TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

Retirement

Income

Fund

1

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

RETIREMENT

INCOME

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.7%

a

FIXED

INCOME—39.7%

22,626,226

TIAA-CREF

Bond

Index

Fund

$

257,033,923‌

TOTAL

FIXED

INCOME

257,033,923‌

INFLATION-PROTECTED

ASSETS—9.9%

5,098,214

TIAA-CREF

Inflation-Linked

Bond

Fund

64,288,475‌

TOTAL

INFLATION-PROTECTED

ASSETS

64,288,475‌

INTERNATIONAL

EQUITY—12.0%

1,829,136

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

24,931,122‌

2,244,804

TIAA-CREF

International

Equity

Index

Fund

53,089,622‌

TOTAL

INTERNATIONAL

EQUITY

78,020,744‌

SHORT-TERM

FIXED

INCOME—9.9%

6,372,582

TIAA-CREF

Short-Term

Bond

Index

Fund

64,363,079‌

TOTAL

SHORT-TERM

FIXED

INCOME

64,363,079‌

U.S.

EQUITY—28.2%

5,454,481

TIAA-CREF

Equity

Index

Fund

182,561,491‌

TOTAL

U.S.

EQUITY

182,561,491‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

646,267,712‌

(Cost

$520,306,537)

TOTAL

INVESTMENTS—99.7%

646,267,712‌

(Cost

$520,306,537)

OTHER

ASSETS

&

LIABILITIES,

NET—0.3%

1,959,578‌

NET

ASSETS—100.0%

$

648,227,290‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2010

Fund

2

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2010

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—39.7%

24,493,405

TIAA-CREF

Bond

Index

Fund

$

278,245,082‌

TOTAL

FIXED

INCOME

278,245,082‌

INFLATION-PROTECTED

ASSETS—9.9%

5,519,078

TIAA-CREF

Inflation-Linked

Bond

Fund

69,595,575‌

TOTAL

INFLATION-PROTECTED

ASSETS

69,595,575‌

INTERNATIONAL

EQUITY—11.7%

1,925,797

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

26,248,609‌

2,363,048

TIAA-CREF

International

Equity

Index

Fund

55,886,094‌

TOTAL

INTERNATIONAL

EQUITY

82,134,703‌

SHORT-TERM

FIXED

INCOME—11.1%

7,673,781

TIAA-CREF

Short-Term

Bond

Index

Fund

77,505,185‌

TOTAL

SHORT-TERM

FIXED

INCOME

77,505,185‌

U.S.

EQUITY—27.4%

5,741,194

TIAA-CREF

Equity

Index

Fund

192,157,767‌

TOTAL

U.S.

EQUITY

192,157,767‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

699,638,312‌

(Cost

$533,784,285)

TOTAL

INVESTMENTS—99.8%

699,638,312‌

(Cost

$533,784,285)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

1,094,785‌

NET

ASSETS—100.0%

$

700,733,097‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2015

Fund

3

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2015

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%

a

FIXED

INCOME—38.9%

42,318,143

TIAA-CREF

Bond

Index

Fund

$

480,734,101‌

TOTAL

FIXED

INCOME

480,734,101‌

INFLATION-PROTECTED

ASSETS—8.4%

8,215,780

TIAA-CREF

Inflation-Linked

Bond

Fund

103,600,980‌

TOTAL

INFLATION-PROTECTED

ASSETS

103,600,980‌

INTERNATIONAL

EQUITY—13.2%

3,830,111

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

52,204,415‌

4,698,678

TIAA-CREF

International

Equity

Index

Fund

111,123,734‌

TOTAL

INTERNATIONAL

EQUITY

163,328,149‌

SHORT-TERM

FIXED

INCOME—8.4%

10,268,792

TIAA-CREF

Short-Term

Bond

Index

Fund

103,714,796‌

TOTAL

SHORT-TERM

FIXED

INCOME

103,714,796‌

U.S.

EQUITY—31.0%

11,418,586

TIAA-CREF

Equity

Index

Fund

382,180,085‌

TOTAL

U.S.

