Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

44.1%

Value

Communications

Services  3.4%

23,215

Alphabet,

Inc.,

Class

A

$

4,454,958

140,140

Alphabet,

Inc.,

Class

C

27,027,400

3,747

AMC

Networks,

Inc.

a

22,445

1,280

Angi

,

Inc.

a

20,762

60,286

AT&T,

Inc.

1,652,439

3,007

Bandwidth,

Inc.

a

41,827

60,106

CarGurus

,

Inc.

a

1,972,679

18,540

Cogent

Communications

Holdings

845,239

122,554

Comcast

Corporation

4,072,469

19,672

E.W.

Scripps

Company

a

58,819

1,036

Electronic

Arts,

Inc.

157,980

2,375

Fox

Corporation,

Class

A

132,430

1,448

Fox

Corporation,

Class

B

74,051

2,086

Iridium

Communications,

Inc.

51,024

1,418

John

Wiley

and

Sons,

Inc.

54,735

8,725

Liberty

Global,

Ltd.,

Class

A

a

87,425

4,761

Liberty

Latin

America,

Ltd.,

Class

A

a

33,565

958

Liberty

Media

Corporation-Liberty

Formula

One

Group

a

96,135

593

Liberty

Media

Corporation-Liberty

Live

Group

a

49,948

5,528

Magnite

,

Inc.

a

127,199

2,383

Match

Group,

Inc.

81,665

47,743

Meta

Platforms,

Inc.

36,926,346

6,206

Netflix,

Inc.

a

7,195,236

7,613

New

York

Times

Company

395,039

3,742

News

Corporation,

Class

A

109,715

186

Nexstar

Media

Group,

Inc.

34,802

52,981

Pinterest,

Inc.

a

2,045,067

130

Reddit

,

Inc.

a

20,877

4,651

Sirius

XM

Holdings,

Inc.

b

98,229

5,267

Spotify

Technology

SA

a

3,299,986

1,193

TechTarget

,

Inc.

a

8,637

1,543

Telephone

and

Data

Systems,

Inc.

60,239

555

TKO

Group

Holdings,

Inc.

93,246

3,503

T-Mobile

US,

Inc.

835,150

11,924

Trade

Desk,

Inc.

a

1,036,911

26,731

Verizon

Communications,

Inc.

1,143,018

15,670

Walt

Disney

Company

1,866,454

289,591

Warner

Brothers

Discovery,

Inc.

a

3,813,913

61,219

Warner

Music

Group

Corporation

1,791,268

Total

101,889,327

Consumer

Discretionary  4.4%

3,758

Adient

plc

a

80,572

18,940

ADT,

Inc.

158,149

21,056

Advance

Auto

Parts,

Inc.

1,117,442

160,187

Amazon.com,

Inc.

a

37,501,379

10,696

American

Axle

&

Manufacturing

Holdings,

Inc.

a

47,597

3,925

American

Eagle

Outfitters,

Inc.

42,390

34,606

Aptiv

plc

a

2,375,356

1,057

Aramark

44,986

834

Autoliv

,

Inc.

93,033

105

AutoZone,

Inc.

a

395,680

7,894

Bath

&

Body

Works,

Inc.

228,610

769

Booking

Holdings,

Inc.

4,232,622

10,677

Boot

Barn

Holdings,

Inc.

a

1,835,376

13,349

BorgWarner,

Inc.

491,243

415

Bright

Horizons

Family

Solutions,

Inc.

a

46,936

225

Brinker

International,

Inc.

a

35,460

1,478

Buckle,

Inc.

72,969

23,937

Build-A-Bear

Workshop,

Inc.

1,213,845

Shares

Common

Stock  44.1%

Value

Consumer

Discretionary  4.4%

-

continued

1,114

CarMax,

Inc.

a

$

63,064

1,188

Carnival

Corporation

a

35,367

114

Carvana

Company

a

44,479

49

Cavco

Industries,

Inc.

a

19,780

27,366

Champion

Homes,

Inc.

a

1,666,589

4,014

Chewy,

Inc.

a

147,314

16,373

Columbia

Sportswear

Company

926,221

3,137

Coursera,

Inc.

a

39,652

11,450

Crocs,

Inc.

a

1,141,908

31,269

D.R.

Horton,

Inc.

4,466,464

6,762

Dana,

Inc.

107,651

416

Darden

Restaurants,

Inc.

83,895

8,375

Deckers

Outdoor

Corporation

a

889,174

297

Domino's

Pizza,

Inc.

137,573

28,062

DoorDash

,

Inc.

a

7,022,515

572

Dorman

Products,

Inc.

a

68,995

86

Dutch

Bros,

Inc.

a

5,097

3,606

eBay,

Inc.

330,850

2,836

Etsy,

Inc.

a

165,254

15,680

Expedia

Group,

Inc.

2,825,850

1,133

Five

Below,

Inc.

a

154,677

26,472

Ford

Motor

Company

293,045

2,837

Fox

Factory

Holding

Corporation

a

86,160

1,081

Frontdoor

,

Inc.

a

63,238

6,731

Gap,

Inc.

130,985

10,756

Garmin,

Ltd.

2,352,983

2,985

Garrett

Motion,

Inc.

38,924

443

General

Motors

Company

23,630

10,851

Gentex

Corporation

286,683

2,409

GigaCloud

Technology,

Inc.

a,b

53,648

3,245

Goodyear

Tire

&

Rubber

Company

a

33,359

3,860

Grand

Canyon

Education,

Inc.

a

650,912

1,629

Group

1

Automotive,

Inc.

671,392

5,563

Hasbro,

Inc.

418,115

16,473

Hilton

Worldwide

Holdings,

Inc.

4,416,082

16,091

Home

Depot,

Inc.

5,913,603

6,941

Installed

Building

Products,

Inc.

1,404,095

4,498

Kohl's

Corporation

b

48,758

13,373

Laureate

Education,

Inc.

a

302,230

24,412

La-Z-Boy,

Inc.

878,100

565

Lear

Corporation

53,274

265

Lithia

Motors,

Inc.

76,320

2,405

LKQ

Corporation

70,875

17,899

Lowe's

Companies,

Inc.

4,001,679

10,545

Mattel,

Inc.

a

179,370

2,333

McDonald's

Corporation

700,063

18,754

Modine

Manufacturing

Company

a

2,523,538

1,518

Mohawk

Industries,

Inc.

a

173,826

1,358

Murphy

USA,

Inc.

492,248

2,251

National

Vision

Holdings,

Inc.

a

54,609

290

NVR,

Inc.

a

2,189,352

20,410

O'Reilly

Automotive,

Inc.

a

2,006,711

389

Planet

Fitness,

Inc.

a

42,475

3,213

Pool

Corporation

990,054

490

PulteGroup,

Inc.

55,331

1,282

Ralph

Lauren

Corporation

382,998

13,637

Ross

Stores,

Inc.

1,861,996

391

Royal

Caribbean

Cruises,

Ltd.

124,287

1,708

Service

Corporation

International/

US

130,337

24,411

SharkNinja

,

Inc.

a

2,834,117

22,737

Six

Flags

Entertainment

Corporation

a

681,201

135,492

Sony

Group

Corporation

ADR

3,295,165

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  44.1%

Value

Consumer

Discretionary  4.4%

-

continued

5,534

Stoneridge,

Inc.

a

$

42,612

673

Strategic

Education,

Inc.

49,900

2,824

Tapestry,

Inc.

305,077

344

Taylor

Morrison

Home

Corporation

a

20,392

37,678

Tesla,

Inc.

a

11,614,997

236

Texas

Roadhouse,

Inc.

43,691

752

Toll

Brothers,

Inc.

89,007

49

TopBuild

Corporation

a

18,151

2,266

Travel

+

Leisure

Company

134,261

399

Ulta

Beauty,

Inc.

a

205,489

282

Urban

Outfitters,

Inc.

a

21,229

1,499

Valvoline,

Inc.

a

52,840

4,515

VF

Corporation

52,916

11,974

Viking

Holdings,

Ltd.

a

703,113

784

Visteon

Corporation

a

87,142

1,234

Wayfair,

Inc.

a

81,000

5,591

Wingstop

,

Inc.

2,109,708

81

Winmark

Corporation

30,571

54,500

Wyndham

Hotels

&

Resorts,

Inc.

4,687,000

11,192

Wynn

Resorts,

Ltd.

1,220,264

1,427

Yum!

Brands,

Inc.

205,702

Total

133,116,844

Consumer

Staples  1.4%

4,662

Albertsons

Companies,

Inc.

89,604

3,992

Altria

Group,

Inc.

247,264

1,329

Archer-Daniels-Midland

Company

72,005

844

BellRing

Brands,

Inc.

a

46,066

18,548

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,964,233

394

Bunge

Global

SA

31,425

5,334

Casey's

General

Stores,

Inc.

2,774,373

1,762

Central

Garden

&

Pet

Company,

Class

A

a

62,586

14,037

Church

&

Dwight

Company,

Inc.

1,316,249

11,126

Colgate-Palmolive

Company

932,915

12,742

Conagra

Brands,

Inc.

232,669

779

Costco

Wholesale

Corporation

731,980

351,296

Coty,

Inc.

a

1,703,786

1,962

Darling

Ingredients,

Inc.

a

63,530

3,296

Dole

plc

46,935

785

Ingredion,

Inc.

103,259

15,213

J

&

J

Snack

Foods

Corporation

1,717,396

17,611

John

B.

Sanfilippo

&

Son,

Inc.

1,114,952

193,786

Kenvue

,

Inc.

4,154,772

52,240

Keurig

Dr

Pepper,

Inc.

1,705,636

1,093

Kimberly-Clark

Corporation

136,210

520

Kraft

Heinz

Company

14,279

1,657

Kroger

Company

116,156

18,539

Maplebear

,

Inc.

a

889,316

5,847

Marzetti

Company

1,039,363

1,650

McCormick

&

Company,

Inc.

116,539

2,496

Mondelez

International,

Inc.

161,466

5,434

Monster

Beverage

Corporation

a

319,247

8,124

Philip

Morris

International,

Inc.

1,332,742

726

Primo

Brands

Corporation

20,045

14,614

Procter

&

Gamble

Company

2,198,969

145

Sprouts

Farmers

Markets,

Inc.

a

21,973

69,044

Sysco

Corporation

5,495,902

11,729

Turning

Point

Brands,

Inc.

972,803

1,492

Tyson

Foods,

Inc.

78,032

77,874

Unilever

plc

ADR

4,550,178

1,705

US

Foods

Holding

Corporation

a

142,078

20,368

Vita

Coco

Company,

Inc.

a

718,176

Shares

Common

Stock  44.1%

Value

Consumer

Staples  1.4%

-

continued

51,953

Walmart,

Inc.

$

5,090,355

Total

42,525,464

Energy  1.7%

38,747

Antero

Midstream

Corporation

711,008

4,409

Antero

Resources

Corporation

a

154,006

3,178

APA

Corporation

61,304

2,432

Archrock

,

Inc.

56,812

24,973

Baker

Hughes

Company

1,125,034

9,874

Berry

Corporation

29,820

707

Cactus,

Inc.

29,913

7,968

Cheniere

Energy,

Inc.

1,879,492

377

Chevron

Corporation

57,168

768

Chord

Energy

Corporation

84,734

4,982

Civitas

Resources,

Inc.

151,254

68,851

ConocoPhillips

6,564,254

3,434

Crescent

Energy

Company

31,730

117,688

Devon

Energy

Corporation

3,909,595

4,533

DHT

Holdings,

Inc.

50,271

1,957

DT

Midstream,

Inc.

201,043

160,359

Enterprise

Products

Partners,

LP

4,969,525

9,408

EOG

Resources,

Inc.

1,129,148

2,132

EQT

Corporation

114,595

24,344

Expand

Energy

Corporation

2,550,764

91,867

Exxon

Mobil

Corporation

10,256,032

2,795

Gulfport

Energy

Corporation

a

486,693

91,476

Halliburton

Company

2,049,062

16,149

Hess

Midstream,

LP

702,966

1,837

HF

Sinclair

Corporation

80,718

1,243

Kimbell

Royalty

Partners,

LP

18,483

37,898

Kinder

Morgan,

Inc.

1,063,418

1,709

Kodiak

Gas

Services,

Inc.

55,252

21,534

Kosmos

Energy,

Ltd.

a

46,298

17,302

Marathon

Petroleum

Corporation

2,944,627

16,978

Matador

Resources

Company

846,863

1,393

Noble

Corporation

plc

37,346

1,109

Occidental

Petroleum

Corporation

48,730

2,550

Oceaneering

International,

Inc.

a

55,335

3,084

Oil

States

International,

Inc.

a

15,389

3,043

ONEOK,

Inc.

249,861

7,152

Ovintiv

,

Inc.

294,519

1,727

Par

Pacific

Holdings,

Inc.

a

54,193

7,435

Permian

Resources

Corporation

105,280

757

Phillips

66

93,550

2,253

Range

Resources

Corporation

82,730

367

Ranger

Energy

Services,

Inc.

4,914

29,871

Shell

plc

ADR

2,156,985

1,338

SM

Energy

Company

36,915

2,377

Talos

Energy,

Inc.

a

20,323

158

Targa

Resources

Corporation

26,293

74,716

TechnipFMC

plc

2,717,421

354

Valero

Energy

Corporation

48,608

4,702

Vital

Energy,

Inc.

a

87,880

111

Weatherford

International

plc

6,277

25,061

Williams

Companies,

Inc.

1,502,407

Total

50,056,838

Financials  6.9%

308

1st

Source

Corporation

18,425

2,920

Affiliated

Managers

Group,

Inc.

612,820

1,851

Affirm

Holdings,

Inc.

a

126,905

830

Aflac,

Inc.

82,469

17,675

AGNC

Investment

Corporation

166,675

17,404

Allstate

Corporation

3,537,363

64,215

Ally

Financial,

Inc.

2,430,538

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  44.1%

Value

Financials  6.9%

-

continued

12,598

Amalgamated

Financial

Corporation

$

365,216

11,298

American

Express

Company

3,381,604

41,391

American

International

Group,

Inc.

3,213,183

6,281

Ameriprise

Financial,

Inc.

3,254,751

1,343

Ameris

Bancorp

91,794

579

AMERISAFE,

Inc.

25,928

8,768

Annaly

Capital

Management,

Inc.

178,253

23,841

Arch

Capital

Group,

Ltd.

2,051,756

7,714

Ares

Management

Corporation

1,431,178

4,221

Arthur

J.

Gallagher

&

Company

1,212,482

2,726

Artisan

Partners

Asset

Management,

Inc.

123,351

19,279

Associated

Banc-Corp

476,962

748

Assurant,

Inc.

140,100

840

Atlantic

Union

Bankshares

Corporation

26,628

1,034

Axis

Capital

Holdings,

Ltd.

97,031

228,057

Bank

of

America

Corporation

10,780,254

52

Bank

of

Hawaii

Corporation

3,218

533

Bank

of

Marin

Bancorp

12,072

21,608

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

983,380

45,975

Bank

of

New

York

Mellon

Corporation

4,664,164

874

Bank

OZK

43,088

1,188

BankFinancial

Corporation

13,211

2,437

BankUnited

,

Inc.

88,877

1,530

Bar

Harbor

Bankshares

44,431

1,724

BCB

Bancorp,

Inc.

14,413

6,438

Berkshire

Hathaway,

Inc.

a

3,037,963

16,456

Berkshire

Hills

Bancorp,

Inc.

405,476

624

BlackRock,

Inc.

690,150

1,167

Blackstone

Mortgage

Trust,

Inc.

21,566

1,571

Block,

Inc.

a

121,375

11,968

Blue

Owl

Capital,

Inc.

231,581

43,374

Bridgewater

Bancshares,

Inc.

a

674,899

4,614

Brookline

Bancorp,

Inc.

47,616

2,856

Brown

&

Brown,

Inc.

260,953

1,707

Burke

&

Herbert

Financial

Services

Corporation

98,989

2,095

Business

First

Bancshares,

Inc.

49,756

7,132

Byline

Bancorp,

Inc.

187,572

206

C&F

Financial

Corporation

13,153

1,714

Cadence

Bank

59,733

4,088

California

BanCorp

a

61,279

187

Camden

National

Corporation

7,052

664

Capital

City

Bank

Group,

Inc.

26,288

42,493

Capital

One

Financial

Corporation

9,135,995

9,033

Capitol

Federal

Financial,

Inc.

54,379

1,629

Carlyle

Group,

Inc.

98,815

266

Cathay

General

Bancorp

12,029

1,364

Cboe

Global

Markets,

Inc.

328,779

4,632

Central

Pacific

Financial

Corporation

123,489

108,687

Charles

Schwab

Corporation

10,621,981

3,370

Chimera

Investment

Corporation

45,057

230

ChoiceOne

Financial

Services,

Inc.

6,762

16,016

Chubb,

Ltd.

4,260,897

1,156

Cincinnati

Financial

Corporation

170,522

6,341

Citigroup,

Inc.

594,152

1,194

Citizens

Financial

Group,

Inc.

56,978

2,121

CME

Group,

Inc.

590,232

1,756

CNB

Financial

Corporation

40,300

2,830

CNO

Financial

Group,

Inc.

104,257

1,116

Coinbase

Global,

Inc.

a

421,580

1,152

Colony

Bankcorp

,

Inc.

18,881

Shares

Common

Stock  44.1%

Value

Financials  6.9%

-

continued

5,080

Columbia

Banking

System,

Inc.

$

120,904

1,559

Comerica,

Inc.

105,342

1,384

Commerce

Bancshares,

Inc.

84,701

118

Community

Financial

System,

Inc.

6,219

4,730

Community

Trust

Bancorp,

Inc.

255,325

627

Community

West

Bancshares

12,070

1,373

ConnectOne

Bancorp,

Inc.

31,620

662

Cullen/Frost

Bankers,

Inc.

84,345

166

CVB

Financial

Corporation

3,103

149

Diamond

Hill

Investment

Group,

Inc.

20,200

21,759

Donnelley

Financial

Solutions,

Inc.

a

1,152,357

2,940

Dynex

Capital,

Inc.

36,574

2,324

Eagle

Bancorp,

Inc.

37,393

1,968

East

West

Bancorp,

Inc.

197,292

1,168

Eastern

Bankshares

,

Inc.

18,046

1,696

Enact

Holdings,

Inc.

58,953

984

Enova

International,

Inc.

a

102,887

6,709

Enterprise

Financial

Services

Corporation

370,270

2,421

Equitable

Holdings,

Inc.

124,318

1,210

Equity

Bancshares,

Inc.

45,472

2,536

Essent

Group,

Ltd.

141,991

68

Euronet

Worldwide,

Inc.

a

6,608

225

Evercore

,

Inc.

67,756

2,944

F.N.B.

Corporation

45,102

1,740

FactSet

Research

Systems,

Inc.

701,046

1,656

Farmers

National

Banc

Corporation

22,422

6,549

Federal

Agricultural

Mortgage

Corporation

1,128,196

4,867

Federated

Hermes,

Inc.

241,257

4,728

Fidelity

National

Information

Services,

Inc.

375,450

2,405

Fifth

Third

Bancorp

99,976

5,887

Financial

Institutions,

Inc.

150,060

2,716

First

American

Financial

Corporation

163,096

4,610

First

Bancorp/Puerto

Rico

96,026

1,788

First

Citizens

BancShares

,

Inc./NC

3,566,631

4,887

First

Financial

Bancorp

118,461

808

First

Financial

Bankshares

,

Inc.

27,973

2,274

First

Financial

Corporation

121,773

506

First

Hawaiian,

Inc.

12,270

6,390

First

Horizon

Corporation

139,366

1,692

First

Internet

Bancorp

37,106

18

First

Interstate

BancSystem

,

Inc.

518

2,014

First

Merchants

Corporation

76,774

2,110

First

Mid-Illinois

Bancshares,

Inc.

80,117

663

FirstCash

Holdings,

Inc.

88,371

5,307

Fiserv,

Inc.

a

737,355

1,592

Flagstar

Financial,

Inc.

17,974

3,267

Flushing

Financial

Corporation

39,171

977

Flywire

Corporation

a

10,640

1,453

Franklin

Resources,

Inc.

34,872

24,583

Fulton

Financial

Corporation

441,265

4,038

Genworth

Financial,

Inc.

a

31,739

43,212

Glacier

Bancorp,

Inc.

1,893,982

282

Global

Life,

Inc.

39,613

679

Global

Payments,

Inc.

54,286

4,394

Great

Southern

Bancorp,

Inc.

250,194

99

Hamilton

Lane,

Inc.

15,078

634

Hancock

Whitney

Corporation

37,862

557

Hanover

Insurance

Group,

Inc.

95,598

2,781

HarborOne

Bancorp,

Inc.

32,899

2,194

Hartford

Insurance

Group,

Inc.

272,912

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  44.1%

Value

Financials  6.9%

-

continued

234

HBT

Financial,

Inc.

$

5,820

1,579

Home

BancShares

,

Inc.

44,465

4,129

Hometrust

Bancshares,

Inc.

160,453

6,540

Horizon

Bancorp,

Inc.

101,305

17,847

Houlihan

Lokey

,

Inc.

3,402,709

4,764

Huntington

Bancshares,

Inc./OH

78,273

52

Independent

Bank

Corporation/MA

3,305

2,546

Independent

Bank

Corporation/MI

77,780

42,193

Intercontinental

Exchange,

Inc.

7,798,532

6,502

Invesco,

Ltd.

136,607

376

Investar

Holding

Corporation

8,159

9,750

Jack

Henry

&

Associates,

Inc.

1,655,696

832

Jackson

Financial,

Inc.

72,850

23,199

Janus

Henderson

Group

plc

1,004,517

732

Jefferies

Financial

Group,

Inc.

42,207

55,863

JPMorgan

Chase

&

Company

16,548,855

7,495

Kearny

Financial

Corporation/MD

44,445

550

Kemper

Corporation

33,874

203,768

KeyCorp

3,651,523

2,668

Kinsale

Capital

Group,

Inc.

1,175,761

2,021

Ladder

Capital

Corporation

22,069

10,105

M&T

Bank

Corporation

1,906,813

557

MarketAxess

Holdings,

Inc.

114,464

7,229

Marsh

&

McLennan

Companies,

Inc.

1,440,017

6,924

Mastercard

,

Inc.

3,922,238

1,109

Mercantile

Bank

Corporation

50,670

46,800

MetLife,

Inc.

3,554,460

43,294

MGIC

Investment

Corporation

1,121,315

2,552

Midland

States

Bancorp,

Inc.

43,282

11,300

MidWestOne

Financial

Group,

Inc.

311,202

3,245

Moody's

Corporation

1,673,544

998

Morningstar,

Inc.

275,907

5,492

MSCI,

Inc.

3,082,989

34,814

Nasdaq,

Inc.

3,349,803

9,516

NMI

Holdings,

Inc.

a

355,137

238

Northeast

Bank

23,602

1,673

Northeast

Community

Bancorp,

Inc.

34,564

23,559

Northern

Trust

Corporation

3,062,670

3,063

Northfield

Bancorp,

Inc.

32,621

28,917

Northwest

Bancshares,

Inc.

338,329

1,758

OceanFirst

Financial

Corporation

29,499

5,159

OFG

Bancorp

219,877

74,610

Old

National

Bancorp

1,575,017

52,461

Old

Republic

International

Corporation

1,897,514

16,278

Old

Second

Bancorp,

Inc.

276,238

13,315

OneMain

Holdings,

Inc.

769,474

310

Orange

County

Bancorp,

Inc.

7,747

2,712

Orrstown

Financial

Services,

Inc.

89,116

2,726

Pacific

Premier

Bancorp,

Inc.

59,072

489

Palomar

Holdings,

Inc.

a

64,788

26

Park

National

Corporation

4,209

796

Paymentus

Holdings,

Inc.

a

22,192

908

PCB

Bancorp

18,560

1,787

Peoples

Bancorp,

Inc./OH

51,180

841

Pinnacle

Financial

Partners,

Inc.

73,915

411

PNC

Financial

Services

Group,

Inc.

78,201

4,290

Popular,

Inc.

491,548

1,915

Principal

Financial

Group,

Inc.

149,044

8,130

Progressive

Corporation

1,967,785

15,200

Prosperity

Bancshares,

Inc.

1,012,624

22,863

Provident

Financial

Services,

Inc.

416,564

Shares

Common

Stock  44.1%

Value

Financials  6.9%

-

continued

1,466

Prudential

Financial,

Inc.

$

151,848

5,527

Radian

Group,

Inc.

180,235

2,739

Regions

Financial

Corporation

69,379

395

Reinsurance

Group

of

America,

Inc.

76,018

207

RenaissanceRe

Holdings,

Ltd.

50,454

309

Renasant

Corporation

11,322

5,229

Repay

Holdings

Corporation

a

25,727

33,863

Rithm

Capital

Corporation

407,372

32,615

RLI

Corporation

2,152,264

46,985

Robinhood

Markets,

Inc.

a

4,841,804

4,753

S&P

Global,

Inc.

2,619,378

276

Safety

Insurance

Group,

Inc.

19,417

13,901

SEI

Investments

Company

1,224,956

198

Selective

Insurance

Group,

Inc.

15,438

282

ServisFirst

Bancshares,

Inc.

22,179

4,302

Shore

Bancshares,

Inc.

66,724

1,389

Sierra

Bancorp

40,725

476

Simmons

First

National

Corporation

9,125

888

Southern

Missouri

Bancorp,

Inc.

48,032

1,270

SouthState

Corporation

119,596

1,103

Starwood

Property

Trust,

Inc.

21,464

2,847

StepStone

Group,

Inc.

168,998

1,680

Stifel

Financial

Corporation

191,722

645

StoneX

Group,

Inc.

a

62,720

1,492

Synchrony

Financial

103,948

5,020

Synovus

Financial

Corporation

237,145

804

Tompkins

Financial

Corporation

52,003

6,305

TPG

RE

Finance

Trust,

Inc.

54,854

36,851

Tradeweb

Markets,

Inc.

5,105,706

40,084

Triumph

Financial,

Inc.

a

2,273,564

1,616

TrustCo

Bank

Corporation

NY

54,233

12,231

Trustmark

Corporation

455,605

2,403

U.S.

Bancorp

108,039

817

UMB

Financial

Corporation

89,862

1,210

United

Bankshares

,

Inc.

42,979

3,356

United

Community

Banks,

Inc.

102,358

647

Unity

Bancorp,

Inc.

31,774

1,739

Univest

Financial

Corporation

50,153

3,226

Unum

Group

231,659

198

Upstart

Holdings,

Inc.

a

16,185

12,290

Valley

National

Bancorp

113,928

2,768

Virtu

Financial,

Inc.

122,180

34,419

Visa,

Inc.

11,890,732

4,222

WaFd

,

Inc.

122,881

2,151

Webster

Financial

Corporation

124,005

165,151

Wells

Fargo

&

Company

13,316,125

2,393

WesBanco

,

Inc.

72,101

1,206

Westamerica

Bancorporation

57,767

1,099

Western

Alliance

Bancorp

85,238

21,305

Western

Union

Company

171,505

3

White

Mountains

Insurance

Group,

Ltd.

5,363

224

Willis

Towers

Watson

plc

70,741

743

Wintrust

Financial

Corporation

95,089

4,664

WisdomTree

,

Inc.

61,891

214

WSFS

Financial

Corporation

11,736

37,505

Zions

Bancorp

NA

2,011,018

Total

206,730,443

Health

Care  4.7%

5,586

Abbott

Laboratories

704,897

17,261

AbbVie,

Inc.

3,262,674

92,691

ADMA

Biologics,

Inc.

a

1,733,322

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  44.1%

Value

Health

Care  4.7%

-

continued

22,701

Agilent

Technologies,

Inc.

$

2,606,302

979

Agios

Pharmaceuticals,

Inc.

a

36,438

109

Align

Technology,

Inc.

a

14,062

13,495

Amgen,

Inc.

3,982,375

3,151

Amicus

Therapeutics,

Inc.

a

18,874

3,768

Amneal

Pharmaceuticals,

Inc.

a

29,466

1,005

Anika

Therapeutics,

Inc.

a

8,296

1,457

Argenx

SE

ADR

a

976,671

532

Artivion

,

Inc.

a

16,444

107,578

Avantor

,

Inc.

a

1,445,848

1,288

Azenta

,

Inc.

a

42,118

538

Becton,

Dickinson

and

Company

95,899

1,162

Biogen,

Inc.

a

148,736

881

Biohaven

,

Ltd.

a

13,303

28,417

BioMarin

Pharmaceutical,

Inc.

a

1,643,923

3,902

Bio-

Techne

Corporation

213,556

34,497

Boston

Scientific

Corporation

a

3,619,425

303

Bruker

Corporation

11,644

814

Cardinal

Health,

Inc.

126,349

2,167

CareDx

,

Inc.

a

26,622

10,564

Caribou

Biosciences,

Inc.

a

21,445

12,243

Cencora

,

Inc.

3,502,477

25,261

Centene

Corporation

a

658,554

1,167

Certara

,

Inc.

a

11,483

1,414

Charles

River

Laboratories

International,

Inc.

a

239,871

1,675

Chemed

Corporation

690,603

10,841

Cigna

Group

2,898,667

82,073

Concentra

Group

Holdings

Parent,

Inc.

1,638,998

6,001

Cooper

Companies,

Inc.

a

424,211

15,474

CorVel

Corporation

a

1,370,996

28,810

Danaher

Corporation

5,680,180

3,792

Denali

Therapeutics,

Inc.

a

52,443

7,929

Dentsply

Sirona,

Inc.

113,464

12,226

Dexcom

,

Inc.

a

987,494

1,266

Doximity

,

Inc.

a

74,378

2,500

Dyne

Therapeutics,

Inc.

a

24,625

964

Edwards

Lifesciences

Corporation

a

76,455

13,126

Elanco

Animal

Health,

Inc.

a

179,564

10,358

Eli

Lilly

&

Company

7,665,645

4,793

Enanta

Pharmaceuticals,

Inc.

a

36,331

26,862

Encompass

Health

Corporation

2,957,775

216

Ensign

Group,

Inc.

32,400

17,614

Exact

Sciences

Corporation

a

826,977

456

Exelixis

,

Inc.

a

16,516

2,774

Fate

Therapeutics,

Inc.

a

3,051

10,473

Fortrea

Holdings,

Inc.

a

60,115

1,266

GE

HealthCare

Technologies,

Inc.

90,291

40,846

Gilead

Sciences,

Inc.

4,586,597

3,133

Globus

Medical,

Inc.

a

164,890

5,046

GoodRx

Holdings,

Inc.

a

24,170

19,561

HealthEquity

,

Inc.

a

1,897,417

501

Henry

Schein,

Inc.

a

33,893

34

Hims

&

Hers

Health,

Inc.

a

2,250

59

Humana,

Inc.

14,742

7,834

IDEXX

Laboratories,

Inc.

a

4,185,785

12,518

Illumina,

Inc.

a

1,285,724

1,890

Incyte

Corporation

a

141,542

478

Insmed

,

Inc.

a

51,280

7,498

Inspire

Medical

Systems,

Inc.

a

933,801

2,263

Insulet

Corporation

a

652,649

2,353

Integra

LifeSciences

Holdings

Corporation

a

30,918

3,586

Intellia

Therapeutics,

Inc.

a,b

41,741

Shares

Common

Stock  44.1%

Value

Health

Care  4.7%

-

continued

9,282

Intuitive

Surgical,

Inc.

a

$

4,465,477

1,194

IQVIA

Holding,

Inc.

a

221,917

3,158

iTeos

Therapeutics,

Inc.

a

32,022

285

Jazz

Pharmaceuticals,

Inc.

a

32,670

58,282

Johnson

&

Johnson

9,601,377

19,098

Labcorp

Holdings,

Inc.

4,967,008

1,604

Medpace

Holdings,

Inc.

a

685,229

40,353

Medtronic

plc

3,641,455

87,590

Merck

&

Company,

Inc.

6,842,531

10,694

Merit

Medical

Systems,

Inc.

a

907,493

322

Mettler

-Toledo

International,

Inc.

a

397,245

3,194

Moderna

,

Inc.

a

94,415

2,012

Myriad

Genetics,

Inc.

a

7,726

8,204

Natera

,

Inc.

a

1,096,547

11,544

Neurocrine

Biosciences,

Inc.

a

1,480,287

424

Option

Care

Health,

Inc.

a

12,444

6,384

Organon

&

Company

61,925

14,717

Penumbra,

Inc.

a

3,712,658

1,002

Perrigo

Company

plc

26,723

20,598

Pfizer,

Inc.

479,727

705

Prestige

Consumer

Healthcare,

Inc.

a

52,135

80,085

Progyny

,

Inc.

a

1,882,798

2,462

Prothena

Corporation

plc

a

16,914

387

PTC

Therapeutics,

Inc.

a

20,167

2,323

QIAGEN

NV

114,617

788

Quest

Diagnostics,

Inc.

131,919

9,307

Relay

Therapeutics,

Inc.

a

32,761

14,252

Repligen

Corporation

a

1,668,482

181

ResMed

,

Inc.

49,221

48

Revvity

,

Inc.

4,219

4,002

Rocket

Pharmaceuticals,

Inc.

a

12,206

25,894

Royalty

Pharma

plc

952,899

84,934

Sanofi

SA

ADR

3,876,388

64,101

scPharmaceuticals

,

Inc.

a

325,633

16,788

STERIS

plc

3,802,314

58,547

Stevanato

Group

SPA

1,446,696

4,523

Stryker

Corporation

1,776,318

623

Teleflex,

Inc.

74,449

1,361

Tenet

Healthcare

Corporation

a

219,502

5,005

Thermo

Fisher

Scientific,

Inc.

2,340,738

39,694

Twist

Bioscience

Corporation

a

1,332,528

2,562

United

Therapeutics

Corporation

a

703,781

19,572

UnitedHealth

Group,

Inc.

4,884,388

323

Universal

Health

Services,

Inc.

53,763

1,250

Vaxcyte

,

Inc.

a

42,438

454

Veeva

Systems,

Inc.

a

129,027

25,036

Vericel

Corporation

a

874,758

5,744

Vertex

Pharmaceuticals,

Inc.

a

2,624,261

49,877

Viatris

,

Inc.

435,925

25,051

Viemed

Healthcare,

Inc.

a

152,561

1,234

Viking

Therapeutics,

Inc.

a,b

40,191

3,538

Waters

Corporation

a

1,021,633

1,630

Waystar

Holding

Corporation

a

60,277

4,317

West

Pharmaceutical

Services,

Inc.

1,032,885

3,842

Xencor

,

Inc.

a

31,965

1,714

Xenon

Pharmaceuticals,

Inc.

a

52,346

40,432

Zimmer

Biomet

Holdings,

Inc.

3,705,593

Total

139,905,224

Industrials  5.9%

3,219

A.O.

Smith

Corporation

227,873

394

Acuity,

Inc.

122,672

8,366

Advanced

Drainage

Systems,

Inc.

959,998

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  44.1%

Value

Industrials  5.9%

-

continued

3,318

AECOM

$

374,071

417

AGCO

Corporation

49,193

441

Air

Lease

Corporation

24,431

551

Alaska

Air

Group,

Inc.

a

29,181

1,539

Allegheny

Technologies,

Inc.

a

118,411

1,207

Allegion

plc

200,265

1,082

Allison

Transmission

Holdings,

Inc.

97,456

70,014

Amentum

Holdings,

Inc.

a

1,748,250

16,027

AMETEK,

Inc.

2,962,591

2,180

API

Group

Corporation

a

78,633

363

Applied

Industrial

Technologies,

Inc.

98,554

847

Arcosa

,

Inc.

72,740

90

Argan

,

Inc.

22,048

2,183

Armstrong

World

Industries,

Inc.

410,775

22,644

Atmus

Filtration

Technologies,

Inc.

881,078

8,763

Automatic

Data

Processing,

Inc.

2,712,148

3,155

Axon

Enterprise,

Inc.

a

2,383,571

272

AZZ,

Inc.

29,784

35,952

Badger

Infrastructure

Solutions,

Ltd.

1,356,762

41,204

Barrett

Business

Services,

Inc.

1,894,148

2,223

Brady

Corporation

156,877

28,775

BWX

Technologies,

Inc.

4,371,786

2,916

C.H.

Robinson

Worldwide,

Inc.

336,273

8

CACI

International,

Inc.

a

3,685

8,559

Casella

Waste

Systems,

Inc.

a

930,620

17,017

Caterpillar,

Inc.

7,453,786

25,698

CECO

Environmental

Corporation

a

1,155,125

6,969

Clean

Harbors,

Inc.

a

1,643,360

324,633

CNH

Industrial

NV

4,207,244

132

CSW

Industrials,

Inc.

34,251

188,898

CSX

Corporation

6,713,435

494

Cummins,

Inc.

181,604

1,901

Curtiss-Wright

Corporation

931,908

20,628

Dayforce

,

Inc.

a

1,189,617

103,870

Delta

Air

Lines,

Inc.

5,526,923

3,993

DNOW,

Inc.

a

62,131

732

Donaldson

Company,

Inc.

52,682

26

Dover

Corporation

4,710

188

Dycom

Industries,

Inc.

a

50,536

2,159

EMCOR

Group,

Inc.

1,354,751

1,726

Energy

Recovery,

Inc.

a

23,215

40,539

Enerpac

Tool

Group

Corporation

1,561,157

7,601

EnPro

,

Inc.

1,614,528

39,725

ExlService

Holdings,

Inc.

a

1,725,257

9,582

Expeditors

International

of

Washington,

Inc.

1,113,812

152,400

Fastenal

Company

7,030,212

14,410

Federal

Signal

Corporation

1,823,874

13,224

Ferguson

Enterprises,

Inc.

2,953,316

56,929

Flowserve

Corporation

3,190,301

3,224

Fortive

Corporation

154,526

1,263

Fortune

Brands

Innovations,

Inc.

68,884

109,709

Gates

Industrial

Corporation

plc

a

2,720,783

12,763

General

Dynamics

Corporation

3,977,078

11,676

General

Electric

Company

3,165,130

308

Gorman-Rupp

Company

12,677

7,098

Graco

,

Inc.

596,090

8,818

Great

Lakes

Dredge

&

Dock

Corporation

a

97,703

27,037

Helios

Technologies,

Inc.

991,988

323

Herc

Holdings,

Inc.

37,730

50,067

Hexcel

Corporation

2,999,514

905

HNI

Corporation

46,553

Shares

Common

Stock  44.1%

Value

Industrials  5.9%

-

continued

22,675

Honeywell

International,

Inc.

$

5,041,786

24,978

Howmet

Aerospace,

Inc.

4,490,295

4,494

Hudson

Technologies,

Inc.

a

42,199

1,839

IDEX

Corporation

300,695

2,760

IES

Holdings,

Inc.

a

974,473

1,837

Ingersoll

Rand,

Inc.

155,465

1,106

Insteel

Industries,

Inc.

39,927

2,563

ITT

Corporation

435,607

23,471

Jacobs

Solutions,

Inc.

3,329,831

17,418

JB

Hunt

Transport

Services,

Inc.

2,509,063

2,367

Johnson

Controls

International

plc

248,535

1,877

Kirby

Corporation

a

178,897

24,127

Knight-Swift

Transportation

Holdings,

Inc.

1,025,397

13,469

Korn

Ferry

954,548

17,286

L3Harris

Technologies,

Inc.

4,750,539

6,137

Landstar

System,

Inc.

818,492

1,512

Legalzoom.com,

Inc.

a

13,593

9,030

Leidos

Holdings,

Inc.

1,441,639

7,757

Limbach

Holdings,

Inc.

a

1,062,709

5,596

Lincoln

Electric

Holdings,

Inc.

1,362,626

3,338

Lyft,

Inc.

a

46,932

1,125

ManpowerGroup

,

Inc.

46,406

3,391

Masco

Corporation

231,029

127,901

Masterbrand,

Inc.

a

1,410,748

498

Maximus,

Inc.

36,782

2,469

McGrath

RentCorp

308,107

476

Middleby

Corporation

a

69,115

4,957

Miller

Industries,

Inc.

201,998

11,083

Moog,

Inc.

2,145,447

28,756

Mueller

Water

Products,

Inc.

711,999

2,868

NEXTracker

,

Inc.

a

167,090

53

Nordson

Corporation

11,353

23,129

nVent

Electric

plc

1,813,776

18,096

Old

Dominion

Freight

Line,

Inc.

2,700,828

784

Oshkosh

Corporation

99,200

7,327

Otis

Worldwide

Corporation

627,851

315

PACCAR,

Inc.

31,109

7,614

Parker-Hannifin

Corporation

5,572,687

145

Paylocity

Holding

Corporation

a

26,808

6,813

Pentair

plc

696,289

593

Pitney

Bowes,

Inc.

6,736

183

Primoris

Services

Corporation

17,233

4,182

Quanta

Services,

Inc.

1,698,436

4,640

QXO,

Inc.

a

93,078

3,701

RBC

Bearings,

Inc.

a

1,433,545

252

Regal

Rexnord

Corporation

38,526

3,950

Republic

Services,

Inc.

911,067

11,140

Rockwell

Automation,

Inc.

3,918,049

81

Ryder

System,

Inc.

14,395

38,975

Schneider

National,

Inc.

952,939

778

Sensata

Technologies

Holding

plc

23,931

8,908

Shoals

Technologies

Group,

Inc.

a

48,014

115

SkyWest,

Inc.

a

13,335

34,935

Southwest

Airlines

Company

1,080,540

396

SPX

Technologies,

Inc.

a

72,226

1,155

SS&C

Technologies

Holdings,

Inc.

98,729

2,765

Stanley

Black

&

Decker,

Inc.

187,052

3,196

Sterling

Construction

Company,

Inc.

a

855,218

21,939

Timken

Company

1,669,339

494

Toro

Company

36,679

8,320

Trane

Technologies

plc

3,644,826

102

TransDigm

Group,

Inc.

164,063

13,948

TransUnion

1,327,710

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  44.1%

Value

Industrials  5.9%

-

continued

15,619

Trex

Company,

Inc.

a

$

1,003,365

1,763

Trinity

Industries,

Inc.

41,078

51,839

Uber

Technologies,

Inc.

a

4,548,872

8,832

UFP

Industries,

Inc.

865,536

758

UL

Solutions,

Inc.

55,425

578

UniFirst

Corporation/MA

98,855

4,743

Union

Pacific

Corporation

1,052,804

2,691

United

Airlines

Holdings,

Inc.

a

237,642

27,384

United

Parcel

Service,

Inc.

2,359,405

2,621

United

Rentals,

Inc.

2,314,186

385

Veralto

Corporation

40,360

12,743

Verisk

Analytics,

Inc.

3,551,602

2,718

Verra

Mobility

Corporation

a

68,657

1,013

Wabtec

Corporation

194,547

8,327

Waste

Connections,

Inc.

1,554,401

2,335

Waste

Management,

Inc.

535,089

2,361

Watsco

,

Inc.

1,064,528

44,780

WNS

Holdings,

Ltd.

a

3,349,096

1,297

Xylem,

Inc.

187,572

1,690

Zurn

Elkay

Water

Solutions

Corporation

74,783

Total

176,755,604

Information

Technology  11.4%

3,657

Adobe,

Inc.

a

1,308,072

11,557

Agilysys

,

Inc.

a

1,318,423

1,126

Ambarella

,

Inc.

a

74,417

60,362

Amphenol

Corporation

6,429,157

3,479

Analog

Devices,

Inc.

781,488

161,734

Apple,

Inc.

33,571,126

18,338

Applied

Materials,

Inc.

3,301,940

3,351

AppLovin

Corporation

a

1,309,236

30,629

Arista

Networks,

Inc.

a

3,774,105

318

Arrow

Electronics,

Inc.

a

36,888

547

Astera

Labs,

Inc.

a

74,791

336

Atlassian

Corporation

a

64,438

11,869

Autodesk,

Inc.

a

3,597,613

758

Avnet,

Inc.

40,128

5,105

Bel

Fuse,

Inc.

663,854

291

BILL

Holdings,

Inc.

a

12,469

12,620

BlackLine

,

Inc.

a

678,704

69,548

Broadcom,

Inc.

20,426,248

13,552

CDW

Corporation

2,363,198

163

Cirrus

Logic,

Inc.

a

16,416

150,275

Cisco

Systems,

Inc.

10,230,722

309

Clearfield,

Inc.

a

13,537

436

Clearwater

Analytics

Holdings,

Inc.

a

8,833

1,563

Cognex

Corporation

63,723

1,472

Cognizant

Technology

Solutions

Corporation

105,631

653

Coherent

Corporation

a

70,263

861

CommVault

Systems,

Inc.

a

163,547

475

Consensus

Cloud

Solutions,

Inc.

a

9,585

2,116

Corning,

Inc.

133,816

21,044

Crane

NXT

Company

1,248,751

1,523

Credo

Technology

Group

Holding,

Ltd.

a

169,891

7,316

CyberArk

Software,

Ltd.

a

3,010,315

9,347

Datadog

,

Inc.

a

1,308,393

9,548

Descartes

Systems

Group,

Inc.

a

1,009,796

30,448

DocuSign,

Inc.

a

2,303,087

2,989

Dolby

Laboratories,

Inc.

225,191

29,572

Dynatrace

Holdings,

LLC

a

1,555,783

224

Elastic

NV

a

18,749

Shares

Common

Stock  44.1%

Value

Information

Technology  11.4%

-

continued

2,829

Enphase

Energy,

Inc.

a

$

91,546

377

Entegris

,

Inc.

29,579

245

EPAM

Systems,

Inc.

a

38,639

774

F5,

Inc.

a

242,587

5,598

Fabrinet

a

1,812,241

541

Fair

Isaac

Corporation

a

777,265

391

First

Solar,

Inc.

a

68,319

10,382

Flex,

Ltd.

a

517,750

35,350

Fortinet,

Inc.

a

3,531,465

3,234

Freshworks

,

Inc.

a

42,010

3,201

Gartner,

Inc.

a

1,084,019

6,196

Gen

Digital,

Inc.

182,720

48,132

Gitlab

,

Inc.

a

2,108,663

13,611

Guidewire

Software,

Inc.

a

3,079,080

3,068

HubSpot

,

Inc.

a

1,594,286

27,201

I3

Verticals,

Inc.

a

761,084

5,385

Impinj

,

Inc.

a

832,413

200

Intapp

,

Inc.

a

8,010

23,812

International

Business

Machines

Corporation

6,028,008

3,247

Intuit,

Inc.

2,549,317

570

IPG

Photonics

Corporation

a

42,687

550

Itron

,

Inc.

a

68,497

79,004

JFrog

,

Ltd.

a

3,429,564

4,229

Keysight

Technologies,

Inc.

a

693,175

892

KLA

Corporation

784,095

2,426

Lam

Research

Corporation

230,082

17,625

Lattice

Semiconductor

Corporation

a

878,254

4,179

Littelfuse

,

Inc.

1,075,382

230

MACOM

Technology

Solutions

Holdings,

Inc.

a

31,542

59

Manhattan

Associates,

Inc.

a

12,960

13,689

Marvell

Technology,

Inc.

1,100,185

1,824

Microchip

Technology,

Inc.

123,284

26,421

Micron

Technology,

Inc.

2,883,588

117,460

Microsoft

Corporation

62,664,910

551

Mirion

Technologies,

Inc.

a

12,315

355

MKS,

Inc.

33,789

2,923

Monday.com,

Ltd.

a

766,674

43

Monolithic

Power

Systems,

Inc.

30,583

6,059

Motorola

Solutions,

Inc.

2,659,780

1,787

NetApp,

Inc.

186,080

198,363

Nokia

Oyj

ADR

b

809,321

758

Nutanix

,

Inc.

a

56,979

323,008

NVIDIA

Corporation

57,453,433

382

Okta

,

Inc.

a

37,360

21,659

ON

Semiconductor

Corporation

a

1,220,701

12,056

Onto

Innovation,

Inc.

a

1,142,306

25,802

Oracle

Corporation

6,547,774

34,839

Palantir

Technologies,

Inc.

a

5,516,756

53,925

Pegasystems

,

Inc.

3,165,937

4,663

Plexus

Corporation

a

594,532

286

Procore

Technologies,

Inc.

a

20,486

9,321

PTC,

Inc.

a

2,002,244

1,247

Q2

Holdings,

Inc.

a

101,256

21,036

Qorvo

,

Inc.

a

1,758,610

42,054

Qualcomm,

Inc.

6,171,845

1,075

Ralliant

Corporation

a

49,149

13,202

Salesforce,

Inc.

3,410,473

113,478

Samsung

Electronics

Company,

Ltd.

5,783,290

9,471

SAP

SE

ADR

2,715,336

8,260

ServiceNow

,

Inc.

a

7,790,171

4,164

Silicon

Laboratories,

Inc.

a

548,690

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  44.1%

Value

Information

Technology  11.4%

-

continued

2,190

Skyworks

Solutions,

Inc.

$

150,103

33,382

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

8,065,759

39,471

TD

SYNNEX

Corporation

5,699,218

2,054

TE

Connectivity

plc

422,610

871

Teledyne

Technologies,

Inc.

a

479,938

1,565

Tenable

Holdings,

Inc.

a

49,000

2,036

Teradyne,

Inc.

218,727

1,939

Texas

Instruments,

Inc.

351,075

68,895

Trimble,

Inc.

a

5,779,602

36,540

TTM

Technologies,

Inc.

a

1,726,515

144

Twilio

,

Inc.

a

18,576

3,117

Tyler

Technologies,

Inc.

a

1,822,074

460

Unity

Software,

Inc.

a

15,346

859

Varonis

Systems,

Inc.

a

47,958

6,110

VeriSign,

Inc.

1,642,796

4,679

Vontier

Corporation

194,038

79,877

Weave

Communications,

Inc.

a

583,102

800

Western

Digital

Corporation

62,952

5,235

Zebra

Technologies

Corporation

a

1,774,770

572

Zoom

Communications,

Inc.

a

42,357

298

Zscaler

,

Inc.

a

85,097

Total

340,707,013

Materials  1.5%

12,194

Albemarle

Corporation

827,363

4,318

Alcoa

Corporation

129,410

138,483

Amcor

plc

1,294,816

1,292

AptarGroup,

Inc.

203,025

641

Avery

Dennison

Corporation

107,541

3,771

Avient

Corporation

119,050

48,926

Axalta

Coating

Systems,

Ltd.

a

1,385,584

661

Balchem

Corporation

100,783

3,104

Ball

Corporation

177,735

58,964

CF

Industries

Holdings,

Inc.

5,473,628

9,885

Coeur

Mining,

Inc.

a

85,901

800

Commercial

Metals

Company

41,488

38,561

Constellium

SE

a

528,671

8,463

Corteva

,

Inc.

610,436

34,767

Crown

Holdings,

Inc.

3,454,449

1,354

Dow,

Inc.

31,535

17,959

DuPont

de

Nemours,

Inc.

1,291,252

153

Eagle

Materials,

Inc.

34,316

22,823

Eastman

Chemical

Company

1,657,178

11,936

Ecolab,

Inc.

3,124,367

10,152

Element

Solutions,

Inc.

239,587

831

FMC

Corporation

32,442

2,916

Freeport-McMoRan,

Inc.

117,340

15,234

Greif,

Inc.

966,293

20,833

Hecla

Mining

Company

119,581

6,136

Huntsman

Corporation

59,519

18,109

Ingevity

Corporation

a

756,775

1,838

International

Flavors

&

Fragrances,

Inc.

130,553

117,234

Ivanhoe

Mines,

Ltd.

a

914,621

1,471

Kaiser

Aluminum

Corporation

113,723

1,123

Koppers

Holdings,

Inc.

36,902

6,412

Linde

plc

2,951,187

1,015

LyondellBasell

Industries

NV

58,799

1,637

Magnera

Corporation

a

20,381

2,558

Martin

Marietta

Materials,

Inc.

1,470,543

1,060

Minerals

Technologies,

Inc.

61,639

11,394

Mosaic

Company

410,298

42

NewMarket

Corporation

28,854

Shares

Common

Stock  44.1%

Value

Materials  1.5%

-

continued

7,190

Newmont

Corporation

$

446,499

39,622

Nucor

Corporation

5,668,720

2,108

O-I

Glass,

Inc.

a

27,425

46,523

Olin

Corporation

881,146

4,438

Packaging

Corporation

of

America

859,863

2,049

PPG

Industries,

Inc.

216,170

146

Reliance,

Inc.

42,359

1,555

Royal

Gold,

Inc.

235,458

6,936

RPM

International,

Inc.

814,356

1,210

Scotts

Miracle-

Gro

Company

75,819

2,259

Sealed

Air

Corporation

66,121

1,992

Sensient

Technologies

Corporation

223,682

2,934

Sonoco

Products

Company

132,235

20,582

Steel

Dynamics,

Inc.

2,625,440

629

Stepan

Company

31,934

10,419

Tronox

Holdings

plc

33,237

4,034

Vulcan

Materials

Company

1,108,019

15,298

West

Fraser

Timber

Company,

Ltd.

1,060,304

Total

43,716,352

Real

Estate  1.3%

4,884

Agree

Realty

Corporation

350,183

3,082

Alexandria

Real

Estate

Equities,

Inc.

235,557

684

Alpine

Income

Property

Trust,

Inc.

9,610

3,824

Anywhere

Real

Estate,

Inc.

a

17,667

7,377

AvalonBay

Communities,

Inc.

1,374,188

14,230

Brixmor

Property

Group,

Inc.

371,830

46,348

Broadstone

Net

Lease,

Inc.

752,692

1,656

CareTrust

REIT,

Inc.

52,661

766

CBL

&

Associates

Properties,

Inc.

20,728

32,860

CBRE

Group,

Inc.

a

5,117,616

5,167

Chatham

Lodging

Trust

35,239

6,105

Colliers

International

Group,

Inc.

920,085

8,285

Compass,

Inc.

a

65,783

21,896

CoStar

Group,

Inc.

a

2,084,280

5,329

Cousins

Properties,

Inc.

144,416

43,544

Crown

Castle,

Inc.

4,576,039

3,617

Curbline

Properties

Corporation

79,936

87,031

Cushman

and

Wakefield

plc

a

1,060,908

10,264

Douglas

Elliman

,

Inc.

a

28,226

21,420

Easterly

Government

Properties,

Inc.

471,240

12,341

EPR

Properties

679,249

71,711

Essential

Properties

Realty

Trust,

Inc.

2,186,468

761

Essex

Property

Trust,

Inc.

197,997

5,605

Extra

Space

Storage,

Inc.

753,088

622

Federal

Realty

Investment

Trust

57,324

31,827

First

Industrial

Realty

Trust,

Inc.

1,550,611

1,676

Getty

Realty

Corporation

46,576

660

Global

Net

Lease,

Inc.

4,613

191,821

Healthcare

Realty

Trust,

Inc.

2,946,371

36,727

Host

Hotels

&

Resorts,

Inc.

577,348

420

Howard

Hughes

Holdings,

Inc.

a

28,867

8,622

Independence

Realty

Trust,

Inc.

144,591

17,181

Industrial

Logistics

Properties

Trust

91,403

11,475

Innovative

Industrial

Properties,

Inc.

593,258

9,927

InvenTrust

Properties

Corporation

273,687

426

Iron

Mountain,

Inc.

41,475

551

Jones

Lang

LaSalle,

Inc.

a

148,968

2,466

Kimco

Realty

Corporation

52,353

127

Lamar

Advertising

Company

15,526

37,041

Millrose

Properties,

Inc.

1,110,860

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock  44.1%

Value

Real

Estate  1.3%

-

continued

59,172

National

Storage

Affiliates

Trust

$

1,743,207

5,070

NetSTREIT

Corporation

92,426

494

NNN

REIT,

Inc.

20,382

37,892

Outfront

Media,

Inc.

664,247

46,349

Park

Hotels

&

Resorts,

Inc.

494,080

2,832

Peakstone

Realty

Trust

38,515

10,333

Pebblebrook

Hotel

Trust

103,640

384

Postal

Realty

Trust,

Inc.

5,265

528

RE/MAX

Holdings,

Inc.

a

4,060

1,495

Rexford

Industrial

Realty,

Inc.

54,612

9,180

RLJ

Lodging

Trust

67,932

1,127

RMR

Group,

Inc.

18,100

770

Ryman

Hospitality

Properties

73,196

56,375

Sabra

Health

Care

REIT,

Inc.

1,016,441

1,493

Safehold

,

Inc.

20,887

8,732

SBA

Communications

Corporation

1,962,255

7,209

Sila

Realty

Trust,

Inc.

176,188

164

Simon

Property

Group,

Inc.

26,862

8,998

STAG

Industrial,

Inc.

308,901

28,356

Summit

Hotel

Properties,

Inc.

148,018

29,824

Tanger

,

Inc.

895,316

26,806

Terreno

Realty

Corporation

1,487,465

234,937

Uniti

Group,

Inc.

a

1,249,865

9,269

Xenia

Hotels

&

Resorts,

Inc.

117,809

3,625

Zillow

Group,

Inc.,

Class

A

a

278,219

3,140

Zillow

Group,

Inc.,

Class

C

a

249,787

Total

40,587,192

Utilities  1.5%

105,748

AES

Corporation

1,390,586

18,886

Alliant

Energy

Corporation

1,227,779

1,734

American

States

Water

Company

127,605

1,770

American

Water

Works

Company,

Inc.

248,225

523

Artesian

Resources

Corporation

17,076

686

Avista

Corporation

25,588

5,091

Black

Hills

Corporation

294,158

14,959

Brookfield

Infrastructure

Corporation

583,999

286

California

Water

Service

Group

13,004

35,959

CenterPoint

Energy,

Inc.

1,395,928

8,019

Clearway

Energy,

Inc.,

Class

A

246,825

8,336

Clearway

Energy,

Inc.,

Class

C

272,004

14,117

Constellation

Energy

Corporation

4,910,457

50,852

Duke

Energy

Corporation

6,185,637

36,241

Edison

International

1,888,881

81,860

Entergy

Corporation

7,402,600

6,412

Essential

Utilities,

Inc.

235,962

3,992

Eversource

Energy

263,871

6,221

Exelon

Corporation

279,572

2,863

FirstEnergy

Corporation

122,279

14,998

Hawaiian

Electric

Industries,

Inc.

a

160,778

838

Middlesex

Water

Company

43,241

2,420

New

Jersey

Resources

Corporation

111,102

31,708

NiSource,

Inc.

1,346,005

8,483

Northwestern

Energy

Group,

Inc.

455,537

399

Otter

Tail

Corporation

30,795

76,401

PG&E

Corporation

1,071,142

101

Pinnacle

West

Capital

Corporation

9,153

55,773

Portland

General

Electric

Company

2,293,386

47,792

Public

Service

Enterprise

Group,

Inc.

4,291,244

11,419

Spire,

Inc.

850,373

Shares

Common

Stock  44.1%

Value

Utilities  1.5%

-

continued

90,391

UGI

Corporation

$

3,270,346

25,962

Vistra

Energy

Corporation

5,414,115

14,604

XPLR

Infrastructure,

LP

139,176

Total

46,618,429

Total

Common

Stock

(cost

$1,035,940,024)

1,322,608,730

Shares

Registered

Investment

Companies  

35.3%

Value

U.S.

Affiliated  

34.7%  

5,510,827

Thrivent

Core

Emerging

Markets

Equity

Fund

59,406,715

8,943,952

Thrivent

Core

International

Equity

Fund

107,327,423

173,605

Thrivent

Core

Low

Volatility

Equity

Fund

2,071,104

4,605,827

Thrivent

Core

Mid

Cap

Value

Fund

50,710,157

1,675,719

Thrivent

Core

Small

Cap

Value

Fund

17,427,475

2,369,353

Thrivent

Global

Stock

Fund,

Class

S

70,701,504

15,443,011

Thrivent

International

Equity

Fund,

Class

S

186,860,434

11,027,606

Thrivent

Large

Cap

Growth

Fund,

Class

S

260,251,507

4,426,153

Thrivent

Large

Cap

Value

Fund,

Class

S

139,335,282

2,391,681

Thrivent

Mid

Cap

Stock

Fund,

Class

S

87,320,290

1,896,566

Thrivent

Small

Cap

Stock

Fund,

Class

S

59,191,822

Total

1,040,603,713

U.S.

Unaffiliated  

0.6%  

7,242

Invesco

QQQ

Trust

Series

1

4,091,802

2,276

iShares

Russell

2000

Growth

ETF

660,381

4,663

iShares

Semiconductor

ETF

1,119,260

12,894

SPDR

S&P

500

ETF

Trust

8,150,039

13,898

SPDR

S&P

Biotech

ETF

1,190,503

3,266

SPDR

S&P

Software

&

Services

ETF

610,448

4,284

VanEck

Semiconductor

ETF

1,237,134

Total

17,059,567

Total

Registered

Investment

Companies

(cost

$686,859,342)

1,057,663,280

Principal

Amount

Long-Term

Fixed

Income

3.8%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

175,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

c

179,718

Total

179,718

Mortgage-Backed

Securities  2.1%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

533,148

2.000%, 

5/1/2051

423,572

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income  3.8%

Value

Mortgage-Backed

Securities  2.1%

-

continued

$

823,705

2.500%, 

5/1/2051

$

683,536

763,383

3.500%, 

5/1/2052

687,954

570,566

4.000%, 

5/1/2052

531,995

176,369

5.000%, 

7/1/2053

173,106

1,311,442

5.500%, 

7/1/2053

1,315,118

812,158

5.000%, 

8/1/2053

799,093

1,849,166

5.500%, 

9/1/2053

1,858,388

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

146,107

2.500%, 

7/1/2030

140,685

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,900,000

5.000%, 

8/1/2040

d

1,905,113

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

467,528

3.000%, 

8/1/2038

439,372

595,989

3.500%, 

5/1/2040

565,012

416,472

2.500%, 

4/1/2042

367,121

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

747,226

3.000%, 

1/1/2052

645,400

186,891

2.000%, 

2/1/2051

148,479

109,057

2.000%, 

2/1/2051

86,521

615,834

2.500%, 

2/1/2051

511,985

483,897

2.500%, 

2/1/2051

397,156

1,412,713

5.500%, 

2/1/2055

1,416,812

1,275,864

2.000%, 

3/1/2051

1,003,423

1,647,577

4.000%, 

3/1/2051

1,544,057

258,124

2.000%, 

3/1/2052

204,749

821,913

3.000%, 

3/1/2052

705,375

488,184

3.000%, 

4/1/2051

418,971

518,862

3.000%, 

5/1/2050

445,693

225,540

2.000%, 

5/1/2051

178,305

393,366

3.000%, 

5/1/2051

345,081

1,076,276

2.000%, 

6/1/2050

850,477

326,596

3.000%, 

6/1/2050

287,174

387,972

4.000%, 

6/1/2052

358,862

137,933

5.000%, 

6/1/2053

135,592

653,565

2.500%, 

7/1/2051

544,303

500,473

3.500%, 

7/1/2051

452,457

1,087,633

4.000%, 

7/1/2052

1,006,029

550,998

3.500%, 

8/1/2050

499,913

755,216

3.500%, 

8/1/2052

677,078

3,260,891

4.500%, 

8/1/2052

3,101,177

1,097,499

5.000%, 

8/1/2053

1,078,875

1,145,434

6.000%, 

8/1/2054

1,183,160

3,850,000

2.500%, 

8/1/2055

d

3,154,020

372,102

3.500%, 

9/1/2052

335,711

190,225

3.500%, 

9/1/2052

171,639

845,145

5.000%, 

9/1/2052

828,940

984,241

4.500%, 

9/1/2053

941,601

2,710,867

4.500%, 

9/1/2053

2,582,945

969,260

4.000%, 

10/1/2052

900,389

220,836

2.000%, 

11/1/2051

175,442

276,846

3.500%, 

11/1/2052

250,597

920,560

2.000%, 

12/1/2050

727,766

777,606

2.500%, 

12/1/2051

644,974

1,097,378

4.500%, 

12/1/2052

1,049,472

6,250,000

6.000%, 

8/1/2041

d

6,336,387

4,125,000

5.500%, 

8/1/2042

d

4,103,161

2,925,000

4.500%, 

8/1/2048

d

2,774,344

Principal

Amount

Long-Term

Fixed

Income  3.8%

Value

Mortgage-Backed

Securities  2.1%

-

continued

$

4,325,000

5.000%, 

8/1/2048

d

$

4,209,080

5,350,000

3.000%, 

8/1/2049

d

4,577,738

675,000

3.500%, 

9/1/2049

d

602,085

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

440,107

2.500%, 

3/1/2062

345,077

278,202

3.500%, 

7/1/2061

244,115

489,531

4.000%, 

12/1/2061

448,306

Total

63,520,958

U.S.

Government

&

Agencies  1.7%

U.S.

Treasury

Bonds

2,000,000

1.625%, 

11/15/2050

1,038,516

3,850,000

4.000%, 

11/15/2052

3,318,369

190,000

5.250%, 

11/15/2028

197,763

3,240,000

1.375%, 

11/15/2040

2,052,464

2,291,000

2.500%, 

5/15/2046

1,564,055

U.S.

Treasury

Notes

540,000

2.625%, 

1/31/2026

535,448

4,295,000

2.500%, 

2/28/2026

4,250,255

5,700,000

4.625%, 

2/28/2026

5,709,040

2,400,000

4.500%, 

3/31/2026

2,403,216

1,900,000

4.375%, 

7/31/2026

1,903,384

2,000,000

3.875%, 

5/31/2027

1,996,562

1,490,000

2.250%, 

11/15/2027

1,436,046

200,000

0.750%, 

1/31/2028

185,117

900,000

3.500%, 

1/31/2028

891,527

2,400,000

3.625%, 

3/31/2028

2,384,156

4,500,000

2.875%, 

5/15/2028

4,380,117

3,000,000

4.125%, 

7/31/2028

3,020,273

3,700,000

4.375%, 

8/31/2028

3,751,309

2,400,000

4.125%, 

3/31/2029

2,417,344

125,000

0.875%, 

11/15/2030

106,636

70,000

1.375%, 

11/15/2031

59,525

4,800,000

2.875%, 

5/15/2032

4,445,063

4,000,000

3.375%, 

5/15/2033

3,779,531

Total

51,825,716

Total

Long-Term

Fixed

Income

(cost

$119,873,511)

115,526,392

Shares

Private

Equity

Funds

2.0%

Value

Secondary  2.0%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,

a,e

11,083,534

1

ASF

IX,

LP

*,

a,e

6,797,613

1

ASF

VIII

Sidecar

(Cayman),

LP

*,

a,e

2,461,743

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,

a,e

6,768,870

1

LCP

X

(Offshore),

LP

*,

a,e

18,724,770

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,

a,e

14,313,926

Total

60,150,456

Total

Private

Equity

Funds

(cost

$48,051,166)

60,150,456

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

429,035

Thrivent

Cash

Management

Trust

$

429,035

Total

Collateral

Held

for

Securities

Loaned

(cost

$429,035)

429,035

Shares

or

Principal

Amount

Short-Term

Investments

15.7%

Value

Federal

Farm

Credit

Bank

Discount

Notes

4,100,000

4.250%,

10/2/2025

f

4,069,542

Federal

Home

Loan

Bank

Discount

Notes

6,800,000

4.224%,

8/1/2025

f,g

6,799,199

100,000

4.220%,

8/6/2025

f,g

99,929

200,000

4.215%,

8/11/2025

f

199,741

400,000

4.274%,

9/10/2025

f,g

398,073

200,000

4.225%,

9/12/2025

f,g

198,989

5,000,000

4.208%,

9/16/2025

f,g

4,972,387

4,300,000

4.250%,

9/23/2025

f,g

4,272,717

8,400,000

4.202%,

9/26/2025

f,g

8,343,741

300,000

4.237%,

10/3/2025

f,g

297,736

700,000

4.264%,

10/8/2025

f,g

694,305

1,400,000

4.260%,

10/10/2025

f,g

1,388,279

7,200,000

4.250%,

10/24/2025

f,g

7,127,835

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

300,000

4.180%,

8/11/2025

f

299,611

14,200,000

4.205%,

9/5/2025

f,g

14,139,934

100,000

4.185%,

9/8/2025

f,g

99,542

7,500,000

4.180%,

9/22/2025

f,g

7,453,294

Federal

National

Mortgage

Association

Discount

Notes

8,400,000

4.200%,

8/8/2025

f

8,392,085

2,200,000

4.195%,

8/15/2025

f

2,196,113

9,000,000

4.200%,

8/22/2025

f,g

8,976,680

2,500,000

4.185%,

9/19/2025

f,g

2,485,313

State

Street

Institutional

U.S.

Government

Money

Market

Fund

156,963,991

4.250%

f

156,963,991

Thrivent

Core

Short-Term

Reserve

Fund

23,067,820

4.580%

230,678,199

U.S.

Treasury

Bills

300,000

4.271%,

8/7/2025

f

299,787

300,000

4.213%,

9/30/2025

f,h

297,884

300,000

4.230%,

10/16/2025

f,h

297,316

Total

Short-Term

Investments

(cost

$471,380,351)

471,442,222

Total

Investments

(cost

$2,362,533,429)

100.9%

$3,027,820,115

Other

Assets

and

Liabilities,

Net

(0.9%)

(27,852,920)

Total

Net

Assets

100.0%

$2,999,967,195

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

h

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Fund

as

of

July

31,

2025

was

$60,150,456

or

2.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

8,545,259

ASF

IX,

LP 

3/18/2024

5,422,158

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,188,586

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

5,264,000

LCP

X

(Offshore),

LP 

10/25/2023

14,336,487

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

12,294,676

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

401,837

Total

lending

$401,837

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$429,035

Net

amounts

due

to

counterparty

$27,198

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

101,889,327

101,889,327

–

–

Consumer

Discretionary

133,116,844

133,116,844

–

–

Consumer

Staples

42,525,464

42,525,464

–

–

Energy

50,056,838

50,056,838

–

–

Financials

206,730,443

206,730,443

–

–

Health

Care

139,905,224

139,905,224

–

–

Industrials

176,755,604

175,398,842

1,356,762

–

Information

Technology

340,707,013

334,923,723

5,783,290

–

Materials

43,716,352

42,801,731

914,621

–

Real

Estate

40,587,192

40,587,192

–

–

Utilities

46,618,429

46,618,429

–

–

Registered

Investment

Companies

U.S.

Affiliated

803,660,839

803,660,839

–

–

U.S.

Unaffiliated

17,059,567

17,059,567

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

179,718

–

179,718

–

Mortgage-Backed

Securities

63,520,958

–

63,520,958

–

U.S.

Government

&

Agencies

51,825,716

–

51,825,716

–

Private

Equity

Funds

Secondary

60,150,456

–

–

60,150,456

Short-Term

Investments

240,764,023

156,963,991

83,800,032

–

Subtotal

Investments

in

Securities

$2,559,770,007

$2,292,238,454

$207,381,097

$60,150,456

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

236,942,874

Affiliated

Short-Term

Investments

230,678,199

Collateral

Held

for

Securities

Loaned

429,035

Subtotal

Other

Investments

$468,050,108

Total

Investments

at

Value

$3,027,820,115

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Aggressive

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Located

on

the

Statement

of

Operations,

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

   %

Located

on

the

Statement

of

Operations,

Net

realized

gains/(losses)

on

investments.

   #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

22,014,161

22,014,161

–

–

Total

Asset

Derivatives

$22,014,161

$22,014,161

$–

$–

Liability

Derivatives

Futures

Contracts

4,296,168

4,099,082

197,086

–

Total

Return

Swaps

600,299

–

600,299

–

Total

Liability

Derivatives

$4,896,467

$4,099,082

$797,385

$–

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

7/31/2025

Private

Equity

Funds

 Secondary

$34,190,335

$- 

$3,995,084

$21,965,037

$- 

$-

$- 

$60,150,456

Total 

$34,190,335

$-  

$3,995,084

$21,965,037

$- 

$-

$-

$60,150,456

Investments

in

Securities

Ending

Value

7/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$60,150,456

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$60,150,456

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$54,965,537

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

22

September

2025

$

2,417,311

$

26,064

CBOT

2-Yr.

U.S.

Treasury

Note

12

September

2025

2,486,375

(

2,563)

CBOT

5-Yr.

U.S.

Treasury

Note

67

September

2025

7,212,621

34,895

CBOT

U.S.

Long

Bond

2

September

2025

221,724

6,651

CME

E-mini

Russell

2000

Index

8

September

2025

870,427

17,654

CME

E-mini

S&P

500

Index

1,849

September

2025

567,811,191

21,488,222

CME

E-mini

S&P

Mid-Cap

400

Index

1

September

2025

307,912

8,598

CME

Ultra

Long

Term

U.S.

Treasury

Bond

5

September

2025

568,062

18,501

Ultra

10-Yr.

U.S.

Treasury

Note

3

September

2025

332,937

6,297

Total

Futures

Long

Contracts

$

582,228,560

$

21,604,319

CME

E-mini

Russell

2000

Index

(2)

September

2025

(

$

215,792)

(

$

6,228)

CME

E-mini

S&P

Mid-Cap

400

Index

(240)

September

2025

(

72,744,465)

(

3,217,935)

CME

Euro

Foreign

Exchange

Currency

(124)

September

2025

(

17,818,934)

55,159

Eurex

Euro

STOXX

50

Index

(441)

September

2025

(

26,632,214)

(

197,086)

ICE

mini

MSCI

EAFE

Index

(203)

September

2025

(

26,878,130)

352,120

ICE

US

mini

MSCI

Emerging

Markets

Index

(411)

September

2025

(

24,574,709)

(

872,356)

Total

Futures

Short

Contracts

(

$

168,864,244)

($3,886,326)

Total

Futures

Contracts

$

413,364,316

$17,717,993

The

following

table

presents

Aggressive

Allocation

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$574,376

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

7,698,607

(

$

600,299)

$

–

(

$

600,299)

Total

Return

Swaps

(

$

600,299)

$

–

($600,299)

#

Payment

made

on

Termination

Date

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$52,340

$1,632

$–

$59,407

5,511

2.0%

Core

International

Equity

79,414

17,155

–

107,327

8,944

3.6

Core

Low

Volatility

Equity

1,941

150

–

2,071

174

0.1

Core

Mid

Cap

Value

66,841

6,040

17,000

50,710

4,606

1.7

Core

Small

Cap

Value

31,468

3,794

14,000

17,427

1,676

0.6

Global

Stock,

Class

S

63,364

7,214

–

70,702

2,369

2.3

International

Equity,

Class

S

163,638

4,738

–

186,860

15,443

6.2

Large

Cap

Growth,

Class

S

228,497

13,898

–

260,252

11,028

8.7

Large

Cap

Value,

Class

S

129,498

10,712

–

139,335

4,426

4.6

Mid

Cap

Stock,

Class

S

132,949

5,444

47,010

87,320

2,392

2.9

Small

Cap

Stock,

Class

S

60,634

1,119

0

59,192

1,897

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

1,010,584

1,040,603

34.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

372,189

191,361

332,872

230,678

23,068

7.7

Total

Affiliated

Short-Term

Investments

372,189

230,678

7.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,861

171,043

173,475

429

429

<0.1

Total

Collateral

Held

for

Securities

Loaned

2,861

429

<0.1

Total

Value

$1,385,634

$1,271,710

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$5,435

$–

$1,632

Core

International

Equity

–

10,758

–

3,121

Core

Low

Volatility

Equity

Fund

–

(20)

72

78

Core

Mid

Cap

Value

526

(5,697)

4,750

1,290

Core

Small

Cap

Value

156

(3,991)

3,253

541

Global

Stock,

Class

S

–

124

6,013

1,200

International

Equity,

Class

S

–

18,484

–

4,739

Large

Cap

Growth,

Class

S

–

17,857

13,644

253

Large

Cap

Value,

Class

S

–

(875)

8,682

2,030

Mid

Cap

Stock,

Class

S

5,837

(9,900)

4,756

689

Small

Cap

Stock,

Class

S

(0)

(2,561)

799

321

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

–

–

–

10,071

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$25,965

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

$6,519

$29,614

$41,969

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

47.5%

Value

Asset-Backed

Securities  4.3%

Anchorage

Capital

CLO

20,

Ltd.

$

250,000

7.526%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

$

250,752

Anchorage

Capital

CLO

21,

Ltd.

250,000

6.226%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

250,047

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

275,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

276,436

Balboa

Bay

Loan

Funding,

Ltd.

300,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

300,133

Barings

CLO,

Ltd.

400,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,b

399,992

Barings

Loan

Partners

CLO,

Ltd.

2

500,000

5.976%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

499,894

Battalion

CLO

XXI,

Ltd.

900,000

6.318%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

899,968

Business

Jet

Securities,

LLC

163,425

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

159,971

384,814

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

391,826

304,458

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

303,366

CarVal

CLO,

Ltd.

300,000

8.026%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

300,822

Cascade

Funding

Mortgage

Trust,

LLC

139,003

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

137,613

College

Avenue

Student

Loans,

LLC

46,555

6.117%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

46,921

Dryden

72

CLO,

Ltd.

325,000

5.976%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

325,538

GMAC

Mortgage

Corporation

Loan

Trust

9,443

4.967%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

4,507

Hertz

Vehicle

Financing

III,

LLC

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

481,580

425,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

427,478

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Asset-Backed

Securities  4.3%

-

continued

Hotwire

Funding,

LLC

$

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

$

429,287

HTAP

Issuer

Trust

275,532

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

272,364

LCM

41,

Ltd.

950,000

7.918%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

949,949

Madison

Park

Funding

XVIII,

Ltd.

650,000

6.487%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

650,880

MFA

Trust

363,474

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

363,887

Pagaya

AI

Debt

Grantor

Trust

173,438

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

173,750

203,503

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

203,638

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

118,310

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

119,022

Palmer

Square

Loan

Funding,

Ltd.

750,000

6.868%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

750,503

250,000

6.018%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,249

250,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

247,850

Park

Blue

CLO,

Ltd.

500,000

6.506%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

502,517

PRET,

LLC

500,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,d

493,629

434,639

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

434,504

Radnor

Re,

Ltd.

550,000

7.250%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

554,536

RFS

Asset

Securitization

V,

LLC

400,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

401,235

Rockford

Tower

CLO,

Ltd.

500,000

6.218%, 

(TSFR3M

+

1.900%),

1/15/2038,

Ser.

2021-3A,

Class

C1AR

a,b

501,269

Sculptor

CLO

XXVIII,

Ltd.

500,000

6.276%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

500,165

Signal

Peak

CLO

1,

Ltd.

300,000

6.272%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

300,200

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Asset-Backed

Securities  4.3%

-

continued

Sunnova

Hestia

II

Issuer,

LLC

$

322,447

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

$

320,138

Symphony

CLO

XX,

Ltd.

500,000

7.318%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

501,354

TCW

CLO,

Ltd.

450,000

6.119%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

450,233

Unlock

HEA

Trust

302,042

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

301,633

258,806

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

258,646

375,244

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

371,051

VERDE

CLO,

Ltd.

500,000

7.518%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

501,710

Vericrest

Opportunity

Loan

Transferee

147,883

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

147,833

220,610

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

220,554

13,008

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

12,999

379,716

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

379,611

217,356

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

217,084

323,095

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

322,958

259,209

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

256,339

Veros

Auto

Receivables

Trust

299,938

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

300,250

Whitebox

CLO

I,

Ltd.

150,000

6.319%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

150,238

Wind

River

CLO,

Ltd.

50,272

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

50,297

Total

18,319,206

Basic

Materials  0.4%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

41,000

8.625%, 

6/15/2029

a

43,327

Alumina,

Pty.

Ltd.

24,000

6.125%, 

3/15/2030

a

24,265

ATI,

Inc.

40,000

7.250%, 

8/15/2030

41,931

Avient

Corporation

21,000

6.250%, 

11/1/2031

a

21,075

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Basic

Materials  0.4%

-

continued

Cascades,

Inc./Cascades

USA,

Inc.

$

46,000

6.750%, 

7/15/2030

a

$

45,892

Celanese

US

Holdings,

LLC

35,000

6.850%, 

11/15/2028

36,436

19,000

6.500%, 

4/15/2030

19,214

24,000

6.629%, 

7/15/2032

24,847

6,000

6.750%, 

4/15/2033

6,052

Cerdia

Finanz

GmbH

47,000

9.375%, 

10/3/2031

a

49,187

Chemours

Company

66,000

5.750%, 

11/15/2028

a

60,616

Cleveland-Cliffs,

Inc.

75,000

4.625%, 

3/1/2029

a

70,687

32,000

6.875%, 

11/1/2029

a

32,015

28,000

4.875%, 

3/1/2031

a

24,846

19,000

7.375%, 

5/1/2033

a

18,498

28,000

6.250%, 

10/1/2040

22,542

Consolidated

Energy

Finance

SA

89,000

5.625%, 

10/15/2028

a

74,527

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

49,000

6.125%, 

6/15/2028

a

48,640

Eastman

Chemical

Company

75,000

5.000%, 

8/1/2029

75,843

First

Quantum

Minerals,

Ltd.

16,000

6.875%, 

10/15/2027

a

16,027

26,000

9.375%, 

3/1/2029

a

27,552

25,000

8.625%, 

6/1/2031

a

26,031

FMC

Corporation

32,000

8.450%, 

11/1/2055

b

33,083

Fortescue

Treasury,

Pty.

Ltd.

28,000

5.875%, 

4/15/2030

a

28,351

Glencore

Funding,

LLC

57,000

4.000%, 

3/27/2027

a

56,440

Hecla

Mining

Company

30,000

7.250%, 

2/15/2028

30,335

INEOS

Finance

plc

84,000

7.500%, 

4/15/2029

a

83,381

International

Flavors

&

Fragrances,

Inc.

28,000

1.230%, 

10/1/2025

a

27,810

Magnera

Corporation

79,000

7.250%, 

11/15/2031

a

74,359

Mercer

International,

Inc.

14,000

12.875%, 

10/1/2028

a

14,120

32,000

5.125%, 

2/1/2029

25,777

Methanex

Corporation

27,000

5.250%, 

12/15/2029

26,743

Methanex

US

Operations,

Inc.

25,000

6.250%, 

3/15/2032

a

24,781

Mineral

Resources,

Ltd.

44,000

9.250%, 

10/1/2028

a

45,987

17,000

8.500%, 

5/1/2030

a,e

17,402

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

58,000

5.350%, 

3/15/2034

59,366

Novelis

Corporation

29,000

4.750%, 

1/30/2030

a

27,779

25,000

3.875%, 

8/15/2031

a

22,424

Olin

Corporation

27,000

6.625%, 

4/1/2033

a

26,274

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Basic

Materials  0.4%

-

continued

Peabody

Energy

Corporation,

Convertible

$

123,000

3.250%, 

3/1/2028

e

$

138,719

Smurfit

Kappa

Treasury,

ULC

60,000

5.777%, 

4/3/2054

59,627

SNF

Group

SACA

65,000

3.375%, 

3/15/2030

a

59,690

Steel

Dynamics,

Inc.

38,000

5.250%, 

5/15/2035

37,950

SunCoke

Energy,

Inc.

81,000

4.875%, 

6/30/2029

a

74,072

Taseko

Mines,

Ltd.

56,000

8.250%, 

5/1/2030

a

58,471

Tronox,

Inc.

28,000

4.625%, 

3/15/2029

a,e

21,784

Total

1,884,775

Capital

Goods  1.2%

Advanced

Drainage

Systems,

Inc.

57,000

6.375%, 

6/15/2030

a

57,861

AECOM

53,000

6.000%, 

8/1/2033

a

53,431

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

26,000

7.000%, 

5/21/2030

a

26,761

Amrize

Finance

US,

LLC

44,000

5.400%, 

4/7/2035

a

44,381

Amsted

Industries,

Inc.

35,000

4.625%, 

5/15/2030

a

33,520

56,000

6.375%, 

3/15/2033

a

56,894

Array

Technologies,

Inc.,

Convertible

146,000

1.000%, 

12/1/2028

117,895

122,000

2.875%, 

7/1/2031

a

127,917

Axon

Enterprise,

Inc.

24,000

6.125%, 

3/15/2030

a

24,511

24,000

6.250%, 

3/15/2033

a

24,587

Axon

Enterprise,

Inc.,

Convertible

65,000

0.500%, 

12/15/2027

214,735

Boeing

Company

39,000

6.858%, 

5/1/2054

42,867

136,000

2.196%, 

2/4/2026

134,196

56,000

3.250%, 

3/1/2028

54,125

18,000

5.150%, 

5/1/2030

18,286

20,000

6.528%, 

5/1/2034

21,768

Bombardier,

Inc.

25,000

6.000%, 

2/15/2028

a

25,166

50,000

7.250%, 

7/1/2031

a

52,210

79,000

7.000%, 

6/1/2032

a,e

81,725

13,000

6.750%, 

6/15/2033

a

13,362

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

30,000

7.500%, 

2/1/2032

a

29,862

Builders

FirstSource,

Inc.

35,000

5.000%, 

3/1/2030

a

34,261

26,000

6.750%, 

5/15/2035

a

26,658

Camelot

Return

Merger

Sub,

Inc.

42,000

8.750%, 

8/1/2028

a

38,483

Canpack

SA/Canpack

US,

LLC

61,000

3.875%, 

11/15/2029

a

56,824

Carrier

Global

Corporation

76,000

2.722%, 

2/15/2030

70,517

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Capital

Goods  1.2%

-

continued

Chart

Industries,

Inc.

$

29,000

7.500%, 

1/1/2030

a

$

30,378

Clean

Harbors,

Inc.

24,000

6.375%, 

2/1/2031

a

24,505

Clydesdale

Acquisition

Holdings,

Inc.

9,000

6.625%, 

4/15/2029

a

9,107

47,000

6.875%, 

1/15/2030

a

48,064

11,000

8.750%, 

4/15/2030

a

11,226

26,000

6.750%, 

4/15/2032

a

26,632

Crown

Cork

&

Seal

Company,

Inc.

35,000

7.375%, 

12/15/2026

36,104

Deere

&

Company

43,000

5.700%, 

1/19/2055

44,112

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

86,000

6.625%, 

12/15/2030

a

87,686

ESAB

Corporation

52,000

6.250%, 

4/15/2029

a

53,131

Fluor

Corporation,

Convertible

144,000

1.125%, 

8/15/2029

202,176

General

Dynamics

Corporation

21,000

4.950%, 

8/15/2035

21,045

GFL

Environmental,

Inc.

63,000

4.000%, 

8/1/2028

a

61,060

Greenbrier

Companies,

Inc.,

Convertible

78,000

2.875%, 

4/15/2028

82,953

Herc

Holdings,

Inc.

18,000

5.500%, 

7/15/2027

a

17,928

46,000

6.625%, 

6/15/2029

a

47,094

33,000

7.000%, 

6/15/2030

a

34,107

24,000

7.250%, 

6/15/2033

a

24,852

Honeywell

International,

Inc.

78,000

5.250%, 

3/1/2054

73,398

Howmet

Aerospace,

Inc.

63,000

6.750%, 

1/15/2028

66,108

Huntington

Ingalls

Industries,

Inc.

56,000

4.200%, 

5/1/2030

54,449

Ingersoll

Rand,

Inc.

65,000

5.176%, 

6/15/2029

66,520

20,000

5.700%, 

8/14/2033

20,895

JBT

Marel

Corporation,

Convertible

109,000

0.250%, 

5/15/2026

110,417

John

Deere

Capital

Corporation

41,000

3.900%, 

6/7/2032

39,421

21,000

5.150%, 

9/8/2033

21,631

L3Harris

Technologies,

Inc.

42,000

5.400%, 

1/15/2027

42,518

Lockheed

Martin

Corporation

53,000

5.200%, 

2/15/2064

48,211

Martin

Marietta

Materials,

Inc.

30,000

5.150%, 

12/1/2034

30,093

Mirion

Technologies,

Inc.,

Convertible

144,000

0.250%, 

6/1/2030

a

169,560

Mueller

Water

Products,

Inc.

47,000

4.000%, 

6/15/2029

a

44,892

Nesco

Holdings

II,

Inc.

21,000

5.500%, 

4/15/2029

a

20,475

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Capital

Goods  1.2%

-

continued

New

Enterprise

Stone

and

Lime

Company,

Inc.

$

64,000

5.250%, 

7/15/2028

a

$

63,541

Northrop

Grumman

Corporation

77,000

5.200%, 

6/1/2054

71,327

20,000

4.700%, 

3/15/2033

19,874

OI

European

Group

BV

57,000

4.750%, 

2/15/2030

a

54,008

Owens-Brockway

Glass

Container,

Inc.

45,000

6.625%, 

5/13/2027

a

45,054

23,000

7.375%, 

6/1/2032

a

23,174

Patrick

Industries,

Inc.,

Convertible

65,000

1.750%, 

12/1/2028

100,499

Quikrete

Holdings,

Inc.

103,000

6.375%, 

3/1/2032

a

105,636

QXO

Building

Products,

Inc.

39,000

6.750%, 

4/30/2032

a

40,161

Republic

Services,

Inc.

42,000

5.000%, 

12/15/2033

42,642

Resideo

Funding,

Inc.

58,000

6.500%, 

7/15/2032

a

58,838

Reworld

Holding

Corporation

42,000

4.875%, 

12/1/2029

a

40,111

Roller

Bearing

Company

of

America,

Inc.

26,000

4.375%, 

10/15/2029

a

25,003

RTX

Corporation

60,000

5.750%, 

1/15/2029

62,568

162,000

4.500%, 

6/1/2042

143,066

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

44,000

6.125%, 

2/1/2028

a

44,421

Smyrna

Ready

Mix

Concrete,

LLC

83,000

8.875%, 

11/15/2031

a

87,348

Spirit

AeroSystems,

Inc.

150,000

4.600%, 

6/15/2028

147,578

15,000

9.750%, 

11/15/2030

a

16,497

SRM

Escrow

Issuer,

LLC

24,000

6.000%, 

11/1/2028

a

23,921

Standard

Building

Solutions,

Inc.

27,000

6.500%, 

8/15/2032

a

27,571

60,000

6.250%, 

8/1/2033

a

60,572

Standard

Industries,

Inc./NY

28,000

4.750%, 

1/15/2028

a

27,615

28,000

3.375%, 

1/15/2031

a

25,013

Textron,

Inc.

56,000

3.650%, 

3/15/2027

55,155

TopBuild

Corporation

17,000

4.125%, 

2/15/2032

a

15,668

Trane

Technologies

Financing,

Ltd.

64,000

5.100%, 

6/13/2034

64,916

TransDigm,

Inc.

24,000

6.750%, 

8/15/2028

a

24,489

93,000

7.125%, 

12/1/2031

a

96,836

78,000

6.625%, 

3/1/2032

a

80,205

87,000

6.000%, 

1/15/2033

a

87,430

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

69,569

85,000

4.000%, 

7/15/2030

80,415

Waste

Connections,

Inc.

20,000

3.200%, 

6/1/2032

18,233

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Capital

Goods  1.2%

-

continued

Waste

Pro

USA,

Inc.

$

24,000

7.000%, 

2/1/2033

a

$

24,902

WESCO

Distribution,

Inc.

28,000

6.375%, 

3/15/2029

a

28,719

19,000

6.625%, 

3/15/2032

a

19,604

30,000

6.375%, 

3/15/2033

a

30,713

Total

5,206,443

Collateralized

Mortgage

Obligations  5.4%

A&D

Mortgage

Trust

170,268

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

172,069

378,373

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

381,531

349,489

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

348,892

ACRA

Trust

363,267

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

363,644

Banc

of

America

Alternative

Loan

Trust

210,838

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

186,824

Banc

of

America

Mortgage

Securities

Trust

19,382

5.607%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

17,005

48,573

6.327%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

46,008

CAFL

Issuer,

LLC

214,170

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

214,025

CHNGE

Mortgage

Trust

177,213

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

171,639

164,416

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

164,768

326,583

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

325,260

164,925

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

165,960

CIM

Trust

353,814

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,d

354,956

Citigroup

Mortgage

Loan

Trust,

Inc.

80,515

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

79,132

129,568

5.255%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

116,452

COLT

Mortgage

Loan

Trust

281,669

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,d

282,954

CSMC

Trust

222,633

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

222,547

187,955

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

163,875

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

110,408

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

95,467

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

$

599,628

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

$

588,118

500,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

488,554

550,000

7.950%, 

(SOFR30A

+

4.000%),

8/25/2025,

Ser.

5567,

Class

MB

b

550,607

322,128

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

258,828

400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

398,041

46,358

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

641

192,570

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

14,704

149,414

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

5,753

Federal

Home

Loan

Mortgage

Corporation

STRIPS

294,714

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

27,176

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

423,924

299,532

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

297,116

550,000

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

550,035

82,598

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

1,399

61,665

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

948

32,893

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

181

197,165

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

3,849

149,613

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

2,712

56,167

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

1,019

128,011

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

2,135

106,328

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

f

2,058

99,353

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

f

2,250

181,730

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

12,908

Flagstar

Mortgage

Trust

124,643

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

111,365

GCAT

Trust

524,782

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

534,007

258,624

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

242,069

503,449

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

506,242

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

GMAC

Mortgage

Corporation

Loan

Trust

$

74,940

4.021%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

$

66,330

GMACM

Mortgage

Loan

Trust

45,573

3.680%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

37,312

GS

Mortgage-Backed

Securities

Trust

477,329

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

476,456

Home

RE,

Ltd.

341,117

8.950%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

350,136

ICAP

Trust

350,000

6.472%, 

7/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

349,865

IndyMac

INDA

Mortgage

Loan

Trust

463,831

3.699%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

363,496

J.P.

Morgan

Alternative

Loan

Trust

55,540

5.051%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

41,499

J.P.

Morgan

Mortgage

Trust

177,944

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

149,381

397,049

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

392,884

64,331

5.272%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

44,665

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

352,742

300,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

301,862

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

504,145

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

201,880

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

500,880

Merrill

Lynch

Alternative

Note

Asset

Trust

248,085

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

81,041

MFA

Trust

250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

251,087

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

503,599

4.927%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

440,178

NYMT

Loan

Trust

250,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

251,111

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

302,516

PMT

Loan

Trust

287,082

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

289,029

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

PRET,

LLC

$

150,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,d

$

149,469

PRKCM

Trust

268,689

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

269,125

244,695

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

248,362

PRPM

Trust

160,000

6.268%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

159,430

PRPM,

LLC

278,872

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

272,941

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

280,061

232,740

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

232,726

436,699

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d

435,973

456,513

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

456,829

300,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,d

300,989

381,857

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,d

382,312

RCO

IX

Mortgage,

LLC

311,872

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,d

312,472

Residential

Accredit

Loans,

Inc.

Trust

68,442

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

60,290

55,835

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

44,186

Residential

Asset

Securitization

Trust

82,189

4.703%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

78,327

Residential

Funding

Mortgage

Security

I

Trust

134,521

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

107,910

Roc

Mortgage

Trust

9,468

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

9,439

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

398,576

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

302,688

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

651,619

Structured

Adjustable

Rate

Mortgage

Loan

Trust

43,584

4.666%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

38,094

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

402,324

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

Triangle

Re,

Ltd.

$

272,765

7.750%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

$

275,591

TVC

Mortgage

Trust

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

548,468

Verus

Securitization

Trust

528,687

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,d

531,366

216,947

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

193,400

426,306

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

426,029

Vontive

Mortgage

Trust

400,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

402,765

Total

22,619,903

Commercial

Mortgage-Backed

Securities  1.0%

AMSR

Trust

250,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

234,027

BANK

2018-BNK12

600,000

4.342%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

586,608

BANK

2025-BNK49

2,197,394

0.626%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

104,752

BBCMS

Mortgage

Trust

2,235,498

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

144,766

Federal

National

Mortgage

Association

-

REMIC

325,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

304,870

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

643,352

HTAP

Issuer

Trust

484,595

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

481,757

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

535,670

Silver

Hill

Trust

11,463

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

11,295

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

252,567

Velocity

Commercial

Capital

Loan

Trust

218,503

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

220,211

236,759

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

241,797

262,456

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

267,230

Total

4,028,902

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Communications

Services  1.4%

AMC

Networks,

Inc.

$

60,000

10.250%, 

1/15/2029

a

$

61,574

American

Tower

Corporation

40,000

1.450%, 

9/15/2026

38,635

62,000

5.500%, 

3/15/2028

63,520

40,000

5.800%, 

11/15/2028

41,524

56,000

3.800%, 

8/15/2029

54,376

36,000

5.000%, 

1/31/2030

36,553

87,000

4.900%, 

3/15/2030

87,782

AppLovin

Corporation

58,000

5.500%, 

12/1/2034

58,666

AT&T,

Inc.

64,000

5.700%, 

3/1/2057

61,500

96,000

6.050%, 

8/15/2056

97,318

198,000

3.550%, 

9/15/2055

132,752

118,000

4.300%, 

2/15/2030

117,102

Bell

Telephone

Company

of

Canada

31,500

7.000%, 

9/15/2055

b

31,969

39,000

5.100%, 

5/11/2033

38,971

Cable

One,

Inc.

16,000

4.000%, 

11/15/2030

a,e

12,321

Cable

One,

Inc.,

Convertible

95,000

Zero

Coupon, 

3/15/2026

90,678

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

143,000

5.125%, 

5/1/2027

a

141,829

12,000

5.000%, 

2/1/2028

a

11,775

46,000

5.375%, 

6/1/2029

a

45,180

26,000

4.750%, 

3/1/2030

a

24,705

56,000

4.250%, 

2/1/2031

a

51,151

203,000

4.750%, 

2/1/2032

a

187,646

57,000

4.250%, 

1/15/2034

a

49,114

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

56,000

5.050%, 

3/30/2029

56,321

63,000

6.550%, 

6/1/2034

66,430

Clear

Channel

Outdoor

Holdings,

Inc.

48,000

5.125%, 

8/15/2027

a

47,935

36,000

7.875%, 

4/1/2030

a

37,073

Comcast

Corporation

79,000

6.050%, 

5/15/2055

79,983

117,000

5.650%, 

6/1/2054

112,347

138,000

3.400%, 

4/1/2030

131,966

Crown

Castle,

Inc.

62,000

2.900%, 

3/15/2027

60,282

24,000

4.900%, 

9/1/2029

24,172

Deluxe

Corporation

57,000

8.125%, 

9/15/2029

a

58,681

Deutsche

Telekom

International

Finance

BV

132,000

8.750%, 

6/15/2030

154,850

DIRECTV

Financing,

LLC

13,000

8.875%, 

2/1/2030

a

12,658

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

163,000

5.875%, 

8/15/2027

a

162,104

43,000

10.000%, 

2/15/2031

a

41,468

FiberCop

SPA

66,000

6.000%, 

9/30/2034

a

62,340

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Communications

Services  1.4%

-

continued

Frontier

Communications

Holdings,

LLC

$

60,000

5.875%, 

10/15/2027

a

$

60,011

Gray

Media,

Inc.

25,000

10.500%, 

7/15/2029

a

27,055

28,000

7.250%, 

8/15/2033

a

27,853

Iliad

Holding

SASU

74,000

8.500%, 

4/15/2031

a

79,378

40,000

7.000%, 

4/15/2032

a

41,056

LCPR

Senior

Secured

Financing

DAC

80,000

6.750%, 

10/15/2027

a

61,400

Level

3

Financing,

Inc.

13,000

3.625%, 

1/15/2029

a

11,050

26,000

4.875%, 

6/15/2029

a,e

24,375

24,334

11.000%, 

11/15/2029

a

27,589

60,000

6.875%, 

6/30/2033

a

60,801

McGraw-Hill

Education,

Inc.

83,000

5.750%, 

8/1/2028

a

82,672

Meta

Platforms,

Inc.

73,000

5.550%, 

8/15/2064

70,823

Nexstar

Media,

Inc.

34,000

5.625%, 

7/15/2027

a

33,934

38,000

4.750%, 

11/1/2028

a,e

36,934

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

44,000

4.625%, 

3/15/2030

a,e

41,769

Paramount

Global

61,000

6.375%, 

3/30/2062

b

60,085

Rogers

Communications,

Inc.

45,000

5.250%, 

3/15/2082

a,b

44,362

18,000

7.000%, 

4/15/2055

b

18,403

72,500

7.125%, 

4/15/2055

b

74,189

59,000

5.000%, 

2/15/2029

59,754

Scripps

Escrow

II,

Inc.

20,000

3.875%, 

1/15/2029

a

17,756

Sinclair

Television

Group,

Inc.

12,000

8.125%, 

2/15/2033

a

12,240

Sirius

XM

Radio,

LLC

70,000

5.000%, 

8/1/2027

a

69,239

40,000

4.000%, 

7/15/2028

a

38,072

42,000

3.875%, 

9/1/2031

a

37,053

Snap,

Inc.,

Convertible

38,000

0.750%, 

8/1/2026

36,624

143,000

0.500%, 

5/1/2030

125,197

Sprint

Capital

Corporation

124,000

6.875%, 

11/15/2028

132,568

60,000

8.750%, 

3/15/2032

72,474

Take-Two

Interactive

Software,

Inc.

51,000

5.600%, 

6/12/2034

52,609

TEGNA,

Inc.

87,000

4.625%, 

3/15/2028

84,452

Telecom

Italia

Capital

SA

25,000

6.000%, 

9/30/2034

e

24,789

TELUS

Corporation

88,000

6.625%, 

10/15/2055

b

89,114

T-Mobile

USA,

Inc.

39,000

5.500%, 

1/15/2055

36,767

72,000

5.250%, 

6/15/2055

65,440

75,000

3.375%, 

4/15/2029

72,006

34,000

5.125%, 

5/15/2032

34,494

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Communications

Services  1.4%

-

continued

Uniti

Group,

Inc.,

Convertible

$

108,000

7.500%, 

12/1/2027

$

125,712

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

84,000

4.750%, 

4/15/2028

a

81,406

Univision

Communications,

Inc.

11,000

8.000%, 

8/15/2028

a

11,300

107,000

4.500%, 

5/1/2029

a

99,004

42,000

7.375%, 

6/30/2030

a

41,769

25,000

8.500%, 

7/31/2031

a

25,389

Verizon

Communications,

Inc.

45,000

5.500%, 

2/23/2054

43,248

93,000

2.355%, 

3/15/2032

79,953

70,000

4.780%, 

2/15/2035

67,850

62,000

5.250%, 

4/2/2035

62,250

53,000

5.401%, 

7/2/2037

a

52,961

Viasat,

Inc.

25,000

5.625%, 

4/15/2027

a

24,879

Virgin

Media

Finance

plc

33,000

5.000%, 

7/15/2030

a

29,747

Virgin

Media

Secured

Finance

plc

71,000

5.500%, 

5/15/2029

a

69,406

Virgin

Media

Vendor

Financing

Notes

IV

DAC

37,000

5.000%, 

7/15/2028

a

35,882

VMED

O2

UK

Financing

I

plc

29,000

7.750%, 

4/15/2032

a

30,209

Vodafone

Group

plc

27,000

4.125%, 

6/4/2081

b

24,865

42,000

5.125%, 

6/4/2081

b

32,385

37,000

5.875%, 

6/28/2064

35,613

69,000

7.000%, 

4/4/2079

b

72,105

VZ

Secured

Financing

BV

89,000

5.000%, 

1/15/2032

a

78,270

Warnermedia

Holdings,

Inc.

140,000

4.054%, 

3/15/2029

131,452

77,000

4.279%, 

3/15/2032

64,660

89,000

5.050%, 

3/15/2042

59,492

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

33,000

8.250%, 

10/1/2031

a

34,547

Zegona

Finance

plc

29,000

8.625%, 

7/15/2029

a

30,871

Ziggo

BV

30,000

4.875%, 

1/15/2030

a

27,713

Total

6,062,576

Consumer

Cyclical  2.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

39,000

4.375%, 

1/15/2028

a

38,110

60,000

5.625%, 

9/15/2029

a

60,358

Adient

Global

Holdings,

Ltd.

16,000

8.250%, 

4/15/2031

a

16,725

26,000

7.500%, 

2/15/2033

a

26,514

ADT

Security

Corporation

77,000

4.875%, 

7/15/2032

a

73,174

Advance

Auto

Parts,

Inc.

40,000

7.000%, 

8/1/2030

a,g

40,204

40,000

7.375%, 

8/1/2033

a,g

40,214

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Cyclical  2.0%

-

continued

Alimentation

Couche-Tard,

Inc.

$

64,000

5.617%, 

2/12/2054

a

$

60,892

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

93,000

4.625%, 

6/1/2028

a

90,220

45,000

4.625%, 

6/1/2028

a

43,780

Allison

Transmission,

Inc.

19,000

3.750%, 

1/30/2031

a

17,365

Amazon.com,

Inc.

32,000

1.500%, 

6/3/2030

28,230

American

Axle

&

Manufacturing,

Inc.

78,000

5.000%, 

10/1/2029

e

70,772

American

Honda

Finance

Corporation

60,000

4.900%, 

1/10/2034

59,271

Asbury

Automotive

Group,

Inc.

47,000

5.000%, 

2/15/2032

a

44,457

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

40,000

4.625%, 

8/1/2029

a

37,793

Aston

Martin

Capital

Holdings,

Ltd.

43,000

10.000%, 

3/31/2029

a

41,012

Bath

&

Body

Works,

Inc.

20,000

6.950%, 

3/1/2033

20,561

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

33,000

9.500%, 

7/1/2032

a

34,006

Beach

Acquisition

Bidco,

LLC

50,000

10.000%, 

7/15/2033

a

52,129

Belron

UK

Finance

plc

45,000

5.750%, 

10/15/2029

a

45,422

Best

Buy

Company,

Inc.

37,000

1.950%, 

10/1/2030

32,468

Boyd

Gaming

Corporation

42,000

4.750%, 

6/15/2031

a

40,005

Boyne

USA,

Inc.

45,000

4.750%, 

5/15/2029

a

43,608

Brightstar

Lottery

plc

69,000

5.250%, 

1/15/2029

a

68,474

Brinker

International,

Inc.

28,000

8.250%, 

7/15/2030

a

29,702

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

67,000

4.875%, 

2/15/2030

a

60,924

Burlington

Stores,

Inc.,

Convertible

64,000

1.250%, 

12/15/2027

91,776

Caesars

Entertainment,

Inc.

108,000

4.625%, 

10/15/2029

a,e

102,064

33,000

6.500%, 

2/15/2032

a

33,654

27,000

6.000%, 

10/15/2032

a,e

26,060

Carnival

Corporation

6,000

5.750%, 

3/1/2027

a

6,060

16,000

6.000%, 

5/1/2029

a

16,142

96,000

5.750%, 

8/1/2032

a

96,650

17,000

6.125%, 

2/15/2033

a

17,302

Carnival

Corporation,

Convertible

125,000

5.750%, 

12/1/2027

288,625

Carvana

Company

9,454

9.000%,PIK

0.000%,

12/1/2028

a,h

9,671

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Cyclical  2.0%

-

continued

$

30,000

11.000%, 

6/1/2030

a

$

31,379

48,000

9.000%, 

6/1/2031

a

57,080

Churchill

Downs,

Inc.

22,000

4.750%, 

1/15/2028

a

21,698

34,000

6.750%, 

5/1/2031

a

34,715

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

7,000

6.750%, 

5/15/2028

a

7,157

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

20,000

0.625%, 

6/15/2026

19,100

24,000

1.750%, 

9/15/2030

a

25,893

Cushman

&

Wakefield

US

Borrower,

LLC

14,000

6.750%, 

5/15/2028

a

14,106

Dana,

Inc.

40,000

4.500%, 

2/15/2032

39,034

DraftKings

Holdings,

Inc.,

Convertible

299,000

Zero

Coupon, 

3/15/2028

271,067

eG

Global

Finance

plc

14,000

12.000%, 

11/30/2028

a

15,469

Expedia

Group,

Inc.

105,000

5.400%, 

2/15/2035

105,743

Expedia

Group,

Inc.,

Convertible

82,000

Zero

Coupon, 

2/15/2026

80,899

EZCORP,

Inc.,

Convertible

51,000

3.750%, 

12/15/2029

a

74,989

Ford

Motor

Company,

Convertible

157,000

Zero

Coupon, 

3/15/2026

156,058

Ford

Motor

Credit

Company,

LLC

71,000

2.900%, 

2/10/2029

64,632

67,000

7.122%, 

11/7/2033

69,666

Forestar

Group,

Inc.

46,000

6.500%, 

3/15/2033

a

46,179

FORVIA

SE

61,000

8.000%, 

6/15/2030

a,e

63,536

Gap,

Inc.

20,000

3.625%, 

10/1/2029

a

18,456

17,000

3.875%, 

10/1/2031

a

15,107

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

40,000

7.750%, 

5/31/2032

a

41,511

General

Motors

Company

65,000

5.350%, 

4/15/2028

66,055

General

Motors

Financial

Company,

Inc.

64,000

5.800%, 

6/23/2028

65,810

47,000

5.800%, 

1/7/2029

48,457

75,000

4.900%, 

10/6/2029

74,879

27,000

5.750%, 

2/8/2031

27,771

34,000

5.625%, 

4/4/2032

34,535

90,000

5.950%, 

4/4/2034

91,475

Genting

New

York,

LLC/GENNY

Capital,

Inc.

23,000

7.250%, 

10/1/2029

a

23,680

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

26,000

11.500%, 

8/15/2029

a

25,807

45,000

8.750%, 

1/15/2032

a

39,847

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

27,000

3.500%, 

3/1/2029

a

25,342

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Cyclical  2.0%

-

continued

Goodyear

Tire

&

Rubber

Company

$

27,000

4.875%, 

3/15/2027

$

26,884

25,000

5.000%, 

7/15/2029

e

24,253

39,000

5.250%, 

4/30/2031

37,038

Group

1

Automotive,

Inc.

36,000

6.375%, 

1/15/2030

a

36,668

Hanesbrands,

Inc.

25,000

9.000%, 

2/15/2031

a,e

26,313

Harley-Davidson

Financial

Services,

Inc.

59,000

5.950%, 

6/11/2029

a

60,171

Hilton

Domestic

Operating

Company,

Inc.

58,000

4.875%, 

1/15/2030

57,204

14,000

4.000%, 

5/1/2031

a

13,063

80,000

3.625%, 

2/15/2032

a

72,130

27,000

5.750%, 

9/15/2033

a

27,026

Home

Depot,

Inc.

36,000

5.300%, 

6/25/2054

34,295

36,000

5.400%, 

6/25/2064

34,356

61,000

3.250%, 

4/15/2032

56,277

Hyundai

Capital

America

56,000

3.000%, 

2/10/2027

a

54,588

39,000

6.500%, 

1/16/2029

a

41,101

Jacobs

Entertainment,

Inc.

56,000

6.750%, 

2/15/2029

a

54,600

K

Hovnanian

Enterprises,

Inc.

34,000

11.750%, 

9/30/2029

a

36,815

KB

Home

55,000

4.800%, 

11/15/2029

53,747

L

Brands,

Inc.

53,000

6.625%, 

10/1/2030

a

54,250

35,000

6.875%, 

11/1/2035

36,014

Las

Vegas

Sands

Corporation

24,000

5.900%, 

6/1/2027

24,400

34,000

5.625%, 

6/15/2028

34,541

Lennar

Corporation

67,000

5.200%, 

7/30/2030

68,256

Life

Time,

Inc.

35,000

6.000%, 

11/15/2031

a

35,258

Light

&

Wonder

International,

Inc.

17,000

7.250%, 

11/15/2029

a

17,457

Lithia

Motors,

Inc.

29,000

4.625%, 

12/15/2027

a

28,550

Live

Nation

Entertainment,

Inc.

30,000

4.750%, 

10/15/2027

a

29,536

Live

Nation

Entertainment,

Inc.,

Convertible

105,000

3.125%, 

1/15/2029

157,742

114,000

2.875%, 

1/15/2030

a

122,322

Lowe's

Companies,

Inc.

93,000

4.500%, 

4/15/2030

93,231

Macy's

Retail

Holdings,

LLC

27,000

6.125%, 

3/15/2032

a,e

25,852

13,000

7.375%, 

8/1/2033

a

13,050

Marriott

International,

Inc./MD

42,000

4.900%, 

4/15/2029

42,524

55,000

5.100%, 

4/15/2032

55,646

Marriott

Vacations

Worldwide

Corporation,

Convertible

67,000

Zero

Coupon, 

1/15/2026

64,910

107,000

3.250%, 

12/15/2027

100,741

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Cyclical  2.0%

-

continued

Match

Group

Holdings

II,

LLC

$

26,000

4.125%, 

8/1/2030

a

$

24,248

Mattamy

Group

Corporation

51,000

5.250%, 

12/15/2027

a

50,634

McDonald's

Corporation

39,000

4.950%, 

8/14/2033

39,581

Melco

Resorts

Finance,

Ltd.

75,000

5.375%, 

12/4/2029

a

71,518

70,000

7.625%, 

4/17/2032

a

71,948

Meritage

Homes

Corporation

72,000

5.650%, 

3/15/2035

71,716

Meritage

Homes

Corporation,

Convertible

63,000

1.750%, 

5/15/2028

62,290

MGM

Resorts

International

49,000

6.125%, 

9/15/2029

49,672

Michaels

Companies,

Inc.

18,000

5.250%, 

5/1/2028

a

14,274

Muvico,

LLC

21,000

9.000%,PIK

6.000%,

2/19/2029

a,h

22,624

NCL

Corporation,

Ltd.

5,000

5.875%, 

3/15/2026

a,e

5,009

73,000

5.875%, 

2/15/2027

a

73,216

73,000

6.750%, 

2/1/2032

a

74,980

New

Home

Company,

Inc.

26,000

8.500%, 

11/1/2030

a

26,545

Nissan

Motor

Company,

Ltd.

78,000

7.500%, 

7/17/2030

a

80,472

63,000

4.810%, 

9/17/2030

a

57,900

Phinia,

Inc.

36,000

6.625%, 

10/15/2032

a

36,673

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,434

47,000

9.750%, 

4/15/2029

a

51,461

24,000

8.125%, 

12/15/2029

a,b,i

23,816

Raven

Acquisition

Holdings,

LLC

49,000

6.875%, 

11/15/2031

a

49,491

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

28,000

4.625%, 

4/16/2029

a

24,904

S&S

Holdings,

LLC

82,000

8.375%, 

10/1/2031

a

78,564

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

20,000

6.625%, 

3/1/2030

a

19,267

SeaWorld

Parks

and

Entertainment,

Inc.

65,000

5.250%, 

8/15/2029

a,e

63,268

Service

Corporation

International/

US

27,000

3.375%, 

8/15/2030

24,604

38,000

5.750%, 

10/15/2032

38,090

Six

Flags

Entertainment

Corporation

14,000

7.250%, 

5/15/2031

a,e

14,268

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

14,000

5.375%, 

4/15/2027

13,982

65,000

5.250%, 

7/15/2029

63,162

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Cyclical  2.0%

-

continued

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

$

14,000

6.625%, 

5/1/2032

a

$

14,256

Sonic

Automotive,

Inc.

53,000

4.875%, 

11/15/2031

a

49,952

Staples,

Inc.

28,000

10.750%, 

9/1/2029

a

26,255

Station

Casinos,

LLC

47,000

4.625%, 

12/1/2031

a

43,984

Tenneco,

Inc.

52,000

8.000%, 

11/17/2028

a

51,612

Toyota

Motor

Credit

Corporation

73,000

4.800%, 

5/15/2030

74,047

39,000

5.550%, 

11/20/2030

40,902

39,000

4.800%, 

1/5/2034

38,930

Tractor

Supply

Company

40,000

5.250%, 

5/15/2033

40,615

Uber

Technologies,

Inc.

51,000

5.350%, 

9/15/2054

47,642

60,000

4.800%, 

9/15/2034

58,934

Uber

Technologies,

Inc.,

Convertible

69,000

Zero

Coupon, 

12/15/2025

78,212

62,000

Zero

Coupon, 

5/15/2028

a

68,971

99,000

0.875%, 

12/1/2028

135,086

Vail

Resorts,

Inc.

19,000

5.625%, 

7/15/2030

a

19,105

Vail

Resorts,

Inc.,

Convertible

83,000

Zero

Coupon, 

1/1/2026

81,091

VICI

Properties,

LP/VICI

Note

Company,

Inc.

140,000

5.750%, 

2/1/2027

a

141,490

Victoria's

Secret

&

Company

73,000

4.625%, 

7/15/2029

a,e

67,935

Victra

Holdings,

LLC/Victra

Finance

Corporation

34,000

8.750%, 

9/15/2029

a,e

35,633

Viking

Cruises,

Ltd.

100,000

5.875%, 

9/15/2027

a

99,935

Walgreens

Boots

Alliance,

Inc.

17,000

4.100%, 

4/15/2050

14,556

60,000

3.200%, 

4/15/2030

58,238

Walmart,

Inc.

50,000

4.900%, 

4/28/2035

50,328

Wayfair,

LLC

17,000

7.250%, 

10/31/2029

a

17,297

15,000

7.750%, 

9/15/2030

a

15,373

Wyndham

Hotels

&

Resorts,

Inc.

47,000

4.375%, 

8/15/2028

a

45,610

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

65,000

7.125%, 

2/15/2031

a

69,135

Yum!

Brands,

Inc.

74,000

4.750%, 

1/15/2030

a

72,936

ZF

North

America

Capital,

Inc.

47,000

7.125%, 

4/14/2030

a

45,557

25,000

6.750%, 

4/23/2030

a

23,790

Total

8,422,353

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Non-Cyclical  2.1%

1261229

B.C.,

Ltd.

$

49,000

10.000%, 

4/15/2032

a

$

49,886

AbbVie,

Inc.

98,000

5.500%, 

3/15/2064

94,340

112,000

4.500%, 

5/14/2035

107,609

59,000

5.350%, 

3/15/2044

57,633

Acadia

Healthcare

Company,

Inc.

37,000

5.000%, 

4/15/2029

a

35,753

31,000

7.375%, 

3/15/2033

a,e

31,918

AdaptHealth,

LLC

106,000

4.625%, 

8/1/2029

a

99,327

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

38,000

4.625%, 

1/15/2027

a

37,692

91,000

3.500%, 

3/15/2029

a

85,818

11,000

6.250%, 

3/15/2033

a

11,212

Altria

Group,

Inc.

39,000

6.200%, 

11/1/2028

40,887

Amgen,

Inc.

57,000

5.150%, 

3/2/2028

58,045

Amneal

Pharmaceuticals,

LLC

13,000

6.875%, 

8/1/2032

a,g

13,195

Anheuser-Busch

InBev

Worldwide,

Inc.

117,000

5.000%, 

6/15/2034

118,653

185,000

5.450%, 

1/23/2039

187,336

AstraZeneca

Finance,

LLC

58,000

5.000%, 

2/26/2034

58,781

BAT

Capital

Corporation

74,000

6.250%, 

8/15/2055

74,760

44,000

6.343%, 

8/2/2030

47,170

40,000

7.750%, 

10/19/2032

46,098

Bausch

+

Lomb

Corporation

16,000

8.375%, 

10/1/2028

a

16,682

Becton,

Dickinson

and

Company

44,000

4.693%, 

2/13/2028

44,346

56,000

2.823%, 

5/20/2030

51,746

BellRing

Brands,

Inc.

21,000

7.000%, 

3/15/2030

a

21,786

BioMarin

Pharmaceutical,

Inc.,

Convertible

107,000

1.250%, 

5/15/2027

100,957

Bio-Rad

Laboratories,

Inc.

62,000

3.300%, 

3/15/2027

60,711

Bristol-Myers

Squibb

Company

78,000

5.550%, 

2/22/2054

75,446

39,000

5.750%, 

2/1/2031

41,375

19,000

5.900%, 

11/15/2033

20,309

Bunge,

Ltd.

Finance

Corporation

80,000

3.200%, 

4/21/2031

a

73,545

21,000

4.650%, 

9/17/2034

20,270

Cargill,

Inc.

84,000

2.125%, 

11/10/2031

a

72,562

128,000

5.125%, 

2/11/2035

a

128,786

Cencora,

Inc.

44,000

5.150%, 

2/15/2035

44,114

Central

Garden

&

Pet

Company

33,000

4.125%, 

10/15/2030

e

31,012

Champ

Acquisition

Corporation

46,000

8.375%, 

12/1/2031

a

48,665

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Chefs'

Warehouse,

Inc.,

Convertible

$

111,000

2.375%, 

12/15/2028

$

181,041

CHS/Community

Health

Systems,

Inc.

63,000

5.625%, 

3/15/2027

a

63,099

26,000

6.000%, 

1/15/2029

a

24,714

26,000

6.875%, 

4/15/2029

a

20,215

29,000

4.750%, 

2/15/2031

a

24,265

40,000

10.875%, 

1/15/2032

a

41,935

53,000

9.750%, 

1/15/2034

a,g

53,339

Cigna

Group

39,000

5.600%, 

2/15/2054

36,825

49,000

2.400%, 

3/15/2030

44,616

Coca-Cola

Company

39,000

5.300%, 

5/13/2054

37,767

Conagra

Brands,

Inc.

104,000

5.750%, 

8/1/2035

104,246

Concentra

Health

Services,

Inc.

24,000

6.875%, 

7/15/2032

a

24,660

Constellation

Brands,

Inc.

39,000

4.800%, 

1/15/2029

39,299

75,000

3.150%, 

8/1/2029

71,164

27,000

4.900%, 

5/1/2033

26,761

CVS

Health

Corporation

53,000

7.000%, 

3/10/2055

b

54,529

78,000

6.050%, 

6/1/2054

76,237

87,000

6.750%, 

12/10/2054

b

87,072

43,000

5.000%, 

2/20/2026

43,037

30,000

4.300%, 

3/25/2028

29,799

117,000

4.780%, 

3/25/2038

106,913

125,000

6.000%, 

6/1/2044

123,116

DaVita,

Inc.

41,000

3.750%, 

2/15/2031

a

37,181

43,000

6.875%, 

9/1/2032

a

44,210

26,000

6.750%, 

7/15/2033

a

26,814

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

a

49,624

Eli

Lilly

&

Company

78,000

5.000%, 

2/9/2054

72,002

28,000

5.500%, 

2/12/2055

27,868

80,000

4.700%, 

2/27/2033

80,382

Embecta

Corporation

21,000

6.750%, 

2/15/2030

a,e

20,068

Encompass

Health

Corporation

38,000

4.500%, 

2/1/2028

37,363

Endo

Finance

Holdings,

Inc.

27,000

8.500%, 

4/15/2031

a,e

28,723

Energizer

Holdings,

Inc.

40,000

4.750%, 

6/15/2028

a

38,859

24,000

4.375%, 

3/31/2029

a

22,753

Envista

Holdings

Corporation,

Convertible

38,000

1.750%, 

8/15/2028

35,197

Fortrea

Holdings,

Inc.

10,000

7.500%, 

7/1/2030

a,e

9,143

General

Mills,

Inc.

16,000

4.950%, 

3/29/2033

15,958

Gilead

Sciences,

Inc.

44,000

5.250%, 

10/15/2033

45,340

Grifols

SA

54,000

4.750%, 

10/15/2028

a

52,019

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Non-Cyclical  2.1%

-

continued

HCA,

Inc.

$

35,000

5.950%, 

9/15/2054

$

33,762

80,000

5.250%, 

3/1/2030

81,721

80,000

5.750%, 

3/1/2035

81,927

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

38,000

7.875%, 

9/1/2025

a,e

38,095

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

12,000

12.250%, 

4/15/2029

a

13,004

28,000

4.875%, 

6/1/2029

a

23,334

Insulet

Corporation

16,000

6.500%, 

4/1/2033

a

16,447

Integer

Holdings

Corporation,

Convertible

41,000

2.125%, 

2/15/2028

55,494

197,000

1.875%, 

3/15/2030

a

192,666

IQVIA,

Inc.

52,000

6.250%, 

6/1/2032

a

53,324

Jazz

Investments

I,

Ltd.,

Convertible

110,000

2.000%, 

6/15/2026

112,640

135,000

3.125%, 

9/15/2030

a

148,838

Jazz

Securities

DAC

32,000

4.375%, 

1/15/2029

a

30,956

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

47,000

3.625%, 

1/15/2032

42,984

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

90,000

6.375%, 

4/15/2066

a

88,705

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

75,000

5.950%, 

4/20/2035

a

77,388

Johnson

&

Johnson

78,000

5.250%, 

6/1/2054

76,896

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

49,000

9.000%, 

2/15/2029

a

51,137

Kenvue,

Inc.

110,000

4.850%, 

5/22/2032

110,832

Keurig

Dr

Pepper,

Inc.

69,000

3.200%, 

5/1/2030

64,789

76,000

5.300%, 

3/15/2034

77,681

Kraft

Heinz

Foods

Company

41,000

6.750%, 

3/15/2032

44,586

82,000

5.400%, 

3/15/2035

81,683

Kroger

Company

37,000

4.500%, 

1/15/2029

37,219

Lamb

Weston

Holdings,

Inc.

26,000

4.375%, 

1/31/2032

a

24,293

LCI

Industries,

Convertible

109,000

3.000%, 

3/1/2030

a,e

112,406

LifePoint

Health,

Inc.

27,000

9.875%, 

8/15/2030

a

29,100

33,000

11.000%, 

10/15/2030

a

36,270

19,000

10.000%, 

6/1/2032

a

19,725

Mars,

Inc.

12,000

5.650%, 

5/1/2045

a

11,918

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Mattel,

Inc.

$

122,000

3.375%, 

4/1/2026

a

$

120,353

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

29,000

6.250%, 

4/1/2029

a

29,570

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

40,452

Mozart

Debt

Merger

Sub,

Inc.

92,000

3.875%, 

4/1/2029

a

87,738

56,000

5.250%, 

10/1/2029

a

54,906

Newell

Brands,

Inc.

28,000

6.375%, 

9/15/2027

28,219

28,000

6.625%, 

9/15/2029

27,876

15,000

6.375%, 

5/15/2030

14,536

Novartis

Capital

Corporation

91,000

4.700%, 

9/18/2054

80,637

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

90,000

5.125%, 

4/30/2031

a

77,860

Owens

&

Minor,

Inc.

26,000

6.625%, 

4/1/2030

a,e

23,413

PepsiCo,

Inc.

74,000

5.250%, 

7/17/2054

71,186

Performance

Food

Group,

Inc.

41,000

4.250%, 

8/1/2029

a

39,419

49,000

6.125%, 

9/15/2032

a

49,759

Perrigo

Finance

Unlimited

Company

46,000

4.900%, 

6/15/2030

44,854

22,000

6.125%, 

9/30/2032

22,230

Philip

Morris

International,

Inc.

80,000

4.875%, 

2/15/2028

80,991

40,000

5.625%, 

11/17/2029

41,741

39,000

5.125%, 

2/13/2031

39,826

40,000

5.750%, 

11/17/2032

41,984

59,000

5.250%, 

2/13/2034

59,735

34,000

4.900%, 

11/1/2034

33,552

Post

Holdings,

Inc.

41,000

4.625%, 

4/15/2030

a

39,163

51,000

4.500%, 

9/15/2031

a

47,140

33,000

6.250%, 

10/15/2034

a

33,041

Post

Holdings,

Inc.,

Convertible

219,000

2.500%, 

8/15/2027

247,185

Prime

Healthcare

Services,

Inc.

87,000

9.375%, 

9/1/2029

a

86,456

Radiology

Partners,

Inc.

53,000

8.500%, 

7/15/2032

a

53,552

Roche

Holdings,

Inc.

57,000

5.218%, 

3/8/2054

a

54,717

59,000

2.076%, 

12/13/2031

a

50,992

Royalty

Pharma

plc

87,000

1.200%, 

9/2/2025

86,701

53,000

5.150%, 

9/2/2029

53,974

Select

Medical

Corporation

25,000

6.250%, 

12/1/2032

a,e

24,935

Simmons

Foods,

Inc.

71,000

4.625%, 

3/1/2029

a

67,189

Sotera

Health

Holdings,

LLC

29,000

7.375%, 

6/1/2031

a

30,000

Spectrum

Brands,

Inc.

6,000

3.875%, 

3/15/2031

a

4,787

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Spectrum

Brands,

Inc.,

Convertible

$

124,000

3.375%, 

6/1/2029

$

112,034

Star

Parent,

Inc.

26,000

9.000%, 

10/1/2030

a

27,342

Stryker

Corporation

53,000

5.200%, 

2/10/2035

53,824

Sysco

Corporation

37,000

5.950%, 

4/1/2030

38,994

Takeda

Pharmaceutical

Company,

Ltd.

102,000

5.650%, 

7/5/2054

98,855

87,000

5.000%, 

11/26/2028

88,243

Tenet

Healthcare

Corporation

142,000

5.125%, 

11/1/2027

141,425

40,000

4.375%, 

1/15/2030

38,458

67,000

6.750%, 

5/15/2031

68,940

Unilever

Capital

Corporation

50,000

5.000%, 

12/8/2033

51,062

US

Acute

Care

Solutions,

LLC

52,000

9.750%, 

5/15/2029

a

53,129

Whirlpool

Corporation

23,000

6.500%, 

6/15/2033

22,664

Winnebago

Industries,

Inc.,

Convertible

130,000

3.250%, 

1/15/2030

e

112,775

Wyeth,

LLC

98,000

6.500%, 

2/1/2034

108,831

Zoetis,

Inc.

63,000

5.600%, 

11/16/2032

66,304

Total

9,009,947

Energy  1.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

12,000

7.500%, 

10/1/2029

a

12,573

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

56,000

5.375%, 

6/15/2029

a

55,529

APA

Corporation

59,000

4.375%, 

10/15/2028

a

56,695

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

30,000

6.250%, 

4/1/2028

a

29,998

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

28,000

5.875%, 

6/30/2029

a

27,900

26,000

6.625%, 

7/15/2033

a

26,360

Baytex

Energy

Corporation

38,000

8.500%, 

4/30/2030

a

38,670

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

45,000

7.000%, 

7/15/2029

a

46,665

BP

Capital

Markets

America,

Inc.

55,000

4.812%, 

2/13/2033

54,825

50,000

5.227%, 

11/17/2034

50,593

BP

Capital

Markets

plc

50,000

4.875%, 

3/22/2030

b,i

49,185

55,000

6.450%, 

12/1/2033

b,i

56,954

Buckeye

Partners,

LP

38,000

4.500%, 

3/1/2028

a

37,094

31,000

6.875%, 

7/1/2029

a

31,911

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Energy  1.5%

-

continued

California

Resources

Corporation

$

34,000

8.250%, 

6/15/2029

a

$

34,926

Cheniere

Energy

Partners,

LP

38,000

4.500%, 

10/1/2029

37,588

39,000

3.250%, 

1/31/2032

35,059

62,000

5.950%, 

6/30/2033

64,717

Cheniere

Energy,

Inc.

34,000

5.650%, 

4/15/2034

34,585

Civitas

Resources,

Inc.

17,000

8.375%, 

7/1/2028

a

17,482

76,000

8.750%, 

7/1/2031

a

76,938

39,000

9.625%, 

6/15/2033

a

40,115

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

a

32,982

CNX

Resources

Corporation,

Convertible

78,000

2.250%, 

5/1/2026

184,197

Columbia

Pipelines

Holding

Company,

LLC

42,000

6.055%, 

8/15/2026

a

42,446

79,000

6.042%, 

8/15/2028

a

82,108

Comstock

Resources,

Inc.

35,000

6.750%, 

3/1/2029

a

34,380

63,000

5.875%, 

1/15/2030

a

59,471

ConocoPhillips

Company

78,000

4.850%, 

1/15/2032

78,525

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

49,000

5.500%, 

6/15/2031

a

47,869

Crescent

Energy

Finance,

LLC

63,000

7.625%, 

4/1/2032

a

61,564

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

61,000

8.625%, 

3/15/2029

a

63,483

27,000

7.375%, 

6/30/2033

a

26,690

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

a

22,929

Diamondback

Energy,

Inc.

92,000

5.750%, 

4/18/2054

85,449

Eastern

Energy

Gas

Holdings,

LLC

108,000

5.800%, 

1/15/2035

112,020

Enbridge,

Inc.

55,000

7.375%, 

1/15/2083

b

56,640

52,000

7.625%, 

1/15/2083

b

55,195

59,000

5.950%, 

4/5/2054

58,442

20,000

5.700%, 

3/8/2033

20,717

Enerflex,

Ltd.

19,000

9.000%, 

10/15/2027

a

19,566

Energy

Transfer,

LP

40,000

5.950%, 

5/15/2054

37,809

100,000

8.000%, 

5/15/2054

b

106,528

39,000

6.050%, 

9/1/2054

37,422

39,000

4.400%, 

3/15/2027

38,872

17,000

7.125%, 

5/15/2030

b,i

17,405

40,000

6.400%, 

12/1/2030

42,924

Enterprise

Products

Operating,

LLC

51,000

5.550%, 

2/16/2055

48,811

Excelerate

Energy,

LP

21,000

8.000%, 

5/15/2030

a

21,984

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

45,000

8.875%, 

4/15/2030

47,636

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Energy  1.5%

-

continued

$

68,000

7.875%, 

5/15/2032

$

70,326

Harvest

Midstream

I,

LP

66,000

7.500%, 

9/1/2028

a

66,803

Hess

Midstream

Operations,

LP

61,000

4.250%, 

2/15/2030

a

59,023

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

63,000

5.750%, 

2/1/2029

a

61,884

27,000

6.000%, 

4/15/2030

a

26,550

53,000

6.250%, 

4/15/2032

a

50,879

Howard

Midstream

Energy

Partners,

LLC

70,000

7.375%, 

7/15/2032

a

72,374

ITT

Holdings,

LLC

71,000

6.500%, 

8/1/2029

a

67,628

Kinder

Morgan,

Inc.

72,000

5.950%, 

8/1/2054

70,229

Kodiak

Gas

Services,

LLC

33,000

7.250%, 

2/15/2029

a

33,797

MEG

Energy

Corporation

27,000

5.875%, 

2/1/2029

a

27,003

MPLX,

LP

94,000

1.750%, 

3/1/2026

92,416

19,000

5.000%, 

3/1/2033

18,711

55,000

5.500%, 

6/1/2034

55,057

Nabors

Industries,

Inc.

27,000

7.375%, 

5/15/2027

a

27,250

62,000

9.125%, 

1/31/2030

a

61,364

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

22,000

8.125%, 

2/15/2029

a

21,771

63,000

8.375%, 

2/15/2032

a

61,627

Noble

Finance

II,

LLC

27,000

8.000%, 

4/15/2030

a

27,539

Northern

Oil

and

Gas,

Inc.

38,000

8.750%, 

6/15/2031

a

39,041

Northern

Oil

and

Gas,

Inc.,

Convertible

187,000

3.625%, 

4/15/2029

193,826

NuStar

Logistics,

LP

54,000

6.375%, 

10/1/2030

55,631

Occidental

Petroleum

Corporation

25,000

5.000%, 

8/1/2027

25,180

78,000

8.875%, 

7/15/2030

88,899

ONEOK,

Inc.

74,000

5.700%, 

11/1/2054

67,957

39,000

5.650%, 

11/1/2028

40,232

50,000

4.750%, 

10/15/2031

49,528

Ovintiv,

Inc.

65,000

7.200%, 

11/1/2031

70,692

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

43,000

6.000%, 

2/15/2028

41,381

13,000

7.875%, 

9/15/2030

a

11,856

Permian

Resources

Operating,

LLC

59,000

6.250%, 

2/1/2033

a

59,351

Permian

Resources

Operating,

LLC,

Convertible

35,000

3.250%, 

4/1/2028

87,690

Pioneer

Natural

Resources

Company

56,000

1.900%, 

8/15/2030

49,592

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Energy  1.5%

-

continued

Prairie

Acquiror,

LP

$

45,000

9.000%, 

8/1/2029

a

$

46,611

Precision

Drilling

Corporation

29,000

6.875%, 

1/15/2029

a

28,981

Range

Resources

Corporation

45,000

4.750%, 

2/15/2030

a

43,743

Rockies

Express

Pipeline,

LLC

69,000

4.950%, 

7/15/2029

a

67,652

Saturn

Oil

&

Gas,

Inc.

15,000

9.625%, 

6/15/2029

a,e

14,853

Schlumberger

Holdings

Corporation

24,000

4.300%, 

5/1/2029

a

23,900

SM

Energy

Company

30,000

6.500%, 

7/15/2028

30,186

19,000

7.000%, 

8/1/2032

a

18,814

South

Bow

USA

Infrastructure

Holdings,

LLC

20,000

5.584%, 

10/1/2034

a

19,742

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

27,000

5.875%, 

3/1/2027

26,907

Sunoco,

LP

82,000

7.000%, 

5/1/2029

a

84,876

Sunoco,

LP/Sunoco

Finance

Corporation

44,000

5.875%, 

3/15/2028

43,880

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

76,000

5.500%, 

1/15/2028

a

75,318

41,000

7.375%, 

2/15/2029

a

42,067

Talos

Production,

Inc.

14,000

9.000%, 

2/1/2029

a

14,349

Targa

Resources

Corporation

54,000

6.125%, 

5/15/2055

52,757

Targa

Resources

Partners,

LP

102,000

4.875%, 

2/1/2031

100,827

TGNR

Intermediate

Holdings,

LLC

59,000

5.500%, 

10/15/2029

a

57,473

Tidewater,

Inc.

13,000

9.125%, 

7/15/2030

a

13,634

TotalEnergies

Capital

SA

117,000

5.488%, 

4/5/2054

112,090

TransCanada

Trust

100,000

5.875%, 

8/15/2076

b

99,792

Transocean

Titan

Financing,

Ltd.

48,857

8.375%, 

2/1/2028

a

50,071

Transocean,

Inc.

71,200

8.750%, 

2/15/2030

a

73,818

UGI

Corporation,

Convertible

53,000

5.000%, 

6/1/2028

72,446

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

47,000

7.125%, 

3/15/2029

a

48,046

Valaris,

Ltd.

56,000

8.375%, 

4/30/2030

a

57,842

Venture

Global

LNG,

Inc.

101,000

8.125%, 

6/1/2028

a

104,567

44,000

9.000%, 

9/30/2029

a,b,i

44,011

129,000

8.375%, 

6/1/2031

a

133,432

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Energy  1.5%

-

continued

$

48,000

9.875%, 

2/1/2032

a

$

51,789

Venture

Global

Plaquemines

LNG,

LLC

37,000

6.500%, 

1/15/2034

a

38,064

26,000

7.750%, 

5/1/2035

a

28,508

70,000

6.750%, 

1/15/2036

a

72,009

Vital

Energy,

Inc.

37,000

7.750%, 

7/31/2029

a

33,666

26,000

7.875%, 

4/15/2032

a,e

22,821

Williams

Companies,

Inc.

69,000

4.900%, 

3/15/2029

69,768

37,000

2.600%, 

3/15/2031

33,061

35,000

5.600%, 

3/15/2035

35,774

Total

6,301,658

Financials  5.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

19,000

4.250%, 

2/15/2029

a

18,140

12,000

7.500%, 

11/6/2030

a

12,397

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

41,848

103,000

3.000%, 

10/29/2028

98,023

Agree,

LP

38,000

5.625%, 

6/15/2034

38,823

Air

Lease

Corporation

77,000

4.650%, 

6/15/2026

b,i

76,062

46,000

3.125%, 

12/1/2030

42,432

Aircastle,

Ltd.

50,000

5.250%, 

6/15/2026

a,b,i

49,654

46,000

2.850%, 

1/26/2028

a

43,897

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

27,000

4.250%, 

10/15/2027

a

26,433

55,000

6.750%, 

4/15/2028

a

55,744

40,000

7.000%, 

1/15/2031

a

41,131

Ally

Financial,

Inc.

86,000

4.700%, 

5/15/2026

b,i

83,483

112,000

8.000%, 

11/1/2031

126,529

42,000

6.700%, 

2/14/2033

43,616

American

Express

Company

50,000

3.550%, 

9/15/2026

b,i

48,869

American

Homes

4

Rent,

LP

48,000

4.950%, 

6/15/2030

48,313

American

International

Group,

Inc.

79,000

5.125%, 

3/27/2033

79,968

Americold

Realty

Operating

Partnership,

LP

75,000

5.600%, 

5/15/2032

75,066

Ameriprise

Financial,

Inc.

86,000

5.200%, 

4/15/2035

86,192

AmWINS

Group,

Inc.

22,000

6.375%, 

2/15/2029

a

22,403

66,000

4.875%, 

6/30/2029

a

64,105

Aon

North

America,

Inc.

78,000

5.750%, 

3/1/2054

75,980

Apollo

Debt

Solutions

BDC

60,000

6.700%, 

7/29/2031

62,480

Ares

Capital

Corporation

100,000

2.150%, 

7/15/2026

97,620

47,000

5.875%, 

3/1/2029

47,999

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

Ares

Strategic

Income

Fund

$

138,000

5.450%, 

9/9/2028

a

$

137,772

39,000

5.600%, 

2/15/2030

38,860

Arthur

J.

Gallagher

&

Company

59,000

5.750%, 

7/15/2054

57,077

Assurant,

Inc.

62,000

6.100%, 

2/27/2026

62,220

Aviation

Capital

Group,

LLC

42,000

4.875%, 

10/1/2025

a

41,932

Avolon

Holdings

Funding,

Ltd.

79,000

5.750%, 

3/1/2029

a

81,075

93,000

5.375%, 

5/30/2030

a

94,623

Azorra

Finance,

Ltd.

63,000

7.750%, 

4/15/2030

a

65,616

Banco

Santander

SA

22,000

4.750%, 

11/12/2026

b,i

21,517

Bank

of

America

Corporation

70,000

6.125%, 

4/27/2027

b,i

70,607

60,000

1.734%, 

7/22/2027

b

58,351

80,000

4.376%, 

4/27/2028

b

79,832

112,000

3.593%, 

7/21/2028

b

110,162

32,000

4.948%, 

7/22/2028

b

32,284

70,000

5.819%, 

9/15/2029

b

72,723

180,000

3.974%, 

2/7/2030

b

177,063

91,000

5.162%, 

1/24/2031

b

93,101

135,000

2.687%, 

4/22/2032

b

121,052

59,000

2.572%, 

10/20/2032

b

51,997

82,000

2.972%, 

2/4/2033

b

73,409

59,000

5.468%, 

1/23/2035

b

60,549

149,000

5.425%, 

8/15/2035

b

149,269

40,000

3.846%, 

3/8/2037

b

36,664

Bank

of

Montreal

40,000

3.088%, 

1/10/2037

b

34,831

Bank

of

New

York

Mellon

Corporation

39,000

6.317%, 

10/25/2029

b

41,195

67,000

4.596%, 

7/26/2030

b

67,424

39,000

6.474%, 

10/25/2034

b

42,961

Barclays

plc

45,000

6.125%, 

12/15/2025

b,i

45,056

85,000

5.501%, 

8/9/2028

b

86,462

57,000

4.972%, 

5/16/2029

b

57,531

50,000

6.224%, 

5/9/2034

b

53,161

40,000

7.119%, 

6/27/2034

b

43,814

BlackRock

Funding,

Inc.

39,000

5.250%, 

3/14/2054

37,086

Blackstone

Mortgage

Trust,

Inc.,

Convertible

13,000

5.500%, 

3/15/2027

12,727

Blackstone

Private

Credit

Fund

50,000

5.600%, 

11/22/2029

50,373

Blue

Owl

Credit

Income

Corporation

61,000

4.700%, 

2/8/2027

60,533

Blue

Owl

Technology

Finance

Corporation

19,000

4.750%, 

12/15/2025

a,e

18,927

123,000

6.100%, 

3/15/2028

a

123,711

20,000

6.750%, 

4/4/2029

20,482

BNP

Paribas

SA

57,000

3.132%, 

1/20/2033

a,b

50,972

38,000

7.450%, 

6/27/2035

a,b,i

38,713

Brixmor

Operating

Partnership,

LP

78,000

2.250%, 

4/1/2028

73,570

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

Brookfield

Finance,

Inc.

$

59,000

5.813%, 

3/3/2055

$

58,190

Brown

&

Brown,

Inc.

27,000

6.250%, 

6/23/2055

27,665

23,000

5.550%, 

6/23/2035

23,251

Burford

Capital

Global

Finance,

LLC

64,000

9.250%, 

7/1/2031

a

67,678

27,000

7.500%, 

7/15/2033

a

27,176

Capital

One

Financial

Corporation

30,000

3.950%, 

9/1/2026

b,e,i

29,269

62,000

3.273%, 

3/1/2030

b

59,229

20,000

6.700%, 

11/29/2032

21,859

Capital

One

NA

75,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

76,645

Capital

Southwest

Corporation,

Convertible

7,000

5.125%, 

11/15/2029

7,013

Charles

Schwab

Corporation

83,000

0.900%, 

3/11/2026

81,190

94,000

4.000%, 

6/1/2026

b,i

92,661

39,000

6.136%, 

8/24/2034

b

42,087

CHL

Mortgage

Pass-Through

Trust

20,243

6.315%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

19,804

153,452

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

65,087

Citadel,

LP

60,000

6.375%, 

1/23/2032

a

62,273

Citigroup,

Inc.

47,000

4.000%, 

12/10/2025

b,i

46,686

95,000

3.875%, 

2/18/2026

b,i

93,883

132,000

1.122%, 

1/28/2027

b

129,657

145,000

1.462%, 

6/9/2027

b

141,084

81,000

3.070%, 

2/24/2028

b

79,089

26,000

7.375%, 

5/15/2028

b,i

27,010

54,000

7.625%, 

11/15/2028

b,i

56,332

150,000

4.075%, 

4/23/2029

b

148,270

34,000

7.125%, 

8/15/2029

b,i

34,774

32,000

6.950%, 

2/15/2030

b,i

32,259

79,000

6.875%, 

8/15/2030

b,i

79,672

110,000

4.952%, 

5/7/2031

b

111,045

39,000

6.174%, 

5/25/2034

b

40,785

45,000

7.000%, 

8/15/2034

b,i

46,753

69,000

6.020%, 

1/24/2036

b

70,713

Citizens

Financial

Group,

Inc.

55,000

4.000%, 

10/6/2026

b,i

53,459

32,000

5.718%, 

7/23/2032

b

33,015

CNA

Financial

Corporation

78,000

5.125%, 

2/15/2034

77,393

Coinbase

Global,

Inc.,

Convertible

99,000

0.500%, 

6/1/2026

e

118,275

115,000

0.250%, 

4/1/2030

158,359

Comerica,

Inc.

21,000

5.982%, 

1/30/2030

b

21,593

Commonwealth

Bank

of

Australia

45,000

2.688%, 

3/11/2031

a

40,099

Constellation

Insurance,

Inc.

17,000

6.800%, 

1/24/2030

a

16,767

COPT

Defense

Properties,

LP

78,000

2.250%, 

3/15/2026

76,639

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

COPT

Defense

Properties,

LP,

Convertible

$

25,000

5.250%, 

9/15/2028

a

$

27,944

Corebridge

Financial,

Inc.

63,000

6.375%, 

9/15/2054

b

62,899

39,000

6.875%, 

12/15/2052

b

40,056

41,000

6.050%, 

9/15/2033

43,121

47,000

5.750%, 

1/15/2034

48,780

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

197,998

5.197%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

163,128

Cousins

Properties,

LP

15,000

5.375%, 

2/15/2032

15,142

Credit

Acceptance

Corporation

34,000

9.250%, 

12/15/2028

a

35,958

Credit

Agricole

SA

37,000

3.250%, 

1/14/2030

a

34,367

Credit

Suisse

Group

AG

26,000

7.250%, 

N/A

*,j

1,755

36,000

7.500%, 

N/A

*,j

2,430

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,i

61,043

Deutsche

Bank

AG/New

York,

NY

127,000

2.129%, 

11/24/2026

b

125,922

66,000

2.311%, 

11/16/2027

b

64,047

61,000

3.742%, 

1/7/2033

b

55,074

Digital

Realty

Trust,

LP,

Convertible

78,000

1.875%, 

11/15/2029

a

82,220

Drawbridge

Special

Opportunities

Fund,

LP

76,000

3.875%, 

2/15/2026

a

74,881

Elevance

Health,

Inc.

78,000

5.650%, 

6/15/2054

73,854

123,000

2.550%, 

3/15/2031

109,735

Encore

Capital

Group,

Inc.

41,000

9.250%, 

4/1/2029

a

43,183

32,000

8.500%, 

5/15/2030

a

33,872

Encore

Capital

Group,

Inc.,

Convertible

62,000

4.000%, 

3/15/2029

57,181

ERP

Operating,

LP

79,000

4.950%, 

6/15/2032

79,645

Fairfax

Financial

Holdings,

Ltd.

59,000

6.350%, 

3/22/2054

59,482

Federal

Realty

OP,

LP,

Convertible

31,000

3.250%, 

1/15/2029

a

30,520

Fifth

Third

Bancorp

26,000

4.500%, 

9/30/2025

b,i

25,907

41,000

4.772%, 

7/28/2030

b

41,168

Fifth

Third

Bank

NA

101,000

3.850%, 

3/15/2026

100,460

FirstCash,

Inc.

69,000

5.625%, 

1/1/2030

a

68,286

Freedom

Mortgage

Corporation

22,000

7.625%, 

5/1/2026

a

22,095

Freedom

Mortgage

Holdings,

LLC

65,000

9.250%, 

2/1/2029

a

67,749

28,000

9.125%, 

5/15/2031

a

29,106

20,000

8.375%, 

4/1/2032

a

20,456

FS

KKR

Capital

Corporation

38,000

2.625%, 

1/15/2027

36,517

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

FTAI

Aviation

Investors,

LLC

$

29,000

5.500%, 

5/1/2028

a

$

28,930

24,000

7.000%, 

5/1/2031

a

24,901

40,000

7.000%, 

6/15/2032

a

41,424

GGAM

Finance,

Ltd.

22,000

7.750%, 

5/15/2026

a

22,147

28,000

8.000%, 

6/15/2028

a

29,618

66,000

5.875%, 

3/15/2030

a

65,920

Global

Aircraft

Leasing

Company,

Ltd.

72,000

8.750%, 

9/1/2027

a

74,350

Global

Net

Lease,

Inc.

18,000

4.500%, 

9/30/2028

a

17,314

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

46,000

3.750%, 

12/15/2027

a

43,843

goeasy,

Ltd.

44,000

9.250%, 

12/1/2028

a

46,573

15,000

7.625%, 

7/1/2029

a

15,446

Goldman

Sachs

BDC,

Inc.

35,000

6.375%, 

3/11/2027

35,679

Goldman

Sachs

Group,

Inc.

40,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

b,i

40,152

48,000

3.650%, 

8/10/2026

b,e,i

46,963

50,000

4.125%, 

11/10/2026

b,i

48,940

97,000

1.948%, 

10/21/2027

b

93,934

40,000

2.640%, 

2/24/2028

b

38,823

166,000

3.615%, 

3/15/2028

b

163,545

81,000

4.482%, 

8/23/2028

b

80,995

75,000

3.814%, 

4/23/2029

b

73,615

37,000

3.800%, 

3/15/2030

35,999

37,000

2.615%, 

4/22/2032

b

32,937

38,000

2.383%, 

7/21/2032

b

33,195

31,000

6.125%, 

11/10/2034

b,e,i

30,655

73,000

5.330%, 

7/23/2035

b

73,746

110,000

5.016%, 

10/23/2035

b

108,495

Hartford

Insurance

Group,

Inc.

37,000

2.800%, 

8/19/2029

34,710

23,000

6.713%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

21,388

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

25,000

3.750%, 

8/15/2028

a

28,438

Hercules

Capital,

Inc.,

Convertible

15,000

4.750%, 

9/1/2028

a

14,638

HSBC

Holdings

plc

105,000

4.583%, 

6/19/2029

b

104,867

25,000

6.875%, 

9/11/2029

b,i

25,766

45,000

2.804%, 

5/24/2032

b

40,083

HUB

International,

Ltd.

79,000

7.250%, 

6/15/2030

a

82,352

Huntington

Bancshares,

Inc./OH

31,000

4.450%, 

10/15/2027

b,i

30,451

93,000

5.709%, 

2/2/2035

b

95,137

61,000

6.141%, 

11/18/2039

b

62,356

Huntington

Bank

Auto

Credit-

Linked

Notes

246,384

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

247,967

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

17,000

6.250%, 

5/15/2026

16,890

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

$

86,000

5.250%, 

5/15/2027

$

83,786

ING

Groep

NV

76,000

1.726%, 

4/1/2027

b

74,516

Invitation

Homes

Operating

Partnership,

LP

65,000

2.000%, 

8/15/2031

55,176

Jane

Street

Group/JSG

Finance,

Inc.

45,000

4.500%, 

11/15/2029

a

43,100

15,000

7.125%, 

4/30/2031

a

15,492

25,000

6.125%, 

11/1/2032

a

24,804

61,000

6.750%, 

5/1/2033

a

62,426

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

23,000

5.000%, 

8/15/2028

a

22,180

37,000

6.625%, 

10/15/2031

a

36,812

Jefferson

Capital

Holdings,

LLC

22,000

6.000%, 

8/15/2026

a

21,939

55,000

9.500%, 

2/15/2029

a

58,040

18,000

8.250%, 

5/15/2030

a

18,780

JPMorgan

Chase

&

Company

55,000

3.650%, 

6/1/2026

b,i

54,087

162,000

1.045%, 

11/19/2026

b

160,224

112,000

4.005%, 

4/23/2029

b

110,757

38,000

2.069%, 

6/1/2029

b

35,608

31,000

6.500%, 

4/1/2030

b,i

31,778

149,000

4.493%, 

3/24/2031

b

148,481

40,000

2.963%, 

1/25/2033

b

35,938

42,000

4.912%, 

7/25/2033

b

42,253

40,000

5.717%, 

9/14/2033

b

41,681

37,000

5.350%, 

6/1/2034

b

37,955

35,000

6.254%, 

10/23/2034

b

37,981

20,000

5.336%, 

1/23/2035

b

20,448

69,000

5.766%, 

4/22/2035

b

72,366

42,000

5.502%, 

1/24/2036

b

43,090

65,000

5.534%, 

11/29/2045

b

65,021

KeyBank

NA/Cleveland,

OH

56,000

3.900%, 

4/13/2029

53,984

75,000

5.000%, 

1/26/2033

74,254

Kilroy

Realty,

LP

59,000

4.250%, 

8/15/2029

56,893

Kite

Realty

Group,

LP,

Convertible

5,000

0.750%, 

4/1/2027

a

5,122

Liberty

Mutual

Group,

Inc.

15,000

4.125%, 

12/15/2051

a,b

14,597

Lincoln

National

Corporation

13,000

6.944%, 

(TSFR3M

+

2.619%),

8/18/2025

b

11,278

Lloyds

Banking

Group

plc

127,000

1.627%, 

5/11/2027

b

124,026

LPL

Holdings,

Inc.

88,000

4.900%, 

4/3/2028

88,489

M&T

Bank

Corporation

82,000

3.500%, 

9/1/2026

b,i

78,807

Macquarie

Airfinance

Holdings,

Ltd.

15,000

6.400%, 

3/26/2029

a

15,594

40,000

5.150%, 

3/17/2030

a

39,966

Macquarie

Group,

Ltd.

76,000

1.629%, 

9/23/2027

a,b

73,417

Marsh

&

McLennan

Companies,

Inc.

41,000

2.375%, 

12/15/2031

35,825

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

MetLife,

Inc.

$

32,000

6.350%, 

3/15/2055

b

$

32,847

37,000

3.850%, 

9/15/2025

b,i

36,870

40,000

5.875%, 

3/15/2028

b,e,i

40,679

51,000

6.400%, 

12/15/2036

53,095

Metropolitan

Life

Global

Funding

I

71,000

2.950%, 

4/9/2030

a

66,373

Mid-America

Apartments,

LP

74,000

4.200%, 

6/15/2028

73,663

Mitsubishi

UFJ

Financial

Group,

Inc.

78,000

1.538%, 

7/20/2027

b

75,712

Mizuho

Financial

Group,

Inc.

99,000

1.554%, 

7/9/2027

b

96,213

82,000

2.564%, 

9/13/2031

71,480

40,000

5.748%, 

7/6/2034

b

41,699

Molina

Healthcare,

Inc.

16,000

4.375%, 

6/15/2028

a

15,313

29,000

6.250%, 

1/15/2033

a

28,612

Morgan

Stanley

49,000

5.516%, 

11/19/2055

b

48,001

126,000

0.985%, 

12/10/2026

b

124,323

76,000

1.593%, 

5/4/2027

b

74,285

80,000

1.512%, 

7/20/2027

b

77,619

27,000

5.123%, 

2/1/2029

b

27,397

238,000

3.622%, 

4/1/2031

b

227,967

40,000

2.943%, 

1/21/2033

b

35,745

41,000

4.889%, 

7/20/2033

b

41,019

40,000

5.250%, 

4/21/2034

b

40,647

14,000

5.424%, 

7/21/2034

b

14,338

32,000

5.831%, 

4/19/2035

b

33,544

32,000

5.587%, 

1/18/2036

b

32,843

85,000

2.484%, 

9/16/2036

b

72,453

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

33,000

8.500%, 

2/15/2032

a

34,300

Nasdaq,

Inc.

37,000

5.350%, 

6/28/2028

37,993

Nationstar

Mortgage

Holdings,

Inc.

14,000

5.500%, 

8/15/2028

a

13,981

44,000

5.125%, 

12/15/2030

a

43,916

13,000

7.125%, 

2/1/2032

a

13,575

NatWest

Group

plc

37,000

4.892%, 

5/18/2029

b

37,315

95,000

6.475%, 

6/1/2034

b

99,195

Navient

Corporation

16,000

5.000%, 

3/15/2027

15,824

Neuberger

Berman

CLO,

Ltd.

48,731

7.579%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

48,762

New

Mountain

Finance

Corporation,

Convertible

13,000

7.500%, 

10/15/2025

13,013

New

York

Life

Global

Funding

37,000

4.550%, 

1/28/2033

a

36,357

39,000

5.000%, 

1/9/2034

a

39,128

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

137,689

NNN

REIT,

Inc.

37,000

2.500%, 

4/15/2030

33,690

Nomura

Holdings,

Inc.

58,000

2.172%, 

7/14/2028

54,151

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

$

68,000

5.783%, 

7/3/2034

$

70,588

Northwestern

Mutual

Life

Insurance

Company

72,000

6.170%, 

5/29/2055

a

75,102

Omega

Healthcare

Investors,

Inc.

100,000

5.200%, 

7/1/2030

100,318

OneMain

Finance

Corporation

43,000

3.500%, 

1/15/2027

41,957

35,000

3.875%, 

9/15/2028

33,380

26,000

6.750%, 

3/15/2032

26,382

112,000

7.125%, 

9/15/2032

115,432

Osaic

Holdings,

Inc.

40,000

6.750%, 

8/1/2032

a,g

40,482

Panther

Escrow

Issuer,

LLC

44,000

7.125%, 

6/1/2031

a

45,500

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

78,000

4.875%, 

5/15/2029

a

75,032

Pebblebrook

Hotel

Trust,

Convertible

255,000

1.750%, 

12/15/2026

240,327

PennyMac

Financial

Services,

Inc.

13,000

7.125%, 

11/15/2030

a

13,400

39,000

6.875%, 

5/15/2032

a

39,735

27,000

6.875%, 

2/15/2033

a

27,519

Phoenix

Aviation

Capital,

Ltd.

42,000

9.250%, 

7/15/2030

a

44,008

PNC

Bank

NA

37,000

2.700%, 

10/22/2029

34,348

PNC

Financial

Services

Group,

Inc.

42,000

6.200%, 

9/15/2027

b,i

42,454

42,000

5.582%, 

6/12/2029

b

43,306

45,000

6.250%, 

3/15/2030

b,i

45,512

39,000

6.875%, 

10/20/2034

b

43,564

PRA

Group,

Inc.

42,000

8.375%, 

2/1/2028

a

42,964

Prologis

Targeted

US

Logistics

Fund,

LP

57,000

5.250%, 

4/1/2029

a

58,387

37,000

5.250%, 

1/15/2035

a

37,138

Prologis,

LP

47,000

5.250%, 

3/15/2054

43,875

Provident

Financing

Trust

I

36,000

7.405%, 

3/15/2038

38,360

Prudential

Financial,

Inc.

40,000

5.125%, 

3/1/2052

b

38,749

39,000

6.750%, 

3/1/2053

b

40,854

98,000

6.500%, 

3/15/2054

b

101,779

36,000

3.700%, 

10/1/2050

b

32,866

Realty

Income

Corporation

83,000

3.200%, 

1/15/2027

81,475

Regency

Centers,

LP

60,000

5.250%, 

1/15/2034

60,899

Reinsurance

Group

of

America,

Inc.

43,000

6.000%, 

9/15/2033

45,154

77,000

5.750%, 

9/15/2034

78,983

RenaissanceRe

Holdings,

Ltd.

95,000

5.800%, 

4/1/2035

97,637

Rexford

Industrial

Realty,

LP,

Convertible

36,000

4.375%, 

3/15/2027

a

35,586

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

$

59,000

4.125%, 

3/15/2029

a

$

57,732

RGA

Global

Funding

36,000

5.500%, 

1/11/2031

a

37,088

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

14,000

4.750%, 

10/15/2027

13,849

28,000

4.500%, 

2/15/2029

a

27,231

Rithm

Capital

Corporation

26,000

8.000%, 

7/15/2030

a

26,469

RLJ

Lodging

Trust,

LP

26,000

4.000%, 

9/15/2029

a

24,265

Rocket

Companies,

Inc.

40,000

6.375%, 

8/1/2033

a

40,799

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

23,000

3.625%, 

3/1/2029

a

21,727

42,000

3.875%, 

3/1/2031

a

38,742

19,000

4.000%, 

10/15/2033

a

16,810

Royal

Bank

of

Canada

50,000

6.750%, 

8/24/2085

b

50,550

Ryan

Specialty,

LLC

15,000

4.375%, 

2/1/2030

a

14,393

50,000

5.875%, 

8/1/2032

a

50,138

Santander

Holdings

USA,

Inc.

41,000

2.490%, 

1/6/2028

b

39,731

68,000

5.473%, 

3/20/2029

b

69,104

Santander

UK

Group

Holdings

plc

79,000

1.673%, 

6/14/2027

b

76,912

Service

Properties

Trust

25,000

5.500%, 

12/15/2027

24,655

18,000

8.625%, 

11/15/2031

a

19,169

Shift4

Payments,

Inc.,

Convertible

120,000

Zero

Coupon, 

12/15/2025

155,820

112,000

0.500%, 

8/1/2027

e

121,800

Simon

Property

Group,

LP

78,000

2.650%, 

7/15/2030

71,716

39,000

6.250%, 

1/15/2034

42,413

Sixth

Street

Lending

Partners

52,000

6.125%, 

7/15/2030

a

52,982

SLM

Corporation

7,000

6.500%, 

1/31/2030

7,271

Societe

Generale

SA

35,000

1.488%, 

12/14/2026

a,b

34,559

25,000

10.000%, 

11/14/2028

a,b,i

27,559

Standard

Chartered

plc

59,000

2.608%, 

1/12/2028

a,b

57,315

Starwood

Property

Trust,

Inc.

20,000

4.375%, 

1/15/2027

a

19,658

33,000

6.500%, 

10/15/2030

a

33,967

Starwood

Property

Trust,

Inc.,

Convertible

86,000

6.750%, 

7/15/2027

90,515

State

Street

Corporation

27,000

6.700%, 

3/15/2029

b,i

27,837

41,000

4.421%, 

5/13/2033

b

40,125

Stonex

Escrow

Issuer,

LLC

50,000

6.875%, 

7/15/2032

a

50,898

Sumitomo

Life

Insurance

Company

90,000

3.375%, 

4/15/2081

a,b,e

81,030

Sumitomo

Mitsui

Financial

Group,

Inc.

75,000

5.716%, 

9/14/2028

77,716

55,000

5.766%, 

1/13/2033

57,781

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Financials  5.0%

-

continued

Synchrony

Financial

$

28,000

5.935%, 

8/2/2030

b

$

28,778

28,000

7.250%, 

2/2/2033

29,425

Synovus

Bank

40,000

5.625%, 

2/15/2028

40,567

Toronto-Dominion

Bank

33,000

8.125%, 

10/31/2082

b

34,785

41,000

4.456%, 

6/8/2032

40,212

30,000

5.146%, 

9/10/2034

b

30,160

Travelers

Companies,

Inc.

38,000

5.050%, 

7/24/2035

38,093

Truist

Bank

36,000

2.250%, 

3/11/2030

32,373

Truist

Financial

Corporation

80,000

6.047%, 

6/8/2027

b

80,834

38,000

1.887%, 

6/7/2029

b

35,374

90,000

5.100%, 

3/1/2030

b,i

88,585

68,000

5.153%, 

8/5/2032

b

69,161

55,000

5.711%, 

1/24/2035

b

56,909

U.S.

Bancorp

67,000

4.548%, 

7/22/2028

b

67,112

22,000

5.836%, 

6/12/2034

b

23,073

55,000

5.678%, 

1/23/2035

b

56,995

UBS

Group

AG

82,000

3.869%, 

1/12/2029

a,b

80,681

United

Wholesale

Mortgage,

LLC

75,000

5.500%, 

4/15/2029

a

73,361

UnitedHealth

Group,

Inc.

117,000

5.375%, 

4/15/2054

107,521

83,000

4.200%, 

5/15/2032

79,981

Ventas

Realty,

LP,

Convertible

62,000

3.750%, 

6/1/2026

77,103

Vornado

Realty,

LP

20,000

3.400%, 

6/1/2031

17,538

Wells

Fargo

&

Company

33,000

3.900%, 

3/15/2026

b,i

32,692

41,000

3.526%, 

3/24/2028

b

40,350

88,000

3.584%, 

5/22/2028

b

86,532

67,000

4.808%, 

7/25/2028

b

67,367

56,000

7.625%, 

9/15/2028

b,i

59,609

152,000

4.478%, 

4/4/2031

b

151,142

28,000

5.389%, 

4/24/2034

b

28,648

28,000

5.557%, 

7/25/2034

b

28,894

36,000

6.491%, 

10/23/2034

b

39,359

158,000

5.499%, 

1/23/2035

b

161,914

Welltower

OP,

LLC,

Convertible

120,000

2.750%, 

5/15/2028

a

208,500

9,000

3.125%, 

7/15/2029

a

12,447

Westpac

Banking

Corporation

56,000

4.110%, 

7/24/2034

b

54,207

Willis

North

America,

Inc.

39,000

5.900%, 

3/5/2054

38,428

74,000

4.500%, 

9/15/2028

74,107

XHR,

LP

38,000

4.875%, 

6/1/2029

a

36,677

13,000

6.625%, 

5/15/2030

a

13,213

Total

21,065,026

Foreign

Government  <0.1%

NBN

Company,

Ltd.

73,000

2.625%, 

5/5/2031

a

65,684

Saudi

Arabian

Oil

Company

57,000

5.750%, 

7/17/2054

a

53,568

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Foreign

Government  <0.1%

-

continued

Teine

Energy,

Ltd.

$

40,000

6.875%, 

4/15/2029

a

$

39,335

Total

158,587

Mortgage-Backed

Securities  14.2%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

221,316

2.000%, 

1/1/2052

175,828

1,925,432

6.000%, 

1/1/2055

1,984,133

1,716,053

2.500%, 

5/1/2051

1,424,033

1,185,252

3.500%, 

5/1/2052

1,068,140

964,059

4.000%, 

5/1/2052

898,888

1,159,627

5.000%, 

7/1/2053

1,138,172

707,762

5.500%, 

7/1/2053

709,746

192,353

5.000%, 

8/1/2053

189,259

369,833

5.500%, 

9/1/2053

371,678

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

807,434

2.500%, 

7/1/2030

777,469

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

931,661

3.500%, 

5/1/2040

883,237

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,314,577

3.000%, 

1/1/2052

1,999,166

339,801

2.000%, 

2/1/2051

269,961

218,114

2.000%, 

2/1/2051

173,041

1,139,293

2.500%, 

2/1/2051

947,171

1,313,436

2.500%, 

2/1/2051

1,077,995

2,374,524

2.000%, 

3/1/2051

1,867,482

1,153,304

4.000%, 

3/1/2051

1,080,840

2,465,739

3.000%, 

3/1/2052

2,116,125

1,634,897

2.000%, 

4/1/2051

1,280,512

1,536,876

3.000%, 

4/1/2051

1,318,983

413,491

2.000%, 

5/1/2051

326,892

768,000

3.000%, 

5/1/2051

673,730

802,881

3.000%, 

6/1/2050

705,970

326,714

4.000%, 

6/1/2052

302,199

367,821

5.000%, 

6/1/2053

361,580

1,874,700

2.500%, 

7/1/2051

1,561,291

759,977

3.500%, 

7/1/2051

687,065

943,983

4.000%, 

7/1/2052

873,158

911,978

2.500%, 

8/1/2050

762,063

1,524,428

3.500%, 

8/1/2050

1,383,094

1,776,979

3.500%, 

8/1/2052

1,593,125

1,073,708

4.500%, 

8/1/2052

1,021,119

241,450

5.000%, 

8/1/2053

237,352

1,214,228

3.500%, 

9/1/2052

1,095,478

507,266

3.500%, 

9/1/2052

457,704

192,078

5.000%, 

9/1/2052

188,395

256,759

4.500%, 

9/1/2053

245,635

830,750

4.500%, 

9/1/2053

791,548

1,602,246

4.000%, 

10/1/2052

1,488,399

404,866

2.000%, 

11/1/2051

321,644

660,172

3.500%, 

11/1/2052

597,578

1,636,550

2.000%, 

12/1/2050

1,293,805

3,129,559

4.500%, 

12/1/2052

2,992,937

1,700,000

6.000%, 

8/1/2041

g

1,723,497

6,850,000

5.500%, 

8/1/2042

g

6,813,734

850,000

4.000%, 

8/1/2048

g

783,874

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Mortgage-Backed

Securities  14.2%

-

continued

$

800,000

4.500%, 

8/1/2048

g

$

758,795

3,850,000

5.000%, 

8/1/2048

g

3,746,811

1,140,000

3.000%, 

8/1/2049

g

975,443

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,179,577

2.500%, 

3/1/2062

1,708,955

765,056

3.500%, 

7/1/2061

671,317

828,437

4.000%, 

12/1/2061

758,672

PRPM,

LLC

275,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,d

250,691

Total

59,905,409

Technology  1.7%

Accenture

Capital,

Inc.

