.793

11/15/36

4,931

Series

-

2021

ARDN

(Class

E)

3,000,000

(a),(c)

GS

Mortgage

Securities

Corp

Trust

TSFR1M

+

2.864%

8.193

11/15/36

2,962

Series

-

2021

ARDN

(Class

D)

2,000,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.620

01/16/37

1,055

Series

-

2020

NNN

(Class

DFX)

2,200,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.602

09/15/47

2,174

Series

-

2014

C23

(Class

B)

5,000,000

(a),(c)

MARQ

Trust

TSFR1M

+

1.591%

6.910

06/15/39

4,966

Series

-

2024

HOU

(Class

A)

5,000,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.000

12/15/47

4,857

Series

-

2014

C19

(Class

B)

3,986,816

(a),(c)

Morgan

Stanley

Capital

I

Inc

TSFR1M

+

1.491%

6.820

11/09/24

3,927

Series

-

2021

ILP

(Class

C)

2,500,000

(c)

MRCD

Mortgage

Trust

2.718

12/15/36

1,713

Series

-

2019

PARK

(Class

D)

2,500,000

(c)

MRCD

Mortgage

Trust

2.718

12/15/36

1,588

Series

-

2019

PARK

(Class

E)

10,023,000

(a),(c)

MTN

Commercial

Mortgage

Trust

TSFR1M

+

1.397%

6.727

03/15/39

9,912

Series

-

2022

LPFL

(Class

A)

6,555,000

(a),(c)

MTN

Commercial

Mortgage

Trust

TSFR1M

+

2.943%

7.773

03/15/39

6,462

Series

-

2022

LPFL

(Class

D)

2,500,000

(a),(c)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

2.279%

7.608

07/15/36

2,078

Series

-

2019

MILE

(Class

C)

6,542,902

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2.380

11/20/51

5,979

Series

-

2021

2A

(Class

A1)

7,421,798

(a),(c)

SMR

Mortgage

Trust

TSFR1M

+

2.400%

7.729

02/15/39

7,224

Series

-

2022

IND

(Class

B)

2,000,000

(a),(c)

SREIT

Trust

TSFR1M

+

1.286%

6.615

11/15/36

1,972

Series

-

2021

MFP2

(Class

B)

7,165,000

UBS

Commercial

Mortgage

Trust

4.036

06/15/50

6,425

Series

-

2017

C1

(Class

B)

7,091,080

(a),(c)

Verus

Securitization

Trust

2.240

10/25/66

5,967

Series

-

2021

7

(Class

A3)

1,951,000

(a)

WFRBS

Commercial

Mortgage

Trust

4.140

03/15/45

1,772

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

204,592

TOTAL

STRUCTURED

ASSETS

269,840

(Cost

$278,256)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

0.2%

FINANCIAL

SERVICES

-

0.2%

475,737

Invesco

Senior

Loan

ETF

10,009

TOTAL

FINANCIAL

SERVICES

10,009

TOTAL

COMMON

STOCKS

10,009

(Cost

$10,002)

TOTAL

LONG-TERM

INVESTMENTS

6,957,126‌

(Cost

$7,330,181)

CREF

Inflation-Linked

Bond

Account

June

30,

2024

276

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.0%

REPURCHASE

AGREEMENT

-

0.0%

$

1,567,000

(f)

Fixed

Income

Clearing

Corporation

5.320

%

07/01/24

$

1,567

TOTAL

REPURCHASE

AGREEMENT

1,567

TOTAL

SHORT-TERM

INVESTMENTS

1,567

(Cost

$1,567)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

4,227,821

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330

(h)

4,228

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

4,228

(Cost

$4,228)

TOTAL

INVESTMENTS

-

99.9%

6,962,921

(Cost

$7,335,976)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.1%

10,093

NET

ASSETS

-

100.0%

$6,973,014

ETF

Exchange

Traded

Fund

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

^

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)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$4,088,250.

(c)

Security

is

exempt

from

registration

under

Rule

144A

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

$398,037,222

or

5.7%

of

Total

Investments.

(d)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$1,567,695

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

7/31/26,

valued

at

$1,598,398.

(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)

U.S.

Treasury

10-Year

Note

2,094‌

09/19/24

 $

228,315‌

$

230,307‌

$

1,992‌

U.S.

Treasury

2-Year

Note

350‌

09/30/24

71,290‌

71,476‌

186‌

U.S.

Treasury

5-Year

Note

1,430‌

09/30/24

151,382‌

152,407‌

1,025‌

Total

3,874‌

  $

450,987‌

 $

454,190‌

 $

3,203‌

Portfolio

of

Investments

CREF

Social

Choice

Account

June

30,

2024

277

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.0%

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%

15,520,000

(c)

LTR

Intermediate

Holdings,

Inc

TSFR1M

+

4.500%

9.958

05/05/28

15,297

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,297

UTILITIES

-

0.1%

15,268,613

(c)

TerraForm

Power

Operating

LLC

TSFR3M

+

2.500%

7.935

05/21/29

15,338

4,688,250

(c)

Vistra

Operations

Co

LLC

TSFR1M

+

2.750%

8.094

04/30/31

4,715

TOTAL

UTILITIES

20,053

TOTAL

BANK

LOAN

OBLIGATIONS

35,408

(Cost

$35,644)

CORPORATE

BONDS

-

10.7%

AUTOMOBILES

&

COMPONENTS

-

0.1%

6,760,000

Ford

Motor

Co

3.250

02/12/32

5,587

10,727,000

Toyota

Motor

Credit

Corp

2.150

02/13/30

9,264

2,260,000

(d)

ZF

North

America

Capital,

Inc

6.875

04/14/28

2,304

4,980,000

(d)

ZF

North

America

Capital,

Inc

7.125

04/14/30

5,156

TOTAL

AUTOMOBILES

&

COMPONENTS

22,311

BANKS

-

1.5%

6,925,000

(d)

Banco

Nacional

de

Comercio

Exterior

SNC

2.720

08/11/31

6,149

11,181,000

Bank

of

America

Corp

0.981

09/25/25

11,056

10,000,000

Bank

of

Montreal

3.803

12/15/32

9,396

8,875,000

Bank

of

Montreal

7.700

05/26/84

9,065

6,325,000

Barclays

plc

6.692

09/13/34

6,705

1,775,000

Barclays

plc

6.036

03/12/55

1,799

11,375,000

(d)

BNP

Paribas

S.A.

5.894

12/05/34

11,651

2,500,000

(d),(e)

BNP

Paribas

S.A.

8.500

N/A(f)

2,560

13,275,000

(d)

BPCE

S.A.

2.045

10/19/27

12,187

5,350,000

(d)

BPCE

S.A.

5.936

05/30/35

5,329

3,530,000

Citigroup,

Inc

6.048

10/30/24

3,533

17,581,000

Citigroup,

Inc

1.281

11/03/25

17,306

4,841,000

Citigroup,

Inc

2.014

01/25/26

4,737

3,250,000

(c)

Citigroup,

Inc

SOFR

+

0.694%

5.330

01/25/26

3,253

2,625,000

(e)

Citigroup,

Inc

7.625

N/A(f)

2,733

2,150,000

(d),(e)

Cooperatieve

Rabobank

UA

1.004

09/24/26

2,033

797,000

(d)

Cooperatieve

Rabobank

UA

1.106

02/24/27

740

18,000,000

(d)

Credit

Agricole

S.A.

5.335

01/10/30

17,808

9,500,000

(d)

Credit

Agricole

S.A.

6.251

01/10/35

9,557

7,500,000

Deutsche

Bank

AG.

6.819

11/20/29

7,800

4,950,000

(d)

Federation

des

Caisses

Desjardins

du

Quebec

5.147

11/27/28

5,013

9,125,000

(d)

Federation

des

Caisses

Desjardins

du

Quebec

5.250

04/26/29

9,103

9,925,000

HSBC

Holdings

plc

6.161

03/09/29

10,152

5,500,000

(d)

ING

Groep

NV

1.400

07/01/26

5,268

3,850,000

ING

Groep

NV

6.114

09/11/34

3,969

9,750,000

(d)

Intesa

Sanpaolo

S.p.A

3.250

09/23/24

9,688

3,650,000

(d)

Intesa

Sanpaolo

S.p.A

6.625

06/20/33

3,763

13,800,000

(d)

Intesa

Sanpaolo

S.p.A

7.200

11/28/33

14,754

CREF

Social

Choice

Account

June

30,

2024

278

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

15,000,000

(d)

Intesa

Sanpaolo

S.p.A

7.800

%

11/28/53

$

16,491

12,575,000

JPMorgan

Chase

&

Co

5.571

04/22/28

12,677

4,500,000

JPMorgan

Chase

&

Co

5.766

04/22/35

4,617

5,990,000

JPMorgan

Chase

&

Co

3.650

N/A(f)

5,666

12,475,000

(e)

JPMorgan

Chase

&

Co

6.875

N/A(f)

12,885

7,750,000

Morgan

Stanley

Bank

NA

5.504

05/26/28

7,803

3,700,000

NatWest

Group

plc

8.125

N/A(f)

3,738

3,375,000

(d)

Royal

Bank

of

Canada

1.050

09/14/26

3,096

10,750,000

(d)

Royal

Bank

of

Canada

4.851

12/14/26

10,710

7,550,000

(d)

Shinhan

Financial

Group

Co

Ltd

5.000

07/24/28

7,477

8,850,000

(d)

Societe

Generale

S.A.

7.132

01/19/55

8,471

10,450,000

Wells

Fargo

&

Co

4.540

08/15/26

10,321

TOTAL

BANKS

311,059

CAPITAL

GOODS

-

0.2%

10,625,000

Air

Lease

Corp

5.100

03/01/29

10,513

4,390,000

Conservation

Fund

3.474

12/15/29

3,968

8,725,000

Cummins,

Inc

5.450

02/20/54

8,558

1,720,000

Nature

Conservancy

2.668

03/01/26

1,638

3,000,000

Nature

Conservancy

3.001

03/01/29

2,718

6,376,000

(d)

Sociedad

de

Transmision

Austral

S.A.

4.000

01/27/32

5,700

TOTAL

CAPITAL

GOODS

33,095

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

5,575,000

(d),(e)

Ambipar

Lux

Sarl

9.875

02/06/31

5,406

9,500,000

Automatic

Data

Processing,

Inc

1.700

05/15/28

8,486

10,000,000

Automatic

Data

Processing,

Inc

1.250

09/01/30

8,095

15,810,000

Rockefeller

Foundation

2.492

10/01/50

9,782

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

31,769

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.1%

5,175,000

Home

Depot,

Inc

4.850

06/25/31

5,134

5,525,000

Lowe's

Cos,

Inc

2.800

09/15/41

3,792

5,300,000

Lowe's

Cos,

Inc

5.750

07/01/53

5,220

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

14,146

CONSUMER

SERVICES

-

0.3%

8,450,000

Choice

Hotels

International,

Inc

0.000

08/01/34

8,328

5,915,000

Enterprise

Community

Loan

Fund,

Inc

4.152

11/01/28

5,659

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3.786

04/01/51

1,615

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2.673

07/01/31

6,334

10,000,000

Mather

Foundation

2.675

10/01/31

8,395

2,200,000

Salvation

Army

5.637

09/01/26

2,209

20,000,000

Salvation

Army

4.528

09/01/48

17,993

8,400,000

(e)

Starbucks

Corp

2.450

06/15/26

7,976

5,000,000

Starbucks

Corp

4.450

08/15/49

4,115

11,065,000

YMCA

of

Greater

New

York

5.151

08/01/48

8,871

TOTAL

CONSUMER

SERVICES

71,495

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

2,000,000

(d)

Alimentation

Couche-Tard,

Inc

3.625

05/13/51

1,436

10,625,000

SYSCO

Corp

5.750

01/17/29

10,878

13,598,000

SYSCO

Corp

2.400

02/15/30

11,781

18,954,000

Walmart,

Inc

1.800

09/22/31

15,617

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

39,712

ENERGY

-

0.9%

11,125,000

BP

Capital

Markets

America,

Inc

4.699

04/10/29

10,964

9,265,000

BP

Capital

Markets

America,

Inc

4.812

02/13/33

8,982

6,050,000

BP

Capital

Markets

America,

Inc

4.893

09/11/33

5,883

9,875,000

BP

Capital

Markets

America,

Inc

2.772

11/10/50

6,069

6,925,000

BP

Capital

Markets

plc

6.450

N/A(f)

7,114

279

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,000,000

Cheniere

Energy

Partners

LP

4.000

%

03/01/31

$

7,275

4,850,000

Cheniere

Energy

Partners

LP

5.950

06/30/33

4,918

8,350,000

ConocoPhillips

Co

5.050

09/15/33

8,276

8,875,000

ConocoPhillips

Co

5.300

05/15/53

8,424

4,515,000

ConocoPhillips

Co

5.550

03/15/54

4,443

10,000,000

Enbridge,

Inc

5.625

04/05/34

9,984

6,700,000

Enbridge,

Inc

5.950

04/05/54

6,647

8,125,000

Equinor

ASA

2.375

05/22/30

7,094

5,932,000

Equinor

ASA

3.950

05/15/43

4,875

12,450,000

Equinor

ASA

3.250

11/18/49

8,710

5,825,000

Marathon

Oil

Corp

5.300

04/01/29

5,849

6,850,000

MPLX

LP

5.500

06/01/34

6,746

10,070,000

(d)

New

York

State

Electric

&

Gas

Corp

5.650

08/15/28

10,228

6,800,000

Pioneer

Natural

Resources

Co

5.100

03/29/26

6,785

2,975,000

(d)

Raizen

Fuels

Finance

S.A.

6.450

03/05/34

3,022

11,400,000

TotalEnergies

Capital

International

S.A.

2.986

06/29/41

8,309

11,316,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

7,630

5,025,000

TotalEnergies

Capital

S.A.

5.150

04/05/34

5,027

4,350,000

TotalEnergies

Capital

S.A.

5.488

04/05/54

4,290

10,550,000

TotalEnergies

Capital

S.A.

5.638

04/05/64

10,446

9,483,000

Williams

Cos,

Inc

5.400

03/02/26

9,474

10,000,000

Williams

Cos,

Inc

5.300

08/15/28

10,031

TOTAL

ENERGY

197,495

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

1,500,000

ERP

Operating

LP

4.150

12/01/28

1,448

7,118,000

SITE

Centers

Corp

3.625

02/01/25

7,023

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

8,471

FINANCIAL

SERVICES

-

1.5%

5,000,000

BB

Blue

Financing

DAC

4.395

09/20/29

4,898

10,839,600

BB

Blue

Financing

DAC

4.395

09/20/37

10,610

11,645,000

Community

Preservation

Corp

2.867

02/01/30

10,145

304,534

Durrah

MSN

35603

1.684

01/22/25

301

3,450,000

(d)

Equitable

Financial

Life

Global

Funding

1.300

07/12/26

3,172

10,400,000

Ford

Foundation

2.815

06/01/70

6,044

1,610,000

(e)

Goldman

Sachs

Group,

Inc

0.855

02/12/26

1,561

3,416,000

(e)

Goldman

Sachs

Group,

Inc

5.500

N/A(f)

3,394

14,242,000

(d)

GPS

Blue

Financing

DAC

5.645

11/09/41

13,565

8,600,000

(d)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

6.375

07/01/34

8,419

4,470,000

(d),(e)

HAT

Holdings

I

LLC

3.375

06/15/26

4,215

3,480,000

(d),(e)

HAT

Holdings

I

LLC

8.000

06/15/27

3,618

9,585,000

(d),(e)

HAT

Holdings

I

LLC

3.750

09/15/30

8,361

6,955,000

Kreditanstalt

fuer

Wiederaufbau

4.375

02/28/34

6,897

9,875,000

Low

Income

Investment

Fund

3.711

07/01/29

9,000

7,725,000

Mastercard,

Inc

1.900

03/15/31

6,455

14,438,000

National

Rural

Utilities

Cooperative

Finance

Corp

4.150

12/15/32

13,304

1,925,000

NHP

Foundation

5.850

12/01/28

1,968

4,850,000

NHP

Foundation

6.000

12/01/33

5,009

16,475,000

Private

Export

Funding

Corp

(PEFCO)

1.400

07/15/28

14,462

13,500,000

Private

Export

Funding

Corp

(PEFCO)

4.300

12/15/28

13,361

9,900,000

Private

Export

Funding

Corp

(PEFCO)

4.600

02/15/34

9,777

10,250,000

Reinvestment

Fund,

Inc

3.366

11/01/24

10,115

2,570,000

Reinvestment

Fund,

Inc

3.513

11/01/25

2,448

15,240,000

Reinvestment

Fund,

Inc

3.880

02/15/27

14,037

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

4,194

2,800,000

(d)

Starwood

Property

Trust,

Inc

7.250

04/01/29

2,830

7,472,572

Thirax  LLC

1.462

03/07/33

6,407

10,250,000

(d)

UBS

Group

AG.

5.428

02/08/30

10,230

9,375,000

(d)

UBS

Group

AG.

5.617

09/13/30

9,415

10,000,000

(d)

UBS

Group

AG.

2.746

02/11/33

8,173

CREF

Social

Choice

Account

June

30,

2024

280

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,925,000

UBS

Group

AG.

6.301

%

09/22/34

$

10,321

6,150,000

(d)

UBS

Group

AG.

