Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Registered

Investment

Companies

(

44.7%

)

Value

Unaffiliated  (1.3%)

11,568

Consumer

Discretionary

Select

Sector

SPDR

Fund

$

1,449,702

17,937

Health

Care

Select

Sector

SPDR

Fund

1,778,274

7,122

iShares

Russell

2000

Index

Fund

a

1,143,295

13,815

iShares

Russell

2000

Value

Index

Fund

1,683,219

20,927

Materials

Select

Sector

SPDR

Fund

a

1,206,023

2,021

ProShares

Ultra

S&P

500

a

303,514

27,640

SPDR

S&P

500

ETF

Trust

8,892,617

16,506

SPDR

S&P

Biotech

ETF

a

1,471,015

53,234

SPDR

S&P

Metals

&

Mining

ETF

1,324,994

33,039

VanEck

Vectors

Oil

Services

ETF

360,125

Total

19,612,778

Affiliated  (43.4%)

6,031,233

Thrivent

Core

International

Equity

Fund

57,537,967

7,476,236

Thrivent

Core

Low

Volatility

Equity

Fund

91,060,554

1,627,130

Thrivent

Global

Stock

Fund,

Class

S

39,767,059

1,430,053

Thrivent

High

Yield

Fund,

Class

S

6,821,355

482,051

Thrivent

Income

Fund,

Class

S

4,675,895

12,775,335

Thrivent

International

Allocation

Fund,

Class

S

130,052,907

8,260,339

Thrivent

Large

Cap

Growth

Fund,

Class

S

112,010,194

3,208,458

Thrivent

Large

Cap

Value

Fund,

Class

S

73,217,020

577,920

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

7,264,456

2,969,214

Thrivent

Mid

Cap

Stock

Fund,

Class

S

81,118,921

1,493,352

Thrivent

Small

Cap

Stock

Fund,

Class

S

34,466,558

Total

637,992,886

Total

Registered

Investment

Companies

(cost

$520,415,446)

657,605,664

Shares

Common

Stock

(

40.6%

)

Value

Communications

Services

(1.2%)

1,757

Activision

Blizzard,

Inc.

102,749

1,315

Alphabet,

Inc.,

Class

A

b

1,884,106

1,670

Alphabet,

Inc.,

Class

C

b

2,395,164

14,052

Auto

Trader

Group

plc

c

103,687

653

Carsales.com,

Ltd.

7,433

57,086

Comcast

Corporation

2,465,544

20,117

DISH

Network

Corporation

b

739,501

3,696

Facebook,

Inc.

b

746,259

701

Hemisphere

Media

Group,

Inc.

b

9,422

7,000

HKT

Trust

and

HKT,

Ltd.

10,449

5,455

Interpublic

Group

of

Companies,

Inc.

123,829

253

Ipsos

SA

8,197

15,641

Live

Nation

Entertainment,

Inc.

b

1,066,091

6,643

Mediaset

Espana

Comunicacion

SA

36,371

991

News

Corporation

13,844

300

Nippon

Telegraph

&

Telephone

Corporation

7,649

57,933

ORBCOMM,

Inc.

b

207,980

54,865

QuinStreet

,

Inc.

b

710,776

612

Rightmove

plc

5,304

1,232

Scholastic

Corporation

40,594

3,229

Seven

West

Media,

Ltd.

b

532

15,674

Take-Two

Interactive

Software,

Inc.

b

1,953,607

2,500

TV

Asahi

Holdings

Corporation

47,686

Shares

Common

Stock

(40.6%)

Value

Communications

Services

(1.2%)

-

continued

20,042

Twitter,

Inc.

b

$

650,964

62,105

Verizon

Communications,

Inc.

3,691,521

11,380

ViacomCBS

,

Inc.

388,399

300

Walt

Disney

Company

41,493

568

Wolters

Kluwer

NV

42,681

15,272

Zillow

Group,

Inc.

b

705,566

Total

18,207,398

Consumer

Discretionary

(3.8%)

656

Alibaba

Group

Holding,

Ltd.

ADR

b

135,523

1,253

Amazon.com,

Inc.

b

2,516,926

665

American

Public

Education,

Inc.

b

15,847

300

AOKI

Holdings,

Inc.

2,927

500

Aoyama

Trading

Company,

Ltd.

6,410

11,961

Aptiv

plc

1,014,173

400

Autobacs

Seven

Company,

Ltd.

5,829

440

AutoZone,

Inc.

b

465,502

500

Benesse

Holdings,

Inc.

13,735

593

Berkeley

Group

Holdings

plc

41,032

381

Booking

Holdings,

Inc.

b

697,440

20,685

BorgWarner,

Inc.

709,289

1,600

Bridgestone

Corporation

56,670

16,796

Bright

Horizons

Family

Solutions,

Inc.

b

2,750,009

12,784

Burlington

Stores,

Inc.

b

2,780,136

16,132

Canada

Goose

Holdings,

Inc.

a,b

483,960

1,823

Century

Casinos,

Inc.

b

15,186

1,951

Chipotle

Mexican

Grill,

Inc.

b

1,691,049

400

Chiyoda

Company,

Ltd.

5,375

5,600

Citizen

Watch

Company,

Ltd.

27,073

6,690

Cooper-Standard

Holdings,

Inc.

b

177,419

40,033

Crocs,

Inc.

b

1,517,651

3,842

Culp,

Inc.

48,524

12,045

D.R.

Horton,

Inc.

713,064

16,905

Delphi

Technologies

plc

b

259,323

2,700

Denso

Corporation

110,760

66,143

Designer

Brands,

Inc.

941,876

4,029

Domino's

Pizza,

Inc.

1,135,171

36,116

Duluth

Holdings,

Inc.

a,b

305,180

7,571

Emerald

Expositions

Events,

Inc.

78,966

3,300

Ethan

Allen

Interiors,

Inc.

53,295

29,917

Etsy,

Inc.

b

1,460,249

200

Exedy

Corporation

4,139

25,861

Five

Below,

Inc.

b

2,927,982

4,525

Garrett

Motion,

Inc.

b

38,100

1,044

Genuine

Parts

Company

97,687

31,334

G-III

Apparel

Group,

Ltd.

b

852,598

1,191

Goodyear

Tire

&

Rubber

Company

15,638

16,201

Grand

Canyon

Education,

Inc.

b

1,268,214

13,373

Harley-Davidson,

Inc.

446,658

8,112

Home

Depot,

Inc.

1,850,347

300

Honda

Motor

Company,

Ltd.

7,673

1,418

Hooker

Furniture

Corporation

34,940

59

Johnson

Outdoors,

Inc.

4,637

12,807

Knoll,

Inc.

317,101

6,155

Lear

Corporation

758,173

24,279

Lowe's

Companies,

Inc.

2,822,191

4,310

Lululemon

Athletica,

Inc.

b

1,031,771

290

Madison

Square

Garden

Company

b

85,895

3,541

Marcus

Corporation

103,220

1,897

McDonald's

Corporation

405,901

4,331

Modine

Manufacturing

Company

b

30,447

3,165

Mohawk

Industries,

Inc.

b

416,767

5,259

Moneysupermarket.com

Group

plc

22,574

46,767

Movado

Group,

Inc.

805,328

1,900

NHK

Spring

Company,

Ltd.

15,298

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock

(40.6%)

Value

Consumer

Discretionary

(3.8%)

-

continued

1,331

NIKE,

Inc.

$

128,175

21,900

Nissan

Motor

Company,

Ltd.

118,836

28,655

Norwegian

Cruise

Line

Holdings,

Ltd.

b

1,543,072

242

NVR,

Inc.

b

923,707

24,642

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

1,307,012

300

Onward

Holdings

Company,

Ltd.

1,723

1,688

O'Reilly

Automotive,

Inc.

b

685,497

14,267

Oxford

Industries,

Inc.

990,130

600

Park24

Company,

Ltd.

15,068

36,976

Planet

Fitness,

Inc.

b

2,987,291

85,150

Playa

Hotels

and

Resorts

NV

b

597,753

200

PLENUS

Company,

Ltd.

a

3,641

109,534

Red

Rock

Resorts,

Inc.

2,684,678

3,287

Redrow

plc

34,507

5,779

RH

b

1,206,366

500

Rinnai

Corporation

35,641

1,169

Ruth's

Hospitality

Group,

Inc.

23,964

700

Sangetsu

Company,

Ltd.

12,354

200

SHIMAMURA

Company,

Ltd.

15,027

11,240

Sony

Corporation

ADR

788,823

7,403

Standard

Motor

Products,

Inc.

359,638

969

Starbucks

Corporation

82,200

200

Start

Today

Company,

Ltd.

3,331

8,500

Sumitomo

Electric

Industries,

Ltd.

113,319

200

Sumitomo

Forestry

Company,

Ltd.

2,777

6,100

Sumitomo

Rubber

Industries,

Ltd.

67,023

1,246

Super

Retail

Group,

Ltd.

7,758

100

Takara

Standard

Company,

Ltd.

1,716

12,352

Taylor

Wimpey

plc

35,085

15,848

Texas

Roadhouse,

Inc.

990,500

9,654

TJX

Companies,

Inc.

569,972

1,900

Toyoda

Gosei

Company,

Ltd.

43,108

7,169

Tupperware

Brands

Corporation

44,878

5,327

Ulta

Beauty,

Inc.

b

1,427,157

100

United

Arrows,

Ltd.

2,659

4,793

Vail

Resorts,

Inc.

1,124,006

15,251

Wingstop

,

Inc.

1,414,835

26,705

Zumiez

,

Inc.

b

832,395

Total

55,824,470

Consumer

Staples

(1.6%)

400

Arcs

Company,

Ltd.

7,038

5,560

Calavo

Growers,

Inc.

a

425,952

568

Carlsberg

AS

82,947

21,442

Casey's

General

Stores,

Inc.

3,449,160

1,886

Central

Garden

&

Pet

Company

b

60,748

26,022

Coca-Cola

Company

1,519,685

18,657

Colgate-Palmolive

Company

1,376,513

1,633

Costco

Wholesale

Corporation

498,914

142,195

Cott

Corporation

2,174,162

605

ForFarmers

BV

3,959

142

Glanbia

plc

1,658

95,046

Hain

Celestial

Group,

Inc.

b

2,301,064

14,872

John

B.

Sanfilippo

&

Son,

Inc.

1,253,710

300

Kewpie

Corporation

6,257

4,735

Kimberly-Clark

Corporation

678,241

2

Lindt

&

Spruengli

AG

16,788

78

L'Oreal

SA

21,695

100

Ministop

Company,

Ltd.

1,411

12,294

Monster

Beverage

Corporation

b

818,780

1,619

Nestle

SA

178,564

14,001

PepsiCo,

Inc.

1,988,422

1,134

Philip

Morris

International,

Inc.

93,782

9,093

Procter

&

Gamble

Company

1,133,170

1,094

Seneca

Foods

Corporation

b

43,268

Shares

Common

Stock

(40.6%)

Value

Consumer

Staples

(1.6%)

-

continued

400

Seven

&

I

Holdings

Company,

Ltd.

$

15,337

19,949

Simply

Good

Foods

Company

b

458,229

800

Sugi

Holdings

Company,

Ltd.

40,082

2,600

Sundrug

Company,

Ltd.

88,109

94,906

SunOpta

,

Inc.

b

256,246

81,442

Turning

Point

Brands,

Inc.

1,860,135

918

Unilever

NV

53,567

508

Unilever

plc

30,303

23,505

Wal-Mart

Stores,

Inc.

2,691,087

Total

23,628,983

Energy

(1.3%)

7,298

Abraxas

Petroleum

Corporation

b

1,671

670

Apache

Corporation

18,385

52,211

Archrock

,

Inc.

435,962

37,474

BP

plc

ADR

1,353,936

35,081

Callon

Petroleum

Company

a,b

105,243

9,413

Centennial

Resource

Development,

Inc.

b

30,686

12,220

Chevron

Corporation

1,309,251

8,836

Cimarex

Energy

Company

387,812

5,217

Concho

Resources,

Inc.

395,344

10,160

ConocoPhillips

603,809

14,889

Continental

Resources,

Inc.

405,279

16,335

Core

Laboratories

NV

a

573,849

5,838

Devon

Energy

Corporation

126,801

8,591

Diamond

Offshore

Drilling,

Inc.

a,b

39,776

14,698

Diamondback

Energy,

Inc.

1,093,531

22,330

Enterprise

Products

Partners,

LP

575,444

4,675

EOG

Resources,

Inc.

340,854

220,174

Euronav

NV

2,175,319

628

Evolution

Petroleum

Corporation

3,165

5,844

Exterran

Corporation

b

31,558

8,350

Exxon

Mobil

Corporation

518,702

8,648

Frank's

International

NV

b

30,268

66

Gaztransport

Et

Technigaz

SA

6,672

19,832

Gran

Tierra

Energy,

Inc.

a,b

19,761

25,487

Halliburton

Company

555,871

5,536

Helmerich

&

Payne,

Inc.

224,485

17,200

JXTG

Holdings,

Inc.

73,155

7,417

Liberty

Oilfield

Services,

Inc.

62,896

100,481

Marathon

Oil

Corporation

1,142,469

22,672

Marathon

Petroleum

Corporation

1,235,624

33,906

Nabors

Industries,

Ltd.

70,185

93,183

Nine

Energy

Service,

Inc.

b

451,006

285

Oasis

Petroleum,

Inc.

b

641

18,972

Oceaneering

International,

Inc.

b

235,442

280

Oil

States

International,

Inc.

b

3,018

365

Parsley

Energy,

Inc.

6,074

59,760

Patterson-UTI

Energy,

Inc.

474,494

4,532

PDC

Energy,

Inc.

b

97,846

1,387

Penn

Virginia

Corporation

b

29,640

7,136

Pioneer

Natural

Resources

Company

963,360

61,121

QEP

Resources,

Inc.

193,754

3,378

Royal

Dutch

Shell

plc,

Class

A

88,707

5,458

Royal

Dutch

Shell

plc,

Class

B

143,418

9,929

SEACOR

Holdings,

Inc.

b

373,231

48,620

Southwestern

Energy

Company

b

76,333

51,864

Talos

Energy,

Inc.

b

1,137,896

21,801

TechnipFMC

plc

359,934

392

Total

SA

19,087

3,160

Transocean,

Ltd.

b

14,410

492

Whiting

Petroleum

Corporation

b

2,234

52,362

WPX

Energy,

Inc.

b

625,726

Total

19,244,014

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock

(40.6%)

Value

Financials

(7.2%)

124

1st

Source

Corporation

$

5,852

3,093

AB

Industrivarden

72,907

20,695

Aflac,

Inc.

1,067,241

6,008

AG

Mortgage

Investment

Trust,

Inc.

95,227

1,104

Alleghany

Corporation

b

880,617

801

Allianz

SE

191,234

31,469

Ally

Financial,

Inc.

1,007,952

24,571

American

Financial

Group,

Inc.

2,673,079

12,727

American

International

Group,

Inc.

639,659

3,471

Ameriprise

Financial,

Inc.

574,138

18,618

Ameris

Bancorp

748,257

1,402

Aon

plc

308,791

2,699

Argo

Group

International

Holdings,

Ltd.

177,054

11,720

Arthur

J.

Gallagher

&

Company

1,202,120

1,189

Artisan

Partners

Asset

Management,

Inc.

39,713

2,801

Associated

Banc-Corp

55,824

79,281

Assured

Guaranty,

Ltd.

3,634,241

759

Baloise

Holding

AG

137,135

8,069

Bank

Leumi

Le-Israel

BM

58,016

122,927

Bank

of

America

Corporation

4,035,693

1,490

Bank

of

Marin

Bancorp

65,649

1,947

Bank

of

Montreal

a

148,489

32,893

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,092,705

1,944

Bank

OZK

52,838

3,585

BankFinancial

Corporation

44,705

567

BankUnited

,

Inc.

18,711

8,404

Banner

Corporation

433,226

8,285

Berkshire

Hathaway,

Inc.

b

1,859,403

1,554

BlackRock,

Inc.

819,502

960

BOK

Financial

Corporation

75,744

24,329

Boston

Private

Financial

Holdings,

Inc.

277,351

55,976

Bridgewater

Bancshares,

Inc.

b

738,883

57,230

BrightSphere

Investment

Group

527,088

3,136

Brown

&

Brown,

Inc.

140,806

2,328

Byline

Bancorp,

Inc.

44,930

17,260

Capital

One

Financial

Corporation

1,722,548

9,712

Cboe

Global

Markets,

Inc.

1,196,713

2,261

Charles

Schwab

Corporation

102,989

6,175

Chubb,

Ltd.

938,538

8,565

CI

Financial

Corporation

150,085

4,202

Cincinnati

Financial

Corporation

441,000

8,938

CIT

Group,

Inc.

408,556

43,580

Citigroup,

Inc.

3,242,788

13,458

Citizens

Financial

Group,

Inc.

501,714

362

City

Holding

Company

27,396

1,596

CNP

Assurances

28,729

8,635

Cohen

&

Steers,

Inc.

638,817

31,153

Comerica,

Inc.

1,905,317

183

Commonwealth

Bank

of

Australia

10,361

842

Community

Bank

System,

Inc.

55,799

10,114

Community

Trust

Bancorp,

Inc.

442,487

8,858

Cullen/Frost

Bankers,

Inc.

789,779

4,800

DBS

Group

Holdings,

Ltd.

88,421

235

Deutsche

Boerse

AG

38,146

2,810

Deutsche

Pfandbriefbank

AG

c

45,260

281

Diamond

Hill

Investment

Group,

Inc.

39,556

7,765

Discover

Financial

Services

583,384

4,214

DnB

ASA

73,672

39,319

E*TRADE

Financial

Corporation

1,675,776

2,437

East

West

Bancorp,

Inc.

111,712

3,120

Ellington

Residential

Mortgage

REIT

33,571

5,798

Enstar

Group,

Ltd.

b

1,132,291

Shares

Common

Stock

(40.6%)

Value

Financials

(7.2%)

-

continued

1,774

Enterprise

Financial

Services

Corporation

$

77,187

17,301

Essent

Group,

Ltd.

858,303

1,238

Euronext

NV

c

107,314

101,485

Everi

Holdings,

Inc.

b

1,268,562

1,477

FBL

Financial

Group,

Inc.

79,433

673

Federal

Agricultural

Mortgage

Corporation

51,350

63,115

Fifth

Third

Bancorp

1,795,622

4,578

Financial

Institutions,

Inc.

141,048

2,510

First

American

Financial

Corporation

155,570

168

First

Bancorp

5,961

740

First

Bancshares,

Inc.

25,471

9,594

First

Busey

Corporation

244,647

2,718

First

Citizens

BancShares

,

Inc.

1,431,897

14,540

First

Defiance

Financial

Corporation

427,331

3,847

First

Financial

Corporation

160,535

899

First

Hawaiian,

Inc.

26,125

34,306

First

Interstate

BancSystem

,

Inc.

1,320,781

360

First

Mid-Illinois

Bancshares,

Inc.

11,790

4,790

First

Midwest

Bancorp,

Inc.

95,513

445

First

of

Long

Island

Corporation

9,817

15,079

First

Republic

Bank

1,671,960

12,273

FlexiGroup

,

Ltd.

17,042

2,018

Goldman

Sachs

Group,

Inc.

479,779

9,398

Great

Southern

Bancorp,

Inc.

534,840

4,412

Great

Western

Bancorp,

Inc.

130,375

25,934

Hamilton

Lane,

Inc.

1,684,413

3,357

Hancock

Whitney

Corporation

133,407

812

Hanmi

Financial

Corporation

13,658

3,861

Hanover

Insurance

Group,

Inc.

535,057

27,257

Hartford

Financial

Services

Group,

Inc.

1,615,795

25,050

Heartland

Financial

USA,

Inc.

1,225,196

112,003

Heritage

Commerce

Corporation

1,299,235

810

Heritage

Financial

Corporation

20,882

6,484

Hometrust

Bancshares,

Inc.

171,956

18,210

Horace

Mann

Educators

Corporation

783,212

7,299

Horizon

Bancorp,

Inc.

123,499

14,196

Houlihan

Lokey

,

Inc.

736,063

22,391

HSBC

Holdings

plc

162,786

210

IA

Financial

Corporation,

Inc.

11,557

27,101

IBERIABANK

Corporation

1,970,514

8,762

Independent

Bank

Corporation

187,332

17,416

Interactive

Brokers

Group,

Inc.

818,552

16,974

Intercontinental

Exchange,

Inc.

1,692,987

1,978

International

Bancshares

Corporation

77,933

18,880

Israel

Discount

Bank,

Ltd.

85,633

13,426

J.P.

Morgan

Chase

&

Company

1,777,065

10,263

Kemper

Corporation

763,772

60,056

KeyCorp

1,123,648

154

L

E

Lundbergforetagen

AB

6,685

3,599

Lakeland

Bancorp,

Inc.

58,448

1,394

Laurentian

Bank

of

Canada

a

45,241

3,960

Loews

Corporation

203,742

9,034

M&T

Bank

Corporation

1,522,410

6,660

Manulife

Financial

Corporation

129,738

936

Markel

Corporation

b

1,097,900

2,099

Mercantile

Bank

Corporation

68,784

13,124

Meridian

Bancorp,

Inc.

236,101

18,011

MetLife,

Inc.

895,327

10,472

MidWestOne

Financial

Group,

Inc.

338,664

20,119

Morgan

Stanley

1,051,419

4,418

MSCI,

Inc.

1,262,664

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock

(40.6%)

Value

Financials

(7.2%)

-

continued

89

Muenchener

Rueckversicherungs-

Gesellschaft

AG

$

26,241

1,594

National

Bank

of

Canada

88,444

91

National

Western

Life

Group,

Inc.

24,206

855

NBT

Bancorp,

Inc.

32,310

9,230

Northern

Trust

Corporation

902,786

3,593

Northwest

Bancshares,

Inc.

56,500

1,725

OFG

Bancorp

34,000

1,173

Old

Republic

International

Corporation

26,451

3,442

Old

Second

Bancorp,

Inc.

42,285

208

Onex

Corporation

13,344

370

Paragon

Banking

Group

plc

2,482

318

Pargesa

Holding

SA

25,475

245

Park

National

Corporation

23,268

25,140

PCSB

Financial

Corporation

499,783

408

Peapack

-Gladstone

Financial

Corporation

11,926

1,448

Peoples

Bancorp,

Inc.

47,118

13,893

Popular,

Inc.

777,452

1,804

Power

Corporation

of

Canada

a

45,011

416

Power

Financial

Corporation

10,798

9,532

Primerica,

Inc.

1,130,114

64,468

Prosight

Global,

Inc.

b

932,852

1,256

Provident

Financial

Services,

Inc.

28,649

5,865

Prudential

Financial,

Inc.

534,067

7,424

QCR

Holdings,

Inc.

305,126

28,853

Radian

Group,

Inc.

706,610

28,981

Raymond

James

Financial,

Inc.

2,649,733

5,797

Reinsurance

Group

of

America,

Inc.

835,058

3,926

Renasant

Corporation

125,357

689

Royal

Bank

of

Canada

54,447

417

S&P

Global,

Inc.

122,485

1,120

Safety

Insurance

Group,

Inc.

103,130

2,639

Sandy

Spring

Bancorp,

Inc.

91,837

14,337

Santander

Consumer

USA

Holdings,

Inc.

381,651

71,706

Seacoast

Banking

Corporation

of

Florida

b

1,946,818

17,366

SEI

Investments

Company

1,133,305

667

Selective

Insurance

Group,

Inc.

44,189

500

Senshu

Ikeda

Holdings,

Inc.

913

900

Singapore

Exchange,

Ltd.

5,710

18,688

Spirit

of

Texas

Bancshares,

Inc.

b

387,776

35,121

State

Auto

Financial

Corporation

1,057,493

3,621

Sun

Life

Financial,

Inc.

170,242

7,097

SVB

Financial

Group

b

1,705,622

299

Swiss

Life

Holding

AG

150,300

66,499

Synovus

Financial

Corporation

2,328,795

8,928

T.

Rowe

Price

Group,

Inc.

1,192,156

1,439

Territorial

Bancorp,

Inc.

41,774

9,708

TMX

Group,

Ltd.

898,250

415

Topdanmark

AS

19,611

4,269

Toronto-Dominion

Bank

235,934

7,527

TPG

RE

Finance

Trust,

Inc.

154,078

3,483

TriCo

Bancshares

126,781

16,144

Triumph

Bancorp,

Inc.

b

629,293

17,828

TrustCo

Bank

Corporation

141,376

31,535

U.S.

Bancorp

1,678,293

381

UMB

Financial

Corporation

25,321

3,052

Umpqua

Holdings

Corporation

51,579

483

Univest

Financial

Corporation

11,998

84

Virtus

Investment

Partners,

Inc.

10,335

2,264

Washington

Trust

Bancorp,

Inc.

107,155

9,285

Webster

Financial

Corporation

416,525

2,701

Wells

Fargo

&

Company

126,785

Shares

Common

Stock

(40.6%)

Value

Financials

(7.2%)

-

continued

3,113

WesBanco

,

Inc.

$

103,103

624

Westamerica

Bancorporation

39,537

4,499

Western

Alliance

Bancorp

248,480

155

Westwood

Holdings

Group,

Inc.

4,352

966

Willis

Towers

Watson

plc

204,106

18,290

Wintrust

Financial

Corporation

1,157,391

55,143

Zions

Bancorporations

NA

2,508,455

63

Zurich

Insurance

Group

AG

26,152

Total

105,210,692

Health

Care

(6.0%)

13,479

Abbott

Laboratories

1,174,560

14,714

Aerie

Pharmaceuticals,

Inc.

a,b

301,343

19,668

Agilent

Technologies,

Inc.

1,623,790

21,177

Agios

Pharmaceuticals,

Inc.

b

1,031,955

6,583

Alexion

Pharmaceuticals,

Inc.

b

654,284

2,774

Alkermes

plc

b

48,295

3,304

AmerisourceBergen

Corporation

282,690

6,544

Amgen,

Inc.

1,413,831

5,299

Arena

Pharmaceuticals,

Inc.

b

242,111

73

Atrion

Corporation

52,501

38,980

Axonics

Modulation

Technologies,

Inc.

a,b

1,131,589

23,095

Bausch

Health

Companies,

Inc.

b

633,496

2,712

Becton,

Dickinson

and

Company

746,288

2,054

Biogen,

Inc.

b

552,218

9,362

BioMarin

Pharmaceutical,

Inc.

b

781,727

2,694

Bio-Rad

Laboratories,

Inc.

b

972,318

11,370

Bio-

Techne

Corporation

2,387,359

1,249

Bluebird

Bio,

Inc.

b

99,533

598

Bruker

Corporation

29,583

53,500

Catalent

,

Inc.

b

3,268,850

18,260

Centene

Corporation

b

1,146,911

6,619

Charles

River

Laboratories

International,

Inc.

b

1,023,165

1,019

Chemed

Corporation

475,914

5,809

Cigna

Holding

Company

1,117,535

10,482

CryoLife

,

Inc.

b

311,735

1,084

CSL,

Ltd.

222,944

28,061

CVS

Health

Corporation

1,903,097

1,859

Danaher

Corporation

299,057

6,794

Dexcom

,

Inc.

b

1,635,656

3,499

Edwards

Lifesciences

Corporation

b

769,290

38,047

Gilead

Sciences,

Inc.

2,404,570

9,411

GlaxoSmithKline

plc

220,965

1,022

Grifols

SA

34,324

30,115

Guardant

Health,

Inc.

b

2,289,945

65,230

Halozyme

Therapeutics,

Inc.

b

1,238,065

699

HealthStream

,

Inc.

b

17,859

5,613

Hill-Rom

Holdings,

Inc.

597,728

11,155

Immunomedics

,

Inc.

b

207,148

21,578

Inspire

Medical

Systems,

Inc.

b

1,614,034

5,273

Insulet

Corporation

b

1,023,173

1,043

Intuitive

Surgical,

Inc.

b

583,851

10,046

Jazz

Pharmaceuticals,

Inc.

b

1,440,094

31,327

Johnson

&

Johnson

4,663,650

200

KYORIN

Holdings,

Inc.

3,591

1,847

Laboratory

Corporation

of

America

Holdings

b

323,964

25,618

LHC

Group,

Inc.

b

3,733,824

8,986

Ligand

Pharmaceuticals,

Inc.

a,b

789,061

65

LNA

Sante

3,305

33,426

Medtronic

plc

3,858,697

43,133

Merck

&

Company,

Inc.

3,685,284

2,103

Mesa

Laboratories,

Inc.

551,911

35,551

Natera

,

Inc.

b

1,244,641

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock

(40.6%)

Value

Health

Care

(6.0%)

-

continued

3,485

National

Healthcare

Corporation

$

292,461

13,524

Neurocrine

Biosciences,

Inc.

b

1,353,482

5,886

Nevro

Corporation

b

782,308

318

NextGen

Healthcare,

Inc.

b

4,407

2,664

Novartis

AG

251,663

3,052

Novo

Nordisk

AS

185,780

99,758

Optinose

,

Inc.

a,b

781,105

2,014

Orthifix

Medical,

Inc.

b

87,126

6,476

PerkinElmer,

Inc.

598,900

31,519

Pfizer,

Inc.

1,173,768

1,389

Pharming

Group

NV

b

2,034

144

Phibro

Animal

Health

Corporation

3,416

3,978

PRA

Health

Sciences,

Inc.

b

403,011

1,260

Prothena

Corporation

plc

b

15,334

917

Recordati

SPA

39,239

9,148

Repligen

Corporation

b

918,368

6,748

ResMed

,

Inc.

1,072,730

823

Roche

Holding

AG

276,091

5,307

Sage

Therapeutics,

Inc.

b

351,748

3,617

Sarepta

Therapeutics,

Inc.

b

419,427

264

Sonova

Holding

AG

66,204

1,640

Stryker

Corporation

345,548

554

Surmodics

,

Inc.

b

21,822

36,002

Syneos

Health,

Inc.

b

2,209,083

22,999

Tactile

Systems

Technology,

Inc.

b

1,292,314

7,887

Teleflex,

Inc.

2,930,099

4,935

Thermo

Fisher

Scientific,

Inc.

1,545,593

1,003

U.S.

Physical

Therapy,

Inc.

117,491

1,147

United

Therapeutics

Corporation

b

112,027

7,090

UnitedHealth

Group,

Inc.

1,931,671

5,405

Universal

Health

Services,

Inc.

741,080

4,140

Varian

Medical

Systems,

Inc.

b

581,960

22,401

Veeva

Systems,

Inc.

b

3,284,211

3,360

Vertex

Pharmaceuticals,

Inc.

b

762,888

1,525

Waters

Corporation

b

341,280

1,536

West

Pharmaceutical

Services,

Inc.

239,539

133,002

Wright

Medical

Group

NV

b

4,008,680

118

Zimmer

Biomet

Holdings,

Inc.

17,452

16,727

Zoetis,

Inc.

2,244,931

Total

88,669,580

Industrials

(6.5%)

2,475

3M

Company

392,684

13,710

A.O.

Smith

Corporation

585,280

944

Aalberts

NV

41,216

2,054

Aegion

Corporation

b

42,929

19,626

Aerojet

Rocketdyne

Holdings,

Inc.

b

1,021,926

37,095

AGCO

Corporation

2,601,843

62,069

Altra

Industrial

Motion

Corporation

2,064,415

21,579

AMETEK,

Inc.

2,096,400

38,680

Arcosa

,

Inc.

1,692,250

43,964

ASGN,

Inc.

b

2,975,923

1,366

Assa

Abloy

AB

32,424

3,131

Atlas

Copco

AB,

Class

A

110,819

968

Atlas

Copco

AB,

Class

B

30,089

13,666

AZZ,

Inc.

563,859

2,320

Boeing

Company

738,386

18,919

BWX

Technologies,

Inc.

1,203,059

636

Carlisle

Companies,

Inc.

99,362

22,574

Casella

Waste

Systems,

Inc.

b

1,155,563

5,192

Caterpillar,

Inc.

681,969

23,235

CBIZ,

Inc.

b

627,345

13,236

Chart

Industries,

Inc.

b

846,839

433

CIA

De

Distribucion

Integral

9,716

190

Cintas

Corporation

53,004

981

Columbus

McKinnon

Corporation

34,325

Shares

Common

Stock

(40.6%)

Value

Industrials

(6.5%)

-

continued

1,915

CRA

International,

Inc.

$

102,031

14,356

Crane

Company

1,226,864

7,354

CSW

Industrials,

Inc.

558,022

8,701

CSX

Corporation

664,234

25,577

Curtiss-Wright

Corporation

3,719,663

24,665

Delta

Air

Lines,

Inc.

1,374,827

1,566

Douglas

Dynamics,

Inc.

82,105

21,584

EMCOR

Group,

Inc.

1,773,557

11,202

Emerson

Electric

Company

802,399

28,587

Encore

Wire

Corporation

1,552,560

10,684

Expeditors

International

of

Washington,

Inc.

780,359

10,607

Forrester

Research,

Inc.

b

438,812

5

Geberit

AG

2,639

10,602

General

Dynamics

Corporation

1,860,015

4,715

Gorman-Rupp

Company

174,031

300

GS

Yuasa

Corporation

5,919

5,692

GWA

Group,

Ltd.

a

13,519

400

Hanwa

Company,

Ltd.

9,647

22,236

Healthcare

Services

Group,

Inc.

569,242

4,608

Heico

Corporation

564,157

307

Herc

Holdings,

Inc.

b

12,317

1,100

Hino

Motors,

Ltd.

10,300

18,041

Honeywell

International,

Inc.

3,125,062

7,330

Hubbell,

Inc.

1,049,876

6,285

Huntington

Ingalls

Industries,

Inc.

1,640,385

1,494

ICF

International,

Inc.

130,860

14,010

IDEX

Corporation

2,295,539

1,300

Inaba

Denki

Sangyo

Company,

Ltd.

32,526

15,137

Ingersoll-Rand

plc

2,016,703

1,973

Interface,

Inc.

31,726

6,349

John

Bean

Technologies

Corporation

717,374

19,897

Johnson

Controls

International

plc

784,937

3,890

Kansas

City

Southern

656,204

20,132

Kennametal,

Inc.

629,930

800

Kinden

Corporation

13,632

1,585

Koninklijke

Philips

NV

72,589

15,017

Kratos

Defense

&

Security

Solutions,

Inc.

b

275,412

1,762

Legrand

SA

141,481

8,884

Lincoln

Electric

Holdings,

Inc.

792,275

1,315

Lockheed

Martin

Corporation

562,978

1,517

Manpower,

Inc.

138,790

10,700

Marubeni

Corporation

76,886

3,554

Masonite

International

Corporation

b

266,941

12,568

Mercury

Systems,

Inc.

b

964,594

49,885

Meritor,

Inc.

b

1,092,980

5,500

Mitsubishi

Corporation

140,996

3,000

Mitsubishi

Electric

Corporation

41,595

500

Mitsuboshi

Belting,

Ltd.

8,531

7,700

Mitsui

&

Company,

Ltd.

136,949

2,632

MSC

Industrial

Direct

Company,

Inc.

179,160

939

Mueller

Industries,

Inc.

27,391

2,215

National

Express

Group

plc

13,074

1,700

Nitto

Kogyo

Corporation

35,193

905

Nobina

AB

c

6,872

422

Norfolk

Southern

Corporation

87,865

667

Northgate

plc

2,343

9,638

Old

Dominion

Freight

Line,

Inc.

1,891,265

2,723

PageGroup

plc

16,418

8,754

Parker-Hannifin

Corporation

1,713,070

98,170

Primoris

Services

Corporation

2,093,966

25,310

Raven

Industries,

Inc.

793,722

6,300

Regal-Beloit

Corporation

494,298

5,731

RELX

plc

152,054

860

Republic

Services,

Inc.

81,743

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(40.6%)

Value

Industrials

(6.5%)

-

continued

75,936

Ritchie

Brothers

Auctioneers,

Inc.

$

3,206,018

3,446

Rockwell

Automation,

Inc.

660,460

4,831

Roper

Industries,

Inc.

1,843,799

17,487

Saia,

Inc.

b

1,523,118

1,300

Sandvik

AB

23,727

1,217

Schneider

Electric

SE

121,368

2,802

Signify

NV

c

93,382

8,435

SiteOne

Landscape

Supply,

Inc.

b

814,399

3,806

SKF

AB

69,667

26,200

Sojitz

Corporation

82,467

51,971

Southwest

Airlines

Company

2,857,366

1,624

SP

Plus

Corporation

b

67,899

268

Spirax-Sarco

Engineering

plc

31,483

810

SPX

FLOW,

Inc.

b

35,429

12,062

Standex

International

Corporation

881,612

5,500

Sumitomo

Corporation

81,811

200

Taikisha,

Ltd.

6,839

4,557

Teledyne

Technologies,

Inc.

b

1,663,578

1,955

Thermon

Group

Holdings,

Inc.

b

46,334

700

Toppan

Forms

Company,

Ltd.

7,943

491

Transcontinental,

Inc.

5,773

1,507

TransDigm

Group,

Inc.

969,423

16,306

TriMas

Corporation

b

468,471

500

Tsubakimoto

Chain

Company

15,386

1,587

UniFirst

Corporation

323,637

10,214

United

Airlines

Holdings,

Inc.

b

764,007

12,069

United

Rentals,

Inc.

b

1,637,643

18,566

United

Technologies

Corporation

2,788,613

23,385

Valmont

Industries,

Inc.

3,322,073

25,937

Verisk

Analytics,

Inc.

4,213,984

801

Volvo

AB

13,692

22,454

Waste

Connections,

Inc.

2,162,545

6,440

Watsco

,

Inc.

1,120,045

37,111

Willdan

Group,

Inc.

b

1,229,487

12,238

Xylem,

Inc.

999,355

300

Yuasa

Trading

Company,

Ltd.

9,625

Total

95,587,487

Information

Technology

(8.6%)

5,892

Accenture

plc

1,209,097

1,612

Adobe,

Inc.

b

566,038

1,792

ADTRAN,

Inc.

16,218

11,821

Advanced

Energy

Industries,

Inc.

b

826,761

44,464

Advanced

Micro

Devices,

Inc.

b

2,089,808

23,515

Akamai

Technologies,

Inc.

b

2,195,125

6,477

Alliance

Data

Systems

Corporation

665,771

8,446

Alteryx,

Inc.

b

1,177,964

1,767

Amadeus

IT

Holding

SA

138,544

2,859

American

Software,

Inc.

42,685

30,867

Amphenol

Corporation

3,070,340

5,006

ANSYS,

Inc.

b

1,373,296

18,066

Apple,

Inc.

5,591,608

1,291

Arista

Networks,

Inc.

b

288,332

6,231

Atlassian

Corporation

plc

b

915,957

7,005

Automatic

Data

Processing,

Inc.

1,200,587

19,719

Avalara,

Inc.

b

1,678,876

1,089

Avnet,

Inc.

39,738

419

Badger

Meter,

Inc.

24,746

16,048

Bandwidth,

Inc.

b

1,138,766

881

BE

Semiconductor

Industries

NV

37,299

15,322

Benchmark

Electronics,

Inc.

471,611

37,143

Blackline,

Inc.

b

2,272,037

3,915

Broadridge

Financial

Solutions,

Inc.

466,472

442

CACI

International,

Inc.

b

118,208

1,200

Canon,

Inc.

31,469

19,293

CDK

Global,

Inc.

1,035,648

Shares

Common

Stock

(40.6%)

Value

Information

Technology

(8.6%)

-

continued

5,785

CDW

Corporation

$

754,653

552

CEVA,

Inc.

b

15,097

2,749

CGI,

Inc.

b

210,485

83,020

Ciena

Corporation

b

3,376,423

108,994

Cisco

Systems,

Inc.

5,010,454

3,500

Clearwater

Energy,

Inc.

72,415

13,521

Cognex

Corporation

689,165

16,824

Computer

Services,

Inc.

841,873

2,068

Computershare,

Ltd.

24,419

20,913

Coupa

Software,

Inc.

b

3,370,130

7,159

CTS

Corporation

209,830

17,843

Descartes

Systems

Group,

Inc.

b

799,545

193

Dialog

Semiconductor

plc

b

8,478

25,222

DocuSign,

Inc.

b

1,980,179

88,609

Dolby

Laboratories,

Inc.

6,144,148

2,989

DSP

Group,

Inc.

b

43,221

18,616

Elastic

NV

b

1,207,806

3,783

ePlus

,

Inc.

b

301,581

7,412

Euronet

Worldwide,

Inc.

b

1,168,428

5,699

ExlService

Holdings,

Inc.

b

416,654

585

eXp

World

Holdings,

Inc.

b

6,458

6,537

F5

Networks,

Inc.

b

798,298

325

Fair

Isaac

Corporation

b

130,774

566

Fiserv,

Inc.

b

67,133

21,401

Five9,

Inc.

b

1,535,094

397

FLIR

Systems,

Inc.

20,461

200

Fuji

Soft,

Inc.

8,016

10,850

Global

Payments,

Inc.

2,120,633

21,789

Guidewire

Software,

Inc.

b

2,451,263

5,163

Halma

plc

143,306

2,546

InterDigital

,

Inc.

140,667

415

International

Business

Machines

Corporation

59,648

3,404

Intuit,

Inc.

954,414

6,019

Jack

Henry

&

Associates,

Inc.

900,081

4,051

Juniper

Networks,

Inc.

92,930

1,429

Keysight

Technologies,

Inc.

b

132,883

4,227

KLA-Tencor

Corporation

700,583

1,412

Kulicke

and

Soffa

Industries,

Inc.

36,557

4,605

Lam

Research

Corporation

1,373,257

62,971

Lattice

Semiconductor

Corporation

b

1,171,261

106

Littelfuse

,

Inc.

18,752

1,519

ManTech

International

Corporation

121,945

5,490

MasterCard,

Inc.

1,734,511

11,825

Maxim

Integrated

Products,

Inc.

710,919

11,900

Methode

Electronics,

Inc.

389,725

43,587

Microsoft

Corporation

7,419,815

5,100

MicroStrategy

,

Inc.

b

775,353

11,527

MKS

Instruments,

Inc.

1,208,260

28,643

Monolithic

Power

Systems,

Inc.

4,902,822

4,342

MTS

Systems

Corporation

220,096

41,119

National

Instruments

Corporation

1,835,141

900

NEC

Networks

&

System

Integration

Corporation

33,639

264

NetApp,

Inc.

14,098

8,992

New

Relic,

Inc.

b

593,562

10,408

Nice,

Ltd.

ADR

b

1,793,298

15,851

Nova

Measuring

Instruments,

Ltd.

b

602,972

8,200

Novanta

,

Inc.

b

743,986

51,148

Nuance

Communications,

Inc.

b

967,720

480

NVIDIA

Corporation

113,486

23,808

Oracle

Corporation

1,248,730

100

Oracle

Corporation

Japan

8,656

7,913

Palo

Alto

Networks,

Inc.

b

1,857,814

5,263

Paychex,

Inc.

451,408

1,359

PayPal

Holdings,

Inc.

b

154,777

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(40.6%)

Value

Information

Technology

(8.6%)

-

continued

15,018

Plexus

Corporation

b

$

1,068,080

1,262

Progress

Software

Corporation

56,954

9,240

Proofpoint

,

Inc.

b

1,134,764

12,911

Q2

Holdings,

Inc.

b

1,125,710

4,940

QAD,

Inc.

254,163

9,226

QUALCOMM,

Inc.

787,070

14,210

Rogers

Corporation

b

1,673,228

300

Ryoyo

Electro

Corporation

5,080

97,866

SailPoint

Technologies

Holdings,

Inc.

b

2,455,458

1,029

Salesforce.com,

Inc.

b

187,597

832

Samsung

Electronics

Company,

Ltd.

GDR

969,251

3,078

ScanSource

,

Inc.

b

107,391

9,560

ServiceNow

,

Inc.

b

3,233,479

1,712

Silicon

Laboratories,

Inc.

b

168,307

934

Square,

Inc.

b

69,760

35,312

STMicroelectronics

NV

ADR

983,439

454

Sykes

Enterprises,

Inc.

b

15,250

21,552

Synopsys,

Inc.

b

3,179,136

16,052

TE

Connectivity,

Ltd.

1,479,673

15,677

Teradyne,

Inc.

1,034,525

20,315

Texas

Instruments,

Inc.

2,451,005

5,877

Tyler

Technologies,

Inc.

b

1,902,267

2,792

VeriSign,

Inc.

b

581,127

51,308

Virtusa

Corporation

b

2,136,465

2,138

Visa,

Inc.

425,398

3,620

VMware,

Inc.

b

535,977

7,024

WEX,

Inc.

b

1,523,646

5,730

Xilinx,

Inc.

484,070

13,030

Zscaler

,

Inc.

b

730,853

Total

126,852,310

Materials

(1.5%)

4,825

AdvanSix

,

Inc.

b

90,324

1,100

Air

Water,

Inc.

15,109

20,915

Alcoa

Corporation

b

291,764

4,232

AptarGroup,

Inc.

488,838

2,100

Avery

Dennison

Corporation

275,604

101

Balchem

Corporation

10,910

12,386

Ball

Corporation

894,021

2,791

Cabot

Corporation

111,221

6,493

Celanese

Corporation

672,025

16,285

CF

Industries

Holdings,

Inc.

655,960

26,437

Eastman

Chemical

Company

1,884,165

5,430

Ecolab,

Inc.

1,064,877

2,022

Ferro

Corporation

b

27,661

6,790

Ferroglobe

Representation

&

Warranty

Insurance

Trust

b,d

1

1,861

Granges

AB

17,192

2,667

Hexpol

AB

24,043

400

Hokuetsu

Corporation

1,844

2,928

Ingevity

Corporation

b

190,964

8,144

Innospec

,

Inc.

820,345

819

Kadant

,

Inc.

87,305

9,527

Kaiser

Aluminum

Corporation

954,129

776

Koninklijke

DSM

NV

94,444

3,218

Kraton

Performance

Polymers,

Inc.

b

52,936

1,500

Kyoei

Steel,

Ltd.

26,309

300

Lintec

Corporation

6,485

104,179

Louisiana-Pacific

Corporation

3,196,212

6,596

Martin

Marietta

Materials,

Inc.

1,740,025

100

Maruichi

Steel

Tube,

Ltd.

2,775

5,770

Materion

Corporation

313,311

3,777

Minerals

Technologies,

Inc.

204,449

100

Mitsubishi

Materials

Corporation

2,515

7,932

Myers

Industries,

Inc.

128,340

Shares

Common

Stock

(40.6%)

Value

Materials

(1.5%)

-

continued

5,964

Neenah,

Inc.

$

397,441

1,100

Nippon

Light

Metal

Holdings

Company,

Ltd.

2,099

8,200

Nippon

Steel

Corporation

113,779

100

Nissan

Chemical

Industries,

Ltd.

4,132

15,814

Nucor

Corporation

751,007

27,513

Nutanix

,

Inc.

b

893,347

675

Olympic

Steel,

Inc.

9,923

11,364

PPG

Industries,

Inc.

1,361,862

197

Quaker

Chemical

Corporation

32,706

1,793

Reliance

Steel

&

Aluminum

Company

205,836

261

Rio

Tinto,

Ltd.

16,936

865

RPM

International,

Inc.

61,735

5,354

Ryerson

Holding

Corporation

b

54,879

3,896

Sandfire

Resources,

Ltd.

14,309

1,123

Schnitzer

Steel

Industries,

Inc.

18,058

1,403

Schweitzer-Mauduit

International,

Inc.

49,147

306

Sensient

Technologies

Corporation

18,284

1,395

Sherwin-Williams

Company

777,001

39,105

Steel

Dynamics,

Inc.

1,168,457

200

Taiyo

Holdings

Company,

Ltd.

8,460

1,200

Toagosei

Company,

Ltd.

13,417

9,400

Toray

Industries,

Inc.

61,507

1,290

UFP

Technologies,

Inc.

b

60,153

12,901

United

States

Lime

&

Minerals,

Inc.

1,157,865

2,074

UPM-

Kymmene

Oyj

65,349

656

W.

R.

Grace

&

Company

44,188

1,441

Worthington

Industries,

Inc.

53,000

Total

21,760,980

Real

Estate

(2.2%)

36,694

Agree

Realty

Corporation

2,786,175

6,063

Alexandria

Real

Estate

Equities,

Inc.

989,482

1,103

Allied

Properties

REIT

46,024

932

Alstria

Office

REIT

AG

18,490

37,486

American

Campus

Communities,

Inc.

1,719,483

429

American

Tower

Corporation

99,416

8,139

Apartment

Investment

&

Management

Company

429,007

36,912

Apple

Hospitality

REIT,

Inc.

554,418

1,357

Ares

Commercial

Real

Estate

Corporation

22,173

4,985

Armada

Hoffler

Properties,

Inc.

91,425

17,160

Ascendas

REIT

39,511

2,200

Ascott

Trust

2,031

7,451

Ashford

Hospitality

Trust,

Inc.

18,329

1,912

BBX

Capital

Corporation

7,419

607

Bluerock

Residential

Growth

REIT,

Inc.

7,005

6,326

Brixmor

Property

Group,

Inc.

126,267

12,922

Camden

Property

Trust

1,452,820

434

CareTrust

REIT,

Inc.

9,626

1,968

Castellum

AB

48,367

9,342

CBL

&

Associates

Properties,

Inc.

7,847

19,485

Cedar

Realty

Trust,

Inc.

50,661

4,415

Chatham

Lodging

Trust

72,185

669

Choice

Properties

REIT

7,391

2,203

City

Office

REIT,

Inc.

29,785

32

Cofinimmo

SA

5,103

3,917

Columbia

Property

Trust,

Inc.

82,649

1,321

Corepoint

Lodging,

Inc.

12,087

11,894

CoreSite

Realty

Corporation

1,396,950

3,444

CoStar

Group,

Inc.

b

2,248,898

40,993

Cousins

Properties,

Inc.

1,677,844

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(40.6%)

Value

Real

Estate

(2.2%)

-

continued

800

Daito

Trust

Construction

Company,

Ltd.

$

94,237

137

Deutsche

EuroShop

AG

3,735

14,658

DiamondRock

Hospitality

Company

141,743

4,842

Digital

Realty

Trust,

Inc.

595,518

18,998

Douglas

Emmett,

Inc.

788,417

22,064

Duke

Realty

Corporation

801,144

424

EastGroup

Properties,

Inc.

57,694

340

Entra

ASA

c

5,802

2,203

EPR

Properties

157,228

407

Equity

Lifestyle

Properties,

Inc.

29,609

11,942

Equity

Residential

992,141

19,502

Essential

Properties

Realty

Trust,

Inc.

538,450

136

Essex

Property

Trust,

Inc.

42,127

1,747

Farmland

Partners,

Inc.

11,321

98

First

Capital

REIT

1,605

18,229

First

Industrial

Realty

Trust,

Inc.

778,378

245

Four

Corners

Property

Trust,

Inc.

7,421

5,422

Franklin

Street

Properties

Corporation

41,207

4,212

Gaming

and

Leisure

Properties,

Inc.

199,038

928

Getty

Realty

Corporation

29,251

2,547

Gladstone

Commercial

Corporation

54,302

2,771

Global

Medical

REIT,

Inc.

40,457

1,447

Granite

REIT

78,189

4,047

Healthcare

Realty

Trust,

Inc.

145,935

4,319

Healthcare

Trust

of

America,

Inc.

138,338

1,390

Highwoods

Properties,

Inc.

69,653

57,248

Host

Hotels

&

Resorts,

Inc.

935,432

2,503

Hudson

Pacific

Properties,

Inc.

90,959

8,000

Hysan

Development

Company,

Ltd.

29,864

5,063

Industrial

Logistics

Properties

Trust

115,892

3,936

Innovative

Industrial

Properties,

Inc.

352,272

1,284

Investors

Real

Estate

Trust

94,631

3,099

Jones

Lang

LaSalle,

Inc.

526,272

15,828

Kilroy

Realty

Corporation

1,306,918

7,481

Kite

Realty

Group

Trust

128,673

663

Klepierre

SA

22,537

234

Kungsleden

AB

2,494

1,196

Lamar

Advertising

Company

111,001

55

LEG

Immobilien

AG

6,784

3,140

Lexington

Realty

Trust

34,760

606

Life

Storage,

Inc.

68,587

4,400

Mapletree

Commercial

Trust

7,556

18,509

Medical

Properties

Trust,

Inc.

409,974

493

MGM

Growth

Properties

LLC

15,746

975

Monmouth

Real

Estate

Investment

Corporation

14,264

495

National

Health

Investors,

Inc.

41,768

4,849

National

Retail

Properties,

Inc.

271,544

32,552

National

Storage

Affiliates

Trust

1,111,651

101

Northview

Apartment

REIT

2,344

3,362

Office

Properties

Income

Trust

114,409

960

Omega

Healthcare

Investors,

Inc.

40,272

2,349

One

Liberty

Properties,

Inc.

64,222

47,049

Physicians

Realty

Trust

910,398

5,184

PotlatchDeltic

Corporation

222,912

1,332

Preferred

Apartment

Communities,

Inc.

15,691

1,020

PS

Business

Parks,

Inc.

170,911

1,007

PSP

Swiss

Property

AG

152,265

3,657

QTS

Realty

Trust,

Inc.

208,010

1,410

Quebecor,

Inc.

34,989

1,632

Rayonier,

Inc.

REIT

49,580

732

Retail

Opportunity

Investments

Corporation

12,129

Shares

Common

Stock

(40.6%)

Value

Real

Estate

(2.2%)

-

continued

9,436

Retail

Properties

of

America,

Inc.

$

114,647

1,189

RioCan

REIT

24,402

225

RMR

Group,

Inc.

10,366

3,000

Road

King

Infrastructure,

Ltd.

5,036

2,811

RPT

Realty

39,213

1,117

Ryman

Hospitality

Properties

94,979

16,227

Sabra

Health

Care

REIT,

Inc.

348,881

621

Saul

Centers,

Inc.

30,665

5,987

SBA

Communications

Corporation

1,494,116

27,094

Service

Properties

Trust

584,689

3,705

Spirit

Realty

Capital,

Inc.

195,550

354

St.

Joe

Company

b

7,438

1,052

STAG

Industrial,

Inc.

33,917

11,069

Store

Capital

Corporation

434,458

9,468

Summit

Hotel

Properties,

Inc.

105,000

490

Swiss

Prime

Site

AG

59,822

2,997

TAG

Immobilien

AG

78,988

10,898

Terreno

Realty

Corporation

624,020

1,993

UMH

Properties,

Inc.

31,489

17,213

Uniti

Group,

Inc.

108,958

224

Universal

Health

Realty

Income

Trust

27,630

2,748

Urstadt

Biddle

Properties,

Inc.

62,297

5,467

VICI

Properties,

Inc.

146,516

7,800

Wing

Tai

Holdings,

Ltd.

11,432

Total

32,274,028

Utilities

(0.7%)

1,342

AGL

Energy,

Ltd.

17,810

15,205

Alliant

Energy

Corporation

902,569

2,253

Artesian

Resources

Corporation

84,983

661

Chesapeake

Utilities

Corporation

63,595

12,811

CMS

Energy

Corporation

877,682

2,120

Consolidated

Water

Company,

Ltd.

36,273

1,789

DTE

Energy

Company

237,239

1,831

Enagas

SA

49,334

8,528

Entergy

Corporation

1,121,603

45,027

Exelon

Corporation

2,142,835

1,508

IDACORP,

Inc.

169,183

733

Middlesex

Water

Company

47,836

15,633

New

Jersey

Resources

Corporation

645,956

473

Northland

Power,

Inc.

10,647

11,092

NorthWestern

Corporation

853,751

1,204

Otter

Tail

Corporation

64,486

25,945

PNM

Resources,

Inc.

1,406,997

5,236

Public

Service

Enterprise

Group,

Inc.

309,971

898

Southwest

Gas

Holdings,

Inc.

67,808

10,404

Spire,

Inc.

877,265

1,298

Unitil

Corporation

80,074

Total

10,067,897

Total

Common

Stock

(cost

$502,867,963)

597,327,839

Principal

Amount

Long-Term

Fixed

Income

(

4.5%

)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

MASTR

Alternative

Loans

Trust

$

28,696

2.111%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

e

9,096

Sequoia

Mortgage

Trust

55,184

3.712%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

e

45,167

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(4.5%)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

-

continued

WaMu

Mortgage

Pass

Through

Certificates

$

25,919

3.710%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

e

$

25,165

38,639

3.693%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

e

38,173

Total

117,601

Commercial

Mortgage-Backed

Securities

(<0.1%)

Federal

National

Mortgage

Association

590,784

4.500%, 

5/1/2048

625,573

Total

625,573

Mortgage-Backed

Securities

(2.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,423,380

3.500%, 

5/1/2034

1,487,815

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,075,733

3.000%, 

8/1/2047

1,110,727

100,423

3.500%, 

7/1/2049

103,622

Federal

National

Mortgage

Association

903,308

3.500%, 

10/1/2048

939,650

3,295,109

3.500%, 

2/1/2049

f

3,413,935

1,012,067

3.500%, 

8/1/2049

1,055,240

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

4,155,000

2.500%, 

2/1/2035

f

4,228,849

6,381,000

3.000%, 

2/1/2035

f

6,572,679

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,534,000

3.000%, 

3/1/2050

f

7,699,448

2,274,475

4.000%, 

7/1/2048

2,380,867

Total

28,992,832

U.S.

Government

&

Agencies

(2.5%)

U.S.

Treasury

Bonds

1,490,000

2.250%, 

11/15/2027

1,578,061

4,500,000

2.875%, 

5/15/2028

4,993,242

190,000

5.250%, 

11/15/2028

249,278

2,291,000

2.500%, 

5/15/2046

2,517,147

U.S.

Treasury

Notes

600,000

2.750%, 

11/30/2020

605,906

100,000

2.500%, 

2/28/2021

101,066

1,240,000

1.125%, 

8/31/2021

1,234,623

1,250,000

1.500%, 

9/30/2021

1,252,393

410,000

2.000%, 

11/30/2022

417,800

500,000

2.125%, 

7/31/2024

517,539

1,210,000

2.250%, 

11/15/2024

1,261,520

1,930,000

2.125%, 

11/30/2024

2,001,772

540,000

2.625%, 

1/31/2026

578,370

17,570,000

2.500%, 

2/28/2026

18,703,814

Total

36,012,531

Total

Long-Term

Fixed

Income

(cost

$63,268,139)

65,748,537

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

8,571,092

Thrivent

Cash

Management

Trust

$

8,571,092

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,571,092)

8,571,092

Shares

or

Principal

Amount

Short-Term

Investments

(

11.6%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

2,300,000

1.540%,

2/12/2020

g,h

2,299,109

200,000

1.570%,

2/19/2020

g,h

199,862

5,700,000

1.570%,

2/26/2020

g,h

5,694,355

600,000

1.570%,

3/4/2020

g,h

599,220

2,800,000

1.500%,

3/11/2020

g,h

2,795,511

200,000

1.535%,

3/18/2020

g,h

199,619

100,000

1.535%,

3/27/2020

g,h

99,770

1,200,000

1.540%,

3/31/2020

g,h

1,197,036

4,800,000

1.550%,

4/7/2020

g,h

4,786,603

9,900,000

1.537%,

4/8/2020

g,h

9,871,936

Thrivent

Core

Short-Term

Reserve

Fund

14,260,921

1.900%

142,609,208

Total

Short-Term

Investments

(cost

$170,350,759)

170,352,229

Total

Investments

(cost

$1,265,473,399)

102.0%

$1,499,605,361

Other

Assets

and

Liabilities,

Net

(2.0%)

(29,870,623)

Total

Net

Assets

100.0%

$1,469,734,738

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

January

31,

2020,

the

value

of

these

investments

was

$362,317

or

0.0%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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.  

f

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

g

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

h

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.

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

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

January

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

8,137,737

Total

lending

$8,137,737

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,571,092

Net

amounts

due

to

counterparty

$433,355

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

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.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

18,207,398

17,937,409

269,989

–

Consumer

Discretionary

55,824,470

54,991,402

833,068

–

Consumer

Staples

23,628,983

23,081,268

547,715

–

Energy

19,244,014

18,912,975

331,039

–

Financials

105,210,692

101,828,887

3,381,805

–

Health

Care

88,669,580

87,363,440

1,306,140

–

Industrials

95,587,487

93,866,897

1,720,590

–

Information

Technology

126,852,310

125,233,668

1,618,642

–

Materials

21,760,980

21,270,275

490,704

1

Real

Estate

32,274,028

31,485,030

788,998

–

Utilities

10,067,897

9,990,106

77,791

–

Registered

Investment

Companies

Unaffiliated

19,612,778

19,612,778

–

–

Affiliated

489,394,365

489,394,365

–

–

Long-Term

Fixed

Income

Collateralized

Mortgage

Obligations

117,601

–

117,601

–

Commercial

Mortgage-Backed

Securities

625,573

–

625,573

–

Mortgage-Backed

Securities

28,992,832

–

28,992,832

–

U.S.

Government

&

Agencies

36,012,531

–

36,012,531

–

Short-Term

Investments

27,743,021

–

27,743,021

–

Subtotal

Investments

in

Securities

$1,199,826,540

$1,094,968,500

$104,858,039

$1

Other

Investments  *

Total

Affiliated

Short-Term

Investments

142,609,208

Affiliated

Registered

Investment

Companies

148,598,521

Collateral

Held

for

Securities

Loaned

8,571,092

Subtotal

Other

Investments

$299,778,821

Total

Investments

at

Value

$1,499,605,361

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

8,105,341

8,105,341

–

–

Total

Asset

Derivatives

$8,105,341

$8,105,341

$–

$–

Liability

Derivatives

Futures

Contracts

11,007,561

11,007,561

–

–

Total

Liability

Derivatives

$11,007,561

$11,007,561

$–

$–

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$27,743,021

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

5

March

2020

$

645,016

$

13,265

CBOT

2-Yr.

U.S.

Treasury

Note

32

March

2020

6,901,598

21,902

CBOT

U.S.

Long

Bond

7

March

2020

1,113,843

30,876

CME

E-mini

S&P

500

Index

1,367

March

2020

215,900,136

4,460,264

CME

Euro

Foreign

Exchange

Currency

390

March

2020

54,443,070

(

240,383)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

28

March

2020

5,244,187

179,063

Eurex

Euro

STOXX

50

Index

1,316

March

2020

54,489,202

(

1,698,580)

ICE

mini

MSCI

EAFE

Index

266

March

2020

27,041,640

(

754,190)

ICE

US

mini

MSCI

Emerging

Markets

Index

2,008

March

2020

110,546,283

(

5,116,243)

Total

Futures

Long

Contracts

$

476,324,975

(

$

3,104,026)

CBOT

5-Yr.

U.S.

Treasury

Note

(51)

March

2020

(

$

6,071,381)

(

$

64,954)

CME

E-mini

NASDAQ

100

Index

(350)

March

2020

(

59,942,785)

(

3,041,465)

CME

E-mini

Russell

2000

Index

(269)

March

2020

(

22,482,489)

764,774

CME

E-mini

S&P

Mid-Cap

400

Index

(901)

March

2020

(

183,465,897)

2,635,197

Ultra

10-Yr.

U.S.

Treasury

Note

(28)

March

2020

(

3,986,629)

(

91,746)

Total

Futures

Short

Contracts

(

$

275,949,181)

$201,806

Total

Futures

Contracts

$

200,375,794

($2,902,220)

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

International

Equity

$56,200

$2,192

$–

$57,538

6,031

3.9%

Core

Low

Volatility

Equity

58,411

32,016

–

91,061

7,476

6.2

Global

Stock,

Class

S

38,067

4,666

–

39,767

1,627

2.7

High

Yield,

Class

S

6,675

89

–

6,821

1,430

0.5

Income,

Class

S

4,548

56

–

4,676

482

0.3

International

Allocation,

Class

S

127,470

3,291

–

130,053

12,775

8.9

Large

Cap

Growth,

Class

S

100,939

4,931

–

112,010

8,260

7.6

Large

Cap

Value,

Class

S

71,503

1,381

–

73,217

3,208

5.0

Limited

Maturity

Bond,

Class

S

7,192

44

–

7,264

578

0.5

Mid

Cap

Stock,

Class

S

78,273

2,241

–

81,119

2,969

5.5

Small

Cap

Stock,

Class

S

33,530

2,879

–

34,467

1,493

2.3

Total

Affiliated

Registered

Investment

Companies

582,808

637,993

43.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

165,811

51,068

74,270

142,609

14,261

9.7

Total

Affiliated

Short-Term

Investments

165,811

142,609

9.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,850

29,081

29,360

8,571

8,571

0.6

Total

Collateral

Held

for

Securities

Loaned

8,850

8,571

0.6

Total

Value

$757,469

$789,173

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

International

Equity

$–

$(853)

$–

$2,192

Core

Low

Volatility

Equity

Fund

–

633

1,835

1,180

Global

Stock,

Class

S

–

(2,966)

4,016

649

High

Yield,

Class

S

–

56

–

89

Income,

Class

S

–

72

21

35

International

Allocation,

Class

S

–

(708)

–

3,291

Large

Cap

Growth,

Class

S

–

6,140

4,931

–

Large

Cap

Value,

Class

S

–

333

–

1,381

Limited

Maturity

Bond,

Class

S

–

29

–

44

Mid

Cap

Stock,

Class

S

–

605

1,933

309

Small

Cap

Stock,

Class

S

–

(1,942)

2,720

159

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

1

831

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$10,160

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

$–

$1,399

$15,457

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Bank

Loans

(

15.1%

)

a

Value

Basic

Materials

(0.6%)

Ball

Metalpack

Finco

,

LLC,

Term

Loan

$

177,300

6.409%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

156,467

Big

River

Steel,

LLC,

Term

Loan

337,238

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

338,081

Hexion,

Inc.,

Term

Loan

189,050

5.410%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

190,232

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

298,500

4.900%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b,c

299,246

Nouryon

USA,

LLC,

Term

Loan

535,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,d,e

534,331

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

155,000

0.000%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

152,481

475,200

7.645%, 

(LIBOR

1M

+

6.000%),

10/31/2024

b

464,903

Univar

Solutions

USA,

Inc.,

Term

Loan

130,000

3.645%, 

(LIBOR

1M

+

2.000%),

11/22/2026

b

130,460

Total

2,266,201

Capital

Goods

(1.5%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

304,740

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

304,706

BWAY

Holding

Company,

Term

Loan

457,831

5.084%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

454,017

Flex

Acquisition

Company,

Inc.

Term

Loan

728,996

5.159%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

718,061

GFL

Environmental,

Inc.,

Term

Loan

967,181

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

964,038

Natgasoline

,

LLC,

Term

Loan

386,100

5.438%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

386,100

Navistar,

Inc.,

Term

Loan

637,000

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

637,478

TransDigm

,

Inc.,

Term

Loan

486,288

4.145%, 

(LIBOR

1M

+

2.500%),

6/9/2023

b

485,680

1,120,000

0.000%, 

(LIBOR

1M

+

2.250%),

12/31/2025

b

1,118,320

Vertiv

Group

Corporation,

Term

Loan

913,307

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

911,782

Total

5,980,182

Communications

Services

(3.9%)

Altice

France

SA,

Term

Loan

277,163

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

274,219

Principal

Amount

Bank

Loans

(15.1%)

a

Value

Communications

Services

(3.9%)

-

continued

CenturyLink,

Inc.,

Term

Loan

$

1,620,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

$

1,617,473

CommScope

Inc.,

Term

Loan

827,925

4.895%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

826,542

Coral-US

Co-Borrower,

LLC,

Term

Loan

1,310,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

1,306,725

CSC

Holdings,

LLC,

Term

Loan

510,562

3.926%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

510,925

1,210,000

4.176%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

1,212,650

Diamond

Sports

Group,

LLC,

Term

Loan

812,963

4.910%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

811,694

Entercom

Media

Corporation,

Term

Loan

395,000

4.160%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

397,141

Frontier

Communications

Corporation,

Term

Loan

806,347

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

813,063

HCP

Acquisition,

LLC,

Term

Loan

622,187

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

623,550

Intelsat

Jackson

Holdings

SA,

Term

Loan

505,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

502,793

Mediacom

Illinois,

LLC,

Term

Loan

284,925

3.320%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

285,994

NEP

Group,

Inc.,

Term

Loan

643,500

4.895%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

629,555

SBA

Senior

Finance

II,

LLC,

Term

Loan

433,899

3.400%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

434,172

Sprint

Communications,

Inc.,

Term

Loan

1,142,687

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

1,116,977

1,767,150

4.688%, 

(LIBOR

1M

+

3.000%),

2/3/2024

b

1,741,756

Terrier

Media

Buyer,

Inc.,

Term

Loan

390,000

6.148%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b

392,828

TNS,

Inc.,

Term

Loan

234,723

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

227,194

Virgin

Media

Bristol,

LLC,

Term

Loan

1,060,000

4.176%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

1,059,735

WideOpenWest

Finance,

LLC,

Term

Loan

478,975

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

473,687

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Bank

Loans

(15.1%)

a

Value

Communications

Services

(3.9%)

-

continued

Windstream

Services,

LLC,

Term

Loan

$

397,055

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,f

$

384,151

Total

15,642,824

Consumer

Cyclical

(2.4%)

1011778

B.C.,

LLC,

Term

Loan

1,335,000

3.395%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,332,664

Boyd

Gaming

Corporation,

Term

Loan

161,761

3.811%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

162,115

Cengage

Learning,

Inc.,

Term

Loan

632,612

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

b

602,759

Eldorado

Resorts,

Inc.,

Term

Loan

89,323

3.938%, 

(LIBOR

1M

+

2.250%),

4/17/2024

b

89,239

Four

Seasons

Hotels,

Ltd.,

Term

Loan

475,202

3.645%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

477,844

Golden

Entertainment,

Inc.,

Term

Loan

839,550

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,c

840,599

Golden

Nugget,

LLC,

Term

Loan

48,579

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

48,644

IAA,

Inc.,

Term

Loan

198,850

3.938%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b

200,093

LCPR

Loan

Financing,

LLC,

Term

Loan

1,010,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

1,021,363

Men's

Warehouse,

Inc.,

Term

Loan

383,959

5.031%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b

315,089

Mohegan

Gaming

and

Entertainment,

Term

Loan

723,041

5.645%, 

(LIBOR

1M

+

4.000%),

10/13/2023

b

713,555

Scientific

Games

International,

Inc.,

Term

Loan

1,643,151

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,637,400

Staples,

Inc.,

Term

Loan

223,875

6.281%, 

(LIBOR

1M

+

4.500%),

9/12/2024

b

219,957

721,650

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

707,939

Stars

Group

Holdings

BV,

Term

Loan

781,805

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

785,753

Tenneco,

Inc.,

Term

Loan

574,200

4.645%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

561,280

Total

9,716,293

Consumer

Non-Cyclical

(2.8%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

1,489,600

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

1,453,760

Principal

Amount

Bank

Loans

(15.1%)

a

Value

Consumer

Non-Cyclical

(2.8%)

-

continued

Albertson's

LLC,

Term

Loan

$

1,366,575

4.395%, 

(LIBOR

1M

+

2.750%),

8/17/2026

b

$

1,366,575

Bausch

Health

Companies,

Inc.,

Term

Loan

868,808

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

871,849

Chobani

,

LLC,

Term

Loan

486,243

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

485,636

Endo

International

plc,

Term

Loan

825,884

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

794,913

Energizer

Holdings,

Inc.,

Term

Loan

181,260

4.063%, 

(LIBOR

1M

+

2.250%),

1/2/2026

b

181,563

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

470,000

3.561%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b,d,e

472,204

JBS

USA

LUX

SA,

Term

Loan

783,028

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,d,e

786,317

Libbey

Glass,

Inc.,

Term

Loan

239,145

4.699%, 

(LIBOR

1M

+

3.000%),

4/9/2021

b

177,822

Mallinckrodt

International

Finance

SA,

Term

Loan

645,076

4.909%, 

(LIBOR

3M

+

3.000%),

2/24/2025

b

535,684

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

844,072

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

805,894

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,300,000

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,276,275

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,210,577

4.905%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b,d,e

1,196,583

Plantronics,

Inc.,

Term

Loan

499,201

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

478,858

R.R.

Donnelley

&

Sons

Company,

Term

Loan

89,548

6.645%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

90,247

Sotera

Health

Holdings,

LLC,

Term

Loan

415,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

416,299

Total

11,390,479

Energy

(0.8%)

BCP

Raptor

II,

LLC,

Term

Loan

358,200

6.395%, 

(LIBOR

1M

+

4.750%),

12/19/2025

b

324,844

Calpine

Corporation,

Term

Loan

483,606

4.200%, 

(LIBOR

3M

+

2.250%),

1/15/2024

b

484,917

CONSOL

Energy,

Inc.,

Term

Loan

387,075

6.150%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

334,174

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Bank

Loans

(15.1%)

a

Value

Energy

(0.8%)

-

continued

Consolidated

Energy

Finance

SA,

Term

Loan

$

339,825

4.547%, 

(LIBOR

3M

+

2.500%),

5/7/2025

b,c

$

338,126

Fieldwood

Energy,

LLC,

Term

Loan

520,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

442,260

Radiate

Holdco,

LLC,

Term

Loan

1,283,602

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

1,283,743

Total

3,208,064

Financials

(1.7%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

632,465

3.408%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

634,666

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

609,836

4.670%, 

(LIBOR

1M

+

3.000%),

5/1/2024

b

525,654

85,000

8.940%, 

(LIBOR

1M

+

7.250%),

5/1/2025

b

51,160

Digicel

International

Finance,

Ltd.,

Term

Loan

798,663

5.340%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

721,456

GGP

Nimbus,

LLC,

Term

Loan

893,687

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

888,799

Grizzly

Finco

,

Term

Loan

538,636

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

535,270

Harland

Clarke

Holdings

Corporation,

Term

Loan

672,155

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

534,249

Level

3

Financing,

Inc.,

Term

Loan

660,000

3.395%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

658,515

MoneyGram

International,

Inc.,

Term

Loan

363,869

7.645%, 

(LIBOR

1M

+

6.000%),

6/30/2023

b

343,856

NCR

Corporation,

Term

Loan

553,612

4.150%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

555,345

Tronox

Finance,

LLC,

Term

Loan

1,148,391

4.519%, 

(LIBOR

1M

+

2.750%),

9/22/2024

b

1,148,207

Total

6,597,177

Technology

(1.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,012,463

5.145%, 

(LIBOR

1M

+

3.500%),

8/21/2026

b

1,015,307

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,516,200

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

1,516,200

Rackspace

Hosting,

Inc.,

Term

Loan

1,353,495

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

1,299,112

Principal

Amount

Bank

Loans

(15.1%)

a

Value

Technology

(1.2%)

-

continued

SS&C

Technologies

Holdings

Europe

SARL,

Term

Loan

$

157,873

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

$

157,840

SS&C

Technologies,

Inc.,

Term

Loan

240,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

239,950

320,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

319,674

165,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

164,965

221,244

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

221,197

Total

4,934,245

Utilities

(0.2%)

Core

and

Main,

LP,

Term

Loan

395,888

4.572%, 

(LIBOR

1M

+

2.750%),

8/1/2024

b

394,775

EnergySolutions

,

LLC,

Term

Loan

295,500

5.695%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

281,957

Talen

Energy

Supply,

LLC,

Term

Loan

259,350

5.395%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

259,241

Total

935,973

Total

Bank

Loans

(cost

$61,357,755)

60,671,438

Shares

Common

Stock

(

47.8%

)

Value

Communications

Services

(2.5%)

4,794

Activision

Blizzard,

Inc.

280,353

1,528

Alphabet,

Inc.,

Class

A

g

2,189,288

798

Alphabet,

Inc.,

Class

C

g

1,144,516

73,237

Auto

Trader

Group

plc

h

540,400

3,421

Carsales.com,

Ltd.

38,939

22,500

Comcast

Corporation

971,775

11,035

DISH

Network

Corporation

g

405,647

5,353

Facebook,

Inc.

g

1,080,824

38,000

HKT

Trust

and

HKT,

Ltd.

56,724

1,290

Ipsos

SA

41,796

37,293

Mediaset

Espana

Comunicacion

SA

204,184

1,700

Nippon

Telegraph

&

Telephone

Corporation

43,345

8,992

QuinStreet

,

Inc.

g

116,491

3,113

Rightmove

plc

26,979

17,254

Seven

West

Media,

Ltd.

g

2,840

12,900

TV

Asahi

Holdings

Corporation

246,061

11,538

Twitter,

Inc.

g

374,754

24,480

Verizon

Communications,

Inc.

1,455,091

4,480

ViacomCBS

,

Inc.

152,902

184

Walt

Disney

Company

25,449

2,929

Wolters

Kluwer

NV

220,090

7,641

Zillow

Group,

Inc.

g

353,014

Total

9,971,462

Consumer

Discretionary

(4.4%)

1,799

Alibaba

Group

Holding,

Ltd.

ADR

g

371,655

1,555

Amazon.com,

Inc.

g

3,123,560

1,600

AOKI

Holdings,

Inc.

15,610

3,300

Aoyama

Trading

Company,

Ltd.

42,305

3,719

Aptiv

plc

315,334

1,900

Autobacs

Seven

Company,

Ltd.

27,687

170

AutoZone,

Inc.

g

179,853

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock

(47.8%)

Value

Consumer

Discretionary

(4.4%)

-

continued

2,700

Benesse

Holdings,

Inc.

$

74,169

3,142

Berkeley

Group

Holdings

plc

217,408

233

Booking

Holdings,

Inc.

g

426,518

8,500

Bridgestone

Corporation

301,062

1,016

Bright

Horizons

Family

Solutions,

Inc.

g

166,350

1,666

Burlington

Stores,

Inc.

g

362,305

1,066

Century

Casinos,

Inc.

g

8,880

2,100

Chiyoda

Company,

Ltd.

28,219

29,600

Citizen

Watch

Company,

Ltd.

143,099

6,531

Crocs,

Inc.

g

247,590

4,740

D.R.

Horton,

Inc.

280,608

14,500

Denso

Corporation

594,821

10,791

Designer

Brands,

Inc.

153,664

909

Emerald

Expositions

Events,

Inc.

9,481

7,969

Etsy,

Inc.

g

388,967

800

Exedy

Corporation

16,555

3,318

G-III

Apparel

Group,

Ltd.

g

90,283

5,275

Harley-Davidson,

Inc.

176,185

6,362

Home

Depot,

Inc.

1,451,172

1,500

Honda

Motor

Company,

Ltd.

38,363

9,914

Lowe's

Companies,

Inc.

1,152,403

2,156

Lululemon

Athletica,

Inc.

g

516,125

1,158

McDonald's

Corporation

247,777

1,240

Mohawk

Industries,

Inc.

g

163,283

27,549

Moneysupermarket.com

Group

plc

118,255

7,602

Movado

Group,

Inc.

130,906

10,100

NHK

Spring

Company,

Ltd.

81,320

3,607

NIKE,

Inc.

347,354

116,200

Nissan

Motor

Company,

Ltd.

630,536

5,526

Norwegian

Cruise

Line

Holdings,

Ltd.

g

297,575

121

NVR,

Inc.

g

461,853

1,900

Onward

Holdings

Company,

Ltd.

10,914

2,327

Oxford

Industries,

Inc.

161,494

3,300

Park24

Company,

Ltd.

82,872

2,638

Playa

Hotels

and

Resorts

NV

g

18,519

1,400

PLENUS

Company,

Ltd.

25,487

12,532

Red

Rock

Resorts,

Inc.

307,159

17,310

Redrow

plc

181,720

2,891

RH

g,i

603,496

2,700

Rinnai

Corporation

192,461

3,800

Sangetsu

Company,

Ltd.

67,064

1,300

SHIMAMURA

Company,

Ltd.

97,673

4,430

Sony

Corporation

ADR

310,897

2,647

Starbucks

Corporation

224,545

1,300

Start

Today

Company,

Ltd.

21,653

44,700

Sumitomo

Electric

Industries,

Ltd.

595,924

900

Sumitomo

Forestry

Company,

Ltd.

12,498

32,100

Sumitomo

Rubber

Industries,

Ltd.

352,693

6,661

Super

Retail

Group,

Ltd.

41,474

700

Takara

Standard

Company,

Ltd.

12,009

65,054

Taylor

Wimpey

plc

184,779

5,838

TJX

Companies,

Inc.

344,676

9,900

Toyoda

Gosei

Company,

Ltd.

224,617

800

United

Arrows,

Ltd.

21,274

4,358

Zumiez

,

Inc.

g

135,839

Total

17,630,827

Consumer

Staples

(2.6%)

2,300

Arcs

Company,

Ltd.

40,467

4,821

Bunge,

Ltd.

252,765

2,996

Carlsberg

AS

437,517

1,371

Casey's

General

Stores,

Inc.

220,539

15,927

Coca-Cola

Company

930,137

11,182

Colgate-Palmolive

Company

825,008

Shares

Common

Stock

(47.8%)

Value

Consumer

Staples

(2.6%)

-

continued

993

Costco

Wholesale

Corporation

$

303,381

23,199

Cott

Corporation

354,713

3,138

ForFarmers

BV

20,533

719

Glanbia

plc

8,397

24,845

Hain

Celestial

Group,

Inc.

g

601,497

2,425

John

B.

Sanfilippo

&

Son,

Inc.

204,427

1,300

Kewpie

Corporation

27,112

1,870

Kimberly-Clark

Corporation

267,859

11

Lindt

&

Spruengli

AG

92,333

401

L'Oreal

SA

111,537

700

Ministop

Company,

Ltd.

9,881

8,580

Nestle

SA

946,311

8,402

PepsiCo,

Inc.

1,193,252

3,107

Philip

Morris

International,

Inc.

256,949

5,573

Procter

&

Gamble

Company

694,507

2,000

Seven

&

I

Holdings

Company,

Ltd.

76,687

4,200

Sugi

Holdings

Company,

Ltd.

210,429

13,600

Sundrug

Company,

Ltd.

460,878

15,489

SunOpta

,

Inc.

g

41,820

7,148

Turning

Point

Brands,

Inc.

163,260

4,863

Unilever

NV

283,768

2,691

Unilever

plc

160,522

9,862

Wal-Mart

Stores,

Inc.

1,129,100

Total

10,325,586

Energy

(2.0%)

14,774

BP

plc

ADR

533,785

4,916

Chevron

Corporation

526,700

4,000

ConocoPhillips

237,720

1,844

Continental

Resources,

Inc.

50,194

4,964

Contura

Energy,

Inc.

g

28,741

3,905

Diamondback

Energy,

Inc.

290,532

16,575

Enbridge,

Inc.

674,105

35,400

Enterprise

Products

Partners,

LP

912,258

2,857

EOG

Resources,

Inc.

208,304

35,922

Euronav

NV

354,909

3,290

Exxon

Mobil

Corporation

204,375

345

Gaztransport

Et

Technigaz

SA

34,874

10,054

Halliburton

Company

219,278

90,900

JXTG

Holdings,

Inc.

386,614

30,940

Marathon

Oil

Corporation

351,788

8,932

Marathon

Petroleum

Corporation

486,794

8,441

Nine

Energy

Service,

Inc.

g

40,854

17,487

Pacific

Drilling

SA

g

32,176

28,426

Patterson-UTI

Energy,

Inc.

225,702

2,805

Pioneer

Natural

Resources

Company

378,675

17,777

Royal

Dutch

Shell

plc,

Class

A

466,830

28,767

Royal

Dutch

Shell

plc,

Class

B

755,899

1,620

SEACOR

Holdings,

Inc.

g

60,896

4,784

Talos

Energy,

Inc.

g

104,961

2,081

Total

SA

101,326

26,145

WPX

Energy,

Inc.

g

312,433

Total

7,980,723

Financials

(8.8%)

16,202

AB

Industrivarden

381,907

8,150

Aflac,

Inc.

420,295

4,243

Allianz

SE

1,012,992

15,744

Ally

Financial,

Inc.

504,280

2,792

American

Financial

Group,

Inc.

303,742

5,010

American

International

Group,

Inc.

251,803

856

Aon

plc

188,534

6,355

Ares

Capital

Corporation

119,601

278

Argo

Group

International

Holdings,

Ltd.

18,237

22,103

Assured

Guaranty,

Ltd.

1,013,201

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Common

Stock

(47.8%)

Value

Financials

(8.8%)

-

continued

3,974

Baloise

Holding

AG

$

718,017

42,635

Bank

Leumi

Le-Israel

BM

306,543

53,781

Bank

of

America

Corporation

1,765,630

276

Bank

of

Marin

Bancorp

12,160

10,245

Bank

of

Montreal

i

781,342

5,367

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

178,292

5,056

Berkshire

Hathaway,

Inc.

g

1,134,718

946

BlackRock,

Inc.

498,873

9,135

Bridgewater

Bancshares,

Inc.

g

120,582

6,800

Capital

One

Financial

Corporation

678,640

6,192

Charles

Schwab

Corporation

282,046

2,440

Chubb,

Ltd.

370,856

45,674

CI

Financial

Corporation

800,348

17,176

Citigroup,

Inc.

1,278,066

1,217

Citizens

Financial

Group,

Inc.

45,370

8,450

CNP

Assurances

152,103

1,409

Cohen

&

Steers,

Inc.

104,238

8,932

Comerica,

Inc.

546,281

964

Commonwealth

Bank

of

Australia

54,579

1,122

Community

Trust

Bancorp,

Inc.

49,087

25,300

DBS

Group

Holdings,

Ltd.

466,053

1,246

Deutsche

Boerse

AG

202,256

14,550

Deutsche

Pfandbriefbank

AG

h

234,351

22,133

DnB

ASA

386,942

11,537

E*TRADE

Financial

Corporation

491,707

1,831

Ellington

Residential

Mortgage

REIT

19,701

946

Enstar

Group,

Ltd.

g

184,744

6,522

Euronext

NV

h

565,348

282

FBL

Financial

Group,

Inc.

15,166

20,650

Fifth

Third

Bancorp

587,492

333

Financial

Institutions,

Inc.

10,260

2,315

First

Busey

Corporation

59,032

267

First

Citizens

BancShares

,

Inc.

140,661

126

First

Financial

Corporation

5,258

4,964

First

Interstate

BancSystem

,

Inc.

191,114

213

First

Mid-Illinois

Bancshares,

Inc.

6,976

3,957

First

Republic

Bank

438,752

57,827

FlexiGroup

,

Ltd.

80,295

785

Goldman

Sachs

Group,

Inc.

186,634

1,502

Great

Southern

Bancorp,

Inc.

85,479

1,818

Hamilton

Lane,

Inc.

118,079

11,678

Hartford

Financial

Services

Group,

Inc.

692,272

4,072

Heartland

Financial

USA,

Inc.

199,161

17,268

Heritage

Commerce

Corporation

200,309

862

Hometrust

Bancshares,

Inc.

22,860

2,972

Horace

Mann

Educators

Corporation

127,826

2,046

Houlihan

Lokey

,

Inc.

106,085

118,019

HSBC

Holdings

plc

858,018

1,102

IA

Financial

Corporation,

Inc.

60,646

4,422

IBERIABANK

Corporation

321,524

389

Independent

Bank

Corporation

8,317

2,853

Intercontinental

Exchange,

Inc.

284,558

99,760

Israel

Discount

Bank,

Ltd.

452,475

5,649

J.P.

Morgan

Chase

&

Company

747,702

1,675

Kemper

Corporation

124,653

30,046

KeyCorp

562,161

810

L

E

Lundbergforetagen

AB

35,164

582

Lakeland

Bancorp,

Inc.

9,452

7,402

Laurentian

Bank

of

Canada

i

240,227

2,722

M&T

Bank

Corporation

458,711

34,984

Manulife

Financial

Corporation

681,493

468

Markel

Corporation

g

548,950

7,740

Meridian

Bancorp,

Inc.

139,243

7,090

MetLife,

Inc.

352,444

2,907

MidWestOne

Financial

Group,

Inc.

94,012

Shares

Common

Stock

(47.8%)

Value

Financials

(8.8%)

-

continued

7,930

Morgan

Stanley

$

414,422

469

Muenchener

Rueckversicherungs-

Gesellschaft

AG

138,280

8,394

National

Bank

of

Canada

465,748

1,255

New

York

Community

Bancorp,

Inc.

13,880

2,063

Northern

Trust

Corporation

201,782

1,087

Onex

Corporation

69,734

1,981

Paragon

Banking

Group

plc

13,289

1,686

Pargesa

Holding

SA

135,064

4,104

PCSB

Financial

Corporation

81,587

239

Peapack

-Gladstone

Financial

Corporation

6,986

404

Popular,

Inc.

22,608

9,450

Power

Corporation

of

Canada

i

235,786

2,181

Power

Financial

Corporation

56,610

1,554

Primerica,

Inc.

184,242

7,531

Prosight

Global,

Inc.

g

108,974

2,310

Prudential

Financial,

Inc.

210,349

193

QCR

Holdings,

Inc.

7,932

14,435

Radian

Group,

Inc.

353,513

4,590

Raymond

James

Financial,

Inc.

419,664

3,587

Royal

Bank

of

Canada

283,458

1,141

S&P

Global,

Inc.

335,146

8,323

Seacoast

Banking

Corporation

of

Florida

g

225,969

2,300

Senshu

Ikeda

Holdings,

Inc.

4,199

5,000

Singapore

Exchange,

Ltd.

31,722

5,748

State

Auto

Financial

Corporation

173,072

19,056

Sun

Life

Financial,

Inc.

895,923

1,598

Swiss

Life

Holding

AG

803,274

9,596

Synovus

Financial

Corporation

336,052

2,162

T.

Rowe

Price

Group,

Inc.

288,692

2,202

Topdanmark

AS

104,056

22,465

Toronto-Dominion

Bank

1,241,567

2,634

Triumph

Bancorp,

Inc.

g

102,673

4,042

TrustCo

Bank

Corporation

32,053

12,430

U.S.

Bancorp

661,525

196

Washington

Trust

Bancorp,

Inc.

9,277

2,160

Wells

Fargo

&

Company

101,390

19,161

Zions

Bancorporations

NA

871,634

330

Zurich

Insurance

Group

AG

136,989

Total

35,676,047

Health

Care

(6.7%)

8,191

Abbott

Laboratories

713,764

2,323

Alexion

Pharmaceuticals,

Inc.

g

230,883

3,985

Amgen,

Inc.

860,959

1,017

Anthem,

Inc.

269,790

11,554

Bausch

Health

Companies,

Inc.

g,i

316,926

1,644

Becton,

Dickinson

and

Company

452,396

801

Biogen,

Inc.

g

215,349

2,631

Catalent

,

Inc.

g

160,754

7,200

Centene

Corporation

g

452,232

2,285

Cigna

Holding

Company

439,588

5,705

CSL,

Ltd.

1,173,336

11,056

CVS

Health

Corporation

749,818

3,481

Danaher

Corporation

559,989

2,747

Edwards

Lifesciences

Corporation

g

603,955

17,587

Gilead

Sciences,

Inc.

1,111,498

49,851

GlaxoSmithKline

plc

1,170,471

5,413

Grifols

SA

181,798

6,729

Halozyme

Therapeutics,

Inc.

g

127,716

1,187

Intuitive

Surgical,

Inc.

g

664,459

2,385

Jazz

Pharmaceuticals,

Inc.

g

341,890

15,549

Johnson

&

Johnson

2,314,780

1,000

KYORIN

Holdings,

Inc.

17,954

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Shares

Common

Stock

(47.8%)

Value

Health

Care

(6.7%)

-

continued

315

Laboratory

Corporation

of

America

Holdings

g

$

55,251

1,962

LHC

Group,

Inc.

g

285,962

2,278

Ligand

Pharmaceuticals,

Inc.

g,i

200,031

336

LNA

Sante

17,082

15,784

Medtronic

plc

1,822,105

18,112

Merck

&

Company,

Inc.

1,547,489

1,084

Neurocrine

Biosciences,

Inc.

g

108,487

14,065

Novartis

AG

1,328,695

16,061

Novo

Nordisk

AS

977,660

8,371

Optinose

,

Inc.

g,i

65,545

1,057

PerkinElmer,

Inc.

97,751

13,520

Pfizer,

Inc.

503,485

7,317

Pharming

Group

NV

g

10,712

4,803

Recordati

SPA

205,524

4,371

Roche

Holding

AG

1,466,333

1,400

Sonova

Holding

AG

351,080

990

Stryker

Corporation

208,593

5,874

Syneos

Health,

Inc.

g

360,429

3,715

Thermo

Fisher

Scientific,

Inc.

1,163,501

5,583

UnitedHealth

Group,

Inc.

1,521,088

2,704

Universal

Health

Services,

Inc.

370,745

973

Veeva

Systems,

Inc.

g

142,652

1,548

Vertex

Pharmaceuticals,

Inc.

g

351,473

10,457

Wright

Medical

Group

NV

g

315,174

3,194

Zoetis,

Inc.

428,667

Total

27,035,819

Industrials

(6.8%)

1,515

3M

Company

240,370

4,946

Aalberts

NV

215,946

9,502

AGCO

Corporation

666,470

16,614

Altra

Industrial

Motion

Corporation

552,582

6,296

AMETEK,

Inc.

611,656

6,311

Arcosa

,

Inc.

276,106

4,796

ASGN,

Inc.

g

324,641

7,156

Assa

Abloy

AB

169,857

16,576

Atlas

Copco

AB,

Class

A

586,692

5,123

Atlas

Copco

AB,

Class

B

159,240

1,407

Boeing

Company

447,806

3,174

Caterpillar,

Inc.

416,905

2,203

CIA

De

Distribucion

Integral

49,433

115

Cintas

Corporation

32,082

1,059

Crane

Company

90,502

510

CSW

Industrials,

Inc.

38,699

3,423

CSX

Corporation

261,312

4,162

Curtiss-Wright

Corporation

605,280

9,720

Delta

Air

Lines,

Inc.

541,793

3,090

EMCOR

Group,

Inc.

253,905

6,631

Emerson

Electric

Company

474,979

4,663

Encore

Wire

Corporation

253,248

419

Expeditors

International

of

Washington,

Inc.

30,604

26

Geberit

AG

13,721

5,199

General

Dynamics

Corporation

912,113

260

Gorman-Rupp

Company

9,597

1,700

GS

Yuasa

Corporation

33,542

29,111

GWA

Group,

Ltd.

i

69,143

2,000

Hanwa

Company,

Ltd.

48,233

5,300

Hino

Motors,

Ltd.

49,629

10,464

Honeywell

International,

Inc.

1,812,574

3,144

Huntington

Ingalls

Industries,

Inc.

820,584

2,446

IDEX

Corporation

400,777

7,000

Inaba

Denki

Sangyo

Company,

Ltd.

175,141

3,030

Ingersoll-Rand

plc

403,687

7,840

Johnson

Controls

International

plc

309,288

Shares

Common

Stock

(47.8%)

Value

Industrials

(6.8%)

-

continued

1,530

Kansas

City

Southern

$

258,096

10,071

Kennametal,

Inc.

315,122

4,300

Kinden

Corporation

73,272

8,375

Koninklijke

Philips

NV

383,555

9,278

Legrand

SA

744,981

1,427

Lockheed

Martin

Corporation

610,927

56,400

Marubeni

Corporation

405,269

8,139

Meritor,

Inc.

g

178,325

29,100

Mitsubishi

Corporation

745,997

15,900

Mitsubishi

Electric

Corporation

220,456

2,700

Mitsuboshi

Belting,

Ltd.

46,066

40,700

Mitsui

&

Company,

Ltd.

723,875

11,312

National

Express

Group

plc

66,770

8,900

Nitto

Kogyo

Corporation

184,243

4,827

Nobina

AB

h

36,653

1,145

Norfolk

Southern

Corporation

238,400

3,448

Northgate

plc

12,111

1,687

Old

Dominion

Freight

Line,

Inc.

331,040

14,379

PageGroup

plc

86,697

2,180

Parker-Hannifin

Corporation

426,604

730

Patrick

Industries,

Inc.

37,872

16,016

Primoris

Services

Corporation

341,621

4,129

Raven

Industries,

Inc.

129,485

30,194

RELX

plc

801,101

6,923

Ritchie

Brothers

Auctioneers,

Inc.

292,289

426

Rockwell

Automation,

Inc.

81,647

1,700

Saia,

Inc.

g

148,070

6,811

Sandvik

AB

124,312

6,416

Schneider

Electric

SE

639,847

14,806

Signify

NV

h

493,439

20,036

SKF

AB

366,751

137,500

Sojitz

Corporation

432,794

14,190

Southwest

Airlines

Company

780,166

1,416

Spirax-Sarco

Engineering

plc

166,344

29,100

Sumitomo

Corporation

432,853

1,300

Taikisha,

Ltd.

44,453

458

Teledyne

Technologies,

Inc.

g

167,197

3,700

Toppan

Forms

Company,

Ltd.

41,985

2,545

Transcontinental,

Inc.

29,923

2,800

Tsubakimoto

Chain

Company

86,164

5,110

United

Airlines

Holdings,

Inc.

g

382,228

2,263

United

Rentals,

Inc.

g

307,066

7,675

United

Technologies

Corporation

1,152,785

2,177

Valmont

Industries,

Inc.

309,265

5,306

Verisk

Analytics,

Inc.

862,066

4,240

Volvo

AB

72,477

1,019

Waste

Connections,

Inc.

98,140

1,600

Yuasa

Trading

Company,

Ltd.

51,334

Total

27,320,270

Information

Technology

(9.1%)

3,580

Accenture

plc

734,652

1,452

Adobe,

Inc.

g

509,855

1,929

Advanced

Energy

Industries,

Inc.

g

134,914

25,171

Advanced

Micro

Devices,

Inc.

g

1,183,037

6,717

Akamai

Technologies,

Inc.

g

627,032

3,240

Alliance

Data

Systems

Corporation

333,040

9,384

Amadeus

IT

Holding

SA

735,765

5,783

Amphenol

Corporation

575,235

2,234

ANSYS,

Inc.

g

612,853

13,140

Apple,

Inc.

4,066,961

4,238

Automatic

Data

Processing,

Inc.

726,351

4,666

BE

Semiconductor

Industries

NV

197,543

3,715

Blackline,

Inc.

g

227,247

1,062

Broadcom,

Ltd.

324,080

1,152

Broadridge

Financial

Solutions,

Inc.

137,261

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Shares

Common

Stock

(47.8%)

Value

Information

Technology

(9.1%)

-

continued

6,500

Canon,

Inc.

$

170,458

14,595

CGI,

Inc.

g

1,117,509

16,971

Ciena

Corporation

g

690,211

47,086

Cisco

Systems,

Inc.

2,164,543

2,125

Clearwater

Energy,

Inc.

43,966

2,744

Computer

Services,

Inc.

137,310

10,875

Computershare,

Ltd.

128,412

1,020

Dialog

Semiconductor

plc

g

44,806

10,778

Dolby

Laboratories,

Inc.

747,346

229

Euronet

Worldwide,

Inc.

g

36,100

1,552

Fiserv,

Inc.

g

184,083

800

Fuji

Soft,

Inc.

32,065

27,256

Halma

plc

756,529

254

International

Business

Machines

Corporation

36,507

2,808

Intuit,

Inc.

787,307

1,017

Jack

Henry

&

Associates,

Inc.

152,082

2,115

KLA-Tencor

Corporation

350,540

947

Lam

Research

Corporation

282,405

5,135

Lattice

Semiconductor

Corporation

g

95,511

5,303

MasterCard,

Inc.

1,675,430

1,218

Maxim

Integrated

Products,

Inc.

73,226

3,080

Microchip

Technology,

Inc.

300,238

10,566

Micron

Technology,

Inc.

g

560,949

29,439

Microsoft

Corporation

5,011,401

814

Monolithic

Power

Systems,

Inc.

139,332

1,849

Motorola

Solutions,

Inc.

327,273

6,507

National

Instruments

Corporation

290,407

4,600

NEC

Networks

&

System

Integration

Corporation

171,931

1,577

Nice,

Ltd.

ADR

g

271,717

28,370

Nuance

Communications,

Inc.

g

536,760

1,313

NVIDIA

Corporation

310,433

12,024

Oracle

Corporation

630,659

500

Oracle

Corporation

Japan

43,279

3,198

Paychex,

Inc.

274,292

3,688

PayPal

Holdings,

Inc.

g

420,026

2,457

Plexus

Corporation

g

174,742

3,630

QUALCOMM,

Inc.

309,675

1,317

Rogers

Corporation

g

155,077

1,800

Ryoyo

Electro

Corporation

30,480

8,845

SailPoint

Technologies

Holdings,

Inc.

g

221,921

2,796

Salesforce.com,

Inc.

g

509,739

327

Samsung

Electronics

Company,

Ltd.

GDR

380,944

1,261

ServiceNow

,

Inc.

g

426,508

2,562

Square,

Inc.

g

191,356

2,294

Synopsys,

Inc.

g

338,388

5,065

TE

Connectivity,

Ltd.

466,892

7,843

Teradyne,

Inc.

517,560

11,598

Texas

Instruments,

Inc.

1,399,299

350

TTM

Technologies,

Inc.

g

5,036

5,500

Virtusa

Corporation

g

229,020

5,302

Visa,

Inc.

1,054,939

1,420

VMware,

Inc.

g

210,245

Total

36,742,690

Materials

(1.7%)

5,800

Air

Water,

Inc.

79,664

8,240

Alcoa

Corporation

g

114,948

523

AptarGroup,

Inc.

60,412

6,197

Ball

Corporation

447,299

6,420

CF

Industries

Holdings,

Inc.

258,598

6,540

Eastman

Chemical

Company

466,106

4,191

Ecolab,

Inc.

821,897

9,032

Granges

AB

83,436

Shares

Common

Stock

(47.8%)

Value

Materials

(1.7%)

-

continued

13,971

Hexpol

AB

$

125,948

2,400

Hokuetsu

Corporation

11,063

4,059

Koninklijke

DSM

NV

494,004

8,100

Kyoei

Steel,

Ltd.

142,070

1,500

Lintec

Corporation

32,425

12,435

Louisiana-Pacific

Corporation

381,506

400

Maruichi

Steel

Tube,

Ltd.

11,099

600

Mitsubishi

Materials

Corporation

15,090

5,700

Nippon

Light

Metal

Holdings

Company,

Ltd.

10,876

43,600

Nippon

Steel

Corporation

604,971

600

Nissan

Chemical

Industries,

Ltd.

24,794

4,920

Nucor

Corporation

233,651

3,173

PPG

Industries,

Inc.

380,252

1,373

Rio

Tinto,

Ltd.

89,091

19,878

Sandfire

Resources,

Ltd.

73,009

500

Sanyo

Special

Steel

Company,

Ltd.

6,777

845

Sherwin-Williams

Company

470,657

10,226

Steel

Dynamics,

Inc.

305,553

1,300

Taiyo

Holdings

Company,

Ltd.

54,992

5,900

Toagosei

Company,

Ltd.

65,966

49,700

Toray

Industries,

Inc.

325,203

210

UFP

Technologies,

Inc.

g

9,792

2,100

United

States

Lime

&

Minerals,

Inc.

188,475

10,904

UPM-

Kymmene

Oyj

343,569

8,309

Verso

Corporation

g

140,007

Total

6,873,200

Real

Estate

(2.3%)

3,512

Agree

Realty

Corporation

266,666

3,033

Alexandria

Real

Estate

Equities,

Inc.

494,986

5,777

Allied

Properties

REIT

241,050

4,891

Alstria

Office

REIT

AG

97,033

8,606

American

Campus

Communities,

Inc.

394,757

1,175

American

Tower

Corporation

272,295

5,604

Apple

Hospitality

REIT,

Inc.

84,172

90,148

Ascendas

REIT

207,569

11,800

Ascott

Trust

10,896

4,754

Camden

Property

Trust

534,492

10,362

Castellum

AB

254,667

3,468

Choice

Properties

REIT

38,312

171

Cofinimmo

SA

27,271

1,067

CoreSite

Realty

Corporation

125,319

6,679

Cousins

Properties,

Inc.

273,371

4,400

Daito

Trust

Construction

Company,

Ltd.

518,305

728

Deutsche

EuroShop

AG

19,848

2,423

Digital

Realty

Trust,

Inc.

298,005

5,839

Douglas

Emmett,

Inc.

242,319

11,039

Duke

Realty

Corporation

400,826

1,791

Entra

ASA

h

30,565

7,299

Equity

Residential

606,401

518

First

Capital

REIT

8,482

1,312

First

Industrial

Realty

Trust,

Inc.

56,022

7,623

Granite

REIT

411,909

25,703

Host

Hotels

&

Resorts,

Inc.

419,987

45,000

Hysan

Development

Company,

Ltd.

167,984

3,509

Klepierre

SA

119,278

1,234

Kungsleden

AB

13,152

286

LEG

Immobilien

AG

35,275

23,200

Mapletree

Commercial

Trust

39,842

10,476

MGIC

Investment

Corporation

144,464

1,181

National

Retail

Properties,

Inc.

66,136

2,873

National

Storage

Affiliates

Trust

98,113

532

Northview

Apartment

REIT

12,345

7,351

Physicians

Realty

Trust

142,242

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(47.8%)

Value

Real

Estate

(2.3%)

-

continued

5,333

PSP

Swiss

Property

AG

$

806,387

7,466

Quebecor,

Inc.

185,268

6,263

RioCan

REIT

128,535

17,000

Road

King

Infrastructure,

Ltd.

28,540

3,636

Store

Capital

Corporation

142,713

2,593

Swiss

Prime

Site

AG

316,567

15,868

TAG

Immobilien

AG

418,214

1,848

Terreno

Realty

Corporation

105,816

40,200

Wing

Tai

Holdings,

Ltd.

58,918

Total

9,365,314

Utilities

(0.9%)

7,108

AGL

Energy,

Ltd.

94,332

7,607

Alliant

Energy

Corporation

451,552

6,409

CMS

Energy

Corporation

439,081

9,692

Enagas

SA

261,140

4,266

Entergy

Corporation

561,064

17,741

Exelon

Corporation

844,294

2,551

New

Jersey

Resources

Corporation

105,407

2,487

Northland

Power,

Inc.

55,983

1,810

NorthWestern

Corporation

139,316

4,233

PNM

Resources,

Inc.

229,556

2,621

Public

Service

Enterprise

Group,

Inc.

155,163

1,698

Spire,

Inc.

143,175

358

Unitil

Corporation

22,085

Total

3,502,148

Total

Common

Stock

(cost

$168,566,846)

192,424,086

Principal

Amount

Long-Term

Fixed

Income

(

24.5%

)

Value

Asset-Backed

Securities

(2.0%)

Babson

CLO,

Ltd.

625,000

4.719%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,h

614,284

Bayview

Opportunity

Master

Fund

Trust

50,917

3.228%, 

8/28/2034,

Ser.

2019-LT1,

Class

A1

h

50,923

Benefit

Street

Partners

CLO

IV,

Ltd.

300,000

3.569%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,h

300,216

Business

Jet

Securities,

LLC

351,579

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

h

360,515

Cent

CLO,

LP

750,000

4.094%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,h

746,468

College

Ave

Student

Loans,

LLC

191,398

3.311%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,h

191,626

Foundation

Finance

Trust

144,282

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

h

145,259

Harley

Marine

Financing,

LLC

401,401

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

359,254

Madison

Park

Funding

XIV,

Ltd.

425,000

3.202%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

423,690

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Asset-Backed

Securities

(2.0%)

-

continued

OHA

Credit

Funding

1,

Ltd.

$

350,000

3.269%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,h

$

350,023

OZLM

Funding

II,

Ltd.

700,000

3.270%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,h

696,683

OZLM

IX,

Ltd.

400,000

3.369%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

400,688

Palmer

Square

Loan

Funding,

Ltd.

300,000

4.069%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,h

299,997

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

700,000

3.319%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,h

699,995

Pretium

Mortgage

Credit

Partners,

LLC

385,196

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

h,j

386,248

176,913

4.826%, 

9/25/2058,

Ser.

2018-NPL4,

Class

A1

h,j

178,117

Riserva

CLO,

Ltd.

325,000

3.519%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,h

325,410

Sound

Point

CLO

X,

Ltd.

350,000

4.519%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,h

346,549

Sound

Point

CLO

XXI,

Ltd.

700,000

3.244%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

695,688

THL

Credit

Wind

River

CLO,

Ltd.

350,000

4.681%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,h

345,505

Vericrest

Opportunity

Loan

Transferee

270,726

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

h,j

271,312

Total

8,188,450

Basic

Materials

(0.4%)

Anglo

American

Capital

plc

76,000

4.125%, 

9/27/2022

h

79,717

BHP

Billiton

Finance

USA,

Ltd.

132,000

6.750%, 

10/19/2075

b,h

155,100

Chemours

Company

110,000

6.625%, 

5/15/2023

108,287

First

Quantum

Minerals,

Ltd.

220,000

7.500%, 

4/1/2025

h

216,700

Kinross

Gold

Corporation

38,000

5.125%, 

9/1/2021

39,319

Krayton

Polymers,

LLC

110,000

7.000%, 

4/15/2025

h

111,925

Norbord,

Inc.

110,000

5.750%, 

7/15/2027

h

115,500

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Basic

Materials

(0.4%)

-

continued

Novelis

Corporation

$

190,000

5.875%, 

9/30/2026

h

$

201,400

30,000

4.750%, 

1/30/2030

h

30,056

Olin

Corporation

150,000

5.125%, 

9/15/2027

156,327

Peabody

Securities

Finance

Corporation

170,000

6.375%, 

3/31/2025

h

141,100

Syngenta

Finance

NV

64,000

3.933%, 

4/23/2021

h

65,336

Tronox

Finance

plc

120,000

5.750%, 

10/1/2025

h

118,500

Xstrata

Finance

Canada,

Ltd.

57,000

4.950%, 

11/15/2021

h

59,544

Total

1,598,811

Capital

Goods

(1.3%)

AECOM

235,000

5.125%, 

3/15/2027

250,815

Aerojet

Rocketdyne

Holdings,

Inc.,

Convertible

219,000

2.250%, 

12/15/2023

445,536

Amsted

Industries,

Inc.

145,000

5.625%, 

7/1/2027

h

154,143

Ardagh

Packaging

Finance

plc

210,000

6.000%, 

2/15/2025

h

219,450

Bombardier,

Inc.

235,000

7.500%, 

3/15/2025

h

225,600

Building

Materials

Corporation

of

America

285,000

6.000%, 

10/15/2025

h

297,469

Caterpillar

Financial

Services

Corporation

53,000

1.900%, 

9/6/2022

53,295

44,000

1.950%, 

11/18/2022

44,412

Cemex

SAB

de

CV

200,000

5.450%, 

11/19/2029

h

213,250

Chart

Industries,

Inc.,

Convertible

26,000

1.000%, 

11/15/2024

h

32,809

Cintas

Corporation

No.

2

57,000

2.900%, 

4/1/2022

58,443

CNH

Industrial

Capital,

LLC

56,000

4.875%, 

4/1/2021

57,543

Covanta

Holding

Corporation

110,000

6.000%, 

1/1/2027

114,400

Crown

Americas

Capital

Corporation

IV

260,000

4.500%, 

1/15/2023

273,372

Dycom

Industries,

Inc.,

Convertible

143,000

0.750%, 

9/15/2021

137,974

General

Electric

Company

240,000

5.000%, 

1/21/2021

b,k

237,362

H&E

Equipment

Services,

Inc.

190,000

5.625%, 

9/1/2025

198,075

John

Deere

Capital

Corporation

44,000

2.050%, 

1/9/2025

44,657

KBR,

Inc.,

Convertible

235,000

2.500%, 

11/1/2023

h

287,367

L3Harris

Technologies,

Inc.

65,000

4.950%, 

2/15/2021

h

66,479

Lockheed

Martin

Corporation

60,000

2.500%, 

11/23/2020

60,344

Owens-Brockway

Glass

Container,

Inc.

230,000

5.000%, 

1/15/2022

h

238,050

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Capital

Goods

(1.3%)

-

continued

Parker-Hannifin

Corporation

$

64,000

2.700%, 

6/14/2024

$

66,225

Patrick

Industries,

Inc.,

Convertible

77,000

1.000%, 

2/1/2023

73,778

Republic

Services,

Inc.

36,000

2.500%, 

8/15/2024

36,896

Reynolds

Group

Issuer,

Inc.

250,000

5.125%, 

7/15/2023

h

255,938

Rockwell

Collins,

Inc.

37,000

2.800%, 

3/15/2022

37,798

Roper

Technologies,

Inc.

31,000

2.350%, 

9/15/2024

31,543

Textron

Financial

Corporation

140,000

3.645%, 

(LIBOR

3M

+

1.735%),

2/15/2042

b,h

114,100

TransDigm

,

Inc.

160,000

5.500%, 

11/15/2027

h

160,984

TTM

Technologies,

Inc.,

Convertible

160,000

1.750%, 

12/15/2020

243,656

United

Rentals

North

America,

Inc.

300,000

5.500%, 

7/15/2025

310,410

United

Technologies

Corporation

70,000

3.950%, 

8/16/2025

77,335

Waste

Management,

Inc.

32,000

2.950%, 

6/15/2024

33,456

Total

5,152,964

Collateralized

Mortgage

Obligations

(4.4%)

Alternative

Loan

Trust

2007-6

162,372

5.750%, 

4/25/2047,

Ser.

2007-6,

Class

A4

142,434

Antler

Mortgage

Trust

350,000

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

h

352,988

1,100,000

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

h

1,101,453

Banc

of

America

Alternative

Loan

Trust

245,316

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

239,056

Banc

of

America

Mortgage

Securities

Trust

284,187

3.986%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

284,523

59,166

4.048%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

58,893

234,945

6.000%, 

5/25/2036,

Ser.

2006-1,

Class

A5

233,999

Bellemeade

Re,

Ltd.

501,707

3.261%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

502,853

CHL

Mortgage

Pass-Through

Trust

271,435

3.429%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

250,713

133,991

3.815%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

132,717

371,233

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

309,581

CIM

Trust

256,685

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,h

269,905

Citigroup

Mortgage

Loan

Trust,

Inc.

320,522

4.738%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

321,812

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Collateralized

Mortgage

Obligations

(4.4%)

-

continued

Countrywide

Alternative

Loan

Trust

$

292,813

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

$

173,039

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

149,920

3.609%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

136,134

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

119,308

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

122,535

Credit

Suisse

Mortgage

Capital

Certificates

175,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

h,j

175,041

242,666

3.322%, 

10/25/2058,

Ser.

2019-RPL8,

Class

A1

b,h

244,470

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

225,764

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

234,502

Eagle

Re,

Ltd.

600,000

3.461%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,h

602,055

Federal

Home

Loan

Mortgage

Corporation

977,474

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

l

113,633

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

809,931

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

l

52,631

900,332

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

l

113,837

928,878

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

l

74,457

Federal

National

Mortgage

Association

-

REMIC

1,054,625

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

l

75,514

873,472

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

l

54,395

1,359,779

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

l

83,895

2,088,452

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

l

147,190

1,171,151

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

l

77,097

640,825

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

l

40,205

1,529,475

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

l

100,821

2,429,502

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

l

157,271

842,689

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

l

52,999

917,418

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

l

54,044

563,600

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

l

64,868

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Collateralized

Mortgage

Obligations

(4.4%)

-

continued

Genworth

Mortgage

Insurance

Corporation

$

150,000

3.561%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,h

$

150,582

GMAC

Mortgage

Corporation

Loan

Trust

145,879

3.930%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

142,947

22,474

2.161%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,m

27,430

IndyMac

INDA

Mortgage

Loan

Trust

746,019

3.882%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

726,471

IndyMac

INDX

Mortgage

Loan

Trust

311,146

1.871%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

295,311

J.P.

Morgan

Alternative

Loan

Trust

132,637

4.134%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

126,857

394,384

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

326,667

Legacy

Mortgage

Asset

Trust

374,503

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

h

378,670

419,343

3.250%, 

11/25/2059,

Ser.

2019-GS7,

Class

A1

h,j

422,493

Lehman

Mortgage

Trust

29,845

6.000%, 

1/25/2036,

Ser.

2005-3,

Class

2A7

31,772

Master

Asset

Securitization

Trust

368,638

2.161%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

149,341

Merrill

Lynch

Mortgage

Investors

Trust

238,994

4.310%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

255,703

Preston

Ridge

Partners

Mortgage

Trust,

LLC

119,715

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

h,j

120,754

394,495

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

h,j

396,167

359,776

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

361,459

Pretium

Mortgage

Credit

Partners,

LLC

305,773

4.213%, 

7/25/2060,

Ser.

2019-NPL1,

Class

A1

h,j

306,361

Radnor

RE,

Ltd.

475,000

4.361%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,h

478,388

RCO

Mortgage,

LLC

194,155

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

h,j

194,587

450,632

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,h

451,435

Renaissance

Home

Equity

Loan

Trust

457,524

5.285%, 

1/25/2037,

Ser.

2006-4,

Class

AF2

j

231,031

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Collateralized

Mortgage

Obligations

(4.4%)

-

continued

Residential

Accredit

Loans,

Inc.

Trust

$

178,027

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

$

180,132

179,583

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

178,611

123,366

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

117,046

Residential

Asset

Securitization

Trust

183,371

3.500%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

184,124

Residential

Funding

Mortgage

Security

I

Trust

298,316

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

293,061

Stanwich

Mortgage

Loan

Trust

169,312

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

h,j

169,325

Starwood

Mortgage

Residential

Trust

313,375

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,h

319,662

Structured

Adjustable

Rate

Mortgage

Loan

Trust

101,959

4.230%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

96,218

210,472

4.079%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

187,246

Structured

Asset

Mortgage

Investments,

Inc.

402,682

1.971%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

415,647

Toorak

Mortgage

Corporation

450,000

4.375%, 

8/25/2021,

Ser.

2018-1,

Class

A1

h,j

452,797

500,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

h,j

506,162

Vericrest

Opportunity

Loan

Transferee

100,000

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

h,j

100,049

Vericrest

Opportunity

Loan

Trust

78,878

3.967%, 

3/25/2049,

Ser.

2019-NPL3,

Class

A1

h,j

79,409

111,001

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

h,j

111,249

500,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

h,j

502,514

Verus

Securitization

Trust

307,014

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,h

309,810

Wachovia

Asset

Securitization,

Inc.

187,841

1.801%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,h,m

174,186

WaMu

Mortgage

Pass

Through

Certificates

236,339

3.025%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

227,002

145,474

2.885%, 

(12

MTA

+

0.740%),

1/25/2047,

Ser.

2006-AR19,

Class

1A

b

142,437

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Collateralized

Mortgage

Obligations

(4.4%)

-

continued

Wells

Fargo

Home

Equity

Trust

$

187,596

2.161%, 

(LIBOR

1M

+

0.500%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

$

184,799

Total

17,657,472

Commercial

Mortgage-Backed

Securities

(0.2%)

Federal

National

Mortgage

Association

295,392

4.500%, 

5/1/2048

312,787

Federal

National

Mortgage

Association

-

ACES

4,494,010

1.468%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,l

506,670

Total

819,457

Communications

Services

(2.0%)

AMC

Networks,

Inc.

125,000

5.000%, 

4/1/2024

127,500

American

Tower

Corporation

60,000

2.800%, 

6/1/2020

60,120

46,000

3.375%, 

5/15/2024

48,410

37,000

2.950%, 

1/15/2025

38,553

AT&T,

Inc.

128,000

4.450%, 

4/1/2024

139,973

CCO

Holdings,

LLC

100,000

5.500%, 

5/1/2026

h

104,500

100,000

5.125%, 

5/1/2027

h

104,500

CCOH

Safari,

LLC

310,000

5.750%, 

2/15/2026

h

325,295

Charter

Communications

Operating,

LLC

68,000

3.579%, 

7/23/2020

68,401

32,000

4.500%, 

2/1/2024

34,764

33,000

4.908%, 

7/23/2025

36,932

Comcast

Corporation

76,000

1.625%, 

1/15/2022

76,085

35,000

3.700%, 

4/15/2024

37,662

35,000

3.950%, 

10/15/2025

38,709

Cox

Communications,

Inc.

48,000

2.950%, 

6/30/2023

h

49,299

Crown

Castle

International

Corporation

25,000

3.400%, 

2/15/2021

25,354

39,000

3.150%, 

7/15/2023

40,460

29,000

4.450%, 

2/15/2026

32,299

CSC

Holdings,

LLC

200,000

5.500%, 

5/15/2026

h

209,541

Deutsche

Telekom

International

Finance

BV

36,000

2.485%, 

9/19/2023

h

36,695

Discovery

Communications,

LLC

75,000

2.950%, 

3/20/2023

77,151

DISH

Network

Corporation,

Convertible

993,000

3.375%, 

8/15/2026

963,879

Embarq

Corporation

110,000

7.995%, 

6/1/2036

122,260

Fox

Corporation

68,000

4.030%, 

1/25/2024

h

73,189

Frontier

Communications

Corporation

180,000

8.000%, 

4/1/2027

h

187,884

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Communications

Services

(2.0%)

-

continued

GCI

Liberty,

Inc.,

Convertible

$

680,000

1.750%, 

9/30/2046

h

$

984,116

Gray

Escrow,

Inc.

100,000

7.000%, 

5/15/2027

h

108,880

iHeartCommunications

,

Inc.

150,000

4.750%, 

1/15/2028

h

152,891

Lamar

Media

Corporation

70,000

3.750%, 

2/15/2028

e,h

70,468

Level

3

Financing,

Inc.

190,000

5.250%, 

3/15/2026

197,619

190,000

4.625%, 

9/15/2027

h

195,229

Liberty

Interactive,

LLC,

Convertible

109,000

3.500%, 

1/15/2031

103,466

Liberty

Media

Corporation,

Convertible

405,000

1.000%, 

1/30/2023

543,629

Moody's

Corporation

38,000

2.750%, 

12/15/2021

38,700

Neptune

Finco

Corporation

95,000

10.875%, 

10/15/2025

h

105,232

Netflix,

Inc.

200,000

4.875%, 

4/15/2028

214,000

Nexstar

Escrow

Corporation

70,000

5.625%, 

8/1/2024

h

72,800

90,000

5.625%, 

7/15/2027

h

94,842

Sirius

XM

Radio,

Inc.

210,000

5.000%, 

8/1/2027

h

220,500

Sprint

Corporation

385,000

7.625%, 

2/15/2025

400,781

Telesat

Canada

/

Telesat

,

LLC

120,000

4.875%, 

6/1/2027

h

123,282

T-Mobile

USA,

Inc.

310,000

4.500%, 

2/1/2026

318,813

Twitter,

Inc.,

Convertible

364,000

0.250%, 

6/15/2024

357,489

Verizon

Communications,

Inc.

91,000

2.946%, 

3/15/2022

93,262

73,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

75,140

Viacom,

Inc.

55,000

4.250%, 

9/1/2023

59,233

85,000

5.875%, 

2/28/2057

b

89,314

Virgin

Media

Secured

Finance

plc

200,000

5.500%, 

8/15/2026

h

209,754

Vodafone

Group

plc

48,000

3.750%, 

1/16/2024

51,196

Windstream

Services,

LLC

70,000

8.625%, 

10/31/2025

f,h

68,250

Ziggo

BV

100,000

5.500%, 

1/15/2027

h

106,000

Total

8,114,301

Consumer

Cyclical

(1.3%)

1011778

B.C.,

ULC

220,000

4.375%, 

1/15/2028

h

220,528

Allison

Transmission,

Inc.

280,000

5.000%, 

10/1/2024

h

285,256

American

Honda

Finance

Corporation

57,000

2.000%, 

2/14/2020

57,002

53,000

2.050%, 

1/10/2023

53,607

BMW

Finance

NV

31,000

2.250%, 

8/12/2022

h

31,449

Brookfield

Property

REIT,

Inc.

110,000

5.750%, 

5/15/2026

h

114,777

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Consumer

Cyclical

(1.3%)

-

continued

Brookfield

Residential

Properties,

Inc.

$

225,000

6.250%, 

9/15/2027

h

$

240,750

Cinemark

USA,

Inc.

204,000

4.875%, 

6/1/2023

206,550

D.R.

Horton,

Inc.

53,000

2.550%, 

12/1/2020

53,306

Daimler

Finance

North

America,

LLC

29,000

2.550%, 

8/15/2022

h

29,392

Ford

Motor

Credit

Company,

LLC

57,000

3.336%, 

3/18/2021

57,652

71,000

5.596%, 

1/7/2022

74,928

56,000

3.350%, 

11/1/2022

56,862

23,000

4.063%, 

11/1/2024

23,729

General

Motors

Financial

Company,

Inc.

57,000

2.650%, 

4/13/2020

57,076

57,000

4.375%, 

9/25/2021

59,174

33,000

4.200%, 

11/6/2021

34,151

37,000

3.150%, 

6/30/2022

37,863

63,000

3.950%, 

4/13/2024

66,462

44,000

2.900%, 

2/26/2025

44,407

Hanesbrands,

Inc.

150,000

4.875%, 

5/15/2026

h

158,062

Harley-Davidson

Financial

Services,

Inc.

48,000

4.050%, 

2/4/2022

h

49,816

Hilton

Domestic

Operating

Company,

Inc.

210,000

4.875%, 

1/15/2030

222,075

Home

Depot,

Inc.

60,000

2.625%, 

6/1/2022

61,450

Hyundai

Capital

America

48,000

3.000%, 

6/20/2022

h

48,919

L

Brands,

Inc.

54,000

6.694%, 

1/15/2027

55,890

Landry's,

Inc.

110,000

6.750%, 

10/15/2024

h

113,047

Lennar

Corporation

55,000

2.950%, 

11/29/2020

55,138

18,000

4.125%, 

1/15/2022

18,472

265,000

4.500%, 

4/30/2024

282,887

Live

Nation

Entertainment,

Inc.

100,000

5.625%, 

3/15/2026

h

106,500

70,000

4.750%, 

10/15/2027

h

72,016

Macy's

Retail

Holdings,

Inc.

9,000

3.875%, 

1/15/2022

9,157

22,000

2.875%, 

2/15/2023

22,041

Mattamy

Group

Corporation

190,000

5.250%, 

12/15/2027

h

199,025

McDonald's

Corporation

64,000

3.350%, 

4/1/2023

67,052

MGM

Resorts

International

175,000

6.000%, 

3/15/2023

192,010

190,000

5.750%, 

6/15/2025

211,816

Prime

Security

Services

Borrower,

LLC

215,000

5.750%, 

4/15/2026

h

226,825

Ralph

Lauren

Corporation

60,000

2.625%, 

8/18/2020

60,228

Ryman

Hospitality

Properties,

Inc.

120,000

4.750%, 

10/15/2027

h

124,800

Scientific

Games

International,

Inc.

100,000

5.000%, 

10/15/2025

h

102,846

40,000

7.000%, 

5/15/2028

h

42,175

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Consumer

Cyclical

(1.3%)

-

continued

ServiceMaster

Company,

LLC

$

210,000

5.125%, 

11/15/2024

h

$

217,029

Six

Flags

Entertainment

Corporation

100,000

4.875%, 

7/31/2024

h

102,375

110,000

5.500%, 

4/15/2027

h

114,268

Staples,

Inc.

110,000

7.500%, 

4/15/2026

h

112,684

Viking

Cruises,

Ltd.

150,000

5.875%, 

9/15/2027

h

153,758

Visa,

Inc.

60,000

2.200%, 

12/14/2020

60,259

Volkswagen

Group

of

America

Finance,

LLC

55,000

4.250%, 

11/13/2023

h

59,361

Yum!

Brands,

Inc.