58,000

4.500%, 

10/4/2034

56,127

Adobe,

Inc.

108,000

5.300%, 

1/17/2035

112,422

Advanced

Micro

Devices,

Inc.

41,000

3.924%, 

6/1/2032

39,526

Akamai

Technologies,

Inc.,

Convertible

86,000

0.375%, 

9/1/2027

82,305

85,000

1.125%, 

2/15/2029

79,649

108,000

0.250%, 

5/15/2033

a

108,765

Alphabet,

Inc.

62,000

5.250%, 

5/15/2055

60,835

Amentum

Holdings,

Inc.

47,000

7.250%, 

8/1/2032

a

48,620

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

17,436

Apple,

Inc.

197,000

3.750%, 

9/12/2047

154,590

Block,

Inc.

107,000

6.500%, 

5/15/2032

109,802

Block,

Inc.,

Convertible

25,000

0.250%, 

11/1/2027

22,450

Boost

Newco

Borrower,

LLC

69,000

7.500%, 

1/15/2031

a

72,954

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

a

40,375

154,000

4.900%, 

7/15/2032

154,475

37,000

4.800%, 

10/15/2034

36,306

CACI

International,

Inc.

18,000

6.375%, 

6/15/2033

a

18,406

Central

Parent,

Inc./CDK

Global,

Inc.

25,000

7.250%, 

6/15/2029

a

20,542

Cisco

Systems,

Inc.

78,000

5.350%, 

2/26/2064

75,096

Clarivate

Science

Holdings

Corporation

30,000

3.875%, 

7/1/2028

a

28,676

Cloud

Software

Group,

Inc.

159,000

6.500%, 

3/31/2029

a

160,572

CommScope

Technologies,

LLC

26,000

5.000%, 

3/15/2027

a

25,460

CommScope,

LLC

26,000

4.750%, 

9/1/2029

a

25,247

26,000

9.500%, 

12/15/2031

a,e

27,380

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Technology  1.7%

-

continued

Consensus

Cloud

Solutions,

Inc.

$

14,000

6.000%, 

10/15/2026

a

$

13,896

CoreWeave,

Inc.

39,000

9.250%, 

6/1/2030

a

39,197

40,000

9.000%, 

2/1/2031

a

39,829

CSG

Systems

International,

Inc.,

Convertible

94,000

3.875%, 

9/15/2028

103,836

Dayforce,

Inc.,

Convertible

124,000

0.250%, 

3/15/2026

119,970

Dell

International,

LLC/EMC

Corporation

75,000

4.750%, 

4/1/2028

75,599

Dell,

Inc.

52,000

6.500%, 

4/15/2038

55,544

Diebold

Nixdorf,

Inc.

63,000

7.750%, 

3/31/2030

a

66,842

Fair

Isaac

Corporation

46,000

6.000%, 

5/15/2033

a

46,216

Fiserv,

Inc.

76,000

5.350%, 

3/15/2031

78,147

20,000

5.600%, 

3/2/2033

20,557

76,000

5.450%, 

3/15/2034

77,147

60,000

5.150%, 

8/12/2034

59,606

Gen

Digital,

Inc.

33,000

7.125%, 

9/30/2030

a

34,104

13,000

6.250%, 

4/1/2033

a

13,253

Global

Payments,

Inc.

63,000

4.950%, 

8/15/2027

63,369

Global

Payments,

Inc.,

Convertible

136,000

1.500%, 

3/1/2031

e

123,080

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

26,000

4.625%, 

5/1/2028

a,e

24,579

Hewlett

Packard

Enterprise

Company

50,000

4.850%, 

10/15/2031

49,815

IBM

International

Capital

Private,

Ltd.

58,000

5.300%, 

2/5/2054

53,823

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

a

25,446

Intel

Corporation

116,000

4.900%, 

7/29/2045

96,349

InterDigital,

Inc.,

Convertible

31,000

3.500%, 

6/1/2027

104,098

ION

Trading

Technologies

SARL

39,000

9.500%, 

5/30/2029

a

40,413

Iron

Mountain,

Inc.

56,000

5.000%, 

7/15/2028

a

55,426

85,000

4.875%, 

9/15/2029

a

83,110

75,000

5.250%, 

7/15/2030

a

73,705

60,000

4.500%, 

2/15/2031

a

56,743

Jabil,

Inc.

40,000

5.450%, 

2/1/2029

40,810

Kioxia

Holdings

Corporation

78,000

6.625%, 

7/24/2033

a

77,183

Marvell

Technology,

Inc.

37,000

2.950%, 

4/15/2031

33,557

Mastercard,

Inc.

41,000

2.000%, 

11/18/2031

35,491

47,000

4.875%, 

5/9/2034

47,285

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Technology  1.7%

-

continued

Microchip

Technology,

Inc.

$

24,000

5.050%, 

3/15/2029

$

24,271

Microchip

Technology,

Inc.,

Convertible

86,000

0.750%, 

6/1/2030

84,285

Micron

Technology,

Inc.

37,000

5.650%, 

11/1/2032

38,247

MKS,

Inc.,

Convertible

288,000

1.250%, 

6/1/2030

279,526

Moody's

Corporation

40,000

4.250%, 

8/8/2032

38,860

NCR

Atleos

Corporation

22,000

9.500%, 

4/1/2029

a

23,834

NCR

Voyix

Corporation

42,000

5.000%, 

10/1/2028

a

41,313

26,000

5.125%, 

4/15/2029

a

25,481

Neptune

Bidco

US,

Inc.

53,000

9.290%, 

4/15/2029

a

51,292

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

37,000

4.300%, 

6/18/2029

36,620

ON

Semiconductor

Corporation,

Convertible

107,000

Zero

Coupon, 

5/1/2027

131,306

160,000

0.500%, 

3/1/2029

153,076

Open

Text

Corporation

76,000

3.875%, 

12/1/2029

a

71,139

Open

Text

Holdings,

Inc.

70,000

4.125%, 

2/15/2030

a

65,611

Oracle

Corporation

72,000

5.375%, 

9/27/2054

64,851

138,000

6.900%, 

11/9/2052

151,377

33,000

6.150%, 

11/9/2029

34,995

130,000

2.950%, 

4/1/2030

120,956

63,000

6.250%, 

11/9/2032

67,816

Paychex,

Inc.

22,000

5.600%, 

4/15/2035

22,609

PayPal

Holdings,

Inc.

78,000

5.500%, 

6/1/2054

75,845

Pitney

Bowes,

Inc.

14,000

6.875%, 

3/15/2027

a

13,978

Qualcomm,

Inc.

123,000

4.750%, 

5/20/2032

124,101

RingCentral,

Inc.

54,000

8.500%, 

8/15/2030

a

57,374

Rocket

Software,

Inc.

34,000

9.000%, 

11/28/2028

a

35,086

Sabre

GLBL,

Inc.

7,000

8.625%, 

6/1/2027

a

7,111

26,000

11.125%, 

7/15/2030

a

27,411

Seagate

Data

Storage

Technology,

Private

Ltd.

49,760

9.625%, 

12/1/2032

a

56,041

18,000

5.750%, 

12/1/2034

a

16,925

Semtech

Corporation,

Convertible

79,000

1.625%, 

11/1/2027

120,652

Sensata

Technologies

BV

58,000

4.000%, 

4/15/2029

a

55,125

Sensata

Technologies,

Inc.

42,000

4.375%, 

2/15/2030

a

40,190

16,000

3.750%, 

2/15/2031

a

14,598

12,000

6.625%, 

7/15/2032

a

12,262

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Technology  1.7%

-

continued

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

$

60,000

6.750%, 

8/15/2032

a

$

61,980

SS&C

Technologies,

Inc.

54,000

5.500%, 

9/30/2027

a

54,012

13,000

6.500%, 

6/1/2032

a

13,367

Synaptics,

Inc.,

Convertible

95,000

0.750%, 

12/1/2031

a

89,300

Synopsys,

Inc.

63,000

5.700%, 

4/1/2055

62,123

Texas

Instruments,

Inc.

39,000

5.150%, 

2/8/2054

36,611

UKG,

Inc.

29,000

6.875%, 

2/1/2031

a

29,773

Verint

Systems,

Inc.,

Convertible

61,000

0.250%, 

4/15/2026

e

59,048

Verisk

Analytics,

Inc.

32,000

5.250%, 

3/15/2035

32,014

Viavi

Solutions,

Inc.

27,000

3.750%, 

10/1/2029

a

24,969

Viavi

Solutions,

Inc.,

Convertible

62,000

1.625%, 

3/15/2026

62,271

Vishay

Intertechnology,

Inc.,

Convertible

181,000

2.250%, 

9/15/2030

164,620

VMware,

LLC

80,000

1.400%, 

8/15/2026

77,505

104,000

4.700%, 

5/15/2030

104,027

54,000

2.200%, 

8/15/2031

46,752

Western

Digital

Corporation,

Convertible

155,000

3.000%, 

11/15/2028

e

332,165

Xerox

Corporation

21,000

10.250%, 

10/15/2030

a

21,592

Xerox

Holdings

Corporation

5,000

5.000%, 

8/15/2025

a

4,986

19,000

5.500%, 

8/15/2028

a

12,567

Ziff

Davis,

Inc.,

Convertible

3,000

1.750%, 

11/1/2026

2,854

38,000

3.625%, 

3/1/2028

a

35,625

Total

7,018,366

Transportation  0.3%

Air

Canada

25,000

3.875%, 

8/15/2026

a

24,732

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

35,750

5.500%, 

4/20/2026

a

35,717

62,253

5.750%, 

4/20/2029

a

62,231

Avianca

Midco

2

plc

27,000

9.625%, 

2/14/2030

a

25,110

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

34,000

5.375%, 

3/1/2029

a,e

32,552

Burlington

Northern

Santa

Fe,

LLC

39,000

5.500%, 

3/15/2055

38,073

Canadian

Pacific

Railway

Company

48,000

1.750%, 

12/2/2026

46,305

DCLI

Bidco,

LLC

37,000

7.750%, 

11/15/2029

a

37,767

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

81,381

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Transportation  0.3%

-

continued

$

104,000

5.250%, 

7/10/2030

$

104,980

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

6,757

4.500%, 

10/20/2025

a

6,741

ERAC

USA

Finance,

LLC

79,000

5.200%, 

10/30/2034

a

80,158

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

31,000

9.875%, 

9/20/2031

a

29,972

Norfolk

Southern

Corporation

58,000

4.450%, 

3/1/2033

56,590

65,000

5.100%, 

5/1/2035

65,277

OneSky

Flight,

LLC

62,000

8.875%, 

12/15/2029

a

65,320

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

30,000

1.200%, 

11/15/2025

a

29,691

39,000

1.700%, 

6/15/2026

a

37,998

Rand

Parent,

LLC

64,000

8.500%, 

2/15/2030

a,e

64,354

RXO,

Inc.

24,000

7.500%, 

11/15/2027

a

24,397

Ryder

System,

Inc.

46,000

2.850%, 

3/1/2027

44,809

52,000

4.850%, 

6/15/2030

52,333

Southwest

Airlines

Company

36,000

5.125%, 

6/15/2027

36,227

Star

Leasing

Company,

LLC

25,000

7.625%, 

2/15/2030

a

24,659

Stena

International

SA

44,000

7.250%, 

1/15/2031

a

44,712

Stonepeak

Nile

Parent,

LLC

19,000

7.250%, 

3/15/2032

a

19,957

Union

Pacific

Corporation

40,000

5.600%, 

12/1/2054

39,573

United

Airlines,

Inc.

93,000

4.625%, 

4/15/2029

a

90,816

United

Parcel

Service,

Inc.

41,000

4.650%, 

10/15/2030

41,333

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

a

17,058

25,000

6.375%, 

2/1/2030

a,e

23,616

Total

1,384,439

U.S.

Government

&

Agencies  5.5%

U.S.

Treasury

Bonds

200,000

4.250%, 

2/15/2054

179,797

2,900,000

4.750%, 

11/15/2053

2,831,012

1,200,000

4.625%, 

2/15/2035

1,226,063

1,490,000

3.250%, 

5/15/2042

1,219,530

4,470,000

3.375%, 

8/15/2042

3,711,672

1,200,000

4.750%, 

2/15/2045

1,179,563

U.S.

Treasury

Notes

1,900,000

0.500%, 

2/28/2026

1,858,452

590,000

0.500%, 

4/30/2027

555,683

1,580,000

1.125%, 

2/29/2028

1,473,288

3,500,000

4.125%, 

7/31/2028

3,523,652

2,500,000

3.500%, 

9/30/2029

2,459,180

870,000

1.375%, 

11/15/2031

739,806

1,000,000

4.125%, 

11/15/2032

997,773

543,000

3.375%, 

5/15/2033

513,071

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

U.S.

Government

&

Agencies  5.5%

-

continued

$

800,000

4.000%, 

2/15/2034

$

784,531

Total

23,253,073

Utilities  1.5%

AES

Corporation

54,000

7.600%, 

1/15/2055

b

54,542

73,000

3.950%, 

7/15/2030

a

69,493

Algonquin

Power

&

Utilities

Corporation

138,000

4.750%, 

1/18/2082

b

133,962

Alliant

Energy

Corporation,

Convertible

46,000

3.875%, 

3/15/2026

48,898

31,000

3.250%, 

5/30/2028

a

31,605

Alpha

Generation,

LLC

22,000

6.750%, 

10/15/2032

a

22,513

Ameren

Corporation

46,000

1.750%, 

3/15/2028

42,974

American

Electric

Power

Company,

Inc.

50,000

6.950%, 

12/15/2054

b

52,781

38,000

2.300%, 

3/1/2030

34,262

American

Water

Capital

Corporation

57,000

5.450%, 

3/1/2054

54,927

American

Water

Capital

Corporation,

Convertible

82,000

3.625%, 

6/15/2026

82,353

Arizona

Public

Service

Company

39,000

5.550%, 

8/1/2033

40,051

Atmos

Energy

Corporation

36,000

5.000%, 

12/15/2054

32,567

Calpine

Corporation

52,000

4.500%, 

2/15/2028

a

51,435

CenterPoint

Energy,

Inc.

29,000

7.000%, 

2/15/2055

b

30,259

17,000

6.700%, 

5/15/2055

b

17,221

57,000

1.450%, 

6/1/2026

55,532

57,000

2.650%, 

6/1/2031

50,799

CenterPoint

Energy,

Inc.,

Convertible

75,000

4.250%, 

8/15/2026

83,400

CMS

Energy

Corporation,

Convertible

52,000

3.375%, 

5/1/2028

57,018

Consolidated

Edison

Company

of

New

York,

Inc.

117,000

5.700%, 

5/15/2054

116,202

Constellation

Energy

Generation,

LLC

59,000

5.750%, 

3/15/2054

57,910

40,000

5.800%, 

3/1/2033

42,236

Dominion

Energy,

Inc.

47,000

6.875%, 

2/1/2055

b

49,183

47,000

7.000%, 

6/1/2054

b

50,140

46,000

3.375%, 

4/1/2030

43,681

DTE

Energy

Company

36,000

4.875%, 

6/1/2028

36,378

Duke

Energy

Carolinas,

LLC

119,000

5.400%, 

1/15/2054

114,516

Duke

Energy

Corporation

49,000

3.250%, 

1/15/2082

b

47,003

54,000

5.800%, 

6/15/2054

52,775

32,000

6.450%, 

9/1/2054

b

32,948

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Utilities  1.5%

-

continued

$

96,000

2.450%, 

6/1/2030

$

86,971

40,000

4.500%, 

8/15/2032

39,157

43,000

5.750%, 

9/15/2033

45,079

Duke

Energy

Corporation,

Convertible

128,000

4.125%, 

4/15/2026

137,088

Duke

Energy

Ohio,

Inc.

39,000

5.550%, 

3/15/2054

37,899

Edison

International

27,000

7.875%, 

6/15/2054

b,e

25,880

44,000

5.000%, 

12/15/2026

b,i

38,699

Entergy

Corporation

38,000

1.900%, 

6/15/2028

35,535

Entergy

Louisiana,

LLC

60,000

5.800%, 

3/15/2055

59,842

Evergy,

Inc.,

Convertible

78,000

4.500%, 

12/15/2027

92,788

Eversource

Energy

91,000

4.600%, 

7/1/2027

91,049

Exelon

Corporation

154,000

5.600%, 

3/15/2053

146,926

38,000

4.050%, 

4/15/2030

37,279

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

97,731

FirstEnergy

Corporation,

Convertible

20,000

4.000%, 

5/1/2026

e

20,340

92,000

3.625%, 

1/15/2029

a

93,978

78,000

3.875%, 

1/15/2031

a

80,652

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

25,114

ITC

Holdings

Corporation

40,000

4.950%, 

9/22/2027

a

40,261

Jersey

Central

Power

&

Light

Company

81,000

2.750%, 

3/1/2032

a

71,021

Lightning

Power,

LLC

46,000

7.250%, 

8/15/2032

a

48,092

Long

Ridge

Energy,

LLC

39,000

8.750%, 

2/15/2032

a,e

40,444

MidAmerican

Energy

Company

158,000

5.300%, 

2/1/2055

149,477

National

Rural

Utilities

Cooperative

Finance

Corporation

39,000

4.850%, 

2/7/2029

39,590

NextEra

Energy

Capital

Holdings,

Inc.

73,000

5.900%, 

3/15/2055

72,774

39,000

3.800%, 

3/15/2082

b

37,495

67,000

6.750%, 

6/15/2054

b

69,906

38,000

2.250%, 

6/1/2030

34,172

40,000

5.300%, 

3/15/2032

41,055

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

58,000

3.000%, 

3/1/2027

66,149

NiSource,

Inc.

17,000

6.375%, 

3/31/2055

b

17,217

76,000

5.850%, 

4/1/2055

74,971

32,000

6.950%, 

11/30/2054

b

33,159

37,000

2.950%, 

9/1/2029

34,863

Northern

States

Power

Company/

MN

39,000

5.400%, 

3/15/2054

37,674

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Utilities  1.5%

-

continued

NRG

Energy,

Inc.

$

48,000

2.000%, 

12/2/2025

a

$

47,457

41,000

10.250%, 

3/15/2028

a,b,i

45,129

24,000

3.375%, 

2/15/2029

a

22,530

30,000

5.250%, 

6/15/2029

a

29,667

20,000

6.000%, 

2/1/2033

a

20,054

20,000

6.250%, 

11/1/2034

a

20,265

Oncor

Electric

Delivery

Company,

LLC

51,000

5.550%, 

6/15/2054

49,320

Pacific

Gas

and

Electric

Company

39,000

6.750%, 

1/15/2053

40,482

76,000

5.550%, 

5/15/2029

77,465

PG&E

Corporation

20,000

5.000%, 

7/1/2028

19,513

PG&E

Corporation,

Convertible

254,000

4.250%, 

12/1/2027

252,984

Pinnacle

West

Capital

Corporation,

Convertible

44,000

4.750%, 

6/15/2027

47,590

PPL

Capital

Funding,

Inc.

59,000

5.250%, 

9/1/2034

59,502

PPL

Capital

Funding,

Inc.,

Convertible

73,000

2.875%, 

3/15/2028

81,213

San

Diego

Gas

&

Electric

Company

39,000

5.550%, 

4/15/2054

37,404

Sempra

31,000

6.550%, 

4/1/2055

b

29,912

31,000

6.625%, 

4/1/2055

b

30,437

31,000

6.400%, 

10/1/2054

b

29,988

31,000

6.875%, 

10/1/2054

b

31,291

31,000

4.875%, 

10/15/2025

b,i

30,854

Southern

California

Edison

Company

77,000

5.450%, 

6/1/2031

78,404

Southern

Company

50,000

5.700%, 

10/15/2032

52,407

85,000

4.850%, 

3/15/2035

82,750

29,000

4.000%, 

1/15/2051

b

28,842

90,000

3.750%, 

9/15/2051

b

88,554

Southern

Company,

Convertible

66,000

3.875%, 

12/15/2025

74,679

117,000

4.500%, 

6/15/2027

130,490

40,000

3.250%, 

6/15/2028

a

40,340

Talen

Energy

Supply,

LLC

54,000

8.625%, 

6/1/2030

a

57,384

TerraForm

Power

Operating,

LLC

107,000

5.000%, 

1/31/2028

a

105,559

Virginia

Electric

and

Power

Company

54,000

5.350%, 

1/15/2054

50,681

Vistra

Corporation

28,000

8.000%, 

10/15/2026

a,b,i

28,580

69,000

7.000%, 

12/15/2026

a,b,i

69,674

Vistra

Operations

Company,

LLC

50,000

5.000%, 

7/31/2027

a

49,732

WEC

Energy

Group,

Inc.,

Convertible

62,000

4.375%, 

6/1/2027

71,610

60,000

3.375%, 

6/1/2028

a

60,750

60,000

4.375%, 

6/1/2029

71,212

Principal

Amount

Long-Term

Fixed

Income  47.5%

Value

Utilities  1.5%

-

continued

Xcel

Energy,

Inc.

$

45,000

4.000%, 

6/15/2028

$

44,568

60,000

4.600%, 

6/1/2032

58,575

51,000

5.600%, 

4/15/2035

51,946

XPLR

Infrastructure

Operating

Partners,

LP

83,000

3.875%, 

10/15/2026

a

81,009

XPLR

Infrastructure,

LP,

Convertible

194,000

Zero

Coupon, 

11/15/2025

a

189,887

36,000

2.500%, 

6/15/2026

a,e

34,517

Total

6,395,098

Total

Long-Term

Fixed

Income

(cost

$204,084,545)

201,035,761

Shares

Common

Stock

29.9%

Value

Communications

Services  2.7%

2,946

Alphabet,

Inc.,

Class

A

565,337

17,014

Alphabet,

Inc.,

Class

C

3,281,320

7,649

AT&T,

Inc.

209,659

1,406

Cogent

Communications

Holdings

64,099

15,007

Comcast

Corporation

498,683

5,805

Meta

Platforms,

Inc.

4,489,819

760

Netflix,

Inc.

k

881,144

120

New

York

Times

Company

6,227

505

News

Corporation,

Class

A

14,806

631

Spotify

Technology

SA

k

395,347

444

T-Mobile

US,

Inc.

105,854

177

Tripadvisor,

Inc.

k

3,096

3,391

Verizon

Communications,

Inc.

144,999

1,988

Walt

Disney

Company

236,791

35,259

Warner

Brothers

Discovery,

Inc.

k

464,361

7,453

Warner

Music

Group

Corporation

218,075

Total

11,579,617

Consumer

Discretionary  2.9%

1,603

Advance

Auto

Parts,

Inc.

85,071

19,550

Amazon.com,

Inc.

k

4,576,850

3,888

Aptiv

plc

k

266,872

13

AutoZone,

Inc.

k

48,989

95

Booking

Holdings,

Inc.

522,886

414

Boot

Barn

Holdings,

Inc.

k

71,167

1,104

Build-A-Bear

Workshop,

Inc.

55,984

1,594

Champion

Homes,

Inc.

k

97,075

1,993

Columbia

Sportswear

Company

112,744

1,029

Crocs,

Inc.

k

102,622

3,807

D.R.

Horton,

Inc.

543,792

2,146

DoorDash,

Inc.

k

537,036

1,881

Expedia

Group,

Inc.

338,994

861

Garmin,

Ltd.

188,352

123

Group

1

Automotive,

Inc.

50,694

1,076

Hilton

Worldwide

Holdings,

Inc.

288,454

1,924

Home

Depot,

Inc.

707,089

861

Laureate

Education,

Inc.

k

19,459

1,861

La-Z-Boy,

Inc.

66,940

2,180

Lowe's

Companies,

Inc.

487,383

101

Marriott

Vacations

Worldwide

Corporation

7,521

296

McDonald's

Corporation

88,821

546

Modine

Manufacturing

Company

k

73,470

16

NVR,

Inc.

k

120,792

2,590

O'Reilly

Automotive,

Inc.

k

254,649

75

Ross

Stores,

Inc.

10,240

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Shares

Common

Stock  29.9%

Value

Consumer

Discretionary  2.9%

-

continued

998

SharkNinja,

Inc.

k

$

115,868

1,726

Six

Flags

Entertainment

Corporation

k

51,711

16,496

Sony

Group

Corporation

ADR

e

401,183

4,616

Tesla,

Inc.

k

1,422,974

1,073

Viking

Holdings,

Ltd.

k

63,007

4,605

Wyndham

Hotels

&

Resorts,

Inc.

396,030

1,006

Wynn

Resorts,

Ltd.

109,684

Total

12,284,403

Consumer

Staples  1.0%

506

Altria

Group,

Inc.

31,342

940

BJ's

Wholesale

Club

Holdings,

Inc.

k

99,546

190

Casey's

General

Stores,

Inc.

98,825

1,172

Church

&

Dwight

Company,

Inc.

109,898

1,412

Colgate-Palmolive

Company

118,396

99

Costco

Wholesale

Corporation

93,024

42,772

Coty,

Inc.

k

207,444

471

J

&

J

Snack

Foods

Corporation

53,171

1,337

John

B.

Sanfilippo

&

Son,

Inc.

84,645

22,402

Kenvue,

Inc.

480,299

6,344

Keurig

Dr

Pepper,

Inc.

207,132

31

Kimberly-Clark

Corporation

3,863

1,571

Maplebear,

Inc.

k

75,361

443

Marzetti

Company

78,748

296

Mondelez

International,

Inc.

19,148

689

Monster

Beverage

Corporation

k

40,479

1,031

Philip

Morris

International,

Inc.

169,136

1,854

Procter

&

Gamble

Company

278,971

8,032

Sysco

Corporation

639,347

890

Turning

Point

Brands,

Inc.

73,817

9,481

Unilever

plc

ADR

553,975

6,269

Walmart,

Inc.

614,237

Total

4,130,804

Energy  1.2%

2,320

Antero

Midstream

Corporation

42,572

1,855

Baker

Hughes

Company

83,568

530

Cheniere

Energy,

Inc.

125,016

48

Chevron

Corporation

7,279

8,335

ConocoPhillips

794,659

12,645

Devon

Energy

Corporation

420,067

19,525

Enterprise

Products

Partners,

LP

605,080

1,194

EOG

Resources,

Inc.

143,304

2,085

Expand

Energy

Corporation

218,466

11,233

Exxon

Mobil

Corporation

1,254,052

10,315

Halliburton

Company

231,056

1,324

Hess

Midstream,

LP

57,634

2,512

Kinder

Morgan,

Inc.

70,487

1,979

Marathon

Petroleum

Corporation

336,806

1,288

Matador

Resources

Company

64,245

582

Permian

Resources

Corporation

8,241

3,636

Shell

plc

ADR

262,556

2,185

TechnipFMC

plc

79,468

2,515

Williams

Companies,

Inc.

150,774

Total

4,955,330

Financials  4.7%

213

Affiliated

Managers

Group,

Inc.

44,702

1,895

Allstate

Corporation

385,159

5,051

Ally

Financial,

Inc.

191,180

1,196

Amalgamated

Financial

Corporation

34,672

1,374

American

Express

Company

411,252

Shares

Common

Stock  29.9%

Value

Financials  4.7%

-

continued

5,040

American

International

Group,

Inc.

$

391,255

689

Ameriprise

Financial,

Inc.

357,033

2,069

Arch

Capital

Group,

Ltd.

178,058

1,565

Associated

Banc-Corp

38,718

27,912

Bank

of

America

Corporation

1,319,400

97

Bank

of

Marin

Bancorp

2,197

1,638

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

74,545

5,262

Bank

of

New

York

Mellon

Corporation

533,830

825

Berkshire

Hathaway,

Inc.

k

389,301

1,567

Berkshire

Hills

Bancorp,

Inc.

38,611

79

BlackRock,

Inc.

87,375

17

Block,

Inc.

k

1,313

3,289

Bridgewater

Bancshares,

Inc.

k

51,177

315

Byline

Bancorp,

Inc.

8,284

5,101

Capital

One

Financial

Corporation

1,096,715

167

Central

Pacific

Financial

Corporation

4,452

13,392

Charles

Schwab

Corporation

1,308,800

1,959

Chubb,

Ltd.

521,172

805

Citigroup,

Inc.

75,429

269

CME

Group,

Inc.

74,857

506

Community

Trust

Bancorp,

Inc.

27,314

1,658

Donnelley

Financial

Solutions,

Inc.

k

87,808

17

Enact

Holdings,

Inc.

591

880

Enterprise

Financial

Services

Corporation

48,567

166

FactSet

Research

Systems,

Inc.

66,881

498

Federal

Agricultural

Mortgage

Corporation

85,790

204

Financial

Institutions,

Inc.

5,200

214

First

Citizens

BancShares,

Inc./NC

426,879

67

First

Financial

Corporation

3,588

134

First

Mid-Illinois

Bancshares,

Inc.

5,088

673

Fiserv,

Inc.

k

93,507

2,141

Fulton

Financial

Corporation

38,431

1,896

Glacier

Bancorp,

Inc.

83,102

454

Great

Southern

Bancorp,

Inc.

25,851

439

Hometrust

Bancshares,

Inc.

17,060

394

Houlihan

Lokey,

Inc.

75,120

226

Independent

Bank

Corporation/MI

6,904

5,249

Intercontinental

Exchange,

Inc.

970,173

1,466

Janus

Henderson

Group

plc

63,478

6,825

JPMorgan

Chase

&

Company

2,021,838

24,585

KeyCorp

440,563

240

Kinsale

Capital

Group,

Inc.

105,766

856

M&T

Bank

Corporation

161,527

880

Marsh

&

McLennan

Companies,

Inc.

175,296

878

Mastercard,

Inc.

497,361

5,698

MetLife,

Inc.

432,763

2,472

MGIC

Investment

Corporation

64,025

1,100

MidWestOne

Financial

Group,

Inc.

30,294

412

Moody's

Corporation

212,481

619

MSCI,

Inc.

347,482

3,650

Nasdaq,

Inc.

351,203

286

NMI

Holdings,

Inc.

k

10,674

1,105

Northern

Trust

Corporation

143,650

2,572

Northwest

Bancshares,

Inc.

30,092

416

OFG

Bancorp

17,730

2,756

Old

National

Bancorp

58,179

4,021

Old

Republic

International

Corporation

145,440

1,307

Old

Second

Bancorp,

Inc.

22,180

139

Orrstown

Financial

Services,

Inc.

4,568

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock  29.9%

Value

Financials  4.7%

-

continued

53

PNC

Financial

Services

Group,

Inc.

$

10,084

354

Popular,

Inc.

40,561

1,031

Progressive

Corporation

249,543

1,076

Prosperity

Bancshares,

Inc.

71,683

2,037

Provident

Financial

Services,

Inc.

37,114

1,981

Rithm

Capital

Corporation

23,831

1,683

RLI

Corporation

111,061

3,318

Robinhood

Markets,

Inc.

k

341,920

603

S&P

Global,

Inc.

332,313

1,091

SEI

Investments

Company

96,139

2,081

Tradeweb

Markets,

Inc.

288,323

1,547

Triumph

Financial,

Inc.

k

87,746

1,082

Trustmark

Corporation

40,305

309

U.S.

Bancorp

13,893

167

Virtu

Financial,

Inc.

7,371

4,152

Visa,

Inc.

1,434,391

267

WaFd,

Inc.

7,771

20,176

Wells

Fargo

&

Company

1,626,791

3,144

Zions

Bancorp

NA

168,581

Total

20,013,352

Health

Care  3.0%

709

Abbott

Laboratories

89,469

2,190

AbbVie,

Inc.

413,954

3,833

ADMA

Biologics,

Inc.

k

71,677

2,376

Agilent

Technologies,

Inc.

272,789

1,643

Amgen,

Inc.

484,849

11,561

Avantor,

Inc.

k

155,380

3,461

BioMarin

Pharmaceutical,

Inc.

k

200,219

4,377

Boston

Scientific

Corporation

k

459,235

1,032

Cencora,

Inc.

295,235

2,268

Centene

Corporation

k

59,127

126

Chemed

Corporation

51,950

1,320

Cigna

Group

352,942

3,498

Concentra

Group

Holdings

Parent,

Inc.

69,855

389

CorVel

Corporation

k

34,465

3,550

Danaher

Corporation

699,918

1,258

Eli

Lilly

&

Company

931,008

744

Encompass

Health

Corporation

81,922

5,026

Gilead

Sciences,

Inc.

564,369

553

IDEXX

Laboratories,

Inc.

k

295,473

892

Illumina,

Inc.

k

91,617

244

Insulet

Corporation

k

70,370

1,101

Intuitive

Surgical,

Inc.

k

529,680

7,145

Johnson

&

Johnson

1,177,067

2,303

Labcorp

Holdings,

Inc.

598,964

120

Medpace

Holdings,

Inc.

k

51,264

5,120

Medtronic

plc

462,029

10,664

Merck

&

Company,

Inc.

833,072

13

Mettler-Toledo

International,

Inc.

k

16,038

1,035

Neurocrine

Biosciences,

Inc.

k

132,718

361

Penumbra,

Inc.

k

91,069

2,613

Pfizer,

Inc.

60,857

6,733

Progyny,

Inc.

k

158,293

529

Repligen

Corporation

k

61,930

1,057

Royalty

Pharma

plc

38,898

10,341

Sanofi

SA

ADR

471,963

1,256

STERIS

plc

284,471

2,864

Stevanato

Group

SPA

70,769

574

Stryker

Corporation

225,427

635

Thermo

Fisher

Scientific,

Inc.

296,977

1,562

Twist

Bioscience

Corporation

k

52,436

229

United

Therapeutics

Corporation

k

62,906

Shares

Common

Stock  29.9%

Value

Health

Care  3.0%

-

continued

2,407

UnitedHealth

Group,

Inc.

$

600,691

729

Vertex

Pharmaceuticals,

Inc.

k

333,058

1,886

Viemed

Healthcare,

Inc.

k

11,486

317

Waters

Corporation

k

91,537

4,827

Zimmer

Biomet

Holdings,

Inc.

442,395

Total

12,901,818

Industrials  3.3%

8,362

Amentum

Holdings,

Inc.

k

208,799

1,649

AMETEK,

Inc.

304,818

55

Armstrong

World

Industries,

Inc.

10,349

1,112

Automatic

Data

Processing,

Inc.

344,164

152

Axon

Enterprise,

Inc.

k

114,834

2,740

Badger

Infrastructure

Solutions,

Ltd.

103,403

2,311

Barrett

Business

Services,

Inc.

106,237

590

BWX

Technologies,

Inc.

89,639

2,063

Caterpillar,

Inc.

903,635

39,525

CNH

Industrial

NV

512,244

23,494

CSX

Corporation

834,977

120

Curtiss-Wright

Corporation

58,826

1,522

Dayforce,

Inc.

k

87,774

12,259

Delta

Air

Lines,

Inc.

652,301

1,100

Enerpac

Tool

Group

Corporation

42,361

831

Expeditors

International

of

Washington,

Inc.

96,595

13,375

Fastenal

Company

616,989

1,434

Ferguson

Enterprises,

Inc.

320,255

6,469

Flowserve

Corporation

362,523

3,822

Gates

Industrial

Corporation

plc

k

94,786

1,554

General

Dynamics

Corporation

484,242

1,481

General

Electric

Company

401,469

205

Graco,

Inc.

17,216

95

Great

Lakes

Dredge

&

Dock

Corporation

k

1,053

2,049

Helios

Technologies,

Inc.

75,178

5,922

Hexcel

Corporation

354,787

2,761

Honeywell

International,

Inc.

613,908

949

Howmet

Aerospace,

Inc.

170,602

210

IES

Holdings,

Inc.

k

74,145

2,789

Jacobs

Solutions,

Inc.

395,675

2,048

JB

Hunt

Transport

Services,

Inc.

295,014

300

Johnson

Controls

International

plc

31,500

1,784

Knight-Swift

Transportation

Holdings,

Inc.

75,820

1,025

Korn

Ferry

72,642

2,024

L3Harris

Technologies,

Inc.

556,236

467

Landstar

System,

Inc.

62,284

813

Leidos

Holdings,

Inc.

129,795

140

Limbach

Holdings,

Inc.

k

19,180

492

Lincoln

Electric

Holdings,

Inc.

119,802

376

Masco

Corporation

25,617

4,719

Masterbrand,

Inc.

k

52,050

128

McGrath

RentCorp

15,973

377

Miller

Industries,

Inc.

15,363

434

Moog,

Inc.

84,014

950

Old

Dominion

Freight

Line,

Inc.

141,787

464

Otis

Worldwide

Corporation

39,760

901

Parker-Hannifin

Corporation

659,442

362

Quanta

Services,

Inc.

147,019

405

Republic

Services,

Inc.

93,413

563

Rockwell

Automation,

Inc.

198,013

2,953

Schneider

National,

Inc.

72,201

3,145

Southwest

Airlines

Company

97,275

1,932

Timken

Company

147,006

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock  29.9%

Value

Industrials  3.3%

-

continued

965

Trane

Technologies

plc

$

422,747

1,186

Trex

Company,

Inc.

k

76,189

6,440

Uber

Technologies,

Inc.

k

565,110

671

UFP

Industries,

Inc.

65,758

602

Union

Pacific

Corporation

133,626

3,335

United

Parcel

Service,

Inc.

287,344

226

United

Rentals,

Inc.

199,544

908

Verisk

Analytics,

Inc.

253,069

296

Waste

Management,

Inc.

67,831

1,428

WNS

Holdings,

Ltd.

k

106,800

Total

13,783,008

Information

Technology  8.4%

464

Adobe,

Inc.

k

165,968

5,117

Amphenol

Corporation

545,012

441

Analog

Devices,

Inc.

99,062

19,942

Apple,

Inc.

4,139,361

2,206

Applied

Materials,

Inc.

397,212

2,143

Arista

Networks,

Inc.

k

264,061

1,463

Autodesk,

Inc.

k

443,450

8,540

Broadcom,

Inc.

2,508,198

1,569

CDW

Corporation

273,602

18,520

Cisco

Systems,

Inc.

1,260,842

1,598

Crane

NXT

Company

94,825

830

Datadog,

Inc.

k

116,183

2,699

DocuSign,

Inc.

k

204,152

240

Fabrinet

k

77,695

365

Flex,

Ltd.

k

18,203

4,303

Fortinet,

Inc.

k

429,870

454

Gen

Digital,

Inc.

13,389

30

InterDigital,

Inc.

7,746

2,892

International

Business

Machines

Corporation

732,110

412

Intuit,

Inc.

323,474

1,959

JFrog,

Ltd.

k

85,040

216

Keysight

Technologies,

Inc.

k

35,405

113

KLA

Corporation

99,330

308

Lam

Research

Corporation

29,211

318

Littelfuse,

Inc.

81,831

3,213

Micron

Technology,

Inc.

350,667

14,402

Microsoft

Corporation

7,683,467

262

Monday.com,

Ltd.

k

68,720

685

Motorola

Solutions,

Inc.

300,701

17,761

Nokia

Oyj

ADR

e

72,465

39,553

NVIDIA

Corporation

7,035,292

1,776

ON

Semiconductor

Corporation

k

100,095

277

Onto

Innovation,

Inc.

k

26,246

3,177

Oracle

Corporation

806,227

3,200

Palantir

Technologies,

Inc.

k

506,720

2,378

Pegasystems,

Inc.

139,612

354

Plexus

Corporation

k

45,135

137

PTC,

Inc.

k

29,429

1,782

Qorvo,

Inc.

k

148,975

5,129

Qualcomm,

Inc.

752,732

1,675

Salesforce,

Inc.

432,703

13,816

Samsung

Electronics

Company,

Ltd.

704,118

1,133

SAP

SE

ADR

324,831

1,008

ServiceNow,

Inc.

k

950,665

4,038

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

975,662

4,672

TD

SYNNEX

Corporation

674,590

92

TE

Connectivity

plc

18,929

246

Texas

Instruments,

Inc.

44,541

Shares

Common

Stock  29.9%

Value

Information

Technology  8.4%

-

continued

3,779

Trimble,

Inc.

k

$

317,020

1,536

TTM

Technologies,

Inc.

k

72,576

583

VeriSign,

Inc.

156,751

469

Zebra

Technologies

Corporation

k

159,000

Total

35,343,101

Materials  0.9%

913

Albemarle

Corporation

61,947

9,338

Amcor

plc

87,310

5,236

Axalta

Coating

Systems,

Ltd.

k

148,284

7,002

CF

Industries

Holdings,

Inc.

649,996

493

Corteva,

Inc.

35,560

4,052

Crown

Holdings,

Inc.

402,607

1,595

DuPont

de

Nemours,

Inc.

114,680

2,521

Eastman

Chemical

Company

183,050

1,514

Ecolab,

Inc.

396,305

1,111

Greif,

Inc.

70,471

1,261

Ingevity

Corporation

k

52,697

8,937

Ivanhoe

Mines,

Ltd.

k

69,724

813

Linde

plc

374,191

912

Newmont

Corporation

56,635

4,738

Nucor

Corporation

677,866

1,827

Olin

Corporation

34,603

331

Packaging

Corporation

of

America

64,131

1,817

Steel

Dynamics,

Inc.

231,776

295

Vulcan

Materials

Company

81,028

1,159

West

Fraser

Timber

Company,

Ltd.

80,330

Total

3,873,191

Real

Estate  0.7%

371

Agree

Realty

Corporation

26,601

898

AvalonBay

Communities,

Inc.

167,279

3,115

Broadstone

Net

Lease,

Inc.

50,588

2,656

CBRE

Group,

Inc.

k

413,645

5,301

Crown

Castle,

Inc.

557,082

6,600

Cushman

and

Wakefield

plc

k

80,454

539

Easterly

Government

Properties,

Inc.

11,858

720

EPR

Properties

39,629

7,735

Essential

Properties

Realty

Trust,

Inc.

235,840

489

Extra

Space

Storage,

Inc.

65,702

2,611

First

Industrial

Realty

Trust,

Inc.

127,208

23,355

Healthcare

Realty

Trust,

Inc.

358,733

1,330

Host

Hotels

&

Resorts,

Inc.

20,908

595

Innovative

Industrial

Properties,

Inc.

30,761

211

Kite

Realty

Group

Trust

4,638

2,343

Millrose

Properties,

Inc.

70,267

2,936

National

Storage

Affiliates

Trust

86,494

2,262

Outfront

Media,

Inc.

39,653

5,866

Sabra

Health

Care

REIT,

Inc.

105,764

786

SBA

Communications

Corporation

176,630

375

Sila

Realty

Trust,

Inc.

9,165

2,750

Tanger,

Inc.

82,555

1,351

Terreno

Realty

Corporation

74,967

20,438

Uniti

Group,

Inc.

k

108,730

639

Xenia

Hotels

&

Resorts,

Inc.

8,122

Total

2,953,273

Utilities  1.1%

4,946

AES

Corporation

65,040

1,690

Alliant

Energy

Corporation

109,867

212

Black

Hills

Corporation

12,249

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Common

Stock  29.9%

Value

Utilities  1.1%

-

continued

1,245

Brookfield

Infrastructure

Corporation

$

48,605

3,219

CenterPoint

Energy,

Inc.

124,961

22

Clearway

Energy,

Inc.,

Class

C

718

1,719

Constellation

Energy

Corporation

597,937

6,192

Duke

Energy

Corporation

753,195

3,431

Edison

International

178,824

9,967

Entergy

Corporation

901,316

2,838

NiSource,

Inc.

120,473

645

Northwestern

Energy

Group,

Inc.

34,636

7,929

PG&E

Corporation

111,165

4,683

Portland

General

Electric

Company

192,565

5,819

Public

Service

Enterprise

Group,

Inc.

522,488

868

Spire,

Inc.

64,640

9,786

UGI

Corporation

354,057

2,233

Vistra

Energy

Corporation

465,670

Total

4,658,406

Total

Common

Stock

(cost

$84,440,253)

126,476,303

Shares

Registered

Investment

Companies  

12.9%

Value

U.S.

Affiliated  

12.3%  

2,549,758

Thrivent

Core

Emerging

Markets

Debt

Fund

21,519,957

2,533,130

Thrivent

Core

International

Equity

Fund

30,397,564

Total

51,917,521

U.S.

Unaffiliated  

0.6%  

3,692

abrdn

Asia-Pacific

Income

Fund,

Inc.

59,478

11,089

abrdn

Income

Credit

Strategies

Fund

65,980

3,817

abrdn

Total

Dynamic

Dividend

Fund

34,086

7,016

AllianceBernstein

Global

High

Income

Fund,

Inc.

78,018

10,265

Allspring

Income

Opportunities

Fund

72,368

2,813

BlackRock

Capital

Allocation

Term

Trust

41,914

1,697

BlackRock

Core

Bond

Trust

16,274

6,950

BlackRock

Corporate

High

Yield

Fund,

Inc.

68,041

8,140

BlackRock

Credit

Allocation

Income

Trust

89,866

713

BlackRock

Debt

Strategies

Fund,

Inc.

7,536

1,075

BlackRock

Enhanced

Equity

Dividend

Trust

9,492

5,314

BlackRock

Enhanced

Global

Dividend

Trust

60,261

3,132

BlackRock

Enhanced

International

Dividend

Trust

17,758

2,353

BlackRock

Income

Trust,

Inc.

27,412

4,902

BlackRock

Multi-Sector

Income

Trust

71,961

6,079

Blackstone

Strategic

Credit

2027

Term

Fund

75,440

6,031

Cornerstone

Strategic

Investment

Fund,

Inc.

48,791

Shares

Registered

Investment

Companies  12.9%

Value

U.S.

Unaffiliated  

0.6%  -

continued

7,017

Eaton

Vance

Limited

Duration

Income

Fund

$

70,872

3,191

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

27,921

5,895

Invesco

Senior

Loan

ETF

e

123,382

1,403

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

e

153,081

8,723

iShares

Preferred

and

Income

Securities

ETF

e

272,594

355

iShares

Semiconductor

ETF

85,211

12,898

Nuveen

Credit

Strategies

Income

Fund

71,326

5,392

Nuveen

Preferred

Income

Opportunities

Fund

43,513

6,155

PGIM

Global

High

Yield

Fund,

Inc.

80,692

5,942

PGIM

High

Yield

Bond

Fund,

Inc.

85,208

2,892

Pimco

Dynamic

Income

Fund

55,526

4,260

PIMCO

High

Income

Fund

20,789

4,507

PIMCO

Income

Strategy

Fund

II

e

33,848

865

Tri-Continental

Corporation

28,268

3,734

Vanguard

Short-Term

Corporate

Bond

ETF

296,032

1,396

Virtus

Convertible

&

Income

Fund

20,019

5,085

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

k

64,427

1,168

Virtus

Equity

&

Convertible

Income

Fund

28,172

11,333

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

65,391

1,331

Western

Asset

Diversified

Income

Fund

19,859

17,387

Western

Asset

High

Income

Opportunity

Fund,

Inc.

68,853

Total

2,559,660

Total

Registered

Investment

Companies

(cost

$50,116,061)

54,477,181

Shares

Preferred

Stock

0.9%

Value

Basic

Materials  <0.1%

3,036

Albemarle

Corporation,

Convertible,

7.250%

103,103

Total

103,103

Capital

Goods  0.1%

4,690

Boeing

Company,

Convertible,

6.000%

331,583

Total

331,583

Communications

Services  <0.1%

4,975

AT&T,

Inc.,

4.750%

i

97,012

3,000

Telephone

and

Data

Systems,

Inc.,

6.000%

i

55,320

Total

152,332

Financials  0.6%

2,475

AEGON

Funding

Company,

LLC,

5.100%

49,624

5,200

Allstate

Corporation,

5.100%

i

112,476

1,984

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

151,141

2,139

Ares

Management

Corporation,

Convertible,

6.750%

121,067

1,550

Athene

Holding,

Ltd.,

5.625%

i

31,046

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

Preferred

Stock  0.9%

Value

Financials  0.6%

-

continued

4,100

Bank

of

America

Corporation,

4.250%

i

$

72,324

3,175

Bank

of

America

Corporation,

4.375%

i

56,547

1,575

Bank

of

America

Corporation,

4.750%

i

30,823

3,175

Bank

of

America

Corporation,

5.000%

i

64,929

217

Bank

of

America

Corporation,

Convertible,

7.250%

i

264,740

775

Capital

One

Financial

Corporation,

4.800%

i

14,516

3,050

Capital

One

Financial

Corporation,

5.000%

i

59,993

775

Charles

Schwab

Corporation,

4.450%

i

15,105

550

Citizens

Financial

Group,

Inc.,

7.375%

i

14,558

1,250

Corebridge

Financial,

Inc.,

6.375%

30,362

700

Equitable

Holdings,

Inc.,

5.250%

i

14,476

1,550

Fifth

Third

Bancorp,

4.950%

i

31,356

1,550

Huntington

Bancshares,

Inc./OH,

4.500%

i

27,760

3,100

JPMorgan

Chase

&

Company,

4.200%

i

56,606

3,175

JPMorgan

Chase

&

Company,

4.625%

i

62,579

3,350

JPMorgan

Chase

&

Company,

4.750%

i

68,206

775

KeyCorp,

5.650%

i

17,135

3,150

KeyCorp,

6.200%

b,i

78,498

3,573

KKR

&

Company,

Inc.,

Convertible,

6.250%

205,269

775

MetLife,

Inc.,

4.750%

i

15,694

2,600

Morgan

Stanley,

4.250%

i

45,266

2,290

Morgan

Stanley,

5.850%

i

54,548

2,800

Morgan

Stanley,

7.125%

i

71,204

2,875

Public

Storage,

4.125%

i

47,639

1,125

Public

Storage,

4.625%

i

21,296

300

Public

Storage,

4.700%

i

5,739

1,550

Regions

Financial

Corporation,

4.450%

i

28,024

775

Regions

Financial

Corporation,

5.700%

b,i

19,274

725

Synovus

Financial

Corporation,

8.397%

b,i

19,017

1,550

Truist

Financial

Corporation,

4.750%

i

30,024

2,650

U.S.

Bancorp,

4.000%

i

43,593

3,450

Wells

Fargo

&

Company,

4.250%

i

60,686

3,175

Wells

Fargo

&

Company,

4.375%

i

56,991

1,550

Wells

Fargo

&

Company,

4.700%

i

29,621

2,350

Wells

Fargo

&

Company,

4.750%

i

45,308

282

Wells

Fargo

&

Company,

Convertible,

7.500%

i

334,040

Total

2,579,100

Technology  0.1%

2,217

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

133,020

2,136

Microchip

Technology,

Inc.,

Convertible,

7.500%

134,376

Total

267,396

Shares

Preferred

Stock  0.9%

Value

Utilities  0.1%

4,150

CMS

Energy

Corporation,

4.200%

i

$

73,165

431

Nextera

Energy,

Inc.,

Convertible,

7.234%

19,067

2,357

NextEra

Energy,

Inc.,

Convertible,

7.299%

113,230

2,750

Southern

Company,

4.950%

56,760

Total

262,222

Total

Preferred

Stock

(cost

$3,932,674)

3,695,736

Shares

Collateral

Held

for

Securities

Loaned

0.8%

Value

3,579,671

Thrivent

Cash

Management

Trust

3,579,671

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,579,671)

3,579,671

Shares

or

Principal

Amount

Short-Term

Investments

12.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

4.225%,

8/1/2025

l,m

299,965

500,000

4.200%,

9/26/2025

l,m

496,651

700,000

4.250%,

10/24/2025

l,m

692,984

Federal

National

Mortgage

Association

Discount

Notes

700,000

4.200%,

8/22/2025

l,m

698,186

600,000

4.185%,

9/19/2025

l,m

596,475

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,987,796

4.250%

l

17,987,795

Thrivent

Core

Short-Term

Reserve

Fund

3,055,069

4.580%

30,550,694

U.S.

Treasury

Bills

100,000

4.255%,

9/11/2025

l,n

99,512

Total

Short-Term

Investments

(cost

$51,414,253)

51,422,262

Total

Investments

(cost

$397,567,457)

104.1%

$440,686,914

Other

Assets

and

Liabilities,

Net

(4.1%)

(17,536,782)

Total

Net

Assets

100.0%

$423,150,132

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$65,564,579

or

15.5%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Dynamic

Allocation

Fund

as

of

July

31,

2025

was

$4,185

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

11/30/2018

$

38,508

Credit

Suisse

Group

AG 

5/17/2021

28,823

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Dynamic

Allocation

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,547,047

Common

Stock

926,271

Total

lending

$3,473,318

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,579,671

Net

amounts

due

to

counterparty

$106,353

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Dynamic

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

18,319,206

–

18,319,206

–

Basic

Materials

1,884,775

–

1,884,775

–

Capital

Goods

5,206,443

–

5,206,443

–

Collateralized

Mortgage

Obligations

22,619,903

–

22,619,903

–

Commercial

Mortgage-Backed

Securities

4,028,902

–

4,028,902

–

Communications

Services

6,062,576

–

6,062,576

–

Consumer

Cyclical

8,422,353

–

8,422,353

–

Consumer

Non-Cyclical

9,009,947

–

9,009,947

–

Energy

6,301,658

–

6,301,658

–

Financials

21,065,026

–

21,065,026

–

Foreign

Government

158,587

–

158,587

–

Mortgage-Backed

Securities

59,905,409

–

59,905,409

–

Technology

7,018,366

–

7,018,366

–

Transportation

1,384,439

–

1,384,439

–

U.S.

Government

&

Agencies

23,253,073

–

23,253,073

–

Utilities

6,395,098

–

6,395,098

–

Common

Stock

Communications

Services

11,579,617

11,579,617

–

–

Consumer

Discretionary

12,284,403

12,284,403

–

–

Consumer

Staples

4,130,804

4,130,804

–

–

Energy

4,955,330

4,955,330

–

–

Financials

20,013,352

20,013,352

–

–

Health

Care

12,901,818

12,901,818

–

–

Industrials

13,783,008

13,679,605

103,403

–

Information

Technology

35,343,101

34,638,983

704,118

–

Materials

3,873,191

3,803,467

69,724

–

Real

Estate

2,953,273

2,953,273

–

–

Utilities

4,658,406

4,658,406

–

–

Preferred

Stock

Basic

Materials

103,103

103,103

–

–

Capital

Goods

331,583

331,583

–

–

Communications

Services

152,332

152,332

–

–

Financials

2,579,100

2,579,100

–

–

Technology

267,396

267,396

–

–

Utilities

262,222

262,222

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,559,660

2,559,660

–

–

Short-Term

Investments

20,871,568

17,987,795

2,883,773

–

Subtotal

Investments

in

Securities

$354,639,028

$149,842,249

$204,796,779

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

51,917,521

Affiliated

Short-Term

Investments

30,550,694

Collateral

Held

for

Securities

Loaned

3,579,671

Subtotal

Other

Investments

$86,047,886

Total

Investments

at

Value

$440,686,914

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Dynamic

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,501,020

1,501,020

–

–

Total

Asset

Derivatives

$1,501,020

$1,501,020

$–

$–

Liability

Derivatives

Futures

Contracts

439,656

402,116

37,540

–

Total

Return

Swaps

31,227

–

31,227

–

Credit

Default

Swaps

15,891

–

15,891

–

Total

Liability

Derivatives

$486,774

$402,116

$84,658

$–

The

following

table

presents

Dynamic

Allocation

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$2,849,761

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

20

September

2025

$

2,197,555

$

23,695

CBOT

2-Yr.

U.S.

Treasury

Note

47

September

2025

9,738,303

(

10,037)

CBOT

5-Yr.

U.S.

Treasury

Note

149

September

2025

16,040,008

77,602

CBOT

U.S.

Long

Bond

2

September

2025

221,724

6,651

CME

E-mini

S&P

500

Index

85

September

2025

26,069,440

1,021,122

CME

Ultra

Long

Term

U.S.

Treasury

Bond

53

September

2025

6,021,452

196,111

ICE

mini

MSCI

EAFE

Index

4

September

2025

527,801

(

5,120)

ICE

US

mini

MSCI

Emerging

Markets

Index

78

September

2025

4,664,207

165,163

Total

Futures

Long

Contracts

$

65,480,490

$

1,475,187

CME

E-mini

S&P

Mid-Cap

400

Index

(31)

September

2025

(

$

9,424,851)

(

$

386,959)

CME

Euro

Foreign

Exchange

Currency

(24)

September

2025

(

3,448,826)

10,676

Eurex

Euro

STOXX

50

Index

(84)

September

2025

(

5,072,803)

(

37,540)

Total

Futures

Short

Contracts

(

$

17,946,480)

($413,823)

Total

Futures

Contracts

$

47,534,010

$1,061,364

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Dynamic

Allocation

Fund's

credit

default

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$99,512

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

915,000

$

–

(

$

15,891)

(

$

15,891)

Total

Credit

Default

Swaps

$–

($15,891)

($15,891)

1

As

the

buyer

of

protection,

Dynamic

Allocation

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Dynamic

Allocation

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Dynamic

Allocation

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Dynamic

Allocation

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

400,478

(

$

31,227)

$

–

(

$

31,227)

Total

Return

Swaps

(

$

31,227)

$

–

($31,227)

#

Payment

made

on

Termination

Date

Dynamic

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Dynamic

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$20,834

$964

$840

$21,520

2,550

5.1%

Core

International

Equity

28,555

885

2,005

30,398

2,533

7.2

Total

U.S.

Affiliated

Registered

Investment

Companies

49,389

51,918

12.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

29,170

54,305

52,924

30,551

3,055

7.2

Total

Affiliated

Short-Term

Investments

29,170

30,551

7.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

4,833

37,224

38,477

3,580

3,580

0.8

Total

Collateral

Held

for

Securities

Loaned

4,833

3,580

0.8

Total

Value

$83,392

$86,049

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($165)

$727

$–

$965

Core

International

Equity

219

2,744

–

884

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

0

(0)

–

819

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,668

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

18

Total

Affiliated

Income

from

Securities

Loaned,

Net

$18

Total

$54

$3,471

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Shares

Common

Stock

77.1%

Value

Communications

Services  6.6%

198,880

Alphabet,

Inc.,

Class

C

$

38,355,997

2,164

AMC

Networks,

Inc.

a

12,962

889

Angi,

Inc.

a

14,420

541,445

Auto

Trader

Group

plc

b

5,977,465

1,736

Bandwidth,

Inc.

a

24,148

18,181

CarGurus,

Inc.

a

596,700

142,411

Comcast

Corporation

4,732,318

173,264

Deutsche

Telekom

AG

6,214,277

11,361

E.W.

Scripps

Company

a

33,969

857

Electronic

Arts,

Inc.

130,684

1,972

Fox

Corporation,

Class

A

109,959

1,206

Fox

Corporation,

Class

B

61,675

6,814

Imax

Corporation

a

175,733

10,235

Ipsos

SA

459,576

1,227

Iridium

Communications,

Inc.

30,012

819

John

Wiley

and

Sons,

Inc.

31,613

197,200

KDDI

Corporation

3,236,371

5,039

Liberty

Global,

Ltd.,

Class

A

a

50,491

2,750

Liberty

Latin

America,

Ltd.,

Class

A

a

19,388

792

Liberty

Media

Corporation-Liberty

Formula

One

Group

a

79,477

342

Liberty

Media

Corporation-Liberty

Live

Group

a

28,807

3,319

Magnite,

Inc.

a

76,370

1,376

Match

Group,

Inc.

47,156

59,718

Meta

Platforms,

Inc.

46,188,290

198,290

MFE-MediaForEurope

NV

c

628,422

59,634

MONY

Group

plc

157,779

7,246

Netflix,

Inc.

a

8,401,012

4,919

New

York

Times

Company

255,247

108

Nexstar

Media

Group,

Inc.

20,208

20,300

Nintendo

Company,

Ltd.

1,696,653

3,568,700

NTT,

Inc.

3,603,893

19,677

Pinterest,

Inc.

a

759,532

108

Reddit,

Inc.

a

17,344

40,290

Rightmove

plc

434,791

9,230

Scout24

SE

b

1,233,514

2,686

Sirius

XM

Holdings,

Inc.

c

56,728

419,100

SoftBank

Corporation

605,531

8,300

SoftBank

Group

Corporation

633,779

9,845

Spotify

Technology

SA

a

6,168,286

656

TechTarget,

Inc.

a

4,749

908

Telephone

and

Data

Systems,

Inc.

35,448

490,759

Telstra

Corporation,

Ltd.

1,564,086

462

TKO

Group

Holdings,

Inc.

77,621

4,453

Trade

Desk,

Inc.

a

387,233

61,700

TV

Asahi

Holdings

Corporation

1,159,319

2,970,043

Vodafone

Group

plc

3,220,128

411,429

Warner

Brothers

Discovery,

Inc.

a

5,418,520

82,232

Warner

Music

Group

Corporation

2,406,108

Total

145,633,789

Consumer

Discretionary  8.3%

2,794

Adidas

AG

534,015

2,170

Adient

plc

a

46,525

13,298

ADT,

Inc.

111,038

200,242

Amazon.com,

Inc.

a

46,878,655

6,177

American

Axle

&

Manufacturing

Holdings,

Inc.

a

27,488

2,267

American

Eagle

Outfitters,

Inc.

24,484

45,109

Aptiv

plc

a

3,096,282

611

Aramark

26,004

6,400

Asics

Corporation

150,460

491

Autoliv,

Inc.

54,771

Shares

Common

Stock  77.1%

Value

Consumer

Discretionary  8.3%

-

continued

15,600

Bandai

Namco

Holdings,

Inc.

$

504,456

5,138

Bath

&

Body

Works,

Inc.

148,796

832

Booking

Holdings,

Inc.

4,579,378

1,254

Boot

Barn

Holdings,

Inc.

a

215,563

9,452

BorgWarner,

Inc.

347,834

9,997

Breville

Group,

Ltd.

209,072

6,400

Bridgestone

Corporation

258,881

244

Bright

Horizons

Family

Solutions,

Inc.

a

27,596

187

Brinker

International,

Inc.

a

29,471

870

Buckle,

Inc.

42,952

2,268

Build-A-Bear

Workshop,

Inc.

115,010

643

CarMax,

Inc.

a

36,400

985

Carnival

Corporation

a

29,323

66

Carvana

Company

a

25,751

28

Cavco

Industries,

Inc.

a

11,303

1,719

Champion

Homes,

Inc.

a

104,687

2,633

Chewy,

Inc.

a

96,631

25,972

Columbia

Sportswear

Company

1,469,236

9,377

Compagnie

Financiere

Richemont

SA

1,531,042

122,268

Compass

Group

plc

4,296,450

1,812

Coursera,

Inc.

a

22,904

45,290

D.R.

Horton,

Inc.

6,469,224

3,905

Dana,

Inc.

62,168

344

Darden

Restaurants,

Inc.

69,374

2,893

Deckers

Outdoor

Corporation

a

307,150

35,800

Denso

Corporation

485,714

247

Domino's

Pizza,

Inc.

114,413

37,176

DoorDash,

Inc.

a

9,303,294

330

Dorman

Products,

Inc.

a

39,805

71

Dutch

Bros,

Inc.

a

4,208

2,986

eBay,

Inc.

273,966

2,089

Etsy,

Inc.

a

121,726

29,372

Expedia

Group,

Inc.

5,293,422

5,000

Fast

Retailing

Company,

Ltd.

1,525,149

14,242

Ferrari

NV

6,245,231

843

Five

Below,

Inc.

a

115,086

21,983

Ford

Motor

Company

243,352

1,639

Fox

Factory

Holding

Corporation

a

49,776

624

Frontdoor,

Inc.

a

36,504

3,956

Gap,

Inc.

76,984

834

Garmin,

Ltd.

182,446

1,757

Garrett

Motion,

Inc.

22,911

369

General

Motors

Company

19,682

6,982

Gentex

Corporation

184,464

1,403

GigaCloud

Technology,

Inc.

a,c

31,245

6,291

Gildan

Activewear,

Inc.

317,758

1,874

Goodyear

Tire

&

Rubber

Company

a

19,265

1,378

Grand

Canyon

Education,

Inc.

a

232,372

3,507

Hasbro,

Inc.

263,586

23,600

Heiwa

Corporation

326,967

1,006

Hermes

International

SCA

2,460,165

3,420

Hilton

Worldwide

Holdings,

Inc.

916,834

27,877

Home

Depot,

Inc.

10,245,076

297,900

Honda

Motor

Company,

Ltd.

c

3,084,130

1,673

Installed

Building

Products,

Inc.

338,431

18,053

JB

Hi-Fi,

Ltd.

1,285,769

2,598

Kohl's

Corporation

c

28,162

4,132

Laureate

Education,

Inc.

a

93,383

326

Lear

Corporation

30,739

153

Lithia

Motors,

Inc.

44,064

1,389

LKQ

Corporation

40,934

23,582

Lottomatica

Group

SPA

636,195

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Shares

Common

Stock  77.1%

Value

Consumer

Discretionary  8.3%

-

continued

24,045

Lowe's

Companies,

Inc.

$

5,375,741

5,752

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,087,745

6,843

Mattel,

Inc.

a

116,399

2,796

Modine

Manufacturing

Company

a

376,230

877

Mohawk

Industries,

Inc.

a

100,425

328

Murphy

USA,

Inc.

118,893

1,300

National

Vision

Holdings,

Inc.

a

31,538

29,755

Next

plc

4,829,880

424,000

Nissan

Motor

Company,

Ltd.

a,c

899,008

38

NVR,

Inc.

a

286,881

236,300

Panasonic

Holdings

Corporation

2,235,237

1,161

Pandora

AS

191,676

139,324

Pirelli

&

C.

SPA

b

939,236

224

Planet

Fitness,

Inc.

a

24,459

1,194

Pool

Corporation

367,919

77,593

Prosus

NV

4,432,566

408

PulteGroup,

Inc.

46,071

921

Ralph

Lauren

Corporation

275,149

4,105

Renault

SA

151,888

6,065

Ross

Stores,

Inc.

828,115

323

Royal

Caribbean

Cruises,

Ltd.

102,672

30,800

Sanrio

Company,

Ltd.

1,263,791

123,200

Sekisui

House,

Ltd.

c

2,584,345

1,217

Service

Corporation

International/

US

92,869

3,902

SharkNinja,

Inc.

a

453,022

8,948

Six

Flags

Entertainment

Corporation

a

268,082

273,600

Sony

Group

Corporation

6,580,988

182,014

Sony

Group

Corporation

ADR

c

4,426,580

3,196

Stoneridge,

Inc.

a

24,609

388

Strategic

Education,

Inc.

28,768

32,500

Subaru

Corporation

597,864

6,700

Sumitomo

Electric

Industries,

Ltd.

166,259

3,725

Tapestry,

Inc.

402,412

202

Taylor

Morrison

Home

Corporation

a

11,975

42,955

Tesla,

Inc.

a

13,241,738

136

Texas

Roadhouse,

Inc.

25,178

435

Toll

Brothers,

Inc.

51,487

28

TopBuild

Corporation

a

10,372

332,800

Toyota

Motor

Corporation

5,919,716

1,309

Travel

+

Leisure

Company

77,558

330

Ulta

Beauty,

Inc.

a

169,953

163

Urban

Outfitters,

Inc.

a

12,271

866

Valvoline,

Inc.

a

30,527

2,657

VF

Corporation

31,140

453

Visteon

Corporation

a

50,351

1,021

Wayfair,

Inc.

a

67,018

1,580

Wesfarmers,

Ltd.

86,425

1,689

Wingstop,

Inc.

637,327

47

Winmark

Corporation

17,739

48,850

Wyndham

Hotels

&

Resorts,

Inc.

4,201,100

6,753

Yum

China

Holding,

Inc.

315,230

1,182

Yum!

Brands,

Inc.

170,385

Total

183,528,389

Consumer

Staples  2.9%

4,000

Ain

Holdings,

Inc.

153,959

3,862

Albertsons

Companies,

Inc.

74,228

42,483

Anheuser-Busch

InBev

NV

2,442,463

1,101

Archer-Daniels-Midland

Company

59,652

13,600

Arcs

Company,

Ltd.

273,654

488

BellRing

Brands,

Inc.

a

26,635

Shares

Common

Stock  77.1%

Value

Consumer

Staples  2.9%

-

continued

2,179

BJ's

Wholesale

Club

Holdings,

Inc.

a

$

230,756

327

Bunge

Global

SA

26,082

1,330

Casey's

General

Stores,

Inc.

691,773

1,037

Central

Garden

&

Pet

Company,

Class

A

a

36,834

2

Chocoladefabriken

Lindt

and

Spruengli

AG

292,445

817

Church

&

Dwight

Company,

Inc.

76,610

8,525

Conagra

Brands,

Inc.

155,667

471,922

Coty,

Inc.

a

2,288,822

23,463

Danone

SA

1,920,141

1,133

Darling

Ingredients,

Inc.

a

36,687

1,903

Dole

plc

27,099

128,355

Imperial

Brands

plc

5,003,218

462

Ingredion,

Inc.

60,771

4,174

J

&

J

Snack

Foods

Corporation

471,203

86,800

Japan

Tobacco,

Inc.

2,478,976

255,273

Kenvue,

Inc.

5,473,053

65,854

Keurig

Dr

Pepper,

Inc.

2,150,133

706

Kimberly-Clark

Corporation

87,982

178,306

Koninklijke

Ahold

Delhaize

NV

7,042,459

431

Kraft

Heinz

Company

11,835

1,380

Kroger

Company

96,738

11

Lindt

&

Spruengli

AG

161,816

817

Maplebear,

Inc.

a

39,192

1,374

McCormick

&

Company,

Inc.

97,046

39,467

Nestle

SA

3,448,511

419

Primo

Brands

Corporation

11,569

120

Sprouts

Farmers

Markets,

Inc.

a

18,185

98,079

Sysco

Corporation

7,807,088

641,629

Tesco

plc

3,604,956

1,234

Tyson

Foods,

Inc.

64,538

46,500

Unicharm

Corporation

321,647

1,044

Unilever

plc

60,574

113,100

Unilever

plc

ADR

6,608,433

1,002

US

Foods

Holding

Corporation

a

83,497

4,913

Vita

Coco

Company,

Inc.

a

173,232

83,213

Walmart,

Inc.

8,153,210

2,232,500

WH

Group,

Ltd.

b

2,235,041

Total

64,578,410

Energy  2.8%

13,187

Antero

Midstream

Corporation

241,981

3,267

Antero

Resources

Corporation

a

114,116

1,835

APA

Corporation

35,397

1,431

Archrock,

Inc.

33,428

8,565

Baker

Hughes

Company

385,853

5,702

Berry

Corporation

17,220

416

Cactus,

Inc.

17,601

1,672

Cheniere

Energy,

Inc.

394,391

443

Chord

Energy

Corporation

48,876

3,263

Civitas

Resources,

Inc.

99,065

103,980

ConocoPhillips

9,913,453

19,878

Coterra

Energy,

Inc.

484,824

1,983

Crescent

Energy

Company

18,323

117,411

Devon

Energy

Corporation

3,900,393

2,618

DHT

Holdings,

Inc.

29,034

1,962

Diamondback

Energy,

Inc.

291,671

1,230

DT

Midstream,

Inc.

126,358

27,100

Eneos

Holdings,

Inc.

142,238

26,056

Eni

SPA

444,707

227,243

Enterprise

Products

Partners,

LP

7,042,261

1,766

EQT

Corporation

94,922

1,400

Expand

Energy

Corporation

146,692

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Shares

Common

Stock  77.1%

Value

Energy  2.8%

-

continued

111,030

Exxon

Mobil

Corporation

$

12,395,389

672

Gulfport

Energy

Corporation

a

117,015

119,404

Halliburton

Company

2,674,650

3,443

Hess

Midstream,

LP

149,874

1,061

HF

Sinclair

Corporation

46,620

644

Kimbell

Royalty

Partners,

LP

9,576

15,193

Kinder

Morgan,

Inc.

426,316

987

Kodiak

Gas

Services,

Inc.

31,910

14,118

Koninklijke

Vopak

NV

674,431

12,437

Kosmos

Energy,

Ltd.

a

26,740

22,705

Marathon

Petroleum

Corporation

3,864,164

7,387

Noble

Corporation

plc

198,045

921

Occidental

Petroleum

Corporation

40,469

1,501

Oceaneering

International,

Inc.

a

32,572

1,598

Oil

States

International,

Inc.

a

7,974

2,515

ONEOK,

Inc.

206,507

5,176

Ovintiv,

Inc.

213,148

997

Par

Pacific

Holdings,

Inc.

a

31,286

4,294

Permian

Resources

Corporation

60,803

626

Phillips

66

77,361

1,301

Range

Resources

Corporation

47,773

231

Ranger

Energy

Services,

Inc.

3,093

39,697

SBM

Offshore

NV

1,035,269

296,751

Shell

plc

10,663,232

40,128

Shell

plc

ADR

2,897,643

773

SM

Energy

Company

21,327

1,373

Talos

Energy,

Inc.

a

11,739

131

Targa

Resources

Corporation

21,800

18,905

TechnipFMC

plc

687,575

292

Valero

Energy

Corporation

40,095

2,875

Vital

Energy,

Inc.

a

53,734

66

Weatherford

International

plc

3,732

4,366

Williams

Companies,

Inc.

261,742

Total

61,056,408

Financials  15.2%

178

1st

Source

Corporation

10,648

39,213

AB

Industrivarden,

Class

A

1,450,800

20,817

ABN

AMRO

Bank

NV

b

601,788

760

Affiliated

Managers

Group,

Inc.

159,501

1,290

Affirm

Holdings,

Inc.

a

88,442

687

Aflac,

Inc.

68,260

29,907

AGNC

Investment

Corporation

282,023

183,580

AIB

Group

plc

1,448,200

30,605

Allianz

SE

12,094,432

21,672

Allstate

Corporation

4,404,834

2,319

Ally

Financial,

Inc.

87,774

2,208

Amalgamated

Financial

Corporation

64,010

19,472

American

Express

Company

5,828,164

55,603

American

International

Group,

Inc.

4,316,461

7,817

Ameriprise

Financial,

Inc.

4,050,691

776

Ameris

Bancorp

53,040

335

AMERISAFE,

Inc.

15,001

5,918

Annaly

Capital

Management,

Inc.

120,313

639

Arch

Capital

Group,

Ltd.

54,992

2,664

Ares

Management

Corporation

494,252

1,507

Arthur

J.

Gallagher

&

Company

432,886

1,574

Artisan

Partners

Asset

Management,

Inc.

71,223

4,177

Associated

Banc-Corp

103,339

432

Assurant,

Inc.

80,914

485

Atlantic

Union

Bankshares

Corporation

15,374

Shares

Common

Stock  77.1%

Value

Financials  15.2%

-

continued

118,526

Australia

and

New

Zealand

Banking

Group,

Ltd.

$

2,325,890

139,319

AXA

SA

6,766,618

597

Axis

Capital

Holdings,

Ltd.

56,022

747,788

Banca

Monte

dei

Paschi

di

Siena

SPA

6,366,243

279,684

Banco

Bilbao

Vizcaya

Argentaria

SA

4,664,648

733,157

Banco

Santander

SA

6,298,403

46,146

Bank

Hapoalim

BM

865,380

79,617

Bank

Leumi

Le-Israel

BM

1,472,817

268,382

Bank

of

America

Corporation

12,686,417

33

Bank

of

Hawaii

Corporation

2,042

35,235

Bank

of

Ireland

Group

plc

472,501

60,340

Bank

of

New

York

Mellon

Corporation

6,121,493

505

Bank

OZK

24,896

686

BankFinancial

Corporation

7,628

1,407

BankUnited,

Inc.

51,313

884

Bar

Harbor

Bankshares

25,671

1,352,080

Barclays

plc

6,609,020

893

BCB

Bancorp,

Inc.

7,465

2,826

Berkshire

Hills

Bancorp,

Inc.

69,633

674

Blackstone

Mortgage

Trust,

Inc.

12,456

1,308

Block,

Inc.

a

101,056

7,044

Blue

Owl

Capital,

Inc.

136,301

88,015

BNP

Paribas

SA

8,025,062

2,665

Brookline

Bancorp,

Inc.

27,503

2,366

Brown

&

Brown,

Inc.

216,181

1,193

Burke

&

Herbert

Financial

Services

Corporation

69,182

1,210

Business

First

Bancshares,

Inc.

28,737

2,568

Byline

Bancorp,

Inc.

67,538

103

C&F

Financial

Corporation

6,577

990

Cadence

Bank

34,501

2,771

California

BanCorp

a

41,537

103

Camden

National

Corporation

3,884

383

Capital

City

Bank

Group,

Inc.

15,163

54,665

Capital

One

Financial

Corporation

11,752,975

5,217

Capitol

Federal

Financial,

Inc.

31,406

6,741

Carlyle

Group,

Inc.

408,909

134

Cathay

General

Bancorp

6,059

1,128

Cboe

Global

Markets,

Inc.

271,893

2,489

Central

Pacific

Financial

Corporation

66,357

108,411

Charles

Schwab

Corporation

10,595,007

1,946

Chimera

Investment

Corporation

26,018

137

ChoiceOne

Financial

Services,

Inc.

4,028

21,244

Chubb,

Ltd.

5,651,754

957

Cincinnati

Financial

Corporation

141,167

987

Citizens

Financial

Group,

Inc.

47,100

1,014

CNB

Financial

Corporation

23,271

1,635

CNO

Financial

Group,

Inc.

60,233

927

Coinbase

Global,

Inc.

a

350,184

665

Colony

Bankcorp,

Inc.

10,899

2,990

Columbia

Banking

System,

Inc.

71,162

900

Comerica,

Inc.

60,813

799

Commerce

Bancshares,

Inc.

48,899

48,450

Commonwealth

Bank

of

Australia

5,500,497

70

Community

Financial

System,

Inc.

3,689

430

Community

Trust

Bancorp,

Inc.

23,211

362

Community

West

Bancshares

6,968

793

ConnectOne

Bancorp,

Inc.

18,263

302,396

Credit

Agricole

SA

5,565,461

382

Cullen/Frost

Bankers,

Inc.

48,671

104

CVB

Financial

Corporation

1,944

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Shares

Common

Stock  77.1%

Value

Financials  15.2%

-

continued

75,100

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

$

594,205

275,900

Daiwa

Securities

Group,

Inc.

1,920,776

9,574

Danske

Bank

AS

379,815

7,709

Deutsche

Bank

AG

253,908

33,002

Deutsche

Boerse

AG

9,550,370

86

Diamond

Hill

Investment

Group,

Inc.

11,659

157,417

DNB

Bank

ASA

3,982,610

1,698

Dynex

Capital,

Inc.

21,123

1,342

Eagle

Bancorp,

Inc.

21,593

1,193

East

West

Bancorp,

Inc.

119,598

605

Eastern

Bankshares,

Inc.

9,347

919

Enact

Holdings,

Inc.

31,944

568

Enova

International,

Inc.

a

59,390

4,360

Equitable

Holdings,

Inc.

223,886

699

Equity

Bancshares,

Inc.

26,268

1,492

Essent

Group,

Ltd.

83,537

40

Euronet

Worldwide,

Inc.

a

3,887

5,891

Euronext

NV

b

949,566

130

Evercore,

Inc.

39,148

1,700

F.N.B.

Corporation

26,044

358

FactSet

Research

Systems,

Inc.

144,238

956

Farmers

National

Banc

Corporation

12,944

2,865

Federated

Hermes,

Inc.

142,018

3,911

Fidelity

National

Information

Services,

Inc.

310,573

1,989

Fifth

Third

Bancorp

82,683

2,347

Financial

Institutions,

Inc.

59,825

1,569

First

American

Financial

Corporation

94,218

2,662

First

Bancorp/Puerto

Rico

55,449

2,388

First

Citizens

BancShares,

Inc./NC

4,763,487

3,273

First

Financial

Bancorp

79,338

466

First

Financial

Bankshares,

Inc.

16,133

1,283

First

Financial

Corporation

68,705

253

First

Hawaiian,

Inc.

6,135

3,750

First

Horizon

Corporation

81,787

977

First

Internet

Bancorp

21,426

22

First

Interstate

BancSystem,

Inc.

633

1,163

First

Merchants

Corporation

44,334

793

First

Mid-Illinois

Bancshares,

Inc.

30,110

383

FirstCash

Holdings,

Inc.

51,050

824

Flagstar

Financial,

Inc.

9,303

1,887

Flushing

Financial

Corporation

22,625

503

Flywire

Corporation

a

5,478

839

Franklin

Resources,

Inc.

20,136

5,101

Fulton

Financial

Corporation

91,563

157,901

Generali

5,890,630

2,332

Genworth

Financial,

Inc.

a

18,330

4,659

Glacier

Bancorp,

Inc.

204,204

166

Global

Life,

Inc.

23,318

561

Global

Payments,

Inc.

44,852

470

Great

Southern

Bancorp,

Inc.

26,762

52

Hamilton

Lane,

Inc.

7,920

366

Hancock

Whitney

Corporation

21,858

322

Hanover

Insurance

Group,

Inc.

55,265

1,606

HarborOne

Bancorp,

Inc.

18,999

1,814

Hartford

Insurance

Group,

Inc.

225,643

139

HBT

Financial,

Inc.

3,457

912

Home

BancShares,

Inc.

25,682

162

Hometrust

Bancshares,

Inc.

6,295

4,541

Horizon

Bancorp,

Inc.

70,340

3,809

Houlihan

Lokey,

Inc.

726,224

Shares

Common

Stock  77.1%

Value

Financials  15.2%

-

continued

197,411

HSBC

Holdings

plc

$

2,405,062

187

HUB24,

Ltd.

12,693

3,940

Huntington

Bancshares,

Inc./OH

64,734

57,234

IG

Group

Holdings

plc

852,264

32

Independent

Bank

Corporation/MA

2,034

948

Independent

Bank

Corporation/MI

28,961

290,872

Insurance

Australia

Group,

Ltd.

1,632,784

27,174

Intercontinental

Exchange,

Inc.

5,022,570

3,755

Invesco,

Ltd.

78,893

207

Investar

Holding

Corporation

4,492

6,302

Jack

Henry

&

Associates,

Inc.

1,070,174

490

Jackson

Financial,

Inc.

42,904

7,761

Janus

Henderson

Group

plc

336,051

49,200

Japan

Post

Bank

Company,

Ltd.

549,136

286,800

Japan

Post

Holdings

Company,

Ltd.

2,655,961

423

Jefferies

Financial

Group,

Inc.

24,390

64,637

JPMorgan

Chase

&

Company

19,148,065

4,328

Kearny

Financial

Corporation/MD

25,665

318

Kemper

Corporation

19,586

272,780

KeyCorp

4,888,218

1,167

Ladder

Capital

Corporation

12,744

2,265

London

Stock

Exchange

Group

plc

276,093

3,823

M&T

Bank

Corporation

721,400

355

MarketAxess

Holdings,

Inc.

72,953

9,710

Marsh

&

McLennan

Companies,

Inc.

1,934,232

275,259

Medibank,

Private

Ltd.

899,656

640

Mercantile

Bank

Corporation

29,242

62,868

MetLife,

Inc.

4,774,825

16,669

MGIC

Investment

Corporation

431,727

1,474

Midland

States

Bancorp,

Inc.

24,999

1,816

MidWestOne

Financial

Group,

Inc.

50,013

110,900

Mitsubishi

HC

Capital,

Inc.

819,732

510,600

Mitsubishi

UFJ

Financial

Group,

Inc.

7,037,482

144,100

Mizuho

Financial

Group,

Inc.

4,226,692

646

Morningstar,

Inc.

178,593

507

MSCI,

Inc.

284,610

8,270

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,414,133

5,003

Nasdaq,

Inc.

481,389

76,908

National

Australia

Bank,

Ltd.

1,908,595

320,838

NatWest

Group

plc

2,227,132

20,935

Netwealth

Group,

Ltd.

499,601

4,372

NMI

Holdings,

Inc.

a

163,163

34,748

NN

Group

NV

2,339,782

137,700

Nomura

Holdings,

Inc.

909,687

137

Northeast

Bank

13,586

984

Northeast

Community

Bancorp,

Inc.

20,329

4,532

Northern

Trust

Corporation

589,160

1,769

Northfield

Bancorp,

Inc.

18,840

5,901

Northwest

Bancshares,

Inc.

69,042

1,015

OceanFirst

Financial

Corporation

17,032

963

OFG

Bancorp

41,043

10,269

Old

National

Bancorp

216,779

2,579

Old

Republic

International

Corporation

93,282

4,151

Old

Second

Bancorp,

Inc.

70,442

5,849

OneMain

Holdings,

Inc.

338,014

170

Orange

County

Bancorp,

Inc.

4,248

935

Orrstown

Financial

Services,

Inc.

30,724

1,574

Pacific

Premier

Bancorp,

Inc.

34,109

282

Palomar

Holdings,

Inc.

a

37,362

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Shares

Common

Stock  77.1%

Value

Financials  15.2%

-

continued

19,548

Paragon

Banking

Group

plc

$

233,120

16

Park

National

Corporation

2,590

460

Paymentus

Holdings,

Inc.

a

12,825

524

PCB

Bancorp

10,711

1,032

Peoples

Bancorp,

Inc./OH

29,556

486

Pinnacle

Financial

Partners,

Inc.

42,715

12,665

Plus500,

Ltd.

562,095

1,060

Popular,

Inc.

121,455

1,602

Principal

Financial

Group,

Inc.

124,684

580

Prosperity

Bancshares,

Inc.

38,640

4,580

Provident

Financial

Services,

Inc.

83,448

1,215

Prudential

Financial,

Inc.

125,850

398,019

QBE

Insurance

Group,

Ltd.

5,904,290

3,192

Radian

Group,

Inc.

104,091

6,500

Rakuten

Bank,

Ltd.

a

302,782

2,268

Regions

Financial

Corporation

57,448

228

Reinsurance

Group

of

America,

Inc.

43,879

120

RenaissanceRe

Holdings,

Ltd.

29,249

179

Renasant

Corporation

6,559

3,020

Repay

Holdings

Corporation

a

14,858

11,994

Rithm

Capital

Corporation

144,288

2,511

RLI

Corporation

165,701

48,304

Robinhood

Markets,

Inc.

a

4,977,727

159

Safety

Insurance

Group,

Inc.

11,186

24,500

SBI

Holdings,

Inc.

910,123

3,551

SEI

Investments

Company

312,914

3,673

Selective

Insurance

Group,

Inc.

286,384

163

ServisFirst

Bancshares,

Inc.

12,820

2,804

Shore

Bancshares,

Inc.

43,490

802

Sierra

Bancorp

23,515

262

Simmons

First

National

Corporation

5,023

281,000

Singapore

Exchange,

Ltd.

3,445,511

117,100

Sompo

Holdings,

Inc.

3,452,934

513

Southern

Missouri

Bancorp,

Inc.

27,748

733

SouthState

Corporation

69,027

269,913

Standard

Chartered

plc

4,838,743

637

Starwood

Property

Trust,

Inc.

12,396

50,046

Steadfast

Group,

Ltd.

190,469

1,644

StepStone

Group,

Inc.

97,588

970

Stifel

Financial

Corporation

110,696

372

StoneX

Group,

Inc.

a

36,173

33,480

Storebrand

ASA

475,426

107,800

Sumitomo

Mitsui

Financial

Group,

Inc.

2,719,429

6,600

Sumitomo

Mitsui

Trust

Group,

Inc.

173,017

45,829

Svenska

Handelsbanken

AB

558,398

6,097

Svolder

AB

34,312

1,243

Synchrony

Financial

86,600

3,338

Synovus

Financial

Corporation

157,687

1,525

Texas

Capital

Bancshares,

Inc.

a

128,054

51,900

Tokio

Marine

Holdings,

Inc.

2,083,937

464

Tompkins

Financial

Corporation

30,012

73,849

TP

ICAP

Group

plc

298,114

3,641

TPG

RE

Finance

Trust,

Inc.

31,677

7,004

Tradeweb

Markets,

Inc.

970,404

4,773

Triumph

Financial,

Inc.

a

270,725

933

TrustCo

Bank

Corporation

NY

31,311

2,226

Trustmark

Corporation

82,919

13,449

U.S.

Bancorp

604,667

170,333

UBS

Group

AG

6,330,259

472

UMB

Financial

Corporation

51,915

20,125

UniCredit

SPA

1,480,675

30,999

Unipol

Assicurazioni

SPA

621,770

Shares

Common

Stock  77.1%

Value

Financials  15.2%

-

continued

699

United

Bankshares,

Inc.

$

24,828

1,938

United

Community

Banks,

Inc.

59,109

374

Unity

Bancorp,

Inc.

18,367

1,004

Univest

Financial

Corporation

28,955

2,047

Unum

Group

146,995

165

Upstart

Holdings,

Inc.

a

13,487

7,098

Valley

National

Bancorp

65,798

1,020

Virtu

Financial,

Inc.

45,023

55,614

Visa,

Inc.

19,212,969

5,884

Voya

Financial,

Inc.

411,880

1,224

WaFd,

Inc.

35,625

1,248

Webster

Financial

Corporation

71,947

203,990

Wells

Fargo

&

Company

16,447,714

1,269

Wendel

SA

118,913

1,382

WesBanco,

Inc.

41,640

696

Westamerica

Bancorporation

33,338

635

Western

Alliance

Bancorp

49,251

12,304

Western

Union

Company

99,047

86,617

Westpac

Banking

Corporation

1,870,069

1

White

Mountains

Insurance

Group,

Ltd.

1,788

186

Willis

Towers

Watson

plc

58,741

3,299

Wintrust

Financial

Corporation

422,206

2,693

WisdomTree,

Inc.

35,736

109

WSFS

Financial

Corporation

5,978

3,253

Zions

Bancorp

NA

174,426

4,494

Zurich

Insurance

Group

AG

3,065,387

Total

335,749,552

Health

Care  7.1%

10,184

ADMA

Biologics,

Inc.

a

190,441

3,303

Agilent

Technologies,

Inc.

379,217

565

Agios

Pharmaceuticals,

Inc.

a

21,029

90

Align

Technology,

Inc.

a

11,611

18,367

Amgen,

Inc.

5,420,102

1,820

Amicus

Therapeutics,

Inc.

a

10,902

2,218

Amneal

Pharmaceuticals,

Inc.

a

17,345

580

Anika

Therapeutics,

Inc.

a

4,788

503

Argenx

SE

ADR

a

337,176

276

Artivion,

Inc.

a

8,531

37,773

AstraZeneca

plc

5,510,787

153,530

Avantor,

Inc.

a

2,063,443

744

Azenta,

Inc.

a

24,329

8,123

Baxter

International,

Inc.

176,756

448

Becton,

Dickinson

and

Company

79,856

960

Biogen,

Inc.

a

122,880

509

Biohaven,

Ltd.

a

7,686

38,174

BioMarin

Pharmaceutical,

Inc.

a

2,208,366

2,575

Bio-Techne

Corporation

140,930

175

Bruker

Corporation

6,725

676

Cardinal

Health,

Inc.

104,929

1,251

CareDx,

Inc.

a

15,369

6,101

Caribou

Biosciences,

Inc.

a

12,385

12,685

Cencora,

Inc.

3,628,925

687

Certara,

Inc.

a

6,760

885

Charles

River

Laboratories

International,

Inc.

a

150,131

14,100

Chugai

Pharmaceutical

Company,

Ltd.

675,911

14,563

Cigna

Group

3,893,855

8,740

Concentra

Group

Holdings

Parent,

Inc.

174,538

4,595

Cooper

Companies,

Inc.

a

324,821

2,494

CorVel

Corporation

a

220,968

13,728

CSL,

Ltd.

2,374,723

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Shares

Common

Stock  77.1%

Value

Health

Care  7.1%

-

continued

24,637

Danaher

Corporation

$

4,857,431

2,190

Denali

Therapeutics,

Inc.

a

30,288

4,943

Dentsply

Sirona,

Inc.

70,734

4,436

Dexcom,

Inc.

a

358,296

965

Doximity,

Inc.

a

56,694

1,444

Dyne

Therapeutics,

Inc.

a

14,223

797

Edwards

Lifesciences

Corporation

a

63,210

7,581

Elanco

Animal

Health,

Inc.

a

103,708

14,321

Eli

Lilly

&

Company

10,598,542

2,768

Enanta

Pharmaceuticals,

Inc.

a

20,981

5,625

Encompass

Health

Corporation

619,369

125

Ensign

Group,

Inc.

18,750

6,085

Exact

Sciences

Corporation

a

285,691

264

Exelixis,

Inc.

a

9,562

1,743

Fate

Therapeutics,

Inc.

a

1,917

6,878

Fortrea

Holdings,

Inc.

a

39,480

13,125

Fresenius

Medical

Care

AG

665,719

1,055

GE

HealthCare

Technologies,

Inc.

75,243

6,118

Genmab

AS

a

1,317,190

41,099

Gilead

Sciences,

Inc.

4,615,007

2,068

Globus

Medical,

Inc.

a

108,839

2,914

GoodRx

Holdings,

Inc.

a

13,958

569,355

Haleon

plc

2,670,668

5,814

HealthEquity,

Inc.

a

563,958

295

Henry

Schein,

Inc.

a

19,957

41

Hims

&

Hers

Health,

Inc.

a

2,713

23,500

Hoya

Corporation

2,964,826

545

Humana,

Inc.

136,179

1,496

IDEXX

Laboratories,

Inc.

a

799,328

1,922

Illumina,

Inc.

a

197,409

1,226

Incyte

Corporation

a

91,815

276

Insmed,

Inc.

a

29,609

1,808

Inspire

Medical

Systems,

Inc.

a

225,168

284

Insulet

Corporation

a

81,906

1,359

Integra

LifeSciences

Holdings

Corporation

a

17,857

2,071

Intellia

Therapeutics,

Inc.

a

24,106

17,165

Intuitive

Surgical,

Inc.

a

8,257,910

988

IQVIA

Holding,

Inc.

a

183,630

1,824

iTeos

Therapeutics,

Inc.

a

18,495

164

Jazz

Pharmaceuticals,

Inc.

a

18,799

67,352

Johnson

&

Johnson

11,095,568

27,434

Labcorp

Holdings,

Inc.

7,135,035

16

Medpace

Holdings,

Inc.

a

6,835

117,664

Merck

&

Company,

Inc.

9,191,912

2,696

Merit

Medical

Systems,

Inc.

a

228,783

186

Mettler-Toledo

International,

Inc.

a

229,464

1,844

Moderna,

Inc.

a

54,509

1,120

Myriad

Genetics,

Inc.

a

4,301

2,833

Natera,

Inc.

a

378,659

123,987

Novartis

AG

14,120,517

104,302

Novo

Nordisk

AS

4,850,878

110,900

Ono

Pharmaceutical

Company,

Ltd.

1,240,170

245

Option

Care

Health,

Inc.

a

7,191

3,687

Organon

&

Company

35,764

2,965

Penumbra,

Inc.

a

747,981

579

Perrigo

Company

plc

15,442

407

Prestige

Consumer

Healthcare,

Inc.

a

30,098

4,163

Pro

Medicus,

Ltd.

854,890

1,275

Prothena

Corporation

plc

a

8,759

200

PTC

Therapeutics,

Inc.

a

10,422

1,572

QIAGEN

NV

77,562

653

Quest

Diagnostics,

Inc.

109,319

Shares

Common

Stock  77.1%

Value

Health

Care  7.1%

-

continued

51,581

Recordati

SPA

$

2,958,366

5,375

Relay

Therapeutics,

Inc.

a

18,920

2,506

Repligen

Corporation

a

293,377

149

ResMed,

Inc.

40,519

30

Revvity,

Inc.

2,637

37,781

Roche

Holding

AG,

Participation

Certificates

11,790,431

1,993

Rocket

Pharmaceuticals,

Inc.

a

6,079

12,598

Royalty

Pharma

plc

463,606

116,388

Sanofi

SA

ADR

5,311,948

15,472

scPharmaceuticals,

Inc.

a

78,598

4,123

STERIS

plc

933,818

5,004

Stevanato

Group

SPA

c

123,649

107,600

Takeda

Pharmaceutical

Company,

Ltd.

2,955,749

360

Teleflex,

Inc.

43,020

923

Tenet

Healthcare

Corporation

a

148,861

46,500

Terumo

Corporation

788,513

4,608

Twist

Bioscience

Corporation

a

154,691

20,367

UnitedHealth

Group,

Inc.

5,082,788

201

Universal

Health

Services,

Inc.

33,456

722

Vaxcyte,

Inc.

a

24,512

376

Veeva

Systems,

Inc.

a

106,859

6,039

Vericel

Corporation

a

211,003

34,765

Viatris,

Inc.

303,846

726

Viking

Therapeutics,

Inc.

a,c

23,646

941

Waystar

Holding

Corporation

a

34,798

1,745

West

Pharmaceutical

Services,

Inc.

417,509

2,219

Xencor,

Inc.

a

18,462

990

Xenon

Pharmaceuticals,

Inc.

a

30,235

53,906

Zimmer

Biomet

Holdings,

Inc.

4,940,485

Total

156,349,820

Industrials  11.0%

2,184

A.O.

Smith

Corporation

154,605

1,505

A.P.

Moller

-

Maersk

AS,

Class

B

c

2,972,016

162,398

ABB,

Ltd.

10,604,284

6,175

Accelleron

Industries

AG

562,431

3,898

Ackermans

&

van

Haaren

NV

956,166

1,755

Acuity,

Inc.

546,419

2,888

Advanced

Drainage

Systems,

Inc.

331,398

2,527

AECOM

284,894

103,663

Aena

SME

SA

b

2,791,453

14,807

AerCap

Holdings

NV

1,588,051

2,688

AGCO

Corporation

317,103

255

Air

Lease

Corporation

14,127

15,542

Airbus

SE

3,124,801

318

Alaska

Air

Group,

Inc.

a

16,841

7,889

Alfa

Laval

AB

342,758

889

Allegheny

Technologies,

Inc.

a

68,400

803

Allegion

plc

133,234

625

Allison

Transmission

Holdings,

Inc.

56,294

104,600

Amada

Company,

Ltd.

1,179,462

93,028

Amentum

Holdings,

Inc.

a

2,322,909

2,513

AMETEK,

Inc.

464,528

1,259

API

Group

Corporation

a

45,412

301

Applied

Industrial

Technologies,

Inc.

81,721

489

Arcosa,

Inc.

41,995

46

Argan,

Inc.

11,269

1,194

Armstrong

World

Industries,

Inc.

224,675

104,790

Assa

Abloy

AB

3,467,527

190,177

Atlas

Copco

AB,

Class

A

2,896,089

18,682

Atlas

Copco

AB,

Class

B

252,827

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Shares

Common

Stock  77.1%

Value

Industrials  11.0%

-

continued

5,645

Atmus

Filtration

Technologies,

Inc.

$

219,647

507

Axon

Enterprise,

Inc.

a

383,033

160

AZZ,

Inc.

17,520

72,301

BAE

Systems

plc

1,725,155

17,968

Balfour

Beatty

plc

128,409

2,599

Barrett

Business

Services,

Inc.

119,476

11,400

BayCurrent,

Inc.

654,589

1,308

Brady

Corporation

92,306

147,241

Brambles,

Ltd.

2,252,702

7,273

BWX

Technologies,

Inc.

1,104,987

2,025

C.H.

Robinson

Worldwide,

Inc.

233,523

7

CACI

International,

Inc.

a

3,224

2,066

Casella

Waste

Systems,

Inc.

a

224,636

24,894

Caterpillar,

Inc.

10,904,070

6,200

CECO

Environmental

Corporation

a

278,690

648,000

CK

Hutchison

Holdings,

Ltd.

4,217,835

2,580

Clean

Harbors,

Inc.

a

608,390

436,104

CNH

Industrial

NV

5,651,908

259,600

ComfortDelGro

Corporation,

Ltd.

305,193

15,054

Compagnie

de

Saint-Gobain

SA

1,726,953

11,063

Computershare,

Ltd.

297,809

76

CSW

Industrials,

Inc.

19,720

123,879

CSX

Corporation

4,402,660

409

Cummins,

Inc.

150,357

680

Curtiss-Wright

Corporation

333,350

50,700

Dai

Nippon

Printing

Company,

Ltd.

780,753

445

Dayforce,

Inc.

a

25,663

144,744

Delta

Air

Lines,

Inc.

7,701,828

2,306

DNOW,

Inc.

a

35,881

423

Donaldson

Company,

Inc.

30,443

21

Dover

Corporation

3,804

109

Dycom

Industries,

Inc.

a

29,300

751

EMCOR

Group,

Inc.

471,245

997

Energy

Recovery,

Inc.

a

13,410

6,627

Enerpac

Tool

Group

Corporation

255,206

1,899

EnPro,

Inc.

403,367

12,116

ExlService

Holdings,

Inc.

a

526,198

141

Expeditors

International

of

Washington,

Inc.

16,390

158,802

Fastenal

Company

7,325,536

3,476

Federal

Signal

Corporation

439,957

1,592

Ferguson

Enterprises,

Inc.

355,541

28,652

Ferrovial

SE

1,468,788

77,166

Flowserve

Corporation

4,324,383

6,235

Fluor

Corporation

a

353,961

8,980

Fortive

Corporation

430,411

729

Fortune

Brands

Innovations,

Inc.

39,760

14,829

Gates

Industrial

Corporation

plc

a

367,759

18,561

General

Dynamics

Corporation

5,783,793

178

Gorman-Rupp

Company

7,326

3,876

Graco,

Inc.

325,506

4,751

Great

Lakes

Dredge

&

Dock

Corporation

a

52,641

187

Herc

Holdings,

Inc.

21,843

74,305

Hexcel

Corporation

4,451,613

122,800

Hitachi,

Ltd.

3,757,760

533

HNI

Corporation

27,418

30,460

Honeywell

International,

Inc.

6,772,781

5,148

Howmet

Aerospace,

Inc.

925,456

2,595

Hudson

Technologies,

Inc.

a

24,367

1,340

IDEX

Corporation

219,103

47,100

Inaba

Denki

Sangyo

Company,

Ltd.

1,235,173

1,521

Ingersoll

Rand,

Inc.

128,722

651

Insteel

Industries,

Inc.

23,501

Shares

Common

Stock  77.1%

Value

Industrials  11.0%

-

continued

32,100

ITOCHU

Corporation

$

1,683,729

1,546

ITT

Corporation

262,758

31,240

Jacobs

Solutions,

Inc.

4,432,019

35,100

Jardine

Matheson

Holdings,

Ltd.

1,905,979

24,297

JB

Hunt

Transport

Services,

Inc.

3,499,983

1,084

Kirby

Corporation

a

103,316

341

Knight-Swift

Transportation

Holdings,

Inc.

14,492

32,600

Komatsu,

Ltd.

1,050,304

83,418

Kongsberg

Gruppen

ASA

2,492,791

22,879

L3Harris

Technologies,

Inc.

6,287,607

873

Legalzoom.com,

Inc.

a

7,848

12,871

Legrand

SA

1,901,136

11,648

Leonardo

SPA

627,864

1,428

Limbach

Holdings,

Inc.

a

195,636

53,207

Logista

Integral

SA

1,684,032

1,928

Lyft,

Inc.

a

27,108

7,300

Makita

Corporation

225,994

650

ManpowerGroup,

Inc.

26,813

354

Masco

Corporation

24,118

15,873

Masterbrand,

Inc.

a

175,079

288

Maximus,

Inc.

21,272

877

McGrath

RentCorp

109,441

14,600

MEITEC

Group

Holdings,

Inc.

305,397

280

Middleby

Corporation

a

40,656

221,100

Mitsubishi

Corporation

4,360,842

31,900

Mitsubishi

Electric

Corporation

717,503

51,600

Mitsubishi

Heavy

Industries,

Ltd.

1,232,022

82,100

Mitsui

&

Company,

Ltd.

1,671,280

6,600

MonotaRO

Company,

Ltd.

117,526

1,309

Moog,

Inc.

253,396

5,325

MSC

Industrial

Direct

Company,

Inc.

461,252

7,284

Mueller

Water

Products,

Inc.

180,352

1,728

NEXTracker,

Inc.

a

100,673

25,000

NGK

Insulators,

Ltd.

316,506

35,400

Nippon

Yusen

Kabushiki

Kaisha

1,241,471

3,700

Nishimatsu

Construction

Company,

Ltd.

123,043

20,100

Nitto

Kogyo

Corporation

444,142

44

Nordson

Corporation

9,425

8,933

nVent

Electric

plc

700,526

2,603

Old

Dominion

Freight

Line,

Inc.

388,498

462

Oshkosh

Corporation

58,457

3,041

Otis

Worldwide

Corporation

260,583

260

PACCAR,

Inc.

25,678

9,935

Parker-Hannifin

Corporation

7,271,427

102

Paylocity

Holding

Corporation

a

18,858

4,995

Pentair

plc

510,489

345

Pitney

Bowes,

Inc.

3,919

108

Primoris

Services

Corporation

10,170

119

Quanta

Services,

Inc.

48,329

2,680

QXO,

Inc.

a

53,761

892

RBC

Bearings,

Inc.

a

345,507

71,100

Recruit

Holdings

Company,

Ltd.

4,218,446

145

Regal

Rexnord

Corporation

22,168

198,061

RELX

plc

10,291,504

626

Republic

Services,

Inc.

144,387

1,600

Rheinmetall

AG

3,167,199

1,898

Rockwell

Automation,

Inc.

667,546

171,260

Rolls-Royce

Holdings

plc

2,430,699

62,992

Rotork

plc

270,187

47

Ryder

System,

Inc.

8,352

16,451

Safran

SA

5,424,745

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Shares

Common

Stock  77.1%

Value

Industrials  11.0%

-

continued

6,032

Schindler

Holding

AG,

Participation

Certificates

$

2,181,388

31,967

Schneider

Electric

SE

8,272,855

40,600

Secom

Company,

Ltd.

1,458,078

458

Sensata

Technologies

Holding

plc

14,088

5,144

Shoals

Technologies

Group,

Inc.

a

27,726

12,126

Siemens

AG

3,088,535

30,883

Siemens

Energy

AG

a

3,575,598

369,000

Singapore

Technologies

Engineering,

Ltd.

2,482,368

59

SkyWest,

Inc.

a

6,842

57,818

Smiths

Group

plc

1,790,988

27,100

Sojitz

Corporation

644,976

228

SPX

Technologies,

Inc.

a

41,585

955

SS&C

Technologies

Holdings,

Inc.

81,633

1,597

Stanley

Black

&

Decker,

Inc.

108,037

771

Sterling

Construction

Company,

Inc.

a

206,312

120,500

Sumitomo

Corporation

3,079,953

3,700

Taisei

Corporation

221,237

47,700

Timee,

Inc.

a

635,686

36,400

TOPPAN

Holdings,

Inc.

980,916

291

Toro

Company

21,607

593

Trane

Technologies

plc

259,781

84

TransDigm

Group,

Inc.

135,111

4,810

TransUnion

457,864

1,018

Trinity

Industries,

Inc.

23,719

51,000

Tsubakimoto

Chain

Company

715,827

82,299

Uber

Technologies,

Inc.

a

7,221,737

438

UL

Solutions,

Inc.

32,027

334

UniFirst

Corporation/MA

57,124

2,228

United

Airlines

Holdings,

Inc.

a

196,755

36,787

United

Parcel

Service,

Inc.

3,169,568

88

United

Rentals,

Inc.

77,699

318

Veralto

Corporation

33,336

2,397

Verisk

Analytics,

Inc.

668,068

1,570

Verra

Mobility

Corporation

a

39,658

839

Wabtec

Corporation

161,130

2,873

Waste

Connections,

Inc.

536,303

815

Watsco,

Inc.

367,467

8,979

Werner

Enterprises,

Inc.

248,898

6,272

WNS

Holdings,

Ltd.

a

469,083

7,678

Wolters

Kluwer

NV

1,195,918

54,237

Worley,

Ltd.

461,561

1,073

Xylem,

Inc.

155,177

988,200

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,938,284

9,100

Yuasa

Trading

Company,

Ltd.

282,728

27,830

Zigup

plc

123,177

976

Zurn

Elkay

Water

Solutions

Corporation

43,188

Total

243,734,254

Information

Technology  15.6%

29,800

Advantest

Corporation

1,981,674

2,788

Agilysys,

Inc.

a

318,055

650

Ambarella,

Inc.

a

42,958

8,333

Amphenol

Corporation

887,548

141,905

Apple,

Inc.

29,455,221

29,379

Applied

Materials,

Inc.

5,289,983

1,157

AppLovin

Corporation

a

452,040

4,745

Arista

Networks,

Inc.

a

584,679

187

Arrow

Electronics,

Inc.

a

21,692

10,835

ASML

Holding

NV

7,509,458

405

Astera

Labs,

Inc.

a

55,376

Shares

Common

Stock  77.1%

Value

Information

Technology  15.6%

-

continued

278

Atlassian

Corporation

a

$

53,315

280

Autodesk,

Inc.

a

84,871

446

Avnet,

Inc.

23,611

1,232

Bel

Fuse,

Inc.

160,209

168

BILL

Holdings,

Inc.

a

7,199

3,044

BlackLine,

Inc.

a

163,706

73,458

Broadcom,

Inc.

21,574,615

35,200

Brother

Industries,

Ltd.

598,958

24,895

CDW

Corporation

4,341,190

18,684

Check

Point

Software

Technologies,

Ltd.

a

3,478,961

84

Cirrus

Logic,

Inc.

a

8,460

142,988

Cisco

Systems,

Inc.

9,734,623

179

Clearfield,

Inc.

a

7,842

257

Clearwater

Analytics

Holdings,

Inc.

a

5,207

902

Cognex

Corporation

36,775

1,217

Cognizant

Technology

Solutions

Corporation

87,332

3,340

Coherent

Corporation

a

359,384

1,491

CommVault

Systems,

Inc.

a

283,215

262

Consensus

Cloud

Solutions,

Inc.

a

5,287

1,752

Corning,

Inc.

110,796

996

Credo

Technology

Group

Holding,

Ltd.

a

111,104

2,162

CyberArk

Software,

Ltd.

a

889,598

2,302

Descartes

Systems

Group,

Inc.

a

243,460

1,900

DISCO

Corporation

561,501

26

DocuSign,

Inc.

a

1,967

1,727

Dolby

Laboratories,

Inc.

130,112

10,216

Dynatrace

Holdings,

LLC

a

537,464

116

Elastic

NV

a

9,709

2,044

Enphase

Energy,

Inc.

a

66,144

311

Entegris,

Inc.

24,401

158

EPAM

Systems,

Inc.

a

24,918

487

F5,

Inc.

a

152,636

592

Fabrinet

a

191,648

191

Fair

Isaac

Corporation

a

274,414

322

First

Solar,

Inc.

a

56,263

5,052

Flex,

Ltd.

a

251,943

46,998

Fortinet,

Inc.

a

4,695,100

1,868

Freshworks,

Inc.

a

24,265

16,000

FUJIFILM

Holdings

NPV

331,876

1,400

Fujitsu,

Ltd.

30,497

1,104

Gartner,

Inc.

a

373,870

2,339

Gen

Digital,

Inc.

68,977

13,518

Gitlab,

Inc.

a

592,224

4,013

Guidewire

Software,

Inc.

a

907,821

51,272

Halma

plc

2,193,861

1,058

HubSpot,

Inc.

a

549,790

6,561

I3

Verticals,

Inc.

a

183,577

1,299

Impinj,

Inc.

a

200,799

110

Intapp,

Inc.

a

4,405

35,282

International

Business

Machines

Corporation

8,931,638

329

IPG

Photonics

Corporation

a

24,639

318

Itron,

Inc.

a

39,604

931

Jabil,

Inc.

207,771

15,999

JFrog,

Ltd.

a

694,517

5,800

Keyence

Corporation

2,098,042

2,096

Keysight

Technologies,

Inc.

a

343,555

11,986

Knowles

Corporation

a

243,436

246,500

Kyocera

Corporation

2,909,778

6,084

Lattice

Semiconductor

Corporation

a

303,166

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Shares

Common

Stock  77.1%

Value

Information

Technology  15.6%

-

continued

190

MACOM

Technology

Solutions

Holdings,

Inc.

a

$

26,057

34

Manhattan

Associates,

Inc.

a

7,468

4,726

Marvell

Technology,

Inc.

379,829

1,508

Microchip

Technology,

Inc.

101,926

33,691

Micron

Technology,

Inc.

3,677,036

130,017

Microsoft

Corporation

69,364,069

284

Mirion

Technologies,

Inc.

a

6,347

4,068

MKS,

Inc.

387,192

36

Monolithic

Power

Systems,

Inc.

25,605

544

Motorola

Solutions,

Inc.

238,805

61,300

Murata

Manufacturing

Company,

Ltd.

912,394

56,500

NEC

Corporation

1,622,448

1,480

NetApp,

Inc.

154,112

10,700

NS

Solutions

Corporation

250,962

7,900

NSD

Company,

Ltd.

188,953

627

Nutanix,

Inc.

a

47,132

342,959

NVIDIA

Corporation

61,002,117

318

Okta,

Inc.

a

31,100

1,595

ON

Semiconductor

Corporation

a

89,894

2,026

Onto

Innovation,

Inc.

a

191,963

25,339

Oracle

Corporation

6,430,278

46,365

Palantir

Technologies,

Inc.

a

7,341,898

5,475

Pegasystems,

Inc.

321,437

165

Procore

Technologies,

Inc.

a

11,819

4,114

PTC,

Inc.

a

883,728

734

Q2

Holdings,

Inc.

a

59,601

714

Qorvo,

Inc.

a

59,690

54,331

Qualcomm,

Inc.

7,973,618

6,864

Ralliant

Corporation

a

313,822

152,441

Samsung

Electronics

Company,

Ltd.

7,768,999

37,163

SAP

SE

10,626,982

17,709

SAP

SE

ADR

5,077,170

37,700

SCSK

Corporation

1,173,032

72,000

Seiko

Epson

Corporation

913,558

11,070

ServiceNow,

Inc.

a

10,440,338

1,004

Silicon

Laboratories,

Inc.

a

132,297

1,265

Skyworks

Solutions,

Inc.

86,703

176

Synopsys,

Inc.

a

111,491

51,511

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

12,446,088

54,251

TD

SYNNEX

Corporation

7,833,302

1,101

TE

Connectivity

plc

226,531

51,910

Technology

One,

Ltd.

1,357,887

731

Teledyne

Technologies,

Inc.

a

402,796

182,614

Telefonaktiebolaget

LM

Ericsson

1,326,433

993

Tenable

Holdings,

Inc.

a

31,091

1,593

Teradyne,

Inc.

171,136

12,400

Tokyo

Electron,

Ltd.

1,971,338

12,459

Trimble,

Inc.

a

1,045,185

4,691

TTM

Technologies,

Inc.

a

221,650

119

Twilio,

Inc.

a

15,351

1,087

Tyler

Technologies,

Inc.

a

635,417

265

Unity

Software,

Inc.

a

8,840

496

Varonis

Systems,

Inc.

a

27,692

1,254

VeriSign,

Inc.

337,163

2,754

Vontier

Corporation

114,208

19,652

Weave

Communications,

Inc.

a

143,460

5,776

Western

Digital

Corporation

454,513

473

Zoom

Communications,

Inc.

a

35,026

Shares

Common

Stock  77.1%

Value

Information

Technology  15.6%

-

continued

248

Zscaler,

Inc.

a

$

70,819

Total

344,512,526

Materials  3.1%

27,131

Air

Liquide

SA

5,337,664

1,293

Albemarle

Corporation

87,730

8,223

Alcoa

Corporation

246,443

25,262

Amcor

plc

236,200

943

AptarGroup,

Inc.

148,183

446

Avery

Dennison

Corporation

74,825

2,178

Avient

Corporation

68,759

74,284

Axalta

Coating

Systems,

Ltd.

a

2,103,723

382

Balchem

Corporation

58,243

2,249

Ball

Corporation

128,778

195,513

BHP

Group,

Ltd.

4,937,718

29,194

Buzzi

SPA

1,524,501

2,641

Celanese

Corporation

137,939

79,879

CF

Industries

Holdings,

Inc.

7,415,168

6,872

Coeur

Mining,

Inc.

a

59,718

471

Commercial

Metals

Company

24,426

9,300

Constellium

SE

a

127,503

9,093

Corteva,

Inc.

655,878

38,837

Crown

Holdings,

Inc.

3,858,844

41,733

Deterra

Royalties,

Ltd.

110,507

1,127

Dow,

Inc.

26,248

2,017

DSM-Firmenich

AG

193,793

4,471

DuPont

de

Nemours,

Inc.

321,465

127

Eagle

Materials,

Inc.

28,485

29,295

Eastman

Chemical

Company

2,127,110

6,107

Element

Solutions,

Inc.

144,125

19,916

Endeavour

Mining

plc

604,151

44,184

Evraz

plc

a,d

6

489

FMC

Corporation

19,090

2,405

Freeport-McMoRan,

Inc.

96,777

1,635

Givaudan

SA

6,834,873

84,536

Glencore

plc

339,272

117,642

Granges

AB

1,577,478

353

Greif,

Inc.

22,391

13,736

Hecla

Mining

Company

78,845

16,693

Heidelberg

Materials

AG

3,850,990

47,375

Hexpol

AB

407,946

64,053

Holcim

AG

5,108,223

3,544

Huntsman

Corporation

34,377

859

Ingevity

Corporation

a

35,898

1,527

International

Flavors

&

Fragrances,

Inc.

108,463

849

Kaiser

Aluminum

Corporation

65,636

649

Koppers

Holdings,

Inc.

21,326

42,100

Kyoei

Steel,

Ltd.

604,972

6,679

LANXESS

AG

183,418

839

LyondellBasell

Industries

NV

48,603

963

Magnera

Corporation

a

11,989

1,017

Martin

Marietta

Materials,

Inc.

584,653

612

Minerals

Technologies,

Inc.

35,588

900

Mitsubishi

Gas

Chemical

Company,

Inc.

15,548

7,982

Mosaic

Company

287,432

24

NewMarket

Corporation

16,488

6,200

Nippon

Steel

Corporation

119,400

55,951

Nucor

Corporation

8,004,910

1,218

O-I

Glass,

Inc.

a

15,846

5,430

Olin

Corporation

102,844

9,457

Orica,

Ltd.

129,145

1,523

Packaging

Corporation

of

America

295,081

1,690

PPG

Industries,

Inc.

178,295

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Shares

Common

Stock  77.1%

Value

Materials  3.1%

-

continued

121

Reliance,

Inc.

$

35,106

25,134

Rio

Tinto

plc

1,496,973

46,596

Rio

Tinto,

Ltd.

3,313,806

1,104

Royal

Gold,

Inc.

167,168

2,392

RPM

International,

Inc.

280,845

699

Scotts

Miracle-Gro

Company

43,799

1,305

Sealed

Air

Corporation

38,197

1,151

Sensient

Technologies

Corporation

129,246

17,900

Shin-Etsu

Chemical

Company,

Ltd.

515,107

1,695

Sonoco

Products

Company

76,394

100,594

SSAB

AB,

Class

A

580,090

34,335

SSAB

AB,

Class

B

194,050

239

Steel

Dynamics,

Inc.

30,487

363

Stepan

Company

18,429

16,300

Taiyo

Holdings

Company,

Ltd.

707,863

36,500

Toagosei

Company,

Ltd.

c

357,796

24,300

Tosoh

Corporation

365,823

6,017

Tronox

Holdings

plc

19,194

983

Vidrala

SA

105,817

1,435

Vulcan

Materials

Company

394,151

2,809

West

Fraser

Timber

Company,

Ltd.

194,692

4,914

Yara

International

ASA

181,657

Total

69,270,620

Real

Estate  1.7%

1,761

Aedifica

SA

129,589

2,552

Alexandria

Real

Estate

Equities,

Inc.

195,049

376

Alpine

Income

Property

Trust,

Inc.

5,283

2,250

Anywhere

Real

Estate,

Inc.

a

10,395

9,909

AvalonBay

Communities,

Inc.

1,845,849

10,436

Brixmor

Property

Group,

Inc.

272,693

14,977

Broadstone

Net

Lease,

Inc.

243,226

532,000

CapitaLand

Integrated

Commercial

Trust

898,262

90,200

Capland

Ascendas

REIT

193,130

988

CareTrust

REIT,

Inc.

31,418

397

CBL

&

Associates

Properties,

Inc.

10,743

33,004

CBRE

Group,

Inc.

a

5,140,043

2,984

Chatham

Lodging

Trust

20,351

41,300

City

Developments,

Ltd.

195,521

1,473

Colliers

International

Group,

Inc.

221,996

4,785

Compass,

Inc.

a

37,993

7,901

CoStar

Group,

Inc.

a

752,096

4,054

Cousins

Properties,

Inc.

109,863

62,508

Crown

Castle,

Inc.

6,568,966

2,089

Curbline

Properties

Corporation

46,167

289,923

DEXUS

Property

Group

1,308,887

5,928

Douglas

Elliman,

Inc.

a

16,302

12,871

Easterly

Government

Properties,

Inc.

283,162

4,848

EPR

Properties

266,834

7,867

Essential

Properties

Realty

Trust,

Inc.

239,865

630

Essex

Property

Trust,

Inc.

163,913

54

Extra

Space

Storage,

Inc.

7,255

16,087

Fabege

AB

134,836

359

Federal

Realty

Investment

Trust

33,085

2,270

First

Industrial

Realty

Trust,

Inc.

110,594

2,925

Gecina

SA

287,448

968

Getty

Realty

Corporation

26,901

388

Global

Net

Lease,

Inc.

2,712

494,890

GPT

Group

1,612,155

272,986

Healthcare

Realty

Trust,

Inc.

4,193,065

Shares

Common

Stock  77.1%

Value

Real

Estate  1.7%

-

continued

25,000

Henderson

Land

Development

Company,

Ltd.

$

87,482

29,500

Hongkong

Land

Holdings,

Ltd.

178,475

49,853

Host

Hotels

&

Resorts,

Inc.

783,689

247

Howard

Hughes

Holdings,

Inc.

a

16,976

5,047

Independence

Realty

Trust,

Inc.

84,638

9,922

Industrial

Logistics

Properties

Trust

52,785

4,834

Innovative

Industrial

Properties,

Inc.

249,918

6,664

InvenTrust

Properties

Corporation

183,726

353

Iron

Mountain,

Inc.

34,368

324

Jones

Lang

LaSalle,

Inc.

a

87,597

1,794

Kimco

Realty

Corporation

38,087

66

Lamar

Advertising

Company

8,069

562,900

Link

REIT

3,136,341

13,359

Millrose

Properties,

Inc.

400,636

102,591

Mirvac

Group

147,196

4,929

National

Storage

Affiliates

Trust

145,208

3,552

NetSTREIT

Corporation

64,753

291

NNN

REIT,

Inc.

12,007

13,722

Outfront

Media,

Inc.

240,547

31,946

Park

Hotels

&

Resorts,

Inc.

340,544

1,636

Peakstone

Realty

Trust

22,250

6,081

Pebblebrook

Hotel

Trust

60,992

229

Postal

Realty

Trust,

Inc.

3,140

3,027

PSP

Swiss

Property

AG

513,574

599

RE/MAX

Holdings,

Inc.

a

4,606

863

Rexford

Industrial

Realty,

Inc.

31,525

5,302

RLJ

Lodging

Trust

39,235

584

RMR

Group,

Inc.

9,379

625

Ryman

Hospitality

Properties

59,413

7,342

Sabra

Health

Care

REIT,

Inc.

132,376

862

Safehold,

Inc.

12,059

3,681

Sila

Realty

Trust,

Inc.

89,964

1,891

Simon

Property

Group,

Inc.

309,727

6,308

STAG

Industrial,

Inc.

216,554

19,484

Summit

Hotel

Properties,

Inc.

101,706

145,500

Sun

Hung

Kai

Properties,

Ltd.

1,728,173

3,606

Swiss

Prime

Site

AG

498,741

5,739

Tanger,

Inc.

172,285

2,402

Terreno

Realty

Corporation

133,287

125,900

United

Overseas

Land,

Ltd.

665,532

49,626

Uniti

Group,

Inc.

a

264,010

3,122

Xenia

Hotels

&

Resorts,

Inc.

39,681

2,714

Zillow

Group,

Inc.,

Class

A

a

208,300

2,599

Zillow

Group,

Inc.,

Class

C

a

206,750

Total

37,431,948

Utilities  2.8%

11,618

ACEA

SPA

257,830

47,654

AES

Corporation

626,650

5,466

Alliant

Energy

Corporation

355,345

1,002

American

States

Water

Company

73,737

1,475

American

Water

Works

Company,

Inc.

206,854

155,335

APA

Group

835,450

271

Artesian

Resources

Corporation

8,848

461

Avista

Corporation

17,195

2,464

Black

Hills

Corporation

142,370

3,497

Brookfield

Infrastructure

Corporation

136,523

168

California

Water

Service

Group

7,639

1,759,538

Centrica

plc

3,824,818

6,035

Clearway

Energy,

Inc.,

Class

A

185,757

5,929

Clearway

Energy,

Inc.,

Class

C

193,463

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Shares

Common

Stock  77.1%

Value

Utilities  2.8%

-

continued

19,725

Constellation

Energy

Corporation

$

6,861,144

27,943

Contact

Energy,

Ltd.

149,757

2,890

DTE

Energy

Company

400,005

68,312

Duke

Energy

Corporation

8,309,472

73,493

E.ON

SE

1,340,752

7,605

Edison

International

396,373

43,324

Enel

SPA

382,044

344,932

Engie

SA

7,753,468

112,893

Entergy

Corporation

10,208,914

5,174

Essential

Utilities,

Inc.

190,403

5,980

Evergy,

Inc.

423,384

3,304

Eversource

Energy

218,394

5,166

Exelon

Corporation

232,160

2,385

FirstEnergy

Corporation

101,863

153,330

Fortum

Oyj

c

2,812,955

10,176

Hawaiian

Electric

Industries,

Inc.

a

109,087

341,217

Italgas

SPA

2,831,207

484

Middlesex

Water

Company

24,974

1,424

New

Jersey

Resources

Corporation

65,376

6,817

NiSource,

Inc.

289,382

230

Otter

Tail

Corporation

17,751

11,513

PG&E

Corporation

161,412

56

Pinnacle

West

Capital

Corporation

5,075

8,189

Portland

General

Electric

Company

336,732

64,201

Public

Service

Enterprise

Group,

Inc.

5,764,608

9,542

UGI

Corporation

345,230

28,526

Vistra

Energy

Corporation

5,948,812

9,874

XPLR

Infrastructure,

LP

94,099

Total

62,647,312

Total

Common

Stock

(cost

$1,233,305,798)

1,704,493,028

Shares

Registered

Investment

Companies  

4.1%

Value

U.S.

Affiliated  

3.4%  

6,025,894

Thrivent

Core

Emerging

Markets

Equity

Fund

64,959,138

973,214

Thrivent

Core

Small

Cap

Value

Fund

10,121,422

Total

75,080,560

U.S.

Unaffiliated  

0.7%  

7,972

Invesco

QQQ

Trust

Series

1

4,504,260

550

iShares

Russell

2000

Growth

ETF

159,583

17,464

SPDR

S&P

500

ETF

Trust

11,038,645

4,140

SPDR

S&P

Biotech

ETF

c

354,632

1,128

SPDR

S&P

Software

&

Services

ETF

210,834

1,479

VanEck

Semiconductor

ETF

427,106

Total

16,695,060

Total

Registered

Investment

Companies

(cost

$78,475,964)

91,775,620

Shares

Collateral

Held

for

Securities

Loaned

0.5%

Value

10,197,467

Thrivent

Cash

Management

Trust

10,197,467

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,197,467)

10,197,467

Shares

Preferred

Stock

<0.1%

Value

Consumer

Discretionary  <0.1%

3,755

Porsche

Automobil

Holding

SE

$

150,704

Total

150,704

Total

Preferred

Stock

(cost

$162,270)

150,704

Shares

or

Principal

Amount

Short-Term

Investments

18.7%

Value

Federal

Farm

Credit

Bank

Discount

Notes

1,600,000

4.250%,

10/2/2025

e

1,588,114

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.195%,

8/1/2025

e,f

99,988

400,000

4.215%,

8/11/2025

e,f

399,482

2,300,000

4.207%,

9/16/2025

e,f

2,287,298

800,000

4.225%,

9/17/2025

e,f

795,488

1,000,000

4.250%,

9/23/2025

e,f

993,655

2,400,000

4.206%,

9/26/2025

e,f

2,383,926

200,000

4.250%,

10/8/2025

e,f

198,373

2,100,000

4.260%,

10/10/2025

e,f

2,082,419

8,700,000

4.250%,

10/24/2025

e,f

8,612,801

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

4,200,000

4.205%,

9/5/2025

e,f

4,182,234

3,100,000

4.180%,

9/22/2025

e,f

3,080,695

Federal

National

Mortgage

Association

Discount

Notes

5,700,000

4.200%,

8/22/2025

e,f

5,685,231

4,500,000

4.185%,

9/19/2025

e,f

4,473,562

State

Street

Institutional

U.S.

Government

Money

Market

Fund

375,894,002

4.250%

e

375,894,002

U.S.

Treasury

Bills

400,000

4.221%,

9/25/2025

e,g

397,372

Total

Short-Term

Investments

(cost

$413,159,749)

413,154,640

Total

Investments

(cost

$1,735,301,248)

100.4%

$2,219,771,459

Other

Assets

and

Liabilities,

Net

(0.4%)

(8,997,272)

Total

Net

Assets

100.0%

$2,210,774,187

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$14,728,063

or

0.7%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

g

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Global

Stock

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

9,415,440

Total

lending

$9,415,440

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,197,467

Net

amounts

due

to

counterparty

$782,027

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Global

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

145,633,789

114,808,205

30,825,584

–

Consumer

Discretionary

183,528,389

126,028,069

57,500,320

–

Consumer

Staples

64,578,410

35,138,550

29,439,860

–

Energy

61,056,408

48,096,531

12,959,877

–

Financials

335,749,552

167,363,654

168,385,898

–

Health

Care

156,349,820

100,610,482

55,739,338

–

Industrials

243,734,254

114,998,907

128,735,347

–

Information

Technology

344,512,526

298,183,895

46,328,631

–

Materials

69,270,620

29,572,033

39,698,581

6

Real

Estate

37,431,948

25,716,606

11,715,342

–

Utilities

62,647,312

42,459,031

20,188,281

–

Registered

Investment

Companies

U.S.

Unaffiliated

16,695,060

16,695,060

–

–

Preferred

Stock

Consumer

Discretionary

150,704

–

150,704

–

Short-Term

Investments

413,154,640

375,894,002

37,260,638

–

Subtotal

Investments

in

Securities

$2,134,493,432

$1,495,565,025

$638,928,401

$6

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

75,080,560

Collateral

Held

for

Securities

Loaned

10,197,467

Subtotal

Other

Investments

$85,278,027

Total

Investments

at

Value

$2,219,771,459

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Global

Stock

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

16,075,151

16,075,151

–

–

Total

Asset

Derivatives

$16,075,151

$16,075,151

$–

$–

Liability

Derivatives

Futures

Contracts

1,945,297

1,945,297

–

–

Total

Return

Swaps

366,645

–

366,645

–

Total

Liability

Derivatives

$2,311,942

$1,945,297

$366,645

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$27,996,757

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

5

September

2025

$

545,602

$

9,448

CME

E-mini

S&P

500

Index

1,268

September

2025

388,811,335

15,316,115

CME

E-mini

S&P

Mid-Cap

400

Index

29

September

2025

9,249,959

(

71,169)

ICE

mini

MSCI

EAFE

Index

328

September

2025

43,275,112

(

415,352)

ICE

US

mini

MSCI

Emerging

Markets

Index

354

September

2025

21,168,322

749,588

Total

Futures

Long

Contracts

$

463,050,330

$

15,588,630

CME

E-mini

Russell

2000

Index

(664)

September

2025

(

$

72,251,864)

(

$

1,458,776)

Total

Futures

Short

Contracts

(

$

72,251,864)

($1,458,776)

Total

Futures

Contracts

$

390,798,466

$14,129,854

The

following

table

presents

Global

Stock

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$302,003

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

4,702,087

(

$

366,645)

$

–

(

$

366,645)

Total

Return

Swaps

(

$

366,645)

$

–

($366,645)

#

Payment

made

on

Termination

Date

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$57,232

$1,784

$–

$64,959

6,026

2.9%

Core

Small

Cap

Value

40,614

4,865

30,260

10,121

973

0.5

Total

U.S.

Affiliated

Registered

Investment

Companies

97,846

75,080

3.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,116

115,543

108,462

10,197

10,197

0.5

Total

Collateral

Held

for

Securities

Loaned

3,116

10,197

0.5

Total

Value

$100,962

$85,277

Global

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$5,943

$–

$1,784

Core

Small

Cap

Value

1,570

(6,668)

4,173

694

Affiliated

Short-Term

Investments

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,478

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

53

Total

Affiliated

Income

from

Securities

Loaned,

Net

$53

Total

$1,570

($725)

$4,173

Government

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

98

.7

%

Value

Asset-Backed

Securities  7.3%

Access

Group,

Inc.

$

220,236

4.965%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

a,b

$

219,260

ECMC

Group

Student

Loan

Trust

383,540

5.300%, 

(SOFR30A

+

0.950%),

8/25/2025,

Ser.

2025-1A,

Class

A

a,b

383,769

267,616

5.500%, 

(SOFR30A

+

1.150%),

8/25/2025,

Ser.

2024-1A,

Class

A

a,b

269,702

Goodgreen

174,023

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

156,990

Granite

Edvance

Corporation

142,536

5.667%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

143,525

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

358,621

1.650%, 

3/25/2051,

Ser.

2021-1

344,576

Missouri

Higher

Education

Loan

Auth.

305,550

1.530%, 

1/25/2061,

Ser.

2021-1

284,974

Navient

Student

Loan

Trust

377,178

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

319,745

Sunnova

Hestia

I

Issuer,

LLC

621,333

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c

622,208

Sunnova

Hestia

II

Issuer,

LLC

276,383

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

274,404

Total

3,019,153

Collateralized

Mortgage

Obligations  17.1%

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

755,298

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

608,863

116,810

5.195%, 

8/1/2054,

Ser.

2024-2,

Class

A

a,b

114,367

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

70,544

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

69,190

425,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

406,873

250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

248,586

236,793

5.000%, 

2/25/2054,

Ser.

5383,

Class

AZ

205,258

558,440

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

441,108

281,247

5.000%, 

5/25/2052,

Ser.

5537,

Class

AE

277,388

234,000

5.000%, 

8/25/2050,

Ser.

5465,

Class

AC

234,667

800,000

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

741,813

Principal

Amount

Long-Term

Fixed

Income  98.7%

Value

Collateralized

Mortgage

Obligations  17.1%

-

continued

$

450,000

5.000%, 

8/25/2054,

Ser.

5446,

Class

EC

$

420,203

275,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

273,653

140,667

4.954%, 

(SOFR30A

+

0.614%),

1/15/2032,

Ser.

3218,

Class

FN

b

140,442

350,000

4.000%, 

9/25/2035,

Ser.

5231,

Class

VB

324,020

14,663

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

14,384

137,204

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

122,639

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

327,308

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

260,343

Federal

Home

Loan

Mortgage

Corporation

-

SLST

700,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

604,136

400,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

c

338,273

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

213,131

3.000%, 

9/25/2045,

Ser.

2015-SC02,

Class

1A

c

185,475

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

423,924

140,416

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

136,465

77,206

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

72,388

211,107

3.500%, 

4/25/2045,

Ser.

2015-18,

Class

DY

196,686

J.P.

Morgan

Mortgage

Trust

175,000

6.000%, 

10/25/2054,

Ser.

2024-4,

Class

A7A

a,b

177,161

Total

7,038,305

Commercial

Mortgage-Backed

Securities  9.6%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

400,000

5.069%, 

10/25/2028,

Ser.

K510,

Class

A2

b,c

408,238

400,000

5.355%, 

1/25/2029,

Ser.

K517,

Class

A2

b,c

413,288

250,000

5.400%, 

1/25/2029,

Ser.

K515,

Class

A2

c

257,611

600,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

616,177

300,000

4.720%, 

5/25/2029,

Ser.

K524,

Class

A2

b,c

303,867

250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

251,461

475,000

4.543%, 

7/25/2029,

Ser.

K526,

Class

A2

b,c

478,362

250,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

253,993

Government

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income  98.7%

Value

Commercial

Mortgage-Backed

Securities  9.6%

-

continued

$

116,130

4.900%, 

10/25/2033,

Ser.

K-161,

Class

A2

b,c

$

118,253

475,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

c

468,330

350,000

5.000%, 

2/25/2035,

Ser.

K-170,

Class

A2

b,c

357,538

Total

3,927,118

Mortgage-Backed

Securities  33.9%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

379,224

5.500%, 

2/1/2040

386,314

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

354,106

2.000%, 

1/1/2052

281,325

288,815

6.000%, 

1/1/2055

297,620

359,744

3.000%, 

2/1/2050

313,759

399,861

2.000%, 

5/1/2051

317,679

413,168

4.000%, 

5/1/2052

385,238

54,674

5.000%, 

7/1/2053

53,663

90,357

3.500%, 

9/1/2047

82,812

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

123,038

2.500%, 

7/1/2030

118,471

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

618,014

2.000%, 

3/1/2033

588,224

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

272,683

2.500%, 

8/1/2032

266,515

425,000

5.000%, 

8/1/2040

d

426,144

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

465,830

3.500%, 

5/1/2040

441,618

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

84,950

2.000%, 

2/1/2051

67,490

72,705

2.000%, 

2/1/2051

57,680

723,605

2.500%, 

2/1/2051

601,582

561,951

3.000%, 

5/1/2051

492,973

462,677

3.000%, 

6/1/2050

406,830

550,998

3.500%, 

8/1/2050

499,913

381,812

6.000%, 

8/1/2054

394,387

470,024

3.500%, 

9/1/2052

424,056

110,418

2.000%, 

11/1/2051

87,721

443,232

2.000%, 

12/1/2050

350,406

1,686,711

4.500%, 

12/1/2052

1,613,077

175,000

6.000%, 

8/1/2041

d

177,419

1,175,000

5.500%, 

8/1/2042

d

1,168,779

90,874

3.500%, 

12/1/2047

83,512

450,000

4.000%, 

8/1/2048

d

414,992

1,225,000

5.000%, 

8/1/2048

d

1,192,167

800,000

3.000%, 

8/1/2049

d

684,522

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

838,299

2.500%, 

3/1/2062

657,290

Principal

Amount

Long-Term

Fixed

Income  98.7%

Value

Mortgage-Backed

Securities  33.9%

-

continued

$

319,933

3.500%, 

7/1/2061

$

280,733

338,906

4.000%, 

12/1/2061

310,366

Total

13,925,277

U.S.

Government

&

Agencies  30.8%

Federal

Home

Loan

Bank

950,000

5.900%, 

3/10/2043

946,432

Tennessee

Valley

Authority

420,000

5.250%, 

2/1/2055

406,713

80,000

4.375%, 

8/1/2034

78,756

235,000

5.250%, 

9/15/2039

242,348

U.S.

Treasury

Bonds

300,000

1.125%, 

5/15/2040

185,215

1,200,000

4.750%, 

2/15/2045

1,179,563

U.S.

Treasury

Notes

2,764,000

3.750%, 

4/15/2028

2,753,635

3,025,000

4.000%, 

5/31/2030

3,032,326

2,823,000

4.125%, 

3/31/2032

2,824,213

996,100

4.250%, 

5/15/2035

987,384

Total

12,636,585

Total

Long-Term

Fixed

Income

(cost

$41,332,025)

40,546,438

Shares

or

Principal

Amount

Short-Term

Investments

10

.6

%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.250%,

9/23/2025

e,f

99,366

State

Street

Institutional

U.S.

Government

Money

Market

Fund

542,245

4.250%

e

542,245

Thrivent

Core

Short-Term

Reserve

Fund

370,000

4.580%

3,700,000

Total

Short-Term

Investments

(cost

$4,341,619)

4,341,611

Total

Investments

(cost

$45,673,644)

109.3%

$

44,888,049

Other

Assets

and

Liabilities,

Net

(9.3%)

(

3,804,583

)

Total

Net

Assets

100.0%

$

41,083,466

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$3,146,469

or

7.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

Government

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SCRT

-

Seasoned

Credit

Risk

Transfer

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

Reference

Rate

Index:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Government

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

3,019,153

–

3,019,153

–

Collateralized

Mortgage

Obligations

7,038,305

–

7,038,305

–

Commercial

Mortgage-Backed

Securities

3,927,118

–

3,927,118

–

Mortgage-Backed

Securities

13,925,277

–

13,925,277

–

U.S.

Government

&

Agencies

12,636,585

–

12,636,585

–

Short-Term

Investments

641,611

542,245

99,366

–

Subtotal

Investments

in

Securities

$

41,188,049

$

542,245

$

40,645,804

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,700,000

Subtotal

Other

Investments

$

3,700,000

Total

Investments

at

Value

$

44,888,049

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Government

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

9,427

9,427

–

–

Total

Liability

Derivatives

$

9,427

$

9,427

$

–

$

–

The

following

table

presents

Government

Bond

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$99,366

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

38

September

2025

$

7,874,834

(

$

9,427

)

Total

Futures

Long

Contracts

$

7,874,834

(

$

9,427

)

Total

Futures

Contracts

$

7,874,834

(

$

9,427

)

Government

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$

2,940

$

9,444

$

8,684

$

3,700

370

9.0%

Total

Affiliated

Short-Term

Investments

2,940

3,700

9.0

Total

Value

$

2,940

$

3,700

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$

–

$121

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$121

Total

$–

$–

$

–

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income

100.7%

Value

Alabama  2.4%

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

$

250,000

5.500%,

6/1/2049,

Ser.

D-1

a

$

263,330

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AG

Insured)

200,000

5.500%,

8/1/2058,

Ser.

A

b

200,689

Jefferson

County,

AL

Sewer

Rev.

Refg.

Warrants

250,000

5.500%,

10/1/2053

253,882

Mobile

County,

AL

Industrial

Development

Auth.

Solid

Waste

Disposal

Rev.

(AM/NS

Calvert,

LLC)

200,000

5.000%,

6/1/2054,

Ser.

A,

AMT

181,845

Pell

City

Square

Cooperative

District,

AL

Rev.

235,000

7.000%,

4/1/2044,

Ser.

A

215,905

Total

1,115,651

Alaska  0.2%

Valdez,

AK

Marine

Terminal

Rev.

Refg.

(Exxon

Pipeline

Company)

100,000

2.750%,

12/1/2033,

Ser.

A

a

100,000

Total

100,000

Arizona  3.1%

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

250,000

5.375%,

7/1/2053

c

230,227

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Pebble

Campus)

200,000

5.000%,

7/15/2050,

Ser.

A

c

172,111

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

350,000

5.000%,

7/1/2047,

Ser.

A

325,375

Arizona

Industrial

Development

Auth.

Education

Rev.

Refg.

(Doral

Academy

of

Northern

Nevada)

350,000

4.000%,

7/15/2051,

Ser.

A

c

244,136

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Arizona

Christian

University)

250,000

6.375%,

10/1/2041,

Ser.

A

a,c

233,969

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Valley

Christian

Schools)

250,000

6.375%,

7/1/2058,

Ser.

A

c

233,492

Total

1,439,310

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Arkansas  0.5%

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

$

250,000

5.700%,

5/1/2053,

AMT

$

250,804

Total

250,804

California  6.5%

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

200,000

5.250%,

10/1/2031,

Ser.

C

a

208,686

California

Municipal

Finance

Auth.

School

Fac.

Rev.

(St.

Mary's

School

-

Aliso

Viejo)

250,000

5.875%,

5/1/2059,

Ser.

A

c

244,628

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

250,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

250,010

California

Municipal

Finance

Auth.

Special

Tax

Rev.

250,000

6.250%,

9/1/2052,

Ser.

C

262,229

California

State

University

Rev.

Refg.

500,000

5.250%,

11/1/2050,

Ser.

A

d

521,110

California

Statewide

Communities

Development

Auth.

Community

Fac.

District

No.

2021-03

Special

Tax

Rev.

(Laurel

Ranch)

145,000

5.000%,

9/1/2054

138,123

Dixon,

CA

Special

Tax

Rev.

250,000

5.000%,

9/1/2048

239,830

Eastern

California

Municipal

Water

District

Water

and

Wastewater

Rev.

Refg.

500,000

1.900%,

7/1/2046,

Ser.

A

a

500,000

Mountain

House,

CA

Community

Facs.

District

Special

Tax

(Improvement

Area

No.

1)

110,000

4.250%,

9/1/2035

107,164

River

Islands,

CA

Public

Financing

Auth.

Community

Fac.

District

Special

Tax

150,000

5.625%,

9/1/2053

151,784

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

250,000

5.250%,

7/1/2058,

Ser.

B,

AMT

251,058

Tejon

Ranch,

CA

Public

Fac.

Financing

Auth.

Community

Facs.

District

No.

2008-1

Special

Tax

Rev.

Refg.

(Tejon

Industrial

Complex

-

East)

200,000

5.000%,

9/1/2054

188,263

Total

3,062,885

Colorado  5.2%

Aerotropolis,

CO

Regional

Transportation

Auth.

Special

Rev.

500,000

5.750%,

12/1/2054

c

483,628

CCP

Metropolitan

District

No.

3,

CO

LTGO

Refg.

250,000

5.000%,

12/1/2053

231,935

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Colorado  5.2%

-

continued

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

$

250,000

6.500%,

12/1/2053

$

257,835

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Aspen

View

Academy)

350,000

4.000%,

5/1/2051

270,278

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Mountain

Phoenix

Community

School)

200,000

6.250%,

7/1/2053

c

167,099

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

150,000

5.000%,

12/1/2050

c

127,178

Colorado

Health

Fac.

Auth.

Rev.

Refg.

(CommonSpirit

Health)

350,000

4.000%,

8/1/2049,

Ser.

A-2

288,972

Colorado

High

Performance

Transportation

Enterprise

Rev.

225,000

5.000%,

12/31/2056

207,518

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

230,000

5.000%,

12/1/2039,

Ser.

A

230,420

Hess

Ranch

Metropolitan

District

No.

5,

CO

SAB

183,933

6.000%,

12/1/2043,

Ser.

A-1

183,036

Total

2,447,899

Connecticut  0.9%

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

250,000

5.000%,

1/1/2045,

Ser.

A

c

208,150

Stamford,

CT

Housing

Auth.

Rev.

Refg.

(Mozaic

Concierge

Living)

200,000

6.500%,

10/1/2055,

Ser.

A

196,751

Total

404,901

Delaware  1.6%

Bridgeville,

DE

Special

Obligation

(Heritage

Shores

Special

Development

District)

200,000

5.625%,

7/1/2053

c

196,186

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

400,000

4.000%,

9/1/2051

312,003

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

230,000

5.000%,

7/1/2040,

Ser.

A

225,418

Total

733,607

District

Of

Columbia  0.5%

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

250,000

5.250%,

10/1/2048,

Ser.

A,

AMT

251,801

Total

251,801

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Florida  9.2%

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

$

250,000

4.000%,

10/1/2046

$

197,532

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

250,000

5.650%,

3/1/2054

b

258,842

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

150,000

5.000%,

11/1/2053,

Ser.

A-1

133,213

Charlotte

County,

FL

Industrial

Development

Auth.

Utility

System

Rev.

(Town

and

Country

Utilities)

250,000

4.000%,

10/1/2051,

AMT

c

191,766

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

225,000

5.750%,

6/15/2047,

Ser.

A

225,756

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

150,000

5.000%,

7/1/2051,

Ser.

A-1

137,828

250,000

4.000%,

7/1/2055,

Ser.

A

188,036

Florida

Development

Finance

Corporation

Healthcare

Fac.

Rev.

(Tampa

General

Hospital)

250,000

4.500%,

8/1/2055,

Ser.

A

216,645

Florida

Development

Finance

Corporation

Senior

Living

Rev.

Refg.

(Glenridge

Palmer

Ranch)

250,000

5.000%,

6/1/2051

c

217,219

Florida

Development

Finance

Corporation

Student

Housing

Rev.

(Sinking

Fund

Protection

-

Tampa

I,

LLC

-

The

Henry)

250,000

5.250%,

6/1/2059,

Ser.

A-1

c

226,510

Florida

Higher

Educational

Fac.

Financing

Auth.

Rev.

(Ringling

College)

300,000

5.000%,

3/1/2049

273,935

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

400,000

5.250%,

10/1/2051,

AMT

405,019

Lee

County,

FL

Airport

Rev.

250,000

5.250%,

10/1/2054,

AMT

250,846

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

300,000

5.250%,

10/1/2052,

Ser.

A

254,399

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health

Obligated

Group)

250,000

5.250%,

10/1/2056,

Ser.

A

249,090

Orange

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Presbyterian

Retirement

Communities

Obligated

Group)

250,000

5.000%,

8/1/2054

227,520

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Florida  9.2%

-

continued

Osceola

County,

FL

Transportation

Rev.

Refg.

$

300,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

$

109,540

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

290,000

4.000%,

6/15/2056,

Ser.

A

c

209,427

Village

Community

Development

District

No.

15,

Wildwood,

FL

SAB

200,000

5.250%,

5/1/2054

c

192,824

200,000

4.800%,

5/1/2055

c

178,243

Total

4,344,190

Georgia  1.5%

Cobb

County,

GA

Development

Auth.

Educational  Fac.

Rev.

(Mt.

Bethel

Christian

Academy)

250,000

6.250%,

6/1/2064

c

247,671

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

250,000

4.000%,

1/1/2054,

Ser.

A

200,504

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

250,000

5.000%,

5/15/2028,

Ser.

A

260,164

Total

708,339

Guam  0.7%

Guam

Power

Auth.

Rev.

Refg.

300,000

5.000%,

10/1/2034,

Ser.

A

324,212

Total

324,212

Idaho  0.9%

Avimor

Community

Infrastructure

District

No.

1,

ID

SAB

(Assessment

Area

Five)

234,000

5.875%,

9/1/2053

c

234,654

College

of

Western

Idaho

Annual

Appropriation

COP

200,000

5.000%,

8/1/2052

189,828

Total

424,482

Illinois  2.2%

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

200,000

6.500%,

5/15/2047,

Ser.

A

205,815

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

c

250,544

Illinois

Finance

Auth.

Rev.

Refg.

(Goodman

Theatre)

120,000

6.125%,

10/1/2050,

Ser.

A

c

116,864

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

150,000

5.000%,

2/15/2037

147,405

Illinois

GO

235,000

5.000%,

12/1/2025,

Ser.

B

236,732

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Illinois  2.2%

-

continued

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

$

115,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

$

75,695

Total

1,033,055

Indiana  2.0%

Indiana

Finance

Auth.

Health

Fac.

Rev.

(Margaret

Mary

Health)

150,000

5.750%,

3/1/2054,

Ser.

A

152,579

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC

Student

Housing)

250,000

5.375%,

6/1/2064,

Ser.

A

241,747

Indiana

Housing

&

Community

Development

Auth.

Rev.

(Vita

of

New

Whiteland)

150,000

6.750%,

1/1/2043

137,443

Indianapolis,

IN

Local

Public

Improvement

Bank

Convention

Center

Hotel

Rev.

250,000

6.125%,

3/1/2057,

Ser.

E

256,401

Valparaiso,

IN

Exempt

Fac.

Rev.

Refg.

(Pratt

Paper,

LLC)

150,000

5.000%,

1/1/2054,

AMT

c

136,879

Total

925,049

Iowa  1.4%

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

160,000

5.000%,

5/15/2032,

Ser.

A

160,904

150,000

5.000%,

5/15/2043,

Ser.

A

142,630

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

350,000

5.375%,

10/1/2052

346,813

Total

650,347

Kansas  0.6%

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

150,000

6.500%,

11/15/2042,

Ser.

A

c

155,226

Wichita,

KS

Health

Care

Fac.

Rev.

Refg.

(Presbyterian

Manors,

Inc.)

130,000

5.875%,

5/15/2050

117,690

Total

272,916

Louisiana  0.7%

Louisiana

Public

Fac.

Auth.

Rev.

Refg.

(Lake

Charles

Charter

Academy

Foundation)

150,000

5.000%,

12/15/2043,

Ser.

A

c

136,771

St.

John

the

Baptist

Parish,

LA

Rev.

Refg.

(Marathon

Oil

Corporation)

200,000

4.050%,

6/1/2037,

Ser.

A-1

a

201,668

Total

338,439

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Maryland  1.9%

Maryland

Department

of

Transportation

Rev.

(Baltimore/

Washington

International

Thurgood

Marshall

Airport)

(AG

Insured)

$

250,000

5.250%,

8/1/2049,

Ser.

A,

AMT

b

$

248,605

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

200,000

6.000%,

7/1/2058,

Ser.

A

207,851

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(University

of

Maryland,

College

Park

-

Leonardtown)

(AG

Insured)

250,000

5.250%,

7/1/2064

b

246,987

Prince

George's

County,

MD

Tax

Allocation

(West

Phalia

Town

Center)

200,000

5.000%,

7/1/2030

c

203,551

Total

906,994

Massachusetts  1.5%

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

200,000

5.000%,

7/1/2052

185,528

Massachusetts

Transportation

Fund

Rev.

(Rail

Enhancement)

500,000

5.000%,

6/1/2053,

Ser.

A

503,820

Total

689,348

Michigan  0.7%

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

100,000

5.000%,

12/31/2033,

AMT

101,902

225,000

5.000%,

12/31/2043,

AMT

218,054

Total

319,956

Minnesota  3.9%

Apple

Valley,

MN

Senior

Housing

Rev.

(PHS

Apple

Valley

Senior

Housing,

Inc.

-

Orchard

Path

Phase

II)

290,000

4.000%,

9/1/2041

244,441

Bethel,

MN

Charter

School

Lease

Rev.

(Spectrum

High

School)

250,000

5.000%,

7/1/2059

223,050

Bethel,

MN

Housing

and

Health

Care

Fac.

Rev.

Refg.

150,000

6.250%,

3/1/2054,

Ser.

A

136,370

Brainerd,

MN

Senior

Housing

&

Healthcare

Rev.

(Pinecrest

of

Country

Manor)

200,000

6.000%,

5/1/2055,

Ser.

A

192,961

Cuyuna

Range

Hospital

District,

MN

Health

Care

Fac.

Rev.

150,000

5.750%,

5/1/2053

144,002

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

245,000

5.000%,

7/1/2043,

Ser.

A

230,465

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Minnesota  3.9%

-

continued

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

$

250,000

5.250%,

6/15/2047,

Ser.

B

$

252,694

Rochester,

MN

Health

Care

Fac.

Rev.

(Mayo

Clinic)

250,000

4.375%,

11/15/2053,

Ser.

A

226,678

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

225,000

5.000%,

7/1/2055,

Ser.

A

184,183

Total

1,834,844

Mississippi  1.9%

Hinds

County,

MS

COP

(Lease

Purchase)

(BAM

Insured)

250,000

4.625%,

9/1/2054

b,c

211,970

Mississippi

Business

Finance

Commission

Gulf

Opportunity

Zone

Industrial

Development

Rev.

(Chevron

USA,

Inc.)

690,000

2.750%,

12/1/2030,

Ser.

D

a

690,000

Total

901,970

Missouri  0.9%

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

75,000

5.750%,

8/15/2059,

Ser.

A

71,105

140,000

5.000%,

8/15/2042,

Ser.

A

124,791

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

250,000

6.000%,

10/1/2049

c

235,805

Total

431,701

Montana  0.3%

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

250,000

4.000%,

7/1/2050,

Ser.

A

156,017

Total

156,017

Nevada  2.1%

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

225,000

5.000%,

9/1/2042,

Ser.

A

216,887

Las

Vegas,

NV

Special

Improvement

District

No.

817

SAB

(Summerlin

Village

29)

250,000

6.000%,

6/1/2053

255,769

Nevada

Department

of

Business

&

Industry

Rev.

Refg.

(Brightline

West

Passenger

Rail)

150,000

9.500%,

1/1/2033,

Ser.

A,

AMT

a,c

130,152

Reno-Tahoe,

NV

Airport

Auth.

Rev.

(Reno-Tahoe

International

Airport)

250,000

5.250%,

7/1/2054,

Ser.

A,

AMT

248,073

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Nevada  2.1%

-

continued

Sparks,

NV

Special

Improvement

District

No.

1

SAB

(5

Ridges)

$

150,000

5.125%,

6/1/2054

$

138,608

Total

989,489

New

Hampshire  1.2%

National

Finance

Auth.,

NH

Affordable

Housing

Certificates

Rev.

249,735

4.150%,

10/20/2040,

Ser.

A

a

234,841

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

250,000

5.250%,

7/1/2048,

Ser.

A

238,899

National

Finance

Auth.,

NH

Special

Rev.

CAB

(Provence)

150,000

Zero

Coupon,

12/1/2031

c,d

99,305

Total

573,045

New

Jersey  0.9%

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

160,000

6.000%,

6/15/2052

163,673

New

Jersey

Economic

Development

Auth.

Dock

and

Wharf

Fac.

Rev.

(Repauno

Port

and

Rail

Terminal)

250,000

6.375%,

1/1/2035,

AMT

c

253,919

Total

417,592

New

York  7.4%

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

200,000

5.750%,

6/1/2042

c

199,307

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

410,000

5.000%,

6/15/2042

354,032

Build

NYC

Resource

Corporation,

NY

Rev.

(New

World

Preparatory

Charter

School)

250,000

4.000%,

6/15/2051

c

185,114

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

250,000

5.500%,

6/15/2053,

Ser.

A

c

238,386

Clinton

County,

NY

Capital

Resource

Corporation

Lease

Rev.

(CVES

BOCES)

250,000

5.000%,

7/1/2046

c

244,609

New

York

City,

NY

GO

250,000

4.500%,

5/1/2049,

Ser.

D-1

233,005

New

York

City,

NY

Transitional

Finance

Auth.

Rev.

300,000

5.500%,

5/1/2052,

Ser.

D

314,405

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

300,000

5.000%,

7/15/2042,

Ser.

A

298,480

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

250,000

4.000%,

4/30/2053,

AMT

196,027

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

New

York  7.4%

-

continued

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(John

F.

Kennedy

International

Airport

New

Terminal

One)

$

250,000

5.500%,

6/30/2060,

AMT

$

242,322

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

Terminal

C&D

Redevelopment)

250,000

5.625%,

4/1/2040,

AMT

256,409

Oneida

Indian

Nation,

NY

Tax

Rev.

250,000

6.000%,

9/1/2043,

Ser.

B

c

261,276

Suffolk

County,

NY

Economic

Development

Corporation

Rev.

(St.

Johnland

Assisted

Living,

Inc.)

250,000

5.375%,

11/1/2054

c

191,271

Suffolk

Regional

Off-Track

Betting

Corporation,

NY

Rev.

250,000

6.000%,

12/1/2053

254,294

Total

3,468,937

North

Carolina  1.4%

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AG

Insured)

250,000

5.250%,

7/1/2053,

AMT

b

247,802

North

Carolina

Medical

Care

Commission

Retirement

Fac.

First

Mortgage

Rev.

(United

Methodist

Retirement

Homes)

250,000

5.125%,

10/1/2054,

Ser.

A

236,965

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

(EveryAge)

200,000

5.000%,

9/1/2054,

Ser.

B

179,078

Total

663,845

North

Dakota  0.4%

Horace,

ND

Refg.

Improvement

UTGO

200,000

5.000%,

5/1/2048,

Ser.

A

188,833

Total

188,833

Ohio  4.5%

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

500,000

5.000%,

6/1/2055,

Ser.

B-2

406,152

Cleveland-Cuyahoga

County,

OH

Port

Auth.

Rev.

Refg.

(Flats

East

Bank)

235,000

4.000%,

12/1/2055,

Ser.

A

c

175,597

Columbus,

OH

Regional

Airport

Auth.

Rev.

Refg.

(John

Glenn

Columbus

International

Airport)

250,000

5.250%,

1/1/2045,

Ser.

A,

AMT

252,448

Dayton-Montgomery

County,

OH

Port

Auth.

Development

Rev.

(Dayton

Regional

STEM

Schools,

Inc.)

250,000

5.000%,

12/1/2060

227,932

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Ohio  4.5%

-

continued

Montgomery

County,

OH

Health

Care

Fac.

Rev.

Refg.

(Solvita)

$

200,000

5.250%,

9/1/2054

$

195,802

Norwood,

OH

Special

Obligation

Rev.

Refg.

(Rockwood

Exchange)

240,000

5.000%,

12/1/2041

232,526

Ohio

University

Athens

General

Receipts

Rev.

250,000

5.250%,

12/1/2054

254,373

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

250,000

5.000%,

12/1/2063,

Ser.

B

237,193

Port

of

Greater

Cincinnati,

OH

Development

Auth.

TIF

Rev.

(RBM

Phase

3

Garage)

150,000

5.125%,

12/1/2055

136,303

Total

2,118,326

Oklahoma  0.5%

Osage

County,

OK

Industrial

Auth.

Use

Tax

Rev.

225,000

6.500%,

9/1/2040

235,101

Total

235,101

Oregon  1.5%

Astoria,

OR

Hospital

Fac.

Auth.

Rev.

(Columbia

Memorial

Hospital)

250,000

5.250%,

8/1/2054

236,721

Oregon

Fac.

Auth.

Rev.

(Southern

Oregon

Goodwill)

250,000

5.500%,

12/1/2054,

Ser.

A

229,048

Umatilla,

OR

Hospital

District

No.

1

GO

250,000

5.000%,

6/1/2053

242,309

Total

708,078

Pennsylvania  1.2%

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

350,000

5.000%,

1/1/2051,

Ser.

A,

AMT

337,968

Philadelphia,

PA

Auth.

for

Industrial

Development

Charter

School

Rev.

Refg.

(Tacony

Academy

Charter

School)

250,000

5.500%,

6/15/2043

c

236,882

Total

574,850

Puerto

Rico  0.9%

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

250,000

4.750%,

7/1/2053,

Ser.

A-1

224,066

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Rev.

250,000

4.784%,

7/1/2058,

Ser.

A-2

220,377

Total

444,443

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

South

Carolina  2.1%

Columbia,

SC

Waterworks

and

Sewer

System

Rev.

$

250,000

5.250%,

2/1/2055

$

259,200

South

Carolina

Jobs-Economic

Development

Auth.

Educational

Fac.

Rev.

Refg.

(Oceanside

Collegiate

Academy)

250,000

5.000%,

6/15/2054,

Ser.

A

c

222,676

South

Carolina

Jobs-Economic

Development

Auth.

Healthcare

Rev.

(Beaufort

Memorial

Hospital

&

South

of

Broad

Healthcare)

300,000

5.750%,

11/15/2054

299,747

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

200,000

5.000%,

4/1/2054,

Ser.

A

181,923

Total

963,546

South

Dakota  0.4%

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

250,000

4.000%,

8/1/2051

187,876

Total

187,876

Tennessee  0.7%

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

Refg.

(Trevecca

Nazarene

University)

300,000

5.000%,

10/1/2034

307,281

Total

307,281

Texas  6.1%

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Cypress

Christian

School)

250,000

6.250%,

6/1/2063

c

243,479

Bertram,

TX

LTGO

and

Limited

Pledge

Rev.

Certificates

of

Obligation

(BAM

Insured)

300,000

4.250%,

2/15/2054

b

257,720

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

135,000

5.000%,

1/1/2033,

Ser.

A

135,034

Houston,

TX

Airport

System

Rev.

(United

Airlines,

Inc.

Terminal

Improvement)

250,000

5.500%,

7/15/2039,

Ser.

B,

AMT

256,734

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

250,000

5.750%,

7/15/2052

233,526

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Texas  6.1%

-

continued

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Bella

Vida

Forefront

Living)

$

100,000

6.500%,

10/1/2055,

Ser.

A

$

96,650

Pflugerville,

TX

SAB

Rev.

(Meadowlark

Preserve

Public

Improvement

District)

100,000

5.375%,

9/1/2055

c

92,182

Port

Beaumont,

TX

Navigation

District

Dock

and

Wharf

Fac.

Rev.

(Jefferson

Gulf

Coast

Energy)

250,000

5.250%,

1/1/2054,

Ser.

A,

AMT

c

220,014

San

Antonio,

TX

Education

Fac.

Corporation

Rev.

(Hallmark

University)

230,000

5.000%,

10/1/2031,

Ser.

A

219,008

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Health

Resources

System

Rev.

Refg.

100,000

5.000%,

11/15/2049,

Ser.

A

d

99,834

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

250,000

5.500%,

11/15/2047,

Ser.

D

255,750

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

Refg.

(Cook

Children's

Medical

Center)

300,000

4.125%,

12/1/2054

255,080

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

300,000

5.000%,

6/30/2058,

AMT

273,755

Upper

Trinity,

TX

Regional

Water

District

Water

Rev.

Refg.

(BAM

Insured)

250,000

4.375%,

8/1/2054

b

223,119

Total

2,861,885

Utah  4.1%

Black

Desert

Public

Infrastructure

District,

UT

SAB

(Black

Desert

Assessment

Area

No.1)

250,000

5.625%,

12/1/2053

c

242,709

Downtown

Revitalization

Public

Infrastructure

District,

UT

Sales

Tax

Rev.

(SEG

Redevelopment)

100,000

5.000%,

7/15/2035,

Ser.

C

c

100,213

Iron

County,

UT

Sales

Tax

Rev.

225,000

5.000%,

10/1/2054

224,898

Mida

Mountain

Village

Public

Infrastructure

District,

UT

TIF

Rev.

500,000

6.000%,

6/15/2054,

Ser.

2

c

497,758

SkyRidge

Pegasus

Infrastructure

Financing

District,

UT

SAB

250,000

5.250%,

12/1/2044

c

233,863

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Utah  4.1%

-

continued

Tech

Ridge

Public

Infrastructure

District,

UT

SAB

and

TIF

(Tech

Ridge

Assessment

Area)

$

150,000

6.250%,

12/1/2054

c

$

150,098

Utah

Infrastructure

Agency

Telecommunication

Rev.

245,000

6.000%,

10/15/2047

257,366

Wakara

Ridge,

UT

Public

Infrastructure

District

SAB

(Wakara

Ridge

Assessment

Area)

200,000

5.625%,

12/1/2054

c

197,363

Total

1,904,268

Virginia  1.8%

James

City

County,

VA

Economic

Development

Auth.

Residential

Care

Fac.

Rev.

(Williamsburg

Landing)

235,000

6.875%,

12/1/2058,

Ser.

A

245,265

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

230,000

5.000%,

12/31/2047,

AMT

215,055

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

500,000

4.000%,

1/1/2048,

AMT

404,171

Total

864,491

Washington  1.9%

Port

of

Seattle,

WA

Rev.

Refg.

250,000

5.250%,

7/1/2049,

Ser.

B,

AMT

252,269

Port

of

Woodland,

WA

Rev.

150,000

6.000%,

12/1/2047

131,208

Skagit

County,

WA

Public

Hospital

District

No.

1

Hospital

Rev.

(Skagit

Regional

Health)

250,000

5.500%,

12/1/2054

251,718

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

250,000

6.125%,

7/1/2053

c

262,015

Total

897,210

West

Virginia  0.5%

Ohio

County,

WV

Commission

TIF

Rev.

Refg.

(Highlands)

250,000

5.250%,

6/1/2053

234,943

Total

234,943

Wisconsin  9.9%

Colby,

WI

School

District

UTGO

(AG

Insured)

200,000

4.000%,

3/1/2040

b

188,083

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Founders

Academy

of

Las

Vegas)

250,000

6.625%,

7/1/2053,

Ser.

A

c

255,061

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

250,000

6.500%,

7/15/2063,

Ser.

A

c

255,377

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Wisconsin  9.9%

-

continued

Public

Finance

Auth.,

WI

Education

Rev.

(Unity

Classical

Charter

School;

A

Challenge

Foundation

Academy)

$

250,000

7.000%,

7/1/2058

c

$

251,075

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

335,000

5.000%,

2/1/2052,

Ser.

A

313,888

Public

Finance

Auth.,

WI

Limited

Obligation

Rev.

(Town

of

Scarborough

-

The

Downs)

250,000

5.000%,

8/1/2039

241,524

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

250,000

5.250%,

7/1/2053,

AMT

230,424

Public

Finance

Auth.,

WI

Rev.