5.699

02/08/35

6,144

4,050,000

(d)

UBS

Group

AG.

9.250

N/A(f)

4,357

6,000,000

(d)

UBS

Group

AG.

7.750

N/A(f)

6,120

3,375,000

(d)

UBS

Group

AG.

9.250

N/A(f)

3,780

7,500,000

Visa,

Inc

1.900

04/15/27

6,923

17,000,000

Visa,

Inc

1.100

02/15/31

13,535

3,450,000

(d)

WLB

Asset

II

B

Pte

Ltd

3.950

12/10/24

3,287

5,500,000

(d)

WLB

Asset

II

C

Pte

Ltd

3.900

12/23/25

5,193

15,750,000

(d)

WLB

Asset

II

D

Pte

Ltd

6.500

12/21/26

14,798

9,750,000

(d)

WLB

Asset

VI

Pte

Ltd

7.250

12/21/27

10,106

TOTAL

FINANCIAL

SERVICES

317,783

FOOD,

BEVERAGE

&

TOBACCO

-

0.2%

3,725,000

Campbell

Soup

Co

5.200

03/21/29

3,727

10,125,000

(d)

Mars,

Inc

4.650

04/20/31

9,866

10,000,000

(d)

NBM

US

Holdings,

Inc

6.625

08/06/29

9,883

6,600,000

(d)

Nestle

Holdings,

Inc

4.950

03/14/30

6,633

10,000,000

PepsiCo,

Inc

3.900

07/18/32

9,334

16,674,000

PepsiCo,

Inc

2.875

10/15/49

11,068

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

50,511

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

6,688,000

Kaiser

Foundation

Hospitals

2.810

06/01/41

4,836

12,590,000

Montefiore

Medical

Center

2.895

04/20/32

10,603

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

15,439

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.4%

5,300,000

Procter

&

Gamble

Co

3.000

03/25/30

4,877

12,975,000

Procter

&

Gamble

Co

1.200

10/29/30

10,567

10,875,000

Procter

&

Gamble

Co

4.550

01/29/34

10,672

11,075,000

Unilever

Capital

Corp

2.000

07/28/26

10,408

17,300,000

Unilever

Capital

Corp

4.875

09/08/28

17,311

5,523,000

Unilever

Capital

Corp

2.125

09/06/29

4,854

6,125,000

Unilever

Capital

Corp

1.375

09/14/30

4,991

8,475,000

Unilever

Capital

Corp

1.750

08/12/31

6,886

10,000,000

(e)

Unilever

Capital

Corp

5.000

12/08/33

10,019

9,425,000

Unilever

Capital

Corp

2.625

08/12/51

5,999

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

86,584

INSURANCE

-

0.2%

14,425,000

(d)

Five

Corners

Funding

Trust

II

2.850

05/15/30

12,701

11,600,000

(d)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

11,572

10,000,000

Principal

Financial

Group,

Inc

2.125

06/15/30

8,354

2,152,000

Prudential

Financial,

Inc

3.700

10/01/50

1,872

11,448,000

(d)

USAA

Capital

Corp

2.125

05/01/30

9,764

TOTAL

INSURANCE

44,263

MATERIALS

-

0.7%

10,500,000

Air

Products

and

Chemicals,

Inc

4.800

03/03/33

10,329

2,755,000

(d)

Alcoa

Nederland

Holding

BV

7.125

03/15/31

2,831

10,000,000

Amcor

Group

Finance

plc

5.450

05/23/29

10,033

2,750,000

(d)

Anglo

American

Capital

plc

3.625

09/11/24

2,736

6,550,000

(d),(e)

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

6,068

9,145,000

(d)

Celulosa

Arauco

y

Constitucion

S.A.

5.150

01/29/50

7,638

7,250,000

(d)

Cemex

SAB

de

C.V.

9.125

N/A(f)

7,734

9,000,000

Dow

Chemical

Co

5.150

02/15/34

8,804

11,000,000

(d)

FMG

Resources

August

2006

Pty

Ltd

6.125

04/15/32

10,876

12,000,000

(d)

Inversiones

CMPC

S.A.

4.375

04/04/27

11,618

2,150,000

(d)

Inversiones

CMPC

S.A.

6.125

06/23/33

2,188

4,000,000

(d)

Klabin

Austria

GmbH

7.000

04/03/49

4,057

4,000,000

(d)

Klabin

Finance

S.A.

4.875

09/19/27

3,857

281

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,855,000

(d)

LG

Chem

Ltd

4.375

%

07/14/25

$

6,770

3,250,000

(d)

LG

Chem

Ltd

3.625

04/15/29

3,026

6,900,000

Nutrien

Ltd

5.200

06/21/27

6,892

11,125,000

Nutrien

Ltd

5.400

06/21/34

10,959

13,467,600

(d)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6.750

04/24/33

13,549

7,500,000

Suzano

International

Finance

BV

5.500

01/17/27

7,451

12,736,000

Teck

Resources

Ltd

3.900

07/15/30

11,816

TOTAL

MATERIALS

149,232

MEDIA

&

ENTERTAINMENT

-

0.1%

11,250,000

(e)

Comcast

Corp

4.650

02/15/33

10,861

TOTAL

MEDIA

&

ENTERTAINMENT

10,861

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.3%

13,250,000

Johnson

&

Johnson

4.900

06/01/31

13,380

8,315,000

Johnson

&

Johnson

2.250

09/01/50

4,942

3,884,000

Merck

&

Co,

Inc

1.900

12/10/28

3,454

12,550,000

Merck

&

Co,

Inc

2.150

12/10/31

10,433

8,800,000

Merck

&

Co,

Inc

2.750

12/10/51

5,502

6,925,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.650

05/19/25

6,876

6,475,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.110

05/19/43

6,156

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

14,468

4,497,000

Pfizer,

Inc

2.625

04/01/30

3,989

5,400,000

Pfizer,

Inc

1.750

08/18/31

4,385

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

73,585

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

8,550,000

National

Community

Renaissance

of

California

3.270

12/01/32

7,099

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4.479

12/01/32

8,933

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,032

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

11,550,000

(e)

Intel

Corp

4.150

08/05/32

10,817

7,208,000

NXP

BV

3.400

05/01/30

6,531

10,000,000

Texas

Instruments,

Inc

5.050

05/18/63

9,293

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

26,641

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3.000

06/20/27

13,573

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,573

TELECOMMUNICATION

SERVICES

-

0.0%

9,548,000

Verizon

Communications,

Inc

2.550

03/21/31

8,112

TOTAL

TELECOMMUNICATION

SERVICES

8,112

TRANSPORTATION

-

0.1%

5,083,450

(d)

Air

Canada

Pass

Through

Trust

4.125

05/15/25

4,975

6,000,000

Norfolk

Southern

Corp

2.300

05/15/31

5,039

8,013,000

Vessel

Management

Services,

Inc

5.125

04/16/35

8,064

TOTAL

TRANSPORTATION

18,078

UTILITIES

-

3.4%

3,750,000

AES

Corp

1.375

01/15/26

3,514

7,954,000

AES

Corp

5.450

06/01/28

7,936

6,725,000

Algonquin

Power

&

Utilities

Corp

5.365

06/15/26

6,692

12,325,000

Ameren

Illinois

Co

2.900

06/15/51

7,687

4,500,000

Atlantic

City

Electric

Co

2.300

03/15/31

3,778

3,345,000

Avangrid,

Inc

3.150

12/01/24

3,308

9,950,000

Avangrid,

Inc

3.200

04/15/25

9,742

13,200,000

Avangrid,

Inc

3.800

06/01/29

12,280

7,050,000

(d)

Brooklyn

Union

Gas

Co

4.632

08/05/27

6,831

10,000,000

(d)

Brooklyn

Union

Gas

Co

4.866

08/05/32

9,270

CREF

Social

Choice

Account

June

30,

2024

282

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2.350

%

04/01/31

$

8,314

3,550,000

CMS

Energy

Corp

4.750

06/01/50

3,251

3,100,000

CMS

Energy

Corp

3.750

12/01/50

2,592

11,300,000

(d)

Colbun

S.A.

3.150

01/19/32

9,514

17,500,000

Commonwealth

Edison

Co

2.750

09/01/51

10,436

5,600,000

Connecticut

Light

and

Power

Co

4.650

01/01/29

5,534

7,525,000

(d)

Consorcio

Transmantaro

SA

4.700

04/16/34

7,077

6,200,000

Consumers

Energy

Co

4.600

05/30/29

6,100

14,804,160

(d)

Continental

Wind

LLC

6.000

02/28/33

14,592

13,087,000

Dominion

Energy,

Inc

2.250

08/15/31

10,661

3,425,000

Dominion

Energy,

Inc

7.000

06/01/54

3,564

8,325,000

(e)

Dominion

Energy,

Inc

4.350

N/A(f)

7,811

22,625,000

DTE

Electric

Co

1.900

04/01/28

20,274

3,998,000

DTE

Electric

Co

3.950

03/01/49

3,149

9,025,000

DTE

Electric

Co

3.250

04/01/51

6,091

2,000,000

DTE

Electric

Co

3.650

03/01/52

1,471

3,688,000

Duke

Energy

Carolinas

LLC

2.850

03/15/32

3,160

2,332,000

Duke

Energy

Carolinas

LLC

3.550

03/15/52

1,647

10,000,000

Duke

Energy

Florida

LLC

2.500

12/01/29

8,820

5,625,000

Duke

Energy

Florida

LLC

2.400

12/15/31

4,670

10,000,000

Duke

Energy

Florida

LLC

3.000

12/15/51

6,283

4,000,000

Duke

Energy

Progress

LLC

3.450

03/15/29

3,731

5,276,000

Duke

Energy

Progress

LLC

4.000

04/01/52

4,007

20,250,000

(d)

Electricite

de

France

S.A.

3.625

10/13/25

19,740

4,800,000

(d)

Engie

S.A.

5.625

04/10/34

4,775

6,000,000

(d)

Engie

S.A.

5.875

04/10/54

5,779

6,375,000

Florida

Power

&

Light

Co

4.625

05/15/30

6,246

9,885,000

Georgia

Power

Co

3.250

04/01/26

9,554

7,288,875

(d)

India

Cleantech

Energy

4.700

08/10/26

6,928

9,700,000

Interstate

Power

and

Light

Co

3.500

09/30/49

6,791

14,641,000

(d)

Liberty

Utilities

Finance

GP

2.050

09/15/30

11,975

7,511,000

MidAmerican

Energy

Co

3.650

04/15/29

7,102

5,725,000

MidAmerican

Energy

Co

5.350

01/15/34

5,804

1,000,000

MidAmerican

Energy

Co

3.950

08/01/47

779

1,925,000

MidAmerican

Energy

Co

5.850

09/15/54

1,971

12,350,000

National

Fuel

Gas

Co

5.500

01/15/26

12,310

11,250,000

National

Fuel

Gas

Co

2.950

03/01/31

9,439

11,610,000

(d),(e)

New

York

State

Electric

&

Gas

Corp

2.150

10/01/31

9,304

12,500,000

NextEra

Energy

Capital

Holdings,

Inc

4.900

03/15/29

12,366

6,275,000

NextEra

Energy

Capital

Holdings,

Inc

6.750

06/15/54

6,311

3,829,000

(d),(e)

NextEra

Energy

Operating

Partners

LP

7.250

01/15/29

3,927

14,417,000

(d)

Niagara

Mohawk

Power

Corp

1.960

06/27/30

11,988

9,750,000

(d)

Niagara

Mohawk

Power

Corp

4.119

11/28/42

7,724

6,736,000

Northern

States

Power

Co

2.900

03/01/50

4,291

7,868,000

Northern

States

Power

Co

3.200

04/01/52

5,238

8,125,000

Northern

States

Power

Co

5.400

03/15/54

7,828

5,250,000

Northwest

Natural

Gas

Co

3.078

12/01/51

3,145

21,737,000

Pacific

Gas

and

Electric

Co

6.700

04/01/53

22,619

10,534,000

PacifiCorp

2.900

06/15/52

6,207

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3.350

06/01/50

4,668

2,100,000

PPL

Electric

Utilities

Corp

4.850

02/15/34

2,043

5,000,000

Public

Service

Co

of

Colorado

3.200

03/01/50

3,287

16,100,000

Public

Service

Co

of

Colorado

5.750

05/15/54

15,897

7,279,000

Public

Service

Co

of

Oklahoma

2.200

08/15/31

5,882

1,651,000

Public

Service

Electric

and

Gas

Co

3.100

03/15/32

1,439

4,875,000

Public

Service

Electric

and

Gas

Co

4.650

03/15/33

4,699

6,134,000

Public

Service

Electric

and

Gas

Co

3.200

08/01/49

4,225

6,550,000

Public

Service

Electric

and

Gas

Co

5.125

03/15/53

6,210

4,850,000

(d)

RWE

Finance

US

LLC

5.875

04/16/34

4,855

10,000,000

(d)

RWE

Finance

US

LLC

6.250

04/16/54

9,874

16,684,000

San

Diego

Gas

&

Electric

Co

4.950

08/15/28

16,607

19,738,000

San

Diego

Gas

&

Electric

Co

2.950

08/15/51

12,782

283

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,347,146

SCE

Recovery

Funding

LLC

1.977

%

11/15/28

$

2,176

7,100,000

SCE

Recovery

Funding

LLC

2.943

11/15/42

5,732

2,640,000

SCE

Recovery

Funding

LLC

3.240

11/15/46

1,913

4,900,000

Sempra

4.875

N/A(f)

4,806

19,066,301

(d)

Solar

Star

Funding

LLC

3.950

06/30/35

17,041

18,215,678

(d)

Solar

Star

Funding

LLC

5.375

06/30/35

17,745

8,429,000

Southern

California

Edison

Co

2.750

02/01/32

7,109

8,300,000

Southern

California

Edison

Co

5.200

06/01/34

8,105

1,493,000

Southern

California

Edison

Co

3.650

06/01/51

1,053

5,000,000

Southern

California

Edison

Co

3.450

02/01/52

3,394

14,635,000

Southern

Power

Co

4.150

12/01/25

14,374

14,825,000

Southwestern

Electric

Power

Co

3.250

11/01/51

9,328

18,650,000

Southwestern

Public

Service

Co

3.150

05/01/50

11,884

3,690,000

(d),(e)

Sunnova

Energy

Corp

5.875

09/01/26

2,869

16,135,890

(d)

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

12,925

8,612,000

(d)

TerraForm

Power

Operating

LLC

5.000

01/31/28

8,226

15,927,250

(d),(e)

Topaz

Solar

Farms

LLC

4.875

09/30/39

14,175

13,239,164

(d)

Topaz

Solar

Farms

LLC

5.750

09/30/39

12,807

7,544,796

(d)

UEP

Penonome

II

S.A.