50,000

4.750%, 

1/15/2030

h

53,325

Total

5,180,227

Consumer

Non-Cyclical

(1.5%)

Abbott

Laboratories

76,000

2.550%, 

3/15/2022

77,532

40,000

3.400%, 

11/30/2023

42,507

AbbVie,

Inc.

38,000

2.900%, 

11/6/2022

39,021

62,000

2.300%, 

11/21/2022

h

62,732

95,000

3.600%, 

5/14/2025

101,522

Albertson's

Companies,

Inc.

220,000

6.625%, 

6/15/2024

228,800

40,000

4.875%, 

2/15/2030

e,h

41,100

Allergan

Sales,

LLC

19,000

4.875%, 

2/15/2021

h

19,443

Allergan,

Inc.

36,000

2.800%, 

3/15/2023

36,642

Altria

Group,

Inc.

32,000

3.800%, 

2/14/2024

34,075

32,000

4.400%, 

2/14/2026

35,352

Anheuser-Busch

Companies,

LLC

32,000

3.650%, 

2/1/2026

34,777

Anheuser-Busch

InBev

Finance,

Inc.

34,000

3.300%, 

2/1/2023

35,518

Anheuser-Busch

InBev

Worldwide,

Inc.

51,000

4.150%, 

1/23/2025

56,257

B&G

Foods,

Inc.

170,000

5.250%, 

9/15/2027

169,575

BAT

Capital

Corporation

38,000

2.764%, 

8/15/2022

38,761

51,000

3.222%, 

8/15/2024

53,028

Bausch

Health

Companies,

Inc.

100,000

7.000%, 

1/15/2028

h

108,314

30,000

5.000%, 

1/30/2028

h

30,375

30,000

5.250%, 

1/30/2030

h

30,562

Bayer

U.S.

Finance

II,

LLC

64,000

3.500%, 

6/25/2021

h

65,380

Becton,

Dickinson

and

Company

64,000

3.363%, 

6/6/2024

67,540

Boston

Scientific

Corporation

64,000

3.450%, 

3/1/2024

67,682

Bristol-Myers

Squibb

Company

51,000

3.625%, 

5/15/2024

h

54,544

Bunge,

Ltd.

Finance

Corporation

60,000

3.500%, 

11/24/2020

60,778

Cardtronics

,

Inc.,

Convertible

258,000

1.000%, 

12/1/2020

271,413

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Consumer

Non-Cyclical

(1.5%)

-

continued

Centene

Corporation

$

200,000

4.750%, 

1/15/2025

$

206,666

30,000

4.250%, 

12/15/2027

h

31,350

80,000

4.625%, 

12/15/2029

h

86,104

Cigna

Corporation

69,000

4.125%, 

11/15/2025

75,873

Conagra

Brands,

Inc.

34,000

3.800%, 

10/22/2021

35,179

34,000

4.300%, 

5/1/2024

37,088

Constellation

Brands,

Inc.

64,000

4.250%, 

5/1/2023

68,644

CVS

Health

Corporation

38,000

2.750%, 

12/1/2022

38,799

111,000

3.700%, 

3/9/2023

116,434

64,000

4.100%, 

3/25/2025

69,626

Encompass

Health

Corporation

100,000

4.500%, 

2/1/2028

103,004

Energizer

Holdings,

Inc.

210,000

6.375%, 

7/15/2026

h

223,660

Express

Scripts

Holding

Company

38,000

4.750%, 

11/15/2021

39,872

General

Mills,

Inc.

32,000

3.700%, 

10/17/2023

34,053

32,000

3.650%, 

2/15/2024

33,930

HCA,

Inc.

290,000

5.375%, 

2/1/2025

324,104

Imperial

Brands

Finance

plc

36,000

3.125%, 

7/26/2024

h

36,869

JBS

USA,

LLC

100,000

5.750%, 

6/15/2025

h

103,550

220,000

5.500%, 

1/15/2030

h

237,600

Kellogg

Company

70,000

3.125%, 

5/17/2022

71,944

Keurig

Dr

Pepper,

Inc.

74,000

3.551%, 

5/25/2021

75,719

Kroger

Company

37,000

2.800%, 

8/1/2022

37,940

Mead

Johnson

Nutrition

Company

60,000

3.000%, 

11/15/2020

60,574

Mondelez

International

Holdings

Netherlands

BV

55,000

2.000%, 

10/28/2021

h

55,209

Mylan

NV

37,000

3.150%, 

6/15/2021

37,589

Mylan,

Inc.

36,000

4.200%, 

11/29/2023

38,205

Par

Pharmaceutical,

Inc.

100,000

7.500%, 

4/1/2027

h

101,750

Pernod

Ricard

SA

30,000

5.750%, 

4/7/2021

h

31,400

Reynolds

American,

Inc.

32,000

4.850%, 

9/15/2023

35,039

Scotts

Miracle-

Gro

Company

120,000

4.500%, 

10/15/2029

h

124,050

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

74,000

2.400%, 

9/23/2021

74,661

Simmons

Foods,

Inc.

110,000

5.750%, 

11/1/2024

h

111,100

Spectrum

Brands,

Inc.

160,000

5.750%, 

7/15/2025

166,200

50,000

5.000%, 

10/1/2029

h

51,958

Teleflex,

Inc.

170,000

4.625%, 

11/15/2027

178,925

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Consumer

Non-Cyclical

(1.5%)

-

continued

Tenet

Healthcare

Corporation

$

50,000

4.625%, 

7/15/2024

$

51,250

160,000

5.125%, 

11/1/2027

h

168,400

Teva

Pharmaceutical

Finance

Netherlands

III

BV

15,000

2.200%, 

7/21/2021

14,775

90,000

2.800%, 

7/21/2023

83,685

UnitedHealth

Group,

Inc.

60,000

3.350%, 

7/15/2022

62,338

VRX

Escrow

Corporation

430,000

6.125%, 

4/15/2025

h

442,307

Zimmer

Biomet

Holdings,

Inc.

64,000

3.550%, 

4/1/2025

68,321

Zoetis,

Inc.

55,000

3.450%, 

11/13/2020

55,595

54,000

3.250%, 

2/1/2023

56,108

Total

6,020,677

Energy

(1.2%)

Antero

Resources

Corporation

100,000

5.125%, 

12/1/2022

86,250

Archrock

Partners,

LP

60,000

6.250%, 

4/1/2028

h

61,725

BP

Capital

Markets

America,

Inc.

152,000

2.520%, 

9/19/2022

154,831

BP

Capital

Markets

plc

38,000

2.315%, 

2/13/2020

38,005

Buckeye

Partners,

LP

60,000

3.950%, 

12/1/2026

59,536

10,000

4.125%, 

12/1/2027

9,870

Canadian

Natural

Resources,

Ltd.

38,000

2.950%, 

1/15/2023

39,053

Canadian

Oil

Sands,

Ltd.

37,000

9.400%, 

9/1/2021

h

40,766

Cheniere

Corpus

Christi

Holdings,

LLC

175,000

7.000%, 

6/30/2024

202,652

Cheniere

Energy

Partners,

LP

245,000

5.625%, 

10/1/2026

256,638

Chesapeake

Energy

Corporation

65,000

11.500%, 

1/1/2025

h

52,305

Continental

Resources,

Inc.

21,000

5.000%, 

9/15/2022

21,110

46,000

4.500%, 

4/15/2023

48,567

Diamondback

Energy,

Inc.

31,000

2.875%, 

12/1/2024

31,523

Enagas

SA

335,000

5.500%, 

1/15/2028

h

335,000

Enbridge,

Inc.

38,000

2.900%, 

7/15/2022

38,892

244,000

6.250%, 

3/1/2078

b

266,328

Energy

Transfer

Operating,

LP

37,000

4.200%, 

9/15/2023

39,297

64,000

5.875%, 

1/15/2024

71,421

74,000

6.625%, 

2/15/2028

b,k

69,930

EnLink

Midstream

Partners,

LP

120,000

4.850%, 

7/15/2026

109,800

Enterprise

Products

Operating,

LLC

190,000

4.875%, 

8/16/2077

b

190,097

EOG

Resources,

Inc.

60,000

2.625%, 

3/15/2023

61,518

Hess

Corporation

37,000

3.500%, 

7/15/2024

38,586

Kinder

Morgan

Energy

Partners,

LP

76,000

3.450%, 

2/15/2023

79,050

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Energy

(1.2%)

-

continued

Marathon

Petroleum

Corporation

$

32,000

4.750%, 

12/15/2023

$

35,003

MPLX,

LP

57,000

4.500%, 

7/15/2023

61,158

Murphy

Oil

Corporation

110,000

5.875%, 

12/1/2027

112,750

Nabors

Industries,

Inc.

100,000

5.750%, 

2/1/2025

82,000

Nabors

Industries,

Ltd.

30,000

7.250%, 

1/15/2026

h

30,037

Newfield

Exploration

Company

32,000

5.625%, 

7/1/2024

35,325

Occidental

Petroleum

Corporation

12,000

4.850%, 

3/15/2021

12,358

71,000

2.700%, 

8/15/2022

72,146

53,000

2.900%, 

8/15/2024

54,161

Parsley

Energy,

LLC

100,000

5.625%, 

10/15/2027

h

105,950

Plains

All

American

Pipeline,

LP

83,000

5.000%, 

2/1/2021

84,763

155,000

6.125%, 

11/15/2022

b,k

143,576

12,000

2.850%, 

1/31/2023

12,243

Sabine

Pass

Liquefaction,

LLC

38,000

6.250%, 

3/15/2022

40,817

38,000

5.625%, 

4/15/2023

41,575

Southwestern

Energy

Company

185,000

7.500%, 

4/1/2026

i

154,419

Sunoco

Logistics

Partners

Operations,

LP

60,000

4.400%, 

4/1/2021

61,457

Sunoco,

LP

100,000

5.500%, 

2/15/2026

102,876

100,000

5.875%, 

3/15/2028

106,385

Targa

Resources

Partners,

LP

110,000

5.375%, 

2/1/2027

114,125

Transocean

Guardian,

Ltd.

100,201

5.875%, 

1/15/2024

h

102,331

Transocean,

Ltd.

80,000

8.000%, 

2/1/2027

h

74,464

Viper

Energy

Partners,

LP

150,000

5.375%, 

11/1/2027

h

156,375

W&T

Offshore,

Inc.

170,000

9.750%, 

11/1/2023

h

160,956

Western

Gas

Partners,

LP

38,000

4.000%, 

7/1/2022

39,108

Western

Midstream

Operating,

LP

29,000

3.100%, 

2/1/2025

29,155

Williams

Partners,

LP

77,000

4.000%, 

11/15/2021

79,348

WPX

Energy,

Inc.

135,000

5.750%, 

6/1/2026

141,412

60,000

5.250%, 

10/15/2027

62,700

Total

4,711,723

Financials

(4.4%)

ACE

INA

Holdings,

Inc.

60,000

2.875%, 

11/3/2022

61,741

AerCap

Ireland

Capital,

Ltd.

29,000

3.500%, 

1/15/2025

30,429

AIG

Global

Funding

74,000

2.150%, 

7/2/2020

h

74,113

Air

Lease

Corporation

73,000

2.500%, 

3/1/2021

73,563

Aircastle

,

Ltd.

46,000

5.000%, 

4/1/2023

49,815

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Financials

(4.4%)

-

continued

Ally

Financial,

Inc.

$

195,000

5.750%, 

11/20/2025

$

221,658

American

Express

Company

36,000

3.375%, 

5/17/2021

36,738

36,000

3.700%, 

8/3/2023

38,259

32,000

3.400%, 

2/22/2024

33,829

Ares

Capital

Corporation,

Convertible

259,000

4.625%, 

3/1/2024

274,864

Athene

Global

Funding

53,000

4.000%, 

1/25/2022

h

55,122

Australia

and

New

Zealand

Banking

Group,

Ltd.

121,000

6.750%, 

6/15/2026

b,h,k

138,999

52,000

2.950%, 

7/22/2030

b,h

52,769

Avolon

Holdings

Funding,

Ltd.

16,000

5.250%, 

5/15/2024

h

17,606

BAC

Capital

Trust

XIV

84,000

4.000%, 

(LIBOR

3M

+

0.400%),

3/9/2020

b,k

78,540

Bank

of

America

Corporation

74,000

2.738%, 

1/23/2022

b

74,617

74,000

3.499%, 

5/17/2022

b

75,625

50,000

3.004%, 

12/20/2023

b

51,534

103,000

3.550%, 

3/5/2024

b

107,805

150,000

5.125%, 

6/20/2024

b,k

158,836

129,000

3.864%, 

7/23/2024

b

137,196

64,000

4.200%, 

8/26/2024

69,601

252,000

6.250%, 

9/5/2024

b,k

280,665

32,000

3.458%, 

3/15/2025

b

33,866

Bank

of

Montreal

96,000

3.300%, 

2/5/2024

101,272

Bank

of

New

York

Mellon

Corporation

76,000

2.600%, 

2/7/2022

77,378

Bank

of

Nova

Scotia

37,000

2.259%, 

(LIBOR

3M

+

0.440%),

4/20/2021

b

37,141

57,000

2.700%, 

3/7/2022

58,385

71,000

2.375%, 

1/18/2023

72,435

29,000

1.950%, 

2/1/2023

29,173

Barclays

plc

59,000

4.610%, 

2/15/2023

b

61,821

201,000

7.750%, 

9/15/2023

b,k

220,095

74,000

4.338%, 

5/16/2024

b

78,792

BB&T

Corporation

74,000

2.150%, 

2/1/2021

74,264

36,000

2.500%, 

8/1/2024

36,928

Blackstone

Mortgage

Trust,

Inc.,

Convertible

56,000

4.375%, 

5/5/2022

60,145

BNP

Paribas

SA

270,000

7.625%, 

3/30/2021

b,h,k

284,175

35,000

2.819%, 

11/19/2025

b,h

35,875

BPCE

SA

32,000

3.000%, 

5/22/2022

h

32,727

29,000

2.375%, 

1/14/2025

h

29,225

Camden

Property

Trust

32,000

4.875%, 

6/15/2023

34,881

Canadian

Imperial

Bank

of

Commerce

29,000

2.250%, 

1/28/2025

29,272

Capital

One

Bank

USA

NA

48,000

3.375%, 

2/15/2023

49,950

44,000

2.280%, 

1/28/2026

b

44,229

Capital

One

Financial

Corporation

111,000

3.050%, 

3/9/2022

113,671

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Financials

(4.4%)

-

continued

Cascades

USA,

Inc.

$

110,000

5.125%, 

1/15/2026

h

$

113,575

Central

Fidelity

Capital

Trust

I

125,000

2.831%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

118,125

CIT

Group,

Inc.

190,000

4.750%, 

2/16/2024

202,350

Citigroup,

Inc.

114,000

2.350%, 

8/2/2021

115,015

38,000

2.750%, 

4/25/2022

38,697

37,000

2.484%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

37,357

125,000

2.312%, 

11/4/2022

b

125,865

73,000

3.142%, 

1/24/2023

b

74,666

168,000

5.000%, 

9/12/2024

b,k

175,956

234,000

4.700%, 

1/30/2025

b,k

238,317

96,000

3.352%, 

4/24/2025

b

101,012

84,000

5.950%, 

5/15/2025

b,k

91,770

CNA

Financial

Corporation

32,000

5.750%, 

8/15/2021

33,896

38,000

3.950%, 

5/15/2024

40,947

Commonwealth

Bank

of

Australia

76,000

2.250%, 

3/10/2020

h

76,042

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

74,000

3.950%, 

11/9/2022

77,729

Credit

Agricole

SA

38,000

3.375%, 

1/10/2022

h

39,034

112,400

8.125%, 

12/23/2025

b,h,k

136,377

Credit

Suisse

Group

AG

126,000

7.500%, 

12/11/2023

b,h,k

142,839

31,000

2.593%, 

9/11/2025

b,h

31,497

200,000

6.375%, 

8/21/2026

b,h,k

221,750

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

114,000

3.800%, 

9/15/2022

119,350

Danske

Bank

AS

56,000

5.000%, 

1/12/2022

h

59,002

Deutsche

Bank

AG

37,000

2.700%, 

7/13/2020

37,071

114,000

4.250%, 

10/14/2021

117,415

Deutsche

Bank

AG

of

New

York

31,000

3.950%, 

2/27/2023

32,182

Digital

Realty

Trust,

LP

55,000

2.750%, 

2/1/2023

56,163

Discover

Bank

36,000

4.200%, 

8/8/2023

38,569

47,000

2.450%, 

9/12/2024

47,543

Fidelity

National

Financial,

Inc.

52,000

5.500%, 

9/1/2022

56,543

Fifth

Third

Bancorp

57,000

2.600%, 

6/15/2022

58,025

32,000

3.650%, 

1/25/2024

34,054

FTI

Consulting,

Inc.,

Convertible

338,000

2.000%, 

8/15/2023

445,697

General

Electric

Capital

Corporation

62,000

3.100%, 

1/9/2023

63,999

Goldman

Sachs

Group,

Inc.

74,000

5.375%, 

5/10/2020

b,k

74,551

76,000

5.250%, 

7/27/2021

79,854

55,000

3.080%, 

(LIBOR

3M

+

1.170%),

11/15/2021

b

55,442

76,000

3.000%, 

4/26/2022

77,132

51,000

2.876%, 

10/31/2022

b

51,908

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Financials

(4.4%)

-

continued

$

37,000

2.942%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

$

37,493

64,000

3.625%, 

2/20/2024

68,034

190,000

5.500%, 

8/10/2024

b,i,k

204,461

59,000

4.950%, 

2/10/2025

b,k

61,655

45,000

3.272%, 

9/29/2025

b

47,293

GS

Finance

Corporation,

Convertible

794,000

0.500%, 

6/23/2025

c

900,317

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

177,000

4.125%, 

9/1/2022

225,814

Hartford

Financial

Services

Group,

Inc.

59,000

4.035%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,h

56,788

HCP,

Inc.

30,000

4.250%, 

11/15/2023

32,345

Hospitality

Properties

Trust

55,000

4.250%, 

2/15/2021

55,866

HSBC

Holdings

plc

114,000

3.400%, 

3/8/2021

115,986

76,000

6.875%, 

6/1/2021

b,k

79,673

164,000

6.375%, 

9/17/2024

b,k

178,145

59,000

3.803%, 

3/11/2025

b

62,692

124,000

6.375%, 

3/30/2025

b,k

135,547

36,000

2.633%, 

11/7/2025

b

36,597

84,000

6.500%, 

3/23/2028

b,k

93,555

Huntington

Bancshares,

Inc.

70,000

3.150%, 

3/14/2021

71,046

Icahn

Enterprises,

LP

75,000

6.750%, 

2/1/2024

77,813

90,000

6.375%, 

12/15/2025

93,938

40,000

6.250%, 

5/15/2026

41,987

ILFC

E-Capital

Trust

II

126,000

4.150%, 

(H15T30Y

+

1.800%),

12/21/2065

b,h

103,959

ING

Groep

NV

140,000

6.000%, 

4/16/2020

b,k

140,714

64,000

4.100%, 

10/2/2023

68,681

International

Lease

Finance

Corporation

76,000

5.875%, 

8/15/2022

83,269

Iron

Mountain,

Inc.

127,750

6.000%, 

8/15/2023

130,465

50,000

4.875%, 

9/15/2027

h

51,500

iStar

,

Inc.,

Convertible

74,000

3.125%, 

9/15/2022

84,048

J.P.

Morgan

Chase

&

Company

55,000

2.587%, 

(LIBOR

3M

+

0.680%),

6/1/2021

b

55,110

89,000

2.776%, 

4/25/2023

b

90,799

64,000

3.375%, 

5/1/2023

66,967

98,000

5.150%, 

5/1/2023

b,k

102,655

78,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

79,529

270,000

5.000%, 

8/1/2024

b,k

282,420

64,000

3.875%, 

9/10/2024

69,160

133,000

4.023%, 

12/5/2024

b

143,263

234,000

4.600%, 

2/1/2025

b,k

238,891

Liberty

Mutual

Group,

Inc.

27,000

5.000%, 

6/1/2021

h

28,067

Lincoln

National

Corporation

50,000

6.250%, 

2/15/2020

50,058

40,000

4.262%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

36,000

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Financials

(4.4%)

-

continued

Lloyds

Banking

Group

plc

$

61,000

3.000%, 

1/11/2022

$

62,220

47,000

2.858%, 

3/17/2023

b

47,766

60,000

3.900%, 

3/12/2024

64,154

142,000

6.657%, 

5/21/2037

b,h,k

173,240

Macquarie

Bank,

Ltd.

162,000

6.125%, 

3/8/2027

b,h,k

172,125

MGIC

Investment

Corporation,

Convertible

358,000

9.000%, 

4/1/2063

h

481,433

Mitsubishi

UFJ

Financial

Group,

Inc.

38,000

2.998%, 

2/22/2022

38,908

54,000

2.623%, 

7/18/2022

55,056

73,000

3.455%, 

3/2/2023

76,439

32,000

3.407%, 

3/7/2024

33,839

Mizuho

Financial

Group,

Inc.

54,000

2.721%, 

7/16/2023

b

54,963

Morgan

Stanley

76,000

2.800%, 

6/16/2020

76,277

74,000

5.500%, 

7/28/2021

78,069

37,000

2.750%, 

5/19/2022

37,794

40,000

4.875%, 

11/1/2022

43,131

74,000

3.125%, 

1/23/2023

76,771

61,000

4.100%, 

5/22/2023

64,995

32,000

2.720%, 

7/22/2025

b

32,924

MPT

Operating

Partnership,

LP

100,000

5.250%, 

8/1/2026

104,875

120,000

4.625%, 

8/1/2029

125,550

National

Australia

Bank,

Ltd.

44,000

1.875%, 

12/13/2022

44,223

National

Bank

of

Canada

44,000

2.100%, 

2/1/2023

44,274

Nippon

Life

Insurance

Company

117,000

3.400%, 

1/23/2050

b,h

118,755

Nomura

Holdings,

Inc.

35,000

2.648%, 

1/16/2025

35,547

Nordea

Bank

Abp

200,000

6.625%, 

3/26/2026

b,h,k

225,622

Outfront

Media

Cap,

LLC

110,000

4.625%, 

3/15/2030

h

113,300

Park

Aerospace

Holdings,

Ltd.

16,000

4.500%, 

3/15/2023

h

16,966

PNC

Bank

NA

74,000

2.450%, 

11/5/2020

74,398

PNC

Financial

Services

Group,

Inc.

32,000

3.500%, 

1/23/2024

34,131

Quicken

Loans,

Inc.

215,000

5.750%, 

5/1/2025

h

222,525

Regions

Financial

Corporation

37,000

3.800%, 

8/14/2023

39,447

Reinsurance

Group

of

America,

Inc.

56,000

4.700%, 

9/15/2023

61,261

Royal

Bank

of

Canada

76,000

2.125%, 

3/2/2020

76,024

29,000

2.250%, 

11/1/2024

29,534

Royal

Bank

of

Scotland

Group

plc

190,000

8.625%, 

8/15/2021

b,k

205,200

32,000

6.125%, 

12/15/2022

35,072

32,000

6.100%, 

6/10/2023

35,539

81,000

4.269%, 

3/22/2025

b

86,934

23,000

3.754%, 

11/1/2029

b

23,898

Santander

UK

Group

Holdings

plc

76,000

2.875%, 

8/5/2021

76,938

Santander

UK

plc

44,000

2.100%, 

1/13/2023

44,345

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Financials

(4.4%)

-

continued

Simon

Property

Group,

LP

$

80,000

2.500%, 

7/15/2021

$

80,815

36,000

2.000%, 

9/13/2024

36,271

SITE

Centers

Corporation

17,000

4.625%, 

7/15/2022

17,820

Societe

Generale

SA

36,000

2.625%, 

10/16/2024

h

36,543

240,000

8.000%, 

9/29/2025

b,h,k

285,300

Standard

Chartered

plc

48,000

2.744%, 

9/10/2022

b,h

48,451

State

Street

Corporation

28,000

2.354%, 

11/1/2025

b

28,536

Sumitomo

Mitsui

Financial

Group,

Inc.

37,000

2.784%, 

7/12/2022

37,858

128,000

2.778%, 

10/18/2022

131,275

36,000

2.448%, 

9/27/2024

36,624

SunTrust

Banks,

Inc.

50,000

2.900%, 

3/3/2021

50,616

Synchrony

Financial

25,000

3.132%, 

(LIBOR

3M

+

1.230%),

2/3/2020

b

25,000

36,000

2.850%, 

7/25/2022

36,702

34,000

4.250%, 

8/15/2024

36,481

Toronto-Dominion

Bank

45,000

2.550%, 

1/25/2021

45,399

32,000

3.250%, 

3/11/2024

33,862

Truist

Financial

Corporation

102,000

4.800%, 

9/1/2024

b,k

105,179

UBS

Group

Funding

Jersey,

Ltd.

74,000

3.000%, 

4/15/2021

h

75,142

USB

Realty

Corporation

168,000

2.978%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,h,k

150,530

Ventas

Realty,

LP

37,000

3.100%, 

1/15/2023

38,244

32,000

3.750%, 

5/1/2024

34,035

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

40,000

4.250%, 

12/1/2026

h

41,053

20,000

3.750%, 

2/15/2027

e,h

20,100

40,000

4.625%, 

12/1/2029

h

41,800

20,000

4.125%, 

8/15/2030

e,h

20,300

Wachovia

Capital

Trust

II

40,000

2.331%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

37,900

Wells

Fargo

&

Company

45,000

2.100%, 

7/26/2021

45,251

37,000

2.625%, 

7/22/2022

37,735

64,000

4.125%, 

8/15/2023

68,632

50,000

3.007%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

51,024

34,000

3.750%, 

1/24/2024

36,324

63,000

2.406%, 

10/30/2025

b

64,053

Westpac

Banking

Corporation

65,000

2.753%, 

(LIBOR

3M

+

0.850%),

8/19/2021

b

65,618

29,000

2.000%, 

1/13/2023

29,275

29,000

2.894%, 

2/4/2030

b

29,201

Total

17,612,951

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Mortgage-Backed

Securities

(3.5%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

$

711,690

3.500%, 

5/1/2034

$

743,908

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

537,866

3.000%, 

8/1/2047

555,363

40,709

3.500%, 

7/1/2049

42,005

Federal

National

Mortgage

Association

475,425

3.500%, 

10/1/2048

494,553

1,356,810

3.500%, 

2/1/2049

e

1,405,738

530,598

3.500%, 

8/1/2049

553,233

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,685,000

2.500%, 

2/1/2035

e

1,714,948

3,030,000

3.000%, 

2/1/2035

e

3,121,018

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,175,000

3.000%, 

3/1/2050

e

4,266,684

1,051,083

4.000%, 

7/1/2048

1,100,249

200,380

3.500%, 

8/1/2049

206,770

Total

14,204,469

Technology

(1.2%)

Akamai

Technologies,

Inc.,

Convertible

294,000

0.375%, 

9/1/2027

h

301,215

Apple,

Inc.

74,000

2.400%, 

1/13/2023

75,853

112,000

3.450%, 

5/6/2024

120,306

Baidu,

Inc.

37,000

3.000%, 

6/30/2020

37,127

Booking

Holdings,

Inc.,

Convertible

164,000

0.350%, 

6/15/2020

227,889

Broadcom

Corporation

121,000

2.650%, 

1/15/2023

122,827

44,000

3.125%, 

1/15/2025

45,309

CommScope

Technologies

Finance,

LLC

190,000

6.000%, 

6/15/2025

h

181,332

Dell

International,

LLC/

EMC

Corporation

48,000

4.000%, 

7/15/2024

h

51,224

Diamond

1

Finance

Corporation

108,000

5.450%, 

6/15/2023

h

118,329

Diamond

Sports

Group,

LLC

210,000

6.625%, 

8/15/2027

h,i

196,350

Fiserv,

Inc.

70,000

2.750%, 

7/1/2024

72,170

Global

Payments,

Inc.

18,000

2.650%, 

2/15/2025

18,445

Harland

Clarke

Holdings

Corporation

105,000

8.375%, 

8/15/2022

h

91,022

Hewlett

Packard

Enterprise

Company

95,000

3.600%, 

10/15/2020

96,042

36,000

2.250%, 

4/1/2023

36,303

Intel

Corporation

60,000

3.100%, 

7/29/2022

62,324

j2

Global,

Inc.,

Convertible

219,000

3.250%, 

6/15/2029

323,025

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Technology

(1.2%)

-

continued

Marvell

Technology

Group,

Ltd.

$

37,000

4.200%, 

6/22/2023

$

39,405

Microchip

Technology,

Inc.,

Convertible

105,000

1.625%, 

2/15/2027

141,241

Microsoft

Corporation

76,000

2.400%, 

2/6/2022

77,305

NCR

Corporation

210,000

6.125%, 

9/1/2029

h

229,141

Nuance

Communications,

Inc.,

Convertible

786,000

1.250%, 

4/1/2025

905,721

NXP

BV/NXP

Funding,

LLC

48,000

4.875%, 

3/1/2024

h

52,821

ON

Semiconductor

Corporation,

Convertible

43,000

1.000%, 

12/1/2020

56,104

286,000

1.625%, 

10/15/2023

381,768

Oracle

Corporation

60,000

2.500%, 

5/15/2022

61,089

Panasonic

Corporation

54,000

2.536%, 

7/19/2022

h

54,702

Plantronics,

Inc.

120,000

5.500%, 

5/31/2023

h

115,802

PTC,

Inc.

30,000

3.625%, 

2/15/2025

e,h

30,225

Seagate

HDD

Cayman

29,000

4.250%, 

3/1/2022

30,041

SS&C

Technologies,

Inc.

150,000

5.500%, 

9/30/2027

h

158,670

Teradyne,

Inc.,

Convertible

50,000

1.250%, 

12/15/2023

106,561

Verint

Systems,

Inc.,

Convertible

143,000

1.500%, 

6/1/2021

156,268

Total

4,773,956

Transportation

(0.4%)

AerCap

Holdings

NV

150,000

5.875%, 

10/10/2079

b

160,500

Air

Canada

Pass

Through

Trust

14,020

3.875%, 

3/15/2023

h

14,429

Air

Lease

Corporation

29,000

2.300%, 

2/1/2025

29,027

Boeing

Company

64,000

3.100%, 

5/1/2026

66,855

CSX

Corporation

32,000

3.700%, 

11/1/2023

34,261

Delta

Air

Lines,

Inc.

57,000

2.875%, 

3/13/2020

57,075

29,000

2.900%, 

10/28/2024

29,283

Hertz

Corporation

110,000

5.500%, 

10/15/2024

h

111,604

90,000

6.000%, 

1/15/2028

h

90,788

J.B.

Hunt

Transport

Services,

Inc.

60,000

3.300%, 

8/15/2022

62,072

Meritor,

Inc.,

Convertible

251,000

3.250%, 

10/15/2037

260,256

NCL

Corporation,

Ltd.

110,000

3.625%, 

12/15/2024

h

109,175

Penske

Truck

Leasing

Company,

LP

32,000

3.375%, 

2/1/2022

h

32,839

Ryder

System,

Inc.

68,000

3.500%, 

6/1/2021

69,457

Union

Pacific

Corporation

55,000

3.750%, 

7/15/2025

60,038

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Transportation

(0.4%)

-

continued

United

Airlines

Pass

Through

Trust

$

60,000

3.700%, 

12/1/2022

$

62,288

United

Continental

Holdings,

Inc.

210,000

4.875%, 

1/15/2025

221,550

XPO

Logistics,

Inc.

150,000

6.750%, 

8/15/2024

h

162,563

Total

1,634,060

Utilities

(0.7%)

Alabama

Power

Company

38,000

2.450%, 

3/30/2022

38,624

Ameren

Corporation

60,000

2.700%, 

11/15/2020

60,349

32,000

2.500%, 

9/15/2024

32,543

Berkshire

Hathaway

Energy

Company

88,000

2.400%, 

2/1/2020

88,000

Calpine

Corporation

200,000

4.500%, 

2/15/2028

h

199,000

CenterPoint

Energy,

Inc.

37,000

2.500%, 

9/1/2022

37,512

36,000

2.500%, 

9/1/2024

36,660

Dominion

Energy,

Inc.

32,000

2.715%, 

8/15/2021

32,338

32,000

3.071%, 

8/15/2024

33,252

124,000

4.650%, 

12/15/2024

b,k

128,634

DTE

Energy

Company

51,000

3.300%, 

6/15/2022

52,528

53,000

2.529%, 

10/1/2024

54,152

Duke

Energy

Corporation

74,000

2.400%, 

8/15/2022

75,090

126,000

4.875%, 

9/16/2024

b,k

133,738

Edison

International

106,000

2.950%, 

3/15/2023

108,603

14,000

3.550%, 

11/15/2024

14,740

Evergy

,

Inc.

36,000

2.450%, 

9/15/2024

36,594

Eversource

Energy

37,000

2.500%, 

3/15/2021

37,284

FirstEnergy

Corporation

56,000

2.850%, 

7/15/2022

57,220

Georgia

Power

Company

29,000

2.100%, 

7/30/2023

29,341

36,000

2.200%, 

9/15/2024

36,439

NextEra

Energy

Operating

Partners,

LP

205,000

3.875%, 

10/15/2026

h

207,050

NiSource,

Inc.

50,000

3.650%, 

6/15/2023

52,769

195,000

5.650%, 

6/15/2023

b,k

203,775

NRG

Energy,

Inc.,

Convertible

115,000

2.750%, 

6/1/2048

126,299

Pinnacle

West

Capital

Corporation

37,000

2.250%, 

11/30/2020

37,128

PPL

Capital

Funding,

Inc.

64,000

3.950%, 

3/15/2024

68,220

PSEG

Power,

LLC

50,000

3.000%, 

6/15/2021

50,815

Public

Service

Enterprise

Group,

Inc.

32,000

2.875%, 

6/15/2024

33,112

Sempra

Energy

25,000

2.400%, 

3/15/2020

25,005

62,000

3.550%, 

6/15/2024

65,769

Southern

Company

37,000

2.350%, 

7/1/2021

37,286

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(24.5%)

Value

Utilities

(0.7%)

-

continued

TerraForm

Power

Operating,

LLC

$

195,000

5.000%, 

1/31/2028

h

$

210,600

TransCanada

Trust

325,000

5.875%, 

8/15/2076

b

352,625

Total

2,793,094

Total

Long-Term

Fixed

Income

(cost

$96,080,893)

98,462,612

Shares

Registered

Investment

Companies

(

8.4%

)

Value

Unaffiliated  (1.5%)

12,700

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

166,243

17,127

BlackRock

Resources

&

Commodities

Strategy

Trust

128,624

1,888

Consumer

Discretionary

Select

Sector

SPDR

Fund

236,604

2,935

Health

Care

Select

Sector

SPDR

Fund

290,976

35,000

Invesco

Senior

Loan

ETF

791,350

37,700

Invesco

Variable

Rate

Preferred

ETF

979,823

1,170

iShares

Russell

2000

Index

Fund

i

187,820

2,254

iShares

Russell

2000

Value

Index

Fund

274,627

45,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,717,200

3,415

Materials

Select

Sector

SPDR

Fund

196,807

33,449

MFS

Intermediate

Income

Trust

128,444

4,372

SPDR

S&P

Metals

&

Mining

ETF

108,819

36,578

Templeton

Global

Income

Fund

221,663

5,390

VanEck

Vectors

Oil

Services

ETF

58,751

4,900

Vanguard

Short-Term

Corporate

Bond

ETF

400,673

46,578

Western

Asset

High

Income

Opportunity

Fund,

Inc.

236,616

Total

6,125,040

Affiliated  (6.9%)

2,754,839

Thrivent

Core

Emerging

Markets

Debt

Fund

27,906,522

Total

27,906,522

Total

Registered

Investment

Companies

(cost

$32,889,060)

34,031,562

Shares

Preferred

Stock

(

1.3%

)

Value

Communications

Services

(0.1%)

346

Crown

Castle

International

Corporation,

Convertible,

6.875%

459,724

Total

459,724

Consumer

Staples

(0.1%)

10,600

CHS,

Inc.,

7.100%

b,k

297,860

Total

297,860

Energy

(0.1%)

40,412

Crestwood

Equity

Partners,

LP,

9.250%

k

378,256

1,450

Energy

Transfer

Operating,

LP,

7.600%

b,k

36,540

5,420

Nustar

Logistics,

LP,

8.565%

b

143,468

Total

558,264

Shares

Preferred

Stock

(1.3%)

Value

Financials

(0.7%)

2,475

Aegon

Funding

Corporation

II,

5.100%

$

63,904

2,826

Agribank

FCB,

6.875%

b,k

305,208

5,200

Allstate

Corporation,

5.100%

k

137,124

4,500

Bank

of

America

Corporation,

5.000%

k

117,900

170

Bank

of

America

Corporation,

Convertible,

7.250%

k

267,359

5,050

Capital

One

Financial

Corporation,

5.000%

k

129,027

2,200

Cobank

ACB,

6.250%

b,k

235,400

5,375

Equitable

Holdings,

Inc.,

5.250%

g,k

141,094

2,545

Federal

National

Mortgage

Association,

0.000%

g,i,k

28,682

140

First

Tennessee

Bank

NA,

3.750%

b,h,k

112,350

7,700

GMAC

Capital

Trust

I,

7.695%

b

205,205

3,525

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

100,181

3,350

J.P.

Morgan

Chase

&

Company,

4.750%

i,k

86,263

5,600

Morgan

Stanley,

7.125%

b,k

164,920

3,600

Regions

Financial

Corporation,

5.700%

b,k

102,636

725

Synovus

Financial

Corporation,

5.875%

b,k

19,488

495

Wells

Fargo

&

Company,

Convertible,

7.500%

k

765,052

Total

2,981,793

Health

Care

(0.1%)

404

Danaher

Corporation,

Convertible,

4.750%

490,941

Total

490,941

Industrials

(0.1%)

103

Fortive

Corporation,

Convertible,

5.000%

99,251

1,457

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

g

152,970

Total

252,221

Utilities

(0.1%)

132

Sempra

Energy,

Convertible,

6.000%

16,712

4,502

Southern

Company,

Convertible,

6.750%

255,669

Total

272,381

Total

Preferred

Stock

(cost

$4,853,855)

5,313,184

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

3,023,265

Thrivent

Cash

Management

Trust

3,023,265

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,023,265)

3,023,265

Shares

or

Principal

Amount

Short-Term

Investments

(

5.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

1.570%,

2/26/2020

n,o

299,703

800,000

1.535%,

3/25/2020

n,o

798,232

400,000

1.535%,

4/8/2020

n,o

398,866

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Shares

or

Principal

Amount

Short-Term

Investments

(5.8%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,193,285

1.900%

$

21,932,852

Total

Short-Term

Investments

(cost

$23,429,574)

23,429,653

Total

Investments

(cost

$390,201,248)

103.7%

$417,355,800

Other

Assets

and

Liabilities,

Net

(3.7%)

(14,941,773)

Total

Net

Assets

100.0%

$402,414,027

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

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

Non-income

producing

security.

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

January

31,

2020,

the

value

of

these

investments

was

$39,659,800

or

9.9%

of

total

net

assets.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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

January

31,

2020.

k

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.

l

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.

m

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

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.

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

Balanced

Income

Plus

Fund

as

of

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

525,837

Common

Stock

2,309,219

Total

lending

$2,835,056

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,023,265

Net

amounts

due

to

counterparty

$188,209

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

ETF

-

Exchange

Traded

Fund

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Balanced

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

2,266,201

–

1,966,955

299,246

Capital

Goods

5,980,182

–

5,594,082

386,100

Communications

Services

15,642,824

–

15,642,824

–

Consumer

Cyclical

9,716,293

–

8,875,694

840,599

Consumer

Non-Cyclical

11,390,479

–

11,390,479

–

Energy

3,208,064

–

2,869,938

338,126

Financials

6,597,177

–

6,597,177

–

Technology

4,934,245

–

4,934,245

–

Utilities

935,973

–

935,973

–

Common

Stock

Communications

Services

9,971,462

8,550,104

1,421,358

–

Consumer

Discretionary

17,630,827

13,176,306

4,454,521

–

Consumer

Staples

10,325,586

7,439,214

2,886,372

–

Energy

7,980,723

6,235,180

1,745,543

–

Financials

35,676,047

22,589,249

13,086,798

–

Health

Care

27,035,819

20,135,174

6,900,645

–

Industrials

27,320,270

18,235,971

9,084,299

–

Information

Technology

36,742,690

32,932,969

3,809,721

–

Materials

6,873,200

4,279,153

2,594,047

–

Real

Estate

9,365,314

5,169,102

4,196,212

–

Utilities

3,502,148

3,090,693

411,455

–

Long-Term

Fixed

Income

Asset-Backed

Securities

8,188,450

–

8,188,450

–

Basic

Materials

1,598,811

–

1,598,811

–

Capital

Goods

5,152,964

–

5,152,964

–

Collateralized

Mortgage

Obligations

17,657,472

–

17,657,472

–

Commercial

Mortgage-Backed

Securities

819,457

–

819,457

–

Communications

Services

8,114,301

–

8,114,301

–

Consumer

Cyclical

5,180,227

–

5,180,227

–

Consumer

Non-Cyclical

6,020,677

–

6,020,677

–

Energy

4,711,723

–

4,711,723

–

Financials

17,612,951

–

16,712,634

900,317

Mortgage-Backed

Securities

14,204,469

–

14,204,469

–

Technology

4,773,956

–

4,773,956

–

Transportation

1,634,060

–

1,634,060

–

Utilities

2,793,094

–

2,793,094

–

Registered

Investment

Companies

Unaffiliated

6,125,040

6,125,040

–

–

Preferred

Stock

Communications

Services

459,724

–

459,724

–

Consumer

Staples

297,860

297,860

–

–

Energy

558,264

558,264

–

–

Financials

2,981,793

2,328,835

652,958

–

Health

Care

490,941

–

490,941

–

Industrials

252,221

252,221

–

–

Utilities

272,381

272,381

–

–

Short-Term

Investments

1,496,801

–

1,496,801

–

Subtotal

Investments

in

Securities

$364,493,161

$151,667,716

$210,061,057

$2,764,388

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

27,906,522

Affiliated

Short-Term

Investments

21,932,852

Collateral

Held

for

Securities

Loaned

3,023,265

Subtotal

Other

Investments

$52,862,639

Total

Investments

at

Value

$417,355,800

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

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

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

225,848

225,848

–

–

Total

Asset

Derivatives

$225,848

$225,848

$–

$–

Liability

Derivatives

Futures

Contracts

484,093

484,093

–

–

Total

Liability

Derivatives

$484,093

$484,093

$–

$–

The

following

table

presents

Balanced

Income

Plus

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$1,496,801

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

9

March

2020

$

1,165,876

$

19,030

CBOT

2-Yr.

U.S.

Treasury

Note

30

March

2020

6,464,920

25,861

CME

E-mini

Russell

2000

Index

37

March

2020

3,028,067

(

40,872)

CME

E-mini

S&P

500

Index

10

March

2020

1,577,281

34,719

CME

Euro

Foreign

Exchange

Currency

46

March

2020

6,430,652

(

37,514)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

12

March

2020

2,247,509

76,741

Eurex

Euro

STOXX

50

Index

155

March

2020

6,429,175

(

211,435)

Total

Futures

Long

Contracts

$

27,343,480

(

$

133,470)

CBOT

5-Yr.

U.S.

Treasury

Note

(8)

March

2020

(

$

953,666)

(

$

8,896)

CBOT

U.S.

Long

Bond

(22)

March

2020

(

3,476,307)

(

121,380)

ICE

mini

MSCI

EAFE

Index

(23)

March

2020

(

2,342,472)

69,497

Ultra

10-Yr.

U.S.

Treasury

Note

(18)

March

2020

(

2,557,817)

(

63,996)

Total

Futures

Short

Contracts

(

$

9,330,262)

($124,775)

Total

Futures

Contracts

$

18,013,218

($258,245)

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

Balanced

Income

Plus

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$26,781

$303

$–

$27,907

2,755

6.9%

Total

Affiliated

Registered

Investment

Companies

26,781

27,907

6.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

27,165

26,211

31,443

21,933

2,193

5.5

Total

Affiliated

Short-Term

Investments

27,165

21,933

5.5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,333

11,187

10,497

3,023

3,023

0.8

Total

Collateral

Held

for

Securities

Loaned

2,333

3,023

0.8

Total

Value

$56,279

$52,863

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$822

$–

$304

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

0

124

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$428

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

$–

$822

$0

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Shares

Common

Stock

(

84.9%

)

Value

Communications

Services

(4.9%)

84,343

Activision

Blizzard,

Inc.

$

4,932,379

16,568

Alphabet,

Inc.,

Class

A

a

23,738,299

3,222

Alphabet,

Inc.,

Class

C

a

4,621,089

899,142

Auto

Trader

Group

plc

b

6,634,568

42,067

Carsales.com,

Ltd.

478,826

180,783

Comcast

Corporation

7,808,018

70,165

Facebook,

Inc.

a

14,167,015

1,907

Hemisphere

Media

Group,

Inc.

a

25,630

459,000

HKT

Trust

and

HKT,

Ltd.

685,164

10,588

Interpublic

Group

of

Companies,

Inc.

240,347

14,982

Ipsos

SA

485,420

13,555

Live

Nation

Entertainment,

Inc.

a

923,909

458,969

Mediaset

Espana

Comunicacion

SA

2,512,913

2,511

News

Corporation

35,079

21,100

Nippon

Telegraph

&

Telephone

Corporation

537,987

48,473

ORBCOMM,

Inc.

a

174,018

38,235

Rightmove

plc

331,365

2,361

Scholastic

Corporation

77,795

200,053

Seven

West

Media,

Ltd.

a

32,927

13,573

Take-Two

Interactive

Software,

Inc.

a

1,691,739

159,500

TV

Asahi

Holdings

Corporation

3,042,381

196,698

Verizon

Communications,

Inc.

11,691,729

36,023

ViacomCBS

,

Inc.

1,229,465

35,934

Wolters

Kluwer

NV

2,700,145

Total

88,798,207

Consumer

Discretionary

(9.0%)

31,529

Alibaba

Group

Holding,

Ltd.

ADR

a

6,513,576

18,076

Amazon.com,

Inc.

a

36,309,623

849

American

Public

Education,

Inc.

a

20,232

19,700

AOKI

Holdings,

Inc.

192,198

40,700

Aoyama

Trading

Company,

Ltd.

521,764

32,986

Aptiv

plc

2,796,883

22,500

Autobacs

Seven

Company,

Ltd.

327,873

1,410

AutoZone,

Inc.

a

1,491,724

33,700

Benesse

Holdings,

Inc.

925,734

38,568

Berkeley

Group

Holdings

plc

2,668,678

17,964

BorgWarner,

Inc.

615,986

104,900

Bridgestone

Corporation

3,715,456

19,107

Bright

Horizons

Family

Solutions,

Inc.

a

3,128,389

8,248

Burlington

Stores,

Inc.

a

1,793,693

13,981

Canada

Goose

Holdings,

Inc.

a

419,430

1,691

Chipotle

Mexican

Grill,

Inc.

a

1,465,691

25,000

Chiyoda

Company,

Ltd.

335,939

362,900

Citizen

Watch

Company,

Ltd.

1,754,415

9,059

Cooper-Standard

Holdings,

Inc.

a

240,245

7,359

Culp,

Inc.

92,944

38,129

D.R.

Horton,

Inc.

2,257,237

23,063

Delphi

Technologies

plc

a

353,786

178,500

Denso

Corporation

7,322,455

3,492

Domino's

Pizza,

Inc.

983,871

28,800

Duluth

Holdings,

Inc.

a

243,360

9,979

Emerald

Expositions

Events,

Inc.

104,081

5,628

Ethan

Allen

Interiors,

Inc.

90,892

10,985

Etsy,

Inc.

a

536,178

11,000

Exedy

Corporation

227,630

21,361

Five

Below,

Inc.

a

2,418,492

5,823

Garrett

Motion,

Inc.

a

49,030

1,336

Genuine

Parts

Company

125,009

8,759

G-III

Apparel

Group,

Ltd.

a

238,332

2,308

Goodyear

Tire

&

Rubber

Company

30,304

13,428

Grand

Canyon

Education,

Inc.

a

1,051,144

42,379

Harley-Davidson,

Inc.

1,415,459

32,988

Home

Depot,

Inc.

7,524,563

Shares

Common

Stock

(84.9%)

Value

Consumer

Discretionary

(9.0%)

-

continued

18,500

Honda

Motor

Company,

Ltd.

$

473,145

1,815

Hooker

Furniture

Corporation

44,722

76

Johnson

Outdoors,

Inc.

5,974

18,813

Knoll,

Inc.

465,810

9,279

Lear

Corporation

1,142,987

71,619

Lowe's

Companies,

Inc.

8,324,993

536

Madison

Square

Garden

Company

a

158,758

5,547

Marcus

Corporation

161,695

6,626

Modine

Manufacturing

Company

a

46,581

10,035

Mohawk

Industries,

Inc.

a

1,321,409

338,797

Moneysupermarket.com

Group

plc

1,454,301

123,900

NHK

Spring

Company,

Ltd.

997,580

63,591

NIKE,

Inc.

6,123,813

1,427,100

Nissan

Motor

Company,

Ltd.

7,743,869

15,253

Norwegian

Cruise

Line

Holdings,

Ltd.

a

821,374

20,572

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,091,139

23,600

Onward

Holdings

Company,

Ltd.

135,565

1,453

O'Reilly

Automotive,

Inc.

a

590,063

41,100

Park24

Company,

Ltd.

1,032,132

30,644

Planet

Fitness,

Inc.

a

2,475,729

86,579

Playa

Hotels

and

Resorts

NV

a

607,785

17,400

PLENUS

Company,

Ltd.

316,771

25,712

Red

Rock

Resorts,

Inc.

630,201

213,170

Redrow

plc

2,237,850

32,900

Rinnai

Corporation

2,345,177

2,155

Ruth's

Hospitality

Group,

Inc.

44,177

46,600

Sangetsu

Company,

Ltd.

822,420

15,400

SHIMAMURA

Company,

Ltd.

1,157,053

35,611

Sony

Corporation

ADR

2,499,180

10,759

Standard

Motor

Products,

Inc.

522,672

46,469

Starbucks

Corporation

3,941,965

15,500

Start

Today

Company,

Ltd.

258,164

549,400

Sumitomo

Electric

Industries,

Ltd.

7,324,401

11,000

Sumitomo

Forestry

Company,

Ltd.

152,747

395,300

Sumitomo

Rubber

Industries,

Ltd.

4,343,282

77,190

Super

Retail

Group,

Ltd.

480,611

9,100

Takara

Standard

Company,

Ltd.

156,120

801,104

Taylor

Wimpey

plc

2,275,449

12,642

Texas

Roadhouse,

Inc.

790,125

121,300

Toyoda

Gosei

Company,

Ltd.

2,752,127

9,159

Tupperware

Brands

Corporation

57,335

4,615

Ulta

Beauty,

Inc.

a

1,236,405

9,400

United

Arrows,

Ltd.

249,965

6,340

Vail

Resorts,

Inc.

1,486,793

11,976

Wingstop

,

Inc.

1,111,013

Total

162,713,723

Consumer

Staples

(3.0%)

27,900

Arcs

Company,

Ltd.

490,879

4,369

Calavo

Growers,

Inc.

334,709

36,789

Carlsberg

AS

5,372,437

10,718

Casey's

General

Stores,

Inc.

1,724,097

2,414

Central

Garden

&

Pet

Company

a

77,755

36,465

ForFarmers

BV

238,606

8,832

Glanbia

plc

103,143

10,283

Hain

Celestial

Group,

Inc.

a

248,951

16,500

Kewpie

Corporation

344,114

14,994

Kimberly-Clark

Corporation

2,147,741

137

Lindt

&

Spruengli

AG

1,149,964

4,936

L'Oreal

SA

1,372,932

9,000

Ministop

Company,

Ltd.

127,036

10,640

Monster

Beverage

Corporation

a

708,624

105,390

Nestle

SA

11,623,748

54,488

Philip

Morris

International,

Inc.

4,506,158

2,096

Seneca

Foods

Corporation

a

82,897

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Shares

Common

Stock

(84.9%)

Value

Consumer

Staples

(3.0%)

-

continued

24,400

Seven

&

I

Holdings

Company,

Ltd.

$

935,577

15,676

Simply

Good

Foods

Company

a

360,078

51,900

Sugi

Holdings

Company,

Ltd.

2,600,297

166,400

Sundrug

Company,

Ltd.

5,638,982

30,393

Turning

Point

Brands,

Inc.

694,176

59,696

Unilever

NV

3,483,404

33,031

Unilever

plc

1,970,342

65,592

Wal-Mart

Stores,

Inc.

7,509,628

Total

53,846,275

Energy

(3.0%)

1,307

Apache

Corporation

35,864

83,519

Archrock

,

Inc.

697,384

118,700

BP

plc

ADR

4,288,631

51,514

Callon

Petroleum

Company

a

154,542

18,315

Centennial

Resource

Development,

Inc.

a

59,707

37,256

Chevron

Corporation

3,991,608

14,836

Cimarex

Energy

Company

651,152

4,518

Concho

Resources,

Inc.

342,374

32,190

ConocoPhillips

1,913,052

15,192

Continental

Resources,

Inc.

413,526

23,837

Core

Laboratories

NV

837,394

11,331

Devon

Energy

Corporation

246,109

16,740

Diamond

Offshore

Drilling,

Inc.

a

77,506

5,950

Diamondback

Energy,

Inc.

442,680

70,718

Enterprise

Products

Partners,

LP

1,822,403

11,199

Exterran

Corporation

a

60,475

26,460

Exxon

Mobil

Corporation

1,643,695

16,572

Frank's

International

NV

a

58,002

4,246

Gaztransport

Et

Technigaz

SA

429,204

25,214

Gran

Tierra

Energy,

Inc.

a

25,123

80,710

Halliburton

Company

1,760,285

8,657

Helmerich

&

Payne,

Inc.

351,041

1,116,300

JXTG

Holdings,

Inc.

4,747,825

11,734

Liberty

Oilfield

Services,

Inc.

99,504

285,605

Marathon

Oil

Corporation

3,247,329

71,816

Marathon

Petroleum

Corporation

3,913,972

65,970

Nabors

Industries,

Ltd.

136,558

32,553

Nine

Energy

Service,

Inc.

a

157,557

549

Oasis

Petroleum,

Inc.

a

1,235

26,361

Oceaneering

International,

Inc.

a

327,140

540

Oil

States

International,

Inc.

a

5,821

712

Parsley

Energy,

Inc.

11,848

5,710

Patterson-UTI

Energy,

Inc.

45,337

6,095

PDC

Energy,

Inc.

a

131,591

1,772

Penn

Virginia

Corporation

a

37,868

22,576

Pioneer

Natural

Resources

Company

3,047,760

83,692

QEP

Resources,

Inc.

265,304

218,729

Royal

Dutch

Shell

plc,

Class

A

5,743,899

353,472

Royal

Dutch

Shell

plc,

Class

B

9,288,038

94,316

Southwestern

Energy

Company

a

148,076

17,708

Talos

Energy,

Inc.

a

388,514

18,883

TechnipFMC

plc

311,758

25,543

Total

SA

1,243,711

6,124

Transocean,

Ltd.

a

27,925

949

Whiting

Petroleum

Corporation

a

4,308

Total

53,634,635

Financials

(16.8%)

337

1st

Source

Corporation

15,903

199,255

AB

Industrivarden

4,696,759

65,536

Aflac,

Inc.

3,379,692

11,063

AG

Mortgage

Investment

Trust,

Inc.

175,349

1,540

Alleghany

Corporation

a

1,228,396

52,094

Allianz

SE

12,437,150

Shares

Common

Stock

(84.9%)

Value

Financials

(16.8%)

-

continued

29,053

American

Financial

Group,

Inc.

$

3,160,676

40,325

American

International

Group,

Inc.

2,026,734

4,413

Ameriprise

Financial,

Inc.

729,954

14,851

Ameris

Bancorp

596,862

1,942

Argo

Group

International

Holdings,

Ltd.

127,395

10,171

Arthur

J.

Gallagher

&

Company

1,043,239

2,279

Artisan

Partners

Asset

Management,

Inc.

76,119

5,434

Associated

Banc-Corp

108,300

48,871

Baloise

Holding

AG

8,829,948

523,197

Bank

Leumi

Le-Israel

BM

3,761,750

478,988

Bank

of

America

Corporation

15,725,176

1,297

Bank

of

Marin

Bancorp

57,146

125,989

Bank

of

Montreal

c

9,608,637

2,488

Bank

OZK

67,624

7,435

BankFinancial

Corporation

92,714

1,102

BankUnited

,

Inc.

36,366

12,209

Banner

Corporation

629,374

1,889

BOK

Financial

Corporation

149,042

40,048

Boston

Private

Financial

Holdings,

Inc.

456,547

84,888

BrightSphere

Investment

Group

781,818

6,110

Brown

&

Brown,

Inc.

274,339

3,849

Byline

Bancorp,

Inc.

74,286

54,667

Capital

One

Financial

Corporation

5,455,767

8,415

Cboe

Global

Markets,

Inc.

1,036,896

108,691

Charles

Schwab

Corporation

4,950,875

19,546

Chubb,

Ltd.

2,970,797

555,528

CI

Financial

Corporation

9,734,543

5,407

Cincinnati

Financial

Corporation

567,465

12,439

CIT

Group,

Inc.

568,587

138,036

Citigroup,

Inc.

10,271,259

14,652

Citizens

Financial

Group,

Inc.

546,227

464

City

Holding

Company

35,116

103,742

CNP

Assurances

1,867,392

44,476

Comerica,

Inc.

2,720,152

11,869

Commonwealth

Bank

of

Australia

671,991

1,641

Community

Bank

System,

Inc.

108,749

11,555

Community

Trust

Bancorp,

Inc.

505,531

14,497

Cullen/Frost

Bankers,

Inc.

1,292,553

311,400

DBS

Group

Holdings,

Ltd.

5,736,317

15,297

Deutsche

Boerse

AG

2,483,070

178,595

Deutsche

Pfandbriefbank

AG

b

2,876,557

423

Diamond

Hill

Investment

Group,

Inc.

59,546

9,920

Discover

Financial

Services

745,290

272,404

DnB

ASA

4,762,322

24,927

E*TRADE

Financial

Corporation

1,062,389

3,738

East

West

Bancorp,

Inc.

171,350

3,443

Enterprise

Financial

Services

Corporation

149,805

13,813

Essent

Group,

Ltd.

685,263

80,315

Euronext

NV

b

6,961,964

79,754

Everi

Holdings,

Inc.

a

996,925

1,914

FBL

Financial

Group,

Inc.

102,935

1,118

Federal

Agricultural

Mortgage

Corporation

85,303

179,571

Fifth

Third

Bancorp

5,108,795

7,428

Financial

Institutions,

Inc.

228,857

4,872

First

American

Financial

Corporation

301,967

427

First

Bancorp

15,150

950

First

Bancshares,

Inc.

32,699

9,837

First

Busey

Corporation

250,843

3,427

First

Citizens

BancShares

,

Inc.

1,805,412

20,403

First

Defiance

Financial

Corporation

599,644

6,287

First

Financial

Corporation

262,356

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Shares

Common

Stock

(84.9%)

Value

Financials

(16.8%)

-

continued

1,149

First

Hawaiian,

Inc.

$

33,390

6,071

First

Interstate

BancSystem

,

Inc.

233,733

9,179

First

Midwest

Bancorp,

Inc.

183,029

1,199

First

of

Long

Island

Corporation

26,450

6,212

First

Republic

Bank

688,787

737,856

FlexiGroup

,

Ltd.

1,024,543

6,365

Goldman

Sachs

Group,

Inc.

1,513,279

10,934

Great

Southern

Bancorp,

Inc.

622,254

6,154

Great

Western

Bancorp,

Inc.

181,851

11,620

Hamilton

Lane,

Inc.

754,719

5,730

Hancock

Whitney

Corporation

227,710

1,037

Hanmi

Financial

Corporation

17,442

7,400

Hanover

Insurance

Group,

Inc.

1,025,492

58,574

Hartford

Financial

Services

Group,

Inc.

3,472,267

9,590

Heritage

Commerce

Corporation

111,244

1,040

Heritage

Financial

Corporation

26,811

8,741

Hometrust

Bancshares,

Inc.

231,811

13,201

Horizon

Bancorp,

Inc.

223,361

3,151

Houlihan

Lokey

,

Inc.

163,379

1,450,163

HSBC

Holdings

plc

10,542,935

13,538

IA

Financial

Corporation,

Inc.

745,030

13,142

Independent

Bank

Corporation

280,976

14,738

Interactive

Brokers

Group,

Inc.

692,686

64,018

Intercontinental

Exchange,

Inc.

6,385,155

3,837

International

Bancshares

Corporation

151,178

1,224,218

Israel

Discount

Bank,

Ltd.

5,552,602

37,378

J.P.

Morgan

Chase

&

Company

4,947,352

9,950

L

E

Lundbergforetagen

AB

431,949

4,556

Lakeland

Bancorp,

Inc.

73,989

89,406

Laurentian

Bank

of

Canada

c

2,901,608

5,067

Loews

Corporation

260,697

5,827

M&T

Bank

Corporation

981,966

429,378

Manulife

Financial

Corporation

8,364,338

2,870

Mercantile

Bank

Corporation

94,050

57,027

MetLife,

Inc.

2,834,812

10,534

MidWestOne

Financial

Group,

Inc.

340,670

63,718

Morgan

Stanley

3,329,903

3,827

MSCI,

Inc.

1,093,757

5,764

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,699,465

103,367

National

Bank

of

Canada

5,735,408

175

National

Western

Life

Group,

Inc.

46,550

1,098

NBT

Bancorp,

Inc.

41,493

7,412

Northern

Trust

Corporation

724,968

4,611

Northwest

Bancshares,

Inc.

72,508

2,220

OFG

Bancorp

43,756

2,277

Old

Republic

International

Corporation

51,346

6,597

Old

Second

Bancorp,

Inc.

81,044

13,368

Onex

Corporation

857,596

22,970

Paragon

Banking

Group

plc

154,086

20,702

Pargesa

Holding

SA

1,658,415

314

Park

National

Corporation

29,821

2,459

Peoples

Bancorp,

Inc.

80,016

20,816

Popular,

Inc.

1,164,863

116,220

Power

Corporation

of

Canada

2,899,792

26,819

Power

Financial

Corporation

696,110

14,911

Prosight

Global,

Inc.

a

215,762

1,612

Provident

Financial

Services,

Inc.

36,770

18,560

Prudential

Financial,

Inc.

1,690,074

10,732

QCR

Holdings,

Inc.

441,085

54,497

Raymond

James

Financial,

Inc.

4,982,661

9,298

Reinsurance

Group

of

America,

Inc.

1,339,377

5,416

Renasant

Corporation

172,933

Shares

Common

Stock

(84.9%)

Value

Financials

(16.8%)

-

continued

44,180

Royal

Bank

of

Canada

$

3,491,268

20,052

S&P

Global,

Inc.

5,889,874

1,544

Safety

Insurance

Group,

Inc.

142,172

5,122

Sandy

Spring

Bancorp,

Inc.

178,246

11,248

Santander

Consumer

USA

Holdings,

Inc.

299,422

16,461

Seacoast

Banking

Corporation

of

Florida

a

446,916

25,746

SEI

Investments

Company

1,680,184

854

Selective

Insurance

Group,

Inc.

56,577

25,700

Senshu

Ikeda

Holdings,

Inc.

46,919

60,800

Singapore

Exchange,

Ltd.

385,738

14,680

Spirit

of

Texas

Bancshares,

Inc.

a

304,610

234,467

Sun

Life

Financial,

Inc.

11,023,528

6,650

SVB

Financial

Group

a

1,598,194

19,649

Swiss

Life

Holding

AG

9,877,053

14,965

Synovus

Financial

Corporation

524,074

6,863

T.

Rowe

Price

Group,

Inc.

916,416

2,608

Territorial

Bancorp,

Inc.

75,710

7,617

TMX

Group,

Ltd.

704,777

27,025

Topdanmark

AS

1,277,069

276,416

Toronto-Dominion

Bank

15,276,610

10,440

TPG

RE

Finance

Trust,

Inc.

213,707

6,675

TriCo

Bancshares

242,970

20,868

TrustCo

Bank

Corporation

165,483

99,859

U.S.

Bancorp

5,314,496

744

UMB

Financial

Corporation

49,446

5,811

Umpqua

Holdings

Corporation

98,206

1,012

Univest

Financial

Corporation

25,138

65

Virtus

Investment

Partners,

Inc.

7,997

3,696

Washington

Trust

Bancorp,

Inc.

174,932

15,566

Webster

Financial

Corporation

698,291

4,412

WesBanco

,

Inc.

146,125

800

Westamerica

Bancorporation

50,688

3,573

Western

Alliance

Bancorp

197,337

1,229

Willis

Towers

Watson

plc

259,675

26,999

Wintrust

Financial

Corporation

1,708,497

76,977

Zions

Bancorporations

NA

3,501,684

4,051

Zurich

Insurance

Group

AG

1,681,642

Total

303,550,729

Health

Care

(12.0%)

11,425

Aerie

Pharmaceuticals,

Inc.

a

233,984

21,898

Agilent

Technologies,

Inc.

1,807,899

17,632

Agios

Pharmaceuticals,

Inc.

a

859,207

2,490

Alexion

Pharmaceuticals,

Inc.

a

247,481

5,398

Alkermes

plc

a

93,979

4,228

AmerisourceBergen

Corporation

361,748

4,231

Arena

Pharmaceuticals,

Inc.

a

193,314

141

Atrion

Corporation

101,406

30,600

Axonics

Modulation

Technologies,

Inc.

a

888,318

6,487

Biogen,

Inc.

a

1,744,030

8,110

BioMarin

Pharmaceutical,

Inc.

a

677,185

4,193

Bio-Rad

Laboratories,

Inc.

a

1,513,338

10,776

Bio-

Techne

Corporation

2,262,637

2,431

Bluebird

Bio,

Inc.

a

193,726

1,102

Bruker

Corporation

54,516

30,740

Catalent

,

Inc.

a

1,878,214

57,840

Centene

Corporation

a

3,632,930

10,242

Charles

River

Laboratories

International,

Inc.

a

1,583,208

1,966

Chemed

Corporation

918,201

18,417

Cigna

Holding

Company

3,543,062

16,729

CryoLife

,

Inc.

a

497,520

70,174

CSL,

Ltd.

14,432,544

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Shares

Common

Stock

(84.9%)

Value

Health

Care

(12.0%)

-

continued

88,853

CVS

Health

Corporation

$

6,026,010

5,888

Dexcom

,

Inc.

a

1,417,536

21,461

Edwards

Lifesciences

Corporation

a

4,718,415

80,773

Gilead

Sciences,

Inc.

5,104,854

615,364

GlaxoSmithKline

plc

14,448,373

66,509

Grifols

SA

2,233,728

24,976

Guardant

Health,

Inc.

a

1,899,175

19,123

Halozyme

Therapeutics,

Inc.

a

362,955

1,356

HealthStream

,

Inc.

a

34,646

10,131

Hill-Rom

Holdings,

Inc.

1,078,850

8,895

Immunomedics

,

Inc.

a

165,180

17,087

Inspire

Medical

Systems,

Inc.

a

1,278,108

4,570

Insulet

Corporation

a

886,763

12,482

Intuitive

Surgical,

Inc.

a

6,987,174

4,574

Jazz

Pharmaceuticals,

Inc.

a

655,683

53,716

Johnson

&

Johnson

7,996,701

12,000

KYORIN

Holdings,

Inc.

215,449

1,688

Laboratory

Corporation

of

America

Holdings

a

296,075

10,895

LHC

Group,

Inc.

a

1,587,946

3,536

Ligand

Pharmaceuticals,

Inc.

a

310,496

3,906

LNA

Sante

198,578

66,432

Medtronic

plc

7,668,910

120,086

Merck

&

Company,

Inc.

10,260,148

1,652

Mesa

Laboratories,

Inc.

433,551

28,357

Natera

,

Inc.

a

992,779

6,298

National

Healthcare

Corporation

528,528

5,588

Neurocrine

Biosciences,

Inc.

a

559,247

4,626

Nevro

Corporation

a

614,842

620

NextGen

Healthcare,

Inc.

a

8,593

172,903

Novartis

AG

16,333,829

197,615

Novo

Nordisk

AS

12,029,160

39,435

Optinose

,

Inc.

a

308,776

3,161

Orthifix

Medical,

Inc.

a

136,745

84,078

Pfizer,

Inc.

3,131,065

90,105

Pharming

Group

NV

a

131,915

5,850

PRA

Health

Sciences,

Inc.

a

592,663

1,610

Prothena

Corporation

plc

a

19,594

59,065

Recordati

SPA

2,527,438

7,184

Repligen

Corporation

a

721,202

5,847

ResMed

,

Inc.

929,498

53,643

Roche

Holding

AG

17,995,543

4,429

Sage

Therapeutics,

Inc.

a

293,554

3,132

Sarepta

Therapeutics,

Inc.

a

363,187

17,188

Sonova

Holding

AG

4,310,259

707

Surmodics

,

Inc.

a

27,849

18,346

Tactile

Systems

Technology,

Inc.

a

1,030,862

6,602

Teleflex,

Inc.

2,452,709

15,869

Thermo

Fisher

Scientific,

Inc.

4,970,012

1,544

U.S.

Physical

Therapy,

Inc.

180,864

2,215

United

Therapeutics

Corporation

a

216,339

29,433

UnitedHealth

Group,

Inc.

8,019,021

5,263

Varian

Medical

Systems,

Inc.

a

739,820

35,642

Veeva

Systems,

Inc.

a

5,225,474

29,642

Vertex

Pharmaceuticals,

Inc.

a

6,730,216

1,938

Waters

Corporation

a

433,705

2,980

West

Pharmaceutical

Services,

Inc.

464,731

57,142

Wright

Medical

Group

NV

a

1,722,260

154

Zimmer

Biomet

Holdings,

Inc.

22,777

63,316

Zoetis,

Inc.

8,497,640

Total

217,246,447

Industrials

(12.1%)

11,859

A.O.

Smith

Corporation

506,261

60,827

Aalberts

NV

2,655,750

3,975

Aegion

Corporation

a

83,077

Shares

Common

Stock

(84.9%)

Value

Industrials

(12.1%)

-

continued

15,420

Aerojet

Rocketdyne

Holdings,

Inc.

a

$

802,919

14,122

AMETEK,

Inc.

1,371,952

11,620

ASGN,

Inc.

a

786,558

88,002

Assa

Abloy

AB

2,088,841

203,499

Atlas

Copco

AB,

Class

A

7,202,652

62,896

Atlas

Copco

AB,

Class

B

1,955,022

21,298

AZZ,

Inc.

878,755

16,867

Boeing

Company

5,368,260

16,386

BWX

Technologies,

Inc.

1,041,986

1,239

Carlisle

Companies,

Inc.

193,569

17,738

Casella

Waste

Systems,

Inc.

a

908,008

36,411

CBIZ,

Inc.

a

983,097

10,402

Chart

Industries,

Inc.

a

665,520

27,052

CIA

De

Distribucion

Integral

607,023

1,259

Columbus

McKinnon

Corporation

44,052

3,128

CRA

International,

Inc.

166,660

18,985

Crane

Company

1,622,458

10,462

CSW

Industrials,

Inc.

793,857

27,564

CSX

Corporation

2,104,236

11,317

Curtiss-Wright

Corporation

1,645,831

78,120

Delta

Air

Lines,

Inc.

4,354,409

3,040

Douglas

Dynamics,

Inc.

159,387

24,023

EMCOR

Group,

Inc.

1,973,970

12,820

Expeditors

International

of

Washington,

Inc.

936,373

15,614

Forrester

Research,

Inc.

a

645,951

322

Geberit

AG

169,930

18,026

General

Dynamics

Corporation

3,162,481

6,097

Gorman-Rupp

Company

225,040

20,700

GS

Yuasa

Corporation

408,422

338,127

GWA

Group,

Ltd.

c

803,098

24,600

Hanwa

Company,

Ltd.

593,261

17,692

Healthcare

Services

Group,

Inc.

452,915

3,650

Heico

Corporation

446,869

770

Herc

Holdings,

Inc.

a

30,892

65,000

Hino

Motors,

Ltd.

608,657

66,925

Honeywell

International,

Inc.

11,592,748

11,050

Hubbell,

Inc.

1,582,691

2,908

ICF

International,

Inc.

254,712

10,250

IDEX

Corporation

1,679,462

85,600

Inaba

Denki

Sangyo

Company,

Ltd.

2,141,725

33,919

Ingersoll-Rand

plc

4,519,028

2,769

Interface,

Inc.

44,525

4,989

John

Bean

Technologies

Corporation

563,707

63,028

Johnson

Controls

International

plc

2,486,455

12,330

Kansas

City

Southern

2,079,948

53,900

Kinden

Corporation

918,452

102,772

Koninklijke

Philips

NV

4,706,710

11,896

Kratos

Defense

&

Security

Solutions,

Inc.

a

218,173

114,116

Legrand

SA

9,162,996

14,383

Lincoln

Electric

Holdings,

Inc.

1,282,676

14,073

Lockheed

Martin

Corporation

6,024,933

1,940

Manpower,

Inc.

177,491

693,300

Marubeni

Corporation

4,981,788

5,011

Masonite

International

Corporation

a

376,376

10,025

Mercury

Systems,

Inc.

a

769,419

357,800

Mitsubishi

Corporation

9,172,432

195,600

Mitsubishi

Electric

Corporation

2,712,024

32,500

Mitsuboshi

Belting,

Ltd.

554,494

500,100

Mitsui

&

Company,

Ltd.

8,894,589

3,975

MSC

Industrial

Direct

Company,

Inc.

270,578

1,324

Mueller

Industries,

Inc.

38,621

131,393

National

Express

Group

plc

775,564

108,600

Nitto

Kogyo

Corporation

2,248,181

56,084

Nobina

AB

b

425,863

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock

(84.9%)

Value

Industrials

(12.1%)

-

continued

20,198

Norfolk

Southern

Corporation

$

4,205,426

40,052

Northgate

plc

140,684

5,429

Old

Dominion

Freight

Line,

Inc.

1,065,333

177,042

PageGroup

plc

1,067,456

21,617

Parker-Hannifin

Corporation

4,230,231

10,238

Regal-Beloit

Corporation

803,273

371,470

RELX

plc

9,855,766

1,103

Republic

Services,

Inc.

104,840

26,270

Ritchie

Brothers

Auctioneers,

Inc.

1,109,119

3,518

Rockwell

Automation,

Inc.

674,260

4,184

Roper

Industries,

Inc.

1,596,865

5,640

Saia,

Inc.

a

491,244

83,759

Sandvik

AB

1,528,744

78,556

Schneider

Electric

SE

7,834,142

181,699

Signify

NV

b

6,055,470

6,728

SiteOne

Landscape

Supply,

Inc.

a

649,588

246,448

SKF

AB

4,511,139

1,690,800

Sojitz

Corporation

5,321,949

21,179

Southwest

Airlines

Company

1,164,421

3,159

SP

Plus

Corporation

a

132,078

17,360

Spirax-Sarco

Engineering

plc

2,039,363

1,494

SPX

FLOW,

Inc.

a

65,348

17,991

Standex

International

Corporation

1,314,962

357,000

Sumitomo

Corporation

5,310,260

15,900

Taikisha,

Ltd.

543,694

5,809

Teledyne

Technologies,

Inc.

a

2,120,634

3,267

Thermon

Group

Holdings,

Inc.

a

77,428

43,400

Toppan

Forms

Company,

Ltd.

492,469

31,184

Transcontinental,

Inc.

366,649

1,306

TransDigm

Group,

Inc.

840,124

26,948

TriMas

Corporation

a

774,216

34,000

Tsubakimoto

Chain

Company

1,046,276

2,678

UniFirst

Corporation

546,125

6,537

United

Rentals,

Inc.

a

887,006

53,513

United

Technologies

Corporation

8,037,653

13,912

Valmont

Industries,

Inc.

1,976,339

16,269

Verisk

Analytics,

Inc.

2,643,224

52,010

Volvo

AB

889,045

16,002

Waste

Connections,

Inc.

1,541,153

5,457

Watsco

,

Inc.

949,081

30,214

Willdan

Group,

Inc.

a

1,000,990

10,603

Xylem,

Inc.

865,841

20,200

Yuasa

Trading

Company,

Ltd.

648,089

Total

217,622,357

Information

Technology

(15.6%)

10,679

Adobe,

Inc.

a

3,749,824

2,724

ADTRAN,

Inc.

24,652

24,153

Advanced

Micro

Devices,

Inc.

a

1,135,191

9,053

Akamai

Technologies,

Inc.

a

845,098

6,630

Alteryx,

Inc.

a

924,686

115,170

Amadeus

IT

Holding

SA

9,030,060

3,635

American

Software,

Inc.

54,271

21,844

Amphenol

Corporation

2,172,823

908

ANSYS,

Inc.

a

249,092

90,396

Apple,

Inc.

27,978,466

1,119

Arista

Networks,

Inc.

a

249,917

5,419

Atlassian

Corporation

plc

a

796,593

15,467

Avalara,

Inc.

a

1,316,860

2,114

Avnet,

Inc.

77,140

803

Badger

Meter,

Inc.

47,425

12,592

Bandwidth,

Inc.

a

893,528

57,287

BE

Semiconductor

Industries

NV

2,425,339

24,013

Benchmark

Electronics,

Inc.

739,120

11,465

Blackline,

Inc.

a

701,314

2,559

Broadridge

Financial

Solutions,

Inc.

304,905

Shares

Common

Stock

(84.9%)

Value

Information

Technology

(15.6%)

-

continued

848

CACI

International,

Inc.

a

$

226,789

79,200

Canon,

Inc.

2,076,965

27,507

CDK

Global,

Inc.

1,476,576

7,355

CDW

Corporation

959,460

1,398

CEVA,

Inc.

a

38,235

179,145

CGI,

Inc.

a

13,716,762

13,711

Ciena

Corporation

a

557,626

284,929

Cisco

Systems,

Inc.

13,098,186

10,624

Cognex

Corporation

541,505

133,458

Computershare,

Ltd.

1,575,874

17,413

Coupa

Software,

Inc.

a

2,806,105

10,993

CTS

Corporation

322,205

14,235

Descartes

Systems

Group,

Inc.

a

637,870

12,529

Dialog

Semiconductor

plc

a

550,361

21,816

DocuSign,

Inc.

a

1,712,774

46,458

Dolby

Laboratories,

Inc.

3,221,398

5,024

DSP

Group,

Inc.

a

72,647

16,113

Elastic

NV

a

1,045,411

5,533

ePlus

,

Inc.

a

441,091

6,433

Euronet

Worldwide,

Inc.

a

1,014,098

9,528

ExlService

Holdings,

Inc.

a

696,592

1,567

eXp

World

Holdings,

Inc.

a

17,300

9,991

F5

Networks,

Inc.

a

1,220,101

631

Fair

Isaac

Corporation

a

253,902

27,160

Fiserv,

Inc.

a

3,221,448

17,071

Five9,

Inc.

a

1,224,503

733

FLIR

Systems,

Inc.

37,779

10,700

Fuji

Soft,

Inc.

428,870

9,416

Global

Payments,

Inc.

1,840,357

17,926

Guidewire

Software,

Inc.

a

2,016,675

334,530

Halma

plc

9,285,357

3,236

InterDigital

,

Inc.

178,789

17,298

Intuit,

Inc.

4,850,013

5,572

Jack

Henry

&

Associates,

Inc.

833,237

7,862

Juniper

Networks,

Inc.

180,354

2,773

Keysight

Technologies,

Inc.

a

257,861

1,833

Kulicke

and

Soffa

Industries,

Inc.

47,456

3,990

Lam

Research

Corporation

1,189,858

25,123

Lattice

Semiconductor

Corporation

a

467,288

195

Littelfuse

,

Inc.

34,497

2,911

ManTech

International

Corporation

233,695

44,424

MasterCard,

Inc.

14,035,319

12,503

Maxim

Integrated

Products,

Inc.

751,680

15,227

Methode

Electronics,

Inc.

498,684

231,728

Microsoft

Corporation

39,447,057

7,904

MicroStrategy

,

Inc.

a

1,201,645

9,274

MKS

Instruments,

Inc.

972,101

19,997

Monolithic

Power

Systems,

Inc.

3,422,887

6,424

MTS

Systems

Corporation

325,633

2,273

National

Instruments

Corporation

101,444

56,500

NEC

Networks

&

System

Integration

Corporation

2,111,765

338

NetApp,

Inc.

18,049

7,053

New

Relic,

Inc.

a

465,569

6,276

Nice,

Ltd.

ADR

a

1,081,355

12,645

Nova

Measuring

Instruments,

Ltd.

a

481,016

6,542

Novanta

,

Inc.

a

593,556

22,989

NVIDIA

Corporation

5,435,289

36,095

Oracle

Corporation

1,893,183

5,700

Oracle

Corporation

Japan

493,378

6,846

Palo

Alto

Networks,

Inc.

a

1,607,304

64,983

PayPal

Holdings,

Inc.

a

7,400,914

2,455

Progress

Software

Corporation

110,794

7,249

Proofpoint

,

Inc.

a

890,250

10,299

Q2

Holdings,

Inc.

a

897,970

7,099

QAD,

Inc.

365,244

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock

(84.9%)

Value

Information

Technology

(15.6%)

-

continued

29,190

QUALCOMM,

Inc.

$

2,490,199

4,841

Rogers

Corporation

a

570,028

21,600

Ryoyo

Electro

Corporation

365,755

34,814

SailPoint

Technologies

Holdings,

Inc.

a

873,483

49,412

Salesforce.com,

Inc.

a

9,008,302

2,636

Samsung

Electronics

Company,

Ltd.

GDR

3,070,849

5,744

ScanSource

,

Inc.

a

200,408

30,035

ServiceNow

,

Inc.

a

10,158,738

3,280

Silicon

Laboratories,

Inc.

a

322,457

44,862

Square,

Inc.

a

3,350,743

30,602

STMicroelectronics

NV

ADR

852,266

882

Sykes

Enterprises,

Inc.

a

29,626

19,243

Synopsys,

Inc.

a

2,838,535

9,717

TE

Connectivity,

Ltd.

895,713

72,288

Texas

Instruments,

Inc.

8,721,547

4,913

Tyler

Technologies,

Inc.

a

1,590,240

3,573

VeriSign,

Inc.

a

743,684

14,014

Virtusa

Corporation

a

583,543

90,639

Visa,

Inc.

18,034,442

11,520

VMware,

Inc.

a

1,705,651

6,086

WEX,

Inc.

a

1,320,175

4,966

Xilinx,

Inc.

419,528

11,291

Zscaler

,

Inc.

a

633,312

Total

281,705,484

Materials

(3.2%)

6,193

AdvanSix

,

Inc.

a

115,933

71,200

Air

Water,

Inc.

977,940

66,235

Alcoa

Corporation

a

923,978

5,908

AptarGroup,

Inc.

682,433

4,063

Avery

Dennison

Corporation

533,228

187

Balchem

Corporation

20,200

4,334

Cabot

Corporation

172,710

6,343

Celanese

Corporation

656,500

51,588

CF

Industries

Holdings,

Inc.

2,077,965

67,550

Eastman

Chemical

Company

4,814,288

20,374

Ecolab,

Inc.

3,995,545

2,594

Ferro

Corporation

a

35,486

110,548

Granges

AB

1,021,224

171,818

Hexpol

AB

1,548,928

27,800

Hokuetsu

Corporation

128,149

4,301

Ingevity

Corporation

a

280,511

12,427

Innospec

,

Inc.

1,251,772

1,048

Kadant

,

Inc.

111,717

14,440

Kaiser

Aluminum

Corporation

1,446,166

49,843

Koninklijke

DSM

NV

6,066,190

4,131

Kraton

Performance

Polymers,

Inc.

a

67,955

100,100

Kyoei

Steel,

Ltd.

1,755,709

18,400

Lintec

Corporation

397,744

22,306

Louisiana-Pacific

Corporation

684,348

5,745

Martin

Marietta

Materials,

Inc.

1,515,531

5,400

Maruichi

Steel

Tube,

Ltd.

149,835

9,181

Materion

Corporation

498,528

5,700

Minerals

Technologies,

Inc.

308,541

6,800

Mitsubishi

Materials

Corporation

171,025

14,624

Myers

Industries,

Inc.

236,616

8,777

Neenah,

Inc.

584,899

70,300

Nippon

Light

Metal

Holdings

Company,

Ltd.

134,136

535,100

Nippon

Steel

Corporation

7,424,771

6,900

Nissan

Chemical

Industries,

Ltd.

285,135

43,803

Nucor

Corporation

2,080,204

23,878

Nutanix

,

Inc.

a

775,319

1,818

Olympic

Steel,

Inc.

26,725

7,817

PPG

Industries,

Inc.

936,789

Shares

Common

Stock

(84.9%)

Value

Materials

(3.2%)

-

continued

383

Quaker

Chemical

Corporation

$

63,586

2,608

Reliance

Steel

&

Aluminum

Company

299,398

16,890

Rio

Tinto,

Ltd.

1,095,961

1,658

RPM

International,

Inc.

118,331

9,282

Ryerson

Holding

Corporation

a

95,140

244,030

Sandfire

Resources,

Ltd.

896,280

6,000

Sanyo

Special

Steel

Company,

Ltd.

81,326

1,435

Schnitzer

Steel

Industries,

Inc.

23,075

1,795

Schweitzer-Mauduit

International,

Inc.

62,879

590

Sensient

Technologies

Corporation

35,253

28,350

Steel

Dynamics,

Inc.

847,098

16,100

Taiyo

Holdings

Company,

Ltd.

681,059

75,000

Toagosei

Company,

Ltd.

838,548

609,900

Toray

Industries,

Inc.

3,990,768

133,824

UPM-

Kymmene

Oyj

4,216,599

1,257

W.

R.

Grace

&

Company

84,672

1,854

Worthington

Industries,

Inc.

68,190

Total

58,392,836

Real

Estate

(4.6%)

30,066

Agree

Realty

Corporation

2,282,911

71,047

Allied

Properties

REIT

2,964,497

60,080

Alstria

Office

REIT

AG

1,191,931

34,779

American

Campus

Communities,

Inc.

1,595,313

20,621

American

Tower

Corporation

4,778,711

12,733

Apartment

Investment

&

Management

Company

671,156

4,910

Apple

Hospitality

REIT,

Inc.

73,748

2,644

Ares

Commercial

Real

Estate

Corporation

43,203

8,218

Armada

Hoffler

Properties,

Inc.

150,718

1,106,788

Ascendas

REIT

2,548,414

144,600

Ascott

Trust

133,516

15,158

Ashford

Hospitality

Trust,

Inc.

37,289

2,333

BBX

Capital

Corporation

9,052

1,634

Bluerock

Residential

Growth

REIT,

Inc.

18,856

12,927

Brixmor

Property

Group,

Inc.

258,023

4,481

Camden

Property

Trust

503,799

881

CareTrust

REIT,

Inc.

19,541

127,451

Castellum

AB

3,132,359

25,013

CBL

&

Associates

Properties,

Inc.

21,011

29,663

Cedar

Realty

Trust,

Inc.

77,124

7,010

Chatham

Lodging

Trust

114,613

42,474

Choice

Properties

REIT

469,223

4,223

City

Office

REIT,

Inc.

57,095

2,095

Cofinimmo

SA

334,114

4,750

Columbia

Property

Trust,

Inc.

100,225

3,538

Corepoint

Lodging,

Inc.

32,373

5,092

CoreSite

Realty

Corporation

598,055

2,979

CoStar

Group,

Inc.

a

1,945,257

108

Cousins

Properties,

Inc.

4,420

54,700

Daito

Trust

Construction

Company,

Ltd.

6,443,471

8,915

Deutsche

EuroShop

AG

243,062

20,233

DiamondRock

Hospitality

Company

195,653

9,677

Douglas

Emmett,

Inc.

401,595

813

EastGroup

Properties,

Inc.

110,625

22,061

Entra

ASA

b

376,492

3,439

EPR

Properties

245,441

754

Equity

Lifestyle

Properties,

Inc.

54,853

27,291

Essential

Properties

Realty

Trust,

Inc.

753,505

173

Essex

Property

Trust,

Inc.

53,588

4,680

Farmland

Partners,

Inc.

30,326

6,358

First

Capital

REIT

104,109

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Common

Stock

(84.9%)

Value

Real

Estate

(4.6%)

-

continued

24,605

First

Industrial

Realty

Trust,

Inc.

$

1,050,633

659

Four

Corners

Property

Trust,

Inc.

19,961

10,391

Franklin

Street

Properties

Corporation

78,972

8,072

Gaming

and

Leisure

Properties,

Inc.

381,442

1,805

Getty

Realty

Corporation

56,894

4,371

Gladstone

Commercial

Corporation

93,190

3,557

Global

Medical

REIT,

Inc.

51,932

93,838

Granite

REIT

5,070,542

6,251

Healthcare

Realty

Trust,

Inc.

225,411

8,276

Healthcare

Trust

of

America,

Inc.

265,080

2,704

Highwoods

Properties,

Inc.

135,497

87,540

Host

Hotels

&

Resorts,

Inc.

1,430,404

3,989

Hudson

Pacific

Properties,

Inc.

144,960

547,000

Hysan

Development

Company,

Ltd.

2,041,937

6,806

Industrial

Logistics

Properties

Trust

155,789

5,386

Innovative

Industrial

Properties,

Inc.

482,047

2,213

Investors

Real

Estate

Trust

163,098

3,940

Jones

Lang

LaSalle,

Inc.

669,091

23,280

Kilroy

Realty

Corporation

1,922,230

11,023

Kite

Realty

Group

Trust

189,596

43,085

Klepierre

SA

1,464,545

15,175

Kungsleden

AB

161,730

2,293

Lamar

Advertising

Company

212,813

3,515

LEG

Immobilien

AG

433,543

6,094

Lexington

Realty

Trust

67,461

1,162

Life

Storage,

Inc.

131,515

285,000

Mapletree

Commercial

Trust

489,442

28,286

Medical

Properties

Trust,

Inc.

626,535

1,241

MGM

Growth

Properties

LLC

39,638

1,897

Monmouth

Real

Estate

Investment

Corporation

27,753

949

National

Health

Investors,

Inc.

80,077

4,590

National

Retail

Properties,

Inc.

257,040

41,342

National

Storage

Affiliates

Trust

1,411,829

6,543

Northview

Apartment

REIT

151,833

5,324

Office

Properties

Income

Trust

181,176

1,867

Omega

Healthcare

Investors,

Inc.

78,321

3,747

One

Liberty

Properties,

Inc.

102,443

3,810

Physicians

Realty

Trust

73,723

7,561

PotlatchDeltic

Corporation

325,123

1,702

Preferred

Apartment

Communities,

Inc.

20,050

1,654

PS

Business

Parks,

Inc.

277,144

65,469

PSP

Swiss

Property

AG

9,899,373

4,693

QTS

Realty

Trust,

Inc.

266,938

91,652

Quebecor,

Inc.

2,274,333

3,127

Rayonier,

Inc.

REIT

94,998

1,709

Retail

Opportunity

Investments

Corporation

28,318

15,864

Retail

Properties

of

America,

Inc.

192,748

77,101

RioCan

REIT

1,582,336

605

RMR

Group,

Inc.

27,872

198,000

Road

King

Infrastructure,

Ltd.

332,402

5,387

RPT

Realty

75,149

2,140

Ryman

Hospitality

Properties

181,964

23,995

Sabra

Health

Care

REIT,

Inc.

515,892

1,081

Saul

Centers,

Inc.

53,380

5,189

SBA

Communications

Corporation

1,294,967

38,192

Service

Properties

Trust

824,183

5,982

Spirit

Realty

Capital,

Inc.

315,730

688

St.

Joe

Company

a

14,455

2,015

STAG

Industrial,

Inc.

64,964

9,838

Store

Capital

Corporation

386,141

14,833

Summit

Hotel

Properties,

Inc.

164,498

31,861

Swiss

Prime

Site

AG

3,889,756

Shares

Common

Stock

(84.9%)

Value

Real

Estate

(4.6%)

-

continued

194,805

TAG

Immobilien

AG

$

5,134,244

3,819

UMH

Properties,

Inc.

60,340

25,509

Uniti

Group,

Inc.

161,472

429

Universal

Health

Realty

Income

Trust

52,917

4,110

Urstadt

Biddle

Properties,

Inc.

93,174

10,477

VICI

Properties,

Inc.

280,784

458,600

Wing

Tai

Holdings,

Ltd.

672,138

Total

83,357,173

Utilities

(0.7%)

87,256

AGL

Energy,

Ltd.

1,157,990

4,255

Artesian

Resources

Corporation

160,499

1,080

Chesapeake

Utilities

Corporation

103,907

4,063

Consolidated

Water

Company,

Ltd.

69,518

2,274

DTE

Energy

Company

301,555

118,981

Enagas

SA

3,205,815

143,251

Exelon

Corporation

6,817,315

2,911

IDACORP,

Inc.

326,585

1,421

Middlesex

Water

Company

92,734

30,511

Northland

Power,

Inc.

686,809

2,159

Otter

Tail

Corporation

115,636

1,739

Southwest

Gas

Holdings,

Inc.

131,312

1,331

Unitil

Corporation

82,109

Total

13,251,784

Total

Common

Stock

(cost

$1,260,537,527)

1,534,119,650

Shares

Registered

Investment

Companies

(

2.2%

)

Value

Unaffiliated  (2.2%)

628,028

iShares

Russell

Mid

Cap

ETF

37,129,015

13,162

SPDR

S&P

Biotech

ETF

1,172,998

20,779

SPDR

S&P

Metals

&

Mining

ETF

517,189

Total

38,819,202

Total

Registered

Investment

Companies

(cost

$36,718,923)

38,819,202

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

13,048,385

Thrivent

Cash

Management

Trust

13,048,385

Total

Collateral

Held

for

Securities

Loaned

(cost

$13,048,385)

13,048,385

Shares

or

Principal

Amount

Short-Term

Investments

(

13.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.565%,

2/11/2020

d,e

199,931

20,600,000

1.549%,

2/12/2020

d,e

20,592,018

300,000

1.570%,

2/19/2020

d,e

299,793

5,200,000

1.570%,

2/26/2020

d,e

5,194,851

300,000

1.535%,

3/25/2020

d,e

299,337

1,100,000

1.535%,

3/27/2020

d,e

1,097,474

2,700,000

1.534%,

4/8/2020

d,e

2,692,346

1,200,000

1.560%,

4/9/2020

d,e

1,196,546

3,700,000

1.565%,

4/15/2020

d,e

3,688,382

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

or

Principal

Amount

Short-Term

Investments

(13.5%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

20,856,439

1.900%

$

208,564,386

Total

Short-Term

Investments

(cost

$243,822,243)

243,825,064

Total

Investments

(cost

$1,554,127,078)

101.3%

$1,829,812,301

Other

Assets

and

Liabilities,

Net

(1.3%)

(22,903,752)

Total

Net

Assets

100.0%

$1,806,908,549

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

January

31,

2020,

the

value

of

these

investments

was

$23,330,914

or

1.3%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

e

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.

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

January

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

12,134,795

Total

lending

$12,134,795

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$13,048,385

Net

amounts

due

to

counterparty

$913,590

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

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.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

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

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

88,798,207

71,356,511

17,441,696

–

Consumer

Discretionary

162,713,723

108,012,852

54,700,871

–

Consumer

Staples

53,846,275

18,394,814

35,451,461

–

Energy

53,634,635

32,181,958

21,452,677

–

Financials

303,550,729

142,093,848

161,456,881

–

Health

Care

217,246,447

132,389,631

84,856,816

–

Industrials

217,622,357

106,183,688

111,438,669

–

Information

Technology

281,705,484

236,574,149

45,131,335

–

Materials

58,392,836

26,531,509

31,861,327

–

Real

Estate

83,357,173

31,817,831

51,539,342

–

Utilities

13,251,784

8,201,170

5,050,614

–

Registered

Investment

Companies

Unaffiliated

38,819,202

38,819,202

–

–

Short-Term

Investments

35,260,678

–

35,260,678

–

Subtotal

Investments

in

Securities

$1,608,199,530

$952,557,163

$655,642,367

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

208,564,386

Collateral

Held

for

Securities

Loaned

13,048,385

Subtotal

Other

Investments

$221,612,771

Total

Investments

at

Value

$1,829,812,301

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

9,469,412

9,469,412

–

–

Total

Asset

Derivatives

$9,469,412

$9,469,412

$–

$–

Liability

Derivatives

Futures

Contracts

12,677,304

12,677,304

–

–

Total

Liability

Derivatives

$12,677,304

$12,677,304

$–

$–

The

following

table

presents

Global

Stock

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$35,260,677

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

S&P

500

Index

925

March

2020

$

145,970,301

$

3,139,699

CME

Euro

Foreign

Exchange

Currency

1,134

March

2020

158,523,760

(

919,023)

Eurex

Euro

STOXX

50

Index

3,815

March

2020

158,240,662

(

5,204,019)

ICE

US

mini

MSCI

Emerging

Markets

Index

2,486

March

2020

137,081,693

(

6,554,262)

Total

Futures

Long

Contracts

$

599,816,416

(

$

9,537,605)

CME

E-mini

Russell

2000

Index

(686)

March

2020

(

$

56,575,680)

$

1,191,470

ICE

mini

MSCI

EAFE

Index

(1,696)

March

2020

(

172,745,443)

5,138,243

Total

Futures

Short

Contracts

(

$

229,321,123)

$6,329,713

Total

Futures

Contracts

$

370,495,293

($3,207,892)

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

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

Global

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$232,344

$95,868

$119,648

$208,564

20,856

11.6%

Total

Affiliated

Short-Term

Investments

232,344

208,564

11.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,240

16,368

5,560

13,048

13,048

0.7

Total

Collateral

Held

for

Securities

Loaned

2,240

13,048

0.7

Total

Value

$234,584

$221,612

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

1

$1,140

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,140

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

Value

$–

$–

$1

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income

(

98.6%

)

Value

Asset-Backed

Securities

(5.2%)

Goodgreen

$

456,220

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

$

482,246

Navient

Student

Loan

Trust

500,000

2.261%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

a,b

500,714

226,242

2.411%, 

(LIBOR

1M

+

0.750%),

7/26/2066,

Ser.

2017-1A,

Class

A2

a,b

226,748

Northstar

Education

Finance,

Inc.

187,470

2.361%, 

(LIBOR

1M

+

0.700%),

12/26/2031,

Ser.

2012-1,

Class

A

a,b

185,871

SBA

Small

Business

Investment

Companies

889,670

3.548%, 

9/10/2028,

Ser.

2018-10B,

Class

1

947,933

SLM

Student

Loan

Trust

175,557

2.061%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

169,348

U.S.

Small

Business

Administration

286,362

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

293,669

Total

2,806,529

Collateralized

Mortgage

Obligations

(11.5%)

Federal

Home

 Loan 

Mortgage 

Corporation 

Whole

 Loan

Securities

Trust

357,467

3.000%, 

7/25/2046,

Ser.

2016-SC01,

Class

1A

c

364,340

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

389,640

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

382,444

349,859

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

362,970

719,542

3.000%, 

7/15/2046,

Ser.

4750,

Class

PA

738,128

361,471

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

375,104

442,699

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

467,731

475,870

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

472,954

Federal

National

Mortgage

Association

-

REMIC

500,898

3.000%, 

2/25/2040,

Ser.

2018-13,

Class

EB

507,983

411,175

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

429,792

486,050

2.000%, 

4/25/2045,

Ser.

2015-22,

Class

EG

487,624

454,842

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

469,543

230,555

3.000%, 

6/25/2046,

Ser.

2017-58,

Class

P

240,514

318,669

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

325,997

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Collateralized

Mortgage

Obligations

(11.5%)

-

continued

Seasoned

Credit

Risk

Transfer

Trust

$

662,736

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

c

$

682,562

Total

6,307,686

Commercial

Mortgage-Backed

Securities

(5.3%)

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

410,748

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

421,543

Federal

National

Mortgage

Association

500,000

3.830%, 

10/1/2028

546,407

Federal

National

Mortgage

Association

-

ACES

317,460

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

b

321,260

415,000

3.346%, 

3/25/2024,

Ser.

2014-M4,

Class

A2

b

438,502

160,000

2.961%, 

2/25/2027,

Ser.

2017-M7,

Class

A2

b

171,125

500,000

3.555%, 

9/25/2028,

Ser.

2019-M1,

Class

A2

b

561,382

FRESB

Multifamily

Mortgage

Pass-

Through

Trust

397,817

2.950%, 

8/25/2027,

Ser.

2017-SB40,

Class

A10F

b,c

418,331

Total

2,878,550

Energy

(0.5%)

Petroleos

Mexicanos

275,000

2.378%, 

4/15/2025

279,922

Total

279,922

Financials

(3.7%)

HSBC

Bank

Canada

250,000

3.300%, 

11/28/2021

a

257,307

Korea

Development

Bank

500,000

2.624%, 

(LIBOR

3M

+

0.705%),

2/27/2022

b

503,634

Private

Export

Funding

Corporation

1,000,000

2.050%, 

11/15/2022

1,013,632

Westpac

Banking

Corporation

250,000

2.000%, 

1/16/2025

a

253,488

Total

2,028,061

Foreign

Government

(4.6%)

Development

Bank

of

Japan,

Inc.

250,000

2.125%, 

9/1/2022

a

252,550

Export

Development

Canada

500,000

2.500%, 

1/24/2023

516,235

Jordan

Government

International

Bond

500,000

2.503%, 

10/30/2020

503,201

Province

of

British

Columbia

Canada

450,000

1.750%, 

9/27/2024

455,953

Province

of

Ontario

Canada

250,000

3.400%, 

10/17/2023

267,065

Province

of

Quebec

Canada

500,000

2.750%, 

4/12/2027

537,114

Total

2,532,118

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Mortgage-Backed

Securities

(23.2%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

586,763

3.000%, 

8/1/2047

$

605,851

28,981

3.500%, 

7/1/2049

29,904

Federal

National

Mortgage

Association

475,425

3.500%, 

10/1/2048

494,553

969,150

3.500%, 

2/1/2049

d

1,004,098

530,598

3.500%, 

8/1/2049

553,233

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

3,400,000

2.500%, 

2/1/2035

d

3,460,430

1,750,000

3.000%, 

2/1/2035

d

1,802,568

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,975,000

3.000%, 

3/1/2050

d

4,062,292

654,773

4.000%, 

7/1/2048

685,401

Total

12,698,330

U.S.

Government

&

Agencies

(44.6%)

Federal

Farm

Credit

Bank

500,000

2.210%, 

8/1/2024

516,171

Federal

Home

Loan

Bank

500,000

3.250%, 

11/16/2028

563,823

Tennessee

Valley

Authority

475,000

5.250%, 

9/15/2039

688,211

U.S.

Treasury

Bonds

325,000

2.250%, 

11/15/2027

344,208

115,000

5.500%, 

8/15/2028

152,227

3,825,000

2.625%, 

2/15/2029

4,190,915

500,000

4.750%, 

2/15/2037

723,672

625,000

3.000%, 

5/15/2042

743,140

2,205,000

2.500%, 

5/15/2046

2,422,658

1,440,000

2.875%, 

5/15/2049

1,719,787

U.S.

Treasury

Bonds,

TIPS

521,380

0.500%, 

1/15/2028

548,233

362,284

0.875%, 

2/15/2047

419,468

U.S.

Treasury

Notes

275,000

2.750%, 

7/31/2023

288,471

1,125,000

2.500%, 

1/31/2024

1,176,636

1,450,000

1.250%, 

8/31/2024

1,445,525

3,500,000

2.125%, 

11/30/2024

3,630,156

3,150,000

2.875%, 

7/31/2025

3,402,123

1,125,000

2.625%, 

1/31/2026

1,204,936

250,000

1.750%, 

12/31/2026

255,352

Total

24,435,712

Total

Long-Term

Fixed

Income

(cost

$51,473,268)

53,966,908

Shares

or

Principal

Amount

Short-Term

Investments

(

18.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.535%,

4/8/2020

e,f

199,433

Shares

or

Principal

Amount

Short-Term

Investments

(18.1%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

973,020

1.900%

$

9,730,206

Total

Short-Term

Investments

(cost

$9,929,635)

9,929,639

Total

Investments

(cost

$61,402,903)

116.7%

$63,896,547

Other

Assets

and

Liabilities,

Net

(16.7%)

(9,128,669)

Total

Net

Assets

100.0%

$54,767,878

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

January

31,

2020,

the

value

of

these

investments

was

$2,158,924

or

3.9%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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.

e

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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:

ACES

-

Alternative

Credit

Enhancement

Securities

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

TIPS

-

Treasury

Inflation

Protected

Security

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

2,806,529

–

2,806,529

–

Collateralized

Mortgage

Obligations

6,307,686

–

6,307,686

–

Commercial

Mortgage-Backed

Securities

2,878,550

–

2,878,550

–

Energy

279,922

–

279,922

–

Financials

2,028,061

–

2,028,061

–

Foreign

Government

2,532,118

–

2,532,118

–

Mortgage-Backed

Securities

12,698,330

–

12,698,330

–

U.S.

Government

&

Agencies

24,435,712

–

24,435,712

–

Short-Term

Investments

199,433

–

199,433

–

Subtotal

Investments

in

Securities

$54,166,341

$–

$54,166,341

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

9,730,206

Subtotal

Other

Investments

$9,730,206

Total

Investments

at

Value

$63,896,547

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

91,370

91,370

–

–

Total

Asset

Derivatives

$91,370

$91,370

$–

$–

Liability

Derivatives

Futures

Contracts

154,387

154,387

–

–

Total

Liability

Derivatives

$154,387

$154,387

$–

$–

The

following

table

presents

Government

Bond

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$199,433

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

2-Yr.

U.S.

Treasury

Note

39

March

2020

$

8,410,596

$

27,419

CME

Ultra

Long

Term

U.S.

Treasury

Bond

10

March

2020

1,872,924

63,951

Total

Futures

Long

Contracts

$

10,283,520

$

91,370

CBOT

10-Yr.

U.S.

Treasury

Note

(19)

March

2020

(

$

2,461,478)

(

$

39,991)

CBOT

5-Yr.

U.S.

Treasury

Note

(38)

March

2020

(

4,528,090)

(

44,081)

CBOT

U.S.

Long

Bond

(1)

March

2020

(

156,622)

(

6,909)

Ultra

10-Yr.

U.S.

Treasury

Note

(18)

March

2020

(

2,558,407)

(

63,406)

Total

Futures

Short

Contracts

(

$

9,704,597)

($154,387)

Total

Futures

Contracts

$

578,923

($63,017)

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$10,260

$8,299

$8,829

$9,730

973

17.8%

Total

Affiliated

Short-Term

Investments

10,260

9,730

17.8

Total

Value

$10,260

$9,730

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$53

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$53

Total

$–

$–

$0

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(

100.2%

)

Value

Arizona

(1.4%)

Phoenix,

AZ

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

(Mayo

Clinic)

$

250,000

1.170%,

11/15/2052,

Ser.

A

a

$

250,000

Total

250,000

California

(3.1%)

California

Municipal

Finance

Auth.

Rev.

(LINXS

APM)

225,000

5.000%,

12/31/2043,

Ser.

A,

AMT

270,259

California

Pollution

Control

Financing

Auth.

Rev.

Refg.

(San

Diego

County

Water

Auth.

Desalination)

250,000

5.000%,

7/1/2039

b

303,862

Total

574,121

Colorado

(7.2%)

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

225,000

5.000%,

4/1/2048

266,265

Colorado

High

Performance

Transportation

Enterprise

Rev.

225,000

5.000%,

12/31/2056

246,910

Colorado

State

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Sanford

Health)

250,000

5.000%,

11/1/2044,

Ser.

A

308,158

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

230,000

5.000%,

12/1/2039,

Ser.

A

253,451

Denver,

CO

Urban

Renewal

Auth.

Rev.

(9th

and

Colorado

Urban

Redevelopment

Area)

225,000

5.250%,

12/1/2039,

Ser.

A

b

242,093

Total

1,316,877

Delaware

(1.4%)

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-Dover,

LLC

-

Delaware

State

University)

230,000

5.000%,

7/1/2040,

Ser.

A

261,818

Total

261,818

District

of

Columbia

(2.0%)

Metropolitan

Washington

DC

Airports

Auth.

Dulles

Toll

Road

Rev.

300,000

5.000%,

10/1/2047,

Ser.

B

372,588

Total

372,588

Florida

(4.9%)

Escambia

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

350,000

4.000%,

8/15/2050,

Ser.

A

c

389,162

Florida

State

Higher

Educational

Fac.

Financing

Auth.

Rev.

(Ringling

College)

300,000

5.000%,

3/1/2049

358,719

Osceola

County,

FL

Transportation

Rev.

Refg.

300,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

137,067

Total

884,948

Principal

Amount

Long-Term

Fixed

Income

(100.2%)

Value

Georgia

(4.7%)

DeKalb

County,

GA

Housing

Auth.

Senior

Living

Rev.

Refg.

(Baptist

Retirement

Communities

of

Georgia,

Inc.

and

Clairmont

Crest,

Inc.)

$

250,000

5.125%,

1/1/2049,

Ser.

A

b

$

249,052

Main

Street

Natural

Gas,

Inc.

Rev.

250,000

5.000%,

5/15/2028,

Ser.

A

310,605

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

293,918

Total

853,575

Illinois

(8.1%)

Chicago,

IL

G.O.

250,000

5.000%,

1/1/2039,

Ser.

A

296,970

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

150,000

5.000%,

2/15/2037

174,261

Illinois

State

G.O.

235,000

5.000%,

12/1/2025,

Ser.

B

275,124

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

115,000

Zero

Coupon,

6/15/2035,

Ser.

A

d

74,716

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

220,000

5.500%,

6/15/2029,

Ser.

A

d

270,679

Will

County,

IL

Forest

Preserve

District

L.T.G.O.

300,000

5.000%,

12/15/2036

378,903

Total

1,470,653

Indiana

(0.6%)

Knox

County,

IN

Economic

Development

Rev.

Refg.

(Good

Samaritan

Hospital)

105,000

5.000%,

4/1/2037,

Ser.

A

108,804

Total

108,804

Iowa

(2.8%)

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

150,000

5.000%,

5/15/2032,

Ser.

A

171,824

150,000

5.000%,

5/15/2041,

Ser.

A

168,358

Iowa

Finance

Auth.

Rev.

(Northcrest

Inc.)

150,000

5.000%,

3/1/2038,

Ser.

A

164,859

Total

505,041

Louisiana

(1.4%)

East

Baton

Rouge,

LA

Industrial

Development

Board

Rev.

(ExxonMobil)

250,000

1.190%,

8/1/2035,

Ser.

A

a

250,000

Total

250,000

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(100.2%)

Value

Maryland

(2.6%)

Maryland

Economic

Development

Corporation

Rev.

(Seagirt

Marine

Terminal)

$

200,000

5.000%,

6/1/2044,

Ser.

A,

AMT

$

243,234

Prince

George's

County,

MD

(West

Phalia

Town

Center)

200,000

5.000%,

7/1/2030

b

230,290

Total

473,524

Michigan

(3.0%)

Downriver

Utility

Wastewater

Auth.

Rev.

Refg.

(AGM

Insured)

225,000

5.000%,

4/1/2031

d

276,867

Michigan

Strategic

Rev.

225,000

5.000%,

12/31/2043,

AMT

272,696

Total

549,563

Minnesota

(1.7%)

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

Refg.

(Essentia

Health

Obligated

Group)

50,000

5.000%,

2/15/2033,

Ser.

A

61,979

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

225,000

5.000%,

7/1/2055,

Ser.

A

240,143

Total

302,122

Missouri

(3.5%)

Kansas

City,

MO

Industrial

Development

Auth.

Rev.

(Kansas

City

International

Airport

Terminal

Modernization)

200,000

5.000%,

3/1/2046,

Ser.

B,

AMT

243,990

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

140,000

5.000%,

8/15/2042,

Ser.

A

154,015

Missouri

Health

and

Educational

Fac.

Auth.

Rev.

(Maryville

University

of

St.

Louis)

200,000

5.000%,

6/15/2045,

Ser.

A

236,678

Total

634,683

Nebraska

(1.4%)

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital

Obligated

Group)

225,000

5.000%,

11/15/2047

263,929

Total

263,929

Nevada

(1.5%)

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

225,000

5.000%,

9/1/2042,

Ser.

A

265,822

Total

265,822

Principal

Amount

Long-Term

Fixed

Income

(100.2%)

Value

New

Hampshire

(2.1%)

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

$

250,000

5.000%,

8/1/2059,

Ser.

A

$

383,778

Total

383,778

New

Jersey

(4.0%)

Gloucester

County,

NJ

Pollution

Control

Financing

Auth.

Rev.

Refg.

130,000

0.700%,

1/1/2022

a

130,000

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

225,000

5.000%,

6/15/2045,

Ser.

AA

251,471

Tobacco

Settlement

Financing

Corporation

Rev.

Refg.

300,000

5.250%,

6/1/2046,

Ser.

A

355,701

Total

737,172

New

York

(4.9%)

New

York

City

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

100,000

1.180%,

6/15/2044

a

100,000

250,000

1.180%,

6/15/2049,

Ser.

BB-1

a

250,000

New

York

City

Trust

for

Cultural

Resources

Rev.

Refg.

(Carnegie

Hall)

200,000

5.000%,

12/1/2039

262,340

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

)

225,000

5.000%,

1/1/2036,

AMT

273,454

Total

885,794

North

Carolina

(1.7%)

North

Carolina

Turnpike

Auth.

(Triangle

Expressway

Auth.)

(AGM

Insured)

250,000

5.000%,

1/1/2049

d

308,875

Total

308,875

North

Dakota

(1.5%)

University

of

North

Dakota

C.O.P.

(Infrastructure

Energy

Improvement)

225,000

5.000%,

4/1/2048,

Ser.

A

268,463

Total

268,463

Ohio

(3.8%)

Buckeye,

OH

Tobacco

Settlement

Financing

Auth.

Rev.

250,000

5.125%,

6/1/2024,

Ser.

A-2

251,230

Franklin

County,

OH

Convention

Fac.

Auth.

Rev.

(Greater

Columbus

Convention

Center

Hotel)

275,000

5.000%,

12/1/2051

326,821

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

100,000

5.000%,

3/1/2034

117,671

Total

695,722

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(100.2%)

Value

Oregon

(0.7%)

Salem,

OR

Hospital

Fac.

Auth.

Rev

(Capital

Manor)

$

100,000

5.000%,

5/15/2026

$

120,649

Total

120,649

Pennsylvania

(4.5%)

Pennsylvania

Economic

Development

Financial

Auth.

Solid

Waste

Disposal

Rev.

(CarbonLite

P,

LLC)

250,000

5.750%,

6/1/2036,

AMT

b

269,812

Pennsylvania

Turnpike

Commission

Rev.

Refg.

225,000

5.000%,

12/1/2032

287,593

Philadelphia,

PA

Auth.

for

Industrial

Development

Rev.

(Cathedral

Village)

250,000

5.000%,

4/1/2039

265,480

Total

822,885

Puerto

Rico

(2.4%)

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

398,000

4.550%,

7/1/2040,

Ser.

A-1

438,556

Total

438,556

South

Carolina

(2.2%)

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

200,000

5.000%,

4/1/2054,

Ser.

A

227,448

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Woodlands

at

Furman)

155,000

5.000%,

11/15/2054,

Ser.

A

171,332

Total

398,780

Tennessee

(2.0%)

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

Refg.

(Trevecca

Nazarene

University)

300,000

5.000%,

10/1/2034

364,809

Total

364,809

Texas

(10.4%)

Irving,

TX

Rev.

Refg.

300,000

5.000%,

8/15/2043

362,760

Port

Freeport

TX

Senior

Lien

Rev.

300,000

5.000%,

6/1/2049,

Ser.

A,

AMT

360,021

Port

of

Beaumont

Navigation

District

Fac.

Rev.

Refg.

(Dock

and

Wharf

Jefferson

Gulf

Coast

Energy)

250,000

4.000%,

1/1/2050,

Ser.

A,

AMT

b,c

256,810

Red

River

Education

Finance

Corporation

Rev.

Refg.

(St.

Edwards

University)

250,000

5.000%,

6/1/2027

295,522

Tarrant

County

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

235,000

5.000%,

10/1/2044,

Ser.

A-1

256,926

Principal

Amount

Long-Term

Fixed

Income

(100.2%)

Value

Texas

(10.4%)

-

continued

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

$

300,000

5.000%,

6/30/2058,

AMT

$

355,053

Total

1,887,092

Utah

(1.5%)

Salt

Lake

City,

UT

Airport

Rev.

225,000

5.000%,

7/1/2036,

Ser.

A,

AMT

278,260

Total

278,260

Virginia

(2.9%)

Virginia

Small

Business

Financing

Auth.

Rev.

(95

Express

Lanes,

LLC)

250,000

5.000%,

7/1/2049,

AMT

265,132

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

230,000

5.000%,

12/31/2047,

AMT

268,141

Total

533,273

Washington

(1.4%)

Pend

Oreille

County,

WA

Public

Utility

District

No.

1

Rev.

Refg.

(Box

Canyon

Production

System)

225,000

5.000%,

1/1/2023

247,442

Total

247,442

Wisconsin

(2.9%)

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(PHW

Oconomowoc,

Inc.)

250,000

5.125%,

10/1/2048

269,035

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

240,000

5.000%,

6/1/2037

261,478

Total

530,513

Total

Long-Term

Fixed

Income

(cost

$17,224,528)

18,240,131

Principal

Amount

Short-Term

Investments

(

2.5%

)

e

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.570%,

2/26/2020

f

199,802

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Short-Term

Investments

(2.5%)

e

Value

U.S.

Treasury

Bills

$

250,000

1.701%,

8/13/2020

$

247,996

Total

Short-Term

Investments

(cost

$447,490)

447,798

Total

Investments

(cost

$17,672,018)

102.7%

$18,687,929

Other

Assets

and

Liabilities,

Net

-2.7%

(489,847)

Total

Net

Assets

100.0%

$18,198,082

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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

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

January

31,

2020,

the

value

of

these

investments

was

$1,551,919

or

8.5%

of

total

net

assets.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

d

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.

e

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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:

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

C.O.P.

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

G.O.

-

General

Obligation

L.T.G.O.

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Refg.

-

Refunding

Rev.

-

Revenue

Ser.

-

Series

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

2,516,030

–

2,516,030

–

Electric

Revenue

541,360

–

541,360

–

General

Obligation

950,997

–

950,997

–

Health

Care

4,069,326

–

4,069,326

–

Housing

Finance

853,905

–

853,905

–

Industrial

Development

Revenue

1,009,470

–

1,009,470

–

Other

Revenue

1,942,593

–

1,942,593

–

Tax

Revenue

1,341,062

–

1,341,062

–

Transportation

3,814,847

–

3,814,847

–

Water

&

Sewer

1,200,541

–

1,200,541

–

Short-Term

Investments

447,798

–

447,798

–

Total

Investments

at

Value

$18,687,929

$–

$18,687,929

$–

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

28,129

28,129

–

–

Total

Liability

Derivatives

$28,129

$28,129

$–

$–

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

High

Income

Municipal

Bond

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$199,802

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

U.S.

Long

Bond

(7)

March

2020

(

$

1,116,590)

(

$

28,129)

Total

Futures

Short

Contracts

(

$

1,116,590)

($28,129)

Total

Futures

Contracts

(

$

1,116,590)

($28,129)

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Bank

Loans

(

5.3%

)

a

Value

Basic

Materials

(0.2%)

Nouryon

USA,

LLC,

Term

Loan

$

2,000,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,c,d

$

1,997,500

Total

1,997,500

Capital

Goods

(1.0%)

BWAY

Holding

Company,

Term

Loan

2,358,952

5.084%, 

(LIBOR

3M

+

3.250%),

4/3/2024

d

2,339,301

Navistar,

Inc.,

Term

Loan

3,702,222

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

d

3,704,999

Vertiv

Group

Corporation,

Term

Loan

2,030,819

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

d

2,027,428

Total

8,071,728

Communications

Services

(1.1%)

Frontier

Communications

Corporation,

Term

Loan

3,631,875

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

d

3,662,129

Windstream

Services,

LLC,

Term

Loan

5,645,000

9.750%, 

(PRIME

+

5.000%),

3/30/2021

d,e

5,461,537

Total

9,123,666

Consumer

Cyclical

(1.1%)

Cengage

Learning,

Inc.,

Term

Loan

3,646,528

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

d

3,474,449

Golden

Nugget,

LLC,

Term

Loan

1,802,196

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

d

1,804,628

Staples,

Inc.,

Term

Loan

3,290,894

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

d

3,228,367

Total

8,507,444

Consumer

Non-Cyclical

(0.7%)

Chobani,

LLC,

Term

Loan

1,385,725

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

d

1,383,993

Dole

Food

Company,

Inc.,

Term

Loan

2,354,305

4.404%, 

(LIBOR

1M

+

2.750%),

4/6/2024

d

2,349,313

Endo

International

plc,

Term

Loan

2,311,294

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

d

2,224,621

Total

5,957,927

Energy

(0.3%)

Fieldwood

Energy,

LLC,

Term

Loan

2,370,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

d

2,015,685

Total

2,015,685

Financials

(0.9%)

Forest

City

Enterprises,

LP,

Term

Loan

3,232,350

5.145%, 

(LIBOR

1M

+

3.500%),

12/7/2025

d

3,245,829

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Financials

(0.9%)

-

continued

Grizzly

Finco,

Term

Loan

$

3,653,750

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

d

$

3,630,914

Total

6,876,743

Total

Bank

Loans

(cost

$42,481,568)

42,550,693

Principal

Amount

Long-Term

Fixed

Income

(

88.6%

)

Value

Basic

Materials

(5.5%)

Alcoa,

Inc.

1,395,000

5.125%, 

10/1/2024

1,506,279

Big

River

Steel,

LLC

3,140,000

7.250%, 

9/1/2025

f

3,297,659

Cleveland-Cliffs,

Inc.

3,745,000

5.750%, 

3/1/2025

3,632,650

First

Quantum

Minerals,

Ltd.

509,000

7.000%, 

2/15/2021

f

509,458

3,755,000

7.250%, 

4/1/2023

f,g

3,719,797

1,860,000

6.875%, 

3/1/2026

f

1,785,600

Grinding

Media,

Inc.

2,880,000

7.375%, 

12/15/2023

f

2,955,226

Hexion,

Inc.

1,405,000

7.875%, 

7/15/2027

f

1,447,150

Krayton

Polymers,

LLC

2,325,000

7.000%, 

4/15/2025

f

2,365,688

Mercer

International,

Inc.

1,860,000

7.375%, 

1/15/2025

1,967,731

2,785,000

5.500%, 

1/15/2026

2,816,192

Midwest

Vanadium,

Pty.

Ltd.

2,862,131

11.500%, 

2/15/2018

*,h,i

5,844

Norbord,

Inc.

1,430,000

5.750%, 

7/15/2027

f

1,501,500

Novelis

Corporation

2,030,000

5.875%, 

9/30/2026

f

2,151,800

1,910,000

4.750%, 

1/30/2030

f

1,913,581

OCI

NV

2,360,000

5.250%, 

11/1/2024

f

2,430,800

Olin

Corporation

2,350,000

5.625%, 

8/1/2029

2,479,250

2,805,000

5.000%, 

2/1/2030

2,855,210

Peabody

Securities

Finance

Corporation

2,820,000

6.000%, 

3/31/2022

f,g

2,615,550

Tronox

Finance

plc

2,790,000

5.750%, 

10/1/2025

f

2,755,125

Total

44,712,090

Capital

Goods

(10.1%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

3,397,874

0.000%,PIK

1.500%,

4/26/2024

f,j

219,163

Advanced

Disposal

Services,

Inc.

2,845,000

5.625%, 

11/15/2024

f

2,963,067

Advanced

Drainage

Systems,

Inc.

2,360,000

5.000%, 

9/30/2027

f

2,436,700

AECOM

935,000

5.875%, 

10/15/2024

1,036,447

2,805,000

5.125%, 

3/15/2027

2,993,776

Amsted

Industries,

Inc.

1,875,000

5.625%, 

7/1/2027

f

1,993,228

2,370,000

4.625%, 

5/15/2030

f

2,399,625

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Capital

Goods

(10.1%)

-

continued

Arconic,

Inc.

$

1,395,000

5.900%, 

2/1/2027

$

1,581,344

ARD

Finance

SA

1,900,000

6.500%, 

6/30/2027

f

1,959,375

Ardagh

Packaging

Finance

plc

4,705,000

5.250%, 

8/15/2027

f

4,934,369

Berry

Global,

Inc.

1,510,000

4.500%, 

2/15/2026

f

1,530,763

Berry

Plastics

Corporation

3,740,000

5.125%, 

7/15/2023

3,805,525

Bombardier,

Inc.

2,555,000

7.500%, 

3/15/2025

f

2,452,800

3,100,000

7.875%, 

4/15/2027

f

2,937,095

BWAY

Holding

Company

2,795,000

7.250%, 

4/15/2025

f

2,781,025

Cemex

SAB

de

CV

6,000,000

5.450%, 

11/19/2029

f

6,397,500

Clean

Harbors,

Inc.

2,920,000

5.125%, 

7/15/2029

f

3,109,800

Covanta

Holding

Corporation

1,400,000

5.875%, 

7/1/2025

1,452,063

940,000

6.000%, 

1/1/2027

977,600

Crown

Cork

&

Seal

Company,

Inc.

2,790,000

7.375%, 

12/15/2026

3,299,175

Flex

Acquisition

Company,

Inc.

2,795,000

6.875%, 

1/15/2025

f

2,805,481

700,000

7.875%, 

7/15/2026

f

712,499

GFL

Environmental,

Inc.

2,790,000

7.000%, 

6/1/2026

f

2,907,738

H&E

Equipment

Services,

Inc.

4,140,000

5.625%, 

9/1/2025

4,315,950

IAA

Spinco,

Inc.

1,000,000

5.500%, 

6/15/2027

f

1,061,150

Jeld-Wen,

Inc.

2,330,000

4.875%, 

12/15/2027

f

2,411,550

New

Enterprise

Stone

&

Lime

Company,

Inc.

1,855,000

6.250%, 

3/15/2026

f

1,938,475

Owens-Brockway

Glass

Container,

Inc.

2,680,000

5.875%, 

8/15/2023

f

2,864,250

Reynolds

Group

Issuer,

Inc.

1,995,000

5.125%, 

7/15/2023

f

2,042,381

TransDigm,

Inc.

4,055,000

6.250%, 

3/15/2026

f

4,373,318

United

Rentals

North

America,

Inc.

940,000

5.500%, 

7/15/2025

972,618

3,760,000

5.875%, 

9/15/2026

3,999,700

Total

81,665,550

Communications

Services

(14.7%)

Altice

Luxembourg

SA

2,340,000

10.500%, 

5/15/2027

f

2,705,742

Block

Communications,

Inc.

3,280,000

6.875%, 

2/15/2025

f

3,398,900

CCO

Holdings,

LLC

3,320,000

5.875%, 

4/1/2024

f

3,426,506

3,050,000

5.375%, 

6/1/2029

f

3,259,840

3,560,000

4.750%, 

3/1/2030

f

3,660,125

CCOH

Safari,

LLC

4,795,000

5.750%, 

2/15/2026

f

5,031,585

Cengage

Learning,

Inc.