(Bridgewater)

125,732

5.625%,

12/15/2030

c

125,708

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

500,000

4.000%,

3/31/2056,

AMT

376,092

Public

Finance

Auth.,

WI

Rev.

(Mayfair)

150,000

5.500%,

11/15/2032,

Ser.

A-4

c

148,814

Public

Finance

Auth.,

WI

Rev.

(Midtown)

250,000

Zero

Coupon,

12/15/2034

c

143,786

Public

Finance

Auth.,

WI

Rev.

Bond

Anticipation

Notes

(Hutsonwood

at

Spring

Hill)

50,000

12.000%,

5/16/2029,

Ser.

A

c

55,470

Public

Finance

Auth.,

WI

Rev.

Refg.

(Astro

Texas

Land)

249,888

5.000%,

12/15/2036

c

245,643

Public

Finance

Auth.,

WI

Special

Fac.

Rev.

Refg.

(Million

Air

Three,

LLC

General

Aviation

Fac.)

250,000

6.250%,

9/1/2046,

Ser.

A,

AMT

c

250,861

Public

Finance

Auth.,

WI

Special

Rev.

(Candela,

Fort

Bend

County,

TX)

110,000

6.125%,

12/15/2029

c

111,145

Public

Finance

Auth.,

WI

Special

Rev.

(Lariat,

Williamson

County,

TX)

185,000

Zero

Coupon,

9/1/2029

c

137,982

Public

Finance

Auth.,

WI

Student

Housing

Fac.

Rev.

(Aggie

Apartment

Life

Holding

Corporation

II,

LLC)

250,000

5.250%,

6/1/2054,

Ser.

A

238,837

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

250,000

5.750%,

7/1/2063,

Ser.

A

c

232,829

Public

Finance

Auth.,

WI

TIF

Rev.

(Miami

WorldCenter)

150,000

5.000%,

6/1/2041,

Ser.

A

c

145,859

Public

Finance

Auth.,

WI

Toll

Rev.

(Georgia

SR

400

Express

Lanes)

250,000

5.750%,

12/31/2065,

AMT

d

238,341

Principal

Amount

Long-Term

Fixed

Income  100.7%

Value

Wisconsin  9.9%

-

continued

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Dickson

Hollow

Phase

II)

$

250,000

6.000%,

10/1/2049

$

249,475

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

240,000

5.000%,

6/1/2037

227,156

Total

4,663,430

Total

Long-Term

Fixed

Income

(cost

$50,901,888)

47,336,186

Principal

Amount

Short-Term

Investments

0.2%

e

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.250%,

10/24/2025

f

98,998

Total

Short-Term

Investments

(cost

$99,008)

98,998

Total

Investments

(cost

$51,000,896)

100.9%

$47,435,184

Other

Assets

and

Liabilities,

Net

(0.9%)

(420,983)

Total

Net

Assets

100.0%

$47,014,201

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$12,724,526

or

27.1%

of

total

net

assets.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

futures

contracts.

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Definitions:

AG

-

Assured

Guaranty,

Inc.

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

CAB

-

Capital

Appreciation

Bonds

COP

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

GO

-

General

Obligation

LTGO

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

Refg.

-

Refunding

Rev.

-

Revenue

SAB

-

Special

Assessment

Bonds

Ser.

-

Series

TIF

-

Tax

Increment

Financing

UTGO

-

Unlimited

Tax

General

Obligation

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

High

Income

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

11,678,195

–

11,678,195

–

Electric

Revenue

324,212

–

324,212

–

General

Obligation

1,148,225

–

1,148,225

–

Health

Care

7,941,404

–

7,941,404

–

Housing

Finance

2,691,064

–

2,691,064

–

Industrial

Development

Revenue

4,397,596

–

4,397,596

–

Other

Revenue

1,993,044

–

1,993,044

–

Tax

Revenue

7,790,297

–

7,790,297

–

Transportation

7,036,638

–

7,036,638

–

Water

&

Sewer

2,335,511

–

2,335,511

–

Short-Term

Investments

98,998

–

98,998

–

Total

Investments

at

Value

$47,435,184

$–

$47,435,184

$–

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Principal

Amount

Bank

Loans

2.1%

a

Value

Basic

Materials  0.2%

Grinding

Media,

Inc.,

Term

Loan

$

1,317,696

7.830%, 

(TSFR3M

+

3.500%),

10/12/2028

b,c

$

1,314,402

Total

1,314,402

Capital

Goods  0.1%

Eco

Material

Technologies,

Inc.,

Term

Loan

430,000

7.467%, 

(TSFR6M

+

3.250%),

2/12/2032

b

431,255

Total

431,255

Communications

Services  0.5%

Cengage

Learning,

Inc.,

Term

Loan

1,353,718

7.838%, 

(TSFR1M

+

3.500%),

3/24/2031

b

1,352,337

DIRECTV

Financing,

LLC,

Term

Loan

1,235,714

9.820%, 

(TSFR3M

+

5.250%),

8/2/2029

b

1,224,074

Gray

Media,

Inc.,

Term

Loan

465,653

7.443%, 

(TSFR1M

+

3.000%),

12/1/2028

b

464,619

Total

3,041,030

Consumer

Cyclical  0.2%

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

915,750

6.606%, 

(TSFR1M

+

2.250%),

4/1/2031

b

916,895

Six

Flags

Entertainment

Corporation,

Term

Loan

454,410

6.356%, 

(TSFR1M

+

2.000%),

5/1/2031

b

453,842

Total

1,370,737

Consumer

Non-Cyclical  0.8%

Amneal

Pharmaceuticals,

LLC,

Term

Loan

1,162,596

9.856%, 

(TSFR1M

+

5.500%),

5/4/2028

b

1,184,395

B&G

Foods,

Inc.,

Term

Loan

1,305,138

7.856%, 

(TSFR1M

+

3.500%),

10/10/2029

b

1,202,906

Chobani,

LLC,

Term

Loan

459,033

6.856%, 

(TSFR1M

+

2.500%),

10/25/2027

b

460,470

HLF

Financing

SARL,

LLC,

Term

Loan

846,718

11.106%, 

(TSFR1M

+

6.750%),

4/12/2029

b

859,419

ModivCare,

Inc.,

Term

Loan

434,620

9.046%, 

(TSFR3M

+

4.750%),

7/1/2031

b

268,017

Primo

Brands

Corporation,

Term

Loan

1,138,424

6.546%, 

(TSFR3M

+

2.250%),

3/31/2028

b

1,140,519

Total

5,115,726

Principal

Amount

Bank

Loans  2.1%

a

Value

Financials  <0.1%

Acrisure,

LLC,

Term

Loan

$

227,286

7.356%, 

(TSFR1M

+

3.000%),

11/6/2030

b

$

227,001

Total

227,001

Technology  0.1%

Mcafee

Corporation,

Term

Loan

650,000

0.000%, 

(TSFR1M

+

3.000%),

3/1/2029

b,d,e

627,113

Total

627,113

Transportation  0.2%

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,304,145

6.046%, 

(TSFR3M

+

1.750%),

4/10/2031

b

1,301,198

Total

1,301,198

Total

Bank

Loans

(cost

$13,577,943)

13,428,462

Principal

Amount

Long-Term

Fixed

Income

93.7%

Value

Basic

Materials  6.0%

ACN

113

874

712,

Pty.

Ltd.

2,859,934

11.500%, 

2/15/2018

*,f,g

2,860

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

543,000

8.625%, 

6/15/2029

h

573,816

Alumina,

Pty.

Ltd.

216,000

6.125%, 

3/15/2030

h

218,382

649,000

6.375%, 

9/15/2032

h

658,074

ATI,

Inc.

744,000

7.250%, 

8/15/2030

779,921

Avient

Corporation

1,315,000

6.250%, 

11/1/2031

h

1,319,675

Axalta

Coating

Systems

Dutch

Holding

B

BV

927,000

7.250%, 

2/15/2031

h

964,021

Cascades,

Inc./Cascades

USA,

Inc.

1,303,000

6.750%, 

7/15/2030

h

1,299,951

Celanese

US

Holdings,

LLC

864,000

6.500%, 

4/15/2030

i

873,721

Cerdia

Finanz

GmbH

1,293,000

9.375%, 

10/3/2031

h

1,353,175

Chemours

Company

1,825,000

5.750%, 

11/15/2028

h

1,676,137

Cleveland-Cliffs,

Inc.

988,000

6.875%, 

11/1/2029

h

988,471

1,090,000

4.875%, 

3/1/2031

h,i

967,211

1,315,000

7.000%, 

3/15/2032

h,i

1,282,927

Consolidated

Energy

Finance

SA

2,415,000

5.625%, 

10/15/2028

h

2,022,277

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

433,000

6.125%, 

6/15/2028

h

429,816

First

Quantum

Minerals,

Ltd.

1,243,000

6.875%, 

10/15/2027

h,i

1,245,088

760,000

8.000%, 

3/1/2033

h

783,121

FMC

Corporation

1,190,000

8.450%, 

11/1/2055

b

1,230,260

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Basic

Materials  6.0%

-

continued

Hecla

Mining

Company

$

805,000

7.250%, 

2/15/2028

$

813,984

Hudbay

Minerals,

Inc.

725,000

4.500%, 

4/1/2026

h

719,121

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

1,771,000

9.000%, 

7/1/2028

h

1,771,735

INEOS

Finance

plc

1,456,000

7.500%, 

4/15/2029

h,i

1,445,266

Magnera

Corporation

1,948,000

7.250%, 

11/15/2031

h

1,833,555

Mercer

International,

Inc.

219,000

12.875%, 

10/1/2028

h

220,885

430,000

5.125%, 

2/1/2029

i

346,383

Methanex

US

Operations,

Inc.

873,000

6.250%, 

3/15/2032

h

865,357

Mineral

Resources,

Ltd.

1,265,000

9.250%, 

10/1/2028

h

1,322,118

Novelis

Corporation

1,790,000

4.750%, 

1/30/2030

h

1,714,651

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

1,377,000

5.375%, 

11/1/2026

h,i

1,369,377

SNF

Group

SACA

926,000

3.125%, 

3/15/2027

h

894,310

927,000

3.375%, 

3/15/2030

h

851,267

SunCoke

Energy,

Inc.

2,234,000

4.875%, 

6/30/2029

h

2,042,915

Taseko

Mines,

Ltd.

1,349,000

8.250%, 

5/1/2030

h

1,408,536

Tronox,

Inc.

231,000

4.625%, 

3/15/2029

h,i

179,720

United

States

Steel

Corporation

1,300,000

6.875%, 

3/1/2029

i

1,307,814

Veritiv

Operating

Company

651,000

10.500%, 

11/30/2030

h

705,604

Total

38,481,502

Capital

Goods  9.9%

AAR

Escrow

Issuer,

LLC

616,000

6.750%, 

3/15/2029

h

632,052

Abengoa

Abenewco

2

Bis

SA

3,449,988

0.000%,PIK

1.500%,

4/26/2024

*,f,g,j

17,250

Advanced

Drainage

Systems,

Inc.

1,390,000

5.000%, 

9/30/2027

h

1,375,539

AECOM

1,730,000

6.000%, 

8/1/2033

h

1,744,065

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

1,735,000

7.000%, 

5/21/2030

h

1,785,811

AmeriTex

HoldCo

Intermediate,

LLC

220,000

7.625%, 

8/15/2033

e,h

223,733

Amsted

Industries,

Inc.

1,640,000

4.625%, 

5/15/2030

h

1,570,626

Axon

Enterprise,

Inc.

520,000

6.125%, 

3/15/2030

h

531,077

520,000

6.250%, 

3/15/2033

h

532,725

Boeing

Company

259,000

6.298%, 

5/1/2029

273,445

329,000

6.388%, 

5/1/2031

353,954

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Capital

Goods  9.9%

-

continued

Bombardier,

Inc.

$

1,755,000

6.000%, 

2/15/2028

h

$

1,766,669

1,500,000

7.000%, 

6/1/2032

h,i

1,551,734

651,000

6.750%, 

6/15/2033

h

669,111

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

651,000

7.500%, 

2/1/2032

h

648,012

Builders

FirstSource,

Inc.

465,000

5.000%, 

3/1/2030

h

455,178

866,000

6.750%, 

5/15/2035

h

887,910

Canpack

SA/Canpack

US,

LLC

2,195,000

3.875%, 

11/15/2029

h

2,044,716

Chart

Industries,

Inc.

2,030,000

7.500%, 

1/1/2030

h

2,126,488

Clean

Harbors,

Inc.

1,180,000

5.125%, 

7/15/2029

h

1,160,514

Clydesdale

Acquisition

Holdings,

Inc.

900,000

6.875%, 

1/15/2030

h

920,367

546,000

8.750%, 

4/15/2030

h

557,235

1,295,000

6.750%, 

4/15/2032

h

1,326,481

Cornerstone

Building

Brands,

Inc.

319,000

9.500%, 

8/15/2029

h

292,408

Crown

Cork

&

Seal

Company,

Inc.

852,000

7.375%, 

12/15/2026

878,876

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

1,619,000

6.625%, 

12/15/2030

h

1,650,747

GFL

Environmental,

Inc.

1,925,000

4.000%, 

8/1/2028

h

1,865,707

Herc

Holdings,

Inc.

649,000

5.500%, 

7/15/2027

h

646,388

885,000

6.625%, 

6/15/2029

h

906,056

1,093,000

7.000%, 

6/15/2030

h

1,129,654

457,000

7.250%, 

6/15/2033

h

473,230

Mauser

Packaging

Solutions

Holding

Company

1,281,000

9.250%, 

4/15/2027

h

1,267,864

MIWD

Holdco

II,

LLC

1,163,000

5.500%, 

2/1/2030

h,i

1,106,993

Mueller

Water

Products,

Inc.

915,000

4.000%, 

6/15/2029

h

873,965

Nesco

Holdings

II,

Inc.

980,000

5.500%, 

4/15/2029

h

955,508

New

Enterprise

Stone

and

Lime

Company,

Inc.

1,423,000

5.250%, 

7/15/2028

h

1,412,803

OI

European

Group

BV

1,246,000

4.750%, 

2/15/2030

h

1,180,598

Owens-Brockway

Glass

Container,

Inc.

1,093,000

6.625%, 

5/13/2027

h

1,094,313

543,000

7.375%, 

6/1/2032

h

547,102

Quikrete

Holdings,

Inc.

2,160,000

6.750%, 

3/1/2033

h

2,215,348

QXO

Building

Products,

Inc.

1,520,000

6.750%, 

4/30/2032

h

1,565,257

Resideo

Funding,

Inc.

1,275,000

6.500%, 

7/15/2032

h

1,293,414

Reworld

Holding

Corporation

606,000

4.875%, 

12/1/2029

h

578,738

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Capital

Goods  9.9%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

1,243,000

4.375%, 

10/15/2029

h

$

1,195,314

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

571,000

6.125%, 

2/1/2028

h

576,458

Smyrna

Ready

Mix

Concrete,

LLC

1,422,000

8.875%, 

11/15/2031

h

1,496,494

Spirit

AeroSystems,

Inc.

1,730,000

4.600%, 

6/15/2028

1,702,069

640,000

9.750%, 

11/15/2030

h

703,874

SRM

Escrow

Issuer,

LLC

597,000

6.000%, 

11/1/2028

h

595,029

Standard

Building

Solutions,

Inc.

435,000

6.500%, 

8/15/2032

h

444,203

1,740,000

6.250%, 

8/1/2033

h

1,756,576

TransDigm,

Inc.

713,000

6.750%, 

8/15/2028

h

727,518

2,155,000

7.125%, 

12/1/2031

h

2,243,886

1,049,000

6.625%, 

3/1/2032

h

1,078,654

Trivium

Packaging

Finance

BV

870,000

8.250%, 

7/15/2030

h

916,145

430,000

12.250%, 

1/15/2031

h

451,498

United

Rentals

North

America,

Inc.

1,710,000

3.875%, 

2/15/2031

1,595,533

Waste

Pro

USA,

Inc.

705,000

7.000%, 

2/1/2033

h

731,482

WESCO

Distribution,

Inc.

629,000

7.250%, 

6/15/2028

h

637,376

680,000

6.375%, 

3/15/2029

h

697,471

276,000

6.625%, 

3/15/2032

h

284,780

Total

62,924,021

Communications

Services  13.0%

Altice

Financing

SA

1,217,000

5.750%, 

8/15/2029

h

932,077

Altice

France

SA

1,026,000

5.125%, 

7/15/2029

h,k

887,490

2,372,000

5.500%, 

10/15/2029

h,i,k

2,056,909

AMC

Networks,

Inc.

1,196,000

10.250%, 

1/15/2029

h

1,227,365

Cable

One,

Inc.

870,000

4.000%, 

11/15/2030

h,i

669,934

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,223,000

5.000%, 

2/1/2028

h

1,200,107

2,650,000

5.375%, 

6/1/2029

h

2,602,778

3,760,000

4.750%, 

3/1/2030

h

3,572,728

1,414,000

4.250%, 

2/1/2031

h

1,291,551

718,000

4.750%, 

2/1/2032

h

663,692

Clear

Channel

Outdoor

Holdings,

Inc.

2,210,000

5.125%, 

8/15/2027

h

2,207,000

783,000

7.500%, 

6/1/2029

h,i

713,330

CSC

Holdings,

LLC

896,000

5.375%, 

2/1/2028

h,i

823,880

733,000

11.750%, 

1/31/2029

h

685,640

1,138,000

6.500%, 

2/1/2029

h,i

899,107

853,000

5.750%, 

1/15/2030

h

420,561

1,034,000

4.125%, 

12/1/2030

h

695,097

Deluxe

Corporation

1,627,000

8.125%, 

9/15/2029

h

1,674,974

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Communications

Services  13.0%

-

continued

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

$

4,113,000

5.875%, 

8/15/2027

h

$

4,090,393

DISH

DBS

Corporation

1,019,000

5.250%, 

12/1/2026

h

959,111

760,000

5.750%, 

12/1/2028

h,i

679,134

1,162,000

5.125%, 

6/1/2029

862,741

DISH

Network

Corporation

1,476,000

11.750%, 

11/15/2027

h

1,537,167

EchoStar

Corporation

2,063,000

10.750%, 

11/30/2029

2,173,886

FiberCop

SPA

1,235,000

6.000%, 

9/30/2034

h

1,166,516

Frontier

Communications

Holdings,

LLC

840,000

5.875%, 

10/15/2027

h

840,152

980,000

5.000%, 

5/1/2028

h

978,767

1,362,000

6.750%, 

5/1/2029

h

1,375,025

510,000

8.750%, 

5/15/2030

h

533,752

Gray

Media,

Inc.

1,214,000

5.375%, 

11/15/2031

h,i

895,857

1,740,000

7.250%, 

8/15/2033

h

1,730,849

iHeartCommunications,

Inc.

401,850

9.125%, 

5/1/2029

h,i

335,197

Iliad

Holding

SASU

1,763,000

8.500%, 

4/15/2031

h

1,891,136

1,309,000

7.000%, 

4/15/2032

h

1,343,543

Lamar

Media

Corporation

101,000

3.625%, 

1/15/2031

92,914

LCPR

Senior

Secured

Financing

DAC

1,108,000

6.750%, 

10/15/2027

h

850,390

Level

3

Financing,

Inc.

1,197,000

4.250%, 

7/1/2028

h

1,087,774

1,078,000

4.875%, 

6/15/2029

h,i

1,010,625

536,547

11.000%, 

11/15/2029

h

608,324

1,520,000

6.875%, 

6/30/2033

h

1,540,299

McGraw-Hill

Education,

Inc.

919,000

5.750%, 

8/1/2028

h

915,373

767,000

8.000%, 

8/1/2029

h

779,642

Nexstar

Media,

Inc.

815,000

5.625%, 

7/15/2027

h

813,418

657,000

4.750%, 

11/1/2028

h,i

638,567

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,115,000

4.625%, 

3/15/2030

h,i

1,058,463

Paramount

Global

412,000

6.375%, 

3/30/2062

b

405,819

Playtika

Holding

Corporation

900,000

4.250%, 

3/15/2029

h

822,950

Rogers

Communications,

Inc.

540,000

7.000%, 

4/15/2055

b

552,080

Sable

International

Finance,

Ltd.

878,000

7.125%, 

10/15/2032

h

878,033

Scripps

Escrow

II,

Inc.

870,000

3.875%, 

1/15/2029

h

772,364

Sinclair

Television

Group,

Inc.

760,000

8.125%, 

2/15/2033

h

775,207

Sirius

XM

Radio,

LLC

630,000

3.125%, 

9/1/2026

h

615,846

851,000

4.000%, 

7/15/2028

h

809,971

860,000

3.875%, 

9/1/2031

h,i

758,712

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Communications

Services  13.0%

-

continued

TEGNA,

Inc.

$

371,000

4.750%, 

3/15/2026

h

$

369,791

1,592,000

4.625%, 

3/15/2028

1,545,381

Telenet

Finance

Luxembourg

Notes

SARL

1,800,000

5.500%, 

3/1/2028

h

1,777,341

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

1,179,000

4.750%, 

4/15/2028

h

1,142,587

1,293,000

6.500%, 

2/15/2029

h

1,257,853

650,000

8.625%, 

6/15/2032

h,i

659,279

Univision

Communications,

Inc.

272,000

8.000%, 

8/15/2028

h

279,430

1,688,000

4.500%, 

5/1/2029

h

1,561,865

1,100,000

8.500%, 

7/31/2031

h

1,117,127

870,000

9.375%, 

8/1/2032

h

902,713

Viasat,

Inc.

1,087,000

6.500%, 

7/15/2028

h,i

1,024,606

Virgin

Media

Finance

plc

780,000

5.000%, 

7/15/2030

h

703,118

Virgin

Media

Secured

Finance

plc

1,821,000

5.500%, 

5/15/2029

h

1,780,117

Virgin

Media

Vendor

Financing

Notes

IV

DAC

1,510,000

5.000%, 

7/15/2028

h

1,464,388

VZ

Secured

Financing

BV

2,000,000

5.000%, 

1/15/2032

h

1,758,887

Warnermedia

Holdings,

Inc.

430,000

4.054%, 

3/15/2029

403,744

1,090,000

4.279%, 

3/15/2032

i

915,317

650,000

5.050%, 

3/15/2042

434,492

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,171,000

8.250%, 

10/1/2031

h

1,225,908

Zegona

Finance

plc

1,157,000

8.625%, 

7/15/2029

h

1,231,626

Ziggo

Bond

Company

BV

807,000

5.125%, 

2/28/2030

h

704,039

Total

82,663,826

Consumer

Cyclical  16.4%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

2,344,000

5.625%, 

9/15/2029

h

2,357,989

1,385,000

4.000%, 

10/15/2030

h

1,283,220

Adient

Global

Holdings,

Ltd.

1,080,000

7.500%, 

2/15/2033

h

1,101,342

Advance

Auto

Parts,

Inc.

870,000

7.000%, 

8/1/2030

e,h

874,427

870,000

7.375%, 

8/1/2033

e,h

874,663

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

720,000

6.000%, 

6/1/2029

h,i

700,752

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,175,000

4.625%, 

6/1/2028

h

1,139,881

700,000

4.625%, 

6/1/2028

h

681,023

Allison

Transmission,

Inc.

1,137,000

3.750%, 

1/30/2031

h

1,039,149

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Cyclical  16.4%

-

continued

American

Axle

&

Manufacturing,

Inc.

$

1,183,000

5.000%, 

10/1/2029

i

$

1,073,381

Arches

Buyer,

Inc.

1,478,000

6.125%, 

12/1/2028

h,i

1,410,571

Asbury

Automotive

Group,

Inc.

460,000

5.000%, 

2/15/2032

h

435,115

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

700,000

4.625%, 

8/1/2029

h

661,379

1,031,000

4.625%, 

4/1/2030

h

966,823

Aston

Martin

Capital

Holdings,

Ltd.

664,000

10.000%, 

3/31/2029

h

633,295

Bath

&

Body

Works,

Inc.

650,000

6.950%, 

3/1/2033

i

668,241

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

760,000

9.500%, 

7/1/2032

h

783,169

Beach

Acquisition

Bidco,

LLC

1,150,000

10.000%, 

7/15/2033

h

1,198,961

Belron

UK

Finance

plc

1,147,000

5.750%, 

10/15/2029

h

1,157,765

Boyd

Gaming

Corporation

1,880,000

4.750%, 

6/15/2031

h

1,790,693

Boyne

USA,

Inc.

642,000

4.750%, 

5/15/2029

h

622,135

Brightstar

Lottery

plc

750,000

6.250%, 

1/15/2027

h

757,641

Brinker

International,

Inc.

860,000

8.250%, 

7/15/2030

h

912,264

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

1,093,000

5.000%, 

6/15/2029

h

1,017,815

435,000

4.875%, 

2/15/2030

h

395,554

Caesars

Entertainment,

Inc.

4,432,000

4.625%, 

10/15/2029

h,i

4,188,389

Carnival

Corporation

138,000

5.750%, 

3/1/2027

h

139,377

1,644,000

6.000%, 

5/1/2029

h

1,658,579

2,170,000

5.750%, 

8/1/2032

h

2,184,691

Carvana

Company

364,393

9.000%,PIK

0.000%,

12/1/2028

h,j

372,753

971,582

11.000%, 

6/1/2030

h

1,016,244

430,000

9.000%, 

6/1/2031

h

511,343

Churchill

Downs,

Inc.

609,000

6.750%, 

5/1/2031

h

621,805

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

389,000

6.750%, 

5/15/2028

h

397,725

Flutter

Treasury

DAC

271,000

5.875%, 

6/4/2031

e,h

272,787

Ford

Motor

Company

1,169,000

3.250%, 

2/12/2032

990,399

Forestar

Group,

Inc.

1,290,000

6.500%, 

3/15/2033

h

1,295,021

FORVIA

SE

865,000

8.000%, 

6/15/2030

h,i

900,960

Gap,

Inc.

891,000

3.625%, 

10/1/2029

h

822,217

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Cyclical  16.4%

-

continued

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

$

950,000

7.750%, 

5/31/2032

h

$

985,882

General

Motors

Financial

Company,

Inc.

1,394,000

5.750%, 

9/30/2027

b,i,l

1,361,296

Genting

New

York,

LLC/GENNY

Capital,

Inc.

1,131,000

7.250%, 

10/1/2029

h

1,164,443

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

1,300,000

8.750%, 

1/15/2032

h

1,151,124

Goodyear

Tire

&

Rubber

Company

965,000

5.000%, 

7/15/2029

i

936,157

Group

1

Automotive,

Inc.

1,129,000

6.375%, 

1/15/2030

h

1,149,959

Hilton

Domestic

Operating

Company,

Inc.

1,398,000

4.875%, 

1/15/2030

1,378,806

1,932,000

3.625%, 

2/15/2032

h

1,741,941

870,000

5.750%, 

9/15/2033

h

870,827

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

870,000

5.000%, 

6/1/2029

h

832,658

Jacobs

Entertainment,

Inc.

1,097,000

6.750%, 

2/15/2029

h

1,069,575

KB

Home

942,000

6.875%, 

6/15/2027

962,305

877,000

4.000%, 

6/15/2031

805,008

L

Brands,

Inc.

1,326,000

5.250%, 

2/1/2028

1,326,669

689,000

6.875%, 

11/1/2035

708,969

LGI

Homes,

Inc.

873,000

7.000%, 

11/15/2032

h

840,263

Life

Time,

Inc.

920,000

6.000%, 

11/15/2031

h

926,789

Light

&

Wonder

International,

Inc.

594,000

7.250%, 

11/15/2029

h

609,976

Lithia

Motors,

Inc.

870,000

4.625%, 

12/15/2027

h

856,505

Live

Nation

Entertainment,

Inc.

729,000

4.750%, 

10/15/2027

h

717,731

Macy's

Retail

Holdings,

LLC

650,000

7.375%, 

8/1/2033

h

652,476

870,000

4.300%, 

2/15/2043

575,811

Mattamy

Group

Corporation

1,080,000

4.625%, 

3/1/2030

h

1,036,108

Melco

Resorts

Finance,

Ltd.

726,000

5.375%, 

12/4/2029

h

692,292

625,000

7.625%, 

4/17/2032

h

642,393

MGM

China

Holdings,

Ltd.

219,000

7.125%, 

6/26/2031

h

228,070

MGM

Resorts

International

876,000

6.125%, 

9/15/2029

888,008

Michaels

Companies,

Inc.

861,000

5.250%, 

5/1/2028

h

682,750

Muvico,

LLC

430,000

9.000%,PIK

6.000%,

2/19/2029

h,j

463,243

NCL

Corporation,

Ltd.

310,000

5.875%, 

3/15/2026

h,i

310,559

2,017,000

5.875%, 

2/15/2027

h

2,022,976

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Cyclical  16.4%

-

continued

$

1,852,000

6.750%, 

2/1/2032

h

$

1,902,227

New

Home

Company,

Inc.

430,000

8.500%, 

11/1/2030

h

439,018

Nissan

Motor

Company,

Ltd.

1,302,000

7.500%, 

7/17/2030

h

1,343,263

Parkland

Corporation

866,000

5.875%, 

7/15/2027

h

866,736

633,000

6.625%, 

8/15/2032

h

647,010

PENN

Entertainment,

Inc.

750,000

4.125%, 

7/1/2029

h,i

695,138

PetSmart,

Inc./PetSmart

Finance

Corporation

1,245,000

7.750%, 

2/15/2029

h

1,218,335

Phinia,

Inc.

657,000

6.625%, 

10/15/2032

h

669,278

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

1,595,000

3.375%, 

8/31/2027

h

1,537,652

Rakuten

Group,

Inc.

219,000

11.250%, 

2/15/2027

h

237,341

869,000

9.750%, 

4/15/2029

h

951,483

650,000

8.125%, 

12/15/2029

b,h,l

645,004

Raven

Acquisition

Holdings,

LLC

900,000

6.875%, 

11/15/2031

h

909,024

Real

Hero

Merger

Sub

2,

Inc.

436,000

6.250%, 

2/1/2029

h,i

299,622

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

900,000

4.625%, 

4/16/2029

h

800,498

Royal

Caribbean

Cruises,

Ltd.

1,346,000

4.250%, 

7/1/2026

h

1,340,558

1,200,000

5.375%, 

7/15/2027

h

1,205,690

479,000

6.000%, 

2/1/2033

h

486,905

S&S

Holdings,

LLC

1,654,000

8.375%, 

10/1/2031

h

1,584,695

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

680,000

6.625%, 

3/1/2030

h

655,080

SeaWorld

Parks

and

Entertainment,

Inc.

1,151,000

5.250%, 

8/15/2029

h

1,120,328

Service

Corporation

International/

US

790,000

5.750%, 

10/15/2032

791,872

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

1,178,000

5.250%, 

7/15/2029

1,144,697

Sonic

Automotive,

Inc.

831,000

4.875%, 

11/15/2031

h

783,208

Staples,

Inc.

858,000

10.750%, 

9/1/2029

h

804,513

Station

Casinos,

LLC

480,000

4.500%, 

2/15/2028

h

469,243

724,000

4.625%, 

12/1/2031

h

677,539

Tenneco,

Inc.

1,157,000

8.000%, 

11/17/2028

h

1,148,376

Vail

Resorts,

Inc.

560,000

5.625%, 

7/15/2030

h

563,080

Victoria's

Secret

&

Company

1,564,000

4.625%, 

7/15/2029

h,i

1,455,476

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Cyclical  16.4%

-

continued

Victra

Holdings,

LLC/Victra

Finance

Corporation

$

285,000

8.750%, 

9/15/2029

h,i

$

298,690

Viking

Cruises,

Ltd.

3,093,000

5.875%, 

9/15/2027

h

3,091,004

Walgreens

Boots

Alliance,

Inc.

460,000

3.200%, 

4/15/2030

446,493

WASH

Multifamily

Acquisition,

Inc.

945,000

5.750%, 

4/15/2026

h

944,921

Wayfair,

LLC

555,000

7.750%, 

9/15/2030

h

568,817

Wyndham

Hotels

&

Resorts,

Inc.

1,131,000

4.375%, 

8/15/2028

h

1,097,540

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

750,000

7.125%, 

2/15/2031

h

797,706

ZF

North

America

Capital,

Inc.

747,000

6.875%, 

4/14/2028

h

745,622

985,000

6.750%, 

4/23/2030

h

937,339

Total

104,822,128

Consumer

Non-Cyclical  11.3%

1261229

B.C.,

Ltd.

1,730,000

10.000%, 

4/15/2032

h

1,761,294

Acadia

Healthcare

Company,

Inc.

650,000

5.000%, 

4/15/2029

h

628,089

990,000

7.375%, 

3/15/2033

h,i

1,019,301

AdaptHealth,

LLC

2,897,000

4.625%, 

8/1/2029

h

2,714,618

Albertsons

Companies,

Inc.

2,830,000

5.875%, 

2/15/2028

h

2,827,767

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

300,000

6.250%, 

3/15/2033

h

305,783

Bausch

+

Lomb

Corporation

414,000

8.375%, 

10/1/2028

h,i

431,636

Bausch

Health

Companies,

Inc.

1,950,000

4.875%, 

6/1/2028

h

1,725,750

BellRing

Brands,

Inc.

924,000

7.000%, 

3/15/2030

h

958,572

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

574,000

9.500%, 

10/15/2029

h

476,420

Central

Garden

&

Pet

Company

1,096,000

4.125%, 

10/15/2030

i

1,029,967

Champ

Acquisition

Corporation

525,000

8.375%, 

12/1/2031

h

555,421

Chobani

Holdco

II,

LLC

457,419

0.000%,PIK

9.500%,

10/1/2029

h,j

490,619

CHS/Community

Health

Systems,

Inc.

1,071,000

5.625%, 

3/15/2027

h

1,072,686

963,000

6.125%, 

4/1/2030

h

680,692

776,000

4.750%, 

2/15/2031

h

649,308

950,000

10.875%, 

1/15/2032

h

995,963

1,730,000

9.750%, 

1/15/2034

e,h

1,741,052

Concentra

Health

Services,

Inc.

841,000

6.875%, 

7/15/2032

h

864,119

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Non-Cyclical  11.3%

-

continued

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

$

2,393,000

4.750%, 

1/15/2029

h

$

2,346,686

CVS

Health

Corporation

871,000

7.000%, 

3/10/2055

b

896,120

DaVita,

Inc.

1,616,000

6.875%, 

9/1/2032

h

1,661,465

Edgewell

Personal

Care

Company

1,460,000

5.500%, 

6/1/2028

h

1,449,021

Embecta

Corporation

1,256,000

5.000%, 

2/15/2030

h,i

1,139,124

Encompass

Health

Corporation

923,000

4.500%, 

2/1/2028

907,520

Endo

Finance

Holdings,

Inc.

645,000

8.500%, 

4/15/2031

h,i

686,172

Energizer

Holdings,

Inc.

1,890,000

4.750%, 

6/15/2028

h

1,836,070

Fiesta

Purchaser,

Inc.

877,000

9.625%, 

9/15/2032

h,i

926,786

Fortrea

Holdings,

Inc.

546,000

7.500%, 

7/1/2030

h,i

499,206

Grifols

SA

2,222,000

4.750%, 

10/15/2028

h

2,140,471

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

496,000

7.875%, 

9/1/2025

h,i

497,240

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,217,000

4.875%, 

6/1/2029

h,i

1,014,209

Insulet

Corporation

606,000

6.500%, 

4/1/2033

h

622,922

IQVIA,

Inc.

1,736,000

6.250%, 

6/1/2032

h

1,780,190

Jazz

Securities

DAC

870,000

4.375%, 

1/15/2029

h

841,618

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

573,000

9.000%, 

2/15/2029

h

597,989

Lamb

Weston

Holdings,

Inc.

647,000

4.375%, 

1/31/2032

h

604,532

LifePoint

Health,

Inc.

689,000

5.375%, 

1/15/2029

h

647,660

642,000

9.875%, 

8/15/2030

h

691,939

600,000

11.000%, 

10/15/2030

h

659,457

918,000

10.000%, 

6/1/2032

h

953,007

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

1,153,000

6.250%, 

4/1/2029

h

1,175,648

Mozart

Debt

Merger

Sub,

Inc.

1,178,000

3.875%, 

4/1/2029

h

1,123,429

1,885,000

5.250%, 

10/1/2029

h

1,848,171

Newell

Brands,

Inc.

260,000

6.375%, 

9/15/2027

262,035

676,000

6.625%, 

9/15/2029

673,001

395,000

6.375%, 

5/15/2030

382,771

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

977,000

5.125%, 

4/30/2031

h

845,218

Performance

Food

Group,

Inc.

1,096,000

4.250%, 

8/1/2029

h

1,053,732

1,315,000

6.125%, 

9/15/2032

h

1,335,365

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Consumer

Non-Cyclical  11.3%

-

continued

Perrigo

Finance

Unlimited

Company

$

718,000

4.900%, 

6/15/2030

$

700,118

579,000

6.125%, 

9/30/2032

585,060

Post

Holdings,

Inc.

1,015,000

4.500%, 

9/15/2031

h

938,179

860,000

6.250%, 

10/15/2034

h

861,078

Prime

Healthcare

Services,

Inc.

1,387,000

9.375%, 

9/1/2029

h

1,378,331

Radiology

Partners,

Inc.

1,300,000

8.500%, 

7/15/2032

h

1,313,533

Select

Medical

Corporation

650,000

6.250%, 

12/1/2032

h,i

648,319

Simmons

Foods,

Inc.

2,663,000

4.625%, 

3/1/2029

h

2,520,044

Sotera

Health

Holdings,

LLC

878,000

7.375%, 

6/1/2031

h

908,266

Spectrum

Brands,

Inc.

170,000

3.875%, 

3/15/2031

h

135,631

Star

Parent,

Inc.

637,000

9.000%, 

10/1/2030

h

669,868

Surgery

Center

Holdings,

Inc.

1,210,000

7.250%, 

4/15/2032

h,i

1,244,131

Tenet

Healthcare

Corporation

3,468,000

5.125%, 

11/1/2027

3,453,966

845,000

6.750%, 

5/15/2031

869,463

Teva

Pharmaceutical

Finance

Netherlands

III

BV

1,050,000

3.150%, 

10/1/2026

1,027,029

US

Acute

Care

Solutions,

LLC

1,307,000

9.750%, 

5/15/2029

h

1,335,389

Whirlpool

Corporation

430,000

6.125%, 

6/15/2030

428,975

Total

72,045,211

Energy  11.4%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

573,000

7.500%, 

10/1/2029

h

600,356

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

1,556,000

5.375%, 

6/15/2029

h

1,542,919

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

970,000

6.250%, 

4/1/2028

h

969,945

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

870,000

6.625%, 

7/15/2033

h

882,053

Baytex

Energy

Corporation

1,482,000

8.500%, 

4/30/2030

h

1,508,147

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

686,000

7.000%, 

7/15/2029

h

711,382

Borr

IHC,

Ltd./Borr

Finance,

LLC

835,110

10.000%, 

11/15/2028

h

798,485

Buckeye

Partners,

LP

818,000

4.500%, 

3/1/2028

h

798,487

868,000

6.750%, 

2/1/2030

h

898,600

California

Resources

Corporation

424,000

8.250%, 

6/15/2029

h

435,548

Civitas

Resources,

Inc.

724,000

8.375%, 

7/1/2028

h

744,508

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Energy  11.4%

-

continued

$

711,000

8.750%, 

7/1/2031

h

$

719,773

1,302,000

9.625%, 

6/15/2033

h

1,339,210

CNX

Resources

Corporation

332,000

7.375%, 

1/15/2031

h

342,172

Comstock

Resources,

Inc.

2,180,000

5.875%, 

1/15/2030

h

2,057,887

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

1,915,000

5.500%, 

6/15/2031

h

1,870,796

Crescent

Energy

Finance,

LLC

1,139,000

7.625%, 

4/1/2032

h

1,113,040

438,000

7.375%, 

1/15/2033

h

419,023

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

816,000

8.625%, 

3/15/2029

h

849,219

1,090,000

7.375%, 

6/30/2033

h

1,077,501

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

162,000

8.500%, 

10/1/2030

h

168,843

Enerflex,

Ltd.

400,000

9.000%, 

10/15/2027

h

411,907

Energy

Transfer,

LP

1,621,000

8.000%, 

5/15/2054

b

1,726,827

Excelerate

Energy,

LP

609,000

8.000%, 

5/15/2030

h

637,533

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,086,000

8.875%, 

4/15/2030

1,149,624

1,630,000

7.875%, 

5/15/2032

1,685,749

Global

Partners,

LP/GLP

Finance

Corporation

330,000

7.125%, 

7/1/2033

h

335,117

Gulfport

Energy

Operating

Corporation

657,000

6.750%, 

9/1/2029

h

667,682

Harvest

Midstream

I,

LP

2,049,000

7.500%, 

9/1/2028

h

2,073,938

Hess

Midstream

Operations,

LP

1,175,000

4.250%, 

2/15/2030

h

1,136,916

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

664,000

5.750%, 

2/1/2029

h

652,238

935,000

6.000%, 

2/1/2031

h

900,659

1,440,000

6.250%, 

4/15/2032

h

1,382,372

Howard

Midstream

Energy

Partners,

LLC

1,901,000

7.375%, 

7/15/2032

h

1,965,484

ITT

Holdings,

LLC

1,670,000

6.500%, 

8/1/2029

h

1,590,690

Kraken

Oil

&

Gas

Partners,

LLC

410,000

7.625%, 

8/15/2029

h

401,974

MEG

Energy

Corporation

381,000

5.875%, 

2/1/2029

h

381,049

Mesquite

Energy,

Inc.

3,260,000

0.000%, 

2/15/2023

f,g

3,260

Moss

Creek

Resources

Holdings,

Inc.

313,000

8.250%, 

9/1/2031

h

305,532

Nabors

Industries,

Inc.

1,079,000

9.125%, 

1/31/2030

h

1,067,925

438,000

8.875%, 

8/15/2031

h,i

351,179

Nabors

Industries,

Ltd.

1,079,000

7.500%, 

1/15/2028

h,i

995,686

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Energy  11.4%

-

continued

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

$

545,000

8.125%, 

2/15/2029

h

$

539,320

817,000

8.375%, 

2/15/2032

h

799,191

Noble

Finance

II,

LLC

1,267,000

8.000%, 

4/15/2030

h

1,292,298

Northern

Oil

and

Gas,

Inc.

888,000

8.750%, 

6/15/2031

h

912,316

NuStar

Logistics,

LP

858,000

6.375%, 

10/1/2030

883,907

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,662,000

6.000%, 

2/15/2028

1,599,441

Permian

Resources

Operating,

LLC

812,000

7.000%, 

1/15/2032

h

838,487

Prairie

Acquiror,

LP

1,088,000

9.000%, 

8/1/2029

h

1,126,938

Precision

Drilling

Corporation

1,290,000

6.875%, 

1/15/2029

h

1,289,174

Range

Resources

Corporation

1,498,000

4.750%, 

2/15/2030

h

1,456,152

Rockies

Express

Pipeline,

LLC

966,000

4.950%, 

7/15/2029

h

947,128

Saturn

Oil

&

Gas,

Inc.

392,000

9.625%, 

6/15/2029

h,i

388,147

SM

Energy

Company

350,000

7.000%, 

8/1/2032

h

346,578

Sunoco,

LP/Sunoco

Finance

Corporation

975,000

4.500%, 

5/15/2029

945,063

564,000

4.500%, 

4/30/2030

540,776

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

2,497,000

5.500%, 

1/15/2028

h

2,474,577

Talos

Production,

Inc.

409,000

9.000%, 

2/1/2029

h

419,183

TGNR

Intermediate

Holdings,

LLC

1,509,000

5.500%, 

10/15/2029

h

1,469,943

Tidewater,

Inc.

330,000

9.125%, 

7/15/2030

h

346,102

Transocean,

Inc.

1,216,000

8.250%, 

5/15/2029

h

1,148,404

1,216,000

8.500%, 

5/15/2031

h

1,117,220

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

700,000

6.875%, 

9/1/2027

699,831

Valaris,

Ltd.

1,358,000

8.375%, 

4/30/2030

h

1,402,665

Venture

Global

LNG,

Inc.

961,000

8.125%, 

6/1/2028

h

994,936

1,450,000

9.000%, 

9/30/2029

b,h,l

1,450,370

1,753,000

7.000%, 

1/15/2030

h,i

1,777,568

2,787,000

8.375%, 

6/1/2031

h

2,882,756

Venture

Global

Plaquemines

LNG,

LLC

650,000

7.500%, 

5/1/2033

h

701,963

1,310,000

6.500%, 

1/15/2034

h

1,347,664

Vital

Energy,

Inc.

646,000

7.750%, 

7/31/2029

h

587,792

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Energy  11.4%

-

continued

Weatherford

International,

Ltd.

$

578,000

8.625%, 

4/30/2030

h

$

593,786

Total

72,990,911

Financials  13.4%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,009,000

6.000%, 

8/1/2029

h

984,204

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

658,000

6.950%, 

3/10/2055

b

688,400

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

1,448,000

6.750%, 

10/15/2027

h

1,449,286

1,019,000

6.750%, 

4/15/2028

h

1,032,782

657,000

5.875%, 

11/1/2029

h,i

646,972

Ally

Financial,

Inc.

459,000

2.200%, 

11/2/2028

423,661

AmWINS

Group,

Inc.

344,000

6.375%, 

2/15/2029

h

350,304

1,420,000

4.875%, 

6/30/2029

h

1,379,226

Avolon

Holdings

Funding,

Ltd.

952,000

2.528%, 

11/18/2027

h

907,166

Azorra

Finance,

Ltd.

1,500,000

7.750%, 

4/15/2030

h

1,562,277

1,300,000

7.250%, 

1/15/2031

h

1,326,820

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

658,000

7.125%, 

5/15/2031

h

679,362

Bank

of

America

Corporation

430,000

6.250%, 

7/26/2030

b,l

428,521

Barclays

plc

1,018,000

6.125%, 

12/15/2025

b,l

1,019,272

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

320,000

7.625%, 

2/11/2035

b,h

328,750

BNP

Paribas

SA

329,000

4.625%, 

1/12/2027

b,h,l

322,156

430,000

7.450%, 

6/27/2035

b,h,l

438,062

Burford

Capital

Global

Finance,

LLC

1,580,000

9.250%, 

7/1/2031

h

1,670,801

760,000

7.500%, 

7/15/2033

h

764,940

Citigroup,

Inc.

345,000

6.250%, 

8/15/2026

b,l

346,940

430,000

6.875%, 

8/15/2030

b,l

433,655

Constellation

Insurance,

Inc.

299,000

6.800%, 

1/24/2030

h

294,905

Credit

Acceptance

Corporation

599,000

9.250%, 

12/15/2028

h

633,493

Drawbridge

Special

Opportunities

Fund,

LP

3,052,000

3.875%, 

2/15/2026

h

3,007,062

Encore

Capital

Group,

Inc.

331,000

9.250%, 

4/1/2029

h

348,623

FirstCash,

Inc.

1,170,000

4.625%, 

9/1/2028

h

1,143,909

658,000

5.625%, 

1/1/2030

h

651,189

Freedom

Mortgage

Corporation

686,000

7.625%, 

5/1/2026

h

688,976

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Financials  13.4%

-

continued

Freedom

Mortgage

Holdings,

LLC

$

1,500,000

9.250%, 

2/1/2029

h

$

1,563,430

430,000

8.375%, 

4/1/2032

h

439,793

FTAI

Aviation

Investors,

LLC

1,154,000

7.000%, 

5/1/2031

h

1,197,328

950,000

7.000%, 

6/15/2032

h

983,830

GGAM

Finance,

Ltd.

689,000

8.000%, 

2/15/2027

h

709,494

676,000

8.000%, 

6/15/2028

h

715,071

140,000

6.875%, 

4/15/2029

h

144,230

Global

Aircraft

Leasing

Company,

Ltd.

1,700,000

8.750%, 

9/1/2027

h

1,755,484

Global

Net

Lease,

Inc.

424,000

4.500%, 

9/30/2028

h

407,833

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,000,000

3.750%, 

12/15/2027

h

1,906,205

goeasy,

Ltd.

632,000

9.250%, 

12/1/2028

h

668,952

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC

469,000

8.000%, 

6/15/2027

h

485,749

Howard

Hughes

Corporation

399,000

4.125%, 

2/1/2029

h

380,350

HSBC

Holdings

plc

679,000

6.875%, 

9/11/2029

b,l

699,812

HUB

International,

Ltd.

2,024,000

5.625%, 

12/1/2029

h

2,009,643

539,000

7.375%, 

1/31/2032

h

561,233

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

1,507,000

5.250%, 

5/15/2027

1,468,200

Intesa

Sanpaolo

SPA

459,000

4.198%, 

6/1/2032

b,h

425,897

Jane

Street

Group/JSG

Finance,

Inc.

406,000

4.500%, 

11/15/2029

h

388,862

394,000

7.125%, 

4/30/2031

h

406,933

967,000

6.125%, 

11/1/2032

h

959,423

1,300,000

6.750%, 

5/1/2033

h

1,330,395

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

544,000

5.000%, 

8/15/2028

h

524,604

879,000

6.625%, 

10/15/2031

h

874,532

Jefferson

Capital

Holdings,

LLC

545,000

6.000%, 

8/15/2026

h

543,495

1,363,000

9.500%, 

2/15/2029

h

1,438,325

540,000

8.250%, 

5/15/2030

h

563,405

JPMorgan

Chase

&

Company

1,534,000

7.036%, 

(TSFR3M

+

2.745%),

10/1/2025

b,l

1,540,829

344,000

3.650%, 

6/1/2026

b,l

338,288

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

560,000

4.750%, 

6/15/2029

h

543,657

Liberty

Mutual

Group,

Inc.

184,000

4.125%, 

12/15/2051

b,h

179,053

Macquarie

Airfinance

Holdings,

Ltd.

819,000

6.400%, 

3/26/2029

h

851,427

682,000

6.500%, 

3/26/2031

h

721,949

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Financials  13.4%

-

continued

Midcap

Financial

Issuer

Trust

$

688,000

6.500%, 

5/1/2028

h

$

682,069

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,209,000

4.625%, 

8/1/2029

i

918,997

610,000

8.500%, 

2/15/2032

h

634,037

Nationstar

Mortgage

Holdings,

Inc.

639,000

6.500%, 

8/1/2029

h

653,575

686,000

5.125%, 

12/15/2030

h

684,697

NatWest

Group

plc

459,000

8.125%, 

11/10/2033

b,l

502,876

Navient

Corporation

399,000

5.500%, 

3/15/2029

i

390,320

Nippon

Life

Insurance

Company

430,000

6.500%, 

4/30/2055

b,h

450,007

OneMain

Finance

Corporation

1,426,000

3.500%, 

1/15/2027

1,391,423

1,645,000

9.000%, 

1/15/2029

1,726,112

865,000

6.750%, 

3/15/2032

877,708

1,850,000

7.125%, 

9/15/2032

1,906,691

Osaic

Holdings,

Inc.

910,000

6.750%, 

8/1/2032

e,h

920,976

430,000

8.000%, 

8/1/2033

e,h

436,970

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

859,000

4.875%, 

5/15/2029

h

826,312

PennyMac

Financial

Services,

Inc.

1,300,000

6.875%, 

5/15/2032

h

1,324,497

570,000

6.875%, 

2/15/2033

h

580,950

Phoenix

Aviation

Capital,

Ltd.

1,040,000

9.250%, 

7/15/2030

h

1,089,719

PNC

Financial

Services

Group,

Inc.

658,000

3.400%, 

9/15/2026

b,l

634,030

PRA

Group,

Inc.

1,373,000

8.375%, 

2/1/2028

h

1,404,513

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

658,000

4.500%, 

2/15/2029

h

639,931

Rithm

Capital

Corporation

650,000

8.000%, 

7/15/2030

h

661,719

RLJ

Lodging

Trust,

LP

271,000

4.000%, 

9/15/2029

h

252,911

Rocket

Companies,

Inc.

650,000

6.125%, 

8/1/2030

h

659,069

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

2,367,000

3.875%, 

3/1/2031

h

2,183,362

802,000

4.000%, 

10/15/2033

h

709,554

Ryan

Specialty,

LLC

1,315,000

5.875%, 

8/1/2032

h

1,318,635

Service

Properties

Trust

920,000

8.375%, 

6/15/2029

953,298

385,000

8.625%, 

11/15/2031

h

410,001

SLM

Corporation

430,000

6.500%, 

1/31/2030

i

446,666

Societe

Generale

SA

655,000

8.125%, 

11/21/2029

b,h,l

683,660

Starwood

Property

Trust,

Inc.

860,000

6.500%, 

10/15/2030

h

885,209

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Financials  13.4%

-

continued

Stonex

Escrow

Issuer,

LLC

$

1,310,000

6.875%, 

7/15/2032

h

$

1,333,530

Synchrony

Financial

348,000

7.250%, 

2/2/2033

365,706

UBS

Group

AG

1,080,000

7.000%, 

2/10/2030

b,h,l

1,101,639

United

Wholesale

Mortgage,

LLC

1,318,000

5.500%, 

4/15/2029

h

1,289,189

UWM

Holdings,

LLC

543,000

6.625%, 

2/1/2030

h

543,239

Wells

Fargo

&

Company

345,000

3.900%, 

3/15/2026

b,l

341,781

World

Acceptance

Corporation

344,000

7.000%, 

11/1/2026

h,i

349,628

XHR,

LP

322,000

4.875%, 

6/1/2029

h

310,788

327,000

6.625%, 

5/15/2030

h

332,355

Total

85,487,774

Foreign

Government  0.2%

Teine

Energy,

Ltd.

1,398,000

6.875%, 

4/15/2029

h

1,374,757

Total

1,374,757

Technology  7.0%

Acuris

Finance

US,

Inc./Acuris

Finance

SARL

650,000

9.000%, 

8/1/2029

h

661,308

Amentum

Holdings,

Inc.

959,000

7.250%, 

8/1/2032

h

992,059

AthenaHealth

Group,

Inc.

1,788,000

6.500%, 

2/15/2030

h

1,757,697

Block,

Inc.

2,414,000

6.500%, 

5/15/2032

2,477,218

Boost

Newco

Borrower,

LLC

902,000

7.500%, 

1/15/2031

h

953,695

CACI

International,

Inc.

405,000

6.375%, 

6/15/2033

h

414,129

Central

Parent,

Inc./CDK

Global,

Inc.

658,000

7.250%, 

6/15/2029

h

540,664

Cloud

Software

Group,

Inc.

2,674,000

6.500%, 

3/31/2029

h

2,700,432

1,807,000

9.000%, 

9/30/2029

h

1,869,994

CommScope

Technologies,

LLC

864,000

5.000%, 

3/15/2027

h

846,062

CommScope,

LLC

330,000

4.750%, 

9/1/2029

h

320,446

434,000

9.500%, 

12/15/2031

h,i

457,030

Consensus

Cloud

Solutions,

Inc.

338,000

6.000%, 

10/15/2026

h

335,486

CoreWeave,

Inc.

1,300,000

9.250%, 

6/1/2030

h

1,306,566

650,000

9.000%, 

2/1/2031

h

647,229

Diebold

Nixdorf,

Inc.

870,000

7.750%, 

3/31/2030

h

923,058

Fair

Isaac

Corporation

870,000

6.000%, 

5/15/2033

h

874,085

Gen

Digital,

Inc.

817,000

7.125%, 

9/30/2030

h

844,338

430,000

6.250%, 

4/1/2033

h

438,376

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Technology  7.0%

-

continued

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

$

649,000

8.750%, 

5/1/2029

h

$

661,755

II-VI,

Inc.

638,000

5.000%, 

12/15/2029

h

624,404

Iron

Mountain,

Inc.

2,455,000

5.250%, 

3/15/2028

h

2,442,505

610,000

5.000%, 

7/15/2028

h

603,745

770,000

5.250%, 

7/15/2030

h

756,704

730,000

4.500%, 

2/15/2031

h

690,369

Kioxia

Holdings

Corporation

970,000

6.250%, 

7/24/2030

h

966,406

760,000

6.625%, 

7/24/2033

h

752,038

McAfee

Corporation

972,000

7.375%, 

2/15/2030

h

901,228

NCR

Atleos

Corporation

540,000

9.500%, 

4/1/2029

h

585,012

NCR

Voyix

Corporation

876,000

5.000%, 

10/1/2028

h

861,679

474,000

5.125%, 

4/15/2029

h

464,531

Neptune

Bidco

US,

Inc.

952,000

9.290%, 

4/15/2029

h

921,327

Open

Text

Corporation

1,828,000

3.875%, 

12/1/2029

h

1,711,087

Open

Text

Holdings,

Inc.

1,197,000

4.125%, 

2/15/2030

h

1,121,957

Pitney

Bowes,

Inc.

338,000

6.875%, 

3/15/2027

h

337,458

RingCentral,

Inc.

1,359,000

8.500%, 

8/15/2030

h

1,443,902

Rocket

Software,

Inc.

810,000

9.000%, 

11/28/2028

h

835,883

Sabre

GLBL,

Inc.

430,000

11.125%, 

7/15/2030

h

453,328

Seagate

Data

Storage

Technology,

Private

Ltd.

1,988,000

4.091%, 

6/1/2029

h

1,899,764

Sensata

Technologies

BV

1,671,000

4.000%, 

4/15/2029

h

1,588,168

Sensata

Technologies,

Inc.

383,000

3.750%, 

2/15/2031

h

349,447

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

155,000

6.750%, 

8/15/2032

h

160,114

SS&C

Technologies,

Inc.

1,317,000

6.500%, 

6/1/2032

h

1,354,189

UKG,

Inc.

1,163,000

6.875%, 

2/1/2031

h

1,194,011

Viavi

Solutions,

Inc.

740,000

3.750%, 

10/1/2029

h

684,348

Xerox

Holdings

Corporation

118,000

5.000%, 

8/15/2025

h,i

117,658

836,000

5.500%, 

8/15/2028

h

552,930

Total

44,395,819

Transportation  1.6%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

355,750

5.500%, 

4/20/2026

h

355,426

315,000

5.750%, 

4/20/2029

h

314,890

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Transportation  1.6%

-

continued

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

$

884,000

5.375%, 

3/1/2029

h,i

$

846,349

DCLI

Bidco,

LLC

592,000

7.750%, 

11/15/2029

h

604,274

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

611,000

9.875%, 

9/20/2031

h,i

590,745

OneSky

Flight,

LLC

1,306,000

8.875%, 

12/15/2029

h

1,375,932

Rand

Parent,

LLC

1,418,000

8.500%, 

2/15/2030

h,i

1,425,836

RXO,

Inc.

1,619,000

7.500%, 

11/15/2027

h

1,645,752

Star

Leasing

Company,

LLC

970,000

7.625%, 

2/15/2030

h

956,766

Stena

International

SA

691,000

7.250%, 

1/15/2031

h

702,177

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

407,000

7.875%, 

5/1/2027

h

408,393

1,120,000

6.375%, 

2/1/2030

h,i

1,058,017

Total

10,284,557

Utilities  3.5%

AES

Corporation

459,000

7.600%, 

1/15/2055

b

463,610

Algonquin

Power

&

Utilities

Corporation

1,645,000

4.750%, 

1/18/2082

b

1,596,868

Alpha

Generation,

LLC

562,000

6.750%, 

10/15/2032

h

575,107

Calpine

Corporation

1,145,000

4.500%, 

2/15/2028

h

1,132,552

Dominion

Energy,

Inc.

459,000

7.000%, 

6/1/2054

b

489,665

Duke

Energy

Corporation

450,000

6.450%, 

9/1/2054

b

463,329

Edison

International

539,000

5.000%, 

12/15/2026

b,i,l

474,067

Leeward

Renewable

Energy

Operations,

LLC

935,000

4.250%, 

7/1/2029

h

876,120

Lightning

Power,

LLC

956,000

7.250%, 

8/15/2032

h

999,467

Long

Ridge

Energy,

LLC

1,300,000

8.750%, 

2/15/2032

h

1,348,125

NiSource,

Inc.

285,000

6.375%, 

3/31/2055

b

288,642

NRG

Energy,

Inc.

1,060,000

5.250%, 

6/15/2029

h

1,048,228

526,000

6.000%, 

2/1/2033

h

527,427

526,000

6.250%, 

11/1/2034

h

532,975

PG&E

Corporation

491,000

7.375%, 

3/15/2055

b

473,806

Talen

Energy

Supply,

LLC

1,312,000

8.625%, 

6/1/2030

h

1,394,223

Terraform

Global

Operating,

LLC

902,000

6.125%, 

3/1/2026

h,i

896,402

TerraForm

Power

Operating,

LLC

2,910,000

5.000%, 

1/31/2028

h

2,870,816

Vistra

Corporation

2,835,000

7.000%, 

12/15/2026

b,h,l

2,862,678

Principal

Amount

Long-Term

Fixed

Income  93.7%

Value

Utilities  3.5%

-

continued

Vistra

Operations

Company,

LLC

$

1,172,000

5.000%, 

7/31/2027

h

$

1,165,721

XPLR

Infrastructure

Operating

Partners,

LP

1,244,000

3.875%, 

10/15/2026

h

1,214,156

303,000

8.375%, 

1/15/2031

h,i

317,816

303,000

8.625%, 

3/15/2033

h,i

320,930

Total

22,332,730

Total

Long-Term

Fixed

Income

(cost

$598,245,454)

597,803,236

Shares

Collateral

Held

for

Securities

Loaned

7.3%

Value

46,930,683

Thrivent

Cash

Management

Trust

46,930,683

Total

Collateral

Held

for

Securities

Loaned

(cost

$46,930,683)

46,930,683

Shares

Preferred

Stock

0.2%

Value

Capital

Goods  0.2%

17,296

Boeing

Company,

Convertible,

6.000%

1,222,827

Total

1,222,827

Total

Preferred

Stock

(cost

$952,441)

1,222,827

Shares

or

Principal

Amount

Short-Term

Investments

3.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

23,575,259

4.250%

m

23,575,259

Total

Short-Term

Investments

(cost

$23,575,259)

23,575,259

Total

Investments

(cost

$683,281,780)

107.0%

$682,960,467

Other

Assets

and

Liabilities,

Net

(7.0%)

(44,660,827)

Total

Net

Assets

100.0%

$638,299,640

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$521,161,786

or

81.6%

of

total

net

assets.

i

All

or

a

portion

of

the

security

is

on

loan.

j

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

k

In

bankruptcy.  Income

is

being

accrued

per

the

bankruptcy

agreement

terms.  

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

High

Yield

Fund

as

of

July

31,

2025

was

$20,110

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

4/26/2024

4/26/2019

$

490,667

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

2,712,434

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

44,444,708

Total

lending

$44,444,708

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$46,930,683

Net

amounts

due

to

counterparty

$2,485,975

Definitions:

DAC

-

Designated

Activity

Company

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

High

Yield

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,314,402

–

–

1,314,402

Capital

Goods

431,255

–

431,255

–

Communications

Services

3,041,030

–

3,041,030

–

Consumer

Cyclical

1,370,737

–

1,370,737

–

Consumer

Non-Cyclical

5,115,726

–

5,115,726

–

Financials

227,001

–

227,001

–

Technology

627,113

–

627,113

–

Transportation

1,301,198

–

1,301,198

–

Long-Term

Fixed

Income

Basic

Materials

38,481,502

–

38,481,502

–

Capital

Goods

62,924,021

–

62,924,021

–

Communications

Services

82,663,826

–

82,663,826

–

Consumer

Cyclical

104,822,128

–

104,822,128

–

Consumer

Non-Cyclical

72,045,211

–

72,045,211

–

Energy

72,990,911

–

72,990,911

–

Financials

85,487,774

–

85,487,774

–

Foreign

Government

1,374,757

–

1,374,757

–

Technology

44,395,819

–

44,395,819

–

Transportation

10,284,557

–

10,284,557

–

Utilities

22,332,730

–

22,332,730

–

Preferred

Stock

Capital

Goods

1,222,827

1,222,827

–

–

Short-Term

Investments

23,575,259

23,575,259

–

–

Subtotal

Investments

in

Securities

$636,029,784

$24,798,086

$609,917,296

$1,314,402

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

46,930,683

Subtotal

Other

Investments

$46,930,683

Total

Investments

at

Value

$682,960,467

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

High

Yield

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$13,191

$23,944

$37,135

$–

–

–%

Total

Affiliated

Short-Term

Investments

13,191

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

52,201

189,619

194,889

46,931

46,931

7.3

Total

Collateral

Held

for

Securities

Loaned

52,201

46,931

7.3

Total

Value

$65,392

$46,931

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$5

($5)

$–

$185

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$185

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

212

Total

Affiliated

Income

from

Securities

Loaned,

Net

$212

Total

$5

($5)

$–

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Principal

Amount

Long-Term

Fixed

Income

97.0%

Value

Asset-Backed

Securities  <0.1%

GMAC

Mortgage

Corporation

Loan

Trust

$

51,507

4.967%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,b

$

24,585

Total

24,585

Basic

Materials  2.2%

Air

Products

and

Chemicals,

Inc.

4,200,000

4.900%, 

10/11/2032

4,243,708

Anglo

American

Capital

plc

1,412,000

4.750%, 

4/10/2027

c

1,414,781

2,950,000

5.750%, 

4/5/2034

c

3,048,144

Eastman

Chemical

Company

2,800,000

5.000%, 

8/1/2029

2,831,483

FMC

Corporation

3,100,000

8.450%, 

11/1/2055

b

3,204,879

Glencore

Funding,

LLC

1,200,000

3.375%, 

9/23/2051

c

797,208

1,800,000

2.500%, 

9/1/2030

c

1,619,643

International

Flavors

&

Fragrances,

Inc.

302,000

1.832%, 

10/15/2027

c

284,178

4,318,000

2.300%, 

11/1/2030

c

3,809,795

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,550,000

5.350%, 

3/15/2034

1,586,497

Smurfit

Kappa

Treasury,

ULC

1,200,000

5.777%, 

4/3/2054

1,192,530

1,700,000

5.438%, 

4/3/2034

1,732,608

Smurfit

Westrock

Financing

DAC

1,300,000

5.418%, 

1/15/2035

1,319,792

Total

27,085,246

Capital

Goods  4.8%

Amrize

Finance

US,

LLC

2,650,000

4.950%, 

4/7/2030

c

2,676,144

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

c

614,089

1,700,000

3.400%, 

4/15/2030

c

1,620,615

1,400,000

1.900%, 

2/15/2031

c

1,214,310

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,206,361

1,675,000

6.858%, 

5/1/2054

1,841,099

1,550,000

5.930%, 

5/1/2060

1,482,993

850,000

6.528%, 

5/1/2034

925,147

3,000,000

5.705%, 

5/1/2040

2,980,320

Carrier

Global

Corporation

1,450,000

2.700%, 

2/15/2031

1,315,591

CNH

Industrial

Capital,

LLC

2,100,000

4.550%, 

4/10/2028

2,103,212

General

Dynamics

Corporation

2,400,000

4.950%, 

8/15/2035

2,405,192

General

Electric

Company

1,200,000

4.900%, 

1/29/2036

1,195,952

GFL

Environmental,

Inc.

3,300,000

6.750%, 

1/15/2031

c

3,419,914

Howmet

Aerospace,

Inc.

3,750,000

3.000%, 

1/15/2029

3,575,565

1,600,000

5.950%, 

2/1/2037

1,695,885

Lockheed

Martin

Corporation

2,700,000

5.000%, 

8/15/2035

2,700,029

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Capital

Goods  4.8%

-

continued

Northrop

Grumman

Corporation

$

1,200,000

4.700%, 

3/15/2033

$

1,192,461

Regal

Rexnord

Corporation

2,150,000

6.050%, 

4/15/2028

2,214,832

1,700,000

6.300%, 

2/15/2030

1,779,548

Republic

Services,

Inc.

3,900,000

4.875%, 

4/1/2029

3,973,772

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

636,448

850,000

6.400%, 

3/15/2054

925,688

2,150,000

6.000%, 

3/15/2031

2,300,114

850,000

6.100%, 

3/15/2034

916,556

1,075,000

4.450%, 

11/16/2038

986,318

Spirit

AeroSystems,

Inc.

4,850,000

4.600%, 

6/15/2028

4,771,696

Waste

Connections,

Inc.

3,600,000

5.000%, 

3/1/2034

3,621,667

Wrangler

Holdco

Corporation

1,500,000

6.625%, 

4/1/2032

c

1,549,745

Total

57,841,263

Collateralized

Mortgage

Obligations  0.9%

GCAT

Trust

4,274,639

6.000%, 

12/25/2054,

Ser.

2024-INV4,

Class

A1

b,c

4,298,348

PMT

Loan

Trust

4,545,460

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

b,c

4,576,296

2,400,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

b,c

2,396,844

Wachovia

Mortgage

Loan

Trust,

LLC

10,233

6.988%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

9,968

Total

11,281,456

Commercial

Mortgage-Backed

Securities  0.3%

HTAP

Issuer

Trust

4,022,137

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

3,998,580

Total

3,998,580

Communications

Services  6.6%

American

Tower

Corporation

1,450,000

5.000%, 

1/31/2030

1,472,285

1,100,000

5.650%, 

3/15/2033

1,140,828

3,600,000

5.350%, 

3/15/2035

3,661,190

AppLovin

Corporation

3,450,000

5.375%, 

12/1/2031

3,515,604

AT&T,

Inc.

1,750,000

3.650%, 

6/1/2051

1,233,179

2,900,000

6.050%, 

8/15/2056

2,939,805

2,200,000

3.500%, 

9/15/2053

1,482,124

3,768,000

2.550%, 

12/1/2033

3,141,695

3,200,000

5.400%, 

2/15/2034

3,270,172

1,800,000

4.500%, 

3/9/2048

1,485,924

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,550,000

6.550%, 

6/1/2034

1,634,378

1,550,000

6.384%, 

10/23/2035

1,602,398

2,000,000

3.500%, 

6/1/2041

1,424,921

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Communications

Services  6.6%

-

continued

$

1,150,000

6.484%, 

10/23/2045

$

1,118,914

Comcast

Corporation

2,150,000

6.050%, 

5/15/2055

2,176,753

2,300,000

5.300%, 

6/1/2034

2,347,145

3,650,000

5.300%, 

5/15/2035

3,694,198

1,600,000

4.600%, 

10/15/2038

1,471,880

1,800,000

4.650%, 

7/15/2042

1,583,519

Crown

Castle,

Inc.

1,800,000

3.800%, 

2/15/2028

1,764,327

Meta

Platforms,

Inc.

1,750,000

4.950%, 

5/15/2033

1,782,677

Netflix,

Inc.

2,155,000

5.875%, 

11/15/2028

2,259,866

1,200,000

6.375%, 

5/15/2029

1,285,271

3,700,000

4.875%, 

6/15/2030

c

3,769,364

Paramount

Global

2,000,000

7.875%, 

7/30/2030

2,227,797

Sprint

Capital

Corporation

130,000

6.875%, 

11/15/2028

138,983

5,050,000

8.750%, 

3/15/2032

6,099,885

T-Mobile

USA,

Inc.

3,100,000

3.400%, 

10/15/2052

2,067,768

1,200,000

3.500%, 

4/15/2031

1,124,934

2,400,000

5.125%, 

5/15/2032

2,434,883

1,200,000

3.000%, 

2/15/2041

877,911

Verizon

Communications,

Inc.

1,150,000

5.500%, 

2/23/2054

d

1,105,221

1,400,000

4.000%, 

3/22/2050

1,068,854

1,493,000

4.780%, 

2/15/2035

1,447,144

2,650,000

5.250%, 

4/2/2035

2,660,666

1,221,000

5.401%, 

7/2/2037

c

1,220,095

2,800,000

3.400%, 

3/22/2041

2,158,815

Videotron,

Ltd.

2,900,000

3.625%, 

6/15/2029

c

2,764,357

Warnermedia

Holdings,

Inc.

1,940,000

4.054%, 

3/15/2029

1,821,544

Total

80,477,274

Consumer

Cyclical  6.4%

Amazon.com,

Inc.

1,200,000

3.100%, 

5/12/2051

806,479

American

Honda

Finance

Corporation

1,550,000

5.050%, 

7/10/2031

1,573,888

2,100,000

5.150%, 

7/9/2032

2,122,025

D.R.

Horton,

Inc.

2,300,000

5.000%, 

10/15/2034

2,273,111

Daimler

Trucks

Finance

North

America,

LLC

2,000,000

5.400%, 

9/20/2028

c

2,047,198

2,500,000

2.375%, 

12/14/2028

c

2,329,034

Expedia

Group,

Inc.

3,600,000

3.250%, 

2/15/2030

3,393,173

Flutter

Treasury

DAC

850,000

5.875%, 

6/4/2031

c,e

855,606

Ford

Motor

Credit

Company,

LLC

1,400,000

5.850%, 

5/17/2027

1,409,592

2,000,000

6.800%, 

5/12/2028

2,064,201

3,100,000

5.303%, 

9/6/2029

3,043,428

2,200,000

7.350%, 

3/6/2030

2,324,052

General

Motors

Financial

Company,

Inc.

3,100,000

5.750%, 

2/8/2031

3,188,545

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Consumer

Cyclical  6.4%

-

continued

$

1,800,000

6.400%, 

1/9/2033

$

1,894,706

1,075,000

5.950%, 

4/4/2034

1,092,621

GLP

Capital,

LP

2,000,000

3.250%, 

1/15/2032

1,769,133

Harley-Davidson

Financial

Services,

Inc.

1,050,000

6.500%, 

3/10/2028

c

1,085,542

Home

Depot,

Inc.

950,000

4.950%, 

6/25/2034

957,629

1,820,000

4.250%, 

4/1/2046

1,521,078

Hyatt

Hotels

Corporation

1,658,000

5.750%, 

4/23/2030

1,710,981

Hyundai

Capital

America

2,500,000

1.800%, 

1/10/2028

c

2,338,009

4,400,000

6.200%, 

9/21/2030

c

4,642,772

Las

Vegas

Sands

Corporation

3,550,000

6.000%, 

8/15/2029

3,649,057

Lowe's

Companies,

Inc.

1,300,000

5.625%, 

4/15/2053

1,242,917

3,250,000

2.625%, 

4/1/2031

2,920,150

Marriott

International,

Inc./MD

2,100,000

4.625%, 

6/15/2030

2,096,821

1,675,000

5.100%, 

4/15/2032

1,694,681

McDonald's

Corporation

1,825,000

4.450%, 

3/1/2047

1,529,106

Ralph

Lauren

Corporation

2,700,000

5.000%, 

6/15/2032

2,734,786

Royal

Caribbean

Cruises,

Ltd.

3,100,000

6.250%, 

3/15/2032

c

3,181,778

Stellantis

Finance

US,

Inc.

1,500,000

5.350%, 

3/17/2028

c

1,508,436

Target

Corporation

2,250,000

2.950%, 

1/15/2052

1,425,739

1,250,000

4.500%, 

9/15/2034

1,211,219

Toll

Brothers

Finance

Corporation

1,700,000

3.800%, 

11/1/2029

1,651,261

Toyota

Motor

Credit

Corporation

2,650,000

5.350%, 

1/9/2035

2,713,619

VICI

Properties,

LP/VICI

Note

Company,

Inc.

90,000

4.250%, 

12/1/2026

c

89,257

2,425,000

5.750%, 

2/1/2027

c

2,450,815

1,200,000

3.750%, 

2/15/2027

c

1,179,317

90,000

4.625%, 

12/1/2029

c

88,199

Walmart,

Inc.

1,800,000

4.500%, 

9/9/2052

1,564,124

Total

77,374,085

Consumer

Non-Cyclical  8.7%

Abbott

Laboratories

2,000,000

6.000%, 

4/1/2039

2,164,793

AbbVie,

Inc.

1,875,000

5.400%, 

3/15/2054

1,806,777

1,550,000

5.600%, 

3/15/2055

1,539,043

950,000

5.050%, 

3/15/2034

961,992

1,900,000

4.550%, 

3/15/2035

1,835,761

2,900,000

4.300%, 

5/14/2036

2,721,731

Amgen,

Inc.

3,000,000

5.650%, 

3/2/2053

2,900,954

2,100,000

5.250%, 

3/2/2033

2,142,070

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Consumer

Non-Cyclical  8.7%

-

continued

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

$

1,790,000

4.700%, 

2/1/2036

$

1,735,690

Anheuser-Busch

InBev

Worldwide,

Inc.

1,800,000

4.439%, 

10/6/2048

1,521,523

AstraZeneca

plc

2,600,000

2.125%, 

8/6/2050

1,436,906

BAT

Capital

Corporation

2,500,000

6.250%, 

8/15/2055

2,525,675

1,500,000

2.259%, 

3/25/2028

1,416,615

1,900,000

6.343%, 

8/2/2030

2,036,889

1,100,000

5.834%, 

2/20/2031

1,151,984

1,600,000

7.750%, 

10/19/2032

1,843,930

Bristol-Myers

Squibb

Company

1,550,000

5.550%, 

2/22/2054

1,499,252

850,000

6.250%, 

11/15/2053

904,738

Bunge,

Ltd.

Finance

Corporation

2,250,000

5.250%, 

4/21/2032

c,d

2,270,504

725,000

4.650%, 

9/17/2034

699,805

Cargill,

Inc.

1,250,000

3.125%, 

5/25/2051

c

817,245

Constellation

Brands,

Inc.

1,150,000

4.800%, 

1/15/2029

1,158,817

CVS

Health

Corporation

2,250,000

5.625%, 

2/21/2053

2,067,284

1,850,000

5.550%, 

6/1/2031

1,916,397

1,200,000

2.125%, 

9/15/2031

1,023,723

2,750,000

5.050%, 

3/25/2048

2,366,199

Eli

Lilly

&

Company

1,400,000

5.100%, 

2/9/2064

1,285,478

2,100,000

5.500%, 

2/12/2055

2,090,093

1,750,000

4.700%, 

2/27/2033

1,758,352

HCA,

Inc.

3,100,000

5.450%, 

4/1/2031

3,186,243

2,600,000

5.500%, 

3/1/2032

2,668,457

Imperial

Brands

Finance

plc

2,650,000

5.625%, 

7/1/2035

c

2,652,415

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

1,650,000

3.625%, 

1/15/2032

1,509,016

900,000

3.000%, 

5/15/2032

787,955

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

3,400,000

6.375%, 

2/25/2055

c

3,426,724

Kenvue,

Inc.

1,150,000

5.000%, 

3/22/2030

1,178,304

Keurig

Dr

Pepper,

Inc.

3,000,000

4.600%, 

5/15/2030

2,999,253

L'Oreal

SA

1,450,000

5.000%, 

5/20/2035

c

1,462,554

Mars,

Inc.

4,200,000

4.800%, 

3/1/2030

c

4,241,702

1,650,000

5.000%, 

3/1/2032

c

1,665,192

900,000

5.650%, 

5/1/2045

c

893,817

Mattel,

Inc.

1,250,000

3.375%, 

4/1/2026

c

1,233,127

Medtronic,

Inc.

2,800,000

4.375%, 

3/15/2035

2,698,592

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Consumer

Non-Cyclical  8.7%

-

continued

Nestle

Holdings,

Inc.

$

2,100,000

4.850%, 

3/14/2033

c

$

2,116,928

PepsiCo,

Inc.

1,625,000

5.250%, 

7/17/2054

1,563,200

Pfizer

Investment

Enterprises,

Private

Ltd.

833,000

4.750%, 

5/19/2033

827,985

Philip

Morris

International,

Inc.

1,750,000

5.500%, 

9/7/2030

1,823,756

1,650,000

5.125%, 

2/13/2031

1,684,941

2,065,000

5.750%, 

11/17/2032

2,167,421

3,000,000

5.250%, 

2/13/2034

3,037,394

3,700,000

4.875%, 

4/30/2035

3,624,083

Roche

Holdings,

Inc.

2,700,000

2.607%, 

12/13/2051

c

1,629,695

1,450,000

4.985%, 

3/8/2034

c

1,471,589

Smithfield

Foods,

Inc.

800,000

3.000%, 

10/15/2030

c

728,223

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

1,089,951

Takeda

Pharmaceutical

Company,

Ltd.

2,200,000

3.175%, 

7/9/2050

1,434,827

2,400,000

5.300%, 

7/5/2034

2,429,658

Total

105,833,222

Energy  5.5%

BP

Capital

Markets

America,

Inc.

3,250,000

3.001%, 

3/17/2052

2,043,394

BP

Capital

Markets

plc

1,400,000

6.450%, 

12/1/2033

b,f

1,449,731

Canadian

Natural

Resources,

Ltd.

800,000

2.950%, 

7/15/2030

734,430

Cheniere

Energy

Partners,

LP

2,190,000

4.500%, 

10/1/2029

2,166,236

1,500,000

4.000%, 

3/1/2031

1,432,751

1,350,000

5.950%, 

6/30/2033

1,409,171

3,100,000

5.550%, 

10/30/2035

c

3,115,629

Cheniere

Energy,

Inc.

900,000

5.650%, 

4/15/2034

915,486

Columbia

Pipelines

Holding

Company,

LLC

4,150,000

5.097%, 

10/1/2031

c

4,167,690

Diamondback

Energy,

Inc.

450,000

5.150%, 

1/30/2030

458,183

450,000

5.400%, 

4/18/2034

451,065

Eastern

Energy

Gas

Holdings,

LLC

1,500,000

6.200%, 

1/15/2055

1,545,341

Energy

Transfer,

LP

900,000

8.000%, 

5/15/2054

b

958,756

1,550,000

6.050%, 

9/1/2054

1,487,277

1,000,000

6.500%, 

11/15/2026

b,f

1,001,908

2,350,000

3.750%, 

5/15/2030

2,252,025

900,000

5.550%, 

5/15/2034

907,801

1,550,000

5.700%, 

4/1/2035

1,571,684

Enterprise

Products

Operating,

LLC

900,000

7.573%, 

(TSFR3M

+

3.248%),

8/16/2077

b

897,048

EOG

Resources,

Inc.

1,450,000

5.000%, 

7/15/2032

1,460,898

EQT

Corporation

1,500,000

7.500%, 

6/1/2030

c

1,643,745

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Energy  5.5%

-

continued

Expand

Energy

Corporation

$

3,700,000

5.375%, 

3/15/2030

$

3,703,907

1,500,000

4.750%, 

2/1/2032

1,456,946

Kinder

Morgan,

Inc.

1,650,000

5.850%, 

6/1/2035

1,703,604

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,762,028

950,000

5.500%, 

6/1/2034

950,976

ONEOK,

Inc.

4,600,000

6.350%, 

1/15/2031

4,901,858

Ovintiv,

Inc.

1,150,000

5.650%, 

5/15/2028

1,178,678

Pioneer

Natural

Resources

Company

1,200,000

2.150%, 

1/15/2031

1,061,892

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,800,000

3.800%, 

9/15/2030

1,715,470

South

Bow

USA

Infrastructure

Holdings,

LLC

1,825,000

5.026%, 

10/1/2029

c

1,823,400

Targa

Resources

Corporation

1,400,000

6.125%, 

3/15/2033

1,472,324

775,000

5.500%, 

2/15/2035

774,551

TotalEnergies

Capital

SA

3,500,000

5.488%, 

4/5/2054

3,353,112

700,000

5.150%, 

4/5/2034

716,294

TransCanada

PipeLines,

Ltd.

1,250,000

4.625%, 

3/1/2034

1,194,221

Venture

Global

Plaquemines

LNG,

LLC

1,200,000

6.500%, 

1/15/2034

c

1,234,501

Williams

Companies,

Inc.

1,300,000

5.300%, 

8/15/2052

1,180,330

1,800,000

7.500%, 

1/15/2031

2,017,799

1,650,000

5.600%, 

3/15/2035

1,686,507

1,730,000

4.850%, 

3/1/2048

1,482,439

Total

67,441,086

Financials  35.9%

200

Park

Funding

Trust

1,550,000

5.740%, 

2/15/2055

c

1,524,347

ABN

AMRO

Bank

NV

1,500,000

4.988%, 

12/3/2028

b,c

1,513,204

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,200,000

6.950%, 

3/10/2055

b

1,255,441

2,900,000

6.150%, 

9/30/2030

3,076,921

3,150,000

5.375%, 

12/15/2031

3,211,533

1,600,000

3.400%, 

10/29/2033

1,405,140

Air

Lease

Corporation

2,900,000

4.650%, 

6/15/2026

b,f

2,864,672

1,500,000

3.000%, 

2/1/2030

1,399,485

Aircastle,

Ltd.

1,200,000

2.850%, 

1/26/2028

c

1,145,139

1,650,000

6.500%, 

7/18/2028

c

1,723,854

Allianz

SE

1,000,000

5.600%, 

9/3/2054

b,c

1,003,100

Ally

Financial,

Inc.

2,580,000

5.750%, 

11/20/2025

2,583,555

1,200,000

5.737%, 

5/15/2029

b

1,222,137

1,250,000

8.000%, 

11/1/2031

1,412,159

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

American

Express

Company

$

3,600,000

5.085%, 

1/30/2031

b

$

3,676,577

1,150,000

4.918%, 

7/20/2033

b

1,153,706

2,000,000

5.284%, 

7/26/2035

b

2,026,977

1,400,000

5.667%, 

4/25/2036

b

1,452,535

American

Homes

4

Rent,

LP

1,450,000

2.375%, 

7/15/2031

1,259,344

American

International

Group,

Inc.

1,150,000

5.450%, 

5/7/2035

1,174,940

Ameriprise

Financial,

Inc.

4,100,000

5.200%, 

4/15/2035

4,109,165

ANZ

Bank

New

Zealand,

Ltd.

1,300,000

5.548%, 

8/11/2032

b,c

1,313,684

1,500,000

5.898%, 

7/10/2034

b,c

1,540,039

Aon

North

America,

Inc.

1,400,000

5.450%, 

3/1/2034

1,432,070

Ares

Capital

Corporation

1,200,000

2.875%, 

6/15/2027

1,161,064

Arthur

J.

Gallagher

&

Company

2,000,000

5.150%, 

2/15/2035

1,988,302

Aviation

Capital

Group,

LLC

1,875,000

5.125%, 

4/10/2030

c

1,888,332

Avolon

Holdings

Funding,

Ltd.

900,000

4.950%, 

1/15/2028

c

904,048

2,400,000

5.750%, 

11/15/2029

c

2,470,640

2,700,000

4.900%, 

10/10/2030

c

2,689,980

Banco

Santander

Mexico

SA

900,000

5.621%, 

12/10/2029

c

923,400

Banco

Santander

SA

2,200,000

5.294%, 

8/18/2027

2,228,177

800,000

5.439%, 

7/15/2031

829,467

Bank

of

America

Corporation

1,175,000

3.974%, 

2/7/2030

b

1,155,826

2,030,000

3.194%, 

7/23/2030

b

1,931,278

2,100,000

6.250%, 

7/26/2030

b,f

2,092,776

1,700,000

5.162%, 

1/24/2031

b,d

1,739,257

2,750,000

2.572%, 

10/20/2032

b

2,423,573

3,200,000

4.571%, 

4/27/2033

b

3,150,398

1,400,000

5.468%, 

1/23/2035

b

1,436,763

5,250,000

5.511%, 

1/24/2036

b

5,379,795

6,000,000

2.482%, 

9/21/2036

b

5,108,478

1,200,000

4.244%, 

4/24/2038

b

1,089,170

Bank

of

Montreal

3,850,000

6.875%, 

11/26/2085

b

3,857,700

2,850,000

5.511%, 

6/4/2031

2,965,850

Bank

of

New

York

Mellon

Corporation

3,100,000

4.942%, 

2/11/2031

b

3,157,198

Barclays

plc

2,400,000

6.125%, 

12/15/2025

b,d,f

2,402,999

2,100,000

4.837%, 

9/10/2028

b

2,110,664

850,000

9.625%, 

12/15/2029

b,f

960,143

1,400,000

5.367%, 

2/25/2031

b

1,430,233

1,900,000

2.645%, 

6/24/2031

b

1,721,487

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

750,000

5.250%, 

9/10/2029

c

763,290

1,250,000

7.625%, 

2/11/2035

b,c

1,284,180

Berkshire

Hathaway

Finance

Corporation

4,000,000

2.850%, 

10/15/2050

2,541,782

1,050,000

4.250%, 

1/15/2049

875,175

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

Blackstone

Private

Credit

Fund

$

1,400,000

7.050%, 

9/29/2025

$

1,404,481

1,550,000

4.950%, 

9/26/2027

1,544,167

Blackstone

Reg

Finance

Company,

LLC

2,900,000

5.000%, 

12/6/2034

2,867,623

Blackstone

Secured

Lending

Fund

1,075,000

5.875%, 

11/15/2027

1,093,679

Blue

Owl

Credit

Income

Corporation

2,000,000

4.700%, 

2/8/2027

1,984,676

900,000

6.600%, 

9/15/2029

925,495

Blue

Owl

Technology

Finance

Corporation

3,000,000

3.750%, 

6/17/2026

c

2,945,104

BNP

Paribas

SA

1,350,000

8.500%, 

8/14/2028

b,c,d,f

1,439,482

1,950,000

4.792%, 

5/9/2029

b,c

1,957,223

2,100,000

5.497%, 

5/20/2030

b,c

2,156,557

2,000,000

5.786%, 

1/13/2033

b,c

2,075,327

BPCE

SA

1,250,000

6.612%, 

10/19/2027

b,c

1,276,659

2,250,000

5.876%, 

1/14/2031

b,c

2,331,616

1,350,000

6.508%, 

1/18/2035

b,c

1,413,510

Brixmor

Operating

Partnership,

LP

1,000,000

2.250%, 

4/1/2028

943,205

Brown

&

Brown,

Inc.

250,000

6.250%, 

6/23/2055

256,155

1,450,000

5.250%, 

6/23/2032

1,466,632

Capital

One

Financial

Corporation

4,100,000

6.312%, 

6/8/2029

b

4,283,248

2,625,000

6.183%, 

1/30/2036

b

2,694,844

Capital

One

NA

2,510,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,565,051

Centene

Corporation

3,145,000

3.375%, 

2/15/2030

2,831,597

Charles

Schwab

Corporation

1,450,000

4.000%, 

12/1/2030

b,f

1,324,879

Citadel

Securities

Global

Holdings,

LLC

250,000

6.200%, 

6/18/2035

c

254,919

Citigroup,

Inc.

1,510,000

4.450%, 

9/29/2027

1,505,759

2,000,000

4.075%, 

4/23/2029

b

1,976,929

2,050,000

5.174%, 

2/13/2030

b

2,087,303

2,350,000

6.950%, 

2/15/2030

b,f

2,369,040

4,100,000

3.057%, 

1/25/2033

b

3,672,508

2,650,000

5.449%, 

6/11/2035

b

2,703,892

3,400,000

6.020%, 

1/24/2036

b

3,484,429

Citizens

Financial

Group,

Inc.

1,400,000

5.841%, 

1/23/2030

b

1,445,645

1,325,000

5.718%, 

7/23/2032

b

1,367,048

CME

Group,

Inc.

2,250,000

4.400%, 

3/15/2030

2,250,275

COPT

Defense

Properties,

LP

1,325,000

2.250%, 

3/15/2026

1,301,877

Corebridge

Financial,

Inc.

1,450,000

6.375%, 

9/15/2054

b

1,447,678

Corebridge

Global

Funding

350,000

5.900%, 

9/19/2028

c

363,290

1,950,000

5.200%, 

6/24/2029

c

1,987,561

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

Cousins

Properties,

LP

$

1,000,000

5.375%, 

2/15/2032

$

1,009,488

Credit

Suisse

Group

AG

2,300,000

5.250%, 

N/A

*,g

155,250

2,350,000

7.250%, 

N/A

*,g

158,625

1,300,000

7.500%, 

N/A

*,g

87,750

Deutsche

Bank

AG/New

York,

NY

2,850,000

5.373%, 

1/10/2029

b

2,897,472

1,950,000

4.999%, 

9/11/2030

b

1,966,313

2,750,000

5.297%, 

5/9/2031

b

2,795,778

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,102,537

1,300,000

5.700%, 

2/15/2055

1,241,288

1,250,000

6.100%, 

10/15/2052

1,258,271

1,500,000

4.750%, 

2/15/2033

1,478,087

EPR

Properties

1,318,000

4.950%, 

4/15/2028

1,318,123

Fairfax

Financial

Holdings,

Ltd.

2,350,000

6.100%, 

3/15/2055

2,281,582

Fifth

Third

Bancorp

1,450,000

4.895%, 

9/6/2030

b

1,462,726

First-Citizens

Bank

&

Trust

Company

3,650,000

6.125%, 

3/9/2028

3,776,070

Fortitude

Group

Holdings,

LLC

2,925,000

6.250%, 

4/1/2030

c

2,998,867

Goldman

Sachs

BDC,

Inc.

800,000

6.375%, 

3/11/2027

815,518

Goldman

Sachs

Group,

Inc.

1,800,000

7.560%, 

(H15T

5Y

+

3.224%),

2/10/2026

b,f

1,811,223

2,300,000

4.223%, 

5/1/2029

b

2,285,905

4,950,000

5.207%, 

1/28/2031

b

5,054,867

3,800,000

3.102%, 

2/24/2033

b

3,416,451

2,550,000

5.536%, 

1/28/2036

b

2,607,038

High

Street

Funding

Trust

III

1,500,000

5.807%, 

2/15/2055

c

1,452,251

Highwoods

Realty,

LP

950,000

4.125%, 

3/15/2028

929,496

1,900,000

4.200%, 

4/15/2029

1,843,134

HSBC

Holdings

plc

2,030,000

4.041%, 

3/13/2028

b

2,010,591

Huntington

Bancshares,

Inc./OH

2,750,000

5.709%, 

2/2/2035

b

2,813,194

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

934,744

1,250,000

5.450%, 

8/15/2030

1,286,455

1,000,000

2.000%, 

8/15/2031

848,855

Jane

Street

Group/JSG

Finance,

Inc.

3,850,000

6.750%, 

5/1/2033

c

3,940,017

JPMorgan

Chase

&

Company

2,300,000

6.875%, 

6/1/2029

b,f

2,403,898

2,350,000

6.500%, 

4/1/2030

b,f

2,408,947

2,400,000

4.995%, 

7/22/2030

b

2,440,733

1,300,000

5.103%, 

4/22/2031

b

1,329,478

1,800,000

2.956%, 

5/13/2031

b

1,667,605

800,000

2.580%, 

4/22/2032

b

714,136

2,450,000

4.586%, 

4/26/2033

b

2,420,802

2,450,000

4.912%, 

7/25/2033

b

2,464,779

2,000,000

5.717%, 

9/14/2033

b

2,084,068

850,000

5.336%, 

1/23/2035

b

869,034

2,900,000

4.946%, 

10/22/2035

b

2,867,904

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

KeyCorp

$

1,650,000

6.401%, 

3/6/2035

b

$

1,763,506

Kilroy

Realty,

LP

1,450,000

4.250%, 

8/15/2029

1,398,215

850,000

6.250%, 

1/15/2036

853,475

Kimco

Realty

OP,

LLC

1,250,000

6.400%, 

3/1/2034

1,357,771

Lloyds

Banking

Group

plc

1,500,000

5.985%, 

8/7/2027

b

1,519,218

1,425,000

5.087%, 

11/26/2028

b

1,440,479

750,000

6.068%, 

6/13/2036

b

767,416

LPL

Holdings,

Inc.

1,400,000

5.150%, 

6/15/2030

1,416,075

3,100,000

4.375%, 

5/15/2031

c

2,963,992

1,600,000

5.650%, 

3/15/2035

1,605,386

Macquarie

Airfinance

Holdings,

Ltd.

1,650,000

5.200%, 

3/27/2028

c

1,665,395

1,075,000

6.400%, 

3/26/2029

c

1,117,564

375,000

6.500%, 

3/26/2031

c

396,966

Massachusetts

Mutual

Life

Insurance

Company

2,900,000

3.200%, 

12/1/2061

c

1,744,295

MetLife,

Inc.

1,900,000

6.350%, 

3/15/2055

b

1,950,270

Mitsubishi

UFJ

Financial

Group,

Inc.

2,000,000

5.159%, 

4/24/2031

b

2,042,000

2,250,000

5.133%, 

7/20/2033

b

2,275,362

Mizuho

Financial

Group,

Inc.

1,300,000

5.098%, 

5/13/2031

b

1,320,460

1,400,000

1.979%, 

9/8/2031

b

1,222,586

Morgan

Stanley

950,000

5.449%, 

7/20/2029

b

975,128

2,350,000

5.656%, 

4/18/2030

b

2,435,143

2,500,000

5.230%, 

1/15/2031

b

2,560,921

2,400,000

3.622%, 

4/1/2031

b

2,298,823

3,150,000

5.192%, 

4/17/2031

b

3,217,734

1,900,000

1.794%, 

2/13/2032

b

1,625,284

2,000,000

2.943%, 

1/21/2033

b

1,787,229

950,000

4.889%, 

7/20/2033

b

950,444

2,900,000

6.342%, 

10/18/2033

b

3,142,555

1,100,000

6.627%, 

11/1/2034

b

1,213,132

1,400,000

5.466%, 

1/18/2035

b

1,434,120

1,850,000

5.587%, 

1/18/2036

b

1,898,757

1,100,000

5.664%, 

4/17/2036

b

1,134,521

Nationwide

Building

Society

2,200,000

6.557%, 

10/18/2027

b,c

2,247,023

Nationwide

Mutual

Insurance

Company

1,775,000

4.350%, 

4/30/2050

c

1,354,241

NatWest

Group

plc

3,850,000

5.115%, 

5/23/2031

b

3,908,257

2,900,000

3.032%, 

11/28/2035

b

2,616,710

New

York

Life

Insurance

Company

2,200,000

3.750%, 

5/15/2050

c

1,611,323

Nippon

Life

Insurance

Company

2,000,000

6.500%, 

4/30/2055

b,c

2,093,058

Omega

Healthcare

Investors,

Inc.

1,667,000

4.750%, 

1/15/2028

1,671,806

1,875,000

3.625%, 

10/1/2029

1,778,457

Omnis

Funding

Trust

1,150,000

6.722%, 

5/15/2055

c

1,189,421

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

Phillips

Edison

Grocery

Center

Operating

Partnership

I,

LP

$

2,950,000

5.250%, 

8/15/2032

$

2,967,107

PNC

Financial

Services

Group,

Inc.

2,700,000

5.222%, 

1/29/2031

b

2,770,212

3,000,000

5.068%, 

1/24/2034

b

3,009,147

1,900,000

6.875%, 

10/20/2034

b

2,122,371

1,450,000

5.373%, 

7/21/2036

b

1,465,026

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

72,409

4.780%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

b,c

66,205

Prudential

Financial,

Inc.

1,750,000

3.700%, 

10/1/2050

b

1,597,649

Regency

Centers,

LP

1,750,000

3.700%, 

6/15/2030

1,687,633

1,000,000

5.250%, 

1/15/2034

1,014,976

1,800,000

5.100%, 

1/15/2035

1,798,921

Regions

Financial

Corporation

1,600,000

5.722%, 

6/6/2030

b

1,653,559

1,350,000

5.502%, 

9/6/2035

b

1,359,742

RGA

Global

Funding

3,500,000

6.000%, 

11/21/2028

c

3,647,801

900,000

5.500%, 

1/11/2031

c

927,208

Royal

Bank

of

Canada

3,700,000

6.750%, 

8/24/2085

b

3,740,700

Santander

Holdings

USA,

Inc.

975,000

6.124%, 

5/31/2027

b

984,958

Societe

Generale

SA

2,450,000

10.000%, 

11/14/2028

b,c,d,f

2,700,826

3,100,000

5.512%, 

5/22/2031

b,c

3,161,684

3,700,000

6.100%, 

4/13/2033

b,c

3,856,039

Standard

Chartered

plc

950,000

5.688%, 

5/14/2028

b,c

966,335

State

Street

Corporation

3,100,000

4.729%, 

2/28/2030

3,133,981

Sumitomo

Mitsui

Financial

Group,

Inc.

2,900,000

5.808%, 

9/14/2033

d

3,076,364

Synchrony

Bank

2,575,000

5.625%, 

8/23/2027

2,618,030

Toronto-Dominion

Bank

1,750,000

5.146%, 

9/10/2034

b

1,759,328

Truist

Financial

Corporation

1,150,000

5.435%, 

1/24/2030

b

1,182,348

4,700,000

5.071%, 

5/20/2031

b

4,764,615

U.S.

Bancorp

2,150,000

5.775%, 

6/12/2029

b

2,225,991

900,000

5.384%, 

1/23/2030

b

924,446

2,650,000

5.046%, 

2/12/2031

b

2,691,995

900,000

5.678%, 

1/23/2035

b

932,639

UBS

Group

AG

2,400,000

4.875%, 

2/12/2027

b,c,f

2,354,372

250,000

3.091%, 

5/14/2032

b,c

227,140

3,150,000

6.537%, 

8/12/2033

b,c

3,430,115

1,350,000

9.250%, 

11/13/2033

b,c,f

1,582,474

1,650,000

7.000%, 

2/5/2035

*,b,f

1,650,000

UnitedHealth

Group,

Inc.

1,300,000

5.875%, 

2/15/2053

1,282,827

2,150,000

4.950%, 

5/15/2062

1,810,978

760,000

4.750%, 

7/15/2045

662,938

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Financials  35.9%

-

continued

$

1,775,000

4.450%, 

12/15/2048

$

1,449,502

Unum

Group

2,650,000

4.046%, 

8/15/2041

c

2,095,490

Ventas

Realty,

LP

1,600,000

5.100%, 

7/15/2032

1,617,046

3,200,000

5.000%, 

1/15/2035

3,134,632

Wells

Fargo

&

Company

2,500,000

4.970%, 

4/23/2029

b

2,529,334

2,150,000

5.198%, 

1/23/2030

b

2,195,793

2,550,000

5.244%, 

1/24/2031

b

2,610,728

2,750,000

4.478%, 

4/4/2031

b

2,734,479

2,450,000

5.150%, 

4/23/2031

b

2,500,071

2,700,000

4.897%, 

7/25/2033

b

2,697,605

1,900,000

6.491%, 

10/23/2034

b

2,077,298

Welltower

OP,

LLC

1,950,000

5.125%, 

7/1/2035

1,943,254

Total

436,208,292

Foreign

Government  0.8%

Dominican

Republic

Government

International

Bond

2,300,000

6.000%, 

7/19/2028

c

2,340,250

1,875,000

6.000%, 

2/22/2033

c

1,860,281

Eagle

Funding

Luxco

SARL

2,850,000

5.500%, 

8/17/2030

c,e

2,862,825

Petroleos

Mexicanos

3,000,000

5.950%, 

1/28/2031

d

2,784,591

Total

9,847,947

Mortgage-Backed

Securities  2.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

20,768,426

5.500%, 

5/1/2055

20,787,501

6,661,293

5.500%, 

7/1/2053

6,679,966

Total

27,467,467

Technology  6.4%

Accenture

Capital,

Inc.

725,000

4.500%, 

10/4/2034

701,590

Alphabet,

Inc.

2,650,000

5.300%, 

5/15/2065

2,573,185

Apple,

Inc.

1,850,000

2.700%, 

8/5/2051

1,153,407

1,750,000

3.950%, 

8/8/2052

1,385,406

1,080,000

3.750%, 

9/12/2047

847,497

Broadcom,

Inc.

1,000,000

5.150%, 

11/15/2031

1,024,721

2,400,000

3.137%, 

11/15/2035

c

2,014,495

3,950,000

3.187%, 

11/15/2036

c

3,259,694

1,800,000

4.926%, 

5/15/2037

c

1,739,460

Cisco

Systems,

Inc.

1,500,000

5.300%, 

2/26/2054

1,445,299

Dell

International,

LLC/EMC

Corporation

2,425,000

4.850%, 

2/1/2035

2,343,264

274,000

8.350%, 

7/15/2046

348,460

Equinix

Europe

2

Financing

Corporation,

LLC

2,700,000

5.500%, 

6/15/2034

2,752,141

Fiserv,

Inc.

2,000,000

2.650%, 

6/1/2030

1,823,468

2,500,000

5.600%, 

3/2/2033

2,569,669

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Technology  6.4%

-

continued

$

2,800,000

5.150%, 

8/12/2034

$

2,781,594

Foundry

JV

Holdco,

LLC

3,100,000

6.150%, 

1/25/2032

c

3,243,143

3,700,000

5.900%, 

1/25/2033

c

3,802,216

Global

Payments,

Inc.

1,300,000

5.400%, 

8/15/2032

d

1,316,905

Hewlett

Packard

Enterprise

Company

1,975,000

5.000%, 

10/15/2034

1,915,942

Intel

Corporation

2,200,000

4.100%, 

5/11/2047

1,598,972

Marvell

Technology,

Inc.

1,100,000

4.875%, 

6/22/2028

1,109,702

Mastercard,

Inc.

1,250,000

4.850%, 

3/9/2033

1,267,452

1,950,000

4.550%, 

1/15/2035

1,904,929

Microchip

Technology,

Inc.

900,000

5.050%, 

3/15/2029

910,167

Micron

Technology,

Inc.

3,150,000

6.050%, 

11/1/2035

3,278,433

Microsoft

Corporation

1,600,000

2.500%, 

9/15/2050

966,156

Oracle

Corporation

2,700,000

5.550%, 

2/6/2053

2,494,466

1,440,000

3.950%, 

3/25/2051

1,046,067

1,450,000

5.250%, 

2/3/2032

1,480,614

2,700,000

6.250%, 

11/9/2032

2,906,409

2,350,000

4.000%, 

7/15/2046

1,794,883

Paychex,

Inc.

2,650,000

5.350%, 

4/15/2032

2,716,336

PayPal

Holdings,

Inc.

2,300,000

5.150%, 

6/1/2034

2,328,531

Roper

Technologies,

Inc.

2,300,000

4.900%, 

10/15/2034

2,258,690

Synopsys,

Inc.

2,200,000

5.000%, 

4/1/2032

2,222,650

2,925,000

5.150%, 

4/1/2035

2,935,383

Texas

Instruments,

Inc.

2,100,000

5.000%, 

3/14/2053

1,923,117

VeriSign,

Inc.

2,150,000

5.250%, 

6/1/2032

2,173,275

VMware,

LLC

1,900,000

2.200%, 

8/15/2031

1,644,962

Total

78,002,750

Transportation  2.1%

Air

Canada

1,400,000

3.875%, 

8/15/2026

c

1,384,977

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

320,000

5.500%, 

4/20/2026

c

319,708

2,000,000

5.750%, 

4/20/2029

c

1,999,299

Burlington

Northern

Santa

Fe,

LLC

1,500,000

4.700%, 

9/1/2045

1,339,620

1,800,000

4.050%, 

6/15/2048

1,440,421

Canadian

Pacific

Railway

Company

3,080,000

4.700%, 

5/1/2048

2,703,461

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

2,900,000

4.750%, 

10/20/2028

c

2,901,782

ERAC

USA

Finance,

LLC

2,440,000

4.200%, 

11/1/2046

c

1,986,456

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Transportation  2.1%

-

continued

FedEx

Corporation

$

1,500,000

3.250%, 

5/15/2041

c

$

1,072,271

Norfolk

Southern

Corporation

1,750,000

4.450%, 

3/1/2033

1,707,471

United

Airlines

Pass

Through

Trust

429,662

3.750%, 

9/3/2026

424,633

United

Airlines,

Inc.

2,100,000

4.375%, 

4/15/2026

c

2,087,522

3,425,000

4.625%, 

4/15/2029

c

3,344,564

United

Parcel

Service,

Inc.

2,600,000

5.950%, 

5/14/2055

2,644,434

Total

25,356,619

U.S.

Government

&

Agencies  5.6%

U.S.

Treasury

Bonds

22,600,000

4.750%, 

5/15/2055

22,105,625

12,500,000

4.625%, 

2/15/2035

12,771,484

17,500,000

4.375%, 

8/15/2043

16,495,801

3,500,000

5.000%, 

5/15/2045

3,551,406

U.S.

Treasury

Notes

5,000,000

3.875%, 

6/30/2030

4,982,031

8,000,000

4.125%, 

3/31/2032

8,003,438

Total

67,909,785

Utilities  8.5%

AES

Corporation

1,200,000

7.600%, 

1/15/2055

b

1,212,053

Algonquin

Power

&

Utilities

Corporation

3,500,000

4.750%, 

1/18/2082

b

3,397,591

American

Electric

Power

Company,

Inc.

1,925,000

7.050%, 

12/15/2054

b

2,009,209

1,250,000

5.625%, 

3/1/2033

1,296,329

American

Water

Capital

Corporation

1,800,000

3.450%, 

5/1/2050

1,273,981

Arizona

Public

Service

Company

1,950,000

5.550%, 

8/1/2033

2,002,525

Berkshire

Hathaway

Energy

Company

1,425,000

4.450%, 

1/15/2049

1,180,389

Calpine

Corporation

2,850,000

4.500%, 

2/15/2028

c

2,819,015

CenterPoint

Energy,

Inc.

1,225,000

7.000%, 

2/15/2055

b

1,278,202

2,250,000

6.700%, 

5/15/2055

b

2,279,234

1,750,000

2.950%, 

3/1/2030

1,625,892

1,850,000

2.650%, 

6/1/2031

1,648,750

Commonwealth

Edison

Company

950,000

5.650%, 

6/1/2054

939,898

Consolidated

Edison

Company

of

New

York,

Inc.

1,583,000

3.850%, 

6/15/2046

1,225,161

2,250,000

4.125%, 

5/15/2049

1,771,077

Constellation

Energy

Generation,

LLC

1,900,000

5.800%, 

3/1/2033

2,006,205

Consumers

Energy

Company

1,150,000

4.600%, 

5/30/2029

1,160,367

Dominion

Energy,

Inc.

1,450,000

6.875%, 

2/1/2055

b

1,517,340

1,000,000

4.350%, 

1/15/2027

b,f

977,613

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Utilities  8.5%

-

continued

DTE

Energy

Company

$

1,850,000

5.100%, 

3/1/2029

$

1,882,300

2,600,000

5.200%, 

4/1/2030

2,656,709

1,450,000

5.850%, 

6/1/2034

1,517,507

Duke

Energy

Corporation

2,300,000

3.250%, 

1/15/2082

b

2,206,285

1,500,000

3.500%, 

6/15/2051

1,025,595

2,050,000

5.800%, 

6/15/2054

2,003,505

3,000,000

5.000%, 

8/15/2052

2,617,907

1,500,000

6.450%, 

9/1/2054

b

1,544,429

1,800,000

3.750%, 

9/1/2046

1,332,085

Exelon

Corporation

1,200,000

4.100%, 

3/15/2052

917,207

3,100,000

5.875%, 

3/15/2055

3,076,458

FirstEnergy

Corporation

2,520,000

3.900%, 

7/15/2027

2,488,728

2,200,000

4.850%, 

7/15/2047

1,868,626

FirstEnergy

Transmission,

LLC

2,700,000

2.866%, 

9/15/2028

c

2,569,972

1,850,000

5.450%, 

7/15/2044

c

1,755,189

Florida

Power

&

Light

Company

800,000

5.300%, 

6/15/2034

821,304

Georgia

Power

Company

700,000

5.250%, 

3/15/2034

711,690

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

980,845

National

Rural

Utilities

Cooperative

Finance

Corporation

1,400,000

4.400%, 

11/1/2048

1,171,859

Nevada

Power

Company

675,000

6.000%, 

3/15/2054

678,507

NextEra

Energy

Capital

Holdings,

Inc.

1,950,000

6.750%, 

6/15/2054

b

2,034,581

1,850,000

5.300%, 

3/15/2032

1,898,812

Niagara

Mohawk

Power

Corporation

2,450,000

5.996%, 

7/3/2055

c

2,449,390

NiSource,

Inc.

2,900,000

5.850%, 

4/1/2055

2,860,738

950,000

5.200%, 

7/1/2029

972,103

1,000,000

5.350%, 

7/15/2035

1,003,206

1,080,000

4.375%, 

5/15/2047

885,976

Oncor

Electric

Delivery

Company,

LLC

1,510,000

3.750%, 

4/1/2045

1,161,916

Pacific

Gas

and

Electric

Company

3,200,000

4.550%, 

7/1/2030

3,137,982

PPL

Electric

Utilities

Corporation

1,150,000

4.850%, 

2/15/2034

1,143,387

Public

Service

Company

of

Colorado

1,200,000

4.500%, 

6/1/2052

973,509

Public

Service

Enterprise

Group,

Inc.

1,750,000

5.200%, 

4/1/2029

1,793,982

1,650,000

5.400%, 

3/15/2035

1,672,076

San

Diego

Gas

&

Electric

Company

1,100,000

5.400%, 

4/15/2035

1,121,449

Southern

California

Edison

Company

1,600,000

5.450%, 

3/1/2035

1,593,714

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Principal

Amount

Long-Term

Fixed

Income  97.0%

Value

Utilities  8.5%

-

continued

Southern

Company

$

2,000,000

5.700%, 

10/15/2032

$

2,096,290

1,300,000

4.000%, 

1/15/2051

b

1,292,918

1,350,000

3.750%, 

9/15/2051

b

1,328,313

Southern

Company

Gas

Capital

Corporation

2,450,000

4.950%, 

9/15/2034

2,423,487

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

966,090

1,800,000

5.000%, 

1/15/2034

1,789,172

Vistra

Operations

Company,

LLC

1,550,000

5.050%, 

12/30/2026

c

1,552,685

Xcel

Energy,

Inc.

1,900,000

5.600%, 

4/15/2035

1,935,242

Total

103,534,556

Total

Long-Term

Fixed

Income

(cost

$1,203,856,974)

1,179,684,213

Shares

Collateral

Held

for

Securities

Loaned

1.2%

Value

15,085,497

Thrivent

Cash

Management

Trust

15,085,497

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,085,497)

15,085,497

Shares

Preferred

Stock

0.3%

Value

Capital

Goods  0.3%

60,000

Boeing

Company,

Convertible,

6.000%

4,242,000

Total

4,242,000

Total

Preferred

Stock

(cost

$3,133,200)

4,242,000

Shares

or

Principal

Amount

Short-Term

Investments

1.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

4.195%,

8/1/2025

h,i

299,965

500,000

4.274%,

9/10/2025

h,i

497,591

State

Street

Institutional

U.S.

Government

Money

Market

Fund

15,870,826

4.250%

h

15,870,826

Total

Short-Term

Investments

(cost

$16,668,452)

16,668,382

Total

Investments

(cost

$1,238,744,123)

99.9%

$1,215,680,092

Other

Assets

and

Liabilities,

Net

0.1%

1,100,744

Total

Net

Assets

100.0%

$1,216,780,836

a

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$239,526,874

or

19.7%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

The

interest

rate

shown

reflects

the

yield.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Income

Fund

as

of

July

31,

2025

was

$2,051,625

or

0.17%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

7/9/2018

$

1,300,000

Credit

Suisse

Group

AG 

5/17/2021

2,600,260

Credit

Suisse

Group

AG 

8/4/2020

2,300,000

UBS

Group

AG,

12/29/2049

7/31/2025

1,650,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

14,584,584

Total

lending

$14,584,584

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,085,497

Net

amounts

due

to

counterparty

$500,913

Definitions:

DAC

-

Designated

Activity

Company

plc

-

Public

Limited

Company

Ser.

-

Series

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

24,585

–

24,585

–

Basic

Materials

27,085,246

–

27,085,246

–

Capital

Goods

57,841,263

–

57,841,263

–

Collateralized

Mortgage

Obligations

11,281,456

–

11,281,456

–

Commercial

Mortgage-Backed

Securities

3,998,580

–

3,998,580

–

Communications

Services

80,477,274

–

80,477,274

–

Consumer

Cyclical

77,374,085

–

77,374,085

–

Consumer

Non-Cyclical

105,833,222

–

105,833,222

–

Energy

67,441,086

–

67,441,086

–

Financials

436,208,292

–

436,208,292

–

Foreign

Government

9,847,947

–

9,847,947

–

Mortgage-Backed

Securities

27,467,467

–

27,467,467

–

Technology

78,002,750

–

78,002,750

–

Transportation

25,356,619

–

25,356,619

–

U.S.

Government

&

Agencies

67,909,785

–

67,909,785

–

Utilities

103,534,556

–

103,534,556

–

Preferred

Stock

Capital

Goods

4,242,000

4,242,000

–

–

Short-Term

Investments

16,668,382

15,870,826

797,556

–

Subtotal

Investments

in

Securities

$1,200,594,595

$20,112,826

$1,180,481,769

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

15,085,497

Subtotal

Other

Investments

$15,085,497

Total

Investments

at

Value

$1,215,680,092

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Income

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

406,379

406,379

–

–

Total

Asset

Derivatives

$406,379

$406,379

$–

$–

Income

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$797,556

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

120

September

2025

$

12,975,781

$

4,844

CBOT

U.S.

Long

Bond

45

September

2025

4,988,800

149,638

Ultra

10-Yr.

U.S.

Treasury

Note

120

September

2025

13,317,479

251,897

Total

Futures

Long

Contracts

$

31,282,060

$

406,379

Total

Futures

Contracts

$

31,282,060

$406,379

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$25,282

$140,729

$166,011

$–

–

–%

Total

Affiliated

Short-Term

Investments

25,282

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,431

120,492

121,838

15,085

15,085

1.2

Total

Collateral

Held

for

Securities

Loaned

16,431

15,085

1.2

Total

Value

$41,713

$15,085

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$–

$235

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$235

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

54

Total

Affiliated

Income

from

Securities

Loaned,

Net

$54

Total

$–

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Shares

Common

Stock

88.9%

Value

Australia  6.0%  

6,739

Amotiv,

Ltd.

$

37,929

2,645

Ansell,

Ltd.

50,638

165,555

APA

Group

890,417

185,142

Aurizon

Holdings,

Ltd.

384,322

29,610

Austal,

Ltd.

a

124,260

124,855

Australia

and

New

Zealand

Banking

Group,

Ltd.

2,450,087

208,320

BHP

Group,

Ltd.

5,261,161

11,127

BlueScope

Steel,

Ltd.

168,688

167,042

Brambles,

Ltd.

2,555,646

5,499

Breville

Group,

Ltd.

115,003

32,541

BWP

Property

Group,

Ltd.

a

74,867

16,293

Challenger,

Ltd.

85,630

41,384

Charter

Hall

Retail

REIT

102,858

6,441

Codan,

Ltd.

86,117

51,604

Commonwealth

Bank

of

Australia

5,858,568

12,871

Computershare,

Ltd.

346,479

5,022

Credit

Corp

Group,

Ltd.

49,492

14,641

CSL,

Ltd.

2,532,657

48,428

Deterra

Royalties,

Ltd.

128,236

46,937

Dexus

Industria

REIT

84,536

335,269

DEXUS

Property

Group

1,513,606

6,333

Downer

EDI,

Ltd.

27,926

213,329

Dyno

Nobel,

Ltd.

401,157

34,267

Endeavour

Group,

Ltd.

89,734

12,630

Evolution

Mining,

Ltd.

57,160

547,379

GPT

Group

1,783,143

9,605

Helia

Group,

Ltd.

31,096

112,416

HomeCo

Daily

Needs

REIT

92,409

200

HUB24,

Ltd.

13,575

29,854

Inghams

Group,

Ltd.

66,126

310,031

Insurance

Australia

Group,

Ltd.

1,740,331

27,701

IPH,

Ltd.

92,954

19,710

JB

Hi-Fi,

Ltd.

1,403,784

303,753

Medibank,

Private

Ltd.

992,786

2,013

Mineral

Resources,

Ltd.

a

36,359

109,242

Mirvac

Group

156,739

81,915

National

Australia

Bank,

Ltd.

2,032,852

28,267

Netwealth

Group,

Ltd.

674,575

39,322

New

Hope

Corporation,

Ltd.

105,019

90,245

Nickel

Industries,

Ltd.

42,396

33,419

NRW

Holdings,

Ltd.

69,005

25,829

Orica,

Ltd.

352,722

209,802

Perenti,

Ltd.

235,380

96,035

Perseus

Mining,

Ltd.

200,493

4,437

Pro

Medicus,

Ltd.

911,157

442,817

QBE

Insurance

Group,

Ltd.

6,568,832

3,144

Ramsay

Health

Care,

Ltd.

77,829

37,069

Region

Group

55,476

112,812

Regis

Resources,

Ltd.

a

294,171

79,759

Reliance

Worldwide

Corporation,

Ltd.

219,257

49,662

Rio

Tinto,

Ltd.

3,531,853

6,720

Sims,

Ltd.

65,207

9,123

Sonic

Healthcare,

Ltd.

161,101

43,261

Stanmore

Resources,

Ltd.

58,592

111,611

Steadfast

Group,

Ltd.

424,778

11,043

Super

Retail

Group,

Ltd.

108,017

77,662

Technology

One,

Ltd.

2,031,521

517,938

Telstra

Corporation,

Ltd.

1,650,707

103,501

Ventia

Services

Group,

Pty.

Ltd.

344,636

134,232

Waypoint

REIT,

Ltd.

216,465

1,685

Wesfarmers,

Ltd.

92,169

92,256

Westpac

Banking

Corporation

1,991,816

Shares

Common

Stock  88.9%

Value

Australia  6.0%  -

continued

67,728

Worley,

Ltd.

$

576,370

Total

52,978,872

Austria  <0.1%  

13,709

ams

OSRAM

AG

a

180,696

427

Erste

Group

Bank

AG

39,046

2,388

Porr

AG

80,284

1,432

Voestalpine

AG

39,424

Total

339,450

Belgium  0.5%  

5,178

Ackermans

&

van

Haaren

NV

1,270,146

2,965

Aedifica

SA

218,188

45,152

Anheuser-Busch

InBev

NV

2,595,911

3,669

Barco

NV

57,185

4,055

Bekaert

SA

167,015

237

Deme

Group

NV

35,472

415

Montea

NV

30,897

15,036

Umicore

SA

237,626

Total

4,612,440

Bermuda  0.3%  

25,000

BOE

Varitronix,

Ltd.

18,845

8,000

Cafe

de

Coral

Holdings,

Ltd.

7,370

392

Credicorp,

Ltd.

92,904

346

Flow

Traders,

Ltd.

a

10,363

31,400

Hongkong

Land

Holdings,

Ltd.

189,970

37,000

Jardine

Matheson

Holdings,

Ltd.

2,009,152

10,047

Odfjell

Drilling,

Ltd.

71,389

71,000

Yue

Yuen

Industrial

Holdings,

Ltd.

111,049

Total

2,511,042

Brazil  0.3%  

6,400

Allos

SA

24,299

7,300

Alupar

Investimento

SA

38,537

139,100

Ambev

SA

311,510

13,400

Banco

ABC

Brasil

SA

52,192

6,610

Banco

Bradesco

SA

ADR

18,310

66,000

Banco

do

Brasil

SA

233,140

25,400

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

49,489

7,300

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

33,648

931

Companhia

Paranaense

de

Energia

-

COPEL

ADR

7,262

16,200

CPFL

Energia

SA

109,098

30,700

Cury

Construtora

e

Incorporadora

SA

161,133

30,500

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

132,903

30,000

Direcional

Engenharia

SA

208,356

444

Embraer

SA

ADR

25,566

6,400

Equatorial

Energia

SA

38,940

16,974

Gerdau

SA

ADR

50,243

73,929

Itau

Unibanco

Holding

SA

ADR

463,535

55,300

Magazine

Luiza

SA

69,131

11,200

Metalurgica

Gerdau

SA

18,702

14,110

Petroleo

Brasileiro

SA

-

Petrobras

ADR

179,761

38,700

Telefonica

Brasil

SA

217,774

17,800

TIM

SA/Brazil

65,579

8,500

Tupy

SA

24,576

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock  88.9%

Value

Brazil  0.3%  -

continued

48,742

Vale

SA

ADR

$

464,511

Total

2,998,195

Cayman

Islands  2.0%  

23,000

3SBio,

Inc.

b

92,982

81,000

AAC

Technologies

Holdings,

Inc.

409,550

140,388

Alibaba

Group

Holding,

Ltd.

2,110,703

63,000

China

Hongqiao

Group,

Ltd.

166,187

202,000

China

Mengniu

Dairy

Company,

Ltd.

420,365

108,000

China

Resources

Land,

Ltd.

396,032

148,000

Consun

Pharmaceutical

Group,

Ltd.

259,594

813

Futu

Holdings,

Ltd.

ADR

124,942

182,000

Geely

Automobile

Holdings,

Ltd.

408,229

211,500

Greentown

China

Holdings,

Ltd.

266,032

31,783

Hello

Group,

Inc.

ADR

261,574

35,799

JD.com,

Inc.

564,262

1,889

JOYY,

Inc.

ADR

94,828

144,500

Kingboard

Holdings,

Ltd.

517,618

22,800

Kuaishou

Technology

a,b

222,621

25,529

Meituan

a,b

393,850

13,000

NetDragon

Websoft

Holdings,

Ltd.

17,955

8,410

NetEase,

Inc.

ADR

1,095,823

17,536

NU

Holdings,

Ltd./Cayman

Islands

a

214,290

3,370

PDD

Holdings,

Inc.

ADR

a

382,327

12,200

Pop

Mart

International

Group,

Ltd.

b

380,565

673,000

Shui

On

Land,

Ltd.

65,753

76,000

Sino

Biopharmaceutical,

Ltd.

72,785

69,890

Tencent

Holdings,

Ltd.

4,893,155

36,000

Tingyi

(Cayman

Islands)

Holding

Corporation

53,217

140,000

VSTECS

Holdings,

Ltd.

162,024

2,465,500

WH

Group,

Ltd.

b

2,468,307

6,000

WuXi

Biologics

(Cayman),

Inc.

a,b

24,396

103,000

Xiaomi

Corporation

a,b

692,979

84,500

Zhongsheng

Group

Holdings,

Ltd.

142,138

Total

17,375,083

Chile  <0.1%  

3,261

Banco

de

Chile

ADR

89,090

2,480

Banco

de

Credito

e

Inversiones

SA

98,424

1,715

Banco

Santander

Chile

SA

ADR

39,462

30,334

Cencosud

SA

91,382

371,452

Colbun

SA

54,988

Total

373,346

China  1.1%  

14,000

Agricultural

Bank

of

China,

Ltd.,

Class

H

9,172

92,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

72,714

26,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

76,721

20,500

Avary

Holding

Shenzhen

Company,

Ltd.

150,248

521,000

BAIC

Motor

Corporation,

Ltd.

a,b

142,314

230,500

Bank

of

Beijing

Company,

Ltd.

206,632

120,000

Bank

of

Communications

Company,

Ltd.,

Class

H

108,104

172,600

BOE

Technology

Group

Company,

Ltd.

96,793

13,500

BYD

Company,

Ltd.,

Class

H

197,111

190,700

Changjiang

Securities

Company,

Ltd.

194,890

Shares

Common

Stock  88.9%

Value

China  1.1%  -

continued

570,000

China

Construction

Bank

Corporation,

Class

H

$

582,998

68,000

China

Life

Insurance

Company,

Ltd.

196,426

38,000

China

National

Building

Material

Company,

Ltd.

22,608

30,000

China

Southern

Airlines

Company,

Ltd.

a

23,606

226,500

China

Tower

Corporation,

Ltd.

b

316,945

746,900

China

United

Network

Communications,

Ltd.

555,542

4,500

CITIC

Securities

Company,

Ltd.,

Class

A

18,108

61,500

CITIC

Securities

Company,

Ltd.,

Class

H

216,086

55,000

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

100,537

99,000

Gree

Electric

Appliances,

Inc.

of

Zhuhai

627,238

25,500

Guosen

Securities

Company,

Ltd.

46,932

37,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

118,454

500

Huatai

Securities

Company,

Ltd.,

Class

A

1,390

97,600

Huatai

Securities

Company,

Ltd.,

Class

H

b

224,634

144,700

Huaxia

Bank

Company,

Ltd.

159,813

17,700

HUAYU

Automotive

Systems

Company,

Ltd.

43,155

27,900

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

29,313

846,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

648,227

90,800

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

345,652

6,200

Legend

Holdings

Corporation

a,b

7,865

102,000

Lenovo

Group,

Ltd.

130,790

1,200

Midea

Group

Company,

Ltd.

11,684

32,800

New

China

Life

Insurance

Company,

Ltd.

209,884

743,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

570,823

38,000

PICC

Property

and

Casualty

Company,

Ltd.

78,872

4,900

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

39,908

129,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

885,632

189,700

SAIC

Motor

Corporation,

Ltd.

451,862

208,000

SDIC

Capital

Company,

Ltd.

218,154

211,600

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

186,262

91,200

Sinopharm

Group

Company,

Ltd.

219,211

87,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

58,344

29,205

Vipshop

Holdings,

Ltd.

ADR

440,703

400

WuXi

AppTec

Company,

Ltd.,

Class

A

5,314

33,300

WuXi

AppTec

Company,

Ltd.,

Class

H

b

444,196

21,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

31,421

50,000

Zhejiang

Expressway

Company,

Ltd.

47,640

60,200

Zhejiang

Longsheng

Group

Company,

Ltd.

88,493

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  88.9%

Value

China  1.1%  -

continued

34,600

ZTE

Corporation,

Class

H

$

109,170

Total

9,768,591

Colombia  0.1%  

5,597

Grupo

Cibest

SA

72,206

9,135

Grupo

Cibest

SA

ADR

396,642

Total

468,848

Cyprus  <0.1%  

9,845

Ros

Agro

plc

GDR

a,c

0

Total

0

Czech

Republic  <0.1%  

812

CEZ

AS

47,047

2,103

Komercni

Banka

AS

100,178

10,040

Moneta

Money

Bank

AS

b

69,834

39

Philip

Morris

CR

31,469

Total

248,528

Denmark  1.4%  

1,605

A.P.

Moller

-

Maersk

AS,

Class

B

3,169,492

4,565

ALK-Abello

AS

a

132,448

2,421

ChemoMetec

AS

186,856

10,266

Danske

Bank

AS

407,267

2,103

FLSmidth

&

Company

AS

123,712

6,584

Genmab

AS

a

1,417,518

40,527

H

Lundbeck

AS,

Class

B

211,136

3,971

NKT

AS

a

349,340

109,099

Novo

Nordisk

AS

5,073,977

1,238

Pandora

AS

204,389

4,092

Per

Aarsleff

Holding

AS

440,696

1,416

Royal

Unibrew

AS

106,123

9,863

Scandinavian

Tobacco

Group

AS

b

129,230

2,439

Sydbank

AS

180,699

Total

12,132,883

Egypt  <0.1%  

8,510

Commercial

International

Bank

Egypt

SAE

GDR

16,267

Total

16,267

Finland  0.4%  

163,519

Fortum

Oyj

2,999,879

3,535

Huhtamaki

Oyj

121,673

4,179

Kalmar

Oyj

188,590

3,944

Kemira

Oyj

83,934

13,809

Kojamo

Oyj

a

175,554

891

Konecranes

Oyj

74,249

Total

3,643,879

France  7.4%  

28,580

Air

Liquide

SA

5,622,735

148,444

AXA

SA

7,209,812

93,864

BNP

Paribas

SA

8,558,364

13,050

Clariane

SE

a

67,660

16,044

Compagnie

de

Saint-Gobain

SA

1,840,523

322,002

Credit

Agricole

SA

5,926,301

25,022

Danone

SA

2,047,725

203

Eiffage

SA

27,250

367,626

Engie

SA

8,263,590

771

Exosens

SAS

36,016

22,989

FORVIA

SE

a

292,265

533

Gaztransport

Et

Technigaz

SA

100,250

3,115

Gecina

SA

306,120

Shares

Common

Stock  88.9%

Value

France  7.4%  -

continued

1,063

Hermes

International

SCA

$

2,599,557

5,714

ICADE

135,797

10,966

Ipsos

SA

492,400

13,792

Legrand

SA

2,037,174

6,129

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,290,123

10,712

Mercialys

SA

132,440

740

Quadient

SA

13,603

4,375

Renault

SA

161,879

17,628

Safran

SA

5,812,862

34,022

Schneider

Electric

SE

8,804,676

2,629

SCOR

SE

85,645

657

Sopra

Steria

Group

141,562

3,766

SPIE

SA

221,635

8,783

Technip

Energies

NV

379,262

6,019

Valeo

SE

65,484

538

Vicat

SA

34,843

4,214

Wendel

SA

394,876

Total

65,102,429

Germany  7.7%  

2,977

Adidas

AG

568,992

32,371

Allianz

SE

12,792,317

7,226

CECONOMY

AG

a

36,511

143

Cewe

Stiftung

&

Company

KGaA

16,376

86

Dermapharm

Holding

SE

3,294

8,221

Deutsche

Bank

AG

270,772

35,071

Deutsche

Boerse

AG

10,149,113

183,430

Deutsche

Telekom

AG

6,578,891

2,685

Duerr

AG

69,012

77,805

E.ON

SE

1,419,417

868

Eckert

&

Ziegler

SE

66,031

1,259

Freenet

AG

40,833

16,046

Fresenius

Medical

Care

AG

813,877

1,275

FUCHS

SE

58,345

17,581

Heidelberg

Materials

AG

4,055,847

370

HENSOLDT

AG

40,578

1,250

Hornbach

Holding

AG

&

Company

KGaA

146,980

2,405

Hugo

Boss

AG

112,008

824

IONOS

Group

SE

a

39,079

2,770

Jenoptik

AG

58,702

7,018

Jungheinrich

AG

269,057

771

KION

Group

AG

47,397

1,419

Krones

AG

210,120

10,258

LANXESS

AG

281,705

1,670

LEG

Immobilien

SE

132,554

8,820

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,774,202

1,716

Rheinmetall

AG

3,396,821

8,124

SAF-Holland

SE

146,550

39,478

SAP

SE

11,288,971

9,844

Scout24

SE

b

1,315,570

12,929

Siemens

AG

3,293,062

32,906

Siemens

Energy

AG

a

3,809,819

3,102

Stabilus

SE

88,925

3,219

SUSS

MicroTec

SE

116,688

7,209

TAG

Immobilien

AG

115,907

5,152

TeamViewer

SE

b

52,689

8,572

ThyssenKrupp

AG

99,222

18,176

TUI

AG

a

163,985

1,363

Wacker

Neuson

SE

35,656

Total

67,975,875

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Shares

Common

Stock  88.9%

Value

Greece  0.1%  

1,283

Aegean

Airlines

SA

$

18,449

30,042

Eurobank

Ergasias

Services

and

Holdings

SA

110,265

9,945

HELLENiQ

ENERGY

Holdings

SA

87,446

7,993

National

Bank

of

Greece

SA

111,491

5,058

OPAP

SA

113,481

Total

441,132

Hong

Kong  1.2%  

67,000

China

Overseas

Grand

Oceans

Group,

Ltd.

16,536

97,400

China

Taiping

Insurance

Holdings

Company,

Ltd.

216,423

694,500

CK

Hutchison

Holdings,

Ltd.

4,520,503

82,000

Guangdong

Investment,

Ltd.

72,988

26,000

Henderson

Land

Development

Company,

Ltd.

90,981

184,000

Hysan

Development

Company,

Ltd.

366,133

605,700

Link

REIT

3,374,812

153,500

Sun

Hung

Kai

Properties,

Ltd.

1,823,192

58,000

United

Laboratories

International

Holdings,

Ltd.

108,724

18,600

VTech

Holdings,

Ltd.

137,826

Total

10,728,118

Hungary  0.1%  

30,584

MOL

Hungarian

Oil

&

Gas

plc

265,730

5,381

OTP

Bank

Nyrt

436,646

1,696

Richter

Gedeon

Nyrt

50,906

Total

753,282

India  1.6%  

1,816

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

17,683

164,934

Bharat

Petroleum

Corporation,

Ltd.

616,348

54,766

Bharti

Airtel,

Ltd.

1,192,209

3,291

Ceat,

Ltd.

124,083

55,621

Chambal

Fertilisers

and

Chemicals,

Ltd.

325,036

37,100

Cipla,

Ltd.

655,194

2,393

Coromandel

International,

Ltd.

73,175

2,141

Eicher

Motors,

Ltd.

133,219

11,597

HCL

Technologies,

Ltd.

193,323

11,917

HDFC

Asset

Management

Company,

Ltd.

b

765,874

46,846

HDFC

Bank,

Ltd.

1,075,037

12,922

HDFC

Life

Insurance

Company,

Ltd.

b

111,028

1,824

Hero

MotoCorp,

Ltd.

88,360

88,745

Hindalco

Industries,

Ltd.

687,030

1,219

Hindustan

Aeronautics,

Ltd.

62,737

125,058

Hindustan

Petroleum

Corporation,

Ltd.

593,755

23,115

ICICI

Bank,

Ltd.

ADR

778,975

63,151

Indian

Oil

Corporation,

Ltd.

a

104,328

39,857

Infosys,

Ltd.

ADR

666,409

3,744

InterGlobe

Aviation,

Ltd.

a,b

251,254

14,463

Jindal

Saw,

Ltd.

34,679

4,066

JK

Tyre

&

Industries,

Ltd.

15,482

21,416

JSW

Steel,

Ltd.

255,467

3,024

Kotak

Mahindra

Bank,

Ltd.

68,132

1,437

Larsen

&

Toubro,

Ltd.

59,428

12,270

LT

Foods,

Ltd.

67,694

1,829

LTIMindtree,

Ltd.

b

105,800

7,517

Lupin,

Ltd.

164,301

Shares

Common

Stock  88.9%

Value

India  1.6%  -

continued

5,458

Mahindra

&

Mahindra,

Ltd.

$

198,827

2,816

Maruti

Suzuki

India,

Ltd.

403,924

251

MRF,

Ltd.

422,361

3,548

Nava,

Ltd.

25,388

15,414

NLC

India,

Ltd.

42,310

243,558

NMDC,

Ltd.

195,759

4,910

Oberoi

Realty,

Ltd.

90,896

3,929

Orient

Cement,

Ltd.

11,072

871

Page

Industries,

Ltd.

484,261

32,367

Paradeep

Phosphates,

Ltd.

b

79,069

3,498

Persistent

Systems,

Ltd.

204,427

1,474

Pidilite

Industries,

Ltd.

48,199

34,581

Reliance

Industries,

Ltd.

546,120

2,940

SBI

Life

Insurance

Company,

Ltd.

b

61,506

8,167

State

Bank

of

India

73,997

13,739

Tata

Consultancy

Services,

Ltd.

473,809

42,385

Tata

Motors,

Ltd.

320,374

154,201

Tata

Steel,

Ltd.

276,919

30,413

Tech

Mahindra,

Ltd.

504,554

1,482

UltraTech

Cement,

Ltd.

206,345

5,095

United

Spirits,

Ltd.

77,789

65,295

Wipro,

Ltd.

ADR

177,602

4,576

Zydus

Lifesciences,

Ltd.

50,394

Total

14,261,942

Ireland  0.3%  

204,401

AIB

Group

plc

1,612,450

41,163

Bank

of

Ireland

Group

plc

551,996

Total

2,164,446

Isle

of

Man  <0.1%  

18,096

Entain

plc

243,007

Total

243,007

Israel  1.1%  

51,317

Bank

Hapoalim

BM

962,352

86,411

Bank

Leumi

Le-Israel

BM

1,598,498

214

Blue

Square

Real

Estate,

Ltd.

24,465

19,780

Check

Point

Software

Technologies,

Ltd.

a

3,683,036

2,742

Clal

Insurance

Enterprises

Holdings,

Ltd.

131,463

1,298

Delek

Group,

Ltd.

263,606

597

FIBI

Holdings,

Ltd.

43,437

373

First

International

Bank

of

Israel,

Ltd.

25,908

1,468

Fiverr

International,

Ltd.

a

32,414

681

Hilan,

Ltd.

55,635

680

Israel

Corporation,

Ltd.

210,771

6,397

Ituran

Location

and

Control,

Ltd.

252,681

2,123

Matrix

IT,

Ltd.

78,034

300

Mizrahi

Tefahot

Bank,

Ltd.

18,532

356

NICE,

Ltd.

a

55,576

381

Nova,

Ltd.

a

101,601

1,622

Oddity

Tech,

Ltd.

a

113,654

220,767

Oil

Refineries,

Ltd.

57,753

4,494

One

Software

Technologies,

Ltd.

116,109

22,165

Plus500,

Ltd.

983,722

9,024

REIT

1,

Ltd.

59,167

7,086

Shufersal,

Ltd.

85,668

4,720

Tower

Semiconductor,

Ltd.

a

219,017

Total

9,173,099

Italy  3.4%  

13,482

ACEA

SPA

299,197

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Shares

Common

Stock  88.9%

Value

Italy  3.4%  -

continued

4,505

Azimut

Holding

SPA

$

153,136

4,776

Banca

IFIS

SPA

132,269

862,278

Banca

Monte

dei

Paschi

di

Siena

SPA

7,340,946

1,872

Brunello

Cucinelli

SPA

209,932

38,448

Buzzi

SPA

2,007,742

2,799

Credito

Emiliano

SPA

42,429

46,046

Enel

SPA

406,047

27,787

Eni

SPA

474,251

168,393

Generali

6,282,043

423,924

Italgas

SPA

3,517,458

12,405

Leonardo

SPA

668,669

26,491

Lottomatica

Group

SPA

714,674

73,938

OVS

SPA

b

306,079

192,606

Pirelli

&

C.

SPA

b

1,298,430

54,821

Recordati

SPA

3,144,192

357

Reply

SPA

55,918

4,440

Technogym

SPA

b

68,506

21,462

UniCredit

SPA

1,579,043

33,029

Unipol

Assicurazioni

SPA

662,487

Total

29,363,448

Japan  18.1%  

32,400

Advantest

Corporation

2,154,572

4,700

Ain

Holdings,

Inc.

180,902

1,300

Alfresa

Holdings

Corporation

18,871

9,600

ALSOK

Company,

Ltd.

66,870

148,300

Amada

Company,

Ltd.

1,672,220

1,400

Amano

Corporation

39,065

4,400

Anycolor,

Inc.

137,117

9,100

AOKI

Holdings,

Inc.

103,435

16,000

Arcs

Company,

Ltd.

321,946

3,600

Artience

Company,

Ltd.

76,234

6,900

Asics

Corporation

162,214

2,100

Autobacs

Seven

Company,

Ltd.

20,488

16,600

Bandai

Namco

Holdings,

Inc.

536,793

15,700

BayCurrent,

Inc.

901,495

3,100

BIPROGY,

Inc.

125,008

2,700

BML,

Inc.

62,703

6,900

Bridgestone

Corporation

279,106

42,700

Brother

Industries,

Ltd.

726,577

4,900

Canon

Electronics,

Inc.

82,790

6,300

Central

Glass

Company,

Ltd.

136,084

4,400

Chudenko

Corporation

106,784

14,800

Chugai

Pharmaceutical

Company,

Ltd.

709,467

13,300

COMSYS

Holdings

Corporation

304,901

3,700

Cosmo

Energy

Holdings

Company,

Ltd.

164,216

4,100

Cover

Corporation

a

57,932

68,200

Dai

Nippon

Printing

Company,

Ltd.

1,050,244

78,900

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

624,271

99

Daiwa

House

REIT

Investment

Corporation

165,560

310,000

Daiwa

Securities

Group,

Inc.

2,158,176

38,100

Denso

Corporation

516,919

2,300

DISCO

Corporation

679,711

5,000

Doshisha

Company,

Ltd.

83,404

11,200

Doutor

Nichires

Holdings

Company,

Ltd.

186,035

7,700

DTS

Corporation

255,470

1,200

Ebara

Corporation

21,913

54,800

Eneos

Holdings,

Inc.

287,625

3,900

F.C.C.

Company,

Ltd.

78,281

Shares

Common

Stock  88.9%

Value

Japan  18.1%  -

continued

5,300

Fast

Retailing

Company,

Ltd.

$

1,616,658

7,000

Ferrotec

Corporation

167,891

3,600

Financial

Partners

Group

Company,

Ltd.

57,801

18,600

FUJIFILM

Holdings

NPV

385,805

1,500

Fujitsu,

Ltd.

32,676

4,500

Fuyo

General

Lease

Company,

Ltd.

121,557

5,700

Glory,

Ltd.

146,569

4,100

Gunze,

Ltd.

103,884

35,100

Hachijuni

Bank,

Ltd.

315,783

3,400

Hanwa

Company,

Ltd.

136,967

35,300

Heiwa

Corporation

489,065

127,800

Hitachi,

Ltd.

3,910,763

318,500

Honda

Motor

Company,

Ltd.

3,297,400

14

Hoshino

Resorts

REIT,

Inc.

24,289

25,000

Hoya

Corporation

3,154,070

10,100

Hyakugo

Bank,

Ltd.

49,956

31

Ichigo

Office

REIT

Investment

Corporation

19,634

4,300

Iida

Group

Holdings

Company,

Ltd.

60,311

49,700

Inaba

Denki

Sangyo

Company,

Ltd.

1,303,357

21,900

INFRONEER

Holdings,

Inc.

185,078

34,100

ITOCHU

Corporation

1,788,634

1,400

Jaccs

Company,

Ltd.

37,958

97

Japan

Metropolitan

Fund

Investment

Corporation

70,550

2,800

Japan

Petroleum

Exploration

Company,

Ltd.

20,335

52,800

Japan

Post

Bank

Company,

Ltd.

589,316

306,600

Japan

Post

Holdings

Company,

Ltd.

2,839,322

11,800

Japan

Post

Insurance

Company,

Ltd.

302,134

93,100

Japan

Tobacco,

Inc.

2,658,902

4,300

Juroku

Financial

Group,

Inc.

148,297

1,400

Kakaku.com,

Inc.

23,795

1,100

Kaken

Pharmaceutical

Company,

Ltd.

28,665

12,100

Kamigumi

Company,

Ltd.

340,052

11,000

Kanematsu

Corporation

206,670

209,700

KDDI

Corporation

3,441,516

184

KDX

Realty

Investment

Corporation

197,738

15,300

Keiyo

Bank,

Ltd.

114,964

6,100

Keyence

Corporation

2,206,562

2,500

Kokusai

Electric

Corporation

55,178

26,400

Kokuyo

Company,

Ltd.

155,542

34,900

Komatsu,

Ltd.

1,124,405

2,900

KOSE

Corporation

111,293

8,400

Kumagai

Gumi

Company,

Ltd.

249,892

2,100

Kuraray

Company,

Ltd.

25,963

258,800

Kyocera

Corporation

3,054,972

49,500

Kyoei

Steel,

Ltd.

711,310

9,500

KYORIN

Pharmaceutical

Company,

Ltd.

95,463

18,400

Lintec

Corporation

368,934

7,700

Makita

Corporation

238,378

1,000

Maruha

Nichiro

Corporation

20,769

10,700

Maruichi

Steel

Tube,

Ltd.

258,677

200

Maruwa

Company,

Ltd./Aichi

60,284

15,500

Matsui

Securities

Company,

Ltd.

75,762

2,700

Mazda

Motor

Corporation

16,191

18,500

Medipal

Holdings

Corporation

306,315

37,500

MEITEC

Group

Holdings,

Inc.

784,410

21,100

MIRAIT

ONE

Corporation

377,539

1,100

Mitsubishi

Chemical

Group

Corporation

5,991

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Shares

Common

Stock  88.9%

Value

Japan  18.1%  -

continued

232,600

Mitsubishi

Corporation

$

4,587,661

34,200

Mitsubishi

Electric

Corporation

769,235

10,400

Mitsubishi

Gas

Chemical

Company,

Inc.

179,661

151,300

Mitsubishi

HC

Capital,

Inc.

1,118,354

55,400

Mitsubishi

Heavy

Industries,

Ltd.

1,322,752

14,000

Mitsubishi

Logistics

Corporation

119,678

543,000

Mitsubishi

UFJ

Financial

Group,

Inc.

7,484,043

85,500

Mitsui

&

Company,

Ltd.

1,740,493

1,900

Mitsui

DM

Sugar

Company,

Ltd.

38,930

152,000

Mizuho

Financial

Group,

Inc.

4,458,413

3,700

Mizuho

Leasing

Company,

Ltd.

28,420

7,100

MonotaRO

Company,

Ltd.

126,429

65,200

Murata

Manufacturing

Company,

Ltd.

970,442

2,400

Nagase

&

Company,

Ltd.

47,298

2,200

Nanto

Bank,

Ltd.

65,981

60,400

NEC

Corporation

1,734,440

41,100

NGK

Insulators,

Ltd.

520,336

21,800

Nintendo

Company,

Ltd.

1,822,021

9,000

Nippon

Electric

Glass

Company,

Ltd.

240,897

2,600

Nippon

Express

Holdings,

Inc.

57,114

1,100

Nippon

Shinyaku

Company,

Ltd.

23,684

14,600

Nippon

Shokubai

Company,

Ltd.

165,987

6,600

Nippon

Steel

Corporation

127,103

37,300

Nippon

Yusen

Kabushiki

Kaisha

1,308,104

4,200

Nishimatsu

Construction

Company,

Ltd.

139,670

800

Nishio

Holdings

Company,

Ltd.

22,329

578,700

Nissan

Motor

Company,

Ltd.

a

1,227,018

4,300

Nisshin

Oillio

Group,

Ltd.

146,206

900

Nitta

Corporation

24,595

700

Nitto

Denko

Corporation

14,486

23,600

Nitto

Kogyo

Corporation

521,480

700

Noevir

Holdings

Company,

Ltd.

21,342

1,800

Nojima

Corporation

41,148

147,200

Nomura

Holdings,

Inc.

972,447

31,000

Nomura

Real

Estate

Holdings,

Inc.

171,790

6,000

Noritsu

Koki

Company,

Ltd.

62,734

17,900

North

Pacific

Bank,

Ltd.

77,021

17,000

NS

Solutions

Corporation

398,725

13,500

NSD

Company,

Ltd.

322,894

23,400

NSK,

Ltd.

111,982

3,802,300

NTT,

Inc.

3,839,797

1,700

OBIC

Business

Consultants

Company,

Ltd.

98,047

6,400

Ogaki

Kyoritsu

Bank,

Ltd.

120,536

12,100

Ohsho

Food

Service

Corporation

299,366

2,800

Oiles

Corporation

39,808

6,200

Okamura

Corporation

97,727

164,900

Ono

Pharmaceutical

Company,

Ltd.

1,844,040

1,000

PAL

GROUP

Holdings

Company,

Ltd.

32,720

251,200

Panasonic

Holdings

Corporation

2,376,181

5,200

PeptiDream,

Inc.

a

57,624

3,100

Plus

Alpha

Consulting

Company,

Ltd.

46,628

5,000

Raito

Kogyo

Company,

Ltd.

103,310

1,400

RAIZNEXT

Corporation

17,342

13,600

Rakuten

Bank,

Ltd.

a

633,512

74,716

Recruit

Holdings

Company,

Ltd.

4,432,987

2,700

Restar

Corporation

48,488

1,100

Riken

Vitamin

Company,

Ltd.

20,991

Shares

Common

Stock  88.9%

Value

Japan  18.1%  -

continued

13,900

Rohto

Pharmaceutical

Company,

Ltd.

$

198,410

5,200

Rorze

Corporation

69,922

3,500

Sanki

Engineering

Company,

Ltd.

102,980

11,900

Sankyo

Company,

Ltd.

222,058

37,100

Sanrio

Company,

Ltd.

1,522,294

8,600

Sanyo

Chemical

Industries,

Ltd.

225,378

27,700

SBI

Holdings,

Inc.

1,028,996

300

SCREEN

Holdings

Company,

Ltd.

23,403

50,000

SCSK

Corporation

1,555,746

43,200

Secom

Company,

Ltd.

1,551,452

4,600

Sega

Sammy

Holdings,

Inc.

94,034

101,200

Seiko

Epson

Corporation

1,284,057

132,200

Sekisui

House,

Ltd.

2,773,136

19,200

Shin-Etsu

Chemical

Company,

Ltd.

552,517

5,200

ShinMaywa

Industries,

Ltd.

62,761

21,800

Ship

Healthcare

Holdings,

Inc.

304,201

6,200

Shizuoka

Financial

Group,

Inc.

73,335

27,900

SKY

Perfect

JSAT

Holdings,

Inc.

264,220

4,500

Socionext,

Inc.

84,802

446,500

SoftBank

Corporation

645,120

8,900

SoftBank

Group

Corporation

679,595

48,100

Sojitz

Corporation

1,144,773

124,500

Sompo

Holdings,

Inc.

3,671,138

291,900

Sony

Group

Corporation

7,021,163

382

Star

Asia

Investment

Corporation

148,361

3,900

Starts

Corporation,

Inc.

117,926

34,900

Subaru

Corporation

642,014

3,500

Sumco

Corporation

27,373

126,500

Sumitomo

Corporation

3,233,312

7,100

Sumitomo

Electric

Industries,

Ltd.

176,184

26,700

Sumitomo

Forestry

Company,

Ltd.

268,219

113,300

Sumitomo

Mitsui

Financial

Group,

Inc.

2,858,175

13,200

Sumitomo

Mitsui

Trust

Group,

Inc.

346,035

8,500

Suzuken

Company,

Ltd./Aichi

Japan

321,276

61,400

Systena

Corporation

162,647

2,600

Taikisha,

Ltd.

46,583

3,900

Taisei

Corporation

233,196

19,000

Taiyo

Holdings

Company,

Ltd.

825,116

4,000

Taiyo

Yuden

Company,

Ltd.

74,733

9,000

Takamatsu

Construction

Group

Company,

Ltd.

183,490

114,400

Takeda

Pharmaceutical

Company,

Ltd.

3,142,544

3,600

TechMatrix

Corporation

51,215

49,700

Terumo

Corporation

842,776

1,500

THK

Company,

Ltd.

42,163

68,000

Timee,

Inc.

a

906,219

43,200

Toagosei

Company,

Ltd.

423,474

1,600

Toho

Holdings

Company,

Ltd.

53,996

3,000

Tokai

Corporation/Gifu

41,862

74,300

Tokai

Tokyo

Financial

Holdings,

Inc.

267,849

54,500

Tokio

Marine

Holdings,

Inc.

2,188,334

13,300

Tokyo

Electron,

Ltd.

2,114,419

600

Tokyo

Seimitsu

Company,

Ltd.

37,326

2,000

Tokyo

Tatemono

Company,

Ltd.

33,470

22,000

Tokyu

Construction

Company,

Ltd.

151,143

8,400

Tokyu

Fudosan

Holdings

Corporation

59,234

38,200

TOPPAN

Holdings,

Inc.

1,029,423

30,200

Tosoh

Corporation

454,644

6,100

Totetsu

Kogyo

Company,

Ltd.

168,806

1,300

Toyo

Suisan

Kaisha,

Ltd.

83,055

353,900

Toyota

Motor

Corporation

6,295,035

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Shares

Common

Stock  88.9%

Value

Japan  18.1%  -

continued

3,400

Trial

Holdings,

Inc.

$

52,858

10,100

TS

Tech

Company,

Ltd.

121,273

84,200

Tsubakimoto

Chain

Company

1,181,817

64,700

TV

Asahi

Holdings

Corporation

1,215,687

13,600

UBE

Corporation

208,187

49,900

Unicharm

Corporation

345,166

10,300

USS

Company,

Ltd.

111,950

3,100

UT

Group

Company,

Ltd.

52,334

4,200

Valor

Holdings

Company,

Ltd.

74,176

96,300

Yamada

Holdings

Company,

Ltd.

293,496

7,000

Yamazen

Corporation

62,046

16,000

Yokogawa

Bridge

Holdings

Corporation

283,611

16,700

Yuasa

Trading

Company,

Ltd.

518,852

Total

159,118,609

Jersey  0.2%  

90,649

Glencore

plc

363,806

119,608

Man

Group

plc

259,759

178,098

TP

ICAP

Group

plc

718,947

Total

1,342,512

Kuwait  0.1%  

40,011

Burgan

Bank

SAK

32,622

10,859

HumanSoft

Holding

Company

KSCC

85,090

94,341

Kuwait

Finance

House

KSCP

248,422

73,479

National

Bank

of

Kuwait

KSC

251,502

Total

617,636

Luxembourg  0.1%  

59,430

Aroundtown

SA

a

214,311

26,410

Grand

City

Properties

SA

a

332,979

2,954

Millicom

International

Cellular

SA

118,603

1,247

RTL

Group

SA

49,153

Total

715,046

Malaysia  <0.1%  

32,100

Hong

Leong

Bank

Bhd

142,704

65,600

Public

Bank

Bhd

64,607

134,400

Sime

Darby

Property

Bhd

46,578

30,707

Sports

Toto

Bhd

9,849

57,500

Sunway

Construction

Group

Bhd

70,318

Total

334,056

Mexico  0.1%  

5,500

Arca

Continental

SAB

de

CV

57,341

9,400

Cemex

SAB

de

CV

ADR

81,780

1,035

Coca-Cola

FEMSA

SAB

de

CV

ADR

85,946

84,300

Fibra

Uno

Administracion

SA

de

CV

119,803

21,930

Grupo

Financiero

Banorte

SAB

de

CV

ADR

195,307

15,700

Grupo

Mexico

SAB

de

CV

97,945

4,300

Industrias

Penoles

SAB

de

CV

a

112,930

34,700

Megacable

Holdings

SAB

de

CV

95,722

Total

846,774

Netherlands  5.0%  

4,797

Aalberts

NV

153,323

22,167

ABN

AMRO

Bank

NV

b

640,814

16,638

AerCap

Holdings

NV

1,784,425

16,564

Airbus

SE

3,330,280

11,545

ASML

Holding

NV

8,001,541

16,577

Cementir

Holding

NV

246,268

Shares

Common

Stock  88.9%

Value

Netherlands  5.0%  -

continued

363

COSMO

Pharmaceuticals

NV

$

26,040

6,277

Euronext

NV

b

1,011,785

15,179

Ferrari

NV

6,656,113

30,528

Ferrovial

SE

1,564,957

3,161

JBS

NV

43,622

189,888

Koninklijke

Ahold

Delhaize

NV

7,499,907

21,470

Koninklijke

BAM

Groep

NV

187,439

24,207

Koninklijke

Vopak

NV

1,156,394

266,515

MFE-MediaForEurope

NV

844,640

36,787

NN

Group

NV

2,477,080

82,623

Prosus

NV

4,719,909

62,108

SBM

Offshore

NV

1,619,732

11,549

Wereldhave

NV

236,388

8,228

Wolters

Kluwer

NV

1,281,586

Total

43,482,243

New

Zealand  <0.1%  

29,758

Contact

Energy,

Ltd.

159,484

3,794

EBOS

Group,

Ltd.

91,414

Total

250,898

Norway  0.9%  

167,878

DNB

Bank

ASA

4,247,271

50,106

DNO

International

ASA

68,425

5,839

Europris

ASA

b

54,695

91,161

Kongsberg

Gruppen

ASA

2,724,176

2,561

Nordic

Semiconductor

ASA

a

34,817

1,555

Sparebank

1

Oestlandet

28,978

4,471

SpareBank

1

SMN

83,077

46,611

Storebrand

ASA

661,890

5,233

Yara

International

ASA

193,449

Total

8,096,778

Philippines  <0.1%  

38,600

DigiPlus

Interactive

Corporation

16,675

Total

16,675

Poland  0.2%  

3,992

Asseco

Poland

SA

215,370

5,449

Bank

Millennium

SA

a

21,192

3,895

Bank

Polska

Kasa

Opieki

SA

211,512

10,304

Orlen

SA

229,455

41,601

PGE

Polska

Grupa

Energetyczna

SA

a

133,945

15,718

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

344,169

25,359

Powszechny

Zaklad

Ubezpieczen

SA

425,042

15,853

Tauron

Polska

Energia

SA

a

35,166

Total

1,615,851

Portugal  0.1%  

29,346

Banco

Comercial

Portugues

SA

24,097

46,623

CTT-Correios

de

Portugal

SA

392,915

11,367

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

38,574

53,056

Sonae

SGPS

SA

76,532

Total

532,118

Qatar  <0.1%  

51,358

Commercial

Bank

PSQC

68,978

62,464

Doha

Bank

QPSC

41,973

9,983

Gulf

Warehousing

Company

7,589

6,461

Qatar

Islamic

Bank

QPSC

43,529

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Shares

Common

Stock  88.9%

Value

Qatar  <0.1%  -

continued

36,258

Qatar

National

Bank

QPSC

$

186,534

Total

348,603

Russian

Federation  <0.1%  

89,225

Gazprom

PJSC

ADR

a,c

9

7,840

GMK

Norilskiy

Nickel

PAO

ADR

a,c

1

3,228

LUKOIL

PJSC

a,c,d

0

3,189

Mechel

PJSC

ADR

a,c

0

234

Novatek

PJSC

GDR

a,c

0

3,610

Polyus

PJSC

a,c,d

0

1

Polyus

PJSC

GDR

a,c

0

174,130

Sberbank

of

Russia

PJSC

a,c,d

0

9,280

Sovcomflot

OAO

a,c,d

0

35,587

Surgutneftegas

PAO

ADR

a,c

4

Total

14

Saudi

Arabia  0.2%  

5,977

Al

Babtain

Power

&

Telecommunication

Company

89,326

26,393

Al

Rajhi

Bank

665,475

61,898

Arab

National

Bank

358,070

433

Arabian

Internet

&

Communications

Services

Company

27,509

10,336

Banque

Saudi

Fransi

47,222

1,818

Eastern

Province

Cement

Company

13,366

5,723

Riyad

Bank

42,943

2,847

Riyadh

Cement

Company

24,079

33,115

Saudi

Arabian

Oil

Company

b

214,276

29,592

Saudi

National

Bank

295,301

19,764

Saudi

Telecom

Company

221,232

2,151

Theeb

Rent

A

Car

Company

35,371

Total

2,034,170

Singapore  1.4%  

78,500

CapitaLand

China

Trust

45,841

566,600

CapitaLand

Integrated

Commercial

Trust

956,683

96,700

Capland

Ascendas

REIT

207,047

48,000

City

Developments,

Ltd.

227,240

719,700

ComfortDelGro

Corporation,

Ltd.

846,099

8,705

Kenon

Holdings,

Ltd.

414,053

319,000

Singapore

Exchange,

Ltd.

3,911,452

399,100

Singapore

Technologies

Engineering,

Ltd.

2,684,860

166,200

United

Overseas

Land,

Ltd.

878,566

10,600

Venture

Corporation,

Ltd.

105,144

1,123,600

Yangzijiang

Shipbuilding

Holdings,

Ltd.

2,203,861

Total

12,480,846

South

Africa  0.2%  

22,654

Absa

Group,

Ltd.

223,614

29,706

AECI,

Ltd.

178,485

87

Capitec

Bank

Holdings,

Ltd.

16,865

4,336

Coronation

Fund

Managers,

Ltd.

9,792

32,465

DataTec,

Ltd.

106,380

20,718

FirstRand,

Ltd.

87,980

9,361

Gold

Fields,

Ltd.

ADR

228,034

5,607

Harmony

Gold

Mining

Company,

Ltd.

ADR

75,470

1,124

Naspers,

Ltd.

346,959

8,304

Nedbank

Group,

Ltd.

113,312

73,198

Redefine

Properties,

Ltd.

19,371

3,109

Sanlam,

Ltd.

14,958

23,420

Standard

Bank

Group

301,356

Shares

Common

Stock  88.9%

Value

South

Africa  0.2%  -

continued

1,098

Valterra

Platinum,

Ltd.

$

49,311

4,086

Vodacom

Group

31,197

29,042

Vukile

Property

Fund,

Ltd.

32,607

Total

1,835,691

South

Korea  0.9%  

420

Caregen

Company,

Ltd.

14,974

1,326

Cheil

Worldwide,

Inc.

18,943

860

CJ

Corporation

95,599

1,149

E-MART,

Inc.

73,674

3,063

Green

Cross

Holdings

Corporation

35,156

7,316

GS

Holdings

Corporation

258,866

6,646

Hana

Financial

Group,

Inc.

406,330

2,618

HD

Hyundai

Company,

Ltd.

267,883

240

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

61,676

1,055

Hyundai

Glovis

Company,

Ltd.

111,443

12,441

iM

Financial

Group

Company,

Ltd.

123,782

8,228

Industrial

Bank

of

Korea

114,792

2,832

Kangwon

Land,

Inc.

38,015

5,261

KB

Financial

Group,

Inc.

417,977

3,059

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

114,471

2,306

Korean

Reinsurance

Company

17,701

6,007

KT&G

Corporation

563,000

4,369

LG

Corporation

248,049

30,102

LG

Uplus

Corporation

316,872

4,142

LX

International

Corporation

95,464

369

PharmaResearch

Company,

Ltd.

146,876

552

Samsung

Biologics

Company,

Ltd.

a,b

421,743

2,612

Samsung

C&T

Corporation

315,124

41,103

Samsung

Electronics

Company,

Ltd.

2,094,772

5,215

SD

Biosensor,

Inc.

37,476

6,450

Shinhan

Financial

Group

Company,

Ltd.

314,076

4,101

SK

Hynix,

Inc.

794,839

9,610

SK

Telecom

Company,

Ltd.

388,162

1,008

SK,

Inc.

146,293

8,307

Woori

Financial

Group,

Inc.

147,393

Total

8,201,421

Spain  1.9%  

271

Acciona

SA

51,976

110,551

Aena

SME

SA

b

2,976,934

298,085

Banco

Bilbao

Vizcaya

Argentaria

SA

4,971,545

776,173

Banco

Santander

SA

6,667,945

2,095

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

126,866

4,443

Let's

GOWEX

SA

a,c,e

0

59,972

Logista

Integral

SA

1,898,148

5,474

Melia

Hotels

International

SA

48,605

51,399

Unicaja

Banco

SA

b

135,046

1,138

Vidrala

SA

122,502

Total

16,999,567

Supranational  <0.1%  

45

Unibail-Rodamco-Westfield

4,362

Total

4,362

Sweden  2.0%  

41,419

AB

Industrivarden,

Class

A

1,532,418

48,987

AcadeMedia

AB

b

448,563

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Shares

Common

Stock  88.9%

Value

Sweden  2.0%  -

continued

9,158

Alfa

Laval

AB

$

397,894

37,826

Arjo

AB

131,815

111,374

Assa

Abloy

AB

3,685,394

202,635

Atlas

Copco

AB,

Class

A

3,085,804

21,741

Atlas

Copco

AB,

Class

B

294,224

21,547

Attendo

AB

b

150,557

27,438

Betsson

AB

464,591

9,514

Billerud

AB

80,781

17,295

Cloetta

AB

55,621

24,088

Dios

Fastigheter

AB

158,253

22,492

Fabege

AB

188,520

124,970

Granges

AB

1,675,740

80,998

Hexpol

AB

697,473

1,303

INVISIO

AB

42,219

6,973

Inwido

AB

129,649

3,901

Loomis

AB

154,243

11,188

NCC

AB

211,848

10,598

Nyfosa

AB

91,878

23,430

Peab

AB

176,207

3,844

Platzer

Fastigheter

Holding

AB

27,392

107,144

SSAB

AB,

Class

A

617,862

64,074

SSAB

AB,

Class

B

362,125

49,143

Svenska

Handelsbanken

AB

598,777

8,316

Svolder

AB

46,799

1,832

Sweco

AB

28,899

195,820

Telefonaktiebolaget

LM

Ericsson

1,422,356

13,091

Wihlborgs

Fastigheter

AB

128,646

Total

17,086,548

Switzerland  8.4%  

172,927

ABB,

Ltd.

11,291,807

8,993

Accelleron

Industries

AG

819,099

248

Belimo

Holding

AG

288,605

435

Burckhardt

Compression

Holding

AG

387,408

2

Chocoladefabriken

Lindt

and

Spruengli

AG

292,445

9,966

Compagnie

Financiere

Richemont

SA

1,627,212

1,459

DKSH

Holding

AG

100,890

2,148

DSM-Firmenich

AG

206,379

3,945

EFG

International

AG

78,192

1,744

Givaudan

SA

7,290,531

69,182

Holcim

AG

5,517,260

1,115

Huber+Suhner

AG

148,881

2,105

INFICON

Holding

AG

253,286

603

Kardex

Holding

AG

232,196

12

Lindt

&

Spruengli

AG

176,527

42,063

Nestle

SA

3,675,342

132,226

Novartis

AG

15,058,833

3,820

PSP

Swiss

Property

AG

648,118

40,292

Roche

Holding

AG,

Participation

Certificates

12,574,047

6,433

Schindler

Holding

AG,

Participation

Certificates

2,326,404

3,818

Swiss

Prime

Site

AG

528,063

181,175

UBS

Group

AG

6,733,192

4,789

Zurich

Insurance

Group

AG

3,266,609

Total

73,521,326

Taiwan  1.9%  

6,000

Acter

Group

Corporation,

Ltd.

97,828

29,000

Arcadyan

Technology

Corporation

214,308

358,000

Asia

Cement

Corporation

483,933

7,000

Asustek

Computer,

Inc.

153,660

Shares

Common

Stock  88.9%

Value

Taiwan  1.9%  -

continued

8,000

Catcher

Technology

Company,

Ltd.

$

56,497

11,000

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

42,669

74,000

Chipbond

Technology

Corporation

138,342

4,613

Chunghwa

Telecom

Company,

Ltd.