EQUITY

382,180,085‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,233,558,111‌

(Cost

$911,045,013)

TOTAL

INVESTMENTS—99.9%

1,233,558,111‌

(Cost

$911,045,013)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

1,476,605‌

NET

ASSETS—100.0%

$

1,235,034,716‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2020

Fund

4

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2020

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%

a

FIXED

INCOME—37.9%

116,482,681

TIAA-CREF

Bond

Index

Fund

$

1,323,243,258‌

TOTAL

FIXED

INCOME

1,323,243,258‌

INFLATION-PROTECTED

ASSETS—6.4%

17,716,954

TIAA-CREF

Inflation-Linked

Bond

Fund

223,410,784‌

TOTAL

INFLATION-PROTECTED

ASSETS

223,410,784‌

INTERNATIONAL

EQUITY—14.7%

12,046,162

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

164,189,193‌

14,790,114

TIAA-CREF

International

Equity

Index

Fund

349,786,203‌

TOTAL

INTERNATIONAL

EQUITY

513,975,396‌

SHORT-TERM

FIXED

INCOME—6.4%

22,143,955

TIAA-CREF

Short-Term

Bond

Index

Fund

223,653,950‌

TOTAL

SHORT-TERM

FIXED

INCOME

223,653,950‌

U.S.

EQUITY—34.5%

35,931,709

TIAA-CREF

Equity

Index

Fund

1,202,634,304‌

TOTAL

U.S.

EQUITY

1,202,634,304‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

3,486,917,692‌

(Cost

$2,604,750,188)

TOTAL

INVESTMENTS—99.9%

3,486,917,692‌

(Cost

$2,604,750,188)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

3,866,056‌

NET

ASSETS—100.0%

$

3,490,783,748‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2025

Fund

5

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2025

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%

a

FIXED

INCOME—34.6%

167,653,952

TIAA-CREF

Bond

Index

Fund

$

1,904,548,899‌

TOTAL

FIXED

INCOME

1,904,548,899‌

INFLATION-PROTECTED

ASSETS—4.4%

19,270,751

TIAA-CREF

Inflation-Linked

Bond

Fund

243,004,164‌

TOTAL

INFLATION-PROTECTED

ASSETS

243,004,164‌

INTERNATIONAL

EQUITY—16.9%

21,835,784

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

297,621,733‌

26,784,889

TIAA-CREF

International

Equity

Index

Fund

633,462,617‌

TOTAL

INTERNATIONAL

EQUITY

931,084,350‌

SHORT-TERM

FIXED

INCOME—4.4%

24,085,822

TIAA-CREF

Short-Term

Bond

Index

Fund

243,266,800‌

TOTAL

SHORT-TERM

FIXED

INCOME

243,266,800‌

U.S.

EQUITY—39.6%

65,111,099

TIAA-CREF

Equity

Index

Fund

2,179,268,487‌

TOTAL

U.S.

EQUITY

2,179,268,487‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

5,501,172,700‌

(Cost

$4,093,039,545)

TOTAL

INVESTMENTS—99.9%

5,501,172,700‌

(Cost

$4,093,039,545)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

7,585,030‌

NET

ASSETS—100.0%

$

5,508,757,730‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2030

Fund

6

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2030

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%

a

FIXED

INCOME—30.6%

171,635,359

TIAA-CREF

Bond

Index

Fund

$

1,949,777,675‌

TOTAL

FIXED

INCOME

1,949,777,675‌

INFLATION-PROTECTED

ASSETS—2.4%

12,267,144

TIAA-CREF

Inflation-Linked

Bond

Fund

154,688,681‌

TOTAL

INFLATION-PROTECTED

ASSETS

154,688,681‌

INTERNATIONAL

EQUITY—19.3%

28,849,337

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

393,216,462‌

35,406,081

TIAA-CREF

International

Equity

Index

Fund

837,353,813‌

TOTAL

INTERNATIONAL

EQUITY

1,230,570,275‌

SHORT-TERM

FIXED

INCOME—2.4%

15,329,645

TIAA-CREF

Short-Term

Bond

Index

Fund

154,829,415‌

TOTAL

SHORT-TERM

FIXED

INCOME

154,829,415‌

U.S.