1,495,000

9.500%, 

6/15/2024

f,g

1,374,159

CSC

Holdings,

LLC

4,910,000

6.500%, 

2/1/2029

f

5,486,925

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Communications

Services

(14.7%)

-

continued

Embarq

Corporation

$

4,675,000

7.995%, 

6/1/2036

$

5,196,029

Gray

Escrow,

Inc.

1,770,000

7.000%, 

5/15/2027

f

1,927,176

iHeartCommunications,

Inc.

2,350,000

5.250%, 

8/15/2027

f

2,449,875

4,200,000

4.750%, 

1/15/2028

f

4,280,934

Intelsat

Jackson

Holdings

SA

7,430,000

5.500%, 

8/1/2023

6,074,025

LCPR

Senior

Secured

Financing

DAC

3,500,000

6.750%, 

10/15/2027

f

3,701,390

Level

3

Financing,

Inc.

4,780,000

5.375%, 

5/1/2025

4,935,350

1,500,000

5.250%, 

3/15/2026

1,560,150

Neptune

Finco

Corporation

4,245,000

10.875%, 

10/15/2025

f

4,702,186

Nexstar

Escrow

Corporation

2,700,000

5.625%, 

7/15/2027

f

2,845,260

Qualitytech,

LP

3,260,000

4.750%, 

11/15/2025

f

3,370,025

Scripps

Escrow,

Inc.

3,285,000

5.875%, 

7/15/2027

f

3,441,037

SFR

Group

SA

2,350,000

7.375%, 

5/1/2026

f

2,499,930

Sinclair

Television

Group,

Inc.

1,430,000

5.875%, 

3/15/2026

f

1,500,506

Sirius

XM

Radio,

Inc.

3,000,000

4.625%, 

7/15/2024

f

3,110,625

2,340,000

5.500%, 

7/1/2029

f

2,518,191

Sprint

Communications,

Inc.

4,640,000

6.000%, 

11/15/2022

4,790,800

Sprint

Corporation

7,260,000

7.625%, 

2/15/2025

7,557,587

Telesat

Canada

/

Telesat,

LLC

3,100,000

4.875%, 

6/1/2027

f

3,184,785

Terrier

Media

Buyer,

Inc.

1,900,000

8.875%, 

12/15/2027

f

1,957,000

T-Mobile

USA,

Inc.

3,140,000

6.000%, 

4/15/2024

3,232,238

3,275,000

4.500%, 

2/1/2026

3,368,108

T-Mobile

USA,

Inc.

Contingent

Consent

Payment

3,140,000

0.000%, 

4/15/2024

k

8,692

VeriSign,

Inc.

2,290,000

4.750%, 

7/15/2027

2,415,950

Virgin

Media

Secured

Finance

plc

2,105,000

5.500%, 

8/15/2026

f

2,207,661

3,500,000

5.500%, 

5/15/2029

f

3,683,750

WMG

Acquisition

Corporation

2,325,000

5.500%, 

4/15/2026

f

2,447,063

Ziggo

BV

2,360,000

4.875%, 

1/15/2030

f

2,430,252

Total

119,740,357

Consumer

Cyclical

(12.9%)

1011778

B.C.,

ULC

3,310,000

4.375%, 

1/15/2028

f

3,317,944

Allison

Transmission,

Inc.

3,480,000

5.000%, 

10/1/2024

f

3,545,320

Brookfield

Property

REIT,

Inc.

3,040,000

5.750%, 

5/15/2026

f

3,172,027

Brookfield

Residential

Properties,

Inc.

3,060,000

6.250%, 

9/15/2027

f

3,274,200

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Consumer

Cyclical

(12.9%)

-

continued

Cedar

Fair,

LP

$

3,000,000

5.250%, 

7/15/2029

f

$

3,165,000

Choice

Hotels

International,

Inc.

3,026,000

5.750%, 

7/1/2022

3,264,540

Cinemark

USA,

Inc.

4,205,000

4.875%, 

6/1/2023

4,257,562

Dana

Financing

Luxembourg

SARL

3,575,000

6.500%, 

6/1/2026

f

3,789,500

Hanesbrands,

Inc.

3,605,000

4.875%, 

5/15/2026

f

3,798,769

Herc

Holdings,

Inc.

3,050,000

5.500%, 

7/15/2027

f

3,186,335

Hertz

Corporation

523,000

7.625%, 

6/1/2022

f

539,344

Hilton

Escrow

Issuer,

LLC

2,340,000

4.250%, 

9/1/2024

2,375,100

International

Game

Technology

plc

1,400,000

6.250%, 

1/15/2027

f

1,571,500

KAR

Auction

Services,

Inc.

2,330,000

5.125%, 

6/1/2025

f

2,390,184

KB

Home

1,870,000

6.875%, 

6/15/2027

2,199,587

1,890,000

4.800%, 

11/15/2029

1,960,875

Landry's,

Inc.

1,775,000

6.750%, 

10/15/2024

f

1,824,167

Lennar

Corporation

1,270,000

4.500%, 

4/30/2024

1,355,725

1,410,000

4.750%, 

5/30/2025

1,539,635

2,835,000

4.750%, 

11/29/2027

3,139,762

Live

Nation

Entertainment,

Inc.

2,935,000

4.875%, 

11/1/2024

f

3,033,616

470,000

5.625%, 

3/15/2026

f

500,550

790,000

4.750%, 

10/15/2027

f

812,752

Mattamy

Group

Corporation

3,315,000

5.250%, 

12/15/2027

f

3,472,462

New

Red

Finance,

Inc.

2,090,000

5.000%, 

10/15/2025

f

2,154,142

PGT

Escrow

Issuer,

Inc.

2,805,000

6.750%, 

8/1/2026

f

3,001,350

Prime

Security

Services

Borrower,

LLC

4,230,000

5.750%, 

4/15/2026

f

4,462,650

950,000

6.250%, 

1/15/2028

f

941,094

RHP

Hotel

Properties,

LP

840,000

5.000%, 

4/15/2023

854,700

Ryman

Hospitality

Properties,

Inc.

2,825,000

4.750%, 

10/15/2027

f

2,938,000

Scientific

Games

International,

Inc.

2,060,000

6.625%, 

5/15/2021

2,070,300

2,350,000

5.000%, 

10/15/2025

f

2,416,881

2,700,000

7.250%, 

11/15/2029

f

2,895,750

ServiceMaster

Company,

LLC

3,740,000

5.125%, 

11/15/2024

f

3,865,178

Six

Flags

Entertainment

Corporation

2,845,000

4.875%, 

7/31/2024

f

2,912,569

2,370,000

5.500%, 

4/15/2027

f

2,461,956

Staples,

Inc.

1,645,000

7.500%, 

4/15/2026

f

1,685,138

Stars

Group

Holdings

BV

2,200,000

7.000%, 

7/15/2026

f

2,389,750

Station

Casinos,

LLC

470,000

5.000%, 

10/1/2025

f

481,022

Viking

Cruises,

Ltd.

4,235,000

5.875%, 

9/15/2027

f

4,341,087

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Consumer

Cyclical

(12.9%)

-

continued

Wynn

Macau,

Ltd.

$

670,000

4.875%, 

10/1/2024

f

$

676,700

Yum!

Brands,

Inc.

1,910,000

5.250%, 

6/1/2026

f

2,000,725

630,000

4.750%, 

1/15/2030

f

671,894

Total

104,707,342

Consumer

Non-Cyclical

(13.0%)

Air

Medical

Merger

Sub

Corporation

2,810,000

6.375%, 

5/15/2023

f,g

2,620,325

Albertson's

Companies,

Inc.

600,000

4.875%, 

2/15/2030

c,f

616,500

Albertson's

Companies,

LLC

2,340,000

7.500%, 

3/15/2026

f

2,591,550

1,730,000

4.625%, 

1/15/2027

f

1,754,012

3,930,000

5.875%, 

2/15/2028

f

4,195,275

Alliance

One

International,

Inc.

2,765,000

9.875%, 

7/15/2021

1,755,775

B&G

Foods,

Inc.

2,350,000

5.250%, 

9/15/2027

2,344,125

Bausch

Health

Companies,

Inc.

3,085,000

5.000%, 

1/30/2028

f

3,123,563

1,875,000

7.250%, 

5/30/2029

f

2,101,181

625,000

5.250%, 

1/30/2030

f

636,719

Centene

Corporation

1,870,000

5.375%, 

6/1/2026

f

1,989,213

1,350,000

4.250%, 

12/15/2027

f

1,410,750

3,450,000

4.625%, 

12/15/2029

f

3,713,235

Centene

Escrow

Corporation

4,060,000

6.125%, 

2/15/2024

4,191,950

Dole

Food

Company,

Inc.

2,340,000

7.250%, 

6/15/2025

f

2,281,500

Encompass

Health

Corporation

2,355,000

4.500%, 

2/1/2028

2,425,744

Energizer

Holdings,

Inc.

3,760,000

5.500%, 

6/15/2025

f

3,882,200

1,000,000

7.750%, 

1/15/2027

f

1,102,550

HCA,

Inc.

2,610,000

4.750%, 

5/1/2023

2,823,601

3,295,000

5.375%, 

2/1/2025

3,682,492

1,870,000

5.875%, 

2/1/2029

2,206,787

JBS

USA,

LLC

2,840,000

5.750%, 

6/15/2025

f

2,940,820

4,345,000

6.500%, 

4/15/2029

f

4,866,443

2,760,000

5.500%, 

1/15/2030

f

2,980,800

MPH

Acquisition

Holdings,

LLC

3,810,000

7.125%, 

6/1/2024

f

3,690,442

Ortho-Clinical

Diagnostics,

Inc.

2,380,000

7.250%, 

2/1/2028

f

2,421,959

Par

Pharmaceutical,

Inc.

2,350,000

7.500%, 

4/1/2027

f

2,391,125

Pilgrim's

Pride

Corporation

2,785,000

5.750%, 

3/15/2025

f

2,861,588

Post

Holdings,

Inc.

2,775,000

5.000%, 

8/15/2026

f

2,865,188

Simmons

Foods,

Inc.

3,375,000

5.750%, 

11/1/2024

f

3,408,750

Spectrum

Brands,

Inc.

3,720,000

5.750%, 

7/15/2025

3,864,150

820,000

5.000%, 

10/1/2029

f

852,107

Tenet

Healthcare

Corporation

7,070,000

4.875%, 

1/1/2026

f

7,352,800

3,760,000

5.125%, 

11/1/2027

f

3,957,400

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Consumer

Non-Cyclical

(13.0%)

-

continued

Teva

Pharmaceutical

Finance

Netherlands

III

BV

$

2,555,000

3.150%, 

10/1/2026

$

2,181,204

Valeant

Pharmaceuticals

International,

Inc.

2,320,000

8.500%, 

1/31/2027

f

2,624,500

VRX

Escrow

Corporation

4,705,000

6.125%, 

4/15/2025

f

4,839,657

Total

105,547,980

Energy

(11.2%)

Antero

Resources

Corporation

1,415,000

5.125%, 

12/1/2022

1,220,437

2,360,000

5.625%, 

6/1/2023

1,699,200

Boardwalk

Pipelines,

LP

3,243,000

5.950%, 

6/1/2026

3,725,662

Buckeye

Partners,

LP

3,735,000

4.125%, 

12/1/2027

3,686,455

California

Resources

Corporation

4,210,000

8.000%, 

12/15/2022

f

1,431,400

Centennial

Resource

Production,

LLC

4,415,000

5.375%, 

1/15/2026

f

4,150,100

Cheniere

Energy

Partners,

LP

3,285,000

5.625%, 

10/1/2026

3,441,044

5,215,000

4.500%, 

10/1/2029

f

5,306,262

Chesapeake

Energy

Corporation

3,161,000

11.500%, 

1/1/2025

f

2,543,657

CrownRock

Finance,

Inc.

3,250,000

5.625%, 

10/15/2025

f

3,278,827

Enagas

SA

3,810,000

5.500%, 

1/15/2028

f

3,810,000

Endeavor

Energy

Resources,

LP

2,200,000

5.750%, 

1/30/2028

f

2,288,000

EQM

Midstream

Partners,

LP

3,325,000

4.125%, 

12/1/2026

2,999,698

Murphy

Oil

Corporation

3,200,000

5.875%, 

12/1/2027

3,280,000

Nabors

Industries,

Inc.

2,800,000

5.750%, 

2/1/2025

2,296,000

Nabors

Industries,

Ltd.

1,000,000

7.250%, 

1/15/2026

f

1,001,250

Noble

Holding

International,

Ltd.

2,790,000

7.750%, 

1/15/2024

g

1,436,850

Pacific

Drilling

First

Lien

Escrow

Issuer,

Ltd.

1,885,000

8.375%, 

10/1/2023

f

1,583,400

Pacific

Drilling

Second

Lien

Escrow

Issuer,

Ltd.

562,682

11.000%,PIK

12.000%,

4/1/2024

f,j

189,905

Parsley

Energy,

LLC

2,800,000

5.625%, 

10/15/2027

f

2,966,600

Precision

Drilling

Corporation

1,060,000

7.750%, 

12/15/2023

1,043,220

1,530,000

7.125%, 

1/15/2026

f

1,453,500

Rowan

Companies,

Inc.

3,255,000

4.750%, 

1/15/2024

2,066,925

Sanchez

Energy

Corporation

3,260,000

7.250%, 

2/15/2023

*,e,g

2,021,200

SM

Energy

Company

2,325,000

5.000%, 

1/15/2024

2,121,562

Southwestern

Energy

Company

3,715,000

7.500%, 

4/1/2026

3,100,911

Sunoco,

LP

2,325,000

4.875%, 

1/15/2023

2,386,031

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Energy

(11.2%)

-

continued

$

910,000

5.500%, 

2/15/2026

$

936,172

Tallgrass

Energy

Partners,

LP

2,500,000

4.750%, 

10/1/2023

f

2,503,175

Targa

Resources

Partners,

LP

3,725,000

5.125%, 

2/1/2025

3,836,750

1,895,000

5.000%, 

1/15/2028

1,928,163

Transocean

Pontus,

Ltd.

413,850

6.125%, 

8/1/2025

f

426,266

Transocean,

Inc.

2,600,000

7.250%, 

11/1/2025

f

2,450,500

930,000

7.500%, 

1/15/2026

f

876,525

2,355,000

7.500%, 

4/15/2031

1,713,263

USA

Compression

Partners

LP

2,110,000

6.875%, 

9/1/2027

2,199,464

Viper

Energy

Partners,

LP

830,000

5.375%, 

11/1/2027

f

865,275

W&T

Offshore,

Inc.

3,055,000

9.750%, 

11/1/2023

f

2,892,474

WPX

Energy,

Inc.

1,595,000

8.250%, 

8/1/2023

1,840,231

820,000

5.250%, 

10/15/2027

856,900

1,000,000

4.500%, 

1/15/2030

1,006,220

Total

90,859,474

Financials

(9.6%)

Ally

Financial,

Inc.

1,340,000

4.625%, 

5/19/2022

1,408,675

3,700,000

5.750%, 

11/20/2025

4,205,827

Avolon

Holdings

Funding,

Ltd.

930,000

5.500%, 

1/15/2023

f

1,009,003

2,330,000

5.125%, 

10/1/2023

f

2,535,203

Chobani,

LLC

1,870,000

7.500%, 

4/15/2025

f

1,859,939

CIT

Group,

Inc.

1,237,000

5.000%, 

8/15/2022

1,314,312

1,083,000

5.000%, 

8/1/2023

1,161,518

Credit

Acceptance

Corporation

1,420,000

5.125%, 

12/31/2024

f

1,483,900

3,780,000

6.625%, 

3/15/2026

f

4,072,950

Drawbridge

Special

Opportunities

Fund,

LP

3,215,000

5.000%, 

8/1/2021

f

3,266,860

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,000,000

6.750%, 

3/15/2022

f

1,030,000

Global

Aircraft

Leasing

Company,

Ltd.

5,180,000

6.500%,PIK

 0.000%,

9/15/2024

f,j

5,299,399

Icahn

Enterprises,

LP

2,350,000

4.750%, 

9/15/2024

f

2,405,813

4,690,000

6.250%, 

5/15/2026

4,922,999

2,845,000

5.250%, 

5/15/2027

f

2,852,113

Iron

Mountain,

Inc.

1,860,000

5.750%, 

8/15/2024

1,876,275

MGM

Growth

Properties

Operating

Partnership,

LP

1,190,000

5.750%, 

2/1/2027

1,323,875

MPT

Operating

Partnership,

LP

780,000

5.500%, 

5/1/2024

796,575

1,880,000

5.250%, 

8/1/2026

1,971,650

1,160,000

5.000%, 

10/15/2027

1,219,392

2,350,000

4.625%, 

8/1/2029

2,458,688

Outfront

Media

Cap,

LLC

2,600,000

4.625%, 

3/15/2030

f

2,678,000

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Financials

(9.6%)

-

continued

Park

Aerospace

Holdings,

Ltd.

$

1,395,000

5.250%, 

8/15/2022

f

$

1,492,259

3,715,000

4.500%, 

3/15/2023

f

3,939,200

1,370,000

5.500%, 

2/15/2024

f

1,517,302

Quicken

Loans,

Inc.

3,485,000

5.750%, 

5/1/2025

f

3,606,975

Royal

Bank

of

Scotland

Group

plc

2,585,000

5.125%, 

5/28/2024

2,845,548

Synchrony

Financial

1,160,000

4.250%, 

8/15/2024

1,244,630

3,720,000

3.950%, 

12/1/2027

3,968,539

Trivium

Packaging

Finance

940,000

5.500%, 

8/15/2026

f

990,525

470,000

8.500%, 

8/15/2027

f

517,000

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

950,000

4.250%, 

12/1/2026

f

975,014

1,910,000

3.750%, 

2/15/2027

c,f

1,919,550

950,000

4.625%, 

12/1/2029

f

992,750

1,910,000

4.125%, 

8/15/2030

c,f

1,938,650

Ypso

Finance

Bis

SA

950,000

6.000%, 

2/15/2028

c,f

939,313

Total

78,040,221

Technology

(4.9%)

Anixter,

Inc.

2,045,000

5.125%, 

10/1/2021

2,129,356

CommScope

Technologies

Finance,

LLC

3,295,000

6.000%, 

6/15/2025

f

3,144,682

CommScope,

Inc.

1,430,000

5.500%, 

3/1/2024

f

1,469,325

Diamond

Finance

Corporation

4,205,000

7.125%, 

6/15/2024

f

4,420,506

Diamond

Sports

Group,

LLC

2,110,000

5.375%, 

8/15/2026

f

2,101,775

4,030,000

6.625%, 

8/15/2027

f,g

3,768,050

Harland

Clarke

Holdings

Corporation

3,510,000

8.375%, 

8/15/2022

f

3,042,735

Inception

Merger

Sub,

Inc.

4,735,000

8.625%, 

11/15/2024

f,g

4,687,650

Iron

Mountain,

Inc.

3,255,000

5.250%, 

3/15/2028

f

3,401,475

NCR

Corporation

3,760,000

5.750%, 

9/1/2027

f

4,005,171

Plantronics,

Inc.

2,110,000

5.500%, 

5/31/2023

f

2,036,192

Presidio

Holdings,

Inc.

480,000

8.250%, 

2/1/2028

f

493,200

PTC,

Inc.

360,000

3.625%, 

2/15/2025

c,f

362,700

480,000

4.000%, 

2/15/2028

c,f

484,800

Seagate

HDD

Cayman

972,000

4.750%, 

1/1/2025

1,046,751

SS&C

Technologies,

Inc.

2,800,000

5.500%, 

9/30/2027

f

2,961,840

Total

39,556,208

Transportation

(2.6%)

AerCap

Holdings

NV

2,360,000

5.875%, 

10/10/2079

d

2,525,200

American

Airlines

Group,

Inc.

3,280,000

5.000%, 

6/1/2022

f

3,407,100

Hertz

Corporation

1,860,000

5.500%, 

10/15/2024

f

1,887,119

Principal

Amount

Long-Term

Fixed

Income

(88.6%)

Value

Transportation

(2.6%)

-

continued

$

4,730,000

6.000%, 

1/15/2028

f

$

4,771,387

United

Continental

Holdings,

Inc.

2,000,000

4.250%, 

10/1/2022

2,070,600

1,750,000

4.875%, 

1/15/2025

1,846,250

XPO

Logistics,

Inc.

2,330,000

6.125%, 

9/1/2023

f

2,408,637

1,870,000

6.750%, 

8/15/2024

f

2,026,613

Total

20,942,906

Utilities

(4.1%)

AES

Corporation

2,325,000

4.500%, 

3/15/2023

2,370,384

Calpine

Corporation

2,960,000

4.500%, 

2/15/2028

f

2,945,200

DCP

Midstream

Operating,

LP

1,185,000

8.125%, 

8/16/2030

1,463,475

Dynegy,

Inc.

3,255,000

8.125%, 

1/30/2026

f

3,466,575

GFL

Environmental,

Inc.

940,000

8.500%, 

5/1/2027

f

1,024,600

NextEra

Energy

Operating

Partners,

LP

4,710,000

3.875%, 

10/15/2026

f

4,757,100

NRG

Energy,

Inc.

1,320,000

7.250%, 

5/15/2026

1,428,926

1,170,000

5.250%, 

6/15/2029

f

1,260,851

Suburban

Propane

Partners,

LP

2,805,000

5.875%, 

3/1/2027

2,889,150

Talen

Energy

Supply,

LLC

1,860,000

6.500%, 

6/1/2025

1,450,800

1,410,000

7.250%, 

5/15/2027

f

1,445,250

Terraform

Global

Operating,

LLC

2,340,000

6.125%, 

3/1/2026

f

2,439,450

TerraForm

Power

Operating,

LLC

1,860,000

4.250%, 

1/31/2023

f

1,911,838

2,560,000

5.000%, 

1/31/2028

f

2,764,800

Vistra

Operations

Company,

LLC

1,360,000

5.000%, 

7/31/2027

f

1,395,768

Total

33,014,167

Total

Long-Term

Fixed

Income

(cost

$709,734,935)

718,786,295

Shares

Collateral

Held

for

Securities

Loaned

(

2.2%

)

Value

18,180,734

Thrivent

Cash

Management

Trust

18,180,734

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,180,734)

18,180,734

Shares

Preferred

Stock

(

0.3%

)

Value

Financials

(0.3%)

82,373

Bank

of

America

Corporation,

5.000%

l

2,158,173

47,000

Federal

National

Mortgage

Association,

0.000%

g,l,m

529,690

Total

2,687,863

Total

Preferred

Stock

(cost

$2,532,848)

2,687,863

Shares

Common

Stock

(

0.1%

)

Value

Industrials

(<0.1%)

917,195

Abengoa

SA,

Class

A

g,m

22,786

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Shares

Common

Stock

(0.1%)

Value

Industrials

(<0.1%)

-

continued

9,178,073

Abengoa

SA,

Class

B

m

$

86,521

Total

109,307

Materials

(0.1%)

45,804

Hexion

Holdings

Corporation

m

595,452

Total

595,452

Total

Common

Stock

(cost

$898,732)

704,759

Shares

Short-Term

Investments

(

5.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

4,193,837

1.900%

41,938,374

Total

Short-Term

Investments

(cost

$41,938,374)

41,938,374

Total

Investments

(cost

$815,767,191)

101.7%

$824,848,718

Other

Assets

and

Liabilities,

Net

(1.7%)

(13,587,582)

Total

Net

Assets

100.0%

$811,261,136

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

All

or

a

portion

of

the

loan

is

unfunded.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

f

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

January

31,

2020,

the

value

of

these

investments

was

$490,674,645

or

60.5%

of

total

net

assets.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

In

bankruptcy.  Interest

is

not

being

accrued.

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

January

31,

2020.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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

Non-income

producing

security.

*

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

January

31,

2020

was

$2,027,044

or

0.2%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2020.

Security

Acquisition

Date

Cost

Midwest

Vanadium,

Pty.

Ltd.,

2/15/2018

2/9/2011

$

2,714,489

Sanchez

Energy

Corporation,

2/15/2023

2/7/2018

3,206,938

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

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

16,743,752

Common

Stock

524,278

Total

lending

$17,268,030

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,180,734

Net

amounts

due

to

counterparty

$912,704

Definitions:

PIK

-

Payment-In-Kind

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

1,997,500

–

1,997,500

–

Capital

Goods

8,071,728

–

8,071,728

–

Communications

Services

9,123,666

–

9,123,666

–

Consumer

Cyclical

8,507,444

–

8,507,444

–

Consumer

Non-Cyclical

5,957,927

–

5,957,927

–

Energy

2,015,685

–

2,015,685

–

Financials

6,876,743

–

6,876,743

–

Long-Term

Fixed

Income

Basic

Materials

44,712,090

–

44,712,090

–

Capital

Goods

81,665,550

–

81,665,550

–

Communications

Services

119,740,357

–

119,731,665

8,692

Consumer

Cyclical

104,707,342

–

104,707,342

–

Consumer

Non-Cyclical

105,547,980

–

105,547,980

–

Energy

90,859,474

–

90,859,474

–

Financials

78,040,221

–

78,040,221

–

Technology

39,556,208

–

39,556,208

–

Transportation

20,942,906

–

20,942,906

–

Utilities

33,014,167

–

33,014,167

–

Preferred

Stock

Financials

2,687,863

2,687,863

–

–

Common

Stock

Industrials

109,307

–

109,307

–

Materials

595,452

595,452

–

–

Subtotal

Investments

in

Securities

$764,729,610

$3,283,315

$761,437,603

$8,692

Other

Investments  *

Total

Affiliated

Short-Term

Investments

41,938,374

Collateral

Held

for

Securities

Loaned

18,180,734

Subtotal

Other

Investments

$60,119,108

Total

Investments

at

Value

$824,848,718

*

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

this

table

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

High

Yield

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$27,177

$73,246

$58,485

$41,938

4,194

5.2%

Total

Affiliated

Short-Term

Investments

27,177

41,938

5.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

23,248

22,305

27,372

18,181

18,181

2.2

Total

Collateral

Held

for

Securities

Loaned

23,248

18,181

2.2

Total

Value

$50,425

$60,119

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2020

(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

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$176

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$176

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

85

Total

Affiliated

Income

from

Securities

Loaned,

Net

$85

Total

$–

$–

$0

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Bank

Loans

(

1.1%

)

a

Value

Basic

Materials

(<0.1%)

Ball

Metalpack

Finco

,

LLC,

Term

Loan

$

59,100

6.409%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

52,156

Big

River

Steel,

LLC,

Term

Loan

146,625

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

146,991

MRC

Global

(US),

Inc.,

Term

Loan

162,105

4.645%, 

(LIBOR

1M

+

3.000%),

9/22/2024

b

162,613

Total

361,760

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

271,921

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

271,891

GFL

Environmental,

Inc.,

Term

Loan

424,612

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

423,232

Vertiv

Group

Corporation,

Term

Loan

404,187

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

403,512

Total

1,098,635

Communications

Services

(0.3%)

Altice

France

SA,

Term

Loan

126,425

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

125,082

Coral-US

Co-Borrower,

LLC,

Term

Loan

265,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

264,338

Frontier

Communications

Corporation,

Term

Loan

268,125

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

270,358

HCP

Acquisition,

LLC,

Term

Loan

214,929

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

215,399

Intelsat

Jackson

Holdings

SA,

Term

Loan

185,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

184,192

Sprint

Communications,

Inc.,

Term

Loan

612,675

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

598,890

TNS,

Inc.,

Term

Loan

210,772

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

204,010

Virgin

Media

Bristol,

LLC,

Term

Loan

310,000

4.176%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

309,923

WideOpenWest

Finance,

LLC,

Term

Loan

200,387

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

198,175

Windstream

Services,

LLC,

Term

Loan

163,744

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,c

158,422

Total

2,528,789

Principal

Amount

Bank

Loans

(1.1%)

a

Value

Consumer

Cyclical

(0.2%)

Golden

Entertainment,

Inc.,

Term

Loan

$

366,700

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,d

$

367,158

Golden

Nugget,

LLC,

Term

Loan

372,053

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

372,555

LCPR

Loan

Financing,

LLC,

Term

Loan

295,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

298,319

Scientific

Games

International,

Inc.,

Term

Loan

540,375

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

538,484

Stars

Group

Holdings

BV,

Term

Loan

176,980

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

177,873

Tenneco,

Inc.,

Term

Loan

188,100

4.645%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

183,868

Total

1,938,257

Consumer

Non-Cyclical

(0.2%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

494,900

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

482,993

98,000

5.895%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

94,325

Bausch

Health

Companies,

Inc.,

Term

Loan

317,857

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

318,969

Endo

International

plc,

Term

Loan

323,367

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

311,240

JBS

USA

LUX

SA,

Term

Loan

163,762

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,e,f

164,450

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

94,002

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

89,750

MPH

Acquisition

Holdings,

LLC,

Term

Loan

235,466

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

231,169

Plantronics,

Inc.,

Term

Loan

341,795

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

327,867

Sotera

Health

Holdings,

LLC,

Term

Loan

90,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

90,282

Total

2,111,045

Energy

(0.1%)

Radiate

Holdco,

LLC,

Term

Loan

597,708

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

597,774

Total

597,774

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Bank

Loans

(1.1%)

a

Value

Financials

(0.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

$

189,739

3.408%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

$

190,400

GGP

Nimbus,

LLC,

Term

Loan

266,625

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

265,167

Harland

Clarke

Holdings

Corporation,

Term

Loan

289,949

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

230,460

Tronox

Finance,

LLC,

Term

Loan

379,447

4.519%, 

(LIBOR

1M

+

2.750%),

9/22/2024

b

379,386

Total

1,065,413

Technology

(0.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

314,213

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

314,213

Rackspace

Hosting,

Inc.,

Term

Loan

326,808

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

313,677

Total

627,890

Total

Bank

Loans

(cost

$10,442,874)

10,329,563

Principal

Amount

Long-Term

Fixed

Income

(

93.7%

)

Value

Asset-Backed

Securities

(1.2%)

Babson

CLO,

Ltd.

2,100,000

4.719%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

2,063,993

Magnetite

XII,

Ltd.

1,800,000

2.931%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,g

1,799,114

Neuberger

Berman

CLO

XIV,

Ltd.

1,800,000

2.904%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,f,g

1,800,000

Octagon

Investment

Partners

XVI,

Ltd.

1,400,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,g

1,388,488

Shackleton

CLO,

Ltd.

1,200,000

3.001%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,g

1,196,134

Sound

Point

CLO

X,

Ltd.

1,800,000

4.519%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

1,782,254

THL

Credit

Wind

River

CLO,

Ltd.

1,800,000

4.681%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

1,776,883

Total

11,806,866

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Basic

Materials

(2.4%)

Alcoa,

Inc.

$

360,000

5.125%, 

10/1/2024

$

388,717

Anglo

American

Capital

plc

1,800,000

3.625%, 

9/11/2024

g

1,896,784

1,450,000

4.750%, 

4/10/2027

g

1,614,233

Cleveland-Cliffs,

Inc.

360,000

5.750%, 

3/1/2025

349,200

Dow

Chemical

Company

1,080,000

3.000%, 

11/15/2022

1,111,225

Glencore

Funding,

LLC

1,820,000

4.125%, 

5/30/2023

g

1,914,551

1,620,000

4.000%, 

3/27/2027

g

1,717,118

International

Paper

Company

1,260,000

3.000%, 

2/15/2027

1,323,870

Kinross

Gold

Corporation

360,000

5.950%, 

3/15/2024

402,866

2,230,000

4.500%, 

7/15/2027

2,372,943

LyondellBasell

Industries

NV

600,000

6.000%, 

11/15/2021

637,404

Novelis

Corporation

360,000

5.875%, 

9/30/2026

g

381,600

Syngenta

Finance

NV

1,825,000

4.441%, 

4/24/2023

g

1,928,151

Teck

Resources,

Ltd.

1,730,000

6.125%, 

10/1/2035

2,071,821

Tronox

Finance

plc

360,000

5.750%, 

10/1/2025

g

355,500

Vale

Overseas,

Ltd.

1,080,000

6.250%, 

8/10/2026

1,277,100

Westlake

Chemical

Corporation

1,800,000

3.600%, 

8/15/2026

1,903,996

WestRock

Company

730,000

3.750%, 

3/15/2025

782,448

Total

22,429,527

Capital

Goods

(3.2%)

Amsted

Industries,

Inc.

145,000

5.625%, 

7/1/2027

g

154,143

BAE

Systems

plc

1,030,000

4.750%, 

10/11/2021

g

1,078,086

Bombardier,

Inc.

225,000

7.500%, 

3/15/2025

g

216,000

Cemex

SAB

de

CV

360,000

5.450%, 

11/19/2029

g

383,850

CNH

Industrial

Capital,

LLC

1,440,000

4.875%, 

4/1/2021

1,479,686

CNH

Industrial

NV

1,440,000

3.850%, 

11/15/2027

1,526,002

Crown

Cork

&

Seal

Company,

Inc.

360,000

7.375%, 

12/15/2026

425,700

General

Electric

Capital

Corporation

1,800,000

2.894%, 

(LIBOR

3M

+

1.000%),

3/15/2023

b

1,812,938

General

Electric

Company

2,800,000

5.000%, 

1/21/2021

b,h

2,769,228

L3Harris

Technologies,

Inc.

720,000

4.950%, 

2/15/2021

g

736,381

Northrop

Grumman

Corporation

1,250,000

3.250%, 

1/15/2028

1,339,008

Owens-Brockway

Glass

Container,

Inc.

500,000

5.875%, 

8/15/2023

g

534,375

Parker-Hannifin

Corporation

1,750,000

4.000%, 

6/14/2049

1,976,977

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Capital

Goods

(3.2%)

-

continued

Roper

Technologies,

Inc.

$

1,080,000

3.125%, 

11/15/2022

$

1,114,868

1,260,000

3.800%, 

12/15/2026

1,383,640

2,000,000

2.950%, 

9/15/2029

2,077,170

Spirit

AeroSystems

,

Inc.

1,800,000

2.694%, 

(LIBOR

3M

+

0.800%),

6/15/2021

b

1,788,250

Textron,

Inc.

720,000

4.300%, 

3/1/2024

777,556

370,000

3.875%, 

3/1/2025

396,064

1,440,000

3.650%, 

3/15/2027

1,533,622

United

Rentals

North

America,

Inc.

375,000

5.500%, 

7/15/2025

388,013

United

Technologies

Corporation

1,075,000

3.950%, 

8/16/2025

1,187,643

2,175,000

4.450%, 

11/16/2038

2,680,376

2,150,000

4.625%, 

11/16/2048

2,829,075

Total

30,588,651

Collateralized

Mortgage

Obligations

(0.1%)

Countrywide

Alternative

Loan

Trust

645,085

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

656,182

GMAC

Mortgage

Corporation

Loan

Trust

122,586

2.161%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,i

149,617

IndyMac

Seconds

Asset-Backed

Trust

636,707

2.001%, 

(LIBOR

1M

+

0.340%),

10/25/2036,

Ser.

2006-2B,

Class

A

b,i

352,303

Wachovia

Mortgage

Loan

Trust,

LLC

289,457

4.180%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

287,362

Total

1,445,464

Commercial

Mortgage-Backed

Securities

(0.1%)

Federal

National

Mortgage

Association

712,416

4.500%, 

5/1/2048

754,367

Total

754,367

Communications

Services

(7.4%)

AMC

Networks,

Inc.

180,000

5.000%, 

4/1/2024

183,600

American

Tower

Corporation

1,440,000

3.125%, 

1/15/2027

1,500,950

AT&T,

Inc.

1,810,000

4.450%, 

4/1/2024

1,979,301

2,150,000

3.067%, 

(LIBOR

3M

+

1.180%),

6/12/2024

b

2,188,331

760,000

3.400%, 

5/15/2025

806,946

2,880,000

4.250%, 

3/1/2027

3,211,802

1,519,000

4.300%, 

2/15/2030

1,718,652

1,810,000

4.300%, 

12/15/2042

1,996,701

1,800,000

4.500%, 

3/9/2048

2,031,328

2,500,000

4.550%, 

3/9/2049

2,849,214

British

Telecommunications

plc

1,800,000

4.500%, 

12/4/2023

1,962,090

CCO

Holdings,

LLC

360,000

5.500%, 

5/1/2026

g

376,200

360,000

4.750%, 

3/1/2030

g

370,125

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Communications

Services

(7.4%)

-

continued

Charter

Communications

Operating,

LLC

$

2,500,000

4.800%, 

3/1/2050

$

2,697,268

1,700,000

4.908%, 

7/23/2025

1,902,576

1,525,000

6.484%, 

10/23/2045

1,978,391

Comcast

Corporation

400,000

4.950%, 

10/15/2058

543,893

1,080,000

3.375%, 

8/15/2025

1,160,170

292,000

6.400%, 

5/15/2038

427,739

1,600,000

4.600%, 

10/15/2038

1,977,154

1,800,000

4.650%, 

7/15/2042

2,240,860

Cox

Communications,

Inc.

1,800,000

3.350%, 

9/15/2026

g

1,909,725

315,000

4.800%, 

2/1/2035

g

367,518

1,400,000

4.700%, 

12/15/2042

g

1,596,138

Crown

Castle

International

Corporation

2,340,000

5.250%, 

1/15/2023

2,559,774

1,300,000

3.150%, 

7/15/2023

1,348,663

Discovery

Communications,

LLC

1,170,000

3.500%, 

6/15/2022

1,211,310

900,000

4.900%, 

3/11/2026

1,022,460

Fox

Corporation

1,800,000

5.476%, 

1/25/2039

g

2,279,377

Frontier

Communications

Corporation

150,000

8.000%, 

4/1/2027

g

156,570

iHeartCommunications

,

Inc.

180,000

4.750%, 

1/15/2028

g

183,469

Interpublic

Group

of

Companies,

Inc.

1,800,000

3.750%, 

10/1/2021

1,855,334

Level

3

Financing,

Inc.

360,000

5.250%, 

3/15/2026

374,436

Nexstar

Escrow

Corporation

360,000

5.625%, 

7/15/2027

g

379,368

Omnicom

Group,

Inc.

560,000

3.650%, 

11/1/2024

603,375

Sinclair

Television

Group,

Inc.

360,000

5.875%, 

3/15/2026

g

377,750

Sprint

Corporation

420,000

7.125%, 

6/15/2024

433,797

Time

Warner

Cable,

Inc.

2,200,000

4.125%, 

2/15/2021

2,233,660

Time

Warner

Entertainment

Company,

LP

780,000

8.375%, 

3/15/2023

923,481

T-Mobile

USA,

Inc.

360,000

4.500%, 

2/1/2026

370,235

VeriSign,

Inc.

360,000

4.750%, 

7/15/2027

379,800

Verizon

Communications,

Inc.

1,260,000

3.500%, 

11/1/2024

1,350,670

2,600,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

2,676,232

2,150,000

4.272%, 

1/15/2036

2,525,434

1,080,000

5.250%, 

3/16/2037

1,405,631

Viacom,

Inc.

1,800,000

4.375%, 

3/15/2043

1,948,165

Virgin

Media

Secured

Finance

plc

540,000

5.500%, 

8/15/2026

g

566,336

Vodafone

Group

plc

1,350,000

5.000%, 

5/30/2038

1,626,455

Walt

Disney

Company

1,100,000

7.625%, 

11/30/2028

1,557,956

1,190,000

6.400%, 

12/15/2035

1,754,735

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Communications

Services

(7.4%)

-

continued

Windstream

Services,

LLC

$

70,000

8.625%, 

10/31/2025

c,g

$

68,250

Total

70,149,395

Consumer

Cyclical

(4.1%)

Amazon.com,

Inc.

2,520,000

4.050%, 

8/22/2047

3,110,700

American

Honda

Finance

Corporation

1,400,000

2.150%, 

9/10/2024

1,420,127

Brookfield

Property

REIT,

Inc.

360,000

5.750%, 

5/15/2026

g

375,635

Brookfield

Residential

Properties,

Inc.

225,000

6.250%, 

9/15/2027

g

240,750

Cinemark

USA,

Inc.

360,000

4.875%, 

6/1/2023

364,500

Daimler

Finance

North

America,

LLC

1,100,000

2.452%, 

(LIBOR

3M

+

0.550%),

5/4/2021

b,g

1,104,187

Ford

Motor

Credit

Company,

LLC

1,100,000

3.470%, 

4/5/2021

1,115,668

1,400,000

5.596%, 

1/7/2022

1,477,450

1,800,000

2.979%, 

8/3/2022

1,811,341

1,425,000

4.250%, 

9/20/2022

1,479,530

1,800,000

3.350%, 

11/1/2022

1,827,712

General

Motors

Company

1,800,000

2.791%, 

(LIBOR

3M

+

0.900%),

9/10/2021

b

1,808,719

770,000

5.000%, 

4/1/2035

826,637

General

Motors

Financial

Company,

Inc.

1,900,000

3.450%, 

4/10/2022

1,951,350

1,490,000

4.000%, 

1/15/2025

1,580,541

Hanesbrands,

Inc.

360,000

4.625%, 

5/15/2024

g

377,100

Harley-Davidson

Financial

Services,

Inc.

1,870,000

4.050%, 

2/4/2022

g

1,940,751

Hertz

Corporation

101,000

7.625%, 

6/1/2022

g

104,156

Home

Depot,

Inc.

1,820,000

4.250%, 

4/1/2046

2,201,968

Hyundai

Capital

America

1,050,000

3.000%, 

3/18/2021

g

1,061,394

2,150,000

2.450%, 

6/15/2021

g

2,162,849

Hyundai

Capital

Services,

Inc.

1,080,000

3.000%, 

3/6/2022

g

1,098,453

L

Brands,

Inc.

105,000

6.694%, 

1/15/2027

108,675

Lennar

Corporation

1,270,000

2.950%, 

11/29/2020

1,273,175

1,100,000

4.125%, 

1/15/2022

1,128,875

1,100,000

4.500%, 

4/30/2024

1,174,250

Live

Nation

Entertainment,

Inc.

720,000

4.750%, 

10/15/2027

g

740,736

Macy's

Retail

Holdings,

Inc.

168,000

3.875%, 

1/15/2022

170,932

271,000

2.875%, 

2/15/2023

271,508

McDonald's

Corporation

1,825,000

4.450%, 

3/1/2047

2,176,730

ServiceMaster

Company,

LLC

360,000

5.125%, 

11/15/2024

g

372,049

Six

Flags

Entertainment

Corporation

250,000

4.875%, 

7/31/2024

g

255,938

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Consumer

Cyclical

(4.1%)

-

continued

$

110,000

5.500%, 

4/15/2027

g

$

114,268

Viking

Cruises,

Ltd.

360,000

5.875%, 

9/15/2027

g

369,018

Volkswagen

Group

of

America

Finance,

LLC

1,550,000

4.250%, 

11/13/2023

g

1,672,914

Total

39,270,586

Consumer

Non-Cyclical

(10.7%)

Abbott

Laboratories

1,632,000

3.750%, 

11/30/2026

1,811,845

810,000

4.750%, 

11/30/2036

1,039,059

1,500,000

6.000%, 

4/1/2039

2,160,099

AbbVie,

Inc.

2,540,000

3.200%, 

5/14/2026

2,661,113

1,450,000

2.950%, 

11/21/2026

g

1,497,804

1,800,000

4.050%, 

11/21/2039

g

1,963,430

Albertson's

Companies,

Inc.

360,000

6.625%, 

6/15/2024

374,400

Allergan

Sales,

LLC

1,450,000

5.000%, 

12/15/2021

g

1,519,997

Altria

Group,

Inc.

1,800,000

4.800%, 

2/14/2029

2,040,345

2,850,000

5.800%, 

2/14/2039

3,465,562

Anheuser-Busch

Companies,

LLC

1,790,000

4.700%, 

2/1/2036

2,154,897

Anheuser-Busch

InBev

Worldwide,

Inc.

2,175,000

4.000%, 

4/13/2028

2,440,530

1,450,000

4.600%, 

4/15/2048

1,751,673

1,800,000

4.439%, 

10/6/2048

2,136,336

1,800,000

5.550%, 

1/23/2049

2,461,100

BAT

Capital

Corporation

1,450,000

3.222%, 

8/15/2024

1,507,671

Bausch

Health

Companies,

Inc.

30,000

5.000%, 

1/30/2028

g

30,375

30,000

5.250%, 

1/30/2030

g

30,563

Baxalta

,

Inc.

871,000

4.000%, 

6/23/2025

949,460

Becton,

Dickinson

and

Company

1,750,000

3.363%, 

6/6/2024

1,846,794

2,150,000

3.700%, 

6/6/2027

2,336,737

1,700,000

4.669%, 

6/6/2047

2,132,881

Boston

Scientific

Corporation

1,340,000

3.375%, 

5/15/2022

1,386,655

1,050,000

3.750%, 

3/1/2026

1,144,319

928,000

7.375%, 

1/15/2040

1,464,493

Bristol-Myers

Squibb

Company

1,090,000

3.250%, 

8/15/2022

g

1,132,088

Bunge,

Ltd.

Finance

Corporation

1,080,000

3.500%, 

11/24/2020

1,094,011

Cargill,

Inc.

1,750,000

3.250%, 

5/23/2029

g

1,905,219

Centene

Corporation

90,000

4.250%, 

12/15/2027

g

94,050

270,000

4.625%, 

12/15/2029

g

290,601

Cigna

Corporation

1,800,000

4.125%, 

11/15/2025

1,979,287

1,800,000

4.800%, 

8/15/2038

2,157,138

Conagra

Brands,

Inc.

500,000

4.600%, 

11/1/2025

562,494

Constellation

Brands,

Inc.

800,000

4.400%, 

11/15/2025

893,530

360,000

3.500%, 

5/9/2027

386,798

1,700,000

5.250%, 

11/15/2048

2,212,819

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Consumer

Non-Cyclical

(10.7%)

-

continued

CVS

Health

Corporation

$

630,000

4.750%, 

12/1/2022

$

673,716

1,825,000

4.100%, 

3/25/2025

1,985,437

900,000

3.875%, 

7/20/2025

972,917

2,790,000

5.050%, 

3/25/2048

3,370,903

H.

J.

Heinz

Company

1,140,000

5.200%, 

7/15/2045

1,293,910

HCA,

Inc.

360,000

5.375%, 

2/1/2025

402,336

2,500,000

5.125%, 

6/15/2039

2,887,971

Imperial

Brands

Finance

plc

1,800,000

3.500%, 

7/26/2026

g

1,864,101

Imperial

Tobacco

Finance

plc

1,310,000

3.750%, 

7/21/2022

g

1,356,930

JBS

USA,

LLC

360,000

6.500%, 

4/15/2029

g

403,204

Kellogg

Company

1,450,000

3.125%, 

5/17/2022

1,490,269

Kraft

Foods

Group,

Inc.

2,500,000

5.000%, 

6/4/2042

2,780,660

Kraft

Heinz

Foods

Company

720,000

3.000%, 

6/1/2026

732,177

Kroger

Company

1,800,000

2.650%, 

10/15/2026

1,843,118

Nestle

Holdings,

Inc.

2,150,000

3.900%, 

9/24/2038

g

2,551,448

Par

Pharmaceutical,

Inc.

360,000

7.500%, 

4/1/2027

g

366,300

Perrigo

Finance

Unlimited

Company

800,000

4.375%, 

3/15/2026

857,057

Reckitt

Benckiser

Treasury

Services

plc

1,620,000

2.750%, 

6/26/2024

g

1,675,982

Reynolds

American,

Inc.

2,000,000

4.850%, 

9/15/2023

2,189,944

940,000

5.850%, 

8/15/2045

1,124,514

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

1,800,000

2.875%, 

9/23/2023

1,851,667

Smithfield

Foods,

Inc.

4,500,000

2.650%, 

10/3/2021

g

4,491,170

Tenet

Healthcare

Corporation

360,000

5.125%, 

11/1/2027

g

378,900

Thermo

Fisher

Scientific,

Inc.

720,000

2.950%, 

9/19/2026

756,405

Tyson

Foods,

Inc.

720,000

3.550%, 

6/2/2027

779,356

UnitedHealth

Group,

Inc.

1,800,000

2.950%, 

10/15/2027

1,904,146

760,000

4.750%, 

7/15/2045

953,523

1,775,000

4.450%, 

12/15/2048

2,160,118

VRX

Escrow

Corporation

450,000

6.125%, 

4/15/2025

g

462,879

Zimmer

Biomet

Holdings,

Inc.

1,750,000

3.550%, 

4/1/2025

1,868,142

Total

101,445,373

Energy

(7.6%)

BP

Capital

Markets

America,

Inc.

910,000

3.119%, 

5/4/2026

963,651

1,440,000

3.017%, 

1/16/2027

1,506,109

BP

Capital

Markets

plc

1,510,000

3.814%, 

2/10/2024

1,624,805

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Energy

(7.6%)

-

continued

Cenovus

Energy,

Inc.

$

1,800,000

4.250%, 

4/15/2027

$

1,923,436

Centennial

Resource

Production,

LLC

360,000

5.375%, 

1/15/2026

g

338,400

Cheniere

Corpus

Christi

Holdings,

LLC

1,750,000

3.700%, 

11/15/2029

g

1,817,389

Cheniere

Energy

Partners,

LP

540,000

4.500%, 

10/1/2029

g

549,450

Chesapeake

Energy

Corporation

252,000

11.500%, 

1/1/2025

g

202,784

Continental

Resources,

Inc.

1,800,000

4.500%, 

4/15/2023

1,900,443

1,800,000

4.375%, 

1/15/2028

1,898,458

Diamondback

Energy,

Inc.

2,400,000

3.500%, 

12/1/2029

2,427,120

El

Paso

Pipeline

Partners

Operating

Company,

LLC

720,000

4.700%, 

11/1/2042

783,298

Enagas

SA

360,000

5.500%, 

1/15/2028

g

360,000

Energy

Transfer

Operating,

LP

2,350,000

3.750%, 

5/15/2030

2,398,184

1,800,000

6.000%, 

6/15/2048

2,077,659

Energy

Transfer

Partners,

LP

2,520,000

4.200%, 

4/15/2027

2,686,555

Enterprise

Products

Operating,

LLC

1,010,000

3.700%, 

2/15/2026

1,094,833

1,800,000

4.875%, 

8/16/2077

b

1,800,918

Hess

Corporation

720,000

3.500%, 

7/15/2024

750,865

700,000

4.300%, 

4/1/2027

747,796

Kinder

Morgan,

Inc.

720,000

5.000%, 

2/15/2021

g

739,970

1,825,000

5.200%, 

3/1/2048

2,138,231

Marathon

Petroleum

Corporation

1,440,000

4.750%, 

12/15/2023

1,575,137

1,780,000

6.500%, 

3/1/2041

2,385,516

MPLX,

LP

1,450,000

3.500%, 

12/1/2022

g

1,500,985

1,450,000

4.875%, 

6/1/2025

1,607,518

1,750,000

4.800%, 

2/15/2029

1,946,018

1,080,000

5.200%, 

3/1/2047

1,194,492

Murphy

Oil

Corporation

360,000

5.875%, 

12/1/2027

369,000

Newfield

Exploration

Company

1,700,000

5.750%, 

1/30/2022

1,807,736

1,000,000

5.625%, 

7/1/2024

1,103,912

Noble

Energy,

Inc.

1,700,000

3.900%, 

11/15/2024

1,815,072

1,400,000

5.050%, 

11/15/2044

1,530,902

Petrobras

Global

Finance

BV

1,483,000

5.093%, 

1/15/2030

g

1,627,370

Petroleos

Mexicanos

1,750,000

6.875%, 

8/4/2026

1,974,000

1,400,000

6.490%, 

1/23/2027

g

1,519,000

Plains

All

American

Pipeline,

LP

1,800,000

3.650%, 

6/1/2022

1,854,820

1,800,000

4.500%, 

12/15/2026

1,954,389

1,800,000

3.550%, 

12/15/2029

1,794,287

Sabine

Pass

Liquefaction,

LLC

1,090,000

5.750%, 

5/15/2024

1,227,618

Suncor

Energy,

Inc.

1,080,000

3.600%, 

12/1/2024

1,153,896

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Energy

(7.6%)

-

continued

Sunoco

Logistics

Partners

Operations,

LP

$

1,800,000

3.450%, 

1/15/2023

$

1,848,442

2,500,000

4.000%, 

10/1/2027

2,621,749

Sunoco,

LP

360,000

5.500%, 

2/15/2026

370,354

Transocean,

Inc.

360,000

7.500%, 

1/15/2026

g

339,300

Williams

Companies,

Inc.

1,800,000

7.500%, 

1/15/2031

2,388,197

Williams

Partners,

LP

1,070,000

4.500%, 

11/15/2023

1,157,645

900,000

3.750%, 

6/15/2027

951,490

Woodside

Finance,

Ltd.

1,870,000

3.650%, 

3/5/2025

g

1,976,371

Total

72,325,570

Financials

(25.7%)

Aegon

NV

1,400,000

1.896%, 

(USISDA

10Y

+

0.100%),

4/15/2020

b,h

1,184,750

AerCap

Ireland

Capital,

Ltd.

540,000

3.950%, 

2/1/2022

558,930

2,200,000

3.875%, 

1/23/2028

2,329,320

Air

Lease

Corporation

1,490,000

3.750%, 

2/1/2022

1,538,946

740,000

4.250%, 

9/15/2024

800,185

Ally

Financial,

Inc.

360,000

5.750%, 

11/20/2025

409,216

American

International

Group,

Inc.

1,800,000

4.200%, 

4/1/2028

2,027,692

1,370,000

4.500%, 

7/16/2044

1,632,688

Associated

Banc-Corporation

1,850,000

4.250%, 

1/15/2025

1,993,868

Athene

Holding,

Ltd.

950,000

4.125%, 

1/12/2028

1,010,067

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,800,000

2.950%, 

7/22/2030

b,g

1,826,613

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

g

770,280

Banco

Bilbao

Vizcaya

Argentaria

SA

1,600,000

6.500%, 

3/5/2025

b,h

1,704,000

Banco

Santander

SA

1,200,000

4.379%, 

4/12/2028

1,356,505

Bank

of

America

Corporation

1,100,000

3.499%, 

5/17/2022

b

1,124,154

1,857,000

3.004%, 

12/20/2023

b

1,913,971

1,670,000

4.200%, 

8/26/2024

1,816,160

1,640,000

6.500%, 

10/23/2024

b,h

1,853,200

1,800,000

4.000%, 

1/22/2025

1,947,621

1,250,000

3.950%, 

4/21/2025

1,354,534

730,000

3.875%, 

8/1/2025

802,834

1,800,000

3.093%, 

10/1/2025

b

1,884,720

1,800,000

3.705%, 

4/24/2028

b

1,960,200

1,450,000

4.271%, 

7/23/2029

b

1,655,046

2,030,000

3.194%, 

7/23/2030

b

2,162,964

Barclays

Bank

plc

1,090,000

10.179%, 

6/12/2021

g

1,206,646

Barclays

plc

2,100,000

4.610%, 

2/15/2023

b

2,200,419

1,600,000

4.338%, 

5/16/2024

b

1,703,618

720,000

4.836%, 

5/9/2028

802,211

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Financials

(25.7%)

-

continued

Berkshire

Hathaway

Finance

Corporation

$

1,050,000

4.250%, 

1/15/2049

$

1,286,184

Boston

Properties,

LP

1,800,000

2.750%, 

10/1/2026

1,865,610

BPCE

SA

1,080,000

3.000%, 

5/22/2022

g

1,104,522

735,000

5.700%, 

10/22/2023

g

818,998

810,000

5.150%, 

7/21/2024

g

900,853

Capital

One

Bank

USA

NA

1,000,000

3.375%, 

2/15/2023

1,040,633

Capital

One

Financial

Corporation

1,810,000

4.200%, 

10/29/2025

1,978,770

Capital

One

NA

1,800,000

2.150%, 

9/6/2022

1,813,823

CIT

Group,

Inc.

180,000

4.125%, 

3/9/2021

182,880

180,000

5.250%, 

3/7/2025

197,550

537,000

6.125%, 

3/9/2028

639,328

Citigroup,

Inc.

1,100,000

3.142%, 

1/24/2023

b

1,125,105

1,440,000

3.337%, 

(LIBOR

3M

+

1.430%),

9/1/2023

b

1,475,206

1,800,000

4.700%, 

1/30/2025

b,h

1,833,210

1,900,000

3.352%, 

4/24/2025

b

1,999,195

2,630,000

4.400%, 

6/10/2025

2,900,459

1,695,000

5.500%, 

9/13/2025

1,973,536

1,090,000

3.700%, 

1/12/2026

1,183,282

1,510,000

4.450%, 

9/29/2027

1,697,599

1,450,000

4.650%, 

7/23/2048

1,893,073

Citizens

Bank

NA

720,000

2.650%, 

5/26/2022

733,402

Citizens

Financial

Group,

Inc.

720,000

2.375%, 

7/28/2021

725,642

CNA

Financial

Corporation

1,130,000

7.250%, 

11/15/2023

1,330,042

350,000

3.950%, 

5/15/2024

377,141

1,750,000

3.450%, 

8/15/2027

1,870,739

Commerzbank

AG

1,800,000

8.125%, 

9/19/2023

g

2,115,956

CoreStates

Capital

III

1,360,000

2.480%, 

(LIBOR

3M

+

0.570%),

2/15/2027

b,g

1,310,129

Credit

Agricole

SA

720,000

3.375%, 

1/10/2022

g

739,583

2,200,000

3.250%, 

1/14/2030

g

2,270,258

Credit

Suisse

Group

AG

1,800,000

3.574%, 

1/9/2023

g

1,853,550

2,300,000

7.500%, 

7/17/2023

b,g,h

2,534,255

1,400,000

5.100%, 

1/24/2030

b,g,h

1,414,000

Credit

Suisse

Group

Funding,

Ltd.

1,100,000

3.750%, 

3/26/2025

1,181,056

Danske

Bank

AS

2,950,000

5.000%, 

1/12/2022

g

3,108,145

1,050,000

3.244%, 

12/20/2025

b,g

1,085,708

Deutsche

Bank

AG

1,440,000

2.700%, 

7/13/2020

1,442,776

2,800,000

3.961%, 

11/26/2025

b

2,927,342

Digital

Realty

Trust,

LP

1,550,000

2.750%, 

2/1/2023

1,582,786

Discover

Bank

865,000

4.200%, 

8/8/2023

926,732

1,400,000

2.450%, 

9/12/2024

1,416,161

2,510,000

4.682%, 

8/9/2028

b

2,656,333

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Financials

(25.7%)

-

continued

Duke

Realty,

LP

$

1,780,000

3.875%, 

10/15/2022

$

1,861,862

Fidelity

National

Financial,

Inc.

730,000

5.500%, 

9/1/2022

793,771

Fidelity

National

Information

Services,

Inc.

1,100,000

3.750%, 

5/21/2029

1,229,360

Five

Corners

Funding

Trust

2,890,000

4.419%, 

11/15/2023

g

3,160,673

GE

Capital

International

Funding

Company

3,800,000

4.418%, 

11/15/2035

4,280,309

Goldman

Sachs

Group,

Inc.

1,150,000

2.876%, 

10/31/2022

b

1,170,482

1,080,000

2.908%, 

6/5/2023

b

1,103,890

810,000

4.000%, 

3/3/2024

874,332

2,550,000

3.850%, 

7/8/2024

2,734,297

1,800,000

4.950%, 

2/10/2025

b,h

1,881,000

1,510,000

4.250%, 

10/21/2025

1,668,446

1,440,000

3.500%, 

11/16/2026

1,536,466

2,240,000

5.150%, 

5/22/2045

2,900,621

HCP,

Inc.

751,000

4.250%, 

11/15/2023

809,715

Host

Hotels

&

Resorts,

LP

760,000

4.000%, 

6/15/2025

824,904

HSBC

Holdings

plc

720,000

6.875%, 

6/1/2021

b,h

754,798

1,800,000

2.904%, 

(LIBOR

3M

+

1.000%),

5/18/2024

b

1,823,960

1,150,000

3.803%, 

3/11/2025

b

1,221,964

1,440,000

4.300%, 

3/8/2026

1,597,555

900,000

6.000%, 

5/22/2027

b,h

965,250

1,080,000

4.041%, 

3/13/2028

b

1,180,780

Huntington

Bancshares,

Inc.

1,650,000

7.000%, 

12/15/2020

1,722,891

Icahn

Enterprises,

LP

360,000

6.250%, 

5/15/2026

377,885

ING

Groep

NV

2,500,000

4.100%, 

10/2/2023

2,682,835

International

Lease

Finance

Corporation

1,440,000

5.875%, 

8/15/2022

1,577,725

Itau

Unibanco

Holding

SA

2,200,000

2.900%, 

1/24/2023

g

2,206,160

J.P.

Morgan

Chase

&

Company

220,000

2.295%, 

8/15/2021

220,540

1,500,000

2.972%, 

1/15/2023

1,534,443

1,810,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

1,845,476

730,000

6.750%, 

2/1/2024

b,h

822,973

1,800,000

5.000%, 

8/1/2024

b,h

1,882,800

2,000,000

3.875%, 

9/10/2024

2,161,247

1,800,000

4.600%, 

2/1/2025

b,h

1,837,620

2,200,000

3.900%, 

7/15/2025

2,411,784

1,800,000

2.950%, 

10/1/2026

1,887,013

1,400,000

3.882%, 

7/24/2038

b

1,599,737

1,850,000

5.500%, 

10/15/2040

2,561,096

Kilroy

Realty,

LP

1,450,000

4.250%, 

8/15/2029

1,624,533

Kimco

Realty

Corporation

2,900,000

3.300%, 

2/1/2025

3,074,702

Liberty

Mutual

Group,

Inc.

1,065,000

4.950%, 

5/1/2022

g

1,132,931

Lincoln

National

Corporation

1,850,000

4.000%, 

9/1/2023

1,989,400

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Financials

(25.7%)

-

continued

Lloyds

Bank

plc

$

1,090,000

4.650%, 

3/24/2026

$

1,203,094

Lloyds

Banking

Group

plc

2,250,000

2.858%, 

3/17/2023

b

2,286,656

1,100,000

2.438%, 

2/5/2026

b,f

1,106,536

Marsh

&

McLennan

Companies,

Inc.

800,000

4.375%, 

3/15/2029

923,280

MGM

Growth

Properties

Operating

Partnership,

LP

360,000

4.500%, 

9/1/2026

374,528

Mitsubishi

UFJ

Financial

Group,

Inc.

1,050,000

3.455%, 

3/2/2023

1,099,470

Mizuho

Financial

Group,

Inc.

1,440,000

3.663%, 

2/28/2027

1,558,734

Morgan

Stanley

1,795,000

4.875%, 

11/1/2022

1,935,485

1,810,000

3.201%, 

(LIBOR

3M

+

1.400%),

10/24/2023

b

1,853,523

1,000,000

2.720%, 

7/22/2025

b

1,028,867

1,130,000

4.000%, 

7/23/2025

1,241,680

720,000

3.125%, 

7/27/2026

762,489

1,490,000

4.350%, 

9/8/2026

1,660,677

930,000

4.300%, 

1/27/2045

1,137,758

MPT

Operating

Partnership,

LP

360,000

5.000%, 

10/15/2027

378,432

Nationwide

Building

Society

1,510,000

3.900%, 

7/21/2025

g

1,654,440

1,080,000

4.000%, 

9/14/2026

g

1,160,927

Nippon

Life

Insurance

Company

1,450,000

3.400%, 

1/23/2050

b,g

1,471,750

Park

Aerospace

Holdings,

Ltd.

700,000

4.500%, 

3/15/2023

g

742,245

Peachtree

Corners

Funding

Trust

1,700,000

3.976%, 

2/15/2025

g

1,840,173

Preferred

Term

Securities

XXIII,

Ltd.

305,548

2.094%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,g

279,476

Prudential

Financial,

Inc.

2,200,000

3.700%, 

3/13/2051

2,344,156

1,133,000

3.935%, 

12/7/2049

1,272,176

Realty

Income

Corporation

2,170,000

3.875%, 

7/15/2024

2,347,763

Regency

Centers,

LP

1,440,000

3.600%, 

2/1/2027

1,547,989

Reinsurance

Group

of

America,

Inc.

1,450,000

4.700%, 

9/15/2023

1,586,222

1,400,000

3.900%, 

5/15/2029

1,526,241

Royal

Bank

of

Scotland

Group

plc

1,080,000

8.625%, 

8/15/2021

b,h

1,166,400

1,440,000

3.498%, 

5/15/2023

b

1,482,608

1,440,000

3.875%, 

9/12/2023

1,523,782

1,500,000

4.269%, 

3/22/2025

b

1,609,881

600,000

3.754%, 

11/1/2029

b

623,416

Santander

UK

Group

Holdings

plc

800,000

3.125%, 

1/8/2021

808,502

1,500,000

4.750%, 

9/15/2025

g

1,635,915

SITE

Centers

Corporation

573,000

4.625%, 

7/15/2022

600,622

Standard

Chartered

plc

1,550,000

2.744%, 

9/10/2022

b,g

1,564,576

1,750,000

2.969%, 

(LIBOR

3M

+

1.150%),

1/20/2023

b,g

1,765,638

Synchrony

Financial

1,750,000

4.250%, 

8/15/2024

1,877,675

2,150,000

3.950%, 

12/1/2027

2,293,645

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Financials

(25.7%)

-

continued

UBS

Group

Funding

Jersey,

Ltd.

$

900,000

2.650%, 

2/1/2022

g

$

914,083

1,510,000

4.125%, 

9/24/2025

g

1,667,278

UBS

Group

Funding

Switzerland

AG

1,440,000

4.253%, 

3/23/2028

g

1,603,702

UnionBanCal

Corporation

1,420,000

3.500%, 

6/18/2022

1,477,071

Ventas

Realty,

LP

720,000

3.500%, 

2/1/2025

763,915

1,080,000

3.850%, 

4/1/2027

1,168,787

1,800,000

4.000%, 

3/1/2028

1,967,841

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

90,000

4.250%, 

12/1/2026

g

92,370

90,000

4.625%, 

12/1/2029

g

94,050

Wells

Fargo

&

Company

2,000,000

4.125%, 

8/15/2023

2,144,753

1,440,000

3.000%, 

4/22/2026

1,509,822

Welltower

,

Inc.

1,300,000

4.000%, 

6/1/2025

1,420,419

Westpac

Banking

Corporation

1,600,000

2.894%, 

2/4/2030

b

1,611,098

Total

244,283,752

Foreign

Government

(1.1%)

Bahrain

Government

International

Bond

1,750,000

5.875%, 

1/26/2021

1,796,585

Banco

del

Estado

de

Chile

2,150,000

2.704%, 

1/9/2025

g

2,166,125

Dominican

Republic

Government

International

Bond

1,100,000

5.875%, 

1/30/2060

g

1,099,450

550,000

6.000%, 

7/19/2028

g

609,675

1,800,000

4.500%, 

1/30/2030

g

1,797,768

Petroleos

Mexicanos

1,750,000

4.250%, 

1/15/2025

1,809,325

Qatar

Government

International

Bond

1,100,000

4.500%, 

4/23/2028

g

1,273,105

Total

10,552,033

Mortgage-Backed

Securities

(7.3%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,836,620

3.500%, 

5/1/2034

1,919,762

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,569,477

3.000%, 

8/1/2047

3,685,592

Federal

National

Mortgage

Association

2,947,635

3.500%, 

10/1/2048

3,066,226

3,340,803

3.500%, 

8/1/2049

3,483,317

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

4,575,000

2.500%, 

2/1/2035

f

4,656,314

12,755,000

3.000%, 

2/1/2035

f

13,138,148

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

29,875,000

3.000%, 

3/1/2050

f

30,531,059

3,377,250

4.000%, 

7/1/2048

3,535,227

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Mortgage-Backed

Securities

(7.3%)

-

continued

$

5,172,609

3.500%, 

8/1/2049

$

5,337,551

Total

69,353,196

Technology

(4.5%)

Apple,

Inc.

2,550,000

3.250%, 

2/23/2026

2,743,172

1,080,000

3.750%, 

9/12/2047

1,255,979

Applied

Materials,

Inc.

720,000

3.300%, 

4/1/2027

778,263

Broadcom

Corporation

4,350,000

3.875%, 

1/15/2027

4,597,635

1,800,000

3.500%, 

1/15/2028

1,856,653

Broadcom,

Inc.

2,150,000

4.250%, 

4/15/2026

g

2,324,973

Diamond

1

Finance

Corporation

238,000

5.875%, 

6/15/2021

g

240,261

5,575,000

6.020%, 

6/15/2026

g

6,512,039

Diamond

Sports

Group,

LLC

360,000

6.625%, 

8/15/2027

g,j

336,600

DXC

Technology

Company

1,440,000

4.750%, 

4/15/2027

1,577,749

Fiserv,

Inc.

700,000

2.750%, 

7/1/2024

721,696

1,775,000

3.200%, 

7/1/2026

1,874,417

Hewlett

Packard

Enterprise

Company

1,440,000

4.400%, 

10/15/2022

1,526,355

1,250,000

2.250%, 

4/1/2023

1,260,506

Iron

Mountain,

Inc.

360,000

4.875%, 

9/15/2029

g

367,236

Lam

Research

Corporation

1,750,000

4.000%, 

3/15/2029

1,974,396

Marvell

Technology

Group,

Ltd.

900,000

4.200%, 

6/22/2023

958,499

1,100,000

4.875%, 

6/22/2028

1,243,806

NXP

BV/NXP

Funding,

LLC

1,750,000

4.875%, 

3/1/2024

g

1,925,763

1,750,000

5.350%, 

3/1/2026

g

2,021,193

Oracle

Corporation

1,800,000

4.300%, 

7/8/2034

2,179,239

Panasonic

Corporation

1,600,000

3.113%, 

7/19/2029

g

1,706,464

Seagate

HDD

Cayman

489,000

4.250%, 

3/1/2022

506,549

Texas

Instruments,

Inc.

1,800,000

4.150%, 

5/15/2048

2,250,120

Total

42,739,563

Transportation

(2.0%)

AerCap

Holdings

NV

1,800,000

5.875%, 

10/10/2079

b

1,926,000

Aircastle

,

Ltd.

1,785,000

4.400%, 

9/25/2023

1,915,187

Boeing

Company

2,800,000

3.600%, 

5/1/2034

3,031,087

Burlington

Northern

Santa

Fe,

LLC

1,500,000

4.700%, 

9/1/2045

1,913,167

1,800,000

4.050%, 

6/15/2048

2,122,565

CSX

Corporation

1,100,000

2.400%, 

2/15/2030

1,105,582

Delta

Air

Lines,

Inc.

790,724

4.250%, 

7/30/2023

844,034

1,800,000

2.900%, 

10/28/2024

1,817,586

Hertz

Corporation

360,000

6.000%, 

1/15/2028

g

363,150

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Transportation

(2.0%)

-

continued

Penske

Truck

Leasing

Company,

LP

$

1,400,000

3.375%, 

2/1/2022

g

$

1,436,722

Union

Pacific

Corporation

1,800,000

3.250%, 

2/5/2050

1,817,862

United

Airlines

Pass

Through

Trust

703,976

3.750%, 

9/3/2026

757,565

XPO

Logistics,

Inc.

360,000

6.125%, 

9/1/2023

g

372,150

Total

19,422,657

U.S.

Government

&

Agencies

(7.8%)

U.S.

Treasury

Bonds

1,600,000

2.250%, 

11/15/2027

1,694,563

6,000,000

2.750%, 

2/15/2028

6,588,281

4,500,000

2.875%, 

5/15/2028

4,993,242

4,000,000

2.375%, 

5/15/2029

4,302,969

11,000,000

1.625%, 

8/15/2029

11,116,875

11,000,000

1.750%, 

11/15/2029

11,239,766

4,100,000

3.000%, 

2/15/2049

5,005,684

17,500,000

2.250%, 

8/15/2049

18,475,488

6,300,000

2.375%, 

11/15/2049

6,831,562

U.S.

Treasury

Notes

3,500,000

2.375%, 

2/29/2024

3,646,289

Total

73,894,719

Utilities

(8.5%)

AEP

Transmission

Company,

LLC

2,520,000

3.100%, 

12/1/2026

2,694,251

Ameren

Illinois

Company

1,050,000

4.500%, 

3/15/2049

1,357,319

American

Electric

Power

Company,

Inc.

1,435,000

2.950%, 

12/15/2022

1,481,472

Arizona

Public

Service

Company

1,800,000

3.500%, 

12/1/2049

1,952,311

Baltimore

Gas

and

Electric

Company

1,440,000

2.400%, 

8/15/2026

1,469,014

Berkshire

Hathaway

Energy

Company

1,425,000

4.450%, 

1/15/2049

1,754,839

CenterPoint

Energy,

Inc.

2,340,000

2.500%, 

9/1/2022

2,372,408

1,750,000

2.950%, 

3/1/2030

1,797,883

CMS

Energy

Corporation

1,440,000

3.450%, 

8/15/2027

1,547,611

Consolidated

Edison

Company

of

New

York,

Inc.

720,000

2.900%, 

12/1/2026

754,748

2,250,000

4.125%, 

5/15/2049

2,697,813

Consumers

Energy

Company

1,050,000

4.350%, 

4/15/2049

1,342,871

Dominion

Energy,

Inc.

800,000

2.715%, 

8/15/2021

808,461

1,600,000

3.071%, 

8/15/2024

1,662,584

1,250,000

4.650%, 

12/15/2024

b,h

1,296,713

Duke

Energy

Corporation

2,160,000

2.650%, 

9/1/2026

2,223,909

2,160,000

3.150%, 

8/15/2027

2,280,592

1,800,000

3.750%, 

9/1/2046

1,929,327

Edison

International

975,000

3.550%, 

11/15/2024

1,026,559

5,000,000

5.750%, 

6/15/2027

5,779,365

Exelon

Corporation

900,000

3.497%, 

6/1/2022

927,910

880,000

3.950%, 

6/15/2025

958,749

340,000

3.400%, 

4/15/2026

363,811

Principal

Amount

Long-Term

Fixed

Income

(93.7%)

Value

Utilities

(8.5%)

-

continued

FirstEnergy

Corporation

$

2,520,000

3.900%, 

7/15/2027

$

2,759,768

700,000

4.850%, 

7/15/2047

864,582

FirstEnergy

Transmission,

LLC

1,850,000

5.450%, 

7/15/2044

g

2,435,531

Georgia

Power

Company

1,800,000

2.650%, 

9/15/2029

1,828,753

ITC

Holdings

Corporation

2,920,000

4.050%, 

7/1/2023

3,085,848

National

Rural

Utilities

Cooperative

Finance

Corporation

1,400,000

4.400%, 

11/1/2048

1,765,597

Nevada

Power

Company

1,700,000

6.750%, 

7/1/2037

2,509,628

NextEra

Energy

Operating

Partners,

LP

360,000

3.875%, 

10/15/2026

g

363,600

NiSource

Finance

Corporation

1,080,000

4.375%, 

5/15/2047

1,238,999

Oncor

Electric

Delivery

Company,

LLC

1,510,000

3.750%, 

4/1/2045

1,735,325

Pacific

Gas

and

Electric

Company

730,000

2.950%, 

3/1/2026

k,l

748,436

1,100,000

3.300%, 

12/1/2027

k,l

1,139,820

1,100,000

3.950%, 

12/1/2047

j,k,l

1,102,750

PPL

Capital

Funding,

Inc.

1,795,000

3.500%, 

12/1/2022

1,861,871

1,810,000

3.950%, 

3/15/2024

1,929,338

PPL

Electric

Utilities

Corporation

2,200,000

3.000%, 

10/1/2049

2,215,259

San

Diego

Gas

and

Electric

Company

1,800,000

4.150%, 

5/15/2048

2,134,558

Sempra

Energy

1,800,000

3.250%, 

6/15/2027

1,905,753

South

Carolina

Electric

&

Gas

Company

1,100,000

5.100%, 

6/1/2065

1,547,139

Southern

California

Edison

Company

1,800,000

3.650%, 

2/1/2050

1,886,159

Southern

Company

4,370,000

3.250%, 

7/1/2026

4,652,779

TerraForm

Power

Operating,

LLC

360,000

5.000%, 

1/31/2028

g

388,800

Total

80,580,813

Total

Long-Term

Fixed

Income

(cost

$829,306,288)

891,042,532

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

1,411,890

Thrivent

Cash

Management

Trust

1,411,890

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,411,890)

1,411,890

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

12,500

Cobank

ACB,

6.250%

b,h

1,337,500

Total

1,337,500

Total

Preferred

Stock

(cost

$1,250,000)

1,337,500

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Shares

or

Principal

Amount

Short-Term

Investments

(

9.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

1.540%,

3/10/2020

m,n

$

299,532

Thrivent

Core

Short-Term

Reserve

Fund

8,643,204

1.900%

86,432,043

Total

Short-Term

Investments

(cost

$86,731,556)

86,731,575

Total

Investments

(cost

$929,142,608)

104.2%

$990,853,060

Other

Assets

and

Liabilities,

Net

(4.2%)

(39,849,921)

Total

Net

Assets

100.0%

$951,003,139

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

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

All

or

a

portion

of

the

loan

is

unfunded.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

g

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

January

31,

2020,

the

value

of

these

investments

was

$152,111,210

or

16.0%

of

total

net

assets.

h

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.

i

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

j

All

or

a

portion

of

the

security

is

on

loan.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

In

bankruptcy.  Interest

is

not

being

accrued.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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.

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

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,367,383

Total

lending

$1,367,383

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,411,890

Net

amounts

due

to

counterparty

$44,507

Definitions:

CLO

-

Collateralized

Loan

Obligation

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

USISDA

10Y

-

ICE

Swap

USD

Rate

10

Year

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

361,760

–

361,760

–

Capital

Goods

1,098,635

–

1,098,635

–

Communications

Services

2,528,789

–

2,528,789

–

Consumer

Cyclical

1,938,257

–

1,571,099

367,158

Consumer

Non-Cyclical

2,111,045

–

2,111,045

–

Energy

597,774

–

597,774

–

Financials

1,065,413

–

1,065,413

–

Technology

627,890

–

627,890

–

Long-Term

Fixed

Income

Asset-Backed

Securities

11,806,866

–

11,806,866

–

Basic

Materials

22,429,527

–

22,429,527

–

Capital

Goods

30,588,651

–

30,588,651

–

Collateralized

Mortgage

Obligations

1,445,464

–

1,445,464

–

Commercial

Mortgage-Backed

Securities

754,367

–

754,367

–

Communications

Services

70,149,395

–

70,149,395

–

Consumer

Cyclical

39,270,586

–

39,270,586

–

Consumer

Non-Cyclical

101,445,373

–

101,445,373

–

Energy

72,325,570

–

72,325,570

–

Financials

244,283,752

–

244,283,752

–

Foreign

Government

10,552,033

–

10,552,033

–

Mortgage-Backed

Securities

69,353,196

–

69,353,196

–

Technology

42,739,563

–

42,739,563

–

Transportation

19,422,657

–

19,422,657

–

U.S.

Government

&

Agencies

73,894,719

–

73,894,719

–

Utilities

80,580,813

–

80,580,813

–

Preferred

Stock

Financials

1,337,500

–

1,337,500

–

Short-Term

Investments

299,532

–

299,532

–

Subtotal

Investments

in

Securities

$903,009,127

$–

$902,641,969

$367,158

Other

Investments  *

Total

Affiliated

Short-Term

Investments

86,432,043

Collateral

Held

for

Securities

Loaned

1,411,890

Subtotal

Other

Investments

$87,843,933

Total

Investments

at

Value

$990,853,060

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

458,722

458,722

–

–

Total

Asset

Derivatives

$458,722

$458,722

$–

$–

The

following

table

presents

Income

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$299,532

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

U.S.

Long

Bond

104

March

2020

$

16,548,528

$

458,722

Total

Futures

Long

Contracts

$

16,548,528

$

458,722

Total

Futures

Contracts

$

16,548,528

$458,722

Income

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$90,196

$97,974

$101,738

$86,432

8,643

9.1%

Total

Affiliated

Short-Term

Investments

90,196

86,432

9.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,587

1,196

8,371

1,412

1,412

0.2

Total

Collateral

Held

for

Securities

Loaned

8,587

1,412

0.2

Total

Value

$98,783

$87,844

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$1

$468

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$468

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

$–

$–

$1

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock

(

84.3%

)

Value

Australia

(4.1%)

8,522

Abacus

Property

Group

$

21,448

39,558

Altium

,

Ltd.

1,032,329

57,322

Ansell,

Ltd.

1,211,627

91,765

Aristocrat

Leisure,

Ltd.

2,188,513

88,748

Austal

,

Ltd.

229,207

613,008

Beach

Energy,

Ltd.

1,069,301

60,219

BHP

Group,

Ltd.

1,544,245

25,690

Breville

Group,

Ltd.

316,473

101,928

BWP

Trust

278,124

184,259

Charter

Hall

Group

1,572,177

6,277

Clinuvel

Pharmaceuticals,

Ltd.

114,706

61,345

Commonwealth

Bank

of

Australia

3,473,190

52,434

CSL,

Ltd.

10,783,995

127,134

CSR,

Ltd.

407,566

35,223

EML

Payments

Limited

a

122,075

206,560

Genworth

Mortgage

Insurance

Australia,

Ltd.

506,071

1,214

GWA

Group,

Ltd.

2,883

151,046

Independence

Group

NL

610,031

66,064

Inghams

Group,

Ltd.

155,244

102,500

IPH,

Ltd.

620,484

9,283

IRESS,

Ltd.

85,773

52,600

JB

Hi-Fi,

Ltd.

1,383,274

11,683

Jumbo

Interactive,

Ltd.

103,029

77,402

Metcash,

Ltd.

134,133

4,196

Nanosonics

,

Ltd.

a

19,129

10,206

Nick

Scali

,

Ltd.

47,745

6,432

Perpetual,

Ltd.

181,419

164,827

Perseus

Mining,

Ltd.

a

131,115

30,031

Pro

Medicus

,

Ltd.

473,427

16,610

Ramelius

Resources,

Ltd.

14,891

373,365

Regis

Resources,

Ltd.

1,144,529

33,006

Rio

Tinto,

Ltd.

2,141,698

363,731

Saracen

Mineral

Holdings,

Ltd.

a

980,355

434,317

Scentre

Group

1,114,381

12,017

Select

Harvests,

Ltd.

68,198

104,871

Super

Retail

Group,

Ltd.

652,962

107,466

Technology

One,

Ltd.

601,505

102,215

Transurban

Group

1,065,463

400,856

Vita

Group,

Ltd.

315,831

Total

36,918,546

Austria

(0.2%)

9,729

AMS

AG

a

395,359

4,595

AT&S

Austria

Technologie

&

Systemtechnik

AG

101,361

6,354

Immofinanz

AG

176,526

2,820

S

IMMO

AG

75,686

21,210

UNIQA

Insurance

Group

AG

200,582

28,903

Wienerberger

AG

820,047

Total

1,769,561

Belgium

(0.4%)

4,677

Barco

NV

1,162,934

5,376

Galapagos

NV

a

1,201,535

2,042

Gimv

NV

125,823

6,580

KBC

Ancora

327,738

919

Melexis

NV

65,313

2,645

NV

Bekaert

SA

67,150

7,127

SA

D'Ieteren

NV

460,026

Total

3,410,519

Bermuda

(0.1%)

84,000

Cafe

de

Coral

Holdings,

Ltd.

188,470

63,783

Golden

Ocean

Group,

Ltd.

289,133

3,500

Johnson

Electric

Holdings,

Ltd.

7,728

Shares

Common

Stock

(84.3%)

Value

Bermuda

(0.1%)

-

continued

5,000

K

Wah

International

Holdings,

Ltd.

$

2,437

36,000

Road

King

Infrastructure,

Ltd.

60,437

131,000

Shanghai

Industrial

Urban

Development

Group,

Ltd.

15,074

842,000

Yuexiu

Transport

Infrastructure,

Ltd.

733,275

Total

1,296,554

Brazil

(0.7%)

86,100

AES

Tiete

Energia

SA

308,002

91,700

Banco

ABC

Brasil

SA

465,930

4,079

Banco

Bradesco

SA

ADR

31,123

27,900

Banco

do

Brasil

SA

314,662

227,500

BR

Malls

Participacoes

SA

981,162

1,822

Companhia

Paranaense

de

Energia

ADR

31,120

10,100

Cosan

SA

188,317

3,117

Embraer

SA

ADR

a

52,490

62,257

Gerdau

SA

ADR

291,363

23,100

GOL

Linhas

Aereas

Inteligentes

SA

a

185,497

58,600

Iochpe-Maxion

SA

300,348

67,396

Itau

Unibanco

Holding

SA

ADR

512,883

397,900

Metalurgica

Gerdau

SA

889,157

31,400

Petrobras

Distribuidora

SA

211,455

131,390

Petroleo

Brasileiro

SA

873,152

39,439

Petroleo

Brasileiro

SA

ADR

556,484

28,600

Randon

SA

Implementos

e

Participacoes

90,489

7,500

Ser

Educacional

SA

b

54,009

15,800

Tupy

SA

92,566

14,036

Vale

SA

ADR

164,642

Total

6,594,851

Canada

(6.3%)

56,927

Alaris

Royalty

Corporation

939,893

45,101

Allied

Properties

REIT

1,881,878

31,524

Bank

of

Montreal

2,404,199

10,556

Canadian

Natural

Resources,

Ltd.

296,883

97,985

CGI,

Inc.

a

7,502,509

455,275

CI

Financial

Corporation

7,977,805

22,268

First

Capital

REIT

364,627

107,331

Granite

REIT

5,799,637

122,585

Laurentian

Bank

of

Canada

3,978,409

199,602

Manulife

Financial

Corporation

3,888,272

113,425

Northland

Power,

Inc.

2,553,219

18,145

Northview

Apartment

REIT

421,062

4,242

Onex

Corporation

272,137

43,665

Peyto

Exploration

&

Development

Corporation

95,354

30,114

Power

Corporation

of

Canada

751,371

22,474

Quebecor,

Inc.

557,689

33,983

RioCan

REIT

697,430

86,581

Sun

Life

Financial,

Inc.

4,070,629

8,865

TMX

Group,

Ltd.

820,250

10,097

Torex

Gold

Resources,

Inc.

a

138,935

204,641

Toronto-Dominion

Bank

11,309,840

Total

56,722,028

Cayman

Islands

(1.1%)

70,000

3SBio,

Inc.

a,b

88,914

8,069

Baidu.com,

Inc.

ADR

a

997,006

45,000

Central

China

Real

Estate,

Ltd.

25,843

168,000

China

Aoyuan

Group,

Ltd.

223,886

92,000

China

Medical

System

Holdings,

Ltd.

122,444

17,000

China

Mengniu

Dairy

Company,

Ltd.

62,348

252,000

China

Resources

Land,

Ltd.

1,048,301

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock

(84.3%)

Value

Cayman

Islands

(1.1%)

-

continued

65,000

China

Shineway

Pharmaceutical

Group,

Ltd.

$

56,222

140,000

Consun

Pharmaceutical

Group,

Ltd.

71,704

58,000

Fu

Shou

Yuan

International

Group,

Ltd.

48,668

113,000

Goodbaby

International

Holdings,

Ltd.

a

20,713

126,500

Kingboard

Holdings,

Ltd.

332,877

46,000

Longfor

Group

Holdings,

Ltd.

b

194,127

16,500

NetDragon

Websoft

Holdings,

Ltd.

39,853

2,485

NetEase

,

Inc.

ADR

797,088

1,826

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

221,950

1,900,000

Shui

On

Land,

Ltd.

378,773

17,000

SITC

International

Holdings

Company,

Ltd.

20,025

104,090

Tencent

Holdings,

Ltd.

4,964,073

393,000

Value

Partners

Group,

Ltd.

211,371

23,000

Wisdom

Marine

Lines

Company,

Ltd.

21,390

Total

9,947,576

Chile

(0.1%)

15,304

Banco

Santander

Chile

SA

ADR

306,692

39,773

CAP

SA

236,494

468,660

Colbun

SA

68,223

Total

611,409

China

(2.0%)

29,326

Alibaba

Group

Holding,

Ltd.

ADR

a

6,058,458

11,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

77,984

81,000

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

516,998

977,000

Bank

of

Communications

Company,

Ltd.

625,833

44,400

Beijing

SL

Pharmaceutical

Company,

Ltd.

89,521

811,000

China

Coal

Energy

Company,

Ltd.

275,903

961,000

China

Construction

Bank

Corporation

727,993

461,000

China

Everbright

Bank

Company,

Ltd.

184,941

18,400

China

National

Accord

Medicines

Corporation,

Ltd.

129,987

238,000

China

National

Building

Material

Company,

Ltd.

227,515

1,828

China

Petroleum

&

Chemical

Corporation

ADR

95,842

146,300

China

Resources

Double-Crane

Pharmaceutical

Company,

Ltd.

286,513

61,687

China

Resources

Sanjiu

Medical

and

Pharmaceutical

Company,

Ltd.

317,307

2,402,000

China

Telecom

Corporation,

Ltd.

934,585

126,200

China

Vanke

Company,

Ltd.

444,901

313,000

CNOOC,

Ltd.

468,573

255,000

FIH

Mobile,

Ltd.

a

39,499

44,600

Guangzhou

Haige

Communications

Group,

Inc.

Company

74,897

46,365

Hualan

Biological

Engineering,

Inc.

237,939

999,000

Industrial

and

Commercial

Bank

of

China,

Ltd.

663,110

181,061

Inner

Mongolia

Eerduosi

Resources

Company,

Ltd.

209,600

20,542

JD.com,

Inc.

ADR

a

774,228

76,000

Jiangxi

Copper

Company,

Ltd.

89,615

3,302

Kweichow

Moutai

Company,

Ltd.

485,438

19,600

Livzon

Pharmaceutical

Group,

Inc.

106,352

52,464

Midea

Group

Company,

Ltd.

398,241

Shares

Common

Stock

(84.3%)

Value

China

(2.0%)

-

continued

168,168

Ping

An

Insurance

Company

of

China,

Ltd.

$

1,901,620

140,000

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

166,943

4,100

Shanghai

Haohai

Biological

Technology

Company,

Ltd.

b

20,394

60,200

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

112,109

33,600

Sinopharm

Group

Company,

Ltd.

109,332

189,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

175,212

14,000

Tsingtao

Brewery

Company,

Ltd.

77,435

27,400

Winning

Health

Technology

Group

Company,

Ltd.

60,706

558,700

Xiamen

C&D,

Inc.

677,665

233,700

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.

207,871

Total

18,051,060

Colombia

(<0.1%)

1,462

Bancolombia

SA

ADR

76,711

Total

76,711

Denmark

(1.7%)

13,030

Coloplast

AS

1,642,840

17,300

DSV

AS

1,878,240

2,803

FLSmidth

&

Company

AS

95,716

36,542

GN

Store

Nord

AS

1,812,488

131,419

Novo

Nordisk

AS

7,999,697

3,503

Per

Aarsleff

Holding

AS

106,477

9,743

Scandinavian

Tobacco

Group

AS

b

127,754

7,923

SimCorp

AS

878,319

17,004

Topdanmark

AS

803,525

Total

15,345,056

Egypt

(<0.1%)

113,700

EFG

Hermes

Holding

Company

116,003

Total

116,003

Finland

(0.7%)

16,662

Finnair

Oyj

97,275

10,295

Kemira

Oyj

155,738

19,500

Metsa

Board

Oyj

118,100

12,930

Raisio

Oyj

52,771

7,649

Tokmanni

Group

Corporation

110,960

138,323

UPM-

Kymmene

Oyj

4,358,356

12,748

Uponor

Oyj

172,478

52,648

Valmet

Oyj

1,138,871

Total

6,204,549

France

(4.1%)

28,472

AXA

SA

757,118

4,983

Beneteau

SA

53,445

22,708

CGG

SA

a

63,808

69,924

CNP

Assurances

1,258,656

27,321

Coface

SA

337,244

36,974

Derichebourg

134,102

6,310

Gaztransport

Et

Technigaz

SA

637,842

2,144

Hermes

International

1,600,987

8,576

Innate

Pharma

SA

a

60,254

3,985

Jacquet

Metal

Service

62,210

6,156

Kaufman

&

Broad

SA

261,214

5,020

Kering

SA

3,067,334

57,806

Klepierre

SA

1,964,941

98,986

Legrand

SA

7,948,125

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock

(84.3%)

Value

France

(4.1%)

-

continued

12,326

LVMH

Moet

Hennessy

Louis

Vuitton

SE

$

5,367,647

15,058

Maisons

du

Monde

SA

b

199,578

413

Mersen

13,530

15,034

Metropole

Television

SA

250,436

2,074

Nexity

SA

100,129

10,177

Quadient

SAS

244,807

81,337

Rexel

SA

972,965

78,315

Schneider

Electric

SE

7,810,108

415

Sopra

Group

SA

66,252

63,251

Total

SA

3,079,747

10,707

Vinci

SA

1,186,223

172

Virbac

SA

a

42,157

Total

37,540,859

Germany

(4.5%)

25,613

Aareal

Bank

AG

838,787

9,787

Adidas

AG

3,093,821

48,188

Allianz

SE

11,504,614

55,003

Alstria

Office

REIT

AG

1,091,208

3,643

Amadeus

Fire

AG

616,757

9,223

Borussia

Dortmund

GmbH

&

Company

KGaA

90,218

1,870

CANCOM

SE

111,258

8,073

CompuGroup

Medical

SE

532,726

34,214

Deutsche

Boerse

AG

5,553,754

4,608

Deutsche

EuroShop

AG

125,634

288,322

Deutsche

Pfandbriefbank

AG

b

4,643,885

82,756

Deutz

AG

432,210

16,495

Dialog

Semiconductor

plc

a

724,576

453

Eckert

&

Ziegler

Strahlen

-

und

Medizintechnik

AG

86,280

13,237

Gerresheimer

AG

1,048,925

1,426

JOST

Werke

AG

b

53,771

24,053

Jungheinrich

AG

528,123

44,073

Klockner

&

Company

SE

279,901

7,644

Nemetschek

SE

518,508

376

New

Work

SE

123,016

2,014

Norma

Group

SE

73,621

12,346

Rheinmetall

AG

1,320,353

4,188

Rocket

Internet

SE

a,b

98,096

11,419

SAF-Holland

SA

79,532

5,709

SAP

SE

743,493

1,294

Scout24

AG

b

88,943

9,182

Siltronic

AG

983,553

2,200

Software

AG

73,343

494

STO

SE

&

Company

57,855

180,617

TAG

Immobilien

AG

4,760,308

11,652

Takkt

AG

152,975

Total

40,430,044

Greece

(<0.1%)

33,678

Mytilineos

SA

345,088

Total

345,088

Hong

Kong

(0.5%)

67,000

China

Mobile,

Ltd.

550,717

162,000

China

Resources

Pharmaceutical

Group,

Ltd.

b

135,540

198,000

China

Traditional

Chinese

Medicine

Holdings

Company,

Ltd.

91,492

26,355

China

Unicom

(Hong

Kong),

Ltd.

ADR

220,064

547,000

CITIC

Telecom

International

Holdings,

Ltd.

188,855

949,000

CITIC,

Ltd.

1,073,117

68,000

CSPC

Pharmaceutical

Group,

Ltd.

149,156

Shares

Common

Stock

(84.3%)

Value

Hong

Kong

(0.5%)

-

continued

122,000

Far

East

Horizon,

Ltd.

$

107,789

89,500

Fosun

International,

Ltd.

118,360

231,778

Hang

Lung

Group,

Ltd.

572,758

32,000

Hysan

Development

Company,

Ltd.

119,455

357,000

Melco

International

Development,

Ltd.

771,000

131,000

Shanghai

Industrial

Holdings,

Ltd.

230,740

390,000

Shun

Tak

Holdings,

Ltd.

167,197

143,000

Sun

Hung

Kai

&

Company,

Ltd.

63,901

80,000

United

Laboratories

International

Holdings

52,361

2,144,000

Yuexiu

Property

Company,

Ltd.

429,167

Total

5,041,669

India

(1.0%)

44,172

Amara

Raja

Batteries,

Ltd.

474,666

9,981

Bajaj

Auto,

Ltd.

443,573

56,542

Coal

India,

Ltd.

143,500

14,642

Divi's

Laboratories,

Ltd.

399,711

1,415

Dr.

Lal

PathLabs

,

Ltd.

b

35,122

9,284

Dr.

Reddy's

Laboratories,

Ltd.

ADR

405,525

203

Gillette

India,

Ltd.

17,771

37,140

Granules

India,

Ltd.

75,761

7,840

Greaves

Cotton,

Ltd.

14,931

91,750

HCL

Technologies,

Ltd.

760,560

28,331

Heidelberg

Cement

India,

Ltd.

79,022

2,339

Hero

Motocorp

,

Ltd.

81,701

45,016

Housing

Development

Finance

Corporation

1,521,363

4,175

ICICI

Bank,

Ltd.

ADR

60,871

29,203

Infosys,

Ltd.

ADR

320,065

50,497

Jindal

Saw,

Ltd.

63,474

5,504

Just

Dial,

Ltd.

a

43,183

2,912

Maruti

Suzuki

India,

Ltd.

281,213

5,979

Multi

Commodity

Exchange

of

India,

Ltd.

104,164

933

Nestle

India,

Ltd.

200,553

2,041

NIIT

Technologies,

Ltd.

55,451

184,447

Oil

and

Natural

Gas

Corporation,

Ltd.

280,655

5,288

Persistent

Systems,

Ltd.

51,730

7,708

PVR,

Ltd.

210,666

9,863

Reliance

Industries,

Ltd.

194,542

19,804

Syngene

International,

Ltd.

b

87,159

21,964

Tata

Consultancy

Services,

Ltd.

639,936

38,702

Tata

Elxsi

,

Ltd.

513,789

68,718

Tech

Mahindra,

Ltd.

767,134

123,248

Wipro,

Ltd.

ADR

447,390

Total

8,775,181

Indonesia

(0.1%)

1,306,290

Astra

International

Tbk

PT

603,033

273,500

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

23,889

694,500

Media

Nusantara

Citra

Tbk

PT

80,408

990,600

Mitra

Adiperkasa

Tbk

PT

69,589

11,512

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

317,386

Total

1,094,305

Ireland

(0.1%)

53,913

Glanbia

plc

629,614

Total

629,614

Israel

(1.6%)

12,657

AudioCodes

,

Ltd.

271,366

513,922

Bank

Leumi

Le-Israel

BM

3,695,064

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock

(84.3%)

Value

Israel

(1.6%)

-

continued

58,199

First

International

Bank

of

Israel,

Ltd.

$

1,627,386

1,684,780

Israel

Discount

Bank,

Ltd.

7,641,541

406

Paz

Oil

Company,

Ltd.

49,243

77,324

Plus500,

Ltd.

909,970

Total

14,194,570

Italy

(1.4%)

98,282

A2A

SPA

196,334

1,693

Acea

 SPA

39,524

14,103

Amplifon

SPA

401,013

54,318

Anima

Holding

SPA

b

257,473

22,026

ASTM

SPA

643,434

80,517

Azimut

Holding

SPA

1,975,449

43,398

Banca

Generali

SPA

1,379,534

37,054

Banca

Mediolanum

SPA

334,193

15,821

Banca

Popolare

Di

Sondrio

SCRL

34,073

9,180

Biesse

SPA

161,487

31,028

Buzzi

Unicem

SPA

724,613

9,270

Cerved

Information

Solutions

SPA

90,867

5,586

De'Longhi

SPA

105,258

71,700

Enav

SPA

b

463,199

16,321

Falck

Renewables

SPA

106,187

530

Gamenet

Group

SPA

b

7,641

143,564

Iren

SPA

478,616

6,287

La

Doria

SPA

61,777

459,719

Piaggio

&

C.

SPA

1,257,297

70,397

Recordati

SPA

3,012,344

343

Tinexta

SPA

4,107

51,937

UniCredit

SPA

693,741

69,713

Unipol

Gruppo

SPA

354,953

Total

12,783,114

Japan

(18.5%)

500

Adeka

Corporation

7,226

247

AEON

REIT

Investment

Corporation

336,917

6,000

Aica

Kogyo

Company,

Ltd.

187,297

36,700

Aichi

Corporation

240,240

700

Aida

Engineering,

Ltd.

5,611

20,500

Air

Water,

Inc.

281,570

7,000

Aisan

Industry

Company,

Ltd.

45,112

1,000

Alpen

Company,

Ltd.

14,993

18,500

AOKI

Holdings,

Inc.

180,490

16,000

Aoyama

Trading

Company,

Ltd.

205,116

8,000

Arcland

Sakamoto

Company,

Ltd.

87,965

5,800

Arcs

Company,

Ltd.

102,047

2,600

Argo

Graphics,

Inc.

81,767

3,100

ARUHI

Corporation

50,437

1,400

Asahi

Holdings,

Inc.

35,153

1,600

ASKUL

Corporation

52,255

12,000

Autobacs

Seven

Company,

Ltd.

174,865

7,100

BayCurrent

Consulting,

Inc.

495,733

22,200

Benesse

Holdings,

Inc.

609,831

5,700

BeNEXT

Group,

Inc.

58,309

38,500

Bridgestone

Corporation

1,363,633

7,800

Broadleaf

Company,

Ltd.

43,108

20,000

Bunka

Shutter

Company,

Ltd.

159,878

17,400

Canon

Electronics,

Inc.

330,261

51,311

Canon,

Inc.

1,345,596

8,400

Capcom

Company,

Ltd.

237,672

3,400

Cawachi

,

Ltd.

66,281

9,500

Central

Glass

Company,

Ltd.

206,435

41,800

Chiyoda

Company,

Ltd.

561,690

2,800

Chiyoda

Integre

Company,

Ltd.

52,292

9,300

Chugoku

Marine

Paints,

Ltd.

86,435

125,721

Citizen

Watch

Company,

Ltd.

607,789

3,600

Cocokara

Fine,

Inc.

221,685

Shares

Common

Stock

(84.3%)

Value

Japan

(18.5%)

-

continued

9,700

Computer

Engineering

&

Consulting,

Ltd.

$

181,545

600

CONEXIO

Corporation

8,745

5,800

Cosel

Company,

Ltd.

59,860

400

Cosmo

Energy

Holdings

Company,

Ltd.

7,715

700

Create

SD

Holdings

Company,

Ltd.

17,413

10,758

Daido

Steel

Company,

Ltd.

411,388

1,000

Daiichi

Jitsugyo

Company,

Ltd.

31,805

12,500

Daiichikosho

Company,

Ltd.

607,218

100

Daiken

Corporation

1,709

5,300

Daiseki

Company,

Ltd.

142,333

35,700

Daito

Trust

Construction

Company,

Ltd.

4,205,337

18

Daiwa

Office

Investment

Corporation

144,259

37,400

DCM

Holdings

Company,

Ltd.

357,389

54,000

Dena

Company,

Ltd.

888,080

140,600

Denso

Corporation

5,767,716

13,500

Dexerials

Corporation

114,839

58,418

DTS

Corporation

1,353,899

600

Eagle

Industry

Company,

Ltd.

5,336

29,900

EDION

Corporation

309,103

10,600

EPS

Holdings,

Inc.

126,247

19,500

eREX

Company,

Ltd.

296,000

135,900

Exedy

Corporation

2,812,269

56,400

F@N

Communications,

Inc.

228,783

3,800

Ferrotec

Holdings

Corporation

27,906

14,700

Financial

Products

Group

Company,

Ltd.

137,415

4,800

Foster

Electric

Company,

Ltd.

71,334

64

Frontier

Real

Estate

Investment

Corporation

267,860

2,700

Fuji

Corporation

42,435

17,500

Fuji

Oil

Holdings,

Inc.

453,572

8,900

Fuji

Soft,

Inc.

356,724

1,200

Fujibo

Holdings,

Inc.

39,029

3,200

Fuyo

General

Lease

Company,

Ltd.

199,596

15,900

Geo

Holdings

Corporation

180,718

25,900

Glory,

Ltd.

738,755

10,900

Goldcrest

Company,

Ltd.

187,373

69,200

Gree

,

Inc.

290,543

179,110

GS

Yuasa

Corporation

3,533,935

27,500

Hachijuni

Bank,

Ltd.

105,037

119,500

Hanwa

Company,

Ltd.

2,881,897

5,200

Heiwa

Corporation

107,482

460

Heiwa

Real

Estate

REIT,

Inc.

619,390

161,707

Hino

Motors,

Ltd.

1,514,216

8,000

Hogy

Medical

Company,

Ltd.

274,310

47,700

Hokuetsu

Corporation

219,882

55,900

Honda

Motor

Company,

Ltd.

1,429,665

13,400

Hosiden

Corporation

146,874

49,400

IBIDEN

Company,

Ltd.

1,137,885

386

Ichigo

Real

Estate

Investment

Corporation

417,096

3,100

Ichigo

,

Inc.

11,631

15,800

Iida

Group

Holdings

Company,

Ltd.

266,290

2,200

Inabata

&

Company,

Ltd.

29,446

13,200

INES

Corporation

191,482

232

Invincible

Investment

Corporation

117,202

51,400

Isuzu

Motors,

Ltd.

503,589

4,200

JAC

Recruitment

Company,

Ltd.

64,137

1,400

JAFCO

Company,

Ltd.

58,223

19,000

Japan

Aviation

Electronics

Industry,

Ltd.

336,812

113

Japan

Hotel

REIT

Investment

Corporation

76,234

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Common

Stock

(84.3%)

Value

Japan

(18.5%)

-

continued

16,500

Japan

Lifeline

Company,

Ltd.

$

196,299

95

Japan

Logistics

Fund,

Inc.

257,045

3,100

Japan

Petroleum

Exploration

Company,

Ltd.

76,132

173,600

JVCKENWOOD

Corporation

395,221

997,451

JXTG

Holdings,

Inc.

4,242,339

300

Kaken

Pharmaceutical

Company,

Ltd.

15,820

9,900

Kanamoto

Company,

Ltd.

243,739

275,556

Kandenko

Company,

Ltd.

2,594,910

6,200

Kanematsu

Corporation

79,493

2,700

Kanematsu

Electronics,

Ltd.

87,406

499

Kenedix

Retail

REIT

Corporation

1,236,505

54,300

Kinden

Corporation

925,268

1,000

Kintetsu

World

Express,

Inc.

15,947

20,300

KITZ

Corporation

140,441

12,300

Kohnan

Shoji

Company,

Ltd.

268,204

29,200

Kokuyo

Company,

Ltd.

431,600

15,900

KOMEDA

Holdings

Company,

Ltd.

317,496

8,800

KOMERI

Company,

Ltd.

189,675

30,900

Konoike

Transport

Company,

Ltd.

436,315

89,800

K's

Holdings

Corporation

1,090,421

6,800

Kureha

Corporation

381,422

9,000

Kyokuto

Kaihatsu

Kogyo

Company,

Ltd.

116,305

21,800

KYORIN

Holdings,

Inc.

391,399

2,900

Kyoritsu

Maintenance

Company,

Ltd.

116,049

300

Lasertec

Corporation

14,687

43,000

Lintec

Corporation

929,511

1,400

M&A

Capital

Partners

Corporation,

Ltd.

a

43,614

14,100

Macnica

Fuji

Electronics

Holdings,

Inc.

210,560

6,400

Makino

Milling

Machine

Company,

Ltd.

239,402

17,300

Mandom

Corporation

391,673

571,500

Marubeni

Corporation

4,106,580

18,114

Maruichi

Steel

Tube,

Ltd.

502,613

20,900

Matsumotokiyoshi

Holdings

Company,

Ltd.

835,717

2,100

MCJ

Company,

Ltd.

14,402

570

MCUBS

MidCity

Investment

Corporation

668,986

1,200

MEDIA

DO

HOLDINGS

Company,

Ltd.

34,704

8,600

Meiko

Network

Japan

Company,

Ltd.

75,276

500

Menicon

Company,

Ltd.

22,393

10,100

Ministop

Company,

Ltd.

142,562

12,100

MIRAIT

Holdings

Corporation

180,702

317,300

Mitsubishi

Corporation

8,134,189

64,000

Mitsubishi

Electric

Corporation

887,370

49,400

Mitsubishi

Materials

Corporation

1,242,445

600

Mitsubishi

Pencil

Company,

Ltd.

8,771

2,700

Mitsubishi

Research

Institute,

Inc.

105,954

5,900

Mitsubishi

Shokuhin

Company,

Ltd.

170,388

432,600

Mitsui

&

Company,

Ltd.

7,694,059

24,600

Mitsui

Mining

and

Smelting

Company,

Ltd.

579,668

3,600

Mitsui

Sugar

Company,

Ltd.

70,532

6,900

Nagase

&

Company.,

Ltd.

94,928

26,700

NEC

Networks

&

System

Integration

Corporation

997,949

56,000

NHK

Spring

Company,

Ltd.

450,883

3,500

Nichiha

Corporation

84,126

40,500

Nichi-Iko

Pharmaceutical

Company,

Ltd.

476,058

49,300

Nichirei

Corporation

1,191,795

12,400

Nifco,

Inc.

324,947

Shares

Common

Stock

(84.3%)

Value

Japan

(18.5%)

-

continued

4,700

Nihon

Chouzai

Company,

Ltd.

$

165,315

13,900

Nihon

Unisys,

Ltd.

423,877

14,100

Nikkiso

Company,

Ltd.

175,263

12,600

Nikkon

Holdings

Company,

Ltd.

290,714

11,200

Nippon

Flour

Mills

Company,

Ltd.

168,945

1,312,000

Nippon

Light

Metal

Holdings

Company,

Ltd.

2,503,357

17,600

Nippon

Paper

Industries

Company,

Ltd.

286,421

415,196

Nippon

Steel

Corporation

5,761,045

29,300

Nippon

Steel

Trading

Corporation

1,326,023

38,779

Nishimatsu

Construction

Company,

Ltd.

860,116

6,000

Nishio

Rent

All

Company,

Ltd.

161,208

1,362,778

Nissan

Motor

Company,

Ltd.

7,394,839

14,900

Nisshin

Oillio

Group,

Ltd.

498,566

900

Nitto

Kogyo

Corporation

18,631

7,100

Nojima

Corporation

140,052

12,100

Nomura

Company,

Ltd.

137,418

2,200

Noritake

Company,

Ltd.

87,455

5,700

NS

Solutions

Corporation

167,424

20,800

NSD

Company,

Ltd.

335,138

10,100

NSK,

Ltd.

84,246

3,900

OBIC

Business

Consultants

Company,

Ltd.

149,347

11,175

Okinawa

Electric

Power

Company,

Inc.

205,847

227,200

Onward

Holdings

Company,

Ltd.

1,305,103

10,300

Open

House

Company,

Ltd.

273,809

7,300

Oracle

Corporation

Japan

631,870

27,000

Otsuka

Corporation

1,052,861

5,900

Paramount

Bed

Holdings

Company,

Ltd.

244,238

75,498

Park24

Company,

Ltd.

1,895,959

563

Premier

Investment

Corporation

832,277

6,500

Prima

Meat

Packers,

Ltd.

143,675

54,504

Relia

,

Inc.

727,214

400

Relo

Group,

Inc.

10,681

27,300

Rengo

Company,

Ltd.

191,292

1,200

Restar

Holdings

Corporation

20,282

50,800

Rinnai

Corporation

3,621,124

62,700

Riso

Kyoiku

Corporation,

Ltd.

207,231

5,100

Round

One

Corporation

47,510

17,100

Ryoyo

Electro

Corporation

289,556

5,700

Saint

Marc

Holdings

Company,

Ltd.

119,263

33,500

Samty

Corporation,

Ltd.

567,950

200

Sangetsu

Company,

Ltd.

3,530

2,100

Sanken

Electric

Company,

Ltd.

52,960

3,700

Sanki

Engineering

Company,

Ltd.

50,289

9,400

Sanwa

Holdings

Corporation

98,879

44,000

Sanyo

Special

Steel

Company,

Ltd.

596,388

16,000

Sato

Holdings

Corporation

454,592

13,100

Sawai

Pharmaceutical

Company,

Ltd.

851,311

2,700

SB

Technology

Corporation

59,099

2,900

SCREEN

Holdings

Company,

Ltd.

150,622

19,600

SCSK

Corporation

1,050,491

28,100

Seiko

Holdings

Corporation

684,978

19,900

Seino

Holdings

Company,

Ltd.

254,365

782

Sekisui

House

REIT,

Inc.

671,183

1,000

Senko

Group

Holdings

Company,

Ltd.

7,995

12,600

Shikoku

Electric

Power

Company

106,855

6,100

Shimachu

Company,

Ltd.

174,121

8,500

SHIMAMURA

Company,

Ltd.

638,633

43,100

Shinko

Electric

Industries

Company,

Ltd.

505,915

9,600

ShinMaywa

Industries,

Ltd.

124,750

41,000

SKY

Perfect

JSAT

Holdings,

Inc.

176,366

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Shares

Common

Stock

(84.3%)

Value

Japan

(18.5%)

-

continued

1,101,200

Sojitz

Corporation

$

3,466,129

11,700

Start

Today

Company,

Ltd.

194,872

3,700

Starts

Corporation,

Inc.

89,343

1,400

Strike

Company,

Ltd.

59,694

25,900

Sugi

Holdings

Company,

Ltd.

1,297,644

82,300

Sumitomo

Corporation

1,224,186

442,600

Sumitomo

Electric

Industries,

Ltd.

5,900,582

7,600

Sumitomo

Forestry

Company,

Ltd.

105,534

10,100

Sumitomo

Osaka

Cement

Company,

Ltd.

410,629

216,200

Sumitomo

Rubber

Industries,

Ltd.

2,375,455

19,400

Sumitomo

Warehouse

Company,

Ltd.

251,346

202,876

Sundrug

Company,

Ltd.

6,875,084

11,300

Taiho

Kogyo

Company,

Ltd.

74,607

2,200

Taikisha,

Ltd.

75,228

500

Taiyo

Yuden

Company,

Ltd.

14,417

81,500

Takara

Leben

Company,

Ltd.

363,113

36,700

Takeda

Pharmaceutical

Company,

Ltd.

1,409,405

25,900

Takuma

Company,

Ltd.

282,371

11,600

Tama

Home

Company,

Ltd.

136,462

2,000

Tamron

Company,

Ltd.

42,478

18,000

TANSEISHA

Company,

Ltd.

202,330

600

Tatsuta

Electric

Wire

&

Cable

Company,

Ltd.

3,160

2,100

T-GAIA

Corporation

51,643

27,900

TIS,

Inc.

1,676,131

1,900

TKC

Corporation

94,072

8,200

Toa

Corporation

116,721

21,500

Toho

Holdings

Company,

Ltd.

441,538

5,300

Tokyo

Dome

Corporation

49,729

4,300

Tokyo

Seimitsu

Company,

Ltd.

149,614

4,000

Tokyo

Tatemono

Company,

Ltd.

64,630

3,300

Tokyotokeiba

Company,

Ltd.

97,001

471,200

Toray

Industries,

Inc.

3,083,210

39,300

Tosei

Corporation

507,223

17,000

Towa

Pharmaceutical

Company,

Ltd.

388,184

11,300

Toyo

Tanso

Company,

Ltd.

210,147

7,300

Transcosmos

,

Inc.

188,534

43,500

Tsubakimoto

Chain

Company

1,338,618

171,300

TV

Asahi

Holdings

Corporation

3,267,461

6,700

United

Arrows,

Ltd.

178,167

8,300

Universal

Entertainment

Corporation

243,382

40,500

Ushio,

Inc.

592,597

100

ValueCommerce

Company,

Ltd.

2,327

21,700

Vision,

Inc.

a

283,452

23,800

Wakita

&

Company,

Ltd.

220,155

16,900

Yellow

Hat,

Ltd.

269,030

11,700

Zenrin

Company,

Ltd.

157,641

Total

167,585,287

Jersey

(0.2%)

280,916

boohoo

group

plc

a

1,121,379

534,729

Man

Group

plc

1,083,761

5,732

Sanne

Group

PLC

45,490

Total

2,250,630

Malaysia

(0.1%)

5,700

AEON

Credit

Service

(M)

Berhad

18,054

73,600

Berjaya

Sports

Toto

Berhad

45,297

219,400

DiGi.Com

Berhad

225,247

22,200

Kuala

Lumpur

Kepong

Berhad

123,099

109,112

Public

Bank

Berhad

493,420

183,200

Serba

Dinamik

Holdings

Berhad

100,137

Shares

Common

Stock

(84.3%)

Value

Malaysia

(0.1%)

-

continued

158,400

Sunway

Berhad

$

69,339

Total

1,074,593

Mauritius

(<0.1%)

189,200

Golden

Agri-Resources,

Ltd.

28,932

Total

28,932

Mexico

(0.2%)

380,200

Corporacion

Inmobiliaria

Vesta,

SAB

de

CV

694,181

3,210

Fomento

Economico

Mexicano

SAB

de

CV

ADR

289,446

46,330

Grupo

Financiero

Banorte

SAB

de

CV

ADR

285,525

169,800

Wal-Mart

de

Mexico,

SAB

de

CV

496,850

Total

1,766,002

Netherlands

(4.1%)

102,692

Aalberts

NV

4,483,605

1,660

Arcadis

NV

37,707

27,965

ASM

International

NV

3,398,499

8,372

ASML

Holding

NV

2,349,503

8,296

ASR

Nederland

NV

308,688

73,285

BE

Semiconductor

Industries

NV

3,102,640

39,511

Euronext

NV

b

3,424,941

3,320

Ferrari

NV

560,258

11,050

Flow

Traders

b

257,846

8,135

Koninklijke

DSM

NV

990,078

118,357

Koninklijke

Philips

NV

5,420,466

1,779

NSI

NV

97,072

898,850

Pharming

Group

NV

a

1,315,931

183,678

Signify

NV

b

6,121,424

54,471

STMicroelectronics

NV

1,516,590

5,098

TKH

Group

NV

269,508

2,464

TomTom

NV

26,744

55,749

Unilever

NV

3,253,087

2,336

Vastned

Retail

NV

62,955

Total

36,997,542

New

Zealand

(0.1%)

65,568

Air

New

Zealand,

Ltd.

119,092

50,927

Contact

Energy,

Ltd.

243,764

174,219

Z

Energy,

Ltd.

498,925

Total

861,781

Norway

(1.3%)

33,437

Austevoll

Seafood

ASA

326,002

285,186

DnB

ASA

4,985,784

185,577

Elkem

ASA

b

464,499

219,332

Entra

ASA

b

3,743,111

112,279

Europris

ASA

408,275

11,466

Grieg

Seafood

ASA

175,698

21,240

Leroy

Seafood

Group

ASA

137,810

59,643

Nordic

Semiconductor

ASA

a

380,028

11,612

SalMar

ASA

567,957

1,954

Scatec

Solar

ASA

b

33,293

4,258

SpareBank

1

Nord-Norge

35,738

15,570

SpareBank

1

SMN

171,985

8,324

SpareBank

1

SR

Bank

ASA

88,689

16,898

Storebrand

ASA

129,823

4,920

TGS

Nopec

Geophysical

Company

ASA

125,056

6,219

Veidekke

ASA

78,431

Total

11,852,179

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Shares

Common

Stock

(84.3%)

Value

Panama

(<0.1%)

17,880

Avianca

Holdings

SA

ADR

$

84,930

Total

84,930

Philippines

(<0.1%)

57,696

Bank

of

the

Philippine

Islands

93,644

15,310

Manila

Electric

Company

77,107

Total

170,751

Poland

(0.1%)

20,996

Asseco

Poland

SA

345,770

42,629

Enea

SA

a

78,887

7,218

Polski

Koncern

Naftowy

Orlen

SA

140,827

Total

565,484

Portugal

(<0.1%)

29,413

Altri

SGPS

SA

181,543

4,590

NOS

SGPS

SA

23,824

Total

205,367

Russian

Federation

(0.6%)

28,298

Gazprom

OAO

ADR

197,803

12,637

Lukoil

ADR

1,285,744

50,880

M.Video

PJSC

413,645

528,650

Moscow

Exchange

MICEX-RTS

PJSC

909,009

264

PAO

Transneft

681,084

28,523

Rosneft

Oil

Company

PJSC

GDR

214,442

107,375

Surgutneftegas

ADR

760,215

1,223,600

Surgutneftegas

PJSC

690,957

Total

5,152,899

Singapore

(0.6%)

458,600

AEM

Holdings,

Ltd.

623,939

112,500

Ascendas

REIT

259,035

71,100

China

Aviation

Oil

(Singapore)

Corporation,

Ltd.

59,509

2,061

China

Yuchai

International,

Ltd.

26,628

206,800

DBS

Group

Holdings,

Ltd.

3,809,475

73,200

Singapore

Exchange,

Ltd.

464,408

151,100

Yanlord

Land

Group,

Ltd.

126,369

Total

5,369,363

South

Africa

(0.4%)

49,612

AECI,

Ltd.

343,121

99,145

Barloworld,

Ltd.

612,668

85,301

DataTec

,

Ltd.

189,389

23,519

Emira

Property

Fund,

Ltd.

20,074

86,199

FirstRand,

Ltd.

330,353

31,470

Impala

Platinum

Holdings,

Ltd.

a

295,711

127,696

Investec,

Ltd.

707,755

246,879

Momentum

Metropolitan

Holdings

328,821

28,038

Motus

Holdings,

Ltd.

150,107

4,162

Naspers,

Ltd.

675,062

65,044

RMB

Holdings,

Ltd.

318,424

Total

3,971,485

South

Korea

(1.1%)

1,274

AK

Holdings,

Inc.

a

32,146

1,467

Binggrae

Company,

Ltd.

a

65,113

13,968

Cheil

Worldwide,

Inc.

247,869

4,172

DB

HiTek

Company,

Ltd.

93,413

16,078

Dongkuk

Steel

Mill

Corporation

,

Ltd.

a

65,631

16,479

Doosan

Heavy

Construction

Corporation,

Ltd.

a

74,602

788

Green

Cross

Corporation

a

80,817

6,925

GS

Holdings

Corporation

263,956

2,334

Handsome

Corporation

53,291

Shares

Common

Stock

(84.3%)

Value

South

Korea

(1.1%)

-

continued

9,603

Hanwha

Corporation

a

$

172,542

11,674

Hanwha

Investment

&

Securities

Corporation,

Ltd.

a

18,722

255

Hugel

,

Inc.

a

92,917

2,911

Hyundai

Department

Store

Company,

Ltd.

188,951

4,035

Hyundai

Steel

Company

94,647

4,394

Hyundai

Wia

Corporation

a

155,921

31,433

JB

Financial

Group

Corporation,

Ltd.

a

134,046

2,318

Kakao

Corporation

305,558

6,297

Kangwon

Land,

Inc.

a

144,959

1,802

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

a

56,457

2,495

Korea

Aerospace

Industries,

Ltd.

a

62,383

2,524

Korea

Zinc

Company,

Ltd.

a

800,697

100

LG

Household

&

Health

Care,

Ltd.

104,592

12,723

LG

International

Corporation

128,199

1,358

LS

Corporation

44,815

1,948

LS

Industrial

Systems

Company,

Ltd.

85,139

1,413

NAVER

Corporation

210,719

10,524

NH

Investment

&

Securities

Company,

Ltd.

a

95,869

1,545

POSCO

279,905

10,610

Samsung

Card

Corporation,

Ltd.

337,836

80,409

Samsung

Electronics

Company,

Ltd.

3,725,592

12,911

Samsung

Securities

Corporation,

Ltd.

377,182

2,169

SeAH

Besteel

Corporation

a

23,283

9,051

Seegene

,

Inc.

a

225,844

7,326

Shinhan

Financial

Group

Company,

Ltd.

239,072

5,737

SK

Hynix,

Inc.

436,508

603

Soulbrain

Company,

Ltd.

49,002

207

Taekwang

Industrial

Corporation,

Ltd.

a

161,177

42

YoungPoong

Corporation

a

22,060

Total

9,751,432

Spain

(1.9%)

13,765

Acerinox

SA

134,012

10,846

Almirall

SA

160,412

72,018

Amadeus

IT

Holding

SA

5,646,669

20,298

Applus

Services

SA

235,530

271,344

Banco

Bilbao

Vizcaya

Argentaria

SA

1,404,643

79,392

CIA

De

Distribucion

Integral

1,781,488

3,045

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

135,252

94,059

Enagas

SA

2,534,318

2,384

Faes

Farma

SA

12,992

13,127

Global

Dominion

Access

SA

a,b

48,116

60,893

Grifols

SA

2,045,113

23,455

Industria

de

Diseno

Textil

SA

788,726

11,617

Inmobiliaria

Colonial

Socimi

SA

155,664

10,668

Lar

Espana

Real

Estate

SOCIMI

SA

79,033

4,443

Let's

GOWEX

SA

a,c,d

0

129,555

Merlin

Properties

Socimi

SA

1,837,540

13,679

Neinor

Homes

SA

a,b

149,222

5,749

Pharma

Mar

SA

a

26,384

3,110

Talgo

SA

a,b

20,561

Total

17,195,675

Sweden

(3.2%)

169,087

AB

Industrivarden

3,985,651

46,494

Arjo

AB

222,717

16,144

Assa

Abloy

AB

383,199

65,404

Betsson

AB

280,473

29,817

Bilia

AB

328,000

1,581

BillerudKorsnas

AB

20,316

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

(84.3%)

Value

Sweden

(3.2%)

-

continued

766

BioArctic

AB

b

$

7,193

662

BioGaia

AB

28,655

19,522

Biotage

AB

243,933

12,879

Bure

Equity

AB

286,769

179,455

Castellum

AB

4,410,460

283,772

Cloetta

AB

1,000,234

32,859

Dios

Fastigheter

AB

303,013

21,026

Dometic

Group

AB

b

191,220

5,536

Dustin

Group

AB

b

42,842

15,238

Evolution

Gaming

Group

AB

b

470,580

46,647

Fabege

AB

799,606

10,681

Fastighets

AB

Balder

a

506,715

6,224

Fortnox

AB

109,262

39,772

Getinge

AB

677,327

40,754

Granges

AB

376,478

158,041

Hexpol

AB

1,424,729

11,410

Inwido

AB

85,879

352,020

Kungsleden

AB

3,751,701

5,100

L

E

Lundbergforetagen

AB

221,401

14,804

LeoVegas

AB

b

45,518

4,563

Lifco

AB

269,104

24,107

Lindab

International

AB

272,798

13,422

Lundin

Petroleum

AB

408,226

31,631

Micronic

Mydata

AB

615,644

167,268

NetEnt

AB

429,164

44,500

Nobia

AB

328,108

169,700

Nobina

AB

b

1,288,584

13,715

Nolato

AB

794,601

53,542

Skandinaviska

Enskilda

Banken

AB

529,098

108,682

SKF

AB

1,989,384

3,867

SkiStar

AB

42,579

7,337

Vitrolife

AB

153,819

64,133

Volvo

AB

1,096,272

35,629

Wihlborgs

Fastigheter

AB

682,438

Total

29,103,690

Switzerland

(9.2%)

491

Allreal

Holding

AG

101,952

46,091

Baloise

Holding

AG

8,327,661

4,253

Bucher

Industries

AG

1,422,299

94

Conzzeta

AG

106,750

8,339

Flughafen

Zuerich

AG

1,448,759

41

Forbo

Holding

AG

70,367

16,460

Galenica

AG

b

1,121,051

146

Georg

Fischer

AG

143,179

7,720

Helvetia

Holding

AG

1,109,797

7,847

Huber

&

Suhner

AG

584,659

59

Inficon

Holding

AG

45,512

42

Interroll

Holding

AG

82,092

1,651

Kardex

AG

281,473

20,370

Landis+Gyr

Group

AG

1,866,797

53

Lindt

&

Spruengli

AG

444,876

37,699

Logitech

International

SA

1,688,817

91,960

Nestle

SA

10,142,517

114,142

Novartis

AG

10,782,785

72,791

OC

Oerlikon

Corporation

AG

775,269

58,734

PSP

Swiss

Property

AG

8,880,994

55,468

Roche

Holding

AG

18,607,774

5,839

Roche

Holding

AG-BR

1,935,589

443

Siegfried

Holding

AG

204,885

18,058

Sonova

Holding

AG

4,528,430

757

Straumann

Holding

AG

721,521

11,522

Swiss

Life

Holding

AG

5,791,817

7,116

Swiss

Prime

Site

AG

868,758

3,367

Tecan

Group

AG

951,841

Shares

Common

Stock

(84.3%)

Value

Switzerland

(9.2%)

-

continued

1,333

VAT

Group

AG

b

$

201,212

Total

83,239,433

Taiwan

(1.8%)

77,000

Capital

Securities

Corporation

25,894

2,028,000

China

Development

Financial

Holding

Corporation

620,441

209,805

China

Man-Made

Fiber

Corporation

51,906

607,000

CTBC

Financial

Holding

Company,

Ltd.