ADR

200,204

77,000

Compal

Electronics,

Inc.

75,352

78,000

CTBC

Financial

Holding

Company,

Ltd.

107,180

42,000

Delta

Electronics,

Inc.

791,201

53,000

Far

Eastern

New

Century

Corporation

50,797

35,000

Far

EasTone

Telecommunications

Company,

Ltd.

95,459

67,000

Feng

Hsin

Steel

Company,

Ltd.

151,396

18,000

Hannstar

Board

Corporation

43,703

107,000

Hon

Hai

Precision

Industry

Company,

Ltd.

629,212

66,000

Lite-On

Technology

Corporation

260,931

18,000

Marketech

International

Corporation

122,558

20,000

MediaTek,

Inc.

905,691

159,000

Pegatron

Corporation

423,285

9,000

Promate

Electronic

Company,

Ltd.

17,921

6,000

Quanta

Computer,

Inc.

55,885

3,000

Simplo

Technology

Company,

Ltd.

40,960

70,000

Synnex

Technology

International

Corporation

155,132

16,000

Systex

Corporation

58,315

57,449

Taichung

Commercial

Bank

Company,

Ltd.

a

42,688

93,000

Taiwan

Mobile

Company,

Ltd.

327,853

4,000

Taiwan

Secom

Company,

Ltd.

15,144

246,620

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

9,494,694

32,762

Topco

Scientific

Company,

Ltd.

314,357

162,000

Uni-President

Enterprises

Corporation

427,560

12,000

United

Integrated

Services

Company,

Ltd.

315,051

21,000

Wah

Lee

Industrial

Corporation

65,727

4,000

Yankey

Engineering

Company,

Ltd.

55,081

Total

16,430,574

Thailand  0.3%  

79,500

Advanced

Info

Service

pcl

NVDR

706,338

440,500

Charoen

Pokphand

Foods

pcl

NVDR

307,213

159,700

Kasikornbank

pcl

NVDR

789,690

488,300

Krung

Thai

Bank

pcl

NVDR

328,305

77,200

SCB

X

pcl

NVDR

298,234

274,800

Thai

Life

Insurance

pcl

NVDR

84,727

42,200

TIDLOR

Holdings

pcl

NVDR

22,598

28,900

Tisco

Financial

Group

pcl

c

87,714

116,400

True

Corporation

pcl

ADR

a

36,930

Total

2,661,749

Turkey  <0.1%  

235,738

Dogan

Sirketler

Grubu

Holding

AS

92,192

23,076

Turk

Hava

Yollari

Anonim

Ortakligi

163,370

Total

255,562

United

Arab

Emirates  0.3%  

16,356

Abu

Dhabi

Commercial

Bank

PJSC

72,377

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Shares

Common

Stock  88.9%

Value

United

Arab

Emirates  0.3%  -

continued

78,279

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

$

79,067

16,106

Air

Arabia

PJSC

16,282

29,326

Aldar

Properties

PJSC

75,782

228,278

Deyaar

Development

PJSC

64,504

138,902

Dubai

Islamic

Bank

PJSC

376,711

48,266

Emaar

Development

PJSC

196,971

153,915

Emaar

Properties

PJSC

637,409

46,633

Emirates

NBD

Bank

PJSC

339,617

7,761

Emirates

Telecommunications

Group

Company

PJSC

c

40,019

63,265

First

Abu

Dhabi

Bank

PJSC

309,499

Total

2,208,238

United

Kingdom  11.6%  

16,816

Aderdeen

Group

plc

44,373

4,881

AngloGold

Ashanti

plc

221,942

40,247

AstraZeneca

plc

5,871,725

590,866

Auto

Trader

Group

plc

b

6,523,065

77,091

BAE

Systems

plc

1,839,448

72,160

Balfour

Beatty

plc

515,693

1,437,026

Barclays

plc

7,024,239

1,612

Berkeley

Group

Holdings

plc

77,524

16,852

Big

Yellow

Group

plc

207,780

26,388

Breedon

Group

plc

126,364

31,183

British

Land

Company

plc

143,315

1,907,594

Centrica

plc

4,146,656

130,195

Compass

Group

plc

4,575,002

1,674

Computacenter

plc

50,594

53,570

Currys

plc

a

79,874

510

Diploma

plc

36,103

6,781

Dunelm

Group

plc

108,777

28,347

Endeavour

Mining

plc

859,906

3,643

Energean

plc

44,046

52,744

Evraz

plc

a,c

7

77,184

FirstGroup

plc

228,739

7,346

Future

plc

68,705

1,872

Games

Workshop

Group

plc

401,100

11,219

GB

Group

plc

34,565

1,049

Greggs

plc

21,814

610,527

Haleon

plc

2,863,793

57,960

Halma

plc

2,480,031

59,990

Harbour

Energy

plc

157,771

3,490

Hikma

Pharmaceuticals

plc

90,207

20,092

Howden

Joinery

Group

plc

232,597

210,528

HSBC

Holdings

plc

2,564,867

98,175

IG

Group

Holdings

plc

1,461,911

17,205

IMI

plc

502,645

135,305

Imperial

Brands

plc

5,274,126

6,062

Inchcape

plc

56,103

1,116

Intertek

Group

plc

72,563

7,938

Johnson

Matthey

plc

184,963

19,715

Jupiter

Fund

Management

plc

33,535

3,925

Keller

Group

plc

68,556

53,755

Kier

Group

plc

140,522

2,334

Lion

Finance

Group

plc

233,994

2,415

London

Stock

Exchange

Group

plc

294,378

69,201

MONY

Group

plc

183,092

4,281

Morgan

Sindall

Group

plc

259,726

341,853

NatWest

Group

plc

2,373,010

32,584

Next

plc

5,289,088

41,401

Paragon

Banking

Group

plc

493,729

7,656

Polar

Capital

Holdings

plc

47,925

19,702

QinetiQ

Group

plc

129,169

210,480

RELX

plc

10,936,812

Shares

Common

Stock  88.9%

Value

United

Kingdom  11.6%  -

continued

83,904

Rightmove

plc

$

905,453

26,804

Rio

Tinto

plc

1,596,437

183,515

Rolls-Royce

Holdings

plc

2,604,635

103,961

Rotork

plc

445,912

31,310

RWS

Holdings

plc

37,091

316,469

Shell

plc

11,371,764

61,660

Smiths

Group

plc

1,909,998

287,848

Standard

Chartered

plc

5,160,264

16,284

Target

Healthcare

REIT

plc

21,336

756

TBC

Bank

Group

plc

48,323

684,265

Tesco

plc

3,844,504

28,396

Tritax

Big

Box

REIT

plc

52,820

1,113

Unilever

plc

64,577

3,166,817

Vodafone

Group

plc

3,433,470

52,453

Zigup

plc

232,160

Total

101,405,213

United

States  <0.1%  

3,011

Yum

China

Holding,

Inc.

140,554

Total

140,554

Virgin

Islands,

British  <0.1%  

2,348

VK

IPJSC

GDR

a,c

0

Total

0

Total

Common

Stock

(cost

$631,108,286)

780,257,836

Shares

Preferred

Stock

0.2%

Brazil  0.1%  

5,400

Bradespar

SA

15,112

81,600

Companhia

de

Saneamento

do

Parana

96,033

25,800

Companhia

de

Saneamento

do

Parana,

Units

156,702

11,000

Itausa

SA

20,273

70,590

Petroleo

Brasileiro

SA

410,337

Total

698,457

Germany  <0.1%  

4,024

Porsche

Automobil

Holding

SE

161,500

Total

161,500

Russian

Federation  <0.1%  

404,300

Surgutneftegas

PAO

a,c,d

0

9,000

Transneft

PJSC

a,c,d

0

Total

0

South

Korea  0.1%  

1,917

Hyundai

Motor

Company,

2nd

Preferred

226,870

3,318

Hyundai

Motor

Company,

Preferred

384,129

6,407

Samsung

Electronics

Company,

Ltd.

263,805

Total

874,804

Total

Preferred

Stock

(cost

$2,132,281)

1,734,761

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Shares

or

Principal

Amount

Short-Term

Investments

10.5%

Value

Federal

Home

Loan

Bank

Discount

Notes

1,600,000

4.250%,

 9/23/2025

f,g

$

1,589,848

200,000

4.250%,

 10/8/2025

f,g

198,373

200,000

4.260%,

 10/10/2025

f,g

198,326

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.190%,

 8/27/2025

f,g

99,682

1,100,000

4.205%,

 9/5/2025

f,g

1,095,347

800,000

4.180%,

 9/22/2025

f,g

795,018

Federal

National

Mortgage

Association

Discount

Notes

400,000

4.195%,

 8/15/2025

f,g

399,293

2,700,000

4.200%,

 8/22/2025

f,g

2,693,004

State

Street

Institutional

U.S.

Government

Money

Market

Fund

20,562,751

4.250%

f

20,562,751

Thrivent

Core

Short-Term

Reserve

Fund

6,420,387

4.580%

64,203,871

Total

Short-Term

Investments

(cost

$91,836,451)

91,835,513

Total

Investments

(cost

$725,077,018)

99.6%

$873,828,110

Other

Assets

and

Liabilities,

Net

0.4%

3,923,326

Total

Net

Assets

100.0%

$877,751,436

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$22,604,001

or

2.6%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

e

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

International

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

@

45,775,739

1,771,032

43,964,688

40,019

Consumer

Discretionary

78,362,740

963,584

77,399,156

–

Consumer

Staples

@

35,937,108

243,222

35,693,886

0

Energy

@

19,446,953

179,761

19,267,179

13

Financials

@

206,998,345

2,234,417

204,676,214

87,714

Health

Care

65,765,187

–

65,765,187

–

Industrials

159,242,458

1,842,405

157,400,053

–

Information

Technology

72,400,117

4,779,728

67,620,389

–

Materials

@

53,491,573

900,038

52,591,527

8

Real

Estate

19,616,939

–

19,616,939

–

Utilities

23,220,677

7,262

23,213,415

–

Preferred

Stock

Consumer

Discretionary

772,499

–

772,499

–

Energy

@

410,337

–

410,337

0

Financials

20,273

–

20,273

–

Information

Technology

263,805

–

263,805

–

Materials

15,112

–

15,112

–

Utilities

252,735

–

252,735

–

Short-Term

Investments

27,631,642

20,562,751

7,068,891

–

Subtotal

Investments

in

Securities

$809,624,239

$33,484,200

$776,012,285

$127,754

Other

Investments  *

Total

Affiliated

Short-Term

Investments

64,203,871

Subtotal

Other

Investments

$64,203,871

Total

Investments

at

Value

$873,828,110

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.

@

Level

3

security

in

this

section

is

fair

valued

at

<$1.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

International

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,874,897

900,518

974,379

–

Total

Asset

Derivatives

$1,874,897

$900,518

$974,379

$–

Liability

Derivatives

Futures

Contracts

1,306,006

1,306,006

–

–

Total

Liability

Derivatives

$1,306,006

$1,306,006

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

TSX

-

Toronto

Stock

Exchange

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$7,068,891

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

Canadian

Dollar

Foreign

Exchange

Currency

598

September

2025

$

44,152,206

(

$

865,976)

CME

E-mini

S&P

500

Index

58

September

2025

17,694,874

790,451

ICE

mini

MSCI

EAFE

Index

341

September

2025

44,998,499

(

440,030)

ICE

US

mini

MSCI

Emerging

Markets

Index

50

September

2025

2,985,683

110,067

S&P/TSX

60

Index

190

September

2025

43,489,680

974,379

Total

Futures

Long

Contracts

$

153,320,942

$

568,891

Total

Futures

Contracts

$

153,320,942

$568,891

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$19,344

$141,218

$

96,358

$64,204

6,420

7.3%

Total

Affiliated

Short-Term

Investments

19,344

64,204

7.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

9,071

9,071

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$19,344

$64,204

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$–

$1,347

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,347

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

$–

$–

$–

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Shares

Common

Stock

97.5%

Value

Communications

Services  16.3%

1,185,853

Alphabet,

Inc.,

Class

C

$

228,703,609

376,936

Meta

Platforms,

Inc.

291,537,380

54,937

Netflix,

Inc.

a

63,693,958

74,718

Spotify

Technology

SA

a

46,813,816

Total

630,748,763

Consumer

Discretionary  16.6%

1,519,303

Amazon.com,

Inc.

a

355,684,025

254,238

DoorDash,

Inc.

a

63,623,060

224,278

Expedia

Group,

Inc.

40,419,381

214,868

Home

Depot,

Inc.

78,966,139

325,882

Tesla,

Inc.

a

100,459,644

Total

639,152,249

Consumer

Staples  1.6%

631,167

Walmart,

Inc.

61,841,742

Total

61,841,742

Energy  0.8%

309,008

ConocoPhillips

29,460,823

Total

29,460,823

Financials  8.1%

144,542

American

Express

Company

43,262,866

58,969

Ameriprise

Financial,

Inc.

30,557,146

211,824

JPMorgan

Chase

&

Company

62,750,742

307,060

Robinhood

Markets,

Inc.

a

31,642,533

421,368

Visa,

Inc.

145,570,003

Total

313,783,290

Health

Care  5.7%

139,253

Amgen,

Inc.

41,093,560

185,067

Danaher

Corporation

36,487,810

108,641

Eli

Lilly

&

Company

80,401,945

132,421

Intuitive

Surgical,

Inc.

a

63,706,419

Total

221,689,734

Industrials  5.6%

127,758

Caterpillar,

Inc.

55,960,559

1,099,577

Fastenal

Company

50,723,487

73,957

Parker-Hannifin

Corporation

54,129,128

613,742

Uber

Technologies,

Inc.

a

53,855,861

Total

214,669,035

Information

Technology  42.8%

1,055,846

Apple,

Inc.

219,161,954

222,185

Applied

Materials,

Inc.

40,006,631

556,768

Broadcom,

Inc.

163,522,762

187,164

CDW

Corporation

32,637,658

356,045

Fortinet,

Inc.

a

35,568,895

171,278

International

Business

Machines

Corporation

43,359,026

749,641

Microsoft

Corporation

399,933,473

2,564,002

NVIDIA

Corporation

456,059,036

192,017

Oracle

Corporation

48,728,154

329,957

Palantir

Technologies,

Inc.

a

52,248,691

134,574

SAP

SE

ADR

38,582,366

84,721

ServiceNow,

Inc.

a

79,902,070

Shares

Common

Stock  97.5%

Value

Information

Technology  42.8%

-

continued

179,482

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

$

43,366,441

Total

1,653,077,157

Total

Common

Stock

(cost

$2,013,271,229)

3,764,422,793

Shares

or

Principal

Amount

Short-Term

Investments

2.5%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

95,012,171

4.250%

b

95,012,171

Total

Short-Term

Investments

(cost

$95,012,171)

95,012,171

Total

Investments

(cost

$2,108,283,400)

100.0%

$3,859,434,964

Other

Assets

and

Liabilities,

Net

<0.1%

1,336,044

Total

Net

Assets

100.0%

$3,860,771,008

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Large

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

630,748,763

630,748,763

–

–

Consumer

Discretionary

639,152,249

639,152,249

–

–

Consumer

Staples

61,841,742

61,841,742

–

–

Energy

29,460,823

29,460,823

–

–

Financials

313,783,290

313,783,290

–

–

Health

Care

221,689,734

221,689,734

–

–

Industrials

214,669,035

214,669,035

–

–

Information

Technology

1,653,077,157

1,653,077,157

–

–

Short-Term

Investments

95,012,171

95,012,171

–

–

Subtotal

Investments

in

Securities

$3,859,434,964

$3,859,434,964

$–

$–

Total

Investments

at

Value

$3,859,434,964

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$78,028

$150,162

$228,190

$–

–

–%

Total

Affiliated

Short-Term

Investments

78,028

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

62,412

62,412

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$78,028

$–

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$19

($19)

$–

$663

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$663

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$19

($19)

$–

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Shares

Common

Stock

97.5%

Value

Communications

Services  5.9%

243,224

Alphabet,

Inc.,

Class

C

$

46,908,181

813,539

Comcast

Corporation

27,033,901

60,311

Meta

Platforms,

Inc.

46,646,940

2,222,332

Warner

Brothers

Discovery,

Inc.

a

29,268,112

470,482

Warner

Music

Group

Corporation

13,766,303

Total

163,623,437

Consumer

Discretionary  5.8%

245,080

Aptiv

plc

a

16,822,291

4,758

Booking

Holdings,

Inc.

26,188,318

125,645

Columbia

Sportswear

Company

7,107,738

239,963

D.R.

Horton,

Inc.

34,276,315

137,360

Lowe's

Companies,

Inc.

30,709,575

1,039,773

Sony

Group

Corporation

ADR

b

25,287,279

236,593

Wyndham

Hotels

&

Resorts,

Inc.

20,346,998

Total

160,738,514

Consumer

Staples  4.7%

2,695,869

Coty,

Inc.

a

13,074,965

1,412,000

Kenvue,

Inc.

30,273,280

372,503

Keurig

Dr

Pepper,

Inc.

12,162,223

506,282

Sysco

Corporation

40,300,047

597,741

Unilever

plc

ADR

34,926,006

Total

130,736,521

Energy  7.7%

360,699

ConocoPhillips

34,389,043

584,882

Devon

Energy

Corporation

19,429,780

1,230,604

Enterprise

Products

Partners,

LP

38,136,418

634,274

Exxon

Mobil

Corporation

70,810,349

650,181

Halliburton

Company

14,564,054

124,773

Marathon

Petroleum

Corporation

21,235,117

229,236

Shell

plc

ADR

16,553,132

Total

215,117,893

Financials  21.0%

100,964

Allstate

Corporation

20,520,933

317,640

American

International

Group,

Inc.

24,658,393

1,533,152

Bank

of

America

Corporation

72,472,095

331,657

Bank

of

New

York

Mellon

Corporation

33,646,603

301,793

Capital

One

Financial

Corporation

64,885,495

595,520

Charles

Schwab

Corporation

58,200,170

121,358

Chubb,

Ltd.

32,286,082

13,514

First

Citizens

BancShares,

Inc./NC

26,957,187

155,231

Intercontinental

Exchange,

Inc.

28,691,346

209,069

JPMorgan

Chase

&

Company

61,934,600

1,549,593

KeyCorp

27,768,706

55,471

Marsh

&

McLennan

Companies,

Inc.

11,049,823

359,145

MetLife,

Inc.

27,277,063

1,165,308

Wells

Fargo

&

Company

93,958,784

Total

584,307,280

Health

Care  11.8%

728,649

Avantor,

Inc.

a

9,793,042

218,079

BioMarin

Pharmaceutical,

Inc.

a

12,615,870

65,045

Cencora,

Inc.

18,608,074

83,190

Cigna

Group

22,243,342

234,785

Gilead

Sciences,

Inc.

26,364,008

373,767

Johnson

&

Johnson

61,574,376

145,152

Labcorp

Holdings,

Inc.

37,751,132

672,176

Merck

&

Company,

Inc.

52,510,389

651,785

Sanofi

SA

ADR

29,747,467

Shares

Common

Stock  97.5%

Value

Health

Care  11.8%

-

continued

113,730

UnitedHealth

Group,

Inc.

$

28,382,459

304,229

Zimmer

Biomet

Holdings,

Inc.

27,882,588

Total

327,472,747

Industrials  12.4%

527,022

Amentum

Holdings,

Inc.

a

13,159,739

45,902

Caterpillar,

Inc.

20,105,994

2,491,260

CNH

Industrial

NV

32,286,730

707,676

CSX

Corporation

25,150,805

772,731

Delta

Air

Lines,

Inc.

41,117,016

407,713

Flowserve

Corporation

22,848,237

97,944

General

Dynamics

Corporation

30,520,330

373,214

Hexcel

Corporation

22,359,251

174,011

Honeywell

International,

Inc.

38,691,346

175,789

Jacobs

Solutions,

Inc.

24,939,185

129,075

JB

Hunt

Transport

Services,

Inc.

18,593,254

127,564

L3Harris

Technologies,

Inc.

35,057,138

210,150

United

Parcel

Service,

Inc.

18,106,524

Total

342,935,549

Information

Technology  13.0%

818,097

Cisco

Systems,

Inc.

55,696,044

72,121

International

Business

Machines

Corporation

18,257,431

192,463

Micron

Technology,

Inc.

21,005,412

177,606

Microsoft

Corporation

94,752,801

310,377

Qualcomm,

Inc.

45,550,928

870,837

Samsung

Electronics

Company,

Ltd.

44,381,314

158,959

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

38,407,674

294,469

TD

SYNNEX

Corporation

42,518,379

Total

360,569,983

Materials  4.5%

330,418

Axalta

Coating

Systems,

Ltd.

a

9,357,438

441,301

CF

Industries

Holdings,

Inc.

40,965,972

31,070

Corteva,

Inc.

2,241,079

193,931

Crown

Holdings,

Inc.

19,268,984

158,904

Eastman

Chemical

Company

11,538,019

298,658

Nucor

Corporation

42,729,000

Total

126,100,492

Real

Estate  3.3%

56,610

AvalonBay

Communities,

Inc.

10,545,311

147,533

CBRE

Group,

Inc.

a

22,976,789

334,153

Crown

Castle,

Inc.

35,116,139

1,472,043

Healthcare

Realty

Trust,

Inc.

22,610,581

Total

91,248,820

Utilities  7.4%

108,338

Constellation

Energy

Corporation

37,684,290

390,241

Duke

Energy

Corporation

47,468,915

628,196

Entergy

Corporation

56,807,765

366,762

Public

Service

Enterprise

Group,

Inc.

32,931,560

140,739

Vistra

Energy

Corporation

29,349,711

Total

204,242,241

Total

Common

Stock

(cost

$2,012,444,932)

2,707,093,477

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Shares

Collateral

Held

for

Securities

Loaned

0.4%

Value

10,320,750

Thrivent

Cash

Management

Trust

$

10,320,750

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,320,750)

10,320,750

Shares

or

Principal

Amount

Short-Term

Investments

2.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

75,251,610

4.250%

c

75,251,610

Total

Short-Term

Investments

(cost

$75,251,610)

75,251,610

Total

Investments

(cost

$2,098,017,292)

100.6%

$2,792,665,837

Other

Assets

and

Liabilities,

Net

(0.6%)

(17,789,193)

Total

Net

Assets

100.0%

$2,774,876,644

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Value

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

10,141,440

Total

lending

$10,141,440

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,320,750

Net

amounts

due

to

counterparty

$179,310

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Large

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

163,623,437

163,623,437

–

–

Consumer

Discretionary

160,738,514

160,738,514

–

–

Consumer

Staples

130,736,521

130,736,521

–

–

Energy

215,117,893

215,117,893

–

–

Financials

584,307,280

584,307,280

–

–

Health

Care

327,472,747

327,472,747

–

–

Industrials

342,935,549

342,935,549

–

–

Information

Technology

360,569,983

316,188,669

44,381,314

–

Materials

126,100,492

126,100,492

–

–

Real

Estate

91,248,820

91,248,820

–

–

Utilities

204,242,241

204,242,241

–

–

Short-Term

Investments

75,251,610

75,251,610

–

–

Subtotal

Investments

in

Securities

$2,782,345,087

$2,737,963,773

$44,381,314

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

10,320,750

Subtotal

Other

Investments

$10,320,750

Total

Investments

at

Value

$2,792,665,837

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$51,327

$89,714

$141,041

$–

–

–%

Total

Affiliated

Short-Term

Investments

51,327

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

11,349

225,120

226,148

10,321

10,321

0.4

Total

Collateral

Held

for

Securities

Loaned

11,349

10,321

0.4

Total

Value

$62,676

$10,321

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$22

($22)

$–

$667

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$667

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

47

Total

Affiliated

Income

from

Securities

Loaned,

Net

$47

Total

$22

($22)

$–

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Shares

Common

Stock

94

.9

%

Value

Communications

Services  4.2%

13,038

CarGurus,

Inc.

a

$

427,907

18,426

Pinterest,

Inc.

a

711,244

4,101

Trade

Desk,

Inc.

a

356,623

Total

1,495,774

Consumer

Discretionary  11.1%

3,083

Deckers

Outdoor

Corporation

a

327,322

3,605

DoorDash,

Inc.

a

902,151

2,448

Hilton

Worldwide

Holdings,

Inc.

656,260

40

NVR,

Inc.

a

301,980

1,117

Pool

Corporation

344,192

3,548

Ross

Stores,

Inc.

484,444

4,172

SharkNinja,

Inc.

a

484,369

1,190

Wingstop,

Inc.

449,035

Total

3,949,753

Consumer

Staples  1.5%

1,021

Casey's

General

Stores,

Inc.

531,053

Total

531,053

Energy  2.2%

1,112

Cheniere

Energy,

Inc.

262,299

14,447

TechnipFMC

plc

525,437

Total

787,736

Financials  10.3%

2,831

Ares

Management

Corporation

525,235

1,506

Arthur

J.

Gallagher

&

Company

432,598

2,613

Houlihan

Lokey,

Inc.

498,195

2,746

Jack

Henry

&

Associates,

Inc.

466,312

3,592

Northern

Trust

Corporation

466,960

4,859

Robinhood

Markets,

Inc.

a

500,720

5,701

Tradeweb

Markets,

Inc.

789,874

Total

3,679,894

Health

Care  12.7%

535

Argenx

SE

ADR

a

358,626

1,384

Cencora,

Inc.

395,935

4,324

Dexcom,

Inc.

a

349,249

3,124

Encompass

Health

Corporation

343,984

6,476

Exact

Sciences

Corporation

a

304,048

3,086

HealthEquity,

Inc.

a

299,342

1,051

IDEXX

Laboratories,

Inc.

a

561,560

3,006

Natera,

Inc.

a

401,782

1,853

Penumbra,

Inc.

a

467,456

2,672

Repligen

Corporation

a

312,811

1,779

STERIS

plc

402,926

1,385

West

Pharmaceutical

Services,

Inc.

331,375

Total

4,529,094

Industrials  21.8%

3,079

Advanced

Drainage

Systems,

Inc.

353,315

538

Axon

Enterprise,

Inc.

a

406,454

3,695

BWX

Technologies,

Inc.

561,381

2,362

Clean

Harbors,

Inc.

a

556,983

788

EMCOR

Group,

Inc.

494,462

8,822

ExlService

Holdings,

Inc.

a

383,139

13,862

Fastenal

Company

639,454

5,154

Howmet

Aerospace,

Inc.

926,535

7,171

nVent

Electric

plc

562,350

2,774

Old

Dominion

Freight

Line,

Inc.

414,020

1,609

Rockwell

Automation,

Inc.

565,901

5,132

TransUnion

488,515

Shares

Common

Stock  94.9%

Value

Industrials  21.8%

-

continued

1,691

Verisk

Analytics,

Inc.

$

471,299

3,054

Waste

Connections,

Inc.

570,090

866

Watsco,

Inc.

390,462

Total

7,784,360

Information

Technology  24.1%

6,293

Amphenol

Corporation

670,267

1,226

AppLovin

Corporation

a

478,998

5,092

Arista

Networks,

Inc.

a

627,436

1,403

CyberArk

Software,

Ltd.

a

577,292

10,817

Dynatrace

Holdings,

LLC

a

569,082

194

Fair

Isaac

Corporation

a

278,724

1,181

Gartner,

Inc.

a

399,946

6,759

Gitlab,

Inc.

a

296,112

2,558

Guidewire

Software,

Inc.

a

578,671

1,128

HubSpot,

Inc.

a

586,165

9,450

JFrog,

Ltd.

a

410,224

6,467

Lattice

Semiconductor

Corporation

a

322,251

5,032

Marvell

Technology,

Inc.

404,422

3,028

Palantir

Technologies,

Inc.

a

479,484

2,859

PTC,

Inc.

a

614,142

7,738

Trimble,

Inc.

a

649,141

1,140

Tyler

Technologies,

Inc.

a

666,398

Total

8,608,755

Materials  2.2%

832

Martin

Marietta

Materials,

Inc.

478,300

2,550

RPM

International,

Inc.

299,396

Total

777,696

Real

Estate  3.2%

2,657

CBRE

Group,

Inc.

a

413,801

7,827

CoStar

Group,

Inc.

a

745,052

Total

1,158,853

Utilities  1.6%

2,807

Vistra

Energy

Corporation

585,372

Total

585,372

Total

Common

Stock

(cost

$26,214,587)

33,888,340

Shares

Registered

Investment

Companies  

2

.6

%

Value

U.S.

Unaffiliated  

2.6%  

2,759

SPDR

S&P

Biotech

ETF

b

236,336

1,230

SPDR

S&P

Software

&

Services

ETF

229,900

1,572

VanEck

Semiconductor

ETF

453,962

Total

920,198

Total

Registered

Investment

Companies

(cost

$912,757)

920,198

Shares

Collateral

Held

for

Securities

Loaned

0

.6

%

Value

237,600

Thrivent

Cash

Management

Trust

237,600

Total

Collateral

Held

for

Securities

Loaned

(cost

$237,600)

237,600

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Shares

or

Principal

Amount

Short-Term

Investments

2

.6

%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

935,048

4.250%

c

$

935,048

Total

Short-Term

Investments

(cost

$935,048)

935,048

Total

Investments

(cost

$28,299,992)

100.7%

$

35,981,186

Other

Assets

and

Liabilities,

Net

(0.7%)

(

258,757

)

Total

Net

Assets

100.0%

$

35,722,429

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Growth

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

231,282

Total

lending

$231,282

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$237,600

Net

amounts

due

to

counterparty

$6,318

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Mid

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,495,774

1,495,774

–

–

Consumer

Discretionary

3,949,753

3,949,753

–

–

Consumer

Staples

531,053

531,053

–

–

Energy

787,736

787,736

–

–

Financials

3,679,894

3,679,894

–

–

Health

Care

4,529,094

4,529,094

–

–

Industrials

7,784,360

7,784,360

–

–

Information

Technology

8,608,755

8,608,755

–

–

Materials

777,696

777,696

–

–

Real

Estate

1,158,853

1,158,853

–

–

Utilities

585,372

585,372

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

920,198

920,198

–

–

Short-Term

Investments

935,048

935,048

–

–

Subtotal

Investments

in

Securities

$

35,743,586

$

35,743,586

$

–

$

–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

237,600

Subtotal

Other

Investments

$

237,600

Total

Investments

at

Value

$

35,981,186

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$

748

$

3,103

$

3,851

$

–

–

–%

Total

Affiliated

Short-Term

Investments

748

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

131

5,813

5,706

238

238

0.6

Total

Collateral

Held

for

Securities

Loaned

131

238

0.6

Total

Value

$

879

$

238

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$

–

$11

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$11

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

$–

$–

$

–

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Shares

Common

Stock

97.2%

Value

Consumer

Discretionary  8.4%

171,587

Champion

Homes,

Inc.

a

$

10,449,648

471,453

Crocs,

Inc.

a

47,018,008

412,811

Garmin,

Ltd.

90,306,534

7,373

NVR,

Inc.

a

55,662,390

486,168

Viking

Holdings,

Ltd.

a

28,547,785

460,866

Wynn

Resorts,

Ltd.

50,248,220

Total

282,232,585

Consumer

Staples  5.2%

428,347

BJ's

Wholesale

Club

Holdings,

Inc.

a

45,361,947

86,695

Casey's

General

Stores,

Inc.

45,092,671

538,166

Church

&

Dwight

Company,

Inc.

50,463,826

715,229

Maplebear,

Inc.

a

34,309,535

Total

175,227,979

Energy  3.9%

1,534,031

Devon

Energy

Corporation

50,960,510

752,616

Expand

Energy

Corporation

78,859,104

Total

129,819,614

Financials  16.8%

1,627,561

Ally

Financial,

Inc.

61,603,184

85,755

Ameriprise

Financial,

Inc.

44,437,383

955,028

Arch

Capital

Group,

Ltd.

82,189,710

109,518

Kinsale

Capital

Group,

Inc.

48,263,487

390,248

M&T

Bank

Corporation

73,639,798

500,880

Northern

Trust

Corporation

65,114,400

1,111,131

Old

Republic

International

Corporation

40,189,608

329,382

Robinhood

Markets,

Inc.

a

33,942,815

397,666

Tradeweb

Markets,

Inc.

55,096,624

1,088,824

Zions

Bancorp

NA

58,382,743

Total

562,859,752

Health

Care  8.0%

1,041,870

Centene

Corporation

a

27,161,551

406,491

Illumina,

Inc.

a

41,750,691

478,546

Neurocrine

Biosciences,

Inc.

a

61,363,953

1,965,182

Progyny,

Inc.

a

46,201,429

88,473

STERIS

plc

20,038,250

106,648

United

Therapeutics

Corporation

a

29,296,206

143,256

Waters

Corporation

a

41,366,602

Total

267,178,682

Industrials  23.7%

69,276

Axon

Enterprise,

Inc.

a

52,337,325

398,421

Expeditors

International

of

Washington,

Inc.

46,312,457

1,524,378

Fastenal

Company

70,319,557

433,900

Howmet

Aerospace,

Inc.

78,002,203

373,532

Leidos

Holdings,

Inc.

59,634,384

237,867

Lincoln

Electric

Holdings,

Inc.

57,920,615

434,853

Old

Dominion

Freight

Line,

Inc.

64,901,810

163,751

Quanta

Services,

Inc.

66,504,194

261,706

Rockwell

Automation,

Inc.

92,044,617

1,444,985

Southwest

Airlines

Company

44,693,386

906,912

Timken

Company

69,006,934

103,638

United

Rentals,

Inc.

91,506,136

Total

793,183,618

Information

Technology  15.9%

392,908

Datadog,

Inc.

a

54,999,262

1,279,785

DocuSign,

Inc.

a

96,802,937

Shares

Common

Stock  97.2%

Value

Information

Technology  15.9%

-

continued

118,542

Monday.com,

Ltd.

a

$

31,092,381

8,044,588

Nokia

Oyj

ADR

b

32,821,919

816,075

ON

Semiconductor

Corporation

a

45,993,987

818,958

Qorvo,

Inc.

a

68,464,889

1,533,071

Trimble,

Inc.

a

128,609,326

216,379

Zebra

Technologies

Corporation

a

73,356,809

Total

532,141,510

Materials  5.3%

413,332

Albemarle

Corporation

28,044,576

4,345,839

Amcor

plc

40,633,595

842,774

Steel

Dynamics,

Inc.

107,504,251

Total

176,182,422

Real

Estate  5.1%

236,285

Extra

Space

Storage,

Inc.

31,747,252

1,196,254

First

Industrial

Realty

Trust,

Inc.

58,281,495

359,804

SBA

Communications

Corporation

80,855,155

Total

170,883,902

Utilities  4.9%

772,959

Alliant

Energy

Corporation

50,250,065

1,471,740

CenterPoint

Energy,

Inc.

57,132,947

1,297,754

NiSource,

Inc.

55,089,657

Total

162,472,669

Total

Common

Stock

(cost

$2,454,988,450)

3,252,182,733

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

25,744,800

Thrivent

Cash

Management

Trust

25,744,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,744,800)

25,744,800

Shares

or

Principal

Amount

Short-Term

Investments

2.5%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

83,005,288

4.250%

c

83,005,288

Total

Short-Term

Investments

(cost

$83,005,288)

83,005,288

Total

Investments

(cost

$2,563,738,538)

100.4%

$3,360,932,821

Other

Assets

and

Liabilities,

Net

(0.4%)

(14,362,248)

Total

Net

Assets

100.0%

$3,346,570,573

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Stock

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

24,715,008

Total

lending

$24,715,008

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,744,800

Net

amounts

due

to

counterparty

$1,029,792

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Mid

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

282,232,585

282,232,585

–

–

Consumer

Staples

175,227,979

175,227,979

–

–

Energy

129,819,614

129,819,614

–

–

Financials

562,859,752

562,859,752

–

–

Health

Care

267,178,682

267,178,682

–

–

Industrials

793,183,618

793,183,618

–

–

Information

Technology

532,141,510

532,141,510

–

–

Materials

176,182,422

176,182,422

–

–

Real

Estate

170,883,902

170,883,902

–

–

Utilities

162,472,669

162,472,669

–

–

Short-Term

Investments

83,005,288

83,005,288

–

–

Subtotal

Investments

in

Securities

$3,335,188,021

$3,335,188,021

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

25,744,800

Subtotal

Other

Investments

$25,744,800

Total

Investments

at

Value

$3,360,932,821

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$105,411

$113,178

$218,589

$–

–

–%

Total

Affiliated

Short-Term

Investments

105,411

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

335,844

310,099

25,745

25,745

0.7

Total

Collateral

Held

for

Securities

Loaned

–

25,745

0.7

Total

Value

$105,411

$25,745

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$28

($28)

$–

$956

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$956

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

38

Total

Affiliated

Income

from

Securities

Loaned,

Net

$38

Total

$28

($28)

$–

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock

98

.7

%

Value

Communications

Services  1.9%

6,923

Imax

Corporation

a

$

178,544

22,896

Warner

Brothers

Discovery,

Inc.

a

301,540

Total

480,084

Consumer

Discretionary  8.8%

4,044

Columbia

Sportswear

Company

228,769

3,310

D.R.

Horton,

Inc.

472,800

6,450

Gildan

Activewear,

Inc.

325,789

8,990

Six

Flags

Entertainment

Corporation

a

269,340

1,720

Tapestry,

Inc.

185,812

4,476

Wyndham

Hotels

&

Resorts,

Inc.

384,936

6,789

Yum

China

Holding,

Inc.

316,911

Total

2,184,357

Consumer

Staples  5.2%

1,998

J

&

J

Snack

Foods

Corporation

225,555

6,882

Sysco

Corporation

547,807

8,563

Unilever

plc

ADR

500,336

Total

1,273,698

Energy  7.4%

20,052

Coterra

Energy,

Inc.

489,068

11,669

Devon

Energy

Corporation

387,644

1,984

Diamondback

Energy,

Inc.

294,941

12,041

Enterprise

Products

Partners,

LP

373,151

1,148

Expand

Energy

Corporation

120,288

6,535

Noble

Corporation

plc

175,203

Total

1,840,295

Financials  18.8%

20,062

AGNC

Investment

Corporation

189,185

2,399

Allstate

Corporation

487,597

1,271

Capital

One

Financial

Corporation

273,265

5,821

Carlyle

Group,

Inc.

353,102

4,233

Charles

Schwab

Corporation

413,691

2,413

Equitable

Holdings,

Inc.

123,908

2,058

Jack

Henry

&

Associates,

Inc.

349,479

3,359

M&T

Bank

Corporation

633,843

3,609

Selective

Insurance

Group,

Inc.

281,394

1,558

Texas

Capital

Bancshares,

Inc.

a

130,825

13,669

U.S.

Bancorp

614,558

5,991

Voya

Financial,

Inc.

419,370

2,924

Wintrust

Financial

Corporation

374,213

Total

4,644,430

Health

Care  7.5%

16,758

Avantor,

Inc.

a

225,228

8,256

Baxter

International,

Inc.

179,651

504

Humana,

Inc.

125,935

1,938

Johnson

&

Johnson

319,266

1,889

Labcorp

Holdings,

Inc.

491,291

2,319

Sanofi

SA

ADR

105,839

1,303

STERIS

plc

295,116

470

UnitedHealth

Group,

Inc.

117,293

Total

1,859,619

Industrials  15.5%

1,529

Acuity,

Inc.

476,054

2,421

AGCO

Corporation

285,605

6,972

Delta

Air

Lines,

Inc.

370,980

3,680

Flowserve

Corporation

206,227

6,307

Fluor

Corporation

a

358,048

6,293

Fortive

Corporation

301,624

Shares

Common

Stock  98.7%

Value

Industrials  15.5%

-

continued

1,442

General

Dynamics

Corporation

$

449,342

8,232

Hexcel

Corporation

493,179

1,233

JB

Hunt

Transport

Services,

Inc.

177,614

5,355

MSC

Industrial

Direct

Company,

Inc.

463,850

9,069

Werner

Enterprises,

Inc.

251,393

Total

3,833,916

Information

Technology  10.6%

2,966

Coherent

Corporation

a

319,141

871

CommVault

Systems,

Inc.

a

165,446

945

Jabil,

Inc.

210,896

12,175

Knowles

Corporation

a

247,274

3,876

MKS,

Inc.

368,918

1,063

PTC,

Inc.

a

228,343

6,058

Ralliant

Corporation

a

276,972

178

Synopsys,

Inc.

a

112,758

2,076

TD

SYNNEX

Corporation

299,754

5,170

Western

Digital

Corporation

406,827

Total

2,636,329

Materials  7.1%

5,514

Alcoa

Corporation

165,255

12,283

Axalta

Coating

Systems,

Ltd.

a

347,854

2,651

Celanese

Corporation

138,462

1,438

CF

Industries

Holdings,

Inc.

133,489

3,535

Crown

Holdings,

Inc.

351,238

3,075

Nucor

Corporation

439,940

2,774

West

Fraser

Timber

Company,

Ltd.

192,266

Total

1,768,504

Real

Estate  6.7%

1,393

CBRE

Group,

Inc.

a

216,946

4,053

Crown

Castle,

Inc.

425,930

15,273

Healthcare

Realty

Trust,

Inc.

234,593

30,943

Host

Hotels

&

Resorts,

Inc.

486,424

1,785

Simon

Property

Group,

Inc.

292,365

Total

1,656,258

Utilities  9.2%

5,505

Alliant

Energy

Corporation

357,880

765

Constellation

Energy

Corporation

266,097

2,924

DTE

Energy

Company

404,711

2,960

Entergy

Corporation

267,673

6,077

Evergy,

Inc.

430,252

6,828

NiSource,

Inc.

289,849

1,265

Vistra

Energy

Corporation

263,803

Total

2,280,265

Total

Common

Stock

(cost

$20,896,350)

24,457,755

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

or

Principal

Amount

Short-Term

Investments

1

.8

%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

452,602

4.250%

b

$

452,602

Total

Short-Term

Investments

(cost

$452,602)

452,602

Total

Investments

(cost

$21,348,952)

100.5%

$

24,910,357

Other

Assets

and

Liabilities,

Net

(0.5%)

(

131,274

)

Total

Net

Assets

100.0%

$

24,779,083

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Mid

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

480,084

480,084

–

–

Consumer

Discretionary

2,184,357

2,184,357

–

–

Consumer

Staples

1,273,698

1,273,698

–

–

Energy

1,840,295

1,840,295

–

–

Financials

4,644,430

4,644,430

–

–

Health

Care

1,859,619

1,859,619

–

–

Industrials

3,833,916

3,833,916

–

–

Information

Technology

2,636,329

2,636,329

–

–

Materials

1,768,504

1,768,504

–

–

Real

Estate

1,656,258

1,656,258

–

–

Utilities

2,280,265

2,280,265

–

–

Short-Term

Investments

452,602

452,602

–

–

Subtotal

Investments

in

Securities

$

24,910,357

$

24,910,357

$

–

$

–

Total

Investments

at

Value

$

24,910,357

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$

377

$

2,653

$

3,030

$

–

–

–%

Total

Affiliated

Short-Term

Investments

377

–

–

Total

Value

$

377

$

–

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$

–

$4

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$4

Total

$–

$–

$

–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Registered

Investment

Companies  

40.8%

Value

U.S.

Affiliated  

40.3%  

7,361,152

Thrivent

Core

Emerging

Markets

Debt

Fund

$

62,128,119

2,256,596

Thrivent

Core

Emerging

Markets

Equity

Fund

24,326,107

1,214,597

Thrivent

Core

International

Equity

Fund

14,575,166

212,212

Thrivent

Core

Low

Volatility

Equity

Fund

2,531,685

1,202,453

Thrivent

Core

Mid

Cap

Value

Fund

13,239,008

666,659

Thrivent

Core

Small

Cap

Value

Fund

6,933,257

3,307,201

Thrivent

Global

Stock

Fund,

Class

S

98,686,891

11,036,038

Thrivent

High

Yield

Fund,

Class

S

47,123,883

15,507,785

Thrivent

Income

Fund,

Class

S

127,318,912

13,821,881

Thrivent

International

Equity

Fund,

Class

S

167,244,754

19,312,432

Thrivent

Large

Cap

Growth

Fund,

Class

S

455,773,384

12,314,955

Thrivent

Large

Cap

Value

Fund,

Class

S

387,674,774

2,461,812

Thrivent

Mid

Cap

Stock

Fund,

Class

S

89,880,765

5,875,610

Thrivent

Short-Term

Bond

Fund,

Class

S

73,503,879

1,367,237

Thrivent

Small

Cap

Stock

Fund,

Class

S

42,671,460

Total

1,613,612,044

U.S.

Unaffiliated  

0.5%  

8,355

Invesco

QQQ

Trust

Series

1

4,720,659

17,519

Invesco

Senior

Loan

ETF

a

366,673

45,000

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

a

1,682,550

890

iShares

Russell

2000

Growth

ETF

258,233

501

iShares

Semiconductor

ETF

120,255

16,683

SPDR

S&P

500

ETF

Trust

10,544,991

4,786

SPDR

S&P

Biotech

ETF

409,969

997

SPDR

S&P

Software

&

Services

ETF

186,349

1,308

VanEck

Semiconductor

ETF

377,724

Total

18,667,403

Total

Registered

Investment

Companies

(cost

$1,051,529,558)

1,632,279,447

Shares

Common

Stock

24.1%

Value

Communications

Services  2.2%

28,292

Alphabet,

Inc.,

Class

A

5,429,235

116,197

Alphabet,

Inc.,

Class

C

22,409,753

2,411

AMC

Networks,

Inc.

b

14,442

990

Angi,

Inc.

b

16,058

73,499

AT&T,

Inc.

2,014,608

1,934

Bandwidth,

Inc.

b

26,902

20,458

CarGurus,

Inc.

b

671,432

1,984

Cogent

Communications

Holdings

90,451

105,283

Comcast

Corporation

3,498,554

12,657

E.W.

Scripps

Company

b

37,845

362

Electronic

Arts,

Inc.

55,201

833

Fox

Corporation,

Class

A

46,448

509

Fox

Corporation,

Class

B

26,030

1,363

Iridium

Communications,

Inc.

33,339

912

John

Wiley

and

Sons,

Inc.

35,203

5,614

Liberty

Global,

Ltd.,

Class

A

b

56,252

Shares

Common

Stock  24.1%

Value

Communications

Services  2.2%

-

continued

3,063

Liberty

Latin

America,

Ltd.,

Class

A

b

$

21,594

334

Liberty

Media

Corporation-Liberty

Formula

One

Group

b

33,517

381

Liberty

Media

Corporation-Liberty

Live

Group

b

32,092

3,697

Magnite,

Inc.

b

85,068

1,533

Match

Group,

Inc.

52,536

41,833

Meta

Platforms,

Inc.

32,355,316

5,647

Netflix,

Inc.

b

6,547,132

4,305

New

York

Times

Company

223,387

4,991

News

Corporation,

Class

A

146,336

120

Nexstar

Media

Group,

Inc.

22,453

16,284

Pinterest,

Inc.

b

628,562

46

Reddit,

Inc.

b

7,387

2,992

Sirius

XM

Holdings,

Inc.

a

63,191

3,808

Spotify

Technology

SA

b

2,385,864

730

TechTarget,

Inc.

b

5,285

1,008

Telephone

and

Data

Systems,

Inc.

39,352

195

TKO

Group

Holdings,

Inc.

32,762

4,271

T-Mobile

US,

Inc.

1,018,249

3,665

Trade

Desk,

Inc.

b

318,708

32,590

Verizon

Communications,

Inc.

1,393,548

19,104

Walt

Disney

Company

2,275,478

232,531

Warner

Brothers

Discovery,

Inc.

b

3,062,433

49,154

Warner

Music

Group

Corporation

1,438,246

Total

86,650,249

Consumer

Discretionary  2.3%

2,418

Adient

plc

b

51,842

9,717

ADT,

Inc.

81,137

2,253

Advance

Auto

Parts,

Inc.

119,567

142,180

Amazon.com,

Inc.

b

33,285,760

6,881

American

Axle

&

Manufacturing

Holdings,

Inc.

b

30,620

2,526

American

Eagle

Outfitters,

Inc.

27,281

26,575

Aptiv

plc

b

1,824,108

680

Aramark

28,941

545

Autoliv,

Inc.

60,795

128

AutoZone,

Inc.

b

482,353

4,400

Bath

&

Body

Works,

Inc.

127,424

679

Booking

Holdings,

Inc.

3,737,257

2,620

Boot

Barn

Holdings,

Inc.

b

450,378

6,878

BorgWarner,

Inc.

253,110

271

Bright

Horizons

Family

Solutions,

Inc.

b

30,650

79

Brinker

International,

Inc.

b

12,450

966

Buckle,

Inc.

47,691

5,232

Build-A-Bear

Workshop,

Inc.

265,315

717

CarMax,

Inc.

b

40,589

415

Carnival

Corporation

b

12,355

73

Carvana

Company

b

28,482

32

Cavco

Industries,

Inc.

b

12,917

5,125

Champion

Homes,

Inc.

b

312,112

2,213

Chewy,

Inc.

b

81,217

13,146

Columbia

Sportswear

Company

743,669

2,018

Coursera,

Inc.

b

25,507

1,692

Crocs,

Inc.

b

168,743

25,107

D.R.

Horton,

Inc.

3,586,284

4,351

Dana,

Inc.

69,268

145

Darden

Restaurants,

Inc.

29,242

2,555

Deckers

Outdoor

Corporation

b

271,264

104

Domino's

Pizza,

Inc.

48,174

16,077

DoorDash,

Inc.

b

4,023,269

368

Dorman

Products,

Inc.

b

44,388

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock  24.1%

Value

Consumer

Discretionary  2.3%

-

continued

58

Dutch

Bros,

Inc.

b

$

3,438

1,258

eBay,

Inc.

115,421

1,302

Etsy,

Inc.

b

75,868

11,337

Expedia

Group,

Inc.

2,043,154

510

Five

Below,

Inc.

b

69,625

9,283

Ford

Motor

Company

102,763

1,826

Fox

Factory

Holding

Corporation

b

55,456

696

Frontdoor,

Inc.

b

40,716

4,249

Gap,

Inc.

82,686

1,823

Garmin,

Ltd.

398,799

1,951

Garrett

Motion,

Inc.

25,441

156

General

Motors

Company

8,321

6,330

Gentex

Corporation

167,239

1,538

GigaCloud

Technology,

Inc.

a,b

34,251

2,088

Goodyear

Tire

&

Rubber

Company

b

21,465

1,730

Grand

Canyon

Education,

Inc.

b

291,730

174

Group

1

Automotive,

Inc.

71,714

3,373

Hasbro,

Inc.

253,515

12,842

Hilton

Worldwide

Holdings,

Inc.

3,442,683

12,202

Home

Depot,

Inc.

4,484,357

2,716

Installed

Building

Products,

Inc.

549,420

2,894

Kohl's

Corporation

a

31,371

11,455

Laureate

Education,

Inc.

b

258,883

2,612

La-Z-Boy,

Inc.

93,954

364

Lear

Corporation

34,322

171

Lithia

Motors,

Inc.

49,248

1,548

LKQ

Corporation

45,620

14,372

Lowe's

Companies,

Inc.

3,213,148

6,104

Mattel,

Inc.

b

103,829

2,844

McDonald's

Corporation

853,399

5,303

Modine

Manufacturing

Company

b

713,572

977

Mohawk

Industries,

Inc.

b

111,876

531

Murphy

USA,

Inc.

192,477

1,448

National

Vision

Holdings,

Inc.

b

35,128

62

NVR,

Inc.

b

468,068

24,884

O'Reilly

Automotive,

Inc.

b

2,446,595

250

Planet

Fitness,

Inc.

b

27,297

986

Pool

Corporation

303,826

172

PulteGroup,

Inc.

19,422

615

Ralph

Lauren

Corporation

183,731

4,838

Ross

Stores,

Inc.

660,580

137

Royal

Caribbean

Cruises,

Ltd.

43,548

831

Service

Corporation

International/

US

63,414

4,848

SharkNinja,

Inc.

b

562,853

2,432

Six

Flags

Entertainment

Corporation

b

72,863

108,793

Sony

Group

Corporation

ADR

a

2,645,846

3,561

Stoneridge,

Inc.

b

27,420

433

Strategic

Education,

Inc.

32,105

1,343

Tapestry,

Inc.

145,084

225

Taylor

Morrison

Home

Corporation

b

13,338

34,541

Tesla,

Inc.

b

10,647,954

152

Texas

Roadhouse,

Inc.

28,140

484

Toll

Brothers,

Inc.

57,286

32

TopBuild

Corporation

b

11,854

1,458

Travel

+

Leisure

Company

86,386

139

Ulta

Beauty,

Inc.

b

71,586

182

Urban

Outfitters,

Inc.

b

13,701

964

Valvoline,

Inc.

b

33,981

2,950

VF

Corporation

34,574

1,780

Viking

Holdings,

Ltd.

b

104,522

505

Visteon

Corporation

b

56,131

431

Wayfair,

Inc.

b

28,291

Shares

Common

Stock  24.1%

Value

Consumer

Discretionary  2.3%

-

continued

1,906

Wingstop,

Inc.

$

719,210

52

Winmark

Corporation

19,626

30,824

Wyndham

Hotels

&

Resorts,

Inc.

2,650,864

1,654

Wynn

Resorts,

Ltd.

180,336

499

Yum!

Brands,

Inc.

71,931

Total

91,021,411

Consumer

Staples  0.7%

1,628

Albertsons

Companies,

Inc.

31,290

4,867

Altria

Group,

Inc.

301,462

464

Archer-Daniels-Midland

Company

25,139

543

BellRing

Brands,

Inc.

b

29,637

4,697

BJ's

Wholesale

Club

Holdings,

Inc.

b

497,412

137

Bunge

Global

SA

10,927

1,312

Casey's

General

Stores,

Inc.

682,411

1,151

Central

Garden

&

Pet

Company,

Class

A

b

40,884

2,274

Church

&

Dwight

Company,

Inc.

213,233

13,564

Colgate-Palmolive

Company

1,137,341

6,849

Conagra

Brands,

Inc.

125,063

949

Costco

Wholesale

Corporation

891,718

282,077

Coty,

Inc.

b

1,368,073

1,262

Darling

Ingredients,

Inc.

b

40,864

2,120

Dole

plc

30,189

513

Ingredion,

Inc.

67,480

4,185

J

&

J

Snack

Foods

Corporation

472,445

1,884

John

B.

Sanfilippo

&

Son,

Inc.

119,276

151,162

Kenvue,

Inc.

3,240,913

42,959

Keurig

Dr

Pepper,

Inc.

1,402,611

590

Kimberly-Clark

Corporation

73,526

182

Kraft

Heinz

Company

4,998

582

Kroger

Company

40,798

2,953

Maplebear,

Inc.

b

141,655

625

Marzetti

Company

111,100

580

McCormick

&

Company,

Inc.

40,965

2,793

Mondelez

International,

Inc.

180,679

6,625

Monster

Beverage

Corporation

b

389,219

9,905

Philip

Morris

International,

Inc.

1,624,915

467

Primo

Brands

Corporation

12,894

17,817

Procter

&

Gamble

Company

2,680,924

51

Sprouts

Farmers

Markets,

Inc.

b

7,729

54,071

Sysco

Corporation

4,304,052

1,256

Turning

Point

Brands,

Inc.

104,173

521

Tyson

Foods,

Inc.

27,248

62,528

Unilever

plc

ADR

3,653,511

1,075

US

Foods

Holding

Corporation

b

89,580

7,965

Vita

Coco

Company,

Inc.

b

280,846

41,265

Walmart,

Inc.

4,043,145

Total

28,540,325

Energy  0.9%

34,101

Antero

Midstream

Corporation

625,753

2,041

Antero

Resources

Corporation

b

71,292

2,045

APA

Corporation

39,448

1,589

Archrock,

Inc.

37,119

21,431

Baker

Hughes

Company

965,466

6,352

Berry

Corporation

19,183

462

Cactus,

Inc.

19,547

6,281

Cheniere

Energy,

Inc.

1,481,562

459

Chevron

Corporation

69,603

494

Chord

Energy

Corporation

54,503

2,745

Civitas

Resources,

Inc.

83,338

53,543

ConocoPhillips

5,104,790

2,209

Crescent

Energy

Company

20,411

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock  24.1%

Value

Energy  0.9%

-

continued

68,139

Devon

Energy

Corporation

$

2,263,578

2,916

DHT

Holdings,

Inc.

32,338

1,141

DT

Midstream,

Inc.

117,215

128,760

Enterprise

Products

Partners,

LP

3,990,272

11,469

EOG

Resources,

Inc.

1,376,509

745

EQT

Corporation

40,044

3,419

Expand

Energy

Corporation

358,243

77,601

Exxon

Mobil

Corporation

8,663,376

1,091

Gulfport

Energy

Corporation

b

189,976

70,387

Halliburton

Company

1,576,669

16,235

Hess

Midstream,

LP

706,710

1,182

HF

Sinclair

Corporation

51,937

717

Kimbell

Royalty

Partners,

LP

10,662

30,542

Kinder

Morgan,

Inc.

857,008

1,100

Kodiak

Gas

Services,

Inc.

35,563

13,854

Kosmos

Energy,

Ltd.

b

29,786

13,419

Marathon

Petroleum

Corporation

2,283,780

1,816

Matador

Resources

Company

90,582

896

Noble

Corporation

plc

24,022

389

Occidental

Petroleum

Corporation

17,093

1,666

Oceaneering

International,

Inc.

b

36,152

1,780

Oil

States

International,

Inc.

b

8,882

1,061

ONEOK,

Inc.

87,119

3,442

Ovintiv,

Inc.

141,742

1,111

Par

Pacific

Holdings,

Inc.

b

34,863

4,783

Permian

Resources

Corporation

67,727

264

Phillips

66

32,625

1,450

Range

Resources

Corporation

53,244

257

Ranger

Energy

Services,

Inc.

3,441

23,985

Shell

plc

ADR

1,731,957

861

SM

Energy

Company

23,755

1,529

Talos

Energy,

Inc.

b

13,073

55

Targa

Resources

Corporation

9,153

21,419

TechnipFMC

plc

779,009

123

Valero

Energy

Corporation

16,889

2,837

Vital

Energy,

Inc.

b

53,023

74

Weatherford

International

plc

4,185

26,005

Williams

Companies,

Inc.

1,559,000

Total

35,963,217

Financials  3.8%

198

1st

Source

Corporation

11,844

2,808

Affiliated

Managers

Group,

Inc.

589,315

939

Affirm

Holdings,

Inc.

b

64,378

290

Aflac,

Inc.

28,814

11,371

AGNC

Investment

Corporation

107,229

14,068

Allstate

Corporation

2,859,321

10,644

Ally

Financial,

Inc.

402,875

13,091

Amalgamated

Financial

Corporation

379,508

8,693

American

Express

Company

2,601,902

33,234

American

International

Group,

Inc.

2,579,955

3,333

Ameriprise

Financial,

Inc.

1,727,127

864

Ameris

Bancorp

59,054

373

AMERISAFE,

Inc.

16,703

4,663

Annaly

Capital

Management,

Inc.

94,799

3,692

Arch

Capital

Group,

Ltd.

317,734

2,355

Ares

Management

Corporation

436,923

1,293

Arthur

J.

Gallagher

&

Company

371,414

1,754

Artisan

Partners

Asset

Management,

Inc.

79,369

19,252

Associated

Banc-Corp

476,294

481

Assurant,

Inc.

90,091

540

Atlantic

Union

Bankshares

Corporation

17,118

Shares

Common

Stock  24.1%

Value

Financials  3.8%

-

continued

665

Axis

Capital

Holdings,

Ltd.

$

62,404

194,887

Bank

of

America

Corporation

9,212,308

37

Bank

of

Hawaii

Corporation

2,290

717

Bank

of

Marin

Bancorp

16,240

2,311

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

105,174

35,664

Bank

of

New

York

Mellon

Corporation

3,618,113

563

Bank

OZK

27,756

764

BankFinancial

Corporation

8,496

1,568

BankUnited,

Inc.

57,185

984

Bar

Harbor

Bankshares

28,575

995

BCB

Bancorp,

Inc.

8,318

7,846

Berkshire

Hathaway,

Inc.

b

3,702,370

17,161

Berkshire

Hills

Bancorp,

Inc.

422,847

761

BlackRock,

Inc.

841,674

751

Blackstone

Mortgage

Trust,

Inc.

13,878

552

Block,

Inc.

b

42,648

7,821

Blue

Owl

Capital,

Inc.

151,336

4,640

Bridgewater

Bancshares,

Inc.

b

72,198

2,969

Brookline

Bancorp,

Inc.

30,640

998

Brown

&

Brown,

Inc.

91,187

855

Burke

&

Herbert

Financial

Services

Corporation

49,581

1,348

Business

First

Bancshares,

Inc.

32,015

6,071

Byline

Bancorp,

Inc.

159,667

115

C&F

Financial

Corporation

7,343

1,103

Cadence

Bank

38,440

2,220

California

BanCorp

b

33,278

115

Camden

National

Corporation

4,337

427

Capital

City

Bank

Group,

Inc.

16,905

34,828

Capital

One

Financial

Corporation

7,488,020

5,811

Capitol

Federal

Financial,

Inc.

34,982

1,048

Carlyle

Group,

Inc.

63,572

149

Cathay

General

Bancorp

6,738

476

Cboe

Global

Markets,

Inc.

114,735

3,224

Central

Pacific

Financial

Corporation

85,952

100,207

Charles

Schwab

Corporation

9,793,230

2,168

Chimera

Investment

Corporation

28,986

152

ChoiceOne

Financial

Services,

Inc.

4,469

12,969

Chubb,

Ltd.

3,450,273

404

Cincinnati

Financial

Corporation

59,594

7,731

Citigroup,

Inc.

724,395

417

Citizens

Financial

Group,

Inc.

19,899

2,586

CME

Group,

Inc.

719,632

1,130

CNB

Financial

Corporation

25,934

1,821

CNO

Financial

Group,

Inc.

67,086

391

Coinbase

Global,

Inc.

b

147,704

741

Colony

Bankcorp,

Inc.

12,145

3,319

Columbia

Banking

System,

Inc.

78,992

1,003

Comerica,

Inc.

67,773

890

Commerce

Bancshares,

Inc.

54,468

78

Community

Financial

System,

Inc.

4,111

5,337

Community

Trust

Bancorp,

Inc.

288,091

403

Community

West

Bancshares

7,758

883

ConnectOne

Bancorp,

Inc.

20,335

426

Cullen/Frost

Bankers,

Inc.

54,277

116

CVB

Financial

Corporation

2,168

96

Diamond

Hill

Investment

Group,

Inc.

13,015

2,327

Donnelley

Financial

Solutions,

Inc.

b

123,238

1,892

Dynex

Capital,

Inc.

23,536

1,495

Eagle

Bancorp,

Inc.

24,055

1,208

East

West

Bancorp,

Inc.

121,102

674

Eastern

Bankshares,

Inc.

10,413

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock  24.1%

Value

Financials  3.8%

-

continued

1,164

Enact

Holdings,

Inc.

$

40,461

633

Enova

International,

Inc.

b

66,186

1,350

Enterprise

Financial

Services

Corporation

74,507

921

Equitable

Holdings,

Inc.

47,293

778

Equity

Bancshares,

Inc.

29,237

1,657

Essent

Group,

Ltd.

92,775

45

Euronet

Worldwide,

Inc.

b

4,373

145

Evercore,

Inc.

43,665

1,894

F.N.B.

Corporation

29,016

1,745

FactSet

Research

Systems,

Inc.

703,061

1,065

Farmers

National

Banc

Corporation

14,420

701

Federal

Agricultural

Mortgage

Corporation

120,761

3,181

Federated

Hermes,

Inc.

157,682

1,673

Fidelity

National

Information

Services,

Inc.

132,853

838

Fifth

Third

Bancorp

34,836

4,772

Financial

Institutions,

Inc.

121,638

1,748

First

American

Financial

Corporation

104,967

2,966

First

Bancorp/Puerto

Rico

61,782

1,423

First

Citizens

BancShares,

Inc./NC

2,838,543

2,615

First

Financial

Bancorp

63,388

520

First

Financial

Bankshares,

Inc.

18,002

1,506

First

Financial

Corporation

80,646

282

First

Hawaiian,

Inc.

6,839

4,041

First

Horizon

Corporation

88,134

1,089

First

Internet

Bancorp

23,882

20

First

Interstate

BancSystem,

Inc.

576

1,296

First

Merchants

Corporation

49,404

1,875

First

Mid-Illinois

Bancshares,

Inc.

71,194

427

FirstCash

Holdings,

Inc.

56,915

6,467

Fiserv,

Inc.

b

898,525

918

Flagstar

Financial,

Inc.

10,364

2,102

Flushing

Financial

Corporation

25,203

560

Flywire

Corporation

b

6,098

935

Franklin

Resources,

Inc.

22,440

24,766

Fulton

Financial

Corporation

444,550

2,598

Genworth

Financial,

Inc.

b

20,420

9,997

Glacier

Bancorp,

Inc.

438,169

185

Global

Life,

Inc.

25,987

237

Global

Payments,

Inc.

18,948

4,887

Great

Southern

Bancorp,

Inc.

278,266

58

Hamilton

Lane,

Inc.

8,833

408

Hancock

Whitney

Corporation

24,366

358

Hanover

Insurance

Group,

Inc.

61,444

1,789

HarborOne

Bancorp,

Inc.

21,164

765

Hartford

Insurance

Group,

Inc.

95,158

155

HBT

Financial,

Inc.

3,855

1,016

Home

BancShares,

Inc.

28,611

4,404

Hometrust

Bancshares,

Inc.

171,139

3,307

Horizon

Bancorp,

Inc.

51,225

4,906

Houlihan

Lokey,

Inc.

935,378

1,663

Huntington

Bancshares,

Inc./OH

27,323

57

Independent

Bank

Corporation/MA

3,622

2,275

Independent

Bank

Corporation/MI

69,501

43,018

Intercontinental

Exchange,

Inc.

7,951,017

4,184

Invesco,

Ltd.

87,906

231

Investar

Holding

Corporation

5,013

3,322

Jack

Henry

&

Associates,

Inc.

564,125

544

Jackson

Financial,

Inc.

47,633

20,482

Janus

Henderson

Group

plc

886,871

471

Jefferies

Financial

Group,

Inc.

27,158

Shares

Common

Stock  24.1%

Value

Financials  3.8%

-

continued

49,272

JPMorgan

Chase

&

Company

$

14,596,337

4,822

Kearny

Financial

Corporation/MD

28,594

354

Kemper

Corporation

21,803

162,778

KeyCorp

2,916,982

394

Kinsale

Capital

Group,

Inc.

173,632

1,301

Ladder

Capital

Corporation

14,207

1,612

M&T

Bank

Corporation

304,184

319

MarketAxess

Holdings,

Inc.

65,555

5,804

Marsh

&

McLennan

Companies,

Inc.

1,156,157

8,441

Mastercard,

Inc.

4,781,573

713

Mercantile

Bank

Corporation

32,577

37,577

MetLife,

Inc.

2,853,973

35,833

MGIC

Investment

Corporation

928,075

1,642

Midland

States

Bancorp,

Inc.

27,848

11,912

MidWestOne

Financial

Group,

Inc.

328,056

3,955

Moody's

Corporation

2,039,712

561

Morningstar,

Inc.

155,094

6,163

MSCI,

Inc.

3,459,662

37,217

Nasdaq,

Inc.

3,581,020

7,142

NMI

Holdings,

Inc.

b

266,539

153

Northeast

Bank

15,173

1,093

Northeast

Community

Bancorp,

Inc.

22,581

5,316

Northern

Trust

Corporation

691,080

1,970

Northfield

Bancorp,

Inc.

20,981

29,199

Northwest

Bancshares,

Inc.

341,628

1,131

OceanFirst

Financial

Corporation

18,978

5,004

OFG

Bancorp

213,270

19,642

Old

National

Bancorp

414,643

9,154

Old

Republic

International

Corporation

331,100

15,580

Old

Second

Bancorp,

Inc.

264,393

6,076

OneMain

Holdings,

Inc.

351,132

190

Orange

County

Bancorp,

Inc.

4,748

2,373

Orrstown

Financial

Services,

Inc.

77,977

1,754

Pacific

Premier

Bancorp,

Inc.

38,009

314

Palomar

Holdings,

Inc.

b

41,602

18

Park

National

Corporation

2,914

512

Paymentus

Holdings,

Inc.

b

14,275

584

PCB

Bancorp

11,937

1,150

Peoples

Bancorp,

Inc./OH

32,936

541

Pinnacle

Financial

Partners,

Inc.

47,548

445

PNC

Financial

Services

Group,

Inc.

84,670

4,138

Popular,

Inc.

474,132

668

Principal

Financial

Group,

Inc.

51,990

9,912

Progressive

Corporation

2,399,100

2,165

Prosperity

Bancshares,

Inc.

144,232

23,188

Provident

Financial

Services,

Inc.

422,485

513

Prudential

Financial,

Inc.

53,137

3,556

Radian

Group,

Inc.

115,961

957

Regions

Financial

Corporation

24,241

254

Reinsurance

Group

of

America,

Inc.

48,882

133

RenaissanceRe

Holdings,

Ltd.

32,417

199

Renasant

Corporation

7,291

3,364

Repay

Holdings

Corporation

b

16,551

29,411

Rithm

Capital

Corporation

353,814

6,446

RLI

Corporation

425,372

22,291

Robinhood

Markets,

Inc.

b

2,297,088

5,794

S&P

Global,

Inc.

3,193,073

177

Safety

Insurance

Group,

Inc.

12,452

13,374

SEI

Investments

Company

1,178,517

114

Selective

Insurance

Group,

Inc.

8,889

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock  24.1%

Value

Financials  3.8%

-

continued

181

ServisFirst

Bancshares,

Inc.

$

14,236

2,391

Shore

Bancshares,

Inc.

37,084

893

Sierra

Bancorp

26,183

292

Simmons

First

National

Corporation

5,598

571

Southern

Missouri

Bancorp,

Inc.

30,885

817

SouthState

Corporation

76,937

710

Starwood

Property

Trust,

Inc.

13,817

1,831

StepStone

Group,

Inc.

108,688

1,081

Stifel

Financial

Corporation

123,364

415

StoneX

Group,

Inc.

b

40,355

524

Synchrony

Financial

36,507

2,704

Synovus

Financial

Corporation

127,737

517

Tompkins

Financial

Corporation

33,440

4,056

TPG

RE

Finance

Trust,

Inc.

35,287

18,472

Tradeweb

Markets,

Inc.

2,559,296

9,910

Triumph

Financial,

Inc.

b

562,095

1,040

TrustCo

Bank

Corporation

NY

34,902

12,635

Trustmark

Corporation

470,654

2,580

U.S.

Bancorp

115,997

526

UMB

Financial

Corporation

57,855

779

United

Bankshares,

Inc.

27,670

2,159

United

Community

Banks,

Inc.

65,850

416

Unity

Bancorp,

Inc.

20,430

1,119

Univest

Financial

Corporation

32,272

1,918

Unum

Group

137,732

69

Upstart

Holdings,

Inc.

b

5,640

7,907

Valley

National

Bancorp

73,298

2,525

Virtu

Financial,

Inc.

111,454

27,207

Visa,

Inc.

9,399,202

3,926

WaFd,

Inc.

114,266

1,376

Webster

Financial

Corporation

79,326

138,144

Wells

Fargo

&

Company

11,138,551

1,539

WesBanco,

Inc.

46,370

776

Westamerica

Bancorporation

37,170

707

Western

Alliance

Bancorp

54,835

13,707

Western

Union

Company

110,341

2

White

Mountains

Insurance

Group,

Ltd.

3,576

78

Willis

Towers

Watson

plc

24,633

478

Wintrust

Financial

Corporation

61,174

3,000

WisdomTree,

Inc.

39,810

121

WSFS

Financial

Corporation

6,636

14,750

Zions

Bancorp

NA

790,895

Total

153,271,823

Health

Care  2.6%

6,811

Abbott

Laboratories

859,480

21,044

AbbVie,

Inc.

3,977,737

21,916

ADMA

Biologics,

Inc.

b

409,829

24,213

Agilent

Technologies,

Inc.

2,779,895

630

Agios

Pharmaceuticals,

Inc.

b

23,449

38

Align

Technology,

Inc.

b

4,902

11,584

Amgen,

Inc.

3,418,438

2,027

Amicus

Therapeutics,

Inc.

b

12,142

2,462

Amneal

Pharmaceuticals,

Inc.

b

19,253

646

Anika

Therapeutics,

Inc.

b

5,333

444

Argenx

SE

ADR

b

297,627

307

Artivion,

Inc.

b

9,489

81,891

Avantor,

Inc.

b

1,100,615

828

Azenta,

Inc.

b

27,076

189

Becton,

Dickinson

and

Company

33,689

405

Biogen,

Inc.

b

51,840

567

Biohaven,

Ltd.

b

8,562

22,818

BioMarin

Pharmaceutical,

Inc.

b

1,320,021

Shares

Common

Stock  24.1%

Value

Health

Care  2.6%

-

continued

2,130

Bio-Techne

Corporation

$

116,575

42,058

Boston

Scientific

Corporation

b

4,412,725

195

Bruker

Corporation

7,494

285

Cardinal

Health,

Inc.

44,238

1,394

CareDx,

Inc.

b

17,125

6,796

Caribou

Biosciences,

Inc.

b

13,796

7,952

Cencora,

Inc.

2,274,908

3,737

Centene

Corporation

b

97,424

762

Certara,

Inc.

b

7,498

856

Charles

River

Laboratories

International,

Inc.

b

145,212

179

Chemed

Corporation

73,802

8,704

Cigna

Group

2,327,276

19,092

Concentra

Group

Holdings

Parent,

Inc.

381,267

2,535

Cooper

Companies,

Inc.

b

179,199

4,595

CorVel

Corporation

b

407,117

28,564

Danaher

Corporation

5,631,678

2,440

Denali

Therapeutics,

Inc.

b

33,745

4,672

Dentsply

Sirona,

Inc.

66,856

3,741

Dexcom,

Inc.

b

302,161

541

Doximity,

Inc.

b

31,784

1,608

Dyne

Therapeutics,

Inc.

b

15,839

336

Edwards

Lifesciences

Corporation

b

26,648

8,445

Elanco

Animal

Health,

Inc.

b

115,528

8,828

Eli

Lilly

&

Company

6,533,338

3,084

Enanta

Pharmaceuticals,

Inc.

b

23,377

6,963

Encompass

Health

Corporation

766,696

139

Ensign

Group,

Inc.

20,850

5,370

Exact

Sciences

Corporation

b

252,121

294

Exelixis,

Inc.

b

10,649

3,063

Fate

Therapeutics,

Inc.

b

3,369

5,758

Fortrea

Holdings,

Inc.

b

33,051

445

GE

HealthCare

Technologies,

Inc.

31,737

37,064

Gilead

Sciences,

Inc.

4,161,917

1,711

Globus

Medical,

Inc.

b

90,050

3,246

GoodRx

Holdings,

Inc.

b

15,548

7,098

HealthEquity,

Inc.

b

688,506

328

Henry

Schein,

Inc.

b

22,189

38

Hims

&

Hers

Health,

Inc.

b

2,515

21

Humana,

Inc.

5,247

6,398

IDEXX

Laboratories,

Inc.

b

3,418,515

2,657

Illumina,

Inc.

b

272,900

1,058

Incyte

Corporation

b

79,234

307

Insmed,

Inc.

b

32,935

2,932

Inspire

Medical

Systems,

Inc.

b

365,151

2,462

Insulet

Corporation

b

710,041

1,514

Integra

LifeSciences

Holdings

Corporation

b

19,894

2,307

Intellia

Therapeutics,

Inc.

b

26,853

6,695

Intuitive

Surgical,

Inc.

b

3,220,898

416

IQVIA

Holding,

Inc.

b

77,318

2,032

iTeos

Therapeutics,

Inc.

b

20,604

183

Jazz

Pharmaceuticals,

Inc.

b

20,977

50,783

Johnson

&

Johnson

8,365,991

15,251

Labcorp

Holdings,

Inc.

3,966,480

187

Medpace

Holdings,

Inc.

b

79,886

49,197

Medtronic

plc

4,439,537

70,330

Merck

&

Company,

Inc.

5,494,180

4,271

Merit

Medical

Systems,

Inc.

b

362,437

198

Mettler-Toledo

International,

Inc.

b

244,269

2,055

Moderna,

Inc.

b

60,746

1,248

Myriad

Genetics,

Inc.

b

4,792

2,503

Natera,

Inc.

b

334,551

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Shares

Common

Stock  24.1%

Value

Health

Care  2.6%

-

continued

1,714

Neurocrine

Biosciences,

Inc.

b

$

219,786

273

Option

Care

Health,

Inc.

b

8,013

4,107

Organon

&

Company

39,838

3,996

Penumbra,

Inc.

b

1,008,071

645

Perrigo

Company

plc

17,202

25,113

Pfizer,

Inc.

584,882

454

Prestige

Consumer

Healthcare,

Inc.

b

33,573

10,538

Progyny,

Inc.

b

247,748

1,421

Prothena

Corporation

plc

b

9,762

223

PTC

Therapeutics,

Inc.

b

11,621

1,223

QIAGEN

NV

60,343

275

Quest

Diagnostics,

Inc.

46,038

5,988

Relay

Therapeutics,

Inc.

b

21,078

2,961

Repligen

Corporation

b

346,644

63

ResMed,

Inc.

17,132

33

Revvity,

Inc.

2,901

2,220

Rocket

Pharmaceuticals,

Inc.

b

6,771

18,707

Royalty

Pharma

plc

688,418

68,196

Sanofi

SA

ADR

3,112,465

25,081

scPharmaceuticals,

Inc.

b

127,411

12,477

STERIS

plc

2,825,916

12,160

Stevanato

Group

SPA

300,474

5,514

Stryker

Corporation

2,165,513

401

Teleflex,

Inc.

47,919

716

Tenet

Healthcare

Corporation

b

115,476

6,102

Thermo

Fisher

Scientific,

Inc.

2,853,783

9,676

Twist

Bioscience

Corporation

b

324,823

382

United

Therapeutics

Corporation

b

104,935

17,694

UnitedHealth

Group,

Inc.

4,415,715

197

Universal

Health

Services,

Inc.

32,791

804

Vaxcyte,

Inc.

b

27,296

159

Veeva

Systems,

Inc.

b

45,188

9,793

Vericel

Corporation

b

342,167

7,000

Vertex

Pharmaceuticals,

Inc.

b

3,198,090

25,719

Viatris,

Inc.

224,784

2,677

Viemed

Healthcare,

Inc.

b

16,303

807

Viking

Therapeutics,

Inc.

a,b

26,284

526

Waters

Corporation

b

151,888

1,049

Waystar

Holding

Corporation

b

38,792

1,341

West

Pharmaceutical

Services,

Inc.

320,848

2,472

Xencor,

Inc.

b

20,567

1,103

Xenon

Pharmaceuticals,

Inc.

b

33,686

32,106

Zimmer

Biomet

Holdings,

Inc.

2,942,515

Total

102,554,071

Industrials  2.6%

1,746

A.O.

Smith

Corporation

123,599

257

Acuity,

Inc.

80,017

2,549

Advanced

Drainage

Systems,

Inc.

292,498

1,434

AECOM

161,669

272

AGCO

Corporation

32,088

284

Air

Lease

Corporation

15,734

355

Alaska

Air

Group,

Inc.

b

18,801

990

Allegheny

Technologies,

Inc.

b

76,171

652

Allegion

plc

108,180

696

Allison

Transmission

Holdings,

Inc.

62,689

56,004

Amentum

Holdings,

Inc.

b

1,398,420

16,910

AMETEK,

Inc.

3,125,813

1,403

API

Group

Corporation

b

50,606

127

Applied

Industrial

Technologies,

Inc.

34,480

545

Arcosa,

Inc.

46,805

52

Argan,

Inc.

12,739

Shares

Common

Stock  24.1%

Value

Industrials  2.6%

-

continued

1,524

Armstrong

World

Industries,

Inc.

$

286,771

8,996

Atmus

Filtration

Technologies,

Inc.

350,034

10,684

Automatic

Data

Processing,

Inc.

3,306,698

697

Axon

Enterprise,

Inc.

b

526,577

178

AZZ,

Inc.

19,491

3,867

Badger

Infrastructure

Solutions,

Ltd.

145,933

7,472

Barrett

Business

Services,

Inc.

343,488

1,453

Brady

Corporation

102,538

8,295

BWX

Technologies,

Inc.

1,260,259

1,476

C.H.

Robinson

Worldwide,

Inc.

170,212

3

CACI

International,

Inc.

b

1,382

3,349

Casella

Waste

Systems,

Inc.

b

364,137

13,784

Caterpillar,

Inc.

6,037,668

10,054

CECO

Environmental

Corporation

b

451,927

2,236

Clean

Harbors,

Inc.

b

527,271

260,669

CNH

Industrial

NV

3,378,270

85

CSW

Industrials,

Inc.

22,056

191,916

CSX

Corporation

6,820,695

173

Cummins,

Inc.

63,598

1,614

Curtiss-Wright

Corporation

791,215

2,336

Dayforce,

Inc.

b

134,717

81,967

Delta

Air

Lines,

Inc.

4,361,464

2,569

DNOW,

Inc.

b

39,974

471

Donaldson

Company,

Inc.

33,898

9

Dover

Corporation

1,630

121

Dycom

Industries,

Inc.

b

32,526

665

EMCOR

Group,

Inc.

417,281

1,111

Energy

Recovery,

Inc.

b

14,943

12,002

Enerpac

Tool

Group

Corporation

462,197

3,023

EnPro,

Inc.

642,115

13,498

ExlService

Holdings,

Inc.

b

586,218

1,479

Expeditors

International

of

Washington,

Inc.

171,919

73,201

Fastenal

Company

3,376,762

5,637

Federal

Signal

Corporation

713,475

14,460

Ferguson

Enterprises,

Inc.

3,229,352

45,104

Flowserve

Corporation

2,527,628

1,124

Fortive

Corporation

53,873

813

Fortune

Brands

Innovations,

Inc.

44,341

29,018

Gates

Industrial

Corporation

plc

b

719,646

10,248

General

Dynamics

Corporation

3,193,379

14,235

General

Electric

Company

3,858,824

198

Gorman-Rupp

Company

8,150

4,462

Graco,

Inc.

374,719

6,088

Great

Lakes

Dredge

&

Dock

Corporation

b

67,455

2,894

Helios

Technologies,

Inc.

106,181

208

Herc

Holdings,

Inc.

24,296

39,972

Hexcel

Corporation

2,394,723

591

HNI

Corporation

30,401

18,207

Honeywell

International,

Inc.

4,048,326

5,971

Howmet

Aerospace,

Inc.

1,073,407

2,891

Hudson

Technologies,

Inc.

b

27,146

882

IDEX

Corporation

144,216

297

IES

Holdings,

Inc.

b

104,862

641

Ingersoll

Rand,

Inc.

54,248

723

Insteel

Industries,

Inc.

26,100

1,641

ITT

Corporation

278,904

18,590

Jacobs

Solutions,

Inc.

2,637,363

13,714

JB

Hunt

Transport

Services,

Inc.

1,975,502

2,886

Johnson

Controls

International

plc

303,030

1,208

Kirby

Corporation

b

115,134

2,898

Knight-Swift

Transportation

Holdings,

Inc.

123,165

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Shares

Common

Stock  24.1%

Value

Industrials  2.6%

-

continued

1,442

Korn

Ferry

$

102,195

13,578

L3Harris

Technologies,

Inc.

3,731,506

657

Landstar

System,

Inc.

87,624

973

Legalzoom.com,

Inc.

b

8,747

1,339

Leidos

Holdings,

Inc.

213,771

2,513

Limbach

Holdings,

Inc.

b

344,281

847

Lincoln

Electric

Holdings,

Inc.

206,245

2,148

Lyft,

Inc.

b

30,201

724

ManpowerGroup,

Inc.

29,865

3,763

Masco

Corporation

256,373

32,403

Masterbrand,

Inc.

b

357,405

320

Maximus,

Inc.

23,635

2,246

McGrath

RentCorp

280,278

311

Middleby

Corporation

b

45,157

531

Miller

Industries,

Inc.

21,638

2,720

Moog,

Inc.

526,538

11,511

Mueller

Water

Products,

Inc.

285,012

1,826

NEXTracker,

Inc.

b

106,383

19

Nordson

Corporation

4,070

8,178

nVent

Electric

plc

641,319

3,861

Old

Dominion

Freight

Line,

Inc.

576,254

513

Oshkosh

Corporation

64,910

5,736

Otis

Worldwide

Corporation

491,518

110

PACCAR,

Inc.

10,864

6,500

Parker-Hannifin

Corporation

4,757,350

71

Paylocity

Holding

Corporation

b

13,126

3,183

Pentair

plc

325,303

488

Pitney

Bowes,

Inc.

5,544

120

Primoris

Services

Corporation

11,300

650

Quanta

Services,

Inc.

263,985

2,985

QXO,

Inc.

b

59,879

1,448

RBC

Bearings,

Inc.

b

560,868

162

Regal

Rexnord

Corporation

24,767

4,157

Republic

Services,

Inc.

958,812

2,436

Rockwell

Automation,

Inc.

856,766

53

Ryder

System,

Inc.

9,419

4,170

Schneider

National,

Inc.

101,957

508

Sensata

Technologies

Holding

plc

15,626

5,731

Shoals

Technologies

Group,

Inc.

b

30,890

65

SkyWest,

Inc.

b

7,537

5,179

Southwest

Airlines

Company

160,186

255

SPX

Technologies,

Inc.

b

46,509

403

SS&C

Technologies

Holdings,

Inc.

34,448

1,779

Stanley

Black

&

Decker,

Inc.

120,349

1,250

Sterling

Construction

Company,

Inc.

b

334,488

3,251

Timken

Company

247,369

323

Toro

Company

23,983

9,518

Trane

Technologies

plc

4,169,645

36

TransDigm

Group,

Inc.

57,905

4,250

TransUnion

404,558

1,671

Trex

Company,

Inc.

b

107,345

1,134

Trinity

Industries,

Inc.

26,422

41,732

Uber

Technologies,

Inc.

b

3,661,983

945

UFP

Industries,

Inc.

92,610

488

UL

Solutions,

Inc.

35,683

372

UniFirst

Corporation/MA

63,623

5,783

Union

Pacific

Corporation

1,283,653

940

United

Airlines

Holdings,

Inc.

b

83,011

21,988

United

Parcel

Service,

Inc.

1,894,486

409

United

Rentals,

Inc.

361,122

134

Veralto

Corporation

14,047

10,475

Verisk

Analytics,

Inc.

2,919,487

1,749

Verra

Mobility

Corporation

b

44,180

354

Wabtec

Corporation

67,986

Shares

Common

Stock  24.1%

Value

Industrials  2.6%

-

continued

2,537

Waste

Connections,

Inc.

$

473,582

2,847

Waste

Management,

Inc.

652,419

720

Watsco,

Inc.

324,634

12,181

WNS

Holdings,

Ltd.

b

911,017

454

Xylem,

Inc.

65,657

1,088

Zurn

Elkay

Water

Solutions

Corporation

48,144

Total

104,323,468

Information

Technology  6.9%

4,457

Adobe,

Inc.

b

1,594,224

4,521

Agilysys,

Inc.

b

515,756

724

Ambarella,

Inc.

b

47,849

55,399

Amphenol

Corporation

5,900,547

4,241

Analog

Devices,

Inc.

952,656

159,759

Apple,

Inc.

33,161,176

14,538

Applied

Materials,

Inc.

2,617,712

1,023

AppLovin

Corporation

b

399,686

24,775

Arista

Networks,

Inc.

b

3,052,775

208

Arrow

Electronics,

Inc.

b

24,128

228

Astera

Labs,

Inc.

b

31,174

117

Atlassian

Corporation

b

22,438

14,177

Autodesk,

Inc.

b

4,297,190

496

Avnet,

Inc.

26,258

1,997

Bel

Fuse,

Inc.

259,690

187

BILL

Holdings,

Inc.

b

8,013

4,937

BlackLine,

Inc.

b

265,512

65,299

Broadcom,

Inc.

19,178,316

9,636

CDW

Corporation

1,680,326

94

Cirrus

Logic,

Inc.

b

9,467

138,900

Cisco

Systems,

Inc.

9,456,312

199

Clearfield,

Inc.

b

8,718

285

Clearwater

Analytics

Holdings,

Inc.

b

5,774

1,005

Cognex

Corporation

40,974

514

Cognizant

Technology

Solutions

Corporation

36,885

420

Coherent

Corporation

b

45,192

415

CommVault

Systems,

Inc.

b

78,829

292

Consensus

Cloud

Solutions,

Inc.

b

5,893

739

Corning,

Inc.

46,734

2,251

Crane

NXT

Company

133,574

868

Credo

Technology

Group

Holding,

Ltd.

b

96,825

2,532

CyberArk

Software,

Ltd.

b

1,041,842

1,403

Datadog,

Inc.

b

196,392

3,735

Descartes

Systems

Group,

Inc.

b

395,014

4,612

DocuSign,

Inc.

b

348,852

1,923

Dolby

Laboratories,

Inc.

144,879

9,021

Dynatrace

Holdings,

LLC

b

474,595

130

Elastic

NV

b

10,881

1,337

Enphase

Energy,

Inc.

b

43,265

132

Entegris,

Inc.

10,357

143

EPAM

Systems,

Inc.

b

22,553

466

F5,

Inc.

b

146,054

1,298

Fabrinet

b

420,202

174

Fair

Isaac

Corporation

b

249,989

136

First

Solar,

Inc.

b

23,763

7,188

Flex,

Ltd.

b

358,466

30,622

Fortinet,

Inc.

b

3,059,138

2,081

Freshworks,

Inc.

b

27,032

977

Gartner,

Inc.

b

330,861

4,776

Gen

Digital,

Inc.

140,844

17,248

Gitlab,

Inc.

b

755,635

4,723

Guidewire

Software,

Inc.

b

1,068,437

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Shares

Common

Stock  24.1%

Value

Information

Technology  6.9%

-

continued

935

HubSpot,

Inc.

b

$

485,873

10,639

I3

Verticals,

Inc.

b

297,679

2,106

Impinj,

Inc.

b

325,545

123

Intapp,

Inc.

b

4,926

19,112

International

Business

Machines

Corporation

4,838,203

3,958

Intuit,

Inc.

3,107,545

367

IPG

Photonics

Corporation

b

27,485

354

Itron,

Inc.

b

44,087

21,733

JFrog,

Ltd.

b

943,430

2,964

Keysight

Technologies,

Inc.

b

485,829

1,088

KLA

Corporation

956,385

2,956

Lam

Research

Corporation

280,347

5,369

Lattice

Semiconductor

Corporation

b

267,537

447

Littelfuse,

Inc.

115,027

80

MACOM

Technology

Solutions

Holdings,

Inc.

b

10,971

38

Manhattan

Associates,

Inc.

b

8,347

4,171

Marvell

Technology,

Inc.

335,223

636

Microchip

Technology,

Inc.

42,987

21,647

Micron

Technology,

Inc.

2,362,554

107,326

Microsoft

Corporation

57,258,421

316

Mirion

Technologies,

Inc.

b

7,063

229

MKS,

Inc.

21,796

434

Monday.com,

Ltd.

b

113,834

15

Monolithic

Power

Systems,

Inc.

10,669

6,819

Motorola

Solutions,

Inc.

2,993,405

624

NetApp,

Inc.

64,977

29,480

Nokia

Oyj

ADR

a

120,278

265

Nutanix,

Inc.

b

19,920

302,192

NVIDIA

Corporation

53,750,891

134

Okta,

Inc.

b

13,105

3,599

ON

Semiconductor

Corporation

b

202,840

3,678

Onto

Innovation,

Inc.

b

348,490

24,741

Oracle

Corporation

6,278,524

23,349

Palantir

Technologies,

Inc.

b

3,697,314

12,221

Pegasystems,

Inc.

717,495

499

Plexus

Corporation

b

63,622

184

Procore

Technologies,

Inc.

b

13,180

3,849

PTC,

Inc.

b

826,804

815

Q2

Holdings,

Inc.

b

66,178

3,732

Qorvo,

Inc.

b

311,995

34,435

Qualcomm,

Inc.

5,053,681

374

Ralliant

Corporation

b

17,099

16,096

Salesforce,

Inc.

4,158,080

91,116

Samsung

Electronics

Company,

Ltd.

4,643,633

6,849

SAP

SE

ADR

1,963,608

7,177

ServiceNow,

Inc.

b

6,768,772

1,629

Silicon

Laboratories,

Inc.

b

214,653

1,409

Skyworks

Solutions,

Inc.

96,573

25,795

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

6,232,588

31,527

TD

SYNNEX

Corporation

4,552,184

1,352

TE

Connectivity

plc

278,174

309

Teledyne

Technologies,

Inc.

b

170,265

903

Tenable

Holdings,

Inc.

b

28,273

817

Teradyne,

Inc.

87,770

2,364

Texas

Instruments,

Inc.

428,026

19,808

Trimble,

Inc.

b

1,661,693

9,131

TTM

Technologies,

Inc.

b

431,440

50

Twilio,

Inc.

b

6,450

951

Tyler

Technologies,

Inc.

b

555,917

296

Unity

Software,

Inc.

b

9,875

Shares

Common

Stock  24.1%

Value

Information

Technology  6.9%

-

continued

553

Varonis

Systems,

Inc.

b

$

30,874

6,136

VeriSign,

Inc.

1,649,786

3,058

Vontier

Corporation

126,815

31,715

Weave

Communications,

Inc.

b

231,519

280

Western

Digital

Corporation

22,033

776

Zebra

Technologies

Corporation

b

263,080

200

Zoom

Communications,

Inc.

b

14,810

105

Zscaler,

Inc.

b

29,984

Total

274,838,090

Materials  0.7%

2,646

Albemarle

Corporation

179,531

2,443

Alcoa

Corporation

73,217

30,319

Amcor

plc

283,483

599

AptarGroup,

Inc.

94,127

323

Avery

Dennison

Corporation

54,190

2,426

Avient

Corporation

76,589

37,256

Axalta

Coating

Systems,

Ltd.

b

1,055,090

425

Balchem

Corporation

64,800

1,458

Ball

Corporation

83,485

46,685

CF

Industries

Holdings,

Inc.

4,333,768

4,995

Coeur

Mining,

Inc.

b

43,407

523

Commercial

Metals

Company

27,123

15,084

Constellium

SE

b

206,802

4,791

Corteva,

Inc.

345,575

30,415

Crown

Holdings,

Inc.

3,022,034

476

Dow,

Inc.

11,086

17,219

DuPont

de

Nemours,

Inc.

1,238,046

53

Eagle

Materials,

Inc.

11,887

17,687

Eastman

Chemical

Company

1,284,253

14,546

Ecolab,

Inc.

3,807,561

6,249

Element

Solutions,

Inc.

147,476

543

FMC

Corporation

21,199

1,014

Freeport-McMoRan,

Inc.

40,803

1,959

Greif,

Inc.

124,259

11,454

Hecla

Mining

Company

65,746

3,947

Huntsman

Corporation

38,286

2,736

Ingevity

Corporation

b

114,337

645

International

Flavors

&

Fragrances,

Inc.

45,814

12,606

Ivanhoe

Mines,

Ltd.

b

98,348

946

Kaiser

Aluminum

Corporation

73,135

723

Koppers

Holdings,

Inc.

23,758

7,817

Linde

plc

3,597,852

354

LyondellBasell

Industries

NV

20,507

1,069

Magnera

Corporation

b

13,309

792

Martin

Marietta

Materials,

Inc.

455,305

682

Minerals

Technologies,

Inc.

39,658

5,869

Mosaic

Company

211,343

27

NewMarket

Corporation

18,549

8,766

Newmont

Corporation

544,369

31,495

Nucor

Corporation

4,505,990

1,356

O-I

Glass,

Inc.

b

17,642

11,376

Olin

Corporation

215,461

3,824

Packaging

Corporation

of

America

740,900

712

PPG

Industries,

Inc.

75,116

51

Reliance,

Inc.

14,797

766

Royal

Gold,

Inc.

115,988

2,113

RPM

International,

Inc.

248,087

778

Scotts

Miracle-Gro

Company

48,749

1,453

Sealed

Air

Corporation

42,529

1,282

Sensient

Technologies

Corporation

143,956

1,888

Sonoco

Products

Company

85,092

3,119

Steel

Dynamics,

Inc.

397,860

405

Stepan

Company

20,562

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Shares

Common

Stock  24.1%

Value

Materials  0.7%

-

continued

6,703

Tronox

Holdings

plc

$

21,383

3,440

Vulcan

Materials

Company

944,865

1,637

West

Fraser

Timber

Company,

Ltd.

113,460

Total

29,742,544

Real

Estate  0.6%

523

Agree

Realty

Corporation

37,499

1,076

Alexandria

Real

Estate

Equities,

Inc.

82,239

419

Alpine

Income

Property

Trust,

Inc.

5,887

2,499

Anywhere

Real

Estate,

Inc.

b

11,545

5,923

AvalonBay

Communities,

Inc.

1,103,336

6,662

Brixmor

Property

Group,

Inc.

174,078

41,224

Broadstone

Net

Lease,

Inc.

669,478

1,028

CareTrust

REIT,

Inc.

32,690

442

CBL

&

Associates

Properties,

Inc.

11,961

22,054

CBRE

Group,

Inc.

b

3,434,690

3,324

Chatham

Lodging

Trust

22,670

2,389

Colliers

International

Group,

Inc.

360,046

5,330

Compass,

Inc.

b

42,320

6,705

CoStar

Group,

Inc.

b

638,249

2,278

Cousins

Properties,

Inc.

61,734

34,962

Crown

Castle,

Inc.

3,674,157

2,327

Curbline

Properties

Corporation

51,427

9,316

Cushman

and

Wakefield

plc

b

113,562

6,603

Douglas

Elliman,

Inc.

b

18,158

12,489

Easterly

Government

Properties,

Inc.

274,758

10,115

EPR

Properties

556,730

79,250

Essential

Properties

Realty

Trust,

Inc.

2,416,332

266

Essex

Property

Trust,

Inc.

69,208

863

Extra

Space

Storage,

Inc.

115,953

400

Federal

Realty

Investment

Trust

36,864

5,326

First

Industrial

Realty

Trust,

Inc.

259,483

1,079

Getty

Realty

Corporation

29,985

431

Global

Net

Lease,

Inc.

3,013

154,024

Healthcare

Realty

Trust,

Inc.

2,365,809

25,433

Host

Hotels

&

Resorts,

Inc.

399,807

274

Howard

Hughes

Holdings,

Inc.

b

18,832

5,468

Independence

Realty

Trust,

Inc.

91,698

11,054

Industrial

Logistics

Properties

Trust

58,807

9,004

Innovative

Industrial

Properties,

Inc.

465,507

5,290

InvenTrust

Properties

Corporation

145,845

149

Iron

Mountain,

Inc.

14,507

360

Jones

Lang

LaSalle,

Inc.

b

97,330

1,044

Kimco

Realty

Corporation

22,164

73

Lamar

Advertising

Company

8,924

31,352

Millrose

Properties,

Inc.

940,246

12,138

National

Storage

Affiliates

Trust

357,585

2,611

NetSTREIT

Corporation

47,599

323

NNN

REIT,

Inc.

13,327

32,119

Outfront

Media,

Inc.

563,046

24,179

Park

Hotels

&

Resorts,

Inc.

257,748

1,822

Peakstone

Realty

Trust

24,779

6,752

Pebblebrook

Hotel

Trust

67,723

256

Postal

Realty

Trust,

Inc.

3,510

345

RE/MAX

Holdings,

Inc.

b

2,653

962

Rexford

Industrial

Realty,

Inc.

35,142

5,906

RLJ

Lodging

Trust

43,704

650

RMR

Group,

Inc.

10,439

264

Ryman

Hospitality

Properties

25,096

61,170

Sabra

Health

Care

REIT,

Inc.

1,102,895

961

Safehold,

Inc.

13,444

Shares

Common

Stock  24.1%

Value

Real

Estate  0.6%

-

continued

1,292

SBA

Communications

Corporation

$

290,338

5,257

Sila

Realty

Trust,

Inc.

128,481

58

Simon

Property

Group,

Inc.

9,500

4,628

STAG

Industrial,

Inc.

158,879

14,600

Summit

Hotel

Properties,

Inc.

76,212

30,585

Tanger,

Inc.

918,162

5,599

Terreno

Realty

Corporation

310,689

235,712

Uniti

Group,

Inc.

b

1,253,988

8,803

Xenia

Hotels

&

Resorts,

Inc.

111,886

1,651

Zillow

Group,

Inc.,

Class

A

b

126,714

1,095

Zillow

Group,

Inc.,

Class

C

b

87,107

Total

24,978,174

Utilities  0.8%

81,343

AES

Corporation

1,069,661

2,806

Alliant

Energy

Corporation

182,418

1,116

American

States

Water

Company

82,127

622

American

Water

Works

Company,

Inc.

87,229

302

Artesian

Resources

Corporation

9,860

374

Avista

Corporation

13,950

3,520

Black

Hills

Corporation

203,386

14,655

Brookfield

Infrastructure

Corporation

572,131

187

California

Water

Service

Group

8,503

5,343

CenterPoint

Energy,

Inc.

207,415

3,746

Clearway

Energy,

Inc.,

Class

A

115,302

4,177

Clearway

Energy,

Inc.,

Class

C

136,296

11,335

Constellation

Energy

Corporation

3,942,766

40,831

Duke

Energy

Corporation

4,966,683

36,226

Edison

International

1,888,099

65,728

Entergy

Corporation

5,943,783

2,443

Essential

Utilities,

Inc.

89,902

1,393

Eversource

Energy

92,077

2,181

Exelon

Corporation

98,014

1,006

FirstEnergy

Corporation

42,966

7,875

Hawaiian

Electric

Industries,

Inc.

b

84,420

539

Middlesex

Water

Company

27,812

1,582

New

Jersey

Resources

Corporation

72,630

4,712

NiSource,

Inc.

200,024

909

Northwestern

Energy

Group,

Inc.

48,813

257

Otter

Tail

Corporation

19,835

81,050

PG&E

Corporation

1,136,321

62

Pinnacle

West

Capital

Corporation

5,619

40,174

Portland

General

Electric

Company

1,651,955

38,374

Public

Service

Enterprise

Group,

Inc.

3,445,602

1,221

Spire,

Inc.

90,928

100,306

UGI

Corporation

3,629,071

17,050

Vistra

Energy

Corporation

3,555,607

7,700

XPLR

Infrastructure,

LP

73,381

Total

33,794,586

Total

Common

Stock

(cost

$752,034,414)

965,677,958

Principal

Amount

Long-Term

Fixed

Income

19.0%

Value

Asset-Backed

Securities  0.4%

Access

Group,

Inc.

$

11,179

4.965%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

11,130

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Asset-Backed

Securities  0.4%

-

continued

ALLO

Issuer,

LLC

$

1,100,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

$

1,108,634

Balboa

Bay

Loan

Funding,

Ltd.

1,000,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

1,000,023

750,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

750,332

Barings

CLO,

Ltd.

975,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

c,d

974,980

CarVal

CLO

I,

Ltd.

600,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

600,781

CMFT

Net

Lease

Master

Issuer,

LLC

550,680

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

502,228

Commonbond

Student

Loan

Trust

12,458

4.967%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

12,308

Foundation

Finance

Trust

201,456

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

189,678

GSAA

Home

Equity

Trust

1,534,801

4.289%, 

8/25/2034,

Ser.

2004-10,

Class

M2

d

1,398,723

Hertz

Vehicle

Financing

III,

LLC

550,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

553,207

Hotwire

Funding,

LLC

850,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

858,574

HTAP

Issuer

Trust

642,908

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

635,516

Laurel

Road

Prime

Student

Loan

Trust

255,859

5.960%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

242,254

LCM

41,

Ltd.

450,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

c,d

449,985

MFA

Trust

545,211

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

545,830

National

Collegiate

Trust

118,305

4.729%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

115,686

Oak

Street

Investment

617,555

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

600,002

Palmer

Square

Loan

Funding,

Ltd.

575,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

570,055

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Asset-Backed

Securities  0.4%

-

continued

PRET,

LLC

$

1,250,254

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

c,e

$

1,244,570

580,114

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

c,e

582,125

PRPM,

LLC

900,000

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

c,e

897,806

Sunnova

Hestia

II

Issuer,

LLC

598,830

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

594,543

Unlock

HEA

Trust

517,612

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

517,293

750,487

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

742,102

Vericrest

Opportunity

Loan

Transferee

14,309

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c

14,298

407,542

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c

407,033

388,813

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

384,508

Wind

River

CLO,

Ltd.

150,816

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

150,890

Total

16,655,094

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

113,000

8.625%, 

6/15/2029

c

119,413

Alumina,

Pty.

Ltd.

164,000

6.125%, 

3/15/2030

c

165,809

ATI,

Inc.

116,000

7.250%, 

8/15/2030

121,601

Avient

Corporation

115,000

6.250%, 

11/1/2031

c

115,409

Axalta

Coating

Systems

Dutch

Holding

B

BV

132,000

7.250%, 

2/15/2031

c

137,272

Cascades,

Inc./Cascades

USA,

Inc.

138,000

6.750%, 

7/15/2030

c

137,677

Celanese

US

Holdings,

LLC

134,000

6.850%, 

11/15/2028

139,497

56,000

6.500%, 

4/15/2030

56,630

77,000

6.629%, 

7/15/2032

79,716

124,000

6.750%, 

4/15/2033

a

125,065

Cerdia

Finanz

GmbH

131,000

9.375%, 

10/3/2031

c

137,097

Chemours

Company

184,000

5.750%, 

11/15/2028

c

168,991

Cleveland-Cliffs,

Inc.

244,000

4.625%, 

3/1/2029

c

229,969

89,000

6.875%, 

11/1/2029

c

89,042

140,000

4.875%, 

3/1/2031

a,c

124,229

52,000

7.375%, 

5/1/2033

c

50,625

65,000

6.250%, 

10/1/2040

52,330

Consolidated

Energy

Finance

SA

223,000

5.625%, 

10/15/2028

c

186,736

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Basic

Materials  0.1%

-

continued

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

$

146,000

6.125%, 

6/15/2028

c

$

144,927

Eastman

Chemical

Company

316,000

5.000%, 

8/1/2029

319,553

First

Quantum

Minerals,

Ltd.

38,000

6.875%, 

10/15/2027

c

38,064

79,000

9.375%, 

3/1/2029

c

83,717

92,000

8.625%, 

6/1/2031

c

95,795

Fortescue

Treasury,

Pty.

Ltd.

40,000

4.500%, 

9/15/2027

c

39,425

65,000

5.875%, 

4/15/2030

c

65,814

67,000

6.125%, 

4/15/2032

c

68,320

Glencore

Funding,

LLC

325,000

4.000%, 

3/27/2027

c

321,806

421,000

4.907%, 

4/1/2028

c

424,858

Hecla

Mining

Company

110,000

7.250%, 

2/15/2028

111,228

INEOS

Finance

plc

195,000

7.500%, 

4/15/2029

a,c

193,562

International

Flavors

&

Fragrances,

Inc.

112,000

1.230%, 

10/1/2025

c

111,241

Magnera

Corporation

268,000

7.250%, 

11/15/2031

c

252,255

Mercer

International,

Inc.

89,000

12.875%, 

10/1/2028

c

89,766

76,000

5.125%, 

2/1/2029

61,221

Methanex

Corporation

64,000

5.250%, 

12/15/2029

63,391

Methanex

US

Operations,

Inc.

71,000

6.250%, 

3/15/2032

c

70,378

Mineral

Resources,

Ltd.

100,000

9.250%, 

10/1/2028

c

104,515

46,000

8.500%, 

5/1/2030

a,c

47,087

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

91,000

5.350%, 

3/15/2034

93,143

Novelis

Corporation

68,000

4.750%, 

1/30/2030

c

65,138

90,000

3.875%, 

8/15/2031

c

80,728

Olin

Corporation

78,000

6.625%, 

4/1/2033

c

75,902

Smurfit

Kappa

Treasury,

ULC

253,000

5.777%, 

4/3/2054

251,425

SNF

Group

SACA

147,000

3.375%, 

3/15/2030

c

134,991

Steel

Dynamics,

Inc.

159,000

5.250%, 

5/15/2035

158,791

SunCoke

Energy,

Inc.

269,000

4.875%, 

6/30/2029

c

245,991

Taseko

Mines,

Ltd.

131,000

8.250%, 

5/1/2030

c

136,782

Tronox,

Inc.

65,000

4.625%, 

3/15/2029

a,c

50,571

Total

6,237,493

Capital

Goods  0.3%

Advanced

Drainage

Systems,

Inc.

133,000

6.375%, 

6/15/2030

c

135,010

AECOM

164,000

6.000%, 

8/1/2033

c

165,333

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Capital

Goods  0.3%

-

continued

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

$

79,000

7.000%, 

5/21/2030

c

$

81,314

Amrize

Finance

US,

LLC

232,000

5.400%, 

4/7/2035

c

234,011

Amsted

Industries,

Inc.

15,000

4.625%, 

5/15/2030

c

14,365

157,000

6.375%, 

3/15/2033

c

159,506

Axon

Enterprise,

Inc.

92,000

6.125%, 

3/15/2030

c

93,960

92,000

6.250%, 

3/15/2033

c

94,251

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

c

196,508

200,000

5.250%, 

3/26/2031

c

205,809

Ball

Corporation

81,000

3.125%, 

9/15/2031

72,498

Boeing

Company

265,000

5.040%, 

5/1/2027

266,536

162,000

6.259%, 

5/1/2027

166,137

194,000

6.388%, 

5/1/2031

208,714

360,000

5.705%, 

5/1/2040

357,638

Bombardier,

Inc.

98,000

6.000%, 

2/15/2028

c

98,652

111,000

7.250%, 

7/1/2031

c

115,907

185,000

7.000%, 

6/1/2032

c

191,380

39,000

6.750%, 

6/15/2033

c

40,085

108,000

7.450%, 

5/1/2034

c

116,708

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

208,000

7.500%, 

2/1/2032

c

207,045

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

c

137,043

67,000

6.375%, 

3/1/2034

c

67,985

78,000

6.750%, 

5/15/2035

c

79,973

Camelot

Return

Merger

Sub,

Inc.

97,000

8.750%, 

8/1/2028

c

88,878

Canpack

SA/Canpack

US,

LLC

211,000

3.875%, 

11/15/2029

c

196,554

Chart

Industries,

Inc.

101,000

7.500%, 

1/1/2030

c

105,801

Clean

Harbors,

Inc.

74,000

6.375%, 

2/1/2031

c

75,558

Clydesdale

Acquisition

Holdings,

Inc.

23,000

6.625%, 

4/15/2029

c

23,273

125,000

6.875%, 

1/15/2030

c

127,829

50,000

8.750%, 

4/15/2030

c

51,029

76,000

6.750%, 

4/15/2032

c

77,848

Crown

Cork

&

Seal

Company,

Inc.

95,000

7.375%, 

12/15/2026

97,997

Eaton

Capital,

ULC

200,000

4.450%, 

5/9/2030

199,885

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

203,000

6.625%, 

12/15/2030

c

206,981

ESAB

Corporation

122,000

6.250%, 

4/15/2029

c

124,654

General

Dynamics

Corporation

86,000

4.950%, 

8/15/2035

86,186

General

Electric

Company

334,000

4.300%, 

7/29/2030

332,406

GFL

Environmental,

Inc.

222,000

4.000%, 

8/1/2028

c

215,162

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Capital

Goods  0.3%

-

continued

Herc

Holdings,

Inc.

$

42,000

5.500%, 

7/15/2027

c

$

41,831

105,000

6.625%, 

6/15/2029

c

107,498

100,000

7.000%, 

6/15/2030

c

103,354

71,000

7.250%, 

6/15/2033

c

73,521

Ingersoll

Rand,

Inc.

291,000

5.176%, 

6/15/2029

297,807

60,000

5.700%, 

8/14/2033

62,684

Lockheed

Martin

Corporation

11,000

5.200%, 

2/15/2064

10,006

78,000

6.150%, 

9/1/2036

85,466

Martin

Marietta

Materials,

Inc.

140,000

5.150%, 

12/1/2034

140,434

Mueller

Water

Products,

Inc.

97,000

4.000%, 

6/15/2029

c

92,650

Nesco

Holdings

II,

Inc.

102,000

5.500%, 

4/15/2029

c

99,451

New

Enterprise

Stone

and

Lime

Company,

Inc.

196,000

5.250%, 

7/15/2028

c

194,595

Nordson

Corporation

234,000

5.600%, 

9/15/2028

240,428

Northrop

Grumman

Corporation

550,000

3.850%, 

4/15/2045

432,571

OI

European

Group

BV

141,000

4.750%, 

2/15/2030

c

133,599

Owens-Brockway

Glass

Container,

Inc.

93,000

6.625%, 

5/13/2027

c

93,112

53,000

7.375%, 

6/1/2032

a,c

53,400

Quikrete

Holdings,

Inc.

345,000

6.375%, 

3/1/2032

c

353,830

QXO

Building

Products,

Inc.

116,000

6.750%, 

4/30/2032

c

119,454

Regal

Rexnord

Corporation

284,000

6.050%, 

2/15/2026

283,840

Resideo

Funding,

Inc.

136,000

6.500%, 

7/15/2032

c

137,964

Reworld

Holding

Corporation

167,000

4.875%, 

12/1/2029

c

159,487

Roller

Bearing

Company

of

America,

Inc.

79,000

4.375%, 

10/15/2029

c

75,969

RTX

Corporation

79,000

6.400%, 

3/15/2054

86,034

375,000

4.450%, 

11/16/2038

344,065

353,000

4.500%, 

6/1/2042

311,743

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

104,000

6.125%, 

2/1/2028

c

104,994

Siemens

Funding

BV

279,000

5.800%, 

5/28/2055

c

288,689

Smyrna

Ready

Mix

Concrete,

LLC

252,000

8.875%, 

11/15/2031

c

265,202

Sonoco

Products

Company

277,000

4.600%, 

9/1/2029

275,633

Spirit

AeroSystems,

Inc.

685,000

4.600%, 

6/15/2028

673,941

42,000

9.750%, 

11/15/2030

c

46,192

SRM

Escrow

Issuer,

LLC

37,000

6.000%, 

11/1/2028

c

36,878

Standard

Building

Solutions,

Inc.

76,000

6.500%, 

8/15/2032

c

77,608

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Capital

Goods  0.3%

-

continued

$

184,000

6.250%, 

8/1/2033

c

$

185,753

Standard

Industries,

Inc./NY

65,000

4.750%, 

1/15/2028

c

64,107

65,000

3.375%, 

1/15/2031

c

58,066

Textron,

Inc.

338,000

3.375%, 

3/1/2028

328,710

TopBuild

Corporation

46,000

4.125%, 

2/15/2032

c

42,395

Trane

Technologies

Financing,

Ltd.

211,000

5.100%, 

6/13/2034

214,019

TransDigm,

Inc.

159,000

6.750%, 

8/15/2028

c

162,238

365,000

7.125%, 

12/1/2031

c

380,055

183,000

6.625%, 

3/1/2032

c

188,173

171,000

6.000%, 

1/15/2033

c

171,845

United

Rentals

North

America,

Inc.

180,000

4.875%, 

1/15/2028

178,892

170,000

4.000%, 

7/15/2030

160,829

Waste

Pro

USA,

Inc.

101,000

7.000%, 

2/1/2033

c

104,794

WESCO

Distribution,

Inc.

65,000

6.375%, 

3/15/2029

c

66,670

46,000

6.625%, 

3/15/2032

c

47,463

119,000

6.375%, 

3/15/2033

c

121,827

Total

13,896,175

Collateralized

Mortgage

Obligations  1.0%

A&D

Mortgage

Trust

529,722

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

534,143

Alternative

Loan

Trust

104,990

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

53,111

Arroyo

Mortgage

Trust

1,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

c,e

914,358

BINOM

Securitization

Trust

354,704

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

320,815

Chase

Home

Lending

Mortgage

Trust

850,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

c,d

848,881

CHNGE

Mortgage

Trust

371,081

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

373,411

Citicorp

Mortgage

Securities,

Inc.

346,037

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

313,189

COLT

Mortgage

Loan

Trust

632,533

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

565,309

Countrywide

Alternative

Loan

Trust

117,903

4.136%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

100,679

569,228

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

187,353

Cross

Mortgage

Trust

747,767

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

c,d

747,775

CSMC

Trust

333,950

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

333,821

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Collateralized

Mortgage

Obligations  1.0%

-

continued

$

413,502

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

$

360,525

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,234,528

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,210,831

800,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

765,878

1,450,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,416,807

1,350,000

7.950%, 

(SOFR30A

+

4.000%),

8/25/2025,

Ser.

5567,

Class

MB

d

1,351,490

1,600,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,592,162

141,574

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

9,134

418,086

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

33,691

941,648

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

940,637

1,100,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

884,722

Federal

Home

Loan

Mortgage

Corporation

-

SLST

875,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

f

739,973

Federal

National

Mortgage

Association

-

REMIC

1,150,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,083,362

1,198,129

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,188,466

1,064,435

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

850,245

231,249

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

4,634

Flagstar

Mortgage

Trust

420,669

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

375,858

GCAT

Trust

556,809

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

501,836

1,090,807

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

1,096,857

GS

Mortgage-Backed

Securities

Trust

949,180

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

797,200

1,475,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

c,d

1,429,432

GSR

Mortgage

Loan

Trust

521,347

5.517%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

d

506,286

HOMES

Trust

825,000

6.995%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

825,155

ICAP

Trust

575,000

6.472%, 

7/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

574,778

J.P.

Morgan

Mortgage

Trust

797,433

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

645,411

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Collateralized

Mortgage

Obligations  1.0%

-

continued

$

605,010

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

$

507,895

LHOME

Mortgage

Trust

600,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

604,700

Mello

Mortgage

Capital

Acceptance

865,415

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

696,874

Merrill

Lynch

Alternative

Note

Asset

Trust

145,362

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

47,485

Morgan

Stanley

Residential

Mortgage

Loan

Trust

1,200,000

7.389%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

1,213,275

New

Residential

Mortgage

Loan

Trust

1,687,679

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

1,363,263

OBX

Trust

575,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

518,252

Palisades

Mortgage

Loan

Trust

235,616

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

234,664

PMT

Loan

Trust

1,250,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

1,248,356

1,375,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

c,d

1,334,354

PRET

Trust

650,791

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,e

624,631

PRPM,

LLC

550,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

513,446

RCO

IX

Mortgage,

LLC

863,645

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

c,e

865,308

Residential

Accredit

Loans,

Inc.

Trust

142,587

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

125,604

Roc

Mortgage

Trust

18,234

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

18,179

Saluda

Grade

Alternative

Mortgage

Trust

1,000,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

1,008,960

800,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

801,992

Sequoia

Mortgage

Trust

750,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

c,d

722,923

Toorak

Mortgage

Trust

575,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,e

573,286

TRK

Trust

528,936

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

466,249

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Collateralized

Mortgage

Obligations  1.0%

-

continued

TVC

Mortgage

Trust

$

650,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

$

648,190

Vericrest

Opportunity

Loan

Transferee

7,997

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c

7,993

Verus

Securitization

Trust

289,262

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

256,685

Vontive

Mortgage

Trust

1,050,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

1,057,258

Total

39,938,037

Commercial

Mortgage-Backed

Securities  0.4%

AMSR

Trust

1,000,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

932,029

1,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

c

1,448,019

600,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

581,610

BANK

2022-BNK39

3,960,592

0.416%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,g

90,644

BANK

2025-BNK49

5,293,723

0.626%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,g

252,356

900,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

d

936,387

BBCMS

Mortgage

Trust

650,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

672,755

625,000

5.517%, 

8/15/2058,

Ser.

2025-5C36,

Class

A3

h

645,004

6,954,881

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,g

450,383

5,484,389

1.805%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,g

361,837

Benchmark

Mortgage

Trust

700,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

d

725,923

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,100,000

5.000%, 

2/25/2035,

Ser.

K-170,

Class

A2

d,f

1,123,690

Federal

National

Mortgage

Association

-

REMIC

925,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

867,706

FRTKL

Trust

1,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,010,808

Home

Partners

of

America

Trust

1,055,562

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

1,017,783

830,268

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

740,044

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Commercial

Mortgage-Backed

Securities  0.4%

-

continued

HTAP

Issuer

Trust

$

1,235,717

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

$

1,228,479

Morgan

Stanley

Capital

I

Trust

5,265,478

1.781%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,g

365,352

Wells

Fargo

Commercial

Mortgage

Trust

1,350,000

5.590%, 

7/15/2058,

Ser.

2025-5C5,

Class

A3

1,396,737

Total

14,847,546

Communications

Services  0.5%

AMC

Networks,

Inc.

160,000

10.250%, 

1/15/2029

c

164,196

American

Tower

Corporation

235,000

5.800%, 

11/15/2028

243,956

275,000

2.900%, 

1/15/2030

255,385

261,000

5.000%, 

1/31/2030

265,011

392,000

4.900%, 

3/15/2030

395,526

205,000

5.650%, 

3/15/2033

212,609

AppLovin

Corporation

296,000

5.500%, 

12/1/2034

299,397

AT&T,

Inc.

300,000

5.700%, 

3/1/2057

288,281

342,000

3.650%, 

6/1/2051

240,999

229,000

6.050%, 

8/15/2056

232,143

502,000

3.500%, 

9/15/2053

338,194

300,000

4.900%, 

8/15/2037

286,146

Cable

One,

Inc.

49,000

4.000%, 

11/15/2030

a,c

37,732

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

152,000

5.125%, 

5/1/2027

c

150,756

30,000

5.000%, 

2/1/2028

c

29,438

143,000

5.375%, 

6/1/2029

c

140,452

305,000

4.750%, 

3/1/2030

c

289,809

231,000

4.500%, 

8/15/2030

c

216,128

99,000

4.250%, 

2/1/2031

c

90,427

412,000

4.750%, 

2/1/2032

c

380,837

67,000

4.500%, 

6/1/2033

c

59,478

237,000

4.250%, 

1/15/2034

c

204,212

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

284,000

6.100%, 

6/1/2029

296,257

650,000

3.500%, 

6/1/2041

463,099

Clear

Channel

Outdoor

Holdings,

Inc.

132,000

5.125%, 

8/15/2027

c

131,821

142,000

7.875%, 

4/1/2030

c

146,233

Comcast

Corporation

341,000

5.350%, 

5/15/2053

312,972

130,000

4.400%, 

8/15/2035

122,697

428,000

4.750%, 

3/1/2044

374,929

Crown

Castle,

Inc.

300,000

4.900%, 

9/1/2029

302,147

Deluxe

Corporation

158,000

8.125%, 

9/15/2029

c

162,659

Deutsche

Telekom

International

Finance

BV

569,000

8.750%, 

6/15/2030

667,498

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Communications

Services  0.5%

-

continued

DIRECTV

Financing,

LLC

$

38,000

8.875%, 

2/1/2030

c

$

37,000

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

554,000

5.875%, 

8/15/2027

c

550,955

124,000

10.000%, 

2/15/2031

c

119,583

FiberCop

SPA

235,000

6.000%, 

9/30/2034

c

221,969

Frontier

Communications

Holdings,

LLC

196,000

5.875%, 

10/15/2027

c

196,035

Gray

Media,

Inc.

70,000

10.500%, 

7/15/2029

c

75,754

101,000

7.250%, 

8/15/2033

c

100,469

Iliad

Holding

SASU

172,000

8.500%, 

4/15/2031

c

184,501

110,000

7.000%, 

4/15/2032

c

112,903

LCPR

Senior

Secured

Financing

DAC

245,000

6.750%, 

10/15/2027

c

188,037

Level

3

Financing,

Inc.

35,000

3.625%, 

1/15/2029

c

29,750

79,000

4.875%, 

6/15/2029

a,c

74,062

56,946

11.000%, 

11/15/2029

c

64,564

33,000

10.750%, 

12/15/2030

c

37,166

81,000

4.000%, 

4/15/2031

c

69,660

180,000

6.875%, 

6/30/2033

c

182,404

Lumen

Technologies,

Inc.

35,851

4.125%, 

4/15/2030

c

34,920

McGraw-Hill

Education,

Inc.

194,000

5.750%, 

8/1/2028

c

193,234

Meta

Platforms,

Inc.

170,000

5.600%, 

5/15/2053

168,616

411,000

5.400%, 

8/15/2054

397,156

Netflix,

Inc.

272,000

5.375%, 

11/15/2029

c

282,373

300,000

4.875%, 

6/15/2030

c

305,624

Nexstar

Media,

Inc.

79,000

5.625%, 

7/15/2027

c

78,847

105,000

4.750%, 

11/1/2028

a,c

102,054

Omnicom

Group,

Inc.

130,000

4.200%, 

6/1/2030

127,260

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

125,000

4.625%, 

3/15/2030

a,c

118,662

Paramount

Global

56,000

6.375%, 

3/30/2062

d

55,160

Rogers

Communications,

Inc.

55,000

7.000%, 

4/15/2055

d

56,230

173,000

7.125%, 

4/15/2055

d

177,031

304,000

5.000%, 

2/15/2029

307,887

Scripps

Escrow

II,

Inc.

115,000

3.875%, 

1/15/2029

c

102,094

Sinclair

Television

Group,

Inc.

80,000

8.125%, 

2/15/2033

c

81,601

Sirius

XM

Radio,

LLC

56,000

5.000%, 

8/1/2027

c

55,391

105,000

4.000%, 

7/15/2028

c

99,938

125,000

4.125%, 

7/1/2030

c

114,029

180,000

3.875%, 

9/1/2031

a,c

158,800

SoftBank

Corporation

313,000

5.332%, 

7/9/2035

c

309,360

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Communications

Services  0.5%

-

continued

Sprint

Capital

Corporation

$

526,000

8.750%, 

3/15/2032

$

635,354

Take-Two

Interactive

Software,

Inc.

221,000

5.600%, 

6/12/2034

227,971

TEGNA,

Inc.

188,000

4.625%, 

3/15/2028

182,495

Telecom

Italia

Capital

SA

72,000

6.000%, 

9/30/2034

a

71,393

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

c

197,482

TELUS

Corporation

184,000

6.625%, 

10/15/2055

d

186,330

T-Mobile

USA,

Inc.

569,000

3.600%, 

11/15/2060

375,536

352,000

4.850%, 

1/15/2029

356,303

300,000

4.375%, 

4/15/2040

265,040

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

25,000

10.500%, 

2/15/2028

c

26,422

198,000

4.750%, 

4/15/2028

c

191,885

Univision

Communications,

Inc.

27,000

8.000%, 

8/15/2028

c

27,738

318,000

4.500%, 

5/1/2029

c

294,238

97,000

7.375%, 

6/30/2030

c

96,467

117,000

8.500%, 

7/31/2031

c

118,822

Verizon

Communications,

Inc.

994,000

2.650%, 

11/20/2040

696,935

500,000

3.400%, 

3/22/2041

385,503

Viasat,

Inc.

70,000

5.625%, 

4/15/2027

c

69,662

Virgin

Media

Finance

plc

72,000

5.000%, 

7/15/2030

c

64,903

Virgin

Media

Secured

Finance

plc

151,000

5.500%, 

5/15/2029

c

147,610

Virgin

Media

Vendor

Financing

Notes

IV

DAC

219,000

5.000%, 

7/15/2028

c

212,385

VMED

O2

UK

Financing

I

plc

69,000

7.750%, 

4/15/2032

c

71,878

Vodafone

Group

plc

80,000

4.125%, 

6/4/2081

d

73,674

98,000

5.125%, 

6/4/2081

d

75,566

VZ

Secured

Financing

BV

235,000

5.000%, 

1/15/2032

c

206,669

Warnermedia

Holdings,

Inc.

429,000

4.054%, 

3/15/2029

402,805

237,000

4.279%, 

3/15/2032

a

199,018

307,000

5.050%, 

3/15/2042

205,214

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

92,000

8.250%, 

10/1/2031

c

96,314

Zegona

Finance

plc

133,000

8.625%, 

7/15/2029

c

141,578

Ziggo

BV

70,000

4.875%, 

1/15/2030

c

64,664

Total

19,740,357

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

$

47,000

3.875%, 

1/15/2028

c

$

45,334

104,000

4.375%, 

1/15/2028

c

101,628

71,000

6.125%, 

6/15/2029

c

72,567

122,000

5.625%, 

9/15/2029

c

122,728

Adient

Global

Holdings,

Ltd.

45,000

8.250%, 

4/15/2031

c

47,038

72,000

7.500%, 

2/15/2033

c

73,423

ADT

Security

Corporation

107,000

4.125%, 

8/1/2029

c

102,359

107,000

4.875%, 

7/15/2032

c

101,684

Advance

Auto

Parts,

Inc.

132,000

7.000%, 

8/1/2030

c,h

132,672

154,000

7.375%, 

8/1/2033

c,h

154,825

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

404,000

4.625%, 

6/1/2028

c

391,925

Allison

Transmission,

Inc.

53,000

3.750%, 

1/30/2031

c

48,439

American

Axle

&

Manufacturing,

Inc.

182,000

5.000%, 

10/1/2029

a

165,136

Asbury

Automotive

Group,

Inc.

111,000

5.000%, 

2/15/2032

c

104,995

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

140,000

4.625%, 

8/1/2029

c

132,276

Aston

Martin

Capital

Holdings,

Ltd.

119,000

10.000%, 

3/31/2029

c

113,497

Bath

&

Body

Works,

Inc.

57,000

6.950%, 

3/1/2033

58,600

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

101,000

9.500%, 

7/1/2032

c

104,079

Beach

Acquisition

Bidco,

LLC

200,000

10.000%, 

7/15/2033

c

208,515

Belron

UK

Finance

plc

202,000

5.750%, 

10/15/2029

c

203,896

Boyd

Gaming

Corporation

132,000

4.750%, 

6/15/2031

c

125,730

Boyne

USA,

Inc.

105,000

4.750%, 

5/15/2029

c

101,751

Brightstar

Lottery

plc

251,000

5.250%, 

1/15/2029

c

249,085

Brinker

International,

Inc.

148,000

8.250%, 

7/15/2030

c

156,994

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

237,000

4.875%, 

2/15/2030

c

215,509

Caesars

Entertainment,

Inc.

400,000

4.625%, 

10/15/2029

a,c

378,014

78,000

6.500%, 

2/15/2032

c

79,546

75,000

6.000%, 

10/15/2032

a,c

72,389

Carnival

Corporation

26,000

5.750%, 

3/1/2027

c

26,259

181,000

6.000%, 

5/1/2029

c

182,605

93,000

5.750%, 

8/1/2032

c

93,630

107,000

6.125%, 

2/15/2033

c

108,898

Carvana

Company

55,003

9.000%,PIK

0.000%,

12/1/2028

c,i

56,265

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Cyclical  0.6%

-

continued

$

121,000

11.000%, 

6/1/2030

c

$

126,562

159,000

9.000%, 

6/1/2031

c

189,078

Churchill

Downs,

Inc.

69,000

4.750%, 

1/15/2028

c

68,053

69,000

6.750%, 

5/1/2031

c

70,451

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

19,000

6.750%, 

5/15/2028

c

19,426

Cushman

&

Wakefield

US

Borrower,

LLC

32,000

6.750%, 

5/15/2028

c

32,243

Dana,

Inc.

95,000

4.500%, 

2/15/2032

a

92,705

eG

Global

Finance

plc

32,000

12.000%, 

11/30/2028

c

35,357

Expedia

Group,

Inc.

431,000

5.400%, 

2/15/2035

434,052

Ford

Motor

Credit

Company,

LLC

360,000

5.850%, 

5/17/2027

362,467

354,000

2.900%, 

2/10/2029

322,249

315,000

7.122%, 

11/7/2033

327,536

Forestar

Group,

Inc.

148,000

6.500%, 

3/15/2033

c

148,576

FORVIA

SE

192,000

8.000%, 

6/15/2030

a,c

199,982

Gap,

Inc.

46,000

3.625%, 

10/1/2029

c

42,449

52,000

3.875%, 

10/1/2031

c

46,211

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

127,000

7.750%, 

5/31/2032

c

131,797

General

Motors

Company

281,000

6.125%, 

10/1/2025

281,344

272,000

5.350%, 

4/15/2028

276,416

General

Motors

Financial

Company,

Inc.

120,000

5.400%, 

5/8/2027

121,565

413,000

5.800%, 

1/7/2029

425,801

400,000

4.900%, 

10/6/2029

399,355

403,000

5.450%, 

7/15/2030

409,944

146,000

5.625%, 

4/4/2032

148,297

Genting

New

York,

LLC/GENNY

Capital,

Inc.

139,000

7.250%, 

10/1/2029

c

143,110

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

78,000

11.500%, 

8/15/2029

c

77,422

169,000

8.750%, 

1/15/2032

c

149,646

GLP

Capital,

LP

469,000

5.750%, 

6/1/2028

479,140

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

64,000

3.500%, 

3/1/2029

c

60,070

Goodyear

Tire

&

Rubber

Company

64,000

4.875%, 

3/15/2027

63,724

69,000

5.000%, 

7/15/2029

a

66,938

119,000

5.250%, 

4/30/2031

a

113,014

Group

1

Automotive,

Inc.

126,000

6.375%, 

1/15/2030

c

128,339

Hanesbrands,

Inc.

80,000

9.000%, 

2/15/2031

a,c

84,201

Harley-Davidson

Financial

Services,

Inc.

269,000

5.950%, 

6/11/2029

c

274,339

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Cyclical  0.6%

-

continued

Hilton

Domestic

Operating

Company,

Inc.

$

292,000

4.875%, 

1/15/2030

$

287,991

32,000

4.000%, 

5/1/2031

c

29,859

187,000

3.625%, 

2/15/2032

c

168,604

81,000

5.750%, 

9/15/2033

c

81,077

Home

Depot,

Inc.

228,000

4.250%, 

4/1/2046

190,553

340,000

3.900%, 

6/15/2047

265,642

Hyundai

Capital

America

375,000

1.800%, 

1/10/2028

c

350,701

310,000

5.300%, 

6/24/2029

c

315,363

Jacobs

Entertainment,

Inc.

178,000

6.750%, 

2/15/2029

c

173,550

K

Hovnanian

Enterprises,

Inc.

98,000

11.750%, 

9/30/2029

c

106,113

KB

Home

215,000

4.800%, 

11/15/2029

210,101

L

Brands,

Inc.

201,000

6.625%, 

10/1/2030

c

205,742

110,000

6.875%, 

11/1/2035

113,188

Las

Vegas

Sands

Corporation

99,000

5.900%, 

6/1/2027

100,652

499,000

5.625%, 

6/15/2028

506,941

Lennar

Corporation

329,000

5.200%, 

7/30/2030

335,167

Life

Time,

Inc.

98,000

6.000%, 

11/15/2031

c

98,723

Light

&

Wonder

International,

Inc.

65,000

7.250%, 

11/15/2029

c

66,748

Lithia

Motors,

Inc.

130,000

4.625%, 

12/15/2027

c

127,983

Live

Nation

Entertainment,

Inc.

71,000

4.750%, 

10/15/2027

c

69,902

Lowe's

Companies,

Inc.

228,000

5.625%, 

4/15/2053

217,988

498,000

2.625%, 

4/1/2031

447,457

Macy's

Retail

Holdings,

LLC

63,000

6.125%, 

3/15/2032

a,c

60,321

41,000

7.375%, 

8/1/2033

c

41,156

75,000

4.500%, 

12/15/2034

60,714

Marriott

International,

Inc./MD

231,000

5.100%, 

4/15/2032

233,714

Match

Group

Holdings

II,

LLC

147,000

4.125%, 

8/1/2030

c

137,095

Mattamy

Group

Corporation

129,000

5.250%, 

12/15/2027

c

128,073

McDonald's

Corporation

470,000

4.450%, 

3/1/2047

393,797

Melco

Resorts

Finance,

Ltd.

176,000

5.375%, 

12/4/2029

c

167,828

293,000

7.625%, 

4/17/2032

c

301,154

Meritage

Homes

Corporation

306,000

5.650%, 

3/15/2035

304,794

MGM

Resorts

International

67,000

4.625%, 

9/1/2026

66,744

108,000

6.125%, 

9/15/2029

109,480

Michaels

Companies,

Inc.

54,000

5.250%, 

5/1/2028

c

42,821

Muvico,

LLC

116,000

9.000%,PIK

6.000%,

2/19/2029

c,i

124,968

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Cyclical  0.6%

-

continued

NCL

Corporation,

Ltd.

$

12,000

5.875%, 

3/15/2026

a,c

$

12,022

158,000

5.875%, 

2/15/2027

c

158,468

279,000

6.750%, 

2/1/2032

c

286,567

New

Home

Company,

Inc.

79,000

8.500%, 

11/1/2030

c

80,657

Nissan

Motor

Company,

Ltd.

255,000

7.500%, 

7/17/2030

c

263,081

194,000

4.810%, 

9/17/2030

c

178,294

Parkland

Corporation

70,000

6.625%, 

8/15/2032

c

71,549

Phinia,

Inc.

100,000

6.625%, 

10/15/2032

c

101,869

Rakuten

Group,

Inc.

95,000

11.250%, 

2/15/2027

c

102,956

115,000

9.750%, 

4/15/2029

c

125,915

177,000

8.125%, 

12/15/2029

c,d,j

175,640

Raven

Acquisition

Holdings,

LLC

179,000

6.875%, 

11/15/2031

c

180,795

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

100,000

4.625%, 

4/16/2029

c

88,944

S&S

Holdings,

LLC

257,000

8.375%, 

10/1/2031

c

246,231

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

72,000

6.625%, 

3/1/2030

c

69,361

SeaWorld

Parks

and

Entertainment,

Inc.

153,000

5.250%, 

8/15/2029

a,c

148,923

Service

Corporation

International/

US

64,000

3.375%, 

8/15/2030

58,322

47,000

4.000%, 

5/15/2031

43,599

106,000

5.750%, 

10/15/2032

106,251

Six

Flags

Entertainment

Corporation

32,000

7.250%, 

5/15/2031

a,c

32,614

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

32,000

5.375%, 

4/15/2027

31,958

217,000

5.250%, 

7/15/2029

a

210,865

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

32,000

6.625%, 

5/1/2032

c

32,586

Sonic

Automotive,

Inc.

155,000

4.875%, 

11/15/2031

c

146,086

Staples,

Inc.

99,000

10.750%, 

9/1/2029

c

92,828

Station

Casinos,

LLC

111,000

4.625%, 

12/1/2031

c

103,877

Stellantis

Finance

US,

Inc.

347,000

5.750%, 

3/18/2030

c

347,668

200,000

6.450%, 

3/18/2035

c

200,167

Tenneco,

Inc.

144,000

8.000%, 

11/17/2028

c

142,927

Toyota

Motor

Credit

Corporation

329,000

4.800%, 

5/15/2030

333,717

111,000

4.800%, 

1/5/2034

110,800

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Cyclical  0.6%

-

continued

Uber

Technologies,

Inc.

$

232,000

5.350%, 

9/15/2054

$

216,726

285,000

4.800%, 

9/15/2034

279,935

Vail

Resorts,

Inc.

56,000

5.625%, 

7/15/2030

c

56,308

VICI

Properties,

LP/VICI

Note

Company,

Inc.

136,000

5.750%, 

2/1/2027

c

137,448

176,000

4.125%, 

8/15/2030

c

168,158

Victoria's

Secret

&

Company

201,000

4.625%, 

7/15/2029

a,c

187,053

Victra

Holdings,

LLC/Victra

Finance

Corporation

102,000

8.750%, 

9/15/2029

a,c

106,899

Viking

Cruises,

Ltd.

252,000

5.875%, 

9/15/2027

c

251,837

Walgreens

Boots

Alliance,

Inc.

48,000

4.100%, 

4/15/2050

41,099

203,000

3.200%, 

4/15/2030

197,040

Walmart,

Inc.

298,000

4.500%, 

9/9/2052

258,950

193,000

4.900%, 

4/28/2035

194,268

Wayfair,

LLC

54,000

7.250%, 

10/31/2029

c

54,944

45,000

7.750%, 

9/15/2030

c

46,120

Wyndham

Hotels

&

Resorts,

Inc.

98,000

4.375%, 

8/15/2028

c

95,101

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

60,000

5.125%, 

10/1/2029

c

59,537

153,000

7.125%, 

2/15/2031

c

162,732

Yum!

Brands,

Inc.

170,000

4.750%, 

1/15/2030

c

167,555

ZF

North

America

Capital,

Inc.

93,000

7.125%, 

4/14/2030

c

90,145

70,000

6.750%, 

4/23/2030

c

66,613

Total

24,450,859

Consumer

Non-Cyclical  0.7%

1261229

B.C.,

Ltd.

170,000

10.000%, 

4/15/2032

c

173,075

Abbott

Laboratories

375,000

4.750%, 

11/30/2036

369,262

AbbVie,

Inc.

122,000

5.400%, 

3/15/2054

117,561

755,000

4.500%, 

5/14/2035

725,403

271,000

5.350%, 

3/15/2044

264,720

Acadia

Healthcare

Company,

Inc.

103,000

5.000%, 

4/15/2029

c

99,528

90,000

7.375%, 

3/15/2033

a,c

92,664

AdaptHealth,

LLC

282,000

4.625%, 

8/1/2029

a,c

264,247

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

201,000

4.625%, 

1/15/2027

c

199,371

214,000

3.500%, 

3/15/2029

c

201,814

30,000

6.250%, 

3/15/2033

c

30,578

Altria

Group,

Inc.

227,000

4.875%, 

2/4/2028

229,105

237,000

6.875%, 

11/1/2033

263,625

Amgen,

Inc.

375,000

4.200%, 

2/22/2052

291,003

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

$

340,000

5.600%, 

3/2/2043

$

335,857

Amneal

Pharmaceuticals,

LLC

41,000

6.875%, 

8/1/2032

c,h

41,614

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

486,000

4.700%, 

2/1/2036

471,254

Anheuser-Busch

InBev

Worldwide,

Inc.

330,000

5.450%, 

1/23/2039

334,166

305,000

5.550%, 

1/23/2049

299,842

Archer-Daniels-Midland

Company

450,000

2.700%, 

9/15/2051

272,100

AstraZeneca

plc

600,000

3.000%, 

5/28/2051

400,396

BAT

Capital

Corporation

218,000

6.250%, 

8/15/2055

220,239

244,000

7.079%, 

8/2/2043

268,510

Bausch

+

Lomb

Corporation

36,000

8.375%, 

10/1/2028

c

37,534

Becton,

Dickinson

and

Company

132,000

3.794%, 

5/20/2050

97,911

BellRing

Brands,

Inc.

69,000

7.000%, 

3/15/2030

c

71,582

Bristol-Myers

Squibb

Company

568,000

3.550%, 

3/15/2042

446,149

Bunge,

Ltd.

Finance

Corporation

295,000

3.200%, 

4/21/2031

c

271,199

87,000

4.650%, 

9/17/2034

83,977

Cargill,

Inc.

336,000

3.125%, 

5/25/2051

c

219,675

350,000

5.125%, 

2/11/2035

c

352,149

Cencora,

Inc.

245,000

5.150%, 

2/15/2035

245,636

Central

Garden

&

Pet

Company

92,000

4.125%, 

10/15/2030

a

86,457

Champ

Acquisition

Corporation

157,000

8.375%, 

12/1/2031

c

166,097

CHS/Community

Health

Systems,

Inc.

202,000

5.625%, 

3/15/2027

c

202,318

138,000

6.000%, 

1/15/2029

c

131,172

79,000

6.875%, 

4/15/2029

c

61,422

75,000

4.750%, 

2/15/2031

c

62,755

92,000

10.875%, 

1/15/2032

c

96,451

180,000

9.750%, 

1/15/2034

c,h

181,150

Conagra

Brands,

Inc.

394,000

1.375%, 

11/1/2027

366,057

346,000

5.750%, 

8/1/2035

346,819

Concentra

Health

Services,

Inc.

57,000

6.875%, 

7/15/2032

c

58,567

Constellation

Brands,

Inc.

192,000

2.875%, 

5/1/2030

177,516

CVS

Health

Corporation

157,000

7.000%, 

3/10/2055

d

161,528

207,000

6.750%, 

12/10/2054

d

207,171

259,000

4.780%, 

3/25/2038

236,670

404,000

6.000%, 

6/1/2044

397,912

396,000

5.125%, 

7/20/2045

347,476

DaVita,

Inc.

142,000

3.750%, 

2/15/2031

c

128,774

133,000

6.875%, 

9/1/2032

c

136,742

79,000

6.750%, 

7/15/2033

c

81,472

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Edgewell

Personal

Care

Company

$

196,000

5.500%, 

6/1/2028

c

$

194,526

Eli

Lilly

&

Company

170,000

5.500%, 

2/12/2055

169,198

169,000

4.950%, 

2/27/2063

151,606

Embecta

Corporation

54,000

6.750%, 

2/15/2030

a,c

51,605

Encompass

Health

Corporation

104,000

4.500%, 

2/1/2028

102,256

Endo

Finance

Holdings,

Inc.

64,000

8.500%, 

4/15/2031

a,c

68,085

Energizer

Holdings,

Inc.

171,000

4.750%, 

6/15/2028

c

166,121

Fortrea

Holdings,

Inc.

34,000

7.500%, 

7/1/2030

a,c

31,086

General

Mills,

Inc.

91,000

4.950%, 

3/29/2033

90,759

Grifols

SA

168,000

4.750%, 

10/15/2028

c

161,836

HCA,

Inc.

337,000

5.250%, 

3/1/2030

344,249

396,000

3.500%, 

9/1/2030

373,299

222,000

5.450%, 

9/15/2034

222,899

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

129,000

7.875%, 

9/1/2025

a,c

129,323

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

107,000

12.250%, 

4/15/2029

c

115,956

77,000

4.875%, 

6/1/2029

c

64,169

Illumina,

Inc.

277,000

4.650%, 

9/9/2026

276,859

Imperial

Brands

Finance

plc

400,000

3.875%, 

7/26/2029

c

387,201

Insulet

Corporation

45,000

6.500%, 

4/1/2033

c

46,257

IQVIA,

Inc.

158,000

6.250%, 

6/1/2032

c

162,022

Jazz

Securities

DAC

99,000

4.375%, 

1/15/2029

c

95,770

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

392,000

3.000%, 

5/15/2032

343,198

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

332,000

6.375%, 

4/15/2066

c

327,223

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

330,000

5.950%, 

4/20/2035

c

340,508

Johnson

&

Johnson

258,000

5.250%, 

6/1/2054

254,350

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

125,000

9.000%, 

2/15/2029

c

130,451

Kenvue,

Inc.

386,000

4.850%, 

5/22/2032

388,920

Keurig

Dr

Pepper,

Inc.

259,000

5.150%, 

5/15/2035

257,612

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Kimberly-Clark

Corporation

$

390,000

3.900%, 

5/4/2047

$

309,895

Kraft

Heinz

Foods

Company

234,000

4.375%, 

6/1/2046

185,911

Lamb

Weston

Holdings,

Inc.

70,000

4.125%, 

1/31/2030

c

66,592

72,000

4.375%, 

1/31/2032

c

67,274

LifePoint

Health,

Inc.

100,000

9.875%, 

8/15/2030

c

107,779

72,000

11.000%, 

10/15/2030

c

79,135

55,000

10.000%, 

6/1/2032

c

57,097

L'Oreal

SA

200,000

5.000%, 

5/20/2035

c

201,732

Mars,

Inc.

60,000

5.650%, 

5/1/2045

c

59,588

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

82,000

6.250%, 

4/1/2029

c

83,611

Mozart

Debt

Merger

Sub,

Inc.

379,000

3.875%, 

4/1/2029

c

361,443

197,000

5.250%, 

10/1/2029

c

193,151

Newell

Brands,

Inc.

66,000

6.375%, 

9/15/2027

66,516

65,000

6.625%, 

9/15/2029

64,712

42,000

6.375%, 

5/15/2030

40,700

Novartis

Capital

Corporation

260,000

4.700%, 

9/18/2054

230,393

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

248,000

5.125%, 

4/30/2031

a,c

214,549

Owens

&

Minor,

Inc.

79,000

6.625%, 

4/1/2030

a,c

71,139

PepsiCo,

Inc.

225,000

4.200%, 

7/18/2052

183,535

477,000

4.650%, 

7/23/2032

476,614

Performance

Food

Group,

Inc.

145,000

4.250%, 

8/1/2029

c

139,408

181,000

6.125%, 

9/15/2032

c

183,803

Perrigo

Finance

Unlimited

Company

100,000

4.900%, 

6/15/2030

97,509

62,000

6.125%, 

9/30/2032

62,649

Pfizer

Investment

Enterprises,

Private

Ltd.

511,000

5.300%, 

5/19/2053

477,150

230,000

5.110%, 

5/19/2043

217,738

Philip

Morris

International,

Inc.

236,000

5.500%, 

9/7/2030

245,947

120,000

5.125%, 

2/13/2031

122,541

341,000

5.375%, 

2/15/2033

349,949

333,000

4.900%, 

11/1/2034

328,610

Post

Holdings,

Inc.

95,000

4.625%, 

4/15/2030

c

90,744

252,000

4.500%, 

9/15/2031

c

232,927

92,000

6.250%, 

10/15/2034

c

92,115

Prime

Healthcare

Services,

Inc.

262,000

9.375%, 

9/1/2029

c

260,363

Radiology

Partners,

Inc.

161,000

8.500%, 

7/15/2032

c

162,676

Roche

Holdings,

Inc.

228,000

4.000%, 

11/28/2044

c

188,069

Royalty

Pharma

plc

235,000

5.150%, 

9/2/2029

239,320

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Select

Medical

Corporation

$

69,000

6.250%, 

12/1/2032

a,c

$

68,822

Simmons

Foods,

Inc.

196,000

4.625%, 

3/1/2029

c

185,478

Sotera

Health

Holdings,

LLC

69,000

7.375%, 

6/1/2031

c

71,379

Spectrum

Brands,

Inc.

15,000

3.875%, 

3/15/2031

c

11,967

Star

Parent,

Inc.

54,000

9.000%, 

10/1/2030

c

56,786

Stryker

Corporation

277,000

5.200%, 

2/10/2035

281,307

Sysco

Corporation

325,000

6.600%, 

4/1/2040

354,234

Takeda

Pharmaceutical

Company,

Ltd.

340,000

3.175%, 

7/9/2050

221,746

346,000

5.650%, 

7/5/2044

342,337

Takeda

US

Financing,

Inc.

200,000

5.200%, 

7/7/2035

199,250

Tenet

Healthcare

Corporation

302,000

5.125%, 

11/1/2027

300,778

198,000

4.375%, 

1/15/2030

190,365

244,000

6.750%, 

5/15/2031

251,064

Teva

Pharmaceutical

Finance

Company,

LLC

67,000

6.150%, 

2/1/2036

68,065

US

Acute

Care

Solutions,

LLC

208,000

9.750%, 

5/15/2029

c

212,518

Whirlpool

Corporation

71,000

6.500%, 

6/15/2033

69,962

Wyeth,

LLC

229,000

6.500%, 

2/1/2034

254,309

Zoetis,

Inc.

509,000

4.700%, 

2/1/2043

462,258

Total

27,089,125

Energy  0.4%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

33,000

7.500%, 

10/1/2029

c

34,575

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

122,000

5.375%, 

6/15/2029

c

120,974

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

98,000

6.250%, 

4/1/2028

c

97,994

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

66,000

5.875%, 

6/30/2029

c

65,764

79,000

6.625%, 

7/15/2033

c

80,095

Baytex

Energy

Corporation

109,000

8.500%, 

4/30/2030

c

110,923

52,000

7.375%, 

3/15/2032

c

50,287

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

105,000

7.000%, 

7/15/2029

c

108,885

BP

Capital

Markets

America,

Inc.

613,000

2.939%, 

6/4/2051

380,334

Buckeye

Partners,

LP

90,000

4.500%, 

3/1/2028

c

87,853

60,000

6.875%, 

7/1/2029

c

61,764

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Energy  0.4%

-

continued

$

32,000

6.750%, 

2/1/2030

c

$

33,128

California

Resources

Corporation

79,000

8.250%, 

6/15/2029

c

81,152

Cheniere

Energy

Partners,

LP

823,000

4.500%, 

10/1/2029

814,070

Cheniere

Energy,

Inc.

64,000

5.650%, 

4/15/2034

65,101

Civitas

Resources,

Inc.

50,000

8.375%, 

7/1/2028

c

51,416

236,000

8.750%, 

7/1/2031

c

238,912

118,000

9.625%, 

6/15/2033

c

121,372

CNX

Resources

Corporation

67,000

6.000%, 

1/15/2029

c

66,964

Columbia

Pipelines

Holding

Company,

LLC

240,000

6.042%, 

8/15/2028

c

249,442

Columbia

Pipelines

Operating

Company,

LLC

59,000

5.927%, 

8/15/2030

c

62,092

Comstock

Resources,

Inc.

103,000

6.750%, 

3/1/2029

c

101,174

230,000

5.875%, 

1/15/2030

c

217,117

Continental

Resources,

Inc.

398,000

2.268%, 

11/15/2026

c

385,239

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

129,000

5.500%, 

6/15/2031

c

126,022

Crescent

Energy

Finance,

LLC

181,000

7.625%, 

4/1/2032

c

176,875

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

142,000

8.625%, 

3/15/2029

c

147,781

80,000

7.375%, 

6/30/2033

c

79,083

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

47,000

8.500%, 

10/1/2030

c

48,985

Diamondback

Energy,

Inc.

356,000

5.750%, 

4/18/2054

330,649

Eastern

Energy

Gas

Holdings,

LLC

455,000

5.800%, 

1/15/2035

471,938

Enbridge,

Inc.

390,000

5.250%, 

4/5/2027

394,491

Enerflex,

Ltd.

51,000

9.000%, 

10/15/2027

c

52,518

Energy

Transfer,

LP

154,000

8.000%, 

5/15/2054

d

164,054

176,000

4.000%, 

10/1/2027

174,262

175,000

5.150%, 

2/1/2043

153,987

445,000

6.000%, 

6/15/2048

426,064

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

197,532

Excelerate

Energy,

LP

78,000

8.000%, 

5/15/2030

c

81,655

Exxon

Mobil

Corporation

450,000

3.452%, 

4/15/2051

317,610

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

106,000

8.875%, 

4/15/2030

112,210

158,000

7.875%, 

5/15/2032

163,404

Gulfport

Energy

Operating

Corporation

48,000

6.750%, 

9/1/2029

c

48,780

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Energy  0.4%

-

continued

Halliburton

Company

$

228,000

5.000%, 

11/15/2045

$

200,000

Harvest

Midstream

I,

LP

145,000

7.500%, 

9/1/2028

c

146,765

Hess

Midstream

Operations,

LP

143,000

4.250%, 

2/15/2030

c

138,365

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

200,000

5.750%, 

2/1/2029

c

196,457

64,000

6.000%, 

4/15/2030

c

62,934

149,000

6.250%, 

4/15/2032

c

143,037

Howard

Midstream

Energy

Partners,

LLC

186,000

7.375%, 

7/15/2032

c

192,309

ITT

Holdings,

LLC

239,000

6.500%, 

8/1/2029

c

227,650

Kodiak

Gas

Services,

LLC

79,000

7.250%, 

2/15/2029

c

80,907

MEG

Energy

Corporation

79,000

5.875%, 

2/1/2029

c

79,010

Moss

Creek

Resources

Holdings,

Inc.

46,000

8.250%, 

9/1/2031

c

44,903

MPLX,

LP

455,000

4.950%, 

9/1/2032

449,461

84,000

5.000%, 

3/1/2033

82,722

Nabors

Industries,

Inc.

64,000

7.375%, 

5/15/2027

c

64,592

162,000

9.125%, 

1/31/2030

c

160,337

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

52,000

8.125%, 

2/15/2029

c

51,458

190,000

8.375%, 

2/15/2032

a,c

185,858

Noble

Finance

II,

LLC

136,000

8.000%, 

4/15/2030

c

138,716

Northern

Oil

and

Gas,

Inc.

109,000

8.750%, 

6/15/2031

c

111,985

NuStar

Logistics,

LP

127,000

6.375%, 

10/1/2030

130,835

Occidental

Petroleum

Corporation

218,000

5.000%, 

8/1/2027

219,568

ONEOK,

Inc.

191,000

5.700%, 

11/1/2054

175,404

121,000

5.000%, 

3/1/2026

121,121

254,000

4.750%, 

10/15/2031

251,603

155,000

5.600%, 

4/1/2044

141,814

Ovintiv,

Inc.

295,000

7.200%, 

11/1/2031

320,831

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

95,000

6.000%, 

2/15/2028

91,424

103,000

7.875%, 

9/15/2030

c

93,940

Permian

Resources

Operating,

LLC

125,000

6.250%, 

2/1/2033

c

125,744

Prairie

Acquiror,

LP

105,000

9.000%, 

8/1/2029

c

108,758

Precision

Drilling

Corporation

89,000

6.875%, 

1/15/2029

c

88,943

Range

Resources

Corporation

94,000

4.750%, 

2/15/2030

c

91,374

Rockies

Express

Pipeline,

LLC

164,000

4.950%, 

7/15/2029

c

160,796

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Energy  0.4%

-

continued

Saturn

Oil

&

Gas,

Inc.

$

43,000

9.625%, 

6/15/2029

a,c

$

42,577

SM

Energy

Company

105,000

6.500%, 

7/15/2028

105,652

46,000

7.000%, 

8/1/2032

c

45,550

South

Bow

USA

Infrastructure

Holdings,

LLC

303,000

5.026%, 

10/1/2029

c

302,734

118,000

5.584%, 

10/1/2034

c

116,480

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

64,000

5.875%, 

3/1/2027

63,780

Sunoco,

LP

191,000

7.000%, 

5/1/2029

c

197,698

Sunoco,

LP/Sunoco

Finance

Corporation

94,000

5.875%, 

3/15/2028

93,744

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

315,000

5.500%, 

1/15/2028

c

312,171

95,000

7.375%, 

2/15/2029

c

97,472

Talos

Production,

Inc.

51,000

9.000%, 

2/1/2029

c

52,270

Targa

Resources

Corporation

152,000

6.125%, 

5/15/2055

148,500

400,000

4.200%, 

2/1/2033

373,965

TGNR

Intermediate

Holdings,

LLC

123,000

5.500%, 

10/15/2029

c

119,816

Tidewater,

Inc.

40,000

9.125%, 

7/15/2030

c

41,952

TotalEnergies

Capital

SA

205,000

5.275%, 

9/10/2054

190,214

Transocean,

Inc.

239,200

8.750%, 

2/15/2030

c

247,995

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

114,000

7.125%, 

3/15/2029

c

116,537

Valaris,

Ltd.

116,000

8.375%, 

4/30/2030

c

119,815

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

c

205,817

Venture

Global

LNG,

Inc.

236,000

8.125%, 

6/1/2028

c

244,334

121,000

9.000%, 

9/30/2029

c,d,j

121,031

94,000

7.000%, 

1/15/2030

c

95,317

376,000

8.375%, 

6/1/2031

c

388,919

134,000

9.875%, 

2/1/2032

c

144,579

Venture

Global

Plaquemines

LNG,

LLC

154,000

6.500%, 

1/15/2034

c

158,428

77,000

7.750%, 

5/1/2035

c

84,428

231,000

6.750%, 

1/15/2036

c

237,631

Vital

Energy,

Inc.

107,000

7.750%, 

7/31/2029

c

97,359

80,000

7.875%, 

4/15/2032

a,c

70,217

Western

Midstream

Operating,

LP

234,000

6.350%, 

1/15/2029

244,330

114,000

6.150%, 

4/1/2033

118,907

Williams

Companies,

Inc.

420,000

7.500%, 

1/15/2031

470,820

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Energy  0.4%

-

continued

$

145,000

5.600%, 

3/15/2035

$

148,208

Total

17,853,395

Financials  1.7%

200

Park

Funding

Trust

188,000

5.740%, 

2/15/2055

c

184,889

Acrisure,

LLC/Acrisure

Finance,

Inc.

44,000

4.250%, 

2/15/2029

c

42,007

65,000

7.500%, 

11/6/2030

c

67,150

AEGON

Funding

Company,

LLC

383,000

5.500%, 

4/16/2027

a,c

386,850

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

259,000

6.100%, 

1/15/2027

263,917

425,000

3.875%, 

1/23/2028

418,002

363,000

5.375%, 

12/15/2031

370,091

AG

TTMT

Escrow

Issuer,

LLC

50,000

8.625%, 

9/30/2027

c

51,374

Agree,

LP

199,000

5.625%, 

6/15/2034

203,309

Air

Lease

Corporation

68,000

4.650%, 

6/15/2026

d,j

67,172

537,000

3.000%, 

2/1/2030

501,016

Aircastle,

Ltd.

375,000

5.250%, 

8/11/2025

c

375,000

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

64,000

4.250%, 

10/15/2027

c

62,657

237,000

6.750%, 

4/15/2028

c

240,205

93,000

7.000%, 

1/15/2031

c

95,629

Ally

Financial,

Inc.

503,000

8.000%, 

11/1/2031

568,253

99,000

6.700%, 

2/14/2033

102,808

American

Express

Company

258,000

5.043%, 

7/26/2028

d

260,966

187,000

5.085%, 

1/30/2031

d

190,978

American

Homes

4

Rent,

LP

214,000

4.950%, 

6/15/2030

215,395

American

International

Group,

Inc.

469,000

5.125%, 

3/27/2033

474,746

Americold

Realty

Operating

Partnership,

LP

318,000

5.600%, 

5/15/2032

318,280

Ameriprise

Financial,

Inc.

434,000

5.200%, 

4/15/2035

434,970

AmWINS

Group,

Inc.

52,000

6.375%, 

2/15/2029

c

52,953

155,000

4.875%, 

6/30/2029

c

150,549

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

c,d

227,368

Aon

North

America,

Inc.

185,000

5.750%, 

3/1/2054

180,209

Apollo

Debt

Solutions

BDC

291,000

6.700%, 

7/29/2031

303,029

Ares

Capital

Corporation

241,000

2.150%, 

7/15/2026

235,264

203,000

5.875%, 

3/1/2029

207,315

Ares

Strategic

Income

Fund

460,000

5.450%, 

9/9/2028

c

459,240

243,000

5.600%, 

2/15/2030

242,126

Arthur

J.

Gallagher

&

Company

59,000

6.750%, 

2/15/2054

64,413

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

$

95,000

5.750%, 

7/15/2054

$

91,904

Aviation

Capital

Group,

LLC

261,000

5.125%, 

4/10/2030

c

262,856

Avolon

Holdings

Funding,

Ltd.

280,000

4.950%, 

1/15/2028

c

281,260

288,000

5.750%, 

3/1/2029

c

295,565

421,000

5.375%, 

5/30/2030

c

428,348

Azorra

Finance,

Ltd.

174,000

7.750%, 

4/15/2030

c

181,224

Banco

Santander

Mexico

SA

300,000

5.621%, 

12/10/2029

c

307,800

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

d

397,157

Bank

of

America

Corporation

325,000

1.734%, 

7/22/2027

d

316,068

47,000

3.824%, 

1/20/2028

d

46,495

199,000

5.202%, 

4/25/2029

d

202,710

300,000

2.087%, 

6/14/2029

d

280,869

150,000

3.974%, 

2/7/2030

d

147,552

350,000

2.496%, 

2/13/2031

d

319,477

600,000

1.922%, 

10/24/2031

d

523,255

343,000

2.972%, 

2/4/2033

d

307,064

685,000

4.571%, 

4/27/2033

d

674,382

352,000

5.872%, 

9/15/2034

d

370,822

143,000

5.468%, 

1/23/2035

d

146,755

411,000

5.425%, 

8/15/2035

d

411,741

455,000

3.846%, 

3/8/2037

d

417,054

Bank

of

New

York

Mellon

Corporation

243,000

6.317%, 

10/25/2029

d

256,676

Bank

of

Nova

Scotia

112,000

4.850%, 

2/1/2030

113,602

Barclays

plc

64,000

6.125%, 

12/15/2025

d,j

64,080

345,000

6.496%, 

9/13/2027

d

351,781

350,000

4.972%, 

5/16/2029

d

353,258

444,000

4.942%, 

9/10/2030

d

447,139

340,000

5.746%, 

8/9/2033

d

352,573

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

200,000

5.250%, 

9/10/2029

c

203,544

200,000

7.625%, 

2/11/2035

c,d

205,469

Berkshire

Hathaway

Finance

Corporation

456,000

2.850%, 

10/15/2050

289,763

BlackRock

Funding,

Inc.

125,000

5.250%, 

3/14/2054

118,865

Blackstone

Private

Credit

Fund

315,000

5.600%, 

11/22/2029

317,349

Blue

Owl

Credit

Income

Corporation

286,000

4.700%, 

2/8/2027

283,809

Blue

Owl

Technology

Finance

Corporation

150,000

4.750%, 

12/15/2025

c

149,426

539,000

6.100%, 

3/15/2028

c

542,114

248,000

6.750%, 

4/4/2029

253,973

BNP

Paribas

SA

422,000

5.283%, 

11/19/2030

c,d

429,894

572,000

3.132%, 

1/20/2033

c,d

511,504

BPCE

SA

250,000

5.876%, 

1/14/2031

c,d

259,069

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

Brookfield

Finance,

Inc.

$

219,000

5.813%, 

3/3/2055

$

215,994

Brown

&

Brown,

Inc.

113,000

6.250%, 

6/23/2055

115,782

95,000

5.550%, 

6/23/2035

96,035

Burford

Capital

Global

Finance,

LLC

151,000

9.250%, 

7/1/2031

c

159,678

81,000

7.500%, 

7/15/2033

c

81,527

Camden

Property

Trust

311,000

3.150%, 

7/1/2029

295,978

Capital

One

Financial

Corporation

85,000

5.700%, 

2/1/2030

d

87,725

Capital

One

NA

480,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

490,528

Charles

Schwab

Corporation

234,000

6.136%, 

8/24/2034

d

252,523

CHL

Mortgage

Pass-Through

Trust

964,556

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

409,121

Chubb

INA

Holdings,

LLC

225,000

4.350%, 

11/3/2045

192,990

Citadel,

LP

282,000

6.375%, 

1/23/2032

c

292,681

Citibank

NA

419,000

4.914%, 

5/29/2030

425,573

Citigroup,

Inc.

468,000

3.668%, 

7/24/2028

d

460,288

99,000

3.520%, 

10/27/2028

d

96,842

93,000

6.875%, 

8/15/2030

d,j

93,791

461,000

4.952%, 

5/7/2031

d

465,378

484,000

4.910%, 

5/24/2033

d

483,009

287,000

6.174%, 

5/25/2034

d

300,134

324,000

6.020%, 

1/24/2036

d

332,046

Citizens

Financial

Group,

Inc.

167,000

5.718%, 

7/23/2032

d

172,300

CNA

Financial

Corporation

177,000

5.125%, 

2/15/2034

175,623

Comerica,

Inc.

90,000

5.982%, 

1/30/2030

d

92,543

Constellation

Insurance,

Inc.

153,000

6.800%, 

1/24/2030

c

150,905

Corebridge

Financial,

Inc.

131,000

6.375%, 

9/15/2054

d

130,790

171,000

4.350%, 

4/5/2042

143,124

Countrywide

Home

Loans,

Inc.

150,241

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

64,641

Cousins

Properties,

LP

133,000

5.375%, 

2/15/2032

134,262

Credit

Acceptance

Corporation

96,000

9.250%, 

12/15/2028

c

101,528

Credit

Agricole

SA

250,000

5.230%, 

1/9/2029

c,d

253,286

272,000

5.222%, 

5/27/2031

c,d

276,444

Credit

Suisse

Group

AG

350,000

7.250%, 

N/A

*,k

23,625

Deutsche

Bank

AG/New

York,

NY

300,000

5.297%, 

5/9/2031

d

304,994

247,000

4.950%, 

8/4/2031

d,h

247,409

525,000

3.729%, 

1/14/2032

d

485,949

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

Drawbridge

Special

Opportunities

Fund,

LP

$

226,000

3.875%, 

2/15/2026

c

$

222,672

Elevance

Health,

Inc.

460,000

3.125%, 

5/15/2050

293,224

306,000

4.625%, 

5/15/2042

266,697

Encore

Capital

Group,

Inc.

27,000

9.250%, 

4/1/2029

c

28,438

203,000

8.500%, 

5/15/2030

c

214,879

EPR

Properties

210,000

4.950%, 

4/15/2028

210,020

ERP

Operating,

LP

346,000

4.950%, 

6/15/2032

348,826

Fairfax

Financial

Holdings,

Ltd.

252,000

6.350%, 

3/22/2054

254,058

FirstCash,

Inc.