EQUITY—45.2%

86,015,179

TIAA-CREF

Equity

Index

Fund

2,878,928,050‌

TOTAL

U.S.

EQUITY

2,878,928,050‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,368,794,096‌

(Cost

$4,630,709,494)

TOTAL

INVESTMENTS—99.9%

6,368,794,096‌

(Cost

$4,630,709,494)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

8,710,078‌

NET

ASSETS—100.0%

$

6,377,504,174‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2035

Fund

7

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2035

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—26.6%

141,928,253

TIAA-CREF

Bond

Index

Fund

$

1,612,304,951‌

TOTAL

FIXED

INCOME

1,612,304,951‌

INFLATION-PROTECTED

ASSETS—0.4%

2,142,746

TIAA-CREF

Inflation-Linked

Bond

Fund

27,020,025‌

TOTAL

INFLATION-PROTECTED

ASSETS

27,020,025‌

INTERNATIONAL

EQUITY—21.6%

30,801,405

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

419,823,151‌

37,810,733

TIAA-CREF

International

Equity

Index

Fund

894,223,831‌

TOTAL

INTERNATIONAL

EQUITY

1,314,046,982‌

SHORT-TERM

FIXED

INCOME—0.5%

2,677,987

TIAA-CREF

Short-Term

Bond

Index

Fund

27,047,670‌

TOTAL

SHORT-TERM

FIXED

INCOME

27,047,670‌

U.S.

EQUITY—50.7%

91,857,370

TIAA-CREF

Equity

Index

Fund

3,074,466,173‌

TOTAL

U.S.

EQUITY

3,074,466,173‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,054,885,801‌

(Cost

$4,261,015,253)

TOTAL

INVESTMENTS—99.8%

6,054,885,801‌

(Cost

$4,261,015,253)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

10,010,654‌

NET

ASSETS—100.0%

$

6,064,896,455‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2040

Fund

8

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2040

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—19.5%

107,658,071

TIAA-CREF

Bond

Index

Fund

$

1,222,995,682‌

TOTAL

FIXED

INCOME

1,222,995,682‌

INTERNATIONAL

EQUITY—24.0%

35,274,977

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

480,797,938‌

43,285,248

TIAA-CREF

International

Equity

Index

Fund

1,023,696,116‌

TOTAL

INTERNATIONAL

EQUITY

1,504,494,054‌

U.S.

EQUITY—56.3%

105,182,057

TIAA-CREF

Equity

Index

Fund

3,520,443,441‌

TOTAL

U.S.

EQUITY

3,520,443,441‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,247,933,177‌

(Cost

$4,198,902,726)

TOTAL

INVESTMENTS—99.8%

6,247,933,177‌

(Cost

$4,198,902,726)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

9,562,776‌

NET

ASSETS—100.0%

$

6,257,495,953‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2045

Fund

9

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2045

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—11.6%

48,077,117

TIAA-CREF

Bond

Index

Fund

$

546,156,049‌

TOTAL

FIXED

INCOME

546,156,049‌

INTERNATIONAL

EQUITY—26.4%

29,069,297

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

396,214,524‌

35,673,870

TIAA-CREF

International

Equity

Index

Fund

843,687,022‌

TOTAL

INTERNATIONAL

EQUITY

1,239,901,546‌

U.S.

EQUITY—61.8%

86,665,009

TIAA-CREF

Equity

Index

Fund

2,900,677,844‌

TOTAL

U.S.

EQUITY

2,900,677,844‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

4,686,735,439‌

(Cost

$3,166,869,872)

TOTAL

INVESTMENTS—99.8%

4,686,735,439‌

(Cost

$3,166,869,872)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

9,228,491‌

NET

ASSETS—100.0%

$

4,695,963,930‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2050

Fund

10

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2050

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—8.9%

30,120,925

TIAA-CREF

Bond

Index

Fund

$

342,173,709‌

TOTAL

FIXED

INCOME

342,173,709‌

INTERNATIONAL

EQUITY—27.2%

24,538,735

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

334,462,957‌

30,120,350

TIAA-CREF

International

Equity

Index

Fund

712,346,272‌

TOTAL

INTERNATIONAL

EQUITY

1,046,809,229‌

U.S.