440,250

11,000

Delta

Electronics,

Inc.

51,395

80,000

Far

Eastern

Department

Stores,

Ltd.

64,852

20,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

35,089

908,000

Fubon

Financial

Holding

Company,

Ltd.

1,346,536

539,000

Hon

Hai

Precision

Industry

Company,

Ltd.

1,465,544

266,980

IBF

Financial

Holdings

Company,

Ltd.

103,579

27,000

MediaTek

,

Inc.

341,614

28,000

Namchow

Holdings

Company,

Ltd.

45,783

423,000

Pou

Chen

Corporation

488,564

321,000

Powertech

Technology,

Inc.

1,137,301

39,000

President

Chain

Store

Corporation

383,690

122,000

SerComm

Corporation

296,194

463,000

Shinkong

Synthetic

Fibers

Corporation

176,683

56,758

Sigurd

Microelectronics

Corporation

63,960

53,000

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

76,421

48,000

Supreme

Electronics

Company,

Ltd.

51,568

41,000

Syncmold

Enterprise

Corporation

119,691

131,000

Synnex

Technology

International

Corporation

161,664

72,000

Systex

Corporation

192,445

39,000

Taiwan

Hon

Chuan

Enterprise

Company,

Ltd.

77,507

523,620

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

5,400,728

116,000

TECO

Electric

&

Machinery

Company,

Ltd.

103,100

19,000

Topco

Scientific

Company,

Ltd.

67,353

105,000

Transcend

Information,

Inc.

280,157

72,000

TXC

Corporation

103,055

493,000

Uni

-President

Enterprises

Corporation

1,174,557

41,000

Unitech

Printed

Circuit

Board

Corporation

39,667

15,000

United

Integrated

Services

Company,

Ltd.

92,349

52,000

United

Microelectronics

Corporation

25,384

92,000

Wistron

Corporation

81,991

2,291,000

Yuanta

Financial

Holding

Company,

Ltd.

1,483,605

Total

16,670,517

Thailand

(0.2%)

48,200

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

313,366

313,200

Bangkok

Dusit

Medical

Services

Public

Company,

Ltd.

NVDR

249,055

328,700

Charoen

Pokphand

Foods

Public

Company,

Ltd.

NVDR

314,459

229,600

CP

ALL

Public

Company,

Ltd.

NVDR

519,087

179,900

GFPT

Public

Company,

Ltd.

NVDR

71,342

39,600

Intouch

Holdings

Public

Company,

Ltd.

NVDR

70,381

403,500

Major

Cineplex

Group

Public

Company,

Ltd.

NVDR

273,118

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

(84.3%)

Value

Thailand

(0.2%)

-

continued

10,000

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

$

39,574

610,800

Thai

Union

Group

Public

Company,

Ltd.

NVDR

298,834

123,900

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

116,268

Total

2,265,484

Turkey

(0.1%)

300,695

Haci

Omer

Sabanci

Holding

AS

488,872

49,321

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

a

87,204

Total

576,076

United

Kingdom

(9.8%)

29,324

Abcam

plc

539,789

23,972

Ascential

plc

b

115,235

121,633

Auto

Trader

Group

plc

b

897,503

81,726

Aviva

plc

428,284

51,327

Barratt

Developments

plc

543,426

31,480

Bellway

plc

1,656,536

27,549

BHP

Group

plc

599,647

53,274

Bodycote

plc

602,532

30,103

Brewin

Dolphin

Holdings

plc

143,104

61,271

Card

Factory

plc

71,685

14,323

Computacenter

plc

339,308

7,441

ConvaTec

Group

plc

b

20,385

17,161

Countryside

Properties

plc

b

110,586

13,734

Crest

Nicholson

Holdings

plc

90,529

7,129

Dart

Group

plc

160,035

9,238

Diploma

plc

237,632

541,428

Direct

Line

Insurance

Group

plc

2,411,441

64,901

Drax

Group

plc

233,109

17,887

Dunelm

Group

plc

274,063

7,356

Euromoney

Institutional

Investor

plc

118,894

11,769

Forterra

plc

b

51,130

12,907

Frasers

Group

plc

a

80,344

3,219

Games

Workshop

Group

plc

281,329

565,167

GlaxoSmithKline

plc

13,269,778

2,573

Go-Ahead

Group

plc

69,584

20,422

Grainger

plc

79,737

130,027

Great

Portland

Estates

plc

1,598,874

32,181

Greggs

plc

957,836

1,676

Halfords

Group

plc

3,623

127,363

Halma

plc

3,535,142

44,179

Hays

plc

90,348

60,936

HomeServe

plc

1,031,573

2,983

Howden

Joinery

Group

plc

27,061

1,649,934

HSBC

Holdings

plc

11,995,305

100,249

Ibstock

plc

b

384,622

169,569

IG

Group

Holdings

plc

1,486,351

5,907

IMI

plc

85,863

39,298

Inchcape

plc

340,936

7,327

Intermediate

Capital

Group

plc

168,040

116,717

Jupiter

Fund

Management

plc

592,179

1,833,333

Lloyds

TSB

Group

plc

1,368,646

36,483

Marshalls

plc

380,347

860,443

Moneysupermarket.com

Group

plc

3,693,490

3,682

Morgan

Advanced

Materials

plc

15,170

525

Morgan

Sindall

Group

plc

12,701

553,562

National

Express

Group

plc

3,267,470

2,697

OneSavings

Bank

plc

15,193

34,341

PageGroup

plc

207,055

128,152

Paragon

Banking

Group

plc

859,660

10,094

Phoenix

Group

Holdings

plc

100,764

82,642

Playtech

plc

376,603

Shares

Common

Stock

(84.3%)

Value

United

Kingdom

(9.8%)

-

continued

474

Rathbone

Brothers

plc

$

12,294

186,703

Redrow

plc

1,960,001

88,635

RELX

plc

2,351,646

29,979

Rio

Tinto

plc

1,603,103

122,127

Rotork

plc

489,351

202,840

Royal

Dutch

Shell

plc,

Class

A

5,326,648

230,318

Royal

Dutch

Shell

plc,

Class

B

6,051,971

24,385

RWS

Holdings

plc

184,830

36,313

Safestore

Holdings

plc

386,007

350,670

Sage

Group

plc

3,413,990

40,644

Smith

&

Nephew

plc

977,930

35,865

Spirent

Communications

plc

104,902

10,374

SSP

Group

plc

88,046

16,947

Stagecoach

Group

plc

30,547

415,120

Taylor

Wimpey

plc

1,179,103

14,632

Tritax

Big

Box

REIT

plc

26,965

114,854

Unilever

plc

6,851,190

2,094

UNITE

Group

plc

35,160

8,199

Vesuvius

plc

47,096

70,606

Vistry

Group

plc

1,286,644

2,229

Watkin

Jones

plc

7,269

820

Workspace

Group

plc

13,167

Total

88,448,337

United

States

(0.1%)

12,402

Yum

China

Holding,

Inc.

534,154

Total

534,154

Total

Common

Stock

(cost

$705,063,397)

763,620,890

Shares

Preferred

Stock

(

<0.1%

)

Germany

(<0.1%)

116

Draegerwerk

AG

&

Company

KGaA

6,767

Total

6,767

South

Korea

(0.1%)

28,942

Samsung

Electronics

Company,

Ltd.

1,131,365

Total

1,131,365

Total

Preferred

Stock

(cost

$301,660)

1,138,132

Principal

Amount

Long-Term

Fixed

Income

(

<0.1%

)

Venezuela

(0.1%)

Petroleos

de

Venezuela

SA

$

5,360,000

6.000%, 

10/28/2022

e

321,600

3,250,000

6.000%, 

5/16/2024

e

260,000

637,000

6.000%, 

11/15/2026

e

50,960

680,000

5.375%, 

4/12/2027

e

54,400

70,000

5.500%, 

4/12/2037

e

5,600

Total

692,560

Total

Long-Term

Fixed

Income

(cost

$3,822,422)

692,560

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

or

Principal

Amount

Short-Term

Investments

(

15.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.565%,

 2/11/2020

f,g

$

199,931

4,400,000

1.555%,

 2/12/2020

f,g

4,398,295

200,000

1.570%,

 2/19/2020

f,g

199,862

200,000

1.580%,

 2/28/2020

f,g

199,785

400,000

1.570%,

 3/4/2020

f,g

399,480

5,600,000

1.535%,

 3/25/2020

f,g

5,587,624

1,500,000

1.539%,

 4/8/2020

f,g

1,495,748

1,000,000

1.560%,

 4/9/2020

f,g

997,122

Thrivent

Core

Short-Term

Reserve

Fund

12,558,539

1.900%

125,585,387

Total

Short-Term

Investments

(cost

$139,062,358)

139,063,234

Total

Investments

(cost

$848,249,837)

99.9%

$904,514,816

Other

Assets

and

Liabilities,

Net

0.1%

1,353,964

Total

Net

Assets

100.0%

$905,868,780

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

January

31,

2020,

the

value

of

these

investments

was

$25,766,279

or

2.8%

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

e

Defaulted

security.  Interest

is

not

being

accrued.

f

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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.

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

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

International

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services^

18,893,544

1,217,070

17,676,474

0

Consumer

Discretionary

96,975,867

7,588,790

89,387,077

–

Consumer

Staples

43,218,968

289,446

42,929,522

–

Energy

30,086,017

1,824,786

28,261,231

–

Financials

161,761,338

988,280

160,773,058

–

Health

Care

96,818,627

405,525

96,413,102

–

Industrials

121,806,967

164,048

121,642,919

–

Information

Technology

77,776,382

1,835,909

75,940,473

–

Materials

43,814,218

456,005

43,358,213

–

Real

Estate

65,484,773

–

65,484,773

–

Utilities

6,984,189

31,120

6,953,069

–

Preferred

Stock

Health

Care

6,767

–

6,767

–

Information

Technology

1,131,365

–

1,131,365

–

Long-Term

Fixed

Income

Energy

692,560

–

692,560

–

Short-Term

Investments

13,477,847

–

13,477,847

–

Subtotal

Investments

in

Securities

$778,929,429

$14,800,979

$764,128,450

$0

Other

Investments  *

Total

Affiliated

Short-Term

Investments

125,585,387

Subtotal

Other

Investments

$125,585,387

Total

Investments

at

Value

$904,514,816

*

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

this

table

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.

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

FTSE

-

Financial

Times

Stock

Exchange

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

TSE

-

Tokyo

Stock

Exchange

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,091,838

1,091,838

–

–

Total

Asset

Derivatives

$1,091,838

$1,091,838

$–

$–

Liability

Derivatives

Futures

Contracts

4,541,634

4,541,634

–

–

Total

Liability

Derivatives

$4,541,634

$4,541,634

$–

$–

The

following

table

presents

International

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$13,495,173

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

Euro

Foreign

Exchange

Currency

455

March

2020

$

63,605,435

(

$

368,967)

Eurex

Euro

STOXX

50

Index

1,533

March

2020

63,587,353

(

2,091,894)

FTSE

100

Index

1

March

2020

98,892

(

3,896)

ICE

mini

MSCI

EAFE

Index

1,215

March

2020

122,145,720

(

2,073,345)

TSE

Tokyo

Price

Index

1

March

2020

158,486

(

3,532)

Total

Futures

Long

Contracts

$

249,595,886

(

$

4,541,634)

ICE

US

mini

MSCI

Emerging

Markets

Index

(580)

March

2020

(

$

31,544,738)

$

1,091,838

Total

Futures

Short

Contracts

(

$

31,544,738)

$1,091,838

Total

Futures

Contracts

$

218,051,148

($3,449,796)

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

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$125,089

$48,279

$47,783

$125,585

12,559

13.9%

Total

Affiliated

Short-Term

Investments

125,089

125,585

13.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

257

257

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$125,089

$125,585

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$1

$636

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$636

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$1

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

(

98.2%

)

Value

Communications

Services

(12.8%)

304,890

Activision

Blizzard,

Inc.

$

17,829,967

59,606

Alphabet,

Inc.,

Class

A

a

85,402,285

252,067

Facebook,

Inc.

a

50,894,848

Total

154,127,100

Consumer

Discretionary

(18.1%)

113,753

Alibaba

Group

Holding,

Ltd.

ADR

a

23,500,232

64,999

Amazon.com,

Inc.

a

130,564,791

119,056

Home

Depot,

Inc.

27,156,674

229,289

NIKE,

Inc.

22,080,531

167,338

Starbucks

Corporation

14,195,282

Total

217,497,510

Consumer

Staples

(1.4%)

196,814

Philip

Morris

International,

Inc.

16,276,518

Total

16,276,518

Financials

(5.7%)

342,561

Bank

of

America

Corporation

11,246,278

392,248

Charles

Schwab

Corporation

17,866,896

181,042

Intercontinental

Exchange,

Inc.

18,057,129

72,245

S&P

Global,

Inc.

21,220,524

Total

68,390,827

Health

Care

(12.0%)

77,065

Edwards

Lifesciences

Corporation

a

16,943,511

44,958

Intuitive

Surgical,

Inc.

a

25,166,589

57,148

Thermo

Fisher

Scientific,

Inc.

17,898,182

105,312

UnitedHealth

Group,

Inc.

28,692,254

61,607

Veeva

Systems,

Inc.

a

9,032,202

97,952

Vertex

Pharmaceuticals,

Inc.

a

22,240,002

180,603

Zoetis,

Inc.

24,238,729

Total

144,211,469

Industrials

(5.9%)

36,709

Boeing

Company

11,683,374

128,814

Honeywell

International,

Inc.

22,313,161

50,653

Lockheed

Martin

Corporation

21,685,562

72,786

Norfolk

Southern

Corporation

15,154,773

Total

70,836,870

Information

Technology

(39.7%)

38,428

Adobe,

Inc.

a

13,493,608

265,697

Apple,

Inc.

82,235,878

97,761

Fiserv,

Inc.

a

11,595,432

62,276

Intuit,

Inc.

17,460,945

159,459

MasterCard,

Inc.

50,379,476

599,033

Microsoft

Corporation

101,973,387

83,490

NVIDIA

Corporation

19,739,541

232,884

PayPal

Holdings,

Inc.

a

26,523,159

177,083

Salesforce.com,

Inc.

a

32,284,002

79,917

ServiceNow

,

Inc.

a

27,030,327

161,627

Square,

Inc.

a

12,071,921

135,491

Texas

Instruments,

Inc.

16,346,989

325,640

Visa,

Inc.

64,792,591

Total

475,927,256

Materials

(1.2%)

73,484

Ecolab,

Inc.

14,410,947

Total

14,410,947

Shares

Common

Stock

(98.2%)

Value

Real

Estate

(1.4%)

74,325

American

Tower

Corporation

$

17,224,076

Total

17,224,076

Total

Common

Stock

(cost

$713,505,655)

1,178,902,573

Total

Investments

(cost

$713,505,655)

98.2%

$1,178,902,573

Other

Assets

and

Liabilities,

Net

1.8%

21,017,262

Total

Net

Assets

100.0%

$1,199,919,835

a

Non-income

producing

security.

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

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

154,127,100

154,127,100

–

–

Consumer

Discretionary

217,497,510

217,497,510

–

–

Consumer

Staples

16,276,518

16,276,518

–

–

Financials

68,390,827

68,390,827

–

–

Health

Care

144,211,469

144,211,469

–

–

Industrials

70,836,870

70,836,870

–

–

Information

Technology

475,927,256

475,927,256

–

–

Materials

14,410,947

14,410,947

–

–

Real

Estate

17,224,076

17,224,076

–

–

Subtotal

Investments

in

Securities

$1,178,902,573

$1,178,902,573

$–

$–

Total

Investments

at

Value

$1,178,902,573

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$20,205

$40,034

$60,239

$–

–

–%

Total

Affiliated

Short-Term

Investments

20,205

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,432

507

2,939

–

–

–

Total

Collateral

Held

for

Securities

Loaned

2,432

–

–

Total

Value

$22,637

$–

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$102

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$102

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

$–

$–

$0

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

(

97.6%

)

Value

Communications

Services

(8.3%)

12,280

Alphabet,

Inc.

a

$

17,612,345

681,860

Comcast

Corporation

29,449,533

741,889

Verizon

Communications,

Inc.

44,097,882

135,839

ViacomCBS

,

Inc.

4,636,185

Total

95,795,945

Consumer

Discretionary

(6.5%)

112,879

Aptiv

plc

9,571,010

5,380

AutoZone,

Inc.

a

5,691,825

143,810

D.R.

Horton,

Inc.

8,513,552

159,863

Harley-Davidson,

Inc.

5,339,424

270,151

Lowe's

Companies,

Inc.

31,402,352

37,860

Mohawk

Industries,

Inc.

a

4,985,405

134,320

Sony

Corporation

ADR

9,426,578

Total

74,930,146

Consumer

Staples

(3.2%)

56,540

Kimberly-Clark

Corporation

8,098,790

247,403

Wal-Mart

Stores,

Inc.

28,325,169

Total

36,423,959

Energy

(8.2%)

447,722

BP

plc

ADR

16,176,196

140,537

Chevron

Corporation

15,057,134

121,420

ConocoPhillips

7,215,991

266,760

Enterprise

Products

Partners,

LP

6,874,405

99,820

Exxon

Mobil

Corporation

6,200,818

304,380

Halliburton

Company

6,638,528

937,701

Marathon

Oil

Corporation

10,661,660

270,900

Marathon

Petroleum

Corporation

14,764,050

85,140

Pioneer

Natural

Resources

Company

11,493,900

Total

95,082,682

Financials

(23.5%)

247,170

Aflac,

Inc.

12,746,557

152,100

American

International

Group,

Inc.

7,644,546

1,444,636

Bank

of

America

Corporation

47,427,400

206,172

Capital

One

Financial

Corporation

20,575,966

73,697

Chubb,

Ltd.

11,201,207

520,650

Citigroup,

Inc.

38,741,566

88,250

Comerica,

Inc.

5,397,370

625,483

Fifth

Third

Bancorp

17,794,991

23,990

Goldman

Sachs

Group,

Inc.

5,703,623

220,940

Hartford

Financial

Services

Group,

Inc.

13,097,323

140,980

J.P.

Morgan

Chase

&

Company

18,660,113

215,080

MetLife,

Inc.

10,691,627

240,360

Morgan

Stanley

12,561,214

70,000

Prudential

Financial,

Inc.

6,374,200

139,270

Raymond

James

Financial,

Inc.

12,733,456

376,620

U.S.

Bancorp

20,043,716

215,600

Zions

Bancorporations

NA

9,807,644

Total

271,202,519

Health

Care

(16.0%)

24,489

Biogen,

Inc.

a

6,583,868

218,190

Centene

Corporation

a

13,704,514

69,476

Cigna

Holding

Company

13,365,793

335,121

CVS

Health

Corporation

22,727,906

304,630

Gilead

Sciences,

Inc.

19,252,616

202,630

Johnson

&

Johnson

30,165,528

250,593

Medtronic

plc

28,928,456

452,960

Merck

&

Company,

Inc.

38,700,902

317,680

Pfizer,

Inc.

11,830,403

Total

185,259,986

Shares

Common

Stock

(97.6%)

Value

Industrials

(11.9%)

25,150

Boeing

Company

$

8,004,490

103,930

CSX

Corporation

7,934,016

294,620

Delta

Air

Lines,

Inc.

16,422,119

68,000

General

Dynamics

Corporation

11,929,920

116,863

Honeywell

International,

Inc.

20,243,009

91,840

Ingersoll-Rand

plc

12,235,843

237,730

Johnson

Controls

International

plc

9,378,449

46,510

Kansas

City

Southern

7,845,772

66,140

Parker-Hannifin

Corporation

12,942,937

201,820

United

Technologies

Corporation

30,313,364

Total

137,249,919

Information

Technology

(14.0%)

62,190

Apple,

Inc.

19,248,427

1,074,670

Cisco

Systems,

Inc.

49,402,580

249,681

Microsoft

Corporation

42,503,197

136,170

Oracle

Corporation

7,142,116

110,130

QUALCOMM,

Inc.

9,395,190

9,944

Samsung

Electronics

Company,

Ltd.

GDR

11,584,418

131,292

Texas

Instruments,

Inc.

15,840,380

43,980

VMware,

Inc.

a

6,511,679

Total

161,627,987

Materials

(2.8%)

249,850

Alcoa

Corporation

a

3,485,408

194,580

CF

Industries

Holdings,

Inc.

7,837,682

198,246

Eastman

Chemical

Company

14,128,992

149,130

Nucor

Corporation

7,082,184

Total

32,534,266

Real

Estate

(1.0%)

130,112

American

Campus

Communities,

Inc.

5,968,237

330,190

Host

Hotels

&

Resorts,

Inc.

5,395,305

Total

11,363,542

Utilities

(2.2%)

546,723

Exelon

Corporation

26,018,548

Total

26,018,548

Total

Common

Stock

(cost

$810,701,357)

1,127,489,499

Shares

Short-Term

Investments

(

2.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,573,623

1.900%

25,736,228

Total

Short-Term

Investments

(cost

$25,736,228)

25,736,228

Total

Investments

(cost

$836,437,585)

99.8%

$1,153,225,727

Other

Assets

and

Liabilities,

Net

0.2%

2,662,521

Total

Net

Assets

100.0%

$1,155,888,248

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

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.

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

95,795,945

95,795,945

–

–

Consumer

Discretionary

74,930,146

74,930,146

–

–

Consumer

Staples

36,423,959

36,423,959

–

–

Energy

95,082,682

95,082,682

–

–

Financials

271,202,519

271,202,519

–

–

Health

Care

185,259,986

185,259,986

–

–

Industrials

137,249,919

137,249,919

–

–

Information

Technology

161,627,987

150,043,569

11,584,418

–

Materials

32,534,266

32,534,266

–

–

Real

Estate

11,363,542

11,363,542

–

–

Utilities

26,018,548

26,018,548

–

–

Subtotal

Investments

in

Securities

$1,127,489,499

$1,115,905,081

$11,584,418

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

25,736,228

Subtotal

Other

Investments

$25,736,228

Total

Investments

at

Value

$1,153,225,727

*

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

this

table

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

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

Large

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$38,341

$15,316

$27,921

$25,736

2,574

2.2%

Total

Affiliated

Short-Term

Investments

38,341

25,736

2.2

Total

Value

$38,341

$25,736

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$180

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$180

Total

$–

$–

$0

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Principal

Amount

Bank

Loans

(

<0.1%

)

a

Value

Consumer

Non-Cyclical

(<0.1%)

Plantronics,

Inc.,

Term

Loan

$

58,465

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

$

56,082

Total

56,082

Total

Bank

Loans

(cost

$58,423)

56,082

Principal

Amount

Long-Term

Fixed

Income

(

96.6%

)

Value

Asset-Backed

Securities

(18.7%)

Ares

XXXVII

CLO,

Ltd.

4,000,000

3.001%, 

(LIBOR

3M

+

1.170%),

10/15/2030,

Ser.

2015-4A,

Class

A1R

b,c

4,000,712

ARI

Fleet

Lease

Trust

460,139

1.910%, 

4/15/2026,

Ser.

2017-A,

Class

A2

c

459,850

Ascentium

Equipment

Receivables,

LLC

2,250,000

3.210%, 

9/11/2023,

Ser.

2018-1A,

Class

A3

c

2,271,636

Assurant

CLO

III,

Ltd.

4,700,000

3.049%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-2A,

Class

A

b,c

4,695,422

Axis

Equipment

Finance

Receivables

Trust

2,000,000

2.630%, 

6/20/2024,

Ser.

2019-1A,

Class

A2

c

2,016,398

Bank

of

the

West

Auto

Trust

1,399,088

2.110%, 

1/15/2023,

Ser.

2017-1,

Class

A3

c

1,402,478

BCC

Funding

XIV,

LLC

1,206,812

2.960%, 

6/20/2023,

Ser.

2018-1A,

Class

A2

c

1,212,696

Benefit

Street

Partners

CLO

IV,

Ltd.

4,800,000

3.069%, 

(LIBOR

3M

+

1.250%),

1/20/2029,

Ser.

2014-IVA,

Class

A1RR

b,c

4,806,062

Betony

CLO,

Ltd.

2,750,000

2.850%, 

(LIBOR

3M

+

1.080%),

4/30/2031,

Ser.

2018-1A,

Class

A1

b,c

2,749,997

BlueMountain

CLO,

Ltd.

3,000,000

3.049%, 

(LIBOR

3M

+

1.230%),

1/20/2029,

Ser.

2013-1A,

Class

A1R2

b,c

3,003,648

3,522,000

2.819%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-3A,

Class

A1R

b,c

3,509,434

Business

Jet

Securities,

LLC

1,000,975

4.335%, 

2/15/2033,

Ser.

2018-1,

Class

A

c

1,019,728

Carvana

Auto

Receivables

Trust

1,104,356

2.214%, 

10/15/2020,

Ser.

2019-3A,

Class

A1

c

1,104,492

CBAM,

Ltd.

5,000,000

3.111%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,c

5,003,790

CCG

Receivables

Trust

1,223,107

2.500%, 

6/16/2025,

Ser.

2018-1,

Class

A2

c

1,226,548

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Asset-Backed

Securities

(18.7%)

-

continued

Cedar

Funding

VI

CLO,

Ltd.

$

6,000,000

2.909%, 

(LIBOR

3M

+

1.090%),

10/20/2028,

Ser.

2016-6A,

Class

AR

b,c

$

6,001,560

Commonbond

Student

Loan

Trust

141,340

3.200%, 

6/25/2032,

Ser.

2015-A,

Class

A

c

141,548

853,509

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

c

860,910

2,371,217

2.161%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,c

2,325,674

Conn

Funding

II,

LP

389,055

3.250%, 

1/15/2023,

Ser.

2018-A,

Class

A

c

390,577

CoreVest

American

Finance

Trust

2,334,869

3.804%, 

6/15/2051,

Ser.

2018-1,

Class

A

c

2,429,360

Credit

Acceptance

Auto

Loan

Trust

2,800,000

3.470%, 

5/17/2027,

Ser.

2018-2A,

Class

A

c

2,838,986

Deephaven

Residential

Mortgage

Trust

1,954,716

4.080%, 

10/25/2058,

Ser.

2018-4A,

Class

A1

b,c

1,980,442

DRB

Prime

Student

Loan

Trust

569,490

3.561%, 

(LIBOR

1M

+

1.900%),

10/27/2031,

Ser.

2015-B,

Class

A1

b,c

575,775

Earnest

Student

Loan

Program,

LLC

1,146,394

2.650%, 

1/25/2041,

Ser.

2017-A,

Class

A2

c

1,155,866

Edlinc

Student

Loan

Funding

Trust

133,446

4.720%, 

(CMT

3M

+

3.150%),

10/1/2025,

Ser.

2012-A,

Class

AT

b,c

133,518

Education

Funding

Trust

5,423,885

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

c

5,465,437

Fifth

Third

Auto

Trust

527,277

1.800%, 

2/15/2022,

Ser.

2017-1,

Class

A3

527,240

Finance

of

America

Structured

Securities

Trust

1,424,340

3.375%, 

9/25/2028,

Ser.

2018-HB1,

Class

A

b,c

1,423,924

FREED

ABS

Trust

1,599,542

3.420%, 

6/18/2026,

Ser.

2019-1,

Class

A

c

1,606,388

Freedom

ABS

Trust

3,250,000

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

c

3,249,838

Garrison

BSL

CLO,

Ltd.

6,000,000

2.806%, 

(LIBOR

3M

+

0.970%),

7/17/2028,

Ser.

2018-1A,

Class

A1

b,c

5,998,644

GM

Financial

Automobile

Leasing

Trust

6,500,000

3.080%, 

12/20/2022,

Ser.

2019-1,

Class

A4

6,603,384

Golden

Credit

Card

Trust

5,000,000

1.980%, 

4/15/2022,

Ser.

2017-2A,

Class

A

c

5,001,711

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Asset-Backed

Securities

(18.7%)

-

continued

GoldenTree

Loan

Opportunities,

Ltd.

$

3,000,000

3.075%, 

(LIBOR

3M

+

1.300%),

10/29/2029,

Ser.

2014-9A,

Class

AJR2

b,c

$

2,978,892

Golub

Capital

Partners,

Ltd.

6,000,000

2.969%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

b,c

6,002,748

Home

Partners

of

America

Trust

2,344,934

2.486%, 

(LIBOR

1M

+

0.817%),

7/17/2034,

Ser.

2017-1,

Class

A

b,c

2,346,753

Invitation

Homes

Trust

4,298,104

2.769%, 

(LIBOR

1M

+

1.100%),

1/17/2038,

Ser.

2018-SFR4,

Class

A

b,c

4,309,212

Marlette

Funding

Trust

1,140,562

3.200%, 

9/15/2028,

Ser.

2018-3A,

Class

A

c

1,142,412

2,482,436

3.440%, 

4/16/2029,

Ser.

2019-1A,

Class

A

c

2,504,957

National

Collegiate

Trust

1,460,574

1.956%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,c

1,413,214

Nationstar

HECM

Loan

Trust

3,478,196

2.272%, 

11/25/2029,

Ser.

2019-2A,

Class

A

b,c

3,479,977

Navient

Private

Education

Loan

Trust

2,242,493

2.820%, 

2/15/2068,

Ser.

2019-CA,

Class

A1

c

2,255,502

Navient

Student

Loan

Trust

2,424,033

2.180%, 

8/15/2068,

Ser.

2019-FA,

Class

A1

c

2,430,889

2,700,000

2.261%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

b,c

2,703,855

2,375,536

2.411%, 

(LIBOR

1M

+

0.750%),

7/26/2066,

Ser.

2017-1A,

Class

A2

b,c

2,380,848

NCUA

Guaranteed

Notes

645,999

2.027%, 

(LIBOR

1M

+

0.350%),

12/7/2020,

Ser.

2010-A1,

Class

A

b

646,101

Neuberger

Berman

CLO

XIV,

Ltd.

3,500,000

2.904%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,c,d

3,500,000

Neuberger

Berman

CLO,

Ltd.

3,140,000

2.982%, 

(LIBOR

3M

+

1.180%),

4/22/2029,

Ser.

2014-17A,

Class

AR

b,c

3,140,907

NextGear

Floorplan

Master

Owner

Trust

3,200,000

2.560%, 

10/17/2022,

Ser.

2017-2A,

Class

A2

c

3,216,888

Northstar

Education

Finance,

Inc.

749,880

2.361%, 

(LIBOR

1M

+

0.700%),

12/26/2031,

Ser.

2012-1,

Class

A

b,c

743,486

NRZ

Excess

Spread-Collateralized

Notes

Series

1,892,743

3.193%, 

1/25/2023,

Ser.

2018-PLS1,

Class

A

c

1,901,237

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Asset-Backed

Securities

(18.7%)

-

continued

OZLM

VIII,

Ltd.

$

3,300,000

3.006%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,c

$

3,301,634

PFS

Financing

Corporation

3,300,000

2.076%, 

(LIBOR

1M

+

0.400%),

2/17/2022,

Ser.

2018-A,

Class

A

b,c

3,299,883

Pretium

Mortgage

Credit

Partners,

LLC

2,888,966

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

c,e

2,896,860

1,642,768

4.826%, 

9/25/2058,

Ser.

2018-NPL4,

Class

A1

c,e

1,653,944

Progress

Residential

Trust

2,989,056

2.768%, 

8/17/2034,

Ser.

2017-SFR1,

Class

A

c

3,020,209

3,000,000

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

c

3,086,842

Prosper

Marketplace

Issuance

Trust

728,838

3.350%, 

10/15/2024,

Ser.

2018-2A,

Class

A

c

730,240

RCO

Mortgage,

LLC

4,824,540

4.458%, 

10/25/2023,

Ser.

2018-2,

Class

A1

c,e

4,864,754

Santander

Drive

Auto

Receivables

Trust

181,211

2.208%, 

8/17/2020,

Ser.

2019-3,

Class

A1

181,250

Santander

Retail

Auto

Lease

Trust

975,554

2.220%, 

1/20/2021,

Ser.

2017-A,

Class

A3

c

975,813

SLM

Student

Loan

Trust

3,091,724

2.061%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

2,982,373

263,361

2.181%, 

(LIBOR

1M

+

0.520%),

3/25/2026,

Ser.

2011-1,

Class

A1

b

263,472

Small

Business

Lending

Trust

1,376,568

2.850%, 

7/15/2026,

Ser.

2019-A,

Class

A

c

1,378,744

2,150,000

2.620%, 

12/15/2026,

Ser.

2020-A,

Class

A

c

2,149,879

SoFi

Consumer

Loan

Program

Trust

3,162,986

3.010%, 

4/25/2028,

Ser.

2019-2,

Class

A

c

3,188,333

SoFi

Consumer

Loan

Program,

LLC

586,550

2.770%, 

5/25/2026,

Ser.

2017-3,

Class

A

c

589,907

2,787,285

3.060%, 

9/25/2028,

Ser.

2016-5,

Class

A

c

2,799,177

SoFi

Professional

Loan

Program,

LLC

343,427

2.420%, 

3/25/2030,

Ser.

2015-A,

Class

A2

c

343,455

382,643

2.510%, 

8/25/2033,

Ser.

2015-C,

Class

A2

c

385,512

272,292

2.511%, 

(LIBOR

1M

+

0.850%),

7/25/2039,

Ser.

2016-E,

Class

A1

b,c

272,708

Sound

Point

CLO

XX,

Ltd.

3,000,000

2.894%, 

(LIBOR

3M

+

1.100%),

7/26/2031,

Ser.

2018-2A,

Class

A

b,c

2,977,392

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Asset-Backed

Securities

(18.7%)

-

continued

Springleaf

Funding

Trust

$

567,434

2.900%, 

11/15/2029,

Ser.

2016-AA,

Class

A

c

$

567,781

Synchrony

Credit

Card

Master

Note

Trust

2,500,000

3.470%, 

5/15/2026,

Ser.

2018-2,

Class

A

2,642,224

THL

Credit

Wind

River

CLO,

Ltd.

6,000,000

3.049%, 

(LIBOR

3M

+

1.230%),

7/20/2030,

Ser.

2017-2A,

Class

A

b,c

6,005,082

Upstart

Securitization

Trust

885,040

3.450%, 

4/20/2026,

Ser.

2019-1,

Class

A

c

886,266

3,174,113

2.897%, 

9/20/2029,

Ser.

2019-2,

Class

A

c

3,188,625

3,775,507

2.684%, 

1/21/2030,

Ser.

2019-3,

Class

A

c

3,784,818

Vericrest

Opportunity

Loan

Transferee

3,609,673

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

c,e

3,617,488

Verizon

Owner

Trust

3,086,146

2.060%, 

4/20/2022,

Ser.

2017-3A,

Class

A1A

c

3,089,982

Volvo

Financial

Equipment

Master

Owner

Trust

2,500,000

2.176%, 

(LIBOR

1M

+

0.500%),

11/15/2022,

Ser.

2017-A,

Class

A

b,c

2,508,437

Voya

CLO,

Ltd.

1,250,000

3.031%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,c

1,249,989

Wheels

SPV

2,

LLC

86,796

1.880%, 

4/20/2026,

Ser.

2017-1A,

Class

A2

c

86,794

Total

203,261,418

Basic

Materials

(0.7%)

Dow

Chemical

Company

1,500,000

3.150%, 

5/15/2024

1,576,166

DowDuPont

,

Inc.

2,000,000

4.205%, 

11/15/2023

2,164,899

Glencore

Funding,

LLC

1,500,000

3.000%, 

10/27/2022

c

1,516,250

Kinross

Gold

Corporation

1,000,000

5.950%, 

3/15/2024

1,119,073

Syngenta

Finance

NV

1,000,000

4.892%, 

4/24/2025

c

1,095,034

Total

7,471,422

Capital

Goods

(1.2%)

Caterpillar

Financial

Services

Corporation

1,580,000

1.950%, 

11/18/2022

1,594,779

Lockheed

Martin

Corporation

1,250,000

2.500%, 

11/23/2020

1,257,166

Northrop

Grumman

Corporation

2,000,000

2.550%, 

10/15/2022

2,042,601

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,281,119

Roper

Technologies,

Inc.

500,000

2.800%, 

12/15/2021

508,908

1,250,000

3.650%, 

9/15/2023

1,326,029

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Capital

Goods

(1.2%)

-

continued

$

750,000

2.350%, 

9/15/2024

$

763,139

Siemens

Financieringsmaatschappij

NV

2,000,000

2.504%, 

(LIBOR

3M

+

0.610%),

3/16/2022

b,c

2,012,552

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

2,140,887

Waste

Management,

Inc.

750,000

2.950%, 

6/15/2024

784,130

Total

13,711,310

Collateralized

Mortgage

Obligations

(18.6%)

Ajax

Mortgage

Loan

Trust

4,878,766

2.956%, 

9/25/2065,

Ser.

2019-D,

Class

A1

c

4,899,169

Angel

Oak

Mortgage

Trust

I,

LLC

2,496,419

3.258%, 

4/27/2048,

Ser.

2018-1,

Class

A1

b,c

2,507,284

2,715,948

3.674%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,c

2,748,259

Antler

Mortgage

Trust

2,500,000

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

c

2,521,341

3,250,000

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

c

3,254,293

Banc

of

America

Funding

Trust

967,124

3.813%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

960,506

1,549,458

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

1,611,952

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

129,537

4.270%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

133,516

632,435

4.753%, 

10/25/2036,

Ser.

2006-4,

Class

1A1

b

622,888

Bellemeade

Re,

Ltd.

13,489

2.611%, 

(LIBOR

1M

+

0.950%),

8/25/2028,

Ser.

2018-2A,

Class

M1A

b,c

13,491

BRAVO

Residential

Funding

Trust

2,035,568

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

c

2,066,857

4,667,231

2.748%, 

11/25/2059,

Ser.

2019-NQM2,

Class

A1

b,c

4,695,223

Cascade

Funding

Mortgage

Trust

2,583,881

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

b,c

2,663,542

Chase

Mortgage

Finance

Trust

Series

1,639,407

4.643%, 

7/25/2037,

Ser.

2007-A2,

Class

1M

b

1,629,370

Civic

Mortgage,

LLC

2,066,706

4.349%, 

11/25/2022,

Ser.

2018-2,

Class

A1

c,e

2,063,319

COLT

Funding,

LLC

567,605

3.470%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,c

569,752

2,269,148

2.764%, 

8/25/2049,

Ser.

2019-3,

Class

A1

b,c

2,277,901

Countrywide

Alternative

Loan

Trust

177,601

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

172,361

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Collateralized

Mortgage

Obligations

(18.6%)

-

continued

$

147,194

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

$

142,607

215,028

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

218,727

Countrywide

Home

Loans,

Inc.

528,187

3.781%, 

9/20/2036,

Ser.

2006-HYB5,

Class

2A1

b

491,498

Credit

Suisse

Mortgage

Capital

Certificates

3,250,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

c,e

3,250,754

5,000,000

2.656%, 

(LIBOR

1M

+

0.980%),

5/15/2036,

Ser.

2019-ICE4,

Class

A

b,c

5,008,245

4,853,318

3.322%, 

10/25/2058,

Ser.

2019-RPL8,

Class

A1

b,c

4,889,394

Deephaven

Residential

Mortgage

Trust

4,771,283

2.791%, 

10/25/2059,

Ser.

2019-4A,

Class

A1

b,c

4,792,008

Eagle

RE

2019-1,

Ltd.

1,038,517

2.911%, 

(LIBOR

1M

+

1.250%),

4/25/2029,

Ser.

2019-1,

Class

M1A

b,c

1,038,361

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,903,310

3.000%, 

8/15/2040,

Ser.

4364,

Class

A

1,945,770

Federal

National

Mortgage

Association

-

REMIC

4,370,644

4.000%, 

3/25/2029,

Ser.

2012-74,

Class

V

4,564,221

10,351,886

3.000%, 

2/25/2040,

Ser.

2018-13,

Class

EB

10,498,317

1,072,658

3.000%, 

1/25/2041,

Ser.

2015-79,

Class

BA

1,089,844

6,327,354

3.000%, 

8/25/2041,

Ser.

2015-80,

Class

LA

6,475,551

5,344,784

3.000%, 

2/25/2044,

Ser.

2016-81,

Class

PA

5,508,403

6,943,569

2.000%, 

4/25/2045,

Ser.

2015-22,

Class

EG

6,966,057

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

126,234

2.250%, 

6/25/2025,

Ser.

2010-58,

Class

PT

126,185

FWD

Securitization

Trust

3,565,221

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,c

3,608,236

GCAT

Trust

3,726,332

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

c,e

3,751,779

Genworth

Mortgage

Insurance

Corporation

2,000,000

3.561%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,c

2,007,765

GMAC

Mortgage

Corporation

Loan

Trust

30,647

2.161%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,f

37,404

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Collateralized

Mortgage

Obligations

(18.6%)

-

continued

$

141,481

5.750%, 

10/25/2036,

Ser.

2006-HE3,

Class

A2

b

$

142,854

GS

Mortgage-Backed

Securities

Trust

3,139,238

3.750%, 

10/25/2057,

Ser.

2018-RPL1,

Class

A1A

c

3,275,998

1,265,337

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,c

1,263,944

GSAA

Home

Equity

Trust

920,881

4.488%, 

8/25/2034,

Ser.

2004-10,

Class

M2

e

972,626

Homeward

Opportunities

Fund

I

Trust

4,706,973

3.454%, 

1/25/2059,

Ser.

2019-1,

Class

A1

b,c

4,763,342

Homeward

Opportunities

Fund

Trust

2,372,180

3.766%, 

6/25/2048,

Ser.

2018-1,

Class

A1

b,c

2,399,021

J.P.

Morgan

Alternative

Loan

Trust

513,306

4.134%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

490,935

J.P.

Morgan

Mortgage

Trust

233,682

4.346%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

216,491

Legacy

Mortgage

Asset

Trust

3,686,777

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

c

3,727,797

3,453,412

3.250%, 

11/25/2059,

Ser.

2019-GS7,

Class

A1

c,e

3,479,358

Master

Asset

Securitization

Trust

560,330

2.161%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

226,998

Merrill

Lynch

Mortgage

Investors

Trust

254,034

2.846%, 

(LIBOR

1M

+

1.185%),

7/25/2035,

Ser.

2004-WMC5,

Class

M3

b

254,576

Mortgage

Equity

Conversion

Asset

Trust

1,305,850

2.040%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

b,c

1,210,430

1,270,884

2.060%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

b,c

1,188,055

New

Residential

Mortgage,

LLC

2,891,269

3.790%, 

7/25/2054,

Ser.

2018-FNT2,

Class

A

c

2,902,565

Oaktown

Re

II,

Ltd.

535,037

3.211%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,c

535,380

Preston

Ridge

Partners

Mortgage

Trust,

LLC

997,628

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

c,e

1,006,287

2,191,639

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

c,e

2,200,928

3,837,616

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,c

3,855,568

2,960,257

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

c,e

2,972,879

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Collateralized

Mortgage

Obligations

(18.6%)

-

continued

Radnor

RE,

Ltd.

$

1,704,361

3.061%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,c

$

1,704,826

548,912

2.911%, 

(LIBOR

1M

+

1.250%),

2/25/2029,

Ser.

2019-1,

Class

M1A

b,c

548,832

RCO

Mortgage,

LLC

3,883,102

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

c,e

3,891,730

3,231,077

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,c

3,310,784

Renaissance

Home

Equity

Loan

Trust

686,286

5.285%, 

1/25/2037,

Ser.

2006-4,

Class

AF2

e

346,546

Residential

Asset

Securitization

Trust

278,464

5.750%, 

2/25/2036,

Ser.

2005-A15,

Class

5A1

190,536

Residential

Funding

Mortgage

Security

I

Trust

374,297

5.500%, 

10/25/2021,

Ser.

2006-S10,

Class

2A1

357,410

Silver

Hill

Trust

4,923,161

3.046%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,c

4,976,880

Specialty

Underwriting

and

Residential

Finance

Trust

3,195,358

2.661%, 

(LIBOR

1M

+

1.000%),

7/25/2035,

Ser.

2004-BC3,

Class

A2C

b

3,195,408

3,794,616

2.641%, 

(LIBOR

1M

+

0.980%),

10/25/2035,

Ser.

2004-BC4,

Class

A2C

b

3,803,940

Stanwich

Mortgage

Loan

Trust

3,386,242

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

c,e

3,386,503

Starwood

Mortgage

Residential

Trust

2,855,197

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,c

2,912,474

Terwin

Mortgage

Trust

1,445,006

2.661%, 

(LIBOR

1M

+

1.000%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

b,c

1,459,796

Toorak

Mortgage

Corporation

2,500,000

4.375%, 

8/25/2021,

Ser.

2018-1,

Class

A1

c,e

2,515,542

3,000,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

c,e

3,036,971

TVC

Mortgage

Trust

3,200,000

3.474%, 

9/25/2024,

Ser.

2020-RTL1,

Class

A1

c,g

3,196,480

Vericrest

Opportunity

Loan

Transferee

3,680,398

3.376%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1A

c,e

3,691,909

3,000,000

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

c,e

3,001,472

Vericrest

Opportunity

Loan

Trust

2,453,113

3.967%, 

3/25/2049,

Ser.

2019-NPL3,

Class

A1

c,e

2,469,613

1,332,006

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

c,e

1,334,983

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Collateralized

Mortgage

Obligations

(18.6%)

-

continued

Verus

Securitization

Trust

$

3,137,166

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,c

$

3,168,889

4,583,637

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,c

4,625,517

3,616,146

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,c

3,637,931

Wachovia

Asset

Securitization,

Inc.

255,657

1.801%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,c,f

237,072

Wachovia

Mortgage

Loan

Trust,

LLC

110,269

4.180%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

109,471

WaMu

Mortgage

Pass

Through

Certificates

1,272,595

3.025%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

1,222,320

904,404

2.885%, 

(12

MTA

+

0.740%),

1/25/2047,

Ser.

2006-AR19,

Class

1A

b

885,524

Total

202,127,541

Commercial

Mortgage-Backed

Securities

(0.4%)

Federal

National

Mortgage

Association

1,146,815

4.500%, 

5/1/2048

1,214,348

Federal

National

Mortgage

Association

-

ACES

2,063,491

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

b

2,088,188

GSAA

Home

Equity

Trust

1,030,997

3.611%, 

(LIBOR

1M

+

1.950%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

1,072,439

Total

4,374,975

Communications

Services

(1.8%)

American

Tower

Corporation

1,800,000

3.450%, 

9/15/2021

1,846,263

1,500,000

3.375%, 

5/15/2024

1,578,596

AT&T,

Inc.

2,000,000

3.200%, 

3/1/2022

2,053,784

2,000,000

2.799%, 

(LIBOR

3M

+

0.890%),

2/15/2023

b

2,018,563

Charter

Communications

Operating,

LLC

1,000,000

3.579%, 

7/23/2020

1,005,904

1,000,000

4.500%, 

2/1/2024

1,086,376

Cox

Communications,

Inc.

1,500,000

3.150%, 

8/15/2024

c

1,569,439

Crown

Castle

International

Corporation

250,000

3.400%, 

2/15/2021

253,537

1,000,000

2.250%, 

9/1/2021

1,005,938

1,000,000

3.200%, 

9/1/2024

1,049,945

Discovery

Communications,

LLC

2,000,000

2.950%, 

3/20/2023

2,057,352

Fox

Corporation

1,000,000

3.666%, 

1/25/2022

c

1,033,961

Omnicom

Group,

Inc.

1,250,000

3.625%, 

5/1/2022

1,300,079

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Communications

Services

(1.8%)

-

continued

Vodafone

Group

plc

$

2,125,000

2.950%, 

2/19/2023

$

2,190,751

Total

20,050,488

Consumer

Cyclical

(2.1%)

Alibaba

Group

Holding,

Ltd.

500,000

2.800%, 

6/6/2023

511,000

American

Honda

Finance

Corporation

1,050,000

1.950%, 

5/10/2023

1,057,822

BMW

U.S.

Capital,

LLC

2,000,000

3.150%, 

4/18/2024

c

2,095,589

Daimler

Finance

North

America,

LLC

2,000,000

2.421%, 

(LIBOR

3M

+

0.530%),

5/5/2020

b,c

2,002,199

1,000,000

2.742%, 

(LIBOR

3M

+

0.840%),

5/4/2023

b,c

1,006,231

Ford

Motor

Credit

Company,

LLC

2,030,000

5.596%, 

1/7/2022

2,142,302

1,000,000

3.145%, 

(LIBOR

3M

+

1.235%),

2/15/2023

b

988,061

General

Motors

Financial

Company,

Inc.

2,100,000

3.950%, 

4/13/2024

2,215,410

1,580,000

2.900%, 

2/26/2025

1,594,627

Home

Depot,

Inc.

1,600,000

4.400%, 

4/1/2021

1,641,797

Hyundai

Capital

Services,

Inc.

2,000,000

3.000%, 

3/6/2022

c

2,034,172

1,500,000

3.000%, 

8/29/2022

c

1,531,265

Ralph

Lauren

Corporation

225,000

2.625%, 

8/18/2020

225,856

Volkswagen

Group

of

America

Finance,

LLC

2,000,000

4.250%, 

11/13/2023

c

2,158,599

1,500,000

2.850%, 

9/26/2024

c

1,546,743

Total

22,751,673

Consumer

Non-Cyclical

(3.8%)

Abbott

Laboratories

1,262,000

2.550%, 

3/15/2022

1,287,433

AbbVie,

Inc.

2,100,000

2.300%, 

11/21/2022

c

2,124,803

2,080,000

3.600%, 

5/14/2025

2,222,788

Allergan

Funding

SCS

2,000,000

3.850%, 

6/15/2024

2,132,785

Altria

Group,

Inc.

2,000,000

3.800%, 

2/14/2024

2,129,720

Anheuser-Busch

InBev

Finance,

Inc.

1,200,000

3.300%, 

2/1/2023

1,253,586

Becton,

Dickinson

and

Company

750,000

2.836%, 

(LIBOR

3M

+

0.875%),

12/29/2020

b

750,388

1,950,000

3.125%, 

11/8/2021

1,992,544

Bristol-Myers

Squibb

Company

2,000,000

3.625%, 

5/15/2024

c

2,138,967

Cargill,

Inc.

1,000,000

3.250%, 

3/1/2023

c

1,039,787

CK

Hutchison

International,

Ltd.

2,000,000

2.750%, 

3/29/2023

c

2,037,240

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,908,925

Constellation

Brands,

Inc.

1,000,000

2.700%, 

5/9/2022

1,017,290

1,500,000

3.200%, 

2/15/2023

1,553,178

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Consumer

Non-Cyclical

(3.8%)

-

continued

CVS

Health

Corporation

$

1,750,000

3.700%, 

3/9/2023

$

1,835,666

1,050,000

4.000%, 

12/5/2023

1,121,648

1,000,000

4.100%, 

3/25/2025

1,087,911

General

Mills,

Inc.

1,500,000

2.846%, 

(LIBOR

3M

+

1.010%),

10/17/2023

b

1,525,010

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

c

1,792,242

Imperial

Tobacco

Finance

plc

1,500,000

3.750%, 

7/21/2022

c

1,553,737

Mead

Johnson

Nutrition

Company

1,000,000

3.000%, 

11/15/2020

1,009,566

Pernod

Ricard

SA

1,915,000

4.250%, 

7/15/2022

c

2,024,084

Smithfield

Foods,

Inc.

2,000,000

2.650%, 

10/3/2021

c

1,996,075

UnitedHealth

Group,

Inc.

1,000,000

3.500%, 

2/15/2024

1,066,002

Zimmer

Biomet

Holdings,

Inc.

1,500,000

2.653%, 

(LIBOR

3M

+

0.750%),

3/19/2021

b

1,500,307

Zoetis,

Inc.

1,450,000

3.250%, 

2/1/2023

1,506,608

Total

41,608,290

Energy

(3.0%)

BP

Capital

Markets

America,

Inc.

1,500,000

2.553%, 

(LIBOR

3M

+

0.650%),

9/19/2022

b

1,513,621

1,000,000

3.790%, 

2/6/2024

1,072,162

Continental

Resources,

Inc.

2,100,000

4.500%, 

4/15/2023

2,217,183

Diamondback

Energy,

Inc.

1,050,000

2.875%, 

12/1/2024

1,067,702

Encana

Corporation

1,000,000

3.900%, 

11/15/2021

1,025,579

Energy

Transfer

Operating,

LP

1,675,000

4.200%, 

9/15/2023

1,778,972

1,050,000

2.900%, 

5/15/2025

1,061,067

EOG

Resources,

Inc.

975,000

2.625%, 

3/15/2023

999,674

Exxon

Mobil

Corporation

1,465,000

2.257%, 

(LIBOR

3M

+

0.370%),

3/6/2022

b

1,474,316

Hess

Corporation

2,000,000

3.500%, 

7/15/2024

2,085,735

Marathon

Oil

Corporation

2,000,000

2.800%, 

11/1/2022

2,040,377

Marathon

Petroleum

Corporation

1,325,000

3.400%, 

12/15/2020

1,340,636

MPLX,

LP

500,000

3.500%, 

12/1/2022

c

517,581

1,500,000

4.875%, 

6/1/2025

1,662,949

Newfield

Exploration

Company

1,000,000

5.750%, 

1/30/2022

1,063,374

Occidental

Petroleum

Corporation

2,100,000

2.700%, 

8/15/2022

2,133,885

ONEOK,

Inc.

1,000,000

2.750%, 

9/1/2024

1,022,669

Petroleos

Mexicanos

935,000

2.378%, 

4/15/2025

951,736

Plains

All

American

Pipeline,

LP

2,000,000

3.850%, 

10/15/2023

2,097,009

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Energy

(3.0%)

-

continued

Schlumberger

Holdings

Corporation

$

1,500,000

3.750%, 

5/1/2024

c

$

1,599,133

Transcontinental

Gas

Pipe

Line

Company,

LLC

650,000

7.850%, 

2/1/2026

837,655

Western

Midstream

Operating,

LP

1,845,000

3.100%, 

2/1/2025

1,854,853

Williams

Partners,

LP

1,325,000

3.600%, 

3/15/2022

1,364,605

Total

32,782,473

Financials

(14.4%)

ABN

AMRO

Bank

NV

1,600,000

2.450%, 

6/4/2020

c

1,603,360

AerCap

Ireland

Capital

Designated

Activity

Company

and

AerCap

Global

Aviation

Trust

1,000,000

3.300%, 

1/23/2023

1,034,970

American

Express

Credit

Corporation

650,000

2.944%, 

(LIBOR

3M

+

1.050%),

9/14/2020

b

653,462

American

International

Group,

Inc.

1,150,000

3.300%, 

3/1/2021

1,168,322

Athene

Global

Funding

2,000,000

3.138%, 

(LIBOR

3M

+

1.230%),

7/1/2022

b,c

2,039,689

Australia

and

New

Zealand

Banking

Group,

Ltd.

2,110,000

2.950%, 

7/22/2030

b,c

2,141,196

Banco

Santander

SA

800,000

2.968%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

806,823

Bank

of

America

Corporation

1,500,000

2.816%, 

7/21/2023

b

1,533,307

2,150,000

4.200%, 

8/26/2024

2,338,170

1,000,000

3.458%, 

3/15/2025

b

1,058,325

2,100,000

2.456%, 

10/22/2025

b

2,145,004

Bank

of

Montreal

1,500,000

3.300%, 

2/5/2024

1,582,380

Bank

of

New

York

Mellon

Corporation

2,115,000

1.850%, 

1/27/2023

2,129,309

Bank

of

Nova

Scotia

1,325,000

1.950%, 

2/1/2023

1,332,920

Barclays

plc

1,250,000

3.250%, 

1/12/2021

1,264,675

2,000,000

3.684%, 

1/10/2023

2,058,519

2,000,000

3.284%, 

(LIBOR

3M

+

1.380%),

5/16/2024

b

2,028,681

BNP

Paribas

SA

1,040,000

2.819%, 

11/19/2025

b,c

1,066,011

BPCE

SA

1,000,000

3.119%, 

(LIBOR

3M

+

1.220%),

5/22/2022

b,c

1,016,272

1,050,000

2.375%, 

1/14/2025

c

1,058,165

Branch

Banking

and

Trust

Company

2,200,000

2.150%, 

12/6/2024

2,225,458

Canadian

Imperial

Bank

of

Commerce

2,125,000

2.250%, 

1/28/2025

2,144,964

Capital

One

Bank

USA

NA

2,125,000

2.014%, 

1/27/2023

b

2,131,993

Capital

One

Financial

Corporation

2,000,000

2.661%, 

(LIBOR

3M

+

0.760%),

5/12/2020

b

2,002,640

1,500,000

3.900%, 

1/29/2024

1,606,212

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(14.4%)

-

continued

Capital

One

NA

$

2,000,000

2.724%, 

(LIBOR

3M

+

0.820%),

8/8/2022

b

$

2,019,370

Citigroup,

Inc.

1,500,000

2.754%, 

(LIBOR

3M

+

0.960%),

4/25/2022

b

1,523,194

2,110,000

2.312%, 

11/4/2022

b

2,124,609

CNA

Financial

Corporation

1,250,000

5.750%, 

8/15/2021

1,324,048

Comerica,

Inc.

750,000

3.700%, 

7/31/2023

796,875

Compass

Bank

1,500,000

2.875%, 

6/29/2022

1,534,381

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

1,400,000

2.500%, 

1/19/2021

1,410,980

Credit

Suisse

Group

AG

1,500,000

6.500%, 

8/8/2023

c

1,678,125

810,000

7.500%, 

12/11/2023

b,c,h

918,253

Danske

Bank

AS

1,500,000

5.375%, 

1/12/2024

c

1,668,901

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,264,430

Fifth

Third

Bancorp

1,100,000

2.875%, 

10/1/2021

1,120,799

2,100,000

2.375%, 

1/28/2025

2,140,063

Goldman

Sachs

Group,

Inc.

1,755,000

2.966%, 

(LIBOR

3M

+

1.160%),

4/23/2020

b

1,757,646

2,085,000

3.272%, 

9/29/2025

b

2,191,239

HCP,

Inc.

1,325,000

4.250%, 

11/15/2023

1,428,592

HSBC

Bank

Canada

1,000,000

3.300%, 

11/28/2021

c

1,029,226

HSBC

Holdings

plc

1,175,000

3.400%, 

(LIBOR

3M

+

1.500%),

1/5/2022

b

1,201,918

2,000,000

3.262%, 

3/13/2023

b

2,052,130

1,500,000

6.250%, 

3/23/2023

b,h

1,588,125

Huntington

Bancshares,

Inc.

1,450,000

3.150%, 

3/14/2021

1,471,667

ING

Groep

NV

1,350,000

6.000%, 

4/16/2020

b,h

1,356,885

2,400,000

3.111%, 

(LIBOR

3M

+

1.150%),

3/29/2022

b

2,435,112

500,000

4.625%, 

1/6/2026

c

565,565

International

Lease

Finance

Corporation

1,440,000

5.875%, 

8/15/2022

1,577,725

J.P.

Morgan

Chase

&

Company

1,250,000

5.300%, 

5/1/2020

b,h

1,258,837

1,900,000

3.875%, 

9/10/2024

2,053,185

1,500,000

2.684%, 

(LIBOR

3M

+

0.850%),

1/10/2025

b

1,516,787

Kilroy

Realty,

LP

700,000

3.800%, 

1/15/2023

732,656

Lincoln

National

Corporation

1,000,000

4.000%, 

9/1/2023

1,075,351

Lloyds

Banking

Group

plc

1,500,000

2.858%, 

3/17/2023

b

1,524,437

2,000,000

2.907%, 

11/7/2023

b

2,041,546

350,000

4.582%, 

12/10/2025

385,025

Macquarie

Group,

Ltd.

1,500,000

2.934%, 

(LIBOR

3M

+

1.020%),

11/28/2023

b,c

1,511,025

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(14.4%)

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

1,175,000

2.947%, 

(LIBOR

3M

+

1.060%),

9/13/2021

b

$

1,190,075

1,600,000

2.819%, 

(LIBOR

3M

+

0.920%),

2/22/2022

b

1,619,374

Mizuho

Financial

Group

Cayman

3,

Ltd.

675,000

4.600%, 

3/27/2024

c

732,056

Mizuho

Financial

Group,

Inc.

1,175,000

3.027%, 

(LIBOR

3M

+

1.140%),

9/13/2021

b

1,191,684

1,500,000

2.555%, 

9/13/2025

b

1,523,630

Morgan

Stanley

1,000,000

5.441%, 

(LIBOR

3M

+

3.610%),

4/15/2020

b,h

1,005,000

1,000,000

2.451%, 

(LIBOR

3M

+

0.550%),

2/10/2021

b

1,000,116

2,200,000

4.100%, 

5/22/2023

2,344,071

750,000

2.720%, 

7/22/2025

b

771,651

1,425,000

5.000%, 

11/24/2025

1,630,208

National

Bank

of

Canada

1,050,000

2.100%, 

2/1/2023

1,056,538

Nationwide

Building

Society

2,000,000

3.766%, 

3/8/2024

b,c

2,094,355

New

York

Life

Global

Funding

1,050,000

2.000%, 

1/22/2025

c

1,059,880

Nomura

Holdings,

Inc.

2,110,000

2.648%, 

1/16/2025

2,142,958

PayPal

Holdings,

Inc.

1,000,000

2.200%, 

9/26/2022

1,011,029

1,000,000

2.400%, 

10/1/2024

1,019,614

Peachtree

Corners

Funding

Trust

1,125,000

3.976%, 

2/15/2025

c

1,217,761

Realty

Income

Corporation

2,000,000

3.250%, 

10/15/2022

2,073,984

Reinsurance

Group

of

America,

Inc.

2,000,000

4.700%, 

9/15/2023

2,187,892

Royal

Bank

of

Canada

2,100,000

1.950%, 

1/17/2023

2,114,028

Royal

Bank

of

Scotland

Group

plc

2,000,000

3.380%, 

(LIBOR

3M

+

1.470%),

5/15/2023

b

2,033,187

2,000,000

3.498%, 

5/15/2023

b

2,059,179

Santander

Holdings

USA,

Inc.

1,000,000

3.400%, 

1/18/2023

1,033,250

Santander

UK

Group

Holdings

plc

750,000

3.125%, 

1/8/2021

757,971

Santander

UK

plc

1,050,000

2.100%, 

1/13/2023

1,058,241

500,000

5.000%, 

11/7/2023

c

543,771

Simon

Property

Group,

LP

1,350,000

2.500%, 

9/1/2020

1,353,289

1,400,000

2.500%, 

7/15/2021

1,414,270

Societe

Generale

SA

2,200,000

2.625%, 

10/16/2024

c

2,233,189

Stadshypotek

AB

2,000,000

2.500%, 

4/5/2022

c

2,038,227

Standard

Chartered

plc

1,000,000

3.950%, 

1/11/2023

c

1,039,535

State

Street

Corporation

2,062,000

2.804%, 

(LIBOR

3M

+

0.900%),

8/18/2020

b

2,072,590

1,585,000

2.354%, 

11/1/2025

b

1,615,314

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(14.4%)

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

2,300,000

2.448%, 

9/27/2024

$

2,339,880

SunTrust

Banks,

Inc.

725,000

2.900%, 

3/3/2021

733,936

Synchrony

Financial

1,175,000

3.132%, 

(LIBOR

3M

+

1.230%),

2/3/2020

b

1,175,000

250,000

2.850%, 

7/25/2022

254,876

1,230,000

4.250%, 

8/15/2024

1,319,737

U.S.

Bank

NA

2,200,000

2.050%, 

1/21/2025

2,225,693

Ventas

Realty,

LP

2,000,000

3.100%, 

1/15/2023

2,067,235

Voya

Financial,

Inc.

500,000

5.650%, 

5/15/2053

b

531,250

Wells

Fargo

&

Company

538,000

5.664%, 

(LIBOR

3M

+

3.770%),

3/15/2020

b,h

541,389

750,000

3.450%, 

2/13/2023

782,742

1,500,000

3.750%, 

1/24/2024

1,602,542

2,110,000

2.406%, 

10/30/2025

b

2,145,267

Westpac

Banking

Corporation

1,055,000

2.000%, 

1/13/2023

1,065,021

500,000

2.000%, 

1/16/2025

c

506,976

1,060,000

2.894%, 

2/4/2030

b

1,067,353

Total

157,046,348

Foreign

Government

(0.1%)

Province

of

Ontario

Canada

750,000

3.400%, 

10/17/2023

801,195

Total

801,195

Mortgage-Backed

Securities

(6.6%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

2,846,760

3.500%, 

5/1/2034

2,975,631

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,271,321

3.000%, 

8/1/2047

1,312,677

107,837

3.500%, 

7/1/2049

111,272

Federal

National

Mortgage

Association

1,711,530

3.500%, 

10/1/2048

1,780,389

3,537,397

3.500%, 

2/1/2049

d

3,664,959

1,965,178

3.500%, 

8/1/2049

2,049,010

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

7,850,000

2.500%, 

2/1/2035

d

7,989,522

38,297,000

3.000%, 

2/1/2035

d

39,447,406

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

8,638,000

3.000%, 

3/1/2050

d

8,827,692

239,599

3.444%, 

(LIBOR

12M

+

1.482%),

1/1/2043

b

245,068

2,894,786

4.000%, 

7/1/2048

3,030,194

Total

71,433,820

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Technology

(1.8%)

Apple,

Inc.

$

1,900,000

2.205%, 

(LIBOR

3M

+

0.300%),

5/6/2020

b

$

1,901,377

Broadcom

Corporation

2,250,000

3.125%, 

1/15/2025

2,316,963

Dell

International,

LLC/

EMC

Corporation

1,500,000

4.000%, 

7/15/2024

c

1,600,754

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

2,061,989

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

896,639

Hewlett

Packard

Enterprise

Company

1,750,000

3.500%, 

10/5/2021

1,796,987

Marvell

Technology

Group,

Ltd.

1,000,000

4.200%, 

6/22/2023

1,064,999

Microsoft

Corporation

2,000,000

1.850%, 

2/6/2020

1,999,960

Panasonic

Corporation

1,000,000

2.536%, 

7/19/2022

c

1,013,005

1,000,000

2.679%, 

7/19/2024

c

1,030,707

Seagate

HDD

Cayman

1,052,000

4.250%, 

3/1/2022

1,089,753

Texas

Instruments,

Inc.

1,000,000

1.750%, 

5/1/2020

1,000,072

VMware,

Inc.

1,500,000

2.950%, 

8/21/2022

1,536,946

Total

19,310,151

Transportation

(2.0%)

Air

Canada

Pass

Through

Trust

841,225

3.875%, 

3/15/2023

c

865,730

Air

Lease

Corporation

1,750,000

3.500%, 

1/15/2022

1,803,348

1,500,000

4.250%, 

2/1/2024

1,619,200

Aircastle

,

Ltd.

1,500,000

4.400%, 

9/25/2023

1,609,401

American

Airlines

Pass

Through

Trust

707,724

4.950%, 

1/15/2023

742,513

538,042

3.700%, 

5/1/2023

553,917

Avolon

Holdings

Funding,

Ltd.

1,500,000

3.950%, 

7/1/2024

c

1,579,425

British

Airways

plc

1,077,080

4.625%, 

6/20/2024

c

1,149,430

Continental

Airlines,

Inc.

1,598,184

4.150%, 

4/11/2024

1,699,829

Delta

Air

Lines,

Inc.

255,343

4.750%, 

5/7/2020

257,256

2,100,000

2.900%, 

10/28/2024

2,120,517

ERAC

USA

Finance,

LLC

1,400,000

2.600%, 

12/1/2021

c

1,416,905

J.B.

Hunt

Transport

Services,

Inc.

1,200,000

3.300%, 

8/15/2022

1,241,440

Penske

Truck

Leasing

Company,

LP

750,000

3.650%, 

7/29/2021

c

768,813

1,000,000

2.700%, 

11/1/2024

c

1,024,240

1,000,000

3.950%, 

3/10/2025

c

1,080,802

Ryder

System,

Inc.

1,000,000

3.400%, 

3/1/2023

1,041,034

TTX

Company

650,000

4.125%, 

10/1/2023

c

694,331

US

Airways

Pass

Through

Trust

652,360

3.950%, 

11/15/2025

699,502

Total

21,967,633

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

U.S.

Government

&

Agencies

(18.6%)

Federal

Home

Loan

Bank

$

8,000,000

2.500%, 

2/13/2024

$

8,352,108

3,500,000

1.500%, 

8/15/2024

3,520,214

Federal

National

Mortgage

Association

3,500,000

2.875%, 

9/12/2023

3,685,646

U.S.

Treasury

Bonds

1,275,000

2.250%, 

11/15/2027

1,350,355

6,750,000

5.500%, 

8/15/2028

8,935,049

20,750,000

2.625%, 

2/15/2029

22,735,029

U.S.

Treasury

Notes

3,500,000

1.875%, 

12/15/2020

3,510,527

6,500,000

2.500%, 

2/28/2021

6,569,316

1,450,000

1.375%, 

5/31/2021

1,448,867

1,250,000

2.625%, 

6/15/2021

1,269,971

39,000,000

1.500%, 

9/30/2021

39,074,648

36,100,000

2.500%, 

1/15/2022

36,892,508

13,845,000

2.000%, 

11/30/2022

14,108,380

6,875,000

2.750%, 

7/31/2023

7,211,768

1,500,000

2.500%, 

1/31/2024

1,568,848

2,750,000

2.125%, 

7/31/2024

2,846,465

15,425,000

1.250%, 

8/31/2024

15,377,399

2,000,000

2.875%, 

7/31/2025

2,160,078

21,000,000

2.625%, 

1/31/2026

22,492,149

Total

203,109,325

Utilities

(2.8%)

Ameren

Corporation

1,100,000

2.700%, 

11/15/2020

1,106,406

750,000

2.500%, 

9/15/2024

762,733

American

Electric

Power

Company,

Inc.

1,000,000

3.650%, 

12/1/2021

1,035,395

CenterPoint

Energy,

Inc.

1,750,000

3.850%, 

2/1/2024

1,869,768

DTE

Energy

Company

1,500,000

3.700%, 

8/1/2023

1,584,628

1,500,000

2.529%, 

10/1/2024

1,532,603

Edison

International

1,580,000

2.950%, 

3/15/2023

1,618,794

Enel

Finance

International

NV

2,000,000

2.750%, 

4/6/2023

c

2,034,479

Exelon

Corporation

1,350,000

2.850%, 

6/15/2020

1,353,696

1,250,000

3.497%, 

6/1/2022

1,288,763

Georgia

Power

Company

1,050,000

2.100%, 

7/30/2023

1,062,362

ITC

Holdings

Corporation

1,500,000

2.700%, 

11/15/2022

1,529,740

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

c

1,666,763

National

Rural

Utilities

Cooperative

Finance

Corporation

850,000

4.750%, 

4/30/2043

b

888,590

NiSource

Finance

Corporation

1,000,000

2.650%, 

11/17/2022

1,019,191

NiSource,

Inc.

1,250,000

5.650%, 

6/15/2023

b,h

1,306,250

PPL

Capital

Funding,

Inc.

1,420,000

3.500%, 

12/1/2022

1,472,900

Public

Service

Enterprise

Group,

Inc.

2,000,000

2.875%, 

6/15/2024

2,069,513

Sempra

Energy

1,250,000

2.400%, 

3/15/2020

1,250,250

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Utilities

(2.8%)

-

continued

$

2,125,000

3.550%, 

6/15/2024

$

2,254,183

Southern

Company

1,500,000

2.950%, 

7/1/2023

1,553,000

Total

30,260,007

Total

Long-Term

Fixed

Income

(cost

$1,033,335,254)

1,052,068,069

Shares

Registered

Investment

Companies

(

2.0%

)

Value

Unaffiliated  (2.0%)

259,500

Vanguard

Short-Term

Corporate

Bond

ETF

21,219,315

Total

21,219,315

Total

Registered

Investment

Companies

(cost

$20,988,740)

21,219,315

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

54,000

Citigroup

Capital

XIII,

8.306%

b

1,521,720

Total

1,521,720

Total

Preferred

Stock

(cost

$1,490,400)

1,521,720

Shares

or

Principal

Amount

Short-Term

Investments

(

6.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

1.535%,

2/12/2020

i,j

499,806

200,000

1.581%,

3/20/2020

i,j

199,602

600,000

1.535%,

4/8/2020

i,j

598,299

Thrivent

Core

Short-Term

Reserve

Fund

6,699,269

1.900%

66,992,686

Total

Short-Term

Investments

(cost

$68,290,316)

68,290,393

Total

Investments

(cost

$1,124,163,133)

105.0%

$1,143,155,579

Other

Assets

and

Liabilities,

Net

(5.0%)

(54,366,793)

Total

Net

Assets

100.0%

$1,088,788,786

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

January

31,

2020.

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

January

31,

2020,

the

value

of

these

investments

was

$416,044,708

or

38.2%

of

total

net

assets.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

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

January

31,

2020.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

h

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.

i

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

j

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:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

CMT

3M

-

Constant

Maturity

Treasury

Yield

3

Month

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

LIBOR

12M

-

ICE

Libor

USD

Rate

12

Month

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Limited

Maturity

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Consumer

Non-Cyclical

56,082

–

56,082

–

Long-Term

Fixed

Income

Asset-Backed

Securities

203,261,418

–

203,261,418

–

Basic

Materials

7,471,422

–

7,471,422

–

Capital

Goods

13,711,310

–

13,711,310

–

Collateralized

Mortgage

Obligations

202,127,541

–

198,931,061

3,196,480

Commercial

Mortgage-Backed

Securities

4,374,975

–

4,374,975

–

Communications

Services

20,050,488

–

20,050,488

–

Consumer

Cyclical

22,751,673

–

22,751,673

–

Consumer

Non-Cyclical

41,608,290

–

41,608,290

–

Energy

32,782,473

–

32,782,473

–

Financials

157,046,348

–

157,046,348

–

Foreign

Government

801,195

–

801,195

–

Mortgage-Backed

Securities

71,433,820

–

71,433,820

–

Technology

19,310,151

–

19,310,151

–

Transportation

21,967,633

–

21,967,633

–

U.S.

Government

&

Agencies

203,109,325

–

203,109,325

–

Utilities

30,260,007

–

30,260,007

–

Registered

Investment

Companies

Unaffiliated

21,219,315

21,219,315

–

–

Preferred

Stock

Financials

1,521,720

1,521,720

–

–

Short-Term

Investments

1,297,707

–

1,297,707

–

Subtotal

Investments

in

Securities

$1,076,162,893

$22,741,035

$1,050,225,378

$3,196,480

Other

Investments  *

Total

Affiliated

Short-Term

Investments

66,992,686

Subtotal

Other

Investments

$66,992,686

Total

Investments

at

Value

$1,143,155,579

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

268,371

268,371

–

–

Total

Asset

Derivatives

$268,371

$268,371

$–

$–

Liability

Derivatives

Futures

Contracts

1,977,268

1,977,268

–

–

Total

Liability

Derivatives

$1,977,268

$1,977,268

$–

$–

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Limited

Maturity

Bond

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$1,297,707

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

2-Yr.

U.S.

Treasury

Note

350

March

2020

$

75,457,412

$

268,371

Total

Futures

Long

Contracts

$

75,457,412

$

268,371

CBOT

10-Yr.

U.S.

Treasury

Note

(171)

March

2020

(

$

22,102,364)

(

$

410,855)

CBOT

5-Yr.

U.S.

Treasury

Note

(840)

March

2020

(

100,214,458)

(

854,602)

CBOT

U.S.

Long

Bond

(63)

March

2020

(

9,851,501)

(

450,968)

Ultra

10-Yr.

U.S.

Treasury

Note

(66)

March

2020

(

9,352,470)

(

260,843)

Total

Futures

Short

Contracts

(

$

141,520,793)

($1,977,268)

Total

Futures

Contracts

(

$

66,063,381)

($1,708,897)

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

Limited

Maturity

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$89,624

$109,795

$132,426

$66,993

6,699

6.2%

Total

Affiliated

Short-Term

Investments

89,624

66,993

6.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

1,520

66

1,586

–

–

–

Total

Collateral

Held

for

Securities

Loaned

1,520

–

–

Total

Value

$91,144

$66,993

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$373

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$373

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$0

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock

(

98.5%

)

Value

Communications

Services

(7.9%)

1,815

Auto

Trader

Group

plc

a

$

13,392

1,954

BCE,

Inc.

92,074

3,664

Deutsche

Telekom

AG

59,342

1,704

Elisa

Oyj

102,659

292,000

HKT

Trust

and

HKT,

Ltd.

435,877

4,600

Nippon

Telegraph

&

Telephone

Corporation

117,286

17,300

NTT

DOCOMO,

Inc.

491,535

376,000

PCCW,

Ltd.

221,454

4,947

Proximus

SA

140,951

965

Rogers

Communications,

Inc.

48,316

9,805

Verizon

Communications,

Inc.

582,809

Total

2,305,695

Consumer

Discretionary

(8.0%)

238

AutoZone,

Inc.

b

251,795

409

Berkeley

Group

Holdings

plc

28,300

62

Hermes

International

46,297

1,643

Home

Depot,

Inc.

374,768

1,450

McDonald's

Corporation

310,257

14,200

Nissan

Motor

Company,

Ltd.

77,053

5,500

Park24

Company,

Ltd.

138,120

5,800

Rinnai

Corporation

413,435

310

Ross

Stores,

Inc.

34,779

1,800

Sankyo

Company,

Ltd.

60,473

2,200

Sekisui

House,

Ltd.

47,305

2,300

SHIMAMURA

Company,

Ltd.

172,807

7,527

SmartCentres

REIT

178,648

3,037

TJX

Companies,

Inc.

179,305

4,700

Yamada

Denki

Company,

Ltd.

23,689

Total

2,337,031

Consumer

Staples

(16.0%)

735

Carlsberg

AS

107,335

9,074

Coca-Cola

Company

529,922

1,126

Colgate-Palmolive

Company

83,076

566

Diageo

plc

22,381

310

Hershey

Company

48,103

16,100

Japan

Tobacco,

Inc.

340,426

139

Kerry

Group

plc

17,774

5,084

Koninklijke

Ahold

Delhaize

NV

124,769

4,200

Lawson,

Inc.

243,089

38

Lindt

&

Spruengli

AG

318,968

685

Loblaw

Companies,

Ltd.

35,839

918

Mondelez

International,

Inc.

52,675

4,041

Nestle

SA

445,693

7,176

Orkla

ASA

69,276

4,084

PepsiCo,

Inc.

580,010

3,563

Procter

&

Gamble

Company

444,021

11,200

Seven

&

I

Holdings

Company,

Ltd.

429,445

5,200

Sundrug

Company,

Ltd.

176,218

850

Sysco

Corporation

69,819

300

TSURUHA

Holdings,

Inc.

36,720

2,862

Unilever

NV

167,004

1,670

Unilever

plc

99,618

1,955

Wal-Mart

Stores,

Inc.

223,828

Total

4,666,009

Financials

(13.8%)

372

Alleghany

Corporation

b

296,730

1,959

Allstate

Corporation

232,220

3,071

American

Financial

Group,

Inc.

334,094

1,201

Aon

plc

264,520

3,827

Arthur

J.

Gallagher

&

Company

392,535

1,975

Baloise

Holding

AG

356,840

2,106

Berkshire

Hathaway,

Inc.

b

472,650

Shares

Common

Stock

(98.5%)

Value

Financials

(13.8%)

-

continued

1,008

Chubb,

Ltd.

$

153,206

16,830

CI

Financial

Corporation

294,913

799

Deutsche

Boerse

AG

129,697

9,561

Israel

Discount

Bank,

Ltd.

43,365

85

Markel

Corporation

b

99,703

3,377

Marsh

&

McLennan

Companies,

Inc.

377,751

571

Pargesa

Holding

SA

45,742

69

Reinsurance

Group

of

America,

Inc.

9,939

6,539

Toronto-Dominion

Bank

361,389

718

W.R.

Berkley

Corporation

52,795

520

Willis

Towers

Watson

plc

109,871

Total

4,027,960

Health

Care

(11.1%)

703

Abbott

Laboratories

61,259

107

Amgen,

Inc.

23,117

493

Baxter

International,

Inc.

43,986

2,491

Danaher

Corporation

400,727

1,411

Eli

Lilly

and

Company

197,032

7,448

GlaxoSmithKline

plc

174,875

2,475

Johnson

&

Johnson

368,453

1,802

Medtronic

plc

208,023

3,291

Merck

&

Company,

Inc.

281,183

2,354

Novartis

AG

222,378

4,207

Novo

Nordisk

AS

256,087

1,595

Roche

Holding

AG

535,073

244

Sonova

Holding

AG

61,188

562

Stryker

Corporation

118,413

1,099

UnitedHealth

Group,

Inc.

299,423

Total

3,251,217

Industrials

(9.3%)

407

AMETEK,

Inc.

39,540

575

Geberit

AG

303,446

539

General

Dynamics

Corporation

94,562

1,946

Honeywell

International,

Inc.

337,086

867

Lockheed

Martin

Corporation

371,180

8,300

Mitsubishi

Corporation

212,776

6,255

RELX

plc

165,956

5,060

Republic

Services,

Inc.

480,953

11

SGS

SA

31,819

100

Sumitomo

Corporation

1,488

896

United

Technologies

Corporation

134,579

1,255

Verisk

Analytics,

Inc.

203,900

750

Waste

Connections,

Inc.

72,233

2,222

Waste

Management,

Inc.

270,417

Total

2,719,935

Information

Technology

(9.1%)

1,085

Accenture

plc

222,653

1,593

Amphenol

Corporation

158,456

1,168

Automatic

Data

Processing,

Inc.

200,184

8,400

Canon,

Inc.

220,284

4,888

CGI,

Inc.

b

374,264

1,954

Cisco

Systems,

Inc.

89,825

623

Fiserv,

Inc.

b

73,894

273

Jack

Henry

&

Associates,

Inc.

40,824

1,166

MasterCard,

Inc.

368,386

1,602

Microsoft

Corporation

272,708

5,901

Paychex,

Inc.

506,129

864

Synopsys,

Inc.

b

127,449

Total

2,655,056

Materials

(1.8%)

7,519

Kirkland

Lake

Gold,

Ltd.

308,339

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock

(98.5%)

Value

Materials

(1.8%)

-

continued

4,827

Newmont

Mining

Corporation

$

217,505

Total

525,844

Real

Estate

(13.6%)

599

American

Tower

Corporation

138,812

241,544

Ascendas

REIT

556,163

1,552

AvalonBay

Communities,

Inc.

336,303

1,778

Camden

Property

Trust

199,901

58,100

CapitaLand

Mall

Trust

b

106,819

1,500

Daito

Trust

Construction

Company,

Ltd.

176,695

4,107

Equity

Residential

341,210

21,300

First

Capital

REIT

348,777

25,000

Hang

Lung

Properties,

Ltd.

52,223

3,200

Link

REIT

32,360

134,900

Mapletree

Commercial

Trust

231,669

8,906

Quebecor,

Inc.

221,001

23,871

RioCan

REIT

489,902

4,722

Swiss

Prime

Site

AG

576,486

64

United

Urban

Investment

Corporation

114,763

21,675

Vicinity

Centres

36,585

Total

3,959,669

Utilities

(7.9%)

894

Ameren

Corporation

73,353

2,710

American

Electric

Power

Company,

Inc.

282,436

5,200

Consolidated

Edison,

Inc.

488,800

4,472

DTE

Energy

Company

593,032

4,179

Duke

Energy

Corporation

407,996

12,583

Enel

SPA

109,678

1,532

Pinnacle

West

Capital

Corporation

149,661

2,702

Xcel

Energy,

Inc.

186,951

Total

2,291,907

Total

Common

Stock

(cost

$26,182,771)

28,740,323

Shares

or

Principal

Amount

Short-Term

Investments

(

1.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.535%,

2/12/2020

c,d

199,923

Thrivent

Core

Short-Term

Reserve

Fund

24,468

1.900%

244,676

Total

Short-Term

Investments

(cost

$444,583)

444,599

Total

Investments

(cost

$26,627,354)

100.0%

$29,184,922

Other

Assets

and

Liabilities,

Net

<0.1%

12,656

Total

Net

Assets

100.0%

$29,197,578

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

January

31,

2020,

the

value

of

these

investments

was

$13,392

or

0.0%

of

total

net

assets.

b

Non-income

producing

security.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

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:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Low

Volatility

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

2,305,695

582,809

1,722,886

–

Consumer

Discretionary

2,337,031

1,150,904

1,186,127

–

Consumer

Staples

4,666,009

2,031,454

2,634,555

–

Financials

4,027,960

2,796,014

1,231,946

–

Health

Care

3,251,217

2,001,616

1,249,601

–

Industrials

2,719,935

2,004,450

715,485

–

Information

Technology

2,655,056

2,060,508

594,548

–

Materials

525,844

217,505

308,339

–

Real

Estate

3,959,669

1,016,226

2,943,443

–

Utilities

2,291,907

2,182,229

109,678

–

Short-Term

Investments

199,923

–

199,923

–

Subtotal

Investments

in

Securities

$28,940,246

$16,043,715

$12,896,531

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

244,676

Subtotal

Other

Investments

$244,676

Total

Investments

at

Value

$29,184,922

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

5,464

5,464

–

–

Total

Liability

Derivatives

$5,464

$5,464

$–

$–

The

following

table

presents

Low

Volatility

Equity

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$199,923

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

Eurex

MSCI

World

Index

5

March

2020

$

349,764

(

$

5,464)

Total

Futures

Long

Contracts

$

349,764

(

$

5,464)

Total

Futures

Contracts

$

349,764

($5,464)

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

Low

Volatility

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$521

$3,043

$3,319

$245

24

0.8%

Total

Affiliated

Short-Term

Investments

521

245

0.8

Total

Value

$521

$245

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Total

$–

$–

$0

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Shares

Common

Stock

(

96.0%

)

Value

Communications

Services

(4.3%)

958,847

DISH

Network

Corporation

a

$

35,247,216

955,278

Twitter,

Inc.

a

31,027,430

727,917

Zillow

Group,

Inc.

a

33,629,765

Total

99,904,411

Consumer

Discretionary

(10.7%)

160,146

Burlington

Stores,

Inc.

a

34,826,951

759,197

Etsy,

Inc.

a

37,056,406

205,404

Lululemon

Athletica,

Inc.

a

49,171,663

526,467

Norwegian

Cruise

Line

Holdings,

Ltd.

a

28,350,248

11,664

NVR,

Inc.

a

44,521,138

275,431

RH

a,b

57,496,221

Total

251,422,627

Consumer

Staples

(1.6%)

1,593,346

Hain

Celestial

Group,

Inc.

a

38,574,907

Total

38,574,907

Energy

(3.4%)

376,661

Diamondback

Energy,

Inc.

28,023,578

2,708,116

Patterson-UTI

Energy,

Inc.

21,502,441

2,518,140

WPX

Energy,

Inc.

a

30,091,773

Total

79,617,792

Financials

(17.6%)

1,499,900

Ally

Financial,

Inc.

48,041,797

1,296,113

Assured

Guaranty,

Ltd.

59,413,820

1,099,105

E*TRADE

Financial

Corporation

46,843,855

377,016

First

Republic

Bank

41,803,534

418,000

Hartford

Financial

Services

Group,

Inc.

24,779,040

2,862,420

KeyCorp

53,555,878

44,588

Markel

Corporation

a

52,300,386

1,375,204

Radian

Group,

Inc.

33,678,746

1,147,212

Zions

Bancorporations

NA

52,186,674

Total

412,603,730

Health

Care

(7.3%)

221,300

Alexion

Pharmaceuticals,

Inc.

a

21,995,007

1,100,748

Bausch

Health

Companies,

Inc.

a

30,193,517

145,444

Edwards

Lifesciences

Corporation

a

31,977,318

227,180

Jazz

Pharmaceuticals,

Inc.

a

32,566,253

216,986

Ligand

Pharmaceuticals,

Inc.

a,b

19,053,541

257,599

Universal

Health

Services,

Inc.

35,319,399

Total

171,105,035

Industrials

(17.1%)

487,770

AGCO

Corporation

34,212,188

917,247

Altra

Industrial

Motion

Corporation

30,507,635

299,543

Huntington

Ingalls

Industries,

Inc.

78,180,723

970,428

Kennametal,

Inc.

30,364,692

162,106

Old

Dominion

Freight

Line,

Inc.

31,810,060

1,351,877

Southwest

Airlines

Company

74,326,198

486,819

United

Airlines

Holdings,

Inc.

a

36,414,061

217,733

United

Rentals,

Inc.

a

29,544,191

344,153

Verisk

Analytics,

Inc.

55,914,538

Total

401,274,286

Information

Technology

(15.4%)

794,587

Advanced

Micro

Devices,

Inc.

a

37,345,589

622,631

Akamai

Technologies,

Inc.

a

58,122,604

308,711

Alliance

Data

Systems

Corporation

31,732,404

159,234

ANSYS,

Inc.

a

43,682,663

849,456

Ciena

Corporation

a

34,547,375

200,571

KLA-Tencor

Corporation

33,242,637

Shares

Common

Stock

(96.0%)

Value

Information

Technology

(15.4%)

-

continued

150,277

Nice,

Ltd.

ADR

a

$

25,892,727

2,445,991

Nuance

Communications,

Inc.

a

46,278,150

747,229

Teradyne,

Inc.

49,309,642

Total

360,153,791

Materials

(3.1%)

590,356

Ball

Corporation

42,611,896

974,186

Steel

Dynamics,

Inc.

29,108,678

Total

71,720,574

Real

Estate

(9.0%)

288,989

Alexandria

Real

Estate

Equities,

Inc.

47,163,005

452,923

Camden

Property

Trust

50,922,133

230,801

Digital

Realty

Trust,

Inc.

28,386,215

562,439

Douglas

Emmett,

Inc.

23,341,218

1,051,651

Duke

Realty

Corporation

38,185,448

1,411,215

Host

Hotels

&

Resorts,

Inc.

23,059,253

Total

211,057,272

Utilities

(6.5%)

724,708

Alliant

Energy

Corporation

43,018,667

610,591

CMS

Energy

Corporation

41,831,589

406,444

Entergy

Corporation

53,455,515

240,726

Public

Service

Enterprise

Group,

Inc.

14,250,979

Total

152,556,750

Total

Common

Stock

(cost

$1,747,608,684)

2,249,991,175

Shares

Collateral

Held

for

Securities

Loaned

(

2.3%

)

Value

54,771,163

Thrivent

Cash

Management

Trust

54,771,163

Total

Collateral

Held

for

Securities

Loaned

(cost

$54,771,163)

54,771,163

Shares

Short-Term

Investments

(

4.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

9,577,315

1.900%

95,773,151

Total

Short-Term

Investments

(cost

$95,773,151)

95,773,151

Total

Investments

(cost

$1,898,152,998)

102.4%

$2,400,535,489

Other

Assets

and

Liabilities,

Net

(2.4%)

(56,526,210)

Total

Net

Assets

100.0%

$2,344,009,279

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

January

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

51,477,664

Total

lending

$51,477,664

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$54,771,163

Net

amounts

due

to

counterparty

$3,293,499

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Mid

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

99,904,411

99,904,411

–

–

Consumer

Discretionary

251,422,627

251,422,627

–

–

Consumer

Staples

38,574,907

38,574,907

–

–

Energy

79,617,792

79,617,792

–

–

Financials

412,603,730

412,603,730

–

–

Health

Care

171,105,035

171,105,035

–

–

Industrials

401,274,286

401,274,286

–

–

Information

Technology

360,153,791

360,153,791

–

–

Materials

71,720,574

71,720,574

–

–

Real

Estate

211,057,272

211,057,272

–

–

Utilities

152,556,750

152,556,750

–

–

Subtotal

Investments

in

Securities

$2,249,991,175

$2,249,991,175

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

95,773,151

Collateral

Held

for

Securities

Loaned

54,771,163

Subtotal

Other

Investments

$150,544,314

Total

Investments

at

Value

$2,400,535,489

*

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

this

table

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$78,794

$112,670

$95,691

$95,773

9,577

4.1%

Total

Affiliated

Short-Term

Investments

78,794

95,773

4.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

53,203

140,211

138,643

54,771

54,771

2.3

Total

Collateral

Held

for

Securities

Loaned

53,203

54,771

2.3

Total

Value

$131,997

$150,544

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$1

$571

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$571

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

47

Total

Affiliated

Income

from

Securities

Loaned,

Net

$47

Total

$–

$–

$1

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Bank

Loans

(

1.5%

)

a

Value

Basic

Materials

(0.1%)

Arch

Coal,

Inc.,

Term

Loan

$

417,487

4.395%, 

(LIBOR

1M

+

2.750%),

3/7/2024

b

$

398,700

Ball

Metalpack

Finco

,

LLC,

Term

Loan

162,525

6.409%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

143,428

Big

River

Steel,

LLC,

Term

Loan

263,925

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

264,585

Chemours

Company,

Term

Loan

491,250

3.400%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

472,008

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

223,875

4.900%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b,c

224,435

MRC

Global

(US),

Inc.,

Term

Loan

365,965

4.645%, 

(LIBOR

1M

+

3.000%),

9/22/2024

b

367,110

Nouryon

USA,

LLC,

Term

Loan

385,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,d,e

384,519

Peabody

Energy

Corporation,

Term

Loan

280,013

4.395%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b,c

224,010

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

55,000

0.000%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

54,106

396,000

7.645%, 

(LIBOR

1M

+

6.000%),

10/31/2024

b

387,419

Total

2,920,320

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

225,038

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

225,014

BWAY

Holding

Company,

Term

Loan

329,156

5.084%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

326,414

Flex

Acquisition

Company,

Inc.

Term

Loan

459,651

5.159%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

452,757

GFL

Environmental,

Inc.,

Term

Loan

434,135

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

432,724

Navistar,

Inc.,

Term

Loan

460,600

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

460,945

TransDigm

,

Inc.,

Term

Loan

357,273

4.145%, 

(LIBOR

1M

+

2.500%),

6/9/2023

b

356,826

805,000

0.000%, 

(LIBOR

1M

+

2.250%),

12/31/2025

b

803,793

Vertiv

Group

Corporation,

Term

Loan

705,713

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

704,534

Total

3,763,007

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Communications

Services

(0.3%)

Altice

France

SA,

Term

Loan

$

189,637

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

$

187,623

CenturyLink,

Inc.,

Term

Loan

1,165,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

1,163,183

CommScope

Inc.,

Term

Loan

199,500

4.895%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

199,167

Coral-US

Co-Borrower,

LLC,

Term

Loan

940,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

937,650

Diamond

Sports

Group,

LLC,

Term

Loan

314,213

4.910%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

313,722

Entercom

Media

Corporation,

Term

Loan

285,000

4.160%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

286,545

Frontier

Communications

Corporation,

Term

Loan

714,064

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

720,013

HCP

Acquisition,

LLC,

Term

Loan

460,771

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

461,780

Intelsat

Jackson

Holdings

SA,

Term

Loan

400,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

398,252

Mediacom

Illinois,

LLC,

Term

Loan

206,325

3.320%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

207,099

NEP

Group,

Inc.,

Term

Loan

311,850

4.895%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

305,092

40,000

8.645%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

36,667

SBA

Senior

Finance

II,

LLC,

Term

Loan

319,190

3.400%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

319,391

Sprint

Communications,

Inc.,

Term

Loan

850,937

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

831,791

Terrier

Media

Buyer,

Inc.,

Term

Loan

280,000

6.148%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b

282,030

TNS,

Inc.,

Term

Loan

546,091

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

528,572

WideOpenWest

Finance,

LLC,

Term

Loan

354,833

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

350,915

Windstream

Services,

LLC,

Term

Loan

50,000

4.150%, 

(LIBOR

1M

+

2.500%),

2/26/2021

b

50,094

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Communications

Services

(0.3%)

-

continued

$

342,487

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,f

$

331,356

Total

7,910,942

Consumer

Cyclical

(0.3%)

Cengage

Learning,

Inc.,

Term

Loan

431,468

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

b

411,107

Four

Seasons

Hotels,

Ltd.,

Term

Loan

342,929

3.645%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

344,836

Golden

Entertainment,

Inc.,

Term

Loan

651,375

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,c

652,189

Golden

Nugget,

LLC,

Term

Loan

483,387

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

484,039

LCPR

Loan

Financing,

LLC,

Term

Loan

745,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

753,381

Mohegan

Gaming

and

Entertainment,

Term

Loan

491,478

5.645%, 

(LIBOR

1M

+

4.000%),

10/13/2023

b

485,031

Penn

National

Gaming,

Inc.,

Term

Loan

247,500

3.895%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

248,324

Scientific

Games

International,

Inc.,

Term

Loan

1,215,541

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,211,286

Staples,

Inc.,

Term

Loan

164,175

6.281%, 

(LIBOR

1M

+

4.500%),

9/12/2024

b

161,302

517,525

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

507,692

Stars

Group

Holdings

BV,

Term

Loan

695,892

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

699,406

Tenneco,

Inc.,

Term

Loan

509,850

4.645%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

498,379

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

241,937

3.395%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

243,319

Total

6,700,291

Consumer

Non-Cyclical

(0.3%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

1,246,077

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

1,216,097

102,900

5.895%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

99,041

Albertson's

LLC,

Term

Loan

1,012,462

4.395%, 

(LIBOR

1M

+

2.750%),

8/17/2026

b

1,012,462

Bausch

Health

Companies,

Inc.,

Term

Loan

695,047

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

697,479

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Consumer

Non-Cyclical

(0.3%)

-

continued

Chobani

,

LLC,

Term

Loan

$

357,240

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

$

356,793

Endo

International

plc,

Term

Loan

952,639

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

916,915

Energizer

Holdings,

Inc.,

Term

Loan

162,180

4.063%, 

(LIBOR

1M

+

2.250%),

1/2/2026

b

162,451

JBS

USA

LUX

SA,

Term

Loan

568,568

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,d,e

570,956

Mallinckrodt

International

Finance

SA,

Term

Loan

476,364

4.909%, 

(LIBOR

3M

+

3.000%),

2/24/2025

b

395,582

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

670,950

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

640,603

MPH

Acquisition

Holdings,

LLC,

Term

Loan

960,000

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

942,480

Ortho-Clinical

Diagnostics

SA,

Term

Loan

993,082

4.905%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

981,602

Plantronics,

Inc.,

Term

Loan

926,445

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

888,692

R.R.

Donnelley

&

Sons

Company,

Term

Loan

59,698

6.645%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

60,165

Sotera

Health

Holdings,

LLC,

Term

Loan

300,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

300,939

Total

9,242,257

Energy

(0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

298,500

6.395%, 

(LIBOR

1M

+

4.750%),

12/19/2025

b

270,704

Calpine

Corporation,

Term

Loan

356,599

4.200%, 

(LIBOR

3M

+

2.250%),

1/15/2024

b

357,565

CONSOL

Energy,

Inc.,

Term

Loan

287,825

6.150%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

248,488

Consolidated

Energy

Finance

SA,

Term

Loan

201,925

4.547%, 

(LIBOR

3M

+

2.500%),

5/7/2025

b,c

200,915

Fieldwood

Energy,

LLC,

Term

Loan

375,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

318,937

McDermott

Technology

(Americas),

Inc.,

Term

Loan

574,762

6.945%, 

(LIBOR

3M

+

5.000%),

5/10/2025

b,f

352,760

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Energy

(0.1%)

-

continued

Radiate

Holdco,

LLC,

Term

Loan

$

960,252

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

$

960,358

Total

2,709,727

Financials

(0.2%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

398,453

3.408%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

399,839

Blackstone

CQP

Holdco,

LP,

Term

Loan

238,800

5.408%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

238,602

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

438,875

4.670%, 

(LIBOR

1M

+

3.000%),

5/1/2024

b

378,292

Digicel

International

Finance,

Ltd.,

Term

Loan

735,879

5.340%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

664,742

GGP

Nimbus,

LLC,

Term

Loan

562,875

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

559,796

Grizzly

Finco

,

Term

Loan

389,015

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

386,584

Harland

Clarke

Holdings

Corporation,

Term

Loan

567,503

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

451,069

Level

3

Financing,

Inc.,

Term

Loan

475,000

3.395%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

473,931

MoneyGram

International,

Inc.,

Term

Loan

268,703

7.645%, 

(LIBOR

1M

+

6.000%),

6/30/2023

b

253,924

Tronox

Finance,

LLC,

Term

Loan

510,145

4.519%, 

(LIBOR

1M

+

2.750%),

9/22/2024

b

510,064

Total

4,316,843

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

374,062

5.145%, 

(LIBOR

1M

+

3.500%),

8/21/2026

b

375,114

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,197,000

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

1,197,000

Rackspace

Hosting,

Inc.,

Term

Loan

1,000,740

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

960,530

SS&C

Technologies

Holdings

Europe

SARL,

Term

Loan

111,910

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

111,886

SS&C

Technologies,

Inc.,

Term

Loan

175,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

174,963

120,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

119,975

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Technology

(0.1%)

-

continued

$

230,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

$

229,766

156,831

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

156,798

148,105

4.049%, 

(LIBOR

1M

+

2.250%),

4/16/2025

b

147,954

Total

3,473,986

Utilities

(<0.1%)

Core

and

Main,

LP,

Term

Loan

307,913

4.572%, 

(LIBOR

1M

+

2.750%),

8/1/2024

b

307,047

EnergySolutions

,

LLC,

Term

Loan

241,325

5.695%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

230,265

Total

537,312

Total

Bank

Loans

(cost

$42,365,140)

41,574,685

Shares

Registered

Investment

Companies

(

43.0%

)

Value

Unaffiliated  (1.2%)

4,315

Consumer

Discretionary

Select

Sector

SPDR

Fund

540,756

6,667

Health

Care

Select

Sector

SPDR

Fund

660,966

30,500

Invesco

Senior

Loan

ETF

689,605

70,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

9,176,300

2,648

iShares

Russell

2000

Index

Fund

g

425,083

5,153

iShares

Russell

2000

Value

Index

Fund

627,842

7,805

Materials

Select

Sector

SPDR

Fund

g

449,802

2,530

ProShares

Ultra

S&P

500

g

379,955

10,300

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

1,123,112

34,568

SPDR

S&P

500

ETF

Trust

11,121,563

11,643

SPDR

S&P

Biotech

ETF

g

1,037,624

28,645

SPDR

S&P

Metals

&

Mining

ETF

712,974

12,323

VanEck

Vectors

Oil

Services

ETF

134,321

70,000

Vanguard

Short-Term

Corporate

Bond

ETF

5,723,900

Total

32,803,803

Affiliated  (41.8%)

5,747,010

Thrivent

Core

Emerging

Markets

Debt

Fund

58,217,212

2,369,413

Thrivent

Core

International

Equity

Fund

22,604,204

9,249,734

Thrivent

Core

Low

Volatility

Equity

Fund

112,661,755

2,271,188

Thrivent

Global

Stock

Fund,

Class

S

55,507,835

8,448,708

Thrivent

High

Yield

Fund,

Class

S

40,300,335

13,091,041

Thrivent

Income

Fund,

Class

S

126,983,096

13,184,695

Thrivent

International

Allocation

Fund,

Class

S

134,220,198

14,466,170

Thrivent

Large

Cap

Growth

Fund,

Class

S

196,161,267

8,926,945

Thrivent

Large

Cap

Value

Fund,

Class

S

203,712,881

5,354,974

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

67,312,022

4,250,886

Thrivent

Mid

Cap

Stock

Fund,

Class

S

116,134,203

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Shares

Registered

Investment

Companies

(43.0%)

Value

Affiliated  (41.8%)-

continued

1,285,073

Thrivent

Small

Cap

Stock

Fund,

Class

S

$

29,659,482

Total

1,163,474,490

Total

Registered

Investment

Companies

(cost

$916,735,410)

1,196,278,293

Principal

Amount

Long-Term

Fixed

Income

(

30.6%

)

Value

Asset-Backed

Securities

(1.0%)

Access

Group,

Inc.

64,900

2.292%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

63,636

Aimco

800,000

3.122%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,h

800,812

Ares

CLO,

Ltd.

1,000,000

3.236%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,h

996,947

Benefit

Street

Partners

CLO

IV,

Ltd.

1,300,000

3.069%, 

(LIBOR

3M

+

1.250%),

1/20/2029,

Ser.

2014-IVA,

Class

A1RR

b,h

1,301,642

800,000

3.569%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,h

800,577

Betony

CLO,

Ltd.

940,000

2.850%, 

(LIBOR

3M

+

1.080%),

4/30/2031,

Ser.

2018-1A,

Class

A1

b,h

939,999

Buttermilk

Park

CLO,

Ltd.

1,750,000

3.231%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,h

1,740,380

Carlyle

Global

Market

Strategies

CLO,

Ltd.

1,150,000

3.281%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,h

1,141,683

Carvana

Auto

Receivables

Trust

250,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

h

251,062

Colony

American

Finance

Trust

1,285,602

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

h

1,320,457

Commonbond

Student

Loan

Trust

134,220

2.161%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

131,642

CoreVest

American

Finance

Trust

1,496,475

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

h

1,528,482

Deephaven

Residential

Mortgage

Trust

698,113

4.080%, 

10/25/2058,

Ser.

2018-4A,

Class

A1

b,h

707,301

Dryden

Senior

Loan

Fund

950,000

3.219%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,h

946,091

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Asset-Backed

Securities

(1.0%)

-

continued

Earnest

Student

Loan

Program,

LLC

$

211,741

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

h

$

213,033

Edlinc

Student

Loan

Funding

Trust

4,385

4.720%, 

(CMT

3M

+

3.150%),

10/1/2025,

Ser.

2012-A,

Class

AT

b,h

4,387

Galaxy

XX

CLO,

Ltd.

650,000

2.819%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,h

645,070

Golub

Capital

Partners,

Ltd.

890,000

2.969%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

b,h

890,408

769,000

3.019%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,h

767,692

Harley

Marine

Financing,

LLC

2,195,899

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

1,965,330

Home

Partners

of

America

Trust

1,477,842

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

h

1,509,012

1,467,309

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

h

1,469,209

Madison

Park

Funding

XIV,

Ltd.

600,000

3.202%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

598,151

Magnetite

XII,

Ltd.

650,000

2.931%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,h

649,680

Mountain

View

CLO,

Ltd.

475,000

2.951%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,h

471,829

National

Collegiate

Trust

486,858

1.956%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

471,071

Neuberger

Berman

CLO

XIV,

Ltd.

1,000,000

2.904%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,e,h

1,000,000

850,000

3.045%, 

(LIBOR

3M

+

1.250%),

1/28/2030,

Ser.

2013-14A,

Class

AR

b,h

850,432

Neuberger

Berman

CLO,

Ltd.

180,000

2.982%, 

(LIBOR

3M

+

1.180%),

4/22/2029,

Ser.

2014-17A,

Class

AR

b,h

180,052

Octagon

Investment

Partners

XVI,

Ltd.

200,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,h

198,355

OZLM

VIII,

Ltd.

210,000

3.006%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,h

210,104

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Asset-Backed

Securities

(1.0%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

550,000

3.469%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,h

$

550,397

PPM

CLO

3,

Ltd.

500,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,h

500,600

Shackleton

CLO,

Ltd.

450,000

3.001%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,h

448,550

SLM

Student

Loan

Trust

159,598

2.061%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

153,953

SoFi

Professional

Loan

Program,

LLC

76,819

2.420%, 

3/25/2030,

Ser.

2015-A,

Class

A2

h

76,826

TCW

GEM

II,

Ltd.

900,000

3.660%, 

(LIBOR

3M

+

1.750%),

2/15/2029,

Ser.

2019-1A,

Class

AJ

b,h

900,136

Voya

CLO,

Ltd.

500,000

3.031%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,h

499,996

Total

27,894,984

Basic

Materials

(0.3%)

Anglo

American

Capital

plc

300,000

4.875%, 

5/14/2025

h

334,741

Chemours

Company

300,000

6.625%, 

5/15/2023

295,329

Cleveland-Cliffs,

Inc.

220,000

5.750%, 

3/1/2025

213,400

Dow

Chemical

Company

325,000

4.800%, 

11/30/2028

376,937

DowDuPont

,

Inc.

600,000

4.493%, 

11/15/2025

670,339

First

Quantum

Minerals,

Ltd.

560,000

7.500%, 

4/1/2025

h

551,600

Glencore

Funding,

LLC

152,000

4.125%, 

5/30/2023

h

159,897

200,000

4.000%, 

3/27/2027

h

211,990

International

Paper

Company

390,000

4.350%, 

8/15/2048

429,478

Kinross

Gold

Corporation

154,000

5.950%, 

3/15/2024

172,337

460,000

4.500%, 

7/15/2027

489,486

Krayton

Polymers,

LLC

270,000

7.000%, 

4/15/2025

h

274,725

Norbord,

Inc.

320,000

5.750%, 

7/15/2027

h

336,000

Novelis

Corporation

495,000

5.875%, 

9/30/2026

h

524,700

100,000

4.750%, 

1/30/2030

h

100,187

Olin

Corporation

360,000

5.125%, 

9/15/2027

375,185

Peabody

Securities

Finance

Corporation

465,000

6.375%, 

3/31/2025

h

385,950

Sherwin-Williams

Company

153,000

3.125%, 

6/1/2024

160,358

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Basic

Materials

(0.3%)

-

continued

Syngenta

Finance

NV

$

475,000

3.933%, 

4/23/2021

h

$

484,918

Teck

Resources,

Ltd.

581,000

6.125%, 

10/1/2035

695,796

Tronox

Finance

plc

310,000

5.750%, 

10/1/2025

h

306,125

Vale

Overseas,

Ltd.

225,000

6.250%, 

8/10/2026

266,063

132,000

6.875%, 

11/21/2036

173,581

WestRock

Company

245,000

3.750%, 

3/15/2025

262,603

Total

8,251,725

Capital

Goods

(0.5%)

AECOM

540,000

5.125%, 

3/15/2027

576,342

Amsted

Industries,

Inc.

390,000

5.625%, 

7/1/2027

h

414,591

Ardagh

Packaging

Finance

plc

480,000

6.000%, 

2/15/2025

h

501,600

Boeing

Company

375,000

3.850%, 

11/1/2048

402,838

Bombardier,

Inc.

650,000

7.500%, 

3/15/2025

h

624,000

Building

Materials

Corporation

of

America

460,000

6.000%, 

10/15/2025

h

480,125

Cemex

SAB

de

CV

510,000

5.450%, 

11/19/2029

h

543,787

Cintas

Corporation

No.

2

230,000

3.700%, 

4/1/2027

255,165

CNH

Industrial

Capital,

LLC

336,000

4.875%, 

4/1/2021

345,260

CNH

Industrial

NV

210,000

3.850%, 

11/15/2027

222,542

Covanta

Holding

Corporation

270,000

6.000%, 

1/1/2027

280,800

Crown

Cork

&

Seal

Company,

Inc.

450,000

7.375%, 

12/15/2026

532,125

H&E

Equipment

Services,

Inc.

345,000

5.625%, 

9/1/2025

359,663

Ingersoll-Rand

Luxembourg

Finance

SA

625,000

3.500%, 

3/21/2026

670,286

L3Harris

Technologies,

Inc.

507,000

3.950%, 

5/28/2024

h

544,963

Lockheed

Martin

Corporation

312,000

3.600%, 

3/1/2035

355,346

304,000

4.500%, 

5/15/2036

376,934

78,000

6.150%, 

9/1/2036

110,999

Northrop

Grumman

Corporation

550,000

3.850%, 

4/15/2045

619,566

Owens-Brockway

Glass

Container,

Inc.

675,000

5.000%, 

1/15/2022

h

698,625

Republic

Services,

Inc.

235,000

2.900%, 

7/1/2026

246,659

Reynolds

Group

Issuer,

Inc.

570,000

5.125%, 

7/15/2023

h

583,538

Rockwell

Collins,

Inc.

580,000

2.800%, 

3/15/2022

592,502

Roper

Technologies,

Inc.

130,000

3.650%, 

9/15/2023

137,907

192,000

4.200%, 

9/15/2028

217,162

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Capital

Goods

(0.5%)

-

continued

Siemens

Financieringsmaatschappij

NV

$

386,000

4.200%, 

3/16/2047

h

$

480,005

Textron,

Inc.

510,000

3.375%, 

3/1/2028

536,720

TransDigm

,

Inc.

470,000

5.500%, 

11/15/2027

h

472,891

United

Rentals

North

America,

Inc.

435,000

5.500%, 

7/15/2025

450,095

110,000

4.625%, 

10/15/2025

112,406

200,000

5.875%, 

9/15/2026

212,750

United

Technologies

Corporation

700,000

4.450%, 

11/16/2038

862,650

400,000

3.750%, 

11/1/2046

457,770

390,000

4.050%, 

5/4/2047

468,183

Total

14,746,795

Collateralized

Mortgage

Obligations

(1.1%)

Ajax

Mortgage

Loan

Trust

986,205

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,h

1,011,509

Alternative

Loan

Trust

166,468

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

138,529

Angel

Oak

Mortgage

Trust

I,

LLC

74,942

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

h

75,700

1,417,965

3.674%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,h

1,434,834

Bellemeade

Re,

Ltd.

322,526

3.261%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

323,263

715,508

2.761%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,h

716,065

BRAVO

Residential

Funding

Trust

651,382

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

h

661,394

700,085

2.748%, 

11/25/2059,

Ser.

2019-NQM2,

Class

A1

b,h

704,283

CHL

Mortgage

Pass-Through

Trust

2,333,462

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

1,945,939

CIM

Trust

1,452,296

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,h

1,527,096

Citicorp

Mortgage

Securities,

Inc.

938,598

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

927,706

Citigroup

Mortgage

Loan

Trust,

Inc.

209,367

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

215,106

COLT

Funding,

LLC

202,716

3.470%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,h

203,483

Countrywide

Alternative

Loan

Trust

197,770

3.279%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

192,962

328,327

6.000%, 

4/25/2036,

Ser.

2006-4CB,

Class

1A1

262,085

129,017

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

131,236

704,426

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

416,728

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Countrywide

Home

Loans,

Inc.

$

245,215

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

$

197,940

Credit

Suisse

Mortgage

Capital

Certificates

1,100,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

h,j

1,100,255

Credit

Suisse

Mortgage

Trust

1,259,215

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,h

1,318,308

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

130,629

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

118,211

Ellington

Financial

Mortgage

Trust

624,078

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,h

634,313

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

636,294

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

i

43,689

519,787

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

52,965

1,512,971

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

160,431

984,637

3.000%, 

7/15/2046,

Ser.

4750,

Class

PA

1,010,070

Federal

National

Mortgage

Association

-

REMIC

2,443,862

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

171,864

FWD

Securitization

Trust

2,228,263

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,h

2,255,147

Galton

Funding

Mortgage

Trust

2017-1

747,032

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,h

762,781

GCAT

Trust

163,975

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

h,j

165,095

GS

Mortgage-Backed

Securities

Trust

1,223,159

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,h

1,221,813

MASTR

Alternative

Loans

Trust

382,609

2.111%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

121,281

Merrill

Lynch

Alternative

Note

Asset

Trust

190,204

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

138,805

Preston

Ridge

Partners

Mortgage

Trust,

LLC

678,387

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

h,j

684,275

Pretium

Mortgage

Credit

Partners,

LLC

339,747

4.213%, 

7/25/2060,

Ser.

2019-NPL1,

Class

A1

h,j

340,400

RCO

Mortgage,

LLC

497,250

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,h

498,135

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

$

1,009,712

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,h

$

1,034,620

Residential

Accredit

Loans,

Inc.

Trust

370,890

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

375,275

Silver

Hill

Trust

590,779

3.046%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

597,226

Toorak

Mortgage

Corporation

400,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

h,j

404,929

3,000,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

3,015,969

Verus

Securitization

Trust

194,907

2.853%, 

1/25/2047,

Ser.

2017-1A,

Class

A1

b,h

195,236

258,471

2.485%, 

7/25/2047,

Ser.

2017-2A,

Class

A1

b,h

257,973

238,697

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,h

241,111

153,504

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,h

154,907

307,014

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,h

309,810

1,084,844

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,h

1,091,379

WaMu

Mortgage

Pass

Through

Certificates

50,661

3.710%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

49,186

194,481

3.693%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

192,140

Total

29,803,457

Commercial

Mortgage-Backed

Securities

(0.4%)

Citigroup

Commercial

Mortgage

Trust

1,250,000

3.102%, 

12/15/2072,

Ser.

2019-C7,

Class

A4

1,339,243

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

821,495

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

843,087

Federal

National

Mortgage

Association

4,326,622

4.500%, 

5/1/2048

4,581,402

Federal

National

Mortgage

Association

-

ACES

2,225,000

3.639%, 

8/25/2030,

Ser.

2018-M12,

Class

A2

b

2,542,944

GS

Mortgage

Securities

Trust

1,200,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

1,287,355

UBS

Commercial

Mortgage

Trust

950,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

1,001,306

Total

11,595,337

Communications

Services

(1.0%)

AMC

Networks,

Inc.

280,000

5.000%, 

4/1/2024

285,600

American

Tower

Corporation

275,000

2.900%, 

1/15/2030

279,552

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Communications

Services

(1.0%)

-

continued

AT&T,

Inc.

$

725,000

4.350%, 

3/1/2029

$

818,583

235,000

4.300%, 

2/15/2030

265,888

315,000

5.250%, 

3/1/2037

386,224

300,000

4.900%, 

8/15/2037

357,220

228,000

6.350%, 

3/15/2040

311,237

285,000

5.550%, 

8/15/2041

363,305

540,000

5.450%, 

3/1/2047

684,114

British

Sky

Broadcasting

Group

plc

315,000

3.125%, 

11/26/2022

h

326,184

British

Telecommunications

plc

625,000

4.500%, 

12/4/2023

681,281

CCO

Holdings,

LLC

275,000

5.500%, 

5/1/2026

h

287,375

260,000

5.125%, 

5/1/2027

h

271,700

650,000

4.750%, 

3/1/2030

h

668,281

CCOH

Safari,

LLC

200,000

5.750%, 

2/15/2026

h

209,868

Charter

Communications

Operating,

LLC

129,000

6.834%, 

10/23/2055

171,178

300,000

4.500%, 

2/1/2024

325,913

430,000

4.200%, 

3/15/2028

463,987

1,075,000

6.484%, 

10/23/2045

1,394,604

Clear

Channel

Worldwide

Holdings,

Inc.

350,000

5.125%, 

8/15/2027

h

360,500

Comcast

Corporation

575,000

4.950%, 

10/15/2058

781,846

370,000

4.049%, 

11/1/2052

433,629

250,000

2.750%, 

3/1/2023

257,861

355,000

3.950%, 

10/15/2025

392,622

575,000

4.250%, 

10/15/2030

674,664

130,000

4.400%, 

8/15/2035

158,214

410,000

4.750%, 

3/1/2044

521,484

250,000

4.600%, 

8/15/2045

311,209

Cox

Communications,

Inc.

420,000

3.350%, 

9/15/2026

h

445,602

156,000

4.600%, 

8/15/2047

h

182,577

Crown

Castle

International

Corporation

234,000

5.250%, 

1/15/2023

255,977

312,000

3.200%, 

9/1/2024

327,583

CSC

Holdings,

LLC

90,000

5.500%, 

5/15/2026

h

94,293

Discovery

Communications,

LLC

390,000

4.900%, 

3/11/2026

443,066

Embarq

Corporation

270,000

7.995%, 

6/1/2036

300,091

Frontier

Communications

Corporation

430,000

8.000%, 

4/1/2027

h

448,834

Gray

Television,

Inc.

295,000

5.875%, 

7/15/2026

h

308,644

iHeartCommunications

,

Inc.

390,000

4.750%, 

1/15/2028

h

397,515

Lamar

Media

Corporation

200,000

3.750%, 

2/15/2028

e,h

201,336

Level

3

Financing,

Inc.

205,000

5.375%, 

5/1/2025

211,663

690,000

4.625%, 

9/15/2027

h

708,989

Neptune

Finco

Corporation

499,000

10.875%, 

10/15/2025

h

552,742

Netflix,

Inc.

590,000

4.875%, 

4/15/2028

631,300

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Communications

Services

(1.0%)

-

continued

Nexstar

Escrow

Corporation

$

201,000

5.625%, 

8/1/2024

h

$

209,040

340,000

5.625%, 

7/15/2027

h

358,292

Omnicom

Group,

Inc.

156,000

3.600%, 

4/15/2026

168,847

Sirius

XM

Radio,

Inc.

540,000

5.000%, 

8/1/2027

h

567,000

Sprint

Communications,

Inc.

390,000

6.000%, 

11/15/2022

402,675

Sprint

Corporation

665,000

7.625%, 

2/15/2025

692,258

Telefonica

Emisiones

SAU

475,000

4.570%, 

4/27/2023

514,940

Telesat

Canada

/

Telesat

,

LLC

480,000

4.875%, 

6/1/2027

h

493,128

Time

Warner

Entertainment

Company,

LP

379,000

8.375%, 

3/15/2023

448,717

T-Mobile

USA,

Inc.

820,000

4.500%, 

2/1/2026

843,313

VeriSign,

Inc.

350,000

4.750%, 

7/15/2027

369,250

Verizon

Communications,

Inc.

298,000

3.376%, 

2/15/2025

318,688

170,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

174,984

1,192,000

4.272%, 

1/15/2036

1,400,147

Viacom,

Inc.

160,000

4.250%, 

9/1/2023

172,315

228,000

5.850%, 

9/1/2043

297,346

Virgin

Media

Secured

Finance

plc

410,000

5.500%, 

8/15/2026

h

429,996

Vodafone

Group

plc

400,000

4.875%, 

6/19/2049

479,539

Walt

Disney

Company

720,000

6.400%, 

12/15/2035

1,061,688

Windstream

Services,

LLC

190,000

8.625%, 

10/31/2025

f,g,h

185,250

Ziggo

BV

640,000

5.500%, 

1/15/2027

h

678,400

Total

28,220,148

Consumer

Cyclical

(0.7%)

1011778

B.C.,

ULC

550,000

4.375%, 

1/15/2028

h

551,320

Allison

Transmission,

Inc.

550,000

5.000%, 

10/1/2024

h

560,323

Amazon.com,

Inc.

390,000

3.875%, 

8/22/2037

457,898

234,000

4.050%, 

8/22/2047

288,851

American

Honda

Finance

Corporation

45,000

2.000%, 

2/14/2020

45,002

400,000

2.150%, 

9/10/2024

405,751

Brookfield

Property

REIT,

Inc.

260,000

5.750%, 

5/15/2026

h

271,292

Brookfield

Residential

Properties,

Inc.

560,000

6.250%, 

9/15/2027

h

599,200

Cinemark

USA,

Inc.

575,000

4.875%, 

6/1/2023

582,187

D.R.

Horton,

Inc.

365,000

2.550%, 

12/1/2020

367,105

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Daimler

Finance

North

America,

LLC

$

175,000

2.452%, 

(LIBOR

3M

+

0.550%),

5/4/2021

b,h

$

175,666

Ford

Motor

Credit

Company,

LLC

114,000

3.200%, 

1/15/2021

114,949

650,000

5.596%, 

1/7/2022

685,959

115,000

3.231%, 

(LIBOR

3M

+

1.270%),

3/28/2022

b

114,526

600,000

2.979%, 

8/3/2022

603,780

General

Motors

Company

560,000

2.791%, 

(LIBOR

3M

+

0.900%),

9/10/2021

b

562,713

General

Motors

Financial

Company,

Inc.

152,000

4.200%, 

3/1/2021

155,338

210,000

2.728%, 

(LIBOR

3M

+

0.850%),

4/9/2021

b

210,998

400,000

3.150%, 

6/30/2022

409,327

152,000

3.950%, 

4/13/2024

160,354

360,000

4.300%, 

7/13/2025

386,441

Hanesbrands,

Inc.

400,000

4.875%, 

5/15/2026

h

421,500

Hilton

Domestic

Operating

Company,

Inc.

530,000

4.875%, 

1/15/2030

560,475

Home

Depot,

Inc.

375,000

5.400%, 

9/15/2040

514,843

228,000

4.250%, 

4/1/2046

275,851

965,000

3.900%, 

6/15/2047

1,122,664

Hyundai

Capital

America

550,000

3.000%, 

6/20/2022

h

560,530

L

Brands,

Inc.

150,000

6.694%, 

1/15/2027

155,250

Landry's,

Inc.

220,000

6.750%, 

10/15/2024

h

226,094

Lear

Corporation

294,000

5.250%, 

1/15/2025

302,519

Lennar

Corporation

350,000

4.125%, 

1/15/2022

359,187

620,000

4.875%, 

12/15/2023

664,950

200,000

4.500%, 

4/30/2024

213,500

Live

Nation

Entertainment,

Inc.

250,000

5.625%, 

3/15/2026

h

266,250

325,000

4.750%, 

10/15/2027

h

334,360

Macy's

Retail

Holdings,

Inc.

330,000

2.875%, 

2/15/2023

330,619

Mastercard

,

Inc.

275,000

3.950%, 

2/26/2048

332,526

Mattamy

Group

Corporation

460,000

5.250%, 

12/15/2027

h

481,850

McDonald's

Corporation

125,000

2.750%, 

12/9/2020

125,958

470,000

4.450%, 

3/1/2047

560,582

MGM

Resorts

International

540,000

6.000%, 

3/15/2023

592,488

Prime

Security

Services

Borrower,

LLC

550,000

5.750%, 

4/15/2026

h

580,250

Ryman

Hospitality

Properties,

Inc.

290,000

4.750%, 

10/15/2027

h

301,600

Scientific

Games

International,

Inc.

270,000

5.000%, 

10/15/2025

h

277,684

90,000

7.000%, 

5/15/2028

h

94,894

ServiceMaster

Company,

LLC

550,000

5.125%, 

11/15/2024

h

568,408

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Six

Flags

Entertainment

Corporation

$

270,000

4.875%, 

7/31/2024

h

$

276,412

280,000

5.500%, 

4/15/2027

h

290,864

Staples,

Inc.

290,000

7.500%, 

4/15/2026

h

297,076

Viking

Cruises,

Ltd.

380,000

5.875%, 

9/15/2027

h

389,519

Volkswagen

Group

of

America

Finance,

LLC

725,000

4.250%, 

11/13/2023

h

782,492

Walmart,

Inc.

425,000

3.250%, 

7/8/2029

465,579

Yum!

Brands,

Inc.