162,000

5.625%, 

1/1/2030

c

160,323

First-Citizens

Bank

&

Trust

Company

210,000

6.125%, 

3/9/2028

217,253

Five

Corners

Funding

Trust

IV

227,000

5.997%, 

2/15/2053

c

229,634

Freedom

Mortgage

Corporation

59,000

7.625%, 

5/1/2026

c

59,256

Freedom

Mortgage

Holdings,

LLC

151,000

9.250%, 

2/1/2029

c

157,385

65,000

9.125%, 

5/15/2031

c

67,568

130,000

8.375%, 

4/1/2032

c

132,961

FTAI

Aviation

Investors,

LLC

68,000

5.500%, 

5/1/2028

c

67,836

154,000

7.000%, 

5/1/2031

c

159,782

92,000

7.000%, 

6/15/2032

c

95,276

GGAM

Finance,

Ltd.

62,000

7.750%, 

5/15/2026

c

62,414

66,000

8.000%, 

6/15/2028

c

69,815

182,000

5.875%, 

3/15/2030

c

181,780

Global

Aircraft

Leasing

Company,

Ltd.

199,000

8.750%, 

9/1/2027

c

205,495

Global

Net

Lease,

Inc.

42,000

4.500%, 

9/30/2028

c

40,399

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

141,000

3.750%, 

12/15/2027

c

134,387

goeasy,

Ltd.

95,000

9.250%, 

12/1/2028

c

100,554

33,000

7.625%, 

7/1/2029

c

33,982

Goldman

Sachs

BDC,

Inc.

153,000

6.375%, 

3/11/2027

155,968

Goldman

Sachs

Group,

Inc.

320,000

1.948%, 

10/21/2027

d

309,885

356,000

6.484%, 

10/24/2029

d

376,364

354,000

5.218%, 

4/23/2031

d

361,977

145,000

1.992%, 

1/27/2032

d

125,804

898,000

3.102%, 

2/24/2033

d

807,361

Goldman

Sachs

Private

Credit

Corporation

216,000

5.875%, 

5/6/2028

c

217,659

Howard

Hughes

Corporation

42,000

4.125%, 

2/1/2029

c

40,037

HSBC

Holdings

plc

130,000

6.875%, 

9/11/2029

d,j

133,985

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

$

349,000

5.130%, 

3/3/2031

d

$

353,826

HUB

International,

Ltd.

185,000

7.250%, 

6/15/2030

c

192,851

Huntington

Bancshares,

Inc./OH

290,000

5.709%, 

2/2/2035

d

296,664

294,000

6.141%, 

11/18/2039

d

300,534

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

69,000

6.250%, 

5/15/2026

68,555

255,000

5.250%, 

5/15/2027

248,435

Invitation

Homes

Operating

Partnership,

LP

286,000

2.000%, 

8/15/2031

242,773

Jackson

National

Life

Global

Funding

318,000

5.550%, 

7/2/2027

c

323,533

Jane

Street

Group/JSG

Finance,

Inc.

105,000

4.500%, 

11/15/2029

c

100,568

42,000

7.125%, 

4/30/2031

c

43,379

70,000

6.125%, 

11/1/2032

c

69,452

230,000

6.750%, 

5/1/2033

c

235,378

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

47,000

5.000%, 

8/15/2028

c

45,324

200,000

6.625%, 

10/15/2031

c

198,983

Jefferson

Capital

Holdings,

LLC

52,000

6.000%, 

8/15/2026

c

51,856

131,000

9.500%, 

2/15/2029

c

138,240

54,000

8.250%, 

5/15/2030

c

56,341

JPMorgan

Chase

&

Company

460,000

2.947%, 

2/24/2028

d

449,212

411,000

4.979%, 

7/22/2028

d

414,957

594,000

4.505%, 

10/22/2028

d

594,699

575,000

4.203%, 

7/23/2029

d

571,105

425,000

2.522%, 

4/22/2031

d

388,322

450,000

1.953%, 

2/4/2032

d

390,399

457,000

4.586%, 

4/26/2033

d

451,554

342,000

4.912%, 

7/25/2033

d

344,063

294,000

5.766%, 

4/22/2035

d

308,342

228,000

5.502%, 

1/24/2036

d

233,919

273,000

5.534%, 

11/29/2045

d

273,090

KeyBank

NA/Cleveland,

OH

308,000

5.000%, 

1/26/2033

304,938

Kilroy

Realty,

LP

118,000

4.250%, 

8/15/2029

113,786

Liberty

Mutual

Group,

Inc.

35,000

4.125%, 

12/15/2051

c,d

34,059

Lincoln

National

Corporation

500,000

2.330%, 

8/15/2030

c

445,333

Lloyds

Banking

Group

plc

340,000

5.871%, 

3/6/2029

d

350,453

250,000

6.068%, 

6/13/2036

d

255,805

LPL

Holdings,

Inc.

399,000

4.900%, 

4/3/2028

401,219

Macquarie

Airfinance

Holdings,

Ltd.

319,000

5.200%, 

3/27/2028

c

321,976

61,000

6.400%, 

3/26/2029

c

63,415

211,000

5.150%, 

3/17/2030

c

210,822

Marsh

&

McLennan

Companies,

Inc.

84,000

5.450%, 

3/15/2053

80,849

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

Massachusetts

Mutual

Life

Insurance

Company

$

525,000

3.200%, 

12/1/2061

c

$

315,778

Mitsubishi

UFJ

Financial

Group,

Inc.

350,000

2.048%, 

7/17/2030

310,108

Mizuho

Financial

Group,

Inc.

200,000

5.098%, 

5/13/2031

d

203,148

Molina

Healthcare,

Inc.

55,000

4.375%, 

6/15/2028

c

52,639

81,000

6.250%, 

1/15/2033

c

79,915

Morgan

Stanley

230,000

5.516%, 

11/19/2055

d

225,313

450,000

4.350%, 

9/8/2026

448,828

468,000

3.591%, 

7/22/2028

d

459,967

227,000

5.164%, 

4/20/2029

d

230,660

440,000

3.622%, 

4/1/2031

d

421,451

227,000

5.250%, 

4/21/2034

d

230,669

214,000

5.831%, 

4/19/2035

d

224,327

172,000

5.587%, 

1/18/2036

d

176,533

400,000

5.297%, 

4/20/2037

d

400,051

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

92,000

8.500%, 

2/15/2032

c

95,625

Nasdaq,

Inc.

325,000

3.250%, 

4/28/2050

217,351

National

Securities

Clearing

Corporation

272,000

4.700%, 

5/20/2030

c

275,217

Nationstar

Mortgage

Holdings,

Inc.

33,000

5.500%, 

8/15/2028

c

32,956

68,000

6.500%, 

8/1/2029

c

69,551

102,000

5.125%, 

12/15/2030

c

101,806

38,000

7.125%, 

2/1/2032

c

39,681

Nationwide

Building

Society

325,000

5.537%, 

7/14/2036

c,d

328,465

NatWest

Group

plc

225,000

4.445%, 

5/8/2030

d

223,418

359,000

6.475%, 

6/1/2034

d

374,852

Navient

Corporation

38,000

5.000%, 

3/15/2027

37,581

42,000

5.500%, 

3/15/2029

41,086

New

York

Life

Global

Funding

337,000

4.550%, 

1/28/2033

c

331,142

Nomura

Holdings,

Inc.

365,000

5.783%, 

7/3/2034

378,891

Omega

Healthcare

Investors,

Inc.

432,000

3.625%, 

10/1/2029

409,757

273,000

5.200%, 

7/1/2030

273,867

Omnis

Funding

Trust

258,000

6.722%, 

5/15/2055

c

266,844

OneMain

Finance

Corporation

91,000

3.500%, 

1/15/2027

88,793

105,000

3.875%, 

9/15/2028

100,139

74,000

6.750%, 

3/15/2032

75,087

336,000

7.125%, 

9/15/2032

346,296

Osaic

Holdings,

Inc.

123,000

6.750%, 

8/1/2032

c,h

124,484

Panther

Escrow

Issuer,

LLC

150,000

7.125%, 

6/1/2031

c

155,115

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

$

182,000

4.875%, 

5/15/2029

c

$

175,074

PennyMac

Financial

Services,

Inc.

41,000

7.125%, 

11/15/2030

c

42,263

117,000

6.875%, 

5/15/2032

c

119,205

77,000

6.875%, 

2/15/2033

c

78,479

Phoenix

Aviation

Capital,

Ltd.

128,000

9.250%, 

7/15/2030

c

134,119

PNC

Financial

Services

Group,

Inc.

120,000

6.615%, 

10/20/2027

d

122,836

PRA

Group,

Inc.

100,000

8.375%, 

2/1/2028

c

102,295

Prologis

Targeted

US

Logistics

Fund,

LP

240,000

5.250%, 

4/1/2029

c

245,840

158,000

5.250%, 

1/15/2035

c

158,589

Prologis,

LP

160,000

5.250%, 

3/15/2054

149,362

Prudential

Financial,

Inc.

434,000

5.125%, 

3/1/2052

d

420,428

Regency

Centers,

LP

350,000

4.125%, 

3/15/2028

347,899

176,000

5.250%, 

1/15/2034

178,636

RenaissanceRe

Holdings,

Ltd.

405,000

5.800%, 

4/1/2035

416,242

RGA

Global

Funding

117,000

5.500%, 

1/11/2031

c

120,537

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

32,000

4.750%, 

10/15/2027

31,655

65,000

4.500%, 

2/15/2029

c

63,215

Rithm

Capital

Corporation

80,000

8.000%, 

7/15/2030

c

81,442

RLJ

Lodging

Trust,

LP

60,000

4.000%, 

9/15/2029

c

55,995

Rocket

Companies,

Inc.

119,000

6.375%, 

8/1/2033

c

121,378

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

97,000

3.625%, 

3/1/2029

c

91,630

74,000

3.875%, 

3/1/2031

c

68,259

65,000

4.000%, 

10/15/2033

c

57,507

Ryan

Specialty,

LLC

34,000

4.375%, 

2/1/2030

c

32,623

162,000

5.875%, 

8/1/2032

c

162,448

Santander

Holdings

USA,

Inc.

113,000

6.499%, 

3/9/2029

d

117,646

288,000

5.473%, 

3/20/2029

d

292,675

105,000

6.174%, 

1/9/2030

d

109,393

Santander

UK

Group

Holdings

plc

600,000

1.673%, 

6/14/2027

d

584,144

Service

Properties

Trust

70,000

5.500%, 

12/15/2027

69,033

25,000

8.625%, 

11/15/2031

c

26,623

Simon

Property

Group,

LP

400,000

3.800%, 

7/15/2050

297,468

Sixth

Street

Lending

Partners

210,000

6.125%, 

7/15/2030

c

213,967

SLM

Corporation

57,000

6.500%, 

1/31/2030

59,209

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Financials  1.7%

-

continued

Societe

Generale

SA

$

70,000

10.000%, 

11/14/2028

c,d,j

$

77,166

344,000

5.249%, 

5/22/2029

c,d

347,650

Standard

Chartered

plc

375,000

5.545%, 

1/21/2029

c,d

382,807

Starwood

Property

Trust,

Inc.

62,000

4.375%, 

1/15/2027

c

60,941

107,000

6.500%, 

10/15/2030

c

110,136

State

Street

Corporation

444,000

4.530%, 

2/20/2029

d

445,891

Stonex

Escrow

Issuer,

LLC

221,000

6.875%, 

7/15/2032

c

224,970

Sumitomo

Mitsui

Financial

Group,

Inc.

338,000

5.710%, 

1/13/2030

353,210

200,000

1.710%, 

1/12/2031

171,486

Synchrony

Financial

144,000

5.935%, 

8/2/2030

d

148,001

67,000

7.250%, 

2/2/2033

70,409

Synovus

Bank

250,000

5.625%, 

2/15/2028

253,546

Toronto-Dominion

Bank

151,000

5.146%, 

9/10/2034

d

151,805

Travelers

Companies,

Inc.

145,000

5.050%, 

7/24/2035

145,357

Truist

Financial

Corporation

230,000

6.047%, 

6/8/2027

d

232,398

162,000

5.125%, 

12/15/2027

d,j

159,215

270,000

5.122%, 

1/26/2034

d

270,090

152,000

5.711%, 

1/24/2035

d

157,277

U.S.

Bancorp

352,000

5.775%, 

6/12/2029

d

364,441

89,000

5.836%, 

6/12/2034

d

93,339

160,000

5.678%, 

1/23/2035

d

165,802

UBS

Group

AG

355,000

6.246%, 

9/22/2029

c,d

372,002

282,000

3.091%, 

5/14/2032

c,d

256,214

200,000

5.699%, 

2/8/2035

c,d

207,263

300,000

5.379%, 

9/6/2045

c,d

289,461

United

Wholesale

Mortgage,

LLC

175,000

5.500%, 

4/15/2029

c

171,175

UnitedHealth

Group,

Inc.

228,000

5.875%, 

2/15/2053

224,988

342,000

4.750%, 

5/15/2052

287,509

Vornado

Realty,

LP

48,000

3.400%, 

6/1/2031

42,091

Wells

Fargo

&

Company

600,000

4.900%, 

1/24/2028

d

603,129

342,000

3.526%, 

3/24/2028

d

336,581

256,000

5.707%, 

4/22/2028

d

260,992

481,000

2.393%, 

6/2/2028

d

463,101

236,000

5.574%, 

7/25/2029

d

243,006

187,000

5.389%, 

4/24/2034

d

191,330

550,000

4.900%, 

11/17/2045

484,986

XHR,

LP

64,000

4.875%, 

6/1/2029

c

61,771

35,000

6.625%, 

5/15/2030

c

35,573

Zions

Bancorp

NA

250,000

6.816%, 

11/19/2035

d

260,980

Total

67,243,979

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Foreign

Government  <0.1%

Eagle

Funding

Luxco

SARL

$

250,000

5.500%, 

8/17/2030

c,h

$

251,125

NBN

Company,

Ltd.

375,000

2.625%, 

5/5/2031

c

337,421

Saudi

Arabian

Oil

Company

288,000

5.250%, 

7/17/2034

c

291,332

Teine

Energy,

Ltd.

140,000

6.875%, 

4/15/2029

c

137,673

Total

1,017,551

Mortgage-Backed

Securities  5.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

633,295

5.500%, 

12/1/2038

646,629

6,636,547

5.500%, 

2/1/2040

6,760,628

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,496,798

2.000%, 

1/1/2052

2,778,083

818,309

6.000%, 

1/1/2055

843,256

1,618,487

2.000%, 

5/1/2051

1,285,844

6,040,507

2.500%, 

5/1/2051

5,012,597

2,651,751

3.500%, 

5/1/2052

2,389,736

2,852,828

4.000%, 

5/1/2052

2,659,974

1,807,783

5.000%, 

7/1/2053

1,774,336

1,498,791

5.500%, 

7/1/2053

1,502,992

1,998,984

3.500%, 

8/1/2052

1,801,069

1,795,297

5.000%, 

8/1/2053

1,766,416

5,639,957

5.500%, 

9/1/2053

5,668,082

2,123,386

3.500%, 

9/1/2047

1,946,076

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,430,311

2.500%, 

7/1/2030

1,377,230

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

429,260

5.500%, 

9/1/2039

439,358

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,943,517

3.000%, 

12/1/2036

1,824,607

1,669,743

3.000%, 

8/1/2038

1,569,186

2,438,759

3.500%, 

5/1/2040

2,312,002

1,609,095

2.500%, 

4/1/2042

1,418,421

660,385

2.000%, 

5/1/2042

564,083

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,196,506

3.000%, 

1/1/2052

5,352,099

1,053,383

2.000%, 

2/1/2051

836,881

690,694

2.000%, 

2/1/2051

547,963

1,816,710

2.500%, 

2/1/2051

1,510,354

3,214,462

2.500%, 

2/1/2051

2,638,251

3,604,853

5.500%, 

2/1/2055

3,615,314

12,333,350

2.000%, 

3/1/2051

9,699,760

4,530,837

4.000%, 

3/1/2051

4,246,156

1,032,498

2.000%, 

3/1/2052

818,994

6,810,136

3.000%, 

3/1/2052

5,844,536

8,265,733

2.000%, 

4/1/2051

6,474,029

3,308,803

3.000%, 

4/1/2051

2,839,693

3,817,341

3.000%, 

5/1/2050

3,279,025

1,296,858

2.000%, 

5/1/2051

1,025,253

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Mortgage-Backed

Securities  5.7%

-

continued

$

3,013,553

3.000%, 

5/1/2051

$

2,643,648

1,194,979

3.500%, 

5/1/2052

1,074,843

6,807,447

2.000%, 

6/1/2050

5,379,267

2,136,481

3.000%, 

6/1/2050

1,878,599

1,184,336

4.000%, 

6/1/2052

1,095,472

1,287,374

5.000%, 

6/1/2053

1,265,528

4,609,353

2.500%, 

7/1/2051

3,838,771

1,705,314

3.500%, 

7/1/2051

1,541,707

1,015,547

3.000%, 

7/1/2052

883,466

3,324,463

4.000%, 

7/1/2052

3,075,033

3,287,622

3.500%, 

8/1/2050

2,982,816

4,731,206

3.500%, 

8/1/2052

4,241,695

5,905,394

4.500%, 

8/1/2052

5,616,156

2,392,548

5.000%, 

8/1/2053

2,351,948

5,440,813

6.000%, 

8/1/2054

5,620,010

4,875,000

2.500%, 

8/1/2055

h

3,993,726

2,241,627

2.500%, 

9/1/2051

1,861,350

1,394,982

3.500%, 

9/1/2052

1,258,686

2,624,299

3.500%, 

9/1/2052

2,367,646

1,920,783

5.000%, 

9/1/2052

1,883,954

1,797,310

4.500%, 

9/1/2053

1,719,446

2,798,315

4.500%, 

9/1/2053

2,666,266

4,806,739

4.000%, 

10/1/2052

4,465,196

1,269,807

2.000%, 

11/1/2051

1,008,791

1,810,150

3.500%, 

11/1/2052

1,638,520

5,216,504

2.000%, 

12/1/2050

4,124,005

8,164,859

2.500%, 

12/1/2051

6,772,228

3,556,317

4.500%, 

12/1/2052

3,401,065

6,340,000

5.500%, 

8/1/2042

h

6,306,435

2,469,838

3.500%, 

12/1/2047

2,269,747

3,200,000

4.000%, 

8/1/2048

h

2,951,057

4,550,000

4.500%, 

8/1/2048

h

4,315,647

13,000,000

5.000%, 

8/1/2048

h

12,651,570

9,030,000

3.000%, 

8/1/2049

h

7,726,537

6,650,000

3.500%, 

9/1/2049

h

5,931,655

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,448,942

2.500%, 

3/1/2062

4,272,387

1,544,022

3.500%, 

7/1/2061

1,354,840

2,466,482

4.000%, 

12/1/2061

2,258,773

PRPM,

LLC

707,787

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

c,e

709,032

Total

226,466,431

Technology  0.5%

Accenture

Capital,

Inc.

312,000

4.500%, 

10/4/2034

301,926

Adobe,

Inc.

455,000

5.300%, 

1/17/2035

473,631

Advanced

Micro

Devices,

Inc.

228,000

4.393%, 

6/1/2052

a

191,218

Alphabet,

Inc.

259,000

5.250%, 

5/15/2055

254,132

Amentum

Holdings,

Inc.

241,000

7.250%, 

8/1/2032

c

249,308

Analog

Devices,

Inc.

700,000

2.950%, 

10/1/2051

451,370

Apple,

Inc.

400,000

2.650%, 

2/8/2051

246,876

746,000

3.750%, 

9/12/2047

585,401

Block,

Inc.

71,000

3.500%, 

6/1/2031

65,068

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Technology  0.5%

-

continued

$

295,000

6.500%, 

5/15/2032

$

302,725

Boost

Newco

Borrower,

LLC

194,000

7.500%, 

1/15/2031

c

205,118

Broadcom,

Inc.

393,000

4.900%, 

7/15/2032

394,212

75,000

3.469%, 

4/15/2034

c

66,659

457,000

3.137%, 

11/15/2035

c

383,593

380,000

3.187%, 

11/15/2036

c

313,591

275,000

4.926%, 

5/15/2037

c

265,751

CACI

International,

Inc.

53,000

6.375%, 

6/15/2033

c

54,195

Central

Parent,

Inc./CDK

Global,

Inc.

126,000

7.250%, 

6/15/2029

c

103,531

Cisco

Systems,

Inc.

124,000

5.300%, 

2/26/2054

119,478

Clarivate

Science

Holdings

Corporation

70,000

3.875%, 

7/1/2028

c

66,912

Cloud

Software

Group,

Inc.

479,000

6.500%, 

3/31/2029

c

483,735

CommScope

Technologies,

LLC

79,000

5.000%, 

3/15/2027

c

77,360

CommScope,

LLC

74,000

4.750%, 

9/1/2029

c

71,858

74,000

9.500%, 

12/15/2031

a,c

77,927

Consensus

Cloud

Solutions,

Inc.

33,000

6.000%, 

10/15/2026

c

32,754

CoreWeave,

Inc.

118,000

9.250%, 

6/1/2030

c

118,596

123,000

9.000%, 

2/1/2031

c

122,476

Dell

International,

LLC/EMC

Corporation

347,000

4.750%, 

4/1/2028

349,772

Dell,

Inc.

215,000

6.500%, 

4/15/2038

229,652

Diebold

Nixdorf,

Inc.

176,000

7.750%, 

3/31/2030

c

186,733

Fair

Isaac

Corporation

137,000

6.000%, 

5/15/2033

c

137,643

Fiserv,

Inc.

238,000

2.650%, 

6/1/2030

216,993

243,000

5.350%, 

3/15/2031

249,866

198,000

5.600%, 

3/2/2033

203,518

284,000

5.150%, 

8/12/2034

282,133

Foundry

JV

Holdco,

LLC

300,000

5.900%, 

1/25/2030

c

312,904

200,000

5.900%, 

1/25/2033

c

205,525

Gen

Digital,

Inc.

78,000

7.125%, 

9/30/2030

c

80,610

37,000

6.250%, 

4/1/2033

c

37,721

Global

Payments,

Inc.

342,000

5.300%, 

8/15/2029

346,734

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

77,000

4.625%, 

5/1/2028

c

72,791

Hewlett

Packard

Enterprise

Company

434,000

4.400%, 

9/25/2027

433,851

245,000

4.850%, 

10/15/2031

244,091

II-VI,

Inc.

56,000

5.000%, 

12/15/2029

c

54,807

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Technology  0.5%

-

continued

Intel

Corporation

$

493,000

4.900%, 

7/29/2045

$

409,483

ION

Trading

Technologies

SARL

125,000

9.500%, 

5/30/2029

c

129,529

Iron

Mountain,

Inc.

140,000

5.000%, 

7/15/2028

c

138,564

190,000

4.875%, 

9/15/2029

c

185,776

140,000

5.250%, 

7/15/2030

c

137,582

376,000

4.500%, 

2/15/2031

c

355,587

Kioxia

Holdings

Corporation

287,000

6.625%, 

7/24/2033

c

283,993

KLA

Corporation

343,000

3.300%, 

3/1/2050

237,504

Marvell

Technology,

Inc.

57,000

5.950%, 

9/15/2033

60,125

Mastercard,

Inc.

275,000

3.950%, 

2/26/2048

218,809

Microchip

Technology,

Inc.

50,000

5.050%, 

3/15/2029

50,565

Micron

Technology,

Inc.

157,000

5.650%, 

11/1/2032

162,293

Microsoft

Corporation

161,000

3.041%, 

3/17/2062

102,028

403,000

2.500%, 

9/15/2050

243,351

NCR

Atleos

Corporation

52,000

9.500%, 

4/1/2029

c

56,334

NCR

Voyix

Corporation

97,000

5.000%, 

10/1/2028

c

95,414

52,000

5.125%, 

4/15/2029

c

50,961

Neptune

Bidco

US,

Inc.

160,000

9.290%, 

4/15/2029

c

154,845

NXP

BV/NXP

Funding,

LLC

115,000

5.550%, 

12/1/2028

118,433

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

154,000

4.300%, 

6/18/2029

152,419

305,000

3.250%, 

5/11/2041

223,664

Open

Text

Corporation

134,000

3.875%, 

12/1/2029

c

125,430

Open

Text

Holdings,

Inc.

292,000

4.125%, 

2/15/2030

c

273,694

Oracle

Corporation

228,000

6.900%, 

11/9/2052

250,102

61,000

6.150%, 

11/9/2029

64,688

229,000

5.250%, 

2/3/2032

233,835

154,000

4.700%, 

9/27/2034

147,964

420,000

3.850%, 

7/15/2036

366,112

663,000

4.000%, 

7/15/2046

506,386

Paychex,

Inc.

128,000

5.600%, 

4/15/2035

131,541

PayPal

Holdings,

Inc.

222,000

5.500%, 

6/1/2054

215,867

Pitney

Bowes,

Inc.

33,000

6.875%, 

3/15/2027

c

32,947

Qualcomm,

Inc.

401,000

4.750%, 

5/20/2032

404,590

RingCentral,

Inc.

183,000

8.500%, 

8/15/2030

c

194,433

Rocket

Software,

Inc.

79,000

9.000%, 

11/28/2028

c

81,524

Roper

Technologies,

Inc.

298,000

1.750%, 

2/15/2031

254,904

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Technology  0.5%

-

continued

Sabre

GLBL,

Inc.

$

22,000

8.625%, 

6/1/2027

c

$

22,350

79,000

11.125%, 

7/15/2030

c

83,286

Seagate

Data

Storage

Technology,

Private

Ltd.

131,475

9.625%, 

12/1/2032

c

148,071

58,000

5.750%, 

12/1/2034

c

54,537

Sensata

Technologies

BV

172,000

4.000%, 

4/15/2029

c

163,474

Sensata

Technologies,

Inc.

117,000

4.375%, 

2/15/2030

c

111,958

38,000

3.750%, 

2/15/2031

c

34,671

37,000

6.625%, 

7/15/2032

c

37,806

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

179,000

6.750%, 

8/15/2032

c

184,906

SS&C

Technologies,

Inc.

116,000

5.500%, 

9/30/2027

c

116,025

35,000

6.500%, 

6/1/2032

c

35,988

Synopsys,

Inc.

268,000

5.700%, 

4/1/2055

264,270

UKG,

Inc.

64,000

6.875%, 

2/1/2031

c

65,707

Verisk

Analytics,

Inc.

174,000

5.250%, 

3/15/2035

174,074

Viavi

Solutions,

Inc.

118,000

3.750%, 

10/1/2029

c

109,126

Xerox

Corporation

102,000

10.250%, 

10/15/2030

c

104,873

Xerox

Holdings

Corporation

12,000

5.000%, 

8/15/2025

c

11,965

58,000

5.500%, 

8/15/2028

c

38,361

Total

18,337,469

Transportation  0.1%

Air

Canada

69,000

3.875%, 

8/15/2026

c

68,260

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

111,250

5.500%, 

4/20/2026

c

111,149

195,645

5.750%, 

4/20/2029

c

195,576

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

c

186,000

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

75,000

5.375%, 

3/1/2029

a,c

71,806

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

191,654

235,000

5.750%, 

5/1/2040

243,641

230,000

4.450%, 

3/15/2043

201,108

Canadian

Pacific

Railway

Company

228,000

4.700%, 

5/1/2048

200,126

DCLI

Bidco,

LLC

168,000

7.750%, 

11/15/2029

c

171,483

Delta

Air

Lines,

Inc.

361,000

5.250%, 

7/10/2030

364,402

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

479,000

4.750%, 

10/20/2028

c

479,294

ERAC

USA

Finance,

LLC

227,000

5.400%, 

5/1/2053

c

218,035

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Transportation  0.1%

-

continued

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

$

93,000

9.875%, 

9/20/2031

c

$

89,917

Norfolk

Southern

Corporation

302,000

5.100%, 

5/1/2035

303,287

OneSky

Flight,

LLC

174,000

8.875%, 

12/15/2029

c

183,317

Rand

Parent,

LLC

178,000

8.500%, 

2/15/2030

a,c

178,984

RXO,

Inc.

69,000

7.500%, 

11/15/2027

c

70,140

Ryder

System,

Inc.

259,000

4.850%, 

6/15/2030

260,660

Star

Leasing

Company,

LLC

72,000

7.625%, 

2/15/2030

c

71,018

Stena

International

SA

104,000

7.250%, 

1/15/2031

c

105,682

Stonepeak

Nile

Parent,

LLC

55,000

7.250%, 

3/15/2032

c

57,769

Union

Pacific

Corporation

455,000

2.973%, 

9/16/2062

262,716

United

Airlines,

Inc.

405,000

4.625%, 

4/15/2029

c

395,489

United

Parcel

Service,

Inc.

186,000

4.650%, 

10/15/2030

187,509

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

35,000

7.875%, 

5/1/2027

c

35,120

77,000

6.375%, 

2/1/2030

a,c

72,739

Total

4,976,881

U.S.

Government

&

Agencies  6.2%

U.S.

Treasury

Bonds

1,765,000

3.625%, 

5/15/2053

1,418,688

4,600,000

1.625%, 

11/15/2050

2,388,586

3,300,000

4.750%, 

11/15/2053

3,221,496

5,090,000

5.250%, 

11/15/2028

5,297,974

1,175,000

4.375%, 

5/15/2040

1,137,363

10,800,000

1.375%, 

11/15/2040

6,841,547

560,000

3.000%, 

5/15/2042

442,444

15,871,000

2.500%, 

5/15/2046

10,835,057

13,950,000

2.875%, 

5/15/2049

9,879,979

U.S.

Treasury

Notes

6,500,000

4.250%, 

12/31/2025

6,497,436

9,100,000

2.625%, 

1/31/2026

9,023,290

9,100,000

0.500%, 

2/28/2026

8,901,009

23,740,000

2.500%, 

2/28/2026

23,492,677

19,300,000

4.625%, 

2/28/2026

19,330,609

16,600,000

4.500%, 

3/31/2026

16,622,241

12,600,000

4.375%, 

7/31/2026

12,622,444

8,800,000

3.500%, 

9/30/2026

8,736,062

7,450,000

0.500%, 

4/30/2027

7,016,678

7,500,000

3.875%, 

5/31/2027

7,487,109

2,055,000

2.250%, 

11/15/2027

1,980,586

9,775,000

3.875%, 

12/31/2027

9,768,509

1,700,000

0.750%, 

1/31/2028

1,573,496

10,200,000

3.500%, 

1/31/2028

10,103,977

5,400,000

3.625%, 

3/31/2028

5,364,352

21,400,000

2.875%, 

5/15/2028

20,829,891

1,100,000

4.375%, 

8/31/2028

1,115,254

3,300,000

3.750%, 

12/31/2028

3,283,887

8,800,000

3.500%, 

9/30/2029

8,656,312

4,002,000

4.000%, 

3/31/2030

4,011,223

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

U.S.

Government

&

Agencies  6.2%

-

continued

$

9,780,000

1.375%, 

11/15/2031

$

8,316,438

10,800,000

4.125%, 

11/15/2032

10,775,953

1,200,000

4.500%, 

11/15/2033

1,221,281

Total

248,193,848

Utilities  0.4%

AES

Corporation

122,000

7.600%, 

1/15/2055

d

123,225

456,000

3.950%, 

7/15/2030

c

434,091

Algonquin

Power

&

Utilities

Corporation

310,000

4.750%, 

1/18/2082

d

300,930

Alpha

Generation,

LLC

60,000

6.750%, 

10/15/2032

c

61,399

American

Water

Capital

Corporation

241,000

5.450%, 

3/1/2054

232,235

Atmos

Energy

Corporation

151,000

5.000%, 

12/15/2054

136,602

Berkshire

Hathaway

Energy

Company

265,000

4.500%, 

2/1/2045

228,770

Calpine

Corporation

147,000

4.500%, 

2/15/2028

c

145,402

Capital

Power

US

Holdings,

Inc.

385,000

5.257%, 

6/1/2028

c

389,070

Commonwealth

Edison

Company

290,000

3.700%, 

3/1/2045

223,276

Consolidated

Edison

Company

of

New

York,

Inc.

114,000

4.500%, 

12/1/2045

97,469

425,000

4.125%, 

5/15/2049

334,537

Constellation

Energy

Generation,

LLC

120,000

6.125%, 

1/15/2034

129,071

Consumers

Energy

Company

380,000

4.350%, 

4/15/2049

317,440

Dominion

Energy,

Inc.

32,000

6.875%, 

2/1/2055

d

33,486

32,000

7.000%, 

6/1/2054

d

34,138

DTE

Electric

Company

215,000

3.700%, 

3/15/2045

166,123

245,000

3.700%, 

6/1/2046

187,523

Duke

Energy

Carolinas,

LLC

435,000

3.700%, 

12/1/2047

324,000

Duke

Energy

Corporation

47,000

6.450%, 

9/1/2054

d

48,392

378,000

5.450%, 

6/15/2034

a

387,477

Duke

Energy

Indiana,

LLC

310,000

3.750%, 

5/15/2046

233,283

Enel

Finance

International

NV

315,000

5.125%, 

6/26/2029

c

319,894

Entergy

Louisiana,

LLC

220,000

5.800%, 

3/15/2055

219,420

Eversource

Energy

284,000

4.750%, 

5/15/2026

284,051

Exelon

Corporation

265,000

4.700%, 

4/15/2050

221,867

459,000

4.450%, 

4/15/2046

379,347

FirstEnergy

Corporation

285,000

4.850%, 

7/15/2047

242,072

Georgia

Power

Company

193,000

4.950%, 

5/17/2033

193,880

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Utilities  0.4%

-

continued

$

122,000

5.250%, 

3/15/2034

$

124,037

ITC

Holdings

Corporation

152,000

5.300%, 

7/1/2043

139,793

Jersey

Central

Power

&

Light

Company

275,000

2.750%, 

3/1/2032

c

241,120

Lightning

Power,

LLC

147,000

7.250%, 

8/15/2032

c

153,684

Long

Ridge

Energy,

LLC

109,000

8.750%, 

2/15/2032

a,c

113,035

MidAmerican

Energy

Company

267,000

5.850%, 

9/15/2054

272,587

National

Rural

Utilities

Cooperative

Finance

Corporation

153,000

3.700%, 

3/15/2029

149,490

NextEra

Energy

Capital

Holdings,

Inc.

300,000

5.900%, 

3/15/2055

299,073

397,000

4.685%, 

9/1/2027

398,948

200,000

5.300%, 

3/15/2032

205,277

NiSource,

Inc.

33,000

6.375%, 

3/31/2055

d

33,422

435,000

5.650%, 

2/1/2045

420,979

NRG

Energy,

Inc.

49,000

3.375%, 

2/15/2029

c

46,000

65,000

5.250%, 

6/15/2029

c

64,278

56,000

6.000%, 

2/1/2033

c

56,152

139,000

6.250%, 

11/1/2034

c

140,843

Pacific

Gas

and

Electric

Company

265,000

3.300%, 

12/1/2027

255,943

241,000

5.550%, 

5/15/2029

245,645

195,000

4.550%, 

7/1/2030

191,221

125,000

5.800%, 

5/15/2034

126,851

PG&E

Corporation

59,000

5.000%, 

7/1/2028

57,565

PPL

Capital

Funding,

Inc.

321,000

5.250%, 

9/1/2034

323,729

PPL

Electric

Utilities

Corporation

234,000

3.950%, 

6/1/2047

184,594

Public

Service

Company

of

Colorado

299,000

4.500%, 

6/1/2052

242,566

Public

Service

Enterprise

Group,

Inc.

436,000

4.900%, 

3/15/2030

441,741

San

Diego

Gas

&

Electric

Company

540,000

4.150%, 

5/15/2048

422,673

Southern

California

Edison

Company

135,000

5.450%, 

3/1/2035

134,470

Southern

Company

456,000

5.113%, 

8/1/2027

462,138

369,000

4.850%, 

3/15/2035

359,234

Southern

Company

Gas

Capital

Corporation

190,000

4.400%, 

5/30/2047

155,470

Southwestern

Electric

Power

Company

190,000

3.900%, 

4/1/2045

142,836

Talen

Energy

Supply,

LLC

112,000

8.625%, 

6/1/2030

c

119,019

TerraForm

Power

Operating,

LLC

353,000

5.000%, 

1/31/2028

c

348,247

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Principal

Amount

Long-Term

Fixed

Income  19.0%

Value

Utilities  0.4%

-

continued

Virginia

Electric

and

Power

Company

$

85,000

5.350%, 

1/15/2054

$

79,776

375,000

4.600%, 

12/1/2048

313,845

Vistra

Corporation

65,000

8.000%, 

10/15/2026

c,d,j

66,347

162,000

7.000%, 

12/15/2026

c,d,j

163,582

Vistra

Operations

Company,

LLC

152,000

5.000%, 

7/31/2027

c

151,186

Xcel

Energy,

Inc.

179,000

4.600%, 

6/1/2032

174,748

138,000

5.600%, 

4/15/2035

140,560

XPLR

Infrastructure

Operating

Partners,

LP

231,000

3.875%, 

10/15/2026

c

225,458

Total

14,816,632

Total

Long-Term

Fixed

Income

(cost

$798,948,602)

761,760,872

Shares

Private

Equity

Funds

1.5%

Value

Secondary  1.5%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,l

9,458,372

1

ASF

IX,

LP

*,b,l

7,415,579

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,l

2,100,199

1

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,b,l

7,252,361

1

LCP

X

(Offshore),

LP

*,b,l

23,718,043

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,l

12,325,877

Total

62,270,431

Total

Private

Equity

Funds

(cost

$49,461,156)

62,270,431

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

7,640,458

Thrivent

Cash

Management

Trust

7,640,458

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,640,458)

7,640,458

Shares

or

Principal

Amount

Short-Term

Investments

15.5%

Value

Federal

Farm

Credit

Bank

Discount

Notes

1,600,000

4.250%,

10/2/2025

m

1,588,114

Federal

Home

Loan

Bank

Discount

Notes

8,300,000

4.224%,

8/1/2025

m,n

8,299,022

200,000

4.223%,

8/6/2025

m,n

199,859

200,000

4.215%,

8/11/2025

m,n

199,741

100,000

4.225%,

8/15/2025

m,n

99,823

600,000

4.274%,

9/10/2025

m,n

597,110

1,400,000

4.199%,

9/16/2025

m,n

1,392,269

3,800,000

4.250%,

9/23/2025

m,n

3,775,889

3,400,000

4.202%,

9/26/2025

m,n

3,377,229

100,000

4.250%,

10/3/2025

m,n

99,245

900,000

4.262%,

10/8/2025

m,n

892,677

400,000

4.260%,

10/10/2025

m,n

396,651

4,800,000

4.250%,

10/24/2025

m,n

4,751,890

Shares

or

Principal

Amount

Short-Term

Investments  15.5%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

200,000

4.180%,

8/11/2025

m,n

$

199,741

8,300,000

4.205%,

9/5/2025

m,n

8,264,891

1,900,000

4.180%,

9/22/2025

m,n

1,888,168

Federal

National

Mortgage

Association

Discount

Notes

8,400,000

4.200%,

8/8/2025

m,n

8,392,085

6,800,000

4.200%,

8/22/2025

m,n

6,782,380

8,500,000

4.185%,

9/19/2025

m,n

8,450,063

State

Street

Institutional

U.S.

Government

Money

Market

Fund

172,571,655

4.250%

m

172,571,655

Thrivent

Core

Short-Term

Reserve

Fund

38,457,885

4.580%

384,578,847

U.S.

Treasury

Bills

100,000

4.271%,

8/7/2025

m

99,929

400,000

4.236%,

9/4/2025

m,o

398,384

900,000

4.195%,

9/25/2025

m,o

894,088

200,000

4.213%,

9/30/2025

m,o

198,589

200,000

4.231%,

10/9/2025

m,p

198,370

900,000

4.206%,

10/14/2025

m,o

892,158

100,000

4.230%,

10/16/2025

m,o

99,105

Total

Short-Term

Investments

(cost

$619,455,067)

619,577,972

Total

Investments

(cost

$3,279,069,255)

101.1%

$4,049,207,138

Other

Assets

and

Liabilities,

Net

(1.1%)

(46,032,365)

Total

Net

Assets

100.0%

$4,003,174,773

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$137,305,219

or

3.4%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

i

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

p

At

July

31,

2025,

$195,394

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Fund

as

of

July

31,

2025

was

$62,294,056

or

1.56%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

7,292,280

ASF

IX,

LP 

3/18/2024

5,915,081

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,867,160

Credit

Suisse

Group

AG 

9/5/2018

350,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

5,640,000

LCP

X

(Offshore),

LP 

10/25/2023

18,159,550

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

10,587,085

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

5,448,081

Common

Stock

1,923,493

Total

lending

$7,371,574

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,640,458

Net

amounts

due

to

counterparty

$268,884

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderate

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

1,489,878,702

1,489,878,702

–

–

U.S.

Unaffiliated

18,667,403

18,667,403

–

–

Common

Stock

Communications

Services

86,650,249

86,650,249

–

–

Consumer

Discretionary

91,021,411

91,021,411

–

–

Consumer

Staples

28,540,325

28,540,325

–

–

Energy

35,963,217

35,963,217

–

–

Financials

153,271,823

153,271,823

–

–

Health

Care

102,554,071

102,554,071

–

–

Industrials

104,323,468

104,177,535

145,933

–

Information

Technology

274,838,090

270,194,457

4,643,633

–

Materials

29,742,544

29,644,196

98,348

–

Real

Estate

24,978,174

24,978,174

–

–

Utilities

33,794,586

33,794,586

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

16,655,094

–

16,655,094

–

Basic

Materials

6,237,493

–

6,237,493

–

Capital

Goods

13,896,175

–

13,896,175

–

Collateralized

Mortgage

Obligations

39,938,037

–

39,938,037

–

Commercial

Mortgage-Backed

Securities

14,847,546

–

14,847,546

–

Communications

Services

19,740,357

–

19,740,357

–

Consumer

Cyclical

24,450,859

–

24,450,859

–

Consumer

Non-Cyclical

27,089,125

–

27,089,125

–

Energy

17,853,395

–

17,853,395

–

Financials

67,243,979

–

67,243,979

–

Foreign

Government

1,017,551

–

1,017,551

–

Mortgage-Backed

Securities

226,466,431

–

226,466,431

–

Technology

18,337,469

–

18,337,469

–

Transportation

4,976,881

–

4,976,881

–

U.S.

Government

&

Agencies

248,193,848

–

248,193,848

–

Utilities

14,816,632

–

14,816,632

–

Private

Equity

Funds

Secondary

62,270,431

–

–

62,270,431

Short-Term

Investments

234,999,125

172,571,655

62,427,470

–

Subtotal

Investments

in

Securities

$3,533,254,491

$2,641,907,804

$829,076,256

$62,270,431

Other

Investments  *

Total

Affiliated

Short-Term

Investments

384,578,847

U.S.

Affiliated

Registered

Investment

Cos.

123,733,342

Collateral

Held

for

Securities

Loaned

7,640,458

Subtotal

Other

Investments

$515,952,647

Total

Investments

at

Value

$4,049,207,138

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderate

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

26,202,458

26,202,458

–

–

Credit

Default

Swaps

980,705

–

980,705

–

Total

Asset

Derivatives

$27,183,163

$26,202,458

$980,705

$–

Liability

Derivatives

Futures

Contracts

5,685,403

5,375,697

309,706

–

Total

Return

Swaps

693,981

–

693,981

–

Total

Liability

Derivatives

$6,379,384

$5,375,697

$1,003,687

$–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderate

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Located

on

the

Statement

of

Operations,

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

^

Located

on

the

Statement

of

Operations,

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

7/31/2025

Long-Term

Fixed

Income 

Mortgage-Backed

Securities 

$1,537,000

$-

$55,162

$-

$-

$-

$(1,592,162)

$-

Private

Equity

Funds

Secondary

36,761,349

-

4,093,635

21,415,447

-

-

-

62,270,431

Total 

$38,298,349

$-

$4,148,797

$21,415,447

$-

$-

($1,592,162)

$62,270,431

Investments

in

Securities

Ending

Value

7/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$62,270,431

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$62,270,431

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$47,707,319

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

324

September

2025

$

35,600,397

$

383,852

CBOT

2-Yr.

U.S.

Treasury

Note

474

September

2025

98,211,819

(

101,223)

CBOT

5-Yr.

U.S.

Treasury

Note

690

September

2025

74,279,231

359,366

CBOT

U.S.

Long

Bond

310

September

2025

34,367,288

1,030,837

CME

E-mini

Russell

2000

Index

5

September

2025

545,602

9,448

CME

E-mini

S&P

500

Index

1,793

September

2025

549,552,255

21,899,258

CME

Ultra

Long

Term

U.S.

Treasury

Bond

239

September

2025

27,153,340

884,348

Ultra

10-Yr.

U.S.

Treasury

Note

181

September

2025

20,087,197

379,944

Total

Futures

Long

Contracts

$

839,797,129

$

24,845,830

CME

E-mini

Russell

2000

Index

(108)

September

2025

(

$

11,516,199)

(

$

472,881)

CME

E-mini

S&P

Mid-Cap

400

Index

(291)

September

2025

(

88,251,583)

(

3,852,827)

CME

Euro

Foreign

Exchange

Currency

(194)

September

2025

(

27,878,009)

86,297

Eurex

Euro

STOXX

50

Index

(693)

September

2025

(

41,850,621)

(

309,706)

ICE

mini

MSCI

EAFE

Index

(674)

September

2025

(

89,240,688)

1,169,108

ICE

US

mini

MSCI

Emerging

Markets

Index

(447)

September

2025

(

26,727,239)

(

948,766)

Total

Futures

Short

Contracts

(

$

285,464,339)

($4,328,775)

Total

Futures

Contracts

$

554,332,790

$20,517,055

The

following

table

presents

Moderate

Allocation

Fund's

credit

default

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$1,786,246

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2030

(

$

19,074,000)

$

–

$

980,705

$

980,705

Total

Credit

Default

Swaps

$–

$980,705

$980,705

1

As

the

buyer

of

protection,

Moderate

Allocation

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderate

Allocation

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderate

Allocation

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

at

The

following

table

presents

Moderate

Allocation

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$671,302

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

8,900,042

(

$

693,981)

$

–

(

$

693,981)

Total

Return

Swaps

(

$

693,981)

$

–

($693,981)

#

Payment

made

on

Termination

Date

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$60,355

$2,801

$2,648

$62,128

7,361

1.5%

Core

Emerging

Markets

Equity

21,432

668

–

24,326

2,257

0.6

Core

International

Equity

12,707

434

–

14,575

1,215

0.4

Core

Low

Volatility

Equity

2,373

184

–

2,532

212

<0.1

Core

Mid

Cap

Value

44,529

4,024

31,000

13,239

1,202

0.3

Core

Small

Cap

Value

22,933

2,535

15,900

6,933

667

0.2

Global

Stock,

Class

S

88,445

10,069

–

98,687

3,307

2.5

High

Yield,

Class

S

44,836

2,153

306

47,124

11,036

1.2

Income,

Class

S

129,646

4,367

7,428

127,319

15,508

3.2

International

Equity,

Class

S

146,460

4,241

–

167,245

13,822

4.2

Large

Cap

Growth,

Class

S

400,163

24,338

–

455,773

19,312

11.4

Large

Cap

Value,

Class

S

360,303

29,805

–

387,675

12,315

9.7

Mid

Cap

Stock,

Class

S

152,446

6,243

64,010

89,881

2,462

2.2

Short-Term

Bond,

Class

S

73,574

2,282

3,117

73,504

5,876

1.8

Small

Cap

Stock,

Class

S

52,177

963

8,000

42,671

1,367

1.1

Total

U.S.

Affiliated

Registered

Investment

Companies

1,612,379

1,613,612

40.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

541,428

180,702

337,551

384,579

38,458

9.6

Total

Affiliated

Short-Term

Investments

541,428

384,579

9.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,672

316,483

317,515

7,640

7,640

0.2

Total

Collateral

Held

for

Securities

Loaned

8,672

7,640

0.2

Total

Value

$2,162,479

$2,005,831

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($563)

$2,183

$–

$2,801

Core

Emerging

Markets

Equity

–

2,226

–

668

Core

International

Equity

–

1,434

–

424

Core

Low

Volatility

Equity

Fund

–

(25)

88

95

Core

Mid

Cap

Value

2,628

(6,942)

3,165

860

Core

Small

Cap

Value

1,905

(4,540)

2,174

362

Global

Stock,

Class

S

–

173

8,393

1,675

High

Yield,

Class

S

(45)

486

–

2,153

Income,

Class

S

(1,579)

2,313

–

4,375

International

Equity,

Class

S

–

16,544

–

4,242

Large

Cap

Growth,

Class

S

–

31,272

23,895

443

Large

Cap

Value,

Class

S

–

(2,433)

24,155

5,649

Mid

Cap

Stock,

Class

S

20,804

(25,602)

5,454

789

Short-Term

Bond,

Class

S

(26)

791

–

2,281

Small

Cap

Stock,

Class

S

(127)

(2,342)

687

276

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

–

–

–

14,795

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$41,888

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

30

Total

Affiliated

Income

from

Securities

Loaned,

Net

$30

Total

$22,997

$15,538

$68,011

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Shares

Registered

Investment

Companies  

47.1%

Value

U.S.

Affiliated  

46.6%  

4,173,492

Thrivent

Core

Emerging

Markets

Debt

Fund

$

35,224,269

7,699,764

Thrivent

Core

Emerging

Markets

Equity

Fund

83,003,458

12,833,650

Thrivent

Core

International

Equity

Fund

154,003,802

310,710

Thrivent

Core

Low

Volatility

Equity

Fund

3,706,769

3,371,827

Thrivent

Core

Mid

Cap

Value

Fund

37,123,812

2,293,533

Thrivent

Core

Small

Cap

Value

Fund

23,852,742

8,455,589

Thrivent

Global

Stock

Fund,

Class

S

252,314,772

6,251,183

Thrivent

High

Yield

Fund,

Class

S

26,692,551

8,769,575

Thrivent

Income

Fund,

Class

S

71,998,210

27,723,375

Thrivent

International

Equity

Fund,

Class

S

335,452,832

24,534,102

Thrivent

Large

Cap

Growth

Fund,

Class

S

579,004,799

14,465,122

Thrivent

Large

Cap

Value

Fund,

Class

S

455,362,037

5,097,675

Thrivent

Mid

Cap

Stock

Fund,

Class

S

186,116,132

3,323,820

Thrivent

Short-Term

Bond

Fund,

Class

S

41,580,986

2,513,904

Thrivent

Small

Cap

Stock

Fund,

Class

S

78,458,956

Total

2,363,896,127

U.S.

Unaffiliated  

0.5%  

12,106

Invesco

QQQ

Trust

Series

1

6,840,011

9,935

Invesco

Senior

Loan

ETF

a

207,939

28,243

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

1,056,006

2,058

iShares

Russell

2000

Growth

ETF

597,128

2,226

iShares

Semiconductor

ETF

534,307

24,573

SPDR

S&P

500

ETF

Trust

15,532,102

10,962

SPDR

S&P

Biotech

ETF

939,005

2,260

SPDR

S&P

Software

&

Services

ETF

422,416

2,965

VanEck

Semiconductor

ETF

856,233

Total

26,985,147

Total

Registered

Investment

Companies

(cost

$1,576,836,218)

2,390,881,274

Shares

Common

Stock

27.9%

Value

Communications

Services  2.4%

38,876

Alphabet,

Inc.,

Class

A

7,460,304

158,881

Alphabet,

Inc.,

Class

C

30,641,790

4,996

AMC

Networks,

Inc.

b

29,926

2,052

Angi

,

Inc.

b

33,283

100,981

AT&T,

Inc.

2,767,889

4,008

Bandwidth,

Inc.

b

55,751

46,833

CarGurus

,

Inc.

b

1,537,059

8,829

Cogent

Communications

Holdings

402,514

143,621

Comcast

Corporation

4,772,526

26,228

E.W.

Scripps

Company

b

78,422

697

Electronic

Arts,

Inc.

106,286

1,603

Fox

Corporation,

Class

A

89,383

981

Fox

Corporation,

Class

B

50,168

2,804

Iridium

Communications,

Inc.

68,586

1,891

John

Wiley

and

Sons,

Inc.

72,993

11,633

Liberty

Global,

Ltd.,

Class

A

b

116,563

Shares

Common

Stock  27.9%

Value

Communications

Services  2.4%

-

continued

6,348

Liberty

Latin

America,

Ltd.,

Class

A

b

$

44,753

644

Liberty

Media

Corporation-Liberty

Formula

One

Group

b

64,625

790

Liberty

Media

Corporation-Liberty

Live

Group

b

66,542

7,661

Magnite

,

Inc.

b

176,280

3,177

Match

Group,

Inc.

108,876

57,231

Meta

Platforms,

Inc.

44,264,745

7,735

Netflix,

Inc.

b

8,967,959

8,050

New

York

Times

Company

417,715

6,857

News

Corporation,

Class

A

201,047

248

Nexstar

Media

Group,

Inc.

46,403

36,611

Pinterest,

Inc.

b

1,413,185

87

Reddit

,

Inc.

b

13,971

6,201

Sirius

XM

Holdings,

Inc.

a

130,965

5,203

Spotify

Technology

SA

b

3,259,888

1,514

TechTarget

,

Inc.

b

10,961

2,074

Telephone

and

Data

Systems,

Inc.

80,969

376

TKO

Group

Holdings,

Inc.

63,172

5,868

T-Mobile

US,

Inc.

1,398,990

8,238

Trade

Desk,

Inc.

b

716,376

44,775

Verizon

Communications,

Inc.

1,914,579

26,248

Walt

Disney

Company

3,126,399

316,654

Warner

Brothers

Discovery,

Inc.

b

4,170,333

66,950

Warner

Music

Group

Corporation

1,958,957

Total

120,901,133

Consumer

Discretionary  2.7%

5,010

Adient

plc

b

107,414

19,596

ADT,

Inc.

163,627

10,029

Advance

Auto

Parts,

Inc.

532,239

194,763

Amazon.com,

Inc.

b

45,595,966

14,260

American

Axle

&

Manufacturing

Holdings,

Inc.

b

63,457

5,234

American

Eagle

Outfitters,

Inc.

56,527

36,713

Aptiv

plc

b

2,519,980

1,410

Aramark

60,010

1,121

Autoliv

,

Inc.

125,048

175

AutoZone,

Inc.

b

659,466

8,987

Bath

&

Body

Works,

Inc.

260,264

928

Booking

Holdings,

Inc.

5,107,768

7,310

Boot

Barn

Holdings,

Inc.

b

1,256,589

13,866

BorgWarner,

Inc.

510,269

558

Bright

Horizons

Family

Solutions,

Inc.

b

63,110

152

Brinker

International,

Inc.

b

23,955

1,987

Buckle,

Inc.

98,098

15,424

Build-A-Bear

Workshop,

Inc.

782,151

1,485

CarMax,

Inc.

b

84,066

800

Carnival

Corporation

b

23,816

152

Carvana

Company

b

59,306

65

Cavco

Industries,

Inc.

b

26,239

14,736

Champion

Homes,

Inc.

b

897,422

4,522

Chewy,

Inc.

b

165,957

17,903

Columbia

Sportswear

Company

1,012,773

4,183

Coursera,

Inc.

b

52,873

1,716

Crocs,

Inc.

b

171,137

34,191

D.R.

Horton,

Inc.

4,883,842

9,016

Dana,

Inc.

143,535

280

Darden

Restaurants,

Inc.

56,468

5,796

Deckers

Outdoor

Corporation

b

615,361

200

Domino's

Pizza,

Inc.

92,642

24,729

DoorDash

,

Inc.

b

6,188,432

763

Dorman

Products,

Inc.

b

92,033

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock  27.9%

Value

Consumer

Discretionary  2.7%

-

continued

153

Dutch

Bros,

Inc.

b

$

9,068

2,422

eBay,

Inc.

222,218

2,607

Etsy,

Inc.

b

151,910

15,494

Expedia

Group,

Inc.

2,792,329

1,018

Five

Below,

Inc.

b

138,977

17,867

Ford

Motor

Company

197,788

3,783

Fox

Factory

Holding

Corporation

b

114,890

1,441

Frontdoor

,

Inc.

b

84,299

8,791

Gap,

Inc.

171,073

2,173

Garmin,

Ltd.

475,365

4,014

Garrett

Motion,

Inc.

52,343

300

General

Motors

Company

16,002

12,910

Gentex

Corporation

341,082

3,184

GigaCloud

Technology,

Inc.

b

70,908

4,326

Goodyear

Tire

&

Rubber

Company

b

44,471

3,822

Grand

Canyon

Education,

Inc.

b

644,504

776

Group

1

Automotive,

Inc.

319,828

6,818

Hasbro,

Inc.

512,441

19,719

Hilton

Worldwide

Holdings,

Inc.

5,286,270

16,668

Home

Depot,

Inc.

6,125,657

6,276

Installed

Building

Products,

Inc.

1,269,572

5,997

Kohl's

Corporation

a

65,007

18,003

Laureate

Education,

Inc.

b

406,868

11,626

La-Z-Boy,

Inc.

418,187

754

Lear

Corporation

71,095

353

Lithia

Motors,

Inc.

101,664

3,207

LKQ

Corporation

94,510

19,572

Lowe's

Companies,

Inc.

4,375,712

12,443

Mattel,

Inc.

b

211,655

3,907

McDonald's

Corporation

1,172,373

13,894

Modine

Manufacturing

Company

b

1,869,577

2,024

Mohawk

Industries,

Inc.

b

231,768

1,228

Murphy

USA,

Inc.

445,125

3,001

National

Vision

Holdings,

Inc.

b

72,804

104

NVR,

Inc.

b

785,147

34,188

O'Reilly

Automotive,

Inc.

b

3,361,364

518

Planet

Fitness,

Inc.

b

56,560

2,219

Pool

Corporation

683,763

332

PulteGroup,

Inc.

37,489

1,238

Ralph

Lauren

Corporation

369,853

9,933

Ross

Stores,

Inc.

1,356,252

263

Royal

Caribbean

Cruises,

Ltd.

83,600

1,675

Service

Corporation

International/

US

127,819

14,065

SharkNinja

,

Inc.

b

1,632,947

10,829

Six

Flags

Entertainment

Corporation

b

324,437

148,154

Sony

Group

Corporation

ADR

a

3,603,105

7,378

Stoneridge,

Inc.

b

56,811

897

Strategic

Education,

Inc.

66,508

2,701

Tapestry,

Inc.

291,789

462

Taylor

Morrison

Home

Corporation

b

27,387

47,330

Tesla,

Inc.

b

14,590,419

314

Texas

Roadhouse,

Inc.

58,131

1,003

Toll

Brothers,

Inc.

118,715

66

TopBuild

Corporation

b

24,448

3,021

Travel

+

Leisure

Company

178,994

268

Ulta

Beauty,

Inc.

b

138,023

376

Urban

Outfitters,

Inc.

b

28,305

1,998

Valvoline,

Inc.

b

70,430

6,071

VF

Corporation

71,152

1,805

Viking

Holdings,

Ltd.

b

105,990

1,046

Visteon

Corporation

b

116,263

830

Wayfair,

Inc.

b

54,481

Shares

Common

Stock  27.9%

Value

Consumer

Discretionary  2.7%

-

continued

4,365

Wingstop

,

Inc.

$

1,647,089

108

Winmark

Corporation

40,761

50,309

Wyndham

Hotels

&

Resorts,

Inc.

4,326,574

1,677

Wynn

Resorts,

Ltd.

182,843

959

Yum!

Brands,

Inc.

138,240

Total

135,884,869

Consumer

Staples  0.8%

3,136

Albertsons

Companies,

Inc.

60,274

6,687

Altria

Group,

Inc.

414,193

895

Archer-Daniels-Midland

Company

48,491

1,126

BellRing

Brands,

Inc.

b

61,457

8,808

BJ's

Wholesale

Club

Holdings,

Inc.

b

932,767

266

Bunge

Global

SA

21,216

2,536

Casey's

General

Stores,

Inc.

1,319,050

2,369

Central

Garden

&

Pet

Company,

Class

A

b

84,147

2,622

Church

&

Dwight

Company,

Inc.

245,865

18,636

Colgate-Palmolive

Company

1,562,629

13,955

Conagra

Brands,

Inc.

254,818

1,304

Costco

Wholesale

Corporation

1,225,291

384,131

Coty,

Inc.

b

1,863,035

2,616

Darling

Ingredients,

Inc.

b

84,706

4,394

Dole

plc

62,571

1,055

Ingredion,

Inc.

138,775

11,095

J

&

J

Snack

Foods

Corporation

1,252,514

8,387

John

B.

Sanfilippo

&

Son,

Inc.

530,981

207,771

Kenvue

,

Inc.

4,454,610

59,063

Keurig

Dr

Pepper,

Inc.

1,928,407

977

Kimberly-Clark

Corporation

121,754

349

Kraft

Heinz

Company

9,583

1,123

Kroger

Company

78,722

3,310

Maplebear

,

Inc.

b

158,781

2,784

Marzetti

Company

494,884

1,118

McCormick

&

Company,

Inc.

78,964

3,871

Mondelez

International,

Inc.

250,415

9,102

Monster

Beverage

Corporation

b

534,742

13,608

Philip

Morris

International,

Inc.

2,232,392

968

Primo

Brands

Corporation

26,726

24,479

Procter

&

Gamble

Company

3,683,355

98

Sprouts

Farmers

Markets,

Inc.

b

14,851

74,210

Sysco

Corporation

5,907,116

5,585

Turning

Point

Brands,

Inc.

463,220

1,002

Tyson

Foods,

Inc.

52,405

85,153

Unilever

plc

ADR

4,975,490

2,224

US

Foods

Holding

Corporation

b

185,326

18,414

Vita

Coco

Company,

Inc.

b

649,278

56,450

Walmart,

Inc.

5,530,971

Total

41,994,772

Energy  1.0%

54,856

Antero

Midstream

Corporation

1,006,608

4,070

Antero

Resources

Corporation

b

142,165

4,237

APA

Corporation

81,732

3,270

Archrock

,

Inc.

76,387

31,438

Baker

Hughes

Company

1,416,282

13,164

Berry

Corporation

39,755

951

Cactus,

Inc.

40,237

9,603

Cheniere

Energy,

Inc.

2,265,156

631

Chevron

Corporation

95,685

1,024

Chord

Energy

Corporation

112,978

5,615

Civitas

Resources,

Inc.

170,471

72,989

ConocoPhillips

6,958,771

4,578

Crescent

Energy

Company

42,301

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Shares

Common

Stock  27.9%

Value

Energy  1.0%

-

continued

91,682

Devon

Energy

Corporation

$

3,045,676

6,044

DHT

Holdings,

Inc.

67,028

2,344

DT

Midstream,

Inc.

240,799

175,345

Enterprise

Products

Partners,

LP

5,433,941

15,758

EOG

Resources,

Inc.

1,891,275

1,433

EQT

Corporation

77,024

5,662

Expand

Energy

Corporation

593,264

105,814

Exxon

Mobil

Corporation

11,813,075

2,528

Gulfport

Energy

Corporation

b

440,201

97,179

Halliburton

Company

2,176,810

24,728

Hess

Midstream,

LP

1,076,410

2,449

HF

Sinclair

Corporation

107,609

1,487

Kimbell

Royalty

Partners,

LP

22,112

45,321

Kinder

Morgan,

Inc.

1,271,707

2,279

Kodiak

Gas

Services,

Inc.

73,680

28,710

Kosmos

Energy,

Ltd.

b

61,726

18,479

Marathon

Petroleum

Corporation

3,144,941

8,085

Matador

Resources

Company

403,280

1,857

Noble

Corporation

plc

49,786

748

Occidental

Petroleum

Corporation

32,867

3,428

Oceaneering

International,

Inc.

b

74,388

3,688

Oil

States

International,

Inc.

b

18,403

2,044

ONEOK,

Inc.

167,833

6,893

Ovintiv

,

Inc.

283,854

2,302

Par

Pacific

Holdings,

Inc.

b

72,237

9,913

Permian

Resources

Corporation

140,368

509

Phillips

66

62,902

3,004

Range

Resources

Corporation

110,307

653

Ranger

Energy

Services,

Inc.

8,744

32,663

Shell

plc

ADR

2,358,595

1,784

SM

Energy

Company

49,221

3,169

Talos

Energy,

Inc.

b

27,095

106

Targa

Resources

Corporation

17,639

51,825

TechnipFMC

plc

1,884,875

238

Valero

Energy

Corporation

32,680

5,846

Vital

Energy,

Inc.

b

109,262

197

Weatherford

International

plc

11,140

36,749

Williams

Companies,

Inc.

2,203,102

Total

52,104,384

Financials  4.4%

411

1st

Source

Corporation

24,586

4,304

Affiliated

Managers

Group,

Inc.

903,280

1,901

Affirm

Holdings,

Inc.

b

130,333

559

Aflac,

Inc.

55,542

23,565

AGNC

Investment

Corporation

222,218

19,562

Allstate

Corporation

3,975,976

21,148

Ally

Financial,

Inc.

800,452

19,025

Amalgamated

Financial

Corporation

551,535

11,798

American

Express

Company

3,531,259

45,260

American

International

Group,

Inc.

3,513,534

4,426

Ameriprise

Financial,

Inc.

2,293,509

1,791

Ameris

Bancorp

122,415

773

AMERISAFE,

Inc.

34,615

9,496

Annaly

Capital

Management,

Inc.

193,054

3,991

Arch

Capital

Group,

Ltd.

343,465

5,340

Ares

Management

Corporation

990,730

2,919

Arthur

J.

Gallagher

&

Company

838,483

3,635

Artisan

Partners

Asset

Management,

Inc.

164,484

28,818

Associated

Banc-Corp

712,957

997

Assurant,

Inc.

186,738

1,120

Atlantic

Union

Bankshares

Corporation

35,504

Shares

Common

Stock  27.9%

Value

Financials  4.4%

-

continued

1,378

Axis

Capital

Holdings,

Ltd.

$

129,312

265,811

Bank

of

America

Corporation

12,564,886

93

Bank

of

Hawaii

Corporation

5,755

1,004

Bank

of

Marin

Bancorp

22,741

10,292

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

468,389

49,113

Bank

of

New

York

Mellon

Corporation

4,982,514

1,166

Bank

OZK

57,484

1,584

BankFinancial

Corporation

17,614

3,249

BankUnited

,

Inc.

118,491

2,040

Bar

Harbor

Bankshares

59,242

2,061

BCB

Bancorp,

Inc.

17,230

10,781

Berkshire

Hathaway,

Inc.

b

5,087,338

24,960

Berkshire

Hills

Bancorp,

Inc.

615,014

1,046

BlackRock,

Inc.

1,156,886

1,555

Blackstone

Mortgage

Trust,

Inc.

28,736

1,064

Block,

Inc.

b

82,205

16,092

Blue

Owl

Capital,

Inc.

311,380

20,650

Bridgewater

Bancshares,

Inc.

b

321,314

6,152

Brookline

Bancorp,

Inc.

63,489

1,922

Brown

&

Brown,

Inc.

175,613

1,727

Burke

&

Herbert

Financial

Services

Corporation

100,149

2,793

Business

First

Bancshares,

Inc.

66,334

9,577

Byline

Bancorp,

Inc.

251,875

238

C&F

Financial

Corporation

15,196

2,285

Cadence

Bank

79,632

4,499

California

BanCorp

b

67,440

238

Camden

National

Corporation

8,975

885

Capital

City

Bank

Group,

Inc.

35,037

47,604

Capital

One

Financial

Corporation

10,234,860

12,043

Capitol

Federal

Financial,

Inc.

72,499

2,172

Carlyle

Group,

Inc.

131,754

365

Cathay

General

Bancorp

16,505

916

Cboe

Global

Markets,

Inc.

220,793

5,661

Central

Pacific

Financial

Corporation

150,922

136,922

Charles

Schwab

Corporation

13,381,387

4,493

Chimera

Investment

Corporation

60,071

409

ChoiceOne

Financial

Services,

Inc.

12,025

17,673

Chubb,

Ltd.

4,701,725

779

Cincinnati

Financial

Corporation

114,910

10,622

Citigroup,

Inc.

995,281

802

Citizens

Financial

Group,

Inc.

38,271

3,553

CME

Group,

Inc.

988,729

2,341

CNB

Financial

Corporation

53,726

3,774

CNO

Financial

Group,

Inc.

139,034

753

Coinbase

Global,

Inc.

b

284,453

1,535

Colony

Bankcorp

,

Inc.

25,159

6,830

Columbia

Banking

System,

Inc.

162,554

2,078

Comerica,

Inc.

140,410

1,845

Commerce

Bancshares,

Inc.

112,914

210

Community

Financial

System,

Inc.

11,067

7,667

Community

Trust

Bancorp,

Inc.

413,865

836

Community

West

Bancshares

16,093

1,831

ConnectOne

Bancorp,

Inc.

42,168

883

Cullen/Frost

Bankers,

Inc.

112,503

296

CVB

Financial

Corporation

5,532

198

Diamond

Hill

Investment

Group,

Inc.

26,843

10,362

Donnelley

Financial

Solutions,

Inc.

b

548,772

3,920

Dynex

Capital,

Inc.

48,765

3,098

Eagle

Bancorp,

Inc.

49,847

2,472

East

West

Bancorp,

Inc.

247,818

1,396

Eastern

Bankshares

,

Inc.

21,568

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Shares

Common

Stock  27.9%

Value

Financials  4.4%

-

continued

2,318

Enact

Holdings,

Inc.

$

80,574

1,311

Enova

International,

Inc.

b

137,078

4,578

Enterprise

Financial

Services

Corporation

252,660

1,796

Equitable

Holdings,

Inc.

92,225

1,613

Equity

Bancshares,

Inc.

60,617

3,410

Essent

Group,

Ltd.

190,926

92

Euronet

Worldwide,

Inc.

b

8,941

300

Evercore

,

Inc.

90,342

3,925

F.N.B.

Corporation

60,131

2,481

FactSet

Research

Systems,

Inc.

999,595

2,208

Farmers

National

Banc

Corporation

29,896

3,118

Federal

Agricultural

Mortgage

Corporation

537,138

6,545

Federated

Hermes,

Inc.

324,436

3,173

Fidelity

National

Information

Services,

Inc.

251,968

1,614

Fifth

Third

Bancorp

67,094

7,597

Financial

Institutions,

Inc.

193,648

3,622

First

American

Financial

Corporation

217,501

6,146

First

Bancorp/Puerto

Rico

128,021

1,944

First

Citizens

BancShares

,

Inc./NC

3,877,813

5,325

First

Financial

Bancorp

129,078

1,077

First

Financial

Bankshares

,

Inc.

37,286

2,704

First

Financial

Corporation

144,799

691

First

Hawaiian,

Inc.

16,757

8,361

First

Horizon

Corporation

182,353

2,256

First

Internet

Bancorp

49,474

33

First

Interstate

BancSystem

,

Inc.

950

2,685

First

Merchants

Corporation

102,352

3,219

First

Mid-Illinois

Bancshares,

Inc.

122,225

884

FirstCash

Holdings,

Inc.

117,828

8,887

Fiserv,

Inc.

b

1,234,760

1,903

Flagstar

Financial,

Inc.

21,485

4,356

Flushing

Financial

Corporation

52,228

1,409

Flywire

Corporation

b

15,344

1,937

Franklin

Resources,

Inc.

46,488

36,815

Fulton

Financial

Corporation

660,829

5,383

Genworth

Financial,

Inc.

b

42,310

28,707

Glacier

Bancorp,

Inc.

1,258,228

380

Global

Life,

Inc.

53,379

456

Global

Payments,

Inc.

36,457

7,081

Great

Southern

Bancorp,

Inc.

403,192

120

Hamilton

Lane,

Inc.

18,276

845

Hancock

Whitney

Corporation

50,463

743

Hanover

Insurance

Group,

Inc.

127,521

3,708

HarborOne

Bancorp,

Inc.

43,866

1,470

Hartford

Insurance

Group,

Inc.

182,853

417

HBT

Financial,

Inc.

10,371

2,105

Home

BancShares

,

Inc.

59,277

6,228

Hometrust

Bancshares,

Inc.

242,020

6,694

Horizon

Bancorp,

Inc.

103,690

12,444

Houlihan

Lokey

,

Inc.

2,372,573

3,204

Huntington

Bancshares,

Inc./OH

52,642

92

Independent

Bank

Corporation/MA

5,847

3,881

Independent

Bank

Corporation/MI

118,565

58,908

Intercontinental

Exchange,

Inc.

10,887,966

8,669

Invesco,

Ltd.

182,136

478

Investar

Holding

Corporation

10,373

7,251

Jack

Henry

&

Associates,

Inc.

1,231,329

1,119

Jackson

Financial,

Inc.

97,980

32,413

Janus

Henderson

Group

plc

1,403,483

976

Jefferies

Financial

Group,

Inc.

56,276

Shares

Common

Stock  27.9%

Value

Financials  4.4%

-

continued

67,334

JPMorgan

Chase

&

Company

$

19,947,024

9,992

Kearny

Financial

Corporation/MD

59,253

734

Kemper

Corporation

45,207

222,035

KeyCorp

3,978,867

399

Kinsale

Capital

Group,

Inc.

175,835

2,695

Ladder

Capital

Corporation

29,429

1,826

M&T

Bank

Corporation

344,566

654

MarketAxess

Holdings,

Inc.

134,397

7,904

Marsh

&

McLennan

Companies,

Inc.

1,574,477

11,597

Mastercard

,

Inc.

6,569,353

1,478

Mercantile

Bank

Corporation

67,530

51,173

MetLife,

Inc.

3,886,589

57,111

MGIC

Investment

Corporation

1,479,175

3,402

Midland

States

Bancorp,

Inc.

57,698

17,240

MidWestOne

Financial

Group,

Inc.

474,790

5,434

Moody's

Corporation

2,802,477

1,149

Morningstar,

Inc.

317,653

8,587

MSCI,

Inc.

4,820,398

52,282

Nasdaq,

Inc.

5,030,574

13,200

NMI

Holdings,

Inc.

b

492,624

317

Northeast

Bank

31,437

2,249

Northeast

Community

Bancorp,

Inc.

46,464

9,600

Northern

Trust

Corporation

1,248,000

4,083

Northfield

Bancorp,

Inc.

43,484

43,076

Northwest

Bancshares,

Inc.

503,989

2,344

OceanFirst

Financial

Corporation

39,332

7,670

OFG

Bancorp

326,895

53,241

Old

National

Bancorp

1,123,918

19,975

Old

Republic

International

Corporation

722,496

23,369

Old

Second

Bancorp,

Inc.

396,572

13,151

OneMain

Holdings,

Inc.

759,996

393

Orange

County

Bancorp,

Inc.

9,821

3,987

Orrstown

Financial

Services,

Inc.

131,013

3,635

Pacific

Premier

Bancorp,

Inc.

78,770

651

Palomar

Holdings,

Inc.

b

86,251

46

Park

National

Corporation

7,446

1,062

Paymentus

Holdings,

Inc.

b

29,609

1,210

PCB

Bancorp

24,732

2,383

Peoples

Bancorp,

Inc./OH

68,249

1,122

Pinnacle

Financial

Partners,

Inc.

98,613

623

PNC

Financial

Services

Group,

Inc.

118,538

6,139

Popular,

Inc.

703,407

1,287

Principal

Financial

Group,

Inc.

100,167

13,618

Progressive

Corporation

3,296,101

8,100

Prosperity

Bancshares,

Inc.

539,622

34,249

Provident

Financial

Services,

Inc.

624,017

979

Prudential

Financial,

Inc.

101,405

7,370

Radian

Group,

Inc.

240,336

1,881

Regions

Financial

Corporation

47,646

527

Reinsurance

Group

of

America,

Inc.

101,421

276

RenaissanceRe

Holdings,

Ltd.

67,272

413

Renasant

Corporation

15,132

6,972

Repay

Holdings

Corporation

b

34,302

47,270

Rithm

Capital

Corporation

568,658

19,986

RLI

Corporation

1,318,876

34,464

Robinhood

Markets,

Inc.

b

3,551,515

7,961

S&P

Global,

Inc.

4,387,307

368

Safety

Insurance

Group,

Inc.

25,889

20,313

SEI

Investments

Company

1,789,982

236

Selective

Insurance

Group,

Inc.

18,401

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Shares

Common

Stock  27.9%

Value

Financials  4.4%

-

continued

376

ServisFirst

Bancshares,

Inc.

$

29,572

4,891

Shore

Bancshares,

Inc.

75,859

1,851

Sierra

Bancorp

54,271

604

Simmons

First

National

Corporation

11,579

1,184

Southern

Missouri

Bancorp,

Inc.

64,043

1,693

SouthState

Corporation

159,430

1,471

Starwood

Property

Trust,

Inc.

28,626

3,795

StepStone

Group,

Inc.

225,271

2,240

Stifel

Financial

Corporation

255,629

860

StoneX

Group,

Inc.

b

83,626

1,011

Synchrony

Financial

70,436

5,520

Synovus

Financial

Corporation

260,765

1,072

Tompkins

Financial

Corporation

69,337

8,406

TPG

RE

Finance

Trust,

Inc.

73,132

29,502

Tradeweb

Markets,

Inc.

4,087,502

27,554

Triumph

Financial,

Inc.

b

1,562,863

2,154

TrustCo

Bank

Corporation

NY

72,288

18,531

Trustmark

Corporation

690,280

3,614

U.S.

Bancorp

162,485

1,089

UMB

Financial

Corporation

119,779

1,614

United

Bankshares

,

Inc.

57,329

4,474

United

Community

Banks,

Inc.

136,457

862

Unity

Bancorp,

Inc.

42,333

2,318

Univest

Financial

Corporation

66,851

3,917

Unum

Group

281,280

134

Upstart

Holdings,

Inc.

b

10,953

16,385

Valley

National

Bancorp

151,889

4,281

Virtu

Financial,

Inc.

188,963

37,219

Visa,

Inc.

12,858,048

6,347

WaFd

,

Inc.

184,729

2,851

Webster

Financial

Corporation

164,360

188,321

Wells

Fargo

&

Company

15,184,322

3,190

WesBanco

,

Inc.

96,115

1,607

Westamerica

Bancorporation

76,975

1,466

Western

Alliance

Bancorp

113,703

28,405

Western

Union

Company

228,660

4

White

Mountains

Insurance

Group,

Ltd.

7,151

151

Willis

Towers

Watson

plc

47,687

990

Wintrust

Financial

Corporation

126,700

6,218

WisdomTree

,

Inc.

82,513

252

WSFS

Financial

Corporation

13,820

20,632

Zions

Bancorp

NA

1,106,288

Total

224,802,572

Health

Care  3.0%

9,357

Abbott

Laboratories

1,180,760

28,912

AbbVie,

Inc.

5,464,946

62,215

ADMA

Biologics,

Inc.

b

1,163,420

34,040

Agilent

Technologies,

Inc.

3,908,132

1,305

Agios

Pharmaceuticals,

Inc.

b

48,572

73

Align

Technology,

Inc.

b

9,418

15,861

Amgen,

Inc.

4,680,581

4,201

Amicus

Therapeutics,

Inc.

b

25,164

5,067

Amneal

Pharmaceuticals,

Inc.

b

39,624

1,340

Anika

Therapeutics,

Inc.

b

11,062

1,008

Argenx

SE

ADR

b

675,693

636

Artivion

,

Inc.

b

19,659

115,108

Avantor

,

Inc.

b

1,547,052

1,717

Azenta

,

Inc.

b

56,146

364

Becton,

Dickinson

and

Company

64,883

780

Biogen,

Inc.

b

99,840

1,175

Biohaven

,

Ltd.

b

17,743

31,073

BioMarin

Pharmaceutical,

Inc.

b

1,797,573

Shares

Common

Stock  27.9%

Value

Health

Care  3.0%

-

continued

4,348

Bio-

Techne

Corporation

$

237,966

57,784

Boston

Scientific

Corporation

b

6,062,697

404

Bruker

Corporation

15,526

549

Cardinal

Health,

Inc.

85,216

2,889

CareDx

,

Inc.

b

35,491

14,084

Caribou

Biosciences,

Inc.

b

28,591

11,872

Cencora

,

Inc.

3,396,342

3,790

Centene

Corporation

b

98,805

1,569

Certara

,

Inc.

b

15,439

1,751

Charles

River

Laboratories

International,

Inc.

b

297,040

798

Chemed

Corporation

329,015

11,853

Cigna

Group

3,169,255

54,631

Concentra

Group

Holdings

Parent,

Inc.

1,090,981

5,021

Cooper

Companies,

Inc.

b

354,934

11,798

CorVel

Corporation

b

1,045,303

39,148

Danaher

Corporation

7,718,420

5,056

Denali

Therapeutics,

Inc.

b

69,924

9,607

Dentsply

Sirona,

Inc.

137,476

8,447

Dexcom

,

Inc.

b

682,264

1,074

Doximity

,

Inc.

b

63,098

3,333

Dyne

Therapeutics,

Inc.

b

32,830

648

Edwards

Lifesciences

Corporation

b

51,393

17,500

Elanco

Animal

Health,

Inc.

b

239,400

12,086

Eli

Lilly

&

Company

8,944,486

6,390

Enanta

Pharmaceuticals,

Inc.

b

48,436

18,038

Encompass

Health

Corporation

1,986,164

288

Ensign

Group,

Inc.

43,200

12,188

Exact

Sciences

Corporation

b

572,227

608

Exelixis

,

Inc.

b

22,022

4,940

Fate

Therapeutics,

Inc.

b

5,434

11,763

Fortrea

Holdings,

Inc.

b

67,520

858

GE

HealthCare

Technologies,

Inc.

61,193

50,627

Gilead

Sciences,

Inc.

5,684,906

3,491

Globus

Medical,

Inc.

b

183,731

6,727

GoodRx

Holdings,

Inc.

b

32,222

16,194

HealthEquity

,

Inc.

b

1,570,818

674

Henry

Schein,

Inc.

b

45,596

61

Hims

&

Hers

Health,

Inc.

b

4,037

40

Humana,

Inc.

9,995

9,688

IDEXX

Laboratories,

Inc.

b

5,176,395

3,878

Illumina,

Inc.

b

398,309

2,166

Incyte

Corporation

b

162,212

637

Insmed

,

Inc.

b

68,337

6,778

Inspire

Medical

Systems,

Inc.

b

844,132

3,448

Insulet

Corporation

b

994,403

3,137

Integra

LifeSciences

Holdings

Corporation

b

41,220

4,781

Intellia

Therapeutics,

Inc.

a,b

55,651

9,160

Intuitive

Surgical,

Inc.

b

4,406,784

804

IQVIA

Holding,

Inc.

b

149,431

4,211

iTeos

Therapeutics,

Inc.

b

42,700

380

Jazz

Pharmaceuticals,

Inc.

b

43,559

69,299

Johnson

&

Johnson

11,416,317

20,805

Labcorp

Holdings,

Inc.

5,410,964

789

Medpace

Holdings,

Inc.

b

337,061

67,592

Medtronic

plc

6,099,502

95,776

Merck

&

Company,

Inc.

7,482,021

9,818

Merit

Medical

Systems,

Inc.

b

833,155

316

Mettler

-Toledo

International,

Inc.

b

389,843

4,258

Moderna

,

Inc.

b

125,866

2,585

Myriad

Genetics,

Inc.

b

9,926

5,677

Natera

,

Inc.

b

758,788

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Shares

Common

Stock  27.9%

Value

Health

Care  3.0%

-

continued

1,739

Neurocrine

Biosciences,

Inc.

b

$

222,992

565

Option

Care

Health,

Inc.

b

16,583

8,511

Organon

&

Company

82,557

10,244

Penumbra,

Inc.

b

2,584,254

1,336

Perrigo

Company

plc

35,631

34,503

Pfizer,

Inc.

803,575

940

Prestige

Consumer

Healthcare,

Inc.

b

69,513

22,752

Progyny

,

Inc.

b

534,900

2,944

Prothena

Corporation

plc

b

20,225

462

PTC

Therapeutics,

Inc.

b

24,075

2,487

QIAGEN

NV

122,709

530

Quest

Diagnostics,

Inc.

88,727

12,409

Relay

Therapeutics,

Inc.

b

43,680

8,354

Repligen

Corporation

b

978,003

122

ResMed

,

Inc.

33,177

85

Revvity

,

Inc.

7,472

5,453

Rocket

Pharmaceuticals,

Inc.

b

16,632

31,195

Royalty

Pharma

plc

1,147,976

92,871

Sanofi

SA

ADR

4,238,632

57,933

scPharmaceuticals

,

Inc.

b

294,300

18,617

STERIS

plc

4,216,564

36,762

Stevanato

Group

SPA

908,389

7,575

Stryker

Corporation

2,974,930

831

Teleflex,

Inc.

99,305

1,452

Tenet

Healthcare

Corporation

b

234,179

8,383

Thermo

Fisher

Scientific,

Inc.

3,920,561

27,081

Twist

Bioscience

Corporation

b

909,109

387

United

Therapeutics

Corporation

b

106,309

24,165

UnitedHealth

Group,

Inc.

6,030,617

403

Universal

Health

Services,

Inc.

67,079

1,667

Vaxcyte

,

Inc.

b

56,595

306

Veeva

Systems,

Inc.

b

86,965

22,638

Vericel

Corporation

b

790,972

9,619

Vertex

Pharmaceuticals,

Inc.

b

4,394,633

51,892

Viatris

,

Inc.

453,536

11,927

Viemed

Healthcare,

Inc.

b

72,635

1,660

Viking

Therapeutics,

Inc.

a,b

54,066

533

Waters

Corporation

b

153,909

2,173

Waystar

Holding

Corporation

b

80,358

2,978

West

Pharmaceutical

Services,

Inc.

712,516

5,123

Xencor

,

Inc.

b

42,623

2,286

Xenon

Pharmaceuticals,

Inc.

b

69,814

43,878

Zimmer

Biomet

Holdings,

Inc.

4,021,419

Total

152,418,933

Industrials  3.2%

3,540

A.O.

Smith

Corporation

250,597

529

Acuity,

Inc.

164,704

5,788

Advanced

Drainage

Systems,

Inc.

664,173

2,841

AECOM

320,294

561

AGCO

Corporation

66,181

589

Air

Lease

Corporation

32,631

735

Alaska

Air

Group,

Inc.

b

38,926

2,052

Allegheny

Technologies,

Inc.

b

157,881

1,329

Allegion

plc

220,508

1,442

Allison

Transmission

Holdings,

Inc.

129,881

76,878

Amentum

Holdings,

Inc.

b

1,919,644

23,818

AMETEK,

Inc.

4,402,757

2,907

API

Group

Corporation

b

104,855

244

Applied

Industrial

Technologies,

Inc.

66,246

1,129

Arcosa

,

Inc.

96,959

107

Argan

,

Inc.

26,213

Shares

Common

Stock  27.9%

Value

Industrials  3.2%

-

continued

2,812

Armstrong

World

Industries,

Inc.

$

529,134

20,707

Atmus

Filtration

Technologies,

Inc.

805,709

14,678

Automatic

Data

Processing,

Inc.

4,542,841

1,268

Axon

Enterprise,

Inc.

b

957,961

366

AZZ,

Inc.

40,077

17,167

Badger

Infrastructure

Solutions,

Ltd.

647,851

24,235

Barrett

Business

Services,

Inc.

1,114,083

2,989

Brady

Corporation

210,934

20,508

BWX

Technologies,

Inc.

3,115,780

2,990

C.H.

Robinson

Worldwide,

Inc.

344,807

6

CACI

International,

Inc.

b

2,763

7,740

Casella

Waste

Systems,

Inc.

b

841,570

18,835

Caterpillar,

Inc.

8,250,107

23,238

CECO

Environmental

Corporation

b

1,044,548

5,011

Clean

Harbors,

Inc.

b

1,181,644

354,975

CNH

Industrial

NV

4,600,476

176

CSW

Industrials,

Inc.

45,668

262,779

CSX

Corporation

9,339,166

331

Cummins,

Inc.

121,682

2,511

Curtiss-Wright

Corporation

1,230,942

9,928

Dayforce

,

Inc.

b

572,548

112,255

Delta

Air

Lines,

Inc.

5,973,089

5,323

DNOW,

Inc.

b

82,826

976

Donaldson

Company,

Inc.

70,243

17

Dover

Corporation

3,079

251

Dycom

Industries,

Inc.

b

67,471

1,508

EMCOR

Group,

Inc.

946,255

2,302

Energy

Recovery,

Inc.

b

30,962

30,899

Enerpac

Tool

Group

Corporation

1,189,920

6,957

EnPro

,

Inc.

1,477,736

30,928

ExlService

Holdings,

Inc.

b

1,343,203

1,557

Expeditors

International

of

Washington,

Inc.

180,986

108,401

Fastenal

Company

5,000,538

13,029

Federal

Signal

Corporation

1,649,081

20,222

Ferguson

Enterprises,

Inc.

4,516,179

63,160

Flowserve

Corporation

3,539,486

2,165

Fortive

Corporation

103,768

1,684

Fortune

Brands

Innovations,

Inc.

91,845

78,327

Gates

Industrial

Corporation

plc

b

1,942,510

13,956

General

Dynamics

Corporation

4,348,829

19,558

General

Electric

Company

5,301,783

411

Gorman-Rupp

Company

16,917

7,723

Graco

,

Inc.

648,578

12,082

Great

Lakes

Dredge

&

Dock

Corporation

b

133,869

12,878

Helios

Technologies,

Inc.

472,494

431

Herc

Holdings,

Inc.

50,345

55,090

Hexcel

Corporation

3,300,442

1,217

HNI

Corporation

62,602

24,794

Honeywell

International,

Inc.

5,512,946

11,535

Howmet

Aerospace,

Inc.

2,073,647

5,991

Hudson

Technologies,

Inc.

b

56,255

1,767

IDEX

Corporation

288,922

1,317

IES

Holdings,

Inc.

b

464,993

1,236

Ingersoll

Rand,

Inc.

104,603

1,487

Insteel

Industries,

Inc.

53,681

3,327

ITT

Corporation

565,457

25,428

Jacobs

Solutions,

Inc.

3,607,470

18,793

JB

Hunt

Transport

Services,

Inc.

2,707,132

3,965

Johnson

Controls

International

plc

416,325

2,503

Kirby

Corporation

b

238,561

11,999

Knight-Swift

Transportation

Holdings,

Inc.

509,957

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Shares

Common

Stock  27.9%

Value

Industrials  3.2%

-

continued

6,414

Korn

Ferry

$

454,560

18,622

L3Harris

Technologies,

Inc.

5,117,698

2,922

Landstar

System,

Inc.

389,707

2,016

Legalzoom.com,

Inc.

b

18,124

1,358

Leidos

Holdings,

Inc.

216,805

6,231

Limbach

Holdings,

Inc.

b

853,647

861

Lincoln

Electric

Holdings,

Inc.

209,653

4,451

Lyft,

Inc.

b

62,581

1,500

ManpowerGroup

,

Inc.

61,875

5,254

Masco

Corporation

357,955

89,089

Masterbrand,

Inc.

b

982,652

664

Maximus,

Inc.

49,043

3,768

McGrath

RentCorp

470,209

639

Middleby

Corporation

b

92,783

2,362

Miller

Industries,

Inc.

96,251

7,591

Moog,

Inc.

1,469,466

26,443

Mueller

Water

Products,

Inc.

654,729

3,750

NEXTracker

,

Inc.

b

218,475

35

Nordson

Corporation

7,497

18,102

nVent

Electric

plc

1,419,559

6,800

Old

Dominion

Freight

Line,

Inc.

1,014,900

1,055

Oshkosh

Corporation

133,489

8,587

Otis

Worldwide

Corporation

735,820

211

PACCAR,

Inc.

20,838

8,949

Parker-Hannifin

Corporation

6,549,773

144

Paylocity

Holding

Corporation

b

26,623

6,386

Pentair

plc

652,649

796

Pitney

Bowes,

Inc.

9,043

246

Primoris

Services

Corporation

23,166

706

Quanta

Services,

Inc.

286,728

6,186

QXO,

Inc.

b

124,091

3,345

RBC

Bearings,

Inc.

b

1,295,652

335

Regal

Rexnord

Corporation

51,215

5,857

Republic

Services,

Inc.

1,350,917

4,297

Rockwell

Automation,

Inc.

1,511,298

108

Ryder

System,

Inc.

19,193

18,563

Schneider

National,

Inc.

453,865

1,046

Sensata

Technologies

Holding

plc

32,175

11,876

Shoals

Technologies

Group,

Inc.

b

64,012

135

SkyWest,

Inc.

b

15,655

5,254

Southwest

Airlines

Company

162,506

527

SPX

Technologies,

Inc.

b

96,120

777

SS&C

Technologies

Holdings,

Inc.

66,418

3,687

Stanley

Black

&

Decker,

Inc.

249,426

2,890

Sterling

Construction

Company,

Inc.

b

773,335

3,284

Timken

Company

249,880

664

Toro

Company

49,302

13,216

Trane

Technologies

plc

5,789,665

68

TransDigm

Group,

Inc.

109,375

9,650

TransUnion

918,584

7,439

Trex

Company,

Inc.

b

477,881

2,350

Trinity

Industries,

Inc.

54,755

56,966

Uber

Technologies,

Inc.

b

4,998,767

4,206

UFP

Industries,

Inc.

412,188

1,011

UL

Solutions,

Inc.

73,924

771

UniFirst

Corporation/MA

131,864

7,945

Union

Pacific

Corporation

1,763,552

1,808

United

Airlines

Holdings,

Inc.

b

159,664

29,943

United

Parcel

Service,

Inc.

2,579,889

448

United

Rentals,

Inc.

395,557

258

Veralto

Corporation

27,046

15,834

Verisk

Analytics,

Inc.

4,413,094

3,624

Verra

Mobility

Corporation

b

91,542

681

Wabtec

Corporation

130,786

Shares

Common

Stock  27.9%

Value

Industrials  3.2%

-

continued

5,760

Waste

Connections,

Inc.

$

1,075,219

3,912

Waste

Management,

Inc.

896,474

1,634

Watsco

,

Inc.

736,738

32,451

WNS

Holdings,

Ltd.

b

2,427,010

873

Xylem,

Inc.

126,253

2,254

Zurn

Elkay

Water

Solutions

Corporation

99,740

Total

164,458,651

Information

Technology  7.7%

6,124

Adobe,

Inc.

b

2,190,494

10,451

Agilysys

,

Inc.

b

1,192,250

1,501

Ambarella

,

Inc.

b

99,201

81,352

Amphenol

Corporation

8,664,802

5,827

Analog

Devices,

Inc.

1,308,919

218,850

Apple,

Inc.

45,426,694

19,895

Applied

Materials,

Inc.

3,582,294

2,319

AppLovin

Corporation

b

906,033

37,794

Arista

Networks,

Inc.

b

4,656,977

428

Arrow

Electronics,

Inc.

b

49,648

453

Astera

Labs,

Inc.

b

61,939

225

Atlassian

Corporation

b

43,150

19,542

Autodesk,

Inc.

b

5,923,376

1,020

Avnet,

Inc.

53,999

4,616

Bel

Fuse,

Inc.

600,265

388

BILL

Holdings,

Inc.

b

16,626

11,411

BlackLine

,

Inc.

b

613,684

89,506

Broadcom,

Inc.

26,287,912

13,254

CDW

Corporation

2,311,233

195

Cirrus

Logic,

Inc.

b

19,638

189,823

Cisco

Systems,

Inc.

12,923,150

412

Clearfield,

Inc.

b

18,050

587

Clearwater

Analytics

Holdings,

Inc.

b

11,893

2,083

Cognex

Corporation

84,924

989

Cognizant

Technology

Solutions

Corporation

70,971

871

Coherent

Corporation

b

93,720

831

CommVault

Systems,

Inc.

b

157,848

606

Consensus

Cloud

Solutions,

Inc.

b

12,229

1,421

Corning,

Inc.

89,864

10,023

Crane

NXT

Company

594,765

1,766

Credo

Technology

Group

Holding,

Ltd.

b

196,997

5,804

CyberArk

Software,

Ltd.

b

2,388,172

1,423

Datadog

,

Inc.

b

199,192

8,633

Descartes

Systems

Group,

Inc.

b

913,026

4,709

DocuSign,

Inc.

b

356,189

3,986

Dolby

Laboratories,

Inc.

300,305

20,467

Dynatrace

Holdings,

LLC

b

1,076,769

268

Elastic

NV

b

22,432

2,687

Enphase

Energy,

Inc.

b

86,951

253

Entegris

,

Inc.

19,850

293

EPAM

Systems,

Inc.

b

46,209

953

F5,

Inc.

b

298,689

3,720

Fabrinet

b

1,204,276

383

Fair

Isaac

Corporation

b

550,264

263

First

Solar,

Inc.

b

45,954

12,362

Flex,

Ltd.

b

616,493

41,948

Fortinet,

Inc.

b

4,190,605

4,312

Freshworks

,

Inc.

b

56,013

2,216

Gartner,

Inc.

b

750,448

7,209

Gen

Digital,

Inc.

212,593

39,628

Gitlab

,

Inc.

b

1,736,103

10,828

Guidewire

Software,

Inc.

b

2,449,510

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock  27.9%

Value

Information

Technology  7.7%

-

continued

2,119

HubSpot

,

Inc.

b

$

1,101,138

24,596

I3

Verticals,

Inc.

b

688,196

4,869

Impinj

,

Inc.

b

752,650

254

Intapp

,

Inc.

b

10,173

26,150

International

Business

Machines

Corporation

6,619,872

5,438

Intuit,

Inc.

4,269,537

760

IPG

Photonics

Corporation

b

56,916

734

Itron

,

Inc.

b

91,412

55,582

JFrog

,

Ltd.

b

2,412,815

4,560

Keysight

Technologies,

Inc.

b

747,430

1,495

KLA

Corporation

1,314,150

4,062

Lam

Research

Corporation

385,240

12,192

Lattice

Semiconductor

Corporation

b

607,527

1,990

Littelfuse

,

Inc.

512,087

154

MACOM

Technology

Solutions

Holdings,

Inc.

b

21,120

79

Manhattan

Associates,

Inc.

b

17,353

9,471

Marvell

Technology,

Inc.

761,184

1,225

Microchip

Technology,

Inc.

82,798

29,516

Micron

Technology,

Inc.

3,221,376

146,945

Microsoft

Corporation

78,395,157

655

Mirion

Technologies,

Inc.

b

14,639

474

MKS,

Inc.

45,115

441

Monday.com,

Ltd.

b

115,670

29

Monolithic

Power

Systems,

Inc.

20,626

9,490

Motorola

Solutions,

Inc.

4,165,920

1,201

NetApp,

Inc.

125,060

29,894

Nokia

Oyj

ADR

a

121,968

510

Nutanix

,

Inc.

b

38,337

413,027

NVIDIA

Corporation

73,465,112

259

Okta

,

Inc.

b

25,330

4,264

ON

Semiconductor

Corporation

b

240,319

9,336

Onto

Innovation,

Inc.

b

884,586

33,912

Oracle

Corporation

8,605,848

34,218

Palantir

Technologies,

Inc.

b

5,418,420

35,396

Pegasystems

,

Inc.

2,078,099

2,221

Plexus

Corporation

b

283,177

382

Procore

Technologies,

Inc.

b

27,363

7,502

PTC,

Inc.

b

1,611,505

1,677

Q2

Holdings,

Inc.

b

136,172

4,627

Qorvo

,

Inc.

b

386,817

46,919

Qualcomm,

Inc.

6,885,832

722

Ralliant

Corporation

b

33,010

22,114

Salesforce,

Inc.

5,712,710

124,082

Samsung

Electronics

Company,

Ltd.

6,323,712

9,360

SAP

SE

ADR

2,683,512

9,805

ServiceNow

,

Inc.

b

9,247,292

3,766

Silicon

Laboratories,

Inc.

b

496,246

2,920

Skyworks

Solutions,

Inc.

200,137

35,169

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

8,497,534

43,434

TD

SYNNEX

Corporation

6,271,435

2,114

TE

Connectivity

plc

434,955

586

Teledyne

Technologies,

Inc.

b

322,898

1,854

Tenable

Holdings,

Inc.

b

58,049

1,608

Teradyne,

Inc.

172,747

3,248

Texas

Instruments,

Inc.

588,083

32,996

Trimble,

Inc.

b

2,768,034

25,382

TTM

Technologies,

Inc.

b

1,199,299

97

Twilio

,

Inc.

b

12,513

2,155

Tyler

Technologies,

Inc.

b

1,259,727

613

Unity

Software,

Inc.

b

20,450

Shares

Common

Stock  27.9%

Value

Information

Technology  7.7%

-

continued

1,145

Varonis

Systems,

Inc.

b

$

63,925

8,712

VeriSign,

Inc.

2,342,395

6,292

Vontier

Corporation

260,929

72,943

Weave

Communications,

Inc.

b

532,484

540

Western

Digital

Corporation

42,493

787

Zebra

Technologies

Corporation

b

266,809

385

Zoom

Communications,

Inc.

b

28,509

201

Zscaler

,

Inc.

b

57,398

Total

392,444,919

Materials  0.9%

3,853

Albemarle

Corporation

261,426

5,004

Alcoa

Corporation

149,970

45,159

Amcor

plc

422,237

1,203

AptarGroup,

Inc.

189,039

655

Avery

Dennison

Corporation

109,889

5,028

Avient

Corporation

158,734

52,467

Axalta

Coating

Systems,

Ltd.

b

1,485,866

882

Balchem

Corporation

134,479

2,927

Ball

Corporation

167,600

63,863

CF

Industries

Holdings,

Inc.

5,928,402

10,116

Coeur

Mining,

Inc.

b

87,908

1,076

Commercial

Metals

Company

55,801

34,867

Constellium

SE

b

478,027

7,391

Corteva

,

Inc.

533,113

41,989

Crown

Holdings,

Inc.

4,172,027

917

Dow,

Inc.

21,357

24,697

DuPont

de

Nemours,

Inc.

1,775,714

103

Eagle

Materials,

Inc.

23,102

24,786

Eastman

Chemical

Company

1,799,712

19,987

Ecolab,

Inc.

5,231,797

12,901

Element

Solutions,

Inc.

304,464

1,118

FMC

Corporation

43,647

1,962

Freeport-McMoRan,

Inc.

78,951

7,780

Greif,

Inc.

493,485

23,399

Hecla

Mining

Company

134,310

8,180

Huntsman

Corporation

79,346

9,901

Ingevity

Corporation

b

413,763

1,241

International

Flavors

&

Fragrances,

Inc.

88,148

55,975

Ivanhoe

Mines,

Ltd.

b

436,699

1,961

Kaiser

Aluminum

Corporation

151,605

1,498

Koppers

Holdings,

Inc.

49,224

10,740

Linde

plc

4,943,192

682

LyondellBasell

Industries

NV

39,508

2,201

Magnera

Corporation

b

27,403

1,765

Martin

Marietta

Materials,

Inc.

1,014,663

1,413

Minerals

Technologies,

Inc.

82,166

11,838

Mosaic

Company

426,286

56

NewMarket

Corporation

38,472

12,044

Newmont

Corporation

747,932

43,032

Nucor

Corporation

6,156,588

2,811

O-I

Glass,

Inc.

b

36,571

31,792

Olin

Corporation

602,141

5,609

Packaging

Corporation

of

America

1,086,744

1,378

PPG

Industries,

Inc.

145,379

98

Reliance,

Inc.

28,433

1,547

Royal

Gold,

Inc.

234,247

4,798

RPM

International,

Inc.

563,333

1,613

Scotts

Miracle-

Gro

Company

101,071

3,012

Sealed

Air

Corporation

88,161

2,656

Sensient

Technologies

Corporation

298,242

3,912

Sonoco

Products

Company

176,314

3,256

Steel

Dynamics,

Inc.

415,335

838

Stepan

Company

42,545

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock  27.9%

Value

Materials  0.9%

-

continued

13,891

Tronox

Holdings

plc

$

44,312

5,047

Vulcan

Materials

Company

1,386,260

7,285

West

Fraser

Timber

Company,

Ltd.

504,923

Total

44,690,063

Real

Estate  0.8%

2,326

Agree

Realty

Corporation

166,774

2,071

Alexandria

Real

Estate

Equities,

Inc.

158,287

868

Alpine

Income

Property

Trust,

Inc.

12,195

5,142

Anywhere

Real

Estate,

Inc.

b

23,756

8,066

AvalonBay

Communities,

Inc.

1,502,535

13,314

Brixmor

Property

Group,

Inc.

347,895

64,053

Broadstone

Net

Lease,

Inc.

1,040,221

2,125

CareTrust

REIT,

Inc.

67,575

916

CBL

&

Associates

Properties,

Inc.

24,787

32,819

CBRE

Group,

Inc.

b

5,111,231

6,889

Chatham

Lodging

Trust

46,983

5,520

Colliers

International

Group,

Inc.

831,919

11,046

Compass,

Inc.

b

87,705

15,136

CoStar

Group,

Inc.

b

1,440,796

4,518

Cousins

Properties,

Inc.

122,438

47,613

Crown

Castle,

Inc.

5,003,650

4,822

Curbline

Properties

Corporation

106,566

41,442

Cushman

and

Wakefield

plc

b

505,178

13,684

Douglas

Elliman

,

Inc.

b

37,631

22,302

Easterly

Government

Properties,

Inc.

490,644

15,904

EPR

Properties

875,356

112,022

Essential

Properties

Realty

Trust,

Inc.

3,415,551

512

Essex

Property

Trust,

Inc.

133,212

899

Extra

Space

Storage,

Inc.

120,790

830

Federal

Realty

Investment

Trust

76,493

6,360

First

Industrial

Realty

Trust,

Inc.

309,859

2,235

Getty

Realty

Corporation

62,111

887

Global

Net

Lease,

Inc.

6,200

209,747

Healthcare

Realty

Trust,

Inc.

3,221,714

42,907

Host

Hotels

&

Resorts,

Inc.

674,498

565

Howard

Hughes

Holdings,

Inc.

b

38,832

11,318

Independence

Realty

Trust,

Inc.

189,803

22,906

Industrial

Logistics

Properties

Trust

121,860

14,480

Innovative

Industrial

Properties,

Inc.

748,616

10,774

InvenTrust

Properties

Corporation

297,039

286

Iron

Mountain,

Inc.

27,845

740

Jones

Lang

LaSalle,

Inc.

b

200,066

2,079

Kimco

Realty

Corporation

44,137

152

Lamar

Advertising

Company

18,582

48,710

Millrose

Properties,

Inc.

1,460,813

36,920

National

Storage

Affiliates

Trust

1,087,663

5,266

NetSTREIT

Corporation

95,999

664

NNN

REIT,

Inc.

27,397

50,946

Outfront

Media,

Inc.

893,083

49,135

Park

Hotels

&

Resorts,

Inc.

523,779

3,776

Peakstone

Realty

Trust

51,354

13,894

Pebblebrook

Hotel

Trust

139,357

685

Postal

Realty

Trust,

Inc.

9,391

709

RE/MAX

Holdings,

Inc.

b

5,452

1,993

Rexford

Industrial

Realty,

Inc.

72,804

12,239

RLJ

Lodging

Trust

90,569

1,348

RMR

Group,

Inc.

21,649

508

Ryman

Hospitality

Properties

48,290

87,090

Sabra

Health

Care

REIT,

Inc.

1,570,233

1,991

Safehold

,

Inc.

27,854

Shares

Common

Stock  27.9%

Value

Real

Estate  0.8%

-

continued

1,309

SBA

Communications

Corporation

$

294,158

8,613

Sila

Realty

Trust,

Inc.

210,502

111

Simon

Property

Group,

Inc.

18,181

9,333

STAG

Industrial,

Inc.

320,402

29,623

Summit

Hotel

Properties,

Inc.

154,632

44,693

Tanger

,

Inc.

1,341,684

16,913

Terreno

Realty

Corporation

938,502

349,899

Uniti

Group,

Inc.

b

1,861,463

14,606

Xenia

Hotels

&

Resorts,

Inc.

185,642

3,290

Zillow

Group,

Inc.,

Class

A

b

252,508

2,109

Zillow

Group,

Inc.,

Class

C

b

167,771

Total

39,582,462

Utilities  1.0%

132,786

AES

Corporation

1,746,136

2,846

Alliant

Energy

Corporation

185,018

2,312

American

States

Water

Company

170,140

1,199

American

Water

Works

Company,

Inc.

168,148

625

Artesian

Resources

Corporation

20,406

759

Avista

Corporation

28,311

6,168

Black

Hills

Corporation

356,387

21,903

Brookfield

Infrastructure

Corporation

855,093

385

California

Water

Service

Group

17,506

5,419

CenterPoint

Energy,

Inc.

210,366

7,504

Clearway

Energy,

Inc.,

Class

A

230,973

8,267

Clearway

Energy,

Inc.,

Class

C

269,752

15,436

Constellation

Energy

Corporation

5,369,258

55,604

Duke

Energy

Corporation

6,763,671

51,478

Edison

International

2,683,033

89,509

Entergy

Corporation

8,094,299

4,772

Essential

Utilities,

Inc.

175,610

2,685

Eversource

Energy

177,478

4,199

Exelon

Corporation

188,703

1,940

FirstEnergy

Corporation

82,857

15,975

Hawaiian

Electric

Industries,

Inc.

b

171,252

1,118

Middlesex

Water

Company

57,689

3,254

New

Jersey

Resources

Corporation

149,391

4,778

NiSource,

Inc.

202,826

4,041

Northwestern

Energy

Group,

Inc.

217,002

532

Otter

Tail

Corporation

41,060

114,027

PG&E

Corporation

1,598,658

129

Pinnacle

West

Capital

Corporation

11,690

65,000

Portland

General

Electric

Company

2,672,800

52,259

Public

Service

Enterprise

Group,

Inc.

4,692,336

5,438

Spire,

Inc.

404,968

141,855

UGI

Corporation

5,132,314

25,327

Vistra

Energy

Corporation

5,281,693

15,657

XPLR

Infrastructure,

LP

149,211

Total

48,576,035

Total

Common

Stock

(cost

$1,156,999,142)

1,417,858,793

Principal

Amount

Long-Term

Fixed

Income

8.4%

Value

Asset-Backed

Securities  0.2%

Access

Group,

Inc.

$

13,415

4.965%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

13,356

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Asset-Backed

Securities  0.2%

-

continued

ALLO

Issuer,

LLC

$

625,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

$

629,906

Balboa

Bay

Loan

Funding,

Ltd.

750,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

750,017

425,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

425,188

Barings

CLO,

Ltd.

550,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

c,d

549,989

CarVal

CLO

I,

Ltd.

400,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

400,521

CMFT

Net

Lease

Master

Issuer,

LLC

335,197

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

305,704

Commonbond

Student

Loan

Trust

12,458

4.967%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

12,308

Foundation

Finance

Trust

123,112

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

115,914

GSAA

Home

Equity

Trust

959,251

4.289%, 

8/25/2034,

Ser.

2004-10,

Class

M2

d

874,202

Hertz

Vehicle

Financing

III,

LLC

325,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

326,895

Hotwire

Funding,

LLC

475,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

479,792

HTAP

Issuer

Trust

367,376

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

363,152

Laurel

Road

Prime

Student

Loan

Trust

89,550

5.960%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

84,789

LCM

41,

Ltd.

250,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

c,d

249,992

MFA

Trust

318,040

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

318,401

National

Collegiate

Trust

78,870

4.729%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

77,124

Palmer

Square

Loan

Funding,

Ltd.

300,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

297,420

PRET,

LLC

721,300

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

c,e

718,021

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Asset-Backed

Securities  0.2%

-

continued

$

314,228

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

c,e

$

315,318

PRPM,

LLC

500,000

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

c,e

498,781

Sunnova

Hestia

II

Issuer,

LLC

322,447

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

320,138

Unlock

HEA

Trust

301,940

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

301,754

422,149

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

417,432

Vericrest

Opportunity

Loan

Transferee

8,455

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c

8,449

271,695

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c

271,355

259,209

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

256,339

Wind

River

CLO,

Ltd.

93,362

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

93,408

Total

9,475,665

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

64,000

8.625%, 

6/15/2029

c

67,632

Alumina,

Pty.

Ltd.

93,000

6.125%, 

3/15/2030

c

94,026

ATI,

Inc.

66,000

7.250%, 

8/15/2030

69,187

Avient

Corporation

65,000

6.250%, 

11/1/2031

c

65,231

Axalta

Coating

Systems

Dutch

Holding

B

BV

95,000

7.250%, 

2/15/2031

c

98,794

Cascades,

Inc./Cascades

USA,

Inc.

78,000

6.750%, 

7/15/2030

c

77,817

Celanese

US

Holdings,

LLC

76,000

6.850%, 

11/15/2028

79,118

32,000

6.500%, 

4/15/2030

32,360

46,000

6.629%, 

7/15/2032

47,623

70,000

6.750%, 

4/15/2033

a

70,601

Cerdia

Finanz

GmbH

74,000

9.375%, 

10/3/2031

c

77,444

Chemours

Company

104,000

5.750%, 

11/15/2028

c

95,517

Cleveland-Cliffs,

Inc.

143,000

4.625%, 

3/1/2029

c

134,777

50,000

6.875%, 

11/1/2029

c

50,024

78,000

4.875%, 

3/1/2031

c

69,213

29,000

7.375%, 

5/1/2033

c

28,233

36,000

6.250%, 

10/1/2040

28,983

Consolidated

Energy

Finance

SA

208,000

5.625%, 

10/15/2028

c

174,175

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

83,000

6.125%, 

6/15/2028

c

82,390

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Basic

Materials  0.1%

-

continued

Eastman

Chemical

Company

$

179,000

5.000%, 

8/1/2029

$

181,013

First

Quantum

Minerals,

Ltd.

21,000

6.875%, 

10/15/2027

c

21,035

45,000

9.375%, 

3/1/2029

c

47,687

52,000

8.625%, 

6/1/2031

c

54,145

Fortescue

Treasury,

Pty.

Ltd.

23,000

4.500%, 

9/15/2027

c

22,669

36,000

5.875%, 

4/15/2030

c

36,451

38,000

6.125%, 

4/15/2032

c

38,748

Glencore

Funding,

LLC

189,000

4.000%, 

3/27/2027

c

187,143

238,000

4.907%, 

4/1/2028

c

240,181

Hecla

Mining

Company

60,000

7.250%, 

2/15/2028

60,670

INEOS

Finance

plc

109,000

7.500%, 

4/15/2029

c

108,196

International

Flavors

&

Fragrances,

Inc.

65,000

1.230%, 

10/1/2025

c

64,560

Magnera

Corporation

152,000

7.250%, 

11/15/2031

c

143,070

Mercer

International,

Inc.

50,000

12.875%, 

10/1/2028

c

50,430

42,000

5.125%, 

2/1/2029

33,833

Methanex

Corporation

36,000

5.250%, 

12/15/2029

35,657

Methanex

US

Operations,

Inc.

40,000

6.250%, 

3/15/2032

c

39,650

Mineral

Resources,

Ltd.

56,000

9.250%, 

10/1/2028

c

58,529

26,000

8.500%, 

5/1/2030

a,c

26,615

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

51,177

Novelis

Corporation

38,000

4.750%, 

1/30/2030

c

36,400

55,000

3.875%, 

8/15/2031

c

49,334

Olin

Corporation

44,000

6.625%, 

4/1/2033

c

42,816

Smurfit

Kappa

Treasury,

ULC

142,000

5.777%, 

4/3/2054

141,116

SNF

Group

SACA

89,000

3.375%, 

3/15/2030

c

81,729

Steel

Dynamics,

Inc.

90,000

5.250%, 

5/15/2035

89,882

SunCoke

Energy,

Inc.

152,000

4.875%, 

6/30/2029

c

138,999

Taseko

Mines,

Ltd.

73,000

8.250%, 

5/1/2030

c

76,222

Tronox

,

Inc.

36,000

4.625%, 

3/15/2029

a,c

28,008

Total

3,629,110

Capital

Goods  0.1%

Advanced

Drainage

Systems,

Inc.

75,000

6.375%, 

6/15/2030

c

76,133

AECOM

93,000

6.000%, 

8/1/2033

c

93,756

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

45,000

7.000%, 

5/21/2030

c

46,318

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

-

continued

Amrize

Finance

US,

LLC

$

131,000

5.400%, 

4/7/2035

c

$

132,135

Amsted

Industries,

Inc.

10,000

4.625%, 

5/15/2030

c

9,577

89,000

6.375%, 

3/15/2033

c

90,420

Axon

Enterprise,

Inc.

52,000

6.125%, 

3/15/2030

c

53,108

52,000

6.250%, 

3/15/2033

c

53,272

BAE

Systems

plc

200,000

5.250%, 

3/26/2031

c

205,809

Ball

Corporation

45,000

3.125%, 

9/15/2031

40,277

Boeing

Company

157,000

5.040%, 

5/1/2027

157,910

90,000

6.259%, 

5/1/2027

92,298

107,000

6.388%, 

5/1/2031

115,116

212,000

5.705%, 

5/1/2040

210,609

Bombardier,

Inc.

55,000

6.000%, 

2/15/2028

c

55,366

64,000

7.250%, 

7/1/2031

c

66,829

103,000

7.000%, 

6/1/2032

a,c

106,552

22,000

6.750%, 

6/15/2033

c

22,612

53,000

7.450%, 

5/1/2034

c

57,274

Brundage

-Bone

Concrete

Pumping

Holdings,

Inc.

118,000

7.500%, 

2/1/2032

c

117,458

Builders

FirstSource

,

Inc.

85,000

5.000%, 

3/1/2030

c

83,205

21,000

6.375%, 

3/1/2034

c

21,309

44,000

6.750%, 

5/15/2035

c

45,113

Camelot

Return

Merger

Sub,

Inc.

54,000

8.750%, 

8/1/2028

c

49,479

Canpack

SA/

Canpack

US,

LLC

119,000

3.875%, 

11/15/2029

c

110,852

Chart

Industries,

Inc.

59,000

7.500%, 

1/1/2030

c

61,804

Clean

Harbors,

Inc.

40,000

6.375%, 

2/1/2031

c

40,842

Clydesdale

Acquisition

Holdings,

Inc.

13,000

6.625%, 

4/15/2029

c

13,154

70,000

6.875%, 

1/15/2030

c

71,584

28,000

8.750%, 

4/15/2030

c

28,576

42,000

6.750%, 

4/15/2032

c

43,021

Crown

Cork

&

Seal

Company,

Inc.

54,000

7.375%, 

12/15/2026

55,703

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

114,000

6.625%, 

12/15/2030

c

116,235

ESAB

Corporation

68,000

6.250%, 

4/15/2029

c

69,480

General

Dynamics

Corporation

49,000

4.950%, 

8/15/2035

49,106

General

Electric

Company

188,000

4.300%, 

7/29/2030

187,103

GFL

Environmental,

Inc.

124,000

4.000%, 

8/1/2028

c

120,181

Herc

Holdings,

Inc.

24,000

5.500%, 

7/15/2027

c

23,903

59,000

6.625%, 

6/15/2029

c

60,404

56,000

7.000%, 

6/15/2030

c

57,878

40,000

7.250%, 

6/15/2033

c

41,421

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

-

continued

Ingersoll

Rand,

Inc.

$

161,000

5.176%, 

6/15/2029

$

164,766

35,000

5.700%, 

8/14/2033

36,566

Lockheed

Martin

Corporation

46,000

6.150%, 

9/1/2036

50,403

Martin

Marietta

Materials,

Inc.

78,000

5.150%, 

12/1/2034

78,242

Mueller

Water

Products,

Inc.

55,000

4.000%, 

6/15/2029

c

52,533

Nesco

Holdings

II,

Inc.

58,000

5.500%, 

4/15/2029

c

56,551

New

Enterprise

Stone

and

Lime

Company,

Inc.

107,000

5.250%, 

7/15/2028

c

106,233

Nordson

Corporation

132,000

5.600%, 

9/15/2028

135,626

Northrop

Grumman

Corporation

320,000

3.850%, 

4/15/2045

251,677

OI

European

Group

BV

79,000

4.750%, 

2/15/2030

c

74,853

Owens-Brockway

Glass

Container,

Inc.

53,000

6.625%, 

5/13/2027

c

53,064

30,000

7.375%, 

6/1/2032

c

30,227

Quikrete

Holdings,

Inc.

196,000

6.375%, 

3/1/2032

c

201,017

QXO

Building

Products,

Inc.

66,000

6.750%, 

4/30/2032

c

67,965

Regal

Rexnord

Corporation

165,000

6.050%, 

2/15/2026

164,907

Resideo

Funding,

Inc.

76,000

6.500%, 

7/15/2032

c

77,098

Reworld

Holding

Corporation

95,000

4.875%, 

12/1/2029

c

90,726

Roller

Bearing

Company

of

America,

Inc.

45,000

4.375%, 

10/15/2029

c

43,274

RTX

Corporation

44,000

6.400%, 

3/15/2054

47,918

225,000

4.450%, 

11/16/2038

206,439

201,000

4.500%, 

6/1/2042

177,508

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

58,000

6.125%, 

2/1/2028

c

58,554

Siemens

Funding

BV

142,000

5.800%, 

5/28/2055

c

146,931

Smyrna

Ready

Mix

Concrete,

LLC

142,000

8.875%, 

11/15/2031

c

149,439

Sonoco

Products

Company

154,000

4.600%, 

9/1/2029

153,240

Spirit

AeroSystems

,

Inc.

387,000

4.600%, 

6/15/2028

380,752

23,000

9.750%, 

11/15/2030

c

25,295

SRM

Escrow

Issuer,

LLC

22,000

6.000%, 

11/1/2028

c

21,927

Standard

Building

Solutions,

Inc.

43,000

6.500%, 

8/15/2032

c

43,910

104,000

6.250%, 

8/1/2033

c

104,991

Standard

Industries,

Inc./NY

36,000

4.750%, 

1/15/2028

c

35,505

36,000

3.375%, 

1/15/2031

c

32,160

Textron,

Inc.

200,000

3.375%, 

3/1/2028

194,503

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

-

continued

TopBuild

Corporation

$

26,000

4.125%, 

2/15/2032

c

$

23,962

Trane

Technologies

Financing,

Ltd.

118,000

5.100%, 

6/13/2034

119,689

TransDigm

,

Inc.

90,000

6.750%, 

8/15/2028

c

91,833

205,000

7.125%, 

12/1/2031

c

213,456

101,000

6.625%, 

3/1/2032

c

103,855

96,000

6.000%, 

1/15/2033

c

96,474

United

Rentals

North

America,

Inc.

110,000

4.875%, 

1/15/2028

109,323

110,000

4.000%, 

7/15/2030

104,066

Waste

Pro

USA,

Inc.

62,000

7.000%, 

2/1/2033

c

64,329

WESCO

Distribution,

Inc.

36,000

6.375%, 

3/15/2029

c

36,925

25,000

6.625%, 

3/15/2032

c

25,795

68,000

6.375%, 

3/15/2033

c

69,616

Total

7,727,305

Collateralized

Mortgage

Obligations  0.4%

A&D

Mortgage

Trust

302,699

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

305,224

Banc

of

America

Alternative

Loan

Trust

10,088

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

8,939

BINOM

Securitization

Trust

202,688

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

183,323

Chase

Home

Lending

Mortgage

Trust

475,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

c,d

474,375

CHNGE

Mortgage

Trust

206,156

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

207,450

Citicorp

Mortgage

Securities,

Inc.

224,466

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

203,158

Citigroup

Mortgage

Loan

Trust,

Inc.

1,713

6.952%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

d

1,741

COLT

Mortgage

Loan

Trust

385,020

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

344,101

Countrywide

Alternative

Loan

Trust

49,643

4.136%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

42,391

274,227

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

90,258

Cross

Mortgage

Trust

423,735

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

c,d

423,739

CSMC

Trust

194,804

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

194,729

244,342

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

213,037

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

$

617,264

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

$

605,415

450,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

430,806

825,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

806,114

750,000

7.950%, 

(SOFR30A

+

4.000%),

8/25/2025,

Ser.

5567,

Class

MB

d

750,828

900,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

895,591

62,922

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

4,059

216,921

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

17,480

544,199

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

543,615

600,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

482,576

Federal

Home

Loan

Mortgage

Corporation

-

SLST

500,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

f

422,841

Federal

National

Mortgage

Association

-

REMIC

600,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

565,232

665,627

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

660,259

567,699

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

453,464

138,749

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

2,781

Flagstar

Mortgage

Trust

249,286

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

222,731

GCAT

Trust

338,927

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

305,466

629,312

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

632,802

GS

Mortgage-Backed

Securities

Trust

553,688

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

465,033

825,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

c,d

799,513

HOMES

Trust

475,000

6.995%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

475,089

ICAP

Trust

325,000

6.472%, 

7/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

324,875

J.P.

Morgan

Mortgage

Trust

493,649

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

399,540

355,888

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

298,762

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

352,742

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

Mello

Mortgage

Capital

Acceptance

$

507,961

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

$

409,035

Merrill

Lynch

Alternative

Note

Asset

Trust

77,526

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

25,325

Morgan

Stanley

Residential

Mortgage

Loan

Trust

650,000

7.389%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

657,191

New

Residential

Mortgage

Loan

Trust

990,594

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

800,176

OBX

Trust

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

315,458

Palisades

Mortgage

Loan

Trust

142,182

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

141,608

PMT

Loan

Trust

700,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

699,079

775,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

c,d

752,090

PRET

Trust

361,550

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,e

347,017

PRPM,

LLC

325,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

303,400

RCO

IX

Mortgage,

LLC

479,803

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

c,e

480,727

Residential

Accredit

Loans,

Inc.

Trust

93,138

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

82,045

Residential

Funding

Mortgage

Security

I

Trust

16,815

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

13,489

Roc

Mortgage

Trust

11,922

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

11,886

Saluda

Grade

Alternative

Mortgage

Trust

525,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

529,704

450,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

451,121

Sequoia

Mortgage

Trust

416,972

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

c,d

401,918

70,413

3.577%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

46,202

Toorak

Mortgage

Trust

350,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,e

348,957

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

TRK

Trust

$

308,546

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

$

271,979

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

349,025

Vericrest

Opportunity

Loan

Transferee

4,704

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c

4,702

Verus

Securitization

Trust

173,557

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

154,011

Vontive

Mortgage

Trust

650,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

654,493

Total

21,860,717

Commercial

Mortgage-Backed

Securities  0.2%

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

466,014

350,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

339,273

BANK

2022-BNK39

2,722,907

0.416%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,g

62,318

BANK

2025-BNK49

2,996,447

0.626%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,g

142,843

500,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

d

520,215

BBCMS

Mortgage

Trust

400,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

414,003

350,000

5.517%, 

8/15/2058,

Ser.

2025-5C36,

Class

A3

h

361,202

3,974,218

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,g

257,362

3,463,825

1.805%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,g

228,529

Benchmark

Mortgage

Trust

400,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

d

414,813

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

250,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

f

246,490

600,000

5.000%, 

2/25/2035,

Ser.

K-170,

Class

A2

d,f

612,922

Federal

National

Mortgage

Association

-

REMIC

525,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

492,481

FRTKL

Trust

625,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

601,671

Home

Partners

of

America

Trust

623,741

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

601,417

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Commercial

Mortgage-Backed

Securities  0.2%

-

continued

$

469,932

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

$

418,865

HTAP

Issuer

Trust

702,662

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

698,547

Morgan

Stanley

Capital

I

Trust

3,290,924

1.781%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,g

228,345

Wells

Fargo

Commercial

Mortgage

Trust

750,000

5.590%, 

7/15/2058,

Ser.

2025-5C5,

Class

A3

775,965

Total

7,883,275

Communications

Services  0.2%

AMC

Networks,

Inc.

90,000

10.250%, 

1/15/2029

c

92,360

American

Tower

Corporation

133,000

5.800%, 

11/15/2028

138,069

171,000

2.900%, 

1/15/2030

158,803

144,000

5.000%, 

1/31/2030

146,213

222,000

4.900%, 

3/15/2030

223,997

88,000

5.650%, 

3/15/2033

91,266

AppLovin

Corporation

163,000

5.500%, 

12/1/2034

164,871

AT&T,

Inc.

165,000

5.700%, 

3/1/2057

158,555

198,000

3.650%, 

6/1/2051

139,525

129,000

6.050%, 

8/15/2056

130,771

283,000

3.500%, 

9/15/2053

190,655

180,000

4.900%, 

8/15/2037

171,687

Cable

One,

Inc.

28,000

4.000%, 

11/15/2030

a,c

21,561

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

82,000

5.125%, 

5/1/2027

c

81,329

16,000

5.000%, 

2/1/2028

c

15,700

131,000

5.375%, 

6/1/2029

c

128,666

208,000

4.750%, 

3/1/2030

c

197,640

147,000

4.500%, 

8/15/2030

c

137,536

52,000

4.250%, 

2/1/2031

c

47,497

138,000

4.750%, 

2/1/2032

c

127,562

38,000

4.500%, 

6/1/2033

c

33,734

133,000

4.250%, 

1/15/2034

c

114,600

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

160,000

6.100%, 

6/1/2029

166,905

400,000

3.500%, 

6/1/2041

284,984

Clear

Channel

Outdoor

Holdings,

Inc.

75,000

5.125%, 

8/15/2027

c

74,898

81,000

7.875%, 

4/1/2030

c

83,414

Comcast

Corporation

198,000

5.350%, 

5/15/2053

181,726

180,000

4.400%, 

8/15/2035

169,888

243,000

4.750%, 

3/1/2044

212,868

Crown

Castle,

Inc.

168,000

4.900%, 

9/1/2029

169,202

Deluxe

Corporation

90,000

8.125%, 

9/15/2029

c

92,654

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Communications

Services  0.2%

-

continued

Deutsche

Telekom

International

Finance

BV

$

330,000

8.750%, 

6/15/2030

$

387,125

DIRECTV

Financing,

LLC

22,000

8.875%, 

2/1/2030

c

21,421

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

313,000

5.875%, 

8/15/2027

c

311,280

70,000

10.000%, 

2/15/2031

c

67,506

FiberCop

SPA

132,000

6.000%, 

9/30/2034

c

124,680

Frontier

Communications

Holdings,

LLC

110,000

5.875%, 

10/15/2027

c

110,020

Gray

Media,

Inc.

40,000

10.500%, 

7/15/2029

c

43,288

59,000

7.250%, 

8/15/2033

c

58,690

Iliad

Holding

SASU

96,000

8.500%, 

4/15/2031

c

102,977

62,000

7.000%, 

4/15/2032

c

63,636

LCPR

Senior

Secured

Financing

DAC

139,000

6.750%, 

10/15/2027

c

106,682

Level

3

Financing,

Inc.

20,000

3.625%, 

1/15/2029

c

17,000

45,000

4.875%, 

6/15/2029

a,c

42,188

31,796

11.000%, 

11/15/2029

c

36,050

18,000

10.750%, 

12/15/2030

c

20,272

45,000

4.000%, 

4/15/2031

c

38,700

102,000

6.875%, 

6/30/2033

c

103,362

Lumen

Technologies,

Inc.

20,913

4.125%, 

4/15/2030

c

20,370

McGraw-Hill

Education,

Inc.

109,000

5.750%, 

8/1/2028

c

108,570

Meta

Platforms,

Inc.

99,000

5.600%, 

5/15/2053

98,194

233,000

5.400%, 

8/15/2054

225,152

Netflix,

Inc.

169,000

5.375%, 

11/15/2029

c

175,445

180,000

4.875%, 

6/15/2030

c

183,374

Nexstar

Media,

Inc.

44,000

5.625%, 

7/15/2027

c

43,915

59,000

4.750%, 

11/1/2028

a,c

57,345

Omnicom

Group,

Inc.

80,000

4.200%, 

6/1/2030

78,314

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

70,000

4.625%, 

3/15/2030

a,c

66,451

Paramount

Global

31,000

6.375%, 

3/30/2062

d

30,535

Rogers

Communications,

Inc.

31,000

7.000%, 

4/15/2055

d

31,694

98,000

7.125%, 

4/15/2055

d

100,284

172,000

5.000%, 

2/15/2029

174,199

Scripps

Escrow

II,

Inc.

65,000

3.875%, 

1/15/2029

c

57,705

Sinclair

Television

Group,

Inc.

45,000

8.125%, 

2/15/2033

c

45,900

Sirius

XM

Radio,

LLC

55,000

4.000%, 

7/15/2028

c

52,348

95,000

4.125%, 

7/1/2030

c

86,662

97,000

3.875%, 

9/1/2031

c

85,576

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Communications

Services  0.2%

-

continued

SoftBank

Corporation

$

200,000

5.332%, 

7/9/2035

c

$

197,674

Sprint

Capital

Corporation

334,000

8.750%, 

3/15/2032

403,438

Take-Two

Interactive

Software,

Inc.

123,000

5.600%, 

6/12/2034

126,880

TEGNA,

Inc.

107,000

4.625%, 

3/15/2028

103,867

Telecom

Italia

Capital

SA

41,000

6.000%, 

9/30/2034

a

40,655

TELUS

Corporation

109,000

6.625%, 

10/15/2055

d

110,380

T-Mobile

USA,

Inc.

331,000

3.600%, 

11/15/2060

218,458

200,000

4.850%, 

1/15/2029

202,445

200,000

4.375%, 

4/15/2040

176,694

Uniti

Group,

LP/

Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

14,000

10.500%, 

2/15/2028

c

14,796

110,000

4.750%, 

4/15/2028

c

106,603

Univision

Communications,

Inc.

15,000

8.000%, 

8/15/2028

c

15,410

204,000

4.500%, 

5/1/2029

c

188,756

54,000

7.375%, 

6/30/2030

c

53,704

63,000

8.500%, 

7/31/2031

c

63,981

Verizon

Communications,

Inc.

425,000

2.650%, 

11/20/2040

297,985

290,000

3.400%, 

3/22/2041

223,592

Viasat

,

Inc.

40,000

5.625%, 

4/15/2027

c

39,807

Virgin

Media

Finance

plc

41,000

5.000%, 

7/15/2030

c

36,959

Virgin

Media

Secured

Finance

plc

86,000

5.500%, 

5/15/2029

c

84,069

Virgin

Media

Vendor

Financing

Notes

IV

DAC

124,000

5.000%, 

7/15/2028

c

120,254

VMED

O2

UK

Financing

I

plc

38,000

7.750%, 

4/15/2032

c

39,585

Vodafone

Group

plc

45,000

4.125%, 

6/4/2081

d

41,441

54,000

5.125%, 

6/4/2081

d

41,638

VZ

Secured

Financing

BV

134,000

5.000%, 

1/15/2032

c

117,845

Warnermedia

Holdings,

Inc.

244,000

4.054%, 

3/15/2029

229,101

135,000

4.279%, 

3/15/2032

a

113,365

174,000

5.050%, 

3/15/2042

116,310

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

52,000

8.250%, 

10/1/2031

c

54,438

Zegona

Finance

plc

87,000

8.625%, 

7/15/2029

c

92,612

Ziggo

BV

39,000

4.875%, 

1/15/2030

c

36,027

Total

11,234,815

Consumer

Cyclical  0.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

26,000

3.875%, 

1/15/2028

c

25,078

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

$

58,000

4.375%, 

1/15/2028

c

$

56,677

40,000

6.125%, 

6/15/2029

c

40,883

68,000

5.625%, 

9/15/2029

c

68,406

Adient

Global

Holdings,

Ltd.

26,000

8.250%, 

4/15/2031

c

27,177

41,000

7.500%, 

2/15/2033

c

41,810

ADT

Security

Corporation

60,000

4.125%, 

8/1/2029

c

57,398

60,000

4.875%, 

7/15/2032

c

57,019

Advance

Auto

Parts,

Inc.

92,000

7.000%, 

8/1/2030

c,h

92,468

88,000

7.375%, 

8/1/2033

c,h

88,472

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

229,000

4.625%, 

6/1/2028

c

222,155

Allison

Transmission,

Inc.

30,000

3.750%, 

1/30/2031

c

27,418

American

Axle

&

Manufacturing,

Inc.

102,000

5.000%, 

10/1/2029

a

92,548

Asbury

Automotive

Group,

Inc.

62,000

5.000%, 

2/15/2032

c

58,646

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

80,000

4.625%, 

8/1/2029

c

75,586

Aston

Martin

Capital

Holdings,

Ltd.

67,000

10.000%, 

3/31/2029

c

63,902

Bath

&

Body

Works,

Inc.

32,000

6.950%, 

3/1/2033

32,898

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

57,000

9.500%, 

7/1/2032

c

58,738

Beach

Acquisition

Bidco

,

LLC

95,000

10.000%, 

7/15/2033

c

99,045

Belron

UK

Finance

plc

115,000

5.750%, 

10/15/2029

c

116,079

Boyd

Gaming

Corporation

75,000

4.750%, 

6/15/2031

c

71,437

Boyne

USA,

Inc.

58,000

4.750%, 

5/15/2029

c

56,205

Brightstar

Lottery

plc

142,000

5.250%, 

1/15/2029

c

140,917

Brinker

International,

Inc.

84,000

8.250%, 

7/15/2030

c

89,105

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

134,000

4.875%, 

2/15/2030

c

121,849

Caesars

Entertainment,

Inc.

227,000

4.625%, 

10/15/2029

a,c

214,523

43,000

6.500%, 

2/15/2032

c

43,852

42,000

6.000%, 

10/15/2032

a,c

40,538

Carnival

Corporation

15,000

5.750%, 

3/1/2027

c

15,150

103,000

6.000%, 

5/1/2029

c

103,913

57,000

5.750%, 

8/1/2032

c

57,386

61,000

6.125%, 

2/15/2033

c

62,082

Carvana

Company

30,939

9.000%,PIK

0.000%,

12/1/2028

c,i

31,649

73,000

11.000%, 

6/1/2030

c

76,356

90,000

9.000%, 

6/1/2031

c

107,025

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

Churchill

Downs,

Inc.

$

39,000

4.750%, 

1/15/2028

c

$

38,465

39,000

6.750%, 

5/1/2031

c

39,820

Clarios

Global,

LP/

Clarios

US

Finance

Company,

Inc.

11,000

6.750%, 

5/15/2028

c

11,247

Cushman

&

Wakefield

US

Borrower,

LLC

18,000

6.750%, 

5/15/2028

c

18,137

Dana,

Inc.

53,000

4.500%, 

2/15/2032

a

51,720

eG

Global

Finance

plc

18,000

12.000%, 

11/30/2028

c

19,888

Expedia

Group,

Inc.

244,000

5.400%, 

2/15/2035

245,728

Ford

Motor

Credit

Company,

LLC

200,000

5.850%, 

5/17/2027

201,370

200,000

2.900%, 

2/10/2029

182,062

173,000

7.122%, 

11/7/2033

179,885

Forestar

Group,

Inc.

84,000

6.500%, 

3/15/2033

c

84,327

FORVIA

SE

109,000

8.000%, 

6/15/2030

a,c

113,531

Gap,

Inc.

26,000

3.625%, 

10/1/2029

c

23,993

30,000

3.875%, 

10/1/2031

c

26,660

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

71,000

7.750%, 

5/31/2032

c

73,682

General

Motors

Company

94,000

6.125%, 

10/1/2025

94,115

162,000

5.350%, 

4/15/2028

164,630

General

Motors

Financial

Company,

Inc.

68,000

5.400%, 

5/8/2027

68,887

230,000

5.800%, 

1/7/2029

237,129

224,000

4.900%, 

10/6/2029

223,639

228,000

5.450%, 

7/15/2030

231,928

91,000

5.625%, 

4/4/2032

92,432

Genting

New

York,

LLC/GENNY

Capital,

Inc.

79,000

7.250%, 

10/1/2029

c

81,336

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

44,000

11.500%, 

8/15/2029

c

43,674

96,000

8.750%, 

1/15/2032

c

85,006

GLP

Capital,

LP

298,000

5.750%, 

6/1/2028

304,443

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

36,000

3.500%, 

3/1/2029

c

33,789

Goodyear

Tire

&

Rubber

Company

36,000

4.875%, 

3/15/2027

35,845

39,000

5.000%, 

7/15/2029

a

37,834

68,000

5.250%, 

4/30/2031

64,579

Group

1

Automotive,

Inc.

72,000

6.375%, 

1/15/2030

c

73,337

Hanesbrands,

Inc.

44,000

9.000%, 

2/15/2031

a,c

46,310

Harley-Davidson

Financial

Services,

Inc.

151,000

5.950%, 

6/11/2029

c

153,997

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

Hilton

Domestic

Operating

Company,

Inc.

$

163,000

4.875%, 

1/15/2030

$

160,762

18,000

4.000%, 

5/1/2031

c

16,795

104,000

3.625%, 

2/15/2032

c

93,769

46,000

5.750%, 

9/15/2033

c

46,044

Home

Depot,

Inc.

126,000

4.250%, 

4/1/2046

105,305

205,000

3.900%, 

6/15/2047

160,167

Hyundai

Capital

America

300,000

1.800%, 

1/10/2028

c

280,561

172,000

5.300%, 

6/24/2029

c

174,975

Jacobs

Entertainment,

Inc.

101,000

6.750%, 

2/15/2029

c

98,475

K

Hovnanian

Enterprises,

Inc.

56,000

11.750%, 

9/30/2029

c

60,636

KB

Home

120,000

4.800%, 

11/15/2029

117,266

L

Brands,

Inc.

114,000

6.625%, 

10/1/2030

c

116,689

62,000

6.875%, 

11/1/2035

63,797

Las

Vegas

Sands

Corporation

56,000

5.900%, 

6/1/2027

56,934

282,000

5.625%, 

6/15/2028

286,488

Lennar

Corporation

186,000

5.200%, 

7/30/2030

189,487

Life

Time,

Inc.

56,000

6.000%, 

11/15/2031

c

56,413

Light

&

Wonder

International,

Inc.

37,000

7.250%, 

11/15/2029

c

37,995

Lithia

Motors,

Inc.

67,000

4.625%, 

12/15/2027

c

65,961

Live

Nation

Entertainment,

Inc.

39,000

4.750%, 

10/15/2027

c

38,397

Lowe's

Companies,

Inc.

132,000

5.625%, 

4/15/2053

126,204

286,000

2.625%, 

4/1/2031

256,973

Macy's

Retail

Holdings,

LLC

35,000

6.125%, 

3/15/2032

a,c

33,511

23,000

7.375%, 

8/1/2033

c

23,088

42,000

4.500%, 

12/15/2034

34,000

Marriott

International,

Inc./MD

131,000

5.100%, 

4/15/2032

132,539

Match

Group

Holdings

II,

LLC

83,000

4.125%, 

8/1/2030

c

77,408

Mattamy

Group

Corporation

74,000

5.250%, 

12/15/2027

c

73,468

McDonald's

Corporation

225,000

4.450%, 

3/1/2047

188,520

Melco

Resorts

Finance,

Ltd.

98,000

5.375%, 

12/4/2029

c

93,450

171,000

7.625%, 

4/17/2032

c

175,759

Meritage

Homes

Corporation

173,000

5.650%, 

3/15/2035

172,318

MGM

Resorts

International

38,000

4.625%, 

9/1/2026

37,855

62,000

6.125%, 

9/15/2029

62,850

Michaels

Companies,

Inc.

31,000

5.250%, 

5/1/2028

c

24,582

Muvico

,

LLC

66,000

9.000%,PIK

6.000%,

2/19/2029

c,i

71,102

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

NCL

Corporation,

Ltd.

$

6,000

5.875%, 

3/15/2026

a,c

$

6,011

89,000

5.875%, 

2/15/2027

c

89,264

165,000

6.750%, 

2/1/2032

c

169,475

New

Home

Company,

Inc.

45,000

8.500%, 

11/1/2030

c

45,944

Nissan

Motor

Company,

Ltd.

145,000

7.500%, 

7/17/2030

c

149,595

110,000

4.810%, 

9/17/2030

c

101,095

Parkland

Corporation

40,000

6.625%, 

8/15/2032

c

40,885

Phinia

,

Inc.

56,000

6.625%, 

10/15/2032

c

57,046

Rakuten

Group,

Inc.

53,000

11.250%, 

2/15/2027

c

57,439

62,000

9.750%, 

4/15/2029

c

67,885

102,000

8.125%, 

12/15/2029

c,d,j

101,216

Raven

Acquisition

Holdings,

LLC

101,000

6.875%, 

11/15/2031

c

102,013

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

49,000

4.625%, 

4/16/2029

c

43,583

S&S

Holdings,

LLC

146,000

8.375%, 

10/1/2031

c

139,882

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo

,

Inc.

41,000

6.625%, 

3/1/2030

c

39,497

SeaWorld

Parks

and

Entertainment,

Inc.

85,000

5.250%, 

8/15/2029

a,c

82,735

Service

Corporation

International/

US

36,000

3.375%, 

8/15/2030

32,806

26,000

4.000%, 

5/15/2031

24,119

60,000

5.750%, 

10/15/2032

60,142

Six

Flags

Entertainment

Corporation

18,000

7.250%, 

5/15/2031

a,c

18,345

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

18,000

5.375%, 

4/15/2027

17,976

144,000

5.250%, 

7/15/2029

139,929

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

18,000

6.625%, 

5/1/2032

c

18,330

Sonic

Automotive,

Inc.

94,000

4.875%, 

11/15/2031

c

88,594

Staples,

Inc.

56,000

10.750%, 

9/1/2029

c

52,509

Station

Casinos,

LLC

62,000

4.625%, 

12/1/2031

c

58,021

Stellantis

Finance

US,

Inc.

200,000

5.750%, 

3/18/2030

c

200,385

Tenneco,

Inc.

81,000

8.000%, 

11/17/2028

c

80,396

Toyota

Motor

Credit

Corporation

186,000

4.800%, 

5/15/2030

188,667

63,000

4.800%, 

1/5/2034

62,887

Uber

Technologies,

Inc.

132,000

5.350%, 

9/15/2054

123,310

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

$

160,000

4.800%, 

9/15/2034

$

157,156

Vail

Resorts,

Inc.

32,000

5.625%, 

7/15/2030

c

32,176

VICI

Properties,

LP/VICI

Note

Company,

Inc.

85,000

5.750%, 

2/1/2027

c

85,905

98,000

4.125%, 

8/15/2030

c

93,634

Victoria's

Secret

&

Company

113,000

4.625%, 

7/15/2029

c

105,159

Victra

Holdings,

LLC/

Victra

Finance

Corporation

57,000

8.750%, 

9/15/2029

a,c

59,738

Viking

Cruises,

Ltd.

143,000

5.875%, 

9/15/2027

c

142,908

Walgreens

Boots

Alliance,

Inc.

27,000

4.100%, 

4/15/2050

23,118

116,000

3.200%, 

4/15/2030

112,594

Walmart,

Inc.

173,000

4.500%, 

9/9/2052

150,330

109,000

4.900%, 

4/28/2035

109,716

Wayfair,

LLC

30,000

7.250%, 

10/31/2029

c

30,525

25,000

7.750%, 

9/15/2030

c

25,622

Wyndham

Hotels

&

Resorts,

Inc.

54,000

4.375%, 

8/15/2028

c

52,402

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

34,000

5.125%, 

10/1/2029

c

33,738

85,000

7.125%, 

2/15/2031

c

90,407

Yum!

Brands,

Inc.

100,000

4.750%, 

1/15/2030

c

98,562

ZF

North

America

Capital,

Inc.

53,000

7.125%, 

4/14/2030

c

51,373

39,000

6.750%, 

4/23/2030

c

37,113

Total

13,780,515

Consumer

Non-Cyclical  0.3%

1261229

B.C.,

Ltd.

96,000

10.000%, 

4/15/2032

c

97,737

Abbott

Laboratories

219,000

4.750%, 

11/30/2036

215,649

AbbVie,

Inc.

68,000

5.400%, 

3/15/2054

65,526

420,000

4.500%, 

5/14/2035

403,535

153,000

5.350%, 

3/15/2044

149,455

Acadia

Healthcare

Company,

Inc.

58,000

5.000%, 

4/15/2029

c

56,045

51,000

7.375%, 

3/15/2033

a,c

52,509

AdaptHealth

,

LLC

155,000

4.625%, 

8/1/2029

c

145,242

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

112,000

4.625%, 

1/15/2027

c

111,092

119,000

3.500%, 

3/15/2029

c

112,224

17,000

6.250%, 

3/15/2033

c

17,328

Altria

Group,

Inc.

129,000

4.875%, 

2/4/2028

130,196

134,000

6.875%, 

11/1/2033

149,054

Amgen,

Inc.

150,000

4.200%, 

2/22/2052

116,401

198,000

5.600%, 

3/2/2043

195,588

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Amneal

Pharmaceuticals,

LLC

$

23,000

6.875%, 

8/1/2032

c,h

$

23,345

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

275,000

4.700%, 

2/1/2036

266,656

Anheuser-Busch

InBev

Worldwide,

Inc.

227,000

5.450%, 

1/23/2039

229,866

174,000

5.550%, 

1/23/2049

171,057

Archer-Daniels-Midland

Company

255,000

2.700%, 

9/15/2051

154,190

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

240,237

BAT

Capital

Corporation

123,000

6.250%, 

8/15/2055

124,263

142,000

7.079%, 

8/2/2043

156,264

Bausch

+

Lomb

Corporation

20,000

8.375%, 

10/1/2028

c

20,852

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

74,917

BellRing

Brands,

Inc.

35,000

7.000%, 

3/15/2030

c

36,310

Bristol-Myers

Squibb

Company

327,000

3.550%, 

3/15/2042

256,850

Bunge,

Ltd.

Finance

Corporation

167,000

3.200%, 

4/21/2031

c

153,526

50,000

4.650%, 

9/17/2034

48,262

Cargill,

Inc.

196,000

3.125%, 

5/25/2051

c

128,144

200,000

5.125%, 

2/11/2035

c

201,228

Cencora

,

Inc.

135,000

5.150%, 

2/15/2035

135,351

Central

Garden

&

Pet

Company

52,000

4.125%, 

10/15/2030

a

48,867

Champ

Acquisition

Corporation

89,000

8.375%, 

12/1/2031

c

94,157

CHS/Community

Health

Systems,

Inc.

113,000

5.625%, 

3/15/2027

c

113,178

79,000

6.000%, 

1/15/2029

c

75,091

45,000

6.875%, 

4/15/2029

c

34,987

42,000

4.750%, 

2/15/2031

c

35,143

52,000

10.875%, 

1/15/2032

c

54,516

102,000

9.750%, 

1/15/2034

c,h

102,652

Conagra

Brands,

Inc.

246,000

1.375%, 

11/1/2027

228,554

220,000

5.750%, 

8/1/2035

220,521

Concentra

Health

Services,

Inc.

32,000

6.875%, 

7/15/2032

c

32,880

Constellation

Brands,

Inc.

108,000

2.875%, 

5/1/2030

99,853

CVS

Health

Corporation

89,000

7.000%, 

3/10/2055

d

91,567

122,000

6.750%, 

12/10/2054

d

122,101

145,000

4.780%, 

3/25/2038

132,499

249,000

6.000%, 

6/1/2044

245,248

203,000

5.125%, 

7/20/2045

178,125

DaVita,

Inc.

80,000

3.750%, 

2/15/2031

c

72,549

75,000

6.875%, 

9/1/2032

c

77,110

45,000

6.750%, 

7/15/2033

c

46,408

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Edgewell

Personal

Care

Company

$

111,000

5.500%, 

6/1/2028

c

$

110,165

Eli

Lilly

&

Company

96,000

5.500%, 

2/12/2055

95,547

98,000

4.950%, 

2/27/2063

87,913

Embecta

Corporation

31,000

6.750%, 

2/15/2030

a,c

29,625

Encompass

Health

Corporation

58,000

4.500%, 

2/1/2028

57,027

Endo

Finance

Holdings,

Inc.

35,000

8.500%, 

4/15/2031

a,c

37,234

Energizer

Holdings,

Inc.

96,000

4.750%, 

6/15/2028

c

93,261

Fortrea

Holdings,

Inc.

19,000

7.500%, 

7/1/2030

a,c

17,372

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

52,860

Grifols

SA

108,000

4.750%, 

10/15/2028

c

104,037

HCA,

Inc.

188,000

5.250%, 

3/1/2030

192,044

265,000

3.500%, 

9/1/2030

249,808

122,000

5.450%, 

9/15/2034

122,494

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

59,000

7.875%, 

9/1/2025

a,c

59,147

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

60,000

12.250%, 

4/15/2029

c

65,022

43,000

4.875%, 

6/1/2029

c

35,835

Illumina,

Inc.

150,000

4.650%, 

9/9/2026

149,924

Imperial

Brands

Finance

plc

275,000

3.875%, 

7/26/2029

c

266,201

Insulet

Corporation

26,000

6.500%, 

4/1/2033

c

26,726

IQVIA,

Inc.

90,000

6.250%, 

6/1/2032

c

92,291

Jazz

Securities

DAC

56,000

4.375%, 

1/15/2029

c

54,173

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

243,000

3.000%, 

5/15/2032

212,748

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

196,000

6.375%, 

4/15/2066

c

193,180

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

174,000

5.950%, 

4/20/2035

c

179,540

Johnson

&

Johnson

144,000

5.250%, 

6/1/2054

141,963

KeHE

Distributors,

LLC/

KeHE

Finance

Corporation/

NextWave

Distribution,

Inc.

70,000

9.000%, 

2/15/2029

c

73,053

Kenvue

,

Inc.

218,000

4.850%, 

5/22/2032

219,649

Keurig

Dr

Pepper,

Inc.

146,000

5.150%, 

5/15/2035

145,218

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Kimberly-Clark

Corporation

$

230,000

3.900%, 

5/4/2047

$

182,759

Kraft

Heinz

Foods

Company

90,000

4.375%, 

6/1/2046

71,504

Lamb

Weston

Holdings,

Inc.

40,000

4.125%, 

1/31/2030

c

38,053

41,000

4.375%, 

1/31/2032

c

38,309

LifePoint

Health,

Inc.

57,000

9.875%, 

8/15/2030

c

61,434

41,000

11.000%, 

10/15/2030

c

45,063

29,000

10.000%, 

6/1/2032

c

30,106

Mars,

Inc.

29,000

5.650%, 

5/1/2045

c

28,801

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

46,000

6.250%, 

4/1/2029

c

46,904

Mozart

Debt

Merger

Sub,

Inc.

215,000

3.875%, 

4/1/2029

c

205,040

110,000

5.250%, 

10/1/2029

c

107,851

Newell

Brands,

Inc.

37,000

6.375%, 

9/15/2027

37,290

37,000

6.625%, 

9/15/2029

36,836

24,000

6.375%, 

5/15/2030

23,257

Novartis

Capital

Corporation

141,000

4.700%, 

9/18/2054

124,944

Organon

&

Company/

Organon

Foreign

Debt

Co-Issuer

BV

140,000

5.125%, 

4/30/2031

c

121,116

Owens

&

Minor,

Inc.

45,000

6.625%, 

4/1/2030

a,c

40,522

PepsiCo,

Inc.

125,000

4.200%, 

7/18/2052

101,964

269,000

4.650%, 

7/23/2032

268,782

Performance

Food

Group,

Inc.

81,000

4.250%, 

8/1/2029

c

77,876

103,000

6.125%, 

9/15/2032

c

104,595

Perrigo

Finance

Unlimited

Company

57,000

4.900%, 

6/15/2030

55,580

35,000

6.125%, 

9/30/2032

35,366

Pfizer

Investment

Enterprises,

Private

Ltd.

297,000

5.300%, 

5/19/2053

277,326

132,000

5.110%, 

5/19/2043

124,962

Philip

Morris

International,

Inc.

133,000

5.500%, 

9/7/2030

138,605

67,000

5.125%, 

2/13/2031

68,419

198,000

5.375%, 

2/15/2033

203,196

187,000

4.900%, 

11/1/2034

184,535

Post

Holdings,

Inc.

53,000

4.625%, 

4/15/2030

c

50,626

143,000

4.500%, 

9/15/2031

c

132,177

52,000

6.250%, 

10/15/2034

c

52,065

Prime

Healthcare

Services,

Inc.

148,000

9.375%, 

9/1/2029

c

147,075

Radiology

Partners,

Inc.

91,000

8.500%, 

7/15/2032

c

91,947

Roche

Holdings,

Inc.

130,000

4.000%, 

11/28/2044

c

107,232

Royalty

Pharma

plc

131,000

5.150%, 

9/2/2029

133,408

Select

Medical

Corporation

39,000

6.250%, 

12/1/2032

a,c

38,899

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Simmons

Foods,

Inc.

$

110,000

4.625%, 

3/1/2029

c

$

104,095

Sotera

Health

Holdings,

LLC

38,000

7.375%, 

6/1/2031

c

39,310

Spectrum

Brands,

Inc.

9,000

3.875%, 

3/15/2031

c

7,180

Star

Parent,

Inc.

32,000

9.000%, 

10/1/2030

c

33,651

Stryker

Corporation

155,000

5.200%, 

2/10/2035

157,410

Sysco

Corporation

200,000

6.600%, 

4/1/2040

217,990

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

130,439

200,000

5.650%, 

7/5/2044

197,883

Tenet

Healthcare

Corporation

162,000

5.125%, 

11/1/2027

161,344

120,000

4.375%, 

1/15/2030

115,373

139,000

6.750%, 

5/15/2031

143,024

Teva

Pharmaceutical

Finance

Company,

LLC

38,000

6.150%, 

2/1/2036

38,604

US

Acute

Care

Solutions,

LLC

118,000

9.750%, 

5/15/2029

c

120,563

Whirlpool

Corporation

40,000

6.500%, 

6/15/2033

39,415

Wyeth,

LLC

134,000

6.500%, 

2/1/2034

148,809

Zoetis,

Inc.

288,000

4.700%, 

2/1/2043

261,553

Total

15,260,029

Energy  0.2%

Aethon

United

BR,

LP/

Aethon

United

Finance

Corporation

19,000

7.500%, 

10/1/2029

c

19,907

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

70,000

5.375%, 

6/15/2029

c

69,412

Archrock

Partners,

LP/

Archrock

Partners

Finance

Corporation

55,000

6.250%, 

4/1/2028

c

54,997

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

37,000

5.875%, 

6/30/2029

c

36,868

45,000

6.625%, 

7/15/2033

c

45,623

Baytex

Energy

Corporation

62,000

8.500%, 

4/30/2030

c

63,094

32,000

7.375%, 

3/15/2032

c

30,946

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

59,000

7.000%, 

7/15/2029

c

61,183

BP

Capital

Markets

America,

Inc.

353,000

2.939%, 

6/4/2051

219,018

Buckeye

Partners,

LP

50,000

4.500%, 

3/1/2028

c

48,807

33,000

6.875%, 

7/1/2029

c

33,970

18,000

6.750%, 

2/1/2030

c

18,635

California

Resources

Corporation

44,000

8.250%, 

6/15/2029

c

45,198

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Cheniere

Energy

Partners,

LP

$

528,000

4.500%, 

10/1/2029

$

522,271

Cheniere

Energy,

Inc.

37,000

5.650%, 

4/15/2034

37,637

Civitas

Resources,

Inc.

28,000

8.375%, 

7/1/2028

c

28,793

138,000

8.750%, 

7/1/2031

c

139,703

67,000

9.625%, 

6/15/2033

c

68,915

CNX

Resources

Corporation

38,000

6.000%, 

1/15/2029

c

37,979

Columbia

Pipelines

Holding

Company,

LLC

140,000

6.042%, 

8/15/2028

c

145,508

Columbia

Pipelines

Operating

Company,

LLC

35,000

5.927%, 

8/15/2030

c

36,835

Comstock

Resources,

Inc.

57,000

6.750%, 

3/1/2029

c

55,990

130,000

5.875%, 

1/15/2030

c

122,718

Continental

Resources,

Inc.

232,000

2.268%, 

11/15/2026

c

224,561

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

73,000

5.500%, 

6/15/2031

c

71,315

Crescent

Energy

Finance,

LLC

103,000

7.625%, 

4/1/2032

c

100,652

Delek

Logistics

Partners,

LP/

Delek

Logistics

Finance

Corporation

79,000

8.625%, 

3/15/2029

c

82,216

45,000

7.375%, 

6/30/2033

c

44,484

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

27,000

8.500%, 

10/1/2030

c

28,141

Diamondback

Energy,

Inc.

201,000

5.750%, 

4/18/2054

186,687

Eastern

Energy

Gas

Holdings,

LLC

257,000

5.800%, 

1/15/2035

266,567

Enbridge,

Inc.

65,000

5.250%, 

4/5/2027

65,749

Enerflex

,

Ltd.

29,000

9.000%, 

10/15/2027

c

29,863

Energy

Transfer,

LP

86,000

8.000%, 

5/15/2054

d

91,615

125,000

5.150%, 

2/1/2043

109,990

255,000

6.000%, 

6/15/2048

244,149

Enterprise

Products

Operating,

LLC

200,000

3.300%, 

2/15/2053

131,688

Excelerate

Energy,

LP

45,000

8.000%, 

5/15/2030

c

47,108

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

211,740

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

59,000

8.875%, 

4/15/2030

62,457

88,000

7.875%, 

5/15/2032

91,010

Gulfport

Energy

Operating

Corporation

26,000

6.750%, 

9/1/2029

c

26,423

Halliburton

Company

133,000

5.000%, 

11/15/2045

116,667

Harvest

Midstream

I,

LP

82,000

7.500%, 

9/1/2028

c

82,998

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Hess

Midstream

Operations,

LP

$

80,000

4.250%, 

2/15/2030

c

$

77,407

Hilcorp

Energy

I,

LP/

Hilcorp

Finance

Company

111,000

5.750%, 

2/1/2029

c

109,034

36,000

6.000%, 

4/15/2030

c

35,400

84,000

6.250%, 

4/15/2032

c

80,638

Howard

Midstream

Energy

Partners,

LLC

104,000

7.375%, 

7/15/2032

c

107,528

ITT

Holdings,

LLC

136,000

6.500%, 

8/1/2029

c

129,541

Kodiak

Gas

Services,

LLC

44,000

7.250%, 

2/15/2029

c

45,062

MEG

Energy

Corporation

45,000

5.875%, 

2/1/2029

c

45,006

Moss

Creek

Resources

Holdings,

Inc.

22,000

8.250%, 

9/1/2031

c

21,475

MPLX,

LP

265,000

4.950%, 

9/1/2032

261,774

49,000

5.000%, 

3/1/2033

48,255

Nabors

Industries,

Inc.

36,000

7.375%, 

5/15/2027

c

36,333

91,000

9.125%, 

1/31/2030

c

90,066

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

29,000

8.125%, 

2/15/2029

c

28,698

112,000

8.375%, 

2/15/2032

a,c

109,559

Noble

Finance

II,

LLC

76,000

8.000%, 

4/15/2030

c

77,517

Northern

Oil

and

Gas,

Inc.

62,000

8.750%, 

6/15/2031

c

63,698

NuStar

Logistics,

LP

71,000

6.375%, 

10/1/2030

73,144

Occidental

Petroleum

Corporation

117,000

5.000%, 

8/1/2027

117,841

ONEOK,

Inc.

108,000

5.700%, 

11/1/2054

99,181

67,000

5.000%, 

3/1/2026

67,067

144,000

4.750%, 

10/15/2031

142,641

85,000

5.600%, 

4/1/2044

77,769

Ovintiv

,

Inc.

166,000

7.200%, 

11/1/2031

180,535

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

54,000

6.000%, 

2/15/2028

51,967

51,000

7.875%, 

9/15/2030

c

46,514

Permian

Resources

Operating,

LLC

70,000

6.250%, 

2/1/2033

c

70,416

Prairie

Acquiror

,

LP

58,000

9.000%, 

8/1/2029

c

60,076

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

c

49,968

Range

Resources

Corporation

53,000

4.750%, 

2/15/2030

c

51,519

Rockies

Express

Pipeline,

LLC

91,000

4.950%, 

7/15/2029

c

89,222

Saturn

Oil

&

Gas,

Inc.

25,000

9.625%, 

6/15/2029

a,c

24,754

SM

Energy

Company

65,000

6.500%, 

7/15/2028

65,403

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

$

26,000

7.000%, 

8/1/2032

c

$

25,746

South

Bow

USA

Infrastructure

Holdings,

LLC

166,000

5.026%, 

10/1/2029

c

165,854

62,000

5.584%, 

10/1/2034

c

61,201

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

36,000

5.875%, 

3/1/2027

35,876

Sunoco,

LP

106,000

7.000%, 

5/1/2029

c

109,717

Sunoco,

LP/Sunoco

Finance

Corporation

55,000

5.875%, 

3/15/2028

54,850

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

179,000

5.500%, 

1/15/2028

c

177,393

53,000

7.375%, 

2/15/2029

c

54,379

Talos

Production,

Inc.

25,000

9.000%, 

2/1/2029

c

25,622

Targa

Resources

Corporation

83,000

6.125%, 

5/15/2055

81,089

232,000

4.200%, 

2/1/2033

216,900

TGNR

Intermediate

Holdings,

LLC

70,000

5.500%, 

10/15/2029

c

68,188

Tidewater,

Inc.

23,000

9.125%, 

7/15/2030

c

24,122

TotalEnergies

Capital

SA

111,000

5.275%, 

9/10/2054

102,994

Transocean,

Inc.

138,400

8.750%, 

2/15/2030

c

143,489

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

61,000

7.125%, 

3/15/2029

c

62,357

Valaris

,

Ltd.

66,000

8.375%, 

4/30/2030

c

68,171

Venture

Global

LNG,

Inc.

132,000

8.125%, 

6/1/2028

c

136,661

69,000

9.000%, 

9/30/2029

c,d,j

69,018

53,000

7.000%, 

1/15/2030

c

53,743

213,000

8.375%, 

6/1/2031

c

220,318

75,000

9.875%, 

2/1/2032

c

80,921

Venture

Global

Plaquemines

LNG,

LLC

87,000

6.500%, 

1/15/2034

c

89,501

44,000

7.750%, 

5/1/2035

c

48,245

131,000

6.750%, 

1/15/2036

c

134,760

Vital

Energy,

Inc.

61,000

7.750%, 

7/31/2029

c

55,504

45,000

7.875%, 

4/15/2032

a,c

39,497

Western

Midstream

Operating,

LP

133,000

6.350%, 

1/15/2029

138,872

66,000

6.150%, 

4/1/2033

68,841

Williams

Companies,

Inc.

250,000

7.500%, 

1/15/2031

280,250

80,000

5.600%, 

3/15/2035

81,770

Total

9,870,944

Financials  0.7%

200

Park

Funding

Trust

123,000

5.740%, 

2/15/2055

c

120,964

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Acrisure

,

LLC/

Acrisure

Finance,

Inc.

$

25,000

4.250%, 

2/15/2029

c

$

23,868

36,000

7.500%, 

11/6/2030

c

37,191

AEGON

Funding

Company,

LLC

214,000

5.500%, 

4/16/2027

a,c

216,151

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.100%, 

1/15/2027

152,847

200,000

3.875%, 

1/23/2028

196,707

203,000

5.375%, 

12/15/2031

206,965

AG

TTMT

Escrow

Issuer,

LLC

28,000

8.625%, 

9/30/2027

c

28,770

Agree,

LP

111,000

5.625%, 

6/15/2034

113,404

Air

Lease

Corporation

38,000

4.650%, 

6/15/2026

d,j

37,537

306,000

3.000%, 

2/1/2030

285,495

Aircastle

,

Ltd.

200,000

5.250%, 

8/11/2025

c

200,000

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

36,000

4.250%, 

10/15/2027

c

35,244

135,000

6.750%, 

4/15/2028

c

136,826

52,000

7.000%, 

1/15/2031

c

53,470

Ally

Financial,

Inc.

286,000

8.000%, 

11/1/2031

323,102

55,000

6.700%, 

2/14/2033

57,116

American

Express

Company

131,000

5.043%, 

7/26/2028

d

132,506

99,000

5.085%, 

1/30/2031

d

101,106

American

Homes

4

Rent,

LP

121,000

4.950%, 

6/15/2030

121,789

American

International

Group,

Inc.

273,000

5.125%, 

3/27/2033

276,345

Americold

Realty

Operating

Partnership,

LP

180,000

5.600%, 

5/15/2032

180,159

Ameriprise

Financial,

Inc.

246,000

5.200%, 

4/15/2035

246,550

AmWINS

Group,

Inc.

29,000

6.375%, 

2/15/2029

c

29,531

86,000

4.875%, 

6/30/2029

c

83,531

Aon

North

America,

Inc.

103,000

5.750%, 

3/1/2054

100,333

Apollo

Debt

Solutions

BDC

161,000

6.700%, 

7/29/2031

167,655

Ares

Capital

Corporation

107,000

2.150%, 

7/15/2026

104,453

116,000

5.875%, 

3/1/2029

118,466

Ares

Strategic

Income

Fund

260,000

5.450%, 

9/9/2028

c

259,570

135,000

5.600%, 

2/15/2030

134,515

Arthur

J.

Gallagher

&

Company

33,000

6.750%, 

2/15/2054

36,028

52,000

5.750%, 

7/15/2054

50,305

Aviation

Capital

Group,

LLC

148,000

5.125%, 

4/10/2030

c

149,052

Avolon

Holdings

Funding,

Ltd.

150,000

4.950%, 

1/15/2028

c

150,675

165,000

5.750%, 

3/1/2029

c

169,334

238,000

5.375%, 

5/30/2030

c

242,154

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Azorra

Finance,

Ltd.