EQUITY—63.7%

73,153,840

TIAA-CREF

Equity

Index

Fund

2,448,459,034‌

TOTAL

U.S.

EQUITY

2,448,459,034‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

3,837,441,972‌

(Cost

$2,610,105,195)

TOTAL

INVESTMENTS—99.8%

3,837,441,972‌

(Cost

$2,610,105,195)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

8,344,143‌

NET

ASSETS—100.0%

$

3,845,786,115‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2055

Fund

11

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2055

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.6%

a

FIXED

INCOME—7.6%

13,171,402

TIAA-CREF

Bond

Index

Fund

$

149,627,131‌

TOTAL

FIXED

INCOME

149,627,131‌

INTERNATIONAL

EQUITY—27.6%

12,617,863

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

171,981,475‌

15,480,604

TIAA-CREF

International

Equity

Index

Fund

366,116,289‌

TOTAL

INTERNATIONAL

EQUITY

538,097,764‌

U.S.

EQUITY—64.4%

37,594,085

TIAA-CREF

Equity

Index

Fund

1,258,274,014‌

TOTAL

U.S.

EQUITY

1,258,274,014‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,945,998,909‌

(Cost

$1,385,377,916)

TOTAL

INVESTMENTS—99.6%

1,945,998,909‌

(Cost

$1,385,377,916)

OTHER

ASSETS

&

LIABILITIES,

NET—0.4%

7,138,650‌

NET

ASSETS—100.0%

$

1,953,137,559‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2060

Fund

12

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2060

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%

a

FIXED

INCOME—6.5%

4,542,745

TIAA-CREF

Bond

Index

Fund

$

51,605,587‌

TOTAL

FIXED

INCOME

51,605,587‌

INTERNATIONAL

EQUITY—28.0%

5,245,777

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

71,499,940‌

6,430,605

TIAA-CREF

International

Equity

Index

Fund

152,083,814‌

TOTAL

INTERNATIONAL

EQUITY

223,583,754‌

U.S.

EQUITY—65.3%

15,595,571

TIAA-CREF

Equity

Index

Fund

521,983,767‌

TOTAL

U.S.

EQUITY

521,983,767‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

797,173,108‌

(Cost

$601,824,964)

TOTAL

INVESTMENTS—99.8%

797,173,108‌

(Cost

$601,824,964)

OTHER

ASSETS

&

LIABILITIES,

NET—0.2%

1,777,146‌

NET

ASSETS—100.0%

$

798,950,254‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Lifecycle

Index

2065

Fund

13

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

LIFECYCLE

INDEX

2065

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

August

31,

2021

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.5%

a

FIXED

INCOME—5.2%

77,194

TIAA-CREF

Bond

Index

Fund

$

876,929‌

TOTAL

FIXED

INCOME

876,929‌

INTERNATIONAL

EQUITY—28.3%

111,448

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

1,519,042‌

136,534

TIAA-CREF

International

Equity

Index

Fund

3,229,027‌

TOTAL

INTERNATIONAL

EQUITY

4,748,069‌

U.S.

EQUITY—66.0%

330,322

TIAA-CREF

Equity

Index

Fund

11,055,879‌

TOTAL

U.S.

EQUITY

11,055,879‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

16,680,877‌

(Cost

$14,685,787)

TOTAL

INVESTMENTS—99.5%

16,680,877‌

(Cost

$14,685,787)

OTHER

ASSETS

&

LIABILITIES,

NET—0.5%

85,726‌

NET

ASSETS—100.0%

$

16,766,603‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

TIAA-CREF

LIFECYCLE

INDEX

FUNDS

-

Notes

to

schedules

of

investments

(unaudited)

14

Organization

and

significant

accounting

policies

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report.

For

a

full

set

of

financial

statement

notes,

please

refer

to

the

most

recently

filed

annual

or

semiannual

report.

Valuation

of

investments

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Trustees.

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

which

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

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective NAVs

on

the

valuation

date

and

are

generally

classified

as Level

1.

As

of

August

31,

2021

,

all

of

the

investments

in

the

Funds

were

valued

based

on

Level

1

inputs.

A12147-D

(10/21)