6.500

10/01/38

6,329

15,000,000

Union

Electric

Co

2.150

03/15/32

12,055

19,626,000

Union

Electric

Co

2.625

03/15/51

11,700

3,146,000

Union

Electric

Co

3.900

04/01/52

2,407

3,775,000

(d)

Vistra

Corp

7.000

N/A(f)

3,742

TOTAL

UTILITIES

718,291

TOTAL

CORPORATE

BONDS

2,278,538

(Cost

$2,471,187)

GOVERNMENT

BONDS

-

24.8%

AGENCY

SECURITIES

-

0.8%

300,046

Abay

Leasing

LLC

2.654

11/09/26

290

3,180,444

Canal

Barge

Co,

Inc

4.500

11/12/34

3,061

12,230,793

Crowley

Conro

LLC

4.181

08/15/43

10,983

2,894,503

Ethiopian

Leasing

LLC

2.566

08/14/26

2,834

377,116

Export-Import

Bank

of

the

United

States

2.578

12/10/25

368

25,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1.540

08/17/35

17,808

8,000,000

Federal

National

Mortgage

Association

(FNMA)

0.625

04/22/25

7,714

18,880,000

FNMA

0.875

08/05/30

15,295

9,000,000

FNMA

1.625

08/24/35

6,473

7,340,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3.000

06/30/25

7,132

2,250,000

(c)

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

5.688

02/01/27

2,230

13,250,000

Private

Export

Funding

Corp

(PEFCO)

3.250

06/15/25

12,987

7,765,000

PEFCO

3.900

10/15/27

7,600

354,447

Sandalwood

LLC

2.836

07/10/25

350

766,311

Sandalwood

LLC

2.821

02/12/26

747

21,066,850

Thirax  LLC

0.968

01/14/33

17,777

3,331,851

Thirax

2

LLC

2.320

01/22/34

2,937

1,775,000

United

States

International

Development

Finance

Corp

1.440

04/15/28

1,596

1,000,000

United

States

International

Development

Finance

Corp

1.650

04/15/28

905

3,914,463

United

States

International

Development

Finance

Corp

1.790

10/15/29

3,579

12,232,698

United

States

International

Development

Finance

Corp

2.360

10/15/29

11,369

2,052,000

United

States

International

Development

Finance

Corp

2.930

05/15/30

1,921

3,391,200

United

States

International

Development

Finance

Corp

3.040

05/15/30

3,186

9,776,245

United

States

International

Development

Finance

Corp

3.430

06/01/33

9,172

7,770,393

United

States

International

Development

Finance

Corp

1.630

07/15/38

6,210

4,795,442

United

States

International

Development

Finance

Corp

2.450

07/15/38

4,053

5,000,000

US

Department

of

Housing

and

Urban

Development

(HUD)

3.535

08/01/36

4,333

TOTAL

AGENCY

SECURITIES

162,910

FOREIGN

GOVERNMENT

BONDS

-

3.8%

17,925,000

African

Development

Bank

4.125

02/25/27

17,676

CREF

Social

Choice

Account

June

30,

2024

284

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,850,000

(d)

Arab

Petroleum

Investments

Corp

1.483

%

10/06/26

$

10,912

14,000,000

(d)

Arab

Petroleum

Investments

Corp

5.428

05/02/29

14,265

9,500,000

Asian

Development

Bank

2.125

03/19/25

9,287

9,670,000

Asian

Development

Bank

4.625

06/13/25

9,617

11,500,000

Asian

Development

Bank

1.750

08/14/26

10,807

22,676,000

Asian

Development

Bank

3.125

09/26/28

21,488

10,000,000

Asian

Development

Bank

3.875

06/14/33

9,540

6,263,000

Asian

Infrastructure

Investment

Bank

0.500

01/27/26

5,841

5,375,000

(e)

Asian

Infrastructure

Investment

Bank

4.875

09/14/26

5,385

3,000,000

(c),(d)

Asian

Infrastructure

Investment

Bank

SOFR

Compounded

Index

+

0.620%

5.985

08/16/27

3,015

10,000,000

Asian

Infrastructure

Investment

Bank

4.125

01/18/29

9,867

11,400,000

Asian

Infrastructure

Investment

Bank

4.250

03/13/34

11,129

EUR

7,925,000

(d)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

6,826

17,250,000

(d)

BNG

Bank

NV

3.500

05/19/28

16,570

8,125,000

Brazilian

Government

International

Bond

6.125

01/22/32

8,013

1,900,000

(d)

Caisse

d'Amortissement

de

la

Dette

Sociale

0.625

02/18/26

1,770

12,250,000

(d)

Caisse

d'Amortissement

de

la

Dette

Sociale

4.875

09/19/26

12,260

4,750,000

(d)

Caisse

d'Amortissement

de

la

Dette

Sociale

1.375

01/20/31

3,893

5,000,000

Caisse

d'Amortissement

de

la

Dette

Sociale

2.125

01/26/32

4,210

21,980,000

Canada

Government

International

Bond

2.875

04/28/25

21,574

16,020,000

Canada

Government

International

Bond

3.750

04/26/28

15,567

12,500,000

(d)

CDP

Financial,

Inc

1.000

05/26/26

11,605

5,625,000

(d)

Central

American

Bank

for

Economic

Integration

5.000

02/09/26

5,590

10,075,000

Chile

Government

International

Bond

3.100

05/07/41

7,361

8,025,000

Colombia

Government

International

Bond

8.000

11/14/35

8,250

4,800,000

Colombia

Government

International

Bond

8.750

11/14/53

5,042

5,725,000

(d)

Dominican

Republic

International

Bond

0.000

06/01/36

5,695

19,500,000

European

Bank

for

Reconstruction

&

Development

1.625

09/27/24

19,322

5,000,000

European

Investment

Bank

2.500

10/15/24

4,958

6,540,000

(d)

European

Investment

Bank

2.876

06/13/25

6,403

5,750,000

European

Investment

Bank

2.375

05/24/27

5,406

11,961,000

European

Investment

Bank

0.625

10/21/27

10,524

3,750,000

European

Investment

Bank

3.250

11/15/27

3,596

11,600,000

European

Investment

Bank

1.625

10/09/29

10,076

10,000,000

European

Investment

Bank

0.875

05/17/30

8,168

19,749,000

European

Investment

Bank

0.750

09/23/30

15,845

6,445,000

European

Investment

Bank

3.750

02/14/33

6,122

2,000,000

European

Investment

Bank

4.875

02/15/36

2,063

10,875,000

Export

Development

Canada

3.375

08/26/25

10,665

13,050,000

Export

Development

Canada

3.875

02/14/28

12,749

10,000,000

Export

Development

Canada

4.125

02/13/29

9,847

14,925,000

Export

Development

Canada

4.750

06/05/34

15,217

18,110,000

Hydro-Quebec

8.050

07/07/24

18,115

4,868,000

Inter-American

Development

Bank

1.125

07/20/28

4,263

5,000,000

Inter-American

Development

Bank

1.125

01/13/31

4,054

15,800,000

Inter-American

Development

Bank

3.500

04/12/33

14,675

10,625,000

(e)

Inter-American

Investment

Corp

2.625

04/22/25

10,397

2,644,000

Inter-American

Investment

Corp

0.625

02/10/26

2,464

19,785,000

Inter-American

Investment

Corp

4.125

02/15/28

19,368

12,850,000

International

Bank

for

Reconstruction

&

Development

0.625

04/22/25

12,386

14,750,000

International

Bank

for

Reconstruction

&

Development

3.125

11/20/25

14,381

28,030,000

International

Bank

for

Reconstruction

&

Development

0.000

03/31/27

25,535

5,250,000

International

Bank

for

Reconstruction

&

Development

0.000

03/31/28

5,067

5,000,000

(d)

International

Development

Association

0.875

04/28/26

4,652

14,750,000

International

Finance

Corp

4.750

03/16/26

14,660

10,643,000

International

Finance

Facility

for

Immunisation

Co

1.000

04/21/26

9,910

3,050,000

Japan

Bank

for

International

Cooperation

1.625

01/20/27

2,815

1,750,000

Japan

Bank

for

International

Cooperation

4.875

10/18/28

1,764

2,800,000

Japan

International

Cooperation

Agency

4.750

05/21/29

2,815

8,750,000

Japan

International

Cooperation

Agency

1.750

04/28/31

7,242

12,500,000

(d)

Kommunalbanken

AS.

2.125

02/11/25

12,250

4,175,000

(d)

Kommuninvest

I

Sverige

AB

4.625

09/29/28

4,189

285

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,100,000

(d)

Korea

Electric

Power

Corp

1.125

%

06/15/25

$

9,695

10,250,000

(d)

Korea

Electric

Power

Corp

4.875

01/31/27

10,179

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1.750

09/14/29

5,696

13,000,000

Landwirtschaftliche

Rentenbank

0.875

09/03/30

10,504

18,250,000

(d)

Nederlandse

Waterschapsbank

NV

1.750

01/15/25

17,898

17,600,000

(d)

Nederlandse

Waterschapsbank

NV

2.375

03/24/26

16,859

12,375,000

(d)

Nederlandse

Waterschapsbank

NV

4.000

06/01/28

12,099

4,450,000

(d)

Nederlandse

Waterschapsbank

NV

4.375

02/28/29

4,418

7,000,000

Nederlandse

Waterschapsbank

NV

1.000

05/28/30

5,725

4,430,000

(d)

Nederlandse

Waterschapsbank

NV

1.000

05/28/30

3,623

15,641,000

OMERS

Finance

Trust

3.500

04/19/32

14,254

7,666,000

(d)

OMERS

Finance

Trust

3.500

04/19/32

6,986

4,825,000

(d)

OMERS

Finance

Trust

4.000

04/19/52

3,835

5,030,000

OPEC

Fund

for

International

Development

4.500

01/26/26

4,963

4,970,000

(d)

OPEC

Fund

for

International

Development

4.500

01/26/26

4,904

10,500,000

(d)

Perusahaan

Penerbit

SBSN

Indonesia

III

3.900

08/20/24

10,468

11,750,000

Province

of

Ontario

Canada

5.050

04/24/34

11,993

10,000,000

Province

of

Quebec

Canada

2.750

04/12/27

9,488

5,000,000

Province

of

Quebec

Canada

7.500

09/15/29

5,642

15,250,000

Province

of

Quebec

Canada

1.900

04/21/31

12,799

10,625,000

Province

of

Quebec

Canada

4.500

09/08/33

10,417

7,750,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

5,758

5,100,000

(d)

Serbia

International

Bond

6.000

06/12/34

5,021

TOTAL

FOREIGN

GOVERNMENT

BONDS

808,242

MORTGAGE

BACKED

-

10.2%

2,115,000

(c),(d)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

1,468

55,881,379

(c),(d)

Citigroup

Mortgage

Loan

Trust

0.155

02/25/52

468

6,264,671

(c),(d)

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

87

2,983,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.900%

7.235

12/25/41

3,021

10,555,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.100%

8.435

03/25/42

11,008

18,944,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.650%

9.985

06/25/42

20,560

1,295,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.350%

8.685

01/25/43

1,370

1,940,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.550%

8.885

05/25/43

2,090

3,170,482

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.100%

8.435

06/25/43

3,355

3,400,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.900%

9.188

07/25/43

3,615

4,470,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.550%

8.885

10/25/43

4,681

5,279,011

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

2.310

12/01/31

4,508

6,875,000

FHLMC

3.740

06/01/37

6,155

2,264,560

FHLMC

3.400

12/01/37

1,955

5,646,500

FHLMC

4.300

12/01/37

5,267

1,841,368

FHLMC

3.500

03/01/38

1,604

640,000

FHLMC

4.330

05/01/38

599

3,186,904

FHLMC

2.970

07/01/38

2,612

3,397,659

FHLMC

4.550

07/01/38

3,248

5,775,000

FHLMC

3.500

10/01/38

4,945

399,827

FHLMC

3.160

11/01/38

331

1,853,500

FHLMC

3.910

01/01/39

1,646

3,372,989

FHLMC

3.000

01/01/41

2,697

785,902

FHLMC

4.250

09/01/42

743

818,573

(c)

FHLMC

SOFR30A

+

5.806%

0.472

03/15/44

64

6,075,745

FHLMC

3.500

01/15/47

5,284

1,343,745

FHLMC

4.000

10/15/47

1,233

2,268,647

FHLMC

4.000

11/15/47

2,069

6,123,946

FHLMC

4.000

01/15/48

5,684

6,218,517

FHLMC

4.000

03/15/48

5,684

1,963,742

FHLMC

4.000

04/15/48

1,817

5,804,989

FHLMC

4.000

04/15/48

5,278

2,796,375

(c)

FHLMC

SOFR30A

+

9.737%

1.204

06/15/48

2,460

1,908,149

(c)

FHLMC

SOFR30A

+

9.657%

1.124

10/15/48

1,572

4,467,770

FHLMC

3.000

11/01/49

3,873

2,543,618

FHLMC

2.000

09/25/50

329

CREF

Social

Choice

Account

June

30,

2024

286

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,301,586

FHLMC

3.000

%

09/25/50

$

4,489

4,809,044

FHLMC

3.000

10/25/50

3,328

16,135,307

FHLMC

2.500

02/25/51

2,690

5,968,860

FHLMC

2.500

05/25/51

3,619

3,807,722

FHLMC

2.500

11/01/51

3,123

10,491,825

FHLMC

3.000

11/01/51

9,126

1,285,594

FHLMC

3.000

11/01/51

1,113

1,098,123

FHLMC

3.000

11/01/51

961

1,512,537

FHLMC

3.000

11/01/51

1,316

4,303,410

FHLMC

2.500

01/01/52

3,527

10,409,635

FHLMC

2.500

02/01/52

8,615

5,054,131

FHLMC

3.000

02/01/52

4,305

6,603,363

FHLMC

3.000

03/01/52

5,624

5,094,890

FHLMC

2.500

04/01/52

4,183

14,889,341

FHLMC

4.000

04/01/52

13,649

8,841,315

FHLMC

3.500

05/01/52

7,873

494,272

FHLMC

3.000

06/01/52

423

442,538

FHLMC

3.500

06/01/52

393

8,588,657

FHLMC

4.500

06/01/52

8,108

8,456,357

FHLMC

4.500

07/01/52

7,983

1,635,510

FHLMC

4.000

08/25/52

1,314

213,504

FHLMC

3.000

10/01/52

182

2,785,569

FHLMC

4.500

10/25/52

2,503

9,592,920

FHLMC

6.000

11/01/52

9,656

3,407,844

FHLMC

5.500

11/25/52

3,311

3,089,508

FHLMC

3.500

12/01/52

2,736

15,173,043

FHLMC

5.000

01/01/53

14,680

2,711,290

FHLMC

5.500

02/25/53

2,648

19,105,748

FHLMC

5.500

08/01/53

18,868

3,111

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

3

82,070

FGLMC

4.500

07/01/33

80

558,751

FGLMC

7.000

12/01/33

575

149,475

FGLMC

7.000

05/01/35

154

394,853

FGLMC

5.000

06/01/36

390

121,783

FGLMC

5.000

07/01/39

121

77,935

FGLMC

4.000

06/01/42

73

164,416

FGLMC

4.500

10/01/44

158

225,372

FGLMC

4.500

11/01/44

217

408,663

FGLMC

4.500

11/01/44

393

238,104

FGLMC

4.500

12/01/44

229

221,703

FGLMC

4.500

12/01/44

214

989,728

FGLMC

3.500

04/01/45

901

3,738,748

FGLMC

3.500

10/01/45

3,393

65,834

FGLMC

3.000

04/01/47

57

461,392

FGLMC

4.500

06/01/47

445

914,427

FGLMC

4.000

09/01/47

854

704,908

FGLMC

3.500

12/01/47

639

2,890,975

FGLMC

4.500

08/01/48

2,783

11

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

0^

11,009,901

(c)

FNMA

2.919

02/25/27

10,481

3,160,305

(c)

FNMA

3.412

06/25/28

2,997

8,250,000

(c)

FNMA

1.518

11/25/30

6,767

15,500,000

(c)

FNMA

1.287

01/25/31

12,524

803,915

FNMA

3.500

05/01/32

775

955,908

FNMA

5.000

05/01/35

943

643,441

FNMA

5.000

10/01/35

635

486,832

FNMA

5.000

02/01/36

481

995,813

FNMA

5.500

11/01/38

999

133,505

FNMA

3.000

05/01/40

119

357,217

FNMA

5.000

09/01/40

353

986,061

FNMA

5.000

05/01/41

974

655,474

FNMA

4.000

09/01/42

615

287

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,311,279

(c)

FNMA

SOFR30A

+

5.836%

0.500

%

09/25/43

$

139

1,116,722

FNMA

4.500

03/01/44

1,084

51,739,473

FNMA

4.000

05/01/44

48,762

309,881

FNMA

4.500

06/01/44

298

3,291,977

FNMA

4.500

06/01/44

3,166

694,668

FNMA

4.500

08/01/44

668

1,853,966

FNMA

4.500

10/01/44

1,783

3,239,396

FNMA

4.500

11/01/44

3,115

578,196

FNMA

5.000

11/01/44

572

880,530

FNMA

4.500

12/01/44

847

377,839

FNMA

4.000

01/01/45

354

148,875

FNMA

4.500

03/01/45

143

258,814

FNMA

4.500

04/01/45

249

1,859,468

FNMA

3.500

05/01/45

1,693

2,346,405

FNMA

3.000

07/25/45

2,042

2,711,059

FNMA

3.500

01/01/46

2,457

521,271

FNMA

4.000

04/01/46

489

3,083,304

FNMA

3.500

06/01/46

2,791

2,067,314

FNMA

3.500

07/01/46

1,872

3,294,126

FNMA

3.500

07/01/46

2,998

904,466

FNMA

3.500

08/01/46

819

279,084

FNMA

3.000

10/01/46

238

2,448,281

FNMA

3.500

10/01/46

2,216

1,057,907

FNMA

4.500

05/01/47

1,028

1,249,378

FNMA

4.000

10/01/47

1,165

248,441

FNMA

3.500

11/01/47

225

254,917

FNMA

4.500

11/01/47

245

14,104

FNMA

3.500

01/01/48

13

2,778,472

FNMA

3.500

01/01/48

2,500

1,865,403

FNMA

4.500

01/01/48

1,793

1,443,504

FNMA

4.500

02/01/48

1,388

4,192,163

FNMA

3.500

02/25/48

3,597

1,228,342

FNMA

4.500

05/01/48

1,180

873,139

FNMA

4.500

05/01/48

839

3,100,610

FNMA

4.000

07/25/48

2,834

10,797,161

FNMA

3.000

07/01/50

9,361

5,100,894

FNMA

2.000

08/25/50

656

6,386,779

FNMA

2.000

10/25/50

4,180

12,799,962

FNMA

2.500

11/25/50

1,790

4,484,518

FNMA

3.000

12/25/50

771

3,720,302

FNMA

3.000

02/25/51

625

4,137,313

FNMA

3.000

09/01/51

3,582

4,096,361

FNMA

2.500

11/01/51

3,356

4,837,035

FNMA

2.500

11/25/51

594

4,320,356

FNMA

2.500

12/01/51

3,558

12,630,828

FNMA

2.500

02/01/52

10,453

4,473,831

FNMA

3.500

02/01/52

3,999

1,768,312

FNMA

2.500

04/01/52

1,463

1,484,619

FNMA

3.000

04/01/52

1,265

1,261,231

FNMA

3.500

04/01/52

1,117

12,650,384

FNMA

3.500

05/01/52

11,281

31,685,125

FNMA

3.500

05/01/52

28,064

21,174,345

FNMA

4.000

05/01/52

19,410

2,498,467

FNMA

4.000

05/25/52

1,939

113,141

FNMA

3.000

06/01/52

96

41,042,437

FNMA

3.500

06/01/52

36,353

12,302,944

FNMA

3.500

06/01/52

10,944

12,254,732

FNMA

3.500

06/01/52

10,854

17,838,596

FNMA

4.000

06/01/52

16,336

4,113,870

FNMA

4.500

06/01/52

3,884

40,197,499

FNMA

4.000

07/01/52

36,787

29,556,442

FNMA

4.000

07/01/52

27,062

CREF

Social

Choice

Account

June

30,

2024

288

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,794,438

FNMA

4.500

%

07/01/52

$

3,582

32,122,323

FNMA

4.500

07/01/52

30,287

6,768,726

FNMA

4.500

07/25/52

6,375

27,205,786

FNMA

5.000

08/01/52

26,358

2,484,979

FNMA

4.500

08/25/52

2,051

2,189,343

FNMA

2.500

09/01/52

1,791

79,960,368

FNMA

4.000

09/01/52

73,252

193,836,029

FNMA

4.500

09/01/52

182,888

11,168,200

FNMA

5.000

09/01/52

10,817

2,345,588

FNMA

4.000

09/25/52

2,016

1,882,926

FNMA

4.000

09/25/52

1,541

90,771,358

FNMA

4.000

10/01/52

83,070

58,911,421

FNMA

4.500

10/01/52

55,619

71,823,105

FNMA

5.000

10/01/52

69,538

2,073,399

FNMA

4.500

10/25/52

1,922

1,806,563

FNMA

4.500

10/25/52

1,616

55,879,283

FNMA

4.500

11/01/52

52,707

3,681,787

FNMA

5.500

11/25/52

3,534

30,339,532

FNMA

5.500

12/01/52

29,938

169,615

FNMA

5.000

01/01/53

164

37,680,058

FNMA

5.000

02/01/53

36,453

15,697,707

FNMA

6.000

02/01/53

15,758

6,224,852

FNMA

6.000

03/01/53

6,251

18,890,158

FNMA

5.000

04/01/53

18,272

2,914,392

FNMA

6.000

05/01/53

2,927

10,255,421

FNMA

5.000

06/01/53

9,999

45,872,029

FNMA

5.500

06/01/53

45,262

15,369,472

FNMA

5.000

08/01/53

14,860

52,862,174

FNMA

5.500

10/01/53

52,143

7,904,015

FNMA

6.000

01/01/54

7,927

601,181

Government

National

Mortgage

Association

(GNMA)