$

98,000

7.750%, 

4/15/2030

c

$

102,069

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

d

198,578

Bank

of

America

Corporation

180,000

1.734%, 

7/22/2027

d

175,053

170,000

3.824%, 

1/20/2028

d

168,174

116,000

5.202%, 

4/25/2029

d

118,163

180,000

2.087%, 

6/14/2029

d

168,521

125,000

3.974%, 

2/7/2030

d

122,960

300,000

2.496%, 

2/13/2031

d

273,837

400,000

1.922%, 

10/24/2031

d

348,836

200,000

2.972%, 

2/4/2033

d

179,046

398,000

4.571%, 

4/27/2033

d

391,831

200,000

5.872%, 

9/15/2034

d

210,694

81,000

5.468%, 

1/23/2035

d

83,127

231,000

5.425%, 

8/15/2035

d

231,417

265,000

3.846%, 

3/8/2037

d

242,900

Bank

of

New

York

Mellon

Corporation

134,000

6.317%, 

10/25/2029

d

141,541

Bank

of

Nova

Scotia

65,000

4.850%, 

2/1/2030

65,930

Barclays

plc

36,000

6.125%, 

12/15/2025

d,j

36,045

200,000

6.496%, 

9/13/2027

d

203,931

280,000

4.972%, 

5/16/2029

d

282,607

251,000

4.942%, 

9/10/2030

d

252,774

200,000

5.746%, 

8/9/2033

d

207,396

Berkshire

Hathaway

Finance

Corporation

265,000

2.850%, 

10/15/2050

168,393

BlackRock

Funding,

Inc.

70,000

5.250%, 

3/14/2054

66,565

Blackstone

Private

Credit

Fund

177,000

5.600%, 

11/22/2029

178,320

Blue

Owl

Credit

Income

Corporation

166,000

4.700%, 

2/8/2027

164,728

Blue

Owl

Technology

Finance

Corporation

90,000

4.750%, 

12/15/2025

c

89,656

304,000

6.100%, 

3/15/2028

c

305,756

140,000

6.750%, 

4/4/2029

143,372

BNP

Paribas

SA

235,000

5.283%, 

11/19/2030

c,d

239,396

333,000

3.132%, 

1/20/2033

c,d

297,781

Brookfield

Finance,

Inc.

124,000

5.813%, 

3/3/2055

122,298

Brown

&

Brown,

Inc.

64,000

6.250%, 

6/23/2055

65,576

65,000

5.550%, 

6/23/2035

65,708

Burford

Capital

Global

Finance,

LLC

84,000

9.250%, 

7/1/2031

c

88,827

46,000

7.500%, 

7/15/2033

c

46,299

Camden

Property

Trust

163,000

3.150%, 

7/1/2029

155,127

Capital

One

Financial

Corporation

48,000

5.700%, 

2/1/2030

d

49,539

Capital

One

NA

290,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

296,360

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Charles

Schwab

Corporation

$

136,000

6.136%, 

8/24/2034

d

$

146,766

CHL

Mortgage

Pass-Through

Trust

613,809

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

260,350

Chubb

INA

Holdings,

LLC

125,000

4.350%, 

11/3/2045

107,216

Citadel,

LP

157,000

6.375%, 

1/23/2032

c

162,947

Citibank

NA

250,000

4.914%, 

5/29/2030

253,922

Citigroup,

Inc.

168,000

3.200%, 

10/21/2026

165,424

326,000

3.668%, 

7/24/2028

d

320,628

50,000

3.520%, 

10/27/2028

d

48,910

53,000

6.875%, 

8/15/2030

d,j

53,451

261,000

4.952%, 

5/7/2031

d

263,479

281,000

4.910%, 

5/24/2033

d

280,424

169,000

6.174%, 

5/25/2034

d

176,734

182,000

6.020%, 

1/24/2036

d

186,519

Citizens

Financial

Group,

Inc.

92,000

5.718%, 

7/23/2032

d

94,920

CNA

Financial

Corporation

100,000

5.125%, 

2/15/2034

99,222

Comerica,

Inc.

52,000

5.982%, 

1/30/2030

d

53,469

Constellation

Insurance,

Inc.

89,000

6.800%, 

1/24/2030

c

87,781

Corebridge

Financial,

Inc.

75,000

6.375%, 

9/15/2054

d

74,880

100,000

4.350%, 

4/5/2042

83,698

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

24,901

5.197%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

d

20,515

Countrywide

Home

Loans,

Inc.

75,120

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

32,320

Cousins

Properties,

LP

71,000

5.375%, 

2/15/2032

71,674

Credit

Acceptance

Corporation

55,000

9.250%, 

12/15/2028

c

58,167

Credit

Agricole

SA

250,000

5.222%, 

5/27/2031

c,d

254,084

Credit

Suisse

Group

AG

225,000

7.250%, 

N/A

*,k

15,188

Deutsche

Bank

AG/New

York,

NY

169,000

5.297%, 

5/9/2031

d

171,813

150,000

4.950%, 

8/4/2031

d,h

150,248

300,000

3.729%, 

1/14/2032

d

277,685

Drawbridge

Special

Opportunities

Fund,

LP

120,000

3.875%, 

2/15/2026

c

118,233

Elevance

Health,

Inc.

110,000

3.125%, 

5/15/2050

70,119

179,000

4.625%, 

5/15/2042

156,009

Encore

Capital

Group,

Inc.

23,000

9.250%, 

4/1/2029

c

24,225

107,000

8.500%, 

5/15/2030

c

113,261

EPR

Properties

130,000

4.950%, 

4/15/2028

130,012

ERP

Operating,

LP

195,000

4.950%, 

6/15/2032

196,593

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Fairfax

Financial

Holdings,

Ltd.

$

138,000

6.350%, 

3/22/2054

$

139,127

FirstCash

,

Inc.

90,000

5.625%, 

1/1/2030

c

89,068

First-Citizens

Bank

&

Trust

Company

117,000

6.125%, 

3/9/2028

121,041

Five

Corners

Funding

Trust

IV

132,000

5.997%, 

2/15/2053

c

133,532

Freedom

Mortgage

Corporation

33,000

7.625%, 

5/1/2026

c

33,143

Freedom

Mortgage

Holdings,

LLC

84,000

9.250%, 

2/1/2029

c

87,552

36,000

9.125%, 

5/15/2031

c

37,423

74,000

8.375%, 

4/1/2032

c

75,685

FTAI

Aviation

Investors,

LLC

38,000

5.500%, 

5/1/2028

c

37,908

86,000

7.000%, 

5/1/2031

c

89,229

52,000

7.000%, 

6/15/2032

c

53,852

GGAM

Finance,

Ltd.

35,000

7.750%, 

5/15/2026

c

35,234

37,000

8.000%, 

6/15/2028

c

39,138

103,000

5.875%, 

3/15/2030

c

102,876

Global

Aircraft

Leasing

Company,

Ltd.

112,000

8.750%, 

9/1/2027

c

115,655

Global

Net

Lease,

Inc.

23,000

4.500%, 

9/30/2028

c

22,123

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

81,000

3.750%, 

12/15/2027

c

77,201

goeasy

,

Ltd.

54,000

9.250%, 

12/1/2028

c

57,157

18,000

7.625%, 

7/1/2029

c

18,535

Goldman

Sachs

BDC,

Inc.

86,000

6.375%, 

3/11/2027

87,668

Goldman

Sachs

Group,

Inc.

203,000

1.948%, 

10/21/2027

d

196,583

201,000

6.484%, 

10/24/2029

d

212,498

200,000

5.218%, 

4/23/2031

d

204,507

80,000

1.992%, 

1/27/2032

d

69,409

513,000

3.102%, 

2/24/2033

d

461,221

Goldman

Sachs

Private

Credit

Corporation

122,000

5.875%, 

5/6/2028

c

122,937

Howard

Hughes

Corporation

24,000

4.125%, 

2/1/2029

c

22,878

HSBC

Holdings

plc

74,000

6.875%, 

9/11/2029

d,j

76,268

200,000

5.130%, 

3/3/2031

d

202,765

HUB

International,

Ltd.

103,000

7.250%, 

6/15/2030

c

107,371

Huntington

Bancshares,

Inc./OH

167,000

5.709%, 

2/2/2035

d

170,838

166,000

6.141%, 

11/18/2039

d

169,690

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

36,000

6.250%, 

5/15/2026

35,768

145,000

5.250%, 

5/15/2027

141,267

Invitation

Homes

Operating

Partnership,

LP

167,000

2.000%, 

8/15/2031

141,759

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Jackson

National

Life

Global

Funding

$

180,000

5.550%, 

7/2/2027

c

$

183,132

Jane

Street

Group/JSG

Finance,

Inc.

58,000

4.500%, 

11/15/2029

c

55,552

24,000

7.125%, 

4/30/2031

c

24,788

40,000

6.125%, 

11/1/2032

c

39,687

130,000

6.750%, 

5/1/2033

c

133,040

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

27,000

5.000%, 

8/15/2028

c

26,037

57,000

6.625%, 

10/15/2031

c

56,710

Jefferson

Capital

Holdings,

LLC

29,000

6.000%, 

8/15/2026

c

28,920

72,000

9.500%, 

2/15/2029

c

75,979

31,000

8.250%, 

5/15/2030

c

32,344

JPMorgan

Chase

&

Company

210,000

2.947%, 

2/24/2028

d

205,075

231,000

4.979%, 

7/22/2028

d

233,224

330,000

4.505%, 

10/22/2028

d

330,388

375,000

4.203%, 

7/23/2029

d

372,459

250,000

2.522%, 

4/22/2031

d

228,425

300,000

1.953%, 

2/4/2032

d

260,266

265,000

4.586%, 

4/26/2033

d

261,842

198,000

4.912%, 

7/25/2033

d

199,194

162,000

5.766%, 

4/22/2035

d

169,903

125,000

5.502%, 

1/24/2036

d

128,245

152,000

5.534%, 

11/29/2045

d

152,050

KeyBank

NA/Cleveland,

OH

174,000

5.000%, 

1/26/2033

172,270

Kilroy

Realty,

LP

67,000

4.250%, 

8/15/2029

64,607

Liberty

Mutual

Group,

Inc.

20,000

4.125%, 

12/15/2051

c,d

19,462

Lincoln

National

Corporation

280,000

2.330%, 

8/15/2030

c

249,387

Lloyds

Banking

Group

plc

200,000

5.871%, 

3/6/2029

d

206,149

LPL

Holdings,

Inc.

226,000

4.900%, 

4/3/2028

227,257

Macquarie

Airfinance

Holdings,

Ltd.

180,000

5.200%, 

3/27/2028

c

181,679

34,000

6.400%, 

3/26/2029

c

35,346

117,000

5.150%, 

3/17/2030

c

116,901

Marsh

&

McLennan

Companies,

Inc.

50,000

5.450%, 

3/15/2053

48,125

Massachusetts

Mutual

Life

Insurance

Company

325,000

3.200%, 

12/1/2061

c

195,481

Molina

Healthcare,

Inc.

27,000

4.375%, 

6/15/2028

c

25,841

46,000

6.250%, 

1/15/2033

c

45,384

Morgan

Stanley

125,000

5.516%, 

11/19/2055

d

122,453

210,000

4.350%, 

9/8/2026

209,453

276,000

3.591%, 

7/22/2028

d

271,262

132,000

5.164%, 

4/20/2029

d

134,128

290,000

3.622%, 

4/1/2031

d

277,774

132,000

5.250%, 

4/21/2034

d

134,134

114,000

5.831%, 

4/19/2035

d

119,501

97,000

5.587%, 

1/18/2036

d

99,556

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

$

232,000

5.297%, 

4/20/2037

d

$

232,030

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

52,000

8.500%, 

2/15/2032

c

54,049

Nasdaq,

Inc.

225,000

3.250%, 

4/28/2050

150,474

National

Securities

Clearing

Corporation

250,000

4.700%, 

5/20/2030

c

252,957

Nationstar

Mortgage

Holdings,

Inc.

18,000

5.500%, 

8/15/2028

c

17,976

38,000

6.500%, 

8/1/2029

c

38,867

57,000

5.125%, 

12/15/2030

c

56,892

22,000

7.125%, 

2/1/2032

c

22,973

NatWest

Group

plc

200,000

4.445%, 

5/8/2030

d

198,594

203,000

6.475%, 

6/1/2034

d

211,964

Navient

Corporation

21,000

5.000%, 

3/15/2027

20,769

24,000

5.500%, 

3/15/2029

23,478

New

York

Life

Global

Funding

196,000

4.550%, 

1/28/2033

c

192,593

Nomura

Holdings,

Inc.

200,000

5.783%, 

7/3/2034

207,612

Omega

Healthcare

Investors,

Inc.

299,000

3.625%, 

10/1/2029

283,605

126,000

5.200%, 

7/1/2030

126,400

Omnis

Funding

Trust

146,000

6.722%, 

5/15/2055

c

151,005

OneMain

Finance

Corporation

52,000

3.500%, 

1/15/2027

50,739

60,000

3.875%, 

9/15/2028

57,222

42,000

6.750%, 

3/15/2032

42,617

190,000

7.125%, 

9/15/2032

195,822

Osaic

Holdings,

Inc.

69,000

6.750%, 

8/1/2032

c,h

69,832

Panther

Escrow

Issuer,

LLC

85,000

7.125%, 

6/1/2031

c

87,898

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

102,000

4.875%, 

5/15/2029

c

98,119

PennyMac

Financial

Services,

Inc.

23,000

7.125%, 

11/15/2030

c

23,708

66,000

6.875%, 

5/15/2032

c

67,244

44,000

6.875%, 

2/15/2033

c

44,845

Phoenix

Aviation

Capital,

Ltd.

73,000

9.250%, 

7/15/2030

c

76,490

PNC

Financial

Services

Group,

Inc.

67,000

6.615%, 

10/20/2027

d

68,584

PRA

Group,

Inc.

56,000

8.375%, 

2/1/2028

c

57,285

Prologis

Targeted

US

Logistics

Fund,

LP

136,000

5.250%, 

4/1/2029

c

139,309

88,000

5.250%, 

1/15/2035

c

88,328

Prologis,

LP

92,000

5.250%, 

3/15/2054

85,883

Prudential

Financial,

Inc.

252,000

5.125%, 

3/1/2052

d

244,120

Regency

Centers,

LP

196,000

4.125%, 

3/15/2028

194,824

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

$

100,000

5.250%, 

1/15/2034

$

101,498

RenaissanceRe

Holdings,

Ltd.

230,000

5.800%, 

4/1/2035

236,384

RGA

Global

Funding

65,000

5.500%, 

1/11/2031

c

66,965

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

18,000

4.750%, 

10/15/2027

17,806

36,000

4.500%, 

2/15/2029

c

35,011

Rithm

Capital

Corporation

46,000

8.000%, 

7/15/2030

c

46,829

RLJ

Lodging

Trust,

LP

33,000

4.000%, 

9/15/2029

c

30,797

Rocket

Companies,

Inc.

68,000

6.375%, 

8/1/2033

c

69,359

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

72,000

3.625%, 

3/1/2029

c

68,014

41,000

3.875%, 

3/1/2031

c

37,819

20,000

4.000%, 

10/15/2033

c

17,695

Ryan

Specialty,

LLC

19,000

4.375%, 

2/1/2030

c

18,231

91,000

5.875%, 

8/1/2032

c

91,252

Santander

Holdings

USA,

Inc.

66,000

6.499%, 

3/9/2029

d

68,714

163,000

5.473%, 

3/20/2029

d

165,646

58,000

6.174%, 

1/9/2030

d

60,427

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

d

350,486

Service

Properties

Trust

39,000

5.500%, 

12/15/2027

38,461

14,000

8.625%, 

11/15/2031

c

14,909

Simon

Property

Group,

LP

217,000

3.800%, 

7/15/2050

161,377

Sixth

Street

Lending

Partners

118,000

6.125%, 

7/15/2030

c

120,229

SLM

Corporation

32,000

6.500%, 

1/31/2030

33,240

Societe

Generale

SA

39,000

10.000%, 

11/14/2028

c,d,j

42,993

214,000

5.249%, 

5/22/2029

c,d

216,271

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

c,d

204,164

Starwood

Property

Trust,

Inc.

35,000

4.375%, 

1/15/2027

c

34,402

61,000

6.500%, 

10/15/2030

c

62,788

State

Street

Corporation

244,000

4.530%, 

2/20/2029

d

245,039

Stonex

Escrow

Issuer,

LLC

134,000

6.875%, 

7/15/2032

c

136,407

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

5.710%, 

1/13/2030

209,000

125,000

1.710%, 

1/12/2031

107,179

Synchrony

Financial

78,000

5.935%, 

8/2/2030

d

80,167

37,000

7.250%, 

2/2/2033

38,882

Synovus

Bank

250,000

5.625%, 

2/15/2028

253,546

Toronto-Dominion

Bank

83,000

5.146%, 

9/10/2034

d

83,442

Travelers

Companies,

Inc.

82,000

5.050%, 

7/24/2035

82,202

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Truist

Financial

Corporation

$

134,000

6.047%, 

6/8/2027

d

$

135,397

94,000

5.125%, 

12/15/2027

d,j

92,384

157,000

5.122%, 

1/26/2034

d

157,052

86,000

5.711%, 

1/24/2035

d

88,986

U.S.

Bancorp

204,000

5.775%, 

6/12/2029

d

211,210

52,000

5.836%, 

6/12/2034

d

54,535

92,000

5.678%, 

1/23/2035

d

95,336

UBS

Group

AG

200,000

6.246%, 

9/22/2029

c,d

209,579

164,000

3.091%, 

5/14/2032

c,d

149,004

200,000

5.699%, 

2/8/2035

c,d

207,263

200,000

5.379%, 

9/6/2045

c,d

192,974

United

Wholesale

Mortgage,

LLC

97,000

5.500%, 

4/15/2029

c

94,880

UnitedHealth

Group,

Inc.

132,000

5.875%, 

2/15/2053

130,256

198,000

4.750%, 

5/15/2052

166,453

Vornado

Realty,

LP

26,000

3.400%, 

6/1/2031

22,799

Wells

Fargo

&

Company

337,000

4.900%, 

1/24/2028

d

338,757

199,000

3.526%, 

3/24/2028

d

195,847

142,000

5.707%, 

4/22/2028

d

144,769

294,000

2.393%, 

6/2/2028

d

283,060

139,000

5.574%, 

7/25/2029

d

143,126

109,000

5.389%, 

4/24/2034

d

111,524

323,000

4.900%, 

11/17/2045

284,819

XHR,

LP

36,000

4.875%, 

6/1/2029

c

34,746

20,000

6.625%, 

5/15/2030

c

20,328

Total

37,699,869

Foreign

Government  <0.1%

Eagle

Funding

Luxco

SARL

250,000

5.500%, 

8/17/2030

c,h

251,125

NBN

Company,

Ltd.

200,000

2.625%, 

5/5/2031

c

179,958

Saudi

Arabian

Oil

Company

160,000

5.250%, 

7/17/2034

c

161,851

Teine

Energy,

Ltd.

85,000

6.875%, 

4/15/2029

c

83,587

Total

676,521

Mortgage-Backed

Securities  2.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

353,900

5.500%, 

12/1/2038

361,352

3,792,238

5.500%, 

2/1/2040

3,863,140

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,770,531

2.000%, 

1/1/2052

1,406,625

673,901

6.000%, 

1/1/2055

694,446

933,010

2.000%, 

5/1/2051

741,251

3,037,414

2.500%, 

5/1/2051

2,520,539

1,466,499

3.500%, 

5/1/2052

1,321,597

2,046,167

4.000%, 

5/1/2052

1,907,843

925,938

5.000%, 

7/1/2053

908,806

416,331

5.500%, 

7/1/2053

417,498

1,166,074

3.500%, 

8/1/2052

1,050,623

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

1,025,884

5.000%, 

8/1/2053

$

1,009,380

3,328,499

5.500%, 

9/1/2053

3,345,098

993,925

3.500%, 

9/1/2047

910,929

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

768,984

2.500%, 

7/1/2030

740,446

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

236,093

5.500%, 

9/1/2039

241,647

1,000,000

5.000%, 

8/1/2040

h

1,002,691

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,111,873

3.000%, 

12/1/2036

1,043,845

935,056

3.000%, 

8/1/2038

878,744

1,438,594

3.500%, 

5/1/2040

1,363,821

1,779,470

2.500%, 

4/1/2042

1,568,607

454,015

2.000%, 

5/1/2042

387,807

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,426,304

3.000%, 

1/1/2052

2,959,396

418,051

2.000%, 

2/1/2051

331,662

611,642

2.000%, 

2/1/2051

485,931

2,350,359

2.500%, 

2/1/2051

1,929,044

2,001,461

2.500%, 

2/1/2051

1,663,950

2,045,997

5.500%, 

2/1/2055

2,051,935

7,088,132

2.000%, 

3/1/2051

5,574,575

2,430,176

4.000%, 

3/1/2051

2,277,484

387,187

2.000%, 

3/1/2052

307,123

3,757,316

3.000%, 

3/1/2052

3,224,572

4,676,564

2.000%, 

4/1/2051

3,662,859

1,844,251

3.000%, 

4/1/2051

1,582,780

2,290,405

3.000%, 

5/1/2050

1,967,415

766,838

2.000%, 

5/1/2051

606,236

2,097,950

3.000%, 

5/1/2051

1,840,433

669,188

3.500%, 

5/1/2052

601,912

2,408,168

2.000%, 

6/1/2050

1,902,942

1,374,424

3.000%, 

6/1/2050

1,208,525

612,588

4.000%, 

6/1/2052

566,623

735,642

5.000%, 

6/1/2053

723,159

3,371,019

2.500%, 

7/1/2051

2,807,459

908,265

3.500%, 

7/1/2051

821,126

536,041

3.000%, 

7/1/2052

466,324

1,785,360

4.000%, 

7/1/2052

1,651,407

1,175,463

3.500%, 

8/1/2050

1,066,482

1,888,040

3.500%, 

8/1/2052

1,692,695

3,579,026

4.500%, 

8/1/2052

3,403,731

1,360,899

5.000%, 

8/1/2053

1,337,805

3,054,491

6.000%, 

8/1/2054

3,155,094

825,000

2.500%, 

8/1/2055

h

675,861

482,812

2.500%, 

9/1/2051

400,906

549,538

3.500%, 

9/1/2052

495,846

1,214,228

3.500%, 

9/1/2052

1,095,478

1,075,638

5.000%, 

9/1/2052

1,055,014

1,836,394

4.500%, 

9/1/2053

1,749,737

1,112,621

4.500%, 

9/1/2053

1,064,419

3,441,863

4.000%, 

10/1/2052

3,197,301

736,120

2.000%, 

11/1/2051

584,807

702,764

3.500%, 

11/1/2052

636,131

3,068,532

2.000%, 

12/1/2050

2,425,885

4,860,035

2.500%, 

12/1/2051

4,031,088

2,113,469

4.500%, 

12/1/2052

2,021,204

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

4,625,000

5.500%, 

8/1/2042

h

$

4,600,514

1,181,367

3.500%, 

12/1/2047

1,085,660

1,950,000

4.500%, 

8/1/2048

h

1,849,563

6,125,000

5.000%, 

8/1/2048

h

5,960,836

4,985,000

3.000%, 

8/1/2049

h

4,265,425

7,400,000

3.500%, 

9/1/2049

h

6,600,639

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

3,940,004

2.500%, 

3/1/2062

3,089,264

778,966

3.500%, 

7/1/2061

683,523

1,769,842

4.000%, 

12/1/2061

1,620,799

PRPM,

LLC

414,909

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

c,e

415,639

Total

129,162,953

Technology  0.2%

Accenture

Capital,

Inc.

170,000

4.500%, 

10/4/2034

164,511

Adobe,

Inc.

257,000

5.300%, 

1/17/2035

267,523

Advanced

Micro

Devices,

Inc.

132,000

4.393%, 

6/1/2052

a

110,705

Alphabet,

Inc.

146,000

5.250%, 

5/15/2055

143,256

Amentum

Holdings,

Inc.

133,000

7.250%, 

8/1/2032

c

137,585

Analog

Devices,

Inc.

425,000

2.950%, 

10/1/2051

274,046

Apple,

Inc.

232,000

2.650%, 

2/8/2051

143,188

437,000

3.750%, 

9/12/2047

342,922

Block,

Inc.

40,000

3.500%, 

6/1/2031

36,658

166,000

6.500%, 

5/15/2032

170,347

Boost

Newco

Borrower,

LLC

109,000

7.500%, 

1/15/2031

c

115,247

Broadcom,

Inc.

205,000

4.900%, 

7/15/2032

205,632

76,000

3.469%, 

4/15/2034

c

67,547

266,000

3.137%, 

11/15/2035

c

223,273

220,000

3.187%, 

11/15/2036

c

181,553

180,000

4.926%, 

5/15/2037

c

173,946

CACI

International,

Inc.

30,000

6.375%, 

6/15/2033

c

30,676

Central

Parent,

Inc./CDK

Global,

Inc.

74,000

7.250%, 

6/15/2029

c

60,804

Cisco

Systems,

Inc.

69,000

5.300%, 

2/26/2054

66,484

Clarivate

Science

Holdings

Corporation

39,000

3.875%, 

7/1/2028

c

37,279

Cloud

Software

Group,

Inc.

272,000

6.500%, 

3/31/2029

c

274,689

CommScope

Technologies,

LLC

45,000

5.000%, 

3/15/2027

c

44,066

CommScope

,

LLC

42,000

4.750%, 

9/1/2029

c

40,784

42,000

9.500%, 

12/15/2031

a,c

44,229

Consensus

Cloud

Solutions,

Inc.

18,000

6.000%, 

10/15/2026

c

17,866

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

CoreWeave

,

Inc.

$

67,000

9.250%, 

6/1/2030

c

$

67,338

70,000

9.000%, 

2/1/2031

c

69,702

Dell

International,

LLC/EMC

Corporation

196,000

4.750%, 

4/1/2028

197,566

Dell,

Inc.

124,000

6.500%, 

4/15/2038

132,450

Diebold

Nixdorf,

Inc.

99,000

7.750%, 

3/31/2030

c

105,038

Fair

Isaac

Corporation

77,000

6.000%, 

5/15/2033

c

77,362

Fiserv,

Inc.

137,000

2.650%, 

6/1/2030

124,908

136,000

5.350%, 

3/15/2031

139,843

116,000

5.600%, 

3/2/2033

119,233

160,000

5.150%, 

8/12/2034

158,948

Gen

Digital,

Inc.

44,000

7.125%, 

9/30/2030

c

45,472

21,000

6.250%, 

4/1/2033

c

21,409

Global

Payments,

Inc.

198,000

5.300%, 

8/15/2029

200,741

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

43,000

4.625%, 

5/1/2028

a,c

40,650

Hewlett

Packard

Enterprise

Company

240,000

4.400%, 

9/25/2027

239,918

137,000

4.850%, 

10/15/2031

136,492

II-VI,

Inc.

32,000

5.000%, 

12/15/2029

c

31,318

Intel

Corporation

279,000

4.900%, 

7/29/2045

231,736

ION

Trading

Technologies

SARL

70,000

9.500%, 

5/30/2029

c

72,536

Iron

Mountain,

Inc.

75,000

4.875%, 

9/15/2027

c

74,431

101,000

4.875%, 

9/15/2029

c

98,754

90,000

5.250%, 

7/15/2030

c

88,446

217,000

4.500%, 

2/15/2031

c

205,219

Kioxia

Holdings

Corporation

162,000

6.625%, 

7/24/2033

c

160,303

KLA

Corporation

199,000

3.300%, 

3/1/2050

137,794

Marvell

Technology,

Inc.

33,000

5.950%, 

9/15/2033

34,809

Mastercard

,

Inc.

160,000

3.950%, 

2/26/2048

127,307

Microchip

Technology,

Inc.

28,000

5.050%, 

3/15/2029

28,316

Micron

Technology,

Inc.

88,000

5.650%, 

11/1/2032

90,967

Microsoft

Corporation

95,000

3.041%, 

3/17/2062

60,203

228,000

2.500%, 

9/15/2050

137,677

NCR

Atleos

Corporation

29,000

9.500%, 

4/1/2029

c

31,417

NCR

Voyix

Corporation

55,000

5.000%, 

10/1/2028

c

54,101

30,000

5.125%, 

4/15/2029

c

29,401

Neptune

Bidco

US,

Inc.

91,000

9.290%, 

4/15/2029

c

88,068

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

NXP

BV/NXP

Funding,

LLC

$

75,000

5.550%, 

12/1/2028

$

77,239

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

84,000

4.300%, 

6/18/2029

83,138

180,000

3.250%, 

5/11/2041

131,998

Open

Text

Corporation

72,000

3.875%, 

12/1/2029

c

67,395

Open

Text

Holdings,

Inc.

166,000

4.125%, 

2/15/2030

c

155,593

Oracle

Corporation

132,000

6.900%, 

11/9/2052

144,796

161,000

6.150%, 

11/9/2029

170,734

130,000

5.250%, 

2/3/2032

132,745

87,000

4.700%, 

9/27/2034

83,590

250,000

3.850%, 

7/15/2036

217,924

380,000

4.000%, 

7/15/2046

290,236

Paychex,

Inc.

73,000

5.600%, 

4/15/2035

75,020

PayPal

Holdings,

Inc.

124,000

5.500%, 

6/1/2054

120,574

Pitney

Bowes,

Inc.

18,000

6.875%, 

3/15/2027

c

17,971

Qualcomm,

Inc.

213,000

4.750%, 

5/20/2032

214,907

RingCentral,

Inc.

102,000

8.500%, 

8/15/2030

c

108,372

Rocket

Software,

Inc.

44,000

9.000%, 

11/28/2028

c

45,406

Roper

Technologies,

Inc.

173,000

1.750%, 

2/15/2031

147,981

Sabre

GLBL,

Inc.

15,000

8.625%, 

6/1/2027

c

15,239

45,000

11.125%, 

7/15/2030

c

47,441

Seagate

Data

Storage

Technology,

Private

Ltd.

73,685

9.625%, 

12/1/2032

c

82,986

30,000

5.750%, 

12/1/2034

c

28,209

Sensata

Technologies

BV

127,000

4.000%, 

4/15/2029

c

120,705

Sensata

Technologies,

Inc.

66,000

4.375%, 

2/15/2030

c

63,156

21,000

3.750%, 

2/15/2031

c

19,160

25,000

6.625%, 

7/15/2032

c

25,545

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

102,000

6.750%, 

8/15/2032

c

105,365

SS&C

Technologies,

Inc.

65,000

5.500%, 

9/30/2027

c

65,014

20,000

6.500%, 

6/1/2032

c

20,565

Synopsys,

Inc.

152,000

5.700%, 

4/1/2055

149,885

UKG,

Inc.

35,000

6.875%, 

2/1/2031

c

35,933

Verisk

Analytics,

Inc.

99,000

5.250%, 

3/15/2035

99,042

Viavi

Solutions,

Inc.

66,000

3.750%, 

10/1/2029

c

61,036

Xerox

Corporation

62,000

10.250%, 

10/15/2030

c

63,746

Xerox

Holdings

Corporation

7,000

5.000%, 

8/15/2025

c

6,980

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

$

33,000

5.500%, 

8/15/2028

c

$

21,826

Total

10,352,141

Transportation  <0.1%

Air

Canada

39,000

3.875%, 

8/15/2026

c

38,582

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

65,500

5.500%, 

4/20/2026

c

65,440

111,534

5.750%, 

4/20/2029

c

111,495

Avianca

Midco

2

plc

68,000

9.625%, 

2/14/2030

c

63,240

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

43,000

5.375%, 

3/1/2029

a,c

41,169

Burlington

Northern

Santa

Fe,

LLC

199,000

2.875%, 

6/15/2052

123,427

140,000

5.750%, 

5/1/2040

145,148

100,000

4.450%, 

3/15/2043

87,438

Canadian

Pacific

Railway

Company

132,000

4.700%, 

5/1/2048

115,863

DCLI

Bidco

,

LLC

95,000

7.750%, 

11/15/2029

c

96,970

Delta

Air

Lines,

Inc.

179,000

5.250%, 

7/10/2030

180,687

Delta

Air

Lines,

Inc./

SkyMiles

IP,

Ltd.

284,000

4.750%, 

10/20/2028

c

284,174

ERAC

USA

Finance,

LLC

132,000

5.400%, 

5/1/2053

c

126,787

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

71,000

9.875%, 

9/20/2031

c

68,646

Norfolk

Southern

Corporation

171,000

5.100%, 

5/1/2035

171,729

OneSky

Flight,

LLC

98,000

8.875%, 

12/15/2029

c

103,248

Rand

Parent,

LLC

100,000

8.500%, 

2/15/2030

a,c

100,553

RXO,

Inc.

39,000

7.500%, 

11/15/2027

c

39,644

Ryder

System,

Inc.

146,000

4.850%, 

6/15/2030

146,936

Star

Leasing

Company,

LLC

40,000

7.625%, 

2/15/2030

c

39,454

Stena

International

SA

58,000

7.250%, 

1/15/2031

c

58,938

Stonepeak

Nile

Parent,

LLC

31,000

7.250%, 

3/15/2032

c

32,561

Union

Pacific

Corporation

265,000

2.973%, 

9/16/2062

153,010

United

Airlines,

Inc.

229,000

4.625%, 

4/15/2029

c

223,622

United

Parcel

Service,

Inc.

105,000

4.650%, 

10/15/2030

105,852

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

c

20,068

43,000

6.375%, 

2/1/2030

a,c

40,620

Total

2,785,301

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

U.S.

Government

&

Agencies  2.8%

U.S.

Treasury

Bonds

$

1,146,000

3.625%, 

5/15/2053

$

921,142

300,000

1.625%, 

11/15/2050

155,777

1,500,000

4.750%, 

11/15/2053

1,464,316

1,510,000

5.250%, 

11/15/2028

1,571,698

1,175,000

4.375%, 

5/15/2040

1,137,363

6,780,000

3.000%, 

5/15/2042

5,356,730

12,618,000

2.500%, 

5/15/2046

8,614,249

10,050,000

2.875%, 

5/15/2049

7,117,834

U.S.

Treasury

Notes

1,600,000

4.250%, 

12/31/2025

1,599,369

5,715,000

2.625%, 

1/31/2026

5,666,824

3,990,000

0.500%, 

2/28/2026

3,902,750

20,870,000

2.500%, 

2/28/2026

20,652,577

2,100,000

4.625%, 

2/28/2026

2,103,331

4,800,000

4.500%, 

3/31/2026

4,806,431

4,700,000

4.375%, 

7/31/2026

4,708,372

5,100,000

3.500%, 

9/30/2026

5,062,945

5,000,000

0.500%, 

4/30/2027

4,709,180

1,500,000

3.875%, 

5/31/2027

1,497,422

4,485,000

2.250%, 

11/15/2027

4,322,594

5,600,000

3.875%, 

12/31/2027

5,596,281

5,100,000

3.500%, 

1/31/2028

5,051,988

3,000,000

3.625%, 

3/31/2028

2,980,195

7,300,000

2.875%, 

5/15/2028

7,105,524

1,600,000

3.750%, 

12/31/2028

1,592,188

5,100,000

3.500%, 

9/30/2029

5,016,727

19,311,000

4.000%, 

3/31/2030

19,355,506

4,680,000

1.375%, 

11/15/2031

3,979,645

1,175,000

4.125%, 

11/15/2032

1,172,384

3,200,000

4.500%, 

11/15/2033

3,256,750

Total

140,478,092

Utilities  0.2%

AES

Corporation

64,000

7.600%, 

1/15/2055

d

64,643

265,000

3.950%, 

7/15/2030

c

252,268

Algonquin

Power

&

Utilities

Corporation

176,000

4.750%, 

1/18/2082

d

170,850

Alpha

Generation,

LLC

34,000

6.750%, 

10/15/2032

c

34,793

American

Water

Capital

Corporation

135,000

5.450%, 

3/1/2054

130,090

Atmos

Energy

Corporation

82,000

5.000%, 

12/15/2054

74,181

Berkshire

Hathaway

Energy

Company

155,000

4.500%, 

2/1/2045

133,809

Calpine

Corporation

83,000

4.500%, 

2/15/2028

c

82,098

Capital

Power

US

Holdings,

Inc.

217,000

5.257%, 

6/1/2028

c

219,294

Commonwealth

Edison

Company

125,000

3.700%, 

3/1/2045

96,240

Consolidated

Edison

Company

of

New

York,

Inc.

63,000

4.500%, 

12/1/2045

53,865

175,000

4.125%, 

5/15/2049

137,750

Constellation

Energy

Generation,

LLC

67,000

6.125%, 

1/15/2034

72,065

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Utilities  0.2%

-

continued

Consumers

Energy

Company

$

221,000

4.350%, 

4/15/2049

$

184,616

Dominion

Energy,

Inc.

18,000

6.875%, 

2/1/2055

d

18,836

18,000

7.000%, 

6/1/2054

d

19,203

DTE

Electric

Company

95,000

3.700%, 

3/15/2045

73,403

135,000

3.700%, 

6/1/2046

103,329

Duke

Energy

Carolinas,

LLC

250,000

3.700%, 

12/1/2047

186,207

Duke

Energy

Corporation

26,000

6.450%, 

9/1/2054

d

26,770

214,000

5.450%, 

6/15/2034

a

219,365

Duke

Energy

Indiana,

LLC

170,000

3.750%, 

5/15/2046

127,929

Enel

Finance

International

NV

200,000

5.125%, 

6/26/2029

c

203,108

Entergy

Louisiana,

LLC

123,000

5.800%, 

3/15/2055

122,675

Eversource

Energy

166,000

4.750%, 

5/15/2026

166,030

Exelon

Corporation

190,000

4.700%, 

4/15/2050

159,074

376,000

4.450%, 

4/15/2046

310,751

FirstEnergy

Corporation

165,000

4.850%, 

7/15/2047

140,147

Georgia

Power

Company

113,000

4.950%, 

5/17/2033

113,515

68,000

5.250%, 

3/15/2034

69,136

ITC

Holdings

Corporation

84,000

5.300%, 

7/1/2043

77,254

Jersey

Central

Power

&

Light

Company

150,000

2.750%, 

3/1/2032

c

131,520

Lightning

Power,

LLC

83,000

7.250%, 

8/15/2032

c

86,774

Long

Ridge

Energy,

LLC

61,000

8.750%, 

2/15/2032

a,c

63,258

MidAmerican

Energy

Company

154,000

5.850%, 

9/15/2054

157,223

National

Rural

Utilities

Cooperative

Finance

Corporation

83,000

3.700%, 

3/15/2029

81,096

NextEra

Energy

Capital

Holdings,

Inc.

166,000

5.900%, 

3/15/2055

165,487

225,000

4.685%, 

9/1/2027

226,104

111,000

5.300%, 

3/15/2032

113,929

NiSource,

Inc.

18,000

6.375%, 

3/31/2055

d

18,230

245,000

5.650%, 

2/1/2045

237,103

NRG

Energy,

Inc.

28,000

3.375%, 

2/15/2029

c

26,286

35,000

5.250%, 

6/15/2029

c

34,611

32,000

6.000%, 

2/1/2033

c

32,087

87,000

6.250%, 

11/1/2034

c

88,154

Pacific

Gas

and

Electric

Company

135,000

3.300%, 

12/1/2027

130,386

137,000

5.550%, 

5/15/2029

139,640

114,000

4.550%, 

7/1/2030

111,791

70,000

5.800%, 

5/15/2034

71,036

PG&E

Corporation

34,000

5.000%, 

7/1/2028

33,173

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Utilities  0.2%

-

continued

PPL

Capital

Funding,

Inc.

$

174,000

5.250%, 

9/1/2034

$

175,479

PPL

Electric

Utilities

Corporation

138,000

3.950%, 

6/1/2047

108,863

Public

Service

Company

of

Colorado

171,000

4.500%, 

6/1/2052

138,725

Public

Service

Enterprise

Group,

Inc.

246,000

4.900%, 

3/15/2030

249,239

San

Diego

Gas

&

Electric

Company

330,000

4.150%, 

5/15/2048

258,300

Southern

California

Edison

Company

77,000

5.450%, 

3/1/2035

76,697

Southern

Company

265,000

5.113%, 

8/1/2027

268,567

210,000

4.850%, 

3/15/2035

204,442

Southern

Company

Gas

Capital

Corporation

155,000

4.400%, 

5/30/2047

126,831

Southwestern

Electric

Power

Company

105,000

3.900%, 

4/1/2045

78,936

Talen

Energy

Supply,

LLC

64,000

8.625%, 

6/1/2030

c

68,011

TerraForm

Power

Operating,

LLC

200,000

5.000%, 

1/31/2028

c

197,307

Virginia

Electric

and

Power

Company

48,000

5.350%, 

1/15/2054

45,050

191,000

4.600%, 

12/1/2048

159,852

Vistra

Corporation

36,000

8.000%, 

10/15/2026

c,d,j

36,746

90,000

7.000%, 

12/15/2026

c,d,j

90,879

Vistra

Operations

Company,

LLC

86,000

5.000%, 

7/31/2027

c

85,539

Xcel

Energy,

Inc.

103,000

4.600%, 

6/1/2032

100,553

78,000

5.600%, 

4/15/2035

79,447

XPLR

Infrastructure

Operating

Partners,

LP

130,000

3.875%, 

10/15/2026

c

126,881

Total

8,467,526

Total

Long-Term

Fixed

Income

(cost

$450,729,475)

430,344,778

Shares

Private

Equity

Funds

1.5%

Value

Secondary  1.5%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,

b,l

13,300,952

1

ASF

IX,

LP

*,

b,l

8,651,506

1

ASF

VIII

Sidecar

(Cayman),

LP

*,

b,l

2,953,279

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,

b,l

8,461,087

1

LCP

X

(Offshore),

LP

*,

b,l

23,718,043

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Shares

Private

Equity

Funds

1.5%

Value

Secondary  1.5%

-

continued

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,

b,l

$

17,693,600

Total

74,778,467

Total

Private

Equity

Funds

(cost

$59,718,494)

74,778,467

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

5,869,280

Thrivent

Cash

Management

Trust

5,869,280

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,869,280)

5,869,280

Shares

or

Principal

Amount

Short-Term

Investments

15.5%

Value

Federal

Farm

Credit

Bank

Discount

Notes

5,400,000

4.250%,

10/2/2025

m

5,359,885

Federal

Home

Loan

Bank

Discount

Notes

1,300,000

4.218%,

8/1/2025

m,n

1,299,847

100,000

4.220%,

8/6/2025

m,n

99,929

300,000

4.215%,

8/11/2025

m,n

299,611

900,000

4.274%,

9/10/2025

m,n

895,664

5,800,000

4.195%,

9/16/2025

m,n

5,767,970

6,900,000

4.250%,

9/23/2025

m,n

6,856,220

6,200,000

4.203%,

9/26/2025

m,n

6,158,476

900,000

4.262%,

10/8/2025

m,n

892,677

400,000

4.260%,

10/10/2025

m,n

396,651

7,700,000

4.250%,

10/24/2025

m,n

7,622,824

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

300,000

4.180%,

8/11/2025

m

299,611

15,100,000

4.205%,

9/5/2025

m,n

15,036,127

2,700,000

4.185%,

9/8/2025

m,n

2,687,627

5,200,000

4.180%,

9/22/2025

m,n

5,167,617

Federal

National

Mortgage

Association

Discount

Notes

7,900,000

4.200%,

8/8/2025

m

7,892,556

1,200,000

4.195%,

8/15/2025

m,n

1,197,880

11,500,000

4.200%,

8/22/2025

m,n

11,470,202

9,100,000

4.185%,

9/19/2025

m,n

9,046,538

State

Street

Institutional

U.S.

Government

Money

Market

Fund

230,194,551

4.250%

m

230,194,551

Thrivent

Core

Short-Term

Reserve

Fund

46,652,492

4.580%

466,524,921

U.S.

Treasury

Bills

500,000

4.271%,

8/7/2025

m

499,644

1,400,000

4.202%,

9/25/2025

m,o

1,390,804

1,000,000

4.206%,

10/14/2025

m,o

991,287

800,000

4.228%,

10/16/2025

m,o

792,841

Total

Short-Term

Investments

(cost

$788,735,524)

788,841,960

Total

Investments

(cost

$4,038,888,133)

100.5%

$5,108,574,552

Other

Assets

and

Liabilities,

Net

(0.5%)

(27,155,085)

Total

Net

Assets

100.0%

$5,081,419,467

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$75,449,798

or

1.5%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

i

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Fund

as

of

July

31,

2025

was

$74,793,655

or

1.47%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

10,254,854

ASF

IX,

LP 

3/18/2024

6,900,927

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,625,581

Credit

Suisse

Group

AG 

9/5/2018

225,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

6,580,000

LCP

X

(Offshore),

LP 

10/25/2023

18,159,550

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

15,197,582

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,581,908

Common

Stock

3,061,694

Total

lending

$5,643,602

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,869,280

Net

amounts

due

to

counterparty

$225,678

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderately

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

2,026,981,275

2,026,981,275

–

–

U.S.

Unaffiliated

26,985,147

26,985,147

–

–

Common

Stock

Communications

Services

120,901,133

120,901,133

–

–

Consumer

Discretionary

135,884,869

135,884,869

–

–

Consumer

Staples

41,994,772

41,994,772

–

–

Energy

52,104,384

52,104,384

–

–

Financials

224,802,572

224,802,572

–

–

Health

Care

152,418,933

152,418,933

–

–

Industrials

164,458,651

163,810,800

647,851

–

Information

Technology

392,444,919

386,121,207

6,323,712

–

Materials

44,690,063

44,253,364

436,699

–

Real

Estate

39,582,462

39,582,462

–

–

Utilities

48,576,035

48,576,035

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

9,475,665

–

9,475,665

–

Basic

Materials

3,629,110

–

3,629,110

–

Capital

Goods

7,727,305

–

7,727,305

–

Collateralized

Mortgage

Obligations

21,860,717

–

21,860,717

–

Commercial

Mortgage-Backed

Securities

7,883,275

–

7,883,275

–

Communications

Services

11,234,815

–

11,234,815

–

Consumer

Cyclical

13,780,515

–

13,780,515

–

Consumer

Non-Cyclical

15,260,029

–

15,260,029

–

Energy

9,870,944

–

9,870,944

–

Financials

37,699,869

–

37,699,869

–

Foreign

Government

676,521

–

676,521

–

Mortgage-Backed

Securities

129,162,953

–

129,162,953

–

Technology

10,352,141

–

10,352,141

–

Transportation

2,785,301

–

2,785,301

–

U.S.

Government

&

Agencies

140,478,092

–

140,478,092

–

Utilities

8,467,526

–

8,467,526

–

Private

Equity

Funds

Secondary

74,778,467

–

–

74,778,467

Short-Term

Investments

322,317,039

230,194,551

92,122,488

–

Subtotal

Investments

in

Securities

$4,299,265,499

$3,694,611,504

$529,875,528

$74,778,467

Other

Investments  *

Total

Affiliated

Short-Term

Investments

466,524,921

U.S.

Affiliated

Registered

Investment

Cos.

336,914,852

Collateral

Held

for

Securities

Loaned

5,869,280

Subtotal

Other

Investments

$809,309,053

Total

Investments

at

Value

$5,108,574,552

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

Aggressive

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Located

on

the

Statement

of

Operations,

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

%

Located

on

the

Statement

of

Operations,

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

0

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderately

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

32,178,705

32,178,705

–

–

Credit

Default

Swaps

1,056,081

–

1,056,081

–

Total

Asset

Derivatives

$33,234,786

$32,178,705

$1,056,081

$–

Liability

Derivatives

Futures

Contracts

7,382,391

7,035,145

347,246

–

Total

Return

Swaps

974,660

–

974,660

–

Total

Liability

Derivatives

$8,357,051

$7,035,145

$1,321,906

$–

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

7/31/2025

Long-Term

Fixed

Income 

Mortgage-Backed

Securities 

$864,563

$-

$31,028

$-

$-

$-

$(895,591)

$-

Private

Equity

Funds

 Secondary

42,754,861

-

4,970,399

27,053,207

-

-

-

74,778,467

Total

$43,619,424

$-

$5,001,427

$27,053,207

$-

$-

$(895,591)

$74,778,467

Investments

in

Securities

Ending

Value

7/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$74,778,467

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$74,778,467

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$60,742,842

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

337

September

2025

$

37,028,808

$

399,254

CBOT

2-Yr.

U.S.

Treasury

Note

451

September

2025

93,446,266

(

96,311)

CBOT

5-Yr.

U.S.

Treasury

Note

470

September

2025

50,595,998

244,785

CBOT

U.S.

Long

Bond

203

September

2025

22,505,031

675,032

CME

E-mini

Russell

2000

Index

11

September

2025

1,196,061

25,049

CME

E-mini

S&P

500

Index

2,407

September

2025

739,923,441

27,217,547

CME

E-mini

S&P

Mid-Cap

400

Index

1

September

2025

307,912

8,598

CME

Ultra

Long

Term

U.S.

Treasury

Bond

214

September

2025

24,313,032

791,843

Ultra

10-Yr.

U.S.

Treasury

Note

176

September

2025

19,532,302

369,449

Total

Futures

Long

Contracts

$

988,848,851

$

29,635,246

CME

E-mini

S&P

Mid-Cap

400

Index

(429)

September

2025

(

$

130,030,731)

(

$

5,752,059)

CME

Euro

Foreign

Exchange

Currency

(218)

September

2025

(

31,326,835)

96,973

Eurex

Euro

STOXX

50

Index

(777)

September

2025

(

46,923,424)

(

347,246)

ICE

mini

MSCI

EAFE

Index

(835)

September

2025

(

111,459,626)

2,350,175

ICE

US

mini

MSCI

Emerging

Markets

Index

(892)

September

2025

(

54,041,405)

(

1,186,775)

Total

Futures

Short

Contracts

(

$

373,782,021)

($4,838,932)

Total

Futures

Contracts

$

615,066,830

$24,796,314

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

credit

default

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$1,984,718

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2030

(

$

20,540,000)

$

–

$

1,056,081

$

1,056,081

Total

Credit

Default

Swaps

$–

$1,056,081

$1,056,081

1

As

the

buyer

of

protection,

Moderately

Aggressive

Allocation

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Aggressive

Allocation

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Aggressive

Allocation

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$1,125,712

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

12,499,636

(

$

974,660)

$

–

(

$

974,660)

Total

Return

Swaps

(

$

974,660)

$

–

($974,660)

#

Payment

made

on

Termination

Date

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$34,381

$1,591

$1,667

$35,224

4,173

0.7%

Core

Emerging

Markets

Equity

73,130

2,279

–

83,003

7,700

1.6

Core

International

Equity

121,163

17,504

–

154,004

12,834

3.0

Core

Low

Volatility

Equity

3,474

269

–

3,707

311

0.1

Core

Mid

Cap

Value

63,770

5,763

27,000

37,124

3,372

0.7

Core

Small

Cap

Value

49,357

5,782

25,400

23,853

2,294

0.5

Global

Stock,

Class

S

226,130

25,742

–

252,315

8,456

5.0

High

Yield,

Class

S

25,446

1,221

224

26,693

6,251

0.6

Income,

Class

S

73,122

2,468

4,007

71,998

8,770

1.4

International

Equity,

Class

S

293,763

8,508

–

335,453

27,723

6.6

Large

Cap

Growth,

Class

S

508,359

30,918

–

579,005

24,534

11.4

Large

Cap

Value,

Class

S

423,212

35,008

–

455,362

14,465

9.0

Mid

Cap

Stock,

Class

S

268,198

10,984

85,010

186,116

5,098

3.7

Short-Term

Bond,

Class

S

41,561

1,290

1,703

41,581

3,324

0.8

Small

Cap

Stock,

Class

S

80,371

1,483

0

78,459

2,514

1.5

Total

U.S.

Affiliated

Registered

Investment

Companies

2,285,437

2,363,897

46.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

698,970

210,229

442,674

466,525

46,652

9.2

Total

Affiliated

Short-Term

Investments

698,970

466,525

9.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

6,793

271,730

272,654

5,869

5,869

0.1

Total

Collateral

Held

for

Securities

Loaned

6,793

5,869

0.1

Total

Value

$2,991,200

$2,836,291

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($355)

$1,274

$–

$1,591

Core

Emerging

Markets

Equity

–

7,594

–

2,280

Core

International

Equity

–

15,337

–

4,479

Core

Low

Volatility

Equity

Fund

–

(36)

129

140

Core

Mid

Cap

Value

1,669

(7,078)

4,532

1,231

Core

Small

Cap

Value

1,562

(7,448)

4,957

824

Global

Stock,

Class

S

–

443

21,459

4,283

High

Yield,

Class

S

(30)

280

–

1,221

Income,

Class

S

(898)

1,313

–

2,472

International

Equity,

Class

S

–

33,182

–

8,508

Large

Cap

Growth,

Class

S

–

39,728

30,355

563

Large

Cap

Value,

Class

S

–

(2,858)

28,373

6,635

Mid

Cap

Stock,

Class

S

15,445

(23,501)

9,595

1,389

Short-Term

Bond,

Class

S

(20)

453

–

1,290

Small

Cap

Stock,

Class

S

(0)

(3,395)

1,059

425

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

15

(15)

–

19,477

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$56,808

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

$17,388

$55,273

$100,459

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Shares

Registered

Investment

Companies  

39.1%

Value

U.S.

Affiliated  

38.8%  

3,768,894

Thrivent

Core

Emerging

Markets

Debt

Fund

$

31,809,464

934,971

Thrivent

Core

Emerging

Markets

Equity

Fund

10,078,984

1,539,890

Thrivent

Core

International

Equity

Fund

18,478,681

62,017

Thrivent

Core

Low

Volatility

Equity

Fund

739,859

113,636

Thrivent

Core

Mid

Cap

Value

Fund

1,251,135

162,249

Thrivent

Core

Small

Cap

Value

Fund

1,687,389

85,853

Thrivent

Global

Stock

Fund,

Class

S

2,561,867

5,646,576

Thrivent

High

Yield

Fund,

Class

S

24,110,878

7,935,105

Thrivent

Income

Fund,

Class

S

65,147,212

2,420,399

Thrivent

International

Equity

Fund,

Class

S

29,286,828

3,434,435

Thrivent

Large

Cap

Growth

Fund,

Class

S

81,052,666

3,867,306

Thrivent

Large

Cap

Value

Fund,

Class

S

121,742,779

361,966

Thrivent

Mid

Cap

Stock

Fund,

Class

S

13,215,371

3,005,221

Thrivent

Short-Term

Bond

Fund,

Class

S

37,595,312

137,744

Thrivent

Small

Cap

Stock

Fund,

Class

S

4,299,005

Total

443,057,430

U.S.

Unaffiliated  

0.3%  

1,762

Invesco

QQQ

Trust

Series

1

995,548

8,862

Invesco

Senior

Loan

ETF

a

185,481

126

iShares

Russell

2000

Growth

ETF

36,559

288

iShares

Semiconductor

ETF

69,129

3,782

SPDR

S&P

500

ETF

Trust

2,390,526

861

SPDR

S&P

Biotech

ETF

73,753

221

SPDR

S&P

Software

&

Services

ETF

41,307

290

VanEck

Semiconductor

ETF

83,746

Total

3,876,049

Total

Registered

Investment

Companies

(cost

$312,867,488)

446,933,479

Principal

Amount

Long-Term

Fixed

Income

34.0%

Value

Asset-Backed

Securities  0.8%

Access

Group,

Inc.

$

20,123

4.965%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

b,c

20,034

ALLO

Issuer,

LLC

550,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

b

554,317

Balboa

Bay

Loan

Funding,

Ltd.

500,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

b,c

500,011

375,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

b,c

375,166

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Asset-Backed

Securities  0.8%

-

continued

Barings

CLO,

Ltd.

$

500,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

b,c

$

499,989

CarVal

CLO

I,

Ltd.

400,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

b,c

400,521

CMFT

Net

Lease

Master

Issuer,

LLC

311,254

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

b

283,868

Commonbond

Student

Loan

Trust

14,534

4.967%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,c

14,359

Foundation

Finance

Trust

100,728

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

b

94,839

GSAA

Home

Equity

Trust

886,348

4.289%, 

8/25/2034,

Ser.

2004-10,

Class

M2

c

807,763

Hertz

Vehicle

Financing

III,

LLC

300,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

b

301,749

Hotwire

Funding,

LLC

475,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

b

479,792

HTAP

Issuer

Trust

344,415

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

b

340,455

Laurel

Road

Prime

Student

Loan

Trust

127,929

5.960%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,c

121,127

LCM

41,

Ltd.

200,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

b,c

199,993

MFA

Trust

318,040

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

318,401

National

Collegiate

Trust

59,152

4.729%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,c

57,843

Oak

Street

Investment

352,889

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

b

342,858

Palmer

Square

Loan

Funding,

Ltd.

275,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

b,c

272,635

PRET,

LLC

649,170

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

b,d

646,219

290,057

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

b,d

291,063

PRPM,

LLC

450,000

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

b,d

448,903

Sunnova

Hestia

II

Issuer,

LLC

322,447

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

b,e

320,138

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Asset-Backed

Securities  0.8%

-

continued

Unlock

HEA

Trust

$

301,940

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

b

$

301,754

398,696

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

b

394,242

Vericrest

Opportunity

Loan

Transferee

7,805

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

b

7,799

217,356

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

b

217,084

259,209

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

b,d

256,339

Wind

River

CLO,

Ltd.

78,999

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,c

79,038

Total

8,948,299

Basic

Materials  0.3%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

59,000

8.625%, 

6/15/2029

b

62,348

Alumina,

Pty.

Ltd.

82,000

6.125%, 

3/15/2030

b

82,904

ATI,

Inc.

69,000

7.250%, 

8/15/2030

72,331

Avient

Corporation

60,000

6.250%, 

11/1/2031

b

60,213

Axalta

Coating

Systems

Dutch

Holding

B

BV

60,000

7.250%, 

2/15/2031

b

62,396

Cascades,

Inc./Cascades

USA,

Inc.

70,000

6.750%, 

7/15/2030

b

69,836

Celanese

US

Holdings,

LLC

68,000

6.850%, 

11/15/2028

70,790

28,000

6.500%, 

4/15/2030

28,315

34,000

6.629%, 

7/15/2032

35,200

62,000

6.750%, 

4/15/2033

a

62,532

Cerdia

Finanz

GmbH

68,000

9.375%, 

10/3/2031

b

71,165

Chemours

Company

95,000

5.750%, 

11/15/2028

b

87,251

Cleveland-Cliffs,

Inc.

115,000

4.625%, 

3/1/2029

b

108,387

46,000

6.875%, 

11/1/2029

b

46,022

75,000

4.875%, 

3/1/2031

b

66,551

27,000

7.375%, 

5/1/2033

b

26,286

35,000

6.250%, 

10/1/2040

28,178

Consolidated

Energy

Finance

SA

207,000

5.625%, 

10/15/2028

b

173,338

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

74,000

6.125%, 

6/15/2028

b

73,456

Eastman

Chemical

Company

155,000

5.000%, 

8/1/2029

156,743

First

Quantum

Minerals,

Ltd.

20,000

6.875%, 

10/15/2027

b

20,034

40,000

9.375%, 

3/1/2029

b

42,389

47,000

8.625%, 

6/1/2031

b

48,939

Fortescue

Treasury,

Pty.

Ltd.

21,000

4.500%, 

9/15/2027

b

20,698

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Basic

Materials  0.3%

-

continued

$

35,000

5.875%, 

4/15/2030

b

$

35,439

36,000

6.125%, 

4/15/2032

b

36,709

Glencore

Funding,

LLC

193,000

4.000%, 

3/27/2027

b

191,103

200,000

4.907%, 

4/1/2028

b

201,833

Hecla

Mining

Company

55,000

7.250%, 

2/15/2028

55,614

INEOS

Finance

plc

104,000

7.500%, 

4/15/2029

b

103,233

International

Flavors

&

Fragrances,

Inc.

59,000

1.230%, 

10/1/2025

b

58,600

Magnera

Corporation

136,000

7.250%, 

11/15/2031

b

128,010

Mercer

International,

Inc.

45,000

12.875%, 

10/1/2028

b

45,387

41,000

5.125%, 

2/1/2029

33,027

Methanex

Corporation

35,000

5.250%, 

12/15/2029

34,667

Methanex

US

Operations,

Inc.

36,000

6.250%, 

3/15/2032

b

35,685

Mineral

Resources,

Ltd.

56,000

9.250%, 

10/1/2028

b

58,529

24,000

8.500%, 

5/1/2030

a,b

24,567

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

51,177

Novelis

Corporation

36,000

4.750%, 

1/30/2030

b

34,485

45,000

3.875%, 

8/15/2031

b

40,364

Olin

Corporation

39,000

6.625%, 

4/1/2033

b

37,951

Smurfit

Kappa

Treasury,

ULC

133,000

5.777%, 

4/3/2054

132,172

SNF

Group

SACA

105,000

3.375%, 

3/15/2030

b

96,422

Steel

Dynamics,

Inc.

70,000

5.250%, 

5/15/2035

69,908

SunCoke

Energy,

Inc.

136,000

4.875%, 

6/30/2029

b

124,367

Taseko

Mines,

Ltd.

72,000

8.250%, 

5/1/2030

b

75,178

Tronox,

Inc.

36,000

4.625%, 

3/15/2029

a,b

28,008

Total

3,308,737

Capital

Goods  0.6%

Advanced

Drainage

Systems,

Inc.

71,000

6.375%, 

6/15/2030

b

72,073

AECOM

83,000

6.000%, 

8/1/2033

b

83,675

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

40,000

7.000%, 

5/21/2030

b

41,171

Amrize

Finance

US,

LLC

94,000

5.400%, 

4/7/2035

b

94,815

Amsted

Industries,

Inc.

15,000

4.625%, 

5/15/2030

b

14,365

80,000

6.375%, 

3/15/2033

b

81,277

Axon

Enterprise,

Inc.

35,000

6.125%, 

3/15/2030

b

35,746

35,000

6.250%, 

3/15/2033

b

35,856

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

BAE

Systems

plc

$

200,000

5.250%, 

3/26/2031

b

$

205,809

Ball

Corporation

43,000

3.125%, 

9/15/2031

38,487

Boeing

Company

156,000

5.040%, 

5/1/2027

156,904

81,000

6.259%, 

5/1/2027

83,068

90,000

6.388%, 

5/1/2031

96,826

183,000

5.705%, 

5/1/2040

181,800

Bombardier,

Inc.

49,000

6.000%, 

2/15/2028

b

49,326

41,000

7.250%, 

7/1/2031

b

42,812

100,000

7.000%, 

6/1/2032

a,b

103,449

20,000

6.750%, 

6/15/2033

b

20,556

41,000

7.450%, 

5/1/2034

b

44,306

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

90,000

7.500%, 

2/1/2032

b

89,587

Builders

FirstSource,

Inc.

70,000

5.000%, 

3/1/2030

b

68,521

19,000

6.375%, 

3/1/2034

b

19,279

39,000

6.750%, 

5/15/2035

b

39,987

Camelot

Return

Merger

Sub,

Inc.

52,000

8.750%, 

8/1/2028

b

47,646

Canpack

SA/Canpack

US,

LLC

112,000

3.875%, 

11/15/2029

b

104,332

Chart

Industries,

Inc.

52,000

7.500%, 

1/1/2030

b

54,472

Clean

Harbors,

Inc.

36,000

6.375%, 

2/1/2031

b

36,758

Clydesdale

Acquisition

Holdings,

Inc.

14,000

6.625%, 

4/15/2029

b

14,166

67,000

6.875%, 

1/15/2030

b

68,516

25,000

8.750%, 

4/15/2030

b

25,514

38,000

6.750%, 

4/15/2032

b

38,924

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

51,577

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

108,000

6.625%, 

12/15/2030

b

110,118

ESAB

Corporation

67,000

6.250%, 

4/15/2029

b

68,458

General

Dynamics

Corporation

44,000

4.950%, 

8/15/2035

44,095

General

Electric

Company

170,000

4.300%, 

7/29/2030

169,189

GFL

Environmental,

Inc.

110,000

4.000%, 

8/1/2028

b

106,612

Herc

Holdings,

Inc.

22,000

5.500%, 

7/15/2027

b

21,911

57,000

6.625%, 

6/15/2029

b

58,356

51,000

7.000%, 

6/15/2030

b

52,710

37,000

7.250%, 

6/15/2033

b

38,314

Ingersoll

Rand,

Inc.

138,000

5.176%, 

6/15/2029

141,228

34,000

5.700%, 

8/14/2033

35,521

Lockheed

Martin

Corporation

120,000

5.200%, 

2/15/2064

109,158

40,000

6.150%, 

9/1/2036

43,829

Martin

Marietta

Materials,

Inc.

68,000

5.150%, 

12/1/2034

68,211

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

Mueller

Water

Products,

Inc.

$

58,000

4.000%, 

6/15/2029

b

$

55,399

Nesco

Holdings

II,

Inc.

52,000

5.500%, 

4/15/2029

b

50,700

New

Enterprise

Stone

and

Lime

Company,

Inc.

103,000

5.250%, 

7/15/2028

b

102,262

Nordson

Corporation

134,000

5.600%, 

9/15/2028

137,681

Northrop

Grumman

Corporation

300,000

3.850%, 

4/15/2045

235,948

OI

European

Group

BV

75,000

4.750%, 

2/15/2030

b

71,063

Owens-Brockway

Glass

Container,

Inc.

55,000

6.625%, 

5/13/2027

b

55,066

28,000

7.375%, 

6/1/2032

b

28,211

Quikrete

Holdings,

Inc.

175,000

6.375%, 

3/1/2032

b

179,479

QXO

Building

Products,

Inc.

59,000

6.750%, 

4/30/2032

b

60,757

Regal

Rexnord

Corporation

170,000

6.050%, 

2/15/2026

169,904

Resideo

Funding,

Inc.

72,000

6.500%, 

7/15/2032

b

73,040

Reworld

Holding

Corporation

85,000

4.875%, 

12/1/2029

b

81,176

Roller

Bearing

Company

of

America,

Inc.

40,000

4.375%, 

10/15/2029

b

38,465

RTX

Corporation

44,000

6.400%, 

3/15/2054

47,918

200,000

4.450%, 

11/16/2038

183,501

177,000

4.500%, 

6/1/2042

156,313

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

55,000

6.125%, 

2/1/2028

b

55,526

Siemens

Funding

BV

144,000

5.800%, 

5/28/2055

b

149,001

Smyrna

Ready

Mix

Concrete,

LLC

123,000

8.875%, 

11/15/2031

b

129,444

Sonoco

Products

Company

123,000

4.600%, 

9/1/2029

122,393

Spirit

AeroSystems,

Inc.

329,000

4.600%, 

6/15/2028

323,688

21,000

9.750%, 

11/15/2030

b

23,096

SRM

Escrow

Issuer,

LLC

25,000

6.000%, 

11/1/2028

b

24,917

Standard

Building

Solutions,

Inc.

39,000

6.500%, 

8/15/2032

b

39,825

93,000

6.250%, 

8/1/2033

b

93,886

Standard

Industries,

Inc./NY

35,000

4.750%, 

1/15/2028

b

34,519

35,000

3.375%, 

1/15/2031

b

31,267

Textron,

Inc.

197,000

3.375%, 

3/1/2028

191,586

TopBuild

Corporation

24,000

4.125%, 

2/15/2032

b

22,119

Trane

Technologies

Financing,

Ltd.

82,000

5.100%, 

6/13/2034

83,173

TransDigm,

Inc.

63,000

6.750%, 

8/15/2028

b

64,283

182,000

7.125%, 

12/1/2031

b

189,507

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

$

100,000

6.625%, 

3/1/2032

b

$

102,827

90,000

6.000%, 

1/15/2033

b

90,444

United

Rentals

North

America,

Inc.

120,000

4.875%, 

1/15/2028

119,261

90,000

4.000%, 

7/15/2030

85,145

Waste

Pro

USA,

Inc.

51,000

7.000%, 

2/1/2033

b

52,916

WESCO

Distribution,

Inc.

36,000

6.375%, 

3/15/2029

b

36,925

25,000

6.625%, 

3/15/2032

b

25,795

56,000

6.375%, 

3/15/2033

b

57,331

Total

7,085,067

Collateralized

Mortgage

Obligations  1.9%

A&D

Mortgage

Trust

302,698

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

b,d

305,225

Alternative

Loan

Trust

113,740

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

57,537

BINOM

Securitization

Trust

190,020

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,c

171,865

Chase

Home

Lending

Mortgage

Trust

425,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

b,c

424,441

CHNGE

Mortgage

Trust

206,156

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

b,d

207,450

Citicorp

Mortgage

Securities,

Inc.

170,594

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

154,400

COLT

Mortgage

Loan

Trust

357,519

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,c

319,523

Countrywide

Alternative

Loan

Trust

114,800

4.136%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

c

98,030

378,100

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

124,446

Cross

Mortgage

Trust

373,884

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

b,c

373,887

CSMC

Trust

194,804

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,c

194,729

244,342

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,c

213,037

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

811,261

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

795,689

400,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

382,939

750,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

732,831

700,000

7.950%, 

(SOFR30A

+

4.000%),

8/25/2025,

Ser.

5567,

Class

MB

c

700,773

900,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

895,591

146,818

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

9,472

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  1.9%

-

continued

$

168,285

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

f

$

13,561

605,345

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

604,695

650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

522,790

Federal

Home

Loan

Mortgage

Corporation

-

SLST

450,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

e

380,557

Federal

National

Mortgage

Association

-

REMIC

550,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

518,130

632,346

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

627,246

567,699

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

453,464

115,624

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

f

2,317

Flagstar

Mortgage

Trust

218,125

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,c

194,890

GCAT

Trust

314,718

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,c

283,647

587,358

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

b,c

590,615

GS

Mortgage-Backed

Securities

Trust

573,463

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,c

481,641

750,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

b,c

726,830

GSR

Mortgage

Loan

Trust

276,881

5.517%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

c

268,882

HOMES

Trust

425,000

6.995%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

b,c

425,080

ICAP

Trust

300,000

6.472%, 

7/25/2030,

Ser.

2025-RTL1,

Class

A1

b,d

299,884

J.P.

Morgan

Mortgage

Trust

417,703

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,c

338,072

320,299

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,c

268,886

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

b,d

352,742

Mello

Mortgage

Capital

Acceptance

470,334

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,c

378,736

Merrill

Lynch

Alternative

Note

Asset

Trust

77,526

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

25,325

Morgan

Stanley

Residential

Mortgage

Loan

Trust

575,000

7.389%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

b,c

581,361

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  1.9%

-

continued

New

Residential

Mortgage

Loan

Trust

$

917,217

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,c

$

740,904

OBX

Trust

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,c

315,458

Palisades

Mortgage

Loan

Trust

129,995

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

b

129,470

PMT

Loan

Trust

650,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

b,c

649,145

700,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

b,c

679,307

PRET

Trust

313,344

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

b,d

300,748

PRPM,

LLC

325,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

b,d

303,400

RCO

IX

Mortgage,

LLC

431,822

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

b,d

432,654

Residential

Accredit

Loans,

Inc.

Trust

68,442

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

60,290

Residential

Asset

Securitization

Trust

388,930

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

209,777

Roc

Mortgage

Trust

11,221

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,c

11,187

Saluda

Grade

Alternative

Mortgage

Trust

525,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

b,d

529,704

450,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

b,d

451,121

Sequoia

Mortgage

Trust

350,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

b,c

337,364

170,429

3.577%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

c

111,827

Toorak

Mortgage

Trust

300,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

b,d

299,106

TRK

Trust

279,161

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,c

246,076

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

b,d

349,025

Vericrest

Opportunity

Loan

Transferee

4,704

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

b

4,702

Verus

Securitization

Trust

173,557

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,c

154,011

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  1.9%

-

continued

Vontive

Mortgage

Trust

$

600,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

b,d

$

604,148

Total

21,420,640

Commercial

Mortgage-Backed

Securities  0.6%

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b

466,015

325,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

b

315,039

BANK

2022-BNK39

2,722,907

0.416%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

c,f

62,318

BANK

2025-BNK49

2,696,802

0.626%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

c,f

128,559

450,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

c

468,193

BBCMS

Mortgage

Trust

350,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

362,252

325,000

5.517%, 

8/15/2058,

Ser.

2025-5C36,

Class

A3

g

335,402

3,974,218

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

c,f

257,362

2,886,520

1.805%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

c,f

190,441

Benchmark

Mortgage

Trust

360,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

c

373,332

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

250,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

e

246,490

550,000

5.000%, 

2/25/2035,

Ser.

K-170,

Class

A2

c,e

561,845

Federal

National

Mortgage

Association

-

REMIC

475,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

445,579

FRTKL

Trust

575,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

b

553,537

Home

Partners

of

America

Trust

575,761

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

b

555,154

456,648

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

b

407,024

HTAP

Issuer

Trust

629,973

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

b

626,284

Morgan

Stanley

Capital

I

Trust

2,588,860

1.781%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

c,f

179,631

Wells

Fargo

Commercial

Mortgage

Trust

700,000

5.590%, 

7/15/2058,

Ser.

2025-5C5,

Class

A3

724,234

Total

7,258,691

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.9%

AMC

Networks,

Inc.

$

85,000

10.250%, 

1/15/2029

b

$

87,229

American

Tower

Corporation

135,000

5.800%, 

11/15/2028

140,145

135,000

2.900%, 

1/15/2030

125,371

80,000

5.000%, 

1/31/2030

81,230

187,000

4.900%, 

3/15/2030

188,682

87,000

5.650%, 

3/15/2033

90,229

AppLovin

Corporation

127,000

5.500%, 

12/1/2034

128,458

AT&T,

Inc.

135,000

5.700%, 

3/1/2057

129,726

204,000

3.650%, 

6/1/2051

143,753

301,000

3.500%, 

9/15/2053

202,781

200,000

4.900%, 

8/15/2037

190,764

Cable

One,

Inc.

25,000

4.000%, 

11/15/2030

a,b

19,251

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

112,000

5.125%, 

5/1/2027

b

111,083

16,000

5.000%, 

2/1/2028

b

15,700

57,000

5.375%, 

6/1/2029

b

55,984

170,000

4.750%, 

3/1/2030

b

161,533

141,000

4.500%, 

8/15/2030

b

131,922

54,000

4.250%, 

2/1/2031

b

49,324

134,000

4.750%, 

2/1/2032

b

123,865

36,000

4.500%, 

6/1/2033

b

31,959

125,000

4.250%, 

1/15/2034

a,b

107,707

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

147,000

6.100%, 

6/1/2029

153,344

360,000

3.500%, 

6/1/2041

256,486

Clear

Channel

Outdoor

Holdings,

Inc.

70,000

5.125%, 

8/15/2027

b

69,905

72,000

7.875%, 

4/1/2030

b

74,146

Comcast

Corporation

204,000

5.350%, 

5/15/2053

187,233

145,000

4.400%, 

8/15/2035

136,854

240,000

4.750%, 

3/1/2044

210,240

Crown

Castle,

Inc.

133,000

4.900%, 

9/1/2029

133,952

Deluxe

Corporation

82,000

8.125%, 

9/15/2029

b

84,418

Deutsche

Telekom

International

Finance

BV

339,000

8.750%, 

6/15/2030

397,683

DIRECTV

Financing,

LLC

19,000

8.875%, 

2/1/2030

b

18,500

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

262,000

5.875%, 

8/15/2027

b

260,560

63,000

10.000%, 

2/15/2031

b

60,756

FiberCop

SPA

125,000

6.000%, 

9/30/2034

b

118,068

Frontier

Communications

Holdings,

LLC

108,000

5.875%, 

10/15/2027

b

108,020

Gray

Media,

Inc.

36,000

10.500%, 

7/15/2029

b

38,959

59,000

7.250%, 

8/15/2033

b

58,690

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.9%

-

continued

Iliad

Holding

SASU

$

93,000

8.500%, 

4/15/2031

b

$

99,759

57,000

7.000%, 

4/15/2032

b

58,504

LCPR

Senior

Secured

Financing

DAC

125,000

6.750%, 

10/15/2027

b

95,937

Level

3

Financing,

Inc.

18,000

3.625%, 

1/15/2029

b

15,300

40,000

4.875%, 

6/15/2029

a,b

37,500

30,931

11.000%, 

11/15/2029

b

35,069

17,000

10.750%, 

12/15/2030

b

19,146

43,000

4.000%, 

4/15/2031

b

36,980

91,000

6.875%, 

6/30/2033

b

92,215

Lumen

Technologies,

Inc.

19,917

4.125%, 

4/15/2030

b

19,400

McGraw-Hill

Education,

Inc.

104,000

5.750%, 

8/1/2028

b

103,590

Meta

Platforms,

Inc.

102,000

5.600%, 

5/15/2053

101,169

185,000

5.400%, 

8/15/2054

178,769

Netflix,

Inc.

138,000

5.375%, 

11/15/2029

b

143,263

180,000

4.875%, 

6/15/2030

b

183,374

Nexstar

Media,

Inc.

43,000

5.625%, 

7/15/2027

b

42,917

54,000

4.750%, 

11/1/2028

a,b

52,485

Omnicom

Group,

Inc.

90,000

4.200%, 

6/1/2030

88,103

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

64,000

4.625%, 

3/15/2030

a,b

60,755

Paramount

Global

30,000

6.375%, 

3/30/2062

c

29,550

Rogers

Communications,

Inc.

28,000

7.000%, 

4/15/2055

c

28,626

70,000

7.125%, 

4/15/2055

c

71,631

166,000

5.000%, 

2/15/2029

168,122

Scripps

Escrow

II,

Inc.

59,000

3.875%, 

1/15/2029

b

52,379

Sinclair

Television

Group,

Inc.

41,000

8.125%, 

2/15/2033

b

41,820

Sirius

XM

Radio,

LLC

27,000

5.000%, 

8/1/2027

b

26,706

65,000

4.000%, 

7/15/2028

b

61,866

55,000

4.125%, 

7/1/2030

b

50,173

86,000

3.875%, 

9/1/2031

b

75,871

SoftBank

Corporation

200,000

5.332%, 

7/9/2035

b

197,674

Sprint

Capital

Corporation

335,000

8.750%, 

3/15/2032

404,646

Take-Two

Interactive

Software,

Inc.

81,000

5.600%, 

6/12/2034

83,555

TEGNA,

Inc.

110,000

4.625%, 

3/15/2028

106,779

Telecom

Italia

Capital

SA

36,000

6.000%, 

9/30/2034

a

35,697

TELUS

Corporation

97,000

6.625%, 

10/15/2055

c

98,228

T-Mobile

USA,

Inc.

340,000

3.600%, 

11/15/2060

224,398

200,000

4.850%, 

1/15/2029

202,445

210,000

4.375%, 

4/15/2040

185,528

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.9%

-

continued

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

$

13,000

10.500%, 

2/15/2028

b

$

13,739

109,000

4.750%, 

4/15/2028

b

105,634

Univision

Communications,

Inc.

14,000

8.000%, 

8/15/2028

b

14,382

174,000

4.500%, 

5/1/2029

b

160,998

52,000

7.375%, 

6/30/2030

b

51,715

61,000

8.500%, 

7/31/2031

b

61,950

Verizon

Communications,

Inc.

475,000

2.650%, 

11/20/2040

333,043

310,000

3.400%, 

3/22/2041

239,012

Viasat,

Inc.

36,000

5.625%, 

4/15/2027

b

35,826

Virgin

Media

Finance

plc

42,000

5.000%, 

7/15/2030

b

37,860

Virgin

Media

Secured

Finance

plc

88,000

5.500%, 

5/15/2029

b

86,024

Virgin

Media

Vendor

Financing

Notes

IV

DAC

103,000

5.000%, 

7/15/2028

b

99,889

VMED

O2

UK

Financing

I

plc

36,000

7.750%, 

4/15/2032

b

37,501

Vodafone

Group

plc

41,000

4.125%, 

6/4/2081

c

37,758

52,000

5.125%, 

6/4/2081

c

40,096

VZ

Secured

Financing

BV

140,000

5.000%, 

1/15/2032

b

123,122

Warnermedia

Holdings,

Inc.

218,000

4.054%, 

3/15/2029

204,689

120,000

4.279%, 

3/15/2032

100,769

162,000

5.050%, 

3/15/2042

108,289

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

47,000

8.250%, 

10/1/2031

b

49,204

Zegona

Finance

plc

67,000

8.625%, 

7/15/2029

b

71,322

Ziggo

BV

38,000

4.875%, 

1/15/2030

b

35,103

Total

10,342,364

Consumer

Cyclical  1.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

25,000

3.875%, 

1/15/2028

b

24,114

55,000

4.375%, 

1/15/2028

b

53,745

37,000

6.125%, 

6/15/2029

b

37,817

64,000

5.625%, 

9/15/2029

b

64,382

Adient

Global

Holdings,

Ltd.

24,000

8.250%, 

4/15/2031

b

25,087

37,000

7.500%, 

2/15/2033

b

37,731

ADT

Security

Corporation

57,000

4.125%, 

8/1/2029

b

54,528

57,000

4.875%, 

7/15/2032

b

54,168

Advance

Auto

Parts,

Inc.

82,000

7.000%, 

8/1/2030

b,g

82,417

78,000

7.375%, 

8/1/2033

b,g

78,418

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

204,000

4.625%, 

6/1/2028

b

197,903

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Allison

Transmission,

Inc.

$

28,000

3.750%, 

1/30/2031

b

$

25,590

Amazon.com,

Inc.

200,000

3.875%, 

8/22/2037

179,871

American

Axle

&

Manufacturing,

Inc.

99,000

5.000%, 

10/1/2029

a

89,826

Asbury

Automotive

Group,

Inc.

61,000

5.000%, 

2/15/2032

b

57,700

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

70,000

4.625%, 

8/1/2029

b

66,138

Aston

Martin

Capital

Holdings,

Ltd.

62,000

10.000%, 

3/31/2029

b

59,133

Bath

&

Body

Works,

Inc.

29,000

6.950%, 

3/1/2033

29,814

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

51,000

9.500%, 

7/1/2032

b

52,555

Beach

Acquisition

Bidco,

LLC

85,000

10.000%, 

7/15/2033

b

88,619

Belron

UK

Finance

plc

103,000

5.750%, 

10/15/2029

b

103,967

Boyd

Gaming

Corporation

67,000

4.750%, 

6/15/2031

b

63,817

Boyne

USA,

Inc.

57,000

4.750%, 

5/15/2029

b

55,236

Brightstar

Lottery

plc

127,000

5.250%, 

1/15/2029

b

126,031

Brinker

International,

Inc.

64,000

8.250%, 

7/15/2030

b

67,889

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

120,000

4.875%, 

2/15/2030

b

109,118

Caesars

Entertainment,

Inc.

194,000

4.625%, 

10/15/2029

a,b

183,337

43,000

6.500%, 

2/15/2032

b

43,852

39,000

6.000%, 

10/15/2032

a,b

37,642

Carnival

Corporation

13,000

5.750%, 

3/1/2027

b

13,130

53,000

6.000%, 

5/1/2029

b

53,470

86,000

5.750%, 

8/1/2032

b

86,582

54,000

6.125%, 

2/15/2033

b

54,958

Carvana

Company

28,361

9.000%,PIK

0.000%,

12/1/2028

b,h

29,012

61,000

11.000%, 

6/1/2030

b

63,804

80,000

9.000%, 

6/1/2031

b

95,134

Churchill

Downs,

Inc.

35,000

4.750%, 

1/15/2028

b

34,520

41,000

6.750%, 

5/1/2031

b

41,862

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

10,000

6.750%, 

5/15/2028

b

10,224

Cushman

&

Wakefield

US

Borrower,

LLC

17,000

6.750%, 

5/15/2028

b

17,129

Dana,

Inc.

52,000

4.500%, 

2/15/2032

a

50,744

eG

Global

Finance

plc

17,000

12.000%, 

11/30/2028

b

18,783

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Expedia

Group,

Inc.

$

186,000

5.400%, 

2/15/2035

$

187,317

Ford

Motor

Credit

Company,

LLC

200,000

5.850%, 

5/17/2027

201,370

203,000

2.900%, 

2/10/2029

184,793

169,000

7.122%, 

11/7/2033

175,725

Forestar

Group,

Inc.

67,000

6.500%, 

3/15/2033

b

67,261

FORVIA

SE

97,000

8.000%, 

6/15/2030

a,b

101,033

Gap,

Inc.

25,000

3.625%, 

10/1/2029

b

23,070

30,000

3.875%, 

10/1/2031

b

26,660

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

68,000

7.750%, 

5/31/2032

b

70,568

General

Motors

Company

103,000

6.125%, 

10/1/2025

103,126

119,000

5.350%, 

4/15/2028

120,932

General

Motors

Financial

Company,

Inc.

65,000

5.400%, 

5/8/2027

65,848

233,000

5.800%, 

1/7/2029

240,222

177,000

4.900%, 

10/6/2029

176,715

225,000

5.450%, 

7/15/2030

228,877

58,000

5.625%, 

4/4/2032

58,913

Genting

New

York,

LLC/GENNY

Capital,

Inc.

67,000

7.250%, 

10/1/2029

b

68,981

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

40,000

11.500%, 

8/15/2029

b

39,703

86,000

8.750%, 

1/15/2032

b

76,151

GLP

Capital,

LP

255,000

5.750%, 

6/1/2028

260,513

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

35,000

3.500%, 

3/1/2029

b

32,851

Goodyear

Tire

&

Rubber

Company

35,000

4.875%, 

3/15/2027

34,849

36,000

5.000%, 

7/15/2029

a

34,924

56,000

5.250%, 

4/30/2031

53,183

Group

1

Automotive,

Inc.

64,000

6.375%, 

1/15/2030

b

65,188

Hanesbrands,

Inc.

40,000

9.000%, 

2/15/2031

a,b

42,100

Harley-Davidson

Financial

Services,

Inc.

126,000

5.950%, 

6/11/2029

b

128,501

Hilton

Domestic

Operating

Company,

Inc.

159,000

4.875%, 

1/15/2030

156,817

17,000

4.000%, 

5/1/2031

b

15,862

101,000

3.625%, 

2/15/2032

b

91,064

41,000

5.750%, 

9/15/2033

b

41,039

Home

Depot,

Inc.

120,000

4.250%, 

4/1/2046

100,291

345,000

3.900%, 

6/15/2047

269,549

Hyundai

Capital

America

225,000

1.800%, 

1/10/2028

b

210,421

113,000

5.300%, 

6/24/2029

b

114,955

Jacobs

Entertainment,

Inc.

90,000

6.750%, 

2/15/2029

b

87,750

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

K

Hovnanian

Enterprises,

Inc.

$

50,000

11.750%, 

9/30/2029

b

$

54,139

KB

Home

105,000

4.800%, 

11/15/2029

102,608

L

Brands,

Inc.

102,000

6.625%, 

10/1/2030

b

104,406

57,000

6.875%, 

11/1/2035

58,652

Las

Vegas

Sands

Corporation

50,000

5.900%, 

6/1/2027

50,834

232,000

5.625%, 

6/15/2028

235,692

Lennar

Corporation

144,000

5.200%, 

7/30/2030

146,699

Life

Time,

Inc.

51,000

6.000%, 

11/15/2031

b

51,376

Light

&

Wonder

International,

Inc.

33,000

7.250%, 

11/15/2029

b

33,888

Lithia

Motors,

Inc.

60,000

4.625%, 

12/15/2027

b

59,069

Live

Nation

Entertainment,

Inc.

38,000

4.750%, 

10/15/2027

b

37,413

Lowe's

Companies,

Inc.

136,000

5.625%, 

4/15/2053

130,028

184,000

2.625%, 

4/1/2031

165,325

Macy's

Retail

Holdings,

LLC

35,000

6.125%, 

3/15/2032

a,b

33,511

21,000

7.375%, 

8/1/2033

b

21,080

40,000

4.500%, 

12/15/2034

32,381

Marriott

International,

Inc./MD

85,000

5.100%, 

4/15/2032

85,999

Match

Group

Holdings

II,

LLC

77,000

4.125%, 

8/1/2030

b

71,812

Mattamy

Group

Corporation

77,000

5.250%, 

12/15/2027

b

76,447

McDonald's

Corporation

282,000

4.450%, 

3/1/2047

236,278

Melco

Resorts

Finance,

Ltd.

96,000

5.375%, 

12/4/2029

b

91,543

145,000

7.625%, 

4/17/2032

b

149,035

Meritage

Homes

Corporation

140,000

5.650%, 

3/15/2035

139,448

MGM

Resorts

International

36,000

4.625%, 

9/1/2026

35,862

55,000

6.125%, 

9/15/2029

55,754

Michaels

Companies,

Inc.

27,000

5.250%, 

5/1/2028

b

21,410

Muvico,

LLC

59,000

9.000%,PIK

6.000%,

2/19/2029

b,h

63,561

NCL

Corporation,

Ltd.

6,000

5.875%, 

3/15/2026

a,b

6,011

90,000

5.875%, 

2/15/2027

b

90,267

136,000

6.750%, 

2/1/2032

b

139,688

New

Home

Company,

Inc.

40,000

8.500%, 

11/1/2030

b

40,839

Nissan

Motor

Company,

Ltd.

130,000

7.500%, 

7/17/2030

b

134,120

91,000

4.810%, 

9/17/2030

b

83,633

Parkland

Corporation

37,000

6.625%, 

8/15/2032

b

37,819

Phinia,

Inc.

53,000

6.625%, 

10/15/2032

b

53,990

Rakuten

Group,

Inc.

52,000

11.250%, 

2/15/2027

b

56,355

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

$

60,000

9.750%, 

4/15/2029

b

$

65,695

91,000

8.125%, 

12/15/2029

b,c,i

90,301

Raven

Acquisition

Holdings,

LLC

90,000

6.875%, 

11/15/2031

b

90,902

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

43,000

4.625%, 

4/16/2029

b

38,246

S&S

Holdings,

LLC

130,000

8.375%, 

10/1/2031

b

124,553

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

39,000

6.625%, 

3/1/2030

b

37,571

SeaWorld

Parks

and

Entertainment,

Inc.

84,000

5.250%, 

8/15/2029

a,b

81,762

Service

Corporation

International/

US

35,000

3.375%, 

8/15/2030

31,895

25,000

4.000%, 

5/15/2031

23,191

56,000

5.750%, 

10/15/2032

56,133

Six

Flags

Entertainment

Corporation

17,000

7.250%, 

5/15/2031

a,b

17,326

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

17,000

5.375%, 

4/15/2027

16,978

110,000

5.250%, 

7/15/2029

106,890

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

17,000

6.625%, 

5/1/2032

b

17,311

Sonic

Automotive,

Inc.

78,000

4.875%, 

11/15/2031

b

73,514

Staples,

Inc.

42,000

10.750%, 

9/1/2029

b

39,382

Station

Casinos,

LLC

74,000

4.625%, 

12/1/2031

b

69,251

Stellantis

Finance

US,

Inc.

200,000

5.750%, 

3/18/2030

b

200,385

Tenneco,

Inc.

75,000

8.000%, 

11/17/2028

b

74,441

Toyota

Motor

Credit

Corporation

156,000

4.800%, 

5/15/2030

158,237

64,000

4.800%, 

1/5/2034

63,885

Uber

Technologies,

Inc.

118,000

5.350%, 

9/15/2054

110,231

141,000

4.800%, 

9/15/2034

138,494

Vail

Resorts,

Inc.

29,000

5.625%, 

7/15/2030

b

29,160

VICI

Properties,

LP/VICI

Note

Company,

Inc.

69,000

5.750%, 

2/1/2027

b

69,735

99,000

4.125%, 

8/15/2030

b

94,589

Victoria's

Secret

&

Company

104,000

4.625%, 

7/15/2029

b

96,784

Victra

Holdings,

LLC/Victra

Finance

Corporation

51,000

8.750%, 

9/15/2029

a,b

53,450

Viking

Cruises,

Ltd.

142,000

5.875%, 

9/15/2027

b

141,908

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Walgreens

Boots

Alliance,

Inc.

$

24,000

4.100%, 

4/15/2050

$

20,549

86,000

3.200%, 

4/15/2030

83,475

Walmart,

Inc.

170,000

4.500%, 

9/9/2052

147,723

101,000

4.900%, 

4/28/2035

101,663

Wayfair,

LLC

26,000

7.250%, 

10/31/2029

b

26,455

23,000

7.750%, 

9/15/2030

b

23,573

Wyndham

Hotels

&

Resorts,

Inc.

55,000

4.375%, 

8/15/2028

b

53,373

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

32,000

5.125%, 

10/1/2029

b

31,753

84,000

7.125%, 

2/15/2031

b

89,343

Yum!

Brands,

Inc.

105,000

4.750%, 

1/15/2030

b

103,490

ZF

North

America

Capital,

Inc.

55,000

7.125%, 

4/14/2030

b

53,312

36,000

6.750%, 

4/23/2030

b

34,258

Total

12,645,058

Consumer

Non-Cyclical  1.2%

1261229

B.C.,

Ltd.

86,000

10.000%, 

4/15/2032

b

87,556

Abbott

Laboratories

237,000

4.750%, 

11/30/2036

233,373

AbbVie,

Inc.

65,000

5.400%, 

3/15/2054

62,635

379,000

4.500%, 

5/14/2035

364,142

149,000

5.350%, 

3/15/2044

145,547

Acadia

Healthcare

Company,

Inc.

53,000

5.000%, 

4/15/2029

b

51,213

45,000

7.375%, 

3/15/2033

a,b

46,332

AdaptHealth,

LLC

155,000

4.625%, 

8/1/2029

b

145,242

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

110,000

4.625%, 

1/15/2027

b

109,109

117,000

3.500%, 

3/15/2029

b

110,338

Altria

Group,

Inc.

65,000

4.875%, 

2/4/2028

65,603

136,000

6.875%, 

11/1/2033

151,278

Amgen,

Inc.

35,000

4.200%, 

2/22/2052

27,160

206,000

5.600%, 

3/2/2043

203,490

Amneal

Pharmaceuticals,

LLC

21,000

6.875%, 

8/1/2032

b,g

21,315

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

269,000

4.700%, 

2/1/2036

260,838

Anheuser-Busch

InBev

Worldwide,

Inc.

175,000

5.450%, 

1/23/2039

177,209

167,000

5.550%, 

1/23/2049

164,176

Archer-Daniels-Midland

Company

260,000

2.700%, 

9/15/2051

157,213

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

a

240,237

BAT

Capital

Corporation

96,000

6.250%, 

8/15/2055

96,986

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.2%

-

continued

$

137,000

7.079%, 

8/2/2043

$

150,762

Bausch

+

Lomb

Corporation

21,000

8.375%, 

10/1/2028

b

21,895

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

74,917

BellRing

Brands,

Inc.

31,000

7.000%, 

3/15/2030

b

32,160

Bristol-Myers

Squibb

Company

342,000

3.550%, 

3/15/2042

268,632

Bunge,

Ltd.

Finance

Corporation

169,000

3.200%, 

4/21/2031

b

155,365

47,000

4.650%, 

9/17/2034

45,367

Cargill,

Inc.

206,000

3.125%, 

5/25/2051

b

134,682

164,000

5.125%, 

2/11/2035

b

165,007

Cencora,

Inc.

105,000

5.150%, 

2/15/2035

105,273

Central

Garden

&

Pet

Company

47,000

4.125%, 

10/15/2030

a

44,168

Champ

Acquisition

Corporation

80,000

8.375%, 

12/1/2031

b

84,636

CHS/Community

Health

Systems,

Inc.

76,000

5.625%, 

3/15/2027

b

76,120

86,000

6.000%, 

1/15/2029

b

81,745

40,000

6.875%, 

4/15/2029

b

31,100

44,000

4.750%, 

2/15/2031

b

36,816

50,000

10.875%, 

1/15/2032

b

52,419

91,000

9.750%, 

1/15/2034

b,g

91,581

Conagra

Brands,

Inc.

230,000

1.375%, 

11/1/2027

213,688

206,000

5.750%, 

8/1/2035

206,487

Concentra

Health

Services,

Inc.

30,000

6.875%, 

7/15/2032

b

30,825

Constellation

Brands,

Inc.

110,000

2.875%, 

5/1/2030

101,702

CVS

Health

Corporation

79,000

7.000%, 

3/10/2055

c

81,278

109,000

6.750%, 

12/10/2054

c

109,090

130,000

4.780%, 

3/25/2038

118,792

184,000

6.000%, 

6/1/2044

181,227

227,000

5.125%, 

7/20/2045

199,185

DaVita,

Inc.

63,000

3.750%, 

2/15/2031

b

57,132

71,000

6.875%, 

9/1/2032

b

72,998

40,000

6.750%, 

7/15/2033

b

41,252

Edgewell

Personal

Care

Company

85,000

5.500%, 

6/1/2028

b

84,361

Eli

Lilly

&

Company

69,000

5.500%, 

2/12/2055

68,674

102,000

4.950%, 

2/27/2063

91,502

Embecta

Corporation

32,000

6.750%, 

2/15/2030

a,b

30,581

Encompass

Health

Corporation

54,000

4.500%, 

2/1/2028

53,094

Endo

Finance

Holdings,

Inc.

35,000

8.500%, 

4/15/2031

a,b

37,234

Energizer

Holdings,

Inc.

91,000

4.750%, 

6/15/2028

b

88,403

Fortrea

Holdings,

Inc.

17,000

7.500%, 

7/1/2030

a,b

15,543

General

Mills,

Inc.

54,000

4.950%, 

3/29/2033

53,857

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.2%

-

continued

Grifols

SA

$

81,000

4.750%, 

10/15/2028

b

$

78,028

HCA,

Inc.

155,000

5.250%, 

3/1/2030

158,334

234,000

3.500%, 

9/1/2030

220,586

88,000

5.450%, 

9/15/2034

88,356

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

55,000

7.875%, 

9/1/2025

a,b

55,138

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

54,000

12.250%, 

4/15/2029

b

58,520

40,000

4.875%, 

6/1/2029

b

33,335

Illumina,

Inc.

70,000

4.650%, 

9/9/2026

69,964

Imperial

Brands

Finance

plc

200,000

3.875%, 

7/26/2029

b

193,601

Insulet

Corporation

23,000

6.500%, 

4/1/2033

b

23,642

IQVIA,

Inc.

80,000

6.250%, 

6/1/2032

b

82,036

Jazz

Securities

DAC

50,000

4.375%, 

1/15/2029

b

48,369

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

204,000

3.000%, 

5/15/2032

178,603

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

170,000

6.375%, 

4/15/2066

b

167,554

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

139,000

5.950%, 

4/20/2035

b

143,426

Johnson

&

Johnson

128,000

5.250%, 

6/1/2054

126,189

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

67,000

9.000%, 

2/15/2029

b

69,922

Kenvue,

Inc.

211,000

4.850%, 

5/22/2032

212,596

Keurig

Dr

Pepper,

Inc.

101,000

5.150%, 

5/15/2035

100,459

Kimberly-Clark

Corporation

220,000

3.900%, 

5/4/2047

174,813

Kraft

Heinz

Foods

Company

136,000

4.375%, 

6/1/2046

108,051

Lamb

Weston

Holdings,

Inc.

37,000

4.125%, 

1/31/2030

b

35,199

37,000

4.375%, 

1/31/2032

b

34,571

LifePoint

Health,

Inc.

51,000

9.875%, 

8/15/2030

b

54,967

43,000

11.000%, 

10/15/2030

b

47,261

26,000

10.000%, 

6/1/2032

b

26,991

Mars,

Inc.

26,000

5.650%, 

5/1/2045

b

25,821

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

42,000

6.250%, 

4/1/2029

b

42,825

Mozart

Debt

Merger

Sub,

Inc.

174,000

3.875%, 

4/1/2029

b

165,939

112,000

5.250%, 

10/1/2029

b

109,812

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.2%

-

continued

Newell

Brands,

Inc.

$

36,000

6.375%, 

9/15/2027

$

36,282

36,000

6.625%, 

9/15/2029

35,840

22,000

6.375%, 

5/15/2030

21,319

Novartis

Capital

Corporation

104,000

4.700%, 

9/18/2054

92,157

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

126,000

5.125%, 

4/30/2031

b

109,005

Owens

&

Minor,

Inc.

40,000

6.625%, 

4/1/2030

a,b

36,020

PepsiCo,

Inc.

135,000

4.200%, 

7/18/2052

110,121

244,000

4.650%, 

7/23/2032

243,803

Performance

Food

Group,

Inc.

79,000

4.250%, 

8/1/2029

b

75,953

50,000

6.125%, 

9/15/2032

b

50,774

Perrigo

Finance

Unlimited

Company

58,000

4.900%, 

6/15/2030

56,555

33,000

6.125%, 

9/30/2032

33,345

Pfizer

Investment

Enterprises,

Private

Ltd.

306,000

5.300%, 

5/19/2053

285,729

134,000

5.110%, 

5/19/2043

126,856

Philip

Morris

International,

Inc.

66,000

5.125%, 

2/13/2031

67,398

204,000

5.375%, 

2/15/2033

209,354

156,000

4.900%, 

11/1/2034

153,944

Post

Holdings,

Inc.

52,000

4.625%, 

4/15/2030

b

49,671

119,000

4.500%, 

9/15/2031

b

109,993

48,000

6.250%, 

10/15/2034

b

48,060

Prime

Healthcare

Services,

Inc.

132,000

9.375%, 

9/1/2029

b

131,175

Radiology

Partners,

Inc.

81,000

8.500%, 

7/15/2032

b

81,843

Roche

Holdings,

Inc.

138,000

4.000%, 

11/28/2044

b

113,831

Royalty

Pharma

plc

115,000

5.150%, 

9/2/2029

117,114

Select

Medical

Corporation

35,000

6.250%, 

12/1/2032

a,b

34,909

Simmons

Foods,

Inc.

101,000

4.625%, 

3/1/2029

b

95,578

Sotera

Health

Holdings,

LLC

36,000

7.375%, 

6/1/2031

b

37,241

Spectrum

Brands,

Inc.

8,000

3.875%, 

3/15/2031

b

6,383

Star

Parent,

Inc.

35,000

9.000%, 

10/1/2030

b

36,806

Stryker

Corporation

116,000

5.200%, 

2/10/2035

117,804

Sysco

Corporation

205,000

6.600%, 

4/1/2040

223,440

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

130,439

200,000

5.650%, 

7/5/2044

197,883

Tenet

Healthcare

Corporation

173,000

5.125%, 

11/1/2027

172,300

83,000

4.375%, 

1/15/2030

79,800

122,000

6.750%, 

5/15/2031

125,532

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.2%

-

continued

Teva

Pharmaceutical

Finance

Company,

LLC

$

36,000

6.150%, 

2/1/2036

$

36,572

US

Acute

Care

Solutions,

LLC

105,000

9.750%, 

5/15/2029

b

107,281

Whirlpool

Corporation

36,000

6.500%, 

6/15/2033

35,474

Wyeth,

LLC

135,000

6.500%, 

2/1/2034

149,920

Zoetis,

Inc.

318,000

4.700%, 

2/1/2043

288,798

Total

13,717,752

Energy  0.8%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

17,000

7.500%, 

10/1/2029

b

17,812

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

72,000

5.375%, 

6/15/2029

b

71,395

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

52,000

6.250%, 

4/1/2028

b

51,997

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

36,000

5.875%, 

6/30/2029

b

35,871

40,000

6.625%, 

7/15/2033

b

40,554

Baytex

Energy

Corporation

55,000

8.500%, 

4/30/2030

b

55,970

20,000

7.375%, 

3/15/2032

b

19,341

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

57,000

7.000%, 

7/15/2029

b

59,109

BP

Capital

Markets

America,

Inc.

356,000

2.939%, 

6/4/2051

220,879

Buckeye

Partners,

LP

49,000

4.500%, 

3/1/2028

b

47,831

34,000

6.875%, 

7/1/2029

b

34,999

16,000

6.750%, 

2/1/2030

b

16,564

California

Resources

Corporation

43,000

8.250%, 

6/15/2029

b

44,171

Cheniere

Energy

Partners,

LP

444,000

4.500%, 

10/1/2029

439,182

Cheniere

Energy,

Inc.

37,000

5.650%, 

4/15/2034

37,637

Civitas

Resources,

Inc.

25,000

8.375%, 

7/1/2028

b

25,708

119,000

8.750%, 

7/1/2031

b

120,468

60,000

9.625%, 

6/15/2033

b

61,715

CNX

Resources

Corporation

40,000

6.000%, 

1/15/2029

b

39,978

Columbia

Pipelines

Holding

Company,

LLC

134,000

6.042%, 

8/15/2028

b

139,272

Columbia

Pipelines

Operating

Company,

LLC

33,000

5.927%, 

8/15/2030

b

34,730

Comstock

Resources,

Inc.

51,000

6.750%, 

3/1/2029

b

50,096

110,000

5.875%, 

1/15/2030

b

103,838

ConocoPhillips

Company

162,000

4.850%, 

1/15/2032

163,090

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.8%

-

continued

Continental

Resources,

Inc.

$

237,000

2.268%, 

11/15/2026

b

$

229,401

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

76,000

5.500%, 

6/15/2031

b

74,246

Crescent

Energy

Finance,

LLC

91,000

7.625%, 

4/1/2032

b

88,926

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

77,000

8.625%, 

3/15/2029

b

80,135

41,000

7.375%, 

6/30/2033

b

40,530

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

28,000

8.500%, 

10/1/2030

b

29,183

Diamondback

Energy,

Inc.

184,000

5.750%, 

4/18/2054

170,897

Eastern

Energy

Gas

Holdings,

LLC

186,000

5.800%, 

1/15/2035

192,924

Enbridge,

Inc.

190,000

5.250%, 

4/5/2027

192,188

Enerflex,

Ltd.

27,000

9.000%, 

10/15/2027

b

27,804

Energy

Transfer,

LP

84,000

8.000%, 

5/15/2054

c

89,484

110,000

4.000%, 

10/1/2027

108,914

50,000

5.150%, 

2/1/2043

43,996

275,000

6.000%, 

6/15/2048

263,298

Enterprise

Products

Operating,

LLC

175,000

3.300%, 

2/15/2053

115,227

Excelerate

Energy,

LP

40,000

8.000%, 

5/15/2030

b

41,874

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

211,740

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

57,000

8.875%, 

4/15/2030

60,339

86,000

7.875%, 

5/15/2032

88,941

Gulfport

Energy

Operating

Corporation

24,000

6.750%, 

9/1/2029

b

24,390

Halliburton

Company

136,000

5.000%, 

11/15/2045

119,298

Harvest

Midstream

I,

LP

85,000

7.500%, 

9/1/2028

b

86,035

Hess

Midstream

Operations,

LP

78,000

4.250%, 

2/15/2030

b

75,472

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

99,000

5.750%, 

2/1/2029

b

97,246

35,000

6.000%, 

4/15/2030

b

34,417

79,000

6.250%, 

4/15/2032

b

75,838

Howard

Midstream

Energy

Partners,

LLC

99,000

7.375%, 

7/15/2032

b

102,358

ITT

Holdings,

LLC

105,000

6.500%, 

8/1/2029

b

100,013

Kodiak

Gas

Services,

LLC

43,000

7.250%, 

2/15/2029

b

44,038

MEG

Energy

Corporation

40,000

5.875%, 

2/1/2029

b

40,005

Moss

Creek

Resources

Holdings,

Inc.

18,000

8.250%, 

9/1/2031

b

17,571

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.8%

-

continued

MPLX,

LP

$

272,000

4.950%, 

9/1/2032

$

268,689

52,000

5.000%, 

3/1/2033

51,209

Nabors

Industries,

Inc.

35,000

7.375%, 

5/15/2027

b

35,324

88,000

9.125%, 

1/31/2030

b

87,097

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

29,000

8.125%, 

2/15/2029

b

28,698

100,000

8.375%, 

2/15/2032

b

97,820

Noble

Finance

II,

LLC

72,000

8.000%, 

4/15/2030

b

73,438

Northern

Oil

and

Gas,

Inc.

55,000

8.750%, 

6/15/2031

b

56,506

NuStar

Logistics,

LP

70,000

6.375%, 

10/1/2030

72,114

Occidental

Petroleum

Corporation

50,000

5.000%, 

8/1/2027

50,360

ONEOK,

Inc.

99,000

5.700%, 

11/1/2054

90,916

74,000

5.000%, 

3/1/2026

74,074

108,000

4.750%, 

10/15/2031

106,981

65,000

5.600%, 

4/1/2044

59,471

Ovintiv,

Inc.

140,000

7.200%, 

11/1/2031

152,259

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

56,000

6.000%, 

2/15/2028

53,892

42,000

7.875%, 

9/15/2030

b

38,305

Permian

Resources

Operating,

LLC

67,000

6.250%, 

2/1/2033

b

67,399

Prairie

Acquiror,

LP

57,000

9.000%, 

8/1/2029

b

59,040

Precision

Drilling

Corporation

47,000

6.875%, 

1/15/2029

b

46,970

Range

Resources

Corporation

56,000

4.750%, 

2/15/2030

b

54,436

Rockies

Express

Pipeline,

LLC

90,000

4.950%, 

7/15/2029

b

88,242

Saturn

Oil

&

Gas,

Inc.

22,000

9.625%, 

6/15/2029

a,b

21,784

SM

Energy

Company

50,000

6.500%, 

7/15/2028

50,310

24,000

7.000%, 

8/1/2032

b

23,765

South

Bow

USA

Infrastructure

Holdings,

LLC

91,000

5.026%, 

10/1/2029

b

90,920

38,000

5.584%, 

10/1/2034

b

37,511

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

35,000

5.875%, 

3/1/2027

34,880

Sunoco,

LP

104,000

7.000%, 

5/1/2029

b

107,647

Sunoco,

LP/Sunoco

Finance

Corporation

54,000

5.875%, 

3/15/2028

53,853

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

145,000

5.500%, 

1/15/2028

b

143,698

52,000

7.375%, 

2/15/2029

b

53,353

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.8%

-

continued

Talos

Production,

Inc.

$

21,000

9.000%, 

2/1/2029

b

$

21,523

Targa

Resources

Corporation

59,000

6.125%, 

5/15/2055

57,641

238,000

4.200%, 

2/1/2033

222,509

TGNR

Intermediate

Holdings,

LLC

73,000

5.500%, 

10/15/2029

b

71,111

Tidewater,

Inc.

20,000

9.125%, 

7/15/2030

b

20,976

TotalEnergies

Capital

SA

93,000

5.275%, 

9/10/2054

86,292

Transocean,

Inc.

120,800

8.750%, 

2/15/2030

b

125,242

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

60,000

7.125%, 

3/15/2029

b

61,335

Valaris,

Ltd.

69,000

8.375%, 

4/30/2030

b

71,269

Venture

Global

LNG,

Inc.

128,000

8.125%, 

6/1/2028

b

132,520

63,000

9.000%, 

9/30/2029

b,c,i

63,016

50,000

7.000%, 

1/15/2030

b

50,701

176,000

8.375%, 

6/1/2031

b

182,047

70,000

9.875%, 

2/1/2032

b

75,526

Venture

Global

Plaquemines

LNG,

LLC

78,000

6.500%, 

1/15/2034

b

80,243

39,000

7.750%, 

5/1/2035

b

42,762

117,000

6.750%, 

1/15/2036

b

120,359

Vital

Energy,

Inc.

54,000

7.750%, 

7/31/2029

b

49,134

40,000

7.875%, 

4/15/2032

a,b

35,108

Western

Midstream

Operating,

LP

135,000

6.350%, 

1/15/2029

140,960

68,000

6.150%, 

4/1/2033

70,927

Williams

Companies,

Inc.

225,000

7.500%, 

1/15/2031

252,225

58,000

5.600%, 

3/15/2035

59,283

Total

9,322,605

Financials  3.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

24,000

4.250%, 

2/15/2029

b

22,913

35,000

7.500%, 

11/6/2030

b

36,158

AEGON

Funding

Company,

LLC

200,000

5.500%, 

4/16/2027

a,b

202,010

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

151,000

6.100%, 

1/15/2027

153,866

175,000

3.875%, 

1/23/2028

172,119

173,000

5.375%, 

12/15/2031

176,379

AG

TTMT

Escrow

Issuer,

LLC

27,000

8.625%, 

9/30/2027

b

27,742

Agree,

LP

95,000

5.625%, 

6/15/2034

97,057

Air

Lease

Corporation

36,000

4.650%, 

6/15/2026

c,i

35,561

309,000

3.000%, 

2/1/2030

288,294

Aircastle,

Ltd.

225,000

5.250%, 

8/11/2025

b

225,000

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

$

35,000

4.250%, 

10/15/2027

b

$

34,265

120,000

6.750%, 

4/15/2028

b

121,623

49,000

7.000%, 

1/15/2031

b

50,385

Ally

Financial,

Inc.

270,000

8.000%, 

11/1/2031

305,026

54,000

6.700%, 

2/14/2033

56,077

American

Express

Company

80,000

5.043%, 

7/26/2028

c

80,920

77,000

5.085%, 

1/30/2031

c

78,638

American

Homes

4

Rent,

LP

77,000

4.950%, 

6/15/2030

77,502

American

International

Group,

Inc.

266,000

5.125%, 

3/27/2033

269,259

Americold

Realty

Operating

Partnership,

LP

141,000

5.600%, 

5/15/2032

141,124

Ameriprise

Financial,

Inc.

186,000

5.200%, 

4/15/2035

186,416

AmWINS

Group,

Inc.

29,000

6.375%, 

2/15/2029

b

29,531

85,000

4.875%, 

6/30/2029

b

82,559

ANZ

Bank

New

Zealand,

Ltd.

200,000

5.548%, 

8/11/2032

b,c

202,105

Aon

North

America,

Inc.

100,000

5.750%, 

3/1/2054

97,410

Apollo

Debt

Solutions

BDC

138,000

6.700%, 

7/29/2031

143,704

Ares

Capital

Corporation

157,000

2.150%, 

7/15/2026

153,263

116,000

5.875%, 

3/1/2029

118,466

Ares

Strategic

Income

Fund

249,000

5.450%, 

9/9/2028

b

248,589

112,000

5.600%, 

2/15/2030

111,597

Arthur

J.

Gallagher

&

Company

34,000

6.750%, 

2/15/2054

37,120

50,000

5.750%, 

7/15/2054

48,371

Aviation

Capital

Group,

LLC

100,000

5.125%, 

4/10/2030

b

100,711

Avolon

Holdings

Funding,

Ltd.

70,000

4.950%, 

1/15/2028

b

70,315

165,000

5.750%, 

3/1/2029

b

169,334

188,000

5.375%, 

5/30/2030

b

191,281

Azorra

Finance,

Ltd.

91,000

7.750%, 

4/15/2030

b

94,778

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

c

198,578

Bank

of

America

Corporation

225,000

1.734%, 

7/22/2027

c

218,816

172,000

3.824%, 

1/20/2028

c

170,152

119,000

5.202%, 

4/25/2029

c

121,219

180,000

2.087%, 

6/14/2029

c

168,521

125,000

2.496%, 

2/13/2031

c

114,099

325,000

1.922%, 

10/24/2031

c

283,430

204,000

2.972%, 

2/4/2033

c

182,627

409,000

4.571%, 

4/27/2033

c

402,660

203,000

5.872%, 

9/15/2034

c

213,855

80,000

5.468%, 

1/23/2035

c

82,101

186,000

5.425%, 

8/15/2035

c

186,335

275,000

3.846%, 

3/8/2037

c

252,066

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Bank

of

New

York

Mellon

Corporation

$

135,000

6.317%, 

10/25/2029

c

$

142,598

Barclays

plc

34,000

6.125%, 

12/15/2025

c,i

34,042

204,000

6.496%, 

9/13/2027

c

208,010

210,000

4.972%, 

5/16/2029

c

211,955

200,000

4.942%, 

9/10/2030

c

201,414

200,000

5.746%, 

8/9/2033

c

207,396

Berkshire

Hathaway

Finance

Corporation

272,000

2.850%, 

10/15/2050

172,841

BlackRock

Funding,

Inc.

66,000

5.250%, 

3/14/2054

62,761

Blackstone

Private

Credit

Fund

110,000

5.600%, 

11/22/2029

110,820

Blue

Owl

Credit

Income

Corporation

170,000

4.700%, 

2/8/2027

168,697

Blue

Owl

Technology

Finance

Corporation

90,000

4.750%, 

12/15/2025

b

89,656

210,000

6.100%, 

3/15/2028

b

211,213

130,000

6.750%, 

4/4/2029

133,131

BNP

Paribas

SA

200,000

5.283%, 

11/19/2030

b,c

203,741

340,000

3.132%, 

1/20/2033

b,c

304,041

Brookfield

Finance,

Inc.

93,000

5.813%, 

3/3/2055

91,723

Brown

&

Brown,

Inc.

57,000

6.250%, 

6/23/2055

58,403

59,000

5.550%, 

6/23/2035

59,643

Burford

Capital

Global

Finance,

LLC

82,000

9.250%, 

7/1/2031

b

86,712

41,000

7.500%, 

7/15/2033

b

41,266

Camden

Property

Trust

150,000

3.150%, 

7/1/2029

142,755

Capital

One

Financial

Corporation

46,000

5.700%, 

2/1/2030

c

47,475

Capital

One

NA

260,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

c

265,702

Charles

Schwab

Corporation

136,000

6.136%, 

8/24/2034

c

146,766

CHL

Mortgage

Pass-Through

Trust

482,278

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

204,560

Chubb

INA

Holdings,

LLC

138,000

4.350%, 

11/3/2045

118,367

Citadel,

LP

115,000

6.375%, 

1/23/2032

b

119,356

Citibank

NA

250,000

4.914%, 

5/29/2030

253,922

Citigroup,

Inc.

160,000

3.200%, 

10/21/2026

157,547

240,000

3.668%, 

7/24/2028

c

236,045

225,000

3.520%, 

10/27/2028

c

220,095

47,000

6.875%, 

8/15/2030

c,i

47,399

215,000

4.952%, 

5/7/2031

c

217,042

289,000

4.910%, 

5/24/2033

c

288,408

167,000

6.174%, 

5/25/2034

c

174,642

157,000

6.020%, 

1/24/2036

c

160,899

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Citizens

Financial

Group,

Inc.

$

80,000

5.718%, 

7/23/2032

c

$

82,539

CNA

Financial

Corporation

99,000

5.125%, 

2/15/2034

98,230

Comerica,

Inc.

48,000

5.982%, 

1/30/2030

c

49,356

Constellation

Insurance,

Inc.

81,000

6.800%, 

1/24/2030

b

79,891

Corebridge

Financial,

Inc.

64,000

6.375%, 

9/15/2054

c

63,898

102,000

4.350%, 

4/5/2042

85,372

Countrywide

Home

Loans,

Inc.

75,121

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

32,320

Cousins

Properties,

LP

36,000

5.375%, 

2/15/2032

36,342

Credit

Acceptance

Corporation

49,000

9.250%, 

12/15/2028

b

51,822

Credit

Agricole

SA

250,000

5.222%, 

5/27/2031

b,c

254,084

Credit

Suisse

Group

AG

200,000

7.250%, 

N/A

*,j

13,500

Deutsche

Bank

AG/New

York,

NY

150,000

5.297%, 

5/9/2031

c

152,497

150,000

4.950%, 

8/4/2031

c,g

150,248

300,000

3.729%, 

1/14/2032

c

277,685

Drawbridge

Special

Opportunities

Fund,

LP

122,000

3.875%, 

2/15/2026

b

120,204

Elevance

Health,

Inc.

250,000

3.125%, 

5/15/2050

159,361

220,000

4.625%, 

5/15/2042

191,743

Encore

Capital

Group,

Inc.

21,000

9.250%, 

4/1/2029

b

22,118

92,000

8.500%, 

5/15/2030

b

97,383

EPR

Properties

105,000

4.950%, 

4/15/2028

105,010

ERP

Operating,

LP

143,000

4.950%, 

6/15/2032

144,168

Fairfax

Financial

Holdings,

Ltd.

127,000

6.350%, 

3/22/2054

128,037

FirstCash,

Inc.

88,000

5.625%, 

1/1/2030

b

87,089

First-Citizens

Bank

&

Trust

Company

119,000

6.125%, 

3/9/2028

123,110

Five

Corners

Funding

Trust

IV

136,000

5.997%, 

2/15/2053

b

137,578

Freedom

Mortgage

Corporation

34,000

7.625%, 

5/1/2026

b

34,147

Freedom

Mortgage

Holdings,

LLC

81,000

9.250%, 

2/1/2029

b

84,425

35,000

9.125%, 

5/15/2031

b

36,383

51,000

8.375%, 

4/1/2032

b

52,162

FTAI

Aviation

Investors,

LLC

37,000

5.500%, 

5/1/2028

b

36,911

82,000

7.000%, 

5/1/2031

b

85,079

50,000

7.000%, 

6/15/2032

b

51,781

GGAM

Finance,

Ltd.

32,000

7.750%, 

5/15/2026

b

32,214

36,000

8.000%, 

6/15/2028

b

38,081

96,000

5.875%, 

3/15/2030

b

95,884

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Global

Aircraft

Leasing

Company,

Ltd.

$

103,000

8.750%, 

9/1/2027

b

$

106,362

Global

Net

Lease,

Inc.

22,000

4.500%, 

9/30/2028

b

21,161

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

70,000

3.750%, 

12/15/2027

b

66,717

goeasy,

Ltd.

56,000

9.250%, 

12/1/2028

b

59,274

18,000

7.625%, 

7/1/2029

b

18,535

Goldman

Sachs

BDC,

Inc.

86,000

6.375%, 

3/11/2027

87,668

Goldman

Sachs

Group,

Inc.

174,000

1.948%, 

10/21/2027

c

168,500

204,000

6.484%, 

10/24/2029

c

215,669

152,000

5.218%, 

4/23/2031

c

155,425

85,000

1.992%, 

1/27/2032

c

73,747

510,000

3.102%, 

2/24/2033

c

458,524

Goldman

Sachs

Private

Credit

Corporation

81,000

5.875%, 

5/6/2028

b

81,622

Howard

Hughes

Corporation

23,000

4.125%, 

2/1/2029

b

21,925

HSBC

Holdings

plc

62,000

6.875%, 

9/11/2029

c,i

63,900

200,000

5.130%, 

3/3/2031

c

202,765

HUB

International,

Ltd.

100,000

7.250%, 

6/15/2030

b

104,244

Huntington

Bancshares,

Inc./OH

165,000

5.709%, 

2/2/2035

c

168,792

138,000

6.141%, 

11/18/2039

c

141,067

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

35,000

6.250%, 

5/15/2026

34,774

129,000

5.250%, 

5/15/2027

125,679

Invitation

Homes

Operating

Partnership,

LP

170,000

2.000%, 

8/15/2031

144,305

Jackson

National

Life

Global

Funding

150,000

5.550%, 

7/2/2027

b

152,610

Jane

Street

Group/JSG

Finance,

Inc.

56,000

4.500%, 

11/15/2029

b

53,636

22,000

7.125%, 

4/30/2031

b

22,722

36,000

6.125%, 

11/1/2032

b

35,718

113,000

6.750%, 

5/1/2033

b

115,642

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

28,000

5.000%, 

8/15/2028

b

27,002

53,000

6.625%, 

10/15/2031

b

52,731

Jefferson

Capital

Holdings,

LLC

29,000

6.000%, 

8/15/2026

b

28,920

72,000

9.500%, 

2/15/2029

b

75,979

28,000

8.250%, 

5/15/2030

b

29,214

JPMorgan

Chase

&

Company

150,000

2.947%, 

2/24/2028

c

146,482

184,000

4.979%, 

7/22/2028

c

185,771

275,000

4.203%, 

7/23/2029

c

273,137

175,000

2.522%, 

4/22/2031

c

159,897

265,000

1.953%, 

2/4/2032

c

229,902

273,000

4.586%, 

4/26/2033

c

269,747

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

$

204,000

4.912%, 

7/25/2033

c

$

205,231

135,000

5.766%, 

4/22/2035

c

141,586

94,000

5.502%, 

1/24/2036

c

96,440

124,000

5.534%, 

11/29/2045

c

124,041

KeyBank

NA/Cleveland,

OH

169,000

5.000%, 

1/26/2033

167,320

Kilroy

Realty,

LP

68,000

4.250%, 

8/15/2029

65,571

Liberty

Mutual

Group,

Inc.

20,000

4.125%, 

12/15/2051

b,c

19,462

Lincoln

National

Corporation

260,000

2.330%, 

8/15/2030

b

231,573

Lloyds

Banking

Group

plc

203,000

5.871%, 

3/6/2029

c

209,241

LPL

Holdings,

Inc.

189,000

4.900%, 

4/3/2028

190,051

Macquarie

Airfinance

Holdings,

Ltd.

126,000

5.200%, 

3/27/2028

b

127,176

34,000

6.400%, 

3/26/2029

b

35,346

83,000

5.150%, 

3/17/2030

b

82,930

Marsh

&

McLennan

Companies,

Inc.

51,000

5.450%, 

3/15/2053

49,087

Massachusetts

Mutual

Life

Insurance

Company

275,000

3.200%, 

12/1/2061

b

165,407

Molina

Healthcare,

Inc.

28,000

4.375%, 

6/15/2028

b

26,798

42,000

6.250%, 

1/15/2033

b

41,438

Morgan

Stanley

98,000

5.516%, 

11/19/2055

c

96,003

275,000

4.350%, 

9/8/2026

274,284

240,000

3.591%, 

7/22/2028

c

235,880

136,000

5.164%, 

4/20/2029

c

138,193

155,000

3.622%, 

4/1/2031

c

148,466

136,000

5.250%, 

4/21/2034

c

138,198

101,000

5.831%, 

4/19/2035

c

105,874

69,000

5.587%, 

1/18/2036

c

70,818

238,000

5.297%, 

4/20/2037

c

238,031

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

46,000

8.500%, 

2/15/2032

b

47,813

Nasdaq,

Inc.

150,000

3.250%, 

4/28/2050

100,316

National

Securities

Clearing

Corporation

250,000

4.700%, 

5/20/2030

b

252,957

Nationstar

Mortgage

Holdings,

Inc.

17,000

5.500%, 

8/15/2028

b

16,977

36,000

6.500%, 

8/1/2029

b

36,821

55,000

5.125%, 

12/15/2030

b

54,895

19,000

7.125%, 

2/1/2032

b

19,841

NatWest

Group

plc

100,000

4.445%, 

5/8/2030

c

99,297

202,000

6.475%, 

6/1/2034

c

210,920

Navient

Corporation

21,000

5.000%, 

3/15/2027

20,769

23,000

5.500%, 

3/15/2029

22,500

New

York

Life

Global

Funding

206,000

4.550%, 

1/28/2033

b

202,419

Nomura

Holdings,

Inc.

200,000

5.783%, 

7/3/2034

207,612

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Omega

Healthcare

Investors,

Inc.

$

292,000

3.625%, 

10/1/2029

$

276,965

114,000

5.200%, 

7/1/2030

114,362

Omnis

Funding

Trust

132,000

6.722%, 

5/15/2055

b

136,525

OneMain

Finance

Corporation

46,000

3.500%, 

1/15/2027

44,885

54,000

3.875%, 

9/15/2028

51,500

38,000

6.750%, 

3/15/2032

38,558

170,000

7.125%, 

9/15/2032

175,209

Osaic

Holdings,

Inc.

62,000

6.750%, 

8/1/2032

b,g

62,748

Panther

Escrow

Issuer,

LLC

75,000

7.125%, 

6/1/2031

b

77,557

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

98,000

4.875%, 

5/15/2029

b

94,271

PennyMac

Financial

Services,

Inc.

21,000

7.125%, 

11/15/2030

b

21,647

59,000

6.875%, 

5/15/2032

b

60,112

39,000

6.875%, 

2/15/2033

b

39,749

Phoenix

Aviation

Capital,

Ltd.

65,000

9.250%, 

7/15/2030

b

68,107

PNC

Financial

Services

Group,

Inc.

67,000

6.615%, 

10/20/2027

c

68,584

PRA

Group,

Inc.

55,000

8.375%, 

2/1/2028

b

56,262

Prologis

Targeted

US

Logistics

Fund,

LP

135,000

5.250%, 

4/1/2029

b

138,285

55,000

5.250%, 

1/15/2035

b

55,205

Prologis,

LP

91,000

5.250%, 

3/15/2054

84,950

Prudential

Financial,

Inc.

258,000

5.125%, 

3/1/2052

c

249,932

Regency

Centers,

LP

190,000

4.125%, 

3/15/2028

188,860

101,000

5.250%, 

1/15/2034

102,513

RenaissanceRe

Holdings,

Ltd.

186,000

5.800%, 

4/1/2035

191,163

RGA

Global

Funding

65,000

5.500%, 

1/11/2031

b

66,965

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

17,000

4.750%, 

10/15/2027

16,817

35,000

4.500%, 

2/15/2029

b

34,039

Rithm

Capital

Corporation

40,000

8.000%, 

7/15/2030

b

40,721

RLJ

Lodging

Trust,

LP

32,000

4.000%, 

9/15/2029

b

29,864

Rocket

Companies,

Inc.

60,000

6.375%, 

8/1/2033

b

61,199

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

45,000

3.625%, 

3/1/2029

b

42,509

53,000

3.875%, 

3/1/2031

b

48,888

20,000

4.000%, 

10/15/2033

b

17,695

Ryan

Specialty,

LLC

18,000

4.375%, 

2/1/2030

b

17,271

83,000

5.875%, 

8/1/2032

b

83,229

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

Santander

Holdings

USA,

Inc.

$

67,000

6.499%, 

3/9/2029

c

$

69,755

147,000

5.473%, 

3/20/2029

c

149,386

58,000

6.174%, 

1/9/2030

c

60,427

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

c

350,486

Service

Properties

Trust

36,000

5.500%, 

12/15/2027

35,503

18,000

8.625%, 

11/15/2031

b

19,169

Simon

Property

Group,

LP

235,000

3.800%, 

7/15/2050

174,763

Sixth

Street

Lending

Partners

92,000

6.125%, 

7/15/2030

b

93,738

SLM

Corporation

29,000

6.500%, 

1/31/2030

30,124

Societe

Generale

SA

36,000

10.000%, 

11/14/2028

b,c,i

39,686

214,000

5.249%, 

5/22/2029

b,c

216,271

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

b,c

204,164

Starwood

Property

Trust,

Inc.

31,000

4.375%, 

1/15/2027

b

30,470

54,000

6.500%, 

10/15/2030

b

55,583

State

Street

Corporation

175,000

4.530%, 

2/20/2029

c

175,745

Stonex

Escrow

Issuer,

LLC

112,000

6.875%, 

7/15/2032

b

114,012

Sumitomo

Mitsui

Financial

Group,

Inc.

250,000

1.710%, 

1/12/2031

214,357

Synchrony

Financial

68,000

5.935%, 

8/2/2030

c

69,889

36,000

7.250%, 

2/2/2033

37,832

Synovus

Bank

250,000

5.625%, 

2/15/2028

253,546

Toronto-Dominion

Bank

60,000

5.146%, 

9/10/2034

c

60,320

Travelers

Companies,

Inc.

74,000

5.050%, 

7/24/2035

74,182

Truist

Financial

Corporation

133,000

6.047%, 

6/8/2027

c

134,387

97,000

5.125%, 

12/15/2027

c,i

95,333

170,000

5.122%, 

1/26/2034

c

170,057

85,000

5.711%, 

1/24/2035

c

87,951

U.S.

Bancorp

196,000

5.775%, 

6/12/2029

c

202,928

47,000

5.836%, 

6/12/2034

c

49,291

91,000

5.678%, 

1/23/2035

c

94,300

UBS

Group

AG

203,000

6.246%, 

9/22/2029

b,c

212,723

170,000

3.091%, 

5/14/2032

b,c

154,455

200,000

5.699%, 

2/8/2035

b,c

207,263

200,000

5.379%, 

9/6/2045

b,c

192,974

United

Wholesale

Mortgage,

LLC

95,000

5.500%, 

4/15/2029

b

92,923

UnitedHealth

Group,

Inc.

136,000

5.875%, 

2/15/2053

134,203

130,000

4.750%, 

5/15/2052

109,287

Vornado

Realty,

LP

26,000

3.400%, 

6/1/2031

22,799

Wells

Fargo

&

Company

290,000

4.900%, 

1/24/2028

c

291,512

204,000

3.526%, 

3/24/2028

c

200,768

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.0%

-

continued

$

128,000

5.707%, 

4/22/2028

c

$

130,496

300,000

2.393%, 

6/2/2028

c

288,837

128,000

5.574%, 

7/25/2029

c

131,800

112,000

5.389%, 

4/24/2034

c

114,594

307,000

4.900%, 

11/17/2045

270,710

XHR,

LP

38,000

4.875%, 

6/1/2029

b

36,677

18,000

6.625%, 

5/15/2030

b

18,295

Total

34,152,086

Foreign

Government  0.1%

Eagle

Funding

Luxco

SARL

250,000

5.500%, 

8/17/2030

b,g

251,125

NBN

Company,

Ltd.

225,000

2.625%, 

5/5/2031

b

202,453

Saudi

Arabian

Oil

Company

123,000

5.250%, 

7/17/2034

b

124,423

Teine

Energy,

Ltd.

65,000

6.875%, 

4/15/2029

b

63,919

Total

641,920

Mortgage-Backed

Securities  10.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

308,733

5.500%, 

12/1/2038

315,233

1,730,208

5.500%, 

2/1/2040

1,762,558

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,770,531

2.000%, 

1/1/2052

1,406,625

192,543

6.000%, 

1/1/2055

198,413

856,846

2.000%, 

5/1/2051

680,741

3,123,216

2.500%, 

5/1/2051

2,591,741

1,607,122

3.500%, 

5/1/2052

1,448,325

1,849,420

4.000%, 

5/1/2052

1,724,397

723,113

5.000%, 

7/1/2053

709,734

374,698

5.500%, 

7/1/2053

375,748

999,492

3.500%, 

8/1/2052

900,534

1,004,511

5.000%, 

8/1/2053

988,352

2,588,833

5.500%, 

9/1/2053

2,601,743

1,084,282

3.500%, 

9/1/2047

993,741

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

866,389

2.500%, 

7/1/2030

834,236

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

214,630

5.500%, 

9/1/2039

219,679

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,256,507

3.000%, 

12/1/2036

1,179,629

1,001,845

3.000%, 

8/1/2038

941,512

1,596,154

3.500%, 

5/1/2040

1,513,192

1,930,914

2.500%, 

4/1/2042

1,702,106

454,015

2.000%, 

5/1/2042

387,807

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,881,929

3.000%, 

1/1/2052

3,352,933

399,875

2.000%, 

2/1/2051

317,242

611,642

2.000%, 

2/1/2051

485,931

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Mortgage-Backed

Securities  10.0%

-

continued

$

2,488,616

2.500%, 

2/1/2051

$

2,042,517

2,170,815

2.500%, 

2/1/2051

1,804,746

1,851,141

5.500%, 

2/1/2055

1,856,513

6,662,844

2.000%, 

3/1/2051

5,240,100

2,883,260

4.000%, 

3/1/2051

2,702,099

387,187

2.000%, 

3/1/2052

307,123

4,266,120

3.000%, 

3/1/2052

3,661,233

2,151,626

3.000%, 

4/1/2051

1,846,576

2,081,007

3.000%, 

5/1/2050

1,787,546

751,802

2.000%, 

5/1/2051

594,349

1,966,829

3.000%, 

5/1/2051

1,725,406

576,052

3.500%, 

5/1/2052

518,139

4,264,745

2.000%, 

6/1/2050

3,370,015

1,605,763

3.000%, 

6/1/2050

1,411,940

738,682

4.000%, 

6/1/2052

683,256

482,765

5.000%, 

6/1/2053

474,573

3,577,408

2.500%, 

7/1/2051

2,979,344

1,019,481

3.500%, 

7/1/2051

921,672

389,848

3.000%, 

7/1/2052

339,144

2,052,137

4.000%, 

7/1/2052

1,898,169

801,911

2.500%, 

8/1/2050

670,090

2,167,259

3.500%, 

8/1/2050

1,966,326

2,576,619

3.500%, 

8/1/2052

2,310,031

3,300,658

4.500%, 

8/1/2052

3,138,996

1,338,949

5.000%, 

8/1/2053

1,316,228

2,863,586

6.000%, 

8/1/2054

2,957,900

675,000

2.500%, 

8/1/2055

g

552,978

620,758

2.500%, 

9/1/2051

515,451

1,684,252

3.500%, 

9/1/2052

1,519,534

739,763

3.500%, 

9/1/2052

667,485

1,075,639

5.000%, 

9/1/2052

1,055,014

1,027,034

4.500%, 

9/1/2053

982,540

1,486,605

4.500%, 

9/1/2053

1,416,454

2,294,575

4.000%, 

10/1/2052

2,131,534

736,120

2.000%, 

11/1/2051

584,807

979,610

3.500%, 

11/1/2052

886,728

2,983,295

2.000%, 

12/1/2050

2,358,499

4,276,831

2.500%, 

12/1/2051

3,547,357

1,910,250

4.500%, 

12/1/2052

1,826,858

2,775,000

5.500%, 

8/1/2042

g

2,760,308

1,272,241

3.500%, 

12/1/2047

1,169,172

4,725,000

4.500%, 

8/1/2048

g

4,481,633

4,150,000

5.000%, 

8/1/2048

g

4,038,770

2,220,000

3.000%, 

8/1/2049

g

1,899,547

600,000

3.500%, 

9/1/2049

g

535,187

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

4,275,323

2.500%, 

3/1/2062

3,352,181

1,043,258

3.500%, 

7/1/2061

915,432

1,167,343

4.000%, 

12/1/2061

1,069,038

PRPM,

LLC

366,096

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

b,d

366,741

Total

114,789,431

Technology  0.8%

Accenture

Capital,

Inc.

130,000

4.500%, 

10/4/2034

125,802

Adobe,

Inc.

186,000

5.300%, 

1/17/2035

193,616

Advanced

Micro

Devices,

Inc.

136,000

4.393%, 

6/1/2052

a

114,060

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Technology  0.8%

-

continued

Alphabet,

Inc.

$

95,000

5.250%, 

5/15/2055

$

93,214

Amentum

Holdings,

Inc.

85,000

7.250%, 

8/1/2032

b

87,930

Analog

Devices,

Inc.

350,000

2.950%, 

10/1/2051

225,685

Apple,

Inc.

183,000

2.650%, 

2/8/2051

112,946

144,000

3.750%, 

9/12/2047

113,000

Block,

Inc.

37,000

3.500%, 

6/1/2031

33,909

154,000

6.500%, 

5/15/2032

158,033

Boost

Newco

Borrower,

LLC

103,000

7.500%, 

1/15/2031

b

108,903

Broadcom,

Inc.

186,000

4.900%, 

7/15/2032

186,573

86,000

3.469%, 

4/15/2034

b

76,435

272,000

3.137%, 

11/15/2035

b

228,309

200,000

3.187%, 

11/15/2036

b

165,048

125,000

4.926%, 

5/15/2037

b

120,796

CACI

International,

Inc.

27,000

6.375%, 

6/15/2033

b

27,609

Central

Parent,

Inc./CDK

Global,

Inc.

62,000

7.250%, 

6/15/2029

b

50,944

Cisco

Systems,

Inc.

67,000

5.300%, 

2/26/2054

64,557

Clarivate

Science

Holdings

Corporation

38,000

3.875%, 

7/1/2028

b

36,323

Cloud

Software

Group,

Inc.

242,000

6.500%, 

3/31/2029

b

244,392

CommScope

Technologies,

LLC

40,000

5.000%, 

3/15/2027

b

39,170

CommScope,

LLC

37,000

4.750%, 

9/1/2029

b

35,929

37,000

9.500%, 

12/15/2031

a,b

38,963

Consensus

Cloud

Solutions,

Inc.

18,000

6.000%, 

10/15/2026

b

17,866

CoreWeave,

Inc.

60,000

9.250%, 

6/1/2030

b

60,303

63,000

9.000%, 

2/1/2031

b

62,731

Dell

International,

LLC/EMC

Corporation

137,000

4.750%, 

4/1/2028

138,094

Dell,

Inc.

123,000

6.500%, 

4/15/2038

131,382

Diebold

Nixdorf,

Inc.

91,000

7.750%, 

3/31/2030

b

96,550

Fair

Isaac

Corporation

70,000

6.000%, 

5/15/2033

b

70,329

Fiserv,

Inc.

139,000

2.650%, 

6/1/2030

126,731

134,000

5.350%, 

3/15/2031

137,786

119,000

5.600%, 

3/2/2033

122,316

135,000

5.150%, 

8/12/2034

134,113

Gen

Digital,

Inc.

43,000

7.125%, 

9/30/2030

b

44,439

19,000

6.250%, 

4/1/2033

b

19,370

Global

Payments,

Inc.

204,000

5.300%, 

8/15/2029

206,824

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Technology  0.8%

-

continued

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

$

39,000

4.625%, 

5/1/2028

a,b

$

36,868

Hewlett

Packard

Enterprise

Company

178,000

4.400%, 

9/25/2027

177,939

108,000

4.850%, 

10/15/2031

107,599

II-VI,

Inc.

33,000

5.000%, 

12/15/2029

b

32,297

Intel

Corporation

233,000

4.900%, 

7/29/2045

193,529

ION

Trading

Technologies

SARL

63,000

9.500%, 

5/30/2029

b

65,283

Iron

Mountain,

Inc.

125,000

4.875%, 

9/15/2027

b

124,051

10,000

4.875%, 

9/15/2029

b

9,778

80,000

5.250%, 

7/15/2030

b

78,619

208,000

4.500%, 

2/15/2031

b

196,708

Kioxia

Holdings

Corporation

145,000

6.625%, 

7/24/2033

b

143,481

KLA

Corporation

204,000

3.300%, 

3/1/2050

141,256

Marvell

Technology,

Inc.

34,000

5.950%, 

9/15/2033

35,864

Mastercard,

Inc.

140,000

3.950%, 

2/26/2048

111,394

Microchip

Technology,

Inc.

29,000

5.050%, 

3/15/2029

29,328

Micron

Technology,

Inc.

73,000

5.650%, 

11/1/2032

75,461

NCR

Atleos

Corporation

29,000

9.500%, 

4/1/2029

b

31,417

NCR

Voyix

Corporation

52,000

5.000%, 

10/1/2028

b

51,150

31,000

5.125%, 

4/15/2029

b

30,381

Neptune

Bidco

US,

Inc.

81,000

9.290%, 

4/15/2029

b

78,390

NXP

BV/NXP

Funding,

LLC

110,000

5.550%, 

12/1/2028

113,284

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

80,000

4.300%, 

6/18/2029

79,179

180,000

3.250%, 

5/11/2041

131,998

Open

Text

Corporation

71,000

3.875%, 

12/1/2029

b

66,459

Open

Text

Holdings,

Inc.

147,000

4.125%, 

2/15/2030

b

137,784

Oracle

Corporation

136,000

6.900%, 

11/9/2052

149,184

118,000

5.250%, 

2/3/2032

120,491

58,000

4.700%, 

9/27/2034

55,727

225,000

3.850%, 

7/15/2036

196,131

408,000

4.000%, 

7/15/2046

311,622

Paychex,

Inc.

47,000

5.600%, 

4/15/2035

48,300

PayPal

Holdings,

Inc.

112,000

5.500%, 

6/1/2054

108,906

Pitney

Bowes,

Inc.

18,000

6.875%, 

3/15/2027

b

17,971

Qualcomm,

Inc.

219,000

4.750%, 

5/20/2032

220,960

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Technology  0.8%

-

continued

RingCentral,

Inc.

$

97,000

8.500%, 

8/15/2030

b

$

103,060

Rocket

Software,

Inc.

43,000

9.000%, 

11/28/2028

b

44,374

Roper

Technologies,

Inc.

165,000

1.750%, 

2/15/2031

141,138

Sabre

GLBL,

Inc.

10,000

8.625%, 

6/1/2027

b

10,159

40,000

11.125%, 

7/15/2030

b

42,170

Seagate

Data

Storage

Technology,

Private

Ltd.

69,925

9.625%, 

12/1/2032

b

78,751

26,000

5.750%, 

12/1/2034

b

24,448

Sensata

Technologies

BV

97,000

4.000%, 

4/15/2029

b

92,192

Sensata

Technologies,

Inc.

37,000

4.375%, 

2/15/2030

b

35,405

20,000

3.750%, 

2/15/2031

b

18,248

22,000

6.625%, 

7/15/2032

b

22,479

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

91,000

6.750%, 

8/15/2032

b

94,003

SS&C

Technologies,

Inc.

66,000

5.500%, 

9/30/2027

b

66,014

18,000

6.500%, 

6/1/2032

b

18,508

Synopsys,

Inc.

117,000

5.700%, 

4/1/2055

115,372

UKG,

Inc.

37,000

6.875%, 

2/1/2031

b

37,987

Verisk

Analytics,

Inc.

70,000

5.250%, 

3/15/2035

70,030

Viavi

Solutions,

Inc.

60,000

3.750%, 

10/1/2029

b

55,488

Xerox

Corporation

55,000

10.250%, 

10/15/2030

b

56,549

Xerox

Holdings

Corporation

7,000

5.000%, 

8/15/2025

b

6,980

29,000

5.500%, 

8/15/2028

b

19,181

Total

8,712,305

Transportation  0.2%

Air

Canada

36,000

3.875%, 

8/15/2026

b

35,614

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

53,750

5.500%, 

4/20/2026

b

53,701

99,575

5.750%, 

4/20/2029

b

99,540

Avianca

Midco

2

plc

50,000

9.625%, 

2/14/2030

b

46,500

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

44,000

5.375%, 

3/1/2029

a,b

42,126

Burlington

Northern

Santa

Fe,

LLC

168,000

2.875%, 

6/15/2052

104,200

136,000

4.450%, 

3/15/2043

118,916

Canadian

Pacific

Railway

Company

136,000

4.700%, 

5/1/2048

119,374

DCLI

Bidco,

LLC

85,000

7.750%, 

11/15/2029

b

86,762

Delta

Air

Lines,

Inc.

145,000

5.250%, 

7/10/2030

146,366

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Transportation  0.2%

-

continued

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

$

285,000

4.750%, 

10/20/2028

b

$

285,175

ERAC

USA

Finance,

LLC

136,000

5.400%, 

5/1/2053

b

130,629

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

47,000

9.875%, 

9/20/2031

b

45,442

Norfolk

Southern

Corporation

139,000

5.100%, 

5/1/2035

139,592

OneSky

Flight,

LLC

89,000

8.875%, 

12/15/2029

b

93,766

Rand

Parent,

LLC

91,000

8.500%, 

2/15/2030

a,b

91,503

RXO,

Inc.

35,000

7.500%, 

11/15/2027

b

35,578

Ryder

System,

Inc.

111,000

4.850%, 

6/15/2030

111,712

Star

Leasing

Company,

LLC

36,000

7.625%, 

2/15/2030

b

35,509

Stena

International

SA

57,000

7.250%, 

1/15/2031

b

57,922

Stonepeak

Nile

Parent,

LLC

28,000

7.250%, 

3/15/2032

b

29,410

Union

Pacific

Corporation

272,000

2.973%, 

9/16/2062

157,052

United

Airlines,

Inc.

189,000

4.625%, 

4/15/2029

b

184,561

United

Parcel

Service,

Inc.

78,000

4.650%, 

10/15/2030

78,633

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

b

20,068

42,000

6.375%, 

2/1/2030

a,b

39,676

Total

2,389,327

U.S.

Government

&

Agencies  11.0%

U.S.

Treasury

Bonds

792,000

3.625%, 

5/15/2053

636,601

4,000,000

1.625%, 

11/15/2050

2,077,031

2,300,000

4.750%, 

11/15/2053

2,245,285

2,190,000

5.250%, 

11/15/2028

2,279,482

550,000

4.375%, 

5/15/2040

532,383

7,335,000

1.375%, 

11/15/2040

4,646,551

2,000,000

3.000%, 

5/15/2042

1,580,156

4,999,000

2.500%, 

5/15/2046

3,412,794

7,300,000

2.875%, 

5/15/2049

5,170,168

U.S.

Treasury

Notes

2,500,000

4.250%, 

12/31/2025

2,499,014

7,440,000

2.625%, 

1/31/2026

7,377,283

3,610,000

0.500%, 

2/28/2026

3,531,059

9,300,000

2.500%, 

2/28/2026

9,203,113

20,100,000

4.625%, 

2/28/2026

20,131,877

6,000,000

4.375%, 

7/31/2026

6,010,687

4,000,000

3.500%, 

9/30/2026

3,970,938

4,200,000

0.500%, 

4/30/2027

3,955,711

8,200,000

3.875%, 

5/31/2027

8,185,906

2,285,000

2.250%, 

11/15/2027

2,202,258

4,700,000

3.875%, 

12/31/2027

4,696,879

1,700,000

0.750%, 

1/31/2028

1,573,496

3,400,000

3.500%, 

1/31/2028

3,367,992

3,200,000

3.625%, 

3/31/2028

3,178,875

5,450,000

2.875%, 

5/15/2028

5,304,809

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

U.S.

Government

&

Agencies  11.0%

-

continued

$

1,800,000

3.750%, 

12/31/2028

$

1,791,211

4,100,000

3.500%, 

9/30/2029

4,033,055

5,095,000

1.375%, 

11/15/2031

4,332,541

5,025,000

4.125%, 

11/15/2032

5,013,812

3,300,000

4.500%, 

11/15/2033

3,358,523

Total

126,299,490

Utilities  0.7%

AES

Corporation

57,000

7.600%, 

1/15/2055

c

57,572

271,000

3.950%, 

7/15/2030

b

257,979

Algonquin

Power

&

Utilities

Corporation

157,000

4.750%, 

1/18/2082

c

152,406

Alpha

Generation,

LLC

32,000

6.750%, 

10/15/2032

b

32,746

American

Water

Capital

Corporation

133,000

5.450%, 

3/1/2054

128,163

Berkshire

Hathaway

Energy

Company

228,000

4.500%, 

2/1/2045

196,829

Calpine

Corporation

75,000

4.500%, 

2/15/2028

b

74,185

Capital

Power

US

Holdings,

Inc.

154,000

5.257%, 

6/1/2028

b

155,628

Commonwealth

Edison

Company

205,000

3.700%, 

3/1/2045

157,833

Consolidated

Edison

Company

of

New

York,

Inc.

69,000

4.500%, 

12/1/2045

58,995

325,000

4.125%, 

5/15/2049

255,822

Constellation

Energy

Generation,

LLC

68,000

6.125%, 

1/15/2034

73,140

Consumers

Energy

Company

175,000

4.350%, 

4/15/2049

146,189

Dominion

Energy,

Inc.

17,000

6.875%, 

2/1/2055

c

17,790

17,000

7.000%, 

6/1/2054

c

18,136

DTE

Electric

Company

115,000

3.700%, 

3/15/2045

88,856

Duke

Energy

Carolinas,

LLC

215,000

3.700%, 

12/1/2047

160,138

Duke

Energy

Corporation

24,000

6.450%, 

9/1/2054

c

24,711

194,000

5.450%, 

6/15/2034

a

198,864

Duke

Energy

Indiana,

LLC

185,000

3.750%, 

5/15/2046

139,217

Enel

Finance

International

NV

200,000

5.125%, 

6/26/2029

b

203,108

Entergy

Louisiana,

LLC

36,000

5.800%, 

3/15/2055

35,905

Eversource

Energy

169,000

4.750%, 

5/15/2026

169,031

Exelon

Corporation

200,000

4.700%, 

4/15/2050

167,447

263,000

4.450%, 

4/15/2046

217,360

FirstEnergy

Corporation

170,000

4.850%, 

7/15/2047

144,394

Georgia

Power

Company

116,000

4.950%, 

5/17/2033

116,529

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Utilities  0.7%

-

continued

$

67,000

5.250%, 

3/15/2034

$

68,119

ITC

Holdings

Corporation

80,000

5.300%, 

7/1/2043

73,576

Jersey

Central

Power

&

Light

Company

150,000

2.750%, 

3/1/2032

b

131,520

Lightning

Power,

LLC

74,000

7.250%, 

8/15/2032

b

77,365

Long

Ridge

Energy,

LLC

55,000

8.750%, 

2/15/2032

a,b

57,036

MidAmerican

Energy

Company

154,000

5.850%, 

9/15/2054

157,223

National

Rural

Utilities

Cooperative

Finance

Corporation

84,000

3.700%, 

3/15/2029

82,073

NextEra

Energy

Capital

Holdings,

Inc.

131,000

5.900%, 

3/15/2055

130,595

203,000

4.685%, 

9/1/2027

203,996

69,000

5.300%, 

3/15/2032

70,821

NiSource,

Inc.

17,000

6.375%, 

3/31/2055

c

17,217

255,000

5.650%, 

2/1/2045

246,781

NRG

Energy,

Inc.

29,000

3.375%, 

2/15/2029

b

27,224

40,000

5.250%, 

6/15/2029

b

39,556

29,000

6.000%, 

2/1/2033

b

29,079

70,000

6.250%, 

11/1/2034

b

70,928

Pacific

Gas

and

Electric

Company

175,000

3.300%, 

12/1/2027

169,019

135,000

5.550%, 

5/15/2029

137,602

126,000

4.550%, 

7/1/2030

123,558

66,000

5.800%, 

5/15/2034

66,977

PG&E

Corporation

30,000

5.000%, 

7/1/2028

29,270

PPL

Capital

Funding,

Inc.

126,000

5.250%, 

9/1/2034

127,071

PPL

Electric

Utilities

Corporation

132,000

3.950%, 

6/1/2047

104,130

Public

Service

Company

of

Colorado

171,000

4.500%, 

6/1/2052

138,725

Public

Service

Enterprise

Group,

Inc.

192,000

4.900%, 

3/15/2030

194,528

San

Diego

Gas

&

Electric

Company

270,000

4.150%, 

5/15/2048

211,337

Southern

California

Edison

Company

52,000

5.450%, 

3/1/2035

51,796

Southern

Company

272,000

5.113%, 

8/1/2027

275,661

189,000

4.850%, 

3/15/2035

183,998

Southern

Company

Gas

Capital

Corporation

145,000

4.400%, 

5/30/2047

118,648

Southwestern

Electric

Power

Company

136,000

3.900%, 

4/1/2045

102,241

Talen

Energy

Supply,

LLC

66,000

8.625%, 

6/1/2030

b

70,136

TerraForm

Power

Operating,

LLC

179,000

5.000%, 

1/31/2028

b

176,590

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Utilities  0.7%

-

continued

Virginia

Electric

and

Power

Company

$

48,000

5.350%, 

1/15/2054

$

45,050

125,000

4.600%, 

12/1/2048

104,615

Vistra

Corporation

35,000

8.000%, 

10/15/2026

b,c,i

35,725

87,000

7.000%, 

12/15/2026

b,c,i

87,849

Vistra

Operations

Company,

LLC

77,000

5.000%, 

7/31/2027

b

76,587

Xcel

Energy,

Inc.

102,000

4.600%, 

6/1/2032

99,577

50,000

5.600%, 

4/15/2035

50,927

XPLR

Infrastructure

Operating

Partners,

LP

119,000

3.875%, 

10/15/2026

b

116,145

Total

7,829,844

Total

Long-Term

Fixed

Income

(cost

$409,766,476)

388,863,616

Shares

Common

Stock

11.9%

Value

Communications

Services  1.0%

6,134

Alphabet,

Inc.,

Class

A

1,177,115

12,877

Alphabet,

Inc.,

Class

C

2,483,458

344

AMC

Networks,

Inc.

k

2,061

141

Angi,

Inc.

k

2,287

15,936

AT&T,

Inc.

436,806

276

Bandwidth,

Inc.

k

3,839

3,756

CarGurus,

Inc.

k

123,272

1,140

Cogent

Communications

Holdings

51,973

7,622

Comcast

Corporation

253,279

1,807

E.W.

Scripps

Company

k

5,403

99

Electronic

Arts,

Inc.

15,096

226

Fox

Corporation,

Class

A

12,602

137

Fox

Corporation,

Class

B

7,006

195

Iridium

Communications,

Inc.

4,770

130

John

Wiley

and

Sons,

Inc.

5,018

801

Liberty

Global,

Ltd.,

Class

A

k

8,026

437

Liberty

Latin

America,

Ltd.,

Class

A

k

3,081

91

Liberty

Media

Corporation-Liberty

Formula

One

Group

k

9,132

54

Liberty

Media

Corporation-Liberty

Live

Group

k

4,548

528

Magnite,

Inc.

k

12,149

219

Match

Group,

Inc.

7,505

5,469

Meta

Platforms,

Inc.

4,229,943

865

Netflix,

Inc.

k

1,002,881

861

New

York

Times

Company

44,677

1,030

News

Corporation,

Class

A

30,200

17

Nexstar

Media

Group,

Inc.

3,181

3,664

Pinterest,

Inc.

k

141,430

12

Reddit,

Inc.

k

1,927

427

Sirius

XM

Holdings,

Inc.

a

9,018

332

Spotify

Technology

SA

k

208,011

104

TechTarget,

Inc.

k

753

144

Telephone

and

Data

Systems,

Inc.

5,622

53

TKO

Group

Holdings,

Inc.

8,904

926

T-Mobile

US,

Inc.

220,768

824

Trade

Desk,

Inc.

k

71,655

7,066

Verizon

Communications,

Inc.

302,142

4,142

Walt

Disney

Company

493,354

8,886

Warner

Brothers

Discovery,

Inc.

k

117,029

Shares

Common

Stock  11.9%

Value

Communications

Services  1.0%

-

continued

1,878

Warner

Music

Group

Corporation

$

54,950

Total

11,574,871

Consumer

Discretionary  1.1%

345

Adient

plc

k

7,397

1,781

ADT,

Inc.

14,871

1,296

Advance

Auto

Parts,

Inc.

68,779

20,871

Amazon.com,

Inc.

k

4,886,110

982

American

Axle

&

Manufacturing

Holdings,

Inc.

k

4,370

361

American

Eagle

Outfitters,

Inc.

3,899

1,233

Aptiv

plc

k

84,633

97

Aramark

4,128

78

Autoliv,

Inc.

8,701

28

AutoZone,

Inc.

k

105,515

731

Bath

&

Body

Works,

Inc.

21,170

57

Booking

Holdings,

Inc.

313,731

624

Boot

Barn

Holdings,

Inc.

k

107,266

1,268

BorgWarner,

Inc.

46,662

39

Bright

Horizons

Family

Solutions,

Inc.

k

4,411

21

Brinker

International,

Inc.

k

3,310

138

Buckle,

Inc.

6,813

1,413

Build-A-Bear

Workshop,

Inc.

71,653

102

CarMax,

Inc.

k

5,774

113

Carnival

Corporation

k

3,364

10

Carvana

Company

k

3,902

5

Cavco

Industries,

Inc.

k

2,018

1,643

Champion

Homes,

Inc.

k

100,059

373

Chewy,

Inc.

k

13,689

503

Columbia

Sportswear

Company

28,455

288

Coursera,

Inc.

k

3,640

710

Crocs,

Inc.

k

70,808

959

D.R.

Horton,

Inc.

136,984

621

Dana,

Inc.

9,886

39

Darden

Restaurants,

Inc.

7,865

567

Deckers

Outdoor

Corporation

k

60,198

28

Domino's

Pizza,

Inc.

12,970

1,839

DoorDash,

Inc.

k

460,210

53

Dorman

Products,

Inc.

k

6,393

8

Dutch

Bros,

Inc.

k

474

342

eBay,

Inc.

31,378

267

Etsy,

Inc.

k

15,558

991

Expedia

Group,

Inc.

178,598

106

Five

Below,

Inc.

k

14,471

2,518

Ford

Motor

Company

27,874

261

Fox

Factory

Holding

Corporation

k

7,927

99

Frontdoor,

Inc.

k

5,791

619

Gap,

Inc.

12,046

709

Garmin,

Ltd.

155,101

279

Garrett

Motion,

Inc.

3,638

42

General

Motors

Company

2,240

1,019

Gentex

Corporation

26,922

221

GigaCloud

Technology,

Inc.

a,k

4,922

298

Goodyear

Tire

&

Rubber

Company

k

3,063

254

Grand

Canyon

Education,

Inc.

k

42,832

101

Group

1

Automotive,

Inc.

41,627

524

Hasbro,

Inc.

39,384

2,819

Hilton

Worldwide

Holdings,

Inc.

755,718

1,259

Home

Depot,

Inc.

462,695

383

Installed

Building

Products,

Inc.

77,477

413

Kohl's

Corporation

a

4,477

2,333

Laureate

Education,

Inc.

k

52,726

1,503

La-Z-Boy,

Inc.

54,063

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Shares

Common

Stock  11.9%

Value

Consumer

Discretionary  1.1%

-

continued

52

Lear

Corporation

$

4,903

24

Lithia

Motors,

Inc.

6,912

221

LKQ

Corporation

6,513

549

Lowe's

Companies,

Inc.

122,740

988

Mattel,

Inc.

k

16,806

617

McDonald's

Corporation

185,143

1,080

Modine

Manufacturing

Company

k

145,325

139

Mohawk

Industries,

Inc.

k

15,917

76

Murphy

USA,

Inc.

27,548

207

National

Vision

Holdings,

Inc.

k

5,022

18

NVR,

Inc.

k

135,891

5,395

O'Reilly

Automotive,

Inc.

k

530,436

36

Planet

Fitness,

Inc.

k

3,931

221

Pool

Corporation

68,099

46

PulteGroup,

Inc.

5,194

120

Ralph

Lauren

Corporation

35,850

1,125

Ross

Stores,

Inc.

153,607

37

Royal

Caribbean

Cruises,

Ltd.

11,761

160

Service

Corporation

International/

US

12,210

1,569

SharkNinja,

Inc.

k

182,161

1,399

Six

Flags

Entertainment

Corporation

k

41,914

4,155

Sony

Group

Corporation

ADR

101,050

508

Stoneridge,

Inc.

k

3,912

62

Strategic

Education,

Inc.

4,597

265

Tapestry,

Inc.

28,628

32

Taylor

Morrison

Home

Corporation

k

1,897

5,354

Tesla,

Inc.

k

1,650,478

22

Texas

Roadhouse,

Inc.

4,073

69

Toll

Brothers,

Inc.

8,167

5

TopBuild

Corporation

k

1,852

208

Travel

+

Leisure

Company

12,324

38

Ulta

Beauty,

Inc.

k

19,570

26

Urban

Outfitters,

Inc.

k

1,957

138

Valvoline,

Inc.

k

4,864

422

VF

Corporation

4,946

745

Viking

Holdings,

Ltd.

k

43,746

72

Visteon

Corporation

k

8,003

117

Wayfair,

Inc.

k

7,680

349

Wingstop,

Inc.

131,692

7

Winmark

Corporation

2,642

2,323

Wyndham

Hotels

&

Resorts,

Inc.

199,778

694

Wynn

Resorts,

Ltd.

75,667

136

Yum!

Brands,

Inc.

19,604

Total

12,765,646

Consumer

Staples  0.3%

445

Albertsons

Companies,

Inc.

8,553

1,055

Altria

Group,

Inc.

65,347

127

Archer-Daniels-Midland

Company

6,881

78

BellRing

Brands,

Inc.

k

4,257

1,108

BJ's

Wholesale

Club

Holdings,

Inc.

k

117,337

38

Bunge

Global

SA

3,031

360

Casey's

General

Stores,

Inc.

187,247

165

Central

Garden

&

Pet

Company,

Class

A

k

5,861

904

Church

&

Dwight

Company,

Inc.

84,768

2,941

Colgate-Palmolive

Company

246,603

1,185

Conagra

Brands,

Inc.

21,638

206

Costco

Wholesale

Corporation

193,566

10,779

Coty,

Inc.

k

52,278

180

Darling

Ingredients,

Inc.

k

5,828

303

Dole

plc

4,315

Shares

Common

Stock  11.9%

Value

Consumer

Staples  0.3%

-

continued

73

Ingredion,

Inc.

$

9,602

879

J

&

J

Snack

Foods

Corporation

99,230

1,084

John

B.

Sanfilippo

&

Son,

Inc.

68,628

6,573

Kenvue,

Inc.

140,925

2,366

Keurig

Dr

Pepper,

Inc.

77,250

145

Kimberly-Clark

Corporation

18,070

50

Kraft

Heinz

Company

1,373

157

Kroger

Company

11,006

1,186

Maplebear,

Inc.

k

56,892

360

Marzetti

Company

63,994

156

McCormick

&

Company,

Inc.

11,018

604

Mondelez

International,

Inc.

39,073

1,436

Monster

Beverage

Corporation

k

84,365

2,148

Philip

Morris

International,

Inc.

352,379

67

Primo

Brands

Corporation

1,850

3,863

Procter

&

Gamble

Company

581,266

14

Sprouts

Farmers

Markets,

Inc.

k

2,121

2,315

Sysco

Corporation

184,274

722

Turning

Point

Brands,

Inc.

59,883

142

Tyson

Foods,

Inc.

7,427

2,388

Unilever

plc

ADR

139,531

157

US

Foods

Holding

Corporation

k

13,083

1,121

Vita

Coco

Company,

Inc.

k

39,526

4,809

Walmart,

Inc.

471,186

Total

3,541,462

Energy  0.3%

6,728

Antero

Midstream

Corporation

123,459

417

Antero

Resources

Corporation

k

14,566

292

APA

Corporation

5,633

227

Archrock,

Inc.

5,303

4,846

Baker

Hughes

Company

218,312

907

Berry

Corporation

2,739

66

Cactus,

Inc.

2,792

1,381

Cheniere

Energy,

Inc.

325,750

100

Chevron

Corporation

15,164

71

Chord

Energy

Corporation

7,833

464

Civitas

Resources,

Inc.

14,087

2,835

ConocoPhillips

270,289

315

Crescent

Energy

Company

2,911

5,041

Devon

Energy

Corporation

167,462

416

DHT

Holdings,

Inc.

4,613

181

DT

Midstream,

Inc.

18,594

4,917

Enterprise

Products

Partners,

LP

152,378

2,487

EOG

Resources,

Inc.

298,490

203

EQT

Corporation

10,911

1,516

Expand

Energy

Corporation

158,846

4,970

Exxon

Mobil

Corporation

554,851

150

Gulfport

Energy

Corporation

k

26,120

3,239

Halliburton

Company

72,554

3,285

Hess

Midstream,

LP

142,996

169

HF

Sinclair

Corporation

7,426

102

Kimbell

Royalty

Partners,

LP

1,517

6,953

Kinder

Morgan,

Inc.

195,101

157

Kodiak

Gas

Services,

Inc.

5,076

1,978

Kosmos

Energy,

Ltd.

k

4,253

598

Marathon

Petroleum

Corporation

101,774

1,044

Matador

Resources

Company

52,075

128

Noble

Corporation

plc

3,432

105

Occidental

Petroleum

Corporation

4,614

238

Oceaneering

International,

Inc.

k

5,165

254

Oil

States

International,

Inc.

k

1,267

289

ONEOK,

Inc.

23,730

674

Ovintiv,

Inc.

27,755

159

Par

Pacific

Holdings,

Inc.

k

4,989

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Shares

Common

Stock  11.9%

Value

Energy  0.3%

-

continued

683

Permian

Resources

Corporation

$

9,671

72

Phillips

66

8,898

207

Range

Resources

Corporation

7,601

37

Ranger

Energy

Services,

Inc.

495

915

Shell

plc

ADR

66,072

123

SM

Energy

Company

3,394

218

Talos

Energy,

Inc.

k

1,864

15

Targa

Resources

Corporation

2,496

5,431

TechnipFMC

plc

197,525

34

Valero

Energy

Corporation

4,669

434

Vital

Energy,

Inc.

k

8,111

11

Weatherford

International

plc

622

5,735

Williams

Companies,

Inc.

343,813

Total

3,710,058

Financials  1.8%

28

1st

Source

Corporation

1,675

572

Affiliated

Managers

Group,

Inc.

120,046

173

Affirm

Holdings,

Inc.

k

11,861

79

Aflac,

Inc.

7,849

1,623

AGNC

Investment

Corporation

15,305

1,200

Allstate

Corporation

243,900

4,102

Ally

Financial,

Inc.

155,261

2,789

Amalgamated

Financial

Corporation

80,853

930

American

Express

Company

278,358

1,269

American

International

Group,

Inc.

98,512

400

Ameriprise

Financial,

Inc.

207,276

123

Ameris

Bancorp

8,407

53

AMERISAFE,

Inc.

2,373

815

Annaly

Capital

Management,

Inc.

16,569

1,508

Arch

Capital

Group,

Ltd.

129,778

523

Ares

Management

Corporation

97,032

289

Arthur

J.

Gallagher

&

Company

83,015

250

Artisan

Partners

Asset

Management,

Inc.

11,312

4,001

Associated

Banc-Corp

98,985

69

Assurant,

Inc.

12,924

77

Atlantic

Union

Bankshares

Corporation

2,441

95

Axis

Capital

Holdings,

Ltd.