140,000

4.750%, 

1/15/2030

h

149,310

Total

20,585,064

Consumer

Non-Cyclical

(1.3%)

Abbott

Laboratories

133,000

3.750%, 

11/30/2026

147,657

643,000

4.750%, 

11/30/2036

824,833

AbbVie,

Inc.

390,000

3.600%, 

5/14/2025

416,773

325,000

2.950%, 

11/21/2026

h

335,715

175,000

4.700%, 

5/14/2045

200,838

750,000

4.875%, 

11/14/2048

883,747

Albertson's

Companies,

LLC

560,000

7.500%, 

3/15/2026

h

620,200

Allergan,

Inc.

400,000

2.800%, 

3/15/2023

407,132

Altria

Group,

Inc.

400,000

4.400%, 

2/14/2026

441,903

600,000

5.800%, 

2/14/2039

729,592

Amgen,

Inc.

266,000

2.200%, 

5/11/2020

266,257

150,000

3.125%, 

5/1/2025

158,138

Anheuser-Busch

Companies,

LLC

800,000

3.650%, 

2/1/2026

869,414

608,000

4.700%, 

2/1/2036

731,943

Anheuser-Busch

InBev

Worldwide,

Inc.

950,000

4.750%, 

4/15/2058

1,174,654

495,000

4.375%, 

4/15/2038

573,434

195,000

4.600%, 

4/15/2048

235,570

Anthem,

Inc.

390,000

4.625%, 

5/15/2042

451,250

B&G

Foods,

Inc.

410,000

5.250%, 

9/15/2027

408,975

BAT

Capital

Corporation

234,000

3.222%, 

8/15/2024

243,307

312,000

4.540%, 

8/15/2047

323,201

Bausch

Health

Companies,

Inc.

250,000

7.000%, 

1/15/2028

h

270,785

70,000

5.000%, 

1/30/2028

h

70,875

70,000

5.250%, 

1/30/2030

h

71,313

Baxalta

,

Inc.

201,000

4.000%, 

6/23/2025

219,106

Becton,

Dickinson

and

Company

341,000

3.734%, 

12/15/2024

366,286

650,000

3.700%, 

6/6/2027

706,455

234,000

4.669%, 

6/6/2047

293,585

Boston

Scientific

Corporation

228,000

7.375%, 

1/15/2040

359,811

Bristol-Myers

Squibb

Company

330,000

2.875%, 

8/15/2020

h

331,950

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Bunge,

Ltd.

Finance

Corporation

$

114,000

3.500%, 

11/24/2020

$

115,479

Cargill,

Inc.

400,000

3.250%, 

5/23/2029

h

435,479

Centene

Corporation

550,000

4.750%, 

1/15/2025

568,332

90,000

4.250%, 

12/15/2027

h

94,050

210,000

4.625%, 

12/15/2029

h

226,023

Cigna

Corporation

90,000

2.721%, 

(LIBOR

3M

+

0.890%),

7/15/2023

b

91,099

490,000

4.125%, 

11/15/2025

538,806

285,000

3.050%, 

10/15/2027

g

295,563

605,000

4.800%, 

8/15/2038

725,038

Clorox

Company

505,000

3.100%, 

10/1/2027

539,768

Conagra

Brands,

Inc.

380,000

4.300%, 

5/1/2024

414,509

Constellation

Brands,

Inc.

360,000

3.600%, 

2/15/2028

388,620

CVS

Health

Corporation

180,000

3.700%, 

3/9/2023

188,811

75,000

4.000%, 

12/5/2023

80,118

465,000

4.100%, 

3/25/2025

505,879

935,000

4.875%, 

7/20/2035

1,118,100

Encompass

Health

Corporation

350,000

4.500%, 

2/1/2028

360,514

Energizer

Holdings,

Inc.

540,000

5.500%, 

6/15/2025

h

557,550

Express

Scripts

Holding

Company

690,000

4.800%, 

7/15/2046

809,301

HCA,

Inc.

780,000

5.375%, 

2/1/2025

871,728

Imperial

Brands

Finance

plc

400,000

3.875%, 

7/26/2029

h

419,167

JBS

USA,

LLC

55,000

5.750%, 

6/15/2025

h

56,953

570,000

5.500%, 

1/15/2030

h

615,600

Kimberly-Clark

Corporation

390,000

3.900%, 

5/4/2047

452,525

Kraft

Heinz

Foods

Company

650,000

3.375%, 

6/15/2021

664,224

600,000

4.875%, 

10/1/2049

h

659,264

Kroger

Company

200,000

2.800%, 

8/1/2022

205,082

Medtronic,

Inc.

848,000

4.375%, 

3/15/2035

1,050,440

23,000

4.625%, 

3/15/2045

30,241

Merck

&

Company,

Inc.

70,000

3.700%, 

2/10/2045

80,784

Mylan,

Inc.

65,000

3.125%, 

1/15/2023

h

66,641

Nestle

Holdings,

Inc.

375,000

3.900%, 

9/24/2038

h

445,020

Par

Pharmaceutical,

Inc.

270,000

7.500%, 

4/1/2027

h

274,725

Pilgrim's

Pride

Corporation

350,000

5.875%, 

9/30/2027

h

371,245

Reynolds

American,

Inc.

481,000

5.700%, 

8/15/2035

576,821

Roche

Holdings,

Inc.

228,000

4.000%, 

11/28/2044

h

278,167

Scotts

Miracle-

Gro

Company

300,000

4.500%, 

10/15/2029

h

310,125

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

$

462,000

2.400%, 

9/23/2021

$

466,127

Simmons

Foods,

Inc.

305,000

5.750%, 

11/1/2024

h

308,050

Smithfield

Foods,

Inc.

275,000

2.650%, 

10/3/2021

h

274,460

Spectrum

Brands,

Inc.

520,000

5.750%, 

7/15/2025

540,150

Teleflex,

Inc.

570,000

4.625%, 

11/15/2027

599,925

Tenet

Healthcare

Corporation

140,000

4.625%, 

7/15/2024

143,500

400,000

5.125%, 

11/1/2027

h

421,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

300,000

2.800%, 

7/21/2023

278,949

Tyson

Foods,

Inc.

156,000

3.550%, 

6/2/2027

168,860

UnitedHealth

Group,

Inc.

420,000

2.950%, 

10/15/2027

444,301

1,010,000

4.625%, 

7/15/2035

1,251,011

VRX

Escrow

Corporation

1,085,000

6.125%, 

4/15/2025

h

1,116,053

Zimmer

Biomet

Holdings,

Inc.

325,000

3.550%, 

4/1/2025

346,941

Zoetis,

Inc.

509,000

4.700%, 

2/1/2043

640,451

Total

35,616,268

Energy

(1.0%)

Antero

Resources

Corporation

250,000

5.125%, 

12/1/2022

215,625

Archrock

Partners,

LP

290,000

6.250%, 

4/1/2028

h

298,337

BP

Capital

Markets

America,

Inc.

85,000

3.119%, 

5/4/2026

90,011

BP

Capital

Markets

plc

233,000

3.535%, 

11/4/2024

251,021

588,000

3.279%, 

9/19/2027

627,605

Buckeye

Partners,

LP

335,000

3.950%, 

12/1/2026

332,410

125,000

4.125%, 

12/1/2027

123,375

Canadian

Natural

Resources,

Ltd.

215,000

3.450%, 

11/15/2021

220,388

Canadian

Oil

Sands,

Ltd.

210,000

9.400%, 

9/1/2021

h

231,375

Cenovus

Energy,

Inc.

575,000

5.400%, 

6/15/2047

655,168

Cheniere

Corpus

Christi

Holdings,

LLC

500,000

7.000%, 

6/30/2024

579,005

430,000

5.875%, 

3/31/2025

488,394

Cheniere

Energy

Partners,

LP

595,000

5.625%, 

10/1/2026

623,264

Chesapeake

Energy

Corporation

161,000

11.500%, 

1/1/2025

h

129,557

ConocoPhillips

390,000

6.500%, 

2/1/2039

578,185

Continental

Resources,

Inc.

250,000

4.500%, 

4/15/2023

263,950

550,000

4.375%, 

1/15/2028

580,084

Diamondback

Energy,

Inc.

750,000

3.500%, 

12/1/2029

758,475

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Energy

(1.0%)

-

continued

El

Paso

Pipeline

Partners

Operating

Company,

LLC

$

230,000

4.300%, 

5/1/2024

$

248,445

Enagas

SA

820,000

5.500%, 

1/15/2028

h

820,000

Enbridge,

Inc.

300,000

2.900%, 

7/15/2022

307,044

Energy

Transfer

Operating,

LP

125,000

4.200%, 

9/15/2023

132,759

570,000

6.000%, 

6/15/2048

657,925

Energy

Transfer

Partners,

LP

215,000

4.900%, 

3/15/2035

236,006

175,000

5.150%, 

2/1/2043

179,574

EnLink

Midstream

Partners,

LP

350,000

4.850%, 

7/15/2026

320,250

Enterprise

Products

Operating,

LLC

30,000

5.100%, 

2/15/2045

35,963

Hess

Corporation

710,000

3.500%, 

7/15/2024

740,436

Kinder

Morgan

Energy

Partners,

LP

380,000

6.500%, 

9/1/2039

490,447

Kinder

Morgan,

Inc.

440,000

6.500%, 

9/15/2020

452,232

Magellan

Midstream

Partners,

LP

215,000

5.000%, 

3/1/2026

246,952

Marathon

Oil

Corporation

305,000

6.600%, 

10/1/2037

392,443

Marathon

Petroleum

Corporation

468,000

4.750%, 

12/15/2023

511,920

87,000

6.500%, 

3/1/2041

116,595

MPLX,

LP

700,000

4.875%, 

12/1/2024

770,719

468,000

4.875%, 

6/1/2025

518,840

Murphy

Oil

Corporation

390,000

5.875%, 

12/1/2027

399,750

Nabors

Industries,

Inc.

275,000

5.750%, 

2/1/2025

225,500

Nabors

Industries,

Ltd.

100,000

7.250%, 

1/15/2026

h

100,125

Newfield

Exploration

Company

500,000

5.625%, 

7/1/2024

551,956

Noble

Energy,

Inc.

600,000

5.050%, 

11/15/2044

656,101

Occidental

Petroleum

Corporation

371,000

4.850%, 

3/15/2021

382,056

Parsley

Energy,

LLC

420,000

5.625%, 

10/15/2027

h

444,990

Petrobras

Global

Finance

BV

356,000

5.093%, 

1/15/2030

h

390,657

Petroleos

Mexicanos

525,000

6.875%, 

8/4/2026

592,200

Pioneer

Natural

Resources

Company

150,000

4.450%, 

1/15/2026

166,738

Plains

All

American

Pipeline,

LP

400,000

4.500%, 

12/15/2026

434,309

575,000

3.550%, 

12/15/2029

573,175

Regency

Energy

Partners,

LP

304,000

5.875%, 

3/1/2022

323,630

Sabine

Pass

Liquefaction,

LLC

230,000

6.250%, 

3/15/2022

247,050

270,000

5.625%, 

4/15/2023

295,402

320,000

5.750%, 

5/15/2024

360,402

Schlumberger

Holdings

Corporation

365,000

4.000%, 

12/21/2025

h

400,805

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Energy

(1.0%)

-

continued

Southwestern

Energy

Company

$

545,000

7.500%, 

4/1/2026

g

$

454,911

Suncor

Energy,

Inc.

210,000

3.600%, 

12/1/2024

224,369

Sunoco

Logistics

Partners

Operations,

LP

250,000

4.000%, 

10/1/2027

262,175

Sunoco,

LP

305,000

5.500%, 

2/15/2026

313,772

290,000

5.875%, 

3/15/2028

308,516

Targa

Resources

Partners,

LP

410,000

5.375%, 

2/1/2027

425,375

Transocean

Guardian,

Ltd.

459,256

5.875%, 

1/15/2024

h

469,015

Viper

Energy

Partners,

LP

390,000

5.375%, 

11/1/2027

h

406,575

W&T

Offshore,

Inc.

465,000

9.750%, 

11/1/2023

h

440,262

Western

Gas

Partners,

LP

312,000

4.000%, 

7/1/2022

321,094

Williams

Companies,

Inc.

420,000

7.500%, 

1/15/2031

557,246

Williams

Partners,

LP

190,000

4.000%, 

11/15/2021

195,795

115,000

3.600%, 

3/15/2022

118,437

195,000

4.500%, 

11/15/2023

210,973

320,000

6.300%, 

4/15/2040

398,851

Woodside

Finance,

Ltd.

420,000

3.650%, 

3/5/2025

h

443,891

165,000

3.700%, 

3/15/2028

h

174,873

WPX

Energy,

Inc.

390,000

5.750%, 

6/1/2026

408,525

220,000

4.500%, 

1/15/2030

221,368

Total

27,125,648

Financials

(2.4%)

ABN

AMRO

Bank

NV

300,000

4.750%, 

7/28/2025

h

331,630

ACE

INA

Holdings,

Inc.

225,000

4.350%, 

11/3/2045

285,877

AerCap

Ireland

Capital,

Ltd.

152,000

4.625%, 

10/30/2020

154,924

152,000

4.625%, 

7/1/2022

160,912

275,000

3.500%, 

1/15/2025

288,550

425,000

3.875%, 

1/23/2028

449,982

Aircastle

,

Ltd.

650,000

5.000%, 

4/1/2023

703,905

Ally

Financial,

Inc.

600,000

5.750%, 

11/20/2025

682,026

American

International

Group,

Inc.

228,000

4.125%, 

2/15/2024

247,171

475,000

3.750%, 

7/10/2025

514,957

450,000

3.900%, 

4/1/2026

492,564

Australia

and

New

Zealand

Banking

Group,

Ltd.

300,000

2.950%, 

7/22/2030

b,h

304,435

AvalonBay

Communities,

Inc.

175,000

3.500%, 

11/15/2025

189,741

Aviation

Capital

Group,

LLC

500,000

2.875%, 

1/20/2022

h

506,081

Avolon

Holdings

Funding,

Ltd.

325,000

5.250%, 

5/15/2024

h

357,630

Banco

Santander

SA

600,000

2.968%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

605,117

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Financials

(2.4%)

-

continued

Bank

of

America

Corporation

$

300,000

3.499%, 

5/17/2022

b

$

306,587

285,000

3.300%, 

1/11/2023

297,584

320,000

2.881%, 

4/24/2023

b

326,867

312,000

4.000%, 

4/1/2024

338,202

500,000

4.200%, 

8/26/2024

543,760

500,000

4.000%, 

1/22/2025

541,006

600,000

3.458%, 

3/15/2025

b

634,995

420,000

3.093%, 

10/1/2025

b

439,768

325,000

3.824%, 

1/20/2028

b

356,568

231,000

5.875%, 

2/7/2042

337,117

Bank

of

Montreal

310,000

2.308%, 

(LIBOR

3M

+

0.460%),

4/13/2021

b

311,232

Bank

of

Nova

Scotia

615,000

2.259%, 

(LIBOR

3M

+

0.440%),

4/20/2021

b

617,340

225,000

2.700%, 

3/7/2022

230,468

Barclays

Bank

plc

78,000

10.179%, 

6/12/2021

h

86,347

Barclays

plc

555,000

3.250%, 

1/12/2021

561,516

600,000

4.610%, 

2/15/2023

b

628,691

315,000

3.650%, 

3/16/2025

333,920

Boston

Properties,

LP

450,000

4.500%, 

12/1/2028

524,449

BPCE

SA

588,000

3.500%, 

10/23/2027

h

624,544

Camden

Property

Trust

500,000

3.150%, 

7/1/2029

537,107

Capital

One

Financial

Corporation

304,000

3.050%, 

3/9/2022

311,315

500,000

4.200%, 

10/29/2025

546,621

Capital

One

NA

475,000

2.150%, 

9/6/2022

478,648

Cascades

USA,

Inc.

280,000

5.125%, 

1/15/2026

h

289,100

CIT

Group,

Inc.

580,000

5.000%, 

8/15/2022

616,250

Citigroup,

Inc.

360,000

2.750%, 

4/25/2022

366,604

188,000

4.050%, 

7/30/2022

197,544

265,000

3.142%, 

1/24/2023

b

271,048

655,000

4.400%, 

6/10/2025

722,358

304,000

3.200%, 

10/21/2026

321,669

768,000

3.668%, 

7/24/2028

b

836,155

228,000

4.125%, 

7/25/2028

253,335

425,000

3.520%, 

10/27/2028

b

457,464

180,000

3.878%, 

1/24/2039

b

205,905

324,000

4.650%, 

7/23/2048

423,004

CNA

Financial

Corporation

225,000

3.900%, 

5/1/2029

250,008

Comerica,

Inc.

130,000

3.700%, 

7/31/2023

138,125

Commerzbank

AG

390,000

8.125%, 

9/19/2023

h

458,457

Commonwealth

Bank

of

Australia

228,000

2.250%, 

3/10/2020

h

228,125

Compass

Bank

425,000

3.500%, 

6/11/2021

433,897

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

432,000

3.950%, 

11/9/2022

453,770

686,000

4.625%, 

12/1/2023

746,961

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Financials

(2.4%)

-

continued

Credit

Agricole

SA

$

500,000

3.375%, 

1/10/2022

h

$

513,599

525,000

3.250%, 

1/14/2030

h

541,766

Credit

Suisse

Group

AG

350,000

7.250%, 

9/12/2025

b,h,k

396,812

350,000

3.869%, 

1/12/2029

b,h

381,486

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

375,000

3.125%, 

12/10/2020

378,999

Credit

Suisse

Group

Funding,

Ltd.

304,000

3.750%, 

3/26/2025

326,401

Danske

Bank

AS

375,000

3.244%, 

12/20/2025

b,h

387,753

Deutsche

Bank

AG

468,000

3.375%, 

5/12/2021

474,661

190,000

4.250%, 

10/14/2021

195,691

450,000

3.961%, 

11/26/2025

b

470,466

Deutsche

Bank

AG

of

New

York

100,000

3.950%, 

2/27/2023

103,812

Discover

Bank

275,000

2.450%, 

9/12/2024

278,175

480,000

4.682%, 

8/9/2028

b

507,984

Duke

Realty,

LP

210,000

4.375%, 

6/15/2022

220,739

300,000

2.875%, 

11/15/2029

308,712

ERP

Operating,

LP

75,000

3.375%, 

6/1/2025

80,315

Fidelity

National

Financial,

Inc.

500,000

5.500%, 

9/1/2022

543,679

Fifth

Third

Bancorp

260,000

2.600%, 

6/15/2022

264,676

Five

Corners

Funding

Trust

865,000

4.419%, 

11/15/2023

h

946,015

GE

Capital

International

Funding

Company

1,985,000

4.418%, 

11/15/2035

2,235,898

Goldman

Sachs

Group,

Inc.

350,000

5.375%, 

3/15/2020

351,442

550,000

5.375%, 

5/10/2020

b,k

554,097

540,000

2.876%, 

10/31/2022

b

549,617

312,000

2.908%, 

6/5/2023

b

318,902

250,000

3.625%, 

2/20/2024

265,759

550,000

3.691%, 

6/5/2028

b

597,184

395,000

4.750%, 

10/21/2045

504,256

HCP,

Inc.

140,000

3.400%, 

2/1/2025

148,302

HSBC

Holdings

plc

300,000

6.875%, 

6/1/2021

b,k

314,499

250,000

2.650%, 

1/5/2022

253,877

725,000

3.803%, 

3/11/2025

b

770,369

275,000

3.900%, 

5/25/2026

298,974

HSBC

USA,

Inc.

95,000

2.350%, 

3/5/2020

95,055

Icahn

Enterprises,

LP

205,000

6.750%, 

2/1/2024

212,687

325,000

6.375%, 

12/15/2025

339,219

ING

Groep

NV

245,000

3.150%, 

3/29/2022

251,617

525,000

4.100%, 

10/2/2023

563,395

International

Lease

Finance

Corporation

150,000

5.875%, 

8/15/2022

164,346

Iron

Mountain,

Inc.

310,000

6.000%, 

8/15/2023

316,587

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Financials

(2.4%)

-

continued

J.P.

Morgan

Chase

&

Company

$

310,000

2.587%, 

(LIBOR

3M

+

0.680%),

6/1/2021

b

$

310,619

180,000

2.295%, 

8/15/2021

180,442

385,000

2.700%, 

5/18/2023

395,415

165,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

168,234

280,000

3.625%, 

5/13/2024

300,015

500,000

3.875%, 

9/10/2024

540,312

550,000

3.125%, 

1/23/2025

580,671

800,000

3.900%, 

7/15/2025

877,012

250,000

3.300%, 

4/1/2026

267,097

575,000

4.203%, 

7/23/2029

b

653,005

470,000

3.882%, 

7/24/2038

b

537,055

KeyCorp

350,000

2.900%, 

9/15/2020

352,343

Kimco

Realty

Corporation

624,000

3.300%, 

2/1/2025

661,591

Liberty

Mutual

Group,

Inc.

152,000

4.950%, 

5/1/2022

h

161,695

Lloyds

Banking

Group

plc

425,000

2.907%, 

11/7/2023

b

433,829

MassMutual

Global

Funding

250,000

2.750%, 

6/22/2024

h

260,627

MetLife,

Inc.

290,000

4.050%, 

3/1/2045

341,314

Mitsubishi

UFJ

Financial

Group,

Inc.

825,000

3.455%, 

3/2/2023

863,870

390,000

3.287%, 

7/25/2027

416,690

Morgan

Stanley

152,000

5.550%, 

7/15/2020

b,k

154,166

351,000

2.750%, 

5/19/2022

358,528

180,000

4.875%, 

11/1/2022

194,088

355,000

3.125%, 

1/23/2023

368,296

450,000

4.350%, 

9/8/2026

501,547

468,000

3.591%, 

7/22/2028

b

506,506

420,000

3.772%, 

1/24/2029

b

462,629

MPT

Operating

Partnership,

LP

260,000

6.375%, 

3/1/2024

268,393

290,000

4.625%, 

8/1/2029

303,413

Nasdaq,

Inc.

180,000

3.850%, 

6/30/2026

196,253

Nationwide

Building

Society

325,000

3.622%, 

4/26/2023

b,h

335,946

Outfront

Media

Cap,

LLC

475,000

4.625%, 

3/15/2030

h

489,250

Park

Aerospace

Holdings,

Ltd.

325,000

4.500%, 

3/15/2023

h

344,614

Prudential

Financial,

Inc.

375,000

3.700%, 

3/13/2051

399,572

Quicken

Loans,

Inc.

575,000

5.750%, 

5/1/2025

h

595,125

Realty

Income

Corporation

320,000

4.125%, 

10/15/2026

358,724

Regency

Centers,

LP

550,000

4.125%, 

3/15/2028

613,191

Reinsurance

Group

of

America,

Inc.

460,000

4.700%, 

9/15/2023

503,215

325,000

3.900%, 

5/15/2029

354,306

Royal

Bank

of

Scotland

Group

plc

150,000

6.125%, 

12/15/2022

164,399

175,000

6.100%, 

6/10/2023

194,356

300,000

3.875%, 

9/12/2023

317,455

650,000

4.269%, 

3/22/2025

b

697,615

475,000

4.445%, 

5/8/2030

b

537,780

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Financials

(2.4%)

-

continued

Santander

UK

Group

Holdings

plc

$

266,000

2.875%, 

10/16/2020

$

267,606

Simon

Property

Group,

LP

304,000

4.250%, 

11/30/2046

363,861

SITE

Centers

Corporation

104,000

4.625%, 

7/15/2022

109,013

Societe

Generale

SA

234,000

4.750%, 

11/24/2025

h

258,100

Springleaf

Finance

Corporation

270,000

7.125%, 

3/15/2026

309,785

Standard

Chartered

plc

500,000

2.819%, 

1/30/2026

b,h

506,293

Sumitomo

Mitsui

Financial

Group,

Inc.

295,000

2.784%, 

7/12/2022

301,841

255,000

3.102%, 

1/17/2023

264,425

228,000

3.010%, 

10/19/2026

238,270

Synchrony

Financial

85,000

4.250%, 

8/15/2024

91,201

675,000

3.950%, 

12/1/2027

720,098

UBS

Group

Funding

Jersey,

Ltd.

228,000

4.125%, 

9/24/2025

h

251,748

UBS

Group

Funding

Switzerland

AG

300,000

3.491%, 

5/23/2023

h

310,376

Ventas

Realty,

LP

340,000

3.100%, 

1/15/2023

351,430

445,000

4.000%, 

3/1/2028

486,494

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

100,000

4.250%, 

12/1/2026

h

102,633

70,000

3.750%, 

2/15/2027

e,h

70,350

100,000

4.625%, 

12/1/2029

h

104,500

70,000

4.125%, 

8/15/2030

e,h

71,050

Voya

Financial,

Inc.

576,000

3.125%, 

7/15/2024

603,640

Wells

Fargo

&

Company

130,000

2.550%, 

12/7/2020

130,811

355,000

2.625%, 

7/22/2022

362,055

290,000

3.069%, 

1/24/2023

296,780

304,000

3.450%, 

2/13/2023

317,271

500,000

4.125%, 

8/15/2023

536,188

285,000

3.000%, 

2/19/2025

298,312

750,000

3.000%, 

4/22/2026

786,366

304,000

3.000%, 

10/23/2026

318,823

550,000

4.900%, 

11/17/2045

692,264

Welltower

,

Inc.

130,000

3.950%, 

9/1/2023

138,659

ZB

NA

575,000

3.500%, 

8/27/2021

589,436

Total

68,058,638

Mortgage-Backed

Securities

(9.7%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

10,606,479

3.500%, 

5/1/2034

11,086,625

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

10,659,535

3.000%, 

8/1/2047

11,006,290

708,355

3.500%, 

7/1/2049

730,921

Federal

National

Mortgage

Association

955,899

3.230%, 

11/1/2020

957,087

8,415,022

3.500%, 

10/1/2048

e

8,753,580

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Mortgage-Backed

Securities

(9.7%)

-

continued

$

23,380,738

3.500%, 

2/1/2049

e

$

24,223,875

9,624,461

3.500%, 

8/1/2049

e

10,035,028

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

30,500,000

2.500%, 

2/1/2035

e

31,042,090

56,543,000

3.000%, 

2/1/2035

e

58,241,498

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

92,712,000

3.000%, 

3/1/2050

e

94,747,968

17,368,714

4.000%, 

7/1/2048

18,181,167

745,601

3.500%, 

8/1/2049

769,377

Total

269,775,506

Technology

(0.6%)

Adobe,

Inc.

275,000

2.150%, 

2/1/2027

e

278,771

Apple,

Inc.

85,000

3.000%, 

2/9/2024

89,137

312,000

3.200%, 

5/11/2027

336,764

260,000

3.000%, 

6/20/2027

278,033

670,000

3.000%, 

11/13/2027

716,978

920,000

3.750%, 

9/12/2047

1,069,908

Applied

Materials,

Inc.

160,000

3.300%, 

4/1/2027

172,947

Avnet,

Inc.

225,000

3.750%, 

12/1/2021

231,039

Broadcom

Corporation

143,000

3.875%, 

1/15/2027

151,141

380,000

3.500%, 

1/15/2028

391,960

Broadcom,

Inc.

625,000

4.750%, 

4/15/2029

h

699,965

CommScope

Technologies

Finance,

LLC

500,000

6.000%, 

6/15/2025

h

477,190

Diamond

1

Finance

Corporation

1,260,000

6.020%, 

6/15/2026

h

1,471,779

Diamond

Sports

Group,

LLC

540,000

6.625%, 

8/15/2027

g,h

504,900

Harland

Clarke

Holdings

Corporation

330,000

8.375%, 

8/15/2022

h

286,069

Hewlett

Packard

Enterprise

Company

550,000

2.620%, 

(LIBOR

3M

+

0.720%),

10/5/2021

b

550,078

172,000

4.400%, 

10/15/2022

182,315

Iron

Mountain,

Inc.

220,000

4.875%, 

9/15/2029

h

224,422

Marvell

Technology

Group,

Ltd.

335,000

4.200%, 

6/22/2023

356,775

450,000

4.875%, 

6/22/2028

508,830

Microsoft

Corporation

475,000

4.750%, 

11/3/2055

672,220

475,000

4.200%, 

11/3/2035

583,248

1,360,000

3.700%, 

8/8/2046

1,605,224

NCR

Corporation

530,000

6.125%, 

9/1/2029

h

578,309

NXP

BV/NXP

Funding,

LLC

575,000

4.875%, 

3/1/2024

h

632,751

Oracle

Corporation

780,000

2.950%, 

5/15/2025

823,761

420,000

3.850%, 

7/15/2036

480,426

Plantronics,

Inc.

330,000

5.500%, 

5/31/2023

h

318,457

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Technology

(0.6%)

-

continued

PTC,

Inc.

$

100,000

3.625%, 

2/15/2025

e,h

$

100,750

SS&C

Technologies,

Inc.

430,000

5.500%, 

9/30/2027

h

454,854

Texas

Instruments,

Inc.

540,000

4.150%, 

5/15/2048

675,036

Tyco

Electronics

Group

SA

78,000

3.450%, 

8/1/2024

82,808

156,000

3.125%, 

8/15/2027

164,632

Total

16,151,477

Transportation

(0.2%)

Air

Canada

Pass

Through

Trust

56,082

3.875%, 

3/15/2023

h

57,715

Air

Lease

Corporation

130,000

3.500%, 

1/15/2022

133,963

Boeing

Company

700,000

3.600%, 

5/1/2034

757,772

Burlington

Northern

Santa

Fe,

LLC

235,000

5.750%, 

5/1/2040

333,235

590,000

5.050%, 

3/1/2041

771,809

260,000

4.450%, 

3/15/2043

317,749

CSX

Corporation

126,000

3.700%, 

11/1/2023

134,903

375,000

3.350%, 

9/15/2049

387,782

Delta

Air

Lines,

Inc.

175,000

2.875%, 

3/13/2020

175,230

Hertz

Corporation

290,000

5.500%, 

10/15/2024

h

294,228

220,000

6.000%, 

1/15/2028

h

221,925

NCL

Corporation,

Ltd.

440,000

3.625%, 

12/15/2024

h

436,700

Penske

Truck

Leasing

Company,

LP

500,000

3.375%, 

2/1/2022

h

513,115

United

Continental

Holdings,

Inc.

550,000

4.875%, 

1/15/2025

580,250

XPO

Logistics,

Inc.

200,000

6.125%, 

9/1/2023

h

206,750

334,000

6.750%, 

8/15/2024

h

361,973

Total

5,685,099

U.S.

Government

&

Agencies

(9.6%)

U.S.

Treasury

Bonds

2,055,000

2.250%, 

11/15/2027

2,176,454

22,500,000

2.875%, 

5/15/2028

24,966,211

5,090,000

5.250%, 

11/15/2028

6,678,040

10,000,000

1.625%, 

8/15/2029

10,106,250

1,175,000

4.375%, 

5/15/2040

1,675,660

560,000

3.000%, 

5/15/2042

665,853

15,871,000

2.500%, 

5/15/2046

17,437,641

13,950,000

2.875%, 

5/15/2049

16,660,441

350,000

2.375%, 

11/15/2049

379,531

U.S.

Treasury

Notes

420,000

2.250%, 

3/31/2020

420,396

21,500,000

1.375%, 

9/30/2020

21,472,285

220,000

1.875%, 

12/15/2020

220,662

2,750,000

2.500%, 

2/28/2021

2,779,326

1,500,000

1.375%, 

5/31/2021

1,498,828

4,773,000

1.125%, 

8/31/2021

4,752,305

23,940,000

1.500%, 

9/30/2021

23,985,823

3,710,000

1.875%, 

7/31/2022

3,760,143

1,200,000

1.625%, 

11/15/2022

1,210,219

19,860,000

2.000%, 

11/30/2022

20,237,806

5,270,000

2.500%, 

3/31/2023

5,464,125

16,750,000

2.500%, 

1/31/2024

17,518,799

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

U.S.

Government

&

Agencies

(9.6%)

-

continued

$

6,640,000

2.125%, 

7/31/2024

$

6,872,919

10,000,000

1.250%, 

8/31/2024

9,969,141

1,200,000

1.500%, 

10/31/2024

1,209,656

7,140,000

2.250%, 

11/15/2024

7,444,008

8,540,000

2.125%, 

11/30/2024

8,857,581

10,200,000

2.625%, 

1/31/2026

10,924,758

36,340,000

2.500%, 

2/28/2026

38,685,066

Total

268,029,927

Utilities

(0.8%)

Ameren

Illinois

Company

390,000

4.500%, 

3/15/2049

504,147

American

Electric

Power

Company,

Inc.

479,000

2.950%, 

12/15/2022

494,512

Appalachian

Power

Company

155,000

3.300%, 

6/1/2027

164,713

Arizona

Public

Service

Company

300,000

3.500%, 

12/1/2049

325,385

Berkshire

Hathaway

Energy

Company

265,000

4.500%, 

2/1/2045

322,621

Calpine

Corporation

520,000

4.500%, 

2/15/2028

h

517,400

CenterPoint

Energy,

Inc.

130,000

3.850%, 

2/1/2024

138,897

375,000

2.500%, 

9/1/2024

381,876

355,000

4.250%, 

11/1/2028

399,259

CMS

Energy

Corporation

228,000

2.950%, 

2/15/2027

234,626

Commonwealth

Edison

Company

290,000

3.700%, 

3/1/2045

323,957

Consolidated

Edison

Company

of

New

York,

Inc.

825,000

4.125%, 

5/15/2049

989,198

Consolidated

Edison,

Inc.

114,000

4.500%, 

12/1/2045

139,730

Consumers

Energy

Company

475,000

4.350%, 

4/15/2049

607,489

DTE

Electric

Company

215,000

3.700%, 

3/15/2045

243,105

245,000

3.700%, 

6/1/2046

277,714

Duke

Energy

Carolinas,

LLC

585,000

3.700%, 

12/1/2047

664,946

Duke

Energy

Corporation

304,000

3.750%, 

9/1/2046

325,842

Duke

Energy

Florida,

LLC

210,000

3.200%, 

1/15/2027

225,254

Duke

Energy

Indiana,

LLC

310,000

3.750%, 

5/15/2046

349,684

Edison

International

150,000

2.950%, 

3/15/2023

153,683

875,000

5.750%, 

6/15/2027

1,011,389

Energy

Transfer

Operating,

LP

550,000

5.200%, 

2/1/2022

577,100

Exelon

Corporation

120,000

5.100%, 

6/15/2045

151,932

459,000

4.450%, 

4/15/2046

540,515

FirstEnergy

Corporation

100,000

2.850%, 

7/15/2022

102,178

605,000

4.850%, 

7/15/2047

747,246

ITC

Holdings

Corporation

84,000

4.050%, 

7/1/2023

88,771

152,000

5.300%, 

7/1/2043

196,436

Mississippi

Power

Company

310,000

3.950%, 

3/30/2028

344,887

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income

(30.6%)

Value

Utilities

(0.8%)

-

continued

Monongahela

Power

Company

$

210,000

5.400%, 

12/15/2043

h

$

284,183

National

Rural

Utilities

Cooperative

Finance

Corporation

250,000

3.900%, 

11/1/2028

283,828

525,000

3.700%, 

3/15/2029

590,253

NextEra

Energy

Operating

Partners,

LP

520,000

3.875%, 

10/15/2026

h

525,200

NiSource

Finance

Corporation

156,000

3.490%, 

5/15/2027

167,897

435,000

5.650%, 

2/1/2045

578,913

Oncor

Electric

Delivery

Company,

LLC

624,000

3.750%, 

4/1/2045

717,115

Pacific

Gas

and

Electric

Company

365,000

3.300%, 

12/1/2027

l,m

378,213

365,000

3.950%, 

12/1/2047

g,l,m

365,913

PPL

Capital

Funding,

Inc.

365,000

5.000%, 

3/15/2044

443,990

PPL

Electric

Utilities

Corporation

234,000

3.950%, 

6/1/2047

272,179

Public

Service

Electric

&

Gas

Company

390,000

3.000%, 

5/15/2027

415,086

San

Diego

Gas

and

Electric

Company

540,000

4.150%, 

5/15/2048

640,367

South

Carolina

Electric

&

Gas

Company

685,000

5.100%, 

6/1/2065

963,446

Southern

California

Edison

Company

320,000

4.000%, 

4/1/2047

355,743

Southern

Company

424,000

3.250%, 

7/1/2026

451,437

300,000

4.400%, 

7/1/2046

349,137

Southern

Company

Gas

Capital

Corporation

390,000

4.400%, 

5/30/2047

457,677

Southwestern

Electric

Power

Company

110,000

3.900%, 

4/1/2045

120,732

TerraForm

Power

Operating,

LLC

570,000

5.000%, 

1/31/2028

h

615,600

Virginia

Electric

and

Power

Company

375,000

4.600%, 

12/1/2048

485,113

Vistra

Operations

Company,

LLC

350,000

5.000%, 

7/31/2027

h

359,205

Total

21,365,719

Total

Long-Term

Fixed

Income

(cost

$821,137,781)

852,905,792

Shares

Common

Stock

(

19.1%

)

Value

Communications

Services

(0.6%)

2,102

Activision

Blizzard,

Inc.

122,925

1,877

Alphabet,

Inc.,

Class

A

n

2,689,328

1,623

Alphabet,

Inc.,

Class

C

n

2,327,755

25,418

Auto

Trader

Group

plc

h

187,554

1,172

Carsales.com,

Ltd.

13,340

35,228

Comcast

Corporation

1,521,497

10,201

DISH

Network

Corporation

n

374,989

5,131

Facebook,

Inc.

n

1,036,000

2,450

Hemisphere

Media

Group,

Inc.

n

32,928

13,000

HKT

Trust

and

HKT,

Ltd.

19,406

15,290

Interpublic

Group

of

Companies,

Inc.

347,083

457

Ipsos

SA

14,807

Shares

Common

Stock

(19.1%)

Value

Communications

Services

(0.6%)

-

continued

13,170

Live

Nation

Entertainment,

Inc.

n

$

897,667

12,643

Mediaset

Espana

Comunicacion

SA

69,222

3,406

News

Corporation

47,582

600

Nippon

Telegraph

&

Telephone

Corporation

15,298

40,811

ORBCOMM,

Inc.

n

146,511

20,394

QuinStreet

,

Inc.

n

264,204

1,101

Rightmove

plc

9,542

3,202

Scholastic

Corporation

105,506

5,835

Seven

West

Media,

Ltd.

n

960

13,198

Take-Two

Interactive

Software,

Inc.

n

1,644,999

4,500

TV

Asahi

Holdings

Corporation

85,835

10,163

Twitter,

Inc.

n

330,094

38,330

Verizon

Communications,

Inc.

2,278,335

7,023

ViacomCBS

,

Inc.

239,695

450

Walt

Disney

Company

62,240

1,027

Wolters

Kluwer

NV

77,171

7,744

Zillow

Group,

Inc.

n

357,773

Total

15,320,246

Consumer

Discretionary

(1.7%)

785

Alibaba

Group

Holding,

Ltd.

ADR

n

162,173

1,777

Amazon.com,

Inc.

n

3,569,495

601

American

Public

Education,

Inc.

n

14,322

500

AOKI

Holdings,

Inc.

4,878

1,100

Aoyama

Trading

Company,

Ltd.

14,102

8,097

Aptiv

plc

686,545

700

Autobacs

Seven

Company,

Ltd.

10,201

270

AutoZone,

Inc.

n

285,649

900

Benesse

Holdings,

Inc.

24,723

1,073

Berkeley

Group

Holdings

plc

74,245

576

Booking

Holdings,

Inc.

n

1,054,397

17,419

BorgWarner,

Inc.

597,298

2,900

Bridgestone

Corporation

102,715

22,168

Bright

Horizons

Family

Solutions,

Inc.

n

3,629,567

9,237

Burlington

Stores,

Inc.

n

2,008,770

13,584

Canada

Goose

Holdings,

Inc.

g,n

407,520

2,750

Century

Casinos,

Inc.

n

22,908

1,643

Chipotle

Mexican

Grill,

Inc.

n

1,424,087

700

Chiyoda

Company,

Ltd.

9,406

10,200

Citizen

Watch

Company,

Ltd.

49,311

7,521

Cooper-Standard

Holdings,

Inc.

n

199,457

14,932

Crocs,

Inc.

n

566,072

9,545

Culp,

Inc.

120,553

7,437

D.R.

Horton,

Inc.

440,270

19,472

Delphi

Technologies

plc

n

298,700

5,000

Denso

Corporation

205,111

24,672

Designer

Brands,

Inc.

351,329

3,392

Domino's

Pizza,

Inc.

955,696

25,461

Duluth

Holdings,

Inc.

g,n

215,145

13,269

Emerald

Expositions

Events,

Inc.

138,396

7,028

Ethan

Allen

Interiors,

Inc.

113,502

17,944

Etsy,

Inc.

n

875,847

300

Exedy

Corporation

6,208

20,060

Five

Below,

Inc.

n

2,271,193

4,091

Garrett

Motion,

Inc.

n

34,446

944

Genuine

Parts

Company

88,330

15,340

G-III

Apparel

Group,

Ltd.

n

417,401

3,318

Goodyear

Tire

&

Rubber

Company

43,565

12,613

Grand

Canyon

Education,

Inc.

n

987,346

8,258

Harley-Davidson,

Inc.

275,817

11,947

Home

Depot,

Inc.

2,725,111

500

Honda

Motor

Company,

Ltd.

12,788

1,282

Hooker

Furniture

Corporation

31,589

54

Johnson

Outdoors,

Inc.

4,244

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Shares

Common

Stock

(19.1%)

Value

Consumer

Discretionary

(1.7%)

-

continued

18,542

Knoll,

Inc.

$

459,100

9,564

Lear

Corporation

1,178,094

16,455

Lowe's

Companies,

Inc.

1,912,729

2,200

Lululemon

Athletica,

Inc.

n

526,658

806

Madison

Square

Garden

Company

n

238,729

5,665

Marcus

Corporation

165,135

2,854

McDonald's

Corporation

610,670

7,031

Modine

Manufacturing

Company

n

49,428

1,954

Mohawk

Industries,

Inc.

n

257,303

9,437

Moneysupermarket.com

Group

plc

40,509

17,433

Movado

Group,

Inc.

300,196

3,400

NHK

Spring

Company,

Ltd.

27,375

1,593

NIKE,

Inc.

153,406

39,600

Nissan

Motor

Company,

Ltd.

214,881

20,427

Norwegian

Cruise

Line

Holdings,

Ltd.

n

1,099,994

123

NVR,

Inc.

n

469,487

19,281

Ollie's

Bargain

Outlet

Holdings,

Inc.

n

1,022,664

600

Onward

Holdings

Company,

Ltd.

3,447

1,432

O'Reilly

Automotive,

Inc.

n

581,535

5,321

Oxford

Industries,

Inc.

369,277

1,100

Park24

Company,

Ltd.

27,624

28,312

Planet

Fitness,

Inc.

n

2,287,326

87,682

Playa

Hotels

and

Resorts

NV

n

615,528

500

PLENUS

Company,

Ltd.

g

9,103

51,731

Red

Rock

Resorts,

Inc.

1,267,927

5,926

Redrow

plc

62,211

2,930

RH

n

611,638

900

Rinnai

Corporation

64,154

3,243

Ruth's

Hospitality

Group,

Inc.

66,482

1,400

Sangetsu

Company,

Ltd.

24,708

400

SHIMAMURA

Company,

Ltd.

30,053

6,930

Sony

Corporation

ADR

486,347

10,061

Standard

Motor

Products,

Inc.

488,763

1,159

Starbucks

Corporation

98,318

400

Start

Today

Company,

Ltd.

6,662

15,300

Sumitomo

Electric

Industries,

Ltd.

203,974

300

Sumitomo

Forestry

Company,

Ltd.

4,166

10,900

Sumitomo

Rubber

Industries,

Ltd.

119,762

2,256

Super

Retail

Group,

Ltd.

14,047

200

Takara

Standard

Company,

Ltd.

3,431

22,269

Taylor

Wimpey

plc

63,253

11,173

Texas

Roadhouse,

Inc.

698,313

14,520

TJX

Companies,

Inc.

857,261

3,400

Toyoda

Gosei

Company,

Ltd.

77,141

6,485

Tupperware

Brands

Corporation

40,596

4,484

Ulta

Beauty,

Inc.

n

1,201,308

300

United

Arrows,

Ltd.

7,978

7,273

Vail

Resorts,

Inc.

1,705,591

10,758

Wingstop

,

Inc.

998,020

9,961

Zumiez

,

Inc.

n

310,484

Total

47,663,214

Consumer

Staples

(0.7%)

900

Arcs

Company,

Ltd.

15,835

3,922

Calavo

Growers,

Inc.

g

300,464

1,035

Carlsberg

AS

151,145

13,155

Casey's

General

Stores,

Inc.

2,116,113

1,706

Central

Garden

&

Pet

Company

n

54,950

39,368

Coca-Cola

Company

2,299,091

28,154

Colgate-Palmolive

Company

2,077,202

2,469

Costco

Wholesale

Corporation

754,329

53,040

Cott

Corporation

810,982

1,094

ForFarmers

BV

7,158

255

Glanbia

plc

2,978

45,492

Hain

Celestial

Group,

Inc.

n

1,101,361

Shares

Common

Stock

(19.1%)

Value

Consumer

Staples

(0.7%)

-

continued

5,546

John

B.

Sanfilippo

&

Son,

Inc.

$

467,528

500

Kewpie

Corporation

10,428

2,923

Kimberly-Clark

Corporation

418,690

4

Lindt

&

Spruengli

AG

33,576

141

L'Oreal

SA

39,219

200

Ministop

Company,

Ltd.

2,823

10,398

Monster

Beverage

Corporation

n

692,507

2,923

Nestle

SA

322,386

20,995

PepsiCo,

Inc.

2,981,710

1,357

Philip

Morris

International,

Inc.

112,224

13,838

Procter

&

Gamble

Company

1,724,492

2,693

Seneca

Foods

Corporation

n

106,508

700

Seven

&

I

Holdings

Company,

Ltd.

26,840

14,072

Simply

Good

Foods

Company

n

323,234

1,400

Sugi

Holdings

Company,

Ltd.

70,143

4,600

Sundrug

Company,

Ltd.

155,885

35,381

SunOpta

,

Inc.

n

95,529

42,825

Turning

Point

Brands,

Inc.

978,123

1,660

Unilever

NV

96,865

919

Unilever

plc

54,819

16,998

Wal-Mart

Stores,

Inc.

1,946,101

Total

20,351,238

Energy

(0.6%)

25,132

Abraxas

Petroleum

Corporation

n

5,755

1,878

Apache

Corporation

51,532

95,642

Archrock

,

Inc.

798,611

23,126

BP

plc

ADR

835,542

50,893

Callon

Petroleum

Company

g,n

152,679

26,350

Centennial

Resource

Development,

Inc.

n

85,901

7,954

Chevron

Corporation

852,192

18,044

Cimarex

Energy

Company

791,951

4,392

Concho

Resources,

Inc.

332,826

6,270

ConocoPhillips

372,626

15,259

Continental

Resources,

Inc.

415,350

2,986

Contura

Energy,

Inc.

n

17,289

22,986

Core

Laboratories

NV

g

807,498

16,363

Devon

Energy

Corporation

355,404

24,074

Diamond

Offshore

Drilling,

Inc.

g,n

111,463

9,746

Diamondback

Energy,

Inc.

725,102

13,780

Enterprise

Products

Partners,

LP

355,111

7,007

EOG

Resources,

Inc.

510,880

82,125

Euronav

NV

811,395

2,152

Evolution

Petroleum

Corporation

10,846

14,703

Exterran

Corporation

n

79,396

5,150

Exxon

Mobil

Corporation

319,918

21,198

Frank's

International

NV

n

74,193

118

Gaztransport

Et

Technigaz

SA

11,928

17,938

Gran

Tierra

Energy,

Inc.

g,n

17,873

15,734

Halliburton

Company

343,159

10,216

Helmerich

&

Payne,

Inc.

414,259

31,000

JXTG

Holdings,

Inc.

131,849

13,273

Liberty

Oilfield

Services,

Inc.

112,555

93,401

Marathon

Oil

Corporation

1,061,969

13,987

Marathon

Petroleum

Corporation

762,292

95,024

Nabors

Industries,

Ltd.

196,700

48,472

Nine

Energy

Service,

Inc.

n

234,604

799

Oasis

Petroleum,

Inc.

n

1,798

23,144

Oceaneering

International,

Inc.

n

287,217

789

Oil

States

International,

Inc.

n

8,505

13,958

Pacific

Drilling

SA

n

25,683

1,024

Parsley

Energy,

Inc.

17,039

37,058

Patterson-UTI

Energy,

Inc.

294,241

4,893

PDC

Energy,

Inc.

n

105,640

1,255

Penn

Virginia

Corporation

n

26,819

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock

(19.1%)

Value

Energy

(0.6%)

-

continued

4,402

Pioneer

Natural

Resources

Company

$

594,270

70,425

QEP

Resources,

Inc.

223,247

6,087

Royal

Dutch

Shell

plc,

Class

A

159,847

9,850

Royal

Dutch

Shell

plc,

Class

B

258,824

3,702

SEACOR

Holdings,

Inc.

n

139,158

136,567

Southwestern

Energy

Company

g,n

214,410

26,840

Talos

Energy,

Inc.

n

588,870

18,357

TechnipFMC

plc

303,074

710

Total

SA

34,571

8,805

Transocean,

Ltd.

n

40,151

1,382

Whiting

Petroleum

Corporation

n

6,274

26,537

WPX

Energy,

Inc.

n

317,117

Total

15,807,403

Financials

(3.4%)

431

1st

Source

Corporation

20,339

5,550

AB

Industrivarden

130,822

12,775

Aflac,

Inc.

658,807

14,719

AG

Mortgage

Investment

Trust,

Inc.

233,296

1,377

Alleghany

Corporation

n

1,098,378

1,449

Allianz

SE

345,941

15,957

Ally

Financial,

Inc.

511,103

35,653

American

Financial

Group,

Inc.

3,878,690

7,850

American

International

Group,

Inc.

394,541

3,140

Ameriprise

Financial,

Inc.

519,387

13,125

Ameris

Bancorp

527,494

2,124

Aon

plc

467,811

3,438

Argo

Group

International

Holdings,

Ltd.

225,533

9,882

Arthur

J.

Gallagher

&

Company

1,013,597

2,917

Artisan

Partners

Asset

Management,

Inc.

97,428

7,869

Associated

Banc-Corp

156,829

33,218

Assured

Guaranty,

Ltd.

1,522,713

1,361

Baloise

Holding

AG

245,904

14,674

Bank

Leumi

Le-Israel

BM

105,505

77,016

Bank

of

America

Corporation

2,528,435

1,625

Bank

of

Marin

Bancorp

71,598

3,507

Bank

of

Montreal

g

267,464

12,262

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

407,344

1,758

Bank

OZK

47,782

9,616

BankFinancial

Corporation

119,912

1,586

BankUnited

,

Inc.

52,338

11,656

Banner

Corporation

600,867

12,572

Berkshire

Hathaway,

Inc.

n

2,821,534

2,356

BlackRock,

Inc.

1,242,437

2,481

BOK

Financial

Corporation

195,751

47,093

Boston

Private

Financial

Holdings,

Inc.

536,860

20,868

Bridgewater

Bancshares,

Inc.

n

275,458

84,763

BrightSphere

Investment

Group

780,667

8,787

Brown

&

Brown,

Inc.

394,536

3,694

Byline

Bancorp,

Inc.

71,294

10,650

Capital

One

Financial

Corporation

1,062,870

8,177

Cboe

Global

Markets,

Inc.

1,007,570

2,705

Charles

Schwab

Corporation

123,213

3,816

Chubb,

Ltd.

579,994

15,442

CI

Financial

Corporation

270,591

3,799

Cincinnati

Financial

Corporation

398,705

10,947

CIT

Group,

Inc.

500,387

26,890

Citigroup,

Inc.

2,000,885

13,383

Citizens

Financial

Group,

Inc.

498,918

327

City

Holding

Company

24,747

2,886

CNP

Assurances

51,949

3,219

Cohen

&

Steers,

Inc.

238,142

40,933

Comerica,

Inc.

2,503,462

Shares

Common

Stock

(19.1%)

Value

Financials

(3.4%)

-

continued

330

Commonwealth

Bank

of

Australia

$

18,684

2,361

Community

Bank

System,

Inc.

156,463

13,185

Community

Trust

Bancorp,

Inc.

576,844

16,964

Cullen/Frost

Bankers,

Inc.

1,512,510

8,700

DBS

Group

Holdings,

Ltd.

160,263

425

Deutsche

Boerse

AG

68,988

5,078

Deutsche

Pfandbriefbank

AG

h

81,789

366

Diamond

Hill

Investment

Group,

Inc.

51,522

7,024

Discover

Financial

Services

527,713

7,601

DnB

ASA

132,885

39,140

E*TRADE

Financial

Corporation

1,668,147

3,972

East

West

Bancorp,

Inc.

182,076

4,700

Ellington

Residential

Mortgage

REIT

50,572

2,163

Enstar

Group,

Ltd.

n

422,412

4,975

Enterprise

Financial

Services

Corporation

216,462

12,211

Essent

Group,

Ltd.

605,788

2,233

Euronext

NV

h

193,564

71,589

Everi

Holdings,

Inc.

n

894,863

3,181

FBL

Financial

Group,

Inc.

171,074

1,292

Federal

Agricultural

Mortgage

Corporation

98,580

42,040

Fifth

Third

Bancorp

1,196,038

9,946

Financial

Institutions,

Inc.

306,436

7,035

First

American

Financial

Corporation

436,029

580

First

Bancorp

20,578

669

First

Bancshares,

Inc.

23,027

17,886

First

Busey

Corporation

456,093

4,255

First

Citizens

BancShares

,

Inc.

2,241,619

18,351

First

Defiance

Financial

Corporation

539,336

7,706

First

Financial

Corporation

321,571

810

First

Hawaiian,

Inc.

23,539

18,272

First

Interstate

BancSystem

,

Inc.

703,472

551

First

Mid-Illinois

Bancshares,

Inc.

18,045

12,453

First

Midwest

Bancorp,

Inc.

248,313

1,531

First

of

Long

Island

Corporation

33,774

10,061

First

Republic

Bank

1,115,564

22,461

FlexiGroup

,

Ltd.

31,188

1,242

Goldman

Sachs

Group,

Inc.

295,286

15,906

Great

Southern

Bancorp,

Inc.

905,210

5,431

Great

Western

Bancorp,

Inc.

160,486

14,590

Hamilton

Lane,

Inc.

947,621

7,163

Hancock

Whitney

Corporation

284,658

734

Hanmi

Financial

Corporation

12,346

10,768

Hanover

Insurance

Group,

Inc.

1,492,229

15,856

Hartford

Financial

Services

Group,

Inc.

939,944

9,619

Heartland

Financial

USA,

Inc.

470,465

51,923

Heritage

Commerce

Corporation

602,307

733

Heritage

Financial

Corporation

18,897

12,695

Hometrust

Bancshares,

Inc.

336,671

6,789

Horace

Mann

Educators

Corporation

291,995

16,953

Horizon

Bancorp,

Inc.

286,845

9,371

Houlihan

Lokey

,

Inc.

485,886

40,412

HSBC

Holdings

plc

293,802

379

IA

Financial

Corporation,

Inc.

20,857

10,109

IBERIABANK

Corporation

735,025

15,833

Independent

Bank

Corporation

338,510

13,959

Interactive

Brokers

Group,

Inc.

656,073

14,662

Intercontinental

Exchange,

Inc.

1,462,388

5,556

International

Bancshares

Corporation

218,906

34,336

Israel

Discount

Bank,

Ltd.

155,735

9,750

J.P.

Morgan

Chase

&

Company

1,290,510

3,828

Kemper

Corporation

284,880

30,453

KeyCorp

569,776

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock

(19.1%)

Value

Financials

(3.4%)

-

continued

279

L

E

Lundbergforetagen

AB

$

12,112

6,991

Lakeland

Bancorp,

Inc.

113,534

2,510

Laurentian

Bank

of

Canada

g

81,460

3,581

Loews

Corporation

184,242

10,794

M&T

Bank

Corporation

1,819,005

12,085

Manulife

Financial

Corporation

235,417

500

Markel

Corporation

n

586,485

2,254

Mercantile

Bank

Corporation

73,864

19,789

Meridian

Bancorp,

Inc.

356,004

11,112

MetLife,

Inc.

552,378

21,488

MidWestOne

Financial

Group,

Inc.

694,922

12,417

Morgan

Stanley

648,912

3,719

MSCI,

Inc.

1,062,890

161

Muenchener

Rueckversicherungs-

Gesellschaft

AG

47,469

2,873

National

Bank

of

Canada

159,411

223

National

Western

Life

Group,

Inc.

59,318

774

NBT

Bancorp,

Inc.

29,249

10,387

Northern

Trust

Corporation

1,015,952

3,250

Northwest

Bancshares,

Inc.

51,106

1,560

OFG

Bancorp

30,748

3,288

Old

Republic

International

Corporation

74,144

8,475

Old

Second

Bancorp,

Inc.

104,115

372

Onex

Corporation

23,865

671

Paragon

Banking

Group

plc

4,501

576

Pargesa

Holding

SA

46,143

221

Park

National

Corporation

20,988

9,373

PCSB

Financial

Corporation

186,335

616

Peapack

-Gladstone

Financial

Corporation

18,006

2,770

Peoples

Bancorp,

Inc.

90,136

23,922

Popular,

Inc.

1,338,675

3,237

Power

Corporation

of

Canada

g

80,766

747

Power

Financial

Corporation

19,389

3,556

Primerica,

Inc.

421,599

30,130

Prosight

Global,

Inc.

n

435,981

1,136

Provident

Financial

Services,

Inc.

25,912

3,618

Prudential

Financial,

Inc.

329,455

10,777

QCR

Holdings,

Inc.

442,935

14,631

Radian

Group,

Inc.

358,313

22,170

Raymond

James

Financial,

Inc.

2,027,003

10,713

Reinsurance

Group

of

America,

Inc.

1,543,208

4,644

Renasant

Corporation

148,283

1,240

Royal

Bank

of

Canada

97,989

498

S&P

Global,

Inc.

146,278

1,316

Safety

Insurance

Group,

Inc.

121,177

7,402

Sandy

Spring

Bancorp,

Inc.

257,590

10,114

Santander

Consumer

USA

Holdings,

Inc.

269,235

33,641

Seacoast

Banking

Corporation

of

Florida

n

913,353

26,075

SEI

Investments

Company

1,701,655

603

Selective

Insurance

Group,

Inc.

39,949

800

Senshu

Ikeda

Holdings,

Inc.

1,461

1,700

Singapore

Exchange,

Ltd.

10,785

13,183

Spirit

of

Texas

Bancshares,

Inc.

n

273,547

13,054

State

Auto

Financial

Corporation

393,056

6,525

Sun

Life

Financial,

Inc.

306,775

5,878

SVB

Financial

Group

n

1,412,660

547

Swiss

Life

Holding

AG

274,963

43,460

Synovus

Financial

Corporation

1,521,969

10,241

T.

Rowe

Price

Group,

Inc.

1,367,481

3,672

Territorial

Bancorp,

Inc.

106,598

6,848

TMX

Group,

Ltd.

633,624

751

Topdanmark

AS

35,489

Shares

Common

Stock

(19.1%)

Value

Financials

(3.4%)

-

continued

7,692

Toronto-Dominion

Bank

$

425,112

8,383

TPG

RE

Finance

Trust,

Inc.

171,600

9,169

TriCo

Bancshares

333,752

6,018

Triumph

Bancorp,

Inc.

n

234,582

38,769

TrustCo

Bank

Corporation

307,438

19,458

U.S.

Bancorp

1,035,555

1,069

UMB

Financial

Corporation

71,046

8,656

Umpqua

Holdings

Corporation

146,286

1,135

Univest

Financial

Corporation

28,193

95

Virtus

Investment

Partners,

Inc.

11,688

5,576

Washington

Trust

Bancorp,

Inc.

263,912

18,985

Webster

Financial

Corporation

851,667

4,064

Wells

Fargo

&

Company

190,764

3,828

WesBanco

,

Inc.

126,783

564

Westamerica

Bancorporation

35,735

3,202

Western

Alliance

Bancorp

176,846

536

Westwood

Holdings

Group,

Inc.

15,051

874

Willis

Towers

Watson

plc

184,667

27,323

Wintrust

Financial

Corporation

1,728,999

44,492

Zions

Bancorporations

NA

2,023,941

113

Zurich

Insurance

Group

AG

46,908

Total

94,743,346

Health

Care

(2.9%)

20,087

Abbott

Laboratories

1,750,381

10,379

Aerie

Pharmaceuticals,

Inc.

g,n

212,562

17,311

Agilent

Technologies,

Inc.

1,429,196

16,481

Agios

Pharmaceuticals,

Inc.

n

803,119

4,109

Alexion

Pharmaceuticals,

Inc.

n

408,393

7,766

Alkermes

plc

n

135,206

2,988

AmerisourceBergen

Corporation

255,653

9,906

Amgen,

Inc.

2,140,191

3,740

Arena

Pharmaceuticals,

Inc.

n

170,881

203

Atrion

Corporation

145,996

27,497

Axonics

Modulation

Technologies,

Inc.

g,n

798,238

11,711

Bausch

Health

Companies,

Inc.

n

321,233

4,101

Becton,

Dickinson

and

Company

1,128,513

1,261

Biogen,

Inc.

n

339,020

7,881

BioMarin

Pharmaceutical,

Inc.

n

658,063

4,706

Bio-Rad

Laboratories,

Inc.

n

1,698,489

11,342

Bio-

Techne

Corporation

2,381,480

3,497

Bluebird

Bio,

Inc.

n

278,676

1,659

Bruker

Corporation

82,071

34,211

Catalent

,

Inc.

n

2,090,292

11,270

Centene

Corporation

n

707,869

11,389

Charles

River

Laboratories

International,

Inc.

n

1,760,512

2,876

Chemed

Corporation

1,343,207

3,587

Cigna

Holding

Company

690,067

19,039

CryoLife

,

Inc.

n

566,220

1,940

CSL,

Ltd.

398,996

17,318

CVS

Health

Corporation

1,174,507

2,817

Danaher

Corporation

453,171

5,721

Dexcom

,

Inc.

n

1,377,331

2,082

Edwards

Lifesciences

Corporation

n

457,749

34,651

Gilead

Sciences,

Inc.

2,189,943

17,151

GlaxoSmithKline

plc

402,695

1,844

Grifols

SA

61,931

23,457

Guardant

Health,

Inc.

g,n

1,783,670

32,285

Halozyme

Therapeutics,

Inc.

n

612,769

1,963

HealthStream

,

Inc.

n

50,155

13,577

Hill-Rom

Holdings,

Inc.

1,445,815

7,858

Immunomedics

,

Inc.

n

145,923

15,221

Inspire

Medical

Systems,

Inc.

n

1,138,531

4,440

Insulet

Corporation

n

861,538

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock

(19.1%)

Value

Health

Care

(2.9%)

-

continued

1,498

Intuitive

Surgical,

Inc.

n

$

838,550

6,861

Jazz

Pharmaceuticals,

Inc.

n

983,524

32,389

Johnson

&

Johnson

4,821,750

400

KYORIN

Holdings,

Inc.

7,182

1,982

Laboratory

Corporation

of

America

Holdings

n

347,643

14,124

LHC

Group,

Inc.

n

2,058,573

5,433

Ligand

Pharmaceuticals,

Inc.

g,n

477,072

117

LNA

Sante

5,948

31,740

Medtronic

plc

3,664,066

31,287

Merck

&

Company,

Inc.

2,673,161

1,484

Mesa

Laboratories,

Inc.

389,461

25,064

Natera

,

Inc.

n

877,491

8,306

National

Healthcare

Corporation

697,040

7,347

Neurocrine

Biosciences,

Inc.

n

735,288

4,152

Nevro

Corporation

n

551,842

890

NextGen

Healthcare,

Inc.

n

12,335

4,827

Novartis

AG

455,998

5,499

Novo

Nordisk

AS

334,733

53,294

Optinose

,

Inc.

g,n

417,292

3,246

Orthifix

Medical,

Inc.

n

140,422

2,416

PerkinElmer,

Inc.

223,432

23,979

Pfizer,

Inc.

892,978

2,505

Pharming

Group

NV

n

3,667

496

Phibro

Animal

Health

Corporation

11,765

5,807

PRA

Health

Sciences,

Inc.

n

588,307

1,140

Prothena

Corporation

plc

n

13,874

1,645

Recordati

SPA

70,391

6,453

Repligen

Corporation

n

647,817

5,682

ResMed

,

Inc.

903,268

1,493

Roche

Holding

AG

500,855

4,130

Sage

Therapeutics,

Inc.

n

273,736

3,046

Sarepta

Therapeutics,

Inc.

n

353,214

478

Sonova

Holding

AG

119,869

2,490

Stryker

Corporation

524,643

501

Surmodics

,

Inc.

n

19,734

13,429

Syneos

Health,

Inc.

n

824,003

16,214

Tactile

Systems

Technology,

Inc.

n

911,065

6,180

Teleflex,

Inc.

2,295,932

7,415

Thermo

Fisher

Scientific,

Inc.

2,322,304

1,544

U.S.

Physical

Therapy,

Inc.

180,864

3,239

United

Therapeutics

Corporation

n

316,353

10,477

UnitedHealth

Group,

Inc.

2,854,459

2,750

Universal

Health

Services,

Inc.

377,052

3,744

Varian

Medical

Systems,

Inc.

n

526,294

17,760

Veeva

Systems,

Inc.

n

2,603,794

3,031

Vertex

Pharmaceuticals,

Inc.

n

688,189

1,379

Waters

Corporation

n

308,606

4,304

West

Pharmaceutical

Services,

Inc.

671,209

77,553

Wright

Medical

Group

NV

n

2,337,447

107

Zimmer

Biomet

Holdings,

Inc.

15,825

14,788

Zoetis,

Inc.

1,984,697

Total

79,705,266

Industrials

(3.0%)

3,744

3M

Company

594,023

11,544

A.O.

Smith

Corporation

492,813

1,694

Aalberts

NV

73,961

5,314

Aegion

Corporation

n

111,063

13,845

Aerojet

Rocketdyne

Holdings,

Inc.

n

720,909

15,208

AGCO

Corporation

1,066,689

25,732

Altra

Industrial

Motion

Corporation

855,846

25,847

AMETEK,

Inc.

2,511,036

14,428

Arcosa

,

Inc.

631,225

21,236

ASGN,

Inc.

n

1,437,465

2,451

Assa

Abloy

AB

58,178

Shares

Common

Stock

(19.1%)

Value

Industrials

(3.0%)

-

continued

5,660

Atlas

Copco

AB,

Class

A

$

200,330

1,749

Atlas

Copco

AB,

Class

B

54,365

23,342

AZZ,

Inc.

963,091

1,552

Boeing

Company

493,955

15,929

BWX

Technologies,

Inc.

1,012,925

1,782

Carlisle

Companies,

Inc.

278,402

15,924

Casella

Waste

Systems,

Inc.

n

815,150

7,783

Caterpillar,

Inc.

1,022,297

40,971

CBIZ,

Inc.

n

1,106,217

9,336

Chart

Industries,

Inc.

n

597,317

784

CIA

De

Distribucion

Integral

17,592

287

Cintas

Corporation

80,064

887

Columbus

McKinnon

Corporation

31,036

3,720

CRA

International,

Inc.

198,202

22,646

Crane

Company

1,935,327

13,350

CSW

Industrials,

Inc.

1,012,998

5,373

CSX

Corporation

410,175

22,209

Curtiss-Wright

Corporation

3,229,855

15,223

Delta

Air

Lines,

Inc.

848,530

4,393

Douglas

Dynamics,

Inc.

230,325

31,470

EMCOR

Group,

Inc.

2,585,890

16,902

Emerson

Electric

Company

1,210,690

10,663

Encore

Wire

Corporation

579,108

10,101

Expeditors

International

of

Washington,

Inc.

737,777

15,396

Forrester

Research,

Inc.

n

636,933

9

Geberit

AG

4,750

10,924

General

Dynamics

Corporation

1,916,507

6,120

Gorman-Rupp

Company

225,889

600

GS

Yuasa

Corporation

11,838

10,302

GWA

Group,

Ltd.

g

24,469

700

Hanwa

Company,

Ltd.

16,881

15,705

Healthcare

Services

Group,

Inc.

402,048

3,251

Heico

Corporation

398,020

1,053

Herc

Holdings,

Inc.

n

42,246

1,900

Hino

Motors,

Ltd.

17,791

18,287

Honeywell

International,

Inc.

3,167,674

11,747

Hubbell,

Inc.

1,682,523

3,187

Huntington

Ingalls

Industries,

Inc.

831,807

4,183

ICF

International,

Inc.

366,389

14,779

IDEX

Corporation

2,421,539

2,400

Inaba

Denki

Sangyo

Company,

Ltd.

60,048

11,487

Ingersoll-Rand

plc

1,530,413

2,486

Interface,

Inc.

39,975

4,479

John

Bean

Technologies

Corporation

506,082

12,281

Johnson

Controls

International

plc

484,485

2,400

Kansas

City

Southern

404,856

10,200

Kennametal,

Inc.

319,158

1,500

Kinden

Corporation

25,560

2,882

Koninklijke

Philips

NV

131,989

10,593

Kratos

Defense

&

Security

Solutions,

Inc.

n

194,276

3,155

Legrand

SA

253,332

16,894

Lincoln

Electric

Holdings,

Inc.

1,506,607

1,882

Lockheed

Martin

Corporation

805,722

1,367

Manpower,

Inc.

125,067

19,200

Marubeni

Corporation

137,964

4,509

Masonite

International

Corporation

n

338,671

8,865

Mercury

Systems,

Inc.

n

680,389

18,608

Meritor,

Inc.

n

407,701

9,900

Mitsubishi

Corporation

253,793

5,400

Mitsubishi

Electric

Corporation

74,872

1,000

Mitsuboshi

Belting,

Ltd.

17,061

13,900

Mitsui

&

Company,

Ltd.

247,220

4,112

MSC

Industrial

Direct

Company,

Inc.

279,904

1,192

Mueller

Industries,

Inc.

34,771

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock

(19.1%)

Value

Industrials

(3.0%)

-

continued

4,009

National

Express

Group

plc

$

23,664

3,000

Nitto

Kogyo

Corporation

62,104

1,629

Nobina

AB

h

12,369

505

Norfolk

Southern

Corporation

105,146

1,208

Northgate

plc

4,243

6,987

Old

Dominion

Freight

Line,

Inc.

1,371,059

4,930

PageGroup

plc

29,725

6,327

Parker-Hannifin

Corporation

1,238,131

36,617

Primoris

Services

Corporation

781,041

9,441

Raven

Industries,

Inc.

296,070

12,427

Regal-Beloit

Corporation

975,022

10,428

RELX

plc

276,674

777

Republic

Services,

Inc.

73,854

39,461

Ritchie

Brothers

Auctioneers,

Inc.

1,666,043

3,535

Rockwell

Automation,

Inc.

677,518

4,066

Roper

Industries,

Inc.

1,551,830

8,870

Saia,

Inc.

n

772,577

2,333

Sandvik

AB

42,581

2,217

Schneider

Electric

SE

221,094

5,096

Signify

NV

h

169,834

5,946

SiteOne

Landscape

Supply,

Inc.

n

574,086

6,814

SKF

AB

124,728

47,100

Sojitz

Corporation

148,252

34,262

Southwest

Airlines

Company

1,883,725

4,545

SP

Plus

Corporation

n

190,026

484

Spirax-Sarco

Engineering

plc

56,858

2,248

SPX

FLOW,

Inc.

n

98,328

18,761

Standex

International

Corporation

1,371,241

10,000

Sumitomo

Corporation

148,747

400

Taikisha,

Ltd.

13,678

7,305

Teledyne

Technologies,

Inc.

n

2,666,763

3,805

Thermon

Group

Holdings,

Inc.

n

90,178

1,300

Toppan

Forms

Company,

Ltd.

14,751

884

Transcontinental,

Inc.

10,394

1,268

TransDigm

Group,

Inc.

815,679

33,061

TriMas

Corporation

n

949,843

1,000

Tsubakimoto

Chain

Company

30,773

3,311

UniFirst

Corporation

675,212

5,179

United

Airlines

Holdings,

Inc.

n

387,389

8,646

United

Rentals,

Inc.

n

1,173,176

12,936

United

Technologies

Corporation

1,942,987

19,031

Valmont

Industries,

Inc.

2,703,544

21,651

Verisk

Analytics,

Inc.

3,517,638

1,448

Volvo

AB

24,752

16,266

Waste

Connections,

Inc.

1,566,578

4,870

Watsco

,

Inc.

846,990

26,170

Willdan

Group,

Inc.

n

867,012

10,303

Xylem,

Inc.

841,343

600

Yuasa

Trading

Company,

Ltd.

19,250

Total

83,336,546

Information

Technology

(4.0%)

8,781

Accenture

plc

1,801,949

2,364

Adobe,

Inc.

n

830,095

6,167

ADTRAN,

Inc.

55,811

4,409

Advanced

Energy

Industries,

Inc.

n

308,365

31,868

Advanced

Micro

Devices,

Inc.

n

1,497,796

15,433

Akamai

Technologies,

Inc.

n

1,440,671

3,284

Alliance

Data

Systems

Corporation

337,562

5,957

Alteryx,

Inc.

g,n

830,823

3,202

Amadeus

IT

Holding

SA

251,057

2,586

American

Software,

Inc.

38,609

32,949

Amphenol

Corporation

3,277,437

3,769

ANSYS,

Inc.

n

1,033,950

22,225

Apple,

Inc.

6,878,860

1,087

Arista

Networks,

Inc.

n

242,771

Shares

Common

Stock

(19.1%)

Value

Information

Technology

(4.0%)

-

continued

5,255

Atlassian

Corporation

plc

n

$

772,485

10,526

Automatic

Data

Processing,

Inc.

1,804,051

13,910

Avalara,

Inc.

n

1,184,297

3,055

Avnet,

Inc.

111,477

1,028

Badger

Meter,

Inc.

60,714

11,320

Bandwidth,

Inc.

n

803,267

1,593

BE

Semiconductor

Industries

NV

67,442

27,153

Benchmark

Electronics,

Inc.

835,769

18,626

Blackline,

Inc.

n

1,139,352

4,688

Broadridge

Financial

Solutions,

Inc.

558,575

1,159

CACI

International,

Inc.

n

309,963

2,200

Canon,

Inc.

57,693

26,444

CDK

Global,

Inc.

1,419,514

5,233

CDW

Corporation

682,645

1,896

CEVA,

Inc.

n

51,856

4,934

CGI,

Inc.

n

377,786

40,778

Ciena

Corporation

n

1,658,441

84,157

Cisco

Systems,

Inc.

3,868,697

5,291

Clearwater

Energy,

Inc.

109,471

9,538

Cognex

Corporation

486,152

6,275

Computer

Services,

Inc.

314,001

3,733

Computershare,

Ltd.

44,079

16,230

Coupa

Software,

Inc.

n

2,615,464

12,327

CTS

Corporation

361,304

12,583

Descartes

Systems

Group,

Inc.

n

563,844

347

Dialog

Semiconductor

plc

n

15,243

21,237

DocuSign,

Inc.

n

1,667,317

70,735

Dolby

Laboratories,

Inc.

4,904,765

5,643

DSP

Group,

Inc.

n

81,598

15,676

Elastic

NV

n

1,017,059

5,321

ePlus

,

Inc.

n

424,190

6,241

Euronet

Worldwide,

Inc.

n

983,831

11,434

ExlService

Holdings,

Inc.

n

835,940

2,015

eXp

World

Holdings,

Inc.

n

22,246

10,680

F5

Networks,

Inc.

n

1,304,242

911

Fair

Isaac

Corporation

n

366,568

677

Fiserv,

Inc.

n

80,299

15,087

Five9,

Inc.

n

1,082,191

1,103

FLIR

Systems,

Inc.

56,849

300

Fuji

Soft,

Inc.

12,024

9,136

Global

Payments,

Inc.

1,785,631

16,711

Guidewire

Software,

Inc.

n

1,879,987

9,301

Halma

plc

258,163

2,302

InterDigital

,

Inc.

127,185

628

International

Business

Machines

Corporation

90,262

5,025

Intuit,

Inc.

1,408,909

6,441

Jack

Henry

&

Associates,

Inc.

963,187

11,353

Juniper

Networks,

Inc.

260,438

4,004

Keysight

Technologies,

Inc.

n

372,332

2,151

KLA-Tencor

Corporation

356,507

1,277

Kulicke

and

Soffa

Industries,

Inc.

33,062

3,878

Lam

Research

Corporation

1,156,458

33,946

Lattice

Semiconductor

Corporation

n

631,396

294

Littelfuse

,

Inc.

52,012

4,219

ManTech

International

Corporation

338,701

8,011

MasterCard,

Inc.

2,530,995

11,882

Maxim

Integrated

Products,

Inc.

714,346

10,761

Methode

Electronics,

Inc.

352,423

46,429

Microsoft

Corporation

7,903,609

8,638

MicroStrategy

,

Inc.

n

1,313,235

8,218

MKS

Instruments,

Inc.

861,411

21,071

Monolithic

Power

Systems,

Inc.

3,606,723

6,301

MTS

Systems

Corporation

319,398

18,298

National

Instruments

Corporation

816,640

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock

(19.1%)

Value

Information

Technology

(4.0%)

-

continued

1,600

NEC

Networks

&

System

Integration

Corporation

$

59,802

239

NetApp,

Inc.

12,763

6,343

New

Relic,

Inc.

n

418,701

7,708

Nice,

Ltd.

ADR

n

1,328,088

11,176

Nova

Measuring

Instruments,

Ltd.

n

425,135

5,781

Novanta

,

Inc.

n

524,510

25,942

Nuance

Communications,

Inc.

n

490,823

574

NVIDIA

Corporation

135,711

25,759

Oracle

Corporation

1,351,060

200

Oracle

Corporation

Japan

17,312

6,663

Palo

Alto

Networks,

Inc.

n

1,564,339

7,843

Paychex,

Inc.

672,694

1,626

PayPal

Holdings,

Inc.

n

185,185

5,584

Plexus

Corporation

n

397,134

3,531

Progress

Software

Corporation

159,354

6,518

Proofpoint

,

Inc.

n

800,476

9,103

Q2

Holdings,

Inc.

n

793,691

6,534

QAD,

Inc.

336,174

5,688

QUALCOMM,

Inc.

485,243

7,338

Rogers

Corporation

n

864,049

600

Ryoyo

Electro

Corporation

10,160

50,995

SailPoint

Technologies

Holdings,

Inc.

n

1,279,465

1,232

Salesforce.com,

Inc.

n

224,606

506

Samsung

Electronics

Company,

Ltd.

GDR

589,473

8,302

ScanSource

,

Inc.

n

289,657

8,184

ServiceNow

,

Inc.

n

2,768,074

4,882

Silicon

Laboratories,

Inc.

n

479,949

1,117

Square,

Inc.

n

83,429

29,733

STMicroelectronics

NV

ADR

828,064

1,275

Sykes

Enterprises,

Inc.

n

42,827

21,227

Synopsys,

Inc.

n

3,131,195

19,600

TE

Connectivity,

Ltd.

1,806,728

7,950

Teradyne,

Inc.

524,620

20,614

Texas

Instruments,

Inc.

2,487,079

4,645

Tyler

Technologies,

Inc.

n

1,503,494

2,525

VeriSign,

Inc.

n

525,554

24,991

Virtusa

Corporation

n

1,040,625

2,634

Visa,

Inc.

524,087

2,230

VMware,

Inc.

n

330,174

5,913

WEX,

Inc.

n

1,282,648

4,825

Xilinx,

Inc.

407,616

10,972

Zscaler

,

Inc.

g,n

615,419

Total

111,868,654

Materials

(0.8%)

4,363

AdvanSix

,

Inc.

n

81,675

2,000

Air

Water,

Inc.

27,470

12,903

Alcoa

Corporation

n

179,997

8,866

AptarGroup,

Inc.

1,024,112

5,988

Avery

Dennison

Corporation

785,865

281

Balchem

Corporation

30,354

6,281

Ball

Corporation

453,363

4,175

Cabot

Corporation

166,374

5,586

Celanese

Corporation

578,151

10,049

CF

Industries

Holdings,

Inc.

404,774

25,989

Eastman

Chemical

Company

1,852,236

8,078

Ecolab,

Inc.

1,584,177

1,832

Ferro

Corporation

n

25,062

18,780

Ferroglobe

Representation

&

Warranty

Insurance

Trust

c,n

2

3,368

Granges

AB

31,113

4,786

Hexpol

AB

43,145

800

Hokuetsu

Corporation

3,688

4,347

Ingevity

Corporation

n

283,511

Shares

Common

Stock

(19.1%)

Value

Materials

(0.8%)

-

continued

13,148

Innospec

,

Inc.

$

1,324,398

741

Kadant

,

Inc.

78,991

15,219

Kaiser

Aluminum

Corporation

1,524,183

1,402

Koninklijke

DSM

NV

170,632

2,912

Kraton

Performance

Polymers,

Inc.

n

47,902

2,800

Kyoei

Steel,

Ltd.

49,111

500

Lintec

Corporation

10,808

48,147

Louisiana-Pacific

Corporation

1,477,150

5,548

Martin

Marietta

Materials,

Inc.

1,463,562

200

Maruichi

Steel

Tube,

Ltd.

5,549

10,792

Materion

Corporation

586,006

5,958

Minerals

Technologies,

Inc.

322,507

200

Mitsubishi

Materials

Corporation

5,030

20,651

Myers

Industries,

Inc.

334,133

8,726

Neenah,

Inc.

581,501

2,000

Nippon

Light

Metal

Holdings

Company,

Ltd.

3,816

14,900

Nippon

Steel

Corporation

206,745

200

Nissan

Chemical

Industries,

Ltd.

8,265

10,704

Nucor

Corporation

508,333

23,166

Nutanix

,

Inc.

n

752,200

2,335

Olympic

Steel,

Inc.

34,325

13,411

PPG

Industries,

Inc.

1,607,174

550

Quaker

Chemical

Corporation

91,311

2,368

Reliance

Steel

&

Aluminum

Company

271,846

467

Rio

Tinto,

Ltd.

30,303

2,249

RPM

International,

Inc.

160,511

10,729

Ryerson

Holding

Corporation

n

109,972

7,026

Sandfire

Resources,

Ltd.

25,805

100

Sanyo

Special

Steel

Company,

Ltd.

1,355

1,016

Schnitzer

Steel

Industries,

Inc.

16,337

1,269

Schweitzer-Mauduit

International,

Inc.

44,453

863

Sensient

Technologies

Corporation

51,564

2,109

Sherwin-Williams

Company

1,174,692

41,940

Steel

Dynamics,

Inc.

1,253,167

500

Taiyo

Holdings

Company,

Ltd.

21,151

2,300

Toagosei

Company,

Ltd.

25,716

17,000

Toray

Industries,

Inc.

111,236

480

UFP

Technologies,

Inc.

n

22,382

4,809

United

States

Lime

&

Minerals,

Inc.

431,608

3,743

UPM-

Kymmene

Oyj

117,937

8,771

Verso

Corporation

n

147,791

1,603

W.

R.

Grace

&

Company

107,978

1,303

Worthington

Industries,

Inc.

47,924

Total

22,922,429

Real

Estate

(1.2%)

39,616

Agree

Realty

Corporation

3,008,043

3,075

Alexandria

Real

Estate

Equities,

Inc.

501,840

1,979

Allied

Properties

REIT

82,575

1,683

Alstria

Office

REIT

AG

33,389

16,994

American

Campus

Communities,

Inc.

779,515

512

American

Tower

Corporation

118,651

13,957

Apartment

Investment

&

Management

Company

735,673

19,083

Apple

Hospitality

REIT,

Inc.

286,627

3,802

Ares

Commercial

Real

Estate

Corporation

62,125

8,945

Armada

Hoffler

Properties,

Inc.

164,051

30,984

Ascendas

REIT

71,342

4,000

Ascott

Trust

3,693

17,543

Ashford

Hospitality

Trust,

Inc.

43,156

1,919

BBX

Capital

Corporation

7,446

2,087

Bluerock

Residential

Growth

REIT,

Inc.

24,084

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

(19.1%)

Value

Real

Estate

(1.2%)

-

continued

17,709

Brixmor

Property

Group,

Inc.

$

353,472

8,246

Camden

Property

Trust

927,098

774

CareTrust

REIT,

Inc.

17,167

3,524

Castellum

AB

86,609

32,168

CBL

&

Associates

Properties,

Inc.

27,021

29,320

Cedar

Realty

Trust,

Inc.

76,232

7,287

Chatham

Lodging

Trust

119,142

1,203

Choice

Properties

REIT

13,290

5,403

City

Office

REIT,

Inc.

73,049

58

Cofinimmo

SA

9,250

4,092

Columbia

Property

Trust,

Inc.

86,341

4,549

Corepoint

Lodging,

Inc.

41,623

7,195

CoreSite

Realty

Corporation

845,053

2,900

CoStar

Group,

Inc.

n

1,893,671

15,425

Cousins

Properties,

Inc.

631,345

1,500

Daito

Trust

Construction

Company,

Ltd.

176,695

249

Deutsche

EuroShop

AG

6,789

15,814

DiamondRock

Hospitality

Company

152,921

2,500

Digital

Realty

Trust,

Inc.

307,475

13,730

Douglas

Emmett,

Inc.

569,795

11,189

Duke

Realty

Corporation

406,273

1,038

EastGroup

Properties,

Inc.

141,241

613

Entra

ASA

h

10,461

3,684

EPR

Properties

262,927

1,004

Equity

Lifestyle

Properties,

Inc.

73,041

17,900

Equity

Residential

1,487,132

23,917

Essential

Properties

Realty

Trust,

Inc.

660,348

123

Essex

Property

Trust,

Inc.

38,100

6,019

Farmland

Partners,

Inc.

39,003

177

First

Capital

REIT

2,898

28,205

First

Industrial

Realty

Trust,

Inc.

1,204,353

842

Four

Corners

Property

Trust,

Inc.

25,504

13,353

Franklin

Street

Properties

Corporation

101,483

12,014

Gaming

and

Leisure

Properties,

Inc.

567,722

2,597

Getty

Realty

Corporation

81,857

5,020

Gladstone

Commercial

Corporation

107,026

2,507

Global

Medical

REIT,

Inc.

36,602

2,613

Granite

REIT

141,194

6,421

Healthcare

Realty

Trust,

Inc.

231,541

11,997

Healthcare

Trust

of

America,

Inc.

384,264

3,890

Highwoods

Properties,

Inc.

194,928

32,064

Host

Hotels

&

Resorts,

Inc.

523,926

4,195

Hudson

Pacific

Properties,

Inc.

152,446

15,000

Hysan

Development

Company,

Ltd.

55,995

5,132

Industrial

Logistics

Properties

Trust

117,471

4,493

Innovative

Industrial

Properties,

Inc.

402,124

2,802

Investors

Real

Estate

Trust

206,507

2,803

Jones

Lang

LaSalle,

Inc.

476,005

22,926

Kilroy

Realty

Corporation

1,893,000

10,244

Kite

Realty

Group

Trust

176,197

1,198

Klepierre

SA

40,722

420

Kungsleden

AB

4,476

3,126

Lamar

Advertising

Company

290,124

99

LEG

Immobilien

AG

12,211

8,800

Lexington

Realty

Trust

97,416

1,528

Life

Storage,

Inc.

172,939

8,000

Mapletree

Commercial

Trust

13,739

30,561

Medical

Properties

Trust,

Inc.

676,926

1,847

MGM

Growth

Properties

LLC

58,993

2,730

Monmouth

Real

Estate

Investment

Corporation

39,940

1,212

National

Health

Investors,

Inc.

102,269

8,118

National

Retail

Properties,

Inc.

454,608

48,239

National

Storage

Affiliates

Trust

1,647,362

Shares

Common

Stock

(19.1%)

Value

Real

Estate

(1.2%)

-

continued

183

Northview

Apartment

REIT

$

4,247

5,529

Office

Properties

Income

Trust

188,152

2,687

Omega

Healthcare

Investors,

Inc.

112,720

3,952

One

Liberty

Properties,

Inc.

108,048

21,672

Physicians

Realty

Trust

419,353

7,619

PotlatchDeltic

Corporation

327,617

1,205

Preferred

Apartment

Communities,

Inc.

14,195

1,931

PS

Business

Parks,

Inc.

323,558

1,821

PSP

Swiss

Property

AG

275,348

3,308

QTS

Realty

Trust,

Inc.

188,159

2,549

Quebecor,

Inc.

63,253

3,994

Rayonier,

Inc.

REIT

121,338

2,517

Retail

Opportunity

Investments

Corporation

41,707

18,306

Retail

Properties

of

America,

Inc.

222,418

2,147

RioCan

REIT

44,063

774

RMR

Group,

Inc.

35,658

6,000

Road

King

Infrastructure,

Ltd.

10,073

6,901

RPT

Realty

96,269

2,923

Ryman

Hospitality

Properties

248,543

24,218

Sabra

Health

Care

REIT,

Inc.

520,687

1,085

Saul

Centers,

Inc.

53,577

5,041

SBA

Communications

Corporation

1,258,032

34,337

Service

Properties

Trust

740,992

6,730

Spirit

Realty

Capital,

Inc.

355,209

990

St.

Joe

Company

n

20,800

2,574

STAG

Industrial,

Inc.

82,986

23,252

Store

Capital

Corporation

912,641

15,118

Summit

Hotel

Properties,

Inc.

167,659

883

Swiss

Prime

Site

AG

107,801

5,418

TAG

Immobilien

AG

142,796

3,851

Terreno

Realty

Corporation

220,508

4,886

UMH

Properties,

Inc.

77,199

25,839

Uniti

Group,

Inc.

163,561

548

Universal

Health

Realty

Income

Trust

67,596

3,962

Urstadt

Biddle

Properties,

Inc.

89,819

15,594

VICI

Properties,

Inc.

417,919

14,000

Wing

Tai

Holdings,

Ltd.

20,519

Total

34,414,562

Utilities

(0.2%)

2,427

AGL

Energy,

Ltd.

32,209

7,710

Alliant

Energy

Corporation

457,666

6,650

Artesian

Resources

Corporation

250,838

1,164

Chesapeake

Utilities

Corporation

111,988

6,496

CMS

Energy

Corporation

445,041

5,220

Consolidated

Water

Company,

Ltd.

89,314

1,618

DTE

Energy

Company

214,563

3,309

Enagas

SA

89,157

4,324

Entergy

Corporation

568,692

27,732

Exelon

Corporation

1,319,766

4,257

IDACORP,

Inc.

477,593

2,058

Middlesex

Water

Company

134,305

5,831

New

Jersey

Resources

Corporation

240,937

858

Northland

Power,

Inc.

19,314

4,138

NorthWestern

Corporation

318,502

2,748

Otter

Tail

Corporation

147,183

9,677

PNM

Resources,

Inc.

524,784

2,694

Public

Service

Enterprise

Group,

Inc.

159,485

2,324

Southwest

Gas

Holdings,

Inc.

175,485

3,880

Spire,

Inc.

327,162

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock

(19.1%)

Value

Utilities

(0.2%)

-

continued

2,849

Unitil

Corporation

$

175,755

Total

6,279,739

Total

Common

Stock

(cost

$438,768,763)

532,412,643

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

18,479,369

Thrivent

Cash

Management

Trust

18,479,369

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,479,369)

18,479,369

Shares

or

Principal

Amount

Short-Term

Investments

(

12.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

2,600,000

1.545%,

2/12/2020

o,p

2,598,992

200,000

1.570%,

2/19/2020

o,p

199,862

9,300,000

1.570%,

2/26/2020

o,p

9,290,790

200,000

1.570%,

3/4/2020

o,p

199,740

200,000

1.581%,

3/20/2020

o,p

199,601

500,000

1.540%,

3/31/2020

o,p

498,765

5,800,000

1.550%,

4/7/2020

o,p

5,783,812

5,400,000

1.536%,

4/8/2020

o,p

5,384,693

Thrivent

Core

Short-Term

Reserve

Fund

31,703,336

1.900%

317,033,357

Total

Short-Term

Investments

(cost

$341,187,956)

341,189,612

Total

Investments

(cost

$2,578,674,419)

107.2%

$2,982,840,394

Other

Assets

and

Liabilities,

Net

(7.2%)

(199,894,692)

Total

Net

Assets

100.0%

$2,782,945,702

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

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

All

or

a

portion

of

the

security

is

on

loan.

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

January

31,

2020,

the

value

of

these

investments

was

$107,919,739

or

3.9%

of

total

net

assets.

i

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.

j

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

January

31,

2020.

k

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.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

In

bankruptcy.  Interest

is

not

being

accrued.

n

Non-income

producing

security.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

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

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,713,567

Common

Stock

16,108,231

Total

lending

$17,821,798

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,479,369

Net

amounts

due

to

counterparty

$657,571

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

ETF

-

Exchange

Traded

Fund

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

CMT

3M

-

Constant

Maturity

Treasury

Yield

3

Month

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Moderate

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

2,920,320

–

2,471,875

448,445

Capital

Goods

3,763,007

–

3,763,007

–

Communications

Services

7,910,942

–

7,910,942

–

Consumer

Cyclical

6,700,291

–

6,048,102

652,189

Consumer

Non-Cyclical

9,242,257

–

9,242,257

–

Energy

2,709,727

–

2,508,812

200,915

Financials

4,316,843

–

4,316,843

–

Technology

3,473,986

–

3,473,986

–

Utilities

537,312

–

537,312

–

Registered

Investment

Companies

Unaffiliated

32,803,803

32,803,803

–

–

Affiliated

969,991,319

969,991,319

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

27,894,984

–

27,894,984

–

Basic

Materials

8,251,725

–

8,251,725

–

Capital

Goods

14,746,795

–

14,746,795

–

Collateralized

Mortgage

Obligations

29,803,457

–

29,803,457

–

Commercial

Mortgage-Backed

Securities

11,595,337

–

11,595,337

–

Communications

Services

28,220,148

–

28,220,148

–

Consumer

Cyclical

20,585,064

–

20,585,064

–

Consumer

Non-Cyclical

35,616,268

–

35,616,268

–

Energy

27,125,648

–

27,125,648

–

Financials

68,058,638

–

68,058,638

–

Mortgage-Backed

Securities

269,775,506

–

269,775,506

–

Technology

16,151,477

–

16,151,477

–

Transportation

5,685,099

–

5,685,099

–

U.S.

Government

&

Agencies

268,029,927

–

268,029,927

–

Utilities

21,365,719

–

21,365,719

–

Common

Stock

Communications

Services

15,320,246

14,827,111

493,135

–

Consumer

Discretionary

47,663,214

46,145,047

1,518,167

–

Consumer

Staples

20,351,238

19,361,138

990,100

–

Energy

15,807,403

15,210,384

597,019

–

Financials

94,743,346

89,623,776

5,119,570

–

Health

Care

79,705,266

77,343,001

2,362,265

–

Industrials

83,336,546

80,220,081

3,116,465

–

Information

Technology

111,868,654

110,108,420

1,760,234

–

Materials

22,922,429

22,023,552

898,875

2

Real

Estate

34,414,562

32,981,134

1,433,428

–

Utilities

6,279,739

6,139,059

140,680

–

Short-Term

Investments

24,156,255

–

24,156,255

–

Subtotal

Investments

in

Securities

$2,453,844,497

$1,516,777,825

$935,765,121

$1,301,551

Other

Investments  *

Total

Affiliated

Short-Term

Investments

317,033,357

Affiliated

Registered

Investment

Companies

193,483,171

Collateral

Held

for

Securities

Loaned

18,479,369

Subtotal

Other

Investments

$528,995,897

Total

Investments

at

Value

$2,982,840,394

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

9,159,020

9,159,020

–

–

Total

Asset

Derivatives

$9,159,020

$9,159,020

$–

$–

Liability

Derivatives

Futures

Contracts

8,365,849

8,365,849

–

–

Total

Liability

Derivatives

$8,365,849

$8,365,849

$–

$–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

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

January

31,

2020.

Investments

and/or

cash

totaling

$20,759,622

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

2-Yr.

U.S.

Treasury

Note

216

March

2020

$

46,585,789

$

147,837

CBOT

5-Yr.

U.S.

Treasury

Note

128

March

2020

15,240,399

160,600

CBOT

U.S.

Long

Bond

280

March

2020

44,553,729

1,235,021

CME

E-mini

S&P

500

Index

1,078

March

2020

171,334,694

2,438,906

CME

Euro

Foreign

Exchange

Currency

252

March

2020

35,183,477

(

160,202)

Eurex

Euro

STOXX

50

Index

851

March

2020

35,312,313

(

1,174,912)

ICE

mini

MSCI

EAFE

Index

1,189

March

2020

120,889,312

(

3,386,386)

ICE

US

mini

MSCI

Emerging

Markets

Index

1,190

March

2020

65,502,875

(

3,021,925)

Total

Futures

Long

Contracts

$

534,602,588

(

$

3,761,061)

CBOT

10-Yr.

U.S.

Treasury

Note

(158)

March

2020

(

$

20,512,062)

(

$

289,626)

CME

E-mini

Russell

2000

Index

(1,829)

March

2020

(

150,841,243)

3,176,928

CME

E-mini

S&P

Mid-Cap

400

Index

(684)

March

2020

(

139,278,528)

1,999,728

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(42)

March

2020

(

7,844,673)

(

290,202)

Ultra

10-Yr.

U.S.

Treasury

Note

(13)

March

2020

(

1,850,935)

(

42,596)

Total

Futures

Short

Contracts

(

$

320,327,441)

$4,554,232

Total

Futures

Contracts

$

214,275,147

$793,171

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$51,746

$4,789

$–

$58,217

5,747

2.1%

Core

International

Equity

22,078

861

–

22,604

2,369

0.8

Core

Low

Volatility

Equity

79,651

32,112

–

112,662

9,250

4.0

Global

Stock,

Class

S

53,135

6,513

–

55,508

2,271

2.0

High

Yield,

Class

S

39,438

528

–

40,300

8,449

1.4

Income,

Class

S

123,505

1,514

–

126,983

13,091

4.6

International

Allocation,

Class

S

131,555

3,396

–

134,220

13,185

4.8

Large

Cap

Growth,

Class

S

176,773

8,636

–

196,161

14,466

7.1

Large

Cap

Value,

Class

S

198,943

3,842

–

203,713

8,927

7.3

Limited

Maturity

Bond,

Class

S

66,637

408

–

67,312

5,355

2.4

Mid

Cap

Stock,

Class

S

112,060

3,209

–

116,134

4,251

4.2

Small

Cap

Stock,

Class

S

28,853

2,477

–

29,659

1,285

1.1

Total

Affiliated

Registered

Investment

Companies

1,084,374

1,163,473

41.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

347,257

176,549

206,773

317,033

31,703

11.4

Total

Affiliated

Short-Term

Investments

347,257

317,033

11.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,533

42,407

32,461

18,479

18,479

0.7

Total

Collateral

Held

for

Securities

Loaned

8,533

18,479

0.7

Total

Value

$1,440,164

$1,498,985

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$1,682

$–

$611

Core

International

Equity

–

(335)

–

861

Core

Low

Volatility

Equity

Fund

–

899

2,502

1,610

Global

Stock,

Class

S

–

(4,140)

5,606

907

High

Yield,

Class

S

–

334

–

528

Income,

Class

S

–

1,965

568

945

International

Allocation,

Class

S

–

(731)

–

3,396

Large

Cap

Growth,

Class

S

–

10,752

8,636

–

Large

Cap

Value,

Class

S

–

928

–

3,842

Limited

Maturity

Bond,

Class

S

–

267

–

407

Mid

Cap

Stock,

Class

S

–

866

2,766

442

Small

Cap

Stock,

Class

S

–

(1,671)

2,341

136

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

2

1,603

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$15,288

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

$–

$10,816

$22,421

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Principal

Amount

Bank

Loans

(

0.9%

)

a

Value

Basic

Materials

(0.1%)

Arch

Coal,

Inc.,

Term

Loan

$

250,492

4.395%, 

(LIBOR

1M

+

2.750%),

3/7/2024

b

$

239,220

Big

River

Steel,

LLC,

Term

Loan

219,938

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

220,487

Chemours

Company,

Term

Loan

284,925

3.400%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

273,765

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

149,250

4.900%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b,c

149,623

MRC

Global

(US),

Inc.,

Term

Loan

982,456

4.645%, 

(LIBOR

1M

+

3.000%),

9/22/2024

b

985,531

Nouryon

USA,

LLC,

Term

Loan

250,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,d,e

249,688

Peabody

Energy

Corporation,

Term

Loan

162,113

4.395%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b,c

129,690

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

35,000

0.000%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

34,431

257,400

7.645%, 

(LIBOR

1M

+

6.000%),

10/31/2024

b

251,822

Total

2,534,257

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

192,220

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

192,199

BWAY

Holding

Company,

Term

Loan

224,425

5.084%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

222,555

Flex

Acquisition

Company,

Inc.

Term

Loan

315,000

5.159%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

310,275

GFL

Environmental,

Inc.,

Term

Loan

232,055

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

231,301

Navistar,

Inc.,

Term

Loan

112,700

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

112,785

TransDigm,

Inc.,

Term

Loan

233,220

4.145%, 

(LIBOR

1M

+

2.500%),

6/9/2023

b

232,928

520,000

0.000%, 

(LIBOR

1M

+

2.250%),

12/31/2025

b

519,220

Vertiv

Group

Corporation,

Term

Loan

599,098

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

598,097

Total

2,419,360

Communications

Services

(0.2%)

Altice

France

SA,

Term

Loan

170,188

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

168,380

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Communications

Services

(0.2%)

-

continued

CenturyLink,

Inc.,

Term

Loan

$

755,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

$

753,822

CommScope

Inc.,

Term

Loan

119,700

4.895%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

119,500

Coral-US

Co-Borrower,

LLC,

Term

Loan

610,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

608,475

CSC

Holdings,

LLC,

Term

Loan

72,938

3.926%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

72,989

Diamond

Sports

Group,

LLC,

Term

Loan

204,488

4.910%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

204,169

Entercom

Media

Corporation,

Term

Loan

195,000

4.160%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

196,057

Frontier

Communications

Corporation,

Term

Loan

508,133

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

512,365

HCP

Acquisition,

LLC,

Term

Loan

297,975

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

298,628

Intelsat

Jackson

Holdings

SA,

Term

Loan

310,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

308,645

Mediacom

Illinois,

LLC,

Term

Loan

117,900

3.320%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

118,342

NEP

Group,

Inc.,

Term

Loan

202,950

4.895%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

198,552

30,000

8.645%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

27,500

SBA

Senior

Finance

II,

LLC,

Term

Loan

209,468

3.400%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

209,600

Sprint

Communications,

Inc.,

Term

Loan

714,787

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

698,705

Terrier

Media

Buyer,

Inc.,

Term

Loan

190,000

6.148%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b

191,378

TNS,

Inc.,

Term

Loan

340,109

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

329,199

WideOpenWest

Finance,

LLC,

Term

Loan

205,275

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

203,009

Windstream

Services,

LLC,

Term

Loan

60,000

4.150%, 

(LIBOR

1M

+

2.500%),

2/26/2021

b

60,113

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Communications

Services

(0.2%)

-

continued

$

193,515

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,f

$

187,226

Total

5,466,654

Consumer

Cyclical

(0.1%)

Boyd

Gaming

Corporation,

Term

Loan

30,521

3.811%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

30,588

Cengage

Learning,

Inc.,

Term

Loan

293,254

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

b

279,416

Eldorado

Resorts,

Inc.,

Term

Loan

16,853

3.938%, 

(LIBOR

1M

+

2.250%),

4/17/2024

b

16,838

Four

Seasons

Hotels,

Ltd.,

Term

Loan

200,859

3.645%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

201,975

Golden

Entertainment,

Inc.,

Term

Loan

381,175

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,c

381,652

Golden

Nugget,

LLC,

Term

Loan

402,069

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

402,612

LCPR

Loan

Financing,

LLC,

Term

Loan

485,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

490,456

Men's

Warehouse,

Inc.,

Term

Loan

206,747

5.031%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b

169,663

Mohegan

Gaming

and

Entertainment,

Term

Loan

283,558

5.645%, 

(LIBOR

1M

+

4.000%),

10/13/2023

b

279,837

Penn

National

Gaming,

Inc.,

Term

Loan

163,350

3.895%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

163,894

Scientific

Games

International,

Inc.,

Term

Loan

786,223

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

783,471

Staples,

Inc.,

Term

Loan

109,450

6.281%, 

(LIBOR

1M

+

4.500%),

9/12/2024

b

107,535

353,400

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

346,685

Stars

Group

Holdings

BV,

Term

Loan

177,839

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

178,737

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

138,250

3.395%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

139,039

Total

3,972,398

Consumer

Non-Cyclical

(0.2%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

548,800

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

535,596

98,000

5.895%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

94,325

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Consumer

Non-Cyclical

(0.2%)

-

continued

Albertson's

LLC,

Term

Loan

$

653,363

4.395%, 

(LIBOR

1M

+

2.750%),

8/17/2026

b

$

653,362

Bausch

Health

Companies,

Inc.,

Term

Loan

970,522

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

973,919

Chobani,

LLC,

Term

Loan

233,198

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

232,907

Endo

International

plc,

Term

Loan

613,899

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

590,878

JBS

USA

LUX

SA,

Term

Loan

384,432

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,d,e

386,046

Libbey

Glass,

Inc.,

Term

Loan

106,761

4.699%, 

(LIBOR

1M

+

3.000%),

4/9/2021

b

79,385

Mallinckrodt

International

Finance

SA,

Term

Loan

307,652

4.909%, 

(LIBOR

3M

+

3.000%),

2/24/2025

b

255,480

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

400,038

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

381,944

MPH

Acquisition

Holdings,

LLC,

Term

Loan

620,000

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

608,685

Ortho-Clinical

Diagnostics

SA,

Term

Loan

596,907

4.905%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b,d,e

590,007

R.R.

Donnelley

&

Sons

Company,

Term

Loan

39,799

6.645%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

40,110

Sotera

Health

Holdings,

LLC,

Term

Loan

205,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

205,642

Total

5,628,286

Energy

(<0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

194,025

6.395%, 

(LIBOR

1M

+

4.750%),

12/19/2025

b

175,957

Calpine

Corporation,

Term

Loan

219,821

4.200%, 

(LIBOR

3M

+

2.250%),

1/15/2024

b

220,417

CONSOL

Energy,

Inc.,

Term

Loan

188,575

6.150%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

162,802

Fieldwood

Energy,

LLC,

Term

Loan

255,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

216,878

McDermott

Technology

(Americas),

Inc.,

Term

Loan

338,962

6.945%, 

(LIBOR

3M

+

5.000%),

5/10/2025

b,f

208,038

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Energy

(<0.1%)

-

continued

Radiate

Holdco,

LLC,

Term

Loan

$

803,476

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

$

803,565

Total

1,787,657

Financials

(0.1%)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

297,101

4.670%, 

(LIBOR

1M

+

3.000%),

5/1/2024

b

256,089

50,000

8.940%, 

(LIBOR

1M

+

7.250%),

5/1/2025

b

30,094

Digicel

International

Finance,

Ltd.,

Term

Loan

455,679

5.340%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

411,628

GGP

Nimbus,

LLC,

Term

Loan

1,071,437

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

1,065,577

Grizzly

Finco,

Term

Loan

264,331

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

262,679

Harland

Clarke

Holdings

Corporation,

Term

Loan

152,845

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

121,486

Level

3

Financing,

Inc.,

Term

Loan

325,000

3.395%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

324,269

MoneyGram

International,

Inc.,

Term

Loan

173,537

7.645%, 

(LIBOR

1M

+

6.000%),

6/30/2023

b

163,992

Tronox

Finance,

LLC,

Term

Loan

421,608

4.519%, 

(LIBOR

1M

+

2.750%),

9/22/2024

b

421,540

Total

3,057,354

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

244,387

5.145%, 

(LIBOR

1M

+

3.500%),

8/21/2026

b

245,074

Prime

Security

Services

Borrower,

LLC,

Term

Loan

773,063

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

773,062

Rackspace

Hosting,

Inc.,

Term

Loan

647,618

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

621,597

SS&C

Technologies

Holdings

Europe

SARL,

Term

Loan

89,928

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

89,909

SS&C

Technologies,

Inc.,

Term

Loan

115,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

114,976

80,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

79,983

150,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

149,847

126,025

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

125,999

Total

2,200,447

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Utilities

(<0.1%)

Core

and

Main,

LP,

Term

Loan

$

249,262

4.572%, 

(LIBOR

1M

+

2.750%),

8/1/2024

b

$

248,562

Total

248,562

Total

Bank

Loans

(cost

$27,796,348)

27,314,975

Shares

Registered

Investment

Companies

(

49.3%

)

Value

Unaffiliated  (1.2%)

12,257

Consumer

Discretionary

Select

Sector

SPDR

Fund

1,536,047

18,971

Health

Care

Select

Sector

SPDR

Fund

1,880,785

36,000

Invesco

Senior

Loan

ETF

813,960

1,009

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

88,318

68,695

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

9,005,227

7,534

iShares

Russell

2000

Index

Fund

g

1,209,433

14,639

iShares

Russell

2000

Value

Index

Fund

1,783,616

22,174

Materials

Select

Sector

SPDR

Fund

1,277,888

3,536

ProShares

Ultra

S&P

500

g

531,036

2,000

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

218,080

48,372

SPDR

S&P

500

ETF

Trust

15,562,724

24,355

SPDR

S&P

Biotech

ETF

g

2,170,518

67,406

SPDR

S&P

Metals

&

Mining

ETF

1,677,735

35,008

VanEck

Vectors

Oil

Services

ETF

381,587

Total

38,136,954

Affiliated  (48.1%)

3,629,466

Thrivent

Core

Emerging

Markets

Debt

Fund

36,766,486

9,262,251

Thrivent

Core

International

Equity

Fund

88,361,871

13,326,580

Thrivent

Core

Low

Volatility

Equity

Fund

162,317,750

5,806,792

Thrivent

Global

Stock

Fund,

Class

S

141,918,007

4,829,240

Thrivent

High

Yield

Fund,

Class

S

23,035,475

7,242,616

Thrivent

Income

Fund,

Class

S

70,253,375

24,592,671

Thrivent

International

Allocation

Fund,

Class

S

250,353,386

18,377,514

Thrivent

Large

Cap

Growth

Fund,

Class

S

249,199,095

10,485,572

Thrivent

Large

Cap

Value

Fund,

Class

S

239,280,754

2,983,421

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

37,501,597

6,524,255

Thrivent

Mid

Cap

Stock

Fund,

Class

S

178,242,640

1,979,441

Thrivent

Small

Cap

Stock

Fund,

Class

S

45,685,506

Total

1,522,915,942

Total

Registered

Investment

Companies

(cost

$1,241,684,083)

1,561,052,896

Shares

Common

Stock

(

24.9%

)

Value

Communications

Services

(0.5%)

4,090

Activision

Blizzard,

Inc.

239,183

2,406

Alphabet,

Inc.,

Class

A

h

3,447,269

1,225

Alphabet,

Inc.,

Class

C

h

1,756,932

49,481

Auto

Trader

Group

plc

i

365,109

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock

(24.9%)

Value

Communications

Services

(0.5%)

-

continued

2,286

Carsales.com,

Ltd.

$

26,020

7,830

Comcast

Corporation

338,178

26,090

DISH

Network

Corporation

h

959,068

7,072

Facebook,

Inc.

h

1,427,908

2,640

Hemisphere

Media

Group,

Inc.

h

35,482

25,000

HKT

Trust

and

HKT,

Ltd.

37,318

17,828

Interpublic

Group

of

Companies,

Inc.

404,696

842

Ipsos

SA

27,281

19,787

Live

Nation

Entertainment,

Inc.

h

1,348,682

23,262

Mediaset

Espana

Comunicacion

SA

127,362

3,692

News

Corporation

51,577

1,100

Nippon

Telegraph

&

Telephone

Corporation

28,047

85,463

ORBCOMM,

Inc.

h

306,812

58,031

QuinStreet,

Inc.

h

751,792

2,140

Rightmove

plc

18,546

3,471

Scholastic

Corporation

114,369

11,349

Seven

West

Media,

Ltd.

h

1,868

19,828

Take-Two

Interactive

Software,

Inc.

h

2,471,362

8,800

TV

Asahi

Holdings

Corporation

167,856

25,993

Twitter,

Inc.

h

844,253

8,523

Verizon

Communications,

Inc.

506,607

1,564

ViacomCBS,

Inc.

53,379

498

Walt

Disney

Company

68,878

1,978

Wolters

Kluwer

NV

148,631

19,806

Zillow

Group,

Inc.

h

915,037

Total

16,989,502

Consumer

Discretionary

(2.4%)

1,527

Alibaba

Group

Holding,

Ltd.

ADR

h

315,463

2,325

Amazon.com,

Inc.

h

4,670,274

1,051

American

Public

Education,

Inc.

h

25,045

1,000

AOKI

Holdings,

Inc.

9,756

2,200

Aoyama

Trading

Company,

Ltd.

28,203

5,259

Aptiv

plc

445,911

1,300

Autobacs

Seven

Company,

Ltd.

18,944

60

AutoZone,

Inc.

h

63,478

1,800

Benesse

Holdings,

Inc.

49,446

2,086

Berkeley

Group

Holdings

plc

144,339

637

Booking

Holdings,

Inc.

h

1,166,060

26,178

BorgWarner,

Inc.

897,644

5,700

Bridgestone

Corporation

201,888

32,571

Bright

Horizons

Family

Solutions,

Inc.

h

5,332,850

16,901

Burlington

Stores,

Inc.

h

3,675,460

20,408

Canada

Goose

Holdings,

Inc.

g,h

612,240

3,166

Century

Casinos,

Inc.

h

26,373

2,469

Chipotle

Mexican

Grill,

Inc.

h

2,140,030

1,300

Chiyoda

Company,

Ltd.

17,469

19,800

Citizen

Watch

Company,

Ltd.

95,722

11,878

Cooper-Standard

Holdings,

Inc.

h

315,005

42,419

Crocs,

Inc.

h

1,608,104

12,664

Culp,

Inc.

159,946

1,647

D.R.

Horton,

Inc.

97,502

29,761

Delphi

Technologies

plc

h

456,534

9,700

Denso

Corporation

397,915

70,084

Designer

Brands,

Inc.

997,996

5,099

Domino's

Pizza,

Inc.

1,436,643

53,247

Duluth

Holdings,

Inc.

g,h

449,937

16,010

Emerald

Expositions

Events,

Inc.

166,984

8,793

Ethan

Allen

Interiors,

Inc.

142,007

41,297

Etsy,

Inc.

h

2,015,707

600

Exedy

Corporation

12,416

35,361

Five

Below,

Inc.

h

4,003,572

7,137

Garrett

Motion,

Inc.

h

60,094

1,652

Genuine

Parts

Company

154,578

Shares

Common

Stock

(24.9%)

Value

Consumer

Discretionary

(2.4%)

-

continued

37,685

G-III

Apparel

Group,

Ltd.

h

$

1,025,409

3,850

Goodyear

Tire

&

Rubber

Company

50,550

22,080

Grand

Canyon

Education,

Inc.

h

1,728,422

1,836

Harley-Davidson,

Inc.

61,322

13,853

Home

Depot,

Inc.

3,159,869

1,000

Honda

Motor

Company,

Ltd.

25,575

2,244

Hooker

Furniture

Corporation

55,292

94

Johnson

Outdoors,

Inc.

7,388

26,415

Knoll,

Inc.

654,035

13,281

Lear

Corporation

1,635,954

5,983

Lowe's

Companies,

Inc.

695,464

5,589

Lululemon

Athletica,

Inc.

h

1,337,951

946

Madison

Square

Garden

Company

h

280,196

8,322

Marcus

Corporation

242,586

3,141

McDonald's

Corporation

672,080

9,580

Modine

Manufacturing

Company

h

67,347

430

Mohawk

Industries,

Inc.

h

56,622

18,411

Moneysupermarket.com

Group

plc

79,030

51,731

Movado

Group,

Inc.

890,808

6,700

NHK

Spring

Company,

Ltd.

53,945

3,098

NIKE,

Inc.

298,337

77,200

Nissan

Motor

Company,

Ltd.

418,910

36,607

Norwegian

Cruise

Line

Holdings,

Ltd.

h

1,971,287

314

NVR,

Inc.

h

1,198,529

33,433

Ollie's

Bargain

Outlet

Holdings,

Inc.

h

1,773,286

1,300

Onward

Holdings

Company,

Ltd.

7,468

2,145

O'Reilly

Automotive,

Inc.

h

871,085

15,117

Oxford

Industries,

Inc.

1,049,120

2,200

Park24

Company,

Ltd.

55,248

51,097

Planet

Fitness,

Inc.

h

4,128,127

145,105

Playa

Hotels

and

Resorts

NV

h

1,018,637

900

PLENUS

Company,

Ltd.

g

16,385

129,670

Red

Rock

Resorts,

Inc.

3,178,212

11,515

Redrow

plc

120,884

7,494

RH

h

1,564,373

1,800

Rinnai

Corporation

128,308

3,806

Ruth's

Hospitality

Group,

Inc.

78,023

2,800

Sangetsu

Company,

Ltd.

49,416

800

SHIMAMURA

Company,

Ltd.

60,107

1,540

Sony

Corporation

ADR

108,077

15,080

Standard

Motor

Products,

Inc.

732,586

2,255

Starbucks

Corporation

191,292

800

Start

Today

Company,

Ltd.

13,325

29,900

Sumitomo

Electric

Industries,

Ltd.

398,616

600

Sumitomo

Forestry

Company,

Ltd.

8,332

21,400

Sumitomo

Rubber

Industries,

Ltd.

235,128

4,363

Super

Retail

Group,

Ltd.

27,166

400

Takara

Standard

Company,

Ltd.

6,862

43,273

Taylor

Wimpey

plc

122,912

23,374

Texas

Roadhouse,

Inc.

1,460,875

15,896

TJX

Companies,

Inc.

938,500

6,600

Toyoda

Gosei

Company,

Ltd.

149,745

11,335

Tupperware

Brands

Corporation

70,957

6,740

Ulta

Beauty,

Inc.

h

1,805,713

500

United

Arrows,

Ltd.

13,296

9,682

Vail

Resorts,

Inc.

2,270,526

22,505

Wingstop,

Inc.

2,087,789

28,296

Zumiez,

Inc.

h

881,986

Total

74,700,805

Consumer

Staples

(0.9%)

1,700

Arcs

Company,

Ltd.

29,910

8,204

Calavo

Growers,

Inc.

g

628,508

2,007

Carlsberg

AS

293,090

26,876

Casey's

General

Stores,

Inc.

4,323,273

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock

(24.9%)

Value

Consumer

Staples

(0.9%)

-

continued

2,985

Central

Garden

&

Pet

Company

h

$

96,147

43,551

Coca-Cola

Company

2,543,378

30,769

Colgate-Palmolive

Company

2,270,137

2,704

Costco

Wholesale

Corporation

826,126

150,669

Cott

Corporation

2,303,729

2,031

ForFarmers

BV

13,290

497

Glanbia

plc

5,804

111,076

Hain

Celestial

Group,

Inc.

h

2,689,150

15,757

John

B.

Sanfilippo

&

Son,

Inc.

1,328,315

900

Kewpie

Corporation

18,770

650

Kimberly-Clark

Corporation

93,106

7

Lindt

&

Spruengli

AG

58,757

273

L'Oreal

SA

75,934

400

Ministop

Company,

Ltd.

5,646

15,486

Monster

Beverage

Corporation

h

1,031,368

5,711

Nestle

SA

629,882

23,177

PepsiCo,

Inc.

3,291,597

2,641

Philip

Morris

International,

Inc.

218,411

15,142

Procter

&

Gamble

Company

1,886,996

3,596

Seneca

Foods

Corporation

h

142,222

1,300

Seven

&

I

Holdings

Company,

Ltd.

49,846

29,437

Simply

Good

Foods

Company

h

676,168

2,800

Sugi

Holdings

Company,

Ltd.

140,286

9,100

Sundrug

Company,

Ltd.

308,382

100,944

SunOpta,

Inc.

h

272,549

103,957

Turning

Point

Brands,

Inc.

2,374,378

3,229

Unilever

NV

188,420

1,786

Unilever

plc

106,537

7,480

Wal-Mart

Stores,

Inc.

856,385

Total

29,776,497

Energy

(0.6%)

27,207

Abraxas

Petroleum

Corporation

h

6,230

2,203

Apache

Corporation

60,450

124,823

Archrock,

Inc.

1,042,272

5,143

BP

plc

ADR

185,817

72,495

Callon

Petroleum

Company

g,h

217,485

30,755

Centennial

Resource

Development,

Inc.

h

100,261

2,379

Chevron

Corporation

254,886

22,954

Cimarex

Energy

Company

1,007,451

6,600

Concho

Resources,

Inc.

500,148

1,390

ConocoPhillips

82,608

23,775

Continental

Resources,

Inc.

647,155

2,170

Contura

Energy,

Inc.

h

12,564

33,106

Core

Laboratories

NV

g

1,163,014

19,079

Devon

Energy

Corporation

414,396

28,083

Diamond

Offshore

Drilling,

Inc.

g,h

130,024

18,871

Diamondback

Energy,

Inc.

1,404,002

3,060

Enterprise

Products

Partners,

LP

78,856

7,752

EOG

Resources,

Inc.

565,198

233,295

Euronav

NV

2,304,955

2,343

Evolution

Petroleum

Corporation

11,809

19,214

Exterran

Corporation

h

103,756

1,150

Exxon

Mobil

Corporation

71,438

28,433

Frank's

International

NV

h

99,515

232

Gaztransport

Et

Technigaz

SA

23,452

31,352

Gran

Tierra

Energy,

Inc.

g,h

31,239

3,490

Halliburton

Company

76,117

13,422

Helmerich

&

Payne,

Inc.

544,262

60,400

JXTG

Holdings,

Inc.

256,892

17,536

Liberty

Oilfield

Services,

Inc.

148,705

68,059

Marathon

Oil

Corporation

773,831

3,110

Marathon

Petroleum

Corporation

169,495

111,090

Nabors

Industries,

Ltd.

229,956

118,360

Nine

Energy

Service,

Inc.

h

572,862

Shares

Common

Stock

(24.9%)

Value

Energy

(0.6%)

-

continued

935

Oasis

Petroleum,

Inc.

h

$

2,104

35,290

Oceaneering

International,

Inc.

h

437,949

919

Oil

States

International,

Inc.

h

9,907

9,112

Pacific

Drilling

SA

h

16,766

1,194

Parsley

Energy,

Inc.

19,868

83,300

Patterson-UTI

Energy,

Inc.

661,402

7,862

PDC

Energy,

Inc.

h

169,741

2,194

Penn

Virginia

Corporation

h

46,886

980

Pioneer

Natural

Resources

Company

132,300

109,898

QEP

Resources,

Inc.

348,377

11,921

Royal

Dutch

Shell

plc,

Class

A

313,050

19,234

Royal

Dutch

Shell

plc,

Class

B

505,404

10,561

SEACOR

Holdings,

Inc.

h

396,988

158,840

Southwestern

Energy

Company

g,h

249,379

64,333

Talos

Energy,

Inc.

h

1,411,466

27,590

TechnipFMC

plc

455,511

1,385

Total

SA

67,437

10,215

Transocean,

Ltd.

h

46,580

1,616

Whiting

Petroleum

Corporation

h

7,337

67,938

WPX

Energy,

Inc.

h

811,859

Total

19,401,412

Financials

(4.3%)

466

1st

Source

Corporation

21,991

10,828

AB

Industrivarden

255,233

2,840

Aflac,

Inc.

146,459

18,582

AG

Mortgage

Investment

Trust,

Inc.

294,525

2,077

Alleghany

Corporation

h

1,656,740

2,817

Allianz

SE

672,543

40,811

Ally

Financial,

Inc.

1,307,176

48,722

American

Financial

Group,

Inc.

5,300,466

1,750

American

International

Group,

Inc.

87,955

5,487

Ameriprise

Financial,

Inc.

907,605

27,459

Ameris

Bancorp

1,103,577

2,427

Aon

plc

534,547

5,078

Argo

Group

International

Holdings,

Ltd.

333,117

14,847

Arthur

J.

Gallagher

&

Company

1,522,857

3,165

Artisan

Partners

Asset

Management,

Inc.

105,711

9,152

Associated

Banc-Corp

182,399

90,458

Assured

Guaranty,

Ltd.

4,146,595

2,656

Baloise

Holding

AG

479,883

28,477

Bank

Leumi

Le-Israel

BM

204,748

21,241

Bank

of

America

Corporation

697,342

2,438

Bank

of

Marin

Bancorp

107,418

6,851

Bank

of

Montreal

g

522,496

34,986

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,162,235

3,074

Bank

OZK

83,551

12,127

BankFinancial

Corporation

151,224

1,851

BankUnited,

Inc.

61,083

16,879

Banner

Corporation

870,112

13,707

Berkshire

Hathaway,

Inc.

h

3,076,262

2,569

BlackRock,

Inc.

1,354,762

3,155

BOK

Financial

Corporation

248,929

60,455

Boston

Private

Financial

Holdings,

Inc.

689,187

59,538

Bridgewater

Bancshares,

Inc.

h

785,902

119,946

BrightSphere

Investment

Group

1,104,703

10,251

Brown

&

Brown,

Inc.

460,270

5,024

Byline

Bancorp,

Inc.

96,963

2,369

Capital

One

Financial

Corporation

236,426

12,291

Cboe

Global

Markets,

Inc.

1,514,497

5,266

Charles

Schwab

Corporation

239,866

850

Chubb,

Ltd.

129,192

30,008

CI

Financial

Corporation

525,832

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

(24.9%)

Value

Financials

(4.3%)

-

continued

6,627

Cincinnati

Financial

Corporation

$

695,504

16,645

CIT

Group,

Inc.

760,843

5,980

Citigroup,

Inc.

444,972

21,461

Citizens

Financial

Group,

Inc.

800,066

572

City

Holding

Company

43,289

5,611

CNP

Assurances

101,000

9,184

Cohen

&

Steers,

Inc.

679,432

47,488

Comerica,

Inc.

2,904,366

641

Commonwealth

Bank

of

Australia

36,292

2,754

Community

Bank

System,

Inc.

182,508

18,936

Community

Trust

Bancorp,

Inc.

828,450

22,054

Cullen/Frost

Bankers,

Inc.

1,966,335

16,900

DBS

Group

Holdings,

Ltd.

311,316

827

Deutsche

Boerse

AG

134,242

9,883

Deutsche

Pfandbriefbank

AG

i

159,181

538

Diamond

Hill

Investment

Group,

Inc.

75,734

12,277

Discover

Financial

Services

922,371

14,859

DnB

ASA

259,774

67,021

E*TRADE

Financial

Corporation

2,856,435

5,422

East

West

Bancorp,

Inc.

248,544

5,417

Ellington

Residential

Mortgage

REIT

58,287

6,144

Enstar

Group,

Ltd.

h

1,199,862

5,785

Enterprise

Financial

Services

Corporation

251,705

25,544

Essent

Group,

Ltd.

1,267,238

4,338

Euronext

NV

i

376,032

149,750

Everi

Holdings,

Inc.

h

1,871,875

4,118

FBL

Financial

Group,

Inc.