2.580

08/15/25

599

7,189,026

GNMA

2.690

06/15/33

6,543

6,049,905

GNMA

3.700

10/15/33

5,748

48,290

GNMA

5.000

04/15/38

48

98,330

GNMA

6.500

11/20/38

102

12,027,385

GNMA

5.000

01/20/40

2,616

5,620,936

GNMA

4.500

03/20/40

1,015

9,077,018

GNMA

5.000

03/20/40

1,843

6,677,056

GNMA

3.700

08/15/40

6,300

7,158,727

GNMA

2.500

10/16/43

6,219

7,092,769

GNMA

2.500

12/20/43

6,167

10,912,941

GNMA

2.750

01/15/45

9,512

2,355,074

GNMA

3.000

03/20/45

2,050

1,480,942

GNMA

4.500

12/20/45

1,466

1,063,065

GNMA

4.000

06/20/46

129

3,246,999

GNMA

5.000

09/20/46

618

3,864,813

GNMA

3.500

12/20/46

3,518

2,644,584

GNMA

3.500

01/20/47

2,405

2,896,473

(c)

GNMA

TSFR1M

+

5.986%

0.647

03/20/50

359

1,468,208

GNMA

3.500

10/20/50

1,326

26,721,585

GNMA

3.000

06/20/51

23,316

5,071,552

GNMA

3.000

07/20/51

4,411

11,052,138

GNMA

3.000

11/20/51

7,703

19,221,291

GNMA

2.500

12/20/51

16,159

43,597,691

GNMA

3.000

12/20/51

38,013

13,136,849

GNMA

3.000

12/20/51

8,906

25,034,175

GNMA

3.000

01/20/52

21,810

9,062,651

GNMA

3.000

01/20/52

6,272

4,163,468

GNMA

2.500

02/20/52

3,396

10,765,473

GNMA

3.000

02/20/52

7,155

7,530,110

GNMA

4.000

04/20/52

6,235

9,612,239

GNMA

5.000

04/20/52

1,838

289

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,457,671

GNMA

3.000

%

05/20/52

$

5,626

38,308,058

GNMA

3.500

07/20/52

34,394

2,526,134

GNMA

4.000

07/20/52

1,999

6,910,119

GNMA

4.000

08/20/52

6,385

59,663,321

GNMA

4.000

09/20/52

55,134

4,499,535

GNMA

4.500

09/20/52

4,050

3,672,624

GNMA

4.500

09/20/52

3,311

3,088,466

GNMA

4.500

09/20/52

2,812

3,321,048

GNMA

4.500

09/20/52

2,853

3,689,733

GNMA

5.000

09/20/52

3,596

8,923,914

GNMA

5.000

11/20/52

8,702

29,381,723

GNMA

3.500

12/20/52

26,380

38,161,451

GNMA

4.500

12/20/52

36,319

7,670,286

GNMA

4.500

02/20/53

7,299

3,917,737

GNMA

4.500

02/20/53

3,406

1,225,851

GNMA

5.000

02/20/53

1,195

3,437,529

GNMA

5.500

02/20/53

3,317

8,405,596

(c)

GNMA

SOFR30A

+

6.950%

1.617

05/20/53

887

6,518,350

(c)

GNMA

SOFR30A

+

23.205%

2.406

08/20/53

6,360

5,864,113

GNMA

3.000

08/20/53

5,109

4,318,534

(c)

GNMA

SOFR30A

+

25.350%

4.551

08/20/53

4,486

7,121,774

GNMA

5.000

12/20/53

6,631

6,527,112

GNMA

2.500

04/20/54

4,503

1,950,961

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

08/25/51

1,533

62,065,901

(c),(d)

GS

Mortgage-Backed

Securities

Trust

0.148

08/25/51

488

7,719,140

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

6,084

4,371,326

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

3,430

2,686,368

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

2,300

2,067,532

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.830

05/28/52

1,638

21,896,435

(c),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

18,116

110,171

(c)

Impac

CMB

Trust

TSFR1M

+

0.774%

6.120

03/25/35

98

6,982,134

(c),(d)

J.P.

Morgan

Mortgage

Trust

3.000

07/25/52

5,794

201,092

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

175

233,984

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

201

82,718

(c),(d)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

75

17,583,705

(c),(d)

JP

Morgan

Mortgage

Trust

0.122

06/25/51

114

30,945,158

(c),(d)

JP

Morgan

Mortgage

Trust

0.110

11/25/51

180

2,126,003

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

1,671

30,583,790

(c),(d)

JP

Morgan

Mortgage

Trust

0.119

12/25/51

193

2,669,272

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

2,098

3,874,908

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

01/25/52

3,046

3,632,048

(c),(d)

JP

Morgan

Mortgage

Trust

3.344

04/25/52

2,811

6,272,938

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

4,923

35,498,655

(d)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

404

6,098,158

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

4,785

9,196,320

(c),(d)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

7,740

9,242,137

(c),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

7,566

4,922,169

(c),(d)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

4,029

4,800,422

(c),(d)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

3,936

397,793

(c),(d)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

378

2,722,674

(c),(d)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

2,640

3,545,016

(c),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

2,786

2,607,223

(c),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

2,251

2,324,937

(c),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,827

397,459

(c),(d)

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

369

1,874,269

(c),(d)

RCKT

Mortgage

Trust

3.007

09/25/51

1,437

6,495,511

(c),(d)

RCKT

Mortgage

Trust

2.500

02/25/52

5,097

3,204,537

(c),(d)

RCKT

Mortgage

Trust

3.000

05/25/52

2,623

62,433

(c),(d)

Sequoia

Mortgage

Trust

4.000

06/25/49

57

162,645

(c),(d)

Sequoia

Mortgage

Trust

3.500

12/25/49

141

2,717,314

(c),(d)

Sequoia

Mortgage

Trust

2.500

06/25/51

2,156

267,567

(c),(d)

Shellpoint

Co-Originator

Trust

3.500

10/25/47

237

CREF

Social

Choice

Account

June

30,

2024

290

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,803,329

(c),(d)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

SOFR30A

+

2.050%

7.395

%

12/25/33

$

8,992

4,549,000

(c),(d)

STACR

SOFR30A

+

2.400%

7.735

02/25/42

4,667

2,785,000

(c),(d)

STACR

SOFR30A

+

4.750%

10.085

02/25/42

2,975

8,185,000

(c),(d)

STACR

SOFR30A

+

2.900%

8.235

04/25/42

8,517

3,000,000

(c),(d)

STACR

SOFR30A

+

5.650%

8.647

04/25/42

3,268

17,190,000

(c),(d)

STACR

SOFR30A

+

3.350%

8.685

05/25/42

18,070

15,004,000

(c),(d)

STACR

SOFR30A

+

4.500%

9.835

06/25/42

16,295

8,336,000

(c),(d)

STACR

SOFR30A

+

4.000%

9.335

07/25/42

8,914

8,695,000

(c),(d)

STACR

SOFR30A

+

3.550%

8.885

08/25/42

9,196

6,670,000

(c),(d)

STACR

SOFR30A

+

3.700%

9.035

09/25/42

7,110

8,225,000

(c),(d)

STACR

SOFR30A

+

3.250%

8.585

04/25/43

8,724

5,395,000

(c),(d)

STACR

SOFR30A

+

3.500%

8.835

05/25/43

5,729

58,931

(c),(d)

STACR

3.791

02/25/48

55

74,055

(c),(d)

STACR

3.848

05/25/48

71

2,890,000

(c),(d)

STACR

SOFR30A

+

4.800%

10.135

10/25/50

3,310

982,000

(c),(d)

Verus

Securitization

Trust

3.207

11/25/59

909

351,514

(d)

Verus

Securitization

Trust

(Step

Bond)

1.733

05/25/65

331

TOTAL

MORTGAGE

BACKED

2,169,479

MUNICIPAL

BONDS

-

1.1%

10,090,000

American

Municipal

Power,

Inc

6.270

02/15/50

10,702

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3.060

04/01/25

1,152

1,990,000

California

Health

Facilities

Financing

Authority

2.984

06/01/33

1,707

915,000

California

Health

Facilities

Financing

Authority

4.353

06/01/41

819

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

2,852

5,645,000

City

&

County

of

Honolulu

HI

3.974

09/01/35

5,231

1,615,000

City

&

County

of

Honolulu

HI

4.004

09/01/36

1,486

7,085,000

City

&

County

of

San

Francisco

CA

4.000

04/01/47

5,578

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.000

09/01/48

4,369

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.482

09/01/50

5,527

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014

6.332

09/01/51

1,287

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3.091

09/01/36

288

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

991

7,500,000

City

of

Los

Angeles

CA

3.880

09/01/38

6,721

7,190,000

City

of

Los

Angeles

CA

5.000

09/01/42

7,044

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3.158

05/15/29

1,415

1,780,000

(d)

City

of

Miami

FL

4.808

01/01/39

1,680

3,000,000

City

of

New

York

NY

5.828

10/01/53

3,278

4,835,000

City

of

Oakland

CA

2.070

01/15/29

4,345

3,025,000

City

of

Port

Lions

AK

7.500

10/01/52

3,151

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3.000

11/01/26

3,206

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3.950

11/01/36

3,351

1,000,000

City

of

San

Juan

Capistrano

CA

3.700

08/01/31

942

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2.999

11/01/43

4,366

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3.079

11/01/43

4,305

3,500,000

(d)

County

of

Gallatin

MT

11.500

09/01/27

3,599

10,000,000

District

of

Columbia

Water

&

Sewer

Authority

4.814

10/01/14

8,993

3,125,000

Florida

Development

Finance

Corp

7.500

07/01/57

3,181

2,170,000

(d)

Florida

Development

Finance

Corp

8.250

07/01/57

2,250

14,291,434

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4.050

08/25/38

13,008

640,000

Henry

County

Water

Authority

3.000

01/01/43

466

850,000

Henry

County

Water

Authority

3.200

01/01/49

584

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2.327

07/01/32

845

6,430,000

Lavaca-Navidad

River

Authority

4.430

08/01/35

6,227

291

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,025,000

Maine

State

Housing

Authority

2.331

%

11/15/30

$

879

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3.797

03/01/39

2,127

3,925,000

Maryland

Economic

Development

Corp

5.942

05/31/57

3,955

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2.020

07/01/28

2,714

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2.485

07/01/32

2,543

595,000

Metropolitan

Transportation

Authority

5.175

11/15/49

537

11,645,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5.720

12/01/38

11,962

5,750,000

(d)

New

Hampshire

Business

Finance

Authority

5.540

02/01/29

5,750

8,295,000

(d)

New

Hampshire

Business

Finance

Authority

5.410

07/01/33

8,295

720,000

New

Jersey

Economic

Development

Authority

5.298

03/01/32

728

2,500,000

New

York

City

Housing

Development

Corp

3.720

11/01/39

2,079

17,500,000

New

York

Transportation

Development

Corp

5.000

01/01/26

17,792

7,420,000

New

York

Transportation

Development

Corp

6.971

06/30/51

7,366

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2.636

10/01/24

2,484

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

1,700

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1.927

09/01/27

1,135

1,005,000

Sales

Tax

Securitization

Corp

5.293

01/01/41

993

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4.375

08/01/44

1,684

1,495,000

South

Dakota

Housing

Development

Authority

5.460

05/01/53

1,492

3,000

State

of

Wisconsin

5.700

05/01/26

3

1,650,000

(d)

Syracuse

Industrial

Development

Agency

5.000

01/01/36

1,251

2,280,000

Tampa

Bay

Water

2.612

10/01/25

2,212

3,225,000

Tampa

Bay

Water

2.782

10/01/26

3,086

3,000,000

Tampa

Bay

Water

2.952

10/01/27

2,847

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

3,914

5,000,000

Tuolumne

Wind

Project

Authority

6.918

01/01/34

5,421

1,000,000

University

of

Cincinnati

3.250

06/01/29

970

18,000,000

University

of

New

Mexico

3.532

06/20/32

17,085

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3.550

09/01/39

407

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3.800

09/01/49

1,137

1,000,000

Washington

County

Clean

Water

Services

5.078

10/01/24

999

TOTAL

MUNICIPAL

BONDS

243,880

U.S.

TREASURY

SECURITIES

-

8.9%

35,830,000

United

States

Treasury

Bond

2.875

11/15/46

26,892

2,500,000

United

States

Treasury

Bond

3.000

02/15/49

1,894

1,525,000

United

States

Treasury

Note

2.250

10/31/24

1,509

1,500,000

United

States

Treasury

Note

0.375

12/31/25

1,403

254,153,000

United

States

Treasury

Note

4.875

05/31/26

254,669

123,068,000

United

States

Treasury

Note

4.625

06/15/27

123,424

15,031,000

United

States

Treasury

Note

0.500

10/31/27

13,194

28,250,000

United

States

Treasury

Note

1.125

08/31/28

24,751

136,732,000

United

States

Treasury

Note

4.500

05/31/29

137,661

233,931,000

United

States

Treasury

Note

4.625

05/31/31

237,732

339,496,000

United

States

Treasury

Note

4.375

05/15/34

339,602

14,508,000

United

States

Treasury

Note

1.875

02/15/41

9,927

4,700,000

United

States

Treasury

Note

2.250

05/15/41

3,401

232,705,800

United

States

Treasury

Note

2.375

02/15/42

169,403

29,796,000

United

States

Treasury

Note

3.250

05/15/42

24,777

2,070,000

United

States

Treasury

Note

4.000

11/15/42

1,908

241,307,000

United

States

Treasury

Note

4.625

05/15/44

240,855

40,008,000

United

States

Treasury

Note

2.250

02/15/52

25,486

CREF

Social

Choice

Account

June

30,

2024

292

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

279,190,000

United

States

Treasury

Note

4.250

%

02/15/54

$

265,841

TOTAL

U.S.