8,915

13,602

Bank

of

America

Corporation

642,967

5

Bank

of

Hawaii

Corporation

309

155

Bank

of

Marin

Bancorp

3,511

1,329

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

60,483

1,589

Bank

of

New

York

Mellon

Corporation

161,204

80

Bank

OZK

3,944

109

BankFinancial

Corporation

1,212

224

BankUnited,

Inc.

8,169

141

Bar

Harbor

Bankshares

4,095

142

BCB

Bancorp,

Inc.

1,187

1,701

Berkshire

Hathaway,

Inc.

k

802,668

3,648

Berkshire

Hills

Bancorp,

Inc.

89,887

165

BlackRock,

Inc.

182,492

107

Blackstone

Mortgage

Trust,

Inc.

1,977

149

Block,

Inc.

k

11,512

1,119

Blue

Owl

Capital,

Inc.

21,653

2,668

Bridgewater

Bancshares,

Inc.

k

41,514

424

Brookline

Bancorp,

Inc.

4,376

272

Brown

&

Brown,

Inc.

24,853

160

Burke

&

Herbert

Financial

Services

Corporation

9,278

192

Business

First

Bancshares,

Inc.

4,560

1,252

Byline

Bancorp,

Inc.

32,928

Shares

Common

Stock  11.9%

Value

Financials  1.8%

-

continued

16

C&F

Financial

Corporation

$

1,022

157

Cadence

Bank

5,471

383

California

BanCorp

k

5,741

16

Camden

National

Corporation

603

61

Capital

City

Bank

Group,

Inc.

2,415

1,924

Capital

One

Financial

Corporation

413,660

830

Capitol

Federal

Financial,

Inc.

4,997

150

Carlyle

Group,

Inc.

9,099

21

Cathay

General

Bancorp

950

130

Cboe

Global

Markets,

Inc.

31,335

636

Central

Pacific

Financial

Corporation

16,956

10,596

Charles

Schwab

Corporation

1,035,547

310

Chimera

Investment

Corporation

4,145

22

ChoiceOne

Financial

Services,

Inc.

647

544

Chubb,

Ltd.

144,726

110

Cincinnati

Financial

Corporation

16,226

1,676

Citigroup,

Inc.

157,041

113

Citizens

Financial

Group,

Inc.

5,392

561

CME

Group,

Inc.

156,115

161

CNB

Financial

Corporation

3,695

260

CNO

Financial

Group,

Inc.

9,578

106

Coinbase

Global,

Inc.

k

40,043

106

Colony

Bankcorp,

Inc.

1,737

475

Columbia

Banking

System,

Inc.

11,305

143

Comerica,

Inc.

9,663

127

Commerce

Bancshares,

Inc.

7,772

11

Community

Financial

System,

Inc.

580

1,121

Community

Trust

Bancorp,

Inc.

60,512

58

Community

West

Bancshares

1,116

126

ConnectOne

Bancorp,

Inc.

2,902

61

Cullen/Frost

Bankers,

Inc.

7,772

17

CVB

Financial

Corporation

318

14

Diamond

Hill

Investment

Group,

Inc.

1,898

1,338

Donnelley

Financial

Solutions,

Inc.

k

70,860

270

Dynex

Capital,

Inc.

3,359

213

Eagle

Bancorp,

Inc.

3,427

182

East

West

Bancorp,

Inc.

18,245

96

Eastern

Bankshares,

Inc.

1,483

176

Enact

Holdings,

Inc.

6,118

90

Enova

International,

Inc.

k

9,410

629

Enterprise

Financial

Services

Corporation

34,715

230

Equitable

Holdings,

Inc.

11,810

111

Equity

Bancshares,

Inc.

4,171

237

Essent

Group,

Ltd.

13,270

6

Euronet

Worldwide,

Inc.

k

583

21

Evercore,

Inc.

6,324

270

F.N.B.

Corporation

4,136

387

FactSet

Research

Systems,

Inc.

155,922

152

Farmers

National

Banc

Corporation

2,058

403

Federal

Agricultural

Mortgage

Corporation

69,425

455

Federated

Hermes,

Inc.

22,554

449

Fidelity

National

Information

Services,

Inc.

35,655

219

Fifth

Third

Bancorp

9,104

992

Financial

Institutions,

Inc.

25,286

249

First

American

Financial

Corporation

14,952

423

First

Bancorp/Puerto

Rico

8,811

57

First

Citizens

BancShares,

Inc./NC

113,701

454

First

Financial

Bancorp

11,005

74

First

Financial

Bankshares,

Inc.

2,562

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Shares

Common

Stock  11.9%

Value

Financials  1.8%

-

continued

295

First

Financial

Corporation

$

15,797

40

First

Hawaiian,

Inc.

970

588

First

Horizon

Corporation

12,824

155

First

Internet

Bancorp

3,399

3

First

Interstate

BancSystem,

Inc.

86

185

First

Merchants

Corporation

7,052

341

First

Mid-Illinois

Bancshares,

Inc.

12,948

61

FirstCash

Holdings,

Inc.

8,131

1,402

Fiserv,

Inc.

k

194,794

131

Flagstar

Financial,

Inc.

1,479

300

Flushing

Financial

Corporation

3,597

80

Flywire

Corporation

k

871

133

Franklin

Resources,

Inc.

3,192

5,179

Fulton

Financial

Corporation

92,963

371

Genworth

Financial,

Inc.

k

2,916

2,573

Glacier

Bancorp,

Inc.

112,775

26

Global

Life,

Inc.

3,652

64

Global

Payments,

Inc.

5,117

1,021

Great

Southern

Bancorp,

Inc.

58,136

8

Hamilton

Lane,

Inc.

1,218

58

Hancock

Whitney

Corporation

3,464

51

Hanover

Insurance

Group,

Inc.

8,753

255

HarborOne

Bancorp,

Inc.

3,017

208

Hartford

Insurance

Group,

Inc.

25,873

29

HBT

Financial,

Inc.

721

145

Home

BancShares,

Inc.

4,083

940

Hometrust

Bancshares,

Inc.

36,528

610

Horizon

Bancorp,

Inc.

9,449

1,105

Houlihan

Lokey,

Inc.

210,679

452

Huntington

Bancshares,

Inc./OH

7,426

5

Independent

Bank

Corporation/MA

318

417

Independent

Bank

Corporation/MI

12,739

6,425

Intercontinental

Exchange,

Inc.

1,187,533

597

Invesco,

Ltd.

12,543

33

Investar

Holding

Corporation

716

719

Jack

Henry

&

Associates,

Inc.

122,097

78

Jackson

Financial,

Inc.

6,830

4,152

Janus

Henderson

Group

plc

179,782

67

Jefferies

Financial

Group,

Inc.

3,863

5,382

JPMorgan

Chase

&

Company

1,594,364

688

Kearny

Financial

Corporation/MD

4,080

51

Kemper

Corporation

3,141

6,370

KeyCorp

114,150

165

Kinsale

Capital

Group,

Inc.

72,714

186

Ladder

Capital

Corporation

2,031

645

M&T

Bank

Corporation

121,711

52

MarketAxess

Holdings,

Inc.

10,686

221

Marsh

&

McLennan

Companies,

Inc.

44,023

1,830

Mastercard,

Inc.

1,036,640

102

Mercantile

Bank

Corporation

4,660

1,434

MetLife,

Inc.

108,912

7,399

MGIC

Investment

Corporation

191,634

234

Midland

States

Bancorp,

Inc.

3,969

2,537

MidWestOne

Financial

Group,

Inc.

69,869

857

Moody's

Corporation

441,981

94

Morningstar,

Inc.

25,987

1,348

MSCI,

Inc.

756,713

8,181

Nasdaq,

Inc.

787,176

1,209

NMI

Holdings,

Inc.

k

45,120

22

Northeast

Bank

2,182

156

Northeast

Community

Bancorp,

Inc.

3,223

1,565

Northern

Trust

Corporation

203,450

281

Northfield

Bancorp,

Inc.

2,993

Shares

Common

Stock  11.9%

Value

Financials  1.8%

-

continued

6,161

Northwest

Bancshares,

Inc.

$

72,084

161

OceanFirst

Financial

Corporation

2,702

1,003

OFG

Bancorp

42,748

4,456

Old

National

Bancorp

94,066

3,386

Old

Republic

International

Corporation

122,472

3,282

Old

Second

Bancorp,

Inc.

55,696

963

OneMain

Holdings,

Inc.

55,652

27

Orange

County

Bancorp,

Inc.

675

438

Orrstown

Financial

Services,

Inc.

14,393

250

Pacific

Premier

Bancorp,

Inc.

5,417

45

Palomar

Holdings,

Inc.

k

5,962

3

Park

National

Corporation

486

73

Paymentus

Holdings,

Inc.

k

2,035

83

PCB

Bancorp

1,697

164

Peoples

Bancorp,

Inc./OH

4,697

77

Pinnacle

Financial

Partners,

Inc.

6,768

96

PNC

Financial

Services

Group,

Inc.

18,266

878

Popular,

Inc.

100,601

184

Principal

Financial

Group,

Inc.

14,321

2,149

Progressive

Corporation

520,144

965

Prosperity

Bancshares,

Inc.

64,288

4,878

Provident

Financial

Services,

Inc.

88,877

139

Prudential

Financial,

Inc.

14,398

508

Radian

Group,

Inc.

16,566

261

Regions

Financial

Corporation

6,611

36

Reinsurance

Group

of

America,

Inc.

6,928

19

RenaissanceRe

Holdings,

Ltd.

4,631

28

Renasant

Corporation

1,026

480

Repay

Holdings

Corporation

k

2,362

5,838

Rithm

Capital

Corporation

70,231

1,939

RLI

Corporation

127,955

3,162

Robinhood

Markets,

Inc.

k

325,844

1,256

S&P

Global,

Inc.

692,182

25

Safety

Insurance

Group,

Inc.

1,759

2,764

SEI

Investments

Company

243,564

16

Selective

Insurance

Group,

Inc.

1,248

26

ServisFirst

Bancshares,

Inc.

2,045

400

Shore

Bancshares,

Inc.

6,204

128

Sierra

Bancorp

3,753

42

Simmons

First

National

Corporation

805

82

Southern

Missouri

Bancorp,

Inc.

4,435

117

SouthState

Corporation

11,018

101

Starwood

Property

Trust,

Inc.

1,965

261

StepStone

Group,

Inc.

15,493

154

Stifel

Financial

Corporation

17,574

59

StoneX

Group,

Inc.

k

5,737

141

Synchrony

Financial

9,823

468

Synovus

Financial

Corporation

22,108

74

Tompkins

Financial

Corporation

4,786

579

TPG

RE

Finance

Trust,

Inc.

5,037

4,359

Tradeweb

Markets,

Inc.

603,939

2,339

Triumph

Financial,

Inc.

k

132,668

148

TrustCo

Bank

Corporation

NY

4,967

2,665

Trustmark

Corporation

99,271

557

U.S.

Bancorp

25,043

75

UMB

Financial

Corporation

8,249

111

United

Bankshares,

Inc.

3,943

308

United

Community

Banks,

Inc.

9,394

59

Unity

Bancorp,

Inc.

2,897

160

Univest

Financial

Corporation

4,614

302

Unum

Group

21,687

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Shares

Common

Stock  11.9%

Value

Financials  1.8%

-

continued

19

Upstart

Holdings,

Inc.

k

$

1,553

1,129

Valley

National

Bancorp

10,466

463

Virtu

Financial,

Inc.

20,437

3,133

Visa,

Inc.

1,082,358

751

WaFd,

Inc.

21,858

197

Webster

Financial

Corporation

11,357

8,173

Wells

Fargo

&

Company

658,989

220

WesBanco,

Inc.

6,629

111

Westamerica

Bancorporation

5,317

101

Western

Alliance

Bancorp

7,834

1,957

Western

Union

Company

15,754

21

Willis

Towers

Watson

plc

6,632

68

Wintrust

Financial

Corporation

8,703

428

WisdomTree,

Inc.

5,680

17

WSFS

Financial

Corporation

932

3,854

Zions

Bancorp

NA

206,651

Total

20,575,048

Health

Care  1.3%

1,477

Abbott

Laboratories

186,383

4,563

AbbVie,

Inc.

862,498

5,430

ADMA

Biologics,

Inc.

k

101,541

5,326

Agilent

Technologies,

Inc.

611,478

90

Agios

Pharmaceuticals,

Inc.

k

3,350

10

Align

Technology,

Inc.

k

1,290

1,596

Amgen,

Inc.

470,980

289

Amicus

Therapeutics,

Inc.

k

1,731

352

Amneal

Pharmaceuticals,

Inc.

k

2,753

92

Anika

Therapeutics,

Inc.

k

759

99

Argenx

SE

ADR

k

66,363

44

Artivion,

Inc.

k

1,360

4,097

Avantor,

Inc.

k

55,064

118

Azenta,

Inc.

k

3,859

51

Becton,

Dickinson

and

Company

9,091

110

Biogen,

Inc.

k

14,080

81

Biohaven,

Ltd.

k

1,223

871

BioMarin

Pharmaceutical,

Inc.

k

50,387

363

Bio-Techne

Corporation

19,867

9,119

Boston

Scientific

Corporation

k

956,765

28

Bruker

Corporation

1,076

77

Cardinal

Health,

Inc.

11,952

199

CareDx,

Inc.

k

2,445

970

Caribou

Biosciences,

Inc.

k

1,969

512

Cencora,

Inc.

146,473

1,567

Centene

Corporation

k

40,852

109

Certara,

Inc.

k

1,073

132

Charles

River

Laboratories

International,

Inc.

k

22,392

103

Chemed

Corporation

42,467

332

Cigna

Group

88,770

4,827

Concentra

Group

Holdings

Parent,

Inc.

96,395

566

Cooper

Companies,

Inc.

k

40,011

885

CorVel

Corporation

k

78,411

4,962

Danaher

Corporation

978,308

348

Denali

Therapeutics,

Inc.

k

4,813

733

Dentsply

Sirona,

Inc.

10,489

837

Dexcom,

Inc.

k

67,604

120

Doximity,

Inc.

k

7,050

230

Dyne

Therapeutics,

Inc.

k

2,265

92

Edwards

Lifesciences

Corporation

k

7,296

1,206

Elanco

Animal

Health,

Inc.

k

16,498

1,204

Eli

Lilly

&

Company

891,044

440

Enanta

Pharmaceuticals,

Inc.

k

3,335

1,692

Encompass

Health

Corporation

186,306

Shares

Common

Stock  11.9%

Value

Health

Care  1.3%

-

continued

20

Ensign

Group,

Inc.

$

3,000

1,189

Exact

Sciences

Corporation

k

55,824

42

Exelixis,

Inc.

k

1,521

277

Fate

Therapeutics,

Inc.

k

305

972

Fortrea

Holdings,

Inc.

k

5,579

120

GE

HealthCare

Technologies,

Inc.

8,558

3,647

Gilead

Sciences,

Inc.

409,522

292

Globus

Medical,

Inc.

k

15,368

463

GoodRx

Holdings,

Inc.

k

2,218

1,209

HealthEquity,

Inc.

k

117,273

47

Henry

Schein,

Inc.

k

3,180

6

Hims

&

Hers

Health,

Inc.

k

397

6

Humana,

Inc.

1,499

1,403

IDEXX

Laboratories,

Inc.

k

749,637

859

Illumina,

Inc.

k

88,228

175

Incyte

Corporation

k

13,106

44

Insmed,

Inc.

k

4,720

413

Inspire

Medical

Systems,

Inc.

k

51,435

541

Insulet

Corporation

k

156,024

216

Integra

LifeSciences

Holdings

Corporation

k

2,838

329

Intellia

Therapeutics,

Inc.

k

3,830

609

Intuitive

Surgical,

Inc.

k

292,984

113

IQVIA

Holding,

Inc.

k

21,002

290

iTeos

Therapeutics,

Inc.

k

2,941

26

Jazz

Pharmaceuticals,

Inc.

k

2,980

4,024

Johnson

&

Johnson

662,914

596

Labcorp

Holdings,

Inc.

155,008

100

Medpace

Holdings,

Inc.

k

42,720

10,667

Medtronic

plc

962,590

2,685

Merck

&

Company,

Inc.

209,752

602

Merit

Medical

Systems,

Inc.

k

51,086

47

Mettler-Toledo

International,

Inc.

k

57,983

293

Moderna,

Inc.

k

8,661

178

Myriad

Genetics,

Inc.

k

683

556

Natera,

Inc.

k

74,315

719

Neurocrine

Biosciences,

Inc.

k

92,197

39

Option

Care

Health,

Inc.

k

1,145

586

Organon

&

Company

5,684

908

Penumbra,

Inc.

k

229,061

92

Perrigo

Company

plc

2,454

5,445

Pfizer,

Inc.

126,814

65

Prestige

Consumer

Healthcare,

Inc.

k

4,807

4,968

Progyny,

Inc.

k

116,798

203

Prothena

Corporation

plc

k

1,395

32

PTC

Therapeutics,

Inc.

k

1,667

217

QIAGEN

NV

10,707

75

Quest

Diagnostics,

Inc.

12,556

855

Relay

Therapeutics,

Inc.

k

3,010

921

Repligen

Corporation

k

107,821

17

ResMed,

Inc.

4,623

5

Revvity,

Inc.

439

317

Rocket

Pharmaceuticals,

Inc.

k

967

3,846

Royalty

Pharma

plc

141,533

2,604

Sanofi

SA

ADR

118,847

3,566

scPharmaceuticals,

Inc.

k

18,115

2,804

STERIS

plc

635,078

3,468

Stevanato

Group

SPA

85,694

1,196

Stryker

Corporation

469,705

57

Teleflex,

Inc.

6,811

126

Tenet

Healthcare

Corporation

k

20,321

1,323

Thermo

Fisher

Scientific,

Inc.

618,741

2,318

Twist

Bioscience

Corporation

k

77,815

160

United

Therapeutics

Corporation

k

43,952

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Shares

Common

Stock  11.9%

Value

Health

Care  1.3%

-

continued

1,710

UnitedHealth

Group,

Inc.

$

426,748

30

Universal

Health

Services,

Inc.

4,993

115

Vaxcyte,

Inc.

k

3,904

43

Veeva

Systems,

Inc.

k

12,221

1,379

Vericel

Corporation

k

48,182

1,518

Vertex

Pharmaceuticals,

Inc.

k

693,529

4,710

Viatris,

Inc.

41,165

1,544

Viemed

Healthcare,

Inc.

k

9,403

115

Viking

Therapeutics,

Inc.

a,k

3,746

220

Waters

Corporation

k

63,527

150

Waystar

Holding

Corporation

k

5,547

307

West

Pharmaceutical

Services,

Inc.

73,453

353

Xencor,

Inc.

k

2,937

157

Xenon

Pharmaceuticals,

Inc.

k

4,795

1,290

Zimmer

Biomet

Holdings,

Inc.

118,228

Total

14,880,932

Industrials  1.4%

302

A.O.

Smith

Corporation

21,379

37

Acuity,

Inc.

11,520

565

Advanced

Drainage

Systems,

Inc.

64,834

314

AECOM

35,400

39

AGCO

Corporation

4,601

41

Air

Lease

Corporation

2,271

51

Alaska

Air

Group,

Inc.

k

2,701

141

Allegheny

Technologies,

Inc.

k

10,849

112

Allegion

plc

18,583

99

Allison

Transmission

Holdings,

Inc.

8,917

2,229

Amentum

Holdings,

Inc.

k

55,658

3,724

AMETEK,

Inc.

688,381

200

API

Group

Corporation

k

7,214

35

Applied

Industrial

Technologies,

Inc.

9,502

78

Arcosa,

Inc.

6,699

7

Argan,

Inc.

1,715

271

Armstrong

World

Industries,

Inc.

50,994

1,267

Atmus

Filtration

Technologies,

Inc.

49,299

2,316

Automatic

Data

Processing,

Inc.

716,802

203

Axon

Enterprise,

Inc.

k

153,364

25

AZZ,

Inc.

2,737

2,219

Badger

Infrastructure

Solutions,

Ltd.

83,741

2,466

Barrett

Business

Services,

Inc.

113,362

208

Brady

Corporation

14,679

1,851

BWX

Technologies,

Inc.

281,222

272

C.H.

Robinson

Worldwide,

Inc.

31,367

1

CACI

International,

Inc.

k

461

473

Casella

Waste

Systems,

Inc.

k

51,429

1,291

Caterpillar,

Inc.

565,484

1,416

CECO

Environmental

Corporation

k

63,649

484

Clean

Harbors,

Inc.

k

114,132

9,960

CNH

Industrial

NV

129,082

12

CSW

Industrials,

Inc.

3,114

28,384

CSX

Corporation

1,008,767

47

Cummins,

Inc.

17,278

341

Curtiss-Wright

Corporation

167,165

1,287

Dayforce,

Inc.

k

74,221

3,388

Delta

Air

Lines,

Inc.

180,275

367

DNOW,

Inc.

k

5,711

67

Donaldson

Company,

Inc.

4,822

2

Dover

Corporation

362

17

Dycom

Industries,

Inc.

k

4,570

147

EMCOR

Group,

Inc.

92,241

159

Energy

Recovery,

Inc.

k

2,139

Shares

Common

Stock  11.9%

Value

Industrials  1.4%

-

continued

2,363

Enerpac

Tool

Group

Corporation

$

90,999

425

EnPro,

Inc.

90,274

2,487

ExlService

Holdings,

Inc.

k

108,010

609

Expeditors

International

of

Washington,

Inc.

70,790

9,765

Fastenal

Company

450,459

793

Federal

Signal

Corporation

100,370

3,171

Ferguson

Enterprises,

Inc.

708,179

1,978

Flowserve

Corporation

110,847

307

Fortive

Corporation

14,715

116

Fortune

Brands

Innovations,

Inc.

6,327

6,416

Gates

Industrial

Corporation

plc

k

159,117

392

General

Dynamics

Corporation

122,151

3,087

General

Electric

Company

836,824

28

Gorman-Rupp

Company

1,152

927

Graco,

Inc.

77,849

927

Great

Lakes

Dredge

&

Dock

Corporation

k

10,271

1,664

Helios

Technologies,

Inc.

61,052

30

Herc

Holdings,

Inc.

3,504

1,622

Hexcel

Corporation

97,174

85

HNI

Corporation

4,372

696

Honeywell

International,

Inc.

154,756

1,641

Howmet

Aerospace,

Inc.

295,003

413

Hudson

Technologies,

Inc.

k

3,878

173

IDEX

Corporation

28,287

170

IES

Holdings,

Inc.

k

60,022

174

Ingersoll

Rand,

Inc.

14,726

103

Insteel

Industries,

Inc.

3,718

236

ITT

Corporation

40,111

756

Jacobs

Solutions,

Inc.

107,254

572

JB

Hunt

Transport

Services,

Inc.

82,397

626

Johnson

Controls

International

plc

65,730

176

Kirby

Corporation

k

16,775

1,503

Knight-Swift

Transportation

Holdings,

Inc.

63,877

829

Korn

Ferry

58,751

572

L3Harris

Technologies,

Inc.

157,197

379

Landstar

System,

Inc.

50,547

139

Legalzoom.com,

Inc.

k

1,250

562

Leidos

Holdings,

Inc.

89,723

441

Limbach

Holdings,

Inc.

k

60,417

353

Lincoln

Electric

Holdings,

Inc.

85,955

307

Lyft,

Inc.

k

4,316

103

ManpowerGroup,

Inc.

4,249

824

Masco

Corporation

56,139

7,445

Masterbrand,

Inc.

k

82,118

46

Maximus,

Inc.

3,398

401

McGrath

RentCorp

50,041

44

Middleby

Corporation

k

6,389

304

Miller

Industries,

Inc.

12,388

649

Moog,

Inc.

125,633

1,622

Mueller

Water

Products,

Inc.

40,161

268

NEXTracker,

Inc.

k

15,614

5

Nordson

Corporation

1,071

1,650

nVent

Electric

plc

129,393

1,165

Old

Dominion

Freight

Line,

Inc.

173,876

73

Oshkosh

Corporation

9,237

1,316

Otis

Worldwide

Corporation

112,768

30

PACCAR,

Inc.

2,963

926

Parker-Hannifin

Corporation

677,739

14

Paylocity

Holding

Corporation

k

2,588

646

Pentair

plc

66,021

55

Pitney

Bowes,

Inc.

625

17

Primoris

Services

Corporation

1,601

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Shares

Common

Stock  11.9%

Value

Industrials  1.4%

-

continued

265

Quanta

Services,

Inc.

$

107,624

426

QXO,

Inc.

k

8,546

204

RBC

Bearings,

Inc.

k

79,017

23

Regal

Rexnord

Corporation

3,516

916

Republic

Services,

Inc.

211,275

732

Rockwell

Automation,

Inc.

257,452

8

Ryder

System,

Inc.

1,422

2,399

Schneider

National,

Inc.

58,656

73

Sensata

Technologies

Holding

plc

2,245

818

Shoals

Technologies

Group,

Inc.

k

4,409

9

SkyWest,

Inc.

k

1,044

2,175

Southwest

Airlines

Company

67,273

36

SPX

Technologies,

Inc.

k

6,566

110

SS&C

Technologies

Holdings,

Inc.

9,403

254

Stanley

Black

&

Decker,

Inc.

17,183

176

Sterling

Construction

Company,

Inc.

k

47,096

1,363

Timken

Company

103,711

46

Toro

Company

3,416

2,078

Trane

Technologies

plc

910,330

10

TransDigm

Group,

Inc.

16,085

942

TransUnion

89,669

962

Trex

Company,

Inc.

k

61,799

162

Trinity

Industries,

Inc.

3,775

4,942

Uber

Technologies,

Inc.

k

433,661

543

UFP

Industries,

Inc.

53,214

70

UL

Solutions,

Inc.

5,118

53

UniFirst

Corporation/MA

9,065

1,254

Union

Pacific

Corporation

278,350

256

United

Airlines

Holdings,

Inc.

k

22,607

839

United

Parcel

Service,

Inc.

72,288

166

United

Rentals,

Inc.

146,568

37

Veralto

Corporation

3,879

2,296

Verisk

Analytics,

Inc.

639,918

250

Verra

Mobility

Corporation

k

6,315

96

Wabtec

Corporation

18,437

561

Waste

Connections,

Inc.

104,722

617

Waste

Management,

Inc.

141,392

160

Watsco,

Inc.

72,141

2,587

WNS

Holdings,

Ltd.

k

193,482

123

Xylem,

Inc.

17,788

155

Zurn

Elkay

Water

Solutions

Corporation

6,859

Total

15,373,147

Information

Technology  3.7%

966

Adobe,

Inc.

k

345,529

637

Agilysys,

Inc.

k

72,669

103

Ambarella,

Inc.

k

6,807

12,092

Amphenol

Corporation

1,287,919

920

Analog

Devices,

Inc.

206,660

27,503

Apple,

Inc.

5,708,798

1,686

Applied

Materials,

Inc.

303,581

227

AppLovin

Corporation

k

88,689

5,392

Arista

Networks,

Inc.

k

664,402

30

Arrow

Electronics,

Inc.

k

3,480

50

Astera

Labs,

Inc.

k

6,836

32

Atlassian

Corporation

k

6,137

3,080

Autodesk,

Inc.

k

933,579

71

Avnet,

Inc.

3,759

281

Bel

Fuse,

Inc.

36,541

27

BILL

Holdings,

Inc.

k

1,157

695

BlackLine,

Inc.

k

37,377

10,505

Broadcom,

Inc.

3,085,318

870

CDW

Corporation

151,711

Shares

Common

Stock  11.9%

Value

Information

Technology  3.7%

-

continued

13

Cirrus

Logic,

Inc.

k

$

1,309

14,850

Cisco

Systems,

Inc.

1,010,988

28

Clearfield,

Inc.

k

1,227

41

Clearwater

Analytics

Holdings,

Inc.

k

831

144

Cognex

Corporation

5,871

140

Cognizant

Technology

Solutions

Corporation

10,046

60

Coherent

Corporation

k

6,456

81

CommVault

Systems,

Inc.

k

15,386

42

Consensus

Cloud

Solutions,

Inc.

k

848

201

Corning,

Inc.

12,711

1,295

Crane

NXT

Company

76,845

143

Credo

Technology

Group

Holding,

Ltd.

k

15,952

449

CyberArk

Software,

Ltd.

k

184,750

586

Datadog,

Inc.

k

82,028

526

Descartes

Systems

Group,

Inc.

k

55,630

1,914

DocuSign,

Inc.

k

144,775

275

Dolby

Laboratories,

Inc.

20,718

2,001

Dynatrace

Holdings,

LLC

k

105,273

18

Elastic

NV

k

1,507

265

Enphase

Energy,

Inc.

k

8,575

36

Entegris,

Inc.

2,825

23

EPAM

Systems,

Inc.

k

3,627

72

F5,

Inc.

k

22,566

329

Fabrinet

k

106,507

43

Fair

Isaac

Corporation

k

61,779

37

First

Solar,

Inc.

k

6,465

1,426

Flex,

Ltd.

k

71,115

4,303

Fortinet,

Inc.

k

429,870

297

Freshworks,

Inc.

k

3,858

215

Gartner,

Inc.

k

72,810

1,088

Gen

Digital,

Inc.

32,085

2,880

Gitlab,

Inc.

k

126,173

837

Guidewire

Software,

Inc.

k

189,346

207

HubSpot,

Inc.

k

107,568

1,497

I3

Verticals,

Inc.

k

41,886

297

Impinj,

Inc.

k

45,910

17

Intapp,

Inc.

k

681

1,674

International

Business

Machines

Corporation

423,773

858

Intuit,

Inc.

673,642

52

IPG

Photonics

Corporation

k

3,894

51

Itron,

Inc.

k

6,352

4,898

JFrog,

Ltd.

k

212,622

691

Keysight

Technologies,

Inc.

k

113,262

236

KLA

Corporation

207,451

641

Lam

Research

Corporation

60,792

1,187

Lattice

Semiconductor

Corporation

k

59,148

258

Littelfuse,

Inc.

66,391

22

MACOM

Technology

Solutions

Holdings,

Inc.

k

3,017

5

Manhattan

Associates,

Inc.

k

1,098

925

Marvell

Technology,

Inc.

74,342

173

Microchip

Technology,

Inc.

11,693

1,095

Micron

Technology,

Inc.

119,508

15,029

Microsoft

Corporation

8,017,971

45

Mirion

Technologies,

Inc.

k

1,006

33

MKS,

Inc.

3,141

182

Monday.com,

Ltd.

k

47,737

4

Monolithic

Power

Systems,

Inc.

2,845

1,491

Motorola

Solutions,

Inc.

654,519

170

NetApp,

Inc.

17,702

12,348

Nokia

Oyj

ADR

a

50,380

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Shares

Common

Stock  11.9%

Value

Information

Technology  3.7%

-

continued

72

Nutanix,

Inc.

k

$

5,412

48,507

NVIDIA

Corporation

8,627,940

36

Okta,

Inc.

k

3,521

1,411

ON

Semiconductor

Corporation

k

79,524

687

Onto

Innovation,

Inc.

k

65,093

4,107

Oracle

Corporation

1,042,233

2,917

Palantir

Technologies,

Inc.

k

461,907

3,171

Pegasystems,

Inc.

186,169

287

Plexus

Corporation

k

36,592

26

Procore

Technologies,

Inc.

k

1,862

854

PTC,

Inc.

k

183,448

117

Q2

Holdings,

Inc.

k

9,500

1,346

Qorvo,

Inc.

k

112,526

1,664

Qualcomm,

Inc.

244,209

102

Ralliant

Corporation

k

4,663

3,490

Salesforce,

Inc.

901,572

3,480

Samsung

Electronics

Company,

Ltd.

177,355

606

SAP

SE

ADR

173,740

1,016

ServiceNow,

Inc.

k

958,210

229

Silicon

Laboratories,

Inc.

k

30,175

201

Skyworks

Solutions,

Inc.

13,777

1,446

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

349,383

1,279

TD

SYNNEX

Corporation

184,675

318

TE

Connectivity

plc

65,429

83

Teledyne

Technologies,

Inc.

k

45,735

145

Tenable

Holdings,

Inc.

k

4,540

192

Teradyne,

Inc.

20,627

513

Texas

Instruments,

Inc.

92,884

5,519

Trimble,

Inc.

k

462,989

2,228

TTM

Technologies,

Inc.

k

105,273

14

Twilio,

Inc.

k

1,806

211

Tyler

Technologies,

Inc.

k

123,342

42

Unity

Software,

Inc.

k

1,401

79

Varonis

Systems,

Inc.

k

4,411

1,358

VeriSign,

Inc.

365,125

437

Vontier

Corporation

18,122

4,461

Weave

Communications,

Inc.

k

32,565

76

Western

Digital

Corporation

5,980

325

Zebra

Technologies

Corporation

k

110,181

54

Zoom

Communications,

Inc.

k

3,999

28

Zscaler,

Inc.

k

7,996

Total

42,195,923

Materials  0.4%

819

Albemarle

Corporation

55,569

400

Alcoa

Corporation

11,988

9,699

Amcor

plc

90,686

121

AptarGroup,

Inc.

19,014

60

Avery

Dennison

Corporation

10,066

346

Avient

Corporation

10,923

1,880

Axalta

Coating

Systems,

Ltd.

k

53,242

61

Balchem

Corporation

9,301

291

Ball

Corporation

16,663

1,903

CF

Industries

Holdings,

Inc.

176,655

924

Coeur

Mining,

Inc.

k

8,030

75

Commercial

Metals

Company

3,889

2,123

Constellium

SE

k

29,106

545

Corteva,

Inc.

39,311

2,984

Crown

Holdings,

Inc.

296,490

128

Dow,

Inc.

2,981

3,836

DuPont

de

Nemours,

Inc.

275,808

15

Eagle

Materials,

Inc.

3,364

Shares

Common

Stock  11.9%

Value

Materials  0.4%

-

continued

832

Eastman

Chemical

Company

$

60,411

3,154

Ecolab,

Inc.

825,591

936

Element

Solutions,

Inc.

22,090

78

FMC

Corporation

3,045

279

Freeport-McMoRan,

Inc.

11,227

956

Greif,

Inc.

60,639

1,932

Hecla

Mining

Company

11,090

564

Huntsman

Corporation

5,471

1,160

Ingevity

Corporation

k

48,476

175

International

Flavors

&

Fragrances,

Inc.

12,430

7,237

Ivanhoe

Mines,

Ltd.

k

56,461

135

Kaiser

Aluminum

Corporation

10,437

103

Koppers

Holdings,

Inc.

3,385

1,695

Linde

plc

780,141

96

LyondellBasell

Industries

NV

5,561

153

Magnera

Corporation

k

1,905

180

Martin

Marietta

Materials,

Inc.

103,478

97

Minerals

Technologies,

Inc.

5,641

1,071

Mosaic

Company

38,567

4

NewMarket

Corporation

2,748

1,901

Newmont

Corporation

118,052

1,260

Nucor

Corporation

180,268

194

O-I

Glass,

Inc.

k

2,524

2,720

Olin

Corporation

51,517

863

Packaging

Corporation

of

America

167,206

196

PPG

Industries,

Inc.

20,678

14

Reliance,

Inc.

4,062

145

Royal

Gold,

Inc.

21,956

467

RPM

International,

Inc.

54,830

111

Scotts

Miracle-Gro

Company

6,955

207

Sealed

Air

Corporation

6,059

183

Sensient

Technologies

Corporation

20,549

270

Sonoco

Products

Company

12,169

1,293

Steel

Dynamics,

Inc.

164,935

58

Stepan

Company

2,945

957

Tronox

Holdings

plc

3,053

779

Vulcan

Materials

Company

213,968

941

West

Fraser

Timber

Company,

Ltd.

65,221

Total

4,298,827

Real

Estate  0.3%

301

Agree

Realty

Corporation

21,582

294

Alexandria

Real

Estate

Equities,

Inc.

22,470

60

Alpine

Income

Property

Trust,

Inc.

843

357

Anywhere

Real

Estate,

Inc.

k

1,649

225

AvalonBay

Communities,

Inc.

41,913

1,343

Brixmor

Property

Group,

Inc.

35,093

8,518

Broadstone

Net

Lease,

Inc.

138,332

152

CareTrust

REIT,

Inc.

4,834

63

CBL

&

Associates

Properties,

Inc.

1,705

2,108

CBRE

Group,

Inc.

k

328,300

475

Chatham

Lodging

Trust

3,240

337

Colliers

International

Group,

Inc.

50,789

761

Compass,

Inc.

k

6,042

1,497

CoStar

Group,

Inc.

k

142,499

502

Cousins

Properties,

Inc.

13,604

1,335

Crown

Castle,

Inc.

140,295

332

Curbline

Properties

Corporation

7,337

5,355

Cushman

and

Wakefield

plc

k

65,277

943

Douglas

Elliman,

Inc.

k

2,593

2,601

Easterly

Government

Properties,

Inc.

57,222

2,129

EPR

Properties

117,180

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Shares

Common

Stock  11.9%

Value

Real

Estate  0.3%

-

continued

17,116

Essential

Properties

Realty

Trust,

Inc.

$

521,867

72

Essex

Property

Trust,

Inc.

18,733

356

Extra

Space

Storage,

Inc.

47,832

57

Federal

Realty

Investment

Trust

5,253

2,066

First

Industrial

Realty

Trust,

Inc.

100,656

154

Getty

Realty

Corporation

4,280

62

Global

Net

Lease,

Inc.

433

5,883

Healthcare

Realty

Trust,

Inc.

90,363

5,248

Host

Hotels

&

Resorts,

Inc.

82,499

39

Howard

Hughes

Holdings,

Inc.

k

2,680

793

Independence

Realty

Trust,

Inc.

13,299

1,578

Industrial

Logistics

Properties

Trust

8,395

1,873

Innovative

Industrial

Properties,

Inc.

96,834

923

InvenTrust

Properties

Corporation

25,447

40

Iron

Mountain,

Inc.

3,894

51

Jones

Lang

LaSalle,

Inc.

k

13,788

225

Kimco

Realty

Corporation

4,777

10

Lamar

Advertising

Company

1,223

6,622

Millrose

Properties,

Inc.

198,594

3,514

National

Storage

Affiliates

Trust

103,522

477

NetSTREIT

Corporation

8,696

46

NNN

REIT,

Inc.

1,898

6,582

Outfront

Media,

Inc.

115,382

4,328

Park

Hotels

&

Resorts,

Inc.

46,137

260

Peakstone

Realty

Trust

3,536

966

Pebblebrook

Hotel

Trust

9,689

36

Postal

Realty

Trust,

Inc.

494

49

RE/MAX

Holdings,

Inc.

k

377

137

Rexford

Industrial

Realty,

Inc.

5,005

843

RLJ

Lodging

Trust

6,238

93

RMR

Group,

Inc.

1,494

73

Ryman

Hospitality

Properties

6,939

13,172

Sabra

Health

Care

REIT,

Inc.

237,491

137

Safehold,

Inc.

1,917

542

SBA

Communications

Corporation

121,798

1,135

Sila

Realty

Trust,

Inc.

27,739

16

Simon

Property

Group,

Inc.

2,621

846

STAG

Industrial,

Inc.

29,043

2,648

Summit

Hotel

Properties,

Inc.

13,823

6,496

Tanger,

Inc.

195,010

1,619

Terreno

Realty

Corporation

89,838

49,469

Uniti

Group,

Inc.

k

263,175

1,648

Xenia

Hotels

&

Resorts,

Inc.

20,946

342

Zillow

Group,

Inc.,

Class

A

k

26,249

299

Zillow

Group,

Inc.,

Class

C

k

23,785

Total

3,806,488

Utilities  0.3%

16,642

AES

Corporation

218,842

1,176

Alliant

Energy

Corporation

76,452

159

American

States

Water

Company

11,701

168

American

Water

Works

Company,

Inc.

23,560

43

Artesian

Resources

Corporation

1,404

64

Avista

Corporation

2,387

680

Black

Hills

Corporation

39,290

3,074

Brookfield

Infrastructure

Corporation

120,009

27

California

Water

Service

Group

1,228

2,238

CenterPoint

Energy,

Inc.

86,879

765

Clearway

Energy,

Inc.,

Class

A

23,547

812

Clearway

Energy,

Inc.,

Class

C

26,495

432

Constellation

Energy

Corporation

150,267

Shares

Common

Stock  11.9%

Value

Utilities  0.3%

-

continued

1,559

Duke

Energy

Corporation

$

189,637

8,023

Edison

International

418,159

2,510

Entergy

Corporation

226,979

605

Essential

Utilities,

Inc.

22,264

378

Eversource

Energy

24,986

592

Exelon

Corporation

26,604

271

FirstEnergy

Corporation

11,574

1,394

Hawaiian

Electric

Industries,

Inc.

k

14,944

77

Middlesex

Water

Company

3,973

226

New

Jersey

Resources

Corporation

10,376

1,974

NiSource,

Inc.

83,796

523

Northwestern

Energy

Group,

Inc.

28,085

37

Otter

Tail

Corporation

2,856

17,845

PG&E

Corporation

250,187

9

Pinnacle

West

Capital

Corporation

816

9,158

Portland

General

Electric

Company

376,577

1,464

Public

Service

Enterprise

Group,

Inc.

131,453

703

Spire,

Inc.

52,352

21,622

UGI

Corporation

782,284

1,079

Vistra

Energy

Corporation

225,015

1,359

XPLR

Infrastructure,

LP

12,951

Total

3,677,929

Total

Common

Stock

(cost

$106,690,222)

136,400,331

Shares

Private

Equity

Funds

1.0%

Value

Secondary  1.0%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,k,l

1,477,106

1

ASF

IX,

LP

*,k,l

2,162,876

1

ASF

VIII

Sidecar

(Cayman),

LP

*,k,l

329,046

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,k,l

1,692,217

1

LCP

X

(Offshore),

LP

*,k,l

6,241,592

Total

11,902,837

Total

Private

Equity

Funds

(cost

$9,251,421)

11,902,837

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

2,602,062

Thrivent

Cash

Management

Trust

2,602,062

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,602,062)

2,602,062

Shares

or

Principal

Amount

Short-Term

Investments

15.2%

Value

Federal

Farm

Credit

Bank

Discount

Notes

400,000

4.250%,

10/2/2025

m

397,028

Federal

Home

Loan

Bank

Discount

Notes

3,000,000

4.225%,

8/1/2025

m,n

2,999,647

300,000

4.210%,

9/16/2025

m,n

298,343

200,000

4.250%,

9/23/2025

m,n

198,731

700,000

4.200%,

9/26/2025

m,n

695,312

200,000

4.258%,

10/8/2025

m,n

198,373

100,000

4.265%,

10/15/2025

m,n

99,104

1,600,000

4.250%,

10/24/2025

m,n

1,583,963

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

or

Principal

Amount

Short-Term

Investments  15.2%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

200,000

4.205%,

9/5/2025

m,n

$

199,154

1,000,000

4.180%,

9/22/2025

m,n

993,773

Federal

National

Mortgage

Association

Discount

Notes

700,000

4.200%,

8/8/2025

m,n

699,340

2,800,000

4.200%,

8/22/2025

m,n

2,792,745

1,300,000

4.185%,

9/19/2025

m,n

1,292,363

State

Street

Institutional

U.S.

Government

Money

Market

Fund

55,143,985

4.250%

m

55,143,985

Thrivent

Core

Short-Term

Reserve

Fund

10,616,501

4.580%

106,165,009

U.S.

Treasury

Bills

300,000

4.195%,

9/25/2025

m,o

298,029

200,000

4.206%,

10/14/2025

m,o

198,257

Total

Short-Term

Investments

(cost

$174,229,637)

174,253,156

Total

Investments

(cost

$1,015,407,306)

101.4%

$1,160,955,481

Other

Assets

and

Liabilities,

Net

(1.4%)

(16,108,212)

Total

Net

Assets

100.0%

$1,144,847,269

a

All

or

a

portion

of

the

security

is

on

loan.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$69,232,776

or

6.0%

of

total

net

assets.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Fund

as

of

July

31,

2025

was

$11,916,337

or

1.04%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

1,138,824

ASF

IX,

LP 

3/18/2024

1,725,232

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

292,534

Credit

Suisse

Group

AG 

9/5/2018

200,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

1,316,000

LCP

X

(Offshore),

LP 

10/25/2023

4,778,831

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,252,075

Common

Stock

211,970

Total

lending

$2,464,045

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,602,062

Net

amounts

due

to

counterparty

$138,017

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

8,948,299

–

8,948,299

–

Basic

Materials

3,308,737

–

3,308,737

–

Capital

Goods

7,085,067

–

7,085,067

–

Collateralized

Mortgage

Obligations

21,420,640

–

21,420,640

–

Commercial

Mortgage-Backed

Securities

7,258,691

–

7,258,691

–

Communications

Services

10,342,364

–

10,342,364

–

Consumer

Cyclical

12,645,058

–

12,645,058

–

Consumer

Non-Cyclical

13,717,752

–

13,717,752

–

Energy

9,322,605

–

9,322,605

–

Financials

34,152,086

–

34,152,086

–

Foreign

Government

641,920

–

641,920

–

Mortgage-Backed

Securities

114,789,431

–

114,789,431

–

Technology

8,712,305

–

8,712,305

–

Transportation

2,389,327

–

2,389,327

–

U.S.

Government

&

Agencies

126,299,490

–

126,299,490

–

Utilities

7,829,844

–

7,829,844

–

Registered

Investment

Companies

U.S.

Affiliated

379,011,918

379,011,918

–

–

U.S.

Unaffiliated

3,876,049

3,876,049

–

–

Common

Stock

Communications

Services

11,574,871

11,574,871

–

–

Consumer

Discretionary

12,765,646

12,765,646

–

–

Consumer

Staples

3,541,462

3,541,462

–

–

Energy

3,710,058

3,710,058

–

–

Financials

20,575,048

20,575,048

–

–

Health

Care

14,880,932

14,880,932

–

–

Industrials

15,373,147

15,289,406

83,741

–

Information

Technology

42,195,923

42,018,568

177,355

–

Materials

4,298,827

4,242,366

56,461

–

Real

Estate

3,806,488

3,806,488

–

–

Utilities

3,677,929

3,677,929

–

–

Private

Equity

Funds

Secondary

11,902,837

–

–

11,902,837

Short-Term

Investments

68,088,147

55,143,985

12,944,162

–

Subtotal

Investments

in

Securities

$988,142,898

$574,114,726

$402,125,335

$11,902,837

Other

Investments  *

Total

Affiliated

Short-Term

Investments

106,165,009

U.S.

Affiliated

Registered

Investment

Cos.

64,045,512

Collateral

Held

for

Securities

Loaned

2,602,062

Subtotal

Other

Investments

$172,812,583

Total

Investments

at

Value

$1,160,955,481

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

Conservative

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments. 

   %

Net

realized

gains/(losses)

on

investments.  

 #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

4,489,672

4,489,672

–

–

Credit

Default

Swaps

269,110

–

269,110

–

Total

Asset

Derivatives

$4,758,782

$4,489,672

$269,110

$–

Liability

Derivatives

Futures

Contracts

878,334

775,099

103,235

–

Total

Return

Swaps

124,909

–

124,909

–

Total

Liability

Derivatives

$1,003,243

$775,099

$228,144

$–

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

7/31/2025

Long-Term

Fixed

Income 

Mortgage-Backed

Securities 

$864,563

$-

$31,028

$-

$-

$-

$(895,591)

$-

Private

Equity

Funds

 Secondary

7,051,841

-

761,812

4,089,184

-

-

-

11,902,837

Total 

$7,916,404

$-

$792,840

$4,089,184

$-

$-

$(895,591)

$11,902,837

 Investments

in

Securities

Ending

Value

7/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$11,902,837

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$11,902,837

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$9,664,130

were

pledged

as

the

initial

margin

deposit

for

the

se

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

79

September

2025

$

8,680,344

$

93,594

CBOT

2-Yr.

U.S.

Treasury

Note

135

September

2025

27,971,721

(

28,829)

CBOT

5-Yr.

U.S.

Treasury

Note

336

September

2025

36,170,756

174,995

CBOT

U.S.

Long

Bond

96

September

2025

10,642,773

319,227

CME

E-mini

Russell

2000

Index

1

September

2025

112,065

(

1,056)

CME

E-mini

S&P

500

Index

283

September

2025

86,843,179

3,352,458

CME

Ultra

Long

Term

U.S.

Treasury

Bond

90

September

2025

10,225,107

333,018

ICE

mini

MSCI

EAFE

Index

105

September

2025

13,854,763

(

134,413)

ICE

US

mini

MSCI

Emerging

Markets

Index

35

September

2025

2,092,913

74,112

Ultra

10-Yr.

U.S.

Treasury

Note

54

September

2025

5,992,865

113,354

Total

Futures

Long

Contracts

$

202,586,486

$

4,296,460

CME

E-mini

Russell

2000

Index

(11)

September

2025

(

$

1,186,856)

(

$

34,254)

CME

E-mini

S&P

Mid-Cap

400

Index

(43)

September

2025

(

13,033,383)

(

576,547)

CME

Euro

Foreign

Exchange

Currency

(65)

September

2025

(

9,340,570)

28,914

Eurex

Euro

STOXX

50

Index

(231)

September

2025

(

13,950,207)

(

103,235)

Total

Futures

Short

Contracts

(

$

37,511,016)

($685,122)

Total

Futures

Contracts

$

165,075,470

$3,611,338

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

credit

default

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$496,286

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2030

(

$

5,234,000)

$

–

$

269,110

$

269,110

Total

Credit

Default

Swaps

$–

$269,110

$269,110

1

As

the

buyer

of

protection,

Moderately

Conservative

Allocation

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Conservative

Allocation

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Conservative

Allocation

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

total

return

swap

contracts

held

as

of

July

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

1,601,913

(

$

124,909)

$

–

(

$

124,909)

Total

Return

Swaps

(

$

124,909)

$

–

($124,909)

#

Payment

made

on

Termination

Date

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$32,148

$1,445

$2,618

$31,809

3,769

2.8%

Core

Emerging

Markets

Equity

8,880

277

–

10,079

935

0.9

Core

International

Equity

16,133

538

10

18,479

1,540

1.6

Core

Low

Volatility

Equity

693

54

–

740

62

0.1

Core

Mid

Cap

Value

7,338

663

6,000

1,251

114

0.1

Core

Small

Cap

Value

1,979

202

300

1,687

162

0.1

Global

Stock,

Class

S

2,296

261

–

2,562

86

0.2

High

Yield,

Class

S

23,812

1,111

1,041

24,111

5,647

2.1

Income,

Class

S

69,048

2,255

6,524

65,147

7,935

5.7

International

Equity,

Class

S

25,647

743

–

29,287

2,420

2.6

Large

Cap

Growth,

Class

S

71,163

4,329

–

81,053

3,434

7.1

Large

Cap

Value,

Class

S

113,147

9,360

–

121,743

3,867

10.6

Mid

Cap

Stock,

Class

S

26,013

1,065

13,010

13,215

362

1.2

Short-Term

Bond,

Class

S

39,091

1,176

3,065

37,595

3,005

3.3

Small

Cap

Stock,

Class

S

8,637

159

4,000

4,299

138

0.4

Total

U.S.

Affiliated

Registered

Investment

Companies

446,025

443,057

38.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

158,767

65,379

117,981

106,165

10,617

9.3

Total

Affiliated

Short-Term

Investments

158,767

106,165

9.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,210

62,613

63,221

2,602

2,602

0.2

Total

Collateral

Held

for

Securities

Loaned

3,210

2,602

0.2

Total

Value

$608,002

$551,824

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($556)

$1,390

$–

$1,445

Core

Emerging

Markets

Equity

–

922

–

277

Core

International

Equity

(1)

1,819

–

538

Core

Low

Volatility

Equity

Fund

–

(7)

26

28

Core

Mid

Cap

Value

584

(1,334)

521

142

Core

Small

Cap

Value

75

(269)

173

29

Global

Stock,

Class

S

–

5

218

43

High

Yield,

Class

S

(121)

350

–

1,111

Income,

Class

S

(691)

1,059

–

2,259

International

Equity,

Class

S

–

2,897

–

743

Large

Cap

Growth,

Class

S

–

5,561

4,249

79

Large

Cap

Value,

Class

S

–

(764)

7,586

1,774

Mid

Cap

Stock,

Class

S

4,632

(5,485)

931

135

Short-Term

Bond,

Class

S

11

382

–

1,176

Small

Cap

Stock,

Class

S

846

(1,343)

114

46

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

12

(12)

–

4,438

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$14,263

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

$4,791

$5,171

$13,818

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Principal

Amount

Long-Term

Fixed

Income

83.0%

Value

Asset-Backed

Securities  11.5%

AGL

CLO

13,

Ltd.

$

2,500,000

6.055%, 

(TSFR3M

+

1.800%),

10/20/2034,

Ser.

2021-13A,

Class

CR

a,b,c

$

2,500,000

Anchorage

Capital

CLO

20,

Ltd.

2,100,000

7.526%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,c

2,106,317

Anchorage

Capital

CLO

21,

Ltd.

1,500,000

6.226%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,c

1,500,283

Annisa

CLO,

Ltd.

1,075,000

5.826%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,c

1,075,129

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

825,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

829,309

Balboa

Bay

Loan

Funding,

Ltd.

1,500,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,c

1,500,034

1,000,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,c

1,000,443

Barings

CLO,

Ltd.

1,100,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,c

1,099,977

Barings

Loan

Partners

CLO,

Ltd.

2

1,250,000

5.976%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,c

1,249,735

Battalion

CLO

XXI,

Ltd.

2,500,000

6.318%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,c

2,499,910

Business

Jet

Securities,

LLC

871,598

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

853,177

1,215,201

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

1,237,347

1,000,362

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

996,774

Buttermilk

Park

CLO,

Ltd.

1,241,230

5.918%, 

(TSFR3M

+

1.600%),

10/15/2031,

Ser.

2018-1A,

Class

B1R

a,c

1,242,067

CarVal

CLO,

Ltd.

1,100,000

8.026%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,c

1,103,014

Cascade

Funding

Mortgage

Trust,

LLC

278,005

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,c

275,226

CIFC

Funding,

Ltd.

1,000,000

6.037%, 

(TSFR3M

+

1.712%),

4/20/2034,

Ser.

2015-4A,

Class

A2R2

a,c

1,004,046

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Asset-Backed

Securities  11.5%

-

continued

College

Avenue

Student

Loans,

LLC

$

143,898

6.117%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,c

$

145,029

Dryden

72

CLO,

Ltd.

950,000

5.976%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,c

951,571

Dryden

85

CLO,

Ltd.

2,865,000

6.418%, 

(TSFR3M

+

2.100%),

7/15/2037,

Ser.

2020-85A,

Class

CR2

a,c

2,876,675

Education

Funding

Trust

529,980

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

504,216

GMAC

Mortgage

Corporation

Loan

Trust

42,922

4.967%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

c,d

20,488

Hertz

Vehicle

Financing

III,

LLC

600,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

608,312

1,350,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

1,357,871

750,000

5.590%, 

12/26/2029,

Ser.

2025-3A,

Class

B

a

751,419

Hotwire

Funding,

LLC

1,350,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,363,618

HTAP

Issuer

Trust

1,377,660

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

1,361,821

KKR

Static

CLO

I,

Ltd.

2,000,000

5.776%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,c

1,993,602

LCM

41,

Ltd.

2,050,000

7.918%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,c

2,049,889

Madison

Park

Funding

XVIII,

Ltd.

1,850,000

6.487%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,c

1,852,505

Marathon

CLO,

Ltd.

1,550,000

5.868%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,c

1,551,032

MFA

Trust

2,162,672

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

2,165,125

Myers

Park

CLO,

Ltd.

1,275,000

5.987%, 

(TSFR3M

+

1.662%),

10/20/2030,

Ser.

2018-1A,

Class

A2

a,c

1,276,063

Octagon

Investment

Partners

51,

Ltd.

3,000,000

7.176%, 

(TSFR3M

+

2.850%),

7/20/2034,

Ser.

2021-1A,

Class

DR

a,c

2,999,904

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Asset-Backed

Securities  11.5%

-

continued

OZLM

XVII,

Ltd.

$

1,600,000

6.326%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,c

$

1,597,954

Pagaya

AI

Debt

Grantor

Trust

563,673

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

564,686

957,664

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

958,295

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

591,551

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

595,109

Palmer

Square

Loan

Funding,

Ltd.

1,750,000

6.868%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,c

1,751,174

1,250,000

6.018%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,c

1,251,245

1,450,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,c

1,437,530

Park

Blue

CLO,

Ltd.

1,500,000

6.506%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,c

1,507,552

Point

Securitization

Trust

1,286,994

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

1,279,285

PPM

CLO

3,

Ltd.

2,100,000

6.134%, 

(TSFR3M

+

1.812%),

4/17/2034,

Ser.

2019-3A,

Class

BR

a,c

2,101,050

PRET,

LLC

2,000,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,e

1,974,516

1,691,998

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,e

1,697,865

1,173,526

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,e

1,173,160

PRPM,

LLC

1,325,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,e

1,168,763

700,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,e

697,557

Radnor

Re,

Ltd.

2,000,000

7.250%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,c

2,016,494

Renaissance

Home

Equity

Loan

Trust

389,900

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

e

135,955

RFS

Asset

Securitization

V,

LLC

1,250,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

1,253,860

Rockford

Tower

CLO,

Ltd.

2,500,000

6.218%, 

(TSFR3M

+

1.900%),

1/15/2038,

Ser.

2021-3A,

Class

C1AR

a,c

2,506,345

Saxon

Asset

Securities

Trust

335,414

3.136%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

c

297,624

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Asset-Backed

Securities  11.5%

-

continued

Sculptor

CLO

XXVIII,

Ltd.

$

1,600,000

6.276%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,c

$

1,600,530

Signal

Peak

CLO

1,

Ltd.

1,750,000

6.272%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,c

1,751,167

1,625,000

7.822%, 

(TSFR3M

+

3.500%),

4/17/2034,

Ser.

2014-1A,

Class

DR4

a,c

1,628,621

Sunnova

Hestia

II

Issuer,

LLC

1,292,552

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,283,297

Symphony

CLO

XX,

Ltd.

1,000,000

7.318%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,c

1,002,709

TCW

CLO,

Ltd.

1,250,000

6.119%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,c

1,250,646

3,090,000

6.076%, 

(TSFR3M

+

1.750%),

10/20/2037,

Ser.

2024-3A,

Class

B

a,c

3,103,157

Unlock

HEA

Trust

1,251,315

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

1,249,621

1,380,298

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,379,448

1,266,448

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

1,252,297

VERDE

CLO,

Ltd.

2,100,000

7.518%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,c

2,107,182

Vericrest

Opportunity

Loan

Transferee

971,801

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

971,475

1,599,421

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

1,599,014

26,016

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

25,997

1,627,357

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

1,626,905

244,525

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

244,220

1,184,683

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

1,184,181

259,209

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,e

256,339

Veros

Auto

Receivables

Trust

856,967

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

857,857

Voya

CLO,

Ltd.

1,650,000

6.279%, 

(TSFR3M

+

1.962%),

7/16/2034,

Ser.

2020-1A,

Class

BR

a,c

1,653,298

Whitebox

CLO

I,

Ltd.

2,500,000

6.319%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,c

2,503,970

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Asset-Backed

Securities  11.5%

-

continued

Wind

River

CLO,

Ltd.

$

215,451

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,c

$

215,558

1,500,000

6.176%, 

(TSFR3M

+

1.850%),

7/20/2035,

Ser.

2022-1A,

Class

B1R

a,c

1,500,600

Zayo

Issuer,

LLC

1,000,000

5.648%, 

3/20/2055,

Ser.

2025-1A,

Class

A2

a

1,009,849

Total

103,125,885

Basic

Materials  1.3%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

303,000

8.625%, 

6/15/2029

a

320,196

Alumina,

Pty.

Ltd.

300,000

6.125%, 

3/15/2030

a

303,308

ATI,

Inc.

270,000

7.250%, 

8/15/2030

283,036

Avient

Corporation

308,000

6.250%, 

11/1/2031

a

309,095

Axalta

Coating

Systems

Dutch

Holding

B

BV

234,000

7.250%, 

2/15/2031

a

243,345

Cascades,

Inc./Cascades

USA,

Inc.

325,000

6.750%, 

7/15/2030

a

324,239

Celanese

US

Holdings,

LLC

162,000

6.850%, 

11/15/2028

168,646

140,000

6.500%, 

4/15/2030

141,575

103,000

6.629%, 

7/15/2032

106,634

66,000

6.750%, 

4/15/2033

f

66,567

Cerdia

Finanz

GmbH

352,000

9.375%, 

10/3/2031

a

368,382

Chemours

Company

492,000

5.750%, 

11/15/2028

a

451,868

Cleveland-Cliffs,

Inc.

495,000

4.625%, 

3/1/2029

a

466,536

239,000

6.875%, 

11/1/2029

a

239,114

182,000

4.875%, 

3/1/2031

a,f

161,498

141,000

7.375%, 

5/1/2033

a

137,272

182,000

6.250%, 

10/1/2040

146,524

Consolidated

Energy

Finance

SA

628,000

5.625%, 

10/15/2028

a

525,876

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

300,000

6.125%, 

6/15/2028

a

297,794

Eastman

Chemical

Company

397,000

5.000%, 

8/1/2029

401,464

First

Quantum

Minerals,

Ltd.

185,000

9.375%, 

3/1/2029

a

196,047

170,000

8.625%, 

6/1/2031

a

177,013

FMC

Corporation

160,000

8.450%, 

11/1/2055

c

165,413

Fortescue

Treasury,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

a

99,547

182,000

5.875%, 

4/15/2030

a

184,280

Glencore

Funding,

LLC

220,000

4.000%, 

3/27/2027

a

217,838

Hecla

Mining

Company

215,000

7.250%, 

2/15/2028

217,399

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Basic

Materials  1.3%

-

continued

INEOS

Finance

plc

$

541,000

7.500%, 

4/15/2029

a,f

$

537,012

International

Flavors

&

Fragrances,

Inc.

108,000

1.230%, 

10/1/2025

a

107,269

Magnera

Corporation

460,000

7.250%, 

11/15/2031

a

432,975

Mercer

International,

Inc.

111,000

12.875%, 

10/1/2028

a

111,955

216,000

5.125%, 

2/1/2029

173,997

Methanex

Corporation

180,000

5.250%, 

12/15/2029

f

178,287

Methanex

US

Operations,

Inc.

188,000

6.250%, 

3/15/2032

a

186,354

Mineral

Resources,

Ltd.

288,000

9.250%, 

10/1/2028

a

301,004

122,000

8.500%, 

5/1/2030

a,f

124,884

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

253,000

5.350%, 

3/15/2034

258,957

Novelis

Corporation

155,000

4.750%, 

1/30/2030

a

148,475

190,000

3.875%, 

8/15/2031

a

170,426

Olin

Corporation

196,000

6.625%, 

4/1/2033

a

190,728

Peabody

Energy

Corporation,

Convertible

256,000

3.250%, 

3/1/2028

f

288,717

Smurfit

Kappa

Treasury,

ULC

249,000

5.777%, 

4/3/2054

247,450

SNF

Group

SACA

512,000

3.375%, 

3/15/2030

a

470,171

Steel

Dynamics,

Inc.

200,000

5.250%, 

5/15/2035

199,737

SunCoke

Energy,

Inc.

574,000

4.875%, 

6/30/2029

a

524,903

Taseko

Mines,

Ltd.

371,000

8.250%, 

5/1/2030

a

387,373

Tronox,

Inc.

184,000

4.625%, 

3/15/2029

a,f

143,154

Total

11,904,334

Capital

Goods  3.1%

Advanced

Drainage

Systems,

Inc.

369,000

6.375%, 

6/15/2030

a

374,576

AECOM

371,000

6.000%, 

8/1/2033

a

374,016

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

185,000

7.000%, 

5/21/2030

a

190,418

Amrize

Finance

US,

LLC

267,000

5.400%, 

4/7/2035

a

269,314

Amsted

Industries,

Inc.

65,000

4.625%, 

5/15/2030

a

62,250

400,000

6.375%, 

3/15/2033

a

406,384

Array

Technologies,

Inc.,

Convertible

302,000

1.000%, 

12/1/2028

243,865

253,000

2.875%, 

7/1/2031

a

265,270

Axon

Enterprise,

Inc.

172,000

6.125%, 

3/15/2030

a

175,664

172,000

6.250%, 

3/15/2033

a

176,209

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Capital

Goods  3.1%

-

continued

Axon

Enterprise,

Inc.,

Convertible

$

134,000

0.500%, 

12/15/2027

$

442,684

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a

196,508

Boeing

Company

161,000

6.858%, 

5/1/2054

176,965

561,000

2.196%, 

2/4/2026

553,558

220,000

3.250%, 

3/1/2028

212,632

510,000

5.150%, 

5/1/2030

518,095

81,000

6.528%, 

5/1/2034

88,161

Bombardier,

Inc.

138,000

6.000%, 

2/15/2028

a

138,918

372,000

7.250%, 

7/1/2031

a

388,445

514,000

7.000%, 

6/1/2032

a,f

531,727

93,000

6.750%, 

6/15/2033

a

95,587

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

144,000

7.500%, 

2/1/2032

a

143,339

Builders

FirstSource,

Inc.

310,000

5.000%, 

3/1/2030

a

303,452

80,000

6.375%, 

3/1/2034

a

81,177

185,000

6.750%, 

5/15/2035

a

189,680

Camelot

Return

Merger

Sub,

Inc.

271,000

8.750%, 

8/1/2028

a

248,309

Canpack

SA/Canpack

US,

LLC

431,000

3.875%, 

11/15/2029

a

401,491

Carrier

Global

Corporation

252,000

2.722%, 

2/15/2030

233,819

Chart

Industries,

Inc.

202,000

7.500%, 

1/1/2030

a

211,601

Clean

Harbors,

Inc.

167,000

6.375%, 

2/1/2031

a

170,516

Clydesdale

Acquisition

Holdings,

Inc.

75,000

6.625%, 

4/15/2029

a

75,889

333,000

6.875%, 

1/15/2030

a

340,536

81,000

8.750%, 

4/15/2030

a

82,667

188,000

6.750%, 

4/15/2032

a

192,570

Crown

Cork

&

Seal

Company,

Inc.

257,000

7.375%, 

12/15/2026

265,107

Deere

&

Company

210,000

5.700%, 

1/19/2055

215,429

Eaton

Capital,

ULC

400,000

4.450%, 

5/9/2030

399,770

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

558,000

6.625%, 

12/15/2030

a

568,942

ESAB

Corporation

329,000

6.250%, 

4/15/2029

a

336,158

Fluor

Corporation,

Convertible

300,000

1.125%, 

8/15/2029

421,200

General

Dynamics

Corporation

99,000

4.950%, 

8/15/2035

99,214

GFL

Environmental,

Inc.

409,000

4.000%, 

8/1/2028

a

396,402

Greenbrier

Companies,

Inc.,

Convertible

161,000

2.875%, 

4/15/2028

171,224

Herc

Holdings,

Inc.

109,000

5.500%, 

7/15/2027

a

108,561

295,000

6.625%, 

6/15/2029

a

302,019

234,000

7.000%, 

6/15/2030

a

241,847

170,000

7.250%, 

6/15/2033

a

176,037

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Capital

Goods  3.1%

-

continued

Honeywell

International,

Inc.

$

325,000

5.250%, 

3/1/2054

$

305,824

Howmet

Aerospace,

Inc.

280,000

6.750%, 

1/15/2028

293,813

Huntington

Ingalls

Industries,

Inc.

221,000

4.200%, 

5/1/2030

214,878

Ingersoll

Rand,

Inc.

275,000

5.176%, 

6/15/2029

281,433

80,000

5.700%, 

8/14/2033

83,579

JBT

Marel

Corporation,

Convertible

222,000

0.250%, 

5/15/2026

224,886

John

Deere

Capital

Corporation

138,000

3.900%, 

6/7/2032

132,685

79,000

5.150%, 

9/8/2033

81,374

L3Harris

Technologies,

Inc.

169,000

5.400%, 

1/15/2027

171,084

Lockheed

Martin

Corporation

220,000

5.200%, 

2/15/2064

200,122

Martin

Marietta

Materials,

Inc.

165,000

5.150%, 

12/1/2034

165,511

Mirion

Technologies,

Inc.,

Convertible

298,000

0.250%, 

6/1/2030

a

350,895

Mueller

Water

Products,

Inc.

313,000

4.000%, 

6/15/2029

a

298,963

Nesco

Holdings

II,

Inc.

215,000

5.500%, 

4/15/2029

a

209,627

New

Enterprise

Stone

and

Lime

Company,

Inc.

409,000

5.250%, 

7/15/2028

a

406,069

Northrop

Grumman

Corporation

327,000

5.200%, 

6/1/2054

302,908

82,000

4.700%, 

3/15/2033

81,485

OI

European

Group

BV

394,000

4.750%, 

2/15/2030

a

373,319

Owens-Brockway

Glass

Container,

Inc.

298,000

6.625%, 

5/13/2027

a

298,358

146,000

7.375%, 

6/1/2032

a

147,103

Patrick

Industries,

Inc.,

Convertible

135,000

1.750%, 

12/1/2028

208,729

Quikrete

Holdings,

Inc.

705,000

6.375%, 

3/1/2032

a

723,044

QXO

Building

Products,

Inc.

279,000

6.750%, 

4/30/2032

a

287,307

Republic

Services,

Inc.

156,000

5.000%, 

12/15/2033

158,383

Resideo

Funding,

Inc.

379,000

6.500%, 

7/15/2032

a

384,474

Reworld

Holding

Corporation

332,000

4.875%, 

12/1/2029

a

317,064

Roller

Bearing

Company

of

America,

Inc.

161,000

4.375%, 

10/15/2029

a

154,823

RTX

Corporation

246,000

5.750%, 

1/15/2029

256,530

798,000

4.500%, 

6/1/2042

704,735

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

290,000

6.125%, 

2/1/2028

a

292,772

Siemens

Funding

BV

293,000

5.800%, 

5/28/2055

a

303,175

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Capital

Goods  3.1%

-

continued

Smyrna

Ready

Mix

Concrete,

LLC

$

592,000

8.875%, 

11/15/2031

a

$

623,013

Spirit

AeroSystems,

Inc.

842,000

4.600%, 

6/15/2028

828,406

111,000

9.750%, 

11/15/2030

a

122,078

SRM

Escrow

Issuer,

LLC

132,000

6.000%, 

11/1/2028

a

131,564

Standard

Building

Solutions,

Inc.

419,000

6.250%, 

8/1/2033

a

422,992

Standard

Industries,

Inc./NY

181,000

4.750%, 

1/15/2028

a

178,513

181,000

3.375%, 

1/15/2031

a

161,693

Textron,

Inc.

221,000

3.650%, 

3/15/2027

217,666

TopBuild

Corporation

122,000

4.125%, 

2/15/2032

a

112,438

Trane

Technologies

Financing,

Ltd.

179,000

5.100%, 

6/13/2034

181,561

TransDigm,

Inc.

174,000

6.750%, 

8/15/2028

a

177,543

604,000

7.125%, 

12/1/2031

a

628,913

515,000

6.625%, 

3/1/2032

a

529,559

638,000

6.000%, 

1/15/2033

a

641,151

United

Rentals

North

America,

Inc.

680,000

4.875%, 

1/15/2028

675,813

340,000

4.000%, 

7/15/2030

321,659

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

63,817

Waste

Pro

USA,

Inc.

165,000

7.000%, 

2/1/2033

a

171,198

WESCO

Distribution,

Inc.

184,000

6.375%, 

3/15/2029

a

188,728

129,000

6.625%, 

3/15/2032

a

133,103

160,000

6.375%, 

3/15/2033

a

163,802

Total

27,348,364

Collateralized

Mortgage

Obligations  10.4%

A&D

Mortgage

Trust

529,722

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,e

535,325

927,014

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,e

934,750

961,096

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

959,452

ACRA

Trust

1,589,294

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,e

1,590,941

Arroyo

Mortgage

Trust

1,500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a,e

1,371,537

Banc

of

America

Alternative

Loan

Trust

660,759

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

585,501

Banc

of

America

Mortgage

Securities

Trust

109,407

5.607%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

c

95,986

173,477

6.327%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

c

164,315

CAFL

Issuer,

LLC

1,150,883

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

1,150,100

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Collateralized

Mortgage

Obligations  10.4%

-

continued

CHNGE

Mortgage

Trust

$

1,130,939

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,c

$

1,095,368

390,488

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,e

391,324

1,143,040

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,e

1,138,411

494,775

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,e

497,881

CIM

Trust

884,535

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,e

887,391

Citigroup

Mortgage

Loan

Trust,

Inc.

189,210

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

185,961

778,013

5.255%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

c

699,255

COLT

Mortgage

Loan

Trust

1,005,960

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,e

1,010,549

Countrywide

Alternative

Loan

Trust

227,690

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

186,590

306,709

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

242,865

310,038

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

211,542

91,153

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

72,145

174,354

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

57,386

CSMC

Trust

556,583

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,c

556,368

263,137

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,c

229,425

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

441,633

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

381,868

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

564,356

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

553,523

1,550,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,514,518

1,550,000

7.950%, 

(SOFR30A

+

4.000%),

8/25/2025,

Ser.

5567,

Class

MB

c

1,551,711

966,383

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

776,483

1,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,243,877

11,499,739

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

g

1,109,234

139,074

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

g

1,923

206,627

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

g

4,049

690,041

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

g

52,689

618,573

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

g

23,816

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Collateralized

Mortgage

Obligations  10.4%

-

continued

Federal

Home

Loan

Mortgage

Corporation

STRIPS

$

884,143

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

g

$

81,527

Federal

National

Mortgage

Association

-

REMIC

1,300,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,224,670

665,627

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

660,259

148,676

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

g

2,518

191,175

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

g

2,940

109,642

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

g

603

591,494

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

g

11,547

459,347

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

g

8,326

156,435

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

g

2,837

389,155

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

g

6,490

147,943

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

g

3,229

346,034

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

g

6,699

308,006

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

g

6,975

581,535

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

g

41,307

First

Horizon

Alternative

Mortgage

Securities

Trust

89,696

5.394%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

c

84,375

Flagstar

Mortgage

Trust

1,315,294

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,c

1,130,947

1,513,938

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,c

1,218,661

654,374

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,c

584,669

GCAT

Trust

1,852,173

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,c

1,884,730

1,000,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,c

969,400

775,872

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,c

726,206

1,468,394

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,c

1,476,538

GMAC

Mortgage

Corporation

Loan

Trust

286,833

4.021%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

c

253,877

GMACM

Mortgage

Loan

Trust

12,270

3.680%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

c

10,045

GS

Mortgage-Backed

Securities

Trust

1,211,682

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,c

1,209,465

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Collateralized

Mortgage

Obligations  10.4%

-

continued

Home

Equity

Asset

Trust

$

971,589

5.787%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

c

$

934,964

Home

RE,

Ltd.

1,364,467

8.950%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,c

1,400,543

HOMES

Trust

875,000

6.995%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,c

875,164

ICAP

Trust

1,100,000

6.472%, 

7/25/2030,

Ser.

2025-RTL1,

Class

A1

a,e

1,099,575

IndyMac

IMJA

Mortgage

Loan

Trust

281,877

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

109,485

IndyMac

INDA

Mortgage

Loan

Trust

1,476,482

3.699%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

c

1,157,091

J.P.

Morgan

Alternative

Loan

Trust

277,697

5.051%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

c

207,496

J.P.

Morgan

Mortgage

Trust

391,477

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,c

328,638

827,186

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,c

818,509

147,759

6.223%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

c

142,781

LHOME

Mortgage

Trust

1,400,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,e

1,410,966

1,700,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

1,710,554

1,225,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,e

1,235,156

1,000,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,e

1,009,402

1,625,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,e

1,627,861

Long

Beach

Mortgage

Loan

Trust

930,617

5.967%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

c

963,245

Merrill

Lynch

Alternative

Note

Asset

Trust

503,922

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

164,614

MFA

Trust

243,296

4.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a

236,763

1,800,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

1,807,829

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,438,853

4.927%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

c

1,257,650

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Collateralized

Mortgage

Obligations  10.4%

-

continued

NYMT

Loan

Trust

$

1,150,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,e

$

1,155,112

1,750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,e

1,764,678

PMT

Loan

Trust

1,722,490

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,c

1,734,175

1,750,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,c

1,747,699

1,150,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,c

1,116,005

1,000,000

6.000%, 

12/25/2059,

Ser.

2024-INV2,

Class

A10

a,c

996,913

PRET,

LLC

689,515

5.744%, 

6/25/2055,

Ser.

2025-NPL6,

Class

A1

a,e

686,167

900,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,e

896,813

PRKCM

Trust

214,951

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

215,300

559,302

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,e

567,685

PRPM

Trust

1,035,000

6.268%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,c

1,031,313

1,350,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,c

1,367,155

PRPM,

LLC

1,115,489

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,e

1,091,763

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,e

1,213,600

930,962

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,e

930,904

1,834,138

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,e

1,831,085

1,460,841

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,e

1,461,851

1,750,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,e

1,755,768

1,431,964

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,e

1,433,669

RCO

IX

Mortgage,

LLC

911,625

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,e

913,380

Residential

Accredit

Loans,

Inc.

Trust

242,398

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

213,527

343,053

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

271,482

165,684

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

139,351

Residential

Funding

Mortgage

Security

I

Trust

196,176

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

157,368

Roc

Mortgage

Trust

27,001

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

26,919

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Collateralized

Mortgage

Obligations  10.4%

-

continued

$

1,750,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,e

$

1,743,772

Saluda

Grade

Alternative

Mortgage

Trust

1,750,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,e

1,765,680

1,650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,e

1,654,109

Sequoia

Mortgage

Trust

154,273

3.577%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

c

101,227

Structured

Adjustable

Rate

Mortgage

Loan

Trust

87,168

4.666%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

c

76,188

Toorak

Mortgage

Trust

1,300,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,e

1,307,552

1,750,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,e

1,744,783

Triangle

Re,

Ltd.

606,144

7.750%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,c

612,424

TVC

Mortgage

Trust

1,550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,e

1,545,684

Verus

Securitization

Trust

1,610,091

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,e

1,618,251

1,642,821

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,c

1,423,113

636,377

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,c

567,305

819,820

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,e

819,286

Vontive

Mortgage

Trust

1,325,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,e

1,334,159

Washington

Mutual

Mortgage

Pass-Through

Certificates

293,917

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

253,837

Total

93,458,237

Commercial

Mortgage-Backed

Securities  1.9%

AMSR

Trust

1,079,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

a

1,005,659

1,600,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

1,497,772

BANK

2018-BNK12

1,750,000

4.342%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

c

1,710,939

BANK

2022-BNK39

13,366,997

0.416%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

c,g

305,925

BANK

2025-BNK49

7,191,473

0.626%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

c,g

342,823

BBCMS

Mortgage

Trust

7,099,940

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

c,g

459,777

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Commercial

Mortgage-Backed

Securities  1.9%

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

1,000,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

$

938,060

FirstKey

Homes

Trust

2,310,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

2,286,376

FRTKL

Trust

500,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

481,337

Home

Partners

of

America

Trust

1,245,402

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

a

1,110,066

HTAP

Issuer

Trust

1,696,082

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

1,686,148

Progress

Residential

Trust

1,200,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

1,168,735

Tricon

Residential

Trust

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,262,836

Velocity

Commercial

Capital

Loan

Trust

624,295

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,c

629,175

907,576

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,c

926,889

729,045

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,c

742,305

Total

16,554,822

Communications

Services  3.8%

AMC

Networks,

Inc.

405,000

10.250%, 

1/15/2029

a

415,621

American

Tower

Corporation

144,000

1.450%, 

9/15/2026

139,086

243,000

5.500%, 

3/15/2028

248,958

160,000

5.800%, 

11/15/2028

166,098

192,000

3.800%, 

8/15/2029

186,433

333,000

5.000%, 

1/31/2030

338,118

467,000

4.900%, 

3/15/2030

471,200

AppLovin

Corporation

370,000

5.500%, 

12/1/2034

374,247

AT&T,

Inc.

300,000

5.700%, 

3/1/2057

288,281

543,000

6.050%, 

8/15/2056

550,453

792,000

3.550%, 

9/15/2055

531,007

433,000

4.300%, 

2/15/2030

429,704

Bell

Telephone

Company

of

Canada

153,000

7.000%, 

9/15/2055

c

155,278

157,000

5.100%, 

5/11/2033

f

156,885

Cable

One,

Inc.

109,000

4.000%, 

11/15/2030

a,f

83,934

Cable

One,

Inc.,

Convertible

198,000

Zero

Coupon, 

3/15/2026

f

188,991

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

250,000

5.500%, 

5/1/2026

a

249,574

377,000

5.125%, 

5/1/2027

a

373,914

178,000

5.000%, 

2/1/2028

a

174,668

145,000

5.375%, 

6/1/2029

a

142,416

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Communications

Services  3.8%

-

continued

$

351,000

6.375%, 

9/1/2029

a

$

354,226

1,229,000

4.750%, 

3/1/2030

a

1,167,788

161,000

4.500%, 

8/15/2030

a

150,635

351,000

4.250%, 

2/1/2031

a

320,604

119,000

4.750%, 

2/1/2032

a

109,999

472,000

4.250%, 

1/15/2034

a,f

406,700

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

221,000

5.050%, 

3/30/2029

222,266

234,000

6.550%, 

6/1/2034

246,738

Clear

Channel

Outdoor

Holdings,

Inc.

360,000

5.125%, 

8/15/2027

a

359,511

258,000

7.875%, 

4/1/2030

a

265,690

Comcast

Corporation

395,000

6.050%, 

5/15/2055

399,915

483,000

5.650%, 

6/1/2054

463,792

392,000

3.400%, 

4/1/2030

374,860

Crown

Castle,

Inc.

205,000

2.900%, 

3/15/2027

199,318

114,000

4.900%, 

9/1/2029

114,816

Deluxe

Corporation

419,000

8.125%, 

9/15/2029

a

431,355

Deutsche

Telekom

International

Finance

BV

499,000

8.750%, 

6/15/2030

585,380

DIRECTV

Financing,

LLC

93,000

8.875%, 

2/1/2030

a

90,553

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

1,249,000

5.875%, 

8/15/2027

a

1,242,135

226,000

10.000%, 

2/15/2031

a

217,949

FiberCop

SPA

630,000

6.000%, 

9/30/2034

a

595,065

Frontier

Communications

Holdings,

LLC

427,000

5.875%, 

10/15/2027

a

427,077

Gray

Media,

Inc.

154,000

10.500%, 

7/15/2029

a,f

166,659

177,000

7.250%, 

8/15/2033

a

176,069

Iliad

Holding

SASU

476,000

8.500%, 

4/15/2031

a

510,596

254,000

7.000%, 

4/15/2032

a

260,703

LCPR

Senior

Secured

Financing

DAC

572,000

6.750%, 

10/15/2027

a

439,010

Level

3

Financing,

Inc.

94,000

3.625%, 

1/15/2029

a

79,900

189,000

4.875%, 

6/15/2029

a

177,188

161,192

11.000%, 

11/15/2029

a

182,755

89,000

10.750%, 

12/15/2030

a

100,236

218,000

4.000%, 

4/15/2031

a,f

187,480

418,000

6.875%, 

6/30/2033

a

423,582

Lumen

Technologies,

Inc.

104,562

4.125%, 

4/15/2030

a

101,846

McGraw-Hill

Education,

Inc.

541,000

5.750%, 

8/1/2028

a

538,865

Meta

Platforms,

Inc.

333,000

5.550%, 

8/15/2064

323,070

Nexstar

Media,

Inc.

221,000

5.625%, 

7/15/2027

a

220,571

282,000

4.750%, 

11/1/2028

a,f

274,088

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Communications

Services  3.8%

-

continued

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

$

260,000

4.625%, 

3/15/2030

a,f

$

246,817

Paramount

Global

351,000

6.375%, 

3/30/2062

c

345,734

Rogers

Communications,

Inc.

205,000

5.250%, 

3/15/2082

a,c

202,092

141,000

7.000%, 

4/15/2055

c

144,154

351,000

7.125%, 

4/15/2055

c

359,179

266,000

5.000%, 

2/15/2029

269,401

Scripps

Escrow

II,

Inc.

150,000

3.875%, 

1/15/2029

a

133,166

Sinclair

Television

Group,

Inc.

91,000

8.125%, 

2/15/2033

a

92,821

Sirius

XM

Radio,

LLC

510,000

4.000%, 

7/15/2028

a

485,412

130,000

4.125%, 

7/1/2030

a

118,590

305,000

3.875%, 

9/1/2031

a

269,078

Snap,

Inc.,

Convertible

78,000

0.750%, 

8/1/2026

75,176

293,000

0.500%, 

5/1/2030

256,522

SoftBank

Corporation

500,000

5.332%, 

7/9/2035

a

494,185

Sprint

Capital

Corporation

511,000

6.875%, 

11/15/2028

546,308

220,000

8.750%, 

3/15/2032

265,738

Take-Two

Interactive

Software,

Inc.

172,000

5.600%, 

6/12/2034

177,425

TEGNA,

Inc.

566,000

4.625%, 

3/15/2028

549,426

Telecom

Italia

Capital

SA

92,000

6.000%, 

9/30/2034

f

91,225

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

a

592,447

TELUS

Corporation

561,000

6.625%, 

10/15/2055

c

568,104

T-Mobile

USA,

Inc.

160,000

5.500%, 

1/15/2055

150,837

344,000

5.250%, 

6/15/2055

312,657

338,000

3.375%, 

4/15/2029

324,508

240,000

5.125%, 

5/15/2032

243,488

Uniti

Group,

Inc.,

Convertible

225,000

7.500%, 

12/1/2027

261,900

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

60,000

10.500%, 

2/15/2028

a

63,413

557,000

4.750%, 

4/15/2028

a

539,797

Univision

Communications,

Inc.

74,000

8.000%, 

8/15/2028

a

76,021

684,000

4.500%, 

5/1/2029

a

632,888

270,000

7.375%, 

6/30/2030

a

268,518

179,000

8.500%, 

7/31/2031

a

181,787

Verizon

Communications,

Inc.

207,000

5.500%, 

2/23/2054

f

198,940

296,000

2.355%, 

3/15/2032

254,475

230,000

4.780%, 

2/15/2035

222,936

383,000

5.250%, 

4/2/2035

384,542

524,000

5.401%, 

7/2/2037

a

523,612

Viasat,

Inc.

188,000

5.625%, 

4/15/2027

a

187,092

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Communications

Services  3.8%

-

continued

Virgin

Media

Finance

plc

$

214,000

5.000%, 

7/15/2030

a

$

192,907

Virgin

Media

Secured

Finance

plc

460,000

5.500%, 

5/15/2029

a

449,673

Virgin

Media

Vendor

Financing

Notes

IV

DAC

230,000

5.000%, 

7/15/2028

a

223,052

VMED

O2

UK

Financing

I

plc

192,000

7.750%, 

4/15/2032

a

200,007

Vodafone

Group

plc

193,000

4.125%, 

6/4/2081

c

177,738

270,000

5.125%, 

6/4/2081

c

208,191

175,000

5.875%, 

6/28/2064

168,440

352,000

7.000%, 

4/4/2079

c

367,838

VZ

Secured

Financing

BV

388,000

5.000%, 

1/15/2032

a

341,224

Warnermedia

Holdings,

Inc.

892,000

4.054%, 

3/15/2029

837,535

506,000

4.279%, 

3/15/2032

f

424,908

621,000

5.050%, 

3/15/2042

415,107

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

245,000

8.250%, 

10/1/2031

a

256,488

Zegona

Finance

plc

170,000

8.625%, 

7/15/2029

a

180,965

Ziggo

BV

198,000

4.875%, 

1/15/2030

a

182,907

Total

34,311,247

Consumer

Cyclical  5.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

127,000

3.875%, 

1/15/2028

a

122,497

281,000

4.375%, 

1/15/2028

a

274,590

190,000

6.125%, 

6/15/2029

a

194,194

328,000

5.625%, 

9/15/2029

a

329,957

Adient

Global

Holdings,

Ltd.

123,000

8.250%, 

4/15/2031

a,f

128,570

188,000

7.500%, 

2/15/2033

a

191,715

ADT

Security

Corporation

149,000

4.125%, 

8/1/2029

a

142,538

446,000

4.875%, 

7/15/2032

a

423,842

Advance

Auto

Parts,

Inc.

278,000

7.000%, 

8/1/2030

a,b

279,415

271,000

7.375%, 

8/1/2033

a,b

272,453

Alimentation

Couche-Tard,

Inc.

279,000

5.617%, 

2/12/2054

a

265,452

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

893,000

4.625%, 

6/1/2028

a

866,310

30,000

4.625%, 

6/1/2028

a

29,187

Allison

Transmission,

Inc.

142,000

3.750%, 

1/30/2031

a

129,779

Amazon.com,

Inc.

147,000

1.500%, 

6/3/2030

129,681

164,000

4.700%, 

12/1/2032

166,521

American

Axle

&

Manufacturing,

Inc.

516,000

5.000%, 

10/1/2029

f

468,186

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Cyclical  5.1%

-

continued

American

Honda

Finance

Corporation

$

241,000

4.900%, 

1/10/2034

f

$

238,072

Asbury

Automotive

Group,

Inc.

313,000

5.000%, 

2/15/2032

a

296,067

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

310,000

4.625%, 

8/1/2029

a

292,896

Aston

Martin

Capital

Holdings,

Ltd.

320,000

10.000%, 

3/31/2029

a

305,202

Bath

&

Body

Works,

Inc.

148,000

6.950%, 

3/1/2033

152,153

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

233,000

9.500%, 

7/1/2032

a

240,103

Beach

Acquisition

Bidco,

LLC

262,000

10.000%, 

7/15/2033

a

273,155

Belron

UK

Finance

plc

355,000

5.750%, 

10/15/2029

a

358,332

Best

Buy

Company,

Inc.

147,000

1.950%, 

10/1/2030

128,994

Boyd

Gaming

Corporation

297,000

4.750%, 

6/15/2031

a

282,891

Boyne

USA,

Inc.

297,000

4.750%, 

5/15/2029

a

287,810

Brightstar

Lottery

plc

482,000

5.250%, 

1/15/2029

a

478,323

Brinker

International,

Inc.

186,000

8.250%, 

7/15/2030

a

197,304

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

481,000

4.875%, 

2/15/2030

a

437,383

Burlington

Stores,

Inc.,

Convertible

133,000

1.250%, 

12/15/2027

190,722

Caesars

Entertainment,

Inc.

819,000

4.625%, 

10/15/2029

a,f

773,983

220,000

6.500%, 

2/15/2032

a

224,360

201,000

6.000%, 

10/15/2032

a,f

194,002

Carnival

Corporation

44,000

5.750%, 

3/1/2027

a

44,439

114,000

6.000%, 

5/1/2029

a

115,011

619,000

5.750%, 

8/1/2032

a

623,191

140,000

6.125%, 

2/15/2033

a

142,484

Carnival

Corporation,

Convertible

257,000

5.750%, 

12/1/2027

593,413

Carvana

Company

73,050

9.000%,PIK

0.000%,

12/1/2028

a,h

74,726

211,000

11.000%, 

6/1/2030

a

220,699

204,000

9.000%, 

6/1/2031

a

242,591

Churchill

Downs,

Inc.

157,000

4.750%, 

1/15/2028

a

154,846

223,000

6.750%, 

5/1/2031

a

227,689

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

57,000

6.750%, 

5/15/2028

a

58,279

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

38,000

0.625%, 

6/15/2026

36,290

50,000

1.750%, 

9/15/2030

a

53,944

Cushman

&

Wakefield

US

Borrower,

LLC

90,000

6.750%, 

5/15/2028

a

90,683

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Cyclical  5.1%

-

continued

Daimler

Trucks

Finance

North

America,

LLC

$

150,000

5.400%, 

9/20/2028

a

$

153,540

Dana,

Inc.

267,000

4.500%, 

2/15/2032

f

260,549

DraftKings

Holdings,

Inc.,

Convertible

631,000

Zero

Coupon, 

3/15/2028

572,052

eG

Global

Finance

plc

90,000

12.000%, 

11/30/2028

a

99,442

Expedia

Group,

Inc.

512,000

5.400%, 

2/15/2035

515,625

Expedia

Group,

Inc.,

Convertible

168,000

Zero

Coupon, 

2/15/2026

165,745

EZCORP,

Inc.,

Convertible

108,000

3.750%, 

12/15/2029

a

158,799

Flutter

Treasury

DAC

209,000

5.875%, 

6/4/2031

a,b

210,378

Ford

Motor

Company,

Convertible

324,000

Zero

Coupon, 

3/15/2026

322,056

Ford

Motor

Credit

Company,

LLC

266,000

5.850%, 

5/17/2027

267,823

255,000

2.900%, 

2/10/2029

232,129

275,000

7.122%, 

11/7/2033

285,944

Forestar

Group,

Inc.

331,000

6.500%, 

3/15/2033

a

332,288

FORVIA

SE

300,000

8.000%, 

6/15/2030

a,f

312,472

Gap,

Inc.

130,000

3.625%, 

10/1/2029

a

119,964

118,000

3.875%, 

10/1/2031

a

104,862

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

256,000

7.750%, 

5/31/2032

a

265,669

General

Motors

Company

395,000

5.350%, 

4/15/2028

401,413

General

Motors

Financial

Company,

Inc.

250,000

5.800%, 

6/23/2028

257,072

204,000

5.800%, 

1/7/2029

210,323

412,000

4.900%, 

10/6/2029

411,336

160,000

5.700%, 

9/30/2030

c,i

156,093

121,000

5.750%, 

2/8/2031

124,456

184,000

5.625%, 

4/4/2032

186,895

306,000

5.950%, 

4/4/2034

311,016

Genting

New

York,

LLC/GENNY

Capital,

Inc.

296,000

7.250%, 

10/1/2029

a

304,753

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

188,000

11.500%, 

8/15/2029

a

186,606

150,000

8.750%, 

1/15/2032

a

132,822

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

180,000

3.500%, 

3/1/2029

a

168,947

Goodyear

Tire

&

Rubber

Company

180,000

4.875%, 

3/15/2027

179,225

185,000

5.000%, 

7/15/2029

f

179,471

Group

1

Automotive,

Inc.

110,000

6.375%, 

1/15/2030

a

112,042

Hanesbrands,

Inc.

177,000

9.000%, 

2/15/2031

a,f

186,294

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Cyclical  5.1%

-

continued

Harley-Davidson

Financial

Services,

Inc.

$

264,000

5.950%, 

6/11/2029

a

$

269,240

Hilton

Domestic

Operating

Company,

Inc.

513,000

4.875%, 

1/15/2030

505,957

90,000

4.000%, 

5/1/2031

a

83,977

519,000

3.625%, 

2/15/2032

a

467,944

185,000

5.750%, 

9/15/2033

a

185,176

Home

Depot,

Inc.

181,000

5.300%, 

6/25/2054

172,428

181,000

5.400%, 

6/25/2064

172,734

208,000

3.250%, 

4/15/2032

191,896

Hyundai

Capital

America

115,000

5.500%, 

3/30/2026

a

115,642

221,000

3.000%, 

2/10/2027

a

215,428

166,000

6.500%, 

1/16/2029

a

174,945

Hyundai

Capital

Services,

Inc.

200,000

5.125%, 

2/5/2027

a,f

201,244

Jacobs

Entertainment,

Inc.

385,000

6.750%, 

2/15/2029

a

375,375

K

Hovnanian

Enterprises,

Inc.

246,000

11.750%, 

9/30/2029

a

266,366

KB

Home

440,000

4.800%, 

11/15/2029

429,974

L

Brands,

Inc.

369,000

6.625%, 

10/1/2030

a

377,705

248,000

6.875%, 

11/1/2035

255,188

Las

Vegas

Sands

Corporation

150,000

5.900%, 

6/1/2027

152,503

164,000

5.625%, 

6/15/2028

166,610

Lennar

Corporation

411,000

5.200%, 

7/30/2030

418,705

Life

Time,

Inc.

263,000

6.000%, 

11/15/2031

a

264,941

Light

&

Wonder

International,

Inc.

165,000

7.250%, 

11/15/2029

a

169,438

Lithia

Motors,

Inc.

189,000

4.625%, 

12/15/2027

a

186,068

Live

Nation

Entertainment,

Inc.

201,000

4.750%, 

10/15/2027

a

197,893

Live

Nation

Entertainment,

Inc.,

Convertible

206,000

3.125%, 

1/15/2029

309,474

265,000

2.875%, 

1/15/2030

a

284,345

Lowe's

Companies,

Inc.

82,000

4.500%, 

4/15/2030

82,204

Macy's

Retail

Holdings,

LLC

179,000

6.125%, 

3/15/2032

a,f

171,387

92,000

7.375%, 

8/1/2033

a

92,350

Marriott

International,

Inc./MD

165,000

4.900%, 

4/15/2029

167,059

282,000

5.100%, 

4/15/2032

285,314

Marriott

Vacations

Worldwide

Corporation,

Convertible

118,000

Zero

Coupon, 

1/15/2026

114,318

218,000

3.250%, 

12/15/2027

205,247

Match

Group

Holdings

II,

LLC

392,000

4.125%, 

8/1/2030

a

365,588

Mattamy

Group

Corporation

411,000

5.250%, 

12/15/2027

a

408,046

McDonald's

Corporation

152,000

4.950%, 

8/14/2033

154,263

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Cyclical  5.1%

-

continued

Melco

Resorts

Finance,

Ltd.

$

498,000

5.375%, 

12/4/2029

a

$

474,878

460,000

7.625%, 

4/17/2032

a

472,801

Meritage

Homes

Corporation

357,000

5.650%, 

3/15/2035

355,593

Meritage

Homes

Corporation,

Convertible

135,000

1.750%, 

5/15/2028

133,479

MGM

Resorts

International

361,000

6.125%, 

9/15/2029

365,949

Michaels

Companies,

Inc.

128,000

5.250%, 

5/1/2028

a

101,501

Muvico,

LLC

147,000

9.000%,PIK

6.000%,

2/19/2029

a,h

158,365

NCL

Corporation,

Ltd.

35,000

5.875%, 

3/15/2026

a

35,063

431,000

5.875%, 

2/15/2027

a

432,277

598,000

6.750%, 

2/1/2032

a

614,218

New

Home

Company,

Inc.

186,000

8.500%, 

11/1/2030

a

189,901

Nissan

Motor

Company,

Ltd.

547,000

7.500%, 

7/17/2030

a

564,335

367,000

4.810%, 

9/17/2030

a

337,288

Phinia,

Inc.

271,000

6.625%, 

10/15/2032

a

276,064

Rakuten

Group,

Inc.

269,000

11.250%, 

2/15/2027

a

291,529

310,000

9.750%, 

4/15/2029

a

339,424

250,000

8.125%, 

12/15/2029

a,c,i

248,078

Raven

Acquisition

Holdings,

LLC

344,000

6.875%, 

11/15/2031

a

347,449

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

160,000

4.625%, 

4/16/2029

a

142,311

S&S

Holdings,

LLC

408,000

8.375%, 

10/1/2031

a

390,904

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

5,000

6.625%, 

3/1/2030

a

4,817

SeaWorld

Parks

and

Entertainment,

Inc.

432,000

5.250%, 

8/15/2029

a

420,488

Service

Corporation

International/

US

180,000

3.375%, 

8/15/2030

164,029

127,000

4.000%, 

5/15/2031

117,810

286,000

5.750%, 

10/15/2032

286,678

Six

Flags

Entertainment

Corporation

90,000

7.250%, 

5/15/2031

a,f

91,726

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

90,000

5.375%, 

4/15/2027

89,883

497,000

5.250%, 

7/15/2029

482,950

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

90,000

6.625%, 

5/1/2032

a

91,648

Sonic

Automotive,

Inc.

375,000

4.875%, 

11/15/2031

a

353,433

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Cyclical  5.1%

-

continued

Staples,

Inc.

$

201,000

10.750%, 

9/1/2029

a

$

188,470

Station

Casinos,

LLC

246,000

4.625%, 

12/1/2031

a

230,214

Stellantis

Finance

US,

Inc.

431,000

5.750%, 

3/18/2030

a

431,830

200,000

6.450%, 

3/18/2035

a

200,167

Tenneco,

Inc.

386,000

8.000%, 

11/17/2028

a

383,123

Toyota

Motor

Credit

Corporation

427,000

4.800%, 

5/15/2030

433,123

162,000

5.550%, 

11/20/2030

169,903

175,000

4.800%, 

1/5/2034

174,685

Tractor

Supply

Company

151,000

5.250%, 

5/15/2033

153,322

Uber

Technologies,

Inc.

255,000

5.350%, 

9/15/2054

238,212

315,000

4.800%, 

9/15/2034

309,402

Uber

Technologies,

Inc.,

Convertible

148,000

Zero

Coupon, 

12/15/2025

167,758

129,000

Zero

Coupon, 

5/15/2028

a

143,503

201,000

0.875%, 

12/1/2028

274,264

Vail

Resorts,

Inc.

130,000

5.625%, 

7/15/2030

a

130,715

VICI

Properties,

LP/VICI

Note

Company,

Inc.

496,000

5.750%, 

2/1/2027

a

501,280

Victoria's

Secret

&

Company

539,000

4.625%, 

7/15/2029

a,f

501,599

Victra

Holdings,

LLC/Victra

Finance

Corporation

238,000

8.750%, 

9/15/2029

a,f

249,432

Viking

Cruises,

Ltd.

703,000

5.875%, 

9/15/2027

a

702,546

Walgreens

Boots

Alliance,

Inc.

121,000

4.100%, 

4/15/2050

103,604

218,000

3.200%, 

4/15/2030

211,599

Walmart,

Inc.

250,000

4.900%, 

4/28/2035

251,642

Wayfair,

LLC

123,000

7.250%, 

10/31/2029

a

125,151

283,000

7.750%, 

9/15/2030

a,f

290,045

Wyndham

Hotels

&

Resorts,

Inc.

282,000

4.375%, 

8/15/2028

a

273,657

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

a

149,836

165,000

7.125%, 

2/15/2031

a

175,495

Yum!

Brands,

Inc.

536,000

4.750%, 

1/15/2030

a

528,292

ZF

North

America

Capital,

Inc.

303,000

7.125%, 

4/14/2030

a

293,698

188,000

6.750%, 

4/23/2030

a

178,903

Total

45,530,336

Consumer

Non-Cyclical  5.0%

1261229

B.C.,

Ltd.

347,000

10.000%, 

4/15/2032

a

353,277

AbbVie,

Inc.

406,000

5.500%, 

3/15/2064

390,837

607,000

4.500%, 

5/14/2035

583,204

247,000

5.350%, 

3/15/2044

241,277

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Non-Cyclical  5.0%

-

continued

Acadia

Healthcare

Company,

Inc.

$

270,000

5.000%, 

4/15/2029

a

$

260,898

224,000

7.375%, 

3/15/2033

a,f

230,630

AdaptHealth,

LLC

750,000

4.625%, 

8/1/2029

a

702,783

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

331,000

4.625%, 

1/15/2027

a

328,317

601,000

3.500%, 

3/15/2029

a

566,778

76,000

6.250%, 

3/15/2033

a

77,465

Altria

Group,

Inc.

166,000

6.200%, 

11/1/2028

174,032

Amgen,

Inc.

247,000

5.150%, 

3/2/2028

251,529

Amneal

Pharmaceuticals,

LLC

92,000

6.875%, 

8/1/2032

a,b

93,378

Anheuser-Busch

InBev

Worldwide,

Inc.

487,000

5.000%, 

6/15/2034

493,879

1,107,000

5.450%, 

1/23/2039

1,120,975

AstraZeneca

Finance,

LLC

258,000

5.000%, 

2/26/2034

261,473

BAT

Capital

Corporation

376,000

6.250%, 

8/15/2055

379,862

202,000

6.343%, 

8/2/2030

216,553

141,000

7.750%, 

10/19/2032

162,496

Bausch

+

Lomb

Corporation

106,000

8.375%, 

10/1/2028

a,f

110,516

Becton,

Dickinson

and

Company

165,000

4.693%, 

2/13/2028

166,297

221,000

2.823%, 

5/20/2030

204,213

BellRing

Brands,

Inc.

149,000

7.000%, 

3/15/2030

a

154,575

BioMarin

Pharmaceutical,

Inc.,

Convertible

223,000

1.250%, 

5/15/2027

210,406

Bio-Rad

Laboratories,

Inc.

204,000

3.300%, 

3/15/2027

199,759

Bristol-Myers

Squibb

Company

331,000

5.550%, 

2/22/2054

320,163

166,000

5.750%, 

2/1/2031

176,107

82,000

5.900%, 

11/15/2033

87,650

Bunge,

Ltd.

Finance

Corporation

324,000

3.200%, 

4/21/2031

a

297,859

99,000

4.650%, 

9/17/2034

95,560

Cargill,

Inc.

288,000

2.125%, 

11/10/2031

a

248,783

672,000

5.125%, 

2/11/2035

a

676,126

Cencora,

Inc.

334,000

5.150%, 

2/15/2035

334,868

Central

Garden

&

Pet

Company

244,000

4.125%, 

10/15/2030

f

229,299

Champ

Acquisition

Corporation

323,000

8.375%, 

12/1/2031

a

341,716

Chefs'

Warehouse,

Inc.,

Convertible

230,000

2.375%, 

12/15/2028

375,130

CHS/Community

Health

Systems,

Inc.

482,000

5.625%, 

3/15/2027

a

482,759

267,000

6.000%, 

1/15/2029

a

253,789

186,000

6.875%, 

4/15/2029

a,f

144,615

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Non-Cyclical  5.0%

-

continued

$

257,000

10.875%, 

1/15/2032

a

$

269,434

379,000

9.750%, 

1/15/2034

a,b

381,421

Cigna

Group

167,000

5.600%, 

2/15/2054

157,686

213,000

2.400%, 

3/15/2030

193,941

Coca-Cola

Company

161,000

5.300%, 

5/13/2054

155,912

Conagra

Brands,

Inc.

497,000

5.750%, 

8/1/2035

498,176

Concentra

Health

Services,

Inc.

163,000

6.875%, 

7/15/2032

a

167,481

Constellation

Brands,

Inc.

163,000

4.800%, 

1/15/2029

164,250

295,000

3.150%, 

8/1/2029

279,914

110,000

4.900%, 

5/1/2033

109,026

CVS

Health

Corporation

257,000

7.000%, 

3/10/2055

c

264,412

318,000

6.050%, 

6/1/2054

310,814

531,000

6.750%, 

12/10/2054

c

531,440

168,000

5.000%, 

2/20/2026

168,145

115,000

4.300%, 

3/25/2028

114,231

488,000

4.780%, 

3/25/2038

445,927

515,000

6.000%, 

6/1/2044

507,239

DaVita,

Inc.

206,000

3.750%, 

2/15/2031

a

186,813

319,000

6.875%, 

9/1/2032

a

327,975

186,000

6.750%, 

7/15/2033

a

191,820

Edgewell

Personal

Care

Company

431,000

5.500%, 

6/1/2028

a

427,759

Eli

Lilly

&

Company

328,000

5.000%, 

2/9/2054

302,777

216,000

5.500%, 

2/12/2055

214,981

310,000

4.700%, 

2/27/2033

311,479

Embecta

Corporation

175,000

6.750%, 

2/15/2030

a

167,237

Encompass

Health

Corporation

280,000

4.500%, 

2/1/2028

275,304

Endo

Finance

Holdings,

Inc.

179,000

8.500%, 

4/15/2031

a,f

190,426

Energizer

Holdings,

Inc.

195,000

4.750%, 

6/15/2028

a

189,436

475,000

4.375%, 

3/31/2029

a

450,324

Envista

Holdings

Corporation,

Convertible

75,000

1.750%, 

8/15/2028

69,469

Fortrea

Holdings,

Inc.

61,000

7.500%, 

7/1/2030

a,f

55,772

General

Mills,

Inc.

62,000

4.950%, 

3/29/2033

61,836

Gilead

Sciences,

Inc.

160,000

5.250%, 

10/15/2033

164,872

Grifols

SA

170,000

4.750%, 

10/15/2028

a

163,762

HCA,

Inc.

171,000

5.950%, 

9/15/2054

164,949

414,000

5.250%, 

3/1/2030

422,906

390,000

5.750%, 

3/1/2035

399,396

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

282,000

7.875%, 

9/1/2025

a,f

282,705

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

191,000

12.250%, 

4/15/2029

a

206,987

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Non-Cyclical  5.0%

-

continued

$

206,000

4.875%, 

6/1/2029

a

$

171,674

Insulet

Corporation

112,000

6.500%, 

4/1/2033

a

115,127

Integer

Holdings

Corporation,

Convertible

143,000

2.125%, 

2/15/2028

193,550

287,000

1.875%, 

3/15/2030

a

280,686

IQVIA,

Inc.

372,000

6.250%, 

6/1/2032

a

381,469

Jazz

Investments

I,

Ltd.,

Convertible

260,000

2.000%, 

6/15/2026

266,240

267,000

3.125%, 

9/15/2030

a

294,367

Jazz

Securities

DAC

223,000

4.375%, 

1/15/2029

a

215,725

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

173,000

3.625%, 

1/15/2032

158,218

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

446,000

6.375%, 

4/15/2066

a

439,582

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

342,000

5.950%, 

4/20/2035

a

352,890

Johnson

&

Johnson

322,000

5.250%, 

6/1/2054

317,444

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

344,000

9.000%, 

2/15/2029

a

359,002

Kenvue,

Inc.

509,000

4.850%, 

5/22/2032

512,850

Keurig

Dr

Pepper,

Inc.

272,000

3.200%, 

5/1/2030

255,401

344,000

5.300%, 

3/15/2034

351,607

Kraft

Heinz

Foods

Company

152,000

6.750%, 

3/15/2032

165,295

429,000

5.400%, 

3/15/2035

f

427,344

Kroger

Company

121,000

4.500%, 

1/15/2029

121,716

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

a

167,432

190,000

4.375%, 

1/31/2032

a

177,529

LCI

Industries,

Convertible

229,000

3.000%, 

3/1/2030

a,f

236,156

LifePoint

Health,

Inc.

172,000

9.875%, 

8/15/2030

a

185,379

216,000

11.000%, 

10/15/2030

a

237,405

136,000

10.000%, 

6/1/2032

a

141,186

L'Oreal

SA

200,000

5.000%, 

5/20/2035

a

201,732

Mars,

Inc.

67,000

5.650%, 

5/1/2045

a

66,540

Mattel,

Inc.

415,000

3.375%, 

4/1/2026

a

409,398

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

218,000

6.250%, 

4/1/2029

a

222,282

Medtronic

Global

Holdings

SCA

160,000

4.500%, 

3/30/2033

157,860

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Non-Cyclical  5.0%

-

continued

Mozart

Debt

Merger

Sub,

Inc.

$

490,000

3.875%, 

4/1/2029

a

$

467,301

585,000

5.250%, 

10/1/2029

a

573,570

Nestle

Capital

Corporation

200,000

5.100%, 

3/12/2054

a

187,953

Newell

Brands,

Inc.

186,000

6.375%, 

9/15/2027

187,455

185,000

6.625%, 

9/15/2029

184,179

112,000

6.375%, 

5/15/2030

f

108,532

Novartis

Capital

Corporation

429,000

4.700%, 

9/18/2054

380,148

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

491,000

5.125%, 

4/30/2031

a,f

424,772

Owens

&

Minor,

Inc.

186,000

6.625%, 

4/1/2030

a,f

167,493

PepsiCo,

Inc.

351,000

5.250%, 

7/17/2054

337,651

Performance

Food

Group,

Inc.

396,000

4.250%, 

8/1/2029

a

380,728

254,000

6.125%, 

9/15/2032

a

257,934

Perrigo

Finance

Unlimited

Company

302,000

4.900%, 

6/15/2030

294,479

167,000

6.125%, 

9/30/2032

168,748

Philip

Morris

International,

Inc.

322,000

4.875%, 

2/15/2028

325,989

141,000

5.625%, 

11/17/2029

147,138

174,000

5.125%, 

2/13/2031

177,685

141,000

5.750%, 

11/17/2032

147,993

256,000

5.250%, 

2/13/2034

259,191

214,000

4.900%, 

11/1/2034

211,179

Post

Holdings,

Inc.

270,000

4.625%, 

4/15/2030

a

257,905

425,000

4.500%, 

9/15/2031

a

392,834

249,000

6.250%, 

10/15/2034

a

249,312

Post

Holdings,

Inc.,

Convertible

454,000

2.500%, 

8/15/2027

512,430

Prime

Healthcare

Services,

Inc.

527,000

9.375%, 

9/1/2029

a

523,706

Radiology

Partners,

Inc.

372,000

8.500%, 

7/15/2032

a

375,873

Roche

Holdings,

Inc.

250,000

5.218%, 

3/8/2054

a

239,986

200,000

2.076%, 

12/13/2031

a

172,855

Royalty

Pharma

plc

343,000

1.200%, 

9/2/2025

341,823

238,000

5.150%, 

9/2/2029

242,375

Select

Medical

Corporation

169,000

6.250%, 

12/1/2032

a,f

168,563

Simmons

Foods,

Inc.

523,000

4.625%, 

3/1/2029

a

494,924

Sotera

Health

Holdings,

LLC

192,000

7.375%, 

6/1/2031

a

198,619

Spectrum

Brands,

Inc.,

Convertible

256,000

3.375%, 

6/1/2029

231,296

Star

Parent,

Inc.

170,000

9.000%, 

10/1/2030

a

178,772

Stryker

Corporation

333,000

5.200%, 

2/10/2035

338,178

Sysco

Corporation

128,000

5.950%, 

4/1/2030

134,898

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Consumer

Non-Cyclical  5.0%

-

continued

Takeda

Pharmaceutical

Company,

Ltd.

$

280,000

5.650%, 

7/5/2054

$

271,365

297,000

5.000%, 

11/26/2028

301,242

200,000

5.650%, 

7/5/2044

197,883

Takeda

US

Financing,

Inc.

300,000

5.200%, 

7/7/2035

298,875

Tenet

Healthcare

Corporation

920,000

5.125%, 

11/1/2027

916,277

545,000

4.375%, 

1/15/2030

523,985

404,000

6.750%, 

5/15/2031

415,696

Unilever

Capital

Corporation

225,000

5.000%, 

12/8/2033

229,780

US

Acute

Care

Solutions,

LLC

344,000

9.750%, 

5/15/2029

a

351,472

Whirlpool

Corporation

100,000

6.500%, 

6/15/2033

98,538

Winnebago

Industries,

Inc.,

Convertible

264,000

3.250%, 

1/15/2030

229,020

Wyeth,

LLC

382,000

6.500%, 

2/1/2034

424,218

Zoetis,

Inc.

236,000

5.600%, 

11/16/2032

248,378

Total

44,482,549

Energy  4.0%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

84,000

7.500%, 

10/1/2029

a

88,010

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

363,000

5.375%, 

6/15/2029

a

359,948

APA

Corporation

239,000

4.375%, 

10/15/2028

a

229,664

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

266,000

6.250%, 

4/1/2028

a

265,985

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

183,000

5.875%, 

6/30/2029

a

182,345

186,000

6.625%, 

7/15/2033

a

188,577

Baytex

Energy

Corporation

271,000

8.500%, 

4/30/2030

a

275,781

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

294,000

7.000%, 

7/15/2029

a

304,878

BP

Capital

Markets

America,

Inc.

531,000

4.234%, 

11/6/2028

529,320

259,000

4.812%, 

2/13/2033

258,176

500,000

5.227%, 

11/17/2034

505,931

BP

Capital

Markets

plc

191,000

4.875%, 

3/22/2030

c,i

187,888

301,000

6.450%, 

12/1/2033

c,i

311,692

Buckeye

Partners,

LP

254,000

4.500%, 

3/1/2028

a

247,941

173,000

6.875%, 

7/1/2029

a

178,085

California

Resources

Corporation

220,000

8.250%, 

6/15/2029

a

225,992

Cheniere

Energy

Partners,

LP

146,000

4.500%, 

10/1/2029

144,416

146,000

3.250%, 

1/31/2032

131,245

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Energy  4.0%

-

continued

$

259,000

5.950%, 

6/30/2033

$

270,352

Cheniere

Energy,

Inc.

158,000

5.650%, 

4/15/2034

160,719

Civitas

Resources,

Inc.

114,000

8.375%, 

7/1/2028

a

117,229

501,000

8.750%, 

7/1/2031

a

507,182

280,000

9.625%, 

6/15/2033

a

288,002

CNX

Resources

Corporation

215,000

6.000%, 

1/15/2029

a

214,884

CNX

Resources

Corporation,

Convertible

162,000

2.250%, 

5/1/2026

382,563

Columbia

Pipelines

Holding

Company,

LLC

167,000

6.055%, 

8/15/2026

a

168,773

317,000

6.042%, 

8/15/2028

a

329,471

Comstock

Resources,

Inc.

252,000

6.750%, 

3/1/2029

a

247,533

439,000

5.875%, 

1/15/2030

a

414,409

ConocoPhillips

Company

500,000

4.850%, 

1/15/2032

503,364

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

216,000

5.500%, 

6/15/2031

a

211,014

Crescent

Energy

Finance,

LLC

446,000

7.625%, 

4/1/2032

a

435,835

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

402,000

8.625%, 

3/15/2029

a

418,365

186,000

7.375%, 

6/30/2033

a

183,867

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

141,000

8.500%, 

10/1/2030

a

146,956

Diamondback

Energy,

Inc.

381,000

5.750%, 

4/18/2054

353,869

Eastern

Energy

Gas

Holdings,

LLC

512,000

5.800%, 

1/15/2035

531,060

Enbridge,

Inc.

285,000

7.375%, 

1/15/2083

c

293,501

290,000

7.625%, 

1/15/2083

c

307,818

244,000

5.950%, 

4/5/2054

241,691

78,000

5.700%, 

3/8/2033

80,797

Enerflex,

Ltd.

142,000

9.000%, 

10/15/2027

a

146,227

Energy

Transfer,

LP

161,000

5.950%, 

5/15/2054

152,181

564,000

8.000%, 

5/15/2054

c

600,821

161,000

6.050%, 

9/1/2054

154,485

169,000

4.400%, 

3/15/2027

168,446

64,000

7.125%, 

5/15/2030

c,i

65,525

169,000

6.400%, 

12/1/2030

181,353

Enterprise

Products

Operating,

LLC

264,000

5.550%, 

2/16/2055

252,671

215,000

7.573%, 

(TSFR3M

+

3.248%),

8/16/2077

c

214,295

Excelerate

Energy,

LP

119,000

8.000%, 

5/15/2030

a

124,575

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

293,000

8.875%, 

4/15/2030

310,166

439,000

7.875%, 

5/15/2032

454,015

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Energy  4.0%

-

continued

Gulfport

Energy

Operating

Corporation

$

128,000

6.750%, 

9/1/2029

a

$

130,081

Harvest

Midstream

I,

LP

431,000

7.500%, 

9/1/2028

a

436,246

Hess

Midstream

Operations,

LP

405,000

4.250%, 

2/15/2030

a

391,873

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

286,000

5.750%, 

2/1/2029

a

280,934

180,000

6.000%, 

4/15/2030

a

177,002

610,000

6.250%, 

4/15/2032

a

585,588

Howard

Midstream

Energy

Partners,

LLC

486,000

7.375%, 

7/15/2032

a

502,486

ITT

Holdings,

LLC

530,000

6.500%, 

8/1/2029

a

504,830

Kinder

Morgan,

Inc.

348,000

5.950%, 

8/1/2054

339,441

Kodiak

Gas

Services,

LLC

222,000

7.250%, 

2/15/2029

a

227,359

MEG

Energy

Corporation

197,000

5.875%, 

2/1/2029

a

197,025

MPLX,

LP

370,000

1.750%, 

3/1/2026

363,764

82,000

5.000%, 

3/1/2033

80,753

130,000

5.500%, 

6/1/2034

130,134

Nabors

Industries,

Inc.

180,000

7.375%, 

5/15/2027

a

181,666

459,000

9.125%, 

1/31/2030

a

454,289

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

147,000

8.125%, 

2/15/2029

a

145,468

378,000

8.375%, 

2/15/2032

a

369,760

Noble

Finance

II,

LLC

179,000

8.000%, 

4/15/2030

a

182,574

Northern

Oil

and

Gas,

Inc.

272,000

8.750%, 

6/15/2031

a

279,448

Northern

Oil

and

Gas,

Inc.,

Convertible

386,000

3.625%, 

4/15/2029

400,089

NuStar

Logistics,

LP

359,000

6.375%, 

10/1/2030

369,840

Occidental

Petroleum

Corporation

204,000

5.000%, 

8/1/2027

205,467

330,000

8.875%, 

7/15/2030

376,111

ONEOK,

Inc.

344,000

5.700%, 

11/1/2054

315,910

157,000

5.650%, 

11/1/2028

161,960

246,000

4.750%, 

10/15/2031

243,678

Ovintiv,

Inc.

354,000

7.200%, 

11/1/2031

384,997

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

281,000

6.000%, 

2/15/2028

270,423

103,000

7.875%, 

9/15/2030

a

93,940

Permian

Resources

Operating,

LLC

384,000

6.250%, 

2/1/2033

a

386,284

Permian

Resources

Operating,

LLC,

Convertible

73,000

3.250%, 

4/1/2028

182,896

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Energy  4.0%

-

continued

Pioneer

Natural

Resources

Company

$

184,000

1.900%, 

8/15/2030

$

162,947

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

314,000

4.650%, 

10/15/2025

313,903

Prairie

Acquiror,

LP

295,000

9.000%, 

8/1/2029

a

305,558

Precision

Drilling

Corporation

211,000

6.875%, 

1/15/2029

a

210,865

Range

Resources

Corporation

299,000

4.750%, 

2/15/2030

a

290,647

Rockies

Express

Pipeline,

LLC

462,000

4.950%, 

7/15/2029

a

452,974

Saturn

Oil

&

Gas,

Inc.

108,000

9.625%, 

6/15/2029

a

106,938

Schlumberger

Holdings

Corporation

93,000

4.300%, 

5/1/2029

a

92,614

SM

Energy

Company

220,000

6.500%, 

7/15/2028

221,365

127,000

7.000%, 

8/1/2032

a

125,758

South

Bow

USA

Infrastructure

Holdings,

LLC

122,000

5.584%, 

10/1/2034

a

120,429

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

180,000

5.875%, 

3/1/2027

179,382

Sunoco,

LP

541,000

7.000%, 

5/1/2029

a

559,972

Sunoco,

LP/Sunoco

Finance

Corporation

246,000

5.875%, 

3/15/2028

245,330

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

638,000

5.500%, 

1/15/2028

a

632,271

269,000

7.375%, 

2/15/2029

a

276,000

Talos

Production,

Inc.

102,000

9.000%, 

2/1/2029

a

104,539

Targa

Resources

Corporation

298,000

6.125%, 

5/15/2055

291,138

Targa

Resources

Partners,

LP

355,000

4.875%, 

2/1/2031

350,917

TGNR

Intermediate

Holdings,

LLC

396,000

5.500%, 

10/15/2029

a

385,750

Tidewater,

Inc.

94,000

9.125%, 

7/15/2030

a

98,587

TotalEnergies

Capital

SA

489,000

5.488%, 

4/5/2054

468,478

TransCanada

Trust

342,000

5.875%, 

8/15/2076

c

341,288

Transocean,

Inc.

425,600

8.750%, 

2/15/2030

a

441,249

UGI

Corporation,

Convertible

103,000

5.000%, 

6/1/2028

140,791

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

315,000

7.125%, 

3/15/2029

a

322,010

Valaris,

Ltd.

377,000

8.375%, 

4/30/2030

a

389,400

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Energy  4.0%

-

continued

Var

Energi

ASA

$

300,000

5.875%, 

5/22/2030

a

$

308,725

Venture

Global

LNG,

Inc.

667,000

8.125%, 

6/1/2028

a

690,554

328,000

9.000%, 

9/30/2029

a,c,i

328,084

503,000

8.375%, 

6/1/2031

a

520,282

360,000

9.875%, 

2/1/2032

a

388,420

Venture

Global

Plaquemines

LNG,

LLC

257,000

6.500%, 

1/15/2034

a

264,389

186,000

7.750%, 

5/1/2035

a

203,943

475,000

6.750%, 

1/15/2036

a

488,635

Vital

Energy,

Inc.

268,000

7.750%, 

7/31/2029

a

243,852

185,000

7.875%, 

4/15/2032

a,f

162,377

Williams

Companies,

Inc.

370,000

4.900%, 

3/15/2029

374,121

147,000

2.600%, 

3/15/2031

131,352

195,000

5.600%, 

3/15/2035

199,314

Total

35,537,352

Financials  12.1%

200

Park

Funding

Trust

249,000

5.740%, 

2/15/2055

a

244,879

Acrisure,

LLC/Acrisure

Finance,

Inc.

127,000

4.250%, 

2/15/2029

a

121,249

84,000

7.500%, 

11/6/2030

a

86,779

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

160,000

6.950%, 

3/10/2055

c

167,392

150,000

6.100%, 

1/15/2027

152,848

243,000

5.750%, 

6/6/2028

250,339

384,000

3.000%, 

10/29/2028

365,446

412,000

5.375%, 

12/15/2031

420,048

Agree,

LP

163,000

5.625%, 

6/15/2034

166,530

Air

Lease

Corporation

407,000

4.650%, 

6/15/2026

c,i

402,042

147,000

3.125%, 

12/1/2030

135,598

Aircastle,

Ltd.

240,000

5.250%, 

6/15/2026

a,c,i

238,339

147,000

2.850%, 

1/26/2028

a

140,280

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

178,000

4.250%, 

10/15/2027

a

174,264

431,000

6.750%, 

4/15/2028

a

436,829

258,000

7.000%, 

1/15/2031

a

265,294

Ally

Financial,

Inc.

469,000

4.700%, 

5/15/2026

c,i

455,272

541,000

8.000%, 

11/1/2031

611,182

280,000

6.700%, 

2/14/2033

f

290,771

American

Express

Company

320,000

3.550%, 

9/15/2026

c,i

312,762

320,000

6.338%, 

10/30/2026

c

321,263

American

Homes

4

Rent,

LP

279,000

4.950%, 

6/15/2030

280,819

American

International

Group,

Inc.

317,000

5.125%, 

3/27/2033

320,884

Americold

Realty

Operating

Partnership,

LP

398,000

5.600%, 

5/15/2032

398,351

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Ameriprise

Financial,

Inc.

$

498,000

5.200%, 

4/15/2035

$

499,113

AmWINS

Group,

Inc.

147,000

6.375%, 

2/15/2029

a

149,694

437,000

4.875%, 

6/30/2029

a

424,452

Aon

North

America,

Inc.

328,000

5.750%, 

3/1/2054

319,506

Apollo

Debt

Solutions

BDC

300,000

6.700%, 

7/29/2031

312,401

Ares

Capital

Corporation

371,000

2.150%, 

7/15/2026

362,170

194,000

5.875%, 

3/1/2029

198,124

Ares

Strategic

Income

Fund

661,000

5.450%, 

9/9/2028

a

659,908

265,000

5.600%, 

2/15/2030

264,047

Arthur

J.

Gallagher

&

Company

246,000

5.750%, 

7/15/2054

237,983

Assurant,

Inc.

239,000

6.100%, 

2/27/2026

239,849

Aviation

Capital

Group,

LLC

142,000

4.875%, 

10/1/2025

a

141,769

Avolon

Holdings

Funding,

Ltd.

321,000

5.750%, 

3/1/2029

a

329,432

499,000

5.375%, 

5/30/2030

a

507,710

Azorra

Finance,

Ltd.

469,000

7.750%, 

4/15/2030

a

488,472

Banco

Santander

Mexico

SA

300,000

5.621%, 

12/10/2029

a

307,800

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

c,i

80,198

200,000

4.175%, 

3/24/2028

c

198,578

200,000

6.921%, 

8/8/2033

217,814

Bank

of

America

Corporation

365,000

6.125%, 

4/27/2027

c,i

368,167

185,000

1.734%, 

7/22/2027

c

179,915

283,000

4.376%, 

4/27/2028

c

282,404

442,000

3.593%, 

7/21/2028

c

434,745

218,000

4.948%, 

7/22/2028

c

219,936

370,000

5.819%, 

9/15/2029

c

384,390

824,000

3.974%, 

2/7/2030

c

810,554

526,000

5.162%, 

1/24/2031

c,f

538,147

525,000

2.687%, 

4/22/2032

c

470,760

216,000

2.572%, 

10/20/2032

c

190,361

275,000

2.972%, 

2/4/2033

c

246,188

241,000

5.468%, 

1/23/2035

c

247,329

677,000

5.425%, 

8/15/2035

c

678,221

140,000

3.846%, 

3/8/2037

c

128,324

Bank

of

Montreal

250,000

6.875%, 

11/26/2085

c

250,500

140,000

3.088%, 

1/10/2037

c

121,907

Bank

of

New

York

Mellon

Corporation

165,000

6.317%, 

10/25/2029

c

174,286

218,000

4.596%, 

7/26/2030

c

219,378

165,000

6.474%, 

10/25/2034

c

181,756

Barclays

plc

262,000

6.125%, 

12/15/2025

c,f,i

262,327

200,000

5.501%, 

8/9/2028

c

203,440

223,000

4.972%, 

5/16/2029

c

225,076

482,000

4.942%, 

9/10/2030

c

485,407

200,000

6.224%, 

5/9/2034

c

212,645

160,000

7.119%, 

6/27/2034

c

175,258

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

$

200,000

7.625%, 

2/11/2035

a,c

$

205,469

Belrose

Funding

Trust

II

383,000

6.792%, 

5/15/2055

a

391,861

BlackRock

Funding,

Inc.

162,000

5.250%, 

3/14/2054

154,049

Blackstone

Private

Credit

Fund

400,000

5.600%, 

11/22/2029

402,983

Blue

Owl

Credit

Income

Corporation

209,000

4.700%, 

2/8/2027

207,399

Blue

Owl

Technology

Finance

Corporation

73,000

4.750%, 

12/15/2025

a

72,721

579,000

6.100%, 

3/15/2028

a

582,345

80,000

6.750%, 

4/4/2029

81,927

BNP

Paribas

SA

200,000

3.132%, 

1/20/2033

a,c

178,848

200,000

7.450%, 

6/27/2035

a,c,i

203,750

BPCE

SA

250,000

5.876%, 

1/14/2031

a,c

259,069

Brixmor

Operating

Partnership,

LP

245,000

2.250%, 

4/1/2028

231,085

Brookfield

Finance,

Inc.

284,000

5.813%, 

3/3/2055

280,101

Brown

&

Brown,

Inc.

157,000

6.250%, 

6/23/2055

160,865

163,000

5.550%, 

6/23/2035

164,775

Burford

Capital

Global

Finance,

LLC

427,000

9.250%, 

7/1/2031

a

451,539

186,000

7.500%, 

7/15/2033

a

187,209

Capital

Automotive

REIT

1,546,667

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a

1,491,541

Capital

One

Financial

Corporation

132,000

3.950%, 

9/1/2026

c,f,i

128,785

206,000

3.273%, 

3/1/2030

c

196,794

72,000

6.700%, 

11/29/2032

78,694

Capital

One

NA

295,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

c

301,470

Capital

Southwest

Corporation,

Convertible

15,000

5.125%, 

11/15/2029

15,028

Charles

Schwab

Corporation

324,000

0.900%, 

3/11/2026

316,936

304,000

4.000%, 

6/1/2026

c,i

299,670

158,000

6.136%, 

8/24/2034

c

170,507

CHL

Mortgage

Pass-Through

Trust

61,597

6.315%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

c

60,262

205,543

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

92,266

137,028

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A33

61,510

482,278

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

204,560

Citadel

Securities

Global

Holdings,

LLC

250,000

6.200%, 

6/18/2035

a

254,919

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Citadel,

LP

$

320,000

6.375%, 

1/23/2032

a

$

332,120

Citibank

NA

575,000

4.914%, 

5/29/2030

584,020

250,000

5.570%, 

4/30/2034

259,922

Citigroup,

Inc.

235,000

4.000%, 

12/10/2025

c,i

233,431

320,000

3.875%, 

2/18/2026

c,i

316,238

368,000

1.122%, 

1/28/2027

c

361,467

974,000

1.462%, 

6/9/2027

c

947,693

285,000

3.070%, 

2/24/2028

c

278,276

145,000

7.375%, 

5/15/2028

c,i

150,635

248,000

7.625%, 

11/15/2028

c,i

258,712

589,000

4.075%, 

4/23/2029

c

582,206

128,000

7.125%, 

8/15/2029

c,i

130,913

151,000

6.950%, 

2/15/2030

c,i

152,223

451,000

6.875%, 

8/15/2030

c,i

454,834

596,000

4.952%, 

5/7/2031

c

601,660

156,000

6.174%, 

5/25/2034

c

163,139

225,000

7.000%, 

8/15/2034

c,i

233,767

375,000

6.020%, 

1/24/2036

c

384,312

Citizens

Financial

Group,

Inc.

272,000

4.000%, 

10/6/2026

c,i

264,381

195,000

5.718%, 

7/23/2032

c

201,188

CNA

Financial

Corporation

341,000

5.125%, 

2/15/2034

338,347

Coinbase

Global,

Inc.,

Convertible

218,000

0.500%, 

6/1/2026

f

260,444

232,000

0.250%, 

4/1/2030

319,473

Comerica,

Inc.

92,000

5.982%, 

1/30/2030

c

94,600

Commonwealth

Bank

of

Australia

177,000

2.688%, 

3/11/2031

a

157,724

Constellation

Insurance,

Inc.

202,000

6.800%, 

1/24/2030

a

199,233

COPT

Defense

Properties,

LP

292,000

2.250%, 

3/15/2026

286,904

COPT

Defense

Properties,

LP,

Convertible

52,000

5.250%, 

9/15/2028

a

58,123

Corebridge

Financial,

Inc.

320,000

6.375%, 

9/15/2054

c

319,488

168,000

6.875%, 

12/15/2052

c

172,548

161,000

6.050%, 

9/15/2033

169,330

147,000

5.750%, 

1/15/2034

152,569

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

171,840

5.197%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

c

141,577

Cousins

Properties,

LP

141,000

5.375%, 

2/15/2032

142,338

Credit

Acceptance

Corporation

246,000

9.250%, 

12/15/2028

a

260,166

Credit

Agricole

SA

147,000

3.250%, 

1/14/2030

a

136,540

559,000

5.222%, 

5/27/2031

a,c

568,133

Credit

Suisse

Group

AG

138,000

7.250%, 

N/A

*,j

9,315

222,000

7.500%, 

N/A

*,j

14,985

Dai-ichi

Life

Insurance

Company,

Ltd.

290,000

6.200%, 

1/16/2035

a,c,i

295,042

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Deutsche

Bank

AG/New

York,

NY

$

502,000

2.129%, 

11/24/2026

c

$

497,737

280,000

2.311%, 

11/16/2027

c

271,713

500,000

5.297%, 

5/9/2031

c

508,323

400,000

4.950%, 

8/4/2031

b,c

400,662

209,000

3.742%, 

1/7/2033

c

188,695

Digital

Realty

Trust,

LP,

Convertible

161,000

1.875%, 

11/15/2029

a

169,710

Drawbridge

Special

Opportunities

Fund,

LP

541,000

3.875%, 

2/15/2026

a

533,034

Elevance

Health,

Inc.

322,000

5.650%, 

6/15/2054

304,883

452,000

2.550%, 

3/15/2031

403,255

Encore

Capital

Group,

Inc.

261,000

9.250%, 

4/1/2029

a

274,896

228,000

8.500%, 

5/15/2030

a

241,341

Encore

Capital

Group,

Inc.,

Convertible

132,000

4.000%, 

3/15/2029

121,739

ERP

Operating,

LP

414,000

4.950%, 

6/15/2032

417,382

Fairfax

Financial

Holdings,

Ltd.

245,000

6.350%, 

3/22/2054

247,001

Federal

Realty

OP,

LP,

Convertible

61,000

3.250%, 

1/15/2029

a

60,055

Fifth

Third

Bancorp

133,000

4.500%, 

9/30/2025

c,i

132,523

145,000

4.772%, 

7/28/2030

c

145,594

Fifth

Third

Bank

NA

398,000

3.850%, 

3/15/2026

395,873

FirstCash,

Inc.

448,000

5.625%, 

1/1/2030

a

443,362

Five

Corners

Funding

Trust

III

220,000

5.791%, 

2/15/2033

a

228,253

Freedom

Mortgage

Holdings,

LLC

418,000

9.250%, 

2/1/2029

a

435,676

179,000

9.125%, 

5/15/2031

a

186,073

254,000

8.375%, 

4/1/2032

a

259,785

FS

KKR

Capital

Corporation

146,000

2.625%, 

1/15/2027

140,302

FTAI

Aviation

Investors,

LLC

188,000

5.500%, 

5/1/2028

a

187,546

259,000

7.000%, 

5/1/2031

a

268,724

206,000

7.000%, 

6/15/2032

a

213,336

GGAM

Finance,

Ltd.

167,000

7.750%, 

5/15/2026

a

168,116

185,000

8.000%, 

6/15/2028

a

195,692

12,000

6.875%, 

4/15/2029

a

12,363

492,000

5.875%, 

3/15/2030

a

491,406

Global

Aircraft

Leasing

Company,

Ltd.

534,000

8.750%, 

9/1/2027

a

551,429

Global

Net

Lease,

Inc.

117,000

4.500%, 

9/30/2028

a

112,539

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

325,000

3.750%, 

12/15/2027

a

309,758

goeasy,

Ltd.

285,000

9.250%, 

12/1/2028

a

301,663

92,000

7.625%, 

7/1/2029

a

94,737

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Goldman

Sachs

BDC,

Inc.

$

177,000

6.375%, 

3/11/2027

$

180,433

Goldman

Sachs

Group,

Inc.

220,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

c,i

220,836

330,000

3.650%, 

8/10/2026

c,i

322,871

300,000

4.125%, 

11/10/2026

c,i

293,637

429,000

1.948%, 

10/21/2027

c

415,439

141,000

2.640%, 

2/24/2028

c

136,851

573,000

3.615%, 

3/15/2028

c

564,526

284,000

4.482%, 

8/23/2028

c

283,982

294,000

3.814%, 

4/23/2029

c

288,570

148,000

3.800%, 

3/15/2030

143,994

148,000

2.615%, 

4/22/2032

c

131,749

146,000

2.383%, 

7/21/2032

c

127,540

147,000

6.125%, 

11/10/2034

c,f,i

145,363

354,000

5.330%, 

7/23/2035

c

357,616

555,000

5.016%, 

10/23/2035

c

547,409

Hartford

Insurance

Group,

Inc.

148,000

2.800%, 

8/19/2029

138,838

136,000

6.713%, 

(TSFR3M

+

2.387%),

2/12/2047

a,c

126,469

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

52,000

3.750%, 

8/15/2028

a

59,150

Hercules

Capital,

Inc.,

Convertible

33,000

4.750%, 

9/1/2028

a

32,203

HSBC

Holdings

plc

200,000

6.161%, 

3/9/2029

c

207,436

413,000

4.583%, 

6/19/2029

c

412,478

176,000

6.875%, 

9/11/2029

c,i

181,395

417,000

5.130%, 

3/3/2031

c

422,766

176,000

2.804%, 

5/24/2032

c

156,767

HUB

International,

Ltd.

521,000

7.250%, 

6/15/2030

a

543,109

Huntington

Bancshares,

Inc./OH

146,000

4.450%, 

10/15/2027

c,i

143,416

440,000

5.709%, 

2/2/2035

c

450,111

326,000

6.141%, 

11/18/2039

c

333,246

Huntington

Bank

Auto

Credit-

Linked

Notes

1,055,933

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

1,062,716

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

179,000

6.250%, 

5/15/2026

177,846

606,000

5.250%, 

5/15/2027

590,398

ING

Groep

NV

292,000

1.726%, 

4/1/2027

c

286,299

Invitation

Homes

Operating

Partnership,

LP

223,000

2.000%, 

8/15/2031

189,295

Jane

Street

Group/JSG

Finance,

Inc.

292,000

4.500%, 

11/15/2029

a

279,674

113,000

7.125%, 

4/30/2031

a

116,709

188,000

6.125%, 

11/1/2032

a

186,527

430,000

6.750%, 

5/1/2033

a

440,054

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

151,000

5.000%, 

8/15/2028

a

145,616

274,000

6.625%, 

10/15/2031

a

272,607

Jefferson

Capital

Holdings,

LLC

147,000

6.000%, 

8/15/2026

a

146,594

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

$

368,000

9.500%, 

2/15/2029

a

$

388,337

130,000

8.250%, 

5/15/2030

a

135,635

JPMorgan

Chase

&

Company

285,000

3.650%, 

6/1/2026

c,i

280,268

471,000

1.045%, 

11/19/2026

c

465,837

265,000

2.947%, 

2/24/2028

c

258,785

442,000

4.005%, 

4/23/2029

c

437,095

146,000

2.069%, 

6/1/2029

c

136,810

145,000

6.500%, 

4/1/2030

c,i

148,637

589,000

4.493%, 

3/24/2031

c

586,947

141,000

2.963%, 

1/25/2033

c

126,683

147,000

4.912%, 

7/25/2033

c

147,887

142,000

5.717%, 

9/14/2033

c

147,969

172,000

5.350%, 

6/1/2034

c

176,439

159,000

6.254%, 

10/23/2034

c

172,544

81,000

5.336%, 

1/23/2035

c

82,814

273,000

5.766%, 

4/22/2035

c

286,317

262,000

5.502%, 

1/24/2036

c

268,801

385,000

5.534%, 

11/29/2045

c

385,126

KeyBank

NA/Cleveland,

OH

221,000

3.900%, 

4/13/2029

213,043

300,000

5.000%, 

1/26/2033

297,017

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

245,893

Kite

Realty

Group,

LP,

Convertible

7,000

0.750%, 

4/1/2027

a

7,171

Liberty

Mutual

Group,

Inc.

101,000

4.125%, 

12/15/2051

a,c

98,284

Lincoln

National

Corporation

74,000

6.944%, 

(TSFR3M

+

2.619%),

8/18/2025

c

64,195

Lloyds

Banking

Group

plc

806,000

1.627%, 

5/11/2027

c

787,126

250,000

6.068%, 

6/13/2036

c

255,805

LPL

Holdings,

Inc.

501,000

4.900%, 

4/3/2028

503,786

M&T

Bank

Corporation

427,000

3.500%, 

9/1/2026

c,i

410,375

Macquarie

Airfinance

Holdings,

Ltd.

69,000

6.400%, 

3/26/2029

a

71,732

197,000

5.150%, 

3/17/2030

a

196,834

Macquarie

Group,

Ltd.

293,000

1.629%, 

9/23/2027

a,c

283,041

Marsh

&

McLennan

Companies,

Inc.

151,000

2.375%, 

12/15/2031

131,942

MetLife,

Inc.

155,000

6.350%, 

3/15/2055

c

159,101

240,000

3.850%, 

9/15/2025

c,i

239,158

220,000

5.875%, 

3/15/2028

c,f,i

223,737

292,000

6.400%, 

12/15/2036

303,992

Metropolitan

Life

Global

Funding

I

285,000

2.950%, 

4/9/2030

a

266,427

Mid-America

Apartments,

LP

295,000

4.200%, 

6/15/2028

293,658

Mitsubishi

UFJ

Financial

Group,

Inc.

290,000

1.538%, 

7/20/2027

c

281,495

Mizuho

Financial

Group,

Inc.

425,000

1.554%, 

7/9/2027

c

413,035

200,000

5.098%, 

5/13/2031

c

203,148

288,000

2.564%, 

9/13/2031

251,052

158,000

5.748%, 

7/6/2034

c

164,710

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Molina

Healthcare,

Inc.

$

139,000

4.375%, 

6/15/2028

a

$

133,034

216,000

6.250%, 

1/15/2033

a

213,107

Morgan

Stanley

258,000

5.516%, 

11/19/2055

c

252,742

251,000

0.985%, 

12/10/2026

c

247,659

174,000

1.593%, 

5/4/2027

c

170,074

290,000

1.512%, 

7/20/2027

c

281,370

102,000

5.123%, 

2/1/2029

c

103,500

1,041,000

3.622%, 

4/1/2031

c

997,115

141,000

2.943%, 

1/21/2033

c

126,000

146,000

4.889%, 

7/20/2033

c

146,068

155,000

5.250%, 

4/21/2034

c

157,505

181,000

5.424%, 

7/21/2034

c

185,364

129,000

5.831%, 

4/19/2035

c

135,225

199,000

5.587%, 

1/18/2036

c

204,245

284,000

2.484%, 

9/16/2036

c

242,079

Nasdaq,

Inc.

147,000

5.350%, 

6/28/2028

150,944

National

Securities

Clearing

Corporation

492,000

4.700%, 

5/20/2030

a

497,819

Nationstar

Mortgage

Holdings,

Inc.

91,000

5.500%, 

8/15/2028

a

90,877

283,000

5.125%, 

12/15/2030

a

282,462

93,000

7.125%, 

2/1/2032

a

97,115

Nationwide

Building

Society

500,000

5.537%, 

7/14/2036

a,c

505,331

NatWest

Group

plc

147,000

4.892%, 

5/18/2029

c

148,253

425,000

6.475%, 

6/1/2034

c

443,767

Navient

Corporation

108,000

5.000%, 

3/15/2027

106,810

Neuberger

Berman

CLO,

Ltd.

208,846

7.579%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,c

208,980

New

Mountain

Finance

Corporation,

Convertible

25,000

7.500%, 

10/15/2025

25,025

New

York

Life

Global

Funding

159,000

4.550%, 

1/28/2033

a

156,236

168,000

5.000%, 

1/9/2034

a

168,551

Nippon

Life

Insurance

Company

700,000

5.950%, 

4/16/2054

a,c

713,941

NNN

REIT,

Inc.

147,000

2.500%, 

4/15/2030

133,849

Nomura

Holdings,

Inc.

218,000

2.172%, 

7/14/2028

203,532

269,000

5.783%, 

7/3/2034

279,238

Northwestern

Mutual

Life

Insurance

Company

92,000

6.170%, 

5/29/2055

a

95,964

Omega

Healthcare

Investors,

Inc.

560,000

5.200%, 

7/1/2030

561,778

OneMain

Finance

Corporation

203,000

3.500%, 

1/15/2027

198,078

248,000

3.875%, 

9/15/2028

236,519

187,000

6.750%, 

3/15/2032

189,747

787,000

7.125%, 

9/15/2032

811,117

Osaic

Holdings,

Inc.

278,000

6.750%, 

8/1/2032

a,b

281,353

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Panther

Escrow

Issuer,

LLC

$

255,000

7.125%, 

6/1/2031

a

$

263,695

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

489,000

4.875%, 

5/15/2029

a

470,392

Pebblebrook

Hotel

Trust,

Convertible

519,000

1.750%, 

12/15/2026

489,136

PennyMac

Financial

Services,

Inc.

92,000

7.125%, 

11/15/2030

a

94,833

279,000

6.875%, 

5/15/2032

a

284,257

199,000

6.875%, 

2/15/2033

a

202,823

Phoenix

Aviation

Capital,

Ltd.

298,000

9.250%, 

7/15/2030

a

312,246

PNC

Bank

NA

148,000

2.700%, 

10/22/2029

137,391

PNC

Financial

Services

Group,

Inc.

196,000

6.200%, 

9/15/2027

c,i

198,118

169,000

5.582%, 

6/12/2029

c

174,256

236,000

6.250%, 

3/15/2030

c,i

238,687

170,000

6.875%, 

10/20/2034

c

189,896

PRA

Group,

Inc.

281,000

8.375%, 

2/1/2028

a

287,449

Prologis

Targeted

US

Logistics

Fund,

LP

265,000

5.250%, 

4/1/2029

a

271,448

162,000

5.250%, 

1/15/2035

a

162,604

Prologis,

LP

192,000

5.250%, 

3/15/2054

179,235

Provident

Financing

Trust

I

108,000

7.405%, 

3/15/2038

115,079

Prudential

Financial,

Inc.

141,000

5.125%, 

3/1/2052

c

136,591

217,000

6.750%, 

3/1/2053

c

227,315

402,000

6.500%, 

3/15/2054

c

417,501

100,000

3.700%, 

10/1/2050

c

91,294

Realty

Income

Corporation

147,000

4.875%, 

6/1/2026

147,162

329,000

3.200%, 

1/15/2027

322,954

Regency

Centers,

LP

243,000

5.250%, 

1/15/2034

246,639

Reinsurance

Group

of

America,

Inc.

157,000

6.000%, 

9/15/2033

164,863

267,000

5.750%, 

9/15/2034

273,876

RenaissanceRe

Holdings,

Ltd.

495,000

5.800%, 

4/1/2035

508,740

Rexford

Industrial

Realty,

LP,

Convertible

56,000

4.375%, 

3/15/2027

a

55,356

120,000

4.125%, 

3/15/2029

a

117,420

RGA

Global

Funding

188,000

5.500%, 

1/11/2031

a

193,683

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

90,000

4.750%, 

10/15/2027

89,031

182,000

4.500%, 

2/15/2029

a

177,002

Rithm

Capital

Corporation

184,000

8.000%, 

7/15/2030

a

187,318

RLJ

Lodging

Trust,

LP

166,000

4.000%, 

9/15/2029

a

154,920

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

Rocket

Companies,

Inc.

$

277,000

6.375%, 

8/1/2033

a

$

282,535

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

169,000

3.625%, 

3/1/2029

a

159,643

388,000

3.875%, 

3/1/2031

a

357,898

113,000

4.000%, 

10/15/2033

a

99,975

Royal

Bank

of

Canada

250,000

6.750%, 

8/24/2085

c

252,750

Ryan

Specialty,

LLC

95,000

4.375%, 

2/1/2030

a

91,153

214,000

5.875%, 

8/1/2032

a

214,592

Santander

Holdings

USA,

Inc.

137,000

2.490%, 

1/6/2028

c

132,760

331,000

5.473%, 

3/20/2029

c

336,373

Santander

UK

Group

Holdings

plc

286,000

1.673%, 

6/14/2027

c

278,442

Service

Properties

Trust

188,000

5.500%, 

12/15/2027

185,403

98,000

8.625%, 

11/15/2031

a

104,364

Shift4

Payments,

Inc.,

Convertible

248,000

Zero

Coupon, 

12/15/2025

322,028

235,000

0.500%, 

8/1/2027

f

255,563

Simon

Property

Group,

LP

244,000

2.650%, 

7/15/2030

224,343

164,000

6.250%, 

1/15/2034

178,354

Sixth

Street

Lending

Partners

245,000

6.125%, 

7/15/2030

a

249,628

SLM

Corporation

54,000

6.500%, 

1/31/2030

56,093

Societe

Generale

SA

165,000

1.488%, 

12/14/2026

a,c

162,921

188,000

10.000%, 

11/14/2028

a,c,i

207,247

492,000

5.249%, 

5/22/2029

a,c

497,220

Standard

Chartered

plc

200,000

2.608%, 

1/12/2028

a,c

194,288

435,000

5.545%, 

1/21/2029

a,c

444,056

Starwood

Property

Trust,

Inc.

140,000

4.375%, 

1/15/2027

a

137,608

237,000

6.500%, 

10/15/2030

a

243,947

Starwood

Property

Trust,

Inc.,

Convertible

174,000

6.750%, 

7/15/2027

183,135

State

Street

Corporation

141,000

6.700%, 

3/15/2029

c,i

145,370

138,000

4.421%, 

5/13/2033

c

135,057

Stonex

Escrow

Issuer,

LLC

351,000

6.875%, 

7/15/2032

a

357,305

Sumitomo

Life

Insurance

Company

320,000

3.375%, 

4/15/2081

a,c,f

288,107

Sumitomo

Mitsui

Financial

Group,

Inc.

550,000

5.716%, 

9/14/2028

569,917

200,000

5.766%, 

1/13/2033

210,115

Synchrony

Financial

151,000

5.935%, 

8/2/2030

c

155,195

188,000

7.250%, 

2/2/2033

197,565

Synovus

Bank

155,000

5.625%, 

2/15/2028

157,198

Toronto-Dominion

Bank

160,000

8.125%, 

10/31/2082

c

168,654

350,000

5.264%, 

12/11/2026

353,853

138,000

4.456%, 

6/8/2032

135,346

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Financials  12.1%

-

continued

$

177,000

5.146%, 

9/10/2034

c

$

177,943

Travelers

Companies,

Inc.

199,000

5.050%, 

7/24/2035

199,489

Truist

Bank

147,000

2.250%, 

3/11/2030

132,190

Truist

Financial

Corporation

330,000

6.047%, 

6/8/2027

c

333,441

121,000

1.887%, 

6/7/2029

c

112,639

470,000

5.100%, 

3/1/2030

c,i

462,612

345,000

5.153%, 

8/5/2032

c

350,888

234,000

5.711%, 

1/24/2035

c

242,124

U.S.

Bancorp

218,000

4.548%, 

7/22/2028

c

218,363

82,000

5.836%, 

6/12/2034

c

85,998

224,000

5.678%, 

1/23/2035

c

232,124

UBS

Group

AG

269,000

3.869%, 

1/12/2029

a,c

264,675

300,000

7.000%, 

2/5/2035

*,c,i

300,000

200,000

5.699%, 

2/8/2035

a,c

207,263

200,000

5.379%, 

9/6/2045

a,c

192,974

United

Wholesale

Mortgage,

LLC

494,000

5.500%, 

4/15/2029

a

483,201

UnitedHealth

Group,

Inc.

486,000

5.375%, 

4/15/2054

446,626

283,000

4.200%, 

5/15/2032

272,706

Ventas

Realty,

LP,

Convertible

128,000

3.750%, 

6/1/2026

159,181

Vornado

Realty,

LP

135,000

3.400%, 

6/1/2031

118,382

Wells

Fargo

&

Company

160,000

3.900%, 

3/15/2026

c,i

158,507

138,000

3.526%, 

3/24/2028

c

135,813

294,000

3.584%, 

5/22/2028

c

289,094

218,000

4.808%, 

7/25/2028

c

219,196

289,000

7.625%, 

9/15/2028

c,i

307,627

649,000

4.478%, 

4/4/2031

c

645,337

108,000

5.389%, 

4/24/2034

c

110,501

157,000

5.557%, 

7/25/2034

c

162,011

166,000

6.491%, 

10/23/2034

c

181,490

636,000

5.499%, 

1/23/2035

c

651,757

450,000

5.605%, 

4/23/2036

c

463,479

Welltower

OP,

LLC,

Convertible

249,000

2.750%, 

5/15/2028

a

432,638

21,000

3.125%, 

7/15/2029

a

29,043

Westpac

Banking

Corporation

221,000

4.110%, 

7/24/2034

c

213,922

Willis

North

America,

Inc.

164,000

5.900%, 

3/5/2054

161,594

241,000

4.500%, 

9/15/2028

241,350

XHR,

LP

210,000

4.875%, 

6/1/2029

a

202,688

94,000

6.625%, 

5/15/2030

a

95,539

Zions

Bancorp

NA

350,000

6.816%, 

11/19/2035

c

365,372

Total

107,994,614

Foreign

Government  0.1%

NBN

Company,

Ltd.

265,000

2.625%, 

5/5/2031

a

238,444

Saudi

Arabian

Oil

Company

250,000

5.750%, 

7/17/2054

a

234,946

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Foreign

Government  0.1%

-

continued

Teine

Energy,

Ltd.

$

350,000

6.875%, 

4/15/2029

a

$

344,181

Total

817,571

Mortgage-Backed

Securities  11.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

442,633

2.000%, 

1/1/2052

351,656

12,804,124

6.000%, 

1/1/2055

13,194,483

3,363,464

2.500%, 

5/1/2051

2,791,105

1,828,101

3.500%, 

5/1/2052

1,647,470

1,259,179

4.000%, 

5/1/2052

1,174,057

3,025,170

5.000%, 

7/1/2053

2,969,200

213,726

5.000%, 

8/1/2053

210,288

1,017,041

5.500%, 

9/1/2053

1,022,113

813,212

3.500%, 

9/1/2047

745,306

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,002,243

2.500%, 

7/1/2030

965,048

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

897,408

3.500%, 

5/1/2040

850,765

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,806,653

3.000%, 

1/1/2052

2,424,186

218,114

2.000%, 

2/1/2051

173,041

339,801

2.000%, 

2/1/2051

269,961

1,555,385

2.500%, 

2/1/2051

1,276,573

2,994,736

2.000%, 

3/1/2051

2,355,258

3,912,996

4.000%, 

3/1/2051

3,667,135

3,052,819

3.000%, 

3/1/2052

2,619,965

2,072,136

2.000%, 

4/1/2051

1,622,974

1,880,412

3.000%, 

4/1/2051

1,613,815

413,491

2.000%, 

5/1/2051

326,892

190,514

3.000%, 

6/1/2050

167,518

1,184,336

4.000%, 

6/1/2052

1,095,472

1,333,352

5.000%, 

6/1/2053

1,310,726

2,201,482

2.500%, 

7/1/2051

1,833,443

222,432

3.500%, 

7/1/2051

201,092

3,324,463

4.000%, 

7/1/2052

3,075,033

771,397

3.500%, 

8/1/2050

699,879

1,599,281

3.500%, 

8/1/2052

1,433,812

4,255,065

4.500%, 

8/1/2052

4,046,658

285,350

5.000%, 

8/1/2053

280,507

464,994

3.500%, 

9/1/2052

419,562

1,605,915

3.500%, 

9/1/2052

1,448,858

249,702

5.000%, 

9/1/2052

244,914

1,155,414

4.500%, 

9/1/2053

1,105,358

3,213,690

4.500%, 

9/1/2053

3,062,040

2,136,328

4.000%, 

10/1/2052

1,984,531

404,866

2.000%, 

11/1/2051

321,644

596,285

3.500%, 

11/1/2052

539,748

1,670,645

2.000%, 

12/1/2050

1,320,760

3,088,916

4.500%, 

12/1/2052

2,954,068

900,000

6.000%, 

8/1/2041

b

912,440

10,555,000

5.500%, 

8/1/2042

b

10,499,119

954,181

3.500%, 

12/1/2047

876,879

700,000

4.500%, 

8/1/2048

b

663,946

4,225,000

5.000%, 

8/1/2048

b

4,111,760

5,130,000

3.000%, 

8/1/2049

b

4,389,494

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Mortgage-Backed

Securities  11.3%

-

continued

$

3,700,000

3.500%, 

9/1/2049

b

$

3,300,320

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,898,747

2.500%, 

3/1/2062

1,488,762

1,015,438

3.500%, 

7/1/2061

891,021

1,092,030

4.000%, 

12/1/2061

1,000,067

New

Residential

Mortgage

Loan

Trust

1,800,000

3.879%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,c

1,416,967

PRPM,

LLC

875,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,e

797,653

1,171,509

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,e

1,173,570

Total

101,338,912

Technology  3.5%

Accenture

Capital,

Inc.

299,000

4.500%, 

10/4/2034

289,345

Adobe,

Inc.

512,000

5.300%, 

1/17/2035

532,965

Advanced

Micro

Devices,

Inc.

138,000

3.924%, 

6/1/2032

133,038

Akamai

Technologies,

Inc.,

Convertible

71,000

0.375%, 

9/1/2027

67,950

207,000

1.125%, 

2/15/2029

193,968

224,000

0.250%, 

5/15/2033

a

225,587

Alphabet,

Inc.

331,000

5.250%, 

5/15/2055

324,778

Amentum

Holdings,

Inc.

339,000

7.250%, 

8/1/2032

a

350,686

Analog

Devices,

Inc.

72,000

2.100%, 

10/1/2031

62,770

Apple,

Inc.

227,000

1.650%, 

2/8/2031

197,606

799,000

3.750%, 

9/12/2047

626,991

Block,

Inc.

190,000

3.500%, 

6/1/2031

174,127

793,000

6.500%, 

5/15/2032

813,767

Block,

Inc.,

Convertible

60,000

0.250%, 

11/1/2027

53,880

Boost

Newco

Borrower,

LLC

525,000

7.500%, 

1/15/2031

a

555,088

Broadcom,

Inc.

137,000

4.000%, 

4/15/2029

a

134,913

834,000

4.900%, 

7/15/2032

836,571

172,000

4.800%, 

10/15/2034

168,774

CACI

International,

Inc.

122,000

6.375%, 

6/15/2033

a

124,750

Central

Parent,

Inc./CDK

Global,

Inc.

185,000

7.250%, 

6/15/2029

a

152,010

Cisco

Systems,

Inc.

325,000

5.350%, 

2/26/2064

312,901

Clarivate

Science

Holdings

Corporation

198,000

3.875%, 

7/1/2028

a

189,264

Cloud

Software

Group,

Inc.

1,123,000

6.500%, 

3/31/2029

a

1,134,101

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Technology  3.5%

-

continued

CommScope

Technologies,

LLC

$

186,000

5.000%, 

3/15/2027

a

$

182,138

CommScope,

LLC

187,000

4.750%, 

9/1/2029

a

181,586

187,000

9.500%, 

12/15/2031

a,f

196,923

Consensus

Cloud

Solutions,

Inc.

92,000

6.000%, 

10/15/2026

a

91,316

CoreWeave,

Inc.

279,000

9.250%, 

6/1/2030

a

280,409

278,000

9.000%, 

2/1/2031

a

276,815

CSG

Systems

International,

Inc.,

Convertible

193,000

3.875%, 

9/15/2028

213,196

Dayforce,

Inc.,

Convertible

253,000

0.250%, 

3/15/2026

244,778

Dell

International,

LLC/EMC

Corporation

415,000

4.750%, 

4/1/2028

418,315

Dell,

Inc.

231,000

6.500%, 

4/15/2038

246,742

Diebold

Nixdorf,

Inc.

141,000

7.750%, 

3/31/2030

a

149,599

Fair

Isaac

Corporation

324,000

6.000%, 

5/15/2033

a

325,521

Fiserv,

Inc.

341,000

5.350%, 

3/15/2031

350,635

80,000

5.600%, 

3/2/2033

82,229

341,000

5.450%, 

3/15/2034

346,144

304,000

5.150%, 

8/12/2034

302,002

Foundry

JV

Holdco,

LLC

200,000

5.900%, 

1/25/2033

a

205,525

Gen

Digital,

Inc.

220,000

7.125%, 

9/30/2030

a

227,362

94,000

6.250%, 

4/1/2033

a

95,831

Global

Payments,

Inc.

213,000

4.950%, 

8/15/2027

214,246

Global

Payments,

Inc.,

Convertible

283,000

1.500%, 

3/1/2031

f

256,115

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

187,000

4.625%, 

5/1/2028

a

176,778

Hewlett

Packard

Enterprise

Company

265,000

4.850%, 

10/15/2031

264,017

IBM

International

Capital

Private,

Ltd.

250,000

5.300%, 

2/5/2054

231,994

II-VI,

Inc.

170,000

5.000%, 

12/15/2029

a

166,377

Intel

Corporation

565,000

4.900%, 

7/29/2045

469,286

InterDigital,

Inc.,

Convertible

65,000

3.500%, 

6/1/2027

218,270

ION

Trading

Technologies

SARL

294,000

9.500%, 

5/30/2029

a

304,653

Iron

Mountain,

Inc.

122,000

4.875%, 

9/15/2027

a

121,074

655,000

5.000%, 

7/15/2028

a

648,283

485,000

4.875%, 

9/15/2029

a

474,217

13,000

5.250%, 

7/15/2030

a

12,776

618,000

4.500%, 

2/15/2031

a

584,449

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Technology  3.5%

-

continued

Jabil,

Inc.

$

155,000

5.450%, 

2/1/2029

$

158,138

Kioxia

Holdings

Corporation

551,000

6.625%, 

7/24/2033

a

545,227

Marvell

Technology,

Inc.

147,000

2.950%, 

4/15/2031

133,320

Mastercard,

Inc.

113,000

2.000%, 

11/18/2031

97,817

160,000

4.875%, 

5/9/2034

160,971

Microchip

Technology,

Inc.

117,000

5.050%, 

3/15/2029

118,322

Microchip

Technology,

Inc.,

Convertible

177,000

0.750%, 

6/1/2030

173,470

Micron

Technology,

Inc.

203,000

5.650%, 

11/1/2032

209,844

MKS,

Inc.,

Convertible

593,000

1.250%, 

6/1/2030

575,553

Moody's

Corporation

141,000

4.250%, 

8/8/2032

136,983

NCR

Atleos

Corporation

148,000

9.500%, 

4/1/2029

a

160,337

NCR

Voyix

Corporation

272,000

5.000%, 

10/1/2028

a

267,553

149,000

5.125%, 

4/15/2029

a

146,024

Neptune

Bidco

US,

Inc.

375,000

9.290%, 

4/15/2029

a

362,918

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

147,000

4.300%, 

6/18/2029

145,491

ON

Semiconductor

Corporation,

Convertible

209,000

Zero

Coupon, 

5/1/2027

256,477

360,000

0.500%, 

3/1/2029

344,421

Open

Text

Holdings,

Inc.

922,000

4.125%, 

2/15/2030

a

864,197

Oracle

Corporation

356,000

5.375%, 

9/27/2054

320,654

556,000

6.900%, 

11/9/2052

609,897

141,000

6.150%, 

11/9/2029

149,525

494,000

2.950%, 

4/1/2030

459,633

495,000

5.250%, 

2/3/2032

505,451

208,000

6.250%, 

11/9/2032

223,901

Paychex,

Inc.

164,000

5.600%, 

4/15/2035

168,537

PayPal

Holdings,

Inc.

322,000

5.500%, 

6/1/2054

313,105

Pitney

Bowes,

Inc.

92,000

6.875%, 

3/15/2027

a

91,852

Qualcomm,

Inc.

526,000

4.750%, 

5/20/2032

530,709

RingCentral,

Inc.

485,000

8.500%, 

8/15/2030

a

515,300

Rocket

Software,

Inc.

222,000

9.000%, 

11/28/2028

a

229,094

Sabre

GLBL,

Inc.

47,000

8.625%, 

6/1/2027

a

47,747

186,000

11.125%, 

7/15/2030

a

196,091

Seagate

Data

Storage

Technology,

Private

Ltd.

356,220

9.625%, 

12/1/2032

a

401,184

126,000

5.750%, 

12/1/2034

a

118,478

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Technology  3.5%

-

continued

Semtech

Corporation,

Convertible

$

163,000

1.625%, 

11/1/2027

$

248,940

Sensata

Technologies

BV

435,000

4.000%, 

4/15/2029

a

413,437

Sensata

Technologies,

Inc.

192,000

4.375%, 

2/15/2030

a

183,725

104,000

3.750%, 

2/15/2031

a

94,889

71,000

6.625%, 

7/15/2032

a

72,548

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

385,000

6.750%, 

8/15/2032

a

397,703

SS&C

Technologies,

Inc.

338,000

5.500%, 

9/30/2027

a

338,074

94,000

6.500%, 

6/1/2032

a

96,654

Synaptics,

Inc.,

Convertible

199,000

0.750%, 

12/1/2031

a

187,060

Synopsys,

Inc.

308,000

5.700%, 

4/1/2055

303,714

Texas

Instruments,

Inc.

167,000

5.150%, 

2/8/2054

156,770

UKG,

Inc.

187,000

6.875%, 

2/1/2031

a

191,986

Verint

Systems,

Inc.,

Convertible

113,000

0.250%, 

4/15/2026

f

109,384

Verisk

Analytics,

Inc.

217,000

5.250%, 

3/15/2035

217,092

Viavi

Solutions,

Inc.

221,000

3.750%, 

10/1/2029

a

204,380

Viavi

Solutions,

Inc.,

Convertible

131,000

1.625%, 

3/15/2026

131,573

Vishay

Intertechnology,

Inc.,

Convertible

375,000

2.250%, 

9/15/2030

341,063

VMware,

LLC

291,000

1.400%, 

8/15/2026

281,925

554,000

4.700%, 

5/15/2030

554,142

189,000

2.200%, 

8/15/2031

163,630

Western

Digital

Corporation,

Convertible

322,000

3.000%, 

11/15/2028

f

690,046

Xerox

Corporation

149,000

10.250%, 

10/15/2030

a

153,197

Xerox

Holdings

Corporation

35,000

5.000%, 

8/15/2025

a,f

34,899

131,000

5.500%, 

8/15/2028

a

86,643

Ziff

Davis,

Inc.,

Convertible

92,000

3.625%, 

3/1/2028

a

86,250

Total

31,693,376

Transportation  0.8%

Air

Canada

188,000

3.875%, 

8/15/2026

a

185,983

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

240,250

5.500%, 

4/20/2026

a

240,031

354,319

5.750%, 

4/20/2029

a

354,195

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

a

186,000

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

223,000

5.375%, 

3/1/2029

a,f

213,502

Burlington

Northern

Santa

Fe,

LLC

161,000

5.500%, 

3/15/2055

157,172

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Transportation  0.8%

-

continued

Canadian

Pacific

Railway

Company

$

300,000

1.750%, 

12/2/2026

$

289,404

DCLI

Bidco,

LLC

261,000

7.750%, 

11/15/2029

a

266,411

Delta

Air

Lines,

Inc.