221,466

1,563

Federal

Agricultural

Mortgage

Corporation

119,257

24,171

Fifth

Third

Bancorp

687,665

12,372

Financial

Institutions,

Inc.

381,181

8,203

First

American

Financial

Corporation

508,422

629

First

Bancorp

22,317

1,170

First

Bancshares,

Inc.

40,271

22,626

First

Busey

Corporation

576,963

5,726

First

Citizens

BancShares,

Inc.

3,016,571

28,140

First

Defiance

Financial

Corporation

827,035

10,036

First

Financial

Corporation

418,802

1,421

First

Hawaiian,

Inc.

41,294

41,427

First

Interstate

BancSystem,

Inc.

1,594,940

629

First

Mid-Illinois

Bancshares,

Inc.

20,600

15,748

First

Midwest

Bancorp,

Inc.

314,015

1,658

First

of

Long

Island

Corporation

36,575

19,327

First

Republic

Bank

2,142,978

42,740

FlexiGroup,

Ltd.

59,346

280

Goldman

Sachs

Group,

Inc.

66,570

20,323

Great

Southern

Bancorp,

Inc.

1,156,582

8,258

Great

Western

Bancorp,

Inc.

244,024

33,631

Hamilton

Lane,

Inc.

2,184,333

8,929

Hancock

Whitney

Corporation

354,838

1,284

Hanmi

Financial

Corporation

21,597

12,696

Hanover

Insurance

Group,

Inc.

1,759,412

13,914

Hartford

Financial

Services

Group,

Inc.

824,822

26,782

Heartland

Financial

USA,

Inc.

1,309,908

126,921

Heritage

Commerce

Corporation

1,472,284

1,281

Heritage

Financial

Corporation

33,024

15,778

Hometrust

Bancshares,

Inc.

418,433

19,368

Horace

Mann

Educators

Corporation

833,018

21,915

Horizon

Bancorp,

Inc.

370,802

18,764

Houlihan

Lokey,

Inc.

972,913

78,910

HSBC

Holdings

plc

573,689

738

IA

Financial

Corporation,

Inc.

40,614

28,716

IBERIABANK

Corporation

2,087,940

21,466

Independent

Bank

Corporation

458,943

Shares

Common

Stock

(24.9%)

Value

Financials

(4.3%)

-

continued

23,132

Interactive

Brokers

Group,

Inc.

$

1,087,204

22,592

Intercontinental

Exchange,

Inc.

2,253,326

6,462

International

Bancshares

Corporation

254,603

66,632

Israel

Discount

Bank,

Ltd.

302,218

4,351

J.P.

Morgan

Chase

&

Company

575,898

10,875

Kemper

Corporation

809,318

77,884

KeyCorp

1,457,210

542

L

E

Lundbergforetagen

AB

23,529

7,886

Lakeland

Bancorp,

Inc.

128,069

4,895

Laurentian

Bank

of

Canada

g

158,864

6,261

Loews

Corporation

322,128

14,581

M&T

Bank

Corporation

2,457,190

23,104

Manulife

Financial

Corporation

450,069

1,213

Markel

Corporation

h

1,422,813

3,623

Mercantile

Bank

Corporation

118,726

22,781

Meridian

Bancorp,

Inc.

409,830

2,470

MetLife,

Inc.

122,784

25,165

MidWestOne

Financial

Group,

Inc.

813,836

2,760

Morgan

Stanley

144,238

5,590

MSCI,

Inc.

1,597,622

313

Muenchener

Rueckversicherungs-

Gesellschaft

AG

92,285

5,584

National

Bank

of

Canada

309,833

242

National

Western

Life

Group,

Inc.

64,372

1,353

NBT

Bancorp,

Inc.

51,130

14,834

Northern

Trust

Corporation

1,450,914

5,682

Northwest

Bancshares,

Inc.

89,349

2,721

OFG

Bancorp

53,631

3,834

Old

Republic

International

Corporation

86,457

11,318

Old

Second

Bancorp,

Inc.

139,042

726

Onex

Corporation

46,575

1,304

Paragon

Banking

Group

plc

8,747

1,120

Pargesa

Holding

SA

89,722

387

Park

National

Corporation

36,753

26,739

PCSB

Financial

Corporation

531,571

708

Peapack-Gladstone

Financial

Corporation

20,695

3,317

Peoples

Bancorp,

Inc.

107,935

31,756

Popular,

Inc.

1,777,066

6,316

Power

Corporation

of

Canada

g

157,590

1,457

Power

Financial

Corporation

37,818

10,100

Primerica,

Inc.

1,197,456

75,928

Prosight

Global,

Inc.

h

1,098,678

1,986

Provident

Financial

Services,

Inc.

45,301

800

Prudential

Financial,

Inc.

72,848

15,090

QCR

Holdings,

Inc.

620,199

37,418

Radian

Group,

Inc.

916,367

25,529

Raymond

James

Financial,

Inc.

2,334,116

14,002

Reinsurance

Group

of

America,

Inc.

2,016,988

7,166

Renasant

Corporation

228,810

2,419

Royal

Bank

of

Canada

191,158

971

S&P

Global,

Inc.

285,212

2,041

Safety

Insurance

Group,

Inc.

187,935

8,606

Sandy

Spring

Bancorp,

Inc.

299,489

21,156

Santander

Consumer

USA

Holdings,

Inc.

563,173

84,829

Seacoast

Banking

Corporation

of

Florida

h

2,303,107

36,856

SEI

Investments

Company

2,405,223

1,055

Selective

Insurance

Group,

Inc.

69,894

1,500

Senshu

Ikeda

Holdings,

Inc.

2,738

3,300

Singapore

Exchange,

Ltd.

20,936

27,576

Spirit

of

Texas

Bancshares,

Inc.

h

572,202

37,147

State

Auto

Financial

Corporation

1,118,496

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock

(24.9%)

Value

Financials

(4.3%)

-

continued

12,779

Sun

Life

Financial,

Inc.

$

600,808

9,713

SVB

Financial

Group

h

2,334,325

1,053

Swiss

Life

Holding

AG

529,316

87,429

Synovus

Financial

Corporation

3,061,764

14,378

T.

Rowe

Price

Group,

Inc.

1,919,894

4,777

Territorial

Bancorp,

Inc.

138,676

14,325

TMX

Group,

Ltd.

1,325,447

1,465

Topdanmark

AS

69,229

15,065

Toronto-Dominion

Bank

832,593

13,218

TPG

RE

Finance

Trust,

Inc.

270,572

11,453

TriCo

Bancshares

416,889

17,171

Triumph

Bancorp,

Inc.

h

669,326

47,843

TrustCo

Bank

Corporation

379,395

4,320

U.S.

Bancorp

229,910

1,254

UMB

Financial

Corporation

83,341

10,098

Umpqua

Holdings

Corporation

170,656

1,340

Univest

Financial

Corporation

33,286

110

Virtus

Investment

Partners,

Inc.

13,533

6,924

Washington

Trust

Bancorp,

Inc.

327,713

24,040

Webster

Financial

Corporation

1,078,434

4,697

Wells

Fargo

&

Company

220,477

5,622

WesBanco,

Inc.

186,201

986

Westamerica

Bancorporation

62,473

6,619

Western

Alliance

Bancorp

365,567

581

Westwood

Holdings

Group,

Inc.

16,314

1,528

Willis

Towers

Watson

plc

322,851

38,627

Wintrust

Financial

Corporation

2,444,317

62,651

Zions

Bancorporations

NA

2,849,994

221

Zurich

Insurance

Group

AG

91,741

Total

136,687,804

Health

Care

(3.6%)

22,206

Abbott

Laboratories

1,935,031

21,710

Aerie

Pharmaceuticals,

Inc.

g,h

444,621

28,676

Agilent

Technologies,

Inc.

2,367,491

28,871

Agios

Pharmaceuticals,

Inc.

h

1,406,884

9,089

Alexion

Pharmaceuticals,

Inc.

h

903,356

9,064

Alkermes

plc

h

157,804

5,224

AmerisourceBergen

Corporation

446,965

10,896

Amgen,

Inc.

2,354,081

7,825

Arena

Pharmaceuticals,

Inc.

h

357,524

237

Atrion

Corporation

170,448

57,518

Axonics

Modulation

Technologies,

Inc.

g,h

1,669,748

29,951

Bausch

Health

Companies,

Inc.

h

821,556

4,481

Becton,

Dickinson

and

Company

1,233,082

272

Biogen,

Inc.

h

73,127

11,846

BioMarin

Pharmaceutical,

Inc.

h

989,141

6,318

Bio-Rad

Laboratories,

Inc.

h

2,280,293

17,839

Bio-Techne

Corporation

3,745,655

4,082

Bluebird

Bio,

Inc.

h

325,295

1,947

Bruker

Corporation

96,318

69,380

Catalent,

Inc.

h

4,239,118

2,510

Centene

Corporation

h

157,653

15,389

Charles

River

Laboratories

International,

Inc.

h

2,378,832

3,349

Chemed

Corporation

1,564,117

801

Cigna

Holding

Company

154,096

25,025

CryoLife,

Inc.

h

744,243

3,793

CSL,

Ltd.

780,099

3,848

CVS

Health

Corporation

260,971

3,218

Danaher

Corporation

517,680

8,595

Dexcom,

Inc.

h

2,069,246

4,998

Edwards

Lifesciences

Corporation

h

1,098,860

24,173

Gilead

Sciences,

Inc.

1,527,734

33,468

GlaxoSmithKline

plc

785,808

Shares

Common

Stock

(24.9%)

Value

Health

Care

(3.6%)

-

continued

3,599

Grifols

SA

$

120,874

41,024

Guardant

Health,

Inc.

h

3,119,465

79,060

Halozyme

Therapeutics,

Inc.

h

1,500,559

2,283

HealthStream,

Inc.

h

58,331

16,388

Hill-Rom

Holdings,

Inc.

1,745,158

16,445

Immunomedics,

Inc.

h

305,384

31,840

Inspire

Medical

Systems,

Inc.

h

2,381,632

6,671

Insulet

Corporation

h

1,294,441

1,904

Intuitive

Surgical,

Inc.

h

1,065,821

12,861

Jazz

Pharmaceuticals,

Inc.

h

1,843,624

26,581

Johnson

&

Johnson

3,957,113

700

KYORIN

Holdings,

Inc.

12,568

3,000

Laboratory

Corporation

of

America

Holdings

h

526,200

32,919

LHC

Group,

Inc.

h

4,797,944

12,441

Ligand

Pharmaceuticals,

Inc.

g,h

1,092,444

217

LNA

Sante

11,032

23,383

Medtronic

plc

2,699,334

13,839

Merck

&

Company,

Inc.

1,182,404

3,104

Mesa

Laboratories,

Inc.

814,614

52,433

Natera,

Inc.

h

1,835,679

9,998

National

Healthcare

Corporation

839,032

17,273

Neurocrine

Biosciences,

Inc.

h

1,728,682

8,686

Nevro

Corporation

h

1,154,456

1,044

NextGen

Healthcare,

Inc.

h

14,470

9,386

Novartis

AG

886,678

10,770

Novo

Nordisk

AS

655,588

125,785

Optinose,

Inc.

g,h

984,897

4,757

Orthifix

Medical,

Inc.

h

205,788

6,862

PerkinElmer,

Inc.

634,598

12,414

Pfizer,

Inc.

462,297

4,867

Pharming

Group

NV

h

7,125

538

Phibro

Animal

Health

Corporation

12,761

8,261

PRA

Health

Sciences,

Inc.

h

836,922

1,992

Prothena

Corporation

plc

h

24,243

3,210

Recordati

SPA

137,358

13,499

Repligen

Corporation

h

1,355,165

8,539

ResMed,

Inc.

1,357,445

2,902

Roche

Holding

AG

973,530

7,229

Sage

Therapeutics,

Inc.

h

479,138

4,576

Sarepta

Therapeutics,

Inc.

h

530,633

930

Sonova

Holding

AG

233,217

2,723

Stryker

Corporation

573,736

875

Surmodics,

Inc.

h

34,466

38,147

Syneos

Health,

Inc.

h

2,340,700

33,921

Tactile

Systems

Technology,

Inc.

h

1,906,021

10,671

Teleflex,

Inc.

3,964,383

8,458

Thermo

Fisher

Scientific,

Inc.

2,648,961

2,287

U.S.

Physical

Therapy,

Inc.

267,899

3,772

United

Therapeutics

Corporation

h

368,411

12,142

UnitedHealth

Group,

Inc.

3,308,088

7,009

Universal

Health

Services,

Inc.

961,004

6,544

Varian

Medical

Systems,

Inc.

h

919,890

30,813

Veeva

Systems,

Inc.

h

4,517,494

4,855

Vertex

Pharmaceuticals,

Inc.

h

1,102,328

2,410

Waters

Corporation

h

539,334

5,018

West

Pharmaceutical

Services,

Inc.

782,557

162,079

Wright

Medical

Group

NV

h

4,885,061

186

Zimmer

Biomet

Holdings,

Inc.

27,509

22,529

Zoetis,

Inc.

3,023,617

Total

114,106,980

Industrials

(4.1%)

4,141

3M

Company

657,011

17,344

A.O.

Smith

Corporation

740,415

3,305

Aalberts

NV

144,299

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock

(24.9%)

Value

Industrials

(4.1%)

-

continued

5,768

Aegion

Corporation

h

$

120,551

28,961

Aerojet

Rocketdyne

Holdings,

Inc.

h

1,507,999

41,734

AGCO

Corporation

2,927,223

70,333

Altra

Industrial

Motion

Corporation

2,339,276

34,817

AMETEK,

Inc.

3,382,472

40,986

Arcosa,

Inc.

1,793,137

52,633

ASGN,

Inc.

h

3,562,728

4,782

Assa

Abloy

AB

113,507

11,006

Atlas

Copco

AB,

Class

A

389,547

3,402

Atlas

Copco

AB,

Class

B

105,746

31,341

AZZ,

Inc.

1,293,130

780

Boeing

Company

248,251

23,942

BWX

Technologies,

Inc.

1,522,472

2,079

Carlisle

Companies,

Inc.

324,802

33,310

Casella

Waste

Systems,

Inc.

h

1,705,139

8,610

Caterpillar,

Inc.

1,130,923

54,491

CBIZ,

Inc.

h

1,471,257

19,531

Chart

Industries,

Inc.

h

1,249,593

1,526

CIA

De

Distribucion

Integral

34,242

330

Cintas

Corporation

92,060

1,551

Columbus

McKinnon

Corporation

54,269

4,797

CRA

International,

Inc.

255,584

30,706

Crane

Company

2,624,135

17,078

CSW

Industrials,

Inc.

1,295,879

1,190

CSX

Corporation

90,845

37,675

Curtiss-Wright

Corporation

5,479,075

3,380

Delta

Air

Lines,

Inc.

188,401

5,108

Douglas

Dynamics,

Inc.

267,812

42,495

EMCOR

Group,

Inc.

3,491,814

18,434

Emerson

Electric

Company

1,320,427

30,291

Encore

Wire

Corporation

1,645,104

17,010

Expeditors

International

of

Washington,

Inc.

1,242,410

22,404

Forrester

Research,

Inc.

h

926,853

17

Geberit

AG

8,971

8,876

General

Dynamics

Corporation

1,557,205

9,289

Gorman-Rupp

Company

342,857

1,100

GS

Yuasa

Corporation

21,704

18,969

GWA

Group,

Ltd.

g

45,054

1,300

Hanwa

Company,

Ltd.

31,351

33,088

Healthcare

Services

Group,

Inc.

847,053

6,799

Heico

Corporation

832,402

1,136

Herc

Holdings,

Inc.

h

45,576

3,700

Hino

Motors,

Ltd.

34,647

15,565

Honeywell

International,

Inc.

2,696,169

16,221

Hubbell,

Inc.

2,323,334

8,150

Huntington

Ingalls

Industries,

Inc.

2,127,150

4,883

ICF

International,

Inc.

427,702

20,585

IDEX

Corporation

3,372,852

4,800

Inaba

Denki

Sangyo

Company,

Ltd.

120,097

12,841

Ingersoll-Rand

plc

1,710,806

3,744

Interface,

Inc.

60,203

9,369

John

Bean

Technologies

Corporation

1,058,603

2,730

Johnson

Controls

International

plc

107,698

530

Kansas

City

Southern

89,406

26,145

Kennametal,

Inc.

818,077

2,900

Kinden

Corporation

49,416

5,594

Koninklijke

Philips

NV

256,192

22,159

Kratos

Defense

&

Security

Solutions,

Inc.

h

406,396

6,168

Legrand

SA

495,262

22,131

Lincoln

Electric

Holdings,

Inc.

1,973,643

2,376

Lockheed

Martin

Corporation

1,017,213

2,398

Manpower,

Inc.

219,393

37,500

Marubeni

Corporation

269,461

6,770

Masonite

International

Corporation

h

508,495

Shares

Common

Stock

(24.9%)

Value

Industrials

(4.1%)

-

continued

18,544

Mercury

Systems,

Inc.

h

$

1,423,252

52,858

Meritor,

Inc.

h

1,158,119

19,300

Mitsubishi

Corporation

494,768

10,600

Mitsubishi

Electric

Corporation

146,971

2,000

Mitsuboshi

Belting,

Ltd.

34,123

27,200

Mitsui

&

Company,

Ltd.

483,769

5,699

MSC

Industrial

Direct

Company,

Inc.

387,931

1,790

Mueller

Industries,

Inc.

52,214

7,376

National

Express

Group

plc

43,538

6,000

Nitto

Kogyo

Corporation

124,209

3,178

Nobina

AB

i

24,132

981

Norfolk

Southern

Corporation

204,254

2,237

Northgate

plc

7,858

12,304

Old

Dominion

Freight

Line,

Inc.

2,414,414

9,608

PageGroup

plc

57,930

5,854

Parker-Hannifin

Corporation

1,145,569

104,020

Primoris

Services

Corporation

2,218,747

26,818

Raven

Industries,

Inc.

841,012

15,856

Regal-Beloit

Corporation

1,244,062

20,005

RELX

plc

530,769

1,361

Republic

Services,

Inc.

129,363

94,397

Ritchie

Brothers

Auctioneers,

Inc.

3,985,441

5,563

Rockwell

Automation,

Inc.

1,066,205

6,110

Roper

Industries,

Inc.

2,331,943

21,467

Saia,

Inc.

h

1,869,776

4,552

Sandvik

AB

83,082

4,291

Schneider

Electric

SE

427,928

9,890

Signify

NV

i

329,603

12,439

SiteOne

Landscape

Supply,

Inc.

h

1,200,985

13,320

SKF

AB

243,818

91,900

Sojitz

Corporation

289,264

66,649

Southwest

Airlines

Company

3,664,362

5,305

SP

Plus

Corporation

h

221,802

1,003

Spirax-Sarco

Engineering

plc

117,827

2,638

SPX

FLOW,

Inc.

h

115,386

26,093

Standex

International

Corporation

1,907,137

19,400

Sumitomo

Corporation

288,569

800

Taikisha,

Ltd.

27,356

9,736

Teledyne

Technologies,

Inc.

h

3,554,224

4,600

Thermon

Group

Holdings,

Inc.

h

109,020

2,300

Toppan

Forms

Company,

Ltd.

26,099

1,735

Transcontinental,

Inc.

20,399

1,907

TransDigm

Group,

Inc.

1,226,735

42,098

TriMas

Corporation

h

1,209,476

1,800

Tsubakimoto

Chain

Company

55,391

4,167

UniFirst

Corporation

849,776

13,246

United

Airlines

Holdings,

Inc.

h

990,801

15,415

United

Rentals,

Inc.

h

2,091,661

5,183

United

Technologies

Corporation

778,487

34,602

Valmont

Industries,

Inc.

4,915,560

36,033

Verisk

Analytics,

Inc.

5,854,281

2,816

Volvo

AB

48,136

28,564

Waste

Connections,

Inc.

2,750,999

9,757

Watsco,

Inc.

1,696,937

54,752

Willdan

Group,

Inc.

h

1,813,934

15,487

Xylem,

Inc.

1,264,668

1,100

Yuasa

Trading

Company,

Ltd.

35,292

Total

130,242,140

Information

Technology

(5.4%)

9,707

Accenture

plc

1,991,973

2,817

Adobe,

Inc.

h

989,161

6,686

ADTRAN,

Inc.

60,508

12,526

Advanced

Energy

Industries,

Inc.

h

876,068

56,728

Advanced

Micro

Devices,

Inc.

h

2,666,216

30,118

Akamai

Technologies,

Inc.

h

2,811,515

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock

(24.9%)

Value

Information

Technology

(5.4%)

-

continued

8,400

Alliance

Data

Systems

Corporation

$

863,436

12,462

Alteryx,

Inc.

g,h

1,738,075

6,245

Amadeus

IT

Holding

SA

489,648

4,520

American

Software,

Inc.

67,484

45,407

Amphenol

Corporation

4,516,634

7,112

ANSYS,

Inc.

h

1,951,035

23,163

Apple,

Inc.

7,169,180

1,633

Arista

Networks,

Inc.

h

364,714

7,893

Atlassian

Corporation

plc

h

1,160,271

11,617

Automatic

Data

Processing,

Inc.

1,991,038

29,098

Avalara,

Inc.

h

2,477,404

3,552

Avnet,

Inc.

129,613

1,118

Badger

Meter,

Inc.

66,029

23,680

Bandwidth,

Inc.

h

1,680,333

3,098

BE

Semiconductor

Industries

NV

131,159

35,874

Benchmark

Electronics,

Inc.

1,104,202

45,326

Blackline,

Inc.

h

2,772,591

6,488

Broadridge

Financial

Solutions,

Inc.

773,045

1,454

CACI

International,

Inc.

h

388,858

4,300

Canon,

Inc.

112,765

38,382

CDK

Global,

Inc.

2,060,346

9,146

CDW

Corporation

1,193,096

2,055

CEVA,

Inc.

h

56,204

9,588

CGI,

Inc.

h

734,133

95,454

Ciena

Corporation

h

3,882,114

43,851

Cisco

Systems,

Inc.

2,015,830

6,093

Clearwater

Energy,

Inc.

126,064

19,952

Cognex

Corporation

1,016,953

17,827

Computer

Services,

Inc.

892,063

7,278

Computershare,

Ltd.

85,939

28,572

Coupa

Software,

Inc.

h

4,604,378

16,061

CTS

Corporation

470,748

26,325

Descartes

Systems

Group,

Inc.

h

1,179,623

678

Dialog

Semiconductor

plc

h

29,783

31,906

DocuSign,

Inc.

h

2,504,940

128,413

Dolby

Laboratories,

Inc.

8,904,157

6,776

DSP

Group,

Inc.

h

97,981

23,551

Elastic

NV

h

1,527,989

7,895

ePlus,

Inc.

h

629,389

9,376

Euronet

Worldwide,

Inc.

h

1,478,033

14,646

ExlService

Holdings,

Inc.

h

1,070,769

2,182

eXp

World

Holdings,

Inc.

h

24,089

14,550

F5

Networks,

Inc.

h

1,776,846

1,062

Fair

Isaac

Corporation

h

427,328

1,317

Fiserv,

Inc.

h

156,209

31,562

Five9,

Inc.

h

2,263,942

1,294

FLIR

Systems,

Inc.

66,693

500

Fuji

Soft,

Inc.

20,041

13,726

Global

Payments,

Inc.

2,682,747

29,924

Guidewire

Software,

Inc.

h

3,366,450

17,989

Halma

plc

499,310

4,024

InterDigital,

Inc.

222,326

695

International

Business

Machines

Corporation

99,892

5,859

Intuit,

Inc.

1,642,746

9,778

Jack

Henry

&

Associates,

Inc.

1,462,202

13,238

Juniper

Networks,

Inc.

303,680

4,669

Keysight

Technologies,

Inc.

h

434,170

5,437

KLA-Tencor

Corporation

901,128

2,232

Kulicke

and

Soffa

Industries,

Inc.

57,787

5,825

Lam

Research

Corporation

1,737,073

79,801

Lattice

Semiconductor

Corporation

h

1,484,299

345

Littelfuse,

Inc.

61,034

4,994

ManTech

International

Corporation

400,918

9,744

MasterCard,

Inc.

3,078,519

18,848

Maxim

Integrated

Products,

Inc.

1,133,142

Shares

Common

Stock

(24.9%)

Value

Information

Technology

(5.4%)

-

continued

18,816

Methode

Electronics,

Inc.

$

616,224

43,439

Microsoft

Corporation

7,394,621

11,639

MicroStrategy,

Inc.

h

1,769,477

17,056

MKS

Instruments,

Inc.

1,787,810

39,688

Monolithic

Power

Systems,

Inc.

6,793,395

9,256

MTS

Systems

Corporation

469,187

46,276

National

Instruments

Corporation

2,065,298

3,100

NEC

Networks

&

System

Integration

Corporation

115,867

417

NetApp,

Inc.

22,268

13,269

New

Relic,

Inc.

h

875,887

13,266

Nice,

Ltd.

ADR

h

2,285,732

23,379

Nova

Measuring

Instruments,

Ltd.

h

889,337

12,095

Novanta,

Inc.

h

1,097,379

66,339

Nuance

Communications,

Inc.

h

1,255,134

1,116

NVIDIA

Corporation

263,856

22,098

Oracle

Corporation

1,159,040

300

Oracle

Corporation

Japan

25,967

10,010

Palo

Alto

Networks,

Inc.

h

2,350,148

8,670

Paychex,

Inc.

743,626

3,161

PayPal

Holdings,

Inc.

h

360,006

15,884

Plexus

Corporation

h

1,129,670

4,122

Progress

Software

Corporation

186,026

13,634

Proofpoint,

Inc.

h

1,674,392

19,042

Q2

Holdings,

Inc.

h

1,660,272

9,897

QAD,

Inc.

509,201

1,260

QUALCOMM,

Inc.

107,491

17,604

Rogers

Corporation

h

2,072,871

1,100

Ryoyo

Electro

Corporation

18,626

121,820

SailPoint

Technologies

Holdings,

Inc.

h

3,056,464

2,396

Salesforce.com,

Inc.

h

436,815

117

Samsung

Electronics

Company,

Ltd.

GDR

136,301

9,703

ScanSource,

Inc.

h

338,538

12,588

ServiceNow,

Inc.

h

4,257,639

5,627

Silicon

Laboratories,

Inc.

h

553,190

2,174

Square,

Inc.

h

162,376

44,671

STMicroelectronics

NV

ADR

1,244,087

1,482

Sykes

Enterprises,

Inc.

h

49,780

31,708

Synopsys,

Inc.

h

4,677,247

25,949

TE

Connectivity,

Ltd.

2,391,979

20,332

Teradyne,

Inc.

1,341,709

17,411

Texas

Instruments,

Inc.

2,100,637

7,903

Tyler

Technologies,

Inc.

h

2,558,043

4,414

VeriSign,

Inc.

h

918,730

61,525

Virtusa

Corporation

h

2,561,901

4,830

Visa,

Inc.

961,025

490

VMware,

Inc.

h

72,549

8,888

WEX,

Inc.

h

1,927,985

7,249

Xilinx,

Inc.

612,396

16,484

Zscaler,

Inc.

h

924,588

Total

169,188,845

Materials

(1.0%)

7,616

AdvanSix,

Inc.

h

142,572

3,900

Air

Water,

Inc.

53,567

2,870

Alcoa

Corporation

h

40,036

10,891

AptarGroup,

Inc.

1,258,019

6,903

Avery

Dennison

Corporation

905,950

329

Balchem

Corporation

35,539

16,063

Ball

Corporation

1,159,427

5,614

Cabot

Corporation

223,718

8,767

Celanese

Corporation

907,384

2,230

CF

Industries

Holdings,

Inc.

89,824

23,992

Eastman

Chemical

Company

1,709,910

9,250

Ecolab,

Inc.

1,814,018

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock

(24.9%)

Value

Materials

(1.0%)

-

continued

3,198

Ferro

Corporation

h

$

43,749

22,270

Ferroglobe

Representation

&

Warranty

Insurance

Trust

c,h

2

6,417

Granges

AB

59,279

9,337

Hexpol

AB

84,172

1,500

Hokuetsu

Corporation

6,915

6,146

Ingevity

Corporation

h

400,842

17,996

Innospec,

Inc.

1,812,737

1,296

Kadant,

Inc.

138,154

20,928

Kaiser

Aluminum

Corporation

2,095,939

2,728

Koninklijke

DSM

NV

332,014

5,090

Kraton

Performance

Polymers,

Inc.

h

83,731

5,500

Kyoei

Steel,

Ltd.

96,468

1,000

Lintec

Corporation

21,617

122,012

Louisiana-Pacific

Corporation

3,743,328

8,335

Martin

Marietta

Materials,

Inc.

2,198,773

300

Maruichi

Steel

Tube,

Ltd.

8,324

14,005

Materion

Corporation

760,472

8,230

Minerals

Technologies,

Inc.

445,490

400

Mitsubishi

Materials

Corporation

10,060

24,341

Myers

Industries,

Inc.

393,837

12,442

Neenah,

Inc.

829,135

3,800

Nippon

Light

Metal

Holdings

Company,

Ltd.

7,251

28,900

Nippon

Steel

Corporation

401,001

400

Nissan

Chemical

Industries,

Ltd.

16,530

6,981

Nucor

Corporation

331,528

34,805

Nutanix,

Inc.

h

1,130,118

2,515

Olympic

Steel,

Inc.

36,971

18,336

PPG

Industries,

Inc.

2,197,386

638

Quaker

Chemical

Corporation

105,921

3,658

Reliance

Steel

&

Aluminum

Company

419,938

913

Rio

Tinto,

Ltd.

59,243

2,844

RPM

International,

Inc.

202,976

12,548

Ryerson

Holding

Corporation

h

128,617

13,666

Sandfire

Resources,

Ltd.

50,193

200

Sanyo

Special

Steel

Company,

Ltd.

2,711

1,776

Schnitzer

Steel

Industries,

Inc.

28,558

2,218

Schweitzer-Mauduit

International,

Inc.

77,697

1,006

Sensient

Technologies

Corporation

60,109

2,304

Sherwin-Williams

Company

1,283,305

69,007

Steel

Dynamics,

Inc.

2,061,929

800

Taiyo

Holdings

Company,

Ltd.

33,841

4,300

Toagosei

Company,

Ltd.

48,077

33,000

Toray

Industries,

Inc.

215,929

1,372

UFP

Technologies,

Inc.

h

63,976

14,271

United

States

Lime

&

Minerals,

Inc.

1,280,822

7,298

UPM-Kymmene

Oyj

229,949

6,371

Verso

Corporation

h

107,351

2,156

W.

R.

Grace

&

Company

145,228

2,273

Worthington

Industries,

Inc.

83,601

Total

32,715,758

Real

Estate

(1.7%)

62,203

Agree

Realty

Corporation

4,723,074

7,863

Alexandria

Real

Estate

Equities,

Inc.

1,283,242

3,861

Allied

Properties

REIT

161,104

3,275

Alstria

Office

REIT

AG

64,973

30,005

American

Campus

Communities,

Inc.

1,376,329

998

American

Tower

Corporation

231,276

18,739

Apartment

Investment

&

Management

Company

987,733

44,821

Apple

Hospitality

REIT,

Inc.

673,211

5,637

Ares

Commercial

Real

Estate

Corporation

92,109

Shares

Common

Stock

(24.9%)

Value

Real

Estate

(1.7%)

-

continued

12,791

Armada

Hoffler

Properties,

Inc.

$

234,587

60,308

Ascendas

REIT

138,861

7,800

Ascott

Trust

7,202

20,297

Ashford

Hospitality

Trust,

Inc.

49,931

2,825

BBX

Capital

Corporation

10,961

2,259

Bluerock

Residential

Growth

REIT,

Inc.

26,069

20,670

Brixmor

Property

Group,

Inc.

412,573

17,951

Camden

Property

Trust

2,018,231

838

CareTrust

REIT,

Inc.

18,587

6,888

Castellum

AB

169,286

34,827

CBL

&

Associates

Properties,

Inc.

29,255

38,904

Cedar

Realty

Trust,

Inc.

101,150

10,607

Chatham

Lodging

Trust

173,424

2,344

Choice

Properties

REIT

25,895

5,849

City

Office

REIT,

Inc.

79,078

114

Cofinimmo

SA

18,181

6,658

Columbia

Property

Trust,

Inc.

140,484

4,925

Corepoint

Lodging,

Inc.

45,064

15,753

CoreSite

Realty

Corporation

1,850,190

4,357

CoStar

Group,

Inc.

h

2,845,077

43,559

Cousins

Properties,

Inc.

1,782,870

3,000

Daito

Trust

Construction

Company,

Ltd.

353,390

481

Deutsche

EuroShop

AG

13,114

25,340

DiamondRock

Hospitality

Company

245,038

6,280

Digital

Realty

Trust,

Inc.

772,377

27,677

Douglas

Emmett,

Inc.

1,148,595

28,614

Duke

Realty

Corporation

1,038,974

1,394

EastGroup

Properties,

Inc.

189,682

1,192

Entra

ASA

i

20,343

5,173

EPR

Properties

369,197

1,084

Equity

Lifestyle

Properties,

Inc.

78,861

19,802

Equity

Residential

1,645,150

36,422

Essential

Properties

Realty

Trust,

Inc.

1,005,611

215

Essex

Property

Trust,

Inc.

66,598

6,516

Farmland

Partners,

Inc.

42,224

344

First

Capital

REIT

5,633

38,421

First

Industrial

Realty

Trust,

Inc.

1,640,577

911

Four

Corners

Property

Trust,

Inc.

27,594

17,828

Franklin

Street

Properties

Corporation

135,493

13,850

Gaming

and

Leisure

Properties,

Inc.

654,482

3,031

Getty

Realty

Corporation

95,537

7,023

Gladstone

Commercial

Corporation

149,730

4,383

Global

Medical

REIT,

Inc.

63,992

5,109

Granite

REIT

276,065

9,325

Healthcare

Realty

Trust,

Inc.

336,259

14,199

Healthcare

Trust

of

America,

Inc.

454,794

4,541

Highwoods

Properties,

Inc.

227,549

42,188

Host

Hotels

&

Resorts,

Inc.

689,352

6,093

Hudson

Pacific

Properties,

Inc.

221,420

30,000

Hysan

Development

Company,

Ltd.

111,989

8,473

Industrial

Logistics

Properties

Trust

193,947

7,040

Innovative

Industrial

Properties,

Inc.

630,080

3,483

Investors

Real

Estate

Trust

256,697

4,900

Jones

Lang

LaSalle,

Inc.

832,118

32,689

Kilroy

Realty

Corporation

2,699,131

15,665

Kite

Realty

Group

Trust

269,438

2,330

Klepierre

SA

79,201

820

Kungsleden

AB

8,739

3,934

Lamar

Advertising

Company

365,115

192

LEG

Immobilien

AG

23,681

10,261

Lexington

Realty

Trust

113,589

1,994

Life

Storage,

Inc.

225,681

15,600

Mapletree

Commercial

Trust

26,790

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock

(24.9%)

Value

Real

Estate

(1.7%)

-

continued

41,335

Medical

Properties

Trust,

Inc.

$

915,570

1,836

MGM

Growth

Properties

LLC

58,642

3,186

Monmouth

Real

Estate

Investment

Corporation

46,611

1,629

National

Health

Investors,

Inc.

137,455

10,246

National

Retail

Properties,

Inc.

573,776

66,025

National

Storage

Affiliates

Trust

2,254,754

355

Northview

Apartment

REIT

8,238

8,038

Office

Properties

Income

Trust

273,533

3,136

Omega

Healthcare

Investors,

Inc.

131,555

4,985

One

Liberty

Properties,

Inc.

136,290

54,282

Physicians

Realty

Trust

1,050,357

10,763

PotlatchDeltic

Corporation

462,809

2,106

Preferred

Apartment

Communities,

Inc.

24,809

2,498

PS

Business

Parks,

Inc.

418,565

3,541

PSP

Swiss

Property

AG

535,424

5,784

QTS

Realty

Trust,

Inc.

328,994

4,957

Quebecor,

Inc.

123,007

5,366

Rayonier,

Inc.

REIT

163,019

1,771

Retail

Opportunity

Investments

Corporation

29,345

25,152

Retail

Properties

of

America,

Inc.

305,597

4,198

RioCan

REIT

86,155

838

RMR

Group,

Inc.

38,607

11,000

Road

King

Infrastructure,

Ltd.

18,467

9,242

RPT

Realty

128,926

3,671

Ryman

Hospitality

Properties

312,145

34,132

Sabra

Health

Care

REIT,

Inc.

733,838

1,421

Saul

Centers,

Inc.

70,169

7,574

SBA

Communications

Corporation

1,890,167

51,471

Service

Properties

Trust

1,110,744

9,223

Spirit

Realty

Capital,

Inc.

486,790

1,155

St.

Joe

Company

g,h

24,267

2,786

STAG

Industrial,

Inc.

89,821

26,996

Store

Capital

Corporation

1,059,593

22,201

Summit

Hotel

Properties,

Inc.

246,209

1,724

Swiss

Prime

Site

AG

210,475

10,536

TAG

Immobilien

AG

277,685

11,233

Terreno

Realty

Corporation

643,202

5,290

UMH

Properties,

Inc.

83,582

36,337

Uniti

Group,

Inc.

230,013

594

Universal

Health

Realty

Income

Trust

73,270

5,366

Urstadt

Biddle

Properties,

Inc.

121,647

17,976

VICI

Properties,

Inc.

481,757

25,900

Wing

Tai

Holdings,

Ltd.

37,960

Total

54,007,673

Utilities

(0.4%)

4,719

AGL

Energy,

Ltd.

62,627

19,719

Alliant

Energy

Corporation

1,170,520

7,439

Artesian

Resources

Corporation

280,599

1,437

Chesapeake

Utilities

Corporation

138,254

16,613

CMS

Energy

Corporation

1,138,157

6,970

Consolidated

Water

Company,

Ltd.

119,257

2,828

DTE

Energy

Company

375,021

6,435

Enagas

SA

173,384

11,059

Entergy

Corporation

1,454,480

6,156

Exelon

Corporation

292,964

4,958

IDACORP,

Inc.

556,238

2,394

Middlesex

Water

Company

156,232

16,564

New

Jersey

Resources

Corporation

684,424

1,667

Northland

Power,

Inc.

37,524

11,754

NorthWestern

Corporation

904,705

3,575

Otter

Tail

Corporation

191,477

27,490

PNM

Resources,

Inc.

1,490,783

Shares

Common

Stock

(24.9%)

Value

Utilities

(0.4%)

-

continued

6,734

Public

Service

Enterprise

Group,

Inc.

$

398,653

2,954

Southwest

Gas

Holdings,

Inc.

223,057

11,023

Spire,

Inc.

929,459

3,303

Unitil

Corporation

203,762

Total

10,981,577

Total

Common

Stock

(cost

$656,124,912)

788,798,993

Principal

Amount

Long-Term

Fixed

Income

(

17.9%

)

Value

Asset-Backed

Securities

(0.6%)

Access

Group,

Inc.

77,880

2.292%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,i

76,363

Aimco

550,000

3.122%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,i

550,558

Ares

CLO,

Ltd.

700,000

3.236%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,i

697,863

Benefit

Street

Partners

CLO

IV,

Ltd.

400,000

3.069%, 

(LIBOR

3M

+

1.250%),

1/20/2029,

Ser.

2014-IVA,

Class

A1RR

b,i

400,505

450,000

3.569%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,i

450,325

Betony

CLO,

Ltd.

510,000

2.850%, 

(LIBOR

3M

+

1.080%),

4/30/2031,

Ser.

2018-1A,

Class

A1

b,i

510,000

Buttermilk

Park

CLO,

Ltd.

1,150,000

3.231%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,i

1,143,679

Carlyle

Global

Market

Strategies

CLO,

Ltd.

750,000

3.281%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,i

744,576

Carvana

Auto

Receivables

Trust

500,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

i

502,123

CBAM,

Ltd.

800,000

3.111%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,i

800,606

Colony

American

Finance

Trust

840,586

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

i

863,376

Commonbond

Student

Loan

Trust

134,220

2.161%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,i

131,642

CoreVest

American

Finance

Trust

997,650

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

i

1,018,988

Dryden

Senior

Loan

Fund

650,000

3.219%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,i

647,325

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Asset-Backed

Securities

(0.6%)

-

continued

Earnest

Student

Loan

Program,

LLC

$

243,502

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

i

$

244,988

Edlinc

Student

Loan

Funding

Trust

11,438

4.720%, 

(CMT

3M

+

3.150%),

10/1/2025,

Ser.

2012-A,

Class

AT

b,i

11,444

Galaxy

XX

CLO,

Ltd.

450,000

2.819%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,i

446,587

Golub

Capital

Partners,

Ltd.

500,000

2.969%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

b,i

500,229

416,000

3.019%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,i

415,292

Harley

Marine

Financing,

LLC

1,416,709

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

i

1,267,955

Home

Partners

of

America

Trust

985,228

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

i

1,006,008

978,206

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

i

979,473

Madison

Park

Funding

XIV,

Ltd.

375,000

3.202%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

373,845

Magnetite

XII,

Ltd.

450,000

2.931%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,i

449,779

Mountain

View

CLO,

Ltd.

300,000

2.951%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,i

297,997

National

Collegiate

Trust

324,572

1.956%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,i

314,048

Neuberger

Berman

CLO

XIV,

Ltd.

550,000

2.904%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,e,i

550,000

465,000

3.045%, 

(LIBOR

3M

+

1.250%),

1/28/2030,

Ser.

2013-14A,

Class

AR

b,i

465,236

Neuberger

Berman

CLO,

Ltd.

100,000

2.982%, 

(LIBOR

3M

+

1.180%),

4/22/2029,

Ser.

2014-17A,

Class

AR

b,i

100,029

Octagon

Investment

Partners

XVI,

Ltd.

100,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,i

99,178

OZLM

VIII,

Ltd.

140,000

3.006%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,i

140,069

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Asset-Backed

Securities

(0.6%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

400,000

3.469%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,i

$

400,288

PPM

CLO

3,

Ltd.

250,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,i

250,300

Shackleton

CLO,

Ltd.

300,000

3.001%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,i

299,033

SLM

Student

Loan

Trust

207,477

2.061%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

200,139

27,109

2.181%, 

(LIBOR

1M

+

0.520%),

3/25/2026,

Ser.

2011-1,

Class

A1

b

27,120

SoFi

Professional

Loan

Program,

LLC

42,929

2.420%, 

3/25/2030,

Ser.

2015-A,

Class

A2

i

42,932

TCW

GEM

II,

Ltd.

550,000

3.660%, 

(LIBOR

3M

+

1.750%),

2/15/2029,

Ser.

2019-1A,

Class

AJ

b,i

550,083

Voya

CLO,

Ltd.

350,000

3.031%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,i

349,997

Total

18,319,978

Basic

Materials

(0.2%)

Anglo

American

Capital

plc

12,000

4.125%, 

9/27/2022

i

12,587

320,000

4.875%, 

5/14/2025

i

357,057

Chemours

Company

220,000

6.625%, 

5/15/2023

216,575

Cleveland-Cliffs,

Inc.

170,000

5.750%, 

3/1/2025

164,900

Dow

Chemical

Company

225,000

4.800%, 

11/30/2028

260,956

DowDuPont,

Inc.

425,000

4.493%, 

11/15/2025

474,824

First

Quantum

Minerals,

Ltd.

405,000

7.500%, 

4/1/2025

i

398,925

Glencore

Funding,

LLC

84,000

4.125%, 

5/30/2023

i

88,364

115,000

4.000%, 

3/27/2027

i

121,894

International

Paper

Company

230,000

4.350%, 

8/15/2048

253,282

Kinross

Gold

Corporation

6,000

5.125%, 

9/1/2021

6,208

168,000

5.950%, 

3/15/2024

188,004

265,000

4.500%, 

7/15/2027

281,986

Krayton

Polymers,

LLC

200,000

7.000%, 

4/15/2025

i

203,500

Norbord,

Inc.

220,000

5.750%, 

7/15/2027

i

231,000

Novelis

Corporation

330,000

5.875%, 

9/30/2026

i

349,800

70,000

4.750%, 

1/30/2030

i

70,131

Olin

Corporation

240,000

5.125%, 

9/15/2027

250,123

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Basic

Materials

(0.2%)

-

continued

Peabody

Securities

Finance

Corporation

$

280,000

6.375%, 

3/31/2025

i

$

232,400

Sherwin-Williams

Company

207,000

3.125%, 

6/1/2024

216,955

Syngenta

Finance

NV

275,000

3.933%, 

4/23/2021

i

280,742

Teck

Resources,

Ltd.

350,000

6.125%, 

10/1/2035

419,155

Tronox

Finance

plc

230,000

5.750%, 

10/1/2025

i

227,125

Vale

Overseas,

Ltd.

130,000

6.250%, 

8/10/2026

153,725

77,000

6.875%, 

11/21/2036

101,256

WestRock

Company

215,000

3.750%, 

3/15/2025

230,447

Xstrata

Finance

Canada,

Ltd.

9,000

4.950%, 

11/15/2021

i

9,402

Total

5,801,323

Capital

Goods

(0.3%)

AECOM

415,000

5.125%, 

3/15/2027

442,929

Amsted

Industries,

Inc.

280,000

5.625%, 

7/1/2027

i

297,655

Ardagh

Packaging

Finance

plc

410,000

6.000%, 

2/15/2025

i

428,450

Boeing

Company

250,000

3.850%, 

11/1/2048

268,559

Bombardier,

Inc.

435,000

7.500%, 

3/15/2025

i

417,600

Building

Materials

Corporation

of

America

310,000

6.000%, 

10/15/2025

i

323,562

Cemex

SAB

de

CV

380,000

5.450%, 

11/19/2029

i

405,175

Cintas

Corporation

No.

2

9,000

2.900%, 

4/1/2022

9,228

135,000

3.700%, 

4/1/2027

149,771

CNH

Industrial

Capital,

LLC

200,000

4.875%, 

4/1/2021

205,512

CNH

Industrial

NV

125,000

3.850%, 

11/15/2027

132,465

Covanta

Holding

Corporation

210,000

6.000%, 

1/1/2027

218,400

Crown

Americas

Capital

Corporation

IV

320,000

4.500%, 

1/15/2023

336,458

Crown

Cork

&

Seal

Company,

Inc.

180,000

7.375%, 

12/15/2026

212,850

H&E

Equipment

Services,

Inc.

350,000

5.625%, 

9/1/2025

364,875

Ingersoll-Rand

Luxembourg

Finance

SA

450,000

3.500%, 

3/21/2026

482,606

L3Harris

Technologies,

Inc.

333,000

3.950%, 

5/28/2024

i

357,935

Lockheed

Martin

Corporation

184,000

3.600%, 

3/1/2035

209,563

168,000

4.500%, 

5/15/2036

208,306

46,000

6.150%, 

9/1/2036

65,461

Northrop

Grumman

Corporation

320,000

3.850%, 

4/15/2045

360,475

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Capital

Goods

(0.3%)

-

continued

Owens-Brockway

Glass

Container,

Inc.

$

425,000

5.000%, 

1/15/2022

i

$

439,875

Republic

Services,

Inc.

130,000

2.900%, 

7/1/2026

136,449

Reynolds

Group

Issuer,

Inc.

390,000

5.125%, 

7/15/2023

i

399,262

Rockwell

Collins,

Inc.

345,000

2.800%, 

3/15/2022

352,437

Roper

Technologies,

Inc.

70,000

3.650%, 

9/15/2023

74,258

116,000

4.200%, 

9/15/2028

131,202

Siemens

Financieringsmaatschappij

NV

362,000

4.200%, 

3/16/2047

i

450,160

Textron,

Inc.

300,000

3.375%, 

3/1/2028

315,718

TransDigm,

Inc.

320,000

5.500%, 

11/15/2027

i

321,968

United

Rentals

North

America,

Inc.

315,000

5.500%, 

7/15/2025

325,930

80,000

4.625%, 

10/15/2025

81,750

150,000

5.875%, 

9/15/2026

159,563

United

Technologies

Corporation

450,000

4.450%, 

11/16/2038

554,561

400,000

3.750%, 

11/1/2046

457,770

230,000

4.050%, 

5/4/2047

276,108

Total

10,374,846

Collateralized

Mortgage

Obligations

(0.6%)

Ajax

Mortgage

Loan

Trust

643,177

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,i

659,680

Angel

Oak

Mortgage

Trust

I,

LLC

46,839

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

i

47,312

927,131

3.674%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,i

938,161

Banc

of

America

Alternative

Loan

Trust

26,521

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

25,844

Bellemeade

Re,

Ltd.

215,017

3.261%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

215,508

500,855

2.761%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,i

501,246

BRAVO

Residential

Funding

Trust

488,536

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

i

496,046

466,723

2.748%, 

11/25/2059,

Ser.

2019-NQM2,

Class

A1

b,i

469,522

CHL

Mortgage

Pass-Through

Trust

1,484,930

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

1,238,325

CIM

Trust

878,133

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,i

923,360

Citicorp

Mortgage

Securities,

Inc.

617,498

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

610,333

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

111,662

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

$

114,723

9,956

4.799%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

8,518

COLT

Funding,

LLC

121,630

3.470%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,i

122,090

Countrywide

Alternative

Loan

Trust

83,272

3.279%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

81,247

130,139

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

76,906

68,809

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

69,993

339,359

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

200,759

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

51,472

3.609%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

46,739

Countrywide

Home

Loans,

Inc.

122,608

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

98,970

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

19,885

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

20,423

Credit

Suisse

Mortgage

Capital

Certificates

750,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

i,k

750,174

Credit

Suisse

Mortgage

Trust

865,710

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,i

906,337

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

65,314

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

59,105

Ellington

Financial

Mortgage

Trust

405,650

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,i

412,303

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

362,198

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

j

24,869

231,017

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

23,540

784,993

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

j

83,238

Federal

National

Mortgage

Association

-

REMIC

1,466,317

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

j

103,118

FWD

Securitization

Trust

1,336,958

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,i

1,353,088

Galton

Funding

Mortgage

Trust

2017-1

463,675

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,i

473,450

GS

Mortgage-Backed

Securities

Trust

379,601

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,i

379,183

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

J.P.

Morgan

Alternative

Loan

Trust

$

87,491

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

$

72,469

MASTR

Alternative

Loans

Trust

210,435

2.111%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

66,705

Merrill

Lynch

Alternative

Note

Asset

Trust

101,442

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

74,030

Preston

Ridge

Partners

Mortgage

Trust,

LLC

438,956

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

i,k

442,766

Pretium

Mortgage

Credit

Partners,

LLC

237,824

4.213%, 

7/25/2060,

Ser.

2019-NPL1,

Class

A1

i,k

238,281

RCO

Mortgage,

LLC

403,885

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,i

413,848

Residential

Accredit

Loans,

Inc.

Trust

242,265

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

245,129

34,267

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

34,081

Residential

Funding

Mortgage

Security

I

Trust

37,290

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

36,633

Sequoia

Mortgage

Trust

195,079

3.712%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

159,665

Structured

Adjustable

Rate

Mortgage

Loan

Trust

48,014

4.079%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

42,716

Structured

Asset

Mortgage

Investments,

Inc.

61,951

1.971%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

63,946

Toorak

Mortgage

Corporation

750,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,k

759,243

2,000,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

2,010,646

Verus

Securitization

Trust

113,696

2.853%, 

1/25/2047,

Ser.

2017-1A,

Class

A1

b,i

113,887

155,083

2.485%, 

7/25/2047,

Ser.

2017-2A,

Class

A1

b,i

154,784

136,399

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,i

137,778

115,128

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,i

116,180

191,884

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,i

193,632

723,229

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,i

727,586

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

WaMu

Mortgage

Pass

Through

Certificates

$

50,661

3.710%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

$

49,186

105,612

3.693%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

104,341

61,716

2.885%, 

(12

MTA

+

0.740%),

1/25/2047,

Ser.

2006-AR19,

Class

1A

b

60,428

Total

17,852,070

Commercial

Mortgage-Backed

Securities

(0.3%)

Citigroup

Commercial

Mortgage

Trust

800,000

3.102%, 

12/15/2072,

Ser.

2019-C7,

Class

A4

857,116

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

492,897

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

505,852

Federal

National

Mortgage

Association

2,953,919

4.500%, 

5/1/2048

3,127,865

Federal

National

Mortgage

Association

-

ACES

1,500,000

3.639%, 

8/25/2030,

Ser.

2018-M12,

Class

A2

b

1,714,344

GS

Mortgage

Securities

Trust

700,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

750,957

800,000

3.470%, 

11/10/2048,

Ser.

2015-GS1,

Class

A2

862,318

UBS

Commercial

Mortgage

Trust

625,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

658,754

Total

8,477,206

Communications

Services

(0.6%)

AMC

Networks,

Inc.

205,000

5.000%, 

4/1/2024

209,100

American

Tower

Corporation

10,000

2.800%, 

6/1/2020

10,020

290,000

2.900%, 

1/15/2030

294,800

AT&T,

Inc.

550,000

4.350%, 

3/1/2029

620,994

97,000

4.300%, 

2/15/2030

109,749

180,000

5.250%, 

3/1/2037

220,699

180,000

4.900%, 

8/15/2037

214,332

126,000

6.350%, 

3/15/2040

171,999

125,000

5.550%, 

8/15/2041

159,344

330,000

5.450%, 

3/1/2047

418,070

British

Sky

Broadcasting

Group

plc

184,000

3.125%, 

11/26/2022

i

190,533

British

Telecommunications

plc

425,000

4.500%, 

12/4/2023

463,271

CCO

Holdings,

LLC

275,000

5.500%, 

5/1/2026

i

287,375

190,000

5.125%, 

5/1/2027

i

198,550

470,000

4.750%, 

3/1/2030

i

483,219

CCOH

Safari,

LLC

60,000

5.750%, 

2/15/2026

i

62,960

Charter

Communications

Operating,

LLC

77,000

6.834%, 

10/23/2055

102,176

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Communications

Services

(0.6%)

-

continued

$

200,000

4.500%, 

2/1/2024

$

217,275

250,000

4.200%, 

3/15/2028

269,760

640,000

6.484%, 

10/23/2045

830,276

Comcast

Corporation

400,000

4.950%, 

10/15/2058

543,893

225,000

4.049%, 

11/1/2052

263,694

12,000

1.625%, 

1/15/2022

12,013

140,000

2.750%, 

3/1/2023

144,402

245,000

3.950%, 

10/15/2025

270,964

400,000

4.250%, 

10/15/2030

469,332

360,000

4.400%, 

8/15/2035

438,132

243,000

4.750%, 

3/1/2044

309,075

150,000

4.600%, 

8/15/2045

186,725

Cox

Communications,

Inc.

250,000

3.350%, 

9/15/2026

i

265,240

92,000

4.600%, 

8/15/2047

i

107,674

Crown

Castle

International

Corporation

10,000

3.400%, 

2/15/2021

10,142

126,000

5.250%, 

1/15/2023

137,834

184,000

3.200%, 

9/1/2024

193,190

CSC

Holdings,

LLC

190,000

5.500%, 

5/15/2026

i

199,064

Discovery

Communications,

LLC

230,000

4.900%, 

3/11/2026

261,295

Embarq

Corporation

200,000

7.995%, 

6/1/2036

222,290

Frontier

Communications

Corporation

330,000

8.000%, 

4/1/2027

i

344,454

Gray

Television,

Inc.

205,000

5.875%, 

7/15/2026

i

214,481

iHeartCommunications,

Inc.

290,000

4.750%, 

1/15/2028

i

295,588

Lamar

Media

Corporation

140,000

3.750%, 

2/15/2028

e,i

140,935

Level

3

Financing,

Inc.

130,000

5.375%, 

5/1/2025

134,225

30,000

5.250%, 

3/15/2026

31,203

570,000

4.625%, 

9/15/2027

i

585,686

Moody's

Corporation

13,000

2.750%, 

12/15/2021

13,239

Neptune

Finco

Corporation

345,000

10.875%, 

10/15/2025

i

382,157

Netflix,

Inc.

400,000

4.875%, 

4/15/2028

428,000

Nexstar

Escrow

Corporation

123,000

5.625%, 

8/1/2024

i

127,920

170,000

5.625%, 

7/15/2027

i

179,146

Omnicom

Group,

Inc.

85,000

3.600%, 

4/15/2026

92,000

Sirius

XM

Radio,

Inc.

400,000

5.000%, 

8/1/2027

i

420,000

Sprint

Communications,

Inc.

230,000

6.000%, 

11/15/2022

237,475

Sprint

Corporation

545,000

7.625%, 

2/15/2025

567,340

Telefonica

Emisiones

SAU

375,000

4.570%, 

4/27/2023

406,531

Telesat

Canada

/

Telesat,

LLC

220,000

4.875%, 

6/1/2027

i

226,017

Time

Warner

Entertainment

Company,

LP

160,000

8.375%, 

3/15/2023

189,432

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Communications

Services

(0.6%)

-

continued

T-Mobile

USA,

Inc.

$

590,000

4.500%, 

2/1/2026

$

606,774

Verizon

Communications,

Inc.

385,000

3.376%, 

2/15/2025

411,727

90,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

92,639

842,000

4.272%, 

1/15/2036

989,030

Viacom,

Inc.

99,000

4.250%, 

9/1/2023

106,620

126,000

5.850%, 

9/1/2043

164,323

Virgin

Media

Secured

Finance

plc

330,000

5.500%, 

8/15/2026

i

346,094

Vodafone

Group

plc

450,000

4.875%, 

6/19/2049

539,481

Walt

Disney

Company

435,000

6.400%, 

12/15/2035

641,437

Windstream

Services,

LLC

130,000

8.625%, 

10/31/2025

f,i

126,750

Ziggo

BV

200,000

5.500%, 

1/15/2027

i

212,000

Total

18,822,165

Consumer

Cyclical

(0.5%)

1011778

B.C.,

ULC

400,000

4.375%, 

1/15/2028

i

400,960

Allison

Transmission,

Inc.

370,000

5.000%, 

10/1/2024

i

376,945

Amazon.com,

Inc.

230,000

3.875%, 

8/22/2037

270,042

138,000

4.050%, 

8/22/2047

170,348

American

Honda

Finance

Corporation

204,000

2.000%, 

2/14/2020

204,008

450,000

2.150%, 

9/10/2024

456,470

Brookfield

Property

REIT,

Inc.

200,000

5.750%, 

5/15/2026

i

208,686

Brookfield

Residential

Properties,

Inc.

400,000

6.250%, 

9/15/2027

i

428,000

Cinemark

USA,

Inc.

488,000

4.875%, 

6/1/2023

494,100

D.R.

Horton,

Inc.

228,000

2.550%, 

12/1/2020

229,315

Daimler

Finance

North

America,

LLC

250,000

2.452%, 

(LIBOR

3M

+

0.550%),

5/4/2021

b,i

250,951

Ford

Motor

Credit

Company,

LLC

63,000

3.200%, 

1/15/2021

63,525

9,000

3.336%, 

3/18/2021

9,103

450,000

5.596%, 

1/7/2022

474,894

130,000

3.231%, 

(LIBOR

3M

+

1.270%),

3/28/2022

b

129,464

350,000

2.979%, 

8/3/2022

352,205

General

Motors

Company

375,000

2.791%, 

(LIBOR

3M

+

0.900%),

9/10/2021

b

376,816

General

Motors

Financial

Company,

Inc.

9,000

2.650%, 

4/13/2020

9,012

84,000

4.200%, 

3/1/2021

85,845

275,000

2.728%, 

(LIBOR

3M

+

0.850%),

4/9/2021

b

276,306

9,000

4.375%, 

9/25/2021

9,343

235,000

3.150%, 

6/30/2022

240,480

84,000

3.950%, 

4/13/2024

88,616

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Consumer

Cyclical

(0.5%)

-

continued

$

135,000

4.300%, 

7/13/2025

$

144,915

Hanesbrands,

Inc.

300,000

4.875%, 

5/15/2026

i

316,125

Hilton

Domestic

Operating

Company,

Inc.

390,000

4.875%, 

1/15/2030

412,425

Home

Depot,

Inc.

10,000

2.625%, 

6/1/2022

10,242

215,000

5.400%, 

9/15/2040

295,177

126,000

4.250%, 

4/1/2046

152,444

730,000

3.900%, 

6/15/2047

849,269

Hyundai

Capital

America

700,000

3.000%, 

6/20/2022

i

713,401

L

Brands,

Inc.

107,000

6.694%, 

1/15/2027

110,745

Landry's,

Inc.

200,000

6.750%, 

10/15/2024

i

205,540

Lear

Corporation

175,000

5.250%, 

1/15/2025

180,071

Lennar

Corporation

9,000

2.950%, 

11/29/2020

9,023

215,000

4.125%, 

1/15/2022

220,644

60,000

4.750%, 

11/15/2022

63,225

475,000

4.875%, 

12/15/2023

509,437

145,000

4.500%, 

4/30/2024

154,787

Live

Nation

Entertainment,

Inc.

185,000

5.625%, 

3/15/2026

i

197,025

210,000

4.750%, 

10/15/2027

i

216,048

Macy's

Retail

Holdings,

Inc.

198,000

2.875%, 

2/15/2023

198,371

Mastercard,

Inc.

320,000

3.950%, 

2/26/2048

386,940

Mattamy

Group

Corporation

345,000

5.250%, 

12/15/2027

i

361,388

McDonald's

Corporation

125,000

2.750%, 

12/9/2020

125,958

275,000

4.450%, 

3/1/2047

328,000

MGM

Resorts

International

390,000

6.000%, 

3/15/2023

427,908

30,000

5.750%, 

6/15/2025

33,445

Prime

Security

Services

Borrower,

LLC

410,000

5.750%, 

4/15/2026

i

432,550

Ralph

Lauren

Corporation

10,000

2.625%, 

8/18/2020

10,038

Ryman

Hospitality

Properties,

Inc.

220,000

4.750%, 

10/15/2027

i

228,800

Scientific

Games

International,

Inc.

200,000

5.000%, 

10/15/2025

i

205,692

70,000

7.000%, 

5/15/2028

i

73,806

ServiceMaster

Company,

LLC

380,000

5.125%, 

11/15/2024

i

392,719

Six

Flags

Entertainment

Corporation

220,000

4.875%, 

7/31/2024

i

225,225

200,000

5.500%, 

4/15/2027

i

207,760

Staples,

Inc.

220,000

7.500%, 

4/15/2026

i

225,368

Viking

Cruises,

Ltd.

280,000

5.875%, 

9/15/2027

i

287,014

Visa,

Inc.

10,000

2.200%, 

12/14/2020

10,043

Volkswagen

Group

of

America

Finance,

LLC

500,000

4.250%, 

11/13/2023

i

539,650

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Consumer

Cyclical

(0.5%)

-

continued

Walmart,

Inc.

$

400,000

3.250%, 

7/8/2029

$

438,192

Yum!

Brands,

Inc.

100,000

4.750%, 

1/15/2030

i

106,650

Total

15,611,494

Consumer

Non-Cyclical

(0.8%)

Abbott

Laboratories

80,000

3.400%, 

11/30/2023

85,014

79,000

3.750%, 

11/30/2026

87,706

381,000

4.750%, 

11/30/2036

488,743

AbbVie,

Inc.

6,000

2.900%, 

11/6/2022

6,161

210,000

3.600%, 

5/14/2025

224,416

275,000

2.950%, 

11/21/2026

i

284,066

105,000

4.700%, 

5/14/2045

120,503

750,000

4.875%, 

11/14/2048

883,747

Albertson's

Companies,

Inc.

35,000

6.625%, 

6/15/2024

36,400

Albertson's

Companies,

LLC

350,000

7.500%, 

3/15/2026

i

387,625

Allergan

Sales,

LLC

11,000

4.875%, 

2/15/2021

i

11,257

Allergan,

Inc.

400,000

2.800%, 

3/15/2023

407,132

Altria

Group,

Inc.

300,000

4.400%, 

2/14/2026

331,427

475,000

5.800%, 

2/14/2039

577,594

Amgen,

Inc.

276,000

2.200%, 

5/11/2020

276,267

125,000

3.125%, 

5/1/2025

131,781

Anheuser-Busch

Companies,

LLC

484,000

3.650%, 

2/1/2026

525,995

336,000

4.700%, 

2/1/2036

404,495

Anheuser-Busch

InBev

Finance,

Inc.

5,000

3.300%, 

2/1/2023

5,223

Anheuser-Busch

InBev

Worldwide,

Inc.

550,000

4.750%, 

4/15/2058

680,063

290,000

4.375%, 

4/15/2038

335,951

90,000

4.600%, 

4/15/2048

108,725

Anthem,

Inc.

230,000

4.625%, 

5/15/2042

266,122

B&G

Foods,

Inc.

300,000

5.250%, 

9/15/2027

299,250

BAT

Capital

Corporation

138,000

3.222%, 

8/15/2024

143,489

184,000

4.540%, 

8/15/2047

190,606

Bausch

Health

Companies,

Inc.

200,000

7.000%, 

1/15/2028

i

216,628

50,000

5.000%, 

1/30/2028

i

50,625

50,000

5.250%, 

1/30/2030

i

50,937

Baxalta,

Inc.

118,000

4.000%, 

6/23/2025

128,629

Becton,

Dickinson

and

Company

196,000

3.734%, 

12/15/2024

210,534

425,000

3.700%, 

6/6/2027

461,913

138,000

4.669%, 

6/6/2047

173,140

Boston

Scientific

Corporation

126,000

7.375%, 

1/15/2040

198,843

Bristol-Myers

Squibb

Company

370,000

2.875%, 

8/15/2020

i

372,186

Bunge,

Ltd.

Finance

Corporation

80,000

3.500%, 

11/24/2020

81,038

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Cargill,

Inc.

$

450,000

3.250%, 

5/23/2029

i

$

489,913

Centene

Corporation

380,000

4.750%, 

1/15/2025

392,665

60,000

4.250%, 

12/15/2027

i

62,700

150,000

4.625%, 

12/15/2029

i

161,445

Cigna

Corporation

45,000

2.721%, 

(LIBOR

3M

+

0.890%),

7/15/2023

b

45,550

320,000

4.125%, 

11/15/2025

351,873

180,000

3.050%, 

10/15/2027

186,671

400,000

4.800%, 

8/15/2038

479,364

Clorox

Company

300,000

3.100%, 

10/1/2027

320,654

Conagra

Brands,

Inc.

230,000

4.300%, 

5/1/2024

250,887

Constellation

Brands,

Inc.

210,000

3.600%, 

2/15/2028

226,695

CVS

Health

Corporation

6,000

2.750%, 

12/1/2022

6,126

104,000

3.700%, 

3/9/2023

109,091

40,000

4.000%, 

12/5/2023

42,729

270,000

4.100%, 

3/25/2025

293,736

550,000

4.875%, 

7/20/2035

657,706

Encompass

Health

Corporation

200,000

4.500%, 

2/1/2028

206,008

Energizer

Holdings,

Inc.

420,000

5.500%, 

6/15/2025

i

433,650

Express

Scripts

Holding

Company

6,000

4.750%, 

11/15/2021

6,296

425,000

4.800%, 

7/15/2046

498,483

HCA,

Inc.

570,000

5.375%, 

2/1/2025

637,032

Imperial

Brands

Finance

plc

475,000

3.875%, 

7/26/2029

i

497,761

Imperial

Tobacco

Finance

plc

170,000

2.950%, 

7/21/2020

i

170,787

JBS

USA,

LLC

135,000

5.750%, 

6/15/2025

i

139,793

420,000

5.500%, 

1/15/2030

i

453,600

Kimberly-Clark

Corporation

230,000

3.900%, 

5/4/2047

266,874

Kraft

Heinz

Foods

Company

400,000

3.375%, 

6/15/2021

408,753

500,000

4.875%, 

10/1/2049

i

549,387

Kroger

Company

115,000

2.800%, 

8/1/2022

117,922

Mead

Johnson

Nutrition

Company

20,000

3.000%, 

11/15/2020

20,191

Medtronic,

Inc.

476,000

4.375%, 

3/15/2035

589,634

13,000

4.625%, 

3/15/2045

17,093

Merck

&

Company,

Inc.

30,000

3.700%, 

2/10/2045

34,622

Mondelez

International

Holdings

Netherlands

BV

10,000

2.000%, 

10/28/2021

i

10,038

Mylan,

Inc.

45,000

3.125%, 

1/15/2023

i

46,136

Nestle

Holdings,

Inc.

400,000

3.900%, 

9/24/2038

i

474,688

Par

Pharmaceutical,

Inc.

200,000

7.500%, 

4/1/2027

i

203,500

Pernod

Ricard

SA

10,000

5.750%, 

4/7/2021

i

10,467

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Reynolds

American,

Inc.

$

257,000

5.700%, 

8/15/2035

$

308,198

Roche

Holdings,

Inc.

130,000

4.000%, 

11/28/2044

i

158,604

Scotts

Miracle-Gro

Company

220,000

4.500%, 

10/15/2029

i

227,425

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

276,000

2.400%, 

9/23/2021

278,466

Simmons

Foods,

Inc.

215,000

5.750%, 

11/1/2024

i

217,150

Smithfield

Foods,

Inc.

165,000

2.650%, 

10/3/2021

i

164,676

Spectrum

Brands,

Inc.

390,000

5.750%, 

7/15/2025

405,113

Teleflex,

Inc.

430,000

4.625%, 

11/15/2027

452,575

Tenet

Healthcare

Corporation

100,000

4.625%, 

7/15/2024

102,500

300,000

5.125%, 

11/1/2027

i

315,750

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3,000

2.200%, 

7/21/2021

2,955

220,000

2.800%, 

7/21/2023

204,563

Tyson

Foods,

Inc.

92,000

3.550%, 

6/2/2027

99,584

UnitedHealth

Group,

Inc.

250,000

2.950%, 

10/15/2027

264,465

755,000

4.625%, 

7/15/2035

935,162

VRX

Escrow

Corporation

800,000

6.125%, 

4/15/2025

i

822,896

Zimmer

Biomet

Holdings,

Inc.

375,000

3.550%, 

4/1/2025

400,316

Zoetis,

Inc.

9,000

3.450%, 

11/13/2020

9,097

288,000

4.700%, 

2/1/2043

362,377

Total

24,846,623

Energy

(0.6%)

Antero

Resources

Corporation

170,000

5.125%, 

12/1/2022

146,625

45,000

5.625%, 

6/1/2023

32,400

Archrock

Partners,

LP

120,000

6.250%, 

4/1/2028

i

123,450

BP

Capital

Markets

America,

Inc.

45,000

3.119%, 

5/4/2026

47,653

BP

Capital

Markets

plc

6,000

2.315%, 

2/13/2020

6,001

252,000

3.535%, 

11/4/2024

271,490

350,000

3.279%, 

9/19/2027

373,574

Buckeye

Partners,

LP

165,000

3.950%, 

12/1/2026

163,724

65,000

4.125%, 

12/1/2027

64,155

Canadian

Natural

Resources,

Ltd.

200,000

3.450%, 

11/15/2021

205,012

Canadian

Oil

Sands,

Ltd.

125,000

9.400%, 

9/1/2021

i

137,723

Cenovus

Energy,

Inc.

500,000

5.400%, 

6/15/2047

569,711

Cheniere

Corpus

Christi

Holdings,

LLC

340,000

7.000%, 

6/30/2024

393,723

255,000

5.875%, 

3/31/2025

289,629

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Energy

(0.6%)

-

continued

Cheniere

Energy

Partners,

LP

$

475,000

5.625%, 

10/1/2026

$

497,563

Chesapeake

Energy

Corporation

124,000

11.500%, 

1/1/2025

i

99,783

ConocoPhillips

230,000

6.500%, 

2/1/2039

340,981

Continental

Resources,

Inc.

325,000

4.500%, 

4/15/2023

343,136

350,000

4.375%, 

1/15/2028

369,145

Diamondback

Energy,

Inc.

700,000

3.500%, 

12/1/2029

707,910

El

Paso

Pipeline

Partners

Operating

Company,

LLC

135,000

4.300%, 

5/1/2024

145,827

Enagas

SA

625,000

5.500%, 

1/15/2028

i

625,000

Enbridge,

Inc.

175,000

2.900%, 

7/15/2022

179,109

Energy

Transfer

Operating,

LP

75,000

4.200%, 

9/15/2023

79,655

330,000

6.000%, 

6/15/2048

380,904

Energy

Transfer

Partners,

LP

90,000

4.900%, 

3/15/2035

98,793

125,000

5.150%, 

2/1/2043

128,267

EnLink

Midstream

Partners,

LP

240,000

4.850%, 

7/15/2026

219,600

Enterprise

Products

Operating,

LLC

48,000

5.100%, 

2/15/2045

57,541

EOG

Resources,

Inc.

10,000

2.625%, 

3/15/2023

10,253

Hess

Corporation

435,000

3.500%, 

7/15/2024

453,647

Kinder

Morgan

Energy

Partners,

LP

12,000

3.450%, 

2/15/2023

12,482

225,000

6.500%, 

9/1/2039

290,396

Kinder

Morgan,

Inc.

255,000

6.500%, 

9/15/2020

262,089

Magellan

Midstream

Partners,

LP

120,000

5.000%, 

3/1/2026

137,833

Marathon

Oil

Corporation

325,000

6.600%, 

10/1/2037

418,177

Marathon

Petroleum

Corporation

276,000

4.750%, 

12/15/2023

301,901

59,000

6.500%, 

3/1/2041

79,071

MPLX,

LP

9,000

4.500%, 

7/15/2023

9,657

500,000

4.875%, 

12/1/2024

550,513

276,000

4.875%, 

6/1/2025

305,983

Murphy

Oil

Corporation

210,000

5.875%, 

12/1/2027

215,250

Nabors

Industries,

Inc.

200,000

5.750%, 

2/1/2025

164,000

Nabors

Industries,

Ltd.

70,000

7.250%, 

1/15/2026

i

70,088

Newfield

Exploration

Company

450,000

5.625%, 

7/1/2024

496,760

Noble

Energy,

Inc.

600,000

5.050%, 

11/15/2044

656,101

Occidental

Petroleum

Corporation

219,000

4.850%, 

3/15/2021

225,527

Parsley

Energy,

LLC

360,000

5.625%, 

10/15/2027

i

381,420

Petrobras

Global

Finance

BV

252,000

5.093%, 

1/15/2030

i

276,532

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Energy

(0.6%)

-

continued

Petroleos

Mexicanos

$

500,000

6.875%, 

8/4/2026

$

564,000

Pioneer

Natural

Resources

Company

85,000

4.450%, 

1/15/2026

94,485

Plains

All

American

Pipeline,

LP

500,000

4.500%, 

12/15/2026

542,886

500,000

3.550%, 

12/15/2029

498,413

Regency

Energy

Partners,

LP

168,000

5.875%, 

3/1/2022

178,848

Sabine

Pass

Liquefaction,

LLC

141,000

6.250%, 

3/15/2022

151,452

166,000

5.625%, 

4/15/2023

181,617

185,000

5.750%, 

5/15/2024

208,357

Schlumberger

Holdings

Corporation

155,000

4.000%, 

12/21/2025

i

170,205

Southwestern

Energy

Company

340,000

7.500%, 

4/1/2026

283,798

Suncor

Energy,

Inc.

95,000

3.600%, 

12/1/2024

101,500

Sunoco

Logistics

Partners

Operations,

LP

10,000

4.400%, 

4/1/2021

10,243

345,000

4.000%, 

10/1/2027

361,801

Sunoco,

LP

210,000

5.500%, 

2/15/2026

216,040

200,000

5.875%, 

3/15/2028

212,770

Targa

Resources

Partners,

LP

200,000

5.375%, 

2/1/2027

207,500

Transocean

Guardian,

Ltd.

313,129

5.875%, 

1/15/2024

i

319,783

Viper

Energy

Partners,

LP

290,000

5.375%, 

11/1/2027

i

302,325

W&T

Offshore,

Inc.

320,000

9.750%, 

11/1/2023

i

302,976

Western

Gas

Partners,

LP

184,000

4.000%, 

7/1/2022

189,363

Williams

Companies,

Inc.

250,000

7.500%, 

1/15/2031

331,694

Williams

Partners,

LP

117,000

4.000%, 

11/15/2021

120,568

65,000

3.600%, 

3/15/2022

66,943

115,000

4.500%, 

11/15/2023

124,420

185,000

6.300%, 

4/15/2040

230,586

Woodside

Finance,

Ltd.

240,000

3.650%, 

3/5/2025

i

253,652

95,000

3.700%, 

3/15/2028

i

100,685

WPX

Energy,

Inc.

95,000

5.750%, 

6/1/2026

99,513

170,000

4.500%, 

1/15/2030

171,057

Total

19,013,244

Financials

(1.5%)

ABN

AMRO

Bank

NV

200,000

4.750%, 

7/28/2025

i

221,087

ACE

INA

Holdings,

Inc.

10,000

2.875%, 

11/3/2022

10,290

125,000

4.350%, 

11/3/2045

158,821

AerCap

Ireland

Capital,

Ltd.

84,000

4.625%, 

10/30/2020

85,616

84,000

4.625%, 

7/1/2022

88,925

175,000

3.500%, 

1/15/2025

183,623

350,000

3.875%, 

1/23/2028

370,574

Air

Lease

Corporation

28,000

2.500%, 

3/1/2021

28,216

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Financials

(1.5%)

-

continued

Aircastle,

Ltd.

$

400,000

5.000%, 

4/1/2023

$

433,172

Ally

Financial,

Inc.

380,000

5.750%, 

11/20/2025

431,950

American

International

Group,

Inc.

126,000

4.125%, 

2/15/2024

136,594

275,000

3.750%, 

7/10/2025

298,133

255,000

3.900%, 

4/1/2026

279,120

Athene

Global

Funding

5,000

4.000%, 

1/25/2022

i

5,200

Australia

and

New

Zealand

Banking

Group,

Ltd.

250,000

2.950%, 

7/22/2030

b,i

253,696

AvalonBay

Communities,

Inc.

200,000

3.500%, 

11/15/2025

216,847

Aviation

Capital

Group,

LLC

290,000

2.875%, 

1/20/2022

i

293,527

Avolon

Holdings

Funding,

Ltd.

275,000

5.250%, 

5/15/2024

i

302,610

Banco

Santander

SA

400,000

2.968%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

403,411

Bank

of

America

Corporation

5,000

2.738%, 

1/23/2022

b

5,042

275,000

3.499%, 

5/17/2022

b

281,039

200,000

3.300%, 

1/11/2023

208,831

185,000

2.881%, 

4/24/2023

b

188,970

9,000

3.550%, 

3/5/2024

b

9,420

168,000

4.000%, 

4/1/2024

182,109

450,000

4.200%, 

8/26/2024

489,384

515,000

4.000%, 

1/22/2025

557,236

450,000

3.458%, 

3/15/2025

b

476,246

240,000

3.093%, 

10/1/2025

b

251,296

185,000

3.824%, 

1/20/2028

b

202,970

208,000

5.875%, 

2/7/2042

303,552

Bank

of

Montreal

225,000

2.308%, 

(LIBOR

3M

+

0.460%),

4/13/2021

b

225,894

Bank

of

New

York

Mellon

Corporation

210,000

2.500%, 

4/15/2021

212,065

12,000

2.600%, 

2/7/2022

12,218

Bank

of

Nova

Scotia

435,000

2.259%, 

(LIBOR

3M

+

0.440%),

4/20/2021

b

436,655

199,000

2.700%, 

3/7/2022

203,836

Barclays

Bank

plc

42,000

10.179%, 

6/12/2021

i

46,495

Barclays

plc

330,000

3.250%, 

1/12/2021

333,874

425,000

4.610%, 

2/15/2023

b

445,323

168,000

3.650%, 

3/16/2025

178,091

Boston

Properties,

LP

325,000

4.500%, 

12/1/2028

378,768

BPCE

SA

350,000

3.500%, 

10/23/2027

i

371,752

Camden

Property

Trust

525,000

3.150%, 

7/1/2029

563,963

Capital

One

Financial

Corporation

186,000

3.050%, 

3/9/2022

190,476

450,000

4.200%, 

10/29/2025

491,959

Capital

One

NA

500,000

2.150%, 

9/6/2022

503,840

Cascades

USA,

Inc.

200,000

5.125%, 

1/15/2026

i

206,500

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Financials

(1.5%)

-

continued

CIT

Group,

Inc.

$

355,000

5.000%, 

8/15/2022

$

377,187

Citigroup,

Inc.

216,000

2.750%, 

4/25/2022

219,963

89,000

4.050%, 

7/30/2022

93,518

165,000

3.142%, 

1/24/2023

b

168,766

435,000

4.400%, 

6/10/2025

479,734

168,000

3.200%, 

10/21/2026

177,764

526,000

3.668%, 

7/24/2028

b

572,679

126,000

4.125%, 

7/25/2028

140,001

250,000

3.520%, 

10/27/2028

b

269,096

320,000

3.878%, 

1/24/2039

b

366,054

198,000

4.650%, 

7/23/2048

258,502

CNA

Financial

Corporation

200,000

3.900%, 

5/1/2029

222,229

Comerica,

Inc.

70,000

3.700%, 

7/31/2023

74,375

Commerzbank

AG

230,000

8.125%, 

9/19/2023

i

270,372

Commonwealth

Bank

of

Australia

138,000

2.250%, 

3/10/2020

i

138,076

Compass

Bank

250,000

3.500%, 

6/11/2021

255,234

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

239,000

3.950%, 

11/9/2022

251,044

552,000

4.625%, 

12/1/2023

601,054

Credit

Agricole

SA

306,000

3.375%, 

1/10/2022

i

314,323

375,000

3.250%, 

1/14/2030

i

386,976

Credit

Suisse

Group

AG

250,000

2.997%, 

12/14/2023

b,i

256,352

225,000

7.250%, 

9/12/2025

b,i,l

255,094

250,000

3.869%, 

1/12/2029

b,i

272,490

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

222,000

3.125%, 

12/10/2020

224,367

18,000

3.800%, 

9/15/2022

18,845

Credit

Suisse

Group

Funding,

Ltd.

168,000

3.750%, 

3/26/2025

180,380

Danske

Bank

AS

400,000

3.244%, 

12/20/2025

b,i

413,603

Deutsche

Bank

AG

252,000

3.375%, 

5/12/2021

255,587

123,000

4.250%, 

10/14/2021

126,684

400,000

3.961%, 

11/26/2025

b

418,192

Deutsche

Bank

AG

of

New

York

100,000

3.950%, 

2/27/2023

103,812

Discover

Bank

325,000

2.450%, 

9/12/2024

328,752

290,000

4.682%, 

8/9/2028

b

306,907

Duke

Realty,

LP

90,000

4.375%, 

6/15/2022

94,602

300,000

2.875%, 

11/15/2029

308,712

ERP

Operating,

LP

32,000

3.375%, 

6/1/2025

34,268

Fidelity

National

Financial,

Inc.

325,000

5.500%, 

9/1/2022

353,391

Fifth

Third

Bancorp

52,000

2.875%, 

7/27/2020

52,221

155,000

2.600%, 

6/15/2022

157,787

Five

Corners

Funding

Trust

555,000

4.419%, 

11/15/2023

i

606,980

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Financials

(1.5%)

-

continued

GE

Capital

International

Funding

Company

$

1,280,000

4.418%, 

11/15/2035

$

1,441,788

Goldman

Sachs

Group,

Inc.

400,000

5.375%, 

3/15/2020

401,648

337,000

5.375%, 

5/10/2020

b,l

339,511

578,000

5.250%, 

7/27/2021

607,309

10,000

3.080%, 

(LIBOR

3M

+

1.170%),

11/15/2021

b

10,080

12,000

3.000%, 

4/26/2022

12,179

329,000

2.876%, 

10/31/2022

b

334,860

184,000

2.908%, 

6/5/2023

b

188,070

525,000

3.625%, 

2/20/2024

558,093

325,000

3.691%, 

6/5/2028

b

352,882

165,000

4.750%, 

10/21/2045

210,639

HCP,

Inc.

60,000

3.400%, 

2/1/2025

63,558

Hospitality

Properties

Trust

10,000

4.250%, 

2/15/2021

10,157

HSBC

Holdings

plc

212,000

6.875%, 

6/1/2021

b,l

222,246

125,000

2.650%, 

1/5/2022

126,939

525,000

3.803%, 

3/11/2025

b

557,853

200,000

3.900%, 

5/25/2026

217,436

HSBC

USA,

Inc.

280,000

2.350%, 

3/5/2020

280,162

Huntington

Bancshares,

Inc.

10,000

3.150%, 

3/14/2021

10,149

Icahn

Enterprises,

LP

140,000

6.750%, 

2/1/2024

145,250

185,000

6.375%, 

12/15/2025

193,094

ING

Groep

NV

200,000

3.150%, 

3/29/2022

205,402

350,000

4.100%, 

10/2/2023

375,597

International

Lease

Finance

Corporation

112,000

5.875%, 

8/15/2022

122,712

Iron

Mountain,

Inc.

163,677

6.000%, 

8/15/2023

167,155

75,000

4.875%, 

9/15/2027

i

77,250

J.P.

Morgan

Chase

&

Company

199,000

2.587%, 

(LIBOR

3M

+

0.680%),

6/1/2021

b

199,397

95,000

2.295%, 

8/15/2021

95,233

9,000

2.776%, 

4/25/2023

b

9,182

210,000

2.700%, 

5/18/2023

215,681

108,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

110,117

120,000

3.625%, 

5/13/2024

128,578

450,000

3.875%, 

9/10/2024

486,281

240,000

3.125%, 

1/23/2025

253,384

470,000

3.900%, 

7/15/2025

515,245

135,000

3.300%, 

4/1/2026

144,233

375,000

4.203%, 

7/23/2029

b

425,873

275,000

3.882%, 

7/24/2038

b

314,234

J.P.

Morgan

Chase

Bank

NA

650,000

3.086%, 

4/26/2021

b

651,955

KeyCorp

100,000

2.900%, 

9/15/2020

100,669

Kimco

Realty

Corporation

368,000

3.300%, 

2/1/2025

390,169

Liberty

Mutual

Group,

Inc.

3,000

5.000%, 

6/1/2021

i

3,119

84,000

4.950%, 

5/1/2022

i

89,358

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Financials

(1.5%)

-

continued

Lincoln

National

Corporation

$

7,000

6.250%, 

2/15/2020

$

7,008

Lloyds

Banking

Group

plc

250,000

2.907%, 

11/7/2023

b

255,193

MetLife,

Inc.

125,000

4.050%, 

3/1/2045

147,118

Mitsubishi

UFJ

Financial

Group,

Inc.

6,000

2.998%, 

2/22/2022

6,143

640,000

3.455%, 

3/2/2023

670,153

230,000

3.287%, 

7/25/2027

245,740

Morgan

Stanley

12,000

2.800%, 

6/16/2020

12,044

84,000

5.550%, 

7/15/2020

b,l

85,197

11,000

5.500%, 

7/28/2021

11,605

210,000

2.625%, 

11/17/2021

213,306

97,000

2.999%, 

(LIBOR

3M

+

1.180%),

1/20/2022

b

97,956

213,000

2.750%, 

5/19/2022

217,568

65,000

4.875%, 

11/1/2022

70,087

215,000

3.125%, 

1/23/2023

223,052

210,000

4.350%, 

9/8/2026

234,055

276,000

3.591%, 

7/22/2028

b

298,708

250,000

3.772%, 

1/24/2029

b

275,374

MPT

Operating

Partnership,

LP

195,000

6.375%, 

3/1/2024

201,295

255,000

4.625%, 

8/1/2029

266,794

Nasdaq,

Inc.

110,000

3.850%, 

6/30/2026

119,932

Nationwide

Building

Society

275,000

3.622%, 

4/26/2023

b,i

284,262

Outfront

Media

Cap,

LLC

220,000

4.625%, 

3/15/2030

i

226,600

Park

Aerospace

Holdings,

Ltd.

275,000

4.500%, 

3/15/2023

i

291,596

PNC

Bank

NA

10,000

2.450%, 

11/5/2020

10,054

Prudential

Financial,

Inc.

400,000

3.700%, 

3/13/2051

426,210

Quicken

Loans,

Inc.

395,000

5.750%, 

5/1/2025

i

408,825

Realty

Income

Corporation

185,000

4.125%, 

10/15/2026

207,387

Regency

Centers,

LP

320,000

4.125%, 

3/15/2028

356,766

Reinsurance

Group

of

America,

Inc.

323,000

4.700%, 

9/15/2023

353,345

275,000

3.900%, 

5/15/2029

299,797

Royal

Bank

of

Canada

12,000

2.125%, 

3/2/2020

12,004

Royal

Bank

of

Scotland

Group

plc

175,000

6.125%, 

12/15/2022

191,799

250,000

6.100%, 

6/10/2023

277,652

200,000

3.875%, 

9/12/2023

211,636

450,000

4.269%, 

3/22/2025

b

482,964

400,000

4.445%, 

5/8/2030

b

452,868

Santander

UK

Group

Holdings

plc

147,000

2.875%, 

10/16/2020

147,887

Simon

Property

Group,

LP

15,000

2.500%, 

7/15/2021

15,153

168,000

4.250%, 

11/30/2046

201,081

SITE

Centers

Corporation

69,000

4.625%, 

7/15/2022

72,326

Societe

Generale

SA

138,000

4.750%, 

11/24/2025

i

152,213

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Financials

(1.5%)

-

continued

Springleaf

Finance

Corporation

$

180,000

7.125%, 

3/15/2026

$

206,523

Standard

Chartered

plc

500,000

2.819%, 

1/30/2026

b,i

506,293

Sumitomo

Mitsui

Financial

Group,

Inc.

176,000

2.784%, 

7/12/2022

180,081

150,000

3.102%, 

1/17/2023

155,544

126,000

3.010%, 

10/19/2026

131,675

SunTrust

Banks,

Inc.

10,000

2.900%, 

3/3/2021

10,123

Synchrony

Financial

55,000

4.250%, 

8/15/2024

59,013

425,000

3.950%, 

12/1/2027

453,395

UBS

Group

Funding

Jersey,

Ltd.

24,000

3.000%, 

4/15/2021

i

24,370

126,000

4.125%, 

9/24/2025

i

139,124

UBS

Group

Funding

Switzerland

AG

200,000

3.491%, 

5/23/2023

i

206,918

Ventas

Realty,

LP

195,000

3.100%, 

1/15/2023

201,555

260,000

4.000%, 

3/1/2028

284,244

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

80,000

4.250%, 

12/1/2026

i

82,106

40,000

3.750%, 

2/15/2027

e,i

40,200

80,000

4.625%, 

12/1/2029

i

83,600

40,000

4.125%, 

8/15/2030

e,i

40,600

Voya

Financial,

Inc.

342,000

3.125%, 

7/15/2024

358,411

Wells

Fargo

&

Company

170,000

2.550%, 

12/7/2020

171,060

7,000

2.100%, 

7/26/2021

7,039

205,000

2.625%, 

7/22/2022

209,074

225,000

3.069%, 

1/24/2023

230,260

168,000

3.450%, 

2/13/2023

175,334

450,000

4.125%, 

8/15/2023

482,569

15,000

3.007%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

15,307

125,000

3.000%, 

2/19/2025

130,839

600,000

3.000%, 

4/22/2026

629,092

168,000

3.000%, 

10/23/2026

176,192

323,000

4.900%, 

11/17/2045

406,548

Welltower,

Inc.

70,000

3.950%, 

9/1/2023

74,662

Westpac

Banking

Corporation

15,000

2.753%, 

(LIBOR

3M

+

0.850%),

8/19/2021

b

15,143

ZB

NA

360,000

3.500%, 

8/27/2021

369,038

Total

48,926,601

Mortgage-Backed

Securities

(5.5%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

7,217,915

3.500%, 

5/1/2034

7,544,664

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

7,261,197

3.000%, 

8/1/2047

7,497,404

528,348

3.500%, 

7/1/2049

545,179

Federal

National

Mortgage

Association

659,241

3.230%, 

11/1/2020

660,060

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Mortgage-Backed

Securities

(5.5%)

-

continued

$

5,562,472

3.500%, 

10/1/2048

$

5,786,265

17,420,467

3.500%, 

2/1/2049

e

18,048,669

6,386,830

3.500%, 

8/1/2049

6,659,283

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

21,250,000

2.500%, 

2/1/2035

e

21,627,686

34,678,000

3.000%, 

2/1/2035

e

35,719,695

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

56,297,000

3.000%, 

3/1/2050

e

57,533,290

11,958,222

4.000%, 

7/1/2048

12,517,589

95,064

3.500%, 

8/1/2049

98,096

Total

174,237,880

Technology

(0.4%)

Adobe,

Inc.

275,000

2.150%, 

2/1/2027

e

278,771

Apple,

Inc.

10,000

2.400%, 

1/13/2023

10,250

115,000

3.000%, 

2/9/2024

120,598

183,000

3.200%, 

5/11/2027

197,525

250,000

3.000%, 

6/20/2027

267,340

400,000

3.000%, 

11/13/2027

428,047

585,000

3.750%, 

9/12/2047

680,322

Applied

Materials,

Inc.

92,000

3.300%, 

4/1/2027

99,445

Avnet,

Inc.

125,000

3.750%, 

12/1/2021

128,355

Baidu,

Inc.

6,000

3.000%, 

6/30/2020

6,021

Broadcom

Corporation

146,000

3.875%, 

1/15/2027

154,311

220,000

3.500%, 

1/15/2028

226,924

Broadcom,

Inc.

525,000

4.750%, 

4/15/2029

i

587,971

CommScope

Technologies

Finance,

LLC

270,000

6.000%, 

6/15/2025

i

257,683

Diamond

1

Finance

Corporation

26,000

5.450%, 

6/15/2023

i

28,486

990,000

6.020%, 

6/15/2026

i

1,156,398

Diamond

Sports

Group,

LLC

400,000

6.625%, 

8/15/2027

g,i

374,000

Harland

Clarke

Holdings

Corporation

210,000

8.375%, 

8/15/2022

i

182,044

Hewlett

Packard

Enterprise

Company

15,000

3.600%, 

10/15/2020

15,165

365,000

2.620%, 

(LIBOR

3M

+

0.720%),

10/5/2021

b

365,051

48,000

4.400%, 

10/15/2022

50,878

Intel

Corporation

10,000

3.100%, 

7/29/2022

10,387

Iron

Mountain,

Inc.

170,000

4.875%, 

9/15/2029

i

173,417

Marvell

Technology

Group,

Ltd.

205,000

4.200%, 

6/22/2023

218,325

275,000

4.875%, 

6/22/2028

310,952

Microsoft

Corporation

270,000

4.750%, 

11/3/2055

382,104

12,000

2.400%, 

2/6/2022

12,206

270,000

4.200%, 

11/3/2035

331,531

975,000

3.700%, 

8/8/2046

1,150,804

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Technology

(0.4%)

-

continued

NCR

Corporation

$

380,000

6.125%, 

9/1/2029

i

$

414,637

NXP

BV/NXP

Funding,

LLC

425,000

4.875%, 

3/1/2024

i

467,685

Oracle

Corporation

10,000

2.500%, 

5/15/2022

10,181

168,000

2.400%, 

9/15/2023

172,231

390,000

2.950%, 

5/15/2025

411,881

250,000

3.850%, 

7/15/2036

285,968

Plantronics,

Inc.

230,000

5.500%, 

5/31/2023

i

221,955

PTC,

Inc.

70,000

3.625%, 

2/15/2025

e,i

70,525

SS&C

Technologies,

Inc.

290,000

5.500%, 

9/30/2027

i

306,762

Texas

Instruments,

Inc.

330,000

4.150%, 

5/15/2048

412,522

Tyco

Electronics

Group

SA

46,000

3.450%, 

8/1/2024

48,835

92,000

3.125%, 

8/15/2027

97,090

Total

11,125,583

Transportation

(0.1%)

Air

Canada

Pass

Through

Trust

38,556

3.875%, 

3/15/2023

i

39,679

Air

Lease

Corporation

70,000

3.500%, 

1/15/2022

72,134

Boeing

Company

575,000

3.600%, 

5/1/2034

622,455

Burlington

Northern

Santa

Fe,

LLC

140,000

5.750%, 

5/1/2040

198,523

430,000

5.050%, 

3/1/2041

562,505

150,000

4.450%, 

3/15/2043

183,317

CSX

Corporation

42,000

3.700%, 

11/1/2023

44,968

375,000

3.350%, 

9/15/2049

387,782

Delta

Air

Lines,

Inc.

114,000

2.875%, 

3/13/2020

114,150

Hertz

Corporation

210,000

5.500%, 

10/15/2024

i

213,062

160,000

6.000%, 

1/15/2028

i

161,400

NCL

Corporation,

Ltd.

210,000

3.625%, 

12/15/2024

i

208,425

Penske

Truck

Leasing

Company,

LP

425,000

3.375%, 

2/1/2022

i

436,148

United

Airlines

Pass

Through

Trust

10,000

3.700%, 

12/1/2022

10,381

United

Continental

Holdings,

Inc.

400,000

4.875%, 

1/15/2025

422,000

XPO

Logistics,

Inc.

200,000

6.125%, 

9/1/2023

i

206,750

202,000

6.750%, 

8/15/2024

i

218,917

Total

4,102,596

U.S.

Government

&

Agencies

(5.5%)

U.S.

Treasury

Bonds

4,485,000

2.250%, 

11/15/2027

4,750,070

8,000,000

2.875%, 

5/15/2028

8,876,875

1,510,000

5.250%, 

11/15/2028

1,981,108

4,600,000

1.625%, 

8/15/2029

4,648,875

1,175,000

4.375%, 

5/15/2040

1,675,660

6,780,000

3.000%, 

5/15/2042

8,061,579

12,618,000

2.500%, 

5/15/2046

13,863,535

750,000

3.000%, 

5/15/2047

907,148

250,000

2.750%, 

8/15/2047

289,385

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

U.S.

Government

&

Agencies

(5.5%)

-

continued

$

10,050,000

2.875%, 

5/15/2049

$

12,002,684

250,000

2.375%, 

11/15/2049

271,094

U.S.

Treasury

Notes

940,000

2.250%, 

3/31/2020

940,887

120,000

1.875%, 

12/15/2020

120,361

500,000

2.500%, 

2/28/2021

505,332

250,000

1.375%, 

5/31/2021

249,805

7,984,000

1.125%, 

8/31/2021

7,949,382

2,210,000

1.500%, 

9/30/2021

2,214,230

7,440,000

1.875%, 

7/31/2022

7,540,556

155,000

2.000%, 

11/30/2022

157,949

4,750,000

2.500%, 

3/31/2023

4,924,971

6,560,000

2.500%, 

1/31/2024

6,861,094

2,060,000

2.125%, 

7/31/2024

2,132,261

1,350,000

1.500%, 

10/31/2024

1,360,863

2,490,000

2.250%, 

11/15/2024

2,596,019

5,760,000

2.125%, 

11/30/2024

5,974,200

18,500,000

2.875%, 

5/31/2025

19,945,312

6,380,000

2.625%, 

1/31/2026

6,833,329

42,470,000

2.500%, 

2/28/2026

45,210,642

Total

172,845,206

Utilities

(0.4%)

Alabama

Power

Company

6,000

2.450%, 

3/30/2022

6,098

Ameren

Corporation

10,000

2.700%, 

11/15/2020

10,058

Ameren

Illinois

Company

270,000

4.500%, 

3/15/2049

349,025

American

Electric

Power

Company,

Inc.

253,000

2.950%, 

12/15/2022

261,193

Appalachian

Power

Company

92,000

3.300%, 

6/1/2027

97,765

Arizona

Public

Service

Company

300,000

3.500%, 

12/1/2049

325,385

Berkshire

Hathaway

Energy

Company

155,000

4.500%, 

2/1/2045

188,703

Calpine

Corporation

380,000

4.500%, 

2/15/2028

i

378,100

CenterPoint

Energy,

Inc.

70,000

3.850%, 

2/1/2024

74,791

450,000

2.500%, 

9/1/2024

458,251

245,000

4.250%, 

11/1/2028

275,545

CMS

Energy

Corporation

126,000

2.950%, 

2/15/2027

129,662

Commonwealth

Edison

Company

125,000

3.700%, 

3/1/2045

139,637

70,000

4.350%, 

11/15/2045

85,364

Consolidated

Edison

Company

of

New

York,

Inc.

675,000

4.125%, 

5/15/2049

809,344

Consolidated

Edison,

Inc.

63,000

4.500%, 

12/1/2045

77,219

Consumers

Energy

Company

325,000

4.350%, 

4/15/2049

415,651

DTE

Electric

Company

95,000

3.700%, 

3/15/2045

107,419

135,000

3.700%, 

6/1/2046

153,026

Duke

Energy

Carolinas,

LLC

350,000

3.700%, 

12/1/2047

397,831

Duke

Energy

Corporation

168,000

3.750%, 

9/1/2046

180,070

Duke

Energy

Florida,

LLC

120,000

3.200%, 

1/15/2027

128,717

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Utilities

(0.4%)

-

continued

Duke

Energy

Indiana,

LLC

$

170,000

3.750%, 

5/15/2046

$

191,762

Edison

International

85,000

2.950%, 

3/15/2023

87,087

800,000

5.750%, 

6/15/2027

924,698

Energy

Transfer

Operating,

LP

330,000

5.200%, 

2/1/2022

346,260

Exelon

Corporation

90,000

5.100%, 

6/15/2045

113,949

376,000

4.450%, 

4/15/2046

442,775

FirstEnergy

Corporation

60,000

2.850%, 

7/15/2022

61,307

350,000

4.850%, 

7/15/2047

432,291

ITC

Holdings

Corporation

30,000

4.050%, 

7/1/2023

31,704

84,000

5.300%, 

7/1/2043

108,557

Mississippi

Power

Company

185,000

3.950%, 

3/30/2028

205,819

Monongahela

Power

Company

95,000

5.400%, 

12/15/2043

i

128,559

National

Rural

Utilities

Cooperative

Finance

Corporation

175,000

3.900%, 

11/1/2028

198,680

400,000

3.700%, 

3/15/2029

449,717

NextEra

Energy

Operating

Partners,

LP

390,000

3.875%, 

10/15/2026

i

393,900

NiSource

Finance

Corporation

92,000

3.490%, 

5/15/2027

99,016

245,000

5.650%, 

2/1/2045

326,054

Oncor

Electric

Delivery

Company,

LLC

368,000

3.750%, 

4/1/2045

422,914

Pacific

Gas

and

Electric

Company

235,000

3.300%, 

12/1/2027

m,n

243,507

235,000

3.950%, 

12/1/2047

g,m,n

235,587

PPL

Capital

Funding,

Inc.

92,000

3.400%, 

6/1/2023

95,957

195,000

5.000%, 

3/15/2044

237,200

PPL

Electric

Utilities

Corporation

138,000

3.950%, 

6/1/2047

160,516

PSEG

Power,

LLC

8,000

3.000%, 

6/15/2021

8,130

Public

Service

Electric

&

Gas

Company

230,000

3.000%, 

5/15/2027

244,794

San

Diego

Gas

and

Electric

Company

330,000

4.150%, 

5/15/2048

391,336

South

Carolina

Electric

&

Gas

Company

455,000

5.100%, 

6/1/2065

639,953

Southern

California

Edison

Company

185,000

4.000%, 

4/1/2047

205,664

Southern

Company

6,000

2.350%, 

7/1/2021

6,046

180,000

2.950%, 

7/1/2023

186,360

250,000

3.250%, 

7/1/2026

266,177

165,000

4.400%, 

7/1/2046

192,026

Southern

Company

Gas

Capital

Corporation

230,000

4.400%, 

5/30/2047

269,912

Southwestern

Electric

Power

Company

65,000

3.900%, 

4/1/2045

71,342

TerraForm

Power

Operating,

LLC

415,000

5.000%, 

1/31/2028

i

448,200

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Principal

Amount

Long-Term

Fixed

Income

(17.9%)

Value

Utilities

(0.4%)

-

continued

Virginia

Electric

and

Power

Company

$

275,000

4.600%, 

12/1/2048

$

355,750

Total

14,272,360

Total

Long-Term

Fixed

Income

(cost

$539,771,353)

564,629,175

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

15,897,726

Thrivent

Cash

Management

Trust

15,897,726

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,897,726)

15,897,726

Shares

or

Principal

Amount

Short-Term

Investments

(

10.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

1.555%,

2/12/2020

o,p

199,923

300,000

1.570%,

2/19/2020

o,p

299,793

600,000

1.570%,

2/26/2020

o,p

599,406

2,400,000

1.570%,

3/4/2020

o,p

2,396,880

3,100,000

1.520%,

3/10/2020

o,p

3,095,164

2,600,000

1.535%,

3/25/2020

o,p

2,594,254

600,000

1.540%,

3/31/2020

o,p

598,518

4,900,000

1.540%,

4/8/2020

o,p

4,886,110

11,400,000

1.552%,

4/9/2020

o,p

11,367,187

700,000

1.565%,

4/15/2020

o,p

697,802

Thrivent

Core

Short-Term

Reserve

Fund

31,130,860

1.900%

311,308,604

Total

Short-Term

Investments

(cost

$338,042,196)

338,043,641

Total

Investments

(cost

$2,819,316,618)

104.2%

$3,295,737,406

Other

Assets

and

Liabilities,

Net

(4.2%)

(132,434,417)

Total

Net

Assets

100.0%

$3,163,302,989

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

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

i

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

January

31,

2020,

the

value

of

these

investments

was

$74,226,861

or

2.3%

of

total

net

assets.

j

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.

k

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

January

31,

2020.

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

Defaulted

security.  Interest

is

not

being

accrued.

n

In

bankruptcy.  Interest

is

not

being

accrued.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

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

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

578,857

Common

Stock

14,575,961

Total

lending

$15,154,818

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,897,726

Net

amounts

due

to

counterparty

$742,908

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

ETF

-

Exchange

Traded

Fund

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

3M

-

Constant

Maturity

Treasury

Yield

3

Month

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Moderately

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

2,534,257

–

2,254,944

279,313

Capital

Goods

2,419,360

–

2,419,360

–

Communications

Services

5,466,654

–

5,466,654

–

Consumer

Cyclical

3,972,398

–

3,590,746

381,652

Consumer

Non-Cyclical

5,628,286

–

5,628,286

–

Energy

1,787,657

–

1,787,657

–

Financials

3,057,354

–

3,057,354

–

Technology

2,200,447

–

2,200,447

–

Utilities

248,562

–

248,562

–

Registered

Investment

Companies

Unaffiliated

38,136,954

38,136,954

–

–

Affiliated

1,235,469,835

1,235,469,835

–

–

Common

Stock

Communications

Services

16,989,502

16,041,464

948,038

–

Consumer

Discretionary

74,700,805

71,734,049

2,966,756

–

Consumer

Staples

29,776,497

27,851,943

1,924,554

–

Energy

19,401,412

18,235,177

1,166,235

–

Financials

136,687,804

126,634,367

10,053,437

–

Health

Care

114,106,980

109,503,103

4,603,877

–

Industrials

130,242,140

124,181,813

6,060,327

–

Information

Technology

169,188,845

166,789,306

2,399,539

–

Materials

32,715,758

30,978,615

1,737,141

2

Real

Estate

54,007,673

51,205,815

2,801,858

–

Utilities

10,981,577

10,708,042

273,535

–

Long-Term

Fixed

Income

Asset-Backed

Securities

18,319,978

–

18,319,978

–

Basic

Materials

5,801,323

–

5,801,323

–

Capital

Goods

10,374,846

–

10,374,846

–

Collateralized

Mortgage

Obligations

17,852,070

–

17,852,070

–

Commercial

Mortgage-Backed

Securities

8,477,206

–

8,477,206

–

Communications

Services

18,822,165

–

18,822,165

–

Consumer

Cyclical

15,611,494

–

15,611,494

–

Consumer

Non-Cyclical

24,846,623

–

24,846,623

–

Energy

19,013,244

–

19,013,244

–

Financials

48,926,601

–

48,926,601

–

Mortgage-Backed

Securities

174,237,880

–

174,237,880

–

Technology

11,125,583

–

11,125,583

–

Transportation

4,102,596

–

4,102,596

–

U.S.

Government

&

Agencies

172,845,206

–

172,845,206

–

Utilities

14,272,360

–

14,272,360

–

Short-Term

Investments

26,735,037

–

26,735,037

–

Subtotal

Investments

in

Securities

$2,681,084,969

$2,027,470,483

$652,953,519

$660,967

Other

Investments  *

Total

Affiliated

Short-Term

Investments

311,308,604

Affiliated

Registered

Investment

Companies

287,446,107

Collateral

Held

for

Securities

Loaned

15,897,726

Subtotal

Other

Investments

$614,652,437

Total

Investments

at

Value

$3,295,737,406

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

15,068,010

15,068,010

–

–

Total

Asset

Derivatives

$15,068,010

$15,068,010

$–

$–

Liability

Derivatives

Futures

Contracts

12,189,601

12,189,601

–

–

Total

Liability

Derivatives

$12,189,601

$12,189,601

$–

$–

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$26,535,604

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

2-Yr.

U.S.

Treasury

Note

230

March

2020

$

49,605,239

$

157,419

CBOT

U.S.

Long

Bond

66

March

2020

10,501,950

291,112

CME

E-mini

S&P

500

Index

2,419

March

2020

381,985,274

7,957,526

CME

Euro

Foreign

Exchange

Currency

486

March

2020

67,823,557

(

278,670)

Eurex

Euro

STOXX

50

Index

1,640

March

2020

67,865,616

(

2,077,911)

ICE

US

mini

MSCI

Emerging

Markets

Index

1,678

March

2020

92,354,408

(

4,251,018)

Total

Futures

Long

Contracts

$

670,136,044

$

1,798,458

CBOT

10-Yr.

U.S.

Treasury

Note

(92)

March

2020

(

$

11,957,985)

(

$

154,390)

CBOT

5-Yr.

U.S.

Treasury

Note

(158)

March

2020

(

18,834,915)

(

175,694)

CME

E-mini

NASDAQ

100

Index

(572)

March

2020

(

97,963,638)

(

4,970,622)

CME

E-mini

Russell

2000

Index

(1,593)

March

2020

(

131,377,890)

2,767,035

CME

E-mini

S&P

Mid-Cap

400

Index

(1,209)

March

2020

(

246,181,209)

3,534,909

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(17)

March

2020

(

3,175,225)

(

117,463)

ICE

mini

MSCI

EAFE

Index

(112)

March

2020

(

11,428,409)

360,009

Ultra

10-Yr.

U.S.

Treasury

Note

(50)

March

2020

(

7,118,979)

(

163,833)

Total

Futures

Short

Contracts

(

$

528,038,250)

$1,079,951

Total

Futures

Contracts

$

142,097,794

$2,878,409

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(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

Moderately

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$34,725

$962

$–

$36,766

3,629

1.2%

Core

International

Equity

86,307

3,366

–

88,362

9,262

2.8

Core

Low

Volatility

Equity

109,491

51,653

–

162,318

13,327

5.1

Global

Stock,

Class

S

135,852

16,651

–

141,918

5,807

4.5

High

Yield,

Class

S

22,543

302

–

23,035

4,829

0.7

Income,

Class

S

68,329

837

–

70,253

7,243

2.2

International

Allocation,

Class

S

245,381

6,335

–

250,353

24,593

7.9

Large

Cap

Growth,

Class

S

224,569

10,971

–

249,199

18,378

7.9

Large

Cap

Value,

Class

S

233,679

4,512

–

239,281

10,486

7.6

Limited

Maturity

Bond,

Class

S

37,125

227

–

37,502

2,983

1.2

Mid

Cap

Stock,

Class

S

171,989

4,925

–

178,243

6,524

5.6

Small

Cap

Stock,

Class

S

44,444

3,816

–

45,686

1,979

1.4

Total

Affiliated

Registered

Investment

Companies

1,414,434

1,522,916

48.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

338,384

125,831

152,906

311,309

31,131

9.8

Total

Affiliated

Short-Term

Investments

338,384

311,309

9.8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

14,572

90,443

89,117

15,898

15,898

0.5

Total

Collateral

Held

for

Securities

Loaned

14,572

15,898

0.5

Total

Value

$1,767,390

$1,850,123

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$1,080

$–

$398

Core

International

Equity

–

(1,311)

–

3,366

Core

Low

Volatility

Equity

Fund

–

1,174

3,440

2,213

Global

Stock,

Class

S

–

(10,586)

14,333

2,318

High

Yield,

Class

S

–

191

–

302

Income,

Class

S

–

1,087

314

523

International

Allocation,

Class

S

–

(1,363)

–

6,335

Large

Cap

Growth,

Class

S

–

13,660

10,971

–

Large

Cap

Value,

Class

S

–

1,090

–

4,512

Limited

Maturity

Bond,

Class

S

–

149

–

227

Mid

Cap

Stock,

Class

S

–

1,329

4,246

678

Small

Cap

Stock,

Class

S

–

(2,575)

3,606

210

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

2

1,612

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$22,694

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

23

Total

Affiliated

Income

from

Securities

Loaned,

Net

$23

Total

$–

$3,925

$36,912

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Bank

Loans

(

2.1%

)

a

Value

Basic

Materials

(0.1%)

Arch

Coal,

Inc.,

Term

Loan

$

221,023

4.395%, 

(LIBOR

1M

+

2.750%),

3/7/2024

b

$

211,077

Ball

Metalpack

Finco,

LLC,

Term

Loan

93,575

6.409%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

82,580

Big

River

Steel,

LLC,

Term

Loan

151,512

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

151,891

Chemours

Company,

Term

Loan

280,013

3.400%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

269,044

MRC

Global

(US),

Inc.,

Term

Loan

206,316

4.645%, 

(LIBOR

1M

+

3.000%),

9/22/2024

b

206,962

Nouryon

USA,

LLC,

Term

Loan

190,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,c,d

189,762

Peabody

Energy

Corporation,

Term

Loan

157,200

4.395%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b,e

125,760

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

212,850

7.645%, 

(LIBOR

1M

+

6.000%),

10/31/2024

b

208,238

Total

1,445,314

Capital

Goods

(0.2%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

131,272

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

131,258

Flex

Acquisition

Company,

Inc.

Term

Loan

240,011

5.159%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

236,411

GFL

Environmental,

Inc.,

Term

Loan

389,864

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

388,596

Navistar,

Inc.,

Term

Loan

269,500

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

269,702

TransDigm,

Inc.,

Term

Loan

387,046

4.145%, 

(LIBOR

1M

+

2.500%),

6/9/2023

b

386,562

185,000

0.000%, 

(LIBOR

1M

+

2.250%),

12/31/2025

b

184,722

Vertiv

Group

Corporation,

Term

Loan

413,641

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

412,951

Total

2,010,202

Communications

Services

(0.4%)

Altice

France

SA,

Term

Loan

116,700

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

115,461

CenturyLink,

Inc.,

Term

Loan

260,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,c,d

259,594

Coral-US

Co-Borrower,

LLC,

Term

Loan

455,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

453,863

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Communications

Services

(0.4%)

-

continued

Diamond

Sports

Group,

LLC,

Term

Loan

$

169,575

4.910%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

$

169,310

Entercom

Media

Corporation,

Term

Loan

150,000

4.160%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

150,813

Frontier

Communications

Corporation,

Term

Loan

400,981

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

404,321

HCP

Acquisition,

LLC,

Term

Loan

200,255

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

200,693

Intelsat

Jackson

Holdings

SA,

Term

Loan

235,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

233,973

Mediacom

Illinois,

LLC,

Term

Loan

117,900

3.320%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

118,342

NEP

Group,

Inc.,

Term

Loan

173,250

4.895%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

169,496

25,000

8.645%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

22,917

SBA

Senior

Finance

II,

LLC,

Term

Loan

174,557

3.400%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

174,667

Sprint

Communications,

Inc.,

Term

Loan

525,150

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

513,334

Terrier

Media

Buyer,

Inc.,

Term

Loan

145,000

6.148%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b

146,051

TNS,

Inc.,

Term

Loan

205,982

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

199,374

WideOpenWest

Finance,

LLC,

Term

Loan

208,207

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

205,909

Windstream

Services,

LLC,

Term

Loan

178,680

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,f

172,873

Total

3,710,991

Consumer

Cyclical

(0.4%)

Cengage

Learning,

Inc.,

Term

Loan

216,875

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

b

206,641

Four

Seasons

Hotels,

Ltd.,

Term

Loan

195,960

3.645%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

197,049

Golden

Entertainment,

Inc.,

Term

Loan

376,350

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,e

376,820

Golden

Nugget,

LLC,

Term

Loan

275,576

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

275,948

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Consumer

Cyclical

(0.4%)

-

continued

LCPR

Loan

Financing,

LLC,

Term

Loan

$

405,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

$

409,556

Men's

Warehouse,

Inc.,

Term

Loan

172,289

5.031%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b

141,386

Mohegan

Gaming

and

Entertainment,

Term

Loan

316,623

5.645%, 

(LIBOR

1M

+

4.000%),

10/13/2023

b

312,469

Penn

National

Gaming,

Inc.,

Term

Loan

133,650

3.895%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

134,095

Scientific

Games

International,

Inc.,

Term

Loan

659,351

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

657,044

Staples,

Inc.,

Term

Loan

44,775

6.281%, 

(LIBOR

1M

+

4.500%),

9/12/2024

b

43,991

309,325

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

303,448

Stars

Group

Holdings

BV,

Term

Loan

177,839

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

178,737

Tenneco,

Inc.,

Term

Loan

297,000

4.645%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

290,318

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

138,250

3.395%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

139,039

Total

3,666,541

Consumer

Non-Cyclical

(0.5%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

558,600

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

545,160

29,400

5.895%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

28,297

Albertson's

LLC,

Term

Loan

548,625

4.395%, 

(LIBOR

1M

+

2.750%),

8/17/2026

b

548,625

Bausch

Health

Companies,

Inc.,

Term

Loan

385,666

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

387,016

Chobani,

LLC,

Term

Loan

193,505

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

193,263

Endo

International

plc,

Term

Loan

337,159

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

324,515

Energizer

Holdings,

Inc.,

Term

Loan

92,220

4.063%, 

(LIBOR

1M

+

2.250%),

1/2/2026

b

92,374

JBS

USA

LUX

SA,

Term

Loan

294,259

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,c,d

295,495

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Mallinckrodt

International

Finance

SA,

Term

Loan

$

258,030

4.909%, 

(LIBOR

3M

+

3.000%),

2/24/2025

b

$

214,274

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

319,701

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

305,241

MPH

Acquisition

Holdings,

LLC,

Term

Loan

520,000

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

510,510

Ortho-Clinical

Diagnostics

SA,

Term

Loan

569,350

4.905%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

562,768

Plantronics,

Inc.,

Term

Loan

530,682

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

509,057

R.R.

Donnelley

&

Sons

Company,

Term

Loan

39,799

6.645%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

40,110

Sotera

Health

Holdings,

LLC,

Term

Loan

160,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

160,501

Total

4,717,206

Energy

(0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

179,100

6.395%, 

(LIBOR

1M

+

4.750%),

12/19/2025

b

162,422

Calpine

Corporation,

Term

Loan

205,166

4.200%, 

(LIBOR

3M

+

2.250%),

1/15/2024

b

205,722

Consolidated

Energy

Finance

SA,

Term

Loan

108,350

4.547%, 

(LIBOR

3M

+

2.500%),

5/7/2025

b,e

107,808

Fieldwood

Energy,

LLC,

Term

Loan

195,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

165,848

McDermott

Technology

(Americas),

Inc.,

Term

Loan

316,856

6.945%, 

(LIBOR

3M

+

5.000%),

5/10/2025

b,f

194,471

Radiate

Holdco,

LLC,

Term

Loan

558,514

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

558,575

Total

1,394,846

Financials

(0.2%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

218,200

3.408%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

218,960

Blackstone

CQP

Holdco,

LP,

Term

Loan

388,050

5.408%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

387,728

Digicel

International

Finance,

Ltd.,

Term

Loan

308,686

5.340%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

278,845

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Financials

(0.2%)

-

continued

GGP

Nimbus,

LLC,

Term

Loan

$

311,062

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

$

309,361

Grizzly

Finco,

Term

Loan

204,482

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

203,204

Harland

Clarke

Holdings

Corporation,

Term

Loan

296,966

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

236,037

Level

3

Financing,

Inc.,

Term

Loan

250,000

3.395%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

249,438

MoneyGram

International,

Inc.,

Term

Loan

145,548

7.645%, 

(LIBOR

1M

+

6.000%),

6/30/2023

b

137,543

NCR

Corporation,

Term

Loan

109,725

4.150%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

110,068

Total

2,131,184

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

204,488

5.145%, 

(LIBOR

1M

+

3.500%),

8/21/2026

b

205,062

Prime

Security

Services

Borrower,

LLC,

Term

Loan

568,575

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

568,575

Rackspace

Hosting,

Inc.,

Term

Loan

477,700

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

458,506

SS&C

Technologies

Holdings

Europe

SARL,

Term

Loan

61,950

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

61,937

SS&C

Technologies,

Inc.,

Term

Loan

85,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

84,982

60,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

59,988

115,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

114,883

86,817

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

86,799

Total

1,640,732

Utilities

(<0.1%)

Core

and

Main,

LP,

Term

Loan

175,950

4.572%, 

(LIBOR

1M

+

2.750%),

8/1/2024

b

175,455

EnergySolutions,

LLC,

Term

Loan

137,900

5.695%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

131,580

Total

307,035

Total

Bank

Loans

(cost

$21,419,666)

21,024,051

Principal

Amount

Long-Term

Fixed

Income

(

41.8%

)

Value

Asset-Backed

Securities

(1.7%)

Access

Group,

Inc.

$

116,820

2.292%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,g

$

114,544

Aimco

400,000

3.122%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,g

400,406

Ares

CLO,

Ltd.

550,000

3.236%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,g

548,321

Benefit

Street

Partners

CLO

IV,

Ltd.

700,000

3.069%, 

(LIBOR

3M

+

1.250%),

1/20/2029,

Ser.

2014-IVA,

Class

A1RR

b,g

700,884

450,000

3.569%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,g

450,324

Betony

CLO,

Ltd.

550,000

2.850%, 

(LIBOR

3M

+

1.080%),

4/30/2031,

Ser.

2018-1A,

Class

A1

b,g

549,999

Buttermilk

Park

CLO,

Ltd.

925,000

3.231%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,g

919,915

Carlyle

Global

Market

Strategies

CLO,

Ltd.

600,000

3.281%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,g

595,661

Carvana

Auto

Receivables

Trust

600,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

g

602,548

CBAM,

Ltd.

600,000

3.111%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,g

600,455

Colony

American

Finance

Trust

642,801

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

g

660,229

Commonbond

Student

Loan

Trust

156,590

2.161%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,g

153,582

CoreVest

American

Finance

Trust

748,238

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

g

764,241

Dryden

Senior

Loan

Fund

500,000

3.219%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,g

497,942

Earnest

Student

Loan

Program,

LLC

169,393

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

g

170,427

Edlinc

Student

Loan

Funding

Trust

17,539

4.720%, 

(CMT

3M

+

3.150%),

10/1/2025,

Ser.

2012-A,

Class

AT

b,g

17,548

Galaxy

XX

CLO,

Ltd.

550,000

2.819%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,g

545,829

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Asset-Backed

Securities

(1.7%)

-

continued

Golub

Capital

Partners,

Ltd.

$

500,000

2.969%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

b,g

$

500,229

468,000

3.019%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,g

467,204

Harley

Marine

Financing,

LLC

1,227,814

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,098,894

Home

Partners

of

America

Trust

738,921

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

g

754,506

733,654

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

g

734,605

Madison

Park

Funding

XIV,

Ltd.

400,000

3.202%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,g

398,768

Magnetite

XII,

Ltd.

525,000

2.931%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,g

524,742

Mountain

View

CLO,

Ltd.

375,000

2.951%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,g

372,497

National

Collegiate

Trust

243,429

1.956%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,g

235,536

Neuberger

Berman

CLO

XIV,

Ltd.

525,000

2.904%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,d,g

525,000

525,000

3.045%, 

(LIBOR

3M

+

1.250%),

1/28/2030,

Ser.

2013-14A,

Class

AR

b,g

525,267

Neuberger

Berman

CLO,

Ltd.

110,000

2.982%, 

(LIBOR

3M

+

1.180%),

4/22/2029,

Ser.

2014-17A,

Class

AR

b,g

110,032

Octagon

Investment

Partners

XVI,

Ltd.

100,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,g

99,178

OZLM

VIII,

Ltd.

170,000

3.006%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,g

170,084

Palmer

Square

Loan

Funding,

Ltd.

300,000

3.469%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,g

300,216

PPM

CLO

3,

Ltd.

250,000

3.236%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,g

250,300

Shackleton

CLO,

Ltd.

350,000

3.001%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,g

348,872

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Asset-Backed

Securities

(1.7%)

-

continued

SLM

Student

Loan

Trust

$

159,598

2.061%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

$

153,953

24,398

2.181%, 

(LIBOR

1M

+

0.520%),

3/25/2026,

Ser.

2011-1,

Class

A1

b

24,408

SoFi

Professional

Loan

Program,

LLC

45,188

2.420%, 

3/25/2030,

Ser.

2015-A,

Class

A2

g

45,191

TCW

GEM

II,

Ltd.

500,000

3.660%, 

(LIBOR

3M

+

1.750%),

2/15/2029,

Ser.

2019-1A,

Class

AJ

b,g

500,076

Voya

CLO,

Ltd.

300,000

3.031%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,g

299,997

Total

16,732,410

Basic

Materials

(0.4%)

Anglo

American

Capital

plc

100,000

4.875%, 

5/14/2025

g

111,580

Chemours

Company

130,000

6.625%, 

5/15/2023

127,976

Cleveland-Cliffs,

Inc.

100,000

5.750%, 

3/1/2025

97,000

Dow

Chemical

Company

125,000

4.800%, 

11/30/2028

144,976

DowDuPont,

Inc.

200,000

4.493%, 

11/15/2025

223,446

First

Quantum

Minerals,

Ltd.

250,000

7.500%, 

4/1/2025

g

246,250

Glencore

Funding,

LLC

80,000

4.125%, 

5/30/2023

g

84,156

110,000

4.000%, 

3/27/2027

g

116,594

International

Paper

Company

222,000

4.350%, 

8/15/2048

244,472

Kinross

Gold

Corporation

80,000

5.950%, 

3/15/2024

89,526

245,000

4.500%, 

7/15/2027

260,705

Krayton

Polymers,

LLC

130,000

7.000%, 

4/15/2025

g

132,275

Norbord,

Inc.

140,000

5.750%, 

7/15/2027

g

147,000

Novelis

Corporation

225,000

5.875%, 

9/30/2026

g

238,500

40,000

4.750%, 

1/30/2030

g

40,075

Olin

Corporation

165,000

5.125%, 

9/15/2027

171,960

Peabody

Securities

Finance

Corporation

180,000

6.375%, 

3/31/2025

g

149,400

Sherwin-Williams

Company

100,000

3.125%, 

6/1/2024

104,809

Syngenta

Finance

NV

250,000

3.933%, 

4/23/2021

g

255,220

Teck

Resources,

Ltd.

301,000

6.125%, 

10/1/2035

360,473

Tronox

Finance

plc

140,000

5.750%, 

10/1/2025

g

138,250

Vale

Overseas,

Ltd.

120,000

6.250%, 

8/10/2026

141,900

70,000

6.875%, 

11/21/2036

92,051

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Basic

Materials

(0.4%)

-

continued

WestRock

Company

$

70,000

3.750%, 

3/15/2025

$

75,029

Total

3,793,623

Capital

Goods

(0.7%)

AECOM

230,000

5.125%, 

3/15/2027

245,479

Amsted

Industries,

Inc.