TREASURY

SECURITIES

1,904,329

TOTAL

GOVERNMENT

BONDS

5,288,840

(Cost

$5,501,323)

STRUCTURED

ASSETS

-

3.9%

ASSET

BACKED

-

1.1%

2,200,459

(d)

Air

Canada

Pass

Through

Trust

3.550

01/15/30

1,969

Series

-

2017

1

(Class

A)

900,000

(d)

AMSR

Trust

3.148

01/19/39

850

Series

-

2019

SFR1

(Class

C)

1,000,000

(c),(d)

BFLD

Trust

CME

Term

SOFR

1

M

+

2.214%

7.543

10/15/35

235

Series

-

2020

EYP

(Class

C)

140,230

(c)

C-BASS

Trust

TSFR1M

+

0.274%

3.530

07/25/36

135

Series

-

2006

CB6

(Class

A1)

3,804,121

Delta

Air

Lines

Pass

Through

Trust

2.000

06/10/28

3,458

Series

-

2020

1

(Class

AA)

14,557,351

Delta

Air

Lines

Pass

Through

Trust

2.500

06/10/28

13,221

Series

-

2020

1

(Class

A)

46,123

(c),(d)

Ellington

Loan

Acquisition

Trust

TSFR1M

+

1.214%

6.560

05/25/37

46

Series

-

2007

2

(Class

A2C)

5,750,000

(d)

Frontier

Issuer

LLC

8.300

08/20/53

5,899

Series

-

2023

1

(Class

B)

1,500,000

(d),(g)

Frontier

Issuer

LLC

11.160

06/20/54

1,502

Series

-

2024

1

(Class

C)

3,010,709

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

2.100

05/20/48

2,359

Series

-

2021

3CS

(Class

A)

3,227,523

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

1.930

07/20/48

2,510

Series

-

2021

4GS

(Class

A)

11,763,835

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

2.310

10/20/48

9,376

Series

-

2021

5CS

(Class

A)

4,097,522

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

2.700

01/20/49

3,374

Series

-

2022

1GS

(Class

A)

3,101,892

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

2.940

01/20/49

2,385

Series

-

2022

1GS

(Class

B)

13,500,297

(d)

GoodLeap

Sustainable

Home

Solutions

Trust

4.950

07/20/49

12,552

Series

-

2022

3CS

(Class

A)

8,297,000

(d)

Grace

Trust

2.347

12/10/40

6,786

Series

-

2020

GRCE

(Class

A)

2,357,652

(d)

Helios

Issuer,

LLC

5.600

08/22/50

2,269

Series

-

2023

B

(Class

B)

1,980,425

(d)

HERO

Funding

Trust

3.840

09/21/40

1,829

Series

-

2015

1A

(Class

A)

536,556

(d)

HERO

Funding

Trust

3.990

09/21/40

500

Series

-

2014

2A

(Class

A)

994,028

(d)

HERO

Funding

Trust

3.750

09/20/41

910

Series

-

2016

2A

(Class

A)

900,492

(d)

HERO

Funding

Trust

4.050

09/20/41

838

Series

-

2016

1A

(Class

A)

349,829

(d)

HERO

Funding

Trust

3.080

09/20/42

313

Series

-

2016

3A

(Class

A1)

2,722,621

(d)

HERO

Funding

Trust

3.710

09/20/47

2,414

Series

-

2017

1A

(Class

A1)

2,672,373

(d)

HERO

Funding

Trust

3.190

09/20/48

2,302

Series

-

2017

3A

(Class

A1)

630,345

(d)

HERO

Funding

Trust

3.280

09/20/48

550

Series

-

2017

2A

(Class

A1)

2,901,303

(d)

HERO

Funding

Trust

4.670

09/20/48

2,695

Series

-

2018

1A

(Class

A2)

293

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,169,832

(d)

HERO

Funding

Trust

2.240

%

09/20/51

$

1,774

Series

-

2021

1A

(Class

A)

7,375,000

(d)

Hertz

Vehicle

Financing

III

LLC

5.570

09/25/29

7,351

Series

-

2023

2A

(Class

A)

10,314

(c)

Home

Equity

Asset

Trust

TSFR1M

+

1.614%

3.986

06/25/33

10

Series

-

2003

1

(Class

M1)

599,972

(c),(d)

Invitation

Homes

Trust

TSFR1M

+

1.364%

6.693

01/17/38

601

Series

-

2018

SFR4

(Class

B)

2,976,543

(d)

Loanpal

Solar

Loan

Ltd

2.290

01/20/48

2,389

Series

-

2021

1GS

(Class

A)

5,136,825

(d)

Loanpal

Solar

Loan

Ltd

2.220

03/20/48

4,027

Series

-

2021

2GS

(Class

A)

2,500,000

(a),(d)

Mosaic

Solar

Loan

Trust

0.000

04/20/46

1,337

Series

-

2020

1A

(Class

R)

1,142,410

(d)

Mosaic

Solar

Loan

Trust

2.100

04/20/46

986

Series

-

2020

1A

(Class

A)

1,581,014

(d)

Mosaic

Solar

Loan

Trust

3.100

04/20/46

1,349

Series

-

2020

1A

(Class

B)

1,866,629

(d)

Mosaic

Solar

Loan

Trust

2.050

12/20/46

1,452

Series

-

2021

1A

(Class

B)

1,305,000

(d)

Mosaic

Solar

Loan

Trust

10.000

09/20/49

1,111

Series

-

2024

1A

(Class

D)

2,803,092

(d)

Mosaic

Solar

Loan

Trust

1.440

06/20/52

2,257

Series

-

2021

3A

(Class

A)

2,479,076

(d)

Mosaic

Solar

Loans

LLC

3.820

06/22/43

2,310

Series

-

2017

2A

(Class

A)

2,981,113

(d)

Mosaic

Solar

Loans

LLC

1.640

04/22/47

2,465

Series

-

2021

2A

(Class

A)

750,000

(d)

Progress

Residential

Trust

2.711

11/17/40

664

Series

-

2021

SFR9

(Class

D)

1,854,137

(d)

Renew

3.670

09/20/52

1,694

Series

-

2017

1A

(Class

A)

3,799,176

(d)

Renew

3.950

09/20/53

3,483

Series

-

2018

1

(Class

A)

3,479,694

(d)

Renew

2.060

11/20/56

2,754

Series

-

2021

1

(Class

A)

4,640,899

SCE

Recovery

Funding

LLC

0.861

11/15/31

3,965

Series

-

2021

A-1

(Class

A)

175,912

(c)

Structured

Asset

Investment

Loan

Trust

TSFR1M

+

1.014%

6.360

09/25/34

167

Series

-

2004

8

(Class

M1)

6,204,338

(d)

Sunnova

Helios

VII

Issuer

LLC

2.030

10/20/48

5,198

Series

-

2021

C

(Class

A)

3,512,329

(d)

Sunnova

Helios

VIII

Issuer

LLC

2.790

02/22/49

3,013

Series

-

2022

A

(Class

A)

2,599,576

(d)

Sunrun

Athena

Issuer

LLC

5.310

04/30/49

2,439

Series

-

2018

1

(Class

A)

8,421,460

(d)

Sunrun

Atlas

Issuer

LLC

3.610

02/01/55

7,680

Series

-

2019

2

(Class

A)

5,290,699

(d)

Sunrun

Callisto

Issuer

LLC

2.270

01/30/57

4,325

Series

-

2021

2A

(Class

A)

5,025,752

(d)

Sunrun

Julius

Issuer

LLC

6.600

01/30/59

4,983

Series

-

2023

2A

(Class

A1)

6,664,082

(d)

Sunrun

Jupiter

Issuer

LLC

4.750

07/30/57

6,127

Series

-

2022

1A

(Class

A)

3,094,829

(d)

Sunrun

Neptune

Issuer

LLC

6.270

02/01/55

3,109

Series

-

2024

1A

(Class

A)

9,401,739

(d)

Tesla

Auto

Lease

Trust

5.860

08/20/25

9,407

Series

-

2023

A

(Class

A2)

4,625,000

(d)

Tesla

Auto

Lease

Trust

5.890

06/22/26

4,635

Series

-

2023

A

(Class

A3)

9,422,000

(d)

Tesla

Auto

Lease

Trust

6.130

09/21/26

9,474

Series

-

2023

B

(Class

A3)

CREF

Social

Choice

Account

June

30,

2024

294

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,385,000

(d)

Tesla

Auto

Lease

Trust

6.220

%

03/22/27

$

2,406

Series

-

2023

B

(Class

A4)

5,390,000

(d)

Tesla

Auto

Lease

Trust

5.300

06/21/27

5,376

Series

-

2024

A

(Class

A3)

5,380,000

(d)

Tesla

Auto

Lease

Trust

6.570

08/20/27

5,434

Series

-

2023

B

(Class

B)

8,250,000

(d)

Tesla

Electric

Vehicle

Trust

5.540

12/21/26

8,243

Series

-

2023

1

(Class

A2A)

4,650,000

(d)

Tesla

Electric

Vehicle

Trust

5.380

06/20/28

4,655

Series

-

2023

1

(Class

A3)

1,500,000

(d)

Tesla

Electric

Vehicle

Trust

5.380

02/20/29

1,505

Series

-

2023

1

(Class

A4)

1,546,399

Toyota

Auto

Receivables

Owner

Trust

0.260

11/17/25

1,531

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0.530

10/15/26

9,536

Series

-

2021

B

(Class

A4)

475,000

(d)

Tricon

American

Homes

Trust

2.049

07/17/38

442

Series

-

2020

SFR1

(Class

B)

12,964,391

(d)

Vivint

Colar

Financing

V

LLC

4.730

04/30/48

11,911

Series

-

2018

1A

(Class

A)

4,421,303

(d)

Vivint

Solar

Financing

VII

LLC

2.210

07/31/51

3,786

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

238,638

OTHER

MORTGAGE

BACKED

-

2.8%

70,523

(c),(d)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

63

Series

-

2015

6

(Class

A9)

4,075,000

(c),(d)

Alen

Mortgage

Trust

TSFR1M

+

2.364%

7.693

04/15/34

3,143

Series

-

2021

ACEN

(Class

C)

4,000,000

(d)

BANK

2.500

10/17/52

2,561

Series

-

2019

BN21

(Class

D)

6,500,000

(c)

BANK

3.517

10/17/52

4,892

Series

-

2019

BN21

(Class

C)

8,000,000

(c)

BANK

3.576

11/15/62

6,650

Series

-

2019

BN22

(Class

C)

2,750,000

(d)

BBCMS

Mortgage

Trust

4.798

08/10/35

2,389

Series

-

2015

SRCH

(Class

C)

4,940,000

(c),(d)

BBCMS

Mortgage

Trust

4.409

08/05/38

3,870

Series

-

2018

CHRS

(Class

E)

1,316,000

(c),(d)

BBCMS

Trust

5.122

08/10/35

1,112

Series

-

2015

SRCH

(Class

D)

8,870,000

(c),(d)

Benchmark

Mortgage

Trust

4.029

03/15/62

6,399

Series

-

2019

B10

(Class

3CCA)

5,200,000

(d)

BMO

360A

3.776

02/17/55

4,306

Series

-

2022

C1

(Class

360A)

4,716,185

(c),(d)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.312%

6.641

10/15/38

4,627

Series

-

2021

XL2

(Class

C)

6,000,000

(c),(d)

BX

Commercial

Mortgage

Trust

TSFR1M

+

1.840%

7.169

01/17/39

5,915

Series

-

2022

AHP

(Class

B)

6,000,000

(c),(d)

BX

TRUST

CME

Term

SOFR

1

M

+

1.490%

6.819

01/17/39

5,888

Series

-

2022

AHP

(Class

AS)

2,901,500

(c),(d)

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5.636

06/25/34

2,562

Series

-

2017

Q005

(Class

B)

2,000,000

(c)

CD

Mortgage

Trust

3.879

11/10/49

1,668

Series

-

2016

CD2

(Class

B)

1,000,000

(c),(d)

Century

Plaza

Towers

3.097

11/13/39

837

Series

-

2019

CPT

(Class

B)

2,000,000

(c)

Citigroup

Commercial

Mortgage

Trust

4.274

04/10/48

1,890

Series

-

2015

GC29

(Class

C)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3.018

08/10/56

1,394

Series

-

2019

GC41

(Class

AS)

295

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,740,000

(c),(d)

COMM

Mortgage

Trust

3.527

%

10/10/29

$

3,438

Series

-

2017

PANW

(Class

B)

3,000,000

(c),(d)

COMM

Mortgage

Trust

3.712

10/10/29

2,711

Series

-

2017

PANW

(Class

C)

5,120,000

(d)

COMM

Mortgage

Trust

4.353

08/10/30

4,822

Series

-

2013

300P

(Class

A1)

4,375,000

(d)

COMM

Mortgage

Trust

3.376

01/10/39

3,879

Series

-

2022

HC

(Class

C)

3,500,000

(c),(d)

COMM

Mortgage

Trust

4.200

03/10/48

2,538

Series

-

2015

CR22

(Class

D)

1,100,000

(c)

COMM

Mortgage

Trust

4.413

05/10/48

1,044

Series

-

2015

CR23

(Class

C)

1,000,000

(c)

COMM

Mortgage

Trust

4.413

05/10/48

911

Series

-

2015

CR23

(Class

D)

2,500,000

(c)

COMM

Mortgage

Trust

3.463

08/10/48

2,206

Series

-

2015

CR24

(Class

D)

1,000,000

COMM

Mortgage

Trust

3.263

08/15/57

878

Series

-

2019

GC44

(Class

AM)

4,000,000

(c),(d)

Commercial

Mortgage

Pass

Through

Certificates

4.084

01/10/39

3,517

Series

-

2022

HC

(Class

D)

22,884,198

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.500%

8.835

03/25/42

24,116

Series

-

2022

R03

(Class

1M2)

4,985,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.000%

8.335

04/25/42

5,166

Series

-

2022

R05

(Class

2M2)

15,710,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.850%

9.185

05/25/42

16,676

Series

-

2022

R06

(Class

1M2)

4,383,000

(c),(d)

Connecticut

Avenue

Securities

Trust

TSFR1M

+

3.600%

8.935

07/25/42

4,649

Series

-

2022

R08

(Class

1M2)

19,020,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.750%

10.085

09/25/42

20,777

Series

-

2022

R09

(Class

2M2)

24,864,000

(c),(d)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

3.750%

9.085

12/25/42

26,678

Series

-

2023

R01

(Class

1M2)

15,420,000

(d)

CPT

Mortgage

Trust

2.865

11/13/39

13,236

Series

-

2019

CPT

(Class

A)

1,750,000

(c),(d)

CPT

Mortgage

Trust

3.097

11/13/39

1,259

Series

-

2019

CPT

(Class

E)

5,000,000

(c),(d)

Credit

Suisse

Commercial

Mortgage

Trust

3.854

11/10/32

3,724

Series

-

2017

CALI

(Class

B)

2,000,000

(c),(d)

Credit

Suisse

Mortgage

Capital

Certificates

3.388

10/25/59

1,844

Series

-

2019

NQM1

(Class

M1)

2,914,861

(c),(d)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

2,469

Series

-

2021

NQM8

(Class

A3)

6,650,000

(c),(d)

CSAIL

Commercial

Mortgage

Trust

3.800

06/15/37

6,007

Series

-

2017

C8

(Class

85BA)

6,100,000

(c),(d)

CSAIL

Commercial

Mortgage

Trust

3.800

06/15/37

5,256

Series

-

2017

C8

(Class

85BB)

102,725,000

(c),(d)

DOLP

Trust

0.665

05/10/41

3,465

Series

-

2021

NYC

(Class

X)

7,491,280

(c),(d)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

1.434%

6.763

11/15/38

7,397

Series

-

2021

ELP

(Class

C)

2,996,512

(c),(d)

ELP

Commercial

Mortgage

Trust

TSFR1M

+

2.233%

7.562

11/15/38

2,951

Series

-

2021

ELP

(Class

E)

489,496

(c),(d)

Flagstar

Mortgage

Trust

3.985

10/25/47

430

Series

-

2017

2

(Class

B3)

33,516

(c),(d)

Flagstar

Mortgage

Trust

4.000

09/25/48

31

Series

-

2018

5

(Class

A11)

1,345,994

(c),(d)

Flagstar

Mortgage

Trust

2.500

04/25/51

1,059

Series

-

2021

2

(Class

A4)

4,116,254

(c),(d)

Flagstar

Mortgage

Trust

2.500

06/01/51

3,235

Series

-

2021

4

(Class

A21)

2,931,131

(c),(d)

Flagstar

Mortgage

Trust

3.344

07/25/51

2,245

Series

-

2021

5INV

(Class

B4)

CREF

Social

Choice

Account

June

30,

2024

296

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1.878

%

01/25/31

$

8,638

Series

-

2021

P009

(Class

A2)

7,324,000

(c)

Freddie

Mac

Multiclass

Certificates

Series

2.852

02/25/32

6,223

Series

-

2022

P013

(Class

A2)

13,750,000

(c)

Freddie

Mac

Multiclass

Certificates

Series

4.606

09/25/33

13,319

Series

-

2024

P016

(Class

A2)

6,673,559

Freddie

Mac

Multifamily

ML

Certificates

2.875

07/25/36

5,997

Series

-

2022

ML13

(Class

ACA)

8,111,644

Freddie

Mac

Multifamily

ML

Certificates

1.877

07/25/37

6,353

Series

-

2021

21-ML08

(Class

ML08)

38,830,130

(c)

Freddie

Mac

Multifamily

ML

Certificates

1.781

11/25/37

4,516

Series

-

2021

ML08

(Class

XCA)

15,540,861

Freddie

Mac

Multifamily

ML

Certificates

2.340

07/25/41

12,795

Series

-

2021

ML12

(Class

AUS)

3,429,167

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3.871

07/25/33

3,199

Series

-

2015

Q002

(Class

A2)

1,024,942

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.518

09/25/35

781

Series

-

2020

Q012

(Class

A3)

4,398,989

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.555

01/25/36

3,515

Series

-

2020

Q014

(Class

A1)

16,305,308

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3.150

10/15/36

14,194

Series

-

2022

M068

(Class

A)

1,710,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4.013

04/15/37

1,670

Series

-

2022

M069

(Class

A)

5,930,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1.761

09/15/38

4,629

Series

-

2020

M061

(Class

A)

11,875,000

(d)

Frontier

Issuer

LLC

6.600

08/20/53

11,946

Series

-

2023

1

(Class

A2)

1,325,000

(c),(d)