276,000

4.375%, 

4/19/2028

f

273,917

580,000

5.250%, 

7/10/2030

585,466

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

27,720

4.500%, 

10/20/2025

a

27,651

ERAC

USA

Finance,

LLC

334,000

5.200%, 

10/30/2034

a

338,896

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

225,000

9.875%, 

9/20/2031

a,f

217,541

Norfolk

Southern

Corporation

232,000

4.450%, 

3/1/2033

226,362

364,000

5.100%, 

5/1/2035

365,551

OneSky

Flight,

LLC

374,000

8.875%, 

12/15/2029

a

394,026

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

135,000

1.200%, 

11/15/2025

a

133,608

148,000

1.700%, 

6/15/2026

a

144,199

Rand

Parent,

LLC

429,000

8.500%, 

2/15/2030

a,f

431,371

RXO,

Inc.

177,000

7.500%, 

11/15/2027

a

179,925

Ryder

System,

Inc.

124,000

2.850%, 

3/1/2027

120,791

250,000

4.850%, 

6/15/2030

f

251,603

Southwest

Airlines

Company

147,000

5.125%, 

6/15/2027

147,925

Star

Leasing

Company,

LLC

185,000

7.625%, 

2/15/2030

a

182,476

Stena

International

SA

295,000

7.250%, 

1/15/2031

a

299,772

Stonepeak

Nile

Parent,

LLC

142,000

7.250%, 

3/15/2032

a

149,149

Union

Pacific

Corporation

200,000

5.600%, 

12/1/2054

197,866

United

Airlines,

Inc.

482,000

4.625%, 

4/15/2029

a

470,680

United

Parcel

Service,

Inc.

246,000

4.650%, 

10/15/2030

247,996

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

113,000

7.875%, 

5/1/2027

a

113,387

218,000

6.375%, 

2/1/2030

a,f

205,935

Total

7,598,791

U.S.

Government

&

Agencies  6.2%

U.S.

Treasury

Notes

3,500,000

4.250%, 

12/31/2025

3,498,619

5,600,000

4.625%, 

6/30/2026

5,619,950

24,100,000

4.375%, 

7/31/2026

24,142,928

7,750,000

1.250%, 

12/31/2026

7,452,412

2,499,000

3.875%, 

3/31/2027

2,494,022

800,000

3.875%, 

5/31/2027

798,625

5,300,000

4.125%, 

7/31/2028

5,335,816

2,850,000

4.125%, 

11/15/2032

2,843,654

2,965,000

3.375%, 

5/15/2033

2,801,578

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

U.S.

Government

&

Agencies  6.2%

-

continued

$

600,000

4.500%, 

11/15/2033

$

610,641

Total

55,598,245

Utilities  2.9%

AES

Corporation

319,000

7.600%, 

1/15/2055

c

322,204

239,000

3.950%, 

7/15/2030

a

227,517

Algonquin

Power

&

Utilities

Corporation

838,000

4.750%, 

1/18/2082

c

813,480

Alliant

Energy

Corporation,

Convertible

98,000

3.875%, 

3/15/2026

104,174

64,000

3.250%, 

5/30/2028

a

65,248

Alpha

Generation,

LLC

163,000

6.750%, 

10/15/2032

a

166,802

Ameren

Corporation

148,000

1.750%, 

3/15/2028

138,266

American

Electric

Power

Company,

Inc.

192,000

6.950%, 

12/15/2054

c

202,679

147,000

2.300%, 

3/1/2030

132,538

American

Water

Capital

Corporation

256,000

5.450%, 

3/1/2054

246,690

American

Water

Capital

Corporation,

Convertible

156,000

3.625%, 

6/15/2026

156,671

Arizona

Public

Service

Company

162,000

5.550%, 

8/1/2033

166,364

Atmos

Energy

Corporation

175,000

5.000%, 

12/15/2054

158,314

Calpine

Corporation

380,000

4.500%, 

2/15/2028

a

375,869

CenterPoint

Energy,

Inc.

160,000

7.000%, 

2/15/2055

c

166,949

75,000

6.700%, 

5/15/2055

c

75,974

182,000

1.450%, 

6/1/2026

177,311

220,000

2.650%, 

6/1/2031

196,068

CenterPoint

Energy,

Inc.,

Convertible

153,000

4.250%, 

8/15/2026

170,136

CMS

Energy

Corporation,

Convertible

108,000

3.375%, 

5/1/2028

118,422

Consolidated

Edison

Company

of

New

York,

Inc.

482,000

5.700%, 

5/15/2054

478,714

Constellation

Energy

Generation,

LLC

244,000

5.750%, 

3/15/2054

239,493

153,000

5.800%, 

3/1/2033

161,552

Dominion

Energy,

Inc.

230,000

6.875%, 

2/1/2055

c

240,681

230,000

7.000%, 

6/1/2054

c

245,366

210,000

4.350%, 

1/15/2027

c,i

205,299

148,000

3.375%, 

4/1/2030

140,540

DTE

Energy

Company

163,000

4.875%, 

6/1/2028

164,713

Duke

Energy

Carolinas,

LLC

480,000

5.400%, 

1/15/2054

461,914

Duke

Energy

Corporation

323,000

3.250%, 

1/15/2082

c

309,839

272,000

5.800%, 

6/15/2054

265,831

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Utilities  2.9%

-

continued

$

273,000

6.450%, 

9/1/2054

c

$

281,086

328,000

2.450%, 

6/1/2030

297,151

142,000

4.500%, 

8/15/2032

139,007

158,000

5.750%, 

9/15/2033

165,638

Duke

Energy

Corporation,

Convertible

265,000

4.125%, 

4/15/2026

283,815

Duke

Energy

Ohio,

Inc.

164,000

5.550%, 

3/15/2054

159,370

Edison

International

151,000

7.875%, 

6/15/2054

c,f

144,734

240,000

5.000%, 

12/15/2026

c,f,i

211,088

Enel

Finance

International

NV

340,000

5.125%, 

6/26/2029

a

345,283

Entergy

Corporation

12,000

1.900%, 

6/15/2028

11,221

Entergy

Louisiana,

LLC

330,000

5.800%, 

3/15/2055

329,129

Evergy,

Inc.,

Convertible

163,000

4.500%, 

12/15/2027

193,903

Eversource

Energy

246,000

4.600%, 

7/1/2027

246,133

Exelon

Corporation

663,000

5.600%, 

3/15/2053

632,547

147,000

4.050%, 

4/15/2030

144,210

Fells

Point

Funding

Trust

269,000

3.046%, 

1/31/2027

a

262,898

FirstEnergy

Corporation,

Convertible

49,000

4.000%, 

5/1/2026

f

49,833

191,000

3.625%, 

1/15/2029

a

195,106

164,000

3.875%, 

1/15/2031

a

169,576

Georgia

Power

Company

87,000

4.950%, 

5/17/2033

87,397

ITC

Holdings

Corporation

142,000

4.950%, 

9/22/2027

a

142,925

Jersey

Central

Power

&

Light

Company

288,000

2.750%, 

3/1/2032

a

252,518

Lightning

Power,

LLC

337,000

7.250%, 

8/15/2032

a

352,323

Long

Ridge

Energy,

LLC

282,000

8.750%, 

2/15/2032

a,f

292,439

MidAmerican

Energy

Company

638,000

5.300%, 

2/1/2055

603,583

National

Rural

Utilities

Cooperative

Finance

Corporation

173,000

4.850%, 

2/7/2029

175,618

NextEra

Energy

Capital

Holdings,

Inc.

388,000

5.900%, 

3/15/2055

386,801

250,000

3.800%, 

3/15/2082

c

240,351

256,000

6.750%, 

6/15/2054

c

267,104

147,000

2.250%, 

6/1/2030

132,191

250,000

5.300%, 

3/15/2032

256,596

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

114,000

3.000%, 

3/1/2027

130,017

NiSource,

Inc.

162,000

6.375%, 

3/31/2055

c

164,070

382,000

5.850%, 

4/1/2055

376,828

140,000

6.950%, 

11/30/2054

c

145,072

148,000

2.950%, 

9/1/2029

139,450

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Utilities  2.9%

-

continued

Northern

States

Power

Company/

MN

$

166,000

5.400%, 

3/15/2054

$

160,354

NRG

Energy,

Inc.

137,000

2.000%, 

12/2/2025

a

135,450

221,000

10.250%, 

3/15/2028

a,c,i

243,258

156,000

3.375%, 

2/15/2029

a

146,448

230,000

5.250%, 

6/15/2029

a

227,446

151,000

6.000%, 

2/1/2033

a

151,410

151,000

6.250%, 

11/1/2034

a

153,002

Oncor

Electric

Delivery

Company,

LLC

291,000

5.550%, 

6/15/2054

281,412

Pacific

Gas

and

Electric

Company

164,000

6.750%, 

1/15/2053

170,232

341,000

5.550%, 

5/15/2029

347,572

PG&E

Corporation

149,000

5.000%, 

7/1/2028

145,375

PG&E

Corporation,

Convertible

535,000

4.250%, 

12/1/2027

532,860

Pinnacle

West

Capital

Corporation,

Convertible

49,000

4.750%, 

6/15/2027

52,998

PPL

Capital

Funding,

Inc.

314,000

5.250%, 

9/1/2034

316,669

PPL

Capital

Funding,

Inc.,

Convertible

153,000

2.875%, 

3/15/2028

170,212

San

Diego

Gas

&

Electric

Company

164,000

5.550%, 

4/15/2054

157,288

Sempra

148,000

6.550%, 

4/1/2055

c

142,804

148,000

6.625%, 

4/1/2055

c

145,312

146,000

6.400%, 

10/1/2054

c

141,235

148,000

6.875%, 

10/1/2054

c

149,388

148,000

4.875%, 

10/15/2025

c,i

147,302

Southern

California

Edison

Company

326,000

5.450%, 

6/1/2031

331,945

Southern

Company

425,000

5.700%, 

10/15/2032

445,462

394,000

4.850%, 

3/15/2035

383,573

135,000

4.000%, 

1/15/2051

c

134,265

396,000

3.750%, 

9/15/2051

c

389,639

Southern

Company,

Convertible

138,000

3.875%, 

12/15/2025

156,147

228,000

4.500%, 

6/15/2027

254,288

84,000

3.250%, 

6/15/2028

a

84,714

Talen

Energy

Supply,

LLC

328,000

8.625%, 

6/1/2030

a

348,556

TerraForm

Power

Operating,

LLC

736,000

5.000%, 

1/31/2028

a

726,089

Virginia

Electric

and

Power

Company

286,000

5.350%, 

1/15/2054

268,422

Vistra

Corporation

182,000

8.000%, 

10/15/2026

a,c,i

185,770

448,000

7.000%, 

12/15/2026

a,c,i

452,374

Vistra

Operations

Company,

LLC

356,000

5.000%, 

7/31/2027

a

354,093

WEC

Energy

Group,

Inc.,

Convertible

142,000

4.375%, 

6/1/2027

164,010

Principal

Amount

Long-Term

Fixed

Income  83.0%

Value

Utilities  2.9%

-

continued

$

126,000

3.375%, 

6/1/2028

a

$

127,575

111,000

4.375%, 

6/1/2029

131,742

Xcel

Energy,

Inc.

154,000

4.000%, 

6/15/2028

152,523

210,000

4.600%, 

6/1/2032

205,012

249,000

5.600%, 

4/15/2035

253,619

XPLR

Infrastructure

Operating

Partners,

LP

611,000

3.875%, 

10/15/2026

a

596,342

XPLR

Infrastructure,

LP,

Convertible

320,000

Zero

Coupon, 

11/15/2025

a

313,216

Total

26,080,032

Total

Long-Term

Fixed

Income

(cost

$745,717,062)

743,374,667

Shares

Registered

Investment

Companies  

12.4%

Value

U.S.

Affiliated  

9.3%  

9,893,197

Thrivent

Core

Emerging

Markets

Debt

Fund

83,498,586

Total

83,498,586

U.S.

Unaffiliated  

3.1%  

28,898

abrdn

Asia-Pacific

Income

Fund,

Inc.

f

465,547

97,201

abrdn

Income

Credit

Strategies

Fund

f

578,346

27,869

abrdn

Total

Dynamic

Dividend

Fund

248,870

59,789

AllianceBernstein

Global

High

Income

Fund,

Inc.

664,854

82,040

Allspring

Income

Opportunities

Fund

578,382

3,133

Barings

Global

Short

Duration

High

Yield

Fund

49,251

20,432

BlackRock

Capital

Allocation

Term

Trust

304,437

13,518

BlackRock

Core

Bond

Trust

129,638

55,654

BlackRock

Corporate

High

Yield

Fund,

Inc.

544,853

65,189

BlackRock

Credit

Allocation

Income

Trust

719,686

4,697

BlackRock

Debt

Strategies

Fund,

Inc.

49,647

10,263

BlackRock

Enhanced

Equity

Dividend

Trust

90,622

37,031

BlackRock

Enhanced

Global

Dividend

Trust

419,932

33,035

BlackRock

Enhanced

International

Dividend

Trust

187,309

20,325

BlackRock

Income

Trust,

Inc.

236,786

39,295

BlackRock

Multi-Sector

Income

Trust

576,850

50,130

Blackstone

Strategic

Credit

2027

Term

Fund

622,113

44,143

Cornerstone

Strategic

Investment

Fund,

Inc.

f

357,117

55,900

Eaton

Vance

Limited

Duration

Income

Fund

564,590

24,847

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

217,411

33,301

Invesco

Senior

Loan

ETF

f

696,990

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Shares

Registered

Investment

Companies  12.4%

Value

U.S.

Unaffiliated  

3.1%  -

continued

229,192

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

$

8,569,489

42,000

iShares

Preferred

and

Income

Securities

ETF

f

1,312,500

102,539

Nuveen

Credit

Strategies

Income

Fund

567,041

2,088

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

17,790

985

Nuveen

Global

High

Income

Fund

13,022

43,198

Nuveen

Preferred

Income

Opportunities

Fund

348,608

40,107

PGIM

Global

High

Yield

Fund,

Inc.

525,803

46,978

PGIM

High

Yield

Bond

Fund,

Inc.

673,664

23,902

Pimco

Dynamic

Income

Fund

458,918

33,906

PIMCO

High

Income

Fund

165,461

36,130

PIMCO

Income

Strategy

Fund

II

271,336

5,324

Tri-Continental

Corporation

173,988

20,746

Vanguard

Intermediate-Term

Corporate

Bond

ETF

1,715,279

30,131

Vanguard

Short-Term

Corporate

Bond

ETF

2,388,786

11,067

Virtus

Convertible

&

Income

Fund

f

158,701

40,673

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

k

515,327

9,286

Virtus

Equity

&

Convertible

Income

Fund

223,978

75,432

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

435,243

10,605

Western

Asset

Diversified

Income

Fund

158,227

139,725

Western

Asset

High

Income

Opportunity

Fund,

Inc.

553,311

Total

27,549,703

Total

Registered

Investment

Companies

(cost

$117,712,986)

111,048,289

Shares

Collateral

Held

for

Securities

Loaned

2.2%

Value

19,784,540

Thrivent

Cash

Management

Trust

19,784,540

Total

Collateral

Held

for

Securities

Loaned

(cost

$19,784,540)

19,784,540

Shares

Preferred

Stock

1.3%

Value

Basic

Materials  <0.1%

6,340

Albemarle

Corporation,

Convertible,

7.250%

215,306

Total

215,306

Capital

Goods  0.1%

11,958

Boeing

Company,

Convertible,

6.000%

845,431

Total

845,431

Communications

Services  0.1%

23,300

AT&T,

Inc.,

4.750%

i

454,350

12,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

230,500

Total

684,850

Financials  0.9%

5,825

AEGON

Funding

Company,

LLC,

5.100%

116,791

Shares

Preferred

Stock  1.3%

Value

Financials  0.9%

-

continued

12,700

Allstate

Corporation,

5.100%

i

$

274,701

4,104

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

312,643

4,450

Ares

Management

Corporation,

Convertible,

6.750%

251,870

7,000

Athene

Holding,

Ltd.,

5.625%

i

140,210

18,900

Bank

of

America

Corporation,

4.250%

i

333,396

14,375

Bank

of

America

Corporation,

4.375%

i

256,019

7,200

Bank

of

America

Corporation,

4.750%

i

140,904

14,375

Bank

of

America

Corporation,

5.000%

i

293,969

451

Bank

of

America

Corporation,

Convertible,

7.250%

i

550,220

3,500

Capital

One

Financial

Corporation,

4.800%

i

65,555

14,275

Capital

One

Financial

Corporation,

5.000%

i

280,789

3,500

Charles

Schwab

Corporation,

4.450%

i

68,215

2,150

Citizens

Financial

Group,

Inc.,

7.375%

i

56,910

5,800

Corebridge

Financial,

Inc.,

6.375%

140,882

2,975

Equitable

Holdings,

Inc.,

5.250%

i

61,523

7,000

Fifth

Third

Bancorp,

4.950%

i

141,610

7,000

Huntington

Bancshares,

Inc./OH,

4.500%

i

125,370

14,500

JPMorgan

Chase

&

Company,

4.200%

i

264,770

14,375

JPMorgan

Chase

&

Company,

4.625%

i

283,331

12,500

JPMorgan

Chase

&

Company,

4.750%

i

254,500

3,500

KeyCorp,

5.650%

i

77,385

10,650

KeyCorp,

6.200%

c,i

265,398

7,385

KKR

&

Company,

Inc.,

Convertible,

6.250%

424,268

3,500

MetLife,

Inc.,

4.750%

i

70,875

8,650

Morgan

Stanley,

4.250%

i

150,596

5,500

Morgan

Stanley,

5.850%

i

131,010

13,100

Morgan

Stanley,

7.125%

i

333,133

11,475

Public

Storage,

4.125%

i

190,141

2,450

Public

Storage,

4.625%

i

46,379

625

Public

Storage,

4.700%

i

11,956

7,000

Regions

Financial

Corporation,

4.450%

i

126,560

2,650

Regions

Financial

Corporation,

5.700%

c,i

65,906

1,400

Synovus

Financial

Corporation,

8.397%

c,i

36,722

7,000

Truist

Financial

Corporation,

4.750%

i

135,590

8,600

U.S.

Bancorp,

4.000%

i

141,470

15,500

Wells

Fargo

&

Company,

4.250%

i

272,645

14,375

Wells

Fargo

&

Company,

4.375%

i

258,031

7,000

Wells

Fargo

&

Company,

4.700%

i

133,770

10,000

Wells

Fargo

&

Company,

4.750%

i

192,800

605

Wells

Fargo

&

Company,

Convertible,

7.500%

i

716,647

Total

8,195,460

Technology  0.1%

4,619

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

277,140

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Shares

Preferred

Stock  1.3%

Value

Technology  0.1%

-

continued

4,420

Microchip

Technology,

Inc.,

Convertible,

7.500%

$

278,062

Total

555,202

Utilities  0.1%

17,600

CMS

Energy

Corporation,

4.200%

i

310,288

2,499

Nextera

Energy,

Inc.,

Convertible,

7.234%

110,556

3,534

NextEra

Energy,

Inc.,

Convertible,

7.299%

169,773

12,000

Southern

Company,

4.950%

247,680

Total

838,297

Total

Preferred

Stock

(cost

$12,528,167)

11,334,546

Shares

Common

Stock

<0.1%

Value

Communications

Services  <0.1%

333

Tripadvisor,

Inc.

k

5,824

Total

5,824

Consumer

Discretionary  <0.1%

207

Marriott

Vacations

Worldwide

Corporation

15,416

Total

15,416

Energy  <0.1%

1,500

Permian

Resources

Corporation

21,240

Total

21,240

Financials  <0.1%

1,070

AGNC

Investment

Corporation

10,090

596

Annaly

Capital

Management,

Inc.

12,117

1,137

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,938

35

Block,

Inc.

k

2,704

547

Chimera

Investment

Corporation

7,313

1,935

Rithm

Capital

Corporation

23,278

Total

66,440

Information

Technology  <0.1%

71

InterDigital,

Inc.

18,332

Total

18,332

Real

Estate  <0.1%

346

Kite

Realty

Group

Trust

7,605

Total

7,605

Total

Common

Stock

(cost

$139,966)

134,857

Shares

or

Principal

Amount

Short-Term

Investments

5.8%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.193%,

8/1/2025

l,m

99,988

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

200,000

4.185%,

9/8/2025

l,m

199,084

State

Street

Institutional

U.S.

Government

Money

Market

Fund

28,874,929

4.250%

l

28,874,929

Shares

or

Principal

Amount

Short-Term

Investments  5.8%

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,250,000

4.580%

$

22,500,000

U.S.

Treasury

Bills

400,000

4.255%,

9/11/2025

l,n

398,047

100,000

4.224%,

10/16/2025

l,n

99,105

Total

Short-Term

Investments

(cost

$52,156,131)

52,171,153

Total

Investments

(cost

$948,038,852)

104.7%

$937,848,052

Other

Assets

and

Liabilities,

Net

(4.7%)

(42,406,072)

Total

Net

Assets

100.0%

$895,441,980

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$367,791,180

or

41.1%

of

total

net

assets.

b

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

July

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Multisector

Bond

Fund

as

of

July

31,

2025

was

$324,300

or

0.04%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

152,981

Credit

Suisse

Group

AG 

2/4/2016

235,124

UBS

Group

AG,

12/29/2049

7/31/2025

300,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Multisector

Bond

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

16,389,267

Common

Stock

2,583,475

Total

lending

$18,972,742

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$19,784,540

Net

amounts

due

to

counterparty

$811,798

Definitions:

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Multisector

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

103,125,885

–

103,125,885

–

Basic

Materials

11,904,334

–

11,904,334

–

Capital

Goods

27,348,364

–

27,348,364

–

Collateralized

Mortgage

Obligations

93,458,237

–

93,458,237

–

Commercial

Mortgage-Backed

Securities

16,554,822

–

16,554,822

–

Communications

Services

34,311,247

–

34,311,247

–

Consumer

Cyclical

45,530,336

–

45,530,336

–

Consumer

Non-Cyclical

44,482,549

–

44,482,549

–

Energy

35,537,352

–

35,537,352

–

Financials

107,994,614

–

107,994,614

–

Foreign

Government

817,571

–

817,571

–

Mortgage-Backed

Securities

101,338,912

–

101,338,912

–

Technology

31,693,376

–

31,693,376

–

Transportation

7,598,791

–

7,598,791

–

U.S.

Government

&

Agencies

55,598,245

–

55,598,245

–

Utilities

26,080,032

–

26,080,032

–

Registered

Investment

Companies

U.S.

Unaffiliated

27,549,703

27,549,703

–

–

Preferred

Stock

Basic

Materials

215,306

215,306

–

–

Capital

Goods

845,431

845,431

–

–

Communications

Services

684,850

684,850

–

–

Financials

8,195,460

8,195,460

–

–

Technology

555,202

555,202

–

–

Utilities

838,297

838,297

–

–

Common

Stock

Communications

Services

5,824

5,824

–

–

Consumer

Discretionary

15,416

15,416

–

–

Energy

21,240

21,240

–

–

Financials

66,440

66,440

–

–

Information

Technology

18,332

18,332

–

–

Real

Estate

7,605

7,605

–

–

Short-Term

Investments

29,671,153

28,874,929

796,224

–

Subtotal

Investments

in

Securities

$812,064,926

$67,894,035

$744,170,891

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

83,498,586

Affiliated

Short-Term

Investments

22,500,000

Collateral

Held

for

Securities

Loaned

19,784,540

Subtotal

Other

Investments

$125,783,126

Total

Investments

at

Value

$937,848,052

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Multisector

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

11,819

11,819

–

–

Credit

Default

Swaps

164,985

–

164,985

–

Total

Liability

Derivatives

$176,804

$11,819

$164,985

$–

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Multisector

Bond

Fund's

futures

contracts

held

as

of

July

31,

2025.

Investments

and/or

cash

totaling

$299,072

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

29

September

2025

$

6,008,740

(

$

6,193)

Total

Futures

Long

Contracts

$

6,008,740

(

$

6,193)

CBOT

U.S.

Long

Bond

(25)

September

2025

(

$

2,849,730)

(

$

4,957)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(15)

September

2025

(

1,759,019)

(

669)

Total

Futures

Short

Contracts

(

$

4,608,749)

($5,626)

Total

Futures

Contracts

$

1,399,991

($11,819)

The

following

table

presents

Multisector

Bond

Fund's

credit

default

swap

contracts

held

as

of

July

31,

2025.

Investments

totaling

$497,152

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

9,500,000

$

–

(

$

164,985)

(

$

164,985)

Total

Credit

Default

Swaps

$–

($164,985)

($164,985)

1

As

the

buyer

of

protection,

Multisector

Bond

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Multisector

Bond

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Multisector

Bond

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Multisector

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Multisector

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$74,693

$10,044

$3,420

$83,499

9,893

9.3%

Total

U.S.

Affiliated

Registered

Investment

Companies

74,693

83,499

9.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

49,780

89,881

117,161

22,500

2,250

2.5

Total

Affiliated

Short-Term

Investments

49,780

22,500

2.5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

35,757

375,411

391,383

19,785

19,785

2.2

Total

Collateral

Held

for

Securities

Loaned

35,757

19,785

2.2

Total

Value

$160,230

$125,784

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($604)

$2,786

$–

$3,694

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

–

–

–

1,205

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$4,899

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

113

Total

Affiliated

Income

from

Securities

Loaned,

Net

$113

Total

($604)

$2,786

$–

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

99.6%

Value

Alabama  1.4%

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

$

5,000,000

5.250%,

10/1/2030,

Ser.

A

a

$

5,290,638

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

750,000

5.500%,

6/1/2049,

Ser.

D-1

a

789,989

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AG

Insured)

2,000,000

5.250%,

8/1/2053,

Ser.

A

b

1,951,182

1,000,000

5.500%,

8/1/2058,

Ser.

A

b

1,003,447

2,000,000

5.250%,

8/1/2048,

Ser.

A

b

1,969,183

Jefferson

County,

AL

Sewer

Rev.

Refg.

Warrants

1,250,000

5.500%,

10/1/2053

1,269,412

1,500,000

5.250%,

10/1/2049

1,505,319

Mobile

County,

AL

Industrial

Development

Auth.

Solid

Waste

Disposal

Rev.

(AM/NS

Calvert,

LLC)

300,000

5.000%,

6/1/2054,

Ser.

A,

AMT

272,768

UAB

Medicine

Finance

Auth.,

AL

Rev.

Refg.

2,000,000

5.000%,

9/1/2041,

Ser.

B2

2,006,817

Total

16,058,755

Alaska  0.1%

Valdez,

AK

Marine

Terminal

Rev.

Refg.

(Exxon

Pipeline

Company)

1,550,000

2.750%,

12/1/2033

a

1,550,000

100,000

2.750%,

12/1/2033

a

100,000

Total

1,650,000

Arizona  1.7%

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

750,000

5.375%,

7/1/2053

c

690,681

275,000

5.250%,

7/1/2043

c

261,936

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Fire

Mesa

and

Red

Rock

Campus)

800,000

5.000%,

7/15/2039,

Ser.

A

768,861

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Pebble

Campus)

2,165,000

5.000%,

7/15/2050,

Ser.

A

c

1,863,107

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

300,000

5.000%,

7/1/2047,

Ser.

A

278,892

Arizona

Industrial

Development

Auth.

National

Charter

School

Revolving

Loan

Fund

Rev.

1,000,000

4.250%,

11/1/2052,

Ser.

A

814,896

1,000,000

5.250%,

11/1/2053,

Ser.

A

969,933

1,000,000

5.250%,

11/1/2048,

Ser.

A

981,749

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Arizona  1.7%

-

continued

Chandler,

AZ

Industrial

Development

Auth.

Rev.

(Intel

Corporation)

$

3,750,000

5.000%,

9/1/2027,

Ser.

2022-

2,

AMT

a

$

3,814,417

Glendale,

AZ

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

(Royal

Oaks

-

Inspirata

Pointe)

2,000,000

5.000%,

5/15/2056,

Ser.

A

1,619,700

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Valley

Christian

Schools)

1,000,000

6.375%,

7/1/2058,

Ser.

A

c

933,970

Phoenix,

AZ

Civic

Improvement

Corporation

Airport

Rev.

2,000,000

5.000%,

7/1/2047,

Ser.

A,

AMT

1,953,608

Phoenix,

AZ

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

(Mayo

Clinic)

150,000

2.100%,

11/15/2052,

Ser.

A

a

150,000

Phoenix-Mesa,

AZ

Gateway

Airport

Auth.

Special

Fac.

Rev.

(Mesa)

1,450,000

5.000%,

7/1/2038,

AMT

1,450,092

Yavapai

County,

AZ

Industrial

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Yavapai

Regional

Medical

Center)

500,000

5.000%,

8/1/2036

502,761

725,000

5.000%,

8/1/2039

739,342

Yuma,

AZ

Industrial

Development

Auth.

Hospital

Rev.

Refg.

(Yuma

Regional

Medical

Center)

1,000,000

5.250%,

8/1/2054,

Ser.

A

1,004,122

Total

18,798,067

Arkansas  0.1%

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

750,000

5.700%,

5/1/2053,

AMT

752,411

Pulaski

County,

AR

Hospital

Rev.

(Arkansas

Children's

Hospital)

500,000

5.250%,

3/1/2053

501,228

Total

1,253,639

California  6.3%

Beverly

Hills

Unified

School

District,

Los

Angeles

County,

CA

GO

(2008

Election)

10,000,000

Zero

Coupon,

8/1/2031

8,383,817

Burbank-Glendale-Pasadena,

CA

Airport

Auth.

Rev.

(AG

Insured)

500,000

4.500%,

7/1/2054,

Ser.

B,

AMT

b

447,783

525,000

4.375%,

7/1/2049,

Ser.

B,

AMT

b

466,658

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

1,750,000

5.000%,

8/1/2029,

Ser.

A-1

a

1,823,617

5,000,000

5.500%,

11/1/2028,

Ser.

D

a

5,279,810

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

California  6.3%

-

continued

California

County

Tobacco

Securitization

Agency

Rev.

Refg.

(Sonoma

County

Securitization

Corporation)

$

55,000

5.000%,

6/1/2049,

Ser.

B-1

$

52,463

California

Educational

Fac.

Auth.

Rev.

(Stanford

University)

5,000,000

5.250%,

4/1/2040

5,692,024

8,300,000

5.000%,

6/1/2046,

Ser.

U-7

8,804,418

California

Municipal

Finance

Auth.

Mobile

Home

Park

Rev.

(Caritas)

900,000

5.250%,

8/15/2053,

Ser.

A

911,075

800,000

5.250%,

8/15/2058,

Ser.

A

807,646

California

Municipal

Finance

Auth.

Rev.

Refg.

(HumanGood

-

CA

Obligated

Group)

1,385,000

5.000%,

10/1/2044,

Ser.

A

1,338,738

California

Municipal

Finance

Auth.

School

Fac.

Rev.

(St.

Mary's

School

-

Aliso

Viejo)

435,000

5.750%,

5/1/2054,

Ser.

A

c

421,318

140,000

5.875%,

5/1/2059,

Ser.

A

c

136,992

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

1,000,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

1,000,040

California

Pollution

Control

Financing

Auth.

Water

Furnishing

Rev.

(Poseidon

Resources,

LP

Desalination)

1,000,000

5.000%,

7/1/2037,

AMT

c

1,029,591

550,000

5.000%,

7/1/2038,

AMT

c

562,041

500,000

5.000%,

11/21/2045,

AMT

c

487,864

California

Public

Finance

Auth.

Health

Care

Fac.

Rev.

(Hazelden

Betty

Ford

Foundation)

1,000,000

5.000%,

11/1/2054,

Ser.

A

957,483

California

Statewide

Communities

Development

Auth.

Rev.

(Enloe

Medical

Center)

(AG

Insured)

500,000

5.250%,

8/15/2052,

Ser.

A

b

503,445

1,000,000

5.375%,

8/15/2057,

Ser.

A

b

1,006,865

California

Various

Purpose

GO

500,000

4.000%,

10/1/2050

436,301

10,000

5.250%,

4/1/2029

10,017

Eastern

California

Municipal

Water

District

Water

and

Wastewater

Rev.

Refg.

1,440,000

1.900%,

7/1/2046,

Ser.

A

a

1,440,000

Irvine,

CA

Improvement

Bond

Act

1915

Assessment

District

No.

07-22

SAB

5,800,000

2.200%,

9/2/2032,

Ser.

A

a

5,800,000

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

B,

AMT

2,437,303

5,145,000

5.250%,

7/1/2058,

Ser.

B,

AMT

5,166,777

San

Francisco,

CA

City

&

County

Airport

Commission

International

Airport

Rev.

7,500,000

5.500%,

5/1/2055,

Ser.

A,

AMT

7,737,231

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

California  6.3%

-

continued

University

of

California

Regents

Medical

Center

Rev.

$

7,500,000

5.000%,

5/15/2047,

Ser.

P

$

7,505,087

Total

70,646,404

Colorado  4.1%

Canyons

Metropolitan

District

No.

5,

CO

LTGO

Rev.

Refg.

(BAM

Insured)

1,500,000

5.250%,

12/1/2059,

Ser.

A

b

1,480,275

CCP

Metropolitan

District

No.

3,

CO

LTGO

Refg.

750,000

5.000%,

12/1/2053

695,806

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

750,000

6.500%,

12/1/2053

773,504

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

600,000

5.000%,

4/1/2038

606,445

475,000

5.000%,

4/1/2048

451,582

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(American

Academy)

2,500,000

5.000%,

12/1/2050

2,319,019

2,500,000

5.000%,

12/1/2055

2,290,988

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

1,155,000

5.000%,

12/1/2050

c

979,272

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(High

Point

Academy)

2,825,000

4.000%,

7/1/2040,

Ser.

A

2,534,918

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Covenant

Living

Communities

and

Services)

1,340,000

4.000%,

12/1/2050,

Ser.

A

1,057,041

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Intermountain

Healthcare)

5,000,000

4.000%,

5/15/2052,

Ser.

A

4,190,847

Colorado

Health

Fac.

Auth.

Rev.

Refg.

(CommonSpirit

Health)

2,000,000

5.250%,

12/1/2054,

Ser.

A

2,006,034

10,000,000

4.000%,

8/1/2049,

Ser.

A-2

8,256,340

Colorado

High

Performance

Transportation

Enterprise

Rev.

6,300,000

5.000%,

12/31/2047

6,039,239

Denver,

CO

City

&

County

Airport

System

Rev.

Refg.

1,250,000

5.750%,

11/15/2045,

Ser.

D,

AMT

1,311,473

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

Refg.

1,500,000

5.000%,

12/1/2034,

Ser.

A

c

1,520,264

Eagle

County,

CO

Air

Terminal

Corporation

Rev.

(Airport

Terminal)

1,000,000

5.000%,

5/1/2041,

Ser.

B,

AMT

965,076

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Colorado  4.1%

-

continued

Gunnison

County,

CO

Housing

Auth.

Rev.

(Whetstone

Housing)

(BAM

Insured)

$

1,300,000

5.125%,

6/1/2055

b

$

1,284,588

Park

Creek,

CO

Metropolitan

District

Rev.

3,000,000

5.000%,

12/1/2041,

Ser.

A

3,000,519

2,250,000

5.000%,

12/1/2046,

Ser.

A

2,167,323

Southern

Ute

Indian

Tribe

of

Southern

Ute

Indian

Reservation,

CO

UTGO

2,000,000

5.000%,

4/1/2035,

Ser.

A

c

2,109,504

Total

46,040,057

Connecticut  1.1%

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Connecticut

Children's

Medical

Center)

850,000

4.250%,

7/15/2053,

Ser.

E

721,632

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Hartford

Healthcare)

2,000,000

4.000%,

7/1/2046,

Ser.

A

1,709,527

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

1,000,000

5.000%,

1/1/2045,

Ser.

A

c

832,600

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Quinnipiac

University)

5,000,000

5.250%,

7/1/2053,

Ser.

N

4,992,292

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Sacred

Heart

University)

500,000

4.000%,

7/1/2045,

Ser.

K

430,996

4,000,000

5.000%,

7/1/2047,

Ser.

L

3,955,531

Total

12,642,578

Delaware  0.4%

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

2,000,000

5.000%,

9/1/2050

1,863,624

600,000

4.000%,

9/1/2051

468,005

Delaware

Economic

Development

Auth.

Retirement

Communities

Rev.

(Acts

Retirement-Life

Communities,

Inc.)

1,000,000

5.250%,

11/15/2053,

Ser.

B

959,458

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

870,000

5.000%,

7/1/2040,

Ser.

A

852,667

500,000

5.000%,

7/1/2048,

Ser.

A

457,597

Total

4,601,351

District

Of

Columbia  0.7%

District

of

Columbia

Rev.

(D.C.

Smart

Street

Lighting)

1,000,000

5.500%,

2/29/2036,

Ser.

A,

AMT

1,101,940

1,000,000

5.500%,

8/31/2036,

Ser.

A,

AMT

1,099,278

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

District

Of

Columbia  0.7%

-

continued

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

$

1,000,000

4.500%,

10/1/2053,

Ser.

A,

AMT

$

899,692

1,000,000

5.250%,

10/1/2053,

Ser.

A,

AMT

1,007,022

2,000,000

5.500%,

10/1/2054,

Ser.

A,

AMT

2,048,435

1,000,000

5.250%,

10/1/2049,

Ser.

A,

AMT

1,007,763

Metropolitan

Washington

DC

Airports

Auth.

Dulles

Toll

Road

Rev.

Refg.

(Dulles

Metrorail

&

Capital

Improvement)

(AG

Insured)

1,000,000

4.000%,

10/1/2049

b

851,829

Total

8,015,959

Florida  5.1%

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

1,215,000

4.000%,

10/1/2046

960,006

500,000

4.000%,

10/1/2046

395,064

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

3,750,000

5.650%,

3/1/2054

b

3,882,624

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

600,000

5.000%,

11/1/2053,

Ser.

A-1

532,854

Capital

Trust

Agency,

FL

Educational

Fac.

Rev.

(Liza

Jackson

Preparatory

School,

Inc.)

1,600,000

5.000%,

8/1/2055,

Ser.

A

1,424,432

CityPlace

Community

Development

District,

FL

SAB

Refg.

540,000

5.000%,

5/1/2026

546,546

Escambia

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Baptist

Health

Care

Corporation

Obligated

Group)

5,000,000

4.000%,

8/15/2045,

Ser.

A

4,177,079

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

1,400,000

5.750%,

6/15/2047,

Ser.

A

1,404,703

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(Mater

Academy)

1,000,000

5.000%,

6/15/2052,

Ser.

A

910,761

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

245,000

5.000%,

7/1/2051,

Ser.

A-1

225,120

250,000

4.000%,

7/1/2055,

Ser.

A

188,036

Florida

Development

Finance

Corporation

Healthcare

Fac.

Rev.

(Tampa

General

Hospital)

2,250,000

4.500%,

8/1/2055,

Ser.

A

1,949,803

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Florida  5.1%

-

continued

Florida

Higher

Educational

Fac.

Financing

Auth.

Educational

Rev.

(Ringling

College)

$

5,000,000

5.000%,

3/1/2042

$

4,785,326

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

3,600,000

5.250%,

10/1/2051,

AMT

3,645,171

3,655,000

4.000%,

10/1/2052,

Ser.

A,

AMT

2,998,142

Lee

County,

FL

Airport

Rev.

1,000,000

5.250%,

10/1/2054,

AMT

1,003,384

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

700,000

5.250%,

10/1/2052,

Ser.

A

593,598

Lee

County,

FL

Industrial

Development

Auth.

Hospital

Rev.

Refg.

(Lee

Health

System,

Inc.)

1,000,000

5.000%,

4/1/2044,

Ser.

A-1

967,728

Miami-Dade

County,

FL

Industrial

Development

Auth.

Rev.

(Pinecrest

Academy,

Inc.)

1,500,000

5.250%,

9/15/2044

1,374,728

Miami-Dade

County,

FL

Seaport

Rev.

Refg.

1,000,000

5.250%,

10/1/2052,

Ser.

A,

AMT

991,508

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health

Obligated

Group)

1,500,000

4.500%,

10/1/2056,

Ser.

A

1,331,706

1,250,000

5.250%,

10/1/2056,

Ser.

A

1,245,451

1,250,000

5.000%,

10/1/2047,

Ser.

A

1,215,446

Orange

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Presbyterian

Retirement

Communities

Obligated

Group)

2,750,000

5.000%,

8/1/2054

2,502,715

Osceola

County,

FL

Transportation

Rev.

Refg.

2,450,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

894,573

Palm

Beach

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Jupiter

Medical

Center,

Inc.)

1,000,000

5.000%,

11/1/2052,

Ser.

A

933,747

500,000

5.000%,

11/1/2047,

Ser.

A

477,396

Palm

Beach

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Lifespace

Communities,

Inc.)

3,000,000

5.000%,

5/15/2038,

Ser.

C

2,968,625

Sarasota

County,

FL

Public

Hospital

District

Rev.

(Sarasota

Memorial

Hospital)

8,000,000

4.000%,

7/1/2052

6,451,342

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

300,000

4.000%,

6/15/2056,

Ser.

A

c

216,648

Tampa,

FL

Hospital

Rev.

Refg.

(H.

Lee

Moffitt

Cancer

Center)

5,000,000

5.000%,

7/1/2037,

Ser.

B

5,015,629

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Florida  5.1%

-

continued

Village

Community

Development

District

No.

15,

Wildwood,

FL

SAB

$

295,000

5.250%,

5/1/2054

c

$

284,416

800,000

4.800%,

5/1/2055

c

712,971

Total

57,207,278

Georgia  2.0%

Atlanta,

GA

Airport

Passenger

Fac.

Charge

Rev.

1,630,000

5.250%,

7/1/2044,

Ser.

E,

AMT

1,662,947

Atlanta,

GA

Airport

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

C,

AMT

2,444,530

3,500,000

5.000%,

7/1/2047,

Ser.

B,

AMT

3,427,795

2,655,000

5.000%,

7/1/2048,

Ser.

C,

AMT

2,599,081

Columbia

County,

GA

Hospital

Auth.

Rev.

(Wellstar

Health

System,

Inc.)

1,875,000

5.125%,

4/1/2048,

Ser.

A

1,875,341

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

250,000

4.000%,

1/1/2054,

Ser.

A

200,504

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

1,750,000

5.000%,

5/15/2028,

Ser.

A

1,821,151

1,920,000

5.000%,

5/15/2033,

Ser.

A

1,975,420

1,900,000

5.000%,

5/15/2034,

Ser.

A

1,945,780

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

242,636

Municipal

Electric

Auth.

of

Georgia

Rev.

Refg.

(Plant

Vogtle

Units

3

&

4)

2,000,000

5.000%,

7/1/2052,

Ser.

A

1,951,210

Private

Colleges

and

Universities

Auth.,

GA

Rev.

Refg.

(Mercer

University)

2,600,000

5.250%,

10/1/2051

2,623,518

Total

22,769,913

Guam  0.1%

Guam

Port

Auth.

Rev.

250,000

5.000%,

7/1/2048,

Ser.

A

238,035

Guam

Power

Auth.

Rev.

Refg.

700,000

5.000%,

10/1/2034,

Ser.

A

756,495

Total

994,530

Hawaii  0.1%

Hawaii

Department

of

Transportation

Airport

Division

Lease

Rev.

COP

1,600,000

5.000%,

8/1/2028,

AMT

1,601,579

Total

1,601,579

Idaho  0.5%

College

of

Western

Idaho

Annual

Appropriation

COP

3,800,000

5.000%,

8/1/2052

3,606,726

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Idaho  0.5%

-

continued

Idaho

Health

Fac.

Auth.

Rev.

Refg.

(St.

Luke's

Health

System)

$

1,000,000

4.000%,

3/1/2051,

Ser.

A

$

812,407

800,000

4.000%,

3/1/2046,

Ser.

A

676,049

Total

5,095,182

Illinois  4.4%

Chicago,

IL

Metropolitan

Water

Reclamation

District

GO

Refg.

6,550,000

5.250%,

12/1/2032,

Ser.

C

7,489,381

Chicago,

IL

O'Hare

International

Airport

Rev.

2,000,000

5.500%,

1/1/2055,

Ser.

A,

AMT

2,015,645

1,000,000

5.000%,

1/1/2047,

Ser.

G,

AMT

960,836

1,000,000

5.000%,

1/1/2047,

Ser.

D,

AMT

962,074

Chicago,

IL

O'Hare

International

Airport

Rev.

Refg.

5,000,000

5.000%,

1/1/2048,

Ser.

B

4,954,941

Chicago,

IL

O'Hare

International

Airport

Special

Fac.

Rev.

(TRIPS

Obligated

Group)

780,000

5.500%,

7/1/2040,

AMT

814,975

800,000

5.500%,

7/1/2041,

AMT

827,796

Chicago,

IL

Wastewater

Transmission

Rev.

(AG

Insured)

5,000,000

5.250%,

1/1/2058,

Ser.

A

b

5,014,579

Chicago,

IL

Waterworks

Rev.

(AG

Insured)

1,500,000

5.250%,

11/1/2053,

Ser.

A

b

1,505,434

Illinois

Finance

Auth.

Rev.

(DePaul

University)

1,000,000

5.000%,

10/1/2041

981,746

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

800,000

6.500%,

5/15/2047,

Ser.

A

823,261

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

c

250,544

Illinois

Finance

Auth.

Rev.

Refg.

(Presbyterian

Homes)

2,500,000

4.000%,

5/1/2050,

Ser.

A

1,955,266

Illinois

Finance

Auth.

Rev.

Refg.

(Rosalind

Franklin

University)

1,750,000

5.000%,

8/1/2042,

Ser.

A

1,694,588

2,100,000

5.000%,

8/1/2047,

Ser.

A

1,967,236

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

500,000

5.000%,

2/15/2032,

Ser.

A

504,233

2,885,000

5.000%,

2/15/2037

2,835,093

1,000,000

5.000%,

2/15/2047,

Ser.

A

909,374

Illinois

GO

1,000,000

5.500%,

5/1/2047,

Ser.

B

1,017,623

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

10,100,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

6,647,978

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Illinois  4.4%

-

continued

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

$

500,000

5.000%,

6/15/2042,

Ser.

B

$

504,338

2,000,000

Zero

Coupon,

12/15/2047,

Ser.

B

d

1,347,681

Peoria,

IL

GO

(AG

Insured)

1,250,000

4.000%,

1/1/2039,

Ser.

A

b

1,175,090

1,750,000

4.375%,

1/1/2042,

Ser.

A

b

1,709,160

Total

48,868,872

Indiana  1.5%

Indiana

Finance

Auth.

Health

Fac.

Rev.

(Margaret

Mary

Health)

1,650,000

5.750%,

3/1/2054,

Ser.

A

1,678,366

Indiana

Finance

Auth.

Hospital

Rev.

(Reid

Health)

(AG

Insured)

4,750,000

4.250%,

1/1/2047

b

4,162,048

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC

Student

Housing)

600,000

5.125%,

6/1/2058,

Ser.

A

567,375

2,250,000

5.375%,

6/1/2064,

Ser.

A

2,175,725

Indianapolis,

IN

Local

Public

Improvement

Bank

Convention

Center

Hotel

Rev.

1,000,000

6.000%,

3/1/2053,

Ser.

E

1,019,715

750,000

6.125%,

3/1/2057,

Ser.

E

769,202

Northern

Indiana

Commuter

Transportation

District

Industrial

Rev.

1,000,000

5.000%,

1/1/2054

993,639

St.

Joseph

County,

IN

Economic

Development

Rev.

(St.

Mary's

College)

3,705,000

5.000%,

4/1/2043,

Ser.

2019

3,673,110

Valparaiso,

IN

Exempt

Fac.

Rev.

Refg.

(Pratt

Paper,

LLC)

350,000

5.000%,

1/1/2054,

AMT

c

319,384

Whiting,

IN

Environmental

Fac.

Rev.

(BP

Products

North

America,

Inc.)

1,000,000

4.200%,

6/1/2044

a

992,119

Total

16,350,683

Iowa  0.8%

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

6,350,000

5.000%,

5/15/2043,

Ser.

A

6,038,009

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

2,500,000

4.000%,

10/1/2050

1,965,115

650,000

5.375%,

10/1/2052

644,081

Total

8,647,205

Kansas  0.6%

Lenexa,

KS

Health

Care

Fac.

Rev.

Refg.

(Lakeview

Village,

Inc.)

2,750,000

5.000%,

5/15/2039,

Ser.

A

2,649,346

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

350,000

6.500%,

11/15/2042,

Ser.

A

c

362,195

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Kansas  0.6%

-

continued

University

of

Kansas

Hospital

Auth.

Health

Fac.

Rev.

Refg.

$

3,410,000

5.000%,

3/1/2047,

Ser.

A

$

3,335,069

Total

6,346,610

Kentucky  1.0%

Hazard,

KY

Healthcare

Rev.

(Appalachian

Regional

Healthcare)

1,000,000

4.000%,

7/1/2041

874,195

Kenton

County,

KY

Airport

Board

Rev.

1,000,000

5.250%,

1/1/2054,

Ser.

A,

AMT

990,900

1,125,000

5.250%,

1/1/2049,

Ser.

A,

AMT

1,125,605

Louisville

&

Jefferson

County,

KY

Metropolitan

Government

Hospital

Rev.

(University

of

Louisville

Health)

8,000,000

5.000%,

5/15/2052,

Ser.

A

7,520,981

Paducah,

KY

Electric

Plant

Board

Rev.

(AG

Insured)

750,000

5.000%,

10/1/2035,

Ser.

A

b

764,127

Total

11,275,808

Louisiana  0.7%

Louisiana

Local

Government

Environmental

Fac.

and

Community

Development

Auth.

Rev.

(Caddo-Bossier

Parishes

Port

Commission)

(AG

Insured)

850,000

5.000%,

4/1/2053,

Ser.

B

b

838,600

Louisiana

Public

Fac.

Auth.

Rev.

(I-10

Calcasieu

River

Bridge

Public-Private

Partnership)

2,500,000

5.500%,

9/1/2059,

AMT

2,487,122

Louisiana

Stadium

and

Exposition

District

Rev.

Refg.

2,000,000

5.250%,

7/1/2053,

Ser.

A

2,021,810

1,500,000

5.000%,

7/1/2048,

Ser.

A

1,484,631

Port

of

New

Orleans,

LA

Board

of

Commissioners

Port

Fac.

Rev.

Refg.

(AG

Insured)

1,500,000

5.000%,

4/1/2043,

Ser.

B,

AMT

b

1,480,252

Total

8,312,415

Maine  0.1%

Maine

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(University

of

New

England)

1,000,000

4.000%,

7/1/2046,

Ser.

A

839,965

Total

839,965

Maryland  1.4%

Baltimore

County,

MD

Rev.

Refg.

(Oak

Crest

Village,

Inc.

Fac.)

2,000,000

4.000%,

1/1/2050

1,607,741

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Maryland  1.4%

-

continued

Maryland

Department

of

Transportation

Rev.

(Baltimore/

Washington

International

Thurgood

Marshall

Airport)

(AG

Insured)

$

5,000,000

5.250%,

8/1/2054,

Ser.

A,

AMT

b

$

4,968,984

4,250,000

5.250%,

8/1/2049,

Ser.

A,

AMT

b

4,226,291

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

1,000,000

5.750%,

7/1/2053,

Ser.

A

1,028,029

1,325,000

6.000%,

7/1/2058,

Ser.

A

1,377,014

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(University

of

Maryland,

College

Park

-

Leonardtown)

(AG

Insured)

2,000,000

5.125%,

7/1/2059

b

1,968,782

Maryland

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(Frederick

Health

System)

200,000

4.000%,

7/1/2050

162,013

600,000

5.250%,

7/1/2053

587,763

200,000

4.000%,

7/1/2045

170,034

Total

16,096,651

Massachusetts  2.5%

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

800,000

5.000%,

7/1/2052

742,111

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Boston

Medical

Center)

4,000,000

5.250%,

7/1/2052,

Ser.

G

3,860,229

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Northeastern

University)

2,750,000

5.000%,

10/1/2044

2,792,926

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Southcoast

Health

System

Obligated

Group)

500,000

4.000%,

7/1/2046,

Ser.

G

412,575

Massachusetts

GO

3,125,000

5.000%,

9/1/2048,

Ser.

E

3,125,979

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Massachusetts

Institute

of

Technology)

9,295,000

5.250%,

7/1/2033,

Ser.

L

10,839,797

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Tufts

University)

5,400,000

5.500%,

2/15/2028,

Ser.

M

5,798,241

Total

27,571,858

Michigan  3.0%

Great

Lakes

Water

Auth.,

MI

Sewage

Disposal

System

Rev.

5,000,000

5.500%,

7/1/2052,

Ser.

B

5,195,136

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Michigan  3.0%

-

continued

Great

Lakes

Water

Auth.,

MI

Water

Supply

System

Rev.

$

5,000,000

5.000%,

7/1/2046,

Ser.

A

$

4,960,471

Michigan

Finance

Auth.

Higher

Education

Fac.

Limited

Obligation

Rev.

Refg.

(Calvin

University)

1,300,000

4.000%,

9/1/2050

1,027,500

2,110,000

4.000%,

9/1/2046

1,712,039

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

535,000

5.000%,

12/31/2033,

AMT

545,177

7,775,000

5.000%,

12/31/2043,

AMT

7,534,976

5,110,000

5.000%,

6/30/2048,

AMT

4,838,133

Saginaw,

MI

City

School

District

UTGO

2,500,000

4.000%,

5/1/2050

2,106,486

Wayne

County,

MI

Airport

Auth.

Rev.

(Detroit

Metropolitan

Wayne

County

Airport)

(AG

Insured)

3,965,000

5.250%,

12/1/2048,

Ser.

A

b

4,086,809

1,750,000

5.500%,

12/1/2048,

Ser.

B,

AMT

b

1,800,810

Total

33,807,537

Minnesota  3.1%

Bethel,

MN

Housing

and

Health

Care

Fac.

Rev.

Refg.

500,000

6.250%,

3/1/2054,

Ser.

A

454,568

Center

City,

MN

Health

Care

Fac.

Rev.

Refg.

(Hazelden

Betty

Ford

Foundation)

795,000

5.000%,

11/1/2047

778,523

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

2,330,000

5.000%,

7/1/2043,

Ser.

A

2,191,771

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

2,500,000

5.250%,

6/15/2052,

Ser.

B

2,514,412

2,500,000

5.250%,

6/15/2047,

Ser.

B

2,526,936

Ham

Lake,

MN

Charter

School

Lease

Rev.

(DaVinci

Academy

of

Arts

and

Science)

340,000

5.000%,

7/1/2036,

Ser.

A

318,044

Minneapolis,

MN

Health

Care

System

Rev.

Refg.

(Fairview

Health

Services)

5,000,000

5.000%,

11/15/2049,

Ser.

A

4,774,527

Minneapolis,

MN

Student

Housing

Rev.

(Riverton

Community

Housing)

500,000

5.000%,

8/1/2053

436,825

Minneapolis-St.

Paul,

MN

Metropolitan

Airports

Commission

Rev.

Refg.

1,500,000

4.250%,

1/1/2052,

Ser.

A

1,328,249

1,045,000

5.250%,

1/1/2047,

Ser.

B,

AMT

1,047,890

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Minnesota  3.1%

-

continued

Minnesota

Agricultural

and

Economic

Development

Board

Health

Care

Fac.

Rev.

(HealthPartners

Obligated

Group)

$

2,500,000

5.250%,

1/1/2054

$

2,495,806

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

1,500,000

5.000%,

10/1/2052,

Ser.

A

1,482,569

4,000,000

5.000%,

10/1/2052,

Ser.

B

3,953,518

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(Gustavus

Adolphus

College)

4,250,000

5.000%,

10/1/2047

4,037,341

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(St.

Catherine

University)

1,015,000

5.000%,

10/1/2045,

Ser.

A

932,906

North

Oaks,

MN

Senior

Housing

Rev.

Refg.

(Waverly

Gardens)

4,000,000

5.000%,

10/1/2047

3,638,695

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

1,275,000

5.000%,

7/1/2055,

Ser.

A

1,043,701

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Rev.

Refg.

(Rossy

&

Richard

Shaller

Family

Sholom

East

Campus)

1,000,000

5.000%,

10/1/2043

851,907

Wayzata,

MN

Senior

Housing

Rev.

Refg.

(Folkestone

Senior

Living

Community)

500,000

5.000%,

8/1/2049

461,145

Total

35,269,333

Mississippi  0.6%

Medical

Center

Educational

Building

Corporation

Rev.

(Colony

Park

Teaching

Campus)

5,000,000

4.000%,

6/1/2053,

Ser.

A

4,213,282

Mississippi

Business

Finance

Commission

Gulf

Opportunity

Zone

Industrial

Development

Rev.

(Chevron

USA,

Inc.)

2,680,000

2.750%,

12/1/2030,

Ser.

D

a

2,680,000

Total

6,893,282

Missouri  1.0%

Kansas

City,

MO

Industrial

Development

Auth.

Airport

Rev.

(Kansas

City

International

Airport)

(AG

Insured)

5,000,000

4.000%,

3/1/2050,

Ser.

A,

AMT

b

4,098,553

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

500,000

5.750%,

8/15/2059,

Ser.

A

474,035

1,200,000

5.000%,

8/15/2042,

Ser.

A

1,069,634

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Missouri  1.0%

-

continued

Missouri

Health

and

Educational

Fac.

Auth.

Health

Fac.

Rev.

(Mercy

Health)

$

2,000,000

5.000%,

12/1/2052

$

1,959,230

Missouri

Health

and

Educational

Fac.

Auth.

Health

Fac.

Rev.

Refg.

(Lake

Regional

Health

System)

1,200,000

4.000%,

2/15/2051

946,608

Ozark,

MO

R-6

School

District

COP

530,000

5.000%,

4/1/2042

542,757

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

2,750,000

6.000%,

10/1/2049

c

2,593,863

Total

11,684,680

Montana  0.5%

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

4,000,000

4.000%,

7/1/2050,

Ser.

A

2,496,277

1,000,000

4.000%,

7/1/2044

680,856

Montana

Fac.

Finance

Auth.

Health

Fac.

Rev.

Refg.

(Bozeman

Deaconess

Health

Services

Obligated

Group)

2,750,000

4.000%,

6/1/2045,

Ser.

A

2,378,088

Total

5,555,221

Nebraska  1.7%

Dodge

County,

NE

School

District

No.

1

UTGO

(Fremont

Public

Schools)

(AG

Insured)

3,000,000

5.000%,

12/15/2048

b

3,042,321

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital)

2,105,000

5.000%,

11/15/2047

2,065,004

Omaha,

NE

Airport

Auth.

Airport

Fac.

Rev.

(AG

Insured)

3,400,000

5.250%,

12/15/2054,

AMT

b

3,398,728

Omaha,

NE

Public

Power

District

Electric

Rev.

2,500,000

5.250%,

2/1/2055,

Ser.

A

2,588,168

8,275,000

5.000%,

2/1/2046,

Ser.

A

8,329,302

Total

19,423,523

Nevada  0.7%

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

1,500,000

5.000%,

9/1/2042,

Ser.

A

1,445,917

3,250,000

5.000%,

9/1/2047,

Ser.

A

3,027,107

Las

Vegas,

NV

Convention

and

Visitors

Auth.

Convention

Center

Expansion

and

Renovation

Rev.

1,000,000

5.000%,

7/1/2049,

Ser.

A

1,003,122

Las

Vegas,

NV

Special

Improvement

District

No.

817

SAB

(Summerlin

Village

29)

100,000

6.000%,

6/1/2053

102,308

350,000

6.000%,

6/1/2048

359,769

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Nevada  0.7%

-

continued

Reno-Tahoe,

NV

Airport

Auth.

Rev.

(Reno-Tahoe

International

Airport)

$

750,000

5.250%,

7/1/2054,

Ser.

A,

AMT

$

744,220

1,000,000

5.250%,

7/1/2049,

Ser.

A,

AMT

997,074

Total

7,679,517

New

Hampshire  1.0%

National

Finance

Auth.,

NH

Rev.

(Abilene

Christian

University

Energy)

6,000,000

5.250%,

11/1/2054,

Ser.

A

5,814,383

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

750,000

5.250%,

7/1/2048,

Ser.

A

716,697

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

(BAM

Insured)

5,000,000

5.000%,

8/1/2059,

Ser.

A

b

5,005,056

Total

11,536,136

New

Jersey  2.4%

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

400,000

6.000%,

6/15/2052

409,182

750,000

6.000%,

6/15/2047

770,726

New

Jersey

Economic

Development

Auth.

Rev.

1,485,000

5.000%,

6/15/2043,

Ser.

EEE

e

1,601,806

2,515,000

5.000%,

6/15/2043,

Ser.

EEE

2,520,878

New

Jersey

Health

Care

Fac.

Financing

Auth.

Rev.

(RWJ

Barnabas

Health)

3,015,000

4.000%,

7/1/2051,

Ser.

A

2,535,157

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

10,000,000

4.000%,

6/15/2050,

Ser.

BB

8,431,019

500,000

5.500%,

6/15/2050,

Ser.

CC

e

584,161

New

Jersey

Turnpike

Auth.

Rev.

1,000,000

4.125%,

1/1/2054,

Ser.

B

857,523

Tobacco

Settlement

Financing

Corporation,

NJ

Rev.

Refg.

8,950,000

5.250%,

6/1/2046,

Ser.

A

8,882,127

Total

26,592,579

New

York  8.9%

Buffalo

&

Erie

County,

NY

Industrial

Land

Development

Corporation

Rev.

1,500,000

5.000%,

8/1/2047,

Ser.

A

1,364,394

Build

NYC

Resource

Corporation,

NY

Airport

Fac.

Rev.

(TrIPS

Obligated

Group)

1,000,000

5.500%,

7/1/2055,

AMT

982,177

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

345,000

5.750%,

6/1/2052

c

326,664

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

New

York  8.9%

-

continued

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

$

1,275,000

5.000%,

6/15/2052,

Ser.

A

$

1,032,453

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

1,075,000

5.500%,

6/15/2053,

Ser.

A

c

1,025,060

Metropolitan

Transportation

Auth.,

NY

Rev.

2,750,000

5.000%,

11/15/2045,

Ser.

A-2

a

2,888,421

Monroe

County,

NY

Industrial

Development

Corporation

Charter

School

Rev.

(True

North

Rochester

Preparatory

Charter

School)

1,000,000

5.000%,

6/1/2050,

Ser.

A

c

911,951

New

York

City,

NY

GO

1,550,000

2.750%,

4/1/2036,

Ser.

L-3

a

1,550,000

2,250,000

4.500%,

5/1/2049,

Ser.

D-1

2,097,046

New

York

City,

NY

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

17,000,000

4.000%,

6/15/2051,

Ser.

AA-1

14,705,732

4,000,000

4.125%,

6/15/2047,

Ser.

DD

3,592,593

510,000

2.750%,

6/15/2049,

Ser.

BB-1

a

510,000

New

York

City,

NY

Transitional

Finance

Auth.

Building

Aid

Rev.

16,625,000

5.000%,

7/15/2043,

Ser

S-1

16,852,563

New

York

City,

NY

Transitional

Finance

Auth.

Future

Tax

Secured

Rev.

3,000,000

4.000%,

5/1/2053,

Ser.

A-1

2,518,002

600,000

2.750%,

8/1/2041

a

600,000

New

York

City,

NY

Transitional

Finance

Auth.

Rev.

1,200,000

5.500%,

5/1/2052,

Ser.

D

1,257,621

New

York

Dormitory

Auth.

Personal

Income

Tax

Rev.

Refg.

8,310,000

5.000%,

2/15/2043,

Ser.

B

8,406,310

10,000

5.000%,

2/15/2043,

Ser.

B

e

10,502

10,000

5.000%,

2/15/2043,

Ser.

B

e

10,502

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

1,500,000

5.000%,

7/15/2050,

Ser.

A

1,429,254

2,200,000

5.000%,

7/15/2042,

Ser.

A

2,188,856

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

750,000

4.000%,

4/30/2053,

AMT

588,082

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(John

F.

Kennedy

International

Airport

New

Terminal

One)

3,000,000

6.000%,

6/30/2054,

AMT

3,047,163

2,000,000

6.000%,

6/30/2059,

AMT

2,049,304

8,500,000

5.500%,

6/30/2060,

AMT

8,238,934

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

New

York  8.9%

-

continued

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

)

$

775,000

5.000%,

1/1/2036,

AMT

$

780,425

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

Terminal

C&D

Redevelopment)

500,000

6.000%,

4/1/2035,

AMT

541,461

750,000

5.625%,

4/1/2040,

AMT

769,226

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Terminal

4

John

F.

Kennedy

International

Airport)

1,000,000

5.000%,

12/1/2039,

AMT

1,003,362

1,000,000

5.000%,

12/1/2040,

AMT

997,546

1,000,000

5.000%,

12/1/2041,

AMT

986,791

600,000

5.000%,

12/1/2042,

AMT

586,789

New

York

Urban

Development

Corporation

Rev.

15,000,000

4.000%,

3/15/2045,

Ser.

A

13,171,601

Oneida

Indian

Nation,

NY

Tax

Rev.

250,000

6.000%,

9/1/2043,

Ser.

B

c

261,276

Port

Auth.

of

New

York

&

New

Jersey

Rev.

Refg.

1,715,000

5.000%,

9/15/2048,

Ser.

207,

AMT

1,653,606

Troy,

NY

Capital

Resource

Corporation

Rev.

Refg.

(Rensselaer

Polytechnic

Institute)

750,000

5.000%,

9/1/2039,

Ser.

A

768,045

Total

99,703,712

North

Carolina  0.9%

Appalachian

State

University,

NC

Rev.

2,510,000

5.000%,

5/1/2044

2,533,105

Charlotte,

NC

Airport

Rev.

Refg.

(Charlotte

Douglas

International

Airport)

2,500,000

4.250%,

7/1/2052,

Ser.

B,

AMT

2,151,875

Fuquay-Varina,

NC

Combined

Utilities

Rev.

1,325,000

4.000%,

2/1/2044,

Ser.

B

1,208,341

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AG

Insured)

750,000

5.250%,

7/1/2053,

AMT

b

743,406

1,000,000

5.250%,

7/1/2048,

AMT

b

996,335

Nash

Health

Care

Systems,

NC

Health

Care

Fac.

Rev.

1,000,000

5.250%,

2/1/2055

f

977,492

North

Carolina

Medical

Care

Commission

Health

Care

Fac.

Rev.

(Presbyterian

Homes)

1,250,000

5.000%,

10/1/2050,

Ser.

A

1,166,239

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

North

Carolina  0.9%

-

continued

North

Carolina

Medical

Care

Commission

Retirement

Fac.

First

Mortgage

Rev.

(United

Methodist

Retirement

Homes)

$

750,000

5.125%,

10/1/2054,

Ser.

A

$

710,895

Total

10,487,688

North

Dakota  0.5%

Grand

Forks,

ND

Health

Care

System

Rev.

(Altru

Health

System)

(AG

Insured)

250,000

5.000%,

12/1/2053,

Ser.

A

b

243,269

250,000

5.000%,

12/1/2048,

Ser.

A

b

246,634

Horace,

ND

Refg.

Improvement

UTGO

1,800,000

5.000%,

5/1/2048,

Ser.

A

1,699,495

University

of

North

Dakota

COP

(Infrastructure

Energy

Improvement)

3,775,000

5.000%,

4/1/2048,

Ser.

A

3,781,809

Total

5,971,207

Ohio  3.7%

Akron

Bath

and

Copley

Joint

Township,

OH

Hospital

Fac.

Rev.

Refg.

(Summa

Health

System)

1,600,000

4.000%,

11/15/2037

1,585,851

American

Municipal

Power

Ohio,

Inc.

Rev.

(Greenup

Hydroelectric)

1,000,000

5.000%,

2/15/2041,

Ser.

A

1,003,050

Bowling

Green

State

University,

OH

Rev.

Refg.

500,000

4.000%,

6/1/2045,

Ser.

A

432,618

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

7,000,000

5.000%,

6/1/2055,

Ser.

B-2

5,686,127

Columbus,

OH

Regional

Airport

Auth.

Rev.

Refg.

(John

Glenn

Columbus

International

Airport)

1,350,000

5.250%,

1/1/2045,

Ser.

A,

AMT

1,363,222

Dayton-Montgomery

County,

OH

Port

Auth.

Development

Rev.

(Dayton

Regional

STEM

Schools,

Inc.)

1,000,000

5.000%,

12/1/2054

924,448

500,000

5.000%,

12/1/2044

483,203

Hamilton

County,

OH

Healthcare

Rev.

(Life

Enriching

Communities)

1,000,000

5.750%,

1/1/2053,

Ser.

A

1,010,499

Montgomery

County,

OH

Health

Care

Fac.

Rev.

Refg.

(Solvita)

300,000

5.250%,

9/1/2054

293,702

Montgomery

County,

OH

Hospital

Fac.

Improvement

Rev.

Refg.

(Kettering

Health

Network

Obligated

Group)

800,000

4.000%,

8/1/2051

661,387

Montgomery

County,

OH

Hospital

Fac.

Rev.

Refg.

(Dayton

Children's

Hospital)

1,500,000

4.000%,

8/1/2046

1,286,360

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Ohio  3.7%

-

continued

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Cleveland

Clinic

Health

System

Obligated

Group)

$

800,000

2.650%,

1/1/2039,

Ser.

B-2

a

$

800,000

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Kenyon

College)

3,025,000

5.000%,

7/1/2042

3,042,781

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

2,400,000

5.000%,

3/1/2034

2,400,143

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(Xavier

University

2024)

1,250,000

5.250%,

5/1/2054

1,206,901

1,400,000

5.250%,

5/1/2049

1,367,309

Ohio

Turnpike

Commission

Rev.

8,945,000

5.700%,

2/15/2034,

Ser.

A-4

10,062,944

Ohio

Turnpike

Commission

Rev.

Refg.

(NATL-RE

Insured)

5,135,000

5.500%,

2/15/2026,

Ser.

A

b

5,213,011

Ohio

University

Athens

General

Receipts

Rev.

500,000

5.250%,

12/1/2052

509,625

750,000

5.250%,

12/1/2054

763,119

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

750,000

5.000%,

12/1/2053,

Ser.

B

725,524

500,000

5.000%,

12/1/2063,

Ser.

B

474,386

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

(AG

Insured)

750,000

4.375%,

12/1/2058,

Ser.

B

b

653,619

Total

41,949,829

Oklahoma  0.8%

Oklahoma

Turnpike

Auth.

Rev.

2,500,000

5.000%,

1/1/2042,

Ser.

A

2,526,382

5,665,000

5.000%,

1/1/2047,

Ser.

C

5,667,952

Osage

County,

OK

Industrial

Auth.

Use

Tax

Rev.

1,000,000

6.500%,

9/1/2040

1,044,894

Total

9,239,228

Oregon  1.6%

Astoria,

OR

Hospital

Fac.

Auth.

Rev.

(Columbia

Memorial

Hospital)

250,000

5.250%,

8/1/2054

236,721

750,000

5.250%,

8/1/2044

739,438

500,000

5.250%,

8/1/2049

478,787

Clackamas

&

Washington

Counties,

OR

Joint

School

District

No.

3

GO

(West

Linn-Wilsonville

Schools)

700,000

Zero

Coupon,

6/15/2040,

Ser.

A

335,224

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Oregon  1.6%

-

continued

Multnomah

&

Clackamas

Counties,

OR

School

District

GO

$

520,000

Zero

Coupon,

6/15/2035,

Ser.

A

$

337,022

Oregon

Fac.

Auth.

Rev.

(Southern

Oregon

Goodwill)

1,250,000

5.500%,

12/1/2054,

Ser.

A

1,145,240

500,000

5.375%,

12/1/2045,

Ser.

A

465,307

Port

of

Portland,

OR

Airport

Rev.

(Portland

International

Airport)

5,000,000

5.000%,

7/1/2052,

Ser.

28,

AMT

4,899,385

Port

of

Portland,

OR

Airport

Rev.

Refg.

(Portland

International

Airport)

3,750,000

5.000%,

7/1/2044,

Ser.

25B,

AMT

3,710,163

Salem-Keizer

School

District

No.

24J,

Marion

and

Polk

Counties,

OR

GO

5,000,000

Zero

Coupon,

6/15/2028,

Ser.

B

4,594,352

Warm

Springs,

OR

Reservation

Confederated

Tribes

Hydroelectric

Rev.

Refg.

(Pelton-

Round

Butte)

800,000

5.000%,

11/1/2039,

Ser.

B

c

824,522

Total

17,766,161

Pennsylvania  4.1%

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

1,650,000

5.000%,

1/1/2051,

Ser.

A,

AMT

1,593,278

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

(AG

Insured)

1,500,000

5.500%,

1/1/2053,

Ser.

A,

AMT

b

1,527,290

2,500,000

5.500%,

1/1/2055,

Ser.

A,

AMT

b

2,567,639

4,500,000

5.500%,

1/1/2048,

Ser.

A,

AMT

b

4,602,152

Cumberland

County,

PA

Municipal

Auth.

Rev.

Refg.

(Diakon

Lutheran

Social

Ministries)

455,000

5.000%,

1/1/2038

446,198

Delaware

County,

PA

Industrial

Development

Auth.

Airport

Fac.

Rev.

Refg.

(United

Parcel

Service)

1,820,000

2.750%,

9/1/2045

a

1,820,000

Northampton

County,

PA

General

Purpose

Auth.

Hospital

Rev.

Refg.

(St.

Luke's

University

Health

Network)

8,330,000

5.250%,

8/15/2053,

Ser.

A-1

8,185,186

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Penndot

Major

Bridges

Package

One)

1,500,000

6.000%,

6/30/2061,

AMT

1,536,513

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Pennsylvania  4.1%

-

continued

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Presbyterian

Senior

Living)

$

1,000,000

5.250%,

7/1/2049,

Ser.

B-1

$

952,842

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Villanova

University)

2,200,000

4.000%,

8/1/2054

1,846,709

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(Presbyterian

Senior

Living)

1,000,000

4.000%,

7/1/2046

818,103

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(UPMC)

2,000,000

5.000%,

2/15/2047,

Ser.

A

1,941,404

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(AG

Insured)

8,000,000

6.250%,

6/1/2033,

Ser.

C

b

8,192,294

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(BAM

Insured)

6,090,000

Zero

Coupon,

12/1/2041,

Ser.

A-3

b

2,662,764

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

Refg.

7,000,000

5.250%,

12/1/2053,

Ser.

A

7,112,125

Total

45,804,497

Puerto

Rico  0.5%

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

1,000,000

4.750%,

7/1/2053,

Ser.

A-1

896,264

5,296,000

4.550%,

7/1/2040,

Ser.

A-1

5,003,573

Total

5,899,837

Rhode

Island  0.5%

Rhode

Island

Health

and

Educational

Building

Corporation

Rev.

(Central

Falls

Public

School)

5,150,000

5.250%,

5/15/2050

5,218,754

Total

5,218,754

South

Carolina  2.2%

Charleston

County,

SC

Airport

District

Airport

System

Rev.

1,250,000

5.250%,

7/1/2054,

Ser.

A,

AMT

1,252,404

1,075,000

5.250%,

7/1/2049,

Ser.

A,

AMT

1,080,170

South

Carolina

Jobs-Economic

Development

Auth.

Health

Care

Fac.

Rev.

(Novant

Health

Obligated

Group)

5,000,000

4.500%,

11/1/2054,

Ser.

A

4,461,093

South

Carolina

Jobs-Economic

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Bon

Secours

Mercy

Health,

Inc.)

2,000,000

5.000%,

12/1/2046,

Ser.

A

1,957,366

South

Carolina

Jobs-Economic

Development

Auth.

Hospital

Rev.

(AnMed

Health)

5,000,000

5.250%,

2/1/2053

5,099,469

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

South

Carolina  2.2%

-

continued

$

4,500,000

4.250%,

2/1/2048

$

4,065,397

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

2,460,000

5.000%,

4/1/2054,

Ser.

A

2,237,650

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

Refg.

(Life

Communities,

Inc.)

2,000,000

5.000%,

11/15/2047,

Ser.

C

1,872,907

South

Carolina

Public

Service

Auth.

Rev.

Refg.

1,000,000

5.250%,

12/1/2054,

Ser.

B

1,005,637

South

Carolina

Public

Service

Auth.

Rev.

Refg.

(AG

Insured)

1,250,000

5.000%,

12/1/2054,

Ser.

B

b

1,245,701

Total

24,277,794

South

Dakota  0.1%

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

850,000

4.000%,

8/1/2051

638,779

Total

638,779

Tennessee  0.3%

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

(Trevecca

Nazarene

University)

1,430,000

4.000%,

10/1/2051,

Ser.

B

1,108,425

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Water

and

Sewer

Rev.

Refg.

1,000,000

5.250%,

7/1/2055

1,033,472

Metropolitan

Nashville,

TN

Airport

Auth.

Rev.

1,000,000

5.500%,

7/1/2052,

Ser.

B,

AMT

1,019,606

Total

3,161,503

Texas  13.5%

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Cypress

Christian

School)

1,000,000

6.000%,

6/1/2053

c

963,423

750,000

6.250%,

6/1/2063

c

730,437

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Great

Hearts

America)

(PSF-GTD

Insured)

3,180,000

4.000%,

8/15/2055,

Ser.

A

b

2,686,732

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Harmony

Public

Schools)

(PSF-GTD

Insured)

4,000,000

4.000%,

2/15/2054

b

3,307,277

Austin,

TX

Airport

System

Rev.

1,000,000

5.000%,

11/15/2052,

AMT

971,145

Central

Texas

Regional

Mobility

Auth.

Rev.

500,000

5.000%,

1/1/2045,

Ser.

E

502,002

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Texas  13.5%

-

continued

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(International

Leadership

of

Texas,

Inc.)

(PSF-GTD

Insured)

$

3,500,000

4.250%,

8/15/2052

b

$

3,002,590

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

Refg.

(IDEA

Public

Schools)

(PSF-GTD

Insured)

2,500,000

5.000%,

8/15/2050

b

2,484,676

2,750,000

5.000%,

8/15/2055

b

2,714,802

Dallas

and

Fort

Worth,

TX

International

Airport

Rev.

Refg.

2,000,000

4.000%,

11/1/2045,

Ser.

B

1,792,434

Denton,

TX

Independent

School

District

UTGO

(PSF-GTD

Insured)

2,580,000

5.000%,

8/15/2053

b

2,584,864

FW

Texas

Street

Public

Fac.

Corporation

Residential

Development

Rev.

(River

District)

2,000,000

5.000%,

5/1/2038

1,973,289

Galveston,

TX

Wharves

&

Terminal

Rev.

600,000

5.500%,

8/1/2042,

Ser.

A,

AMT

614,672

400,000

5.500%,

8/1/2043,

Ser.

A,

AMT

408,206

1,000,000

6.000%,

8/1/2043,

AMT

1,053,382

500,000

5.500%,

8/1/2044,

Ser.

A,

AMT

506,200

Georgetown,

TX

Utility

System

Rev.

(AG

Insured)

7,000,000

4.250%,

8/15/2047

b

6,278,804

Greater

Texas

Cultural

Education

Fac.

Finance

Corporation

Rev.

(Texas

Biomedical

Research

Institute)

5,500,000

5.250%,

6/1/2054,

Ser.

A

5,345,633

Greater

Texoma,

TX

Utility

Auth.

Contract

Rev.

(City

of

Sherman)

(AG

Insured)

6,000,000

4.250%,

10/1/2053

b

5,111,761

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

160,000

5.000%,

1/1/2033,

Ser.

A

160,040

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Memorial

Hermann

Health

System)

7,000,000

4.125%,

7/1/2052,

Ser.

A

5,812,161

Harris

County,

TX

Industrial

Development

Corporation

Rev.

(Exxon)

100,000

2.840%,

8/15/2027,

AMT

a

100,000

Harris

County,

TX

Toll

Road

Rev.

5,000,000

4.000%,

8/15/2049,

Ser.

A

4,251,287

Houston,

TX

Airport

System

Rev.

(United

Airlines,

Inc.

Terminal

Improvement)

350,000

5.500%,

7/15/2038,

Ser.

B,

AMT

361,326

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Texas  13.5%

-

continued

Houston,

TX

Airport

System

Rev.

Refg.

$

3,000,000

5.250%,

7/1/2041,

Ser.

A,

AMT

f

$

3,088,498

Houston,

TX

Airport

System

Rev.

Refg.

(AG

Insured)

5,250,000

4.500%,

7/1/2053,

Ser.

A,

AMT

b

4,697,167

3,000,000

5.250%,

7/1/2053,

Ser.

A,

AMT

b

2,995,309

Houston,

TX

Water

and

Sewer

System

Rev.

Refg.

(AG

Insured)

10,000,000

5.750%,

12/1/2032,

Ser.

A

b,e

11,802,848

Irving,

TX

Rev.

Refg.

2,325,000

5.000%,

8/15/2043

2,148,659

Kerrville,

TX

Public

Utility

Board

Public

Fac.

Corporation

Power

Supply

Rev.

(BAM

Insured)

5,000,000

5.250%,

4/15/2047,

Ser.

A

b

5,130,047

Lower

Colorado

River,

TX

Auth.

Rev.

Refg.

(LCRA

Transmission

Services

Corporation)

(AG

Insured)

6,000,000

5.500%,

5/15/2053

b

6,219,153

2,000,000

5.500%,

5/15/2048

b

2,067,000

Lower

Neches

Valley,

TX

Auth.

Industrial

Development

Corporation

Rev.

(ExxonMobil)

100,000

2.800%,

8/1/2025

a

100,000

Lower

Neches

Valley,

TX

Auth.

Industrial

Development

Corporation

Rev.

Refg.

(ExxonMobil)

570,000

2.800%,

5/1/2046

a

570,000

Midland

County,

TX

Hospital

District

Rev.

(BAM

Insured)

1,250,000

5.250%,

5/15/2054,

Ser.

A

b

1,257,615

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

1,500,000

5.750%,

7/15/2052

1,401,157

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Student

Housing

Rev.

(Collegiate

Housing

College

Station

I,

LLC

-

Texas

A&M

University)

820,000

5.000%,

4/1/2029,

Ser.

A

820,218

North

East

Independent

School

District,

Bexar

County,

TX

UTGO

Refg.

(PSF-GTD

Insured)

5,000,000

5.250%,

2/1/2028

b

5,327,095

2,000,000

5.250%,

2/1/2029

b

2,175,804

North

Texas

Tollway

Auth.

System

Rev.

Refg.

(AG

Insured)

5,000,000

Zero

Coupon,

1/1/2028,

Ser.

D

b

4,649,498

Port

Freeport,

TX

Rev.

3,700,000

5.000%,

6/1/2049,

Ser.

A,

AMT

3,506,274

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Texas  13.5%

-

continued

Red

River

Education

Finance

Corporation,

TX

Higher

Education

Rev.

Refg.

(St.

Edwards

University)

$

2,130,000

5.000%,

6/1/2046

$

1,863,485

San

Antonio,

TX

Electric

and

Gas

Systems

Rev.

3,000,000

5.500%,

2/1/2050,

Ser.

A

3,139,323

1,500,000

5.250%,

2/1/2049,

Ser.

A

1,544,187

Southwest

Texas

Higher

Education

Auth.

Rev.

Refg.

(Southern

Methodist

University)

600,000

5.000%,

10/1/2039

604,001

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

500,000

5.000%,

11/15/2051,

Ser.

D

493,706

750,000

5.500%,

11/15/2047,

Ser.

D

767,250

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

1,000,000

5.000%,

10/1/2049

930,255

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

III

Rev.

Refg.

1,000,000

5.000%,

12/15/2031

1,060,997

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(North

Tarrant

Express)

3,000,000

5.500%,

12/31/2058,

AMT

3,003,159

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

15,380,000

5.000%,

6/30/2058,

AMT

14,034,521

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

Refg.

(LBJ

Infrastructure

Group,

LLC)

500,000

4.000%,

12/31/2039,

Ser.

A

453,681

4,275,000

4.000%,

6/30/2040,

Ser.

A

3,840,669

Texas

Technical

College

System

Rev.

(Financing

System

Improvement)

(AG

Insured)

3,000,000

6.000%,

8/1/2054,

Ser.

A

b

3,213,359

Upper

Trinity,

TX

Regional

Water

District

Water

Rev.

Refg.

(BAM

Insured)

2,500,000

4.375%,

8/1/2054

b

2,231,191

Waco,

TX

Educational

Finance

Corporation

Rev.

(Baylor

University)

2,605,000

4.000%,

3/1/2051

2,158,038

Total

151,011,307

Utah  1.9%

Black

Desert

Public

Infrastructure

District,

UT

SAB

(Black

Desert

Assessment

Area

No.1)

1,000,000

5.625%,

12/1/2053

c

970,835

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Utah  1.9%

-

continued

Downtown

Revitalization

Public

Infrastructure

District,

UT

Sales

Tax

Rev.

(SEG

Redevelopment)

(AG

Insured)

$

500,000

5.500%,

6/1/2055,

Ser.

A

b

$

519,859

250,000

5.500%,

6/1/2055,

Ser.

B

b

259,929

Intermountain

Power

Agency,

UT

Power

Supply

Rev.

Refg.

250,000

5.000%,

7/1/2044,

Ser.

A

251,363

2,000,000

5.000%,

7/1/2045,

Ser.

A

2,004,743

Jordan

Valley,

UT

Water

Conservancy

District

Rev.

3,420,000

5.000%,

10/1/2044,

Ser.

A

3,432,963

3,000,000

5.000%,

10/1/2049,

Ser.

A

2,981,337

Lehi,

UT

Franchise

and

Sales

Tax

Rev.

(Broadband)

(AG

Insured)

1,825,000

4.000%,

2/1/2048

b

1,522,652

Orem,

UT

GO

6,880,000

5.000%,

12/1/2046

6,892,107

Salt

Lake

City,

UT

Airport

Rev.

1,125,000

5.250%,

7/1/2048,

Ser.

A,

AMT

1,120,876

Utah

Charter

School

Finance

Auth.

Rev.

(Utah

Charter

Academies)

800,000

5.000%,

10/15/2048

764,158

Utah

Infrastructure

Agency

Telecommunication

Rev.

350,000

6.000%,

10/15/2047

367,665

Total

21,088,487

Vermont  0.4%

Vermont

Educational

&

Health

Buildings

Financing

Agency

Rev.

Refg.

(University

of

Vermont

Medical

Center)

3,000,000

5.000%,

12/1/2035,

Ser.

A

3,014,811

1,000,000

5.000%,

12/1/2036,

Ser.

A

1,003,726

Total

4,018,537

Virginia  2.6%

Fairfax

County,

VA

Industrial

Development

Auth.

Health

Care

Rev.

Refg.

(Inova

Health

System)

5,000,000

4.000%,

5/15/2042

4,569,193

James

City

County,

VA

Economic

Development

Auth.

Residential

Care

Fac.

Rev.

(Williamsburg

Landing)

650,000

6.875%,

12/1/2058,

Ser.

A

678,394

Roanoke,

VA

Economic

Development

Auth.

Hospital

Rev.

Refg.

(Carilion

Clinic

Obligated

Group)

5,000,000

4.000%,

7/1/2051,

Ser.

A

4,235,512

Virginia

Small

Business

Financing

Auth.

Residential

Care

Fac.

Rev.

(LifeSpire

of

Virginia)

1,000,000

5.500%,

12/1/2054,

Ser.

A

983,232

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

610,000

5.000%,

12/31/2047,

AMT

570,363

6,575,000

5.000%,

12/31/2049,

AMT

6,118,119

10,610,000

5.000%,

12/31/2052,

AMT

9,822,619

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Virginia  2.6%

-

continued

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

$

500,000

4.000%,

1/1/2048,

AMT

$

404,171

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(Elizabeth

River

Crossings

OpCo,

LLC)

500,000

4.000%,

1/1/2039,

AMT

459,211

1,000,000

4.000%,

1/1/2040,

AMT

898,817

Total

28,739,631

Washington  1.8%

Energy

Northwest,

WA

Electric

Rev.

Refg.

(Columbia

Generating

Station)

1,000,000

5.000%,

7/1/2043,

Ser.

A

1,033,583

Grant

County,

WA

Public

Hospital

District

No.

2

UTGO

(Quincy

Valley

Medical

Center)

3,250,000

5.000%,

12/1/2044

2,978,957

Kalispel

Tribe

of

Indians,

WA

Rev.

750,000

5.250%,

1/1/2038,

Ser.

A

*

758,843

Port

of

Seattle,

WA

Rev.

Refg.

2,250,000

5.250%,

7/1/2049,

Ser.

B,

AMT

2,270,416

Skagit

County,

WA

Public

Hospital

District

No.

1

Hospital

Rev.

(Skagit

Regional

Health)

1,750,000

5.500%,

12/1/2054

1,762,028

Snohomish

County,

WA

Housing

Auth.

Rev.

3,005,000

5.000%,

4/1/2041

3,026,031

Washington

Health

Care

Fac.

Auth.

Rev.

(Seattle

Cancer

Care

Alliance)

650,000

4.000%,

12/1/2045

c

554,274

Washington

Health

Care

Fac.

Auth.

Rev.

Refg.

(Seattle

Cancer

Care

Alliance)

2,000,000

4.000%,

9/1/2050

1,667,128

Washington

Higher

Education

Fac.

Auth.

Rev.

(Seattle

University)

500,000

4.000%,

5/1/2050

415,918

450,000

4.000%,

5/1/2045

393,772

Washington

Housing

Finance

Commission

Certificates

Rev.

994,954

4.085%,

3/20/2040,

Ser.

A

a

915,073

Washington

Housing

Finance

Commission

Nonprofit

Housing

Rev.

Refg.

(Emerald

Heights)

1,200,000

5.000%,

7/1/2048,

Ser.

A

1,128,888

Washington

Housing

Finance

Commission

Nonprofit

Rev.

(Radford

Court

and

Nordheim

Court

Portfolio)

1,000,000

5.500%,

7/1/2059

997,900

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

1,340,000

6.125%,

7/1/2053

c

1,404,400

1,250,000

6.250%,

7/1/2059

c

1,316,504

Total

20,623,715

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

West

Virginia  1.2%

Ohio

County,

WV

Commission

TIF

Rev.

Refg.

(Highlands)

$

750,000

5.250%,

6/1/2053

$

704,828

500,000

5.250%,

6/1/2044

484,838

West

Virginia

Hospital

Finance

Auth.

Rev.

(West

Virginia

University

Health

System

Obligated

Group)

2,000,000

4.375%,

6/1/2053,

Ser.

A

1,729,572

2,000,000

4.250%,

6/1/2047,

Ser.

A

1,757,412

West

Virginia

Parkways

Auth.

Turnpike

Toll

Rev.

10,000,000

4.000%,

6/1/2051

8,298,143

Total

12,974,793

Wisconsin  3.4%

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

475,000

6.250%,

7/15/2053,

Ser.

A

c

480,913

750,000

6.500%,

7/15/2063,

Ser.

A

c

766,130

Public

Finance

Auth.,

WI

Education

Rev.

(Unity

Classical

Charter

School;

A

Challenge

Foundation

Academy)

500,000

6.875%,

7/1/2053

c

502,343

750,000

7.000%,

7/1/2058

c

753,225

Public

Finance

Auth.,

WI

Health

Care

System

Rev.

Refg.

(Cone

Health)

8,860,000

2.700%,

8/1/2025,

Ser.

C

a

8,860,000

Public

Finance

Auth.,

WI

Hospital

Rev.

Refg.

(WakeMed

Hospital)

2,000,000

5.000%,

10/1/2044,

Ser.

A

1,973,298

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

1,000,000

5.000%,

2/1/2052,

Ser.

A

936,978

Public

Finance

Auth.,

WI

Proj.

Rev.

(CFP3

-

Eastern

Michigan

University

Student

Housing)

(BAM

Insured)

1,000,000

5.500%,

7/1/2052,

Ser.

A-1

b

1,004,025

Public

Finance

Auth.,

WI

Retirement

Communities

Rev.

(Acts

Retirement

-

Life

Communities,

Inc.)

3,000,000

5.000%,

11/15/2041,

Ser.

A

2,986,577

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

400,000

5.250%,

7/1/2053,

AMT

368,679

920,000

5.500%,

7/1/2043,

AMT

920,335

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

2,500,000

4.000%,

3/31/2056,

AMT

1,880,461

4,000,000

4.000%,

9/30/2051,

AMT

3,091,692

Public

Finance

Auth.,

WI

Student

Housing

Fac.

Rev.

(Aggie

Apartment

Life

Holding

Corporation

II,

LLC)

575,000

5.250%,

6/1/2054,

Ser.

A

549,325

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Wisconsin  3.4%

-

continued

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

$

2,000,000

5.750%,

7/1/2063,

Ser.

A

c

$

1,862,634

Public

Finance

Auth.,

WI

Toll

Rev.

(Georgia

SR

400

Express

Lanes)

2,000,000

6.500%,

6/30/2060,

AMT

f

2,102,669

2,250,000

5.750%,

12/31/2065,

AMT

f

2,145,066

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Bellin

Memorial

Hospital,

Inc.)

1,250,000

5.500%,

12/1/2052,

Ser.

A

1,287,949

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Dickson

Hollow

Phase

II)

750,000

6.000%,

10/1/2049

748,424

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Marshfield

Clinic

Health

System,

Inc.)

1,000,000

5.500%,

2/15/2054,

Ser.

A

1,043,897

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Three

Pillars

Senior

Living

Communities)

1,000,000

4.000%,

8/15/2055,

Ser.

A

719,386

500,000

5.750%,

8/15/2059,

Ser.

A

494,517

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

870,000

5.000%,

6/1/2037

823,441

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marshfield

Clinic

Health

Systems,

Inc.)

2,000,000

5.000%,

2/15/2047,

Ser.

C

1,943,620

Total

38,245,584

Total

Long-Term

Fixed

Income

(cost

$1,191,129,100)

1,116,948,210

Principal

Amount

Short-Term

Investments

<0.1%

g

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.205%,

9/5/2025

h

99,577

Total

Short-Term

Investments

(cost

$99,591)

99,577

Total

Investments

(cost

$1,191,228,691)

99.6%

$1,117,047,787

Other

Assets

and

Liabilities,

Net

0.4%

4,351,813

Total

Net

Assets

100.0%

$1,121,399,600

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

Municipal

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$30,223,752

or

2.7%

of

total

net

assets.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

e

Denotes

securities

that

have

been

pre-refunded

or

escrowed

to

maturity.

Under

such

an

arrangement,

money

is

deposited

into

an

irrevocable

escrow

account

and

is

used

to

purchase

U.S.

Treasury

securities

or

government

agency

securities

with

maturing

principal

and

interest

earnings

sufficient

to

pay

all

debt

service

requirements

of

the

pre-

refunded

bonds.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Municipal

Bond

Fund

as

of

July

31,

2025

was

$758,843

or

0.07%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Kalispel

Tribe

of

Indians,

WA

Rev.,

1/1/2038

5/17/2018

$

738,554

Definitions:

AG

-

Assured

Guaranty,

Inc.

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

COP

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

GO

-

General

Obligation

LTGO

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

PSF-GTD

-

Permanent

School

Fund

Guarantee

Program

Refg.

-

Refunding

Rev.

-

Revenue

SAB

-

Special

Assessment

Bonds

Ser.

-

Series

TIF

-

Tax

Increment

Financing

UTGO

-

Unlimited

Tax

General

Obligation

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

203,792,615

–

203,792,615

–

Electric

Revenue

40,100,247

–

40,100,247

–

Escrowed/Pre-refunded

14,009,819

–

14,009,819

–

General

Obligation

63,353,726

–

63,353,726

–

Health

Care

237,998,629

–

237,998,629

–

Housing

Finance

30,278,567

–

30,278,567

–

Industrial

Development

Revenue

37,977,247

–

37,977,247

–

Other

Revenue

54,417,783

–

54,417,783

–

Tax

Revenue

62,956,319

–

62,956,319

–

Transportation

303,851,825

–

303,851,825

–

Water

&

Sewer

68,211,433

–

68,211,433

–

Short-Term

Investments

99,577

–

99,577

–

Total

Investments

at

Value

$1,117,047,787

$–

$1,117,047,787

$–

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Principal

Amount

Long-Term

Fixed

Income

98.9%

Value

Asset-Backed

Securities  14.6%

ACHV

ABS

Trust

$

1,002,264

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

1,009,769

1,471,724

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

1,474,363

Affirm

Asset

Securitization

Trust

3,350,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

3,356,363

3,300,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

3,312,339

39,891

6.270%, 

5/15/2029,

Ser.

2024-X1,

Class

A

a

39,902

1,738,353

5.220%, 

12/17/2029,

Ser.

2024-X2,

Class

A

a

1,738,628

3,124,249

5.080%, 

4/15/2030,

Ser.

2025-X1,

Class

A

a

3,125,858

Affirm

Master

Trust

4,500,000

4.990%, 

2/15/2033,

Ser.

2025-1A,

Class

A

a

4,518,653

American

Credit

Acceptance

Receivables

Trust

2,750,000

4.850%, 

5/14/2029,

Ser.

2025-2,

Class

B

a

2,751,739

Annisa

CLO,

Ltd.

3,500,000

5.826%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

3,500,420

Auxilior

Term

Funding,

LLC

2,243,100

5.840%, 

3/15/2027,

Ser.

2024-1A,

Class

A2

a

2,251,967

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

5,370,000

5.780%, 

4/20/2028,

Ser.

2023-5A,

Class

A

a

5,454,990

7,050,000

5.250%, 

4/20/2029,

Ser.

2023-1A,

Class

A

a

7,163,984

Benefit

Street

Partners

CLO

IV,

Ltd.

3,600,000

6.226%, 

(TSFR3M

+

1.900%),

4/20/2034,

Ser.

2014-IVA,

Class

BR4

a,b

3,603,982

BRAVO

Residential

Funding

Trust

1,429,041

5.100%, 

(SOFR30A

+

0.750%),

8/25/2025,

Ser.

2021-HE2,

Class

A1

a,b

1,424,926

CarVal

CLO

I,

Ltd.

4,200,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

4,205,468

CarVal

CLO

III,

Ltd.

5,500,000

5.726%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

5,489,996

Cascade

Funding

Mortgage

Trust

181,453

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

179,904

Cascade

Funding

Mortgage

Trust,

LLC

528,210

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

522,929

Chenango

Park

CLO,

Ltd.

4,000,000

6.118%, 

(TSFR3M

+

1.800%),

4/15/2030,

Ser.

2018-1A,

Class

BR

a,b

4,005,908

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Asset-Backed

Securities  14.6%

-

continued

Commonbond

Student

Loan

Trust

$

115,888

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

$

110,125

472,077

4.967%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

466,388

Dryden

61

CLO,

Ltd.

3,250,000

5.902%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

3,257,036

Dryden

72

CLO,

Ltd.

1,900,000

5.976%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

1,903,143

Education

Funding

Trust

896,889

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

853,288

Enterprise

Fleet

Financing,

LLC

3,500,000

4.700%, 

6/20/2031,

Ser.

2024-4,

Class

A4

a

3,523,349

Foundation

Finance

Trust

872,974

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

821,937

2,843,526

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

2,947,861

GM

Financial

Automobile

Leasing

Trust

1,500,000

4.220%, 

10/20/2028,

Ser.

2024-3,

Class

A4

1,492,302

GMAC

Mortgage

Corporation

Loan

Trust

12,877

4.967%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

6,146

GoldenTree

Loan

Management

US

CLO

11,

Ltd.

2,000,000

5.406%, 

(TSFR3M

+

1.080%),

10/20/2034,

Ser.

2021-11A,

Class

AR

a,b

1,999,090

GreatAmerica

Leasing

Receivables

Funding,

LLC

1,100,000

4.520%, 

10/15/2027,

Ser.

2025-1,

Class

A2

a

1,099,107

GSAA

Home

Equity

Trust

111,861

6.417%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

182,541

920,881

4.289%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

839,234

Hertz

Vehicle

Financing

III,

LLC

2,250,000

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

2,257,963

2,533,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

2,562,604

2,225,000

4.910%, 

9/25/2029,

Ser.

2025-1A,

Class

A

a

2,220,050

2,400,000

5.590%, 

12/26/2029,

Ser.

2025-3A,

Class

B

a

2,404,540

Hertz

Vehicle

Financing,

LLC

1,763,333

6.560%, 

9/25/2026,

Ser.

2022-4A,

Class

D

a

1,762,700

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Asset-Backed

Securities  14.6%

-

continued

KKR

Static

CLO

I,

Ltd.

$

2,359,736

5.306%, 

(TSFR3M

+

0.980%),

7/20/2031,

Ser.

2022-1A,

Class

AR2

a,b

$

2,357,331

3,250,000

5.776%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

3,239,603

Lendbuzz

Securitization

Trust

1,650,000

5.100%, 

10/15/2030,

Ser.

2025-1A,

Class

A2

a

1,654,517

M&T

Bank

Auto

Receivables

Trust

1,750,000

4.890%, 

7/15/2032,

Ser.

2025-1A,

Class

A4

a

1,769,710

Madison

Park

Funding

XXIV,

Ltd.

200,000

5.876%, 

(TSFR3M

+

1.550%),

10/20/2029,

Ser.

2016-24A,

Class

BR2

a,b

200,188

Madison

Park

Funding

XXXIX,

Ltd.

5,500,000

6.082%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

5,508,415

Marathon

CLO,

Ltd.

3,750,000

5.868%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

3,752,498

Marlette

Funding

Trust

264,908

5.950%, 

7/17/2034,

Ser.

2024-1A,

Class

A

a

265,102

MFA

Trust

2,044,543

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

2,046,862

National

Collegiate

Trust

354,915

4.729%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

347,059

Navient

Student

Loan

Trust

2,085,111

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

2,034,716

Neuberger

Berman

Loan

Advisers

CLO

35,

Ltd.

2,570,558

5.376%, 

(TSFR3M

+

1.050%),

1/19/2033,

Ser.

2019-35A,

Class

ARR

a,b

2,566,507

Oak

Street

Investment

2,293,776

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

2,228,578

Octane

Receivables

Trust

1,890,012

5.800%, 

7/20/2032,

Ser.

2024-2A,

Class

A2

a

1,904,348

OZLM

XVII,

Ltd.

5,200,000

6.326%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

5,193,349

Pagaya

AI

Debt

Grantor

Trust

1,318,127

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

1,320,497

3,351,822

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

3,354,034

3,150,000

5.365%, 

12/15/2032,

Ser.

2025-3,

Class

A2

a

3,163,347

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

3,509,868

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

3,530,978

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Asset-Backed

Securities  14.6%

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

2,250,000

5.768%, 

(TSFR3M

+

1.450%),

10/15/2032,

Ser.

2024-1A,

Class

A2

a,b

$

2,252,986

5,000,000

5.768%, 

(TSFR3M

+

1.450%),

1/15/2033,

Ser.

2024-2A,

Class

A2

a,b

4,994,700

3,000,000

5.521%, 

(TSFR3M

+

1.200%),

2/15/2033,

Ser.

2025-1A,

Class

A2

a,b

2,974,122

3,500,000

5.655%, 

(TSFR3M

+

1.400%),

7/15/2033,

Ser.

2025-2A,

Class

A2

a,b,e

3,500,378

PPM

CLO

2,

Ltd.

6,250,000

5.818%, 

(TSFR3M

+

1.500%),

4/16/2037,

Ser.

2019-2A,

Class

AR

a,b

6,253,556

PRET,

LLC

1,923,468

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

a,d

1,914,723

1,377,770

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,d

1,382,547

1,738,556

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

1,738,014

PRPM,

LLC

4,000,000

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

a,d

3,990,249

Terwin

Mortgage

Trust

514,165

5.967%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

511,398

Towd

Point

Asset

Trust

1,062,993

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

1,024,495

Vericrest

Opportunity

Loan

Transferee

126,179

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

126,087

1,845,209

5.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a

1,844,059

Wheels

Fleet

Lease

Funding

1,

LLC

2,750,000

4.800%, 

9/19/2039,

Ser.

2024-3A,

Class

A1

a

2,763,707

Total

171,550,152

Basic

Materials  0.9%

Eastman

Chemical

Company

1,900,000

5.000%, 

8/1/2029

1,921,364

Georgia-Pacific,

LLC

1,425,000

4.400%, 

6/30/2028

a

1,427,203

Glencore

Funding,

LLC

2,500,000

5.338%, 

4/4/2027

a

2,528,235

2,525,000

6.125%, 

10/6/2028

a

2,633,307

International

Flavors

&

Fragrances,

Inc.

326,000

1.832%, 

10/15/2027

a

306,762

LYB

International

Finance

III,

LLC

1,374,000

1.250%, 

10/1/2025

1,365,405

Total

10,182,276

Capital

Goods  1.9%

AGCO

Corporation

1,900,000

5.450%, 

3/21/2027

1,914,817

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Capital

Goods  1.9%

-

continued

Amrize

Finance

US,

LLC

$

965,000

4.700%, 

4/7/2028

a

$

969,681

BAE

Systems

plc

1,565,000

5.000%, 

3/26/2027

a

1,578,149

Boeing

Company

2,500,000

2.196%, 

2/4/2026

2,466,835

1,100,000

6.259%, 

5/1/2027

1,128,088

Eaton

Capital,

ULC

950,000

4.450%, 

5/9/2030

949,454

General

Electric

Company

1,275,000

4.300%, 

7/29/2030

1,268,917

Howmet

Aerospace,

Inc.

1,900,000

3.000%, 

1/15/2029

1,811,619

Ingersoll

Rand,

Inc.

500,000

5.400%, 

8/14/2028

512,806

Lockheed

Martin

Corporation

950,000

4.150%, 

8/15/2028

947,564

Regal

Rexnord

Corporation

1,650,000

6.050%, 

2/15/2026

1,649,068

Siemens

Funding

BV

950,000

4.350%, 

5/26/2028

a

952,974

Sonoco

Products

Company

2,150,000

4.450%, 

9/1/2026

2,145,917

Spirit

AeroSystems,

Inc.

2,575,000

4.600%, 

6/15/2028

2,533,426

Veralto

Corporation

1,900,000

5.500%, 

9/18/2026

1,916,692

Total

22,746,007

Collateralized

Mortgage

Obligations  10.9%

A&D

Mortgage

Trust

2,651,874

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,d

2,669,945

2,621,171

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

2,616,688

ACRA

Trust

4,540,840

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

4,545,545

Banc

of

America

Funding

Trust

200,687

6.490%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

203,175

511,160

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

504,323

Bear

Stearns

ARM

Trust

86,407

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

81,801

CAFL

Issuer,

LLC

3,364,726

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

3,362,439

Chase

Mortgage

Finance

Trust

Series

1,146,065

6.758%, 

7/25/2037,

Ser.

2007-A2,

Class

1M

b

1,161,630

CHNGE

Mortgage

Trust

3,409,154

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

3,217,358

2,217,280

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

2,225,156

4,791,187

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

4,640,490

2,986,204

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

2,992,600

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Collateralized

Mortgage

Obligations  10.9%

-

continued

$

2,704,769

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

$

2,721,749

Citigroup

Mortgage

Loan

Trust,

Inc.

463,010

5.420%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

441,372

COLT

Mortgage

Loan

Trust

3,705,211

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,d

3,698,797

3,850,200

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

3,441,012

Countrywide

Alternative

Loan

Trust

87,353

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

55,694

85,352

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

67,554

Credit

Suisse

Mortgage

Capital

Certificates

4,098,094

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

3,561,895

Cross

Mortgage

Trust

2,991,069

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

a,b

2,991,100

Deephaven

Residential

Mortgage

Trust

4,360,619

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

3,975,980

4,527,872

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

3,942,839

Federal

National

Mortgage

Association

-

REMIC

3,369,990

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

3,275,172

Flagstar

Mortgage

Trust

2,056,605

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,837,530

GCAT

Trust

3,437,691

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

3,098,294

2,599,696

5.500%, 

12/25/2054,

Ser.

2024-INV4,

Class

A6

a,b

2,599,527

GS

Mortgage-Backed

Securities

Trust

245,597

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

229,832

J.P.

Morgan

Alternative

Loan

Trust

226,045

5.051%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

168,901

J.P.

Morgan

Mortgage

Trust

120,084

5.272%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

83,374

LHOME

Mortgage

Trust

1,900,000

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,d

1,903,094

2,250,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

2,267,624

3,500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

3,529,018

MFA

Trust

4,007,224

4.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a

3,899,620

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Collateralized

Mortgage

Obligations  10.9%

-

continued

$

3,750,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

$

3,766,311

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2,184,299

5.530%, 

5/25/2070,

Ser.

2025-NQM3,

Class

A1

a,b

2,183,164

NYMT

Loan

Trust

2,413,154

5.379%, 

6/25/2069,

Ser.

2024-INV1,

Class

A1

a,b

2,405,574

1,500,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

1,506,667

2,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

2,520,969

Palisades

Mortgage

Loan

Trust

926,213

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

922,472

PRET

Trust

2,892,404

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,d

2,776,136

PRPM,

LLC

2,589,528

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

2,534,449

1,357,653

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

1,357,568

1,826,051

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

1,827,314

Radnor

Re,

Ltd.

1,074,417

6.350%, 

(SOFR30A

+

2.000%),

9/25/2034,

Ser.

2024-1,

Class

M1A

a,b

1,075,395

Roc

Mortgage

Trust

90,470

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

90,197

3,500,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

3,487,543

2,700,000

5.625%, 

2/25/2040,

Ser.

2025-RTL1,

Class

A1

a,d

2,695,235

Toorak

Mortgage

Trust

4,750,000

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

4,772,494

2,025,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,d

2,018,963

TRK

Trust

4,179,585

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

3,877,972

4,113,945

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

3,626,380

Vericrest

Opportunity

Loan

Transferee

48,781

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a

48,755

Verus

Securitization

Trust

2,114,746

5.623%, 

5/25/2070,

Ser.

2025-3,

Class

A1

a,d

2,123,443

4,924,989

5.580%, 

6/25/2070,

Ser.

2025-5,

Class

A2

a,d

4,907,542

1,446,311

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

1,283,425

Visio

2020-1R

Trust

261,229

1.567%, 

11/25/2055,

Ser.

2020-1R,

Class

A2

a

249,234

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Collateralized

Mortgage

Obligations  10.9%

-

continued

Wachovia

Mortgage

Loan

Trust,

LLC

$

3,898

6.988%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

$

3,797

Total

128,072,127

Commercial

Mortgage-Backed

Securities  3.2%

AMSR

Trust

6,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

5,798,748

2,000,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

A

a

1,896,872

BBCMS

Mortgage

Trust

3,250,000

5.517%, 

8/15/2058,

Ser.

2025-5C36,

Class

A3

e

3,354,021

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

750,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

754,384

2,000,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

2,031,942

FirstKey

Homes

Trust

1,550,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

1,534,148

Home

Partners

of

America

Trust

3,574,518

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

3,446,583

Progress

Residential

Trust

4,055,567

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

3,956,372

3,750,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

3,460,848

1,498,149

3.400%, 

2/17/2042,

Ser.

2025-SFR1,

Class

A

a

1,415,385

1,600,000

3.305%, 

4/17/2042,

Ser.

2025-SFR2,

Class

A

a

1,498,891

Silver

Hill

Trust

682,032

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

672,072

Tricon

Residential

Trust

5,750,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

5,597,635

2,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

2,273,105

Total

37,691,006

Communications

Services  2.5%

American

Tower

Corporation

1,000,000

1.450%, 

9/15/2026

965,872

2,050,000

5.500%, 

3/15/2028

2,100,262

AppLovin

Corporation

4,000,000

5.125%, 

12/1/2029

4,048,339

AT&T,

Inc.

1,750,000

4.700%, 

8/15/2030

1,763,308

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

875,000

6.150%, 

11/10/2026

887,642

2,750,000

4.200%, 

3/15/2028

2,719,143

1,725,000

6.100%, 

6/1/2029

1,799,447

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Communications

Services  2.5%

-

continued

Crown

Castle,

Inc.

$

1,260,000

4.800%, 

9/1/2028

$

1,266,059

1,750,000

4.900%, 

9/1/2029

1,762,526

NTT

Finance

Corporation

1,000,000

4.620%, 

7/16/2028

a

1,002,111

Rogers

Communications,

Inc.

1,900,000

5.000%, 

2/15/2029

1,924,292

Sprint

Capital

Corporation

4,730,000

6.875%, 

11/15/2028

5,056,827

T-Mobile

USA,

Inc.

3,125,000

4.850%, 

1/15/2029

3,163,204

Warnermedia

Holdings,

Inc.

1,011,000

3.755%, 

3/15/2027

991,296

Total

29,450,328

Consumer

Cyclical  5.6%

American

Honda

Finance

Corporation

2,000,000

4.900%, 

7/9/2027

2,017,042

2,000,000

4.450%, 

10/22/2027

2,000,743

2,050,000

5.650%, 

11/15/2028

2,120,895

Darden

Restaurants,

Inc.

2,000,000

4.350%, 

10/15/2027

1,995,991

Ford

Motor

Credit

Company,

LLC

1,400,000

3.375%, 

11/13/2025

1,393,034

1,150,000

5.125%, 

11/5/2026

1,146,779

1,875,000

5.800%, 

3/5/2027

1,885,546

2,500,000

5.113%, 

5/3/2029

2,445,681

General

Motors

Company

938,000

6.125%, 

10/1/2025

939,149

1,400,000

5.350%, 

4/15/2028

1,422,728

General

Motors

Financial

Company,

Inc.

950,000

5.400%, 

5/8/2027

962,388

1,900,000

5.350%, 

7/15/2027

1,923,397

1,900,000

5.050%, 

4/4/2028

1,918,740

2,500,000

5.800%, 

1/7/2029

2,577,488

Hyatt

Hotels

Corporation

2,850,000

5.750%, 

1/30/2027

2,896,960

Hyundai

Capital

America

1,360,000

1.800%, 

10/15/2025

a

1,351,520

1,250,000

6.250%, 

11/3/2025

a

1,254,211

1,250,000

1.650%, 

9/17/2026

a,f

1,208,656

1,900,000

5.300%, 

3/19/2027

a

1,917,778

2,225,000

4.875%, 

6/23/2027

a

2,232,138

Hyundai

Capital

Services,

Inc.

1,250,000

1.250%, 

2/8/2026

a

1,227,456

Las

Vegas

Sands

Corporation

1,565,000

5.900%, 

6/1/2027

1,591,115

1,600,000

5.625%, 

6/15/2028

1,625,463

Lennar

Corporation

2,200,000

5.200%, 

7/30/2030

2,241,241

McDonald's

Corporation

1,300,000

4.800%, 

8/14/2028

1,318,806

1,875,000

5.000%, 

5/17/2029

1,916,744

Mercedes-Benz

Finance

North

America,

LLC

1,575,000

5.200%, 

8/3/2026

a

1,584,511

2,850,000

4.800%, 

11/13/2026

a

2,863,576

O'Reilly

Automotive,

Inc.

1,900,000

5.750%, 

11/20/2026

1,927,865

PulteGroup,

Inc.

2,250,000

5.500%, 

3/1/2026

2,253,549

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Consumer

Cyclical  5.6%

-

continued

Royal

Caribbean

Cruises,

Ltd.

$

3,200,000

5.500%, 

4/1/2028

a

$

3,235,962

Stellantis

Finance

US,

Inc.

3,050,000

5.350%, 

3/17/2028

a

3,067,154

Toyota

Motor

Credit

Corporation

1,250,000

4.650%, 

1/5/2029

1,261,754

2,000,000

4.950%, 

1/9/2030

2,041,136

Volkswagen

Group

of

America

Finance,

LLC

1,900,000

5.300%, 

3/22/2027

a

1,914,079

Total

65,681,275

Consumer

Non-Cyclical  5.8%

AbbVie,

Inc.

3,000,000

4.650%, 

3/15/2028

3,027,425

Altria

Group,

Inc.

635,000

4.875%, 

2/4/2028

640,889

1,900,000

6.200%, 

11/1/2028

1,991,932

Amgen,

Inc.

1,425,000

5.150%, 

3/2/2028

1,451,129

BAT

International

Finance

plc

3,000,000

1.668%, 

3/25/2026

2,941,568

1,900,000

5.931%, 

2/2/2029

1,984,916

Becton,

Dickinson

and

Company

2,250,000

4.693%, 

2/13/2028

2,267,690

Bunge,

Ltd.

Finance

Corporation

2,700,000

4.100%, 

1/7/2028

2,678,175

Campbell's

Company

630,000

5.300%, 

3/20/2026

632,516

Cargill,

Inc.

1,900,000

4.625%, 

2/11/2028

a

1,915,990

Conagra

Brands,

Inc.

2,750,000

4.850%, 

11/1/2028

2,761,519

CVS

Health

Corporation

1,600,000

5.000%, 

2/20/2026

1,601,382

2,500,000

5.400%, 

6/1/2029

2,566,174

General

Mills,

Inc.

1,900,000

5.500%, 

10/17/2028

1,959,898

GSK

Consumer

Healthcare

Capital

US,

LLC

1,900,000

3.375%, 

3/24/2027

1,868,215

HCA,

Inc.

2,750,000

5.875%, 

2/15/2026

2,752,060

2,400,000

5.000%, 

3/1/2028

2,426,268

Illumina,

Inc.

1,000,000

4.650%, 

9/9/2026

999,492

Imperial

Brands

Finance

plc

1,425,000

4.500%, 

6/30/2028

a

1,421,963

Keurig

Dr

Pepper,

Inc.

2,500,000

5.100%, 

3/15/2027

2,524,148

Kraft

Heinz

Foods

Company

3,500,000

3.000%, 

6/1/2026

3,454,095

Mars,

Inc.

1,500,000

4.600%, 

3/1/2028

a

1,508,252

Mattel,

Inc.

3,500,000

3.375%, 

4/1/2026

a

3,452,756

PepsiCo,

Inc.

2,900,000

4.100%, 

1/15/2029

2,885,973

Pfizer

Investment

Enterprises,

Private

Ltd.

1,900,000

4.450%, 

5/19/2028

1,907,413

Philip

Morris

International,

Inc.

1,600,000

4.875%, 

2/15/2028

1,619,819

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Consumer

Non-Cyclical  5.8%

-

continued

$

2,500,000

4.125%, 

4/28/2028

$

2,483,701

625,000

4.875%, 

2/13/2029

633,358

Royalty

Pharma

plc

3,825,000

1.200%, 

9/2/2025

3,811,876

2,000,000

5.150%, 

9/2/2029

2,036,766

Stryker

Corporation

1,900,000

4.700%, 

2/10/2028

1,917,487

Universal

Health

Services,

Inc.

2,600,000

1.650%, 

9/1/2026

2,509,462

Total

68,634,307

Energy  3.9%

APA

Corporation

1,900,000

4.375%, 

10/15/2028

a

1,825,783

BP

Capital

Markets

America,

Inc.

950,000

4.699%, 

4/10/2029

961,022

Cheniere

Energy

Partners,

LP

4,000,000

4.500%, 

10/1/2029

3,956,596

Columbia

Pipelines

Holding

Company,

LLC

1,575,000

6.055%, 

8/15/2026

a

1,591,720

1,260,000

6.042%, 

8/15/2028

a

1,309,569

Continental

Resources,

Inc.

4,850,000

2.268%, 

11/15/2026

a

4,694,495

Diamondback

Energy,

Inc.

1,250,000

5.200%, 

4/18/2027

1,262,033

Enbridge,

Inc.

1,900,000

5.900%, 

11/15/2026

1,929,155

Energy

Transfer,

LP

1,250,000

6.050%, 

12/1/2026

1,271,668

1,900,000

5.250%, 

7/1/2029

1,942,969

EOG

Resources,

Inc.

635,000

4.400%, 

7/15/2028

636,805

Helmerich

&

Payne,

Inc.

2,700,000

4.650%, 

12/1/2027

f

2,661,446

Kinder

Morgan,

Inc.

1,300,000

5.100%, 

8/1/2029

1,323,467

1,750,000

5.150%, 

6/1/2030

1,785,710

MPLX,

LP

1,300,000

1.750%, 

3/1/2026

1,278,091

National

Fuel

Gas

Company

1,600,000

5.500%, 

3/15/2030

1,640,718

Occidental

Petroleum

Corporation

1,000,000

5.000%, 

8/1/2027

1,007,192

ONEOK,

Inc.

1,000,000

5.550%, 

11/1/2026

1,010,494

2,000,000

4.250%, 

9/24/2027

1,991,321

1,000,000

5.650%, 

11/1/2028

1,031,592

Ovintiv,

Inc.

2,550,000

5.375%, 

1/1/2026

2,552,281

Phillips

66

Company

1,200,000

4.950%, 

12/1/2027

1,212,681

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,625,000

4.650%, 

10/15/2025

1,624,500

Schlumberger

Holdings

Corporation

875,000

5.000%, 

5/29/2027

a

884,064

South

Bow

USA

Infrastructure

Holdings,

LLC

1,300,000

4.911%, 

9/1/2027

a

1,304,386

Var

Energi

ASA

800,000

5.875%, 

5/22/2030

a

823,268

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Energy  3.9%

-

continued

Williams

Companies,

Inc.

$

1,900,000

4.625%, 

6/30/2030

$

1,892,477

Total

45,405,503

Financials  33.5%

ABN

AMRO

Bank

NV

1,900,000

6.339%, 

9/18/2027

a,b

1,934,563

AEGON

Funding

Company,

LLC

1,875,000

5.500%, 

4/16/2027

a,f

1,893,846

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,800,000

1.750%, 

1/30/2026

1,775,613

750,000

2.450%, 

10/29/2026

730,126

1,550,000

6.100%, 

1/15/2027

1,579,424

1,665,000

6.450%, 

4/15/2027

1,712,645

1,925,000

4.625%, 

9/10/2029

1,919,363

Aircastle,

Ltd.

3,400,000

5.250%, 

8/11/2025

a

3,400,000

Ally

Financial,

Inc.

4,750,000

5.750%, 

11/20/2025

4,756,546

1,050,000

5.737%, 

5/15/2029

b

1,069,370

American

Express

Company

2,000,000

5.098%, 

2/16/2028

b

2,018,308

1,000,000

5.043%, 

7/26/2028

b

1,011,494

1,900,000

4.731%, 

4/25/2029

b

1,916,641

635,000

5.085%, 

1/30/2031

b

648,507

American

Homes

4

Rent,

LP

725,000

4.950%, 

6/15/2030

729,728

American

International

Group,

Inc.

1,250,000

4.850%, 

5/7/2030

f

1,266,463

Aon

North

America,

Inc.

1,900,000

5.125%, 

3/1/2027

1,918,192

Apollo

Debt

Solutions

BDC

2,630,000

6.900%, 

4/13/2029

2,747,242

Ares

Capital

Corporation

2,000,000

3.875%, 

1/15/2026

1,991,621

1,200,000

2.150%, 

7/15/2026

1,171,440

Ares

Strategic

Income

Fund

1,400,000

5.700%, 

3/15/2028

1,407,347

1,625,000

5.600%, 

2/15/2030

1,619,157

Arthur

J.

Gallagher

&

Company

1,050,000

4.600%, 

12/15/2027

1,053,600

1,050,000

4.850%, 

12/15/2029

1,059,291

Associated

Banc-Corp

1,300,000

6.455%, 

8/29/2030

b

1,338,239

Aviation

Capital

Group,

LLC

2,500,000

4.875%, 

10/1/2025

a

2,495,937

1,275,000

4.750%, 

4/14/2027

a

1,275,719

1,900,000

4.800%, 

10/24/2030

a

1,881,007

Avolon

Holdings

Funding,

Ltd.

2,150,000

5.500%, 

1/15/2026

a

2,154,708

601,000

2.125%, 

2/21/2026

a

591,565

1,200,000

4.950%, 

1/15/2028

a

1,205,398

1,900,000

5.375%, 

5/30/2030

a

1,933,163

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

992,892

2,000,000

5.365%, 

7/15/2028

b

2,031,644

2,000,000

5.588%, 

8/8/2028

2,060,962

Bank

of

America

Corporation

3,500,000

1.734%, 

7/22/2027

b

3,403,804

Bank

of

Montreal

1,885,000

5.266%, 

12/11/2026

1,904,562

3,000,000

5.370%, 

6/4/2027

f

3,053,235

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Financials  33.5%

-

continued

$

2,250,000

4.567%, 

9/10/2027

b

$

2,249,820

Bank

of

New

York

Mellon

Corporation

800,000

4.700%, 

9/20/2025

b,g

799,422

1,250,000

6.317%, 

10/25/2029

b

1,320,349

Bank

of

New

Zealand

3,200,000

4.846%, 

2/7/2028

a

3,236,645

Bank

of

Nova

Scotia

2,000,000

4.404%, 

9/8/2028

b

1,997,575

Barclays

plc

1,900,000

6.496%, 

9/13/2027

b

1,937,346

2,000,000

2.279%, 

11/24/2027

b

1,940,264

950,000

5.674%, 

3/12/2028

b

965,702

1,900,000

4.837%, 

9/10/2028

b

1,909,649

1,900,000

5.086%, 

2/25/2029

b

1,921,415

Blackstone

Private

Credit

Fund

1,150,000

4.950%, 

9/26/2027

1,145,673

Blackstone

Secured

Lending

Fund

1,725,000

5.875%, 

11/15/2027

1,754,973

2,100,000

5.350%, 

4/13/2028

2,116,832

Blue

Owl

Capital

Corporation

II

1,250,000

8.450%, 

11/15/2026

1,294,005

Blue

Owl

Credit

Income

Corporation

1,100,000

4.700%, 

2/8/2027

1,091,572

1,900,000

6.600%, 

9/15/2029

1,953,824

Blue

Owl

Technology

Finance

Corporation

2,000,000

4.750%, 

12/15/2025

a

1,992,348

3,080,000

3.750%, 

6/17/2026

a

3,023,640

1,725,000

6.750%, 

4/4/2029

1,766,547

BNP

Paribas

SA

2,200,000

1.323%, 

1/13/2027

a,b

2,166,424

1,425,000

4.792%, 

5/9/2029

a,b

1,430,278

1,400,000

5.176%, 

1/9/2030

a,b

1,426,019

Boston

Properties,

LP

2,500,000

3.650%, 

2/1/2026

2,486,605

BPCE

SA

1,750,000

5.975%, 

1/18/2027

a,b

1,759,439

Brown

&

Brown,

Inc.

1,275,000

4.600%, 

12/23/2026

1,277,281

950,000

4.900%, 

6/23/2030

953,817

CaixaBank

SA

1,900,000

4.634%, 

7/3/2029

a,b

1,897,095

Canadian

Imperial

Bank

of

Commerce

2,000,000

5.237%, 

6/28/2027

2,030,140

1,900,000

4.857%, 

3/30/2029

b

1,915,247

Capital

One

NA

2,175,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,222,703

Centene

Corporation

3,000,000

4.250%, 

12/15/2027

2,909,059

1,800,000

4.625%, 

12/15/2029

1,711,593

Charles

Schwab

Corporation

1,750,000

4.000%, 

6/1/2026

b,g

1,725,075

Chubb

INA

Holdings,

LLC

2,750,000

4.650%, 

8/15/2029

2,785,459

Citadel

Securities

Global

Holdings,

LLC

635,000

5.500%, 

6/18/2030

a

640,545

Citadel,

LP

2,550,000

6.000%, 

1/23/2030

a

2,627,638

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Financials  33.5%

-

continued

Citibank

NA

$

2,209,000

4.576%, 

5/29/2027

$

2,215,257

2,150,000

4.876%, 

11/19/2027

b

2,158,780

Citigroup,

Inc.

1,000,000

4.000%, 

12/10/2025

b,g

993,324

1,850,000

1.122%, 

1/28/2027

b

1,817,156

1,725,000

4.643%, 

5/7/2028

b

1,726,753

1,100,000

5.174%, 

2/13/2030

b

1,120,016

Citizens

Financial

Group,

Inc.

1,550,000

5.253%, 

3/5/2031

b

1,569,946

COPT

Defense

Properties,

LP

550,000

2.250%, 

3/15/2026

540,402

Corebridge

Financial,

Inc.

2,000,000

3.650%, 

4/5/2027

1,970,342

Corebridge

Global

Funding

2,575,000

4.650%, 

8/20/2027

a

2,586,334

Cousins

Properties,

LP

1,750,000

5.250%, 

7/15/2030

1,777,868

Credit

Agricole

SA

1,250,000

1.247%, 

1/26/2027

a,b

1,229,395

2,000,000

4.631%, 

9/11/2028

a,b

1,999,080

1,200,000

5.230%, 

1/9/2029

a,b

1,215,773

1,275,000

6.316%, 

10/3/2029

a,b

1,336,948

Credit

Suisse

Group

AG

810,000

7.500%, 

N/A

*,h

54,675

Deutsche

Bank

AG

3,000,000

6.000%, 

10/30/2025

b,g

2,988,227

Deutsche

Bank

AG/New

York,

NY

1,450,000

2.129%, 

11/24/2026

b

1,437,687

1,300,000

4.999%, 

9/11/2030

b

1,310,876

1,450,000

4.950%, 

8/4/2031

b,e

1,452,401

EPR

Properties

3,125,000

4.950%, 

4/15/2028

3,125,291

Fifth

Third

Bank

NA

1,400,000

3.850%, 

3/15/2026

1,392,520

First

Horizon

Bank

2,499,000

5.750%, 

5/1/2030

f

2,552,666

First-Citizens

Bank

&

Trust

Company

2,050,000

6.125%, 

3/9/2028

2,120,806

Fortitude

Group

Holdings,

LLC

2,500,000

6.250%, 

4/1/2030

a

2,563,135

FS

KKR

Capital

Corporation

3,000,000

3.400%, 

1/15/2026

2,977,630

GA

Global

Funding

Trust

1,800,000

1.625%, 

1/15/2026

a

1,774,597

GATX

Corporation

1,250,000

5.400%, 

3/15/2027

1,263,843

Goldman

Sachs

Bank

USA/New

York,

NY

1,900,000

5.283%, 

3/18/2027

b

1,906,913

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

968,428

Goldman

Sachs

Group,

Inc.

2,000,000

3.800%, 

5/10/2026

b,g

1,960,983

2,500,000

3.615%, 

3/15/2028

b

2,463,030

1,900,000

4.482%, 

8/23/2028

b

1,899,880

1,900,000

6.484%, 

10/24/2029

b

2,008,683

1,100,000

5.218%, 

4/23/2031

b

1,124,786

Goldman

Sachs

Private

Credit

Corporation

750,000

5.875%, 

5/6/2028

a,f

755,760

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Financials  33.5%

-

continued

Healthcare

Realty

Holdings,

LP

$

1,125,000

3.100%, 

2/15/2030

$

1,045,211

Highwoods

Realty,

LP

1,770,000

4.200%, 

4/15/2029

1,717,025

HPS

Corporate

Lending

Fund

1,425,000

5.300%, 

6/5/2027

a

1,424,876

HSBC

Holdings

plc

2,150,000

5.130%, 

11/19/2028

b

2,172,603

1,250,000

4.899%, 

3/3/2029

b

1,258,806

HSBC

USA,

Inc.

2,525,000

4.650%, 

6/3/2028

2,537,405

Huntington

Bank

Auto

Credit-

Linked

Notes

527,966

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

531,358

ING

Groep

NV

2,000,000

1.726%, 

4/1/2027

b

1,960,953

2,000,000

4.017%, 

3/28/2028

b

1,983,950

1,900,000

4.858%, 

3/25/2029

b

1,916,423

JPMorgan

Chase

&

Company

2,000,000

3.650%, 

6/1/2026

b,g

1,966,791

3,500,000

1.045%, 

11/19/2026

b

3,461,633

1,275,000

1.040%, 

2/4/2027

b

1,252,475

1,850,000

5.571%, 

4/22/2028

b

1,882,744

2,750,000

4.979%, 

7/22/2028

b

2,776,474

1,700,000

4.851%, 

7/25/2028

b

1,713,685

KeyBank

NA/Cleveland,

OH

1,500,000

4.700%, 

1/26/2026

1,499,052

KeyCorp

2,500,000

5.121%, 

4/4/2031

b,f

2,526,849

Kilroy

Realty,

LP

2,881,000

4.375%, 

10/1/2025

2,878,127

Lincoln

Financial

Global

Funding

1,000,000

5.300%, 

1/13/2030

a

1,024,522

Lloyds

Banking

Group

plc

350,000

4.582%, 

12/10/2025

349,800

950,000

5.985%, 

8/7/2027

b

962,172

1,875,000

5.462%, 

1/5/2028

b

1,895,487

2,000,000

3.750%, 

3/18/2028

b

1,972,644

1,500,000

5.087%, 

11/26/2028

b

1,516,294

LPL

Holdings,

Inc.

1,600,000

5.200%, 

3/15/2030

1,619,456

M&T

Bank

Corporation

1,750,000

3.500%, 

9/1/2026

b,g

1,681,863

Macquarie

Airfinance

Holdings,

Ltd.

1,829,000

6.400%, 

3/26/2029

a

1,901,417

1,300,000

5.150%, 

3/17/2030

a

1,298,905

Manufacturers

&

Traders

Trust

Company

2,000,000

4.650%, 

1/27/2026

1,999,768

MassMutual

Global

Funding

II

1,900,000

4.850%, 

1/17/2029

a

1,925,059

Met

Tower

Global

Funding

2,000,000

4.000%, 

10/1/2027

a

1,983,473

Metropolitan

Life

Global

Funding

I

1,900,000

5.400%, 

9/12/2028

a

1,957,183

Mizuho

Financial

Group,

Inc.

2,225,000

4.711%, 

7/8/2031

b

2,220,246

Morgan

Stanley

2,075,000

5.000%, 

11/24/2025

2,076,201

2,250,000

6.138%, 

10/16/2026

b

2,255,915

1,500,000

0.985%, 

12/10/2026

b

1,480,031

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Financials  33.5%

-

continued

$

1,000,000

1.593%, 

5/4/2027

b

$

977,439

1,875,000

5.652%, 

4/13/2028

b

1,910,020

3,000,000

5.164%, 

4/20/2029

b

3,048,369

785,000

5.449%, 

7/20/2029

b

805,763

Morgan

Stanley

Bank

NA

1,850,000

4.447%, 

10/15/2027

b

1,847,461

1,900,000

5.016%, 

1/12/2029

b

1,923,507

Morgan

Stanley

Direct

Lending

Fund

2,825,000

6.150%, 

5/17/2029

2,891,217

National

Bank

of

Canada

2,700,000

5.600%, 

7/2/2027

b

2,722,513

NatWest

Group

plc

1,250,000

5.847%, 

3/2/2027

b

1,258,212

New

York

Life

Global

Funding

1,900,000

4.900%, 

6/13/2028

a

1,930,831

2,500,000

5.000%, 

6/6/2029

a

2,554,810

Nomura

Holdings,

Inc.

1,500,000

2.329%, 

1/22/2027

1,450,746

2,700,000

5.594%, 

7/2/2027

2,751,742

Nordea

Bank

Abp

3,300,000

1.500%, 

9/30/2026

a

3,190,774

Northwestern

Mutual

Global

Funding

1,900,000

4.900%, 

6/12/2028

a

1,931,136

Omega

Healthcare

Investors,

Inc.

1,630,000

5.250%, 

1/15/2026

1,628,769

1,250,000

5.200%, 

7/1/2030

1,253,969

PNC

Bank

NA

1,900,000

4.429%, 

7/21/2028

b

1,899,659

PNC

Financial

Services

Group,

Inc.

2,500,000

3.400%, 

9/15/2026

b,g

2,408,928

1,250,000

6.615%, 

10/20/2027

b

1,279,544

1,575,000

5.582%, 

6/12/2029

b

1,623,983

Principal

Life

Global

Funding

II

2,000,000

4.800%, 

1/9/2028

a

2,016,638

Regions

Financial

Corporation

1,200,000

5.722%, 

6/6/2030

b

1,240,169

RGA

Global

Funding

2,500,000

5.448%, 

5/24/2029

a

2,569,648

Royal

Bank

of

Canada

2,100,000

5.069%, 

7/23/2027

b

2,109,380

3,000,000

4.510%, 

10/18/2027

b

2,996,649

1,925,000

4.498%, 

8/6/2029

b,e

1,926,261

Santander

Holdings

USA,

Inc.

1,750,000

2.490%, 

1/6/2028

b

1,695,838

1,250,000

5.473%, 

3/20/2029

b

1,270,289

Santander

UK

Group

Holdings

plc

1,075,000

1.532%, 

8/21/2026

b

1,072,985

Societe

Generale

SA

2,000,000

1.488%, 

12/14/2026

a,b

1,974,798

2,150,000

5.250%, 

2/19/2027

a

2,166,091

2,000,000

5.500%, 

4/13/2029

a,b

2,031,453

Standard

Chartered

plc

2,100,000

2.608%, 

1/12/2028

a,b

2,040,029

1,250,000

5.688%, 

5/14/2028

a,b

1,271,493

1,600,000

5.545%, 

1/21/2029

a,b

1,633,311

State

Street

Corporation

2,000,000

5.751%, 

11/4/2026

b

2,005,023

825,000

4.536%, 

2/28/2028

830,623

1,900,000

4.543%, 

4/24/2028

b

1,905,408

2,200,000

5.684%, 

11/21/2029

b

2,290,111

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Financials  33.5%

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

1,900,000

5.716%, 

9/14/2028

$

1,968,803

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,900,000

5.650%, 

9/14/2026

a

1,923,421

Synchrony

Financial

1,000,000

5.935%, 

8/2/2030

b

1,027,783

Synovus

Bank

3,155,000

5.625%, 

2/15/2028

3,199,748

Toronto-Dominion

Bank

2,550,000

4.861%, 

1/31/2028

2,576,964

Truist

Bank

2,750,000

4.420%, 

7/24/2028

b

2,746,015

Truist

Financial

Corporation

825,000

4.950%, 

9/1/2025

b,g

823,376

1,900,000

1.267%, 

3/2/2027

b

1,860,467

2,225,000

5.071%, 

5/20/2031

b

2,255,589

U.S.

Bancorp

2,000,000

5.727%, 

10/21/2026

b

2,004,311

1,000,000

6.787%, 

10/26/2027

b

1,026,257

1,750,000

4.548%, 

7/22/2028

b

1,752,916

950,000

5.384%, 

1/23/2030

b

975,804

2,000,000

5.100%, 

7/23/2030

b

2,040,844

1,250,000

5.046%, 

2/12/2031

b

1,269,809

UBS

Group

AG

5,650,000

1.305%, 

2/2/2027

a,b

5,555,850

1,900,000

6.327%, 

12/22/2027

a,b

1,944,674

1,625,000

6.850%, 

9/10/2029

a,b,g

1,661,442

2,200,000

5.428%, 

2/8/2030

a,b

2,255,543

Wells

Fargo

&

Company

1,500,000

4.540%, 

8/15/2026

b

1,499,660

1,650,000

3.526%, 

3/24/2028

b

1,623,856

1,500,000

5.707%, 

4/22/2028

b

1,529,253

3,000,000

4.970%, 

4/23/2029

b

3,035,201

1,900,000

5.574%, 

7/25/2029

b

1,956,403

Welltower

OP,

LLC

2,225,000

4.500%, 

7/1/2030

2,219,259

Westpac

New

Zealand,

Ltd.

2,500,000

5.132%, 

2/26/2027

a

2,527,187

1,900,000

4.902%, 

2/15/2028

a

1,922,801

Total

394,541,272

Foreign

Government  0.2%

Eagle

Funding

Luxco

SARL

1,575,000

5.500%, 

8/17/2030

a,e

1,582,088

NBN

Company,

Ltd.

1,300,000

4.000%, 

10/1/2027

a

1,285,868

Total

2,867,956

Mortgage-Backed

Securities  1.3%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

4,500,000

5.000%, 

8/1/2040

e

4,512,109

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

11,250,000

5.500%, 

8/1/2042

e

11,190,439

37,778

6.502%, 

(RFUCCT1Y

+

1.502%),

1/1/2043

b

38,426

Total

15,740,974

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Technology  3.2%

Broadcom,

Inc.

$

2,000,000

4.150%, 

2/15/2028

$

1,989,569

2,000,000

4.800%, 

4/15/2028

2,022,776

2,650,000

5.050%, 

7/12/2029

2,704,720

Dell

International,

LLC/EMC

Corporation

1,900,000

4.750%, 

4/1/2028

1,915,178

Fiserv,

Inc.

1,900,000

5.150%, 

3/15/2027

1,918,373

1,900,000

5.450%, 

3/2/2028

1,941,921

Foundry

JV

Holdco,

LLC

1,900,000

5.500%, 

1/25/2031

a

1,939,167

Hewlett

Packard

Enterprise

Company

650,000

4.450%, 

9/25/2026

649,319

International

Business

Machines

Corporation

2,500,000

4.650%, 

2/10/2028

2,519,550

Jabil,

Inc.

1,500,000

4.250%, 

5/15/2027

1,490,826

Microchip

Technology,

Inc.

650,000

5.050%, 

3/15/2029

657,343

Molex

Electronic

Technologies,

LLC

1,650,000

4.750%, 

4/30/2028

a

1,651,509

Oracle

Corporation

1,900,000

4.500%, 

5/6/2028

1,904,812

1,600,000

4.800%, 

8/3/2028

1,617,409

1,625,000

4.200%, 

9/27/2029

1,605,713

Paychex,

Inc.

575,000

5.100%, 

4/15/2030

587,466

PayPal

Holdings,

Inc.

900,000

4.450%, 

3/6/2028

904,422

Qorvo,

Inc.

3,700,000

4.375%, 

10/15/2029

3,588,596

Qualcomm,

Inc.

1,425,000

4.500%, 

5/20/2030

1,432,297

Roper

Technologies,

Inc.

1,925,000

4.500%, 

10/15/2029

1,919,313

SK

Hynix,

Inc.

1,250,000

5.500%, 

1/16/2027

a

1,265,625

Synopsys,

Inc.

1,200,000

4.550%, 

4/1/2027

1,201,881

VMware,

LLC

650,000

1.400%, 

8/15/2026

629,729

Total

38,057,514

Transportation  1.2%

Air

Canada

3,125,000

3.875%, 

8/15/2026

a

3,091,467

Delta

Air

Lines,

Inc.

1,900,000

4.950%, 

7/10/2028

1,908,429

630,000

5.250%, 

7/10/2030

635,937

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

237,500

4.500%, 

10/20/2025

a

236,916

ERAC

USA

Finance,

LLC

1,250,000

5.000%, 

2/15/2029

a

1,273,160

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

1,200,000

1.200%, 

11/15/2025

a

1,187,625

Ryder

System,

Inc.

1,575,000

4.850%, 

6/15/2030

f

1,585,097

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Transportation  1.2%

-

continued

United

Airlines,

Inc.

$

3,125,000

4.375%, 

4/15/2026

a

$

3,106,432

United

Parcel

Service,

Inc.

1,025,000

4.650%, 

10/15/2030

1,033,318

Total

14,058,381

U.S.

Government

&

Agencies  6.6%

U.S.

Treasury

Notes

15,000,000

3.750%, 

6/30/2027

14,943,750

13,000,000

3.875%, 

7/15/2028

12,995,937

49,860,000

4.000%, 

10/31/2029

49,998,284

Total

77,937,971

Utilities  3.6%

American

Electric

Power

Company,

Inc.

3,000,000

5.699%, 

8/15/2025

3,000,475

1,425,000

1.000%, 

11/1/2025

1,411,863

1,255,000

5.200%, 

1/15/2029

1,282,458

Capital

Power

US

Holdings,

Inc.

1,250,000

5.257%, 

6/1/2028

a

1,263,215

CenterPoint

Energy,

Inc.

1,250,000

1.450%, 

6/1/2026

1,217,797

Constellation

Energy

Generation,

LLC

1,900,000

5.600%, 

3/1/2028

1,956,515

Dominion

Energy,

Inc.

2,350,000

1.450%, 

4/15/2026

2,299,973

DTE

Energy

Company

2,100,000

4.950%, 

7/1/2027

2,118,978

1,550,000

5.100%, 

3/1/2029

1,577,062

Duke

Energy

Carolinas,

LLC

2,000,000

4.850%, 

3/15/2030

2,035,095

Enel

Finance

International

NV

2,000,000

6.800%, 

10/14/2025

a

2,007,780

Evergy

Kansas

Central,

Inc.

1,100,000

4.700%, 

3/13/2028

1,107,368

Eversource

Energy

1,900,000

5.450%, 

3/1/2028

1,942,396

Exelon

Corporation

1,275,000

5.150%, 

3/15/2028

1,296,310

Georgia

Power

Company

1,900,000

4.650%, 

5/16/2028

1,916,234

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,496,068

National

Rural

Utilities

Cooperative

Finance

Corporation

1,900,000

4.750%, 

2/7/2028

1,916,122

1,900,000

4.800%, 

3/15/2028

1,923,436

637,000

7.482%, 

(TSFR3M

+

3.172%),

4/30/2043

b

637,022

Nevada

Power

Company

1,275,000

6.250%, 

5/15/2055

b

1,270,156

NextEra

Energy

Capital

Holdings,

Inc.

1,275,000

4.685%, 

9/1/2027

1,281,257

1,600,000

5.050%, 

3/15/2030

1,629,494

Southern

Company

1,100,000

4.000%, 

1/15/2051

b

1,094,007

1,250,000

3.750%, 

9/15/2051

b

1,229,920

Vistra

Operations

Company,

LLC

1,400,000

5.050%, 

12/30/2026

a

1,402,425

Principal

Amount

Long-Term

Fixed

Income  98.9%

Value

Utilities  3.6%

-

continued

WEC

Energy

Group,

Inc.

$

794,000

5.600%, 

9/12/2026

$

802,231

Xcel

Energy,

Inc.

1,900,000

4.750%, 

3/21/2028

1,911,404

Total

43,027,061

Total

Long-Term

Fixed

Income

(cost

$1,163,752,963)

1,165,644,110

Shares

Collateral

Held

for

Securities

Loaned

1.5%

Value

17,065,771

Thrivent

Cash

Management

Trust

17,065,771

Total

Collateral

Held

for

Securities

Loaned

(cost

$17,065,771)

17,065,771

Shares

Preferred

Stock

0.1%

Value

Financials  0.1%

54,000

Citigroup

Capital

XIII,

10.942%

b

1,591,380

Total

1,591,380

Total

Preferred

Stock

(cost

$1,490,400)

1,591,380

Shares

or

Principal

Amount

Short-Term

Investments

2.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

12,407,520

4.250%

i

12,407,520

Thrivent

Core

Short-Term

Reserve

Fund

1,300,000

4.580%

13,000,000

Total

Short-Term

Investments

(cost

$25,407,520)

25,407,520

Total

Investments

(cost

$1,207,716,654)

102.7%

$1,209,708,781

Other

Assets

and

Liabilities,

Net

(2.7%)

(31,469,881)

Total

Net

Assets

100.0%

$1,178,238,900

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

July

31,

2025,

the

value

of

these

investments

was

$504,911,836

or

42.9%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

July

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

July

31,

2025.

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Short-Term

Bond

Fund

as

of

July

31,

2025

was

$54,675

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

July

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

810,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Short-Term

Bond

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,894,357

Total

lending

$13,894,357

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$17,065,771

Net

amounts

due

to

counterparty

$3,171,414

Definitions:

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

RFUCCT1Y

-

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Short-Term

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

171,550,152

–

171,550,152

–

Basic

Materials

10,182,276

–

10,182,276

–

Capital

Goods

22,746,007

–

22,746,007

–

Collateralized

Mortgage

Obligations

128,072,127

–

128,072,127

–

Commercial

Mortgage-Backed

Securities

37,691,006

–

37,691,006

–

Communications

Services

29,450,328

–

29,450,328

–

Consumer

Cyclical

65,681,275

–

65,681,275

–

Consumer

Non-Cyclical

68,634,307

–

68,634,307

–

Energy

45,405,503

–

45,405,503

–

Financials

394,541,272

–

394,541,272

–

Foreign

Government

2,867,956

–

2,867,956

–

Mortgage-Backed

Securities

15,740,974

–

15,740,974

–

Technology

38,057,514

–

38,057,514

–

Transportation

14,058,381

–

14,058,381

–

U.S.

Government

&

Agencies

77,937,971

–

77,937,971

–

Utilities

43,027,061

–

43,027,061

–

Preferred

Stock

Financials

1,591,380

1,591,380

–

–

Short-Term

Investments

12,407,520

12,407,520

–

–

Subtotal

Investments

in

Securities

$1,179,643,010

$13,998,900

$1,165,644,110

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

17,065,771

Affiliated

Short-Term

Investments

13,000,000

Subtotal

Other

Investments

$30,065,771

Total

Investments

at

Value

$1,209,708,781

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Short-Term

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$13,000

$–

$13,000

1,300

1.1%

Total

Affiliated

Short-Term

Investments

–

13,000

1.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

12,218

77,704

72,856

17,066

17,066

1.5

Total

Collateral

Held

for

Securities

Loaned

12,218

17,066

1.5

Total

Value

$12,218

$30,066

Short-Term

Bond

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$–

$128

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$128

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

30

Total

Affiliated

Income

from

Securities

Loaned,

Net

$30

Total

$–

$–

$–

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Shares

Common

Stock

95

.1

%

Value

Communications

Services  1.2%

73,368

CarGurus,

Inc.

a

$

2,407,938

Total

2,407,938

Consumer

Discretionary  11.6%

15,267

Boot

Barn

Holdings,

Inc.

a

2,624,397

27,958

Build-A-Bear

Workshop,

Inc.

1,417,750

21,179

Champion

Homes,

Inc.

a

1,289,801

8,046

Grand

Canyon

Education,

Inc.

a

1,356,797

20,621

Installed

Building

Products,

Inc.

4,171,422

34,460

Modine

Manufacturing

Company

a

4,636,938

3,987

Murphy

USA,

Inc.

1,445,208

6,925

Wingstop,

Inc.

2,613,080

37,017

Wyndham

Hotels

&

Resorts,

Inc.

3,183,462

Total

22,738,855

Consumer

Staples  3.9%

23,179

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,454,656

26,754

J

&

J

Snack

Foods

Corporation

3,020,259

60,646

Vita

Coco

Company,

Inc.

a

2,138,378

Total

7,613,293

Energy  0.7%

8,355

Gulfport

Energy

Corporation

a

1,454,856

Total

1,454,856

Financials  7.2%

52,130

Glacier

Bancorp,

Inc.

2,284,858

16,435

Houlihan

Lokey,

Inc.

3,133,497

103,530

Old

National

Bancorp

2,185,518

21,490

OneMain

Holdings,

Inc.

1,241,907

30,935

RLI

Corporation

2,041,401

58,932

Triumph

Financial,

Inc.

a

3,342,623

Total

14,229,804

Health

Care  14.6%

125,396

ADMA

Biologics,

Inc.

a

2,344,905

107,757

Concentra

Group

Holdings

Parent,

Inc.

2,151,907

30,756

CorVel

Corporation

a

2,724,982

22,029

Encompass

Health

Corporation

2,425,613

31,271

HealthEquity,

Inc.

a

3,033,287

22,289

Inspire

Medical

Systems,

Inc.

a

2,775,872

30,740

Merit

Medical

Systems,

Inc.

a

2,608,596

14,229

Penumbra,

Inc.

a

3,589,550

191,777

scPharmaceuticals,

Inc.

a

974,227

61,680

Stevanato

Group

SPA

b

1,524,113

56,800

Twist

Bioscience

Corporation

a

1,906,776

74,440

Vericel

Corporation

a

2,600,934

Total

28,660,762

Industrials  28.3%

65,723

Atmus

Filtration

Technologies,

Inc.

2,557,282

31,989

Barrett

Business

Services,

Inc.

1,470,534

25,972

BWX

Technologies,

Inc.

3,945,926

25,431

Casella

Waste

Systems,

Inc.

a

2,765,113

76,318

CECO

Environmental

Corporation

a

3,430,494

74,698

Enerpac

Tool

Group

Corporation

2,876,620

21,985

EnPro,

Inc.

4,669,834

46,456

ExlService

Holdings,

Inc.

a

2,017,584

42,784

Federal

Signal

Corporation

5,415,171

172,987

Gates

Industrial

Corporation

plc

a

4,290,077

17,616

Limbach

Holdings,

Inc.

a

2,413,392

196,042

Masterbrand,

Inc.

a

2,162,343

Shares

Common

Stock  95.1%

Value

Industrials  28.3%

-

continued

15,790

Moog,

Inc.

$

3,056,628

82,561

Mueller

Water

Products,

Inc.

2,044,210

10,996

RBC

Bearings,

Inc.

a

4,259,191

9,491

Sterling

Construction

Company,

Inc.

a

2,539,697

77,481

WNS

Holdings,

Ltd.

a

5,794,804

Total

55,708,900

Information

Technology  23.2%

34,344

Agilysys,

Inc.

a

3,917,964

15,181

Bel

Fuse,

Inc.

1,974,137

37,529

BlackLine,

Inc.

a

2,018,310

10,407

CyberArk

Software,

Ltd.

a

4,282,168

28,365

Descartes

Systems

Group,

Inc.

a

2,999,882

7,298

Fabrinet

a

2,362,582

88,542

Gitlab,

Inc.

a

3,879,025

19,786

Guidewire

Software,

Inc.

a

4,475,989

80,668

I3

Verticals,

Inc.

a

2,257,091

16,009

Impinj,

Inc.

a

2,474,671

77,248

JFrog,

Ltd.

a

3,353,336

24,999

Onto

Innovation,

Inc.

a

2,368,655

67,497

Pegasystems,

Inc.

3,962,749

12,378

Silicon

Laboratories,

Inc.

a

1,631,049

42,158

TTM

Technologies,

Inc.

a

1,991,965

236,254

Weave

Communications,

Inc.

a

1,724,654

Total

45,674,227

Materials  1.4%

114,518

Constellium

SE

a

1,570,042

66,899

Olin

Corporation

1,267,067

Total

2,837,109

Real

Estate  3.0%

18,134

Colliers

International

Group,

Inc.

2,732,975

61,121

National

Storage

Affiliates

Trust

1,800,625

24,744

Terreno

Realty

Corporation

1,373,044

Total

5,906,644

Total

Common

Stock

(cost

$161,895,202)

187,232,388

Shares

Registered

Investment

Companies  

1

.8

%

Value

U.S.

Unaffiliated  

1.8%  

6,781

iShares

Russell

2000

Growth

ETF

1,967,507

18,877

SPDR

S&P

Biotech

ETF

1,617,004

Total

3,584,511

Total

Registered

Investment

Companies

(cost

$3,354,166)

3,584,511

Shares

Collateral

Held

for

Securities

Loaned

0

.7

%

Value

1,450,950

Thrivent

Cash

Management

Trust

1,450,950

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,450,950)

1,450,950

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Shares

or

Principal

Amount

Short-Term

Investments

3

.5

%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

6,881,741

4.250%

c

$

6,881,741

Total

Short-Term

Investments

(cost

$6,881,741)

6,881,741

Total

Investments

(cost

$173,582,059)

101.1%

$

199,149,590

Other

Assets

and

Liabilities,

Net

(1.1%)

(

2,228,525

)

Total

Net

Assets

100.0%

$

196,921,065

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Growth

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

1,405,999

Total

lending

$1,405,999

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,450,950

Net

amounts

due

to

counterparty

$44,951

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Small

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

2,407,938

2,407,938

–

–

Consumer

Discretionary

22,738,855

22,738,855

–

–

Consumer

Staples

7,613,293

7,613,293

–

–

Energy

1,454,856

1,454,856

–

–

Financials

14,229,804

14,229,804

–

–

Health

Care

28,660,762

28,660,762

–

–

Industrials

55,708,900

55,708,900

–

–

Information

Technology

45,674,227

45,674,227

–

–

Materials

2,837,109

2,837,109

–

–

Real

Estate

5,906,644

5,906,644

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

3,584,511

3,584,511

–

–

Short-Term

Investments

6,881,741

6,881,741

–

–

Subtotal

Investments

in

Securities

$

197,698,640

$

197,698,640

$

–

$

–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

1,450,950

Subtotal

Other

Investments

$

1,450,950

Total

Investments

at

Value

$

199,149,590

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$

3,929

$

25,572

$

29,501

$

–

–

–%

Total

Affiliated

Short-Term

Investments

3,929

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

7,968

6,517

1,451

1,451

0.7

Total

Collateral

Held

for

Securities

Loaned

–

1,451

0.7

Total

Value

$

3,929

$

1,451

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$

–

$58

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$58

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$

–

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Shares

Common

Stock

97.7%

Value

Communications

Services  1.1%

739,895

Cogent

Communications

Holdings

$

33,731,813

Total

33,731,813

Consumer

Discretionary  12.5%

840,355

Advance

Auto

Parts,

Inc.

44,597,640

218,474

Boot

Barn

Holdings,

Inc.

a

37,555,681

579,119

Build-A-Bear

Workshop,

Inc.

29,367,124

635,994

Champion

Homes,

Inc.

a

38,732,035

65,587

Group

1

Automotive,

Inc.

27,031,682

969,210

La-Z-Boy,

Inc.

34,862,484

284,196

Modine

Manufacturing

Company

a

38,241,414

523,505

SharkNinja,

Inc.

a

60,778,930

898,642

Six

Flags

Entertainment

Corporation

a

26,923,314

451,482

Wyndham

Hotels

&

Resorts,

Inc.

38,827,452

Total

376,917,756

Consumer

Staples  5.1%

248,093

J

&

J

Snack

Foods

Corporation

28,007,219

701,332

John

B.

Sanfilippo

&

Son,

Inc.

44,401,329

233,351

Marzetti

Company

41,480,474

471,676

Turning

Point

Brands,

Inc.

39,120,807

Total

153,009,829

Energy  3.1%

227,972

Expand

Energy

Corporation

23,886,906

676,014

Matador

Resources

Company

33,719,578

1,025,705

TechnipFMC

plc

37,304,891

Total

94,911,375

Financials  16.2%

834,028

Ally

Financial,

Inc.

31,567,960

862,290

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

39,242,818

1,706,936

Bridgewater

Bancshares,

Inc.

a

26,559,924

867,533

Donnelley

Financial

Solutions,

Inc.

a

45,944,548

266,729

Enterprise

Financial

Services

Corporation

14,720,774

261,464

Federal

Agricultural

Mortgage

Corporation

45,042,403

997,727

Glacier

Bancorp,

Inc.

43,730,374

206,438

Houlihan

Lokey,

Inc.

39,359,469

1,446,431

Old

National

Bancorp

30,534,158

824,559

Old

Republic

International

Corporation

29,824,299

566,501

Prosperity

Bancshares,

Inc.

37,740,297

886,250

RLI

Corporation

58,483,638

807,174

Triumph

Financial,

Inc.

a

45,782,909

Total

488,533,571

Health

Care  12.3%

2,001,237

ADMA

Biologics,

Inc.

a

37,423,132

66,866

Chemed

Corporation

27,568,852

1,825,133

Concentra

Group

Holdings

Parent,

Inc.

36,447,906

203,468

CorVel

Corporation

a

18,027,265

391,833

Encompass

Health

Corporation

43,144,731

62,770

Medpace

Holdings,

Inc.

a

26,815,344

190,053

Penumbra,

Inc.

a

47,944,670

1,307,829

Progyny,

Inc.

a

30,747,060

278,975

Repligen

Corporation

a

32,659,603

1,508,300

Stevanato

Group

SPA

b

37,270,093

819,928

Twist

Bioscience

Corporation

a

27,524,983

Shares

Common

Stock  97.7%

Value

Health

Care  12.3%

-

continued

1,015,012

Viemed

Healthcare,

Inc.

a

$

6,181,423

Total

371,755,062

Industrials  23.9%

1,398,003

Badger

Infrastructure

Solutions,

Ltd.

52,758,067

1,212,825

Barrett

Business

Services,

Inc.

55,753,565

310,925

BWX

Technologies,

Inc.

47,238,835

801,678

Dayforce,

Inc.

a

46,232,770

576,223

Enerpac

Tool

Group

Corporation

22,190,348

1,993,895

Gates

Industrial

Corporation

plc

a

49,448,596

1,079,028

Helios

Technologies,

Inc.

39,589,537

108,823

IES

Holdings,

Inc.

a

38,422,137

939,289

Knight-Swift

Transportation

Holdings,

Inc.

39,919,783

537,136

Korn

Ferry

38,066,828

245,059

Landstar

System,

Inc.

32,683,519

72,301

Limbach

Holdings,

Inc.

a

9,905,237

2,418,422

Masterbrand,

Inc.

a

26,675,195

193,831

Miller

Industries,

Inc.

7,898,613

228,363

Moog,

Inc.

44,206,510

1,555,343

Schneider

National,

Inc.

38,028,136

619,326

Trex

Company,

Inc.

a

39,785,502

352,254

UFP

Industries,

Inc.

34,520,892

772,113

WNS

Holdings,

Ltd.

a

57,746,331

Total

721,070,401

Information

Technology  10.8%

834,419

Crane

NXT

Company

49,514,424

124,672

Fabrinet

a

40,360,067

1,031,270

JFrog,

Ltd.

a

44,767,431

166,707

Littelfuse,

Inc.

42,898,712

145,856

Onto

Innovation,

Inc.

a

13,819,856

1,245,340

Pegasystems,

Inc.

73,113,911

187,580

Plexus

Corporation

a

23,916,450

806,625

TTM

Technologies,

Inc.

a

38,113,031

Total

326,503,882

Materials  5.3%

583,182

Greif,

Inc.

36,991,234

648,315

Ingevity

Corporation

a

27,093,084

4,678,255

Ivanhoe

Mines,

Ltd.

a

36,498,222

957,668

Olin

Corporation

18,138,232

610,457

West

Fraser

Timber

Company,

Ltd.

42,310,775

Total

161,031,547

Real

Estate  4.7%

194,869

Agree

Realty

Corporation

13,972,107

3,472,387

Cushman

and

Wakefield

plc

a

42,328,398

1,546,025

National

Storage

Affiliates

Trust

45,545,896

711,226

Terreno

Realty

Corporation

39,465,931

Total

141,312,332

Utilities  2.7%

338,333

Northwestern

Energy

Group,

Inc.

18,168,482

700,309

Portland

General

Electric

Company

28,796,706

455,374

Spire,

Inc.

33,911,702

Total

80,876,890

Total

Common

Stock

(cost

$2,734,936,132)

2,949,654,458

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

Shares

Collateral

Held

for

Securities

Loaned

1.7%

Value

50,212,230

Thrivent

Cash

Management

Trust

$

50,212,230

Total

Collateral

Held

for

Securities

Loaned

(cost

$50,212,230)

50,212,230

Shares

Registered

Investment

Companies  

1.5%

Value

U.S.

Unaffiliated  

1.5%  

186,134

iShares

Semiconductor

ETF

b

44,677,744

Total

44,677,744

Total

Registered

Investment

Companies

(cost

$45,939,649)

44,677,744

Shares

or

Principal

Amount

Short-Term

Investments

0.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

26,029,216

4.250%

c

26,029,216

Total

Short-Term

Investments

(cost

$26,029,216)

26,029,216

Total

Investments

(cost

$2,857,117,227)

101.7%

$3,070,573,648

Other

Assets

and

Liabilities,

Net

(1.7%)

(50,415,879)

Total

Net

Assets

100.0%

$3,020,157,769

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Stock

Fund

as

of

July

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

47,712,462

Total

lending

$47,712,462

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$50,212,230

Net

amounts

due

to

counterparty

$2,499,768

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

July

31,

2025,

in

valuing

Small

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

33,731,813

33,731,813

–

–

Consumer

Discretionary

376,917,756

376,917,756

–

–

Consumer

Staples

153,009,829

153,009,829

–

–

Energy

94,911,375

94,911,375

–

–

Financials

488,533,571

488,533,571

–

–

Health

Care

371,755,062

371,755,062

–

–

Industrials

721,070,401

668,312,334

52,758,067

–

Information

Technology

326,503,882

326,503,882

–

–

Materials

161,031,547

124,533,325

36,498,222

–

Real

Estate

141,312,332

141,312,332

–

–

Utilities

80,876,890

80,876,890

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

44,677,744

44,677,744

–

–

Short-Term

Investments

26,029,216

26,029,216

–

–

Subtotal

Investments

in

Securities

$3,020,361,418

$2,931,105,129

$89,256,289

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

50,212,230

Subtotal

Other

Investments

$50,212,230

Total

Investments

at

Value

$3,070,573,648

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

7/31/2025

Shares

Held

at

7/31/2025

%

of

Net

Assets

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$112,896

$253,247

$366,143

$–

–

–%

Total

Affiliated

Short-Term

Investments

112,896

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

49,664

213,015

212,467

50,212

50,212

1.7

Total

Collateral

Held

for

Securities

Loaned

49,664

50,212

1.7

Total

Value

$162,560

$50,212

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

7/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.580%

$–

$–

$–

$869

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$869

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

27

Total

Affiliated

Income

from

Securities

Loaned,

Net

$27

Total

$–

$–

$–

Notes

to

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

302

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements are

valued at the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges will

be

valued at

the

mid-price

from

the

primary

approved pricing

service. 

Forward

foreign

currency

exchange

contracts

are

marked-to-

market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service.

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

Thrivent

Money

Market

seeks

to

maintain

a stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method. 

Valuing securities

held

by

Money

Market

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a constant

amortization

of

premium

or

accretion

of discount

to

maturity.

Money

Market

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security. 

The

Board

has

chosen

the

Funds'

investment

Adviser

as

the

valuation

designee,

responsible

for daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a

Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-

needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

Certain

Funds

may

invest

in

funds

that

invest

in

private

equity

securities

("Private

Equity Funds"),

which

are

fair

valued

by

the

Funds

pursuant

to

valuation

procedures

designed

by

the

Committee.  Private

Equity

Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

fund's

investment

in

the Private

Equity

Fund

when

this

information

is

readily

available

to

the

fund. 

This

is

commonly

referred

to

as

using

the

NAV

as

a

practical

expedient,

which

allows

for

the

estimation

of

the

fair

value

of

an

investment

in

an investment

company

based

on

the

NAV

of

the

investment

company,

if

it

is

calculated

in

a

manner

consistent

with

ASC

946. 

The

Committee

has

determined

that

for

the

Private

Equity

Funds

held

by

the

Funds,

if

the

NAV

of

the

Private Equity Fund

is

not

readily

available

for

the

daily

pricing

needs

of

the

Funds,

the

Committee,

pursuant

to

the

valuation

procedures,

will

adjust

the

daily

value

of

the Private

Equity

Fund

via

a

model

utilizing

unobservable

inputs. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities;

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available

for

sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

Notes

to

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

303

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Derivative

Financial

Instruments 

—

Each Fund,

with

the

exception

of the

Money

Market

Fund,

may

invest

in

derivatives, a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments. Derivatives are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative

contract.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options

and

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options 

—

All

Funds,

with

the

exception

of the

Money

Market

Fund, may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Funds

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Funds

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

Notes

to

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

304

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

a

Fund

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Fund

or

sell

to

the

Fund

the

underlying

asset

as

required.

In

the

case

where

a

Fund

has

written

an

option,

the

Fund

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-

the-counter

options

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the period

ended

July

31,

2025,

none

of

the

Funds

invested

in

options.

Futures

Contracts 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period

ended July

31,

2025, Aggressive

Allocation,

Dynamic

Allocation,

Government

Bond,

High

Income

Municipal

Bond, Income, Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and

Multisector

Bond

used

treasury

futures

to

manage

the

duration

and yield

curve

exposure

of

the

Fund

versus

the

benchmark.

During

the period

ended July

31,

2025,

Aggressive

Allocation,

Dynamic

Allocation, Global

Stock,

International

Equity,

Moderate

Allocation,

Moderately

Aggressive

Allocation, and

Moderately

Conservative

Allocation used

equity

futures

to

manage

exposure

to

the

equities

markets.

During

the period

ended

July

31,

2025,

Aggressive

Allocation,

Dynamic

Allocation,

Global

Stock,

International

Equity,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

currency

risk. 

Swap

Agreements 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Fund’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of

transactions,

the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Fund.

This

risk

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps 

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

Notes

to

Schedule

of

Investments

as

of

July

31,

2025

(unaudited)

305

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any CDX

Indices

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. 

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement. 

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the

period

ended July

31,

2025,

Dynamic

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation,

and

Multisector

Bond

used

CDX

Indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposures

within

the

Fund.

Total Return

Swaps

—

A

total return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset.

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount.

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

fall

short

of

the

offsetting

interest

obligation,

the

Funds

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.

The

Funds

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.

During

the

period

ended July

31,

2025,

Aggressive

Allocation,

Dynamic

Allocation,

Global

Stock,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used

total return

swaps

to manage

exposure

to

the

equities

market.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Securities

Lending 

— The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs

Agency

Lending

("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received.

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day.

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities.

All

cash

collateral

received

is

invested

in

Thrivent Cash Management Trust.

The

Funds

receive

dividends

and

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent Cash

Management Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations.

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred.

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss.

Some

of

these

losses

may

be

indemnified

by

the

lending

agent.

 Additional

information

for

the

Funds’

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Funds’

most

recent

annual

or

semiannual

shareholder

report.