145,000

5.625%, 

7/1/2027

g

154,143

Ardagh

Packaging

Finance

plc

240,000

6.000%, 

2/15/2025

g

250,800

Boeing

Company

125,000

3.850%, 

11/1/2048

134,279

Bombardier,

Inc.

285,000

7.500%, 

3/15/2025

g

273,600

Building

Materials

Corporation

of

America

190,000

6.000%, 

10/15/2025

g

198,312

Cemex

SAB

de

CV

240,000

5.450%, 

11/19/2029

g

255,900

Cintas

Corporation

No.

2

125,000

3.700%, 

4/1/2027

138,677

CNH

Industrial

Capital,

LLC

180,000

4.875%, 

4/1/2021

184,961

CNH

Industrial

NV

110,000

3.850%, 

11/15/2027

116,570

Covanta

Holding

Corporation

120,000

6.000%, 

1/1/2027

124,800

Crown

Cork

&

Seal

Company,

Inc.

240,000

7.375%, 

12/15/2026

283,800

H&E

Equipment

Services,

Inc.

185,000

5.625%, 

9/1/2025

192,862

Ingersoll-Rand

Luxembourg

Finance

SA

200,000

3.500%, 

3/21/2026

214,492

L3Harris

Technologies,

Inc.

309,000

3.950%, 

5/28/2024

g

332,137

Lockheed

Martin

Corporation

160,000

3.600%, 

3/1/2035

182,229

184,000

4.500%, 

5/15/2036

228,144

40,000

6.150%, 

9/1/2036

56,923

Northrop

Grumman

Corporation

300,000

3.850%, 

4/15/2045

337,945

Owens-Brockway

Glass

Container,

Inc.

195,000

5.000%, 

1/15/2022

g

201,825

Republic

Services,

Inc.

125,000

2.900%, 

7/1/2026

131,201

Reynolds

Group

Issuer,

Inc.

245,000

5.125%, 

7/15/2023

g

250,819

Rockwell

Collins,

Inc.

310,000

2.800%, 

3/15/2022

316,682

Roper

Technologies,

Inc.

75,000

3.650%, 

9/15/2023

79,562

104,000

4.200%, 

9/15/2028

117,630

Textron,

Inc.

275,000

3.375%, 

3/1/2028

289,408

TransDigm,

Inc.

200,000

5.500%, 

11/15/2027

g

201,230

United

Rentals

North

America,

Inc.

260,000

5.500%, 

7/15/2025

269,022

40,000

4.875%, 

1/15/2028

41,700

United

Technologies

Corporation

350,000

4.450%, 

11/16/2038

431,325

175,000

3.750%, 

11/1/2046

200,274

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Capital

Goods

(0.7%)

-

continued

$

220,000

4.050%, 

5/4/2047

$

264,103

Total

6,700,834

Collateralized

Mortgage

Obligations

(1.3%)

Ajax

Mortgage

Loan

Trust

514,542

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,g

527,744

Alternative

Loan

Trust

180,340

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

150,073

Angel

Oak

Mortgage

Trust

I,

LLC

46,839

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

g

47,312

763,520

3.674%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,g

772,603

Bellemeade

Re,

Ltd.

179,181

3.261%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

179,590

357,754

2.761%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,g

358,033

BRAVO

Residential

Funding

Trust

325,691

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

g

330,697

373,378

2.748%, 

11/25/2059,

Ser.

2019-NQM2,

Class

A1

b,g

375,618

CHL

Mortgage

Pass-Through

Trust

1,166,731

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

972,969

CIM

Trust

810,584

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

852,333

Citicorp

Mortgage

Securities,

Inc.

469,299

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

463,853

Citigroup

Mortgage

Loan

Trust,

Inc.

111,662

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

114,723

COLT

Funding,

LLC

121,630

3.470%, 

7/27/2048,

Ser.

2018-2,

Class

A1

b,g

122,090

Countrywide

Alternative

Loan

Trust

192,566

3.279%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

187,884

162,674

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

96,133

68,809

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

69,993

467,903

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

276,804

Countrywide

Home

Loans,

Inc.

122,608

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

98,970

Credit

Suisse

Mortgage

Capital

Certificates

600,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

g,i

600,139

Credit

Suisse

Mortgage

Trust

668,958

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,g

700,351

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

71,252

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

64,479

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Collateralized

Mortgage

Obligations

(1.3%)

-

continued

Ellington

Financial

Mortgage

Trust

$

312,039

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,g

$

317,157

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

539,039

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

54,927

608,990

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

64,575

Federal

National

Mortgage

Association

-

REMIC

1,221,931

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

85,932

Galton

Funding

Mortgage

Trust

2017-1

386,396

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,g

394,542

GCAT

Trust

245,962

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

g,i

247,642

Greenpoint

Mortgage

Funding

Trust

510,170

1.861%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

457,410

GS

Mortgage-Backed

Securities

Trust

379,601

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,g

379,183

MASTR

Alternative

Loans

Trust

286,957

2.111%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

90,961

Merrill

Lynch

Alternative

Note

Asset

Trust

101,442

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

74,030

Preston

Ridge

Partners

Mortgage

Trust,

LLC

399,051

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

g,i

402,515

Pretium

Mortgage

Credit

Partners,

LLC

203,848

4.213%, 

7/25/2060,

Ser.

2019-NPL1,

Class

A1

g,i

204,240

RCO

Mortgage,

LLC

310,781

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,g

311,334

403,885

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,g

413,848

Residential

Accredit

Loans,

Inc.

Trust

178,027

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

180,132

70,507

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

70,126

Sequoia

Mortgage

Trust

472,173

3.712%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

386,456

Silver

Hill

Trust

295,390

3.046%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

298,613

Verus

Securitization

Trust

113,696

2.853%, 

1/25/2047,

Ser.

2017-1A,

Class

A1

b,g

113,887

168,006

2.485%, 

7/25/2047,

Ser.

2017-2A,

Class

A1

b,g

167,683

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Collateralized

Mortgage

Obligations

(1.3%)

-

continued

$

102,299

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,g

$

103,333

76,752

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,g

77,453

153,507

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

154,905

542,422

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,g

545,690

WaMu

Mortgage

Pass

Through

Certificates

75,402

3.710%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

73,206

69,498

3.693%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

68,661

Total

13,100,832

Commercial

Mortgage-Backed

Securities

(0.6%)

Citigroup

Commercial

Mortgage

Trust

650,000

3.102%, 

12/15/2072,

Ser.

2019-C7,

Class

A4

696,406

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

410,748

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

421,544

Federal

National

Mortgage

Association

2,258,879

4.500%, 

5/1/2048

2,391,897

Federal

National

Mortgage

Association

-

ACES

1,200,000

3.639%, 

8/25/2030,

Ser.

2018-M12,

Class

A2

b

1,371,475

GS

Mortgage

Securities

Trust

800,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

858,236

UBS

Commercial

Mortgage

Trust

500,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

527,003

Total

6,266,561

Communications

Services

(1.3%)

AMC

Networks,

Inc.

145,000

5.000%, 

4/1/2024

147,900

American

Tower

Corporation

135,000

2.900%, 

1/15/2030

137,234

AT&T,

Inc.

275,000

4.350%, 

3/1/2029

310,497

163,000

4.300%, 

2/15/2030

184,424

175,000

5.250%, 

3/1/2037

214,569

200,000

4.900%, 

8/15/2037

238,146

120,000

6.350%, 

3/15/2040

163,809

160,000

5.550%, 

8/15/2041

203,961

270,000

5.450%, 

3/1/2047

342,057

British

Sky

Broadcasting

Group

plc

140,000

3.125%, 

11/26/2022

g

144,971

British

Telecommunications

plc

250,000

4.500%, 

12/4/2023

272,512

CCO

Holdings,

LLC

125,000

5.500%, 

5/1/2026

g

130,625

120,000

5.125%, 

5/1/2027

g

125,400

300,000

4.750%, 

3/1/2030

g

308,437

Charter

Communications

Operating,

LLC

77,000

6.834%, 

10/23/2055

102,176

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Communications

Services

(1.3%)

-

continued

$

150,000

4.500%, 

2/1/2024

$

162,956

225,000

4.200%, 

3/15/2028

242,784

330,000

6.484%, 

10/23/2045

428,111

Comcast

Corporation

225,000

4.950%, 

10/15/2058

305,940

185,000

4.049%, 

11/1/2052

216,815

150,000

2.750%, 

3/1/2023

154,717

140,000

3.950%, 

10/15/2025

154,837

225,000

4.250%, 

10/15/2030

263,999

145,000

4.400%, 

8/15/2035

176,470

212,000

4.750%, 

3/1/2044

269,645

125,000

4.600%, 

8/15/2045

155,604

Cox

Communications,

Inc.

225,000

3.350%, 

9/15/2026

g

238,716

80,000

4.600%, 

8/15/2047

g

93,629

Crown

Castle

International

Corporation

138,000

5.250%, 

1/15/2023

150,961

160,000

3.200%, 

9/1/2024

167,991

Discovery

Communications,

LLC

220,000

4.900%, 

3/11/2026

249,935

Embarq

Corporation

120,000

7.995%, 

6/1/2036

133,374

Frontier

Communications

Corporation

220,000

8.000%, 

4/1/2027

g

229,636

Gray

Television,

Inc.

140,000

5.875%, 

7/15/2026

g

146,475

iHeartCommunications,

Inc.

180,000

4.750%, 

1/15/2028

g

183,469

Lamar

Media

Corporation

90,000

3.750%, 

2/15/2028

d,g

90,601

Level

3

Financing,

Inc.

35,000

5.375%, 

5/1/2025

36,137

390,000

4.625%, 

9/15/2027

g

400,733

Neptune

Finco

Corporation

281,000

10.875%, 

10/15/2025

g

311,264

Netflix,

Inc.

320,000

4.875%, 

4/15/2028

342,400

Nexstar

Escrow

Corporation

104,000

5.625%, 

8/1/2024

g

108,160

160,000

5.625%, 

7/15/2027

g

168,608

Omnicom

Group,

Inc.

95,000

3.600%, 

4/15/2026

102,824

Sirius

XM

Radio,

Inc.

240,000

5.000%, 

8/1/2027

g

252,000

Sprint

Communications,

Inc.

235,000

6.000%, 

11/15/2022

242,638

Sprint

Corporation

255,000

7.625%, 

2/15/2025

265,452

Telefonica

Emisiones

SAU

150,000

4.570%, 

4/27/2023

162,613

Telesat

Canada

/

Telesat,

LLC

130,000

4.875%, 

6/1/2027

g

133,556

Time

Warner

Entertainment

Company,

LP

270,000

8.375%, 

3/15/2023

319,666

T-Mobile

USA,

Inc.

370,000

4.500%, 

2/1/2026

380,519

VeriSign,

Inc.

120,000

4.750%, 

7/15/2027

126,600

Verizon

Communications,

Inc.

216,000

3.376%, 

2/15/2025

230,995

100,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

102,932

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Communications

Services

(1.3%)

-

continued

$

605,000

4.272%, 

1/15/2036

$

710,645

Viacom,

Inc.

90,000

4.250%, 

9/1/2023

96,927

120,000

5.850%, 

9/1/2043

156,498

Virgin

Media

Secured

Finance

plc

210,000

5.500%, 

8/15/2026

g

220,242

Vodafone

Group

plc

200,000

4.875%, 

6/19/2049

239,769

Walt

Disney

Company

390,000

6.400%, 

12/15/2035

575,081

Windstream

Services,

LLC

80,000

8.625%, 

10/31/2025

f,g

78,000

Ziggo

BV

130,000

5.500%, 

1/15/2027

g

137,800

Total

13,145,442

Consumer

Cyclical

(0.9%)

1011778

B.C.,

ULC

250,000

4.375%, 

1/15/2028

g

250,600

Allison

Transmission,

Inc.

270,000

5.000%, 

10/1/2024

g

275,068

Amazon.com,

Inc.

200,000

3.875%, 

8/22/2037

234,819

120,000

4.050%, 

8/22/2047

148,129

American

Honda

Finance

Corporation

200,000

2.150%, 

9/10/2024

202,875

Brookfield

Property

REIT,

Inc.

120,000

5.750%, 

5/15/2026

g

125,212

Brookfield

Residential

Properties,

Inc.

250,000

6.250%, 

9/15/2027

g

267,500

Cinemark

USA,

Inc.

255,000

4.875%, 

6/1/2023

258,187

D.R.

Horton,

Inc.

200,000

2.550%, 

12/1/2020

201,153

Ford

Motor

Credit

Company,

LLC

60,000

3.200%, 

1/15/2021

60,500

300,000

5.596%, 

1/7/2022

316,596

125,000

3.231%, 

(LIBOR

3M

+

1.270%),

3/28/2022

b

124,485

250,000

2.979%, 

8/3/2022

251,575

General

Motors

Company

275,000

2.791%, 

(LIBOR

3M

+

0.900%),

9/10/2021

b

276,332

General

Motors

Financial

Company,

Inc.

92,000

4.200%, 

3/1/2021

94,021

210,000

3.150%, 

6/30/2022

214,897

80,000

3.950%, 

4/13/2024

84,397

120,000

4.300%, 

7/13/2025

128,814

Hanesbrands,

Inc.

180,000

4.875%, 

5/15/2026

g

189,675

Hilton

Domestic

Operating

Company,

Inc.

240,000

4.875%, 

1/15/2030

253,800

Home

Depot,

Inc.

205,000

5.400%, 

9/15/2040

281,448

120,000

4.250%, 

4/1/2046

145,185

395,000

3.900%, 

6/15/2047

459,536

Hyundai

Capital

America

250,000

3.000%, 

6/20/2022

g

254,786

L

Brands,

Inc.

65,000

6.694%, 

1/15/2027

67,275

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Consumer

Cyclical

(0.9%)

-

continued

Landry's,

Inc.

$

130,000

6.750%, 

10/15/2024

g

$

133,601

Lear

Corporation

152,000

5.250%, 

1/15/2025

156,404

Lennar

Corporation

170,000

4.125%, 

1/15/2022

174,462

365,000

4.875%, 

12/15/2023

391,462

Live

Nation

Entertainment,

Inc.

215,000

4.750%, 

10/15/2027

g

221,192

Macy's

Retail

Holdings,

Inc.

178,000

2.875%, 

2/15/2023

178,334

Mastercard,

Inc.

140,000

3.950%, 

2/26/2048

169,286

Mattamy

Group

Corporation

230,000

5.250%, 

12/15/2027

g

240,925

McDonald's

Corporation

65,000

2.750%, 

12/9/2020

65,498

250,000

4.450%, 

3/1/2047

298,182

MGM

Resorts

International

230,000

6.000%, 

3/15/2023

252,356

Prime

Security

Services

Borrower,

LLC

250,000

5.750%, 

4/15/2026

g

263,750

Ryman

Hospitality

Properties,

Inc.

140,000

4.750%, 

10/15/2027

g

145,600

Scientific

Games

International,

Inc.

120,000

5.000%, 

10/15/2025

g

123,415

40,000

7.000%, 

5/15/2028

g

42,175

ServiceMaster

Company,

LLC

230,000

5.125%, 

11/15/2024

g

237,698

Six

Flags

Entertainment

Corporation

140,000

4.875%, 

7/31/2024

g

143,325

130,000

5.500%, 

4/15/2027

g

135,044

Staples,

Inc.

140,000

7.500%, 

4/15/2026

g

143,416

Viking

Cruises,

Ltd.

170,000

5.875%, 

9/15/2027

g

174,259

Volkswagen

Group

of

America

Finance,

LLC

275,000

4.250%, 

11/13/2023

g

296,807

Walmart,

Inc.

175,000

3.250%, 

7/8/2029

191,709

Yum!

Brands,

Inc.

60,000

4.750%, 

1/15/2030

g

63,990

Total

9,409,755

Consumer

Non-Cyclical

(1.6%)

Abbott

Laboratories

37,000

3.750%, 

11/30/2026

41,077

340,000

4.750%, 

11/30/2036

436,148

AbbVie,

Inc.

230,000

3.600%, 

5/14/2025

245,789

150,000

2.950%, 

11/21/2026

g

154,945

94,000

4.700%, 

5/14/2045

107,879

350,000

4.875%, 

11/14/2048

412,415

Albertson's

Companies,

LLC

200,000

7.500%, 

3/15/2026

g

221,500

80,000

4.625%, 

1/15/2027

g

81,110

Allergan,

Inc.

200,000

2.800%, 

3/15/2023

203,566

Altria

Group,

Inc.

125,000

4.400%, 

2/14/2026

138,095

225,000

5.800%, 

2/14/2039

273,597

Amgen,

Inc.

75,000

3.125%, 

5/1/2025

79,069

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Anheuser-Busch

Companies,

LLC

$

265,000

3.650%, 

2/1/2026

$

287,993

320,000

4.700%, 

2/1/2036

385,233

Anheuser-Busch

InBev

Worldwide,

Inc.

500,000

4.750%, 

4/15/2058

618,239

250,000

4.375%, 

4/15/2038

289,613

Anthem,

Inc.

220,000

4.625%, 

5/15/2042

254,551

B&G

Foods,

Inc.

190,000

5.250%, 

9/15/2027

189,525

BAT

Capital

Corporation

120,000

3.222%, 

8/15/2024

124,773

160,000

4.540%, 

8/15/2047

165,744

Bausch

Health

Companies,

Inc.

115,000

7.000%, 

1/15/2028

g

124,561

30,000

5.000%, 

1/30/2028

g

30,375

30,000

5.250%, 

1/30/2030

g

30,563

Baxalta,

Inc.

105,000

4.000%, 

6/23/2025

114,458

Becton,

Dickinson

and

Company

187,000

3.734%, 

12/15/2024

200,867

325,000

3.700%, 

6/6/2027

353,228

132,000

4.669%, 

6/6/2047

165,612

Boston

Scientific

Corporation

120,000

7.375%, 

1/15/2040

189,374

Bristol-Myers

Squibb

Company

150,000

2.875%, 

8/15/2020

g

150,886

Bunge,

Ltd.

Finance

Corporation

36,000

3.500%, 

11/24/2020

36,467

Cargill,

Inc.

200,000

3.250%, 

5/23/2029

g

217,739

Centene

Corporation

275,000

4.750%, 

1/15/2025

284,166

40,000

4.250%, 

12/15/2027

g

41,800

90,000

4.625%, 

12/15/2029

g

96,867

Cigna

Corporation

50,000

2.721%, 

(LIBOR

3M

+

0.890%),

7/15/2023

b

50,611

240,000

4.125%, 

11/15/2025

263,905

150,000

3.050%, 

10/15/2027

155,560

295,000

4.800%, 

8/15/2038

353,531

Clorox

Company

270,000

3.100%, 

10/1/2027

288,589

Conagra

Brands,

Inc.

175,000

4.300%, 

5/1/2024

190,893

Constellation

Brands,

Inc.

190,000

3.600%, 

2/15/2028

205,105

CVS

Health

Corporation

94,000

3.700%, 

3/9/2023

98,601

50,000

4.000%, 

12/5/2023

53,412

245,000

4.100%, 

3/25/2025

266,538

270,000

4.875%, 

7/20/2035

322,874

Encompass

Health

Corporation

130,000

4.500%, 

2/1/2028

133,905

Energizer

Holdings,

Inc.

271,000

5.500%, 

6/15/2025

g

279,808

Express

Scripts

Holding

Company

355,000

4.800%, 

7/15/2046

416,380

HCA,

Inc.

350,000

5.375%, 

2/1/2025

391,160

Imperial

Brands

Finance

plc

200,000

3.875%, 

7/26/2029

g

209,583

JBS

USA,

LLC

90,000

5.750%, 

6/15/2025

g

93,195

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

$

260,000

5.500%, 

1/15/2030

g

$

280,800

Kimberly-Clark

Corporation

220,000

3.900%, 

5/4/2047

255,270

Kraft

Heinz

Foods

Company

325,000

3.375%, 

6/15/2021

332,112

275,000

4.875%, 

10/1/2049

g

302,163

Kroger

Company

105,000

2.800%, 

8/1/2022

107,668

Medtronic,

Inc.

322,000

4.375%, 

3/15/2035

398,870

13,000

4.625%, 

3/15/2045

17,093

Merck

&

Company,

Inc.

50,000

3.700%, 

2/10/2045

57,703

Mylan,

Inc.

55,000

3.125%, 

1/15/2023

g

56,388

Nestle

Holdings,

Inc.

200,000

3.900%, 

9/24/2038

g

237,344

Par

Pharmaceutical,

Inc.

120,000

7.500%, 

4/1/2027

g

122,100

Reynolds

American,

Inc.

299,000

5.700%, 

8/15/2035

358,564

Roche

Holdings,

Inc.

138,000

4.000%, 

11/28/2044

g

168,365

Scotts

Miracle-Gro

Company

140,000

4.500%, 

10/15/2029

g

144,725

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

252,000

2.400%, 

9/23/2021

254,251

Simmons

Foods,

Inc.

135,000

5.750%, 

11/1/2024

g

136,350

Smithfield

Foods,

Inc.

145,000

2.650%, 

10/3/2021

g

144,715

Spectrum

Brands,

Inc.

210,000

5.750%, 

7/15/2025

218,138

Tenet

Healthcare

Corporation

60,000

4.625%, 

7/15/2024

61,500

180,000

5.125%, 

11/1/2027

g

189,450

Teva

Pharmaceutical

Finance

Netherlands

III

BV

140,000

2.800%, 

7/21/2023

130,176

Tyson

Foods,

Inc.

88,000

3.550%, 

6/2/2027

95,255

UnitedHealth

Group,

Inc.

225,000

2.950%, 

10/15/2027

238,018

505,000

4.625%, 

7/15/2035

625,506

VRX

Escrow

Corporation

475,000

6.125%, 

4/15/2025

g

488,595

Zimmer

Biomet

Holdings,

Inc.

200,000

3.550%, 

4/1/2025

213,502

Zoetis,

Inc.

275,000

4.700%, 

2/1/2043

346,020

Total

16,502,115

Energy

(1.3%)

Antero

Resources

Corporation

130,000

5.125%, 

12/1/2022

112,125

Archrock

Partners,

LP

150,000

6.250%, 

4/1/2028

g

154,312

BP

Capital

Markets

America,

Inc.

50,000

3.119%, 

5/4/2026

52,948

BP

Capital

Markets

plc

135,000

3.535%, 

11/4/2024

145,441

312,000

3.279%, 

9/19/2027

333,015

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Energy

(1.3%)

-

continued

Buckeye

Partners,

LP

$

100,000

3.950%, 

12/1/2026

$

99,227

40,000

4.125%, 

12/1/2027

39,480

Canadian

Oil

Sands,

Ltd.

115,000

9.400%, 

9/1/2021

g

126,705

Cenovus

Energy,

Inc.

250,000

5.400%, 

6/15/2047

284,855

Cheniere

Corpus

Christi

Holdings,

LLC

165,000

7.000%, 

6/30/2024

191,072

Cheniere

Energy

Partners,

LP

520,000

5.625%, 

10/1/2026

544,701

Chesapeake

Energy

Corporation

77,000

11.500%, 

1/1/2025

g

61,962

ConocoPhillips

220,000

6.500%, 

2/1/2039

326,156

Continental

Resources,

Inc.

125,000

4.500%, 

4/15/2023

131,975

275,000

4.375%, 

1/15/2028

290,042

Diamondback

Energy,

Inc.

375,000

3.500%, 

12/1/2029

379,237

El

Paso

Pipeline

Partners

Operating

Company,

LLC

130,000

4.300%, 

5/1/2024

140,426

Enagas

SA

385,000

5.500%, 

1/15/2028

g

385,000

Enbridge,

Inc.

165,000

2.900%, 

7/15/2022

168,875

Energy

Transfer

Operating,

LP

85,000

4.200%, 

9/15/2023

90,276

275,000

6.000%, 

6/15/2048

317,420

Energy

Transfer

Partners,

LP

155,000

4.900%, 

3/15/2035

170,144

50,000

5.150%, 

2/1/2043

51,307

EnLink

Midstream

Partners,

LP

150,000

4.850%, 

7/15/2026

137,250

Hess

Corporation

390,000

3.500%, 

7/15/2024

406,718

Kinder

Morgan

Energy

Partners,

LP

215,000

6.500%, 

9/1/2039

277,490

Kinder

Morgan,

Inc.

225,000

6.500%, 

9/15/2020

231,255

Magellan

Midstream

Partners,

LP

130,000

5.000%, 

3/1/2026

149,320

Marathon

Oil

Corporation

300,000

6.600%, 

10/1/2037

386,009

Marathon

Petroleum

Corporation

264,000

4.750%, 

12/15/2023

288,775

35,000

6.500%, 

3/1/2041

46,906

MPLX,

LP

250,000

4.875%, 

12/1/2024

275,257

264,000

4.875%, 

6/1/2025

292,679

Murphy

Oil

Corporation

180,000

5.875%, 

12/1/2027

184,500

Nabors

Industries,

Inc.

120,000

5.750%, 

2/1/2025

98,400

Nabors

Industries,

Ltd.

40,000

7.250%, 

1/15/2026

g

40,050

Newfield

Exploration

Company

225,000

5.625%, 

7/1/2024

248,380

Noble

Energy,

Inc.

300,000

5.050%, 

11/15/2044

328,050

Occidental

Petroleum

Corporation

211,000

4.850%, 

3/15/2021

217,288

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Energy

(1.3%)

-

continued

Parsley

Energy,

LLC

$

185,000

5.625%, 

10/15/2027

g

$

196,007

Petrobras

Global

Finance

BV

118,000

5.093%, 

1/15/2030

g

129,487

Petroleos

Mexicanos

275,000

6.875%, 

8/4/2026

310,200

Pioneer

Natural

Resources

Company

90,000

4.450%, 

1/15/2026

100,043

Plains

All

American

Pipeline,

LP

200,000

4.500%, 

12/15/2026

217,154

250,000

3.550%, 

12/15/2029

249,207

Regency

Energy

Partners,

LP

50,000

5.875%, 

3/1/2022

53,229

Sabine

Pass

Liquefaction,

LLC

125,000

6.250%, 

3/15/2022

134,266

150,000

5.625%, 

4/15/2023

164,112

175,000

5.750%, 

5/15/2024

197,095

Schlumberger

Holdings

Corporation

180,000

4.000%, 

12/21/2025

g

197,657

Southwestern

Energy

Company

195,000

7.500%, 

4/1/2026

162,767

Suncor

Energy,

Inc.

155,000

3.600%, 

12/1/2024

165,606

Sunoco

Logistics

Partners

Operations,

LP

150,000

4.000%, 

10/1/2027

157,305

Sunoco,

LP

105,000

5.500%, 

2/15/2026

108,020

160,000

5.875%, 

3/15/2028

170,216

Targa

Resources

Partners,

LP

190,000

5.375%, 

2/1/2027

197,125

Transocean,

Inc.

215,000

7.250%, 

11/1/2025

g

202,638

Viper

Energy

Partners,

LP

180,000

5.375%, 

11/1/2027

g

187,650

W&T

Offshore,

Inc.

145,000

9.750%, 

11/1/2023

g

137,286

Western

Gas

Partners,

LP

176,000

4.000%, 

7/1/2022

181,130

Williams

Companies,

Inc.

225,000

7.500%, 

1/15/2031

298,525

Williams

Partners,

LP

100,000

4.000%, 

11/15/2021

103,050

70,000

3.600%, 

3/15/2022

72,092

100,000

4.500%, 

11/15/2023

108,191

20,000

6.300%, 

4/15/2040

24,928

Woodside

Finance,

Ltd.

225,000

3.650%, 

3/5/2025

g

237,799

90,000

3.700%, 

3/15/2028

g

95,385

WPX

Energy,

Inc.

210,000

5.750%, 

6/1/2026

219,975

50,000

4.500%, 

1/15/2030

50,311

Total

13,033,484

Financials

(3.2%)

ACE

INA

Holdings,

Inc.

138,000

4.350%, 

11/3/2045

175,338

AerCap

Ireland

Capital,

Ltd.

40,000

4.625%, 

10/30/2020

40,770

14,000

4.625%, 

7/1/2022

14,821

160,000

3.500%, 

1/15/2025

167,884

175,000

3.875%, 

1/23/2028

185,287

Aircastle,

Ltd.

325,000

5.000%, 

4/1/2023

351,953

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Financials

(3.2%)

-

continued

Ally

Financial,

Inc.

$

270,000

5.750%, 

11/20/2025

$

306,912

American

International

Group,

Inc.

255,000

3.750%, 

7/10/2025

276,451

250,000

3.900%, 

4/1/2026

273,647

AvalonBay

Communities,

Inc.

125,000

3.500%, 

11/15/2025

135,529

Aviation

Capital

Group,

LLC

255,000

2.875%, 

1/20/2022

g

258,101

Avolon

Holdings

Funding,

Ltd.

112,000

5.250%, 

5/15/2024

g

123,245

Banco

Santander

SA

400,000

2.968%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

403,411

Bank

of

America

Corporation

125,000

3.499%, 

5/17/2022

b

127,745

205,000

3.300%, 

1/11/2023

214,051

175,000

2.881%, 

4/24/2023

b

178,756

184,000

4.000%, 

4/1/2024

199,453

200,000

4.200%, 

8/26/2024

217,504

300,000

4.000%, 

1/22/2025

324,604

225,000

3.458%, 

3/15/2025

b

238,123

225,000

3.093%, 

10/1/2025

b

235,590

180,000

3.824%, 

1/20/2028

b

197,484

Bank

of

Nova

Scotia

185,000

2.700%, 

3/7/2022

189,496

Barclays

Bank

plc

46,000

10.179%, 

6/12/2021

g

50,923

Barclays

plc

310,000

3.250%, 

1/12/2021

313,639

225,000

4.610%, 

2/15/2023

b

235,759

236,000

3.650%, 

3/16/2025

250,175

Boston

Properties,

LP

150,000

4.500%, 

12/1/2028

174,816

BPCE

SA

315,000

3.500%, 

10/23/2027

g

334,577

Camden

Property

Trust

250,000

3.150%, 

7/1/2029

268,554

Capital

One

Financial

Corporation

160,000

3.050%, 

3/9/2022

163,850

200,000

4.200%, 

10/29/2025

218,649

Capital

One

NA

250,000

2.150%, 

9/6/2022

251,920

Cascades

USA,

Inc.

130,000

5.125%, 

1/15/2026

g

134,225

CIT

Group,

Inc.

325,000

5.000%, 

8/15/2022

345,312

Citigroup,

Inc.

139,000

4.050%, 

7/30/2022

146,056

140,000

3.142%, 

1/24/2023

b

143,195

370,000

4.400%, 

6/10/2025

408,049

160,000

3.200%, 

10/21/2026

169,299

340,000

3.668%, 

7/24/2028

b

370,173

120,000

4.125%, 

7/25/2028

133,334

225,000

3.520%, 

10/27/2028

b

242,187

300,000

3.878%, 

1/24/2039

b

343,176

162,000

4.650%, 

7/23/2048

211,502

CNA

Financial

Corporation

100,000

3.900%, 

5/1/2029

111,115

Comerica,

Inc.

75,000

3.700%, 

7/31/2023

79,688

Commerzbank

AG

200,000

8.125%, 

9/19/2023

g

235,106

Commonwealth

Bank

of

Australia

120,000

2.250%, 

3/10/2020

g

120,066

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Financials

(3.2%)

-

continued

Compass

Bank

$

250,000

3.500%, 

6/11/2021

$

255,234

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

258,000

3.950%, 

11/9/2022

271,001

278,000

4.625%, 

12/1/2023

302,704

Credit

Agricole

SA

250,000

3.250%, 

1/14/2030

g

257,984

Credit

Suisse

Group

AG

200,000

7.250%, 

9/12/2025

b,g,j

226,750

250,000

3.869%, 

1/12/2029

b,g

272,490

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

100,000

3.125%, 

12/10/2020

101,066

Credit

Suisse

Group

Funding,

Ltd.

184,000

3.750%, 

3/26/2025

197,559

Danske

Bank

AS

200,000

3.244%, 

12/20/2025

b,g

206,802

Deutsche

Bank

AG

275,000

3.375%, 

5/12/2021

278,914

100,000

4.250%, 

10/14/2021

102,995

225,000

3.961%, 

11/26/2025

b

235,233

Discover

Bank

260,000

4.682%, 

8/9/2028

b

275,158

Duke

Realty,

LP

96,000

4.375%, 

6/15/2022

100,909

150,000

2.875%, 

11/15/2029

154,356

ERP

Operating,

LP

54,000

3.375%, 

6/1/2025

57,827

Fidelity

National

Financial,

Inc.

250,000

5.500%, 

9/1/2022

271,839

Fifth

Third

Bancorp

135,000

2.600%, 

6/15/2022

137,428

Five

Corners

Funding

Trust

445,000

4.419%, 

11/15/2023

g

486,678

GE

Capital

International

Funding

Company

410,000

4.418%, 

11/15/2035

461,823

Goldman

Sachs

Group,

Inc.

300,000

5.375%, 

5/10/2020

b,j

302,235

285,000

2.876%, 

10/31/2022

b

290,076

176,000

2.908%, 

6/5/2023

b

179,893

200,000

3.625%, 

2/20/2024

212,607

300,000

3.691%, 

6/5/2028

b

325,737

210,000

4.750%, 

10/21/2045

268,085

HCP,

Inc.

100,000

3.400%, 

2/1/2025

105,930

HSBC

Holdings

plc

200,000

6.875%, 

6/1/2021

b,j

209,666

125,000

2.650%, 

1/5/2022

126,939

275,000

3.803%, 

3/11/2025

b

292,209

350,000

3.900%, 

5/25/2026

380,513

Icahn

Enterprises,

LP

170,000

6.375%, 

12/15/2025

177,437

80,000

6.250%, 

5/15/2026

83,974

ING

Groep

NV

200,000

3.150%, 

3/29/2022

205,402

250,000

4.100%, 

10/2/2023

268,283

International

Lease

Finance

Corporation

80,000

5.875%, 

8/15/2022

87,651

Iron

Mountain,

Inc.

125,000

6.000%, 

8/15/2023

127,656

150,000

4.875%, 

9/15/2027

g

154,500

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Financials

(3.2%)

-

continued

J.P.

Morgan

Chase

&

Company

$

90,000

2.295%, 

8/15/2021

$

90,221

230,000

2.700%, 

5/18/2023

236,222

105,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

107,058

200,000

3.625%, 

5/13/2024

214,296

200,000

3.875%, 

9/10/2024

216,125

145,000

3.125%, 

1/23/2025

153,086

425,000

3.900%, 

7/15/2025

465,913

150,000

3.300%, 

4/1/2026

160,258

275,000

4.203%, 

7/23/2029

b

312,307

260,000

3.882%, 

7/24/2038

b

297,094

Kimco

Realty

Corporation

320,000

3.300%, 

2/1/2025

339,277

Liberty

Mutual

Group,

Inc.

80,000

4.950%, 

5/1/2022

g

85,103

Lloyds

Banking

Group

plc

225,000

2.907%, 

11/7/2023

b

229,674

MetLife,

Inc.

210,000

4.050%, 

3/1/2045

247,158

Mitsubishi

UFJ

Financial

Group,

Inc.

455,000

3.455%, 

3/2/2023

476,437

200,000

3.287%, 

7/25/2027

213,687

Morgan

Stanley

80,000

5.550%, 

7/15/2020

b,j

81,140

198,000

2.750%, 

5/19/2022

202,247

135,000

4.875%, 

11/1/2022

145,566

185,000

3.125%, 

1/23/2023

191,929

275,000

4.350%, 

9/8/2026

306,501

240,000

3.591%, 

7/22/2028

b

259,746

MPT

Operating

Partnership,

LP

125,000

6.375%, 

3/1/2024

129,035

125,000

4.625%, 

8/1/2029

130,781

Nasdaq,

Inc.

110,000

3.850%, 

6/30/2026

119,932

Nationwide

Building

Society

200,000

3.622%, 

4/26/2023

b,g

206,736

Outfront

Media

Cap,

LLC

220,000

4.625%, 

3/15/2030

g

226,600

Park

Aerospace

Holdings,

Ltd.

112,000

4.500%, 

3/15/2023

g

118,759

Prudential

Financial,

Inc.

175,000

3.700%, 

3/13/2051

186,467

Quicken

Loans,

Inc.

240,000

5.750%, 

5/1/2025

g

248,400

Realty

Income

Corporation

175,000

4.125%, 

10/15/2026

196,177

Regency

Centers,

LP

290,000

4.125%, 

3/15/2028

323,319

Reinsurance

Group

of

America,

Inc.

160,000

4.700%, 

9/15/2023

175,031

150,000

3.900%, 

5/15/2029

163,526

Royal

Bank

of

Scotland

Group

plc

75,000

6.125%, 

12/15/2022

82,199

100,000

6.100%, 

6/10/2023

111,061

200,000

3.875%, 

9/12/2023

211,636

250,000

4.269%, 

3/22/2025

b

268,313

200,000

4.445%, 

5/8/2030

b

226,434

Santander

UK

Group

Holdings

plc

160,000

2.875%, 

10/16/2020

160,966

Simon

Property

Group,

LP

160,000

4.250%, 

11/30/2046

191,506

SITE

Centers

Corporation

59,000

4.625%, 

7/15/2022

61,844

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Financials

(3.2%)

-

continued

Societe

Generale

SA

$

132,000

4.750%, 

11/24/2025

g

$

145,595

Springleaf

Finance

Corporation

110,000

7.125%, 

3/15/2026

126,208

Standard

Chartered

plc

250,000

2.819%, 

1/30/2026

b,g

253,147

Sumitomo

Mitsui

Financial

Group,

Inc.

160,000

2.784%, 

7/12/2022

163,710

135,000

3.102%, 

1/17/2023

139,990

120,000

3.010%, 

10/19/2026

125,405

Synchrony

Financial

70,000

4.250%, 

8/15/2024

75,107

350,000

3.950%, 

12/1/2027

373,384

UBS

Group

Funding

Jersey,

Ltd.

138,000

4.125%, 

9/24/2025

g

152,374

UBS

Group

Funding

Switzerland

AG

190,000

3.491%, 

5/23/2023

g

196,572

Ventas

Realty,

LP

190,000

3.100%, 

1/15/2023

196,387

235,000

4.000%, 

3/1/2028

256,913

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

50,000

4.250%, 

12/1/2026

g

51,316

30,000

3.750%, 

2/15/2027

d,g

30,150

50,000

4.625%, 

12/1/2029

g

52,250

30,000

4.125%, 

8/15/2030

d,g

30,450

Voya

Financial,

Inc.

310,000

3.125%, 

7/15/2024

324,876

Wells

Fargo

&

Company

190,000

2.625%, 

7/22/2022

193,776

185,000

3.069%, 

1/24/2023

189,325

160,000

3.450%, 

2/13/2023

166,985

200,000

4.125%, 

8/15/2023

214,475

205,000

3.000%, 

2/19/2025

214,575

300,000

3.000%, 

4/22/2026

314,546

163,000

3.000%, 

10/23/2026

170,948

307,000

4.900%, 

11/17/2045

386,409

Welltower,

Inc.

75,000

3.950%, 

9/1/2023

79,995

ZB

NA

290,000

3.500%, 

8/27/2021

297,281

Total

32,236,959

Mortgage-Backed

Securities

(13.2%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

5,592,507

3.500%, 

5/1/2034

5,845,675

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

5,867,634

3.000%, 

8/1/2047

6,058,508

164,586

3.500%, 

7/1/2049

169,830

Federal

National

Mortgage

Association

494,430

3.230%, 

11/1/2020

495,045

4,421,452

3.500%, 

10/1/2048

4,599,339

5,427,239

3.500%, 

2/1/2049

d

5,622,951

5,060,335

3.500%, 

8/1/2049

5,276,201

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

16,960,000

2.500%, 

2/1/2035

d

17,261,438

23,975,000

3.000%, 

2/1/2035

d

24,695,186

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Mortgage-Backed

Securities

(13.2%)

-

continued

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

$

47,253,000

3.000%, 

3/1/2050

d

$

48,290,683

8,512,048

4.000%, 

7/1/2048

8,910,215

6,191,287

3.500%, 

8/1/2049

6,388,711

Total

133,613,782

Technology

(0.8%)

Adobe,

Inc.

125,000

2.150%, 

2/1/2027

d

126,714

Apple,

Inc.

170,000

3.200%, 

5/11/2027

183,493

100,000

3.000%, 

6/20/2027

106,936

365,000

3.000%, 

11/13/2027

390,593

490,000

3.750%, 

9/12/2047

569,842

Applied

Materials,

Inc.

88,000

3.300%, 

4/1/2027

95,121

Avnet,

Inc.

120,000

3.750%, 

12/1/2021

123,221

Broadcom

Corporation

164,000

3.875%, 

1/15/2027

173,336

200,000

3.500%, 

1/15/2028

206,295

Broadcom,

Inc.

300,000

4.750%, 

4/15/2029

g

335,983

CommScope

Technologies

Finance,

LLC

270,000

6.000%, 

6/15/2025

g

257,683

Diamond

1

Finance

Corporation

595,000

6.020%, 

6/15/2026

g

695,007

Diamond

Sports

Group,

LLC

240,000

6.625%, 

8/15/2027

g,k

224,400

Harland

Clarke

Holdings

Corporation

200,000

8.375%, 

8/15/2022

g

173,375

Hewlett

Packard

Enterprise

Company

260,000

2.620%, 

(LIBOR

3M

+

0.720%),

10/5/2021

b

260,037

115,000

4.400%, 

10/15/2022

121,896

Marvell

Technology

Group,

Ltd.

165,000

4.200%, 

6/22/2023

175,725

220,000

4.875%, 

6/22/2028

248,761

Microsoft

Corporation

280,000

4.750%, 

11/3/2055

396,256

280,000

4.200%, 

11/3/2035

343,810

625,000

3.700%, 

8/8/2046

737,695

NCR

Corporation

240,000

6.125%, 

9/1/2029

g

261,876

NXP

BV/NXP

Funding,

LLC

225,000

4.875%, 

3/1/2024

g

247,598

Oracle

Corporation

490,000

2.950%, 

5/15/2025

517,491

225,000

3.850%, 

7/15/2036

257,371

Plantronics,

Inc.

150,000

5.500%, 

5/31/2023

g

144,753

PTC,

Inc.

40,000

3.625%, 

2/15/2025

d,g

40,300

SS&C

Technologies,

Inc.

210,000

5.500%, 

9/30/2027

g

222,138

Texas

Instruments,

Inc.

270,000

4.150%, 

5/15/2048

337,518

Tyco

Electronics

Group

SA

40,000

3.450%, 

8/1/2024

42,466

80,000

3.125%, 

8/15/2027

84,426

Total

8,102,116

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Transportation

(0.2%)

Air

Canada

Pass

Through

Trust

$

45,566

3.875%, 

3/15/2023

g

$

46,894

Air

Lease

Corporation

75,000

3.500%, 

1/15/2022

77,286

Boeing

Company

275,000

3.600%, 

5/1/2034

297,696

Burlington

Northern

Santa

Fe,

LLC

130,000

5.750%, 

5/1/2040

184,343

100,000

5.050%, 

3/1/2041

130,815

130,000

4.450%, 

3/15/2043

158,874

CSX

Corporation

98,000

3.700%, 

11/1/2023

104,925

175,000

3.350%, 

9/15/2049

180,965

Delta

Air

Lines,

Inc.

95,000

2.875%, 

3/13/2020

95,125

Hertz

Corporation

130,000

5.500%, 

10/15/2024

g

131,895

100,000

6.000%, 

1/15/2028

g

100,875

NCL

Corporation,

Ltd.

130,000

3.625%, 

12/15/2024

g

129,025

Penske

Truck

Leasing

Company,

LP

200,000

3.375%, 

2/1/2022

g

205,246

United

Continental

Holdings,

Inc.

240,000

4.875%, 

1/15/2025

253,200

XPO

Logistics,

Inc.

225,000

6.750%, 

8/15/2024

g

243,844

Total

2,341,008

U.S.

Government

&

Agencies

(13.6%)

U.S.

Treasury

Bonds

2,160,000

2.250%, 

11/15/2027

2,287,659

6,000,000

2.875%, 

5/15/2028

6,657,656

2,190,000

5.250%, 

11/15/2028

2,873,263

4,000,000

1.625%, 

8/15/2029

4,042,500

550,000

4.375%, 

5/15/2040

784,352

2,000,000

3.000%, 

5/15/2042

2,378,047

4,999,000

2.500%, 

5/15/2046

5,492,456

7,300,000

2.875%, 

5/15/2049

8,718,367

200,000

2.375%, 

11/15/2049

216,875

U.S.

Treasury

Notes

1,170,000

2.250%, 

3/31/2020

1,171,104

5,500,000

1.375%, 

9/30/2020

5,492,910

130,000

1.875%, 

12/15/2020

130,391

2,750,000

2.500%, 

2/28/2021

2,779,326

1,000,000

1.375%, 

5/31/2021

999,219

9,210,000

1.125%, 

8/31/2021

9,170,066

9,850,000

1.500%, 

9/30/2021

9,868,854

4,060,000

1.875%, 

7/31/2022

4,114,873

600,000

1.625%, 

11/15/2022

605,109

19,985,000

2.000%, 

11/30/2022

20,365,183

1,700,000

2.500%, 

3/31/2023

1,762,621

11,330,000

2.500%, 

1/31/2024

11,850,029

1,350,000

2.125%, 

7/31/2024

1,397,356

8,000,000

1.250%, 

8/31/2024

7,975,313

600,000

1.500%, 

10/31/2024

604,828

3,390,000

2.250%, 

11/15/2024

3,534,340

2,190,000

2.125%, 

11/30/2024

2,271,441

7,640,000

2.625%, 

1/31/2026

8,182,858

10,500,000

2.500%, 

2/28/2026

11,177,578

Total

136,904,574

Utilities

(1.0%)

Ameren

Illinois

Company

150,000

4.500%, 

3/15/2049

193,903

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Utilities

(1.0%)

-

continued

American

Electric

Power

Company,

Inc.

$

216,000

2.950%, 

12/15/2022

$

222,995

Appalachian

Power

Company

85,000

3.300%, 

6/1/2027

90,327

Arizona

Public

Service

Company

150,000

3.500%, 

12/1/2049

162,693

Berkshire

Hathaway

Energy

Company

140,000

4.500%, 

2/1/2045

170,441

Calpine

Corporation

240,000

4.500%, 

2/15/2028

g

238,800

CenterPoint

Energy,

Inc.

75,000

3.850%, 

2/1/2024

80,133

175,000

2.500%, 

9/1/2024

178,209

140,000

4.250%, 

11/1/2028

157,454

CMS

Energy

Corporation

120,000

2.950%, 

2/15/2027

123,487

Commonwealth

Edison

Company

205,000

3.700%, 

3/1/2045

229,004

Consolidated

Edison

Company

of

New

York,

Inc.

325,000

4.125%, 

5/15/2049

389,684

Consolidated

Edison,

Inc.

69,000

4.500%, 

12/1/2045

84,573

Consumers

Energy

Company

175,000

4.350%, 

4/15/2049

223,812

DTE

Electric

Company

115,000

3.700%, 

3/15/2045

130,033

145,000

3.700%, 

6/1/2046

164,361

Duke

Energy

Carolinas,

LLC

315,000

3.700%, 

12/1/2047

358,048

Duke

Energy

Corporation

160,000

3.750%, 

9/1/2046

171,496

Duke

Energy

Florida,

LLC

120,000

3.200%, 

1/15/2027

128,717

Duke

Energy

Indiana,

LLC

185,000

3.750%, 

5/15/2046

208,682

Edison

International

90,000

2.950%, 

3/15/2023

92,210

400,000

5.750%, 

6/15/2027

462,349

Energy

Transfer

Operating,

LP

280,000

5.200%, 

2/1/2022

293,796

Exelon

Corporation

50,000

5.100%, 

6/15/2045

63,305

263,000

4.450%, 

4/15/2046

309,707

FirstEnergy

Corporation

50,000

2.850%, 

7/15/2022

51,089

320,000

4.850%, 

7/15/2047

395,237

ITC

Holdings

Corporation

66,000

4.050%, 

7/1/2023

69,749

80,000

5.300%, 

7/1/2043

103,387

Mississippi

Power

Company

165,000

3.950%, 

3/30/2028

183,569

Monongahela

Power

Company

150,000

5.400%, 

12/15/2043

g

202,988

National

Rural

Utilities

Cooperative

Finance

Corporation

90,000

3.900%, 

11/1/2028

102,178

200,000

3.700%, 

3/15/2029

224,858

NextEra

Energy

Operating

Partners,

LP

240,000

3.875%, 

10/15/2026

g

242,400

NiSource

Finance

Corporation

88,000

3.490%, 

5/15/2027

94,711

255,000

5.650%, 

2/1/2045

339,363

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Principal

Amount

Long-Term

Fixed

Income

(41.8%)

Value

Utilities

(1.0%)

-

continued

Oncor

Electric

Delivery

Company,

LLC

$

352,000

3.750%, 

4/1/2045

$

404,526

Pacific

Gas

and

Electric

Company

175,000

3.300%, 

12/1/2027

l,m

181,335

175,000

3.950%, 

12/1/2047

k,l,m

175,437

PPL

Capital

Funding,

Inc.

225,000

5.000%, 

3/15/2044

273,693

PPL

Electric

Utilities

Corporation

132,000

3.950%, 

6/1/2047

153,537

Public

Service

Electric

&

Gas

Company

220,000

3.000%, 

5/15/2027

234,151

San

Diego

Gas

and

Electric

Company

270,000

4.150%, 

5/15/2048

320,184

South

Carolina

Electric

&

Gas

Company

350,000

5.100%, 

6/1/2065

492,272

Southern

California

Edison

Company

175,000

4.000%, 

4/1/2047

194,547

Southern

Company

215,000

3.250%, 

7/1/2026

228,912

Southern

Company

Gas

Capital

Corporation

220,000

4.400%, 

5/30/2047

258,177

Southwestern

Electric

Power

Company

65,000

3.900%, 

4/1/2045

71,342

TerraForm

Power

Operating,

LLC

260,000

5.000%, 

1/31/2028

g

280,800

Virginia

Electric

and

Power

Company

125,000

4.600%, 

12/1/2048

161,704

Total

10,368,365

Total

Long-Term

Fixed

Income

(cost

$407,683,890)

422,251,860

Shares

Registered

Investment

Companies

(

39.3%

)

Value

Unaffiliated  (1.2%)

1,599

Consumer

Discretionary

Select

Sector

SPDR

Fund

200,387

2,469

Health

Care

Select

Sector

SPDR

Fund

244,777

37,500

Invesco

Senior

Loan

ETF

847,875

12,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

k

1,573,080

980

iShares

Russell

2000

Index

Fund

k

157,319

1,911

iShares

Russell

2000

Value

Index

Fund

232,836

2,893

Materials

Select

Sector

SPDR

Fund

166,724

1,003

ProShares

Ultra

S&P

500

k

150,631

3,800

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

414,352

13,776

SPDR

S&P

500

ETF

Trust

4,432,152

1,507

SPDR

S&P

Biotech

ETF

k

134,304

6,117

SPDR

S&P

Metals

&

Mining

ETF

152,252

4,567

VanEck

Vectors

Oil

Services

ETF

49,780

35,000

Vanguard

Short-Term

Corporate

Bond

ETF

2,861,950

Total

11,618,419

Affiliated  (38.1%)

2,961,968

Thrivent

Core

Emerging

Markets

Debt

Fund

30,004,737

Shares

Registered

Investment

Companies

(39.3%)

Value

Affiliated  (38.1%)-

continued

969,305

Thrivent

Core

International

Equity

Fund

$

9,247,169

2,477,074

Thrivent

Core

Low

Volatility

Equity

Fund

30,170,762

58,959

Thrivent

Global

Stock

Fund,

Class

S

1,440,959

5,087,437

Thrivent

High

Yield

Fund,

Class

S

24,267,074

7,993,378

Thrivent

Income

Fund,

Class

S

77,535,763

3,941,200

Thrivent

International

Allocation

Fund,

Class

S

40,121,417

2,895,654

Thrivent

Large

Cap

Growth

Fund,

Class

S

39,265,075

3,015,573

Thrivent

Large

Cap

Value

Fund,

Class

S

68,815,366

3,213,419

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

40,392,671

692,303

Thrivent

Mid

Cap

Stock

Fund,

Class

S

18,913,707

212,720

Thrivent

Small

Cap

Stock

Fund,

Class

S

4,909,573

Total

385,084,273

Total

Registered

Investment

Companies

(cost

$316,597,228)

396,702,692

Shares

Common

Stock

(

10.8%

)

Value

Communications

Services

(0.3%)

896

Activision

Blizzard,

Inc.

52,398

560

Alphabet,

Inc.,

Class

A

n

802,357

310

Alphabet,

Inc.,

Class

C

n

444,611

2,821

Comcast

Corporation

121,839

1,341

DISH

Network

Corporation

n

49,295

1,633

Facebook,

Inc.

n

329,719

400

Hemisphere

Media

Group,

Inc.

n

5,376

2,689

Interpublic

Group

of

Companies,

Inc.

61,040

3,028

Live

Nation

Entertainment,

Inc.

n

206,389

565

News

Corporation

7,893

5,278

ORBCOMM,

Inc.

n

18,948

7,551

QuinStreet,

Inc.

n

97,823

531

Scholastic

Corporation

17,497

3,034

Take-Two

Interactive

Software,

Inc.

n

378,158

1,334

Twitter,

Inc.

n

43,328

3,069

Verizon

Communications,

Inc.

182,422

561

ViacomCBS,

Inc.

19,147

120

Walt

Disney

Company

16,597

966

Zillow

Group,

Inc.

n

44,629

Total

2,899,466

Consumer

Discretionary

(1.0%)

333

Alibaba

Group

Holding,

Ltd.

ADR

n

68,794

538

Amazon.com,

Inc.

n

1,080,691

155

American

Public

Education,

Inc.

n

3,694

1,053

Aptiv

plc

89,284

20

AutoZone,

Inc.

n

21,159

151

Booking

Holdings,

Inc.

n

276,413

3,938

BorgWarner,

Inc.

135,034

4,359

Bright

Horizons

Family

Solutions,

Inc.

n

713,699

1,696

Burlington

Stores,

Inc.

n

368,829

3,124

Canada

Goose

Holdings,

Inc.

k,n

93,720

794

Century

Casinos,

Inc.

n

6,614

378

Chipotle

Mexican

Grill,

Inc.

n

327,635

1,763

Cooper-Standard

Holdings,

Inc.

n

46,755

5,534

Crocs,

Inc.

n

209,794

1,909

Culp,

Inc.

24,111

599

D.R.

Horton,

Inc.

35,461

4,443

Delphi

Technologies

plc

n

68,156

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock

(10.8%)

Value

Consumer

Discretionary

(1.0%)

-

continued

9,144

Designer

Brands,

Inc.

$

130,211

782

Domino's

Pizza,

Inc.

220,328

3,302

Duluth

Holdings,

Inc.

k,n

27,902

2,695

Emerald

Expositions

Events,

Inc.

28,109

1,320

Ethan

Allen

Interiors,

Inc.

21,318

2,283

Etsy,

Inc.

n

111,433

3,720

Five

Below,

Inc.

n

421,178

1,055

Garrett

Motion,

Inc.

n

8,883

244

Genuine

Parts

Company

22,831

3,807

G-III

Apparel

Group,

Ltd.

n

103,588

584

Goodyear

Tire

&

Rubber

Company

7,668

2,367

Grand

Canyon

Education,

Inc.

n

185,289

664

Harley-Davidson,

Inc.

22,178

3,288

Home

Depot,

Inc.

749,993

332

Hooker

Furniture

Corporation

8,180

14

Johnson

Outdoors,

Inc.

1,100

3,940

Knoll,

Inc.

97,554

1,984

Lear

Corporation

244,389

1,774

Lowe's

Companies,

Inc.

206,210

273

Lululemon

Athletica,

Inc.

n

65,353

142

Madison

Square

Garden

Company

n

42,059

1,244

Marcus

Corporation

36,263

753

McDonald's

Corporation

161,119

1,437

Modine

Manufacturing

Company

n

10,102

160

Mohawk

Industries,

Inc.

n

21,069

6,459

Movado

Group,

Inc.

111,224

680

NIKE,

Inc.

65,484

4,121

Norwegian

Cruise

Line

Holdings,

Ltd.

n

221,916

15

NVR,

Inc.

n

57,255

3,670

Ollie's

Bargain

Outlet

Holdings,

Inc.

n

194,657

336

O'Reilly

Automotive,

Inc.

n

136,450

1,972

Oxford

Industries,

Inc.

136,857

5,051

Planet

Fitness,

Inc.

n

408,070

15,965

Playa

Hotels

and

Resorts

NV

n

112,074

13,606

Red

Rock

Resorts,

Inc.

333,483

366

RH

n

76,402

572

Ruth's

Hospitality

Group,

Inc.

11,726

560

Sony

Corporation

ADR

39,301

2,247

Standard

Motor

Products,

Inc.

109,159

494

Starbucks

Corporation

41,906

1,447

Texas

Roadhouse,

Inc.

90,438

3,825

TJX

Companies,

Inc.

225,828

1,676

Tupperware

Brands

Corporation

10,492

1,034

Ulta

Beauty,

Inc.

n

277,019

1,460

Vail

Resorts,

Inc.

342,385

1,392

Wingstop,

Inc.

129,136

3,692

Zumiez,

Inc.

n

115,080

Total

9,770,492

Consumer

Staples

(0.5%)

508

Calavo

Growers,

Inc.

38,918

2,973

Casey's

General

Stores,

Inc.

478,237

441

Central

Garden

&

Pet

Company

n

14,205

10,336

Coca-Cola

Company

603,622

7,385

Colgate-Palmolive

Company

544,865

649

Costco

Wholesale

Corporation

198,282

19,657

Cott

Corporation

300,556

11,289

Hain

Celestial

Group,

Inc.

n

273,307

2,056

John

B.

Sanfilippo

&

Son,

Inc.

173,321

233

Kimberly-Clark

Corporation

33,375

2,331

Monster

Beverage

Corporation

n

155,245

5,491

PepsiCo,

Inc.

779,832

579

Philip

Morris

International,

Inc.

47,883

3,613

Procter

&

Gamble

Company

450,252

542

Seneca

Foods

Corporation

n

21,436

Shares

Common

Stock

(10.8%)

Value

Consumer

Staples

(0.5%)

-

continued

1,820

Simply

Good

Foods

Company

n

$

41,805

13,110

SunOpta,

Inc.

n

35,397

9,527

Turning

Point

Brands,

Inc.

217,597

2,135

Wal-Mart

Stores,

Inc.

244,436

Total

4,652,571

Energy

(0.3%)

4,170

Abraxas

Petroleum

Corporation

n

955

330

Apache

Corporation

9,055

18,696

Archrock,

Inc.

156,112

1,857

BP

plc

ADR

67,093

10,818

Callon

Petroleum

Company

n

32,454

4,627

Centennial

Resource

Development,

Inc.

n

15,084

768

Chevron

Corporation

82,284

3,445

Cimarex

Energy

Company

151,201

1,014

Concho

Resources,

Inc.

76,841

500

ConocoPhillips

29,715

3,980

Continental

Resources,

Inc.

108,336

1,431

Contura

Energy,

Inc.

n

8,285

4,931

Core

Laboratories

NV

k

173,226

2,878

Devon

Energy

Corporation

62,510

4,224

Diamond

Offshore

Drilling,

Inc.

k,n

19,557

1,821

Diamondback

Energy,

Inc.

135,482

1,110

Enterprise

Products

Partners,

LP

28,605

1,867

EOG

Resources,

Inc.

136,123

30,437

Euronav

NV

300,718

359

Evolution

Petroleum

Corporation

1,809

2,894

Exterran

Corporation

n

15,628

410

Exxon

Mobil

Corporation

25,469

4,283

Frank's

International

NV

n

14,991

4,637

Gran

Tierra

Energy,

Inc.

n

4,620

1,261

Halliburton

Company

27,502

2,007

Helmerich

&

Payne,

Inc.

81,384

2,624

Liberty

Oilfield

Services,

Inc.

22,252

12,435

Marathon

Oil

Corporation

141,386

1,121

Marathon

Petroleum

Corporation

61,094

16,758

Nabors

Industries,

Ltd.

34,689

10,976

Nine

Energy

Service,

Inc.

n

53,124

141

Oasis

Petroleum,

Inc.

n

317

5,248

Oceaneering

International,

Inc.

n

65,128

138

Oil

States

International,

Inc.

n

1,488

6,577

Pacific

Drilling

SA

n

12,102

180

Parsley

Energy,

Inc.

2,995

5,044

Patterson-UTI

Energy,

Inc.

40,049

1,166

PDC

Energy,

Inc.

n

25,174

324

Penn

Virginia

Corporation

n

6,924

348

Pioneer

Natural

Resources

Company

46,980

16,323

QEP

Resources,

Inc.

51,744

1,372

SEACOR

Holdings,

Inc.

n

51,573

23,926

Southwestern

Energy

Company

n

37,564

6,111

Talos

Energy,

Inc.

n

134,075

4,237

TechnipFMC

plc

69,953

1,550

Transocean,

Ltd.

n

7,068

243

Whiting

Petroleum

Corporation

n

1,103

3,269

WPX

Energy,

Inc.

n

39,065

Total

2,670,886

Financials

(1.8%)

71

1st

Source

Corporation

3,350

1,026

Aflac,

Inc.

52,911

2,817

AG

Mortgage

Investment

Trust,

Inc.

44,649

309

Alleghany

Corporation

n

246,477

1,994

Ally

Financial,

Inc.

63,868

7,952

American

Financial

Group,

Inc.

865,098

631

American

International

Group,

Inc.

31,714

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Shares

Common

Stock

(10.8%)

Value

Financials

(1.8%)

-

continued

812

Ameriprise

Financial,

Inc.

$

134,313

1,699

Ameris

Bancorp

68,283

557

Aon

plc

122,679

728

Argo

Group

International

Holdings,

Ltd.

47,757

2,268

Arthur

J.

Gallagher

&

Company

232,629

484

Artisan

Partners

Asset

Management,

Inc.

16,166

1,379

Associated

Banc-Corp

27,483

8,986

Assured

Guaranty,

Ltd.

411,918

7,007

Bank

of

America

Corporation

230,040

436

Bank

of

Marin

Bancorp

19,210

4,543

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

150,918

454

Bank

OZK

12,340

1,831

BankFinancial

Corporation

22,833

279

BankUnited,

Inc.

9,207

2,513

Banner

Corporation

129,545

3,288

Berkshire

Hathaway,

Inc.

n

737,926

615

BlackRock,

Inc.

324,320

475

BOK

Financial

Corporation

37,477

9,058

Boston

Private

Financial

Holdings,

Inc.

103,261

7,732

Bridgewater

Bancshares,

Inc.

n

102,062

17,852

BrightSphere

Investment

Group

164,417

1,542

Brown

&

Brown,

Inc.

69,236

755

Byline

Bancorp,

Inc.

14,571

859

Capital

One

Financial

Corporation

85,728

1,886

Cboe

Global

Markets,

Inc.

232,393

1,153

Charles

Schwab

Corporation

52,519

309

Chubb,

Ltd.

46,965

980

Cincinnati

Financial

Corporation

102,851

2,480

CIT

Group,

Inc.

113,361

2,153

Citigroup,

Inc.

160,205

3,471

Citizens

Financial

Group,

Inc.

129,399

85

City

Holding

Company

6,433

1,193

Cohen

&

Steers,

Inc.

88,258

8,809

Comerica,

Inc.

538,758

414

Community

Bank

System,

Inc.

27,436

3,171

Community

Trust

Bancorp,

Inc.

138,731

3,289

Cullen/Frost

Bankers,

Inc.

293,247

80

Diamond

Hill

Investment

Group,

Inc.

11,262

1,815

Discover

Financial

Services

136,361

7,036

E*TRADE

Financial

Corporation

299,874

810

East

West

Bancorp,

Inc.

37,130

1,357

Ellington

Residential

Mortgage

REIT

14,601

802

Enstar

Group,

Ltd.

n

156,623

873

Enterprise

Financial

Services

Corporation

37,984

1,585

Essent

Group,

Ltd.

78,632

9,260

Everi

Holdings,

Inc.

n

115,750

701

FBL

Financial

Group,

Inc.

37,700

237

Federal

Agricultural

Mortgage

Corporation

18,083

5,100

Fifth

Third

Bancorp

145,095

1,980

Financial

Institutions,

Inc.

61,004

1,237

First

American

Financial

Corporation

76,669

96

First

Bancorp

3,406

173

First

Bancshares,

Inc.

5,955

4,080

First

Busey

Corporation

104,040

922

First

Citizens

BancShares,

Inc.

485,728

4,189

First

Defiance

Financial

Corporation

123,115

1,552

First

Financial

Corporation

64,765

209

First

Hawaiian,

Inc.

6,074

5,581

First

Interstate

BancSystem,

Inc.

214,869

161

First

Mid-Illinois

Bancshares,

Inc.

5,273

2,372

First

Midwest

Bancorp,

Inc.

47,298

Shares

Common

Stock

(10.8%)

Value

Financials

(1.8%)

-

continued

254

First

of

Long

Island

Corporation

$

5,603

1,895

First

Republic

Bank

210,118

104

Goldman

Sachs

Group,

Inc.

24,726

3,381

Great

Southern

Bancorp,

Inc.

192,413

1,227

Great

Western

Bancorp,

Inc.

36,258

2,891

Hamilton

Lane,

Inc.

187,770

1,348

Hancock

Whitney

Corporation

53,570

190

Hanmi

Financial

Corporation

3,196

1,913

Hanover

Insurance

Group,

Inc.

265,104

1,474

Hartford

Financial

Services

Group,

Inc.

87,379

3,501

Heartland

Financial

USA,

Inc.

171,234

16,840

Heritage

Commerce

Corporation

195,344

189

Heritage

Financial

Corporation

4,872

2,662

Hometrust

Bancshares,

Inc.

70,596

2,516

Horace

Mann

Educators

Corporation

108,213

3,296

Horizon

Bancorp,

Inc.

55,768

2,558

Houlihan

Lokey,

Inc.

132,632

3,747

IBERIABANK

Corporation

272,444

3,334

Independent

Bank

Corporation

71,281

2,851

Interactive

Brokers

Group,

Inc.

133,997

3,629

Intercontinental

Exchange,

Inc.

361,956

973

International

Bancshares

Corporation

38,336

1,231

J.P.

Morgan

Chase

&

Company

162,935

1,419

Kemper

Corporation

105,602

3,927

KeyCorp

73,474

1,394

Lakeland

Bancorp,

Inc.

22,639

926

Loews

Corporation

47,643

2,841

M&T

Bank

Corporation

478,765

59

Markel

Corporation

n

69,205

538

Mercantile

Bank

Corporation

17,630

5,200

Meridian

Bancorp,

Inc.

93,548

893

MetLife,

Inc.

44,391

4,475

MidWestOne

Financial

Group,

Inc.

144,722

993

Morgan

Stanley

51,894

859

MSCI,

Inc.

245,502

37

National

Western

Life

Group,

Inc.

9,842

200

NBT

Bancorp,

Inc.

7,558

2,712

Northern

Trust

Corporation

265,261

840

Northwest

Bancshares,

Inc.

13,209

402

OFG

Bancorp

7,923

578

Old

Republic

International

Corporation

13,034

1,705

Old

Second

Bancorp,

Inc.

20,946

57

Park

National

Corporation

5,413

3,473

PCSB

Financial

Corporation

69,043

177

Peapack-Gladstone

Financial

Corporation

5,174

504

Peoples

Bancorp,

Inc.

16,400

4,846

Popular,

Inc.

271,182

1,318

Primerica,

Inc.

156,262

8,051

Prosight

Global,

Inc.

n

116,498

294

Provident

Financial

Services,

Inc.

6,706

292

Prudential

Financial,

Inc.

26,590

2,314

QCR

Holdings,

Inc.

95,105

1,881

Radian

Group,

Inc.

46,066

4,190

Raymond

James

Financial,

Inc.

383,092

2,099

Reinsurance

Group

of

America,

Inc.

302,361

1,065

Renasant

Corporation

34,005

212

S&P

Global,

Inc.

62,271

303

Safety

Insurance

Group,

Inc.

27,900

1,298

Sandy

Spring

Bancorp,

Inc.

45,170

1,309

Santander

Consumer

USA

Holdings,

Inc.

34,846

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Shares

Common

Stock

(10.8%)

Value

Financials

(1.8%)

-

continued

8,941

Seacoast

Banking

Corporation

of

Florida

n

$

242,748

5,491

SEI

Investments

Company

358,343

156

Selective

Insurance

Group,

Inc.

10,335

1,705

Spirit

of

Texas

Bancshares,

Inc.

n

35,379

4,834

State

Auto

Financial

Corporation

145,552

1,294

SVB

Financial

Group

n

310,987

11,906

Synovus

Financial

Corporation

416,948

2,668

T.

Rowe

Price

Group,

Inc.

356,258

720

Territorial

Bancorp,

Inc.

20,902

886

TMX

Group,

Ltd.

81,979

1,966

TPG

RE

Finance

Trust,

Inc.

40,244

1,725

TriCo

Bancshares

62,790

2,230

Triumph

Bancorp,

Inc.

n

86,925

8,415

TrustCo

Bank

Corporation

66,731

1,565

U.S.

Bancorp

83,289

188

UMB

Financial

Corporation

12,494

1,521

Umpqua

Holdings

Corporation

25,705

212

Univest

Financial

Corporation

5,266

16

Virtus

Investment

Partners,

Inc.

1,968

1,101

Washington

Trust

Bancorp,

Inc.

52,110

3,609

Webster

Financial

Corporation

161,900

1,072

Wells

Fargo

&

Company

50,320

840

WesBanco,

Inc.

27,821

146

Westamerica

Bancorporation

9,251

464

Western

Alliance

Bancorp

25,627

89

Westwood

Holdings

Group,

Inc.

2,499

226

Willis

Towers

Watson

plc

47,752

5,764

Wintrust

Financial

Corporation

364,746

6,745

Zions

Bancorporations

NA

306,830

Total

18,496,549

Health

Care

(1.5%)

5,347

Abbott

Laboratories

465,938

1,343

Aerie

Pharmaceuticals,

Inc.

n

27,505

4,292

Agilent

Technologies,

Inc.

354,348

3,087

Agios

Pharmaceuticals,

Inc.

n

150,430

748

Alexion

Pharmaceuticals,

Inc.

n

74,344

1,364

Alkermes

plc

n

23,747

772

AmerisourceBergen

Corporation

66,052

2,585

Amgen,

Inc.

558,489

484

Arena

Pharmaceuticals,

Inc.

n

22,114

36

Atrion

Corporation

25,891

3,557

Axonics

Modulation

Technologies,

Inc.

k,n

103,260

1,502

Bausch

Health

Companies,

Inc.

n

41,200

1,075

Becton,

Dickinson

and

Company

295,818

91

Biogen,

Inc.

n

24,465

1,818

BioMarin

Pharmaceutical,

Inc.

n

151,803

945

Bio-Rad

Laboratories,

Inc.

n

341,069

2,087

Bio-Techne

Corporation

438,207

614

Bluebird

Bio,

Inc.

n

48,930

293

Bruker

Corporation

14,495

7,030

Catalent,

Inc.

n

429,533

900

Centene

Corporation

n

56,529

2,301

Charles

River

Laboratories

International,

Inc.

n

355,689

502

Chemed

Corporation

234,454

286

Cigna

Holding

Company

55,021

3,748

CryoLife,

Inc.

n

111,466

1,387

CVS

Health

Corporation

94,066

738

Danaher

Corporation

118,722

1,315

Dexcom,

Inc.

n

316,586

422

Edwards

Lifesciences

Corporation

n

92,781

6,228

Gilead

Sciences,

Inc.

393,610

4,407

Guardant

Health,

Inc.

k,n

335,108

Shares

Common

Stock

(10.8%)

Value

Health

Care

(1.5%)

-

continued

7,896

Halozyme

Therapeutics,

Inc.

n

$

149,866

344

HealthStream,

Inc.

n

8,789

2,467

Hill-Rom

Holdings,

Inc.

262,711

1,020

Immunomedics,

Inc.

n

18,941

1,969

Inspire

Medical

Systems,

Inc.

n

147,281

1,021

Insulet

Corporation

n

198,115

443

Intuitive

Surgical,

Inc.

n

247,983

1,327

Jazz

Pharmaceuticals,

Inc.

n

190,225

6,593

Johnson

&

Johnson

981,500

516

Laboratory

Corporation

of

America

Holdings

n

90,506

2,829

LHC

Group,

Inc.

n

412,327

691

Ligand

Pharmaceuticals,

Inc.

k,n

60,677

5,971

Medtronic

plc

689,292

3,948

Merck

&

Company,

Inc.

337,317

192

Mesa

Laboratories,

Inc.

50,388

3,246

Natera,

Inc.

n

113,642

1,505

National

Healthcare

Corporation

126,300

1,522

Neurocrine

Biosciences,

Inc.

n

152,322

537

Nevro

Corporation

n

71,373

156

NextGen

Healthcare,

Inc.

n

2,162

11,521

Optinose,

Inc.

k,n

90,209

629

Orthifix

Medical,

Inc.

n

27,211

895

PerkinElmer,

Inc.

82,770

3,329

Pfizer,

Inc.

123,972

82

Phibro

Animal

Health

Corporation

1,945

1,230

PRA

Health

Sciences,

Inc.

n

124,611

295

Prothena

Corporation

plc

n

3,590

834

Repligen

Corporation

n

83,725

1,310

ResMed,

Inc.

208,251

777

Sage

Therapeutics,

Inc.

n

51,500

700

Sarepta

Therapeutics,

Inc.

n

81,172

653

Stryker

Corporation

137,587

129

Surmodics,

Inc.

n

5,081

4,976

Syneos

Health,

Inc.

n

305,327

2,099

Tactile

Systems

Technology,

Inc.

n

117,943

1,179

Teleflex,

Inc.

438,010

2,017

Thermo

Fisher

Scientific,

Inc.

631,704

342

U.S.

Physical

Therapy,

Inc.

40,062

565

United

Therapeutics

Corporation

n

55,184

2,864

UnitedHealth

Group,

Inc.

780,297

347

Universal

Health

Services,

Inc.

47,577

968

Varian

Medical

Systems,

Inc.

n

136,072

3,492

Veeva

Systems,

Inc.

n

511,962

831

Vertex

Pharmaceuticals,

Inc.

n

188,679

356

Waters

Corporation

n

79,669

757

West

Pharmaceutical

Services,

Inc.

118,054

18,925

Wright

Medical

Group

NV

n

570,399

28

Zimmer

Biomet

Holdings,

Inc.

4,141

3,882

Zoetis,

Inc.

521,003

Total

15,701,094

Industrials

(1.7%)

983

3M

Company

155,963

2,654

A.O.

Smith

Corporation

113,299

883

Aegion

Corporation

n

18,455

1,792

Aerojet

Rocketdyne

Holdings,

Inc.

n

93,309

4,365

AGCO

Corporation

306,161

7,137

Altra

Industrial

Motion

Corporation

237,377

6,738

AMETEK,

Inc.

654,597

5,347

Arcosa,

Inc.

233,931

5,394

ASGN,

Inc.

n

365,120

4,686

AZZ,

Inc.

193,344

209

Boeing

Company

66,518

3,677

BWX

Technologies,

Inc.

233,820

313

Carlisle

Companies,

Inc.

48,900

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Common

Stock

(10.8%)

Value

Industrials

(1.7%)

-

continued

2,061

Casella

Waste

Systems,

Inc.

n

$

105,503

2,074

Caterpillar,

Inc.

272,420

8,155

CBIZ,

Inc.

n

220,185

1,207

Chart

Industries,

Inc.

n

77,224

75

Cintas

Corporation

20,923

229

Columbus

McKinnon

Corporation

8,013

760

CRA

International,

Inc.

40,493

4,824

Crane

Company

412,259

2,677

CSW

Industrials,

Inc.

203,131

432

CSX

Corporation

32,979

5,719

Curtiss-Wright

Corporation

831,714

1,223

Delta

Air

Lines,

Inc.

68,170

770

Douglas

Dynamics,

Inc.

40,371

7,097

EMCOR

Group,

Inc.

583,160

4,424

Emerson

Electric

Company

316,891

3,951

Encore

Wire

Corporation

214,579

2,610

Expeditors

International

of

Washington,

Inc.

190,634

3,321

Forrester

Research,

Inc.

n

137,390

2,227

General

Dynamics

Corporation

390,705

1,367

Gorman-Rupp

Company

50,456

2,028

Healthcare

Services

Group,

Inc.

51,917

421

Heico

Corporation

51,543

175

Herc

Holdings,

Inc.

n

7,021

3,828

Honeywell

International,

Inc.

663,086

2,422

Hubbell,

Inc.

346,903

398

Huntington

Ingalls

Industries,

Inc.

103,878

735

ICF

International,

Inc.

64,379

3,704

IDEX

Corporation

606,900

2,127

Ingersoll-Rand

plc

283,380

556

Interface,

Inc.

8,940

579

John

Bean

Technologies

Corporation

65,421

986

Johnson

Controls

International

plc

38,898

190

Kansas

City

Southern

32,051

1,265

Kennametal,

Inc.

39,582

1,370

Kratos

Defense

&

Security

Solutions,

Inc.

n

25,126

3,315

Lincoln

Electric

Holdings,

Inc.

295,632

557

Lockheed

Martin

Corporation

238,463

353

Manpower,

Inc.

32,296

1,006

Masonite

International

Corporation

n

75,561

1,147

Mercury

Systems,

Inc.

n

88,032

6,897

Meritor,

Inc.

n

151,113

851

MSC

Industrial

Direct

Company,

Inc.

57,928

266

Mueller

Industries,

Inc.

7,759

215

Norfolk

Southern

Corporation

44,765

1,431

Old

Dominion

Freight

Line,

Inc.

280,805

1,027

Parker-Hannifin

Corporation

200,974

13,570

Primoris

Services

Corporation

289,448

3,500

Raven

Industries,

Inc.

109,760

2,376

Regal-Beloit

Corporation

186,421

201

Republic

Services,

Inc.

19,105

8,925

Ritchie

Brothers

Auctioneers,

Inc.

376,813

920

Rockwell

Automation,

Inc.

176,327

938

Roper

Industries,

Inc.

357,997

2,086

Saia,

Inc.

n

181,691

769

SiteOne

Landscape

Supply,

Inc.

n

74,247

6,412

Southwest

Airlines

Company

352,532

798

SP

Plus

Corporation

n

33,364

397

SPX

FLOW,

Inc.

n

17,365

3,893

Standex

International

Corporation

284,539

1,568

Teledyne

Technologies,

Inc.

n

572,414

701

Thermon

Group

Holdings,

Inc.

n

16,614

292

TransDigm

Group,

Inc.

187,838

6,334

TriMas

Corporation

n

181,976

626

UniFirst

Corporation

127,660

Shares

Common

Stock

(10.8%)

Value

Industrials

(1.7%)

-

continued

652

United

Airlines

Holdings,

Inc.

n

$

48,770

1,752

United

Rentals,

Inc.

n

237,729

1,486

United

Technologies

Corporation

223,197

4,715

Valmont

Industries,

Inc.

669,813

4,890

Verisk

Analytics,

Inc.

794,478

4,184

Waste

Connections,

Inc.

402,961

689

Watsco,

Inc.

119,831

3,386

Willdan

Group,

Inc.

n

112,178

2,377

Xylem,

Inc.

194,106

Total

17,149,521

Information

Technology

(2.4%)

2,337

Accenture

plc

479,576

663

Adobe,

Inc.

n

232,806

1,023

ADTRAN,

Inc.

9,258

1,634

Advanced

Energy

Industries,

Inc.

n

114,282

6,451

Advanced

Micro

Devices,

Inc.

n

303,197

2,855

Akamai

Technologies,

Inc.

n

266,514

410

Alliance

Data

Systems

Corporation

42,144

770

Alteryx,

Inc.

k,n

107,392

668

American

Software,

Inc.

9,973

8,261

Amphenol

Corporation

821,722

755

ANSYS,

Inc.

n

207,119

5,527

Apple,

Inc.

1,710,662

250

Arista

Networks,

Inc.

n

55,835

1,207

Atlassian

Corporation

plc

n

177,429

2,798

Automatic

Data

Processing,

Inc.

479,549

1,799

Avalara,

Inc.

n

153,167

536

Avnet,

Inc.

19,559

171

Badger

Meter,

Inc.

10,099

1,464

Bandwidth,

Inc.

n

103,885

5,368

Benchmark

Electronics,

Inc.

165,227

4,460

Blackline,

Inc.

n

272,818

1,225

Broadridge

Financial

Solutions,

Inc.

145,959

219

CACI

International,

Inc.

n

58,569

5,718

CDK

Global,

Inc.

306,942

1,353

CDW

Corporation

176,499

315

CEVA,

Inc.

n

8,615

11,091

Ciena

Corporation

n

451,071

12,008

Cisco

Systems,

Inc.

552,008

1,387

Clearwater

Energy,

Inc.

28,697

1,234

Cognex

Corporation

62,897

2,326

Computer

Services,

Inc.

116,393

3,017

Coupa

Software,

Inc.

n

486,190

2,402

CTS

Corporation

70,403

1,628

Descartes

Systems

Group,

Inc.

n

72,951

4,883

DocuSign,

Inc.

n

383,364

16,158

Dolby

Laboratories,

Inc.

1,120,396

1,029

DSP

Group,

Inc.

n

14,879

3,603

Elastic

NV

n

233,763

1,178

ePlus,

Inc.

n

93,910

1,434

Euronet

Worldwide,

Inc.

n

226,056

2,186

ExlService

Holdings,

Inc.

n

159,819

334

eXp

World

Holdings,

Inc.

n

3,687

2,176

F5

Networks,

Inc.

n

265,733

160

Fair

Isaac

Corporation

n

64,381

288

Fiserv,

Inc.

n

34,160

1,954

Five9,

Inc.

n

140,160

194

FLIR

Systems,

Inc.

9,999

2,101

Global

Payments,

Inc.

410,640

2,993

Guidewire

Software,

Inc.

n

336,713

595

InterDigital,

Inc.

32,874

165

International

Business

Machines

Corporation

23,715

1,388

Intuit,

Inc.

389,167

1,681

Jack

Henry

&

Associates,

Inc.

251,377

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Shares

Common

Stock

(10.8%)

Value

Information

Technology

(2.4%)

-

continued

1,997

Juniper

Networks,

Inc.

$

45,811

704

Keysight

Technologies,

Inc.

n

65,465

275

KLA-Tencor

Corporation

45,579

330

Kulicke

and

Soffa

Industries,

Inc.

8,544

892

Lam

Research

Corporation

266,003

7,229

Lattice

Semiconductor

Corporation

n

134,459

52

Littelfuse,

Inc.

9,199

752

ManTech

International

Corporation

60,371

2,277

MasterCard,

Inc.

719,395

3,093

Maxim

Integrated

Products,

Inc.

185,951

2,781

Methode

Electronics,

Inc.

91,078

10,558

Microsoft

Corporation

1,797,288

1,741

MicroStrategy,

Inc.

n

264,684

1,113

MKS

Instruments,

Inc.

116,665

3,971

Monolithic

Power

Systems,

Inc.

679,716

1,381

MTS

Systems

Corporation

70,003

6,116

National

Instruments

Corporation

272,957

62

NetApp,

Inc.

3,311

821

New

Relic,

Inc.

n

54,194

1,604

Nice,

Ltd.

ADR

n

276,369

1,447

Nova

Measuring

Instruments,

Ltd.

n

55,044

747

Novanta,

Inc.

n

67,775

3,240

Nuance

Communications,

Inc.

n

61,301

244

NVIDIA

Corporation

57,689

5,479

Oracle

Corporation

287,374

1,531

Palo

Alto

Networks,

Inc.

n

359,448

2,088

Paychex,

Inc.

179,088

693

PayPal

Holdings,

Inc.

n

78,926

2,069

Plexus

Corporation

n

147,147

620

Progress

Software

Corporation

27,981

844

Proofpoint,

Inc.

n

103,652

1,178

Q2

Holdings,

Inc.

n

102,710

1,398

QAD,

Inc.

71,927

461

QUALCOMM,

Inc.

39,328

1,673

Rogers

Corporation

n

196,996

11,481

SailPoint

Technologies

Holdings,

Inc.

n

288,058

525

Salesforce.com,

Inc.

n

95,713

45

Samsung

Electronics

Company,

Ltd.

GDR

52,423

1,460

ScanSource,

Inc.

n

50,939

2,004

ServiceNow,

Inc.

n

677,813

848

Silicon

Laboratories,

Inc.

n

83,367

476

Square,

Inc.

n

35,552

6,837

STMicroelectronics

NV

ADR

190,410

224

Sykes

Enterprises,

Inc.

n

7,524

5,316

Synopsys,

Inc.

n

784,163

5,111

TE

Connectivity,

Ltd.

471,132

1,001

Teradyne,

Inc.

66,056

4,325

Texas

Instruments,

Inc.

521,811

911

Tyler

Technologies,

Inc.

n

294,873

653

VeriSign,

Inc.

n

135,915

6,277

Virtusa

Corporation

n

261,374

1,071

Visa,

Inc.

213,097

170

VMware,

Inc.

n

25,170

1,364

WEX,

Inc.

n

295,879

1,110

Xilinx,

Inc.

93,773

2,523

Zscaler,

Inc.

n

141,515

Total

24,264,185

Materials

(0.5%)

1,126

AdvanSix,

Inc.

n

21,079

1,036

Alcoa

Corporation

n

14,452

1,744

AptarGroup,

Inc.

201,449

1,040

Avery

Dennison

Corporation

136,490

50

Balchem

Corporation

5,401

790

Ball

Corporation

57,022

Shares

Common

Stock

(10.8%)

Value

Materials

(0.5%)

-

continued

845

Cabot

Corporation

$

33,673

1,297

Celanese

Corporation

134,240

804

CF

Industries

Holdings,

Inc.

32,385

4,056

Eastman

Chemical

Company

289,071

2,201

Ecolab,

Inc.

431,638

473

Ferro

Corporation

n

6,471

3,560

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,n

0

916

Ingevity

Corporation

n

59,742

2,688

Innospec,

Inc.

270,762

192

Kadant,

Inc.

20,467

3,128

Kaiser

Aluminum

Corporation

313,269

753

Kraton

Performance

Polymers,

Inc.

n

12,387

13,088

Louisiana-Pacific

Corporation

401,540

1,228

Martin

Marietta

Materials,

Inc.

323,946

2,097

Materion

Corporation

113,867

1,230

Minerals

Technologies,

Inc.

66,580

3,664

Myers

Industries,

Inc.

59,284

1,856

Neenah,

Inc.

123,684

1,396

Nucor

Corporation

66,296

5,326

Nutanix,

Inc.

n

172,935

385

Olympic

Steel,

Inc.

5,660

3,510

PPG

Industries,

Inc.

420,638

97

Quaker

Chemical

Corporation

16,104

545

Reliance

Steel

&

Aluminum

Company

62,566

428

RPM

International,

Inc.

30,546

1,921

Ryerson

Holding

Corporation

n

19,690

263

Schnitzer

Steel

Industries,

Inc.

4,229

328

Schweitzer-Mauduit

International,

Inc.

11,490

151

Sensient

Technologies

Corporation

9,022

553

Sherwin-Williams

Company

308,016

7,706

Steel

Dynamics,

Inc.

230,255

178

UFP

Technologies,

Inc.

n

8,300

1,782

United

States

Lime

&

Minerals,

Inc.

159,935

325

W.

R.

Grace

&

Company

21,892

336

Worthington

Industries,

Inc.

12,358

Total

4,688,831

Real

Estate

(0.7%)

9,232

Agree

Realty

Corporation

700,986

388

Alexandria

Real

Estate

Equities,

Inc.

63,322

4,266

American

Campus

Communities,

Inc.

195,681

218

American

Tower

Corporation

50,519

2,800

Apartment

Investment

&

Management

Company

147,588

6,018

Apple

Hospitality

REIT,

Inc.

90,390

864

Ares

Commercial

Real

Estate

Corporation

14,118

1,917

Armada

Hoffler

Properties,

Inc.

35,158

3,191

Ashford

Hospitality

Trust,

Inc.

7,850

479

BBX

Capital

Corporation

1,859

347

Bluerock

Residential

Growth

REIT,

Inc.

4,004

3,110

Brixmor

Property

Group,

Inc.

62,076

1,437

Camden

Property

Trust

161,562

248

CareTrust

REIT,

Inc.

5,501

5,337

CBL

&

Associates

Properties,

Inc.

4,483

5,862

Cedar

Realty

Trust,

Inc.

15,241

1,399

Chatham

Lodging

Trust

22,874

897

City

Office

REIT,

Inc.

12,127

989

Columbia

Property

Trust,

Inc.

20,868

754

Corepoint

Lodging,

Inc.

6,899

1,672

CoreSite

Realty

Corporation

196,376

666

CoStar

Group,

Inc.

n

434,891

5,686

Cousins

Properties,

Inc.

232,728

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Shares

Common

Stock

(10.8%)

Value

Real

Estate

(0.7%)

-

continued

3,769

DiamondRock

Hospitality

Company

$

36,446

306

Digital

Realty

Trust,

Inc.

37,635

2,528

Douglas

Emmett,

Inc.

104,912

1,438

Duke

Realty

Corporation

52,214

210

EastGroup

Properties,

Inc.

28,575

774

EPR

Properties

55,240

166

Equity

Lifestyle

Properties,

Inc.

12,076

4,771

Equity

Residential

396,375

5,405

Essential

Properties

Realty

Trust,

Inc.

149,232

32

Essex

Property

Trust,

Inc.

9,912

998

Farmland

Partners,

Inc.

6,467

6,030

First

Industrial

Realty

Trust,

Inc.

257,481

140

Four

Corners

Property

Trust,

Inc.

4,241

2,686

Franklin

Street

Properties

Corporation

20,414

2,086

Gaming

and

Leisure

Properties,

Inc.

98,574

456

Getty

Realty

Corporation

14,373

1,054

Gladstone

Commercial

Corporation

22,471

648

Global

Medical

REIT,

Inc.

9,461

1,394

Healthcare

Realty

Trust,

Inc.

50,268

2,139

Healthcare

Trust

of

America,

Inc.

68,512

683

Highwoods

Properties,

Inc.

34,225

3,304

Host

Hotels

&

Resorts,

Inc.

53,987

913

Hudson

Pacific

Properties,

Inc.

33,178

1,258

Industrial

Logistics

Properties

Trust

28,796

1,046

Innovative

Industrial

Properties,

Inc.

93,617

523

Investors

Real

Estate

Trust

38,545

725

Jones

Lang

LaSalle,

Inc.

123,120

4,871

Kilroy

Realty

Corporation

402,198

2,138

Kite

Realty

Group

Trust

36,774

593

Lamar

Advertising

Company

55,036

1,548

Lexington

Realty

Trust

17,136

300

Life

Storage,

Inc.

33,954

6,176

Medical

Properties

Trust,

Inc.

136,798

321

MGM

Growth

Properties

LLC

10,253

479

Monmouth

Real

Estate

Investment

Corporation

7,008

245

National

Health

Investors,

Inc.

20,673

1,801

National

Retail

Properties,

Inc.

100,856

10,558

National

Storage

Affiliates

Trust

360,556

1,203

Office

Properties

Income

Trust

40,938

472

Omega

Healthcare

Investors,

Inc.

19,800

753

One

Liberty

Properties,

Inc.

20,587

7,037

Physicians

Realty

Trust

136,166

1,605

PotlatchDeltic

Corporation

69,015

311

Preferred

Apartment

Communities,

Inc.

3,664

376

PS

Business

Parks,

Inc.

63,003

855

QTS

Realty

Trust,

Inc.

48,632

808

Rayonier,

Inc.

REIT

24,547

272

Retail

Opportunity

Investments

Corporation

4,507

3,774

Retail

Properties

of

America,

Inc.

45,854

129

RMR

Group,

Inc.

5,943

1,392

RPT

Realty

19,418

553

Ryman

Hospitality

Properties

47,022

5,096

Sabra

Health

Care

REIT,

Inc.

109,564

213

Saul

Centers,

Inc.

10,518

1,160

SBA

Communications

Corporation

289,490

7,678

Service

Properties

Trust

165,691

1,382

Spirit

Realty

Capital,

Inc.

72,942

174

St.

Joe

Company

k,n

3,656

427

STAG

Industrial,

Inc.

13,766

4,881

Store

Capital

Corporation

191,579

3,322

Summit

Hotel

Properties,

Inc.

36,841

1,406

Terreno

Realty

Corporation

80,508

Shares

Common

Stock

(10.8%)

Value

Real

Estate

(0.7%)

-

continued

810

UMH

Properties,

Inc.

$

12,798

5,424

Uniti

Group,

Inc.

34,334

91

Universal

Health

Realty

Income

Trust

11,225

807

Urstadt

Biddle

Properties,

Inc.

18,295

2,708

VICI

Properties,

Inc.

72,574

Total

7,181,567

Utilities

(0.1%)

962

Alliant

Energy

Corporation

57,104

1,131

Artesian

Resources

Corporation

42,661

217

Chesapeake

Utilities

Corporation

20,878

810

CMS

Energy

Corporation

55,493

860

Consolidated

Water

Company,

Ltd.

14,715

418

DTE

Energy

Company

55,431

539

Entergy

Corporation

70,889

2,225

Exelon

Corporation

105,888

744

IDACORP,

Inc.

83,469

361

Middlesex

Water

Company

23,559

2,162

New

Jersey

Resources

Corporation

89,334

1,534

NorthWestern

Corporation

118,072

476

Otter

Tail

Corporation

25,495

3,587

PNM

Resources,

Inc.

194,523

365

Public

Service

Enterprise

Group,

Inc.

21,608

445

Southwest

Gas

Holdings,

Inc.

33,602

1,439

Spire,

Inc.

121,336

603

Unitil

Corporation

37,199

Total

1,171,256

Total

Common

Stock

(cost

$89,210,140)

108,646,418

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

3,295,450

Thrivent

Cash

Management

Trust

3,295,450

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,295,450)

3,295,450

Shares

or

Principal

Amount

Short-Term

Investments

(

14.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,400,000

1.535%,

2/12/2020

o,p

1,399,458

800,000

1.570%,

2/26/2020

o,p

799,208

400,000

1.570%,

3/4/2020

o,p

399,480

500,000

1.500%,

3/11/2020

o,p

499,198

300,000

1.540%,

3/31/2020

o,p

299,259

900,000

1.550%,

4/7/2020

o,p

897,488

1,200,000

1.535%,

4/8/2020

o,p

1,196,598

Thrivent

Core

Short-Term

Reserve

Fund

14,325,664

1.900%

143,256,642

Total

Short-Term

Investments

(cost

$148,746,999)

148,747,331

Total

Investments

(cost

$986,953,373)

109.0%

$1,100,667,802

Other

Assets

and

Liabilities,

Net

(9.0%)

(90,676,135)

Total

Net

Assets

100.0%

$1,009,991,667

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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

loan

is

unfunded.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

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

January

31,

2020,

the

value

of

these

investments

was

$51,801,654

or

5.1%

of

total

net

assets.

h

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.

i

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

January

31,

2020.

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

All

or

a

portion

of

the

security

is

on

loan.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

In

bankruptcy.  Interest

is

not

being

accrued.

n

Non-income

producing

security.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

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

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

379,595

Common

Stock

2,795,153

Total

lending

$3,174,748

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,295,450

Net

amounts

due

to

counterparty

$120,702

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

ETF

-

Exchange

Traded

Fund

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

CMT

3M

-

Constant

Maturity

Treasury

Yield

3

Month

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Moderately

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,445,314

–

1,319,554

125,760

Capital

Goods

2,010,202

–

2,010,202

–

Communications

Services

3,710,991

–

3,710,991

–

Consumer

Cyclical

3,666,541

–

3,289,721

376,820

Consumer

Non-Cyclical

4,717,206

–

4,717,206

–

Energy

1,394,846

–

1,287,038

107,808

Financials

2,131,184

–

2,131,184

–

Technology

1,640,732

–

1,640,732

–

Utilities

307,035

–

307,035

–

Long-Term

Fixed

Income

Asset-Backed

Securities

16,732,410

–

16,732,410

–

Basic

Materials

3,793,623

–

3,793,623

–

Capital

Goods

6,700,834

–

6,700,834

–

Collateralized

Mortgage

Obligations

13,100,832

–

13,100,832

–

Commercial

Mortgage-Backed

Securities

6,266,561

–

6,266,561

–

Communications

Services

13,145,442

–

13,145,442

–

Consumer

Cyclical

9,409,755

–

9,409,755

–

Consumer

Non-Cyclical

16,502,115

–

16,502,115

–

Energy

13,033,484

–

13,033,484

–

Financials

32,236,959

–

32,236,959

–

Mortgage-Backed

Securities

133,613,782

–

133,613,782

–

Technology

8,102,116

–

8,102,116

–

Transportation

2,341,008

–

2,341,008

–

U.S.

Government

&

Agencies

136,904,574

–

136,904,574

–

Utilities

10,368,365

–

10,368,365

–

Registered

Investment

Companies

Unaffiliated

11,618,419

11,618,419

–

–

Affiliated

315,661,605

315,661,605

–

–

Common

Stock

Communications

Services

2,899,466

2,899,466

–

–

Consumer

Discretionary

9,770,492

9,770,492

–

–

Consumer

Staples

4,652,571

4,652,571

–

–

Energy

2,670,886

2,670,886

–

–

Financials

18,496,549

18,414,570

81,979

–

Health

Care

15,701,094

15,701,094

–

–

Industrials

17,149,521

17,149,521

–

–

Information

Technology

24,264,185

24,211,762

52,423

–

Materials^

4,688,831

4,688,831

–

0

Real

Estate

7,181,567

7,181,567

–

–

Utilities

1,171,256

1,171,256

–

–

Short-Term

Investments

5,490,689

–

5,490,689

–

Subtotal

Investments

in

Securities

$884,693,042

$435,792,040

$448,290,614

$610,388

Other

Investments  *

Total

Affiliated

Short-Term

Investments

143,256,642

Affiliated

Registered

Investment

Companies

69,422,668

Collateral

Held

for

Securities

Loaned

3,295,450

Subtotal

Other

Investments

$215,974,760

Total

Investments

at

Value

$1,100,667,802

*

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

this

table

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.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

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

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

2,197,402

2,197,402

–

–

Total

Asset

Derivatives

$2,197,402

$2,197,402

$–

$–

Liability

Derivatives

Futures

Contracts

2,084,100

2,084,100

–

–

Total

Liability

Derivatives

$2,084,100

$2,084,100

$–

$–

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$5,490,689

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

2-Yr.

U.S.

Treasury

Note

30

March

2020

$

6,470,249

$

20,533

CBOT

5-Yr.

U.S.

Treasury

Note

51

March

2020

6,072,347

63,989

CBOT

U.S.

Long

Bond

166

March

2020

26,413,996

732,191

CME

E-mini

S&P

500

Index

87

March

2020

13,794,585

229,815

CME

Euro

Foreign

Exchange

Currency

85

March

2020

11,867,325

(

53,918)

Eurex

Euro

STOXX

50

Index

288

March

2020

11,932,227

(

379,265)

ICE

mini

MSCI

EAFE

Index

51

March

2020

5,184,676

(

144,601)

ICE

US

mini

MSCI

Emerging

Markets

Index

513

March

2020

28,231,032

(

1,295,967)

Ultra

10-Yr.

U.S.

Treasury

Note

22

March

2020

3,146,758

57,679

Total

Futures

Long

Contracts

$

113,113,195

(

$

769,544)

CBOT

10-Yr.

U.S.

Treasury

Note

(56)

March

2020

(

$

7,286,773)

(

$

85,977)

CME

E-mini

Russell

2000

Index

(503)

March

2020

(

41,483,588)

873,883

CME

E-mini

S&P

Mid-Cap

400

Index

(75)

March

2020

(

15,271,812)

219,312

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(18)

March

2020

(

3,362,003)

(

124,372)

Total

Futures

Short

Contracts

(

$

67,404,176)

$882,846

Total

Futures

Contracts

$

45,709,019

$113,302

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

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

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$27,996

$1,130

$–

$30,005

2,962

2.9%

Core

International

Equity

9,032

352

–

9,247

969

0.9

Core

Low

Volatility

Equity

18,964

10,979

–

30,171

2,477

3.0

Global

Stock,

Class

S

1,379

169

–

1,441

59

0.1

High

Yield,

Class

S

23,748

318

–

24,267

5,087

2.4

Income,

Class

S

75,412

924

–

77,536

7,993

7.7

International

Allocation,

Class

S

39,325

1,015

–

40,121

3,941

4.0

Large

Cap

Growth,

Class

S

35,384

1,729

–

39,265

2,896

3.9

Large

Cap

Value,

Class

S

67,204

1,298

–

68,815

3,016

6.8

Limited

Maturity

Bond,

Class

S

39,988

245

–

40,393

3,213

4.0

Mid

Cap

Stock,

Class

S

18,250

523

–

18,914

692

1.9

Small

Cap

Stock,

Class

S

4,776

410

–

4,910

213

0.5

Total

Affiliated

Registered

Investment

Companies

361,458

385,085

38.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

168,446

48,343

73,532

143,257

14,326

14.2

Total

Affiliated

Short-Term

Investments

168,446

143,257

14.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,157

16,445

15,307

3,295

3,295

0.3

Total

Collateral

Held

for

Securities

Loaned

2,157

3,295

0.3

Total

Value

$532,061

$531,637

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$879

$–

$324

Core

International

Equity

–

(137)

–

352

Core

Low

Volatility

Equity

Fund

–

227

596

383

Global

Stock,

Class

S

–

(107)

145

23

High

Yield,

Class

S

–

201

–

318

Income,

Class

S

–

1,200

347

577

International

Allocation,

Class

S

–

(218)

–

1,015

Large

Cap

Growth,

Class

S

–

2,152

1,729

–

Large

Cap

Value,

Class

S

–

313

–

1,298

Limited

Maturity

Bond,

Class

S

–

161

–

244

Mid

Cap

Stock,

Class

S

–

141

451

72

Small

Cap

Stock,

Class

S

–

(277)

387

23

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

1

749

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5,378

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

$–

$4,535

$3,656

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Principal

Amount

Long-Term

Fixed

Income

(

98.6%

)

Value

Alabama

(0.3%)

Auburn

University,

AL

General

Fee

Rev.

Refg.

$

1,000,000

5.000%,

6/1/2032,

Ser.

A

$

1,189,460

1,250,000

5.000%,

6/1/2033,

Ser.

A

1,484,200

UAB

Medicine

Finance

Auth.

Rev.

2,000,000

5.000%,

9/1/2041,

Ser.

B2

2,404,600

Total

5,078,260

Alaska

(<0.1%)

Valdez,

AK

Marine

Terminal

Rev.

(Exxon

Pipeline

Company)

200,000

1.190%,

10/1/2025

a

200,000

Total

200,000

Arizona

(1.1%)

Arizona

Board

of

Regents

State

University

System

Rev.

1,000,000

5.000%,

7/1/2042,

Ser.

B

1,205,310

Arizona

Board

of

Regents

State

University

System

Rev.

Refg.

750,000

5.000%,

7/1/2042,

Ser.

B

920,737

Arizona

State

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Fire

Mesa

and

Red

Rock

Campus)

800,000

5.000%,

7/15/2039,

Ser.

A

b

893,608

Arizona

State

Transportation

Board

Highway

Rev.

1,500,000

5.000%,

7/1/2036,

Ser.

A

c

1,586,295

Glendale,

AZ

Industrial

Development

Auth.

Rev.

(Midwestern

University)

2,515,000

5.000%,

5/15/2031

2,728,775

Northern

Arizona

University

Refg.

C.O.P.

1,000,000

5.000%,

9/1/2022

1,097,910

Northern

Arizona

University

Refg.

Rev.

1,180,000

5.000%,

6/1/2036,

Ser.

A

1,406,879

750,000

5.000%,

6/1/2037,

Ser.

A

890,625

320,000

5.000%,

6/1/2038,

Ser.

A

378,784

Phoenix,

AZ

Civic

Improvement

Corporation

Airport

Rev.

2,000,000

5.000%,

7/1/2047,

Ser.

A,

AMT

2,380,460

Phoenix-Mesa

Gateway

Airport

Auth.

Special

Fac.

Rev.

1,450,000

5.000%,

7/1/2038,

AMT

1,557,430

Student

&

Academic

Services,

LLC

Northern

AZ

Capital

Fac.

Lease

Rev.

(BAM

Insured)

750,000

5.000%,

6/1/2039

d

852,848

Yavapai

County,

AZ

Industrial

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Yavapai

Regional

Medical

Center)

500,000

5.000%,

8/1/2036

594,955

725,000

5.000%,

8/1/2039

906,265

Total

17,400,881

Arkansas

(0.4%)

University

of

Arkansas

Rev.

Refg.

900,000

5.000%,

11/1/2037,

Ser.

A

1,090,449

1,300,000

5.000%,

11/1/2046,

Ser.

A

1,549,834

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Arkansas

(0.4%)

-

continued

University

of

Arkansas

Rev.

Refg.

Various

Fac.

Rev.

(Pine

Bluff

Campus)

$

650,000

5.000%,

12/1/2029,

Ser.

A

$

760,656

University

of

Arkansas

Rev.

Various

Fac.

(Fayetteville

Campus)

1,135,000

5.000%,

11/1/2039,

Ser.

A

1,303,128

825,000

5.000%,

11/1/2041,

Ser.

A

945,524

Total

5,649,591

California

(10.1%)

Anaheim

Public

Financing

Auth.

Lease

Rev.

(Anaheim

Public

Improvements)

(AGM

Insured)

3,950,000

6.000%,

9/1/2024,

Ser.

A

d

4,530,215

Beverly

Hills

Unified

School

District,

Los

Angeles

County,

CA

G.O.

(2008

Election)

10,000,000

Zero

Coupon,

8/1/2031

8,285,400

California

Department

of

Water

Resources

Rev.

Refg.

(Central

Valley)

1,500,000

5.000%,

12/1/2031,

Ser.

AX

1,943,295

1,000,000

5.000%,

12/1/2032,

Ser.

AX

1,291,100

California

Educational

Fac.

Auth.

Rev.

(Stanford

University)

6,000,000

5.250%,

4/1/2040

9,384,180

8,300,000

5.000%,

5/1/2045,

Ser.

U-6

12,996,887

California

Health

Fac.

Financing

Auth.

Rev.

1,750,000

5.000%,

8/15/2055,

Ser.

B

2,062,305

6,225,000

5.000%,

11/15/2056,

Ser.

A

7,502,121

California

Infrastructure

and

Economic

Development

Bank

Rev.

(Bay

Area

Toll

Bridges

Seismic

Retrofit

Rev.)

(FGIC

Insured)

5,000,000

5.000%,

7/1/2025,

Ser.

A

c,d

6,145,050

California

Kindergarten

-

University

Public

Education

Fac.

G.O.

695,000

1.060%,

5/1/2034,

Ser.

A4

a

695,000

California

Municipal

Finance

Auth.

Refg.

Rev.

(Biola

University)

2,000,000

5.000%,

10/1/2042

2,209,000

California

Municipal

Finance

Auth.

Refg.

Rev.

(California

Lutheran

University)

275,000

5.000%,

10/1/2025

330,369

300,000

5.000%,

10/1/2026

368,421

California

Municipal

Finance

Auth.

Rev.

(LINXS

APM)

5,135,000

5.000%,

12/31/2043,

Ser.

A,

AMT

6,167,905

California

Various

Purpose

G.O.

10,000

5.250%,

4/1/2029

10,035

7,500,000

5.000%,

4/1/2032

10,613,475

500,000

5.000%,

4/1/2049

634,060

Chula

Vista

Industrial

Development

Rev.

Refg.

(San

Diego

Gas

&

Electric

Company)

2,010,000

5.875%,

2/15/2034,

Ser.

C

2,018,181

Foothill-De

Anza,

CA

Community

College

District

G.O.

5,000,000

5.000%,

8/1/2040,

Ser.

C

c

5,323,900

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

California

(10.1%)

-

continued

Golden

West

Schools

Financing

Auth.

Rev.

(NATL-RE

Insured)

$

420,000

5.800%,

2/1/2022,

Ser.

A

d

$

460,207

Los

Angeles,

CA

Department

of

Airports

Rev.

(Los

Angeles

International

Airport)

8,000,000

5.000%,

5/15/2040,

Ser.

A

8,092,720

3,000,000

5.000%,

5/15/2044,

Ser.

F,

AMT

3,742,140

Los

Angeles,

CA

Department

of

Water

&

Power

Rev.

7,000,000

5.000%,

7/1/2044,

Ser.

D

8,094,100

Pomona,

CA

Single

Family

Mortgage

Rev.

Refg.

(GNMA/FNMA/FHLMC

Collateralized)

1,330,000

7.600%,

5/1/2023,

Ser.

A

c,d

1,480,170

San

Bernardino,

CA

Single

Family

Mortgage

Rev.

Refg.

(GNMA

Collateralized)

475,000

7.500%,

5/1/2023,

Ser.

A

c,d

527,782

San

Diego

Unified

School

District

G.O.

10,000,000

6.000%,

7/1/2033,

Ser.

A

c

12,243,000

San

Francisco,

CA

City

&

County

Airport

Commission

Rev.

(San

Francisco

International

Airport)

4,000,000

5.500%,

5/1/2028,

Ser.

A,

AMT

4,581,760

7,825,000

5.000%,

5/1/2044,

Ser.

A,

AMT

8,878,323

5,700,000

5.000%,

5/1/2047,

Ser.

B

7,006,383

San

Jose,

CA

Redevelopment

Agency

Successor

Agency

Tax

Allocation

Refg.

6,000,000

5.000%,

8/1/2035,

Ser.

A

7,569,360

Santa

Monica

Community

College

District,

Los

Angeles

County,

CA

G.O.

5,000,000

Zero

Coupon,

8/1/2025,

Ser.

C

4,698,700

University

of

California

Limited

Rev.

Refg.

8,000,000

5.000%,

5/15/2032,

Ser.

I

9,622,800

Total

159,508,344

Colorado

(4.4%)

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Refg.

Rev.

(Pinnacle

Charter

School,

Inc.

K-8

Fac.)

200,000

5.000%,

6/1/2021

209,172

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

(Pinnacle

Charter

School,

Inc.

High

School)

3,000,000

5.125%,

12/1/2039

3,003,750

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

600,000

5.000%,

4/1/2038

723,960

475,000

5.000%,

4/1/2048

562,115

Colorado

Health

Fac.

Auth.

Hospital

Rev.

(Parkview

Medical

Center,

Inc.)

4,000,000

5.000%,

9/1/2046

4,626,200

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Colorado

(4.4%)

-

continued

Colorado

Health

Fac.

Auth.

Rev.

(Evangelical

Lutheran

Good

Samaritan

Society)

$

2,110,000

5.000%,

12/1/2024

c

$

2,309,100

500,000

5.625%,

6/1/2043

c

577,210

Colorado

High

Performance

Transportation

Enterprise

Rev.

6,300,000

5.000%,

12/31/2047

6,947,136

Colorado

School

of

Mines

Institutional

Enterprise

Rev.

1,740,000

5.000%,

12/1/2047,

Ser.

A

2,105,678

Colorado

State

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Sanford

Health)

1,550,000

5.000%,

11/1/2044,

Ser.

A

1,910,576

Colorado

State

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Valley

View

Hospital

Association)

500,000

5.000%,

5/15/2030,

Ser.

A

606,165

385,000

5.000%,

5/15/2031,

Ser.

A

463,571

300,000

5.000%,

5/15/2032,

Ser.

A

360,615

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

5,000,000

5.500%,

12/1/2030

c

5,185,150

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

Refg.

1,500,000

5.000%,

12/1/2034,

Ser.

A

b

1,834,530

Eagle

County,

CO

Air

Terminal

Corporation

Rev.

(Airport

Terminal)

1,000,000

5.000%,

5/1/2041,

Ser.

B,

AMT

1,173,660

Larimer

Weld

&

Boulder

County,

CO

G.O.

(Thompson

School

District)

1,500,000

5.000%,

12/15/2034

1,940,220

3,000,000

5.000%,

12/15/2035

3,869,580

Park

Creek,

CO

Metropolitan

District

Rev.

3,000,000

5.000%,

12/1/2041,

Ser.

A

3,466,290

2,250,000

5.000%,

12/1/2046,

Ser.

A

2,577,240

Park

Creek,

CO

Metropolitan

District

Rev.

Refg.

1,220,000

5.000%,

12/1/2022

1,345,062

1,000,000

5.000%,

12/1/2024

1,172,630

Plaza

Metropolitan

District

No.

1

Rev.

Refg.

(City

of

Lakewood)

1,000,000

5.000%,

12/1/2021

b

1,054,210

500,000

5.000%,

12/1/2022

b

538,130

University

of

Colorado

University

Enterprise

Rev.

3,250,000

5.000%,

6/1/2033,

Ser.

A

c

3,813,940

9,790,000

5.000%,

6/1/2033

c

10,326,688

3,000,000

5.000%,

6/1/2034,

Ser.

A

c

3,520,560

Weld

County,

CO

School

District

6

Greeley

G.O.

3,000,000

5.000%,

12/1/2044

3,826,770

Total

70,049,908

Connecticut

(0.2%)

Connecticut

State

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Sacred

Heart

University)

600,000

5.000%,

7/1/2042,

Ser.

I-1

723,156

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Connecticut

(0.2%)

-

continued

University

of

Connecticut

Rev.

$

1,500,000

5.000%,

11/1/2036,

Ser.

A

$

1,869,060

Total

2,592,216

Delaware

(0.1%)

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-Dover,

LLC

-

Delaware

State

University)

870,000

5.000%,

7/1/2040,

Ser.

A

990,356

500,000

5.000%,

7/1/2048,

Ser.

A

563,920

Total

1,554,276

District

of

Columbia

(1.6%)

District

of

Columbia

Water

&

Sewer

Auth.

Public

Utility

Rev.

13,715,000

5.000%,

10/1/2049,

Ser.

A

16,950,231

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

6,000,000

5.000%,

10/1/2038,

Ser.

A,

AMT

6,709,320

Metropolitan

Washington

DC

Airports

Auth.

Dulles

Toll

Road

Rev.

1,700,000

5.000%,

10/1/2047,

Ser.

B

2,111,332

Total

25,770,883

Florida

(4.1%)

Broward

County,

FL

Fuel

System

Rev.

(Fort

Lauderdale

Fuel

Fac.)

(AGM

Insured)

1,155,000

5.000%,

4/1/2021,

Ser.

A,

AMT

d

1,208,199

605,000

5.000%,

4/1/2022,

Ser.

A,

AMT

d

651,694

700,000

5.000%,

4/1/2025,

Ser.

A,

AMT

d

777,581

Broward

County,

FL

Water

and

Sewer

Utility

Rev.

Refg.

1,000,000

5.000%,

10/1/2030,

Ser.

A

1,211,960

1,500,000

5.000%,

10/1/2031,

Ser.

B

1,811,865

CityPlace

Community

Development

District

Special

Assessment

and

Rev.

2,000,000

5.000%,

5/1/2026

2,302,820

Florida

State

Higher

Educational

Fac.

Financial

Auth.

Educational

Rev.

(Ringling

College)

7,225,000

5.000%,

3/1/2042

8,422,616

Florida

State

Municipal

Power

Agency

Rev.

1,000,000

5.000%,

10/1/2030,

Ser.

B

1,200,410

840,000

5.000%,

10/1/2031,

Ser.

B

1,006,001

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

3,500,000

5.000%,

10/1/2049,

Ser.

A,

AMT

4,321,415

Gulf

Breeze,

FL

Rev.

Refg.

2,020,000

5.000%,

12/1/2033

2,085,852

Halifax

Hospital

Medical

Center

Rev.

755,000

5.000%,

6/1/2020

764,166

Jacksonville,

FL

Port

Auth.

Rev.

Refg.

2,545,000

5.000%,

11/1/2038,

Ser.

A,

AMT

2,759,187

Lee

Memorial

Health

System

Rev.

Refg.

1,000,000

5.000%,

4/1/2044,

Ser.

A-1

1,225,960

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Florida

(4.1%)

-

continued

Miami-Dade

County,

FL

Industrial

Development

Auth.

(Pinecrest

Academy,

Inc.)

$

1,500,000

5.250%,

9/15/2044

$

1,640,625

Miami-Dade

County,

FL

Public

Fac.

Rev.

(Jackson

Health

System)

5,000,000

5.000%,

6/1/2035,

Ser.

A

5,860,150

Osceola

County,

FL

Transportation

Rev.

Refg.

2,450,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

1,119,380

Palm

Beach

County

Health

Fac.

Auth.

Rev.

(Life

Communities,

Inc.)

2,000,000

5.000%,

11/15/2045,

Ser.

A

2,328,520

Palm

Beach

County

Health

Fac.

Auth.

Rev.

Refg.

(Lifespace

Communities,

Inc.)

3,000,000

5.000%,

5/15/2038,

Ser.

C

3,344,910

South

FL

Water

Management

District

C.O.P.

Refg.

4,000,000

5.000%,

10/1/2036

4,767,360

St.

Johns

County

Industrial

Development

Auth.

Rev.

(Presbyterian

Retirement

Communities)

6,490,000

5.875%,

8/1/2040,

Ser.

A

c

6,645,436

Tampa,

FL

Hospital

Rev.

Refg.

(H.

Lee

Moffitt

Cancer

Center)

5,000,000

5.000%,

7/1/2037,

Ser.

B

5,813,050

Volusia

County,

FL

Educational

Fac.

Auth.

Rev.

Refg.

(Embry-Riddle

Aeronautical

University,

Inc.)

3,000,000

5.000%,

10/15/2049,

Ser.

A

3,700,500

Total

64,969,657

Georgia

(1.0%)

Atlanta,

GA

Airport

General

Rev.

1,000,000

5.000%,

1/1/2033,

Ser.

C,

AMT

1,067,200

500,000

5.000%,

1/1/2034,

Ser.

C,

AMT

533,500

500,000

5.000%,

1/1/2037,

Ser.

C,

AMT

533,015

Atlanta,

GA

Airport

General

Rev.

Refg.

1,425,000

5.000%,

1/1/2033,

Ser.

B

1,626,637

Atlanta,

GA

Water

&

Wastewater

Rev.

Refg.

2,500,000

5.000%,

11/1/2031

2,996,350

Fulton

County,

GA

Development

Auth.

Rev.

(Georgia

Institute

of

Technology)

1,400,000

5.000%,

6/15/2044

1,758,400

Main

Street

Natural

Gas,

Inc.

Rev.

1,750,000

5.000%,

5/15/2028,

Ser.

A

2,174,235

1,920,000

5.000%,

5/15/2033,

Ser.

A

2,399,904

1,900,000

5.000%,

5/15/2034,

Ser.

A

2,367,894

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

293,918

Municipal

Electric

Auth.

of

Georgia

Rev.

Refg.

610,000

5.000%,

1/1/2035,

Ser.

A

694,845

Total

16,445,898

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Guam

(<0.1%)

Guam

Port

Auth.

Rev.

$

250,000

5.000%,

7/1/2048,

Ser.

A

$

298,900

Total

298,900

Hawaii

(1.5%)

Hawaii

Airports

System

Rev.

3,040,000

5.250%,

7/1/2030,

Ser.

A

3,090,707

Hawaii

State

Department

of

Budget

and

Finance

Special

Purpose

Senior

Living

Rev.

Refg.

1,000,000

5.125%,

11/15/2032

1,108,620

5,395,000

5.250%,

11/15/2037

5,968,704

Hawaii

State

Department

of

Transportation

Airport

Division

Lease

Rev.

C.O.P.

1,600,000

5.000%,

8/1/2028,

AMT

1,793,568

Hawaii

State

Harbor

System

Rev.

6,000,000

5.250%,

7/1/2030,

Ser.

A

6,104,820

Honolulu,

HI

City

&

County

Wastewater

System

Rev.

350,000

5.000%,

7/1/2036,

Ser.

A

423,486

Honolulu,

HI

City

&

County

Wastewater

System

Rev.

Refg.

4,505,000

5.000%,

7/1/2036,

Ser.

B

5,450,870

Total

23,940,775

Illinois

(8.0%)

Chicago

Metropolitan

Water

Reclamation

District

G.O.

Refg.

8,700,000

5.250%,

12/1/2032,

Ser.

C

12,031,752

Chicago,

IL

G.O.

Refg.

1,220,000

5.000%,

1/1/2023,

Ser.

C

1,361,764

2,780,000

5.000%,

1/1/2023,

Ser.

C

3,039,847

1,000,000

5.000%,

1/1/2027,

Ser.

A

1,191,040

Chicago,

IL

Midway

International

Airport

Rev.

1,120,000

5.000%,

1/1/2026,

Ser.

A,

AMT

1,278,480

Chicago,

IL

O'Hare

International

Airport

Rev.

1,000,000

5.000%,

1/1/2047,

Ser.

G,

AMT

1,170,300

1,000,000

5.000%,

1/1/2047,

Ser.

D,

AMT

1,170,300

Chicago,

IL

O'Hare

International

Airport

Rev.

Refg.

1,200,000

5.000%,

1/1/2029

1,418,148

5,000,000

5.000%,

1/1/2048,

Ser.

B

6,146,600

Illinois

Finance

Auth.

Multifamily

Housing

Rev.

(Better

Housing

Foundation

Blue

Station)

1,750,000

5.000%,

12/1/2043,

Ser.

A-1

e

761,250

Illinois

Finance

Auth.

Rev.

(DePaul

University)

4,075,000

6.000%,

10/1/2032,

Ser.

A

c

4,311,920

1,000,000

5.000%,

10/1/2041

1,184,730

Illinois

Finance

Auth.

Rev.

(Rush

University

Medical

Center)

1,000,000

5.000%,

11/15/2027,

Ser.

A

1,188,360

Illinois

Finance

Auth.

Rev.

(The

Art

Institute

of

Chicago)

3,510,000

5.000%,

3/1/2034

3,772,548

20,000

5.000%,

3/1/2034

c

21,665

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Illinois

(8.0%)

-

continued

Illinois

Finance

Auth.

Rev.

Refg.

(Northwestern

Memorial

Healthcare)

$

4,000,000

5.000%,

7/15/2042,

Ser.

A

$

4,859,440

Illinois

Finance

Auth.

Rev.

Refg.

(Rosalind

Franklin

University)

1,750,000

5.000%,

8/1/2042,

Ser.

A

2,025,607

2,100,000

5.000%,

8/1/2047,

Ser.

A

2,415,882

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

500,000

5.000%,

2/15/2032,

Ser.

A

588,210

2,885,000

5.000%,

2/15/2037

3,351,620

1,000,000

5.000%,

2/15/2047,

Ser.

A

1,139,710

Illinois

G.O.

7,000,000

5.000%,

11/1/2023,

Ser.

D

7,786,450

7,000,000

5.000%,

6/1/2024

7,906,990

5,000,000

5.000%,

3/1/2027

5,313,200

1,500,000

5.500%,

7/1/2033

1,655,700

1,750,000

5.500%,

7/1/2038

1,929,743

Illinois

G.O.

Refg.

1,500,000

5.000%,

10/1/2021,

Ser.

B

1,583,865

Illinois

State

Toll

Highway

Auth.

Rev.

5,400,000

5.000%,

1/1/2044,

Ser.

A

6,757,344

Illinois

State

Toll

Highway

Auth.

Senior

Rev.

5,000,000

5.000%,

1/1/2031,

Ser.

A

6,425,100

Metropolitan

Pier

and

Exposition

Auth.,

IL

Refg.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

17,605,000

Zero

Coupon,

6/15/2020,

Ser.

A

d

17,519,616

3,100,000

Zero

Coupon,

6/15/2024,

Ser.

A

d

2,873,421

2,000,000

Zero

Coupon,

12/15/2024,

Ser.

A

d

1,833,320

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

10,100,000

Zero

Coupon,

6/15/2035,

Ser.

A

d

6,561,970

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

2,000,000

Zero

Coupon,

12/15/2047,

Ser.

B

f

1,598,820

Regional

Transportation

Auth.,

Cook,

DuPage,

Kane,

Lake,

McHenry

and

Will

Counties,

IL

Rev.

(NATL-RE

Insured)

765,000

6.700%,

11/1/2021,

Ser.

A

d

817,272

Will

County,

IL

Forest

Preserve

District

L.T.G.O.

700,000

5.000%,

12/15/2036

884,107

Total

125,876,091

Indiana

(1.3%)

Indiana

Municipal

Power

Agency

Power

Supply

System

Rev.

1,750,000

5.250%,

1/1/2034,

Ser.

A

c

2,008,125

4,155,000

5.000%,

1/1/2042,

Ser.

A

c

4,397,070

Knox

County,

IN

Economic

Development

Rev.

Refg.

(Good

Samaritan

Hospital)

2,850,000

5.000%,

4/1/2037,

Ser.

A

2,953,255

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Indiana

(1.3%)

-

continued

$

4,965,000

5.000%,

4/1/2042,

Ser.

A

$

5,115,440

Purdue

 University,

 IN 

Rev.

 Refg.

1,500,000

5.000%,

7/1/2028,

Ser.

A

1,787,700

Saint

Joseph

County,

IN

Economic

Development

Rev.

(Saint

Mary's

College)

3,705,000

5.000%,

4/1/2043,

Ser.

2019

4,557,484

Total

20,819,074

Iowa

(2.0%)

Ames,

IA

Rev.

Refg.

(Mary

Greeley

Medical

Center)

4,430,000

5.000%,

6/15/2032

5,276,706

Des

Moines,

IA

Airport

Auth.

Rev.

Refg.

1,205,000

5.000%,

6/1/2024,

AMT

1,309,389

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

5,195,000

5.000%,

5/15/2041,

Ser.

A

5,830,816

1,500,000

5.000%,

5/15/2043,

Ser.

A

1,702,215

Iowa

Finance

Auth.

Rev.

(Northcrest

Inc.)

1,500,000

5.000%,

3/1/2048,

Ser.

A

1,633,410

Iowa

Finance

Auth.

Rev.

Refg.

8,100,000

5.000%,

8/1/2036

10,122,165

3,000,000

5.000%,

8/1/2042

3,680,190

Iowa

Finance

Auth.

Senior

Housing

Rev.

(PHS

Council

Bluffs,

Inc.)

1,355,000

5.125%,

8/1/2048

1,436,490

Total

30,991,381

Kansas

(0.9%)

Kansas

Development

Finance

Auth.

Rev.

3,575,000

5.000%,

5/15/2030,

Ser.

S

3,604,136

Kansas

Turnpike

Auth.

Rev.

Refg.

1,000,000

5.000%,

9/1/2037,

Ser.

A

1,300,840

750,000

5.000%,

9/1/2038,

Ser.

A

971,550

Lenexa,

KS

Health

Care

Fac.

Rev.

Refg.

(Lakeview

Village,

Inc.)

2,750,000

5.000%,

5/15/2039,

Ser.

A

3,101,615

University

of

Kansas

Hospital

Auth.

Refg.

Rev.

4,635,000

5.000%,

3/1/2047,

Ser.

A

5,507,632

Total

14,485,773

Kentucky

(0.6%)

Kentucky

State

Turnpike

Auth.

Economic

Development

Road

Rev.

5,000,000

5.000%,

7/1/2028,

Ser.