GCT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

M

+

0.914%

6.243

02/15/38

1,093

Series

-

2021

GCT

(Class

A)

3,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

2,798

Series

-

2016

GS3

(Class

AS)

830,000

(c)

GS

Mortgage

Securities

Trust

4.076

11/10/49

705

Series

-

2016

GS4

(Class

C)

337,855

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

282

Series

-

2020

PJ4

(Class

A4)

24,180,343

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

0.262

03/27/51

301

Series

-

2020

PJ5

(Class

AX1)

658,415

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

550

Series

-

2020

PJ5

(Class

A4)

1,584,928

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

1,267

Series

-

2020

PJ6

(Class

A4)

5,256,846

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

4,135

Series

-

2021

PJ5

(Class

A4)

4,586,038

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

3,754

Series

-

2022

PJ2

(Class

A36)

2,206,137

(c),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

1,809

Series

-

2022

PJ4

(Class

A36)

397,822

(c),(d)

GS

Mortgage-Backed

Securities

Trust

3.631

05/25/50

336

Series

-

2020

PJ1

(Class

B2)

9,928,046

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,803

Series

-

2021

PJ7

(Class

A4)

4,432,367

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

3,485

Series

-

2021

PJ8

(Class

A4)

2,472,833

(c),(d)

GS

Mortgage-Backed

Securities

Trust

2.721

01/25/52

1,911

Series

-

2021

PJ7

(Class

B2)

5,137,828

(c),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

4,206

Series

-

2022

PJ5

(Class

A36)

2,828,533

(c),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

2,315

Series

-

2022

PJ6

(Class

A24)

297

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,638,950

(c),(d)

GS

Mortgage-Backed

Securities

Trust

3.500

%

02/25/53

$

4,814

Series

-

2023

PJ1

(Class

A24)

3,785,000

(d)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

3,542

Series

-

2016

10HY

(Class

A)

5,000,000

(c),(d)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

4,661

Series

-

2016

10HY

(Class

B)

5,000,000

(c),(d)

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

4,630

Series

-

2016

10HY

(Class

C)

7,000,000

(d)

Hudson

Yards

Mortgage

Trust

3.228

07/10/39

6,231

Series

-

2019

30HY

(Class

A)

7,000,000

(c),(d)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

5,561

Series

-

2019

55HY

(Class

E)

4,000,000

(c),(d)

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

3,253

Series

-

2019

55HY

(Class

D)

480,000

(c),(d)

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

413

Series

-

2020

NQM1

(Class

M1)

3,500,000

(d)

Jackson

Park

Trust

2.766

10/14/39

3,034

Series

-

2019

LIC

(Class

A)

1,700,000

(c),(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

M

+

2.134%

7.463

10/15/33

1,569

Series

-

2020

609M

(Class

B)

2,000,000

(c),(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

M

+

2.534%

7.863

10/15/33

1,748

Series

-

2020

609M

(Class

C)

965,367

(c),(d)

JP

Morgan

Mortgage

Trust

6.646

12/25/44

932

Series

-

2015

1

(Class

B1)

70,815

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/45

63

Series

-

2015

3

(Class

A19)

385,765

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/45

342

Series

-

2015

6

(Class

A13)

288,916

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

248

Series

-

2018

3

(Class

A13)

806,356

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

699

Series

-

2018

5

(Class

A13)

758,772

(c),(d)

JP

Morgan

Mortgage

Trust

5.518

10/26/48

756

Series

-

2017

5

(Class

A2)

177,544

(c),(d)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

161

Series

-

2018

9

(Class

A13)

155,267

(c),(d)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

143

Series

-

2019

1

(Class

A15)

1,526,259

(c),(d)

JP

Morgan

Mortgage

Trust

3.821

06/25/50

1,319

Series

-

2020

1

(Class

B2)

20,031,374

(c),(d)

JP

Morgan

Mortgage

Trust

0.138

07/25/51

147

Series

-

2021

3

(Class

AX1)

14,144,717

(c),(d)

JP

Morgan

Mortgage

Trust

0.131

08/25/51

99

Series

-

2021

4

(Class

AX1)

2,593,265

(c),(d)

JP

Morgan

Mortgage

Trust

2.881

08/25/51

2,024

Series

-

2021

4

(Class

B2)

27,196,694

(c),(d)

JP

Morgan

Mortgage

Trust

0.135

10/25/51

202

Series

-

2021

6

(Class

AX1)

3,039,271

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

2,391

Series

-

2021

6

(Class

A15)

1,138,128

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

895

Series

-

2021

10

(Class

A15)

2,948,577

(c),(d)

JP

Morgan

Mortgage

Trust

3.215

01/25/52

2,267

Series

-

2021

INV4

(Class

B4)

1,032,829

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

810

Series

-

2021

12

(Class

A15)

3,505,466

(c),(d)

JP

Morgan

Mortgage

Trust

3.140

04/25/52

2,671

Series

-

2021

13

(Class

B4)

1,703,079

(c),(d)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

1,336

Series

-

2021

14

(Class

A15)

1,084,164

(c),(d)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

881

Series

-

2021

LTV2

(Class

A3)

CREF

Social

Choice

Account

June

30,

2024

298

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

965,993

(c),(d)

JP

Morgan

Mortgage

Trust

3.289

%

05/25/52

$

752

Series

-

2021

INV8

(Class

B4)

6,641,670

(c),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

5,437

Series

-

2022

2

(Class

A25)

5,941,187

(c),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

5,079

Series

-

2022

LTV2

(Class

A6)

3,181,786

(c),(d)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

2,605

Series

-

2022

7

(Class

1A17)

1,581,265

(c),(d)

JP

Morgan

Mortgage

Trust

4.000

12/25/52

1,414

Series

-

2022

7

(Class

2A6A)

21,357,398

(c),(d)

JP

Morgan

Mortgage

Trust

Series

3.000

05/25/54

17,482

Series

-

2024

3

(Class

A9)

4,000,000

(d)

Liberty

Street

Trust

3.597

02/10/36

3,711

Series

-

2016

225L

(Class

A)

5,493,000

(c),(d)

MAD

Mortgage

Trust

3.294

08/15/34

5,105

Series

-

2017

330M

(Class

A)

4,000,000

(c),(d)

MAD

Mortgage

Trust

3.478

08/15/34

3,635

Series

-

2017

330M

(Class

B)

2,000,000

(c),(d)

Manhattan

West

2.413

09/10/39

1,750

Series

-

2020

1MW

(Class

C)

1,850,000

(d)

MCR

Mortgage

Trust

6.195

06/12/39

1,848

Series

-

2024

TWA

(Class

A)

2,169,000

(c),(d)

Menora

Mivtachim

Holdings

Ltd

4.070

02/17/55

1,495

Series

-

2022

C1

(Class

360D)

129,081

(c)

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

46

Series

-

2007

IQ16

(Class

AJFX)

828,232

(c),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

716

Series

-

2021

4

(Class

A4)

5,337,405

(c),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4.000

02/25/53

4,717

Series

-

2023

1

(Class

A7)

3,000,000

(c),(d)

MSDB

Trust

3.427

07/11/39

2,684

Series

-

2017

712F

(Class

A)

4,880,929

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

1.579%

5.915

07/15/36

4,556

Series

-

2019

MILE

(Class

A)

6,750,000

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

1.879%

7.208

07/15/36

5,945

Series

-

2019

MILE

(Class

B)

4,250,000

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

TSFR1M

+

2.279%

7.608

07/15/36

3,533

Series

-

2019

MILE

(Class

C)

9,800,000

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

M

+

3.579%

8.908

07/15/36

7,123

Series

-

2019

MILE

(Class

E)

1,500,000

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

M

+

4.329%

9.658

07/15/36

1,011

Series

-

2019

MILE

(Class

F)

27,839

(c)

New

York

Mortgage

Trust

TSFR1M

+

0.594%

5.940

02/25/36

27

Series

-

2005

3

(Class

A1)

4,857,864

(c),(d)

OBX

Trust

2.500

07/25/51

3,818

Series

-

2021

J2

(Class

A19)

7,119,217

(c),(d)

OBX

Trust

3.500

08/25/52

6,157

Series

-

2022

J2

(Class

A1)

257,572

(c),(d)

OBX

Trust

TSFR1M

+

0.764%

4.658

06/25/57

250

Series

-

2018

1

(Class

A2)

1,458,235

(c),(d)

Oceanview

Mortgage

Trust

2.500

05/25/51

1,147

Series

-

2021

1

(Class

A19)

1,716,608

(c),(d)

Oceanview

Mortgage

Trust

4.500

11/25/52

1,585

Series

-

2022

1

(Class

A1)

11,800,000

(d)

One

Bryant

Park

Trust

2.516

09/15/54

10,010

Series

-

2019

OBP

(Class

A)

3,432,374

(d)

One

Market

Plaza

Trust

3.614

02/10/32

3,076

Series

-

2017

1MKT

(Class

A)

1,000,000

(d)

One

Market

Plaza

Trust

3.845

02/10/32

867

Series

-

2017

1MKT

(Class

B)

2,835,346

(c),(d)

RCKT

Mortgage

Trust

2.500

06/25/51

2,230

Series

-

2021

2

(Class

A21)

299

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,410,411

(c),(d)

RCKT

Mortgage

Trust

2.781

%

07/25/51

$

1,801

Series

-

2021

3

(Class

B4)

4,742,065

(c),(d)

RCKT

Mortgage

Trust

2.500

09/25/51

3,721

Series

-

2021

4

(Class

A21)

4,888,284

(c),(d)

RCKT

Mortgage

Trust

2.920

11/25/51

3,676

Series

-

2021

5

(Class

B4)

4,980,614

(c),(d)

RCKT

Mortgage

Trust

3.500

06/25/52

4,252

Series

-

2022

4

(Class

A22)

388,849

(c),(d)

Sequoia

Mortgage

Trust

3.500

05/25/45

344

Series

-

2015

2

(Class

A1)

167,167

(c),(d)

Sequoia

Mortgage

Trust

3.500

06/25/46

148

Series

-

2016

1

(Class

A19)

608,386

(c),(d)

Sequoia

Mortgage

Trust

3.724

09/25/47

555

Series

-

2017

6

(Class

B1)

8,956

(c),(d)

Sequoia

Mortgage

Trust

4.000

09/25/48

8

Series

-

2018

7

(Class

A19)

1,301,268

(c),(d)

Sequoia

Mortgage

Trust

3.000

04/25/50

1,077

Series

-

2020

3

(Class

A19)

3,495,383

(c),(d)

Sequoia

Mortgage

Trust

5.000

01/25/53

3,284

Series

-

2023

1

(Class

A19)

78,068,000

(c),(d)

SLG

Office

Trust

0.258

07/15/41

1,093

Series

-

2021

OVA

(Class

X)

1,755,000

(c),(d)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

SOFR30A

+

2.614%

7.950

02/25/50

1,827

Series

-

2020

DNA2

(Class

B1)

1,125,000

(c),(d)

STWD

Mortgage

Trust

CME

Term

SOFR

1

M

+

1.371%

6.700

11/15/36

1,109

Series

-

2021

LIH

(Class

AS)

4,000,000

(d)

SUMIT

Mortgage

Trust

2.789

02/12/41

3,111

Series

-

2022

BVUE

(Class

A)

2,357,784

(c),(d)

Verus

Securitization

Trust

2.240

10/25/66

1,984

Series

-

2021

7

(Class

A3)

1,095,000

(c),(d)

WB

Commercial

Mortgage

Trust

6.134

03/15/40

1,095

Series

-

2024

HQ

(Class

A)

7,150,000

(d)

Wells

Fargo

Commercial

Mortgage

Trust

6.011

06/10/37

7,231

Series

-

2024

SVEN

(Class

A)

91,387

(c),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

84

Series

-

2019

2

(Class

A17)

451,474

(c),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

378

Series

-

2020

4

(Class

A17)

6,551,754

(c),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

5,149

Series

-

2021

2

(Class

A17)

2,244,456

(c),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

1,761

Series

-

2022

2

(Class

A18)

145,780

(c),(d)

WinWater

Mortgage

Loan

Trust

3.924

06/20/44

119

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

584,765

TOTAL

STRUCTURED

ASSETS

823,403

(Cost

$906,145)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

59.4%

AUTOMOBILES

&

COMPONENTS

-

1.4%

20,710

(h)

Aptiv

plc

1,458

172,247

Bayerische

Motoren

Werke

AG.

16,293

79,281

Bayerische

Motoren

Werke

AG.

(Preference)

7,001

392,600

(e)

Bridgestone

Corp

15,492

438,313

Cie

Generale

des

Etablissements

Michelin

S.C.A

16,941

151,429

Continental

AG.

8,577

320,278

Daimler

AG.

(Registered)

22,167

2,070,990

Honda

Motor

Co

Ltd

22,263

CREF

Social

Choice

Account

June

30,

2024

300

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

789,600

Isuzu

Motors

Ltd

$

10,497

9,879

(e),(h)

Rivian

Automotive,

Inc

133

858,886

(h)

Tesla,

Inc

169,956

1,203,469

(e)

Yamaha

Motor

Co

Ltd

11,188

TOTAL

AUTOMOBILES

&

COMPONENTS

301,966

BANKS

-

2.5%

2,297,240

Banco

Bilbao

Vizcaya

Argentaria

S.A.

23,061

1,598,003

Bank

Hapoalim

Ltd

14,113

4,577,000

BOC

Hong

Kong

Holdings

Ltd

14,123

702,534

Citigroup,

Inc

44,583

1,366

Citizens

Financial

Group,

Inc

49

513,252

Commonwealth

Bank

of

Australia

43,478

801,729

DNB

Bank

ASA

15,731

317,046

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

15,008

5,531,074

HSBC

Holdings

plc

47,744

4,198

Huntington

Bancshares,

Inc

55

6,465,643

Intesa

Sanpaolo

S.p.A.

24,029

879,510

JPMorgan

Chase

&

Co

177,890

210,652

KBC

Groep

NV

14,843

2,557

Keycorp

36

1,092,021

Mizuho

Financial

Group,

Inc

22,984

1,880,167

Oversea-Chinese

Banking

Corp

19,966

19,149

PNC

Financial

Services

Group,

Inc

2,977

17,864

Regions

Financial

Corp

358

567,606

Societe

Generale

13,345

1,721,764

Standard

Chartered

plc

15,547

1,476,618

Svenska

Handelsbanken

AB

14,111

8,538

Truist

Financial

Corp

332

TOTAL

BANKS

524,363

CAPITAL

GOODS

-

4.8%

3,206

3M

Co

328

564,475

ABB

Ltd

31,301

2,682

Aecom

Technology

Corp

236

51

Allegion

plc

6

246,559

Ashtead

Group

plc

16,439

556,944

Assa

Abloy

AB

15,773

1,175,815

Atlas

Copco

AB

22,077

1,020,634

Atlas

Copco

AB

16,480

88,783

(h)

Axon

Enterprise,

Inc

26,124

272,149

Bouygues

S.A.

8,748

173,619

Bunzl

plc

6,596

625,302

Carrier

Global

Corp

39,444

257,859

Caterpillar,

Inc

85,893

17,300

CNH

Industrial

NV

175

428

Cummins,

Inc

119

131,600

Daikin

Industries

Ltd

18,321

100,295

DCC

plc

7,000

140,686

Deere

&

Co

52,565

396

Dover

Corp

71

251,760

Eaton

Corp

plc

78,939

98,775

Eiffage

S.A.

9,078

366,366

Emerson

Electric

Co

40,359

169,686

Epiroc

AB

3,400

116,048

Epiroc

AB

2,130

600,355

Fanuc

Ltd

16,481

42,481

Fastenal

Co

2,669

576

Ferguson

plc

112

146,700

Fortive

Corp

10,870

3,852

Fortune

Brands

Innovations,

Inc

250

4,492

Geberit

AG.

2,646

301

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,855

Graco,

Inc

$

226

144,700

(h)

Hitachi

Construction

Machinery

Co

Ltd

3,880

386

IDEX

Corp

78

261,660

Illinois

Tool

Works,

Inc

62,003

621,227

Ingersoll

Rand,

Inc

56,432

6,519

Johnson

Controls

International

plc

433

2,004,970

Keppel

Corp

Ltd

9,531

616,700

Komatsu

Ltd

18,014

931,800

Kubota

Corp

13,095

164,794

Legrand

S.A.

16,357

86

Lennox

International,

Inc

46

82,288

Metso

Outotec

Oyj

875

1,064,600

Mitsubishi

Electric

Corp

17,060

559,800

Obayashi

Corp

6,690

386

Owens

Corning,

Inc

67

455

Pentair

plc

35

162,290

Quanta

Services,

Inc

41,236

33,153

Rockwell

Automation,

Inc

9,126

772,351

Sandvik

AB

15,520

169,967

Schneider

Electric

S.A.

40,749

227,689

Siemens

AG.

42,379

17,001

SKF

AB

(B

Shares)

342

669

Toro

Co

63

63,492

Trane

Technologies

plc

20,884

55,288

United

Rentals,

Inc

35,756

646,357

Vestas

Wind

Systems

A.S.

14,988

771,351

Volvo

AB

(B

Shares)

19,819

45,941

W.W.

Grainger,

Inc

41,450

638,265

Wartsila

Oyj

(B

Shares)

12,374

91,130

Xylem,

Inc

12,360

TOTAL

CAPITAL

GOODS

1,026,498

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

300,262

Automatic

Data

Processing,

Inc

71,670

1,479,357

Brambles

Ltd

14,276

11,087

Broadridge

Financial

Solutions,

Inc

2,184

368,740

(e)

Bureau

Veritas

S.A.

10,247

732,892

Computershare

Ltd

12,818

1,112,065

(h)

Copart,

Inc

60,230

5,414

Dai

Nippon

Printing

Co

Ltd

183

43,379

Intertek

Group

plc

2,622

71,655

Paychex,

Inc

8,495

37,666

Randstad

Holdings

NV

1,710

547,900

Recruit

Holdings

Co

Ltd

29,481

675,061

RELX

plc

30,931

75,971

Secom

Co

Ltd

4,499

101,233

SGS

S.A.

9,025

1,371

TransUnion

102

1,081

Veralto

Corp

103

22,312

Verisk

Analytics,

Inc

6,014

43,015

Wolters

Kluwer

NV

7,103

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

271,693

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.2%

111

(h)

Autozone,

Inc

329

569

Bath

&

Body

Works,

Inc

22

184

(h)

Burlington

Stores,

Inc

44

899

(h)

Carmax,

Inc

66

29,575

Dieteren

S.A.

6,262

55,900

Don

Quijote

Co

Ltd

1,308

3,078

Dufry

Group

120

453,624

eBay,

Inc

24,369

CREF

Social

Choice

Account

June

30,

2024

302

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

90,154

(h)

Etsy,

Inc

$

5,317

59,400

Fast

Retailing

Co

Ltd

15,025

135,125

Genuine

Parts

Co

18,690

2,011

Hennes

&

Mauritz

AB

(B

Shares)

32

353,709

Home

Depot,

Inc

121,761

474,989

Industria

de

Diseno

Textil

S.A.

23,571

281,904

LKQ

Corp

11,724

322,902

Lowe's

Cos,

Inc

71,187

342

(h)

Mercadolibre,

Inc

562

67,033

Pool

Corp

20,601

591,923

Prosus

NV

21,048

1,028,800

(h)

Rakuten,

Inc

5,330

760,389

TJX

Cos,

Inc

83,719

968

Tractor

Supply

Co

261

30

(h)

Ulta

Beauty,

Inc

12

514,487

Wesfarmers

Ltd

22,278

812

Williams-Sonoma,

Inc

229

147,728

(d),(h)

Zalando

SE

3,468

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

457,335

CONSUMER

DURABLES

&

APPAREL

-

0.8%

74,020

Adidas-Salomon

AG.

17,673

382,837

Barratt

Developments

plc

2,274

67,810

Berkeley

Group

Holdings

plc

3,918

143,502

Burberry

Group

plc

1,594

239

(h)

Deckers

Outdoor

Corp

231

118,406

DR

Horton,

Inc

16,687

11,767

Hermes

International

27,177

47,540

Kering

17,292

70,613

(h)

Lululemon

Athletica,

Inc

21,092

175,418

Moncler

S.p.A

10,761

10

(h)

NVR,

Inc

76

1,811,300

Panasonic

Corp

14,890

714

Pulte

Homes,

Inc

79

18,310

(e)

Puma

AG.

Rudolf

Dassler

Sport

841

237,400

Sekisui

House

Ltd

5,276

412,700

Sony

Corp

35,171

1,066,941

Taylor

Wimpey

plc

1,911

TOTAL

CONSUMER

DURABLES

&

APPAREL

176,943

CONSUMER

SERVICES

-

1.5%

264,769

Amadeus

IT

Holding

S.A.

17,619

22,392

Booking

Holdings,

Inc

88,706

791,723

Compass

Group

plc

21,569

1,856

Darden

Restaurants,

Inc

281

521

Domino's

Pizza,

Inc

269

4,038

(h)

DoorDash,

Inc

439

363,687

McDonald's

Corp

92,682

631,300

Oriental

Land

Co

Ltd

17,641

745,735

Pearson

plc

9,312

119,468

Sodexho

Alliance

S.A.

10,762

623,953

Starbucks

Corp

48,575

128,366

Whitbread

plc

4,818

115,447

Yum!

Brands,

Inc

15,292

TOTAL

CONSUMER

SERVICES

327,965

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.8%

226,600

Aeon

Co

Ltd

4,850

772,891

(e)

Carrefour

S.A.

10,952

1,062,736

Coles

Group

Ltd

12,039

170,843

(h)

Dollar

Tree,

Inc

18,241

2,092,292

J

Sainsbury

plc

6,741

303

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

47,314

Kesko

Oyj

(B

Shares)

$

833

298,495

Koninklijke

Ahold

Delhaize

NV

8,784

605,289

Kroger

Co

30,222

309,188

Target

Corp

45,772

4,441,700

Tesco

plc

17,157

13,303

Walgreens

Boots

Alliance,

Inc

161

772,902

Woolworths

Ltd

17,353

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

173,105

ENERGY

-

0.7%

1,952,199

Baker

Hughes

Co

68,659

7,393

Cheniere

Energy,

Inc

1,293

582,389

Neste

Oil

Oyj

10,392

822,521

ONEOK,

Inc

67,077

6,299

Targa

Resources

Corp

811

TOTAL

ENERGY

148,232

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.2%

216,354

American

Tower

Corp

42,055

817

Boston

Properties,

Inc

50

1,190

Crown

Castle,

Inc

116

78,855

Equinix,

Inc

59,662

63,130

Fonciere

Des

Regions

3,019

57,469

Gecina

S.A.

5,305

881,820

Goodman

Group

20,344

688,636

GPT

Group

1,836

45,543

Iron

Mountain,

Inc

4,082

289,491

Klepierre

7,729

582,369

Prologis,

Inc

65,406

32

SBA

Communications

Corp

6

322,899

Segro

plc

3,653

6,604

Stockland

Trust

Group

18

158,860

Unibail-Rodamco-Westfield

12,554

340,671

Welltower,

Inc

35,515

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

261,350

FINANCIAL

SERVICES

-

4.5%

510,807

3i

Group

plc

19,687

2,554

Ally

Financial,

Inc

101

351,880

American

Express

Co

81,478

122,521

Ameriprise

Financial,

Inc

52,340

6,128

Annaly

Capital

Management,

Inc

117

542,377

Bank

of

New

York

Mellon

Corp

32,483

1,700,300

Daiwa

Securities

Group,

Inc

13,054

99,834

Deutsche

Boerse

AG.

20,406

25,520

Discover

Financial

Services

3,338

56,425

Eurazeo

4,499

151

Factset

Research

Systems,

Inc

62

42,757

Fidelity

National

Information

Services,

Inc

3,222

188,671

Goldman

Sachs

Group,

Inc

85,340

318,946

Hong

Kong

Exchanges

and

Clearing

Ltd

10,207

198,699

London

Stock

Exchange

Group

plc

23,561

260

MarketAxess

Holdings,

Inc

52

288,223

Mastercard,

Inc

(Class

A)

127,153

170,735

Moody's

Corp

71,868

798,975

Morgan

Stanley

77,652

158,004

Nasdaq

Stock

Market,

Inc

9,521

2,611,900

(h)

Nomura

Holdings,

Inc

15,087

1,142

Northern

Trust

Corp

96

752,300

ORIX

Corp

16,674

297,223

(h)

PayPal

Holdings,

Inc

17,248

202,615

S&P

Global,

Inc

90,366

CREF

Social

Choice

Account

June

30,

2024

304

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

652,700

Schroders

plc

$

2,987

1,437

Synchrony

Financial

68

1,137,688

UBS

Group

AG

33,414

522,815

Visa,

Inc

(Class

A)

137,223

TOTAL

FINANCIAL

SERVICES

949,304

FOOD,

BEVERAGE

&

TOBACCO

-

2.4%

356,363

Ajinomoto

Co,

Inc

12,542

288,458

Archer-Daniels-Midland

Co

17,437

414,105

Associated

British

Foods

plc

12,930

797

Barry

Callebaut

AG.

1,299

1,758

Bunge

Global

S.A.

188

3,095

Campbell

Soup

Co

140

1,710,182

Coca-Cola

Co

108,853

202,358

(h)

Coca-Cola

Europacific

Partners

plc

14,746

296,175

Coca-Cola

HBC

AG.

10,080

1,330

ConAgra

Brands,

Inc

38

322,892

Danone

19,777

536,927

General

Mills,

Inc

33,966

5,201

Hormel

Foods

Corp

159

3,495

Kellogg

Co

202

164,516

Kerry

Group

plc

(Class

A)

13,332

269,077

Keurig

Dr

Pepper,

Inc

8,987

860,000

Kikkoman

Corp

9,995

1,629,004

Kraft

Heinz

Co

52,487

38,631

Lamb

Weston

Holdings,

Inc

3,248

50,554

McCormick

&

Co,

Inc

3,586

640,665

Mowi

ASA

10,648

709,580

Nestle

S.A.

72,430

945,310

Orkla

ASA

7,666

598,845

PepsiCo,

Inc

98,767

2,590,214

Wilmar

International

Ltd

5,906

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

519,409

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.7%

80,806

Alcon,

Inc

7,183

56,395

AmerisourceBergen

Corp

12,706

155,988

Amplifon

S.p.A.

5,547

75,171

Cigna

Group

24,849

24,050

Cochlear

Ltd

5,309

54,834

Coloplast

A.S.

6,592

208,438

(h)

Cooper

Cos,

Inc

18,197

188

(h)

DaVita,

Inc

26

66,756

(h)

Demant

A.S.

2,891

466,876

(h)

Edwards

Lifesciences

Corp

43,125

153,436

Elevance

Health,

Inc

83,141

144,498

HCA,

Inc

46,424

529

(h)

Henry

Schein,

Inc

34

4,376

(h)

Hologic,

Inc

325

107,100

(h)

Hoya

Corp

12,524

81,108

(h)

IDEXX

Laboratories,

Inc

39,516

372

(h)

Insulet

Corp

75

1,211

Labcorp

Holdings,

Inc

246

95,219

McKesson

Corp

55,612

116

(h)

Molina

Healthcare,

Inc

35

1,177

Quest

Diagnostics,

Inc

161

167,782

Ramsay

Health

Care

Ltd

5,297

4,555

(h)

Solventum

Corp

241

212,936

Sonic

Healthcare

Ltd

3,719

41,972

Sonova

Holdings

AG

12,930

68,880

STERIS

plc

15,122

71,300

Sysmex

Corp

1,151

305

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,654

Teleflex,

Inc

$

2,031

431,372

Terumo

Corp

7,154

299,606

UnitedHealth

Group,

Inc

152,577

16,967

Zimmer

Biomet

Holdings,

Inc

1,841

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

566,581

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

2,111

Church

&

Dwight

Co,

Inc

219

589

Clorox

Co

80

291,614

Essity

AB

7,455

94,134

Henkel

KGaA

7,406

138,179

Henkel

KGaA

(Preference)

12,303

171,400

(e)

Kao

Corp

6,939

1,125

Kimberly-Clark

Corp

156

78,678

L'Oreal

S.A.

34,631

827,822

Procter

&

Gamble

Co

136,524

263,230

Reckitt

Benckiser

Group

plc

14,241

2,100

Uni-Charm

Corp

68

753,892

Unilever

plc

41,379

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

261,401

INSURANCE

-

3.0%

1,953,460

Aegon

NV

12,078

4,004,600

AIA

Group

Ltd

27,094

128,659

Allianz

AG.

35,733

686,328

Assicurazioni

Generali

S.p.A.

17,086

147

Assurant,

Inc

25

2,497,257

Aviva

plc

15,042

723,247

AXA

S.A.

23,702

275,319

Gjensidige

Forsikring

ASA

4,914

191,867

Hartford

Financial

Services

Group,

Inc

19,290

1,136,834

Insurance

Australia

Group

Ltd

5,389

5,050,483

Legal

&

General

Group

plc

14,462

381,526

Marsh

&

McLennan

Cos,

Inc

80,395

829,500

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

18,519

52,539

Muenchener

Rueckver

AG.

26,267

298,467

NN

Group

NV

13,872

388,229

Progressive

Corp

80,639

501,770

Prudential

Financial,

Inc

58,802

1,286,407

QBE

Insurance

Group

Ltd

14,850

102,684

Sampo

Oyj

4,428

719,500

Sompo

Holdings,

Inc

15,414

1,323,469

Suncorp-Metway

Ltd

15,305

22,780

Swiss

Life

Holding

16,719

159,750

Swiss

Re

AG.

19,805

1,200

T&D

Holdings,

Inc

21

727,000

Tokio

Marine

Holdings,

Inc

27,320

230,252

Travelers

Cos,

Inc

46,820

53,583

Zurich

Insurance

Group

AG

28,543

TOTAL

INSURANCE

642,534

MATERIALS

-

2.6%

201,229

Akzo

Nobel

NV

12,265

4,235

Amcor

plc

41

486,740

Antofagasta

plc

12,936

480,800

Asahi

Kasei

Corp

3,087

132,504

Avery

Dennison

Corp

28,972

434,747

Ball

Corp

26,093

376,513

Boliden

AB

12,109

62,682

Croda

International

plc

3,118

139,589

DSM-Firmenich

AG.

15,718

297,075

Ecolab,

Inc

70,704

CREF

Social

Choice

Account

June

30,

2024

306

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

259,893

Endeavour

Mining

plc

$

5,531

314,096

Evonik

Industries

AG.

6,409

1,058,979

Fortescue

Metals

Group

Ltd

15,076

4,428

Givaudan

S.A.

20,974

37,325

Holmen

AB

1,469

702

International

Flavors

&

Fragrances,

Inc

67

1,576

International

Paper

Co

68

134,834

(h)

James

Hardie

Industries

plc

4,220

586,475

LyondellBasell

Industries

NV

56,102

241,823

Mineral

Resources

Ltd

8,651

602

Mitsui

Chemicals,

Inc

17

1,539,720

Newmont

Goldcorp

Corp

64,468

735,500

Nippon

Paint

Co

Ltd

4,808

89,700

Nitto

Denko

Corp

7,115

16,429

Novozymes

A.S.

1,004

3,935,661

(e)

Pilbara

Minerals

Ltd

8,008

20,489

PPG

Industries,

Inc

2,579

714,400

Shin-Etsu

Chemical

Co

Ltd

27,777

74,729

SIG

Group

AG.

1,373

72,742

Sika

AG.

20,765

311,500

Smurfit

Kappa

Group

plc

13,894

286,521

Steel

Dynamics,

Inc

37,104

152,065

Stora

Enso

Oyj

(R

Shares)

2,077

340,300

Sumitomo

Metal

Mining

Co

Ltd

10,339

310,573

Svenska

Cellulosa

AB

(B

Shares)

4,571

1,875,000

Toray

Industries,

Inc

8,893

282,392

(e)

Umicore

S.A.

4,250

433,312

UPM-Kymmene

Oyj

15,219

212,005

Westrock

Co

10,655

TOTAL

MATERIALS

548,526

MEDIA

&

ENTERTAINMENT

-

2.9%

28,156

(d)

Auto

Trader

Group

plc

283

85,531

(h)

Charter

Communications,

Inc

25,570

2,168,147

Comcast

Corp

(Class

A)

84,905

437,918

Electronic

Arts,

Inc

61,015

296,341

Fox

Corp

(Class

A)

10,185

339,121

Fox

Corp

(Class

B)

10,859

717,697

Informa

plc

7,745

2,183

Interpublic

Group

of

Cos,

Inc

63

3,576

(h)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

257

175,126

(h)

NetFlix,

Inc

118,189

1,200,672

News

Corp

(Class

A)

33,102

412,300

Nintendo

Co

Ltd

22,017

252,795

Omnicom

Group,

Inc

22,676

162,165

Paramount

Global

(Class

B)

1,685

152,898

(e)

Publicis

Groupe

S.A.

16,241

42,683

(e)

REA

Group

Ltd

5,573

1,216

(h)

Roku,

Inc

73

11,053

Seek

Ltd

157

31,164

(h)

Snap,

Inc

518

350,858

(h)

Take-Two

Interactive

Software,

Inc

54,555

489,640

Universal

Music

Group

NV

14,566

878,900

Walt

Disney

Co

87,266

1,791,218

(h)

Warner

Bros

Discovery,

Inc

13,327

1,340,772

WPP

plc

12,277

2,391,525

Z

Holdings

Corp

5,775

TOTAL

MEDIA

&

ENTERTAINMENT

608,879

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4.3%

156,525

Agilent

Technologies,

Inc

20,290

280,940

Amgen,

Inc

87,780

307

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

783,526

Astellas

Pharma,

Inc

$

7,730

6,777

(h)

Avantor,

Inc

144

397

(h)

Biogen,

Inc

92

510,163

Bristol-Myers

Squibb

Co

21,187

712,347

Daiichi

Sankyo

Co

Ltd

24,757

349,878

Danaher

Corp

87,417

198,400

Eisai

Co

Ltd

8,167

225,852

Eli

Lilly

&

Co

204,482

47,417

(h)

Genmab

AS

11,882

46,590

Gilead

Sciences,

Inc

3,197

1,438,527

GSK

plc

27,669

95,626

(h)

IQVIA

Holdings,

Inc

20,219

276,100

Kyowa

Hakko

Kogyo

Co

Ltd

4,733

34,746

Lonza

Group

AG.

18,916

91,621

Merck

KGaA

15,152

5,753

(h)

Mettler-Toledo

International,

Inc

8,040

541,190

Novartis

AG.

57,621

814,430

Novo

Nordisk

A.S.

116,532

274,800

Ono

Pharmaceutical

Co

Ltd

3,755

75,480

(h)

Regeneron

Pharmaceuticals,

Inc

79,332

248

(h)

Repligen

Corp

31

109,200

Shionogi

&

Co

Ltd

4,253

10,195

(h)

Waters

Corp

2,958

37,568

West

Pharmaceutical

Services,

Inc

12,374

360,183

Zoetis,

Inc

62,441

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

911,151

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

3,519,873

Capitaland

Investment

Ltd

6,884

314,304

(h)

CBRE

Group,

Inc

28,008

537,200

Daiwa

House

Industry

Co

Ltd

13,677

46,129

LEG

Immobilien

SE

3,768

875,072

Mitsubishi

Estate

Co

Ltd

13,777

1,743,951

Mitsui

Fudosan

Co

Ltd

16,051

5,286,000

Sino

Land

Co

5,440

602,500

Swire

Pacific

Ltd

(Class

A)

5,319

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

92,924

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.2%

319,000

Advantest

Corp

12,928

426,563

Applied

Materials,

Inc

100,665

100,887

ASML

Holding

NV

102,820

219,129

(h)

First

Solar,

Inc

49,405

2,699,960

Intel

Corp

83,618

85,974

Lam

Research

Corp

91,549

12,506

Marvell

Technology,

Inc

874

5,311,605

Nvidia

Corp

656,196

271,214

NXP

Semiconductors

NV

72,981

912,344

Renesas

Electronics

Corp

17,302

486,905

Texas

Instruments,

Inc

94,718

158,700

Tokyo

Electron

Ltd

34,739

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,317,795

SOFTWARE

&

SERVICES

-

7.7%

202,020

(h)

Adobe,

Inc

112,230

92,326

(h)

Ansys,

Inc

29,683

249,849

(h)

Autodesk,

Inc

61,825

235,200

(h)

Cadence

Design

Systems,

Inc

72,383

381

(e),(h)

Ceridian

HCM

Holding,

Inc

19

362,027

Dassault

Systemes

SE

13,613

1,140,700

Fujitsu

Ltd

17,890

724

(h)

HubSpot,

Inc

427

CREF

Social

Choice

Account

June

30,

2024

308

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

527,737

International

Business

Machines

Corp

$

91,272

142,464

Intuit,

Inc

93,629

1,590,266

Microsoft

Corp

710,769

200,781

NEC

Corp

16,556

190,600

Nomura

Research

Institute

Ltd

5,387

184

(h)

Paylocity

Holding

Corp

24

294,915

(h)

PTC,

Inc

53,577

421,853

Salesforce,

Inc

108,459

290,726

SAP

AG.

58,400

120,006

(h)

ServiceNow,

Inc

94,405

38,200

Sumisho

Computer

Systems

Corp

764

132,340

(h)

Synopsys,

Inc

78,750

178,295

WiseTech

Global

Ltd

11,853

2,113

(h)

Workday,

Inc

472

108,621

(h)

Xero

Ltd

9,823

TOTAL

SOFTWARE

&

SERVICES

1,642,210

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.3%

33,100

Brother

Industries

Ltd

584

696,600

FUJIFILM

Holdings

Corp

16,340

3,167,964

Hewlett

Packard

Enterprise

Co

67,066

1,633,731

HP,

Inc

57,213

155,000

Ibiden

Co

Ltd

6,344

410,770

(h)

Keysight

Technologies,

Inc

56,173

46,200

Omron

Corp

1,600

754,755

Ricoh

Co

Ltd

6,469

9,000

Seiko

Epson

Corp

141

151,655

Shimadzu

Corp

3,801

288,359

TDK

Corp

17,732

796,457

(h)

Trimble

Inc

44,538

75,632

Yokogawa

Electric

Corp

1,837

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

279,838

TELECOMMUNICATION

SERVICES

-

1.0%

7,700,311

(e)

BT

Group

plc

13,652

431,632

(d)

Cellnex

Telecom

S.A.

14,039

82,257

Elisa

Oyj

(Series

A)

3,766

744,532

KDDI

Corp

19,724

546,726

Koninklijke

KPN

NV

2,095

1,614,000

SoftBank

Corp

19,739

15,260

Swisscom

AG.

8,581

157,173

Tele2

AB

(B

Shares)

1,587

1,387,674

Telecom

Corp

of

New

Zealand

Ltd

3,516

866,141

Telenor

ASA

9,873

1,672,871

TeliaSonera

AB

4,485

5,505,365

Telstra

Corp

Ltd

13,291

2,226,224

Verizon

Communications,

Inc

91,809

17,939,419

Vodafone

Group

plc

15,873

TOTAL

TELECOMMUNICATION

SERVICES

222,030

TRANSPORTATION

-

1.2%

1,382,339

Auckland

International

Airport

Ltd

6,424

363

CH

Robinson

Worldwide,

Inc

32

1,642,824

CSX

Corp

54,953

807,800

East

Japan

Railway

Co

13,450

35,356

Expeditors

International

Washington,

Inc

4,412

2,615,537

(h)

Grab

Holdings

Ltd

9,285

270,700

Hankyu

Hanshin

Holdings,

Inc

7,221

24,658

JB

Hunt

Transport

Services,

Inc

3,945

24,100

Kintetsu

Corp

526

43,571

Kuehne

&

Nagel

International

AG.

12,539

2,224,364

MTR

Corp

7,021

309

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

87,700

(e)

Nippon

Express

Holdings,

Inc

$

4,059

196,831

Old

Dominion

Freight

Line

34,760

100,000

SG

Holdings

Co

Ltd

925

2,052,882

Transurban

Group

16,931

502,157

United

Parcel

Service,

Inc

(Class

B)

68,720

343,200

West

Japan

Railway

Co

6,404

TOTAL

TRANSPORTATION

251,607

UTILITIES

-

0.8%

133,355

American

Water

Works

Co,

Inc

17,224

663,932

Consolidated

Edison,

Inc

59,369

4,761

Essential

Utilities,

Inc

178

5,834

Eversource

Energy

331

478,428

Exelon

Corp

16,558

2,192,978

Iberdrola

S.A.

28,454

372,232

Mercury

NZ

Ltd

1,488

880,239

Meridian

Energy

Ltd

3,372

2,075,342

National

Grid

plc

23,174

241,203

Orsted

AS

12,813

TOTAL

UTILITIES

162,961

TOTAL

COMMON

STOCKS

12,646,600

(Cost

$9,941,689)

PREFERRED

STOCKS

-

0.1%

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

390,000

(e)

Brookfield

Property

Partners

LP

5,128

681,850

Brookfield

Property

Partners

LP

8,087

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,215

UTILITIES

-

0.1%

490,000

(e)

Brookfield

Infrastructure

Partners

LP

9,095

308,000

(e)

Brookfield

Renewable

Partners

LP

5,664

TOTAL

UTILITIES

14,759

TOTAL

PREFERRED

STOCKS

27,974

(Cost

$46,746)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

774

(a)

ABIOMED,

Inc

12/31/29

1

155,988

Amplifon

S.p.A.

07/09/24

1

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2

TOTAL

RIGHTS/WARRANTS

2

(Cost

$1)

TOTAL

LONG-TERM

INVESTMENTS

21,100,765‌

(Cost

$18,902,735)

CREF

Social

Choice

Account

June

30,

2024

310

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)

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

25,000,000

Federal

Home

Loan

Bank

(FHLB)

0.000

%

08/30/24

$

24,771

5,000,000

Tennessee

Valley

Authority

(TVA)

0.000

07/10/24

4,991

TOTAL

GOVERNMENT

AGENCY

DEBT

29,762

REPURCHASE

AGREEMENT

-

0.2%

41,438,000

(i)

Fixed

Income

Clearing

Corporation

5.320

07/01/24

41,438

TOTAL

REPURCHASE

AGREEMENT

41,438

TREASURY

DEBT

-

0.1%

5,031,000

United

States

Treasury

Bill

0.000

07/05/24

5,028

5,000,000

United

States

Treasury

Bill

0.000

07/25/24

4,982

10,000,000

United

States

Treasury

Bill

0.000

07/30/24

9,958

5,000,000

United

States

Treasury

Bill

0.000

08/13/24

4,969

4,330,000

United

States

Treasury

Bill

0.000

08/29/24

4,293

TOTAL

TREASURY

DEBT

29,230

TOTAL

SHORT-TERM

INVESTMENTS

100,430

(Cost

$100,442)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.5%

105,363,735

(j)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330

(k)

105,364

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

105,364

(Cost

$105,364)

TOTAL

INVESTMENTS

-

100.0%

21,306,559

(Cost

$19,108,541)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.0)%

(8,165)

NET

ASSETS

-

100.0%

$21,298,394

CME

Chicago

Mercantile

Exchange

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

^

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

144A

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

$1,926,253,530

or

9.0%

of

Total

Investments.

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$148,798,245.

(f)

Perpetual

security

(g)

When-issued

or

delayed

delivery

security.

(h)

Non-income

producing

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$41,456,371

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

8/15/26,

valued

at

$42,266,925.

(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.

311

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

20,046

EUR

18,663

JPMorgan

Chase

Bank

N.A

07/16/24

  $

44‌

EUR

2,575

$

2,803

Morgan

Stanley

Capital

Services

07/16/24

  $

(43‌)

EUR

4,579

$

4,991

Morgan

Stanley

Capital

Services

07/16/24

(83‌)

EUR

2,494

$

2,719

Morgan

Stanley

Capital

Services

07/16/24

(46‌)

EUR

2,574

$

2,799

Morgan

Stanley

Capital

Services

07/16/24

(41‌)

Total

  $

(213‌)

Total

  $

(169‌)

EUR

Euro

CREF

Money

Market

Account

June

30,

2024

Portfolio

of

Investments

312

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

103.4%

GOVERNMENT

AGENCY

DEBT

-

15.1%

$

2,450,000

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

12/30/24

$

2,388

20,300,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

07/02/24

20,297

8,000,000

FFCB

0

.000

10/02/24

7,893

56,800,000

FFCB

0

.000

10/18/24

55,978

20,000,000

FFCB

0

.000

12/10/24

19,578

20,500,000

FFCB

0

.000

02/19/25

19,855

16,000,000

FFCB

5

.000

03/28/25

15,999

42,940,000

FFCB

5

.125

05/22/25

42,906

81,205,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/02/24

81,193

32,400,000

FHLB

0

.000

07/03/24

32,391

6,800,000

FHLB

0

.000

08/09/24

6,762

77,600,000

FHLB

0

.000

08/14/24

77,114

900,000

FHLB

0

.000

09/13/24

890

25,235,000

FHLB

0

.000

09/27/24

24,911

191,500,000

FHLB

0

.000

10/15/24

188,664

139,346,000

FHLB

0

.000

10/31/24

136,994

495,000

FHLB

0

.000

12/23/24

483

40,500,000

FHLB

0

.000

01/16/25

39,414

60,500,000

FHLB

0

.000

01/23/25

58,840

3,500,000

FHLB

0

.000

01/30/25

3,399

73,509,000

FHLB

0

.000

02/05/25

71,423

20,240,000

FHLB

0

.000

02/06/25

19,666

62,000,000

FHLB

0

.000

02/10/25

60,164

81,000,000

FHLB

0

.000

02/14/25

78,532

82,000,000

FHLB

0

.000

02/18/25

79,463

21,000,000

FHLB

0

.000

02/21/25

20,308

83,000,000

FHLB

0

.000

02/26/25

80,344

150,000

FHLB

0

.000

02/28/25

145

6,500,000

FHLB

0

.000

03/21/25

6,270

40,850,000

FHLB

0

.000

04/02/25

39,337

57,500,000

FHLB

0

.000

04/17/25

55,207

18,740,000

FHLB

5

.125

05/15/25

18,730

81,000,000

FHLB

0

.000

05/16/25

77,447

17,000,000

FHLB

0

.000

05/29/25

16,222

TOTAL

GOVERNMENT

AGENCY

DEBT

1,459,207

REPURCHASE

AGREEMENT

-

47.7%

3,920,000,000

(a)

Bank

of

New

York

Mellon

5

.320

07/01/24

3,920,000

695,374,000

(b)

Fixed

Income

Clearing

Corporation

5

.320

07/01/24

695,374

TOTAL

REPURCHASE

AGREEMENT

4,615,374

TREASURY

DEBT

-

21.6%

163,000,000

United

States

Treasury

Bill

0

.000

07/09/24

162,811

84,000,000

United

States

Treasury

Bill

0

.000

07/11/24

83,877

50,000,000

United

States

Treasury

Bill

0

.000

08/01/24

49,774

80,950,000

United

States

Treasury

Bill

0

.000

08/08/24

80,519

113,000,000

United

States

Treasury

Bill

0

.000

08/13/24

112,293

163,000,000

United

States

Treasury

Bill

0

.000

08/15/24

161,968

109,000,000

United

States

Treasury

Bill

0

.000

08/20/24

108,207

40,900,000

United

States

Treasury

Bill

0

.000

08/29/24

40,556

162,000,000

United

States

Treasury

Bill

0

.000

09/05/24

160,484

55,940,000

United

States

Treasury

Bill

0

.000

10/03/24

55,182

71,970,000

United

States

Treasury

Bill

0

.000

10/10/24

70,935

82,000,000

United

States

Treasury

Bill

0

.000

10/17/24

80,732

350,000,000

United

States

Treasury

Bill

0

.000

10/29/24

343,961

42,000,000

United

States

Treasury

Bill

0

.000

12/19/24

40,973

42,000,000

United

States

Treasury

Bill

0

.000

12/26/24

40,932

20,250,000

United

States

Treasury

Bill

0

.000

02/20/25

19,596

80,750,000

United

States

Treasury

Bill

0

.000

03/20/25

77,923

313

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

40,445,000

United

States

Treasury

Bill

0

.000

%

04/17/25

$

38,844

144,700,000

United

States

Treasury

Bill

0

.000

05/15/25

138,380

65,750,000

United

States

Treasury

Bill

0

.000

06/12/25

62,647

40,000,000

United

States

Treasury

Note

0

.750

11/15/24

39,343

41,000,000

United

States

Treasury

Note

2

.250

11/15/24

40,600

62,250,000

United

States

Treasury

Note

3

.875

04/30/25

61,602

21,000,000

United

States

Treasury

Note

2

.125

05/15/25

20,453

TOTAL

TREASURY

DEBT

2,092,592

TREASURY

INFLATION

PROTECTED

SECURITIES

-

0.3%

26,406,600

(c)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/24

26,389

TOTAL

TREASURY

INFLATION

PROTECTED

SECURITIES

26,389

VARIABLE

RATE

SECURITIES

-

18.7%

16,000,000

(d)

Federal

Farm

Credit

Bank

(FFCB)

SOFR

-

0.000%

5

.340

07/23/24

16,000

20,250,000

(d)

FFCB

SOFR

+

0.060%

5

.400

09/09/24

20,252

40,605,000

(d)

Federal

Home

Loan

Bank

(FHLB)

SOFR

-

0.000%

5

.340

07/02/24

40,605

162,000,000

(d)

FHLB

SOFR

-

0.000%

5

.340

07/25/24

162,000

162,000,000

(d)

FHLB

SOFR

-

0.000%

5

.340

07/29/24

162,000

405,000,000

(d)

FHLB

SOFR

-

0.000%

5

.340

07/30/24

405,000

364,500,000

(d)

FHLB

SOFR

-

0.000%

5

.340

08/14/24

364,500

243,000,000

(d)

FHLB

SOFR

-

0.000%

5

.340

08/20/24

243,000

81,000,000

(d)

FHLB

SOFR

+

0.005%

5

.345

09/23/24

81,000

121,000,000

(d)

FHLB

SOFR

+

0.005%

5

.345

09/26/24

121,000

121,000,000

(d)

FHLB

SOFR

+

0.005%

5

.345

10/07/24

121,000

79,000,000

(d)

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

+

0.037%

5

.342

07/31/24

78,997

TOTAL

VARIABLE

RATE

SECURITIES

1,815,354

TOTAL

SHORT-TERM

INVESTMENTS

10,008,916

(Cost

$10,008,916)

TOTAL

INVESTMENTS

-

103.4%

10,008,916

(Cost

$10,008,916)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(3.4)%

(

327,689

)

NET

ASSETS

-

100.0%

$9,681,227

M

Month

SOFR

Secure

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

5.320%

dated

6/28/24

to

be

repurchased

at

$3,921,737,867

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.375%

and

maturity

dates

7/15/25–1/15/32,

valued

at

$3,993,435,898.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.320%

dated

6/28/24

to

be

repurchased

at

$695,682,282

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.500%

and

maturity

date

7/15/26,

valued

at

$709,281,617.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

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.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Approval of Investment Management Agreement in Item 1.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

College Retirement Equities Fund

Date: September 5, 2024 By: /s/ Christopher Stickrod Christopher Stickrod Principal Executive Officer and Executive Vice President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: September 5, 2024	By:	/s/ Christopher Stickrod Christopher Stickrod Principal Executive Officer and Executive Vice President (principal executive officer)
Date: September 5, 2024	By:	/s/ E. Scott Wickerham E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)