A

c

5,488,550

Paducah,

KY

Electric

Plant

Board

Rev.

(AGM

Insured)

750,000

5.000%,

10/1/2035,

Ser.

A

d

889,702

Pikeville,

KY

Hospital

Rev.

(Pikeville

Medical

Center,

Inc.)

3,540,000

6.500%,

3/1/2041

3,701,920

Total

10,080,172

Louisiana

(1.9%)

Alexandria,

LA

Utilities

Rev.

5,000,000

5.000%,

5/1/2043,

Ser.

A

5,541,800

East

Baton

Rouge,

LA

Pollution

Control

Rev.

Refg.

(ExxonMobil)

200,000

1.190%,

3/1/2022

a

200,000

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Louisiana

(1.9%)

-

continued

Lafayette

Public

Power

Auth.

Electric

Rev.

$

375,000

5.000%,

11/1/2022

$

415,117

1,520,000

5.000%,

11/1/2031

1,677,822

Louisiana

Local

Government

Environmental

Fac.

&

Community

Development

Auth.

East

Baton

Rouge

Sewer

Rev.

4,900,000

5.000%,

2/1/2035,

Ser.

A

5,422,340

Louisiana

State

Public

Fac.

Auth.

Rev.

(University

of

New

Orleans

Research

&

Technology

Foundation,

Inc.

Student

Housing)

(AGM

Insured)

1,355,000

5.000%,

9/1/2030

d

1,566,692

800,000

5.000%,

9/1/2031

d

923,872

New

Orleans,

LA

Aviation

Board

Rev.

2,500,000

5.000%,

1/1/2040,

Ser.

B,

AMT

2,850,550

750,000

5.000%,

1/1/2048,

Ser.

B,

AMT

874,657

New

Orleans,

LA

G.O.

Refg.

750,000

5.000%,

12/1/2026

906,832

850,000

5.000%,

12/1/2027

1,023,162

350,000

5.000%,

12/1/2029

418,856

Port

of

New

Orleans

Board

of

Commissioners

Port

Fac.

Refg.

Rev.

1,365,000

5.000%,

4/1/2030,

Ser.

B,

AMT

1,501,664

1,500,000

5.000%,

4/1/2031,

Ser.

B,

AMT

1,647,090

525,000

5.000%,

4/1/2033,

Ser.

B,

AMT

575,195

Port

of

New

Orleans

Board

of

Commissioners

Port

Fac.

Refg.

Rev.

(AGM

Insured)

1,500,000

5.000%,

4/1/2043,

Ser.

B,

AMT

d

1,790,295

St.

Tammany

Parish

LA

Utilities

Rev.

2,000,000

5.500%,

8/1/2035,

Ser.

B

c

2,044,720

Total

29,380,664

Maryland

(0.2%)

Baltimore

County,

MD

Rev.

Refg.

(Oak

Crest

Village,

Inc.

Fac.)

2,000,000

4.000%,

1/1/2050

2,242,040

Maryland

Health

&

Higher

Educational

Fac.

Auth.

Rev.

(Loyola

University)

1,000,000

5.000%,

10/1/2045

1,133,710

Total

3,375,750

Massachusetts

(4.7%)

Massachusetts

Bay

Transportation

Auth.

Sales

Tax

Rev.

(NATL-RE

Insured)

5,000,000

5.500%,

7/1/2025,

Ser.

B

d

6,219,300

Massachusetts

Development

Finance

Agency

Rev.

(Dana-Farber

Cancer

Institute)

6,500,000

5.000%,

12/1/2046,

Ser.

N

7,698,925

Massachusetts

Development

Finance

Agency

Rev.

(Northeastern

University)

750,000

5.000%,

10/1/2031

821,820

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Massachusetts

(4.7%)

-

continued

Massachusetts

Development

Finance

Agency

Rev.

(Wellesley

College)

$

3,000,000

5.000%,

7/1/2042,

Ser.

J

$

3,273,960

Massachusetts

G.O.

11,125,000

5.000%,

9/1/2048,

Ser.

E

13,773,974

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Massachusetts

Institute

of

Technology)

15,295,000

5.250%,

7/1/2033,

Ser.

L

22,181,421

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Tufts

University)

5,400,000

5.500%,

2/15/2028,

Ser.

M

7,207,812

Massachusetts

Health

and

Educational

Fac.

Auth.

Rev.

(Tufts

University)

200,000

1.150%,

8/15/2040,

Ser.

N-1

a

200,000

Massachusetts

Port

Auth.

Rev.

8,300,000

5.000%,

7/1/2042,

Ser.

A,

AMT

8,988,651

University

of

Massachusetts

Building

Auth.

Rev.

Refg.

2,750,000

5.000%,

5/1/2038,

Ser.

2019-1

3,547,417

Total

73,913,280

Michigan

(2.5%)

East

Lansing

Building

Auth.,

Ingham

and

Clinton

Counties,

MI

Building

Auth.

Rev.

(G.O.

Limited

Tax)

445,000

5.700%,

4/1/2020

448,035

Grand

Valley,

MI

State

University

General

Rev.

Refg.

650,000

5.000%,

12/1/2029,

Ser.

B

760,325

Grand

Valley,

MI

State

University

Rev.

1,850,000

5.000%,

12/1/2031,

Ser.

A

2,178,579

Great

Lakes,

MI

Water

Auth.

Water

Supply

System

Rev.

10,000,000

5.000%,

7/1/2046,

Ser.

A

11,824,000

Kalamazoo

Hospital

Finance

Auth.

Rev.

(Bronson

Methodist

Hospital)

(AGM

Insured)

1,790,000

5.250%,

5/15/2036

d

1,811,587

Michigan

State

Finance

Auth.

Rev.

(Beaumont

Health

Credit

Group)

6,000,000

5.000%,

11/1/2044,

Ser.

A

6,940,560

Michigan

Strategic

Rev.

7,775,000

5.000%,

12/31/2043,

AMT

9,423,144

5,110,000

5.000%,

6/30/2048,

AMT

6,090,558

Total

39,476,788

Minnesota

(2.9%)

Apple

Valley,

MN

Senior

Housing

Rev.

Refg.

(PHS

Apple

Valley

Senior

Housing,

Inc.

-

Orchard

Path)

500,000

5.000%,

9/1/2043

541,040

Goodhue

County,

MN

Education

District

No.

6051

C.O.P.

250,000

5.000%,

2/1/2029

283,157

500,000

5.000%,

2/1/2034

562,795

750,000

5.000%,

2/1/2039

835,418

Ham

Lake,

MN

Charter

School

Lease

Rev.

(DaVinci

Academy

of

Arts

and

Science)

340,000

5.000%,

7/1/2036,

Ser.

A

364,466

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Minnesota

(2.9%)

-

continued

Minneapolis,

MN

Student

Housing

Rev.

(Riverton

Community

Housing)

$

500,000

5.000%,

8/1/2053

b

$

536,015

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(Augsburg

College)

1,000,000

5.000%,

5/1/2046,

Ser.

A

1,137,790

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

1,000,000

5.000%,

10/1/2040

1,261,850

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(Gustavus

Adolphus

College)

4,250,000

5.000%,

10/1/2047

5,043,348

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(St.

Catherine

University)

1,015,000

5.000%,

10/1/2045,

Ser.

A

1,199,253

Minnesota

Municipal

Power

Agency

Electric

Rev.

200,000

5.000%,

10/1/2029

233,724

150,000

5.000%,

10/1/2030

174,982

200,000

5.000%,

10/1/2032

232,562

175,000

5.000%,

10/1/2033

203,646

1,500,000

5.000%,

10/1/2047

1,781,805

North

Oaks,

MN

Senior

Housing

Rev.

Refg.

(Waverly

Gardens)

4,000,000

5.000%,

10/1/2047

4,418,560

Rochester,

MN

Health

Care

Fac.

Rev.

(Olmsted

Medical

Center)

1,000,000

5.875%,

7/1/2030

1,018,390

St.

Cloud,

MN

Health

Care

Rev.

Refg.

(CentraCare

Health

System)

125,000

5.125%,

5/1/2030,

Ser.

A

126,196

1,000,000

5.000%,

5/1/2046,

Ser.

A

1,173,650

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

1,275,000

5.000%,

7/1/2055,

Ser.

A

1,360,808

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Fac.

Rev.

Refg.

(HealthPartners

Obligated

Group)

5,945,000

5.000%,

7/1/2032,

Ser.

A

6,895,011

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Rev.

Refg.

(Fairview

Health

Services)

6,945,000

5.000%,

11/15/2047,

Ser.

A

8,336,361

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Rev.

Refg.

(Rossy

&

Richard

Shaller

Family

Sholom

East

Campus)

1,000,000

5.000%,

10/1/2043

1,046,140

University

of

Minnesota

Rev.

(State

Supported

Biomedical

Science

Research

Fac.

Funding)

1,655,000

5.000%,

8/1/2030,

Ser.

B

1,753,059

Wayzata,

MN

Senior

Housing

Rev.

Refg.

(Folkestone

Senior

Living

Community)

500,000

5.000%,

8/1/2049

556,075

Western

Minnesota

Municipal

Power

Agency

Rev.

1,000,000

5.000%,

1/1/2033,

Ser.

A

c

1,159,190

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Minnesota

(2.9%)

-

continued

$

1,000,000

5.000%,

1/1/2034,

Ser.

A

c

$

1,159,190

300,000

5.000%,

1/1/2035,

Ser.

A

c

347,757

1,000,000

5.000%,

1/1/2040,

Ser.

A

c

1,159,190

Winona,

MN

Health

Care

Fac.

Rev.

Refg.

(Winona

Health

Obligated

Group)

500,000

5.000%,

7/1/2034

517,225

Total

45,418,653

Mississippi

(0.3%)

D'Iberville

Tax

Increment

Refg.

(Gulf

Coast

Promenade)

1,750,000

5.000%,

4/1/2033

1,868,073

Mississippi

Development

Bank

G.O.

(Desoto

County

Highway

Construction)

3,180,000

5.000%,

1/1/2030

c

3,554,381

Total

5,422,454

Missouri

(0.5%)

Kansas

City,

MO

Industrial

Development

Auth.

Rev.

(Kansas

City

International

Airport

Terminal

Modernization)

1,800,000

5.000%,

3/1/2046,

Ser.

B,

AMT

2,195,910

Missouri

State

Health

and

Educational

Fac.

Auth.

Rev.

(Lake

Regional

Health

System)

925,000

5.000%,

2/15/2022

990,129

1,680,000

5.000%,

2/15/2034

1,775,945

St.

Louis,

MO

Airport

Rev.

(AGM

Insured)

1,000,000

5.000%,

7/1/2047,

Ser.

C

d

1,203,870

St.

Louis,

MO

Airport

Rev.

Refg.

(Lambert-St.

Louis

International

Airport)

1,000,000

5.000%,

7/1/2032,

AMT

1,082,470

Total

7,248,324

Montana

(0.1%)

Missoula,

MT

Water

Systems

Rev.

830,000

5.000%,

7/1/2038,

Ser.

A

1,040,355

800,000

5.000%,

7/1/2039,

Ser.

A

999,600

Total

2,039,955

Nebraska

(2.0%)

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital

Obligated

Group)

2,105,000

5.000%,

11/15/2047

2,469,207

Lincoln,

NE

Lincoln

Electric

System

Rev.

Refg.

2,500,000

5.000%,

9/1/2037

c

2,760,975

Nebraska

Public

Power

District

Rev.

1,325,000

5.000%,

1/1/2033,

Ser.

A

1,421,274

Omaha,

NE

Public

Power

District

Electric

Rev.

8,150,000

5.000%,

2/1/2045,

Ser.

A

9,409,990

Omaha,

NE

Public

Power

District

Electric

Rev.

Refg.

8,275,000

5.000%,

2/1/2042,

Ser.

A

10,204,482

Omaha,

NE

Sanitary

Sewerage

System

Rev.

1,340,000

5.000%,

11/15/2034

1,569,354

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Nebraska

(2.0%)

-

continued

University

of

Nebraska

Lincoln

Student

Fees

and

Fac.

Rev.

$

1,000,000

5.000%,

7/1/2037

c

$

1,077,590

University

of

Nebraska

Lincoln

Student

Fees

and

Fac.

Rev.

Refg.

3,050,000

5.000%,

7/1/2038

c

3,348,016

Total

32,260,888

Nevada

(0.4%)

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

1,500,000

5.000%,

9/1/2042,

Ser.

A

1,772,145

3,250,000

5.000%,

9/1/2047,

Ser.

A

3,811,405

Total

5,583,550

New

Hampshire

(0.5%)

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

5,000,000

5.000%,

8/1/2059,

Ser.

A

7,675,550

Total

7,675,550

New

Jersey

(1.7%)

New

Jersey

Economic

Development

Auth.

Rev.

4,350,000

5.000%,

6/15/2042,

Ser.

D

5,050,741

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

1,500,000

5.000%,

6/15/2026,

Ser.

A

1,576,125

1,000,000

5.250%,

6/15/2033,

Ser.

AA

1,157,700

1,645,000

5.250%,

6/15/2034,

Ser.

AA

1,901,801

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

Refg.

2,000,000

5.000%,

12/15/2039,

Ser.

A

2,433,440

Ocean

County,

NJ

Utilities

Auth.

Waste

Water

Rev.

(NATL-RE

Insured)

3,180,000

5.250%,

1/1/2025

d

3,826,240

Tobacco

Settlement

Financing

Corporation

Rev.

Refg.

8,950,000

5.250%,

6/1/2046,

Ser.

A

10,611,746

Total

26,557,793

New

York

(9.0%)

Buffalo

&

Erie

County,

NY

Industrial

Land

Development

Corporation

Rev.

1,500,000

5.000%,

8/1/2047,

Ser.

A

1,659,645

Hudson,

NY

Yards

Infrastructure

Corporation

Rev.

Refg.

2,000,000

5.000%,

2/15/2042,

Ser.

A

2,440,960

Metropolitan

Transportation

Auth.

NY

Rev.

Refg.

2,190,000

5.000%,

11/15/2035

2,759,531

Monroe

County

Industrial

Development

Corporation

Rev.

Refg.

(University

of

Rochester)

1,000,000

5.000%,

7/1/2030,

Ser.

D

1,272,190

1,550,000

5.000%,

7/1/2031,

Ser.

C

1,963,710

800,000

5.000%,

7/1/2031,

Ser.

D

1,013,528

New

York

City

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

100,000

1.180%,

6/15/2035,

Ser.

BB-2

a

100,000

8,000,000

5.000%,

6/15/2037,

Ser.

DD-1

10,094,560

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

New

York

(9.0%)

-

continued

$

2,150,000

5.375%,

6/15/2043

c

$

2,234,302

1,100,000

5.375%,

6/15/2043

1,141,668

12,000,000

5.000%,

6/15/2049,

Ser.

CC-1

15,203,640

New

York

City

Transitional

Finance

Auth.

Future

Tax

Secured

Rev.

15,000,000

5.000%,

11/1/2033,

Ser.

D-1

16,049,850

19,000,000

5.000%,

2/1/2043,

Ser.

A

23,004,060

New

York

State

Dormitory

Auth.

State

Personal

Income

Tax

Rev.

5,000,000

5.000%,

3/15/2039,

Ser.

C

5,740,800

New

York

State

Dormitory

Auth.

State

Personal

Income

Tax

Rev.

Refg.

8,330,000

5.000%,

2/15/2043,

Ser.

B

10,171,596

New

York

State

Liberty

Development

Corporation

Rev.

10,000,000

5.250%,

12/15/2043

10,773,600

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

)

775,000

5.000%,

1/1/2036,

AMT

941,896

New

York,

NY

G.O.

1,920,000

5.000%,

8/1/2032,

Ser.

A

2,243,424

310,000

1.180%,

4/1/2036,

Ser.

L-3

a

310,000

Port

Auth.

of

New

York

&

New

Jersey

Rev.

1,125,000

5.000%,

12/1/2024,

Ser.

178,

AMT

1,289,014

2,500,000

5.000%,

9/1/2035

2,911,375

2,500,000

5.000%,

9/1/2036

2,908,100

5,000,000

5.000%,

9/1/2039

5,793,450

Port

Auth.

of

New

York

&

New

Jersey

Rev.

Refg.

5,000,000

5.000%,

9/15/2034,

Ser.

207,

AMT

6,211,200

1,715,000

5.000%,

9/15/2048,

Ser.

207,

AMT

2,068,702

Triborough

NY

Bridge

&

Tunnel

Auth.

Rev.

2,550,000

5.000%,

11/15/2037,

Ser.

2008-B-3

3,065,814

1,000,000

5.250%,

11/15/2045,

Ser.

A

1,191,160

Triborough

NY

Bridge

&

Tunnel

Auth.

Rev.

(MTA

Bridges

and

Tunnels)

5,000,000

5.000%,

11/15/2049,

Ser.

A

6,240,150

Troy,

NY

Capital

Resource

Corporation

Rev.

Refg.

(Rensselaer

Polytecnic

Institute)

750,000

5.000%,

9/1/2039,

Ser.

A

g

939,608

Total

141,737,533

North

Carolina

(1.0%)

Appalachian

State

University

Rev.

2,510,000

5.000%,

5/1/2044

3,058,812

Charlotte,

NC,

Rev.

(Charlotte

Douglas

International

Airport)

1,500,000

5.000%,

7/1/2042,

Ser.

A

1,833,315

North

Carolina

Capital

Fac.

Finance

Agency

Rev.

Refg.

(Johnson

and

Wales

University)

1,000,000

5.000%,

4/1/2032

1,089,940

1,000,000

5.000%,

4/1/2033

1,088,660

North

Carolina

Eastern

Municipal

Power

Agency

Power

System

Rev.

1,475,000

6.000%,

1/1/2026,

Ser.

A

c

1,618,473

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

North

Carolina

(1.0%)

-

continued

North

Carolina

Turnpike

Auth.

(Triangle

Expressway

Auth.)

(AGM

Insured)

$

1,750,000

5.000%,

1/1/2049

d

$

2,162,125

Raleigh

Durham,

NC

Airport

Auth.

Rev.

4,895,000

5.000%,

5/1/2036,

Ser.

A

4,943,509

Total

15,794,834

North

Dakota

(0.4%)

North

Dakota

Public

Finance

Auth.

Rev.

(State

Revolving

Fund)

1,495,000

5.000%,

10/1/2031,

Ser.

A

1,593,640

University

of

North

Dakota

C.O.P.

(Infrastructure

Energy

Improvement)

3,775,000

5.000%,

4/1/2048,

Ser.

A

4,504,217

Total

6,097,857

Ohio

(5.7%)

American

Municipal

Power

Ohio,

Inc.

Rev.

(Greenup

Hydroelectric)

1,000,000

5.000%,

2/15/2041,

Ser.

A

1,172,260

AMP

Fremont

Energy

Center

Rev.

3,000,000

5.000%,

2/15/2037,

Ser.

B

3,212,460

Bowling

Green,

OH

State

University

Rev.

Ref.

500,000

4.000%,

6/1/2045,

Ser.

A

g

580,535

Buckeye,

OH

Tobacco

Settlement

Financing

Auth.

Rev.

16,105,000

5.125%,

6/1/2024,

Ser.

A-2

16,184,236

Cuyahoga

County,

OH

Sales

Tax

Rev.

1,000,000

5.000%,

12/1/2035

1,169,710

Franklin

County,

OH

Convention

Fac.

Auth.

Rev.

(Greater

Columbus

Convention

Center

Hotel)

1,785,000

5.000%,

12/1/2051

2,121,365

Kent

State

University

General

Receipts

Rev.

2,000,000

5.000%,

5/1/2029

2,446,380

1,500,000

5.000%,

5/1/2037,

Ser.

A

c

1,636,515

Lucas

County,

OH

Health

Care

System

Refg.

Rev.

(Sunset

Retirement

Communities)

1,360,000

5.125%,

8/15/2025

1,436,106

1,750,000

5.500%,

8/15/2030

1,848,280

Miami

University

OH

Rev.

1,600,000

5.000%,

9/1/2036

1,694,608

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Case

Western

Reserve

University)

390,000

6.500%,

10/1/2020,

Ser.

B

404,192

2,745,000

5.000%,

12/1/2028

3,211,870

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Dayton

University)

2,565,000

5.000%,

12/1/2035,

Ser.

A

2,972,271

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Kenyon

College)

3,025,000

5.000%,

7/1/2042

3,622,891

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(Kenyon

College)

1,505,000

5.250%,

7/1/2044

1,531,428

3,235,000

5.250%,

7/1/2044

c

3,291,806

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Ohio

(5.7%)

-

continued

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

$

2,400,000

5.000%,

3/1/2034

$

2,824,104

Ohio

Hospital

Rev.

(Cleveland

Clinic

Health

System

Obligated

Group)

5,000,000

5.000%,

1/1/2034

c

5,387,950

Ohio

Hospital

Rev.

Refg.

(University

Hospitals

Health

System,

Inc.)

4,000,000

5.000%,

1/15/2050,

Ser.

A

4,941,680

Ohio

State

Turnpike

Commission

Rev.

8,570,000

Zero

Coupon,

2/15/2034,

Ser.

A-4

f

10,077,206

Ohio

State

Turnpike

Commission

Rev.

Refg.

(NATL-RE

Insured)

10,000,000

5.500%,

2/15/2026,

Ser.

A

d

12,423,100

Toledo,

OH

Water

System

Rev.

and

Improvements

2,455,000

5.000%,

11/15/2036

2,987,637

Toledo,

OH

Water

System

Rev.

Refg.

and

Improvements

2,500,000

5.000%,

11/15/2038

2,784,600

Total

89,963,190

Oklahoma

(1.6%)

Grand

River,

OK

Dam

Authority

Rev.

7,815,000

5.000%,

6/1/2039,

Ser.

A

8,949,972

Oklahoma

Agricultural

and

Mechanical

Colleges

General

Rev.

3,000,000

5.000%,

8/1/2038,

Ser.

C

3,372,360

Oklahoma

State

Water

Resources

Board

Loan

Program

Rev.

2,005,000

5.000%,

10/1/2040,

Ser.

A

2,434,712

Oklahoma

Turnpike

Auth.

Rev.

500,000

5.000%,

1/1/2028,

Ser.

A

517,990

2,500,000

5.000%,

1/1/2042,

Ser.

A

2,946,525

5,665,000

5.000%,

1/1/2047,

Ser.

C

6,749,281

Total

24,970,840

Oregon

(1.1%)

Clackamas

County,

OR

School

District

3,500,000

5.000%,

6/15/2049,

Ser.

B

4,303,880

Multnomah

&

Clackamas

Counties

School

District

G.O.

520,000

Zero

Coupon,

6/15/2035,

Ser.

A

349,492

Port

of

Portland,

OR

Rev.

Refg.

(Portland

International

Airport)

1,025,000

5.000%,

7/1/2035,

Ser.

23

1,225,172

4,750,000

5.000%,

7/1/2044,

Ser.

25B,

AMT

5,856,180

Salem-Keizer

School

District

No.

24J,

Marion

and

Polk

Counties,

OR

G.O.

5,000,000

Zero

Coupon,

6/15/2028,

Ser.

B

4,388,500

Warm

Springs,

OR

Reservation

Confederated

Tribes

Hydroelectric

Rev.

Refg.

(Pelton-Round

Butte)

800,000

5.000%,

11/1/2039,

Ser.

B

b

951,592

Total

17,074,816

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Pennsylvania

(1.9%)

Allegheny

County,

PA

Hospital

Development

Auth.

Rev.

Refg.

(University

of

Pittsburgh

Medical

Center)

$

1,500,000

5.000%,

7/15/2034,

Ser.

A

$

1,923,555

Berks

County,

PA

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

Refg.

(Highlands

at

Wyomissing)

460,000

5.000%,

5/15/2043

519,961

410,000

5.000%,

5/15/2048

460,561

Cumberland

County,

PA

Municipal

Auth.

Rev.

(Diakon

Lutheran

Social

Ministries)

1,350,000

5.000%,

1/1/2038

1,495,274

Pennsylvania

Economic

Development

Financial

Auth.

Solid

Waste

Disposal

Rev.

(CarbonLite

P,

LLC)

2,875,000

5.750%,

6/1/2036,

AMT

b

3,102,844

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

3,000,000

5.000%,

12/1/2040,

Ser.

B

3,535,830

4,950,000

5.000%,

12/1/2046,

Ser.

A-1

5,864,859

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(AGM

Insured)

10,440,000

6.250%,

6/1/2033,

Ser.

C

d

13,376,354

Total

30,279,238

South

Carolina

(1.7%)

Beaufort-Jasper

Water

&

Sewer

Auth.

Rev.

Refg.

425,000

5.000%,

3/1/2025,

Ser.

B

511,288

Charleston

County,

SC

Airport

System

Rev.

6,215,000

5.500%,

7/1/2031,

Ser.

A,

AMT

7,036,872

Columbia,

SC

Waterworks

and

Sewer

System

Rev.

5,250,000

5.000%,

2/1/2049,

Ser.

A

6,551,737

Greenwood

County,

SC

Hospital

Fac.

Rev.

Refg.

(Self

Regional

Healthcare)

1,120,000

5.000%,

10/1/2024,

Ser.

B

1,210,429

2,890,000

5.000%,

10/1/2031,

Ser.

B

3,104,727

Piedmont,

SC

Municipal

Power

Agency

Electric

Rev.

Refg.

(NATL-RE

Insured)

4,000,000

6.250%,

1/1/2021

d

4,191,600

South

Carolina

Jobs

Economic

Development

Auth.

Refg.

(Life

Communities,

Inc.)

2,000,000

5.000%,

11/15/2047,

Ser.

C

2,324,720

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

1,460,000

5.000%,

4/1/2054,

Ser.

A

1,660,370

Total

26,591,743

South

Dakota

(0.2%)

South

Dakota

Board

Of

Regents

Housing  &

Auxiliary

Fac.

System

Rev.

1,000,000

5.000%,

4/1/2033,

Ser.

B

1,162,390

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

South

Dakota

(0.2%)

-

continued

South

Dakota

Health

&

Educational

Fac.

Auth.

Rev.

(Regional

Health)

$

1,000,000

5.000%,

9/1/2023

c

$

1,023,280

820,000

5.000%,

9/1/2025

c

839,090

Total

3,024,760

Tennessee

(0.2%)

Tennessee

State

School

Bond

Auth.

Rev.

(2nd

Program)

500,000

5.000%,

11/1/2031

587,640

450,000

5.000%,

11/1/2032

527,967

1,275,000

5.000%,

11/1/2034

1,492,056

250,000

5.000%,

11/1/2036

291,557

Total

2,899,220

Texas

(9.3%)

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(IDEA

Public

Schools)

1,000,000

5.000%,

8/15/2042

1,072,180

2,000,000

6.000%,

8/15/2043

2,286,280

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(IDEA

Public

Schools)

(PSF-GTD

Insured)

1,000,000

5.000%,

8/15/2036,

Ser.

A

d

1,203,140

4,605,000

5.000%,

8/15/2039

d

5,242,332

2,000,000

5.000%,

8/15/2046,

Ser.

A

d

2,354,900

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Uplift

Education)

4,000,000

6.250%,

12/1/2045,

Ser.

A

c

4,172,360

Dallas

and

Fort

Worth,

TX

International

Airport

Rev.

Refg.

4,000,000

5.250%,

11/1/2033,

Ser.

F

4,586,840

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Brazos

Presbyterian

Homes)

2,000,000

5.000%,

1/1/2037

2,214,840

Houston,

TX

Water

and

Sewer

System

Rev.

Refg.

(AGM

Insured)

10,000,000

5.750%,

12/1/2032,

Ser.

A

c,d

15,120,200

Irving,

TX

Rev.

Refg.

1,325,000

5.000%,

8/15/2043

1,602,190

Lake

Travis

Independent

School

District

G.O.

Refg.

(PSF-GTD

Insured)

1,000,000

5.000%,

2/15/2031

d

1,242,680

Lower

Colorado

River,

TX

Auth.

Rev.

Refg.

(LCRA

Transmission

Services

Corporation)

1,000,000

5.000%,

5/15/2044

1,201,710

New

Hope

Cultural

Education

Facilities

Corporation,

TX

Student

Housing

Rev.

(Collegiate

Housing

College

Station

I

LLC

-

Texas

A&M

University)

1,000,000

5.000%,

4/1/2029,

Ser.

A

1,101,340

North

East

Independent

School

District,

Bexar

County,

TX

G.O.

Unlimited

Tax

Refg.

(PSF-GTD

Insured)

5,000,000

5.250%,

2/1/2028

d

6,540,800

2,000,000

5.250%,

2/1/2029

d

2,678,420

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Texas

(9.3%)

-

continued

North

Texas

Education

Finance

Corporation

Education

Rev.

(Uplift

Education)

$

4,500,000

5.125%,

12/1/2042,

Ser.

A

c

$

4,926,555

North

Texas

Tollway

Auth.

System

Rev.

Refg.

5,000,000

5.000%,

1/1/2042,

Ser.

B

5,332,100

North

Texas

Tollway

Auth.

System

Rev.

Refg.

(AGC

Insured)

5,000,000

Zero

Coupon,

1/1/2028,

Ser.

D

d

4,412,000

North

Texas

Tollway

Auth.

System 

Rev.

15,000,000

5.000%,

9/1/2030,

Ser.

D

c

15,952,200

Northwest

Independent

School

District

G.O.

(Denton,

Tarrant

and

Wise

Counties,

TX)

(PSF-GTD

Insured)

5,705,000

5.000%,

2/15/2038

d

6,525,664

Port

Freeport

TX

Senior

Lien

Rev.

3,700,000

5.000%,

6/1/2049,

Ser.

A,

AMT

4,440,259

Red

River

Education

Finance

Corporation

Rev.

(St.

Edwards

University)

2,130,000

5.000%,

6/1/2046

2,405,665

San

Antonio

Water

System

Rev.

7,875,000

5.000%,

5/15/2039,

Ser.

A

9,821,857

San

Juan

Higher

Education

Finance

Auth.

Education

Rev.

(IDEA

Public

Schools)

2,000,000

6.700%,

8/15/2040,

Ser.

A

c

2,060,160

Socorro,

TX

Independent

School

District

G.O.

(PSF-GTD

Insured)

1,925,000

5.000%,

8/15/2034

c,d

1,966,888

75,000

5.000%,

8/15/2034

d

76,575

Southwest

TX

Higher

Education

Auth.

Rev.

(Southern

Methodist

University)

1,700,000

5.000%,

10/1/2041

c

1,745,849

Southwest

TX

Higher

Education

Auth.

Rev.

Refg.

(Southern

Methodist

University)

600,000

5.000%,

10/1/2039

736,818

600,000

5.000%,

10/1/2040

735,126

700,000

5.000%,

10/1/2041

855,057

Tarrant

County

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Hendrick

Medical

Center)

2,640,000

5.000%,

9/1/2030

3,014,722

Tarrant

County

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

765,000

5.000%,

10/1/2044,

Ser.

A-1

836,374

Texas

G.O.

Refg.

13,940,000

5.000%,

10/1/2044,

Ser.

A

16,184,201

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

10,000,000

5.000%,

6/30/2058,

AMT

11,835,100

Total

146,483,382

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Utah

(1.7%)

Jordan

Valley,

UT

Water

Conservancy

District

Rev.

$

3,420,000

5.000%,

10/1/2044,

Ser.

A

$

4,263,817

3,000,000

5.000%,

10/1/2049,

Ser.

A

3,709,830

Orem,

UT

G.O.

6,880,000

5.000%,

12/1/2046

8,563,467

Salt

Lake

City,

UT

Airport

Rev.

1,000,000

5.000%,

7/1/2042,

Ser.

A,

AMT

1,196,890

1,000,000

5.250%,

7/1/2048,

Ser.

A,

AMT

1,229,900

Utah

Charter

School

Finance

Auth.

Rev.

(North

Davis

Preparatory)

1,000,000

6.250%,

7/15/2030

1,016,600

Utah

Charter

School

Finance

Auth.

Rev.

(Utah

Charter

Academies)

800,000

5.000%,

10/15/2048

952,120

Utah

County,

UT

Hospital

Rev.

(IHC

Health

Services,

Inc.)

3,175,000

5.000%,

5/15/2043

3,318,287

1,610,000

5.000%,

5/15/2045,

Ser.

A

1,812,023

Total

26,062,934

Vermont

(0.3%)

Vermont

Educational

&

Health

Buildings

Financing

Agency

Rev.

Refg.

(University

of

Vermont

Medical

Center)

3,000,000

5.000%,

12/1/2035,

Ser.

A

3,580,440

1,000,000

5.000%,

12/1/2036,

Ser.

A

1,190,420

Total

4,770,860

Virginia

(3.0%)

Fairfax

County,

VA

Industrial

Development

Auth.

Health

Care

Rev.

(Inova

Health

System)

2,405,000

5.000%,

5/15/2044,

Ser.

A

2,712,407

Virginia

Commonwealth

Transportation

Board

Rev.

10,000,000

5.000%,

5/15/2034

c

10,529,900

Virginia

Small

Business

Financing

Auth.

Rev.

(95

Express

Lanes,

LLC)

1,250,000

5.000%,

7/1/2049,

AMT

1,325,663

Virginia

Small

Business

Financing

Auth.

Rev.

(Elizabeth

River

Crossings

Opco,

LLC)

8,910,000

6.000%,

1/1/2037,

AMT

9,827,997

1,800,000

5.500%,

1/1/2042,

AMT

1,954,026

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

610,000

5.000%,

12/31/2047,

AMT

711,157

6,575,000

5.000%,

12/31/2049,

AMT

7,650,867

10,610,000

5.000%,

12/31/2052,

AMT

12,322,772

Total

47,034,789

Washington

(3.4%)

Clark

County,

WA

Public

Utility

District

No.

1

Electric

Rev.

Refg.

785,000

5.000%,

1/1/2029

951,891

FYI

Properties

Rev.

Refg.

(Washington

DIS)

5,000,000

5.000%,

6/1/2038

6,186,850

Kalispel

Tribe

of

Indians

Priority

Distribution

WA

Rev.

750,000

5.250%,

1/1/2038,

Ser.

A

b

871,440

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Washington

(3.4%)

-

continued

Pend

Oreille

County,

WA

Public

Utility

District

No.

1

Rev.

Refg.

(Box

Canyon

Production

System)

$

2,810,000

5.000%,

1/1/2037

$

3,429,605

2,950,000

5.000%,

1/1/2038

3,586,344

Pierce

County,

WA

School

District

No.

10,

Tacoma

G.O.

Refg.

2,170,000

5.000%,

12/1/2039

2,576,788

Port

of

Seattle

Special

Fac.

Rev.

Refg.

(Seatac

Fuel

Fac.,

LLC)

1,000,000

5.000%,

6/1/2020,

AMT

1,012,930

Port

of

Seattle

WA

Rev.

1,000,000

5.000%,

4/1/2044,

AMT

1,225,960

Snohomish

County,

WA

Edmonds

School

District

No.

15

U.T.G.O.

1,000,000

5.000%,

12/1/2033

1,156,210

Snohomish

County,

WA

Housing

Auth.

Rev.

3,005,000

5.000%,

4/1/2041

3,687,616

Washington

Health

Care

Fac.

Auth.

Rev.

(Kadlec

Regional

Medical

Center)

2,625,000

5.250%,

12/1/2030

c

2,719,054

Washington

Health

Care

Fac.

Auth.

Rev.

(Providence

Health

&

Services)

5,000,000

5.250%,

10/1/2032,

Ser.

A

c

5,034,400

Washington

State

Housing

Finance

Commission

Refg.

(Hearthstone)

825,000

5.000%,

7/1/2038,

Ser.

A

b

900,199

Washington

State

Various

Purpose

G.O.

12,095,000

5.000%,

8/1/2030,

Ser.

A

13,722,020

5,310,000

5.000%,

8/1/2042,

Ser.

A

6,513,936

Total

53,575,243

West

Virginia

(0.4%)

West

Virginia

State

University

Rev.

5,000,000

5.000%,

10/1/2049,

Ser.

A

6,252,150

Total

6,252,150

Wisconsin

(2.3%)

Kaukauna,

WI

Electric

System

Rev.

(AGM

Insured)

3,000,000

5.000%,

12/15/2035,

Ser.

A

c,d

3,347,850

Public

Finance

Auth.

Rev.

Refg.

(WakeMed

Hospital)

2,000,000

5.000%,

10/1/2044,

Ser.

A

2,442,440

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(PHW

Oconomowoc,

Inc.)

1,750,000

5.125%,

10/1/2048

1,883,245

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Thedacare,

Inc.)

1,195,000

5.000%,

12/15/2039

1,362,360

2,500,000

5.000%,

12/15/2044

2,830,900

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Ascension

Health

Credit

Group)

9,275,000

5.000%,

11/15/2039,

Ser.

A

10,991,524

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

870,000

5.000%,

6/1/2037

947,856

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Principal

Amount

Long-Term

Fixed

Income

(98.6%)

Value

Wisconsin

(2.3%)

-

continued

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marquette

University)

$

8,000,000

5.000%,

10/1/2041

$

9,516,240

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marshfield

Clinic

Health

Systems,

Inc.)

2,000,000

5.000%,

2/15/2047,

Ser.

C

2,328,960

Total

35,651,375

Wyoming

(0.1%)

Sublette

County,

WY

Pollution

Control

Rev.

Refg.

(ExxonMobil)

500,000

1.240%,

10/1/2044,

AMT

a

500,000

Wyoming

State

Farm

Loan

Board

Capital

Fac.

Refg.

Rev.

395,000

5.750%,

10/1/2020

407,569

Total

907,569

Total

Long-Term

Fixed

Income

(cost

$1,427,813,653)

1,553,238,062

Principal

Amount

Short-Term

Investments

(

0.4%

)

h

Value

U.S.

Treasury

Bills

7,000,000

1.856%,

2/13/2020

6,997,140

Total

Short-Term

Investments

(cost

$6,995,669)

6,997,140

Total

Investments

(cost

$1,434,809,322)

99.0%

$1,560,235,202

Other

Assets

and

Liabilities,

Net

1.0%

15,352,320

Total

Net

Assets

100.0%

$1,575,587,522

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2020.

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

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

January

31,

2020,

the

value

of

these

investments

was

$10,682,568

or

0.7%

of

total

net

assets.

c

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.

d

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.

e

Defaulted

security.  Interest

is

not

being

accrued.

f

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

January

31,

2020.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

h

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

Definitions:

AGC

-

Assured

Guaranty,

Ltd

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

C.O.P.

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

FGIC

-

Federal

Guaranty

Insurance

Company

FHLMC

-

Federal

Home

Loan

Mortgage

Corporation

FNMA

-

Federal

National

Mortgage

Association

GNMA

-

Government

National

Mortgage

Association

G.O.

-

General

Obligation

L.T.G.O.

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

PSF-GTD

-

Permanent

School

Fund

Guarantee

Program

Refg.

-

Refunding

Rev.

-

Revenue

Ser.

-

Series

U.T.G.O.

-

Unlimited

Tax

General

Obligation

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

233,776,753

–

233,776,753

–

Electric

Revenue

64,191,823

–

64,191,823

–

Escrowed/Pre-refunded

176,129,452

–

176,129,452

–

General

Obligation

168,900,734

–

168,900,734

–

Health

Care

216,302,059

–

216,302,059

–

Housing

Finance

13,851,044

–

13,851,044

–

Industrial

Development

Revenue

10,614,112

–

10,614,112

–

Other

Revenue

86,148,111

–

86,148,111

–

Tax

Revenue

121,573,305

–

121,573,305

–

Transportation

324,884,609

–

324,884,609

–

Water

&

Sewer

136,866,060

–

136,866,060

–

Short-Term

Investments

6,997,140

–

6,997,140

–

Total

Investments

at

Value

$1,560,235,202

$–

$1,560,235,202

$–

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Principal

Amount

Bank

Loans

(

25.5%

)

a

Value

Basic

Materials

(1.4%)

Arch

Coal,

Inc.,

Term

Loan

$

1,655,215

4.395%, 

(LIBOR

1M

+

2.750%),

3/7/2024

b

$

1,580,730

Ball

Metalpack

Finco

,

LLC,

Term

Loan

265,950

6.409%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

234,701

Big

River

Steel,

LLC,

Term

Loan

1,016,600

6.945%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

1,019,141

Chemours

Company,

Term

Loan

1,287,075

3.400%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

1,236,660

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

887,540

4.900%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b,c

889,759

Nouryon

USA,

LLC,

Term

Loan

1,765,000

0.000%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b,d,e

1,762,794

Peabody

Energy

Corporation,

Term

Loan

1,179,000

4.395%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b,c

943,200

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

925,000

0.000%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

909,969

1,148,400

7.645%, 

(LIBOR

1M

+

6.000%),

10/31/2024

b

1,123,514

Univar

Solutions

USA,

Inc.,

Term

Loan

390,000

3.645%, 

(LIBOR

1M

+

2.000%),

11/22/2026

b

391,381

Total

10,091,849

Capital

Goods

(3.0%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

1,781,554

3.831%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

1,781,358

BWAY

Holding

Company,

Term

Loan

1,373,519

5.084%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

1,362,078

Flex

Acquisition

Company,

Inc.

Term

Loan

1,925,000

5.159%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,896,125

GFL

Environmental,

Inc.,

Term

Loan

2,862,056

4.645%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

2,852,754

Natgasoline

,

LLC,

Term

Loan

1,148,400

5.438%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

1,148,400

Navistar,

Inc.,

Term

Loan

1,906,100

5.170%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

1,907,530

Reynolds

Consumer

Products,

LLC,

Term

Loan

3,000,000

0.000%, 

(LIBOR

1M

+

1.750%),

1/30/2027

b,d,e

3,012,510

TransDigm

,

Inc.,

Term

Loan

2,158,523

4.145%, 

(LIBOR

1M

+

2.500%),

6/9/2023

b

2,155,825

Principal

Amount

Bank

Loans

(25.5%)

a

Value

Capital

Goods

(3.0%)

-

continued

$

3,724,932

0.000%, 

(LIBOR

1M

+

2.250%),

12/31/2025

b

$

3,719,344

Vertiv

Group

Corporation,

Term

Loan

2,710,557

5.645%, 

(LIBOR

1M

+

4.000%),

11/15/2023

b

2,706,030

Total

22,541,954

Communications

Services

(6.0%)

Altice

France

SA,

Term

Loan

792,587

4.395%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

784,170

CenturyLink,

Inc.,

Term

Loan

5,340,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

5,331,670

CommScope

Inc.,

Term

Loan

2,463,825

4.895%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

2,459,710

Coral-US

Co-Borrower,

LLC,

Term

Loan

4,345,000

0.000%, 

(LIBOR

3M

+

2.250%),

1/23/2028

b

4,334,137

CSC

Holdings,

LLC,

Term

Loan

1,453,887

3.926%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

1,454,920

3,590,000

4.176%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

3,597,862

Diamond

Sports

Group,

LLC,

Term

Loan

2,408,963

4.910%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

2,405,204

Entercom

Media

Corporation,

Term

Loan

1,185,000

4.160%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

1,191,423

Frontier

Communications

Corporation,

Term

Loan

2,385,356

5.400%, 

(LIBOR

1M

+

3.750%),

6/15/2024

b

2,405,226

HCP

Acquisition,

LLC,

Term

Loan

1,840,777

4.645%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

1,844,809

Intelsat

Jackson

Holdings

SA,

Term

Loan

1,525,000

5.682%, 

(LIBOR

3M

+

3.750%),

11/27/2023

b

1,518,336

Mediacom

Illinois,

LLC,

Term

Loan

869,513

3.320%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

872,773

NEP

Group,

Inc.,

Term

Loan

1,910,700

4.895%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,869,295

SBA

Senior

Finance

II,

LLC,

Term

Loan

1,281,747

3.400%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

1,282,554

Sprint

Communications,

Inc.,

Term

Loan

3,199,525

4.188%, 

(LIBOR

1M

+

2.500%),

2/3/2024

b

3,127,536

2,044,350

4.688%, 

(LIBOR

1M

+

3.000%),

2/3/2024

b

2,014,973

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,165,000

6.148%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b

1,173,446

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Principal

Amount

Bank

Loans

(25.5%)

a

Value

Communications

Services

(6.0%)

-

continued

TNS,

Inc.,

Term

Loan

$

1,422,711

5.780%, 

(LIBOR

3M

+

4.000%),

8/14/2022

b

$

1,377,071

Virgin

Media

Bristol,

LLC,

Term

Loan

3,140,000

4.176%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

3,139,215

WideOpenWest

Finance,

LLC,

Term

Loan

1,422,263

4.904%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,406,561

Windstream

Services,

LLC,

Term

Loan

1,035,000

4.150%, 

(LIBOR

1M

+

2.500%),

2/26/2021

b

1,036,946

545,812

9.750%, 

(PRIME

+

5.000%),

3/30/2021

b,f

528,073

Total

45,155,910

Consumer

Cyclical

(4.0%)

1011778

B.C.,

LLC,

Term

Loan

3,390,000

3.395%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

3,384,068

Cengage

Learning,

Inc.,

Term

Loan

1,842,365

5.895%, 

(LIBOR

1M

+

4.250%),

6/7/2023

b

1,755,423

Eldorado

Resorts,

Inc.,

Term

Loan

257,858

3.938%, 

(LIBOR

1M

+

2.250%),

4/17/2024

b

257,615

Four

Seasons

Hotels,

Ltd.,

Term

Loan

1,464,798

3.645%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

1,472,942

Golden

Entertainment,

Inc.,

Term

Loan

2,533,125

4.670%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b,c

2,536,291

Golden

Nugget,

LLC,

Term

Loan

1,919,994

4.401%, 

(LIBOR

1M

+

2.750%),

10/4/2023

b

1,922,586

IAA,

Inc.,

Term

Loan

586,850

3.938%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b

590,518

LCPR

Loan

Financing,

LLC,

Term

Loan

2,995,000

6.676%, 

(LIBOR

1M

+

5.000%),

10/25/2026

b

3,028,694

Men's

Warehouse,

Inc.,

Term

Loan

1,176,491

5.031%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b

965,464

Mohegan

Gaming

and

Entertainment,

Term

Loan

2,036,827

5.645%, 

(LIBOR

1M

+

4.000%),

10/13/2023

b

2,010,104

Scientific

Games

International,

Inc.,

Term

Loan

4,873,150

4.395%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

4,856,095

Staples,

Inc.,

Term

Loan

651,725

6.281%, 

(LIBOR

1M

+

4.500%),

9/12/2024

b

640,320

2,185,075

6.781%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

2,143,559

Stars

Group

Holdings

BV,

Term

Loan

2,427,031

5.445%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

2,439,287

Principal

Amount

Bank

Loans

(25.5%)

a

Value

Consumer

Cyclical

(4.0%)

-

continued

Tenneco,

Inc.,

Term

Loan

$

886,050

4.645%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

$

866,114

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

1,007,250

3.395%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

1,013,001

Total

29,882,081

Consumer

Non-Cyclical

(4.7%)

Air

Medical

Group

Holdings,

Inc.,

Term

Loan

4,150,300

4.910%, 

(LIBOR

1M

+

3.250%),

4/28/2022

b

4,050,444

485,100

5.895%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

466,909

Albertson's

LLC,

Term

Loan

4,054,838

4.395%, 

(LIBOR

1M

+

2.750%),

8/17/2026

b

4,054,837

Bausch

Health

Companies,

Inc.,

Term

Loan

2,839,520

4.670%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

2,849,458

Chobani

,

LLC,

Term

Loan

1,438,883

5.145%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

1,437,085

Diamond

BC

BV,

Term

Loan

1,479,800

4.777%, 

(LIBOR

1M

+

3.000%),

9/6/2024

b

1,435,406

Endo

International

plc,

Term

Loan

3,823,590

5.938%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

3,680,206

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

1,320,000

3.561%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b,d,e

1,326,191

JBS

USA

LUX

SA,

Term

Loan

2,359,058

3.645%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b,d,e

2,368,966

Mallinckrodt

International

Finance

SA,

Term

Loan

2,110,096

4.909%, 

(LIBOR

3M

+

3.000%),

2/24/2025

b

1,752,265

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

2,551,688

5.645%, 

(LIBOR

1M

+

4.000%),

5/4/2022

b

2,436,275

MPH

Acquisition

Holdings,

LLC,

Term

Loan

3,860,000

4.695%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

3,789,555

Ortho-Clinical

Diagnostics

SA,

Term

Loan

3,641,234

4.905%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b,d,e

3,599,141

Plantronics,

Inc.,

Term

Loan

796,023

4.145%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

763,585

R.R.

Donnelley

&

Sons

Company,

Term

Loan

258,693

6.645%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

260,714

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Principal

Amount

Bank

Loans

(25.5%)

a

Value

Consumer

Non-Cyclical

(4.7%)

-

continued

Sotera

Health

Holdings,

LLC,

Term

Loan

$

1,250,000

6.145%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

$

1,253,912

Total

35,524,949

Energy

(1.4%)

BCP

Raptor

II,

LLC,

Term

Loan

457,700

6.395%, 

(LIBOR

1M

+

4.750%),

12/19/2025

b

415,079

Calpine

Corporation,

Term

Loan

1,480,128

4.200%, 

(LIBOR

3M

+

2.250%),

1/15/2024

b

1,484,139

CONSOL

Energy,

Inc.,

Term

Loan

1,151,300

6.150%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

993,952

Consolidated

Energy

Finance

SA,

Term

Loan

965,300

4.547%, 

(LIBOR

3M

+

2.500%),

5/7/2025

b,c

960,473

Fieldwood

Energy,

LLC,

Term

Loan

1,560,000

7.027%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

1,326,780

McDermott

Technology

(Americas),

Inc.,

Term

Loan

2,409,581

6.945%, 

(LIBOR

3M

+

5.000%),

5/10/2025

b,f

1,478,880

Radiate

Holdco,

LLC,

Term

Loan

3,938,992

4.645%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

3,939,426

Total

10,598,729

Financials

(2.7%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

1,900,557

3.408%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

1,907,171

Blackstone

CQP

Holdco,

LP,

Term

Loan

1,920,350

5.408%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

1,918,756

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

1,826,654

4.670%, 

(LIBOR

1M

+

3.000%),

5/1/2024

b

1,574,503

235,000

8.940%, 

(LIBOR

1M

+

7.250%),

5/1/2025

b

141,442

Digicel

International

Finance,

Ltd.,

Term

Loan

2,528,283

5.340%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

2,283,874

GGP

Nimbus,

LLC,

Term

Loan

2,681,062

4.145%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

2,666,397

Grizzly

Finco

,

Term

Loan

1,610,922

5.159%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

1,600,853

Harland

Clarke

Holdings

Corporation,

Term

Loan

2,145,776

6.695%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

1,705,527

Level

3

Financing,

Inc.,

Term

Loan

1,980,000

3.395%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

1,975,545

Principal

Amount

Bank

Loans

(25.5%)

a

Value

Financials

(2.7%)

-

continued

MoneyGram

International,

Inc.,

Term

Loan

$

1,084,550

7.645%, 

(LIBOR

1M

+

6.000%),

6/30/2023

b

$

1,024,900

NCR

Corporation,

Term

Loan

1,640,887

4.150%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

1,646,023

Tronox

Finance,

LLC,

Term

Loan

1,998,422

4.519%, 

(LIBOR

1M

+

2.750%),

9/22/2024

b

1,998,102

Total

20,443,093

Technology

(2.0%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

2,997,487

5.145%, 

(LIBOR

1M

+

3.500%),

8/21/2026

b

3,005,910

Prime

Security

Services

Borrower,

LLC,

Term

Loan

4,563,563

5.013%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

4,563,563

Rackspace

Hosting,

Inc.,

Term

Loan

4,013,288

4.902%, 

(LIBOR

2M

+

3.000%),

11/3/2023

b

3,852,034

SS&C

Technologies

Holdings

Europe

SARL,

Term

Loan

485,609

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

485,507

SS&C

Technologies,

Inc.,

Term

Loan

790,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

789,834

545,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

544,886

1,050,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

1,048,929

680,535

3.395%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

680,392

Total

14,971,055

Utilities

(0.3%)

Core

and

Main,

LP,

Term

Loan

1,187,662

4.572%, 

(LIBOR

1M

+

2.750%),

8/1/2024

b

1,184,325

EnergySolutions

,

LLC,

Term

Loan

881,575

5.695%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

841,173

Total

2,025,498

Total

Bank

Loans

(cost

$194,521,184)

191,235,118

Principal

Amount

Long-Term

Fixed

Income

(

51.6%

)

Value

Asset-Backed

Securities

(4.6%)

Apidos

CLO

XXIV

1,400,000

3.269%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2016-24A,

Class

A1BR

b,g

1,399,990

Assurant

CLO

III,

Ltd.

1,350,000

3.049%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-2A,

Class

A

b,g

1,348,685

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Asset-Backed

Securities

(4.6%)

-

continued

Babson

CLO,

Ltd.

$

2,300,000

4.719%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

$

2,260,564

Bayview

Opportunity

Master

Fund

Trust

230,624

3.228%, 

8/28/2034,

Ser.

2019-LT1,

Class

A1

g

230,653

Benefit

Street

Partners

CLO

IV,

Ltd.

850,000

3.569%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,g

850,613

Business

Jet

Securities,

LLC

861,369

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

g

883,262

Cent

CLO,

LP

2,700,000

4.094%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

2,687,286

College

Ave

Student

Loans,

LLC

591,594

3.311%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,g

592,298

Education

Funding

Trust

1,972,322

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

g

1,987,432

Foundation

Finance

Trust

452,083

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

455,144

Freedom

ABS

Trust

1,500,000

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

g

1,499,925

Harley

Marine

Financing,

LLC

1,275,038

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,141,159

Madison

Park

Funding

XIV,

Ltd.

1,250,000

3.202%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,g

1,246,149

Myers

Park

CLO,

Ltd.

1,275,000

3.219%, 

(LIBOR

3M

+

1.400%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

1,272,732

OHA

Credit

Funding

1,

Ltd.

1,085,000

3.269%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

1,085,070

OZLM

Funding

II,

Ltd.

2,170,000

3.270%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,g

2,159,716

OZLM

IX,

Ltd.

2,000,000

3.369%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

2,003,442

Palmer

Square

Loan

Funding,

Ltd.

850,000

4.069%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

849,991

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

2,200,000

3.319%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,g

2,199,985

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Asset-Backed

Securities

(4.6%)

-

continued

Pretium

Mortgage

Credit

Partners,

LLC

$

1,733,380

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

g,h

$

1,738,116

Riserva

CLO,

Ltd.

1,125,000

3.519%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,g

1,126,419

Saxon

Asset

Securities

Trust

154,806

3.895%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

153,609

Sound

Point

CLO

X,

Ltd.

1,150,000

4.519%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

1,138,662

Sound

Point

CLO

XXI,

Ltd.

2,200,000

3.244%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

2,186,448

THL

Credit

Wind

River

CLO,

Ltd.

1,150,000

4.681%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

1,135,231

Vericrest

Opportunity

Loan

Transferee

1,128,023

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

g,h

1,130,465

Total

34,763,046

Basic

Materials

(0.8%)

Anglo

American

Capital

plc

234,000

4.125%, 

9/27/2022

g

245,445

BHP

Billiton

Finance

USA,

Ltd.

249,000

6.750%, 

10/19/2075

b,g

292,575

Chemours

Company

410,000

6.625%, 

5/15/2023

403,616

Cleveland-Cliffs,

Inc.

320,000

5.750%, 

3/1/2025

310,400

First

Quantum

Minerals,

Ltd.

760,000

7.500%, 

4/1/2025

g

748,600

Kinross

Gold

Corporation

117,000

5.125%, 

9/1/2021

121,060

Krayton

Polymers,

LLC

380,000

7.000%, 

4/15/2025

g

386,650

Norbord,

Inc.

515,000

5.750%, 

7/15/2027

g

540,750

Novelis

Corporation

730,000

5.875%, 

9/30/2026

g

773,800

140,000

4.750%, 

1/30/2030

g

140,262

Olin

Corporation

500,000

5.125%, 

9/15/2027

521,090

Peabody

Securities

Finance

Corporation

535,000

6.375%, 

3/31/2025

g

444,050

Syngenta

Finance

NV

200,000

3.933%, 

4/23/2021

g

204,176

Tronox

Finance

plc

420,000

5.750%, 

10/1/2025

g

414,750

Xstrata

Finance

Canada,

Ltd.

175,000

4.950%, 

11/15/2021

g

182,809

Total

5,730,033

Capital

Goods

(1.8%)

AECOM

775,000

5.125%, 

3/15/2027

827,157

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Capital

Goods

(1.8%)

-

continued

Amsted

Industries,

Inc.

$

520,000

5.625%, 

7/1/2027

g

$

552,789

Ardagh

Packaging

Finance

plc

720,000

6.000%, 

2/15/2025

g

752,400

Bombardier,

Inc.

890,000

7.500%, 

3/15/2025

g

854,400

Building

Materials

Corporation

of

America

825,000

6.000%, 

10/15/2025

g

861,094

Caterpillar

Financial

Services

Corporation

187,000

1.900%, 

9/6/2022

188,041

199,000

1.950%, 

11/18/2022

200,861

Cemex

SAB

de

CV

690,000

5.450%, 

11/19/2029

g

735,712

Cintas

Corporation

No.

2

174,000

2.900%, 

4/1/2022

178,405

CNH

Industrial

Capital,

LLC

180,000

4.875%, 

4/1/2021

184,961

Covanta

Holding

Corporation

380,000

6.000%, 

1/1/2027

395,200

Crown

Americas

Capital

Corporation

IV

675,000

4.500%, 

1/15/2023

709,717

Crown

Cork

&

Seal

Company,

Inc.

530,000

7.375%, 

12/15/2026

626,725

General

Electric

Company

430,000

5.000%, 

1/21/2021

b,i

425,274

H&E

Equipment

Services,

Inc.

675,000

5.625%, 

9/1/2025

703,688

John

Deere

Capital

Corporation

199,000

2.050%, 

1/9/2025

201,972

L3Harris

Technologies,

Inc.

195,000

4.950%, 

2/15/2021

g

199,436

Lockheed

Martin

Corporation

160,000

2.500%, 

11/23/2020

160,917

Owens-Brockway

Glass

Container,

Inc.

835,000

5.000%, 

1/15/2022

g

864,225

Parker-Hannifin

Corporation

250,000

2.700%, 

6/14/2024

258,693

Republic

Services,

Inc.

127,000

2.500%, 

8/15/2024

130,162

Reynolds

Group

Issuer,

Inc.

750,000

5.125%, 

7/15/2023

g

767,813

Rockwell

Collins,

Inc.

126,000

2.800%, 

3/15/2022

128,716

Roper

Technologies,

Inc.

60,000

2.800%, 

12/15/2021

61,069

124,000

2.350%, 

9/15/2024

126,172

Textron

Financial

Corporation

500,000

3.645%, 

(LIBOR

3M

+

1.735%),

2/15/2042

b,g

407,500

TransDigm

,

Inc.

660,000

5.500%, 

11/15/2027

g

664,059

United

Rentals

North

America,

Inc.

855,000

5.500%, 

7/15/2025

884,669

140,000

4.875%, 

1/15/2028

145,950

United

Technologies

Corporation

235,000

3.950%, 

8/16/2025

259,624

Waste

Management,

Inc.

126,000

2.950%, 

6/15/2024

131,734

Total

13,589,135

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Collateralized

Mortgage

Obligations

(9.3%)

Antler

Mortgage

Trust

$

1,050,000

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

g

$

1,058,963

3,450,000

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

g

3,454,557

Banc

of

America

Alternative

Loan

Trust

543,673

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

529,799

Banc

of

America

Funding

Trust

1,031,231

5.500%, 

1/25/2036,

Ser.

2005-8,

Class

1A1

1,001,287

Banc

of

America

Mortgage

Securities

Trust

1,014,954

3.986%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

1,016,153

186,078

4.048%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

185,218

1,112,898

6.000%, 

5/25/2036,

Ser.

2006-1,

Class

A5

1,108,416

Bellemeade

Re,

Ltd.

1,693,621

3.261%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

1,697,488

Cascade

Funding

Mortgage

Trust

651,319

4.580%, 

6/25/2048,

Ser.

2018-RM1,

Class

A1

g

651,073

CHL

Mortgage

Pass-Through

Trust

516,821

3.815%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

511,910

138,999

6.250%, 

9/25/2036,

Ser.

2006-13,

Class

1A15

106,508

335,476

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

276,586

223,650

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A33

184,391

1,166,731

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

972,969

CIM

Trust

834,226

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

877,192

Citigroup

Mortgage

Loan

Trust,

Inc.

1,356,629

4.738%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

1,362,089

Countrywide

Alternative

Loan

Trust

627,909

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

593,604

638,065

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

609,969

292,813

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

173,039

343,400

6.000%, 

1/25/2037,

Ser.

2006-39CB,

Class

1A16

349,308

215,765

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

127,643

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

355,210

3.609%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

322,547

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

119,308

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

122,535

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Collateralized

Mortgage

Obligations

(9.3%)

-

continued

Credit

Suisse

Mortgage

Capital

Certificates

$

950,000

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

g,h

$

950,220

1,116,263

3.322%, 

10/25/2058,

Ser.

2019-RPL8,

Class

A1

b,g

1,124,561

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

903,054

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

938,009

Eagle

Re,

Ltd.

500,000

3.461%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

501,713

Federal

Home

Loan

Mortgage

Corporation

2,932,421

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

340,899

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,429,794

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

157,893

1,975,879

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

141,188

3,226,189

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

407,915

3,188,687

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

255,599

Federal

National

Mortgage

Association

-

REMIC

1,898,325

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

135,925

2,707,961

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

168,637

4,532,597

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

279,649

6,265,356

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

441,569

3,641,398

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

239,713

1,784,800

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

111,978

4,649,603

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

306,496

1,350,518

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

94,829

7,906,537

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

511,820

2,612,437

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

164,303

3,577,930

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

210,773

1,803,519

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

207,577

First

Horizon

Alternative

Mortgage

Securities

Trust

343,811

3.791%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

341,105

FWD

Securitization

Trust

1,782,610

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,g

1,804,118

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Collateralized

Mortgage

Obligations

(9.3%)

-

continued

Genworth

Mortgage

Insurance

Corporation

$

725,000

3.561%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,g

$

727,815

GMAC

Mortgage

Corporation

Loan

Trust

239,606

3.930%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

234,790

102,155

2.161%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

124,681

91,396

4.009%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

87,280

Greenpoint

Mortgage

Funding

Trust

220,802

1.861%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

197,967

Home

Equity

Asset

Trust

1,103,771

2.981%, 

(LIBOR

1M

+

1.320%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

1,108,140

IndyMac

INDA

Mortgage

Loan

Trust

2,735,301

3.882%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

2,663,629

IndyMac

INDX

Mortgage

Loan

Trust

961,317

1.871%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

912,392

J.P.

Morgan

Alternative

Loan

Trust

663,186

4.134%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

634,283

417,564

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

345,867

J.P.

Morgan

Mortgage

Trust

397,151

4.199%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

408,818

Legacy

Mortgage

Asset

Trust

1,248,345

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

g

1,262,234

1,948,711

3.250%, 

11/25/2059,

Ser.

2019-GS7,

Class

A1

g,h

1,963,352

Lehman

Mortgage

Trust

95,156

6.000%, 

1/25/2036,

Ser.

2005-3,

Class

2A7

101,303

Long

Beach

Mortgage

Loan

Trust

930,617

3.161%, 

(LIBOR

1M

+

1.500%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

944,329

Master

Asset

Securitization

Trust

811,004

2.161%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

328,550

Merrill

Lynch

Alternative

Note

Asset

Trust

355,048

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

259,103

Merrill

Lynch

Mortgage

Investors

Trust

743,537

4.310%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

795,522

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Collateralized

Mortgage

Obligations

(9.3%)

-

continued

Oaktown

Re

II,

Ltd.

$

401,278

3.211%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,g

$

401,535

Oaktown

Re

III,

Ltd.

1,527,453

3.061%, 

(LIBOR

1M

+

1.400%),

7/25/2029,

Ser.

2019-1A,

Class

M1A

b,g

1,531,194

Preston

Ridge

Partners

Mortgage

Trust,

LLC

359,146

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

g,h

362,263

1,314,983

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

g,h

1,320,557

1,630,987

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

1,638,616

542,714

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

g,h

545,028

Pretium

Mortgage

Credit

Partners,

LLC

849,369

4.213%, 

7/25/2060,

Ser.

2019-NPL1,

Class

A1

g,h

851,002

Radnor

RE,

Ltd.

1,055,565

3.061%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,g

1,055,853

RCO

Mortgage,

LLC

970,775

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

972,933

761,413

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,g

762,769

Renaissance

Home

Equity

Loan

Trust

1,372,572

5.285%, 

1/25/2037,

Ser.

2006-4,

Class

AF2

h

693,093

Residential

Accredit

Loans,

Inc.

Trust

630,513

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

637,967

366,639

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

364,655

296,078

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

280,910

430,985

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

403,937

319,842

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

308,211

Residential

Asset

Securitization

Trust

319,654

6.206%, 

8/25/2022,

Ser.

2007-A8,

Class

3A1

b

247,307

87,020

5.750%, 

2/25/2036,

Ser.

2005-A15,

Class

5A1

59,543

Residential

Funding

Mortgage

Security

I

Trust

435,044

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

427,380

Sequoia

Mortgage

Trust

427,417

3.712%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

349,824

Stanwich

Mortgage

Loan

Trust

725,623

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

725,679

Starwood

Mortgage

Residential

Trust

905,306

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,g

923,467

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Collateralized

Mortgage

Obligations

(9.3%)

-

continued

Structured

Adjustable

Rate

Mortgage

Loan

Trust

$

203,917

4.230%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

$

192,436

Structured

Asset

Mortgage

Investments,

Inc.

512,336

1.971%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

528,831

Toorak

Mortgage

Corporation

1,750,000

4.375%, 

8/25/2021,

Ser.

2018-1,

Class

A1

g,h

1,760,879

2,100,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

2,125,880

Vericrest

Opportunity

Loan

Transferee

1,450,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

g,h

1,458,431

500,000

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

g,h

500,245

Vericrest

Opportunity

Loan

Trust

473,269

3.967%, 

3/25/2049,

Ser.

2019-NPL3,

Class

A1

g,h

476,453

621,603

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

g,h

622,992

2,450,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

g,h

2,462,321

Verus

Securitization

Trust

921,041

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

929,431

Wachovia

Asset

Securitization,

Inc.

681,752

1.801%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,g,k

632,192

WaMu

Mortgage

Pass

Through

Certificates

400,813

3.693%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

395,987

86,253

3.875%, 

8/25/2046,

Ser.

2006-AR8,

Class

1A1

b

83,779

963,536

3.025%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

925,471

352,663

2.885%, 

(12

MTA

+

0.740%),

1/25/2047,

Ser.

2006-AR19,

Class

1A

b

345,301

Washington

Mutual

Mortgage

Pass-

Through

Certificates

342,761

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

343,116

Wells

Fargo

Home

Equity

Trust

375,192

2.161%, 

(LIBOR

1M

+

0.500%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

369,597

Total

69,246,853

Commercial

Mortgage-Backed

Securities

(0.6%)

Federal

National

Mortgage

Association

1,758,451

4.500%, 

5/1/2048

1,862,000

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Commercial

Mortgage-Backed

Securities

(0.6%)

-

continued

Federal

National

Mortgage

Association

-

ACES

$

21,471,379

1.468%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,j

$

2,420,758

Total

4,282,758

Communications

Services

(2.7%)

AMC

Networks,

Inc.

455,000

5.000%, 

4/1/2024

464,100

American

Tower

Corporation

170,000

2.800%, 

6/1/2020

170,341

184,000

3.375%, 

5/15/2024

193,641

126,000

2.950%, 

1/15/2025

131,289

AT&T,

Inc.

496,000

4.450%, 

4/1/2024

542,394

CCO

Holdings,

LLC

500,000

5.500%, 

5/1/2026

g

522,500

360,000

5.125%, 

5/1/2027

g

376,200

CCOH

Safari,

LLC

860,000

5.750%, 

2/15/2026

g

902,432

Charter

Communications

Operating,

LLC

277,000

3.579%, 

7/23/2020

278,635

117,000

4.500%, 

2/1/2024

127,106

120,000

4.908%, 

7/23/2025

134,299

Clear

Channel

Worldwide

Holdings,

Inc.

500,000

5.125%, 

8/15/2027

g

515,000

Comcast

Corporation

234,000

1.625%, 

1/15/2022

234,261

118,000

3.700%, 

4/15/2024

126,973

118,000

3.950%, 

10/15/2025

130,505

Cox

Communications,

Inc.

186,000

2.950%, 

6/30/2023

g

191,035

Crown

Castle

International

Corporation

80,000

3.400%, 

2/15/2021

81,132

125,000

3.150%, 

7/15/2023

129,679

124,000

4.450%, 

2/15/2026

138,104

CSC

Holdings,

LLC

575,000

5.500%, 

5/15/2026

g

602,430

60,000

5.500%, 

4/15/2027

g

63,675

Deutsche

Telekom

International

Finance

BV

127,000

2.485%, 

9/19/2023

g

129,452

Discovery

Communications,

LLC

231,000

2.950%, 

3/20/2023

237,624

Embarq

Corporation

370,000

7.995%, 

6/1/2036

411,237

Fox

Corporation

242,000

4.030%, 

1/25/2024

g

260,468

Frontier

Communications

Corporation

580,000

8.000%, 

4/1/2027

g

605,404

Gray

Escrow,

Inc.

390,000

7.000%, 

5/15/2027

g

424,632

iHeartCommunications

,

Inc.

540,000

4.750%, 

1/15/2028

g

550,406

Lamar

Media

Corporation

280,000

3.750%, 

2/15/2028

e,g

281,870

Level

3

Financing,

Inc.

670,000

5.250%, 

3/15/2026

696,867

745,000

4.625%, 

9/15/2027

g

765,502

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Communications

Services

(2.7%)

-

continued

Moody's

Corporation

$

117,000

2.750%, 

12/15/2021

$

119,154

Neptune

Finco

Corporation

306,000

10.875%, 

10/15/2025

g

338,956

Netflix,

Inc.

850,000

4.875%, 

4/15/2028

909,500

Nexstar

Escrow

Corporation

240,000

5.625%, 

8/1/2024

g

249,600

460,000

5.625%, 

7/15/2027

g

484,748

Sirius

XM

Radio,

Inc.

720,000

5.000%, 

8/1/2027

g

756,000

Sprint

Corporation

1,545,000

7.625%, 

2/15/2025

1,608,330

Telesat

Canada

/

Telesat

,

LLC

650,000

4.875%, 

6/1/2027

g

667,778

T-Mobile

USA,

Inc.

1,090,000

4.500%, 

2/1/2026

1,120,989

VeriSign,

Inc.

500,000

4.750%, 

7/15/2027

527,500

Verizon

Communications,

Inc.

287,000

2.946%, 

3/15/2022

294,135

252,000

3.010%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

259,389

Viacom,

Inc.

178,000

4.250%, 

9/1/2023

191,701

245,000

5.875%, 

2/28/2057

b

257,434

Virgin

Media

Secured

Finance

plc

680,000

5.500%, 

8/15/2026

g

713,164

Vodafone

Group

plc

189,000

3.750%, 

1/16/2024

201,586

Windstream

Services,

LLC

270,000

8.625%, 

10/31/2025

f,g

263,250

Ziggo

BV

500,000

5.500%, 

1/15/2027

g

530,000

Total

19,912,407

Consumer

Cyclical

(2.4%)

1011778

B.C.,

ULC

740,000

4.375%, 

1/15/2028

g

741,776

Allison

Transmission,

Inc.

870,000

5.000%, 

10/1/2024

g

886,330

American

Honda

Finance

Corporation

175,000

2.000%, 

2/14/2020

175,007

187,000

2.050%, 

1/10/2023

189,142

BMW

Finance

NV

125,000

2.250%, 

8/12/2022

g

126,810

Brookfield

Property

REIT,

Inc.

360,000

5.750%, 

5/15/2026

g

375,635

Brookfield

Residential

Properties,

Inc.

750,000

6.250%, 

9/15/2027

g

802,500

Cinemark

USA,

Inc.

694,000

4.875%, 

6/1/2023

702,675

D.R.

Horton,

Inc.

188,000

2.550%, 

12/1/2020

189,084

Daimler

Finance

North

America,

LLC

124,000

2.550%, 

8/15/2022

g

125,677

Ford

Motor

Credit

Company,

LLC

174,000

3.336%, 

3/18/2021

175,989

305,000

5.596%, 

1/7/2022

321,873

219,000

3.350%, 

11/1/2022

222,372

99,000

4.063%, 

11/1/2024

102,137

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Consumer

Cyclical

(2.4%)

-

continued

General

Motors

Financial

Company,

Inc.

$

174,000

2.650%, 

4/13/2020

$

174,233

174,000

4.375%, 

9/25/2021

180,635

118,000

4.200%, 

11/6/2021

122,117

116,000

3.150%, 

6/30/2022

118,705

245,000

3.950%, 

4/13/2024

258,465

199,000

2.900%, 

2/26/2025

200,842

Hanesbrands,

Inc.

540,000

4.875%, 

5/15/2026

g

569,025

Harley-Davidson

Financial

Services,

Inc.

186,000

4.050%, 

2/4/2022

g

193,037

Hilton

Domestic

Operating

Company,

Inc.

710,000

4.875%, 

1/15/2030

750,825

Home

Depot,

Inc.

160,000

2.625%, 

6/1/2022

163,866

Hyundai

Capital

America

189,000

3.000%, 

6/20/2022

g

192,618

L

Brands,

Inc.

218,000

6.694%, 

1/15/2027

225,630

Landry's,

Inc.

370,000

6.750%, 

10/15/2024

g

380,249

Lennar

Corporation

175,000

2.950%, 

11/29/2020

175,437

66,000

4.125%, 

1/15/2022

67,732

870,000

4.500%, 

4/30/2024

928,725

Live

Nation

Entertainment,

Inc.

365,000

5.625%, 

3/15/2026

g

388,725

530,000

4.750%, 

10/15/2027

g

545,264

Macy's

Retail

Holdings,

Inc.

28,000

3.875%, 

1/15/2022

28,489

86,000

2.875%, 

2/15/2023

86,161

Mattamy

Group

Corporation

630,000

5.250%, 

12/15/2027

g

659,925

McDonald's

Corporation

248,000

3.350%, 

4/1/2023

259,825

MGM

Resorts

International

620,000

6.000%, 

3/15/2023

680,264

685,000

5.750%, 

6/15/2025

763,652

Prime

Security

Services

Borrower,

LLC

750,000

5.750%, 

4/15/2026

g

791,250

Ralph

Lauren

Corporation

160,000

2.625%, 

8/18/2020

160,609

Ryman

Hospitality

Properties,

Inc.

400,000

4.750%, 

10/15/2027

g

416,000

Scientific

Games

International,

Inc.

360,000

5.000%, 

10/15/2025

g

370,246

130,000

7.000%, 

5/15/2028

g

137,069

ServiceMaster

Company,

LLC

710,000

5.125%, 

11/15/2024

g

733,764

Six

Flags

Entertainment

Corporation

360,000

4.875%, 

7/31/2024

g

368,550

370,000

5.500%, 

4/15/2027

g

384,356

Staples,

Inc.

400,000

7.500%, 

4/15/2026

g

409,760

Viking

Cruises,

Ltd.

510,000

5.875%, 

9/15/2027

g

522,775

Visa,

Inc.

160,000

2.200%, 

12/14/2020

160,689

Volkswagen

Group

of

America

Finance,

LLC

200,000

4.250%, 

11/13/2023

g

215,860

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Consumer

Cyclical

(2.4%)

-

continued

Yum!

Brands,

Inc.

$

190,000

4.750%, 

1/15/2030

g

$

202,635

Total

18,125,016

Consumer

Non-Cyclical

(2.8%)

Abbott

Laboratories

234,000

2.550%, 

3/15/2022

238,716

123,000

3.400%, 

11/30/2023

130,708

AbbVie,

Inc.

117,000

2.900%, 

11/6/2022

120,145

246,000

2.300%, 

11/21/2022

g

248,905

368,000

3.600%, 

5/14/2025

393,263

Albertson's

Companies,

Inc.

750,000

6.625%, 

6/15/2024

780,000

170,000

4.875%, 

2/15/2030

e,g

174,675

Allergan

Sales,

LLC

57,000

4.875%, 

2/15/2021

g

58,330

Allergan,

Inc.

126,000

2.800%, 

3/15/2023

128,247

Altria

Group,

Inc.

126,000

3.800%, 

2/14/2024

134,172

124,000

4.400%, 

2/14/2026

136,990

Anheuser-Busch

Companies,

LLC

124,000

3.650%, 

2/1/2026

134,759

Anheuser-Busch

InBev

Finance,

Inc.

105,000

3.300%, 

2/1/2023

109,689

Anheuser-Busch

InBev

Worldwide,

Inc.

178,000

4.150%, 

1/23/2025

196,347

B&G

Foods,

Inc.

580,000

5.250%, 

9/15/2027

578,550

BAT

Capital

Corporation

117,000

2.764%, 

8/15/2022

119,342

178,000

3.222%, 

8/15/2024

185,080

Bausch

Health

Companies,

Inc.

345,000

7.000%, 

1/15/2028

g

373,683

90,000

5.000%, 

1/30/2028

g

91,125

90,000

5.250%, 

1/30/2030

g

91,687

Bayer

U.S.

Finance

II,

LLC

225,000

3.500%, 

6/25/2021

g

229,851

Becton,

Dickinson

and

Company

248,000

3.363%, 

6/6/2024

261,717

Boston

Scientific

Corporation

248,000

3.450%, 

3/1/2024

262,268

Bristol-Myers

Squibb

Company

178,000

3.625%, 

5/15/2024

g

190,368

Bunge,

Ltd.

Finance

Corporation

160,000

3.500%, 

11/24/2020

162,076

Centene

Corporation

710,000

4.750%, 

1/15/2025

733,664

120,000

4.250%, 

12/15/2027

g

125,400

280,000

4.625%, 

12/15/2029

g

301,364

Cigna

Corporation

235,000

4.125%, 

11/15/2025

258,407

Conagra

Brands,

Inc.

118,000

3.800%, 

10/22/2021

122,093

118,000

4.300%, 

5/1/2024

128,716

Constellation

Brands,

Inc.

252,000

4.250%, 

5/1/2023

270,287

CVS

Health

Corporation

117,000

2.750%, 

12/1/2022

119,459

382,000

3.700%, 

3/9/2023

400,700

252,000

4.100%, 

3/25/2025

274,154

Encompass

Health

Corporation

500,000

4.500%, 

2/1/2028

515,020

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Consumer

Non-Cyclical

(2.8%)

-

continued

Energizer

Holdings,

Inc.

$

745,000

6.375%, 

7/15/2026

g

$

793,462

Express

Scripts

Holding

Company

117,000

4.750%, 

11/15/2021

122,764

General

Mills,

Inc.

126,000

3.700%, 

10/17/2023

134,083

126,000

3.650%, 

2/15/2024

133,598

HCA,

Inc.

1,040,000

5.375%, 

2/1/2025

1,162,304

Imperial

Brands

Finance

plc

127,000

3.125%, 

7/26/2024

g

130,066

JBS

USA,

LLC

355,000

5.750%, 

6/15/2025

g

367,602

770,000

5.500%, 

1/15/2030

g

831,600

Kellogg

Company

254,000

3.125%, 

5/17/2022

261,054

Keurig

Dr

Pepper,

Inc.

252,000

3.551%, 

5/25/2021

257,856

Kroger

Company

122,000

2.800%, 

8/1/2022

125,100

Mead

Johnson

Nutrition

Company

160,000

3.000%, 

11/15/2020

161,531

Mondelez

International

Holdings

Netherlands

BV

180,000

2.000%, 

10/28/2021

g

180,683

Mylan

NV

126,000

3.150%, 

6/15/2021

128,004

Mylan,

Inc.

127,000

4.200%, 

11/29/2023

134,780

Par

Pharmaceutical,

Inc.

360,000

7.500%, 

4/1/2027

g

366,300

Pernod

Ricard

SA

130,000

5.750%, 

4/7/2021

g

136,067

Pilgrim's

Pride

Corporation

500,000

5.875%, 

9/30/2027

g

530,350

Reynolds

American,

Inc.

126,000

4.850%, 

9/15/2023

137,966

Scotts

Miracle-

Gro

Company

410,000

4.500%, 

10/15/2029

g

423,837

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

232,000

2.400%, 

9/23/2021

234,073

Simmons

Foods,

Inc.

445,000

5.750%, 

11/1/2024

g

449,450

Spectrum

Brands,

Inc.

540,000

5.750%, 

7/15/2025

560,925

180,000

5.000%, 

10/1/2029

g

187,048

Teleflex,

Inc.

650,000

4.625%, 

11/15/2027

684,125

Tenet

Healthcare

Corporation

180,000

4.625%, 

7/15/2024

184,500

540,000

5.125%, 

11/1/2027

g

568,350

Teva

Pharmaceutical

Finance

Netherlands

III

BV

43,000

2.200%, 

7/21/2021

42,354

450,000

2.800%, 

7/21/2023

418,423

UnitedHealth

Group,

Inc.

160,000

3.350%, 

7/15/2022

166,236

VRX

Escrow

Corporation

1,450,000

6.125%, 

4/15/2025

g

1,491,499

Zimmer

Biomet

Holdings,

Inc.

252,000

3.550%, 

4/1/2025

269,012

Zoetis,

Inc.

175,000

3.450%, 

11/13/2020

176,893

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Consumer

Non-Cyclical

(2.8%)

-

continued

$

189,000

3.250%, 

2/1/2023

$

196,379

Total

20,928,231

Energy

(2.2%)

Antero

Resources

Corporation

70,000

5.125%, 

12/1/2022

60,375

325,000

5.625%, 

6/1/2023

l

234,000

Archrock

Partners,

LP

390,000

6.250%, 

4/1/2028

g

401,213

BP

Capital

Markets

America,

Inc.

490,000

2.520%, 

9/19/2022

499,125

BP

Capital

Markets

plc

117,000

2.315%, 

2/13/2020

117,014

Buckeye

Partners,

LP

540,000

3.950%, 

12/1/2026

535,825

210,000

4.125%, 

12/1/2027

207,271

Canadian

Natural

Resources,

Ltd.

120,000

2.950%, 

1/15/2023

123,325

Canadian

Oil

Sands,

Ltd.

125,000

9.400%, 

9/1/2021

g

137,723

Cheniere

Corpus

Christi

Holdings,

LLC

625,000

7.000%, 

6/30/2024

723,756

Cheniere

Energy

Partners,

LP

875,000

5.625%, 

10/1/2026

916,564

Chesapeake

Energy

Corporation

223,000

11.500%, 

1/1/2025

g

179,448

Continental

Resources,

Inc.

64,000

5.000%, 

9/15/2022

64,336

184,000

4.500%, 

4/15/2023

194,267

Diamondback

Energy,

Inc.

123,000

2.875%, 

12/1/2024

125,074

Enagas

SA

1,150,000

5.500%, 

1/15/2028

g

1,150,000

Enbridge,

Inc.

120,000

2.900%, 

7/15/2022

122,818

459,000

6.250%, 

3/1/2078

b

501,003

Energy

Transfer

Operating,

LP

126,000

4.200%, 

9/15/2023

133,821

252,000

5.875%, 

1/15/2024

281,221

143,000

6.625%, 

2/15/2028

b,i

135,135

EnLink

Midstream

Partners,

LP

490,000

4.850%, 

7/15/2026

448,350

Enterprise

Products

Operating,

LLC

355,000

4.875%, 

8/16/2077

b

355,181

EOG

Resources,

Inc.

160,000

2.625%, 

3/15/2023

164,049

Hess

Corporation

126,000

3.500%, 

7/15/2024

131,401

Kinder

Morgan

Energy

Partners,

LP

234,000

3.450%, 

2/15/2023

243,390

Marathon

Petroleum

Corporation

126,000

4.750%, 

12/15/2023

137,825

MPLX,

LP

175,000

4.500%, 

7/15/2023

187,767

Murphy

Oil

Corporation

550,000

5.875%, 

12/1/2027

563,750

Nabors

Industries,

Inc.

410,000

5.750%, 

2/1/2025

336,200

Nabors

Industries,

Ltd.

130,000

7.250%, 

1/15/2026

g

130,163

Newfield

Exploration

Company

126,000

5.625%, 

7/1/2024

139,093

Occidental

Petroleum

Corporation

48,000

4.850%, 

3/15/2021

49,430

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Energy

(2.2%)

-

continued

$

248,000

2.700%, 

8/15/2022

$

252,002

187,000

2.900%, 

8/15/2024

191,095

Parsley

Energy,

LLC

550,000

5.625%, 

10/15/2027

g

582,725

Plains

All

American

Pipeline,

LP

273,000

5.000%, 

2/1/2021

278,798

307,000

6.125%, 

11/15/2022

b,i

284,374

63,000

2.850%, 

1/31/2023

64,273

Sabine

Pass

Liquefaction,

LLC

117,000

6.250%, 

3/15/2022

125,673

117,000

5.625%, 

4/15/2023

128,007

Southwestern

Energy

Company

635,000

7.500%, 

4/1/2026

530,035

Sunoco

Logistics

Partners

Operations,

LP

160,000

4.400%, 

4/1/2021

163,885

Sunoco,

LP

375,000

5.500%, 

2/15/2026

385,785

355,000

5.875%, 

3/15/2028

377,667

Targa

Resources

Partners,

LP

370,000

5.375%, 

2/1/2027

383,875

Transocean

Guardian,

Ltd.

350,704

5.875%, 

1/15/2024

g

358,157

Transocean,

Ltd.

330,000

8.000%, 

2/1/2027

g

307,164

Viper

Energy

Partners,

LP

540,000

5.375%, 

11/1/2027

g

562,950

W&T

Offshore,

Inc.

660,000

9.750%, 

11/1/2023

g

624,888

Western

Gas

Partners,

LP

120,000

4.000%, 

7/1/2022

123,498

Western

Midstream

Operating,

LP

133,000

3.100%, 

2/1/2025

133,710

Williams

Partners,

LP

250,000

4.000%, 

11/15/2021

257,624

WPX

Energy,

Inc.

480,000

5.750%, 

6/1/2026

502,800

200,000

5.250%, 

10/15/2027

209,000

170,000

4.500%, 

1/15/2030

171,057

Total

16,728,955

Financials

(6.2%)

ACE

INA

Holdings,

Inc.

160,000

2.875%, 

11/3/2022

164,642

AerCap

Ireland

Capital,

Ltd.

124,000

3.500%, 

1/15/2025

130,110

AIG

Global

Funding

242,000

2.150%, 

7/2/2020

g

242,371

Air

Lease

Corporation

235,000

2.500%, 

3/1/2021

236,813

Aircastle

,

Ltd.

168,000

5.000%, 

4/1/2023

181,932

Ally

Financial,

Inc.

540,000

5.750%, 

11/20/2025

613,823

American

Express

Company

126,000

3.375%, 

5/17/2021

128,582

127,000

3.700%, 

8/3/2023

134,971

124,000

3.400%, 

2/22/2024

131,087

Athene

Global

Funding

187,000

4.000%, 

1/25/2022

g

194,486

Australia

and

New

Zealand

Banking

Group,

Ltd.

270,000

6.750%, 

6/15/2026

b,g,i

310,162

230,000

2.950%, 

7/22/2030

b,g

233,400

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Financials

(6.2%)

-

continued

Avolon

Holdings

Funding,

Ltd.

$

62,000

5.250%, 

5/15/2024

g

$

68,225

BAC

Capital

Trust

XIV

138,000

4.000%, 

(LIBOR

3M

+

0.400%),

3/9/2020

b,i

129,030

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

6.500%, 

3/5/2025

b,i

213,000

200,000

6.125%, 

11/16/2027

b,i,l

210,440

Banco

Santander

SA

200,000

2.968%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

201,706

Bank

of

America

Corporation

250,000

2.738%, 

1/23/2022

b

252,086

252,000

3.499%, 

5/17/2022

b

257,533

237,000

3.004%, 

12/20/2023

b

244,271

373,000

3.550%, 

3/5/2024

b

390,399

293,000

5.125%, 

6/20/2024

b,i

310,261

491,000

3.864%, 

7/23/2024

b

522,194

285,000

4.200%, 

8/26/2024

309,943

405,000

6.250%, 

9/5/2024

b,i

451,069

124,000

3.458%, 

3/15/2025

b

131,232

Bank

of

Montreal

378,000

3.300%, 

2/5/2024

398,760

Bank

of

New

York

Mellon

Corporation

234,000

2.600%, 

2/7/2022

238,243

Bank

of

Nova

Scotia

126,000

2.259%, 

(LIBOR

3M

+

0.440%),

4/20/2021

b

126,479

174,000

2.700%, 

3/7/2022

178,228

247,000

2.375%, 

1/18/2023

251,991

133,000

1.950%, 

2/1/2023

133,795

Barclays

plc

225,000

4.610%, 

2/15/2023

b

235,759

381,000

7.750%, 

9/15/2023

b,i

417,195

299,000

4.338%, 

5/16/2024

b

318,364

BB&T

Corporation

245,000

2.150%, 

2/1/2021

245,873

127,000

2.500%, 

8/1/2024

130,274

BNP

Paribas

SA

523,000

7.625%, 

3/30/2021

b,g,i

550,457

149,000

2.819%, 

11/19/2025

b,g

152,727

BPCE

SA

126,000

3.000%, 

5/22/2022

g

128,861

133,000

2.375%, 

1/14/2025

g

134,034

Camden

Property

Trust

126,000

4.875%, 

6/15/2023

137,343

Canadian

Imperial

Bank

of

Commerce

133,000

2.250%, 

1/28/2025

134,249

Capital

One

Bank

USA

NA

189,000

3.375%, 

2/15/2023

196,680

199,000

2.280%, 

1/28/2026

b

200,033

Capital

One

Financial

Corporation

354,000

3.050%, 

3/9/2022

362,518

Cascades

USA,

Inc.

380,000

5.125%, 

1/15/2026

g

392,350

Central

Fidelity

Capital

Trust

I

310,000

2.831%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

292,950

CIT

Group,

Inc.

655,000

4.750%, 

2/16/2024

697,575

Citigroup,

Inc.

363,000

2.350%, 

8/2/2021

366,232

116,000

2.750%, 

4/25/2022

118,128

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Financials

(6.2%)

-

continued

$

125,000

2.484%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

$

126,207

491,000

2.312%, 

11/4/2022

b

494,399

244,000

3.142%, 

1/24/2023

b

249,569

276,000

5.000%, 

9/12/2024

b,i

289,071

444,000

4.700%, 

1/30/2025

b,i

452,192

373,000

3.352%, 

4/24/2025

b

392,474

138,000

5.950%, 

5/15/2025

b,i

150,765

Citizens

Bank

NA

250,000

2.200%, 

5/26/2020

250,193

CNA

Financial

Corporation

128,000

5.750%, 

8/15/2021

135,583

145,000

3.950%, 

5/15/2024

156,244

Commonwealth

Bank

of

Australia

232,000

2.250%, 

3/10/2020

g

232,128

Compass

Bank

250,000

3.500%, 

6/11/2021

255,234

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

232,000

3.950%, 

11/9/2022

243,691

Credit

Agricole

SA

116,000

3.375%, 

1/10/2022

g

119,155

213,600

8.125%, 

12/23/2025

b,g,i

259,165

Credit

Suisse

Group

AG

207,000

7.500%, 

12/11/2023

b,g,i

234,665

122,000

2.593%, 

9/11/2025

b,g

123,956

300,000

6.375%, 

8/21/2026

b,g,i

332,625

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

350,000

3.800%, 

9/15/2022

366,426

Danske

Bank

AS

200,000

5.000%, 

1/12/2022

g

210,722

Deutsche

Bank

AG

125,000

2.700%, 

7/13/2020

125,241

348,000

4.250%, 

10/14/2021

358,424

Deutsche

Bank

AG

of

New

York

123,000

3.950%, 

2/27/2023

127,689

Digital

Realty

Trust,

LP

185,000

2.750%, 

2/1/2023

188,913

Discover

Bank

126,000

4.200%, 

8/8/2023

134,992

183,000

2.450%, 

9/12/2024

185,113

Fidelity

National

Financial,

Inc.

184,000

5.500%, 

9/1/2022

200,074

Fifth

Third

Bancorp

175,000

2.600%, 

6/15/2022

178,147

124,000

3.650%, 

1/25/2024

131,958

Five

Corners

Funding

Trust

275,000

4.419%, 

11/15/2023

g

300,756

General

Electric

Capital

Corporation

247,000

3.100%, 

1/9/2023

254,964

Goldman

Sachs

Group,

Inc.

232,000

5.375%, 

5/10/2020

b,i

233,728

234,000

5.250%, 

7/27/2021

245,865

175,000

3.080%, 

(LIBOR

3M

+

1.170%),

11/15/2021

b

176,405

234,000

3.000%, 

4/26/2022

237,486

187,000

2.876%, 

10/31/2022

b

190,330

120,000

2.942%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

121,598

248,000

3.625%, 

2/20/2024

263,632

295,000

5.500%, 

8/10/2024

b,i,l

317,452

116,000

4.950%, 

2/10/2025

b,i

121,220

185,000

3.272%, 

9/29/2025

b

194,426

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Financials

(6.2%)

-

continued

Hartford

Financial

Services

Group,

Inc.

$

116,000

4.035%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,g

$

111,650

HCP,

Inc.

132,000

4.250%, 

11/15/2023

142,320

Hospitality

Properties

Trust

150,000

4.250%, 

2/15/2021

152,363

HSBC

Holdings

plc

348,000

3.400%, 

3/8/2021

354,063

234,000

6.875%, 

6/1/2021

b,i

245,309

286,000

6.375%, 

9/17/2024

b,i

310,667

225,000

3.803%, 

3/11/2025

b

239,080

204,000

6.375%, 

3/30/2025

b,i

222,996

148,000

2.633%, 

11/7/2025

b

150,456

136,000

6.500%, 

3/23/2028

b,i

151,470

Huntington

Bancshares,

Inc.

200,000

3.150%, 

3/14/2021

202,989

Icahn

Enterprises,

LP

235,000

6.750%, 

2/1/2024

243,813

565,000

6.375%, 

12/15/2025

589,719

ILFC

E-Capital

Trust

II

207,000

4.150%, 

(H15T30Y

+

1.800%),

12/21/2065

b,g

170,789

ING

Groep

NV

265,000

6.000%, 

4/16/2020

b,i

266,352

225,000

4.100%, 

10/2/2023

241,455

International

Lease

Finance

Corporation

234,000

5.875%, 

8/15/2022

256,380

Iron

Mountain,

Inc.

360,079

6.000%, 

8/15/2023

367,731

375,000

4.875%, 

9/15/2027

g

386,250

J.P.

Morgan

Chase

&

Company

175,000

2.587%, 

(LIBOR

3M

+

0.680%),

6/1/2021

b

175,349

300,000

2.776%, 

4/25/2023

b

306,066

252,000

3.375%, 

5/1/2023

263,684

195,000

5.150%, 

5/1/2023

b,i

204,263

231,000

3.031%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

235,528

576,000

5.000%, 

8/1/2024

b,i

602,496

259,000

3.875%, 

9/10/2024

279,881

490,000

4.023%, 

12/5/2024

b

527,810

444,000

4.600%, 

2/1/2025

b,i

453,280

Liberty

Mutual

Group,

Inc.

54,000

5.000%, 

6/1/2021

g

56,134

Lincoln

National

Corporation

130,000

6.250%, 

2/15/2020

130,151

135,000

4.262%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

121,500

Lloyds

Banking

Group

plc

247,000

3.000%, 

1/11/2022

251,940

183,000

2.858%, 

3/17/2023

b

185,981

225,000

3.900%, 

3/12/2024

240,576

270,000

6.657%, 

5/21/2037

b,g,i

329,400

Macquarie

Bank,

Ltd.

307,000

6.125%, 

3/8/2027

b,g,i

326,188

Mitsubishi

UFJ

Financial

Group,

Inc.

117,000

2.998%, 

2/22/2022

119,796

187,000

2.623%, 

7/18/2022

190,658

250,000

3.455%, 

3/2/2023

261,779

124,000

3.407%, 

3/7/2024

131,126

Mizuho

Financial

Group,

Inc.

187,000

2.721%, 

7/16/2023

b

190,335

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Financials

(6.2%)

-

continued

Morgan

Stanley

$

234,000

2.800%, 

6/16/2020

$

234,854

232,000

5.500%, 

7/28/2021

244,756

116,000

2.750%, 

5/19/2022

118,488

150,000

4.875%, 

11/1/2022

161,740

250,000

3.125%, 

1/23/2023

259,363

247,000

4.100%, 

5/22/2023

263,175

124,000

2.720%, 

7/22/2025

b

127,580

MPT

Operating

Partnership,

LP

370,000

5.250%, 

8/1/2026

388,038

380,000

4.625%, 

8/1/2029

397,575

National

Australia

Bank,

Ltd.

199,000

1.875%, 

12/13/2022

200,007

National

Bank

of

Canada

199,000

2.100%, 

2/1/2023

200,239

Nippon

Life

Insurance

Company

222,000

3.400%, 

1/23/2050

b,g

225,330

Nomura

Holdings,

Inc.

159,000

2.648%, 

1/16/2025

161,484

Nordea

Bank

Abp

200,000

6.625%, 

3/26/2026

b,g,i

225,622

Outfront

Media

Cap,

LLC

700,000

4.625%, 

3/15/2030

g

721,000

Park

Aerospace

Holdings,

Ltd.

62,000

4.500%, 

3/15/2023

g

65,742

PNC

Bank

NA

234,000

2.450%, 

11/5/2020

235,260

PNC

Financial

Services

Group,

Inc.

126,000

3.500%, 

1/23/2024

134,392

Quicken

Loans,

Inc.

830,000

5.750%, 

5/1/2025

g

859,050

Regions

Financial

Corporation

126,000

3.800%, 

8/14/2023

134,333

Reinsurance

Group

of

America,

Inc.

175,000

4.700%, 

9/15/2023

191,441

Royal

Bank

of

Canada

232,000

2.125%, 

3/2/2020

232,074

124,000

2.250%, 

11/1/2024

126,283

Royal

Bank

of

Scotland

Group

plc

360,000

8.625%, 

8/15/2021

b,i

388,800

126,000

6.125%, 

12/15/2022

138,095

126,000

6.100%, 

6/10/2023

139,937

230,000

4.269%, 

3/22/2025

b

246,848

99,000

3.754%, 

11/1/2029

b

102,864

Santander

UK

Group

Holdings

plc

253,000

2.875%, 

8/5/2021

256,121

Santander

UK

plc

199,000

2.100%, 

1/13/2023

200,562

Simon

Property

Group,

LP

225,000

2.500%, 

7/15/2021

227,293

127,000

2.000%, 

9/13/2024

127,957

SITE

Centers

Corporation

62,000

4.625%, 

7/15/2022

64,989

Societe

Generale

SA

148,000

2.625%, 

10/16/2024

g

150,233

450,000

8.000%, 

9/29/2025

b,g,i

534,938

Springleaf

Finance

Corporation

380,000

7.125%, 

3/15/2026

435,993

Standard

Chartered

plc

187,000

2.744%, 

9/10/2022

b,g

188,758

State

Street

Corporation

125,000

2.354%, 

11/1/2025

b

127,391

Sumitomo

Mitsui

Financial

Group,

Inc.

116,000

2.784%, 

7/12/2022

118,690

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Financials

(6.2%)

-

continued

$

496,000

2.778%, 

10/18/2022

$

508,690

148,000

2.448%, 

9/27/2024

150,566

SunTrust

Banks,

Inc.

125,000

2.900%, 

3/3/2021

126,541

Synchrony

Financial

75,000

3.132%, 

(LIBOR

3M

+

1.230%),

2/3/2020

b

75,000

127,000

2.850%, 

7/25/2022

129,477

110,000

4.250%, 

8/15/2024

118,025

Toronto-Dominion

Bank

170,000

2.550%, 

1/25/2021

171,508

124,000

3.250%, 

3/11/2024

131,216

Truist

Financial

Corporation

302,000

4.800%, 

9/1/2024

b,i

311,413

UBS

Group

Funding

Jersey,

Ltd.

232,000

3.000%, 

4/15/2021

g

235,581

USB

Realty

Corporation

276,000

2.978%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

247,299

Ventas

Realty,

LP

126,000

3.100%, 

1/15/2023

130,236

126,000

3.750%, 

5/1/2024

134,012

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

140,000

4.250%, 

12/1/2026

g

143,686

90,000

3.750%, 

2/15/2027

e,g

90,450

140,000

4.625%, 

12/1/2029

g

146,300

90,000

4.125%, 

8/15/2030

e,g

91,350

Wachovia

Capital

Trust

II

100,000

2.331%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

94,750

Wells

Fargo

&

Company

120,000

2.100%, 

7/26/2021

120,669

122,000

2.625%, 

7/22/2022

124,424

252,000

4.125%, 

8/15/2023

270,239

200,000

3.007%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

204,094

121,000

3.750%, 

1/24/2024

129,272

245,000

2.406%, 

10/30/2025

b

249,095

Westpac

Banking

Corporation

195,000

2.753%, 

(LIBOR

3M

+

0.850%),

8/19/2021

b

196,854

133,000

2.000%, 

1/13/2023

134,263

133,000

2.894%, 

2/4/2030

b

133,923

Total

46,641,744

Mortgage-Backed

Securities

(15.4%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

4,297,690

3.500%, 

5/1/2034

4,492,243

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,911,756

3.000%, 

8/1/2047

4,039,005

148,950

3.500%, 

7/1/2049

153,695

Federal

National

Mortgage

Association

3,327,975

3.500%, 

10/1/2048

3,461,868

4,918,435

3.500%, 

2/1/2049

e

5,095,799

3,758,404

3.500%, 

8/1/2049

3,918,732

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

13,900,000

2.500%, 

2/1/2035

e

14,147,051

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Mortgage-Backed

Securities

(15.4%)

-

continued

$

25,599,000

3.000%, 

2/1/2035

e

$

26,367,970

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

41,456,000

3.000%, 

3/1/2050

e

42,366,379

6,375,421

4.000%, 

7/1/2048

6,673,643

4,664,668

3.500%, 

8/1/2049

4,813,413

Total

115,529,798

Technology

(1.1%)

Apple,

Inc.

240,000

2.400%, 

1/13/2023

246,009

441,000

3.450%, 

5/6/2024

473,704

Baidu,

Inc.

122,000

3.000%, 

6/30/2020

122,418

Broadcom

Corporation

513,000

2.650%, 

1/15/2023

520,748

199,000

3.125%, 

1/15/2025

204,923

CommScope

Technologies

Finance,

LLC

690,000

6.000%, 

6/15/2025

g

658,522

Dell

International,

LLC/

EMC

Corporation

186,000

4.000%, 

7/15/2024

g

198,494

Diamond

1

Finance

Corporation

358,000

5.450%, 

6/15/2023

g

392,237

Diamond

Sports

Group,

LLC

730,000

6.625%, 

8/15/2027

g,l

682,550

Fiserv,

Inc.

237,000

2.750%, 

7/1/2024

244,346

Global

Payments,

Inc.

64,000

2.650%, 

2/15/2025

65,583

Harland

Clarke

Holdings

Corporation

360,000

8.375%, 

8/15/2022

g

312,075

Hewlett

Packard

Enterprise

Company

283,000

3.600%, 

10/15/2020

286,106

127,000

2.250%, 

4/1/2023

128,067

Intel

Corporation

120,000

1.700%, 

5/19/2021

120,184

160,000

3.100%, 

7/29/2022

166,196

Marvell

Technology

Group,

Ltd.

126,000

4.200%, 

6/22/2023

134,190

Microsoft

Corporation

234,000

2.400%, 

2/6/2022

238,018

NCR

Corporation

710,000

6.125%, 

9/1/2029

g

774,717

NXP

BV/NXP

Funding,

LLC

189,000

4.875%, 

3/1/2024

g

207,982

Oracle

Corporation

170,000

2.500%, 

5/15/2022

173,085

Panasonic

Corporation

187,000

2.536%, 

7/19/2022

g

189,432

Plantronics,

Inc.

460,000

5.500%, 

5/31/2023

g

443,909

PTC,

Inc.

140,000

3.625%, 

2/15/2025

e,g

141,050

Seagate

HDD

Cayman

128,000

4.250%, 

3/1/2022

132,593

SS&C

Technologies,

Inc.

540,000

5.500%, 

9/30/2027

g

571,212

Texas

Instruments,

Inc.

65,000

1.750%, 

5/1/2020

65,005

Total

7,893,355

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Transportation

(0.6%)

AerCap

Holdings

NV

$

213,000

5.875%, 

10/10/2079

b

$

227,910

Air

Canada

Pass

Through

Trust

45,566

3.875%, 

3/15/2023

g

46,894

Air

Lease

Corporation

133,000

2.300%, 

2/1/2025

133,125

Boeing

Company

250,000

3.100%, 

5/1/2026

261,150

CSX

Corporation

126,000

3.700%, 

11/1/2023

134,904

Delta

Air

Lines,

Inc.

174,000

2.875%, 

3/13/2020

174,229

124,000

2.900%, 

10/28/2024

125,211

Hertz

Corporation

390,000

5.500%, 

10/15/2024

g

395,686

300,000

6.000%, 

1/15/2028

g

302,625

J.B.

Hunt

Transport

Services,

Inc.

160,000

3.300%, 

8/15/2022

165,525

NCL

Corporation,

Ltd.

720,000

3.625%, 

12/15/2024

g

714,600

Penske

Truck

Leasing

Company,

LP

124,000

3.375%, 

2/1/2022

g

127,253

Ryder

System,

Inc.

236,000

3.500%, 

6/1/2021

241,057

Union

Pacific

Corporation

189,000

3.750%, 

7/15/2025

206,314

United

Airlines

Pass

Through

Trust

160,000

3.700%, 

12/1/2022

166,102

United

Continental

Holdings,

Inc.

730,000

4.875%, 

1/15/2025

770,150

XPO

Logistics,

Inc.

230,000

6.125%, 

9/1/2023

g

237,763

375,000

6.750%, 

8/15/2024

g

406,406

Total

4,836,904

Utilities

(1.1%)

Alabama

Power

Company

117,000

2.450%, 

3/30/2022

118,921

Ameren

Corporation

160,000

2.700%, 

11/15/2020

160,932

125,000

2.500%, 

9/15/2024

127,122

Berkshire

Hathaway

Energy

Company

240,000

2.400%, 

2/1/2020

240,000

Calpine

Corporation

690,000

4.500%, 

2/15/2028

g

686,550

CenterPoint

Energy,

Inc.

120,000

2.500%, 

9/1/2022

121,662

127,000

2.500%, 

9/1/2024

129,329

Dominion

Energy,

Inc.

126,000

2.715%, 

8/15/2021

127,333

126,000

3.071%, 

8/15/2024

130,929

205,000

4.650%, 

12/15/2024

b,i

212,661

DTE

Energy

Company

179,000

3.300%, 

6/15/2022

184,364

187,000

2.529%, 

10/1/2024

191,064

Duke

Energy

Corporation

250,000

2.400%, 

8/15/2022

253,681

207,000

4.875%, 

9/16/2024

b,i

219,712

Edison

International

368,000

2.950%, 

3/15/2023

377,035

62,000

3.550%, 

11/15/2024

65,279

Evergy

,

Inc.

127,000

2.450%, 

9/15/2024

129,097

Eversource

Energy

127,000

2.500%, 

3/15/2021

127,974

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income

(51.6%)

Value

Utilities

(1.1%)

-

continued

FirstEnergy

Corporation

$

184,000

2.850%, 

7/15/2022

$

188,007

Georgia

Power

Company

133,000

2.100%, 

7/30/2023

134,566

127,000

2.200%, 

9/15/2024

128,549

NextEra

Energy

Operating

Partners,

LP

710,000

3.875%, 

10/15/2026

g

717,100

NiSource,

Inc.

177,000

3.650%, 

6/15/2023

186,802

310,000

5.650%, 

6/15/2023

b,i

323,950

Pinnacle

West

Capital

Corporation

120,000

2.250%, 

11/30/2020

120,414

PPL

Capital

Funding,

Inc.

252,000

3.950%, 

3/15/2024

268,615

PSEG

Power,

LLC

143,000

3.000%, 

6/15/2021

145,330

Public

Service

Enterprise

Group,

Inc.

126,000

2.875%, 

6/15/2024

130,379

Sempra

Energy

75,000

2.400%, 

3/15/2020

75,015

246,000

3.550%, 

6/15/2024

260,955

Southern

Company

116,000

2.350%, 

7/1/2021

116,895

TerraForm

Power

Operating,

LLC

695,000

5.000%, 

1/31/2028

g

750,600

TransCanada

Trust

547,000

5.875%, 

8/15/2076

b

593,495

Vistra

Operations

Company,

LLC

500,000

5.000%, 

7/31/2027

g

513,150

Total

8,257,467

Total

Long-Term

Fixed

Income

(cost

$381,591,064)

386,465,702

Shares

Registered

Investment

Companies

(

20.2%

)

Value

Unaffiliated  (5.3%)

34,500

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

451,605

46,801

BlackRock

Resources

&

Commodities

Strategy

Trust

351,476

803,000

Invesco

Senior

Loan

ETF

18,155,830

13,700

Invesco

Variable

Rate

Preferred

ETF

356,063

80,200

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

3,060,432

85,976

MFS

Intermediate

Income

Trust

330,148

42,175

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

4,598,762

95,073

Templeton

Global

Income

Fund

576,142

136,695

Vanguard

Short-Term

Corporate

Bond

ETF

11,177,550

121,540

Western

Asset

High

Income

Opportunity

Fund,

Inc.

617,423

Total

39,675,431

Affiliated  (14.9%)

11,033,924

Thrivent

Core

Emerging

Markets

Debt

Fund

111,773,654

Total

111,773,654

Total

Registered

Investment

Companies

(cost

$146,412,698)

151,449,085

Shares

Preferred

Stock

(

0.9%

)

Value

Consumer

Staples

(0.1%)

17,520

CHS,

Inc.,

7.100%

b,i

$

492,312

Total

492,312

Energy

(0.1%)

58,690

Crestwood

Equity

Partners,

LP,

9.250%

i

549,338

2,800

Energy

Transfer

Operating,

LP,

7.600%

b,i

70,560

10,855

Nustar

Logistics,

LP,

8.565%

b

287,332

Total

907,230

Financials

(0.7%)

4,025

Aegon

Funding

Corporation

II,

5.100%

103,925

7,320

Agribank

FCB,

6.875%

b,i

790,560

8,200

Allstate

Corporation,

5.100%

i

216,234

7,500

Bank

of

America

Corporation,

5.000%

i

196,500

8,275

Capital

One

Financial

Corporation,

5.000%

i

211,426

5,700

Cobank

ACB,

6.250%

b,i

609,900

8,875

Equitable

Holdings,

Inc.,

5.250%

i,m

232,969

265

First

Tennessee

Bank

NA,

3.750%

b,g,i

212,663

14,700

GMAC

Capital

Trust

I,

7.695%

b

391,755

6,500

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

184,730

5,500

J.P.

Morgan

Chase

&

Company,

4.750%

i,l

141,625

13,100

Morgan

Stanley,

7.125%

b,i

385,795

7,000

Regions

Financial

Corporation,

5.700%

b,i

199,570

1,400

Synovus

Financial

Corporation,

5.875%

b,i

37,632

709

Wells

Fargo

&

Company,

Convertible,

7.500%

i

1,095,802

Total

5,011,086

Total

Preferred

Stock

(cost

$5,905,074)

6,410,628

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

1,538,273

Thrivent

Cash

Management

Trust

1,538,273

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,538,273)

1,538,273

Shares

Common

Stock

(

0.1%

)

Value

Energy

(<0.1%)

19,099

Contura

Energy,

Inc.

m

110,583

73,317

Pacific

Drilling

SA

m

134,904

Total

245,487

Materials

(0.1%)

23,820

Verso

Corporation

m

401,367

Total

401,367

Total

Common

Stock

(cost

$2,233,304)

646,854

Shares

or

Principal

Amount

Short-Term

Investments

(

14.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

1.540%,

4/8/2020

n,o

698,015

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Shares

or

Principal

Amount

Short-Term

Investments

(14.4%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

10,667,287

1.900%

$

106,672,869

Total

Short-Term

Investments

(cost

$107,370,862)

107,370,884

Total

Investments

(cost

$839,572,459)

112.9%

$845,116,544

Other

Assets

and

Liabilities,

Net

(12.9%)

(96,296,281)

Total

Net

Assets

100.0%

$748,820,263

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

January

31,

2020.

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

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

January

31,

2020,

the

value

of

these

investments

was

$136,495,674

or

18.2%

of

total

net

assets.

h

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

January

31,

2020.

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

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.

k

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

All

or

a

portion

of

the

security

is

on

loan.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

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.

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

Opportunity

Income

Plus

Fund

as

of

January

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,370,944

Common

Stock

87,550

Total

lending

$1,458,494

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,538,273

Net

amounts

due

to

counterparty

$79,779

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

in

valuing

Opportunity

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

10,091,849

–

8,258,890

1,832,959

Capital

Goods

22,541,954

–

21,393,554

1,148,400

Communications

Services

45,155,910

–

45,155,910

–

Consumer

Cyclical

29,882,081

–

27,345,790

2,536,291

Consumer

Non-Cyclical

35,524,949

–

35,524,949

–

Energy

10,598,729

–

9,638,256

960,473

Financials

20,443,093

–

20,443,093

–

Technology

14,971,055

–

14,971,055

–

Utilities

2,025,498

–

2,025,498

–

Long-Term

Fixed

Income

Asset-Backed

Securities

34,763,046

–

34,763,046

–

Basic

Materials

5,730,033

–

5,730,033

–

Capital

Goods

13,589,135

–

13,589,135

–

Collateralized

Mortgage

Obligations

69,246,853

–

69,246,853

–

Commercial

Mortgage-Backed

Securities

4,282,758

–

4,282,758

–

Communications

Services

19,912,407

–

19,912,407

–

Consumer

Cyclical

18,125,016

–

18,125,016

–

Consumer

Non-Cyclical

20,928,231

–

20,928,231

–

Energy

16,728,955

–

16,728,955

–

Financials

46,641,744

–

46,641,744

–

Mortgage-Backed

Securities

115,529,798

–

115,529,798

–

Technology

7,893,355

–

7,893,355

–

Transportation

4,836,904

–

4,836,904

–

Utilities

8,257,467

–

8,257,467

–

Registered

Investment

Companies

Unaffiliated

39,675,431

39,675,431

–

–

Preferred

Stock

Consumer

Staples

492,312

492,312

–

–

Energy

907,230

907,230

–

–

Financials

5,011,086

3,397,963

1,613,123

–

Common

Stock

Energy

245,487

245,487

–

–

Materials

401,367

401,367

–

–

Short-Term

Investments

698,015

–

698,015

–

Subtotal

Investments

in

Securities

$625,131,748

$45,119,790

$573,533,835

$6,478,123

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

111,773,654

Affiliated

Short-Term

Investments

106,672,869

Collateral

Held

for

Securities

Loaned

1,538,273

Subtotal

Other

Investments

$219,984,796

Total

Investments

at

Value

$845,116,544

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

416,437

416,437

–

–

Total

Asset

Derivatives

$416,437

$416,437

$–

$–

Liability

Derivatives

Futures

Contracts

503,412

503,412

–

–

Total

Liability

Derivatives

$503,412

$503,412

$–

$–

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

Opportunity

Income

Plus

Fund's

futures

contracts

held

as

of

January

31,

2020.

Investments

and/or

cash

totaling

$698,016

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

2-Yr.

U.S.

Treasury

Note

210

March

2020

$

45,271,880

$

163,590

CBOT

5-Yr.

U.S.

Treasury

Note

69

March

2020

8,215,528

86,574

CME

Ultra

Long

Term

U.S.

Treasury

Bond

26

March

2020

4,869,602

166,273

Total

Futures

Long

Contracts

$

58,357,010

$

416,437

CBOT

10-Yr.

U.S.

Treasury

Note

(46)

March

2020

(

$

6,014,555)

(

$

41,632)

CBOT

U.S.

Long

Bond

(41)

March

2020

(

6,445,148)

(

259,633)

CME

E-mini

S&P

500

Index

(36)

March

2020

(

5,752,182)

(

51,018)

Ultra

10-Yr.

U.S.

Treasury

Note

(40)

March

2020

(

5,675,122)

(

151,129)

Total

Futures

Short

Contracts

(

$

23,887,007)

($503,412)

Total

Futures

Contracts

$

34,470,003

($86,975)

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

Opportunity

Income

Plus

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$96,309

$12,301

$–

$111,774

11,034

14.9%

Total

Affiliated

Registered

Investment

Companies

96,309

111,774

14.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

115,236

165,482

174,045

106,673

10,667

14.3

Total

Affiliated

Short-Term

Investments

115,236

106,673

14.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,846

10,668

11,976

1,538

1,538

0.2

Total

Collateral

Held

for

Securities

Loaned

2,846

1,538

0.2

Total

Value

$214,391

$219,985

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$3,163

$–

$1,139

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

–

–

1

552

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,691

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

$–

$3,163

$1

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Shares

Common

Stock

(

92.2%

)

Value

Communications

Services

(0.2%)

5,238

ORBCOMM,

Inc.

a

$

18,804

Total

18,804

Consumer

Discretionary

(12.5%)

676

Bright

Horizons

Family

Solutions,

Inc.

a

110,681

368

Burlington

Stores,

Inc.

a

80,029

4,249

Duluth

Holdings,

Inc.

a,b

35,904

1,610

Etsy,

Inc.

a

78,584

1,471

Five

Below,

Inc.

a

166,547

1,212

G-III

Apparel

Group,

Ltd.

a

32,978

866

Grand

Canyon

Education,

Inc.

a

67,790

1,248

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

66,194

2,400

Planet

Fitness,

Inc.

a

193,896

5,903

Playa

Hotels

and

Resorts

NV

a

41,439

3,760

Red

Rock

Resorts,

Inc.

92,158

1,868

Texas

Roadhouse,

Inc.

116,750

1,771

Wingstop

,

Inc.

164,296

Total

1,247,246

Consumer

Staples

(3.3%)

645

Calavo

Growers,

Inc.

49,413

803

Casey's

General

Stores,

Inc.

129,171

2,313

Simply

Good

Foods

Company

a

53,130

4,322

Turning

Point

Brands,

Inc.

98,714

Total

330,428

Energy

(0.8%)

4,773

Nine

Energy

Service,

Inc.

a

23,101

2,542

Talos

Energy,

Inc.

a

55,772

Total

78,873

Financials

(8.2%)

2,215

Ameris

Bancorp

89,021

2,024

Essent

Group,

Ltd.

100,411

11,710

Everi

Holdings,

Inc.

a

146,375

1,736

Hamilton

Lane,

Inc.

112,753

586

Interactive

Brokers

Group,

Inc.

27,542

1,934

Prosight

Global,

Inc.

a

27,985

1,622

Santander

Consumer

USA

Holdings,

Inc.

43,178

2,407

Seacoast

Banking

Corporation

of

Florida

a

65,350

2,161

Spirit

of

Texas

Bancshares,

Inc.

a

44,841

149

SVB

Financial

Group

a

35,809

1,050

TMX

Group,

Ltd.

97,153

511

Western

Alliance

Bancorp

28,222

Total

818,640

Health

Care

(23.0%)

1,724

Aerie

Pharmaceuticals,

Inc.

a

35,307

1,146

Agios

Pharmaceuticals,

Inc.

a

55,844

611

Arena

Pharmaceuticals,

Inc.

a

27,917

4,501

Axonics

Modulation

Technologies,

Inc.

a,b

130,664

541

Bio-

Techne

Corporation

113,594

2,757

Catalent

,

Inc.

a

168,453

1,597

Guardant

Health,

Inc.

a

121,436

2,766

Halozyme

Therapeutics,

Inc.

a

52,499

1,295

Immunomedics

,

Inc.

a

24,048

2,537

Inspire

Medical

Systems,

Inc.

a

189,768

1,467

LHC

Group,

Inc.

a

213,815

513

Ligand

Pharmaceuticals,

Inc.

a,b

45,046

240

Mesa

Laboratories,

Inc.

62,986

4,165

Natera

,

Inc.

a

145,817

809

Neurocrine

Biosciences,

Inc.

a

80,965

Shares

Common

Stock

(92.2%)

Value

Health

Care

(23.0%)

-

continued

676

Nevro

Corporation

a

$

89,847

5,322

Optinose

,

Inc.

a,b

41,671

1,051

Repligen

Corporation

a

105,510

274

Sage

Therapeutics,

Inc.

a

18,161

2,677

Tactile

Systems

Technology,

Inc.

a

150,421

389

Teleflex,

Inc.

144,517

1,127

Veeva

Systems,

Inc.

a

165,229

3,671

Wright

Medical

Group

NV

a

110,644

Total

2,294,159

Industrials

(14.4%)

2,272

Aerojet

Rocketdyne

Holdings,

Inc.

a

118,303

1,681

ASGN,

Inc.

a

113,787

2,628

Casella

Waste

Systems,

Inc.

a

134,528

1,539

Chart

Industries,

Inc.

a

98,465

2,590

Healthcare

Services

Group,

Inc.

66,304

563

Heico

Corporation

68,928

738

John

Bean

Technologies

Corporation

83,387

1,734

Kratos

Defense

&

Security

Solutions,

Inc.

a

31,802

1,447

Mercury

Systems,

Inc.

a

111,057

3,850

Ritchie

Brothers

Auctioneers,

Inc.

162,547

822

Saia,

Inc.

a

71,596

987

SiteOne

Landscape

Supply,

Inc.

a

95,295

154

Valmont

Industries,

Inc.

21,877

684

Watsco

,

Inc.

118,961

4,300

Willdan

Group,

Inc.

a

142,459

Total

1,439,296

Information

Technology

(28.2%)

967

Alteryx,

Inc.

a

134,868

2,273

Avalara,

Inc.

a

193,523

1,852

Bandwidth,

Inc.

a

131,418

1,636

Blackline,

Inc.

a

100,074

1,573

Cognex

Corporation

80,176

1,145

Coupa

Software,

Inc.

a

184,517

2,068

Descartes

Systems

Group,

Inc.

a

92,667

3,038

Dolby

Laboratories,

Inc.

210,655

2,589

Five9,

Inc.

a

185,709

1,342

Guidewire

Software,

Inc.

a

150,975

3,727

Lattice

Semiconductor

Corporation

a

69,322

1,293

MKS

Instruments,

Inc.

135,532

1,644

Monolithic

Power

Systems,

Inc.

281,404

1,037

New

Relic,

Inc.

a

68,452

1,897

Nova

Measuring

Instruments,

Ltd.

a

72,162

976

Novanta

,

Inc.

a

88,553

1,064

Proofpoint

,

Inc.

a

130,670

1,470

Q2

Holdings,

Inc.

a

128,169

708

Rogers

Corporation

a

83,367

5,112

SailPoint

Technologies

Holdings,

Inc.

a

128,260

253

Tyler

Technologies,

Inc.

a

81,891

2,046

Virtusa

Corporation

a

85,195

Total

2,817,559

Materials

(1.0%)

3,237

Louisiana-Pacific

Corporation

99,311

Total

99,311

Real

Estate

(0.6%)

479

CoreSite

Realty

Corporation

56,258

Total

56,258

Total

Common

Stock

(cost

$8,066,870)

9,200,574

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Shares

Collateral

Held

for

Securities

Loaned

(

4.0%

)

Value

403,100

Thrivent

Cash

Management

Trust

$

403,100

Total

Collateral

Held

for

Securities

Loaned

(cost

$403,100)

403,100

Shares

Registered

Investment

Companies

(

2.5%

)

Value

Unaffiliated  (2.5%)

1,905

SPDR

S&P

Biotech

ETF

b

169,774

3,083

SPDR

S&P

Metals

&

Mining

ETF

76,736

Total

246,510

Total

Registered

Investment

Companies

(cost

$252,682)

246,510

Shares

Short-Term

Investments

(

5.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

51,457

1.900%

514,575

Total

Short-Term

Investments

(cost

$514,575)

514,575

Total

Investments

(cost

$9,237,227)

103.9%

$10,364,759

Other

Assets

and

Liabilities,

Net

(3.9%)

(390,048)

Total

Net

Assets

100.0%

$9,974,711

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

January

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

384,978

Total

lending

$384,978

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$403,100

Net

amounts

due

to

counterparty

$18,122

Definitions:

ETF

-

Exchange

Traded

Fund

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.

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

18,804

18,804

–

–

Consumer

Discretionary

1,247,246

1,247,246

–

–

Consumer

Staples

330,428

330,428

–

–

Energy

78,873

78,873

–

–

Financials

818,640

721,487

97,153

–

Health

Care

2,294,159

2,294,159

–

–

Industrials

1,439,296

1,439,296

–

–

Information

Technology

2,817,559

2,817,559

–

–

Materials

99,311

99,311

–

–

Real

Estate

56,258

56,258

–

–

Registered

Investment

Companies

Unaffiliated

246,510

246,510

–

–

Subtotal

Investments

in

Securities

$9,447,084

$9,349,931

$97,153

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

514,575

Collateral

Held

for

Securities

Loaned

403,100

Subtotal

Other

Investments

$917,675

Total

Investments

at

Value

$10,364,759

*

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

this

table

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

Small

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$251

$1,270

$1,006

$515

51

5.2%

Total

Affiliated

Short-Term

Investments

251

515

5.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

297

1,188

1,082

403

403

4.0

Total

Collateral

Held

for

Securities

Loaned

297

403

4.0

Total

Value

$548

$918

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

$–

$–

$0

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Shares

Common

Stock

(

89.9%

)

Value

Communications

Services

(0.6%)

336,179

QuinStreet

,

Inc.

a

$

4,355,199

Total

4,355,199

Consumer

Discretionary

(6.8%)

245,995

Crocs,

Inc.

a

9,325,670

406,434

Designer

Brands,

Inc.

5,787,620

124,991

G-III

Apparel

Group,

Ltd.

a

3,401,005

288,831

Movado

Group,

Inc.

4,973,670

87,664

Oxford

Industries,

Inc.

6,083,882

472,038

Red

Rock

Resorts,

Inc.

11,569,651

164,099

Zumiez

,

Inc.

a

5,114,966

Total

46,256,464

Consumer

Staples

(6.5%)

51,647

Casey's

General

Stores,

Inc.

8,307,936

873,768

Cott

Corporation

13,359,913

305,814

Hain

Celestial

Group,

Inc.

a

7,403,757

91,382

John

B.

Sanfilippo

&

Son,

Inc.

7,703,502

583,104

SunOpta

,

Inc.

a

1,574,381

272,513

Turning

Point

Brands,

Inc.

6,224,197

Total

44,573,686

Energy

(3.1%)

1,352,936

Euronav

NV

13,367,007

321,788

Nine

Energy

Service,

Inc.

a

1,557,454

61,010

SEACOR

Holdings,

Inc.

a

2,293,366

180,154

Talos

Energy,

Inc.

a

3,952,579

Total

21,170,406

Financials

(19.8%)

10,439

Argo

Group

International

Holdings,

Ltd.

684,798

320,070

Assured

Guaranty,

Ltd.

14,672,009

202,105

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

6,713,928

343,900

Bridgewater

Bancshares,

Inc.

a

4,539,480

53,075

Cohen

&

Steers,

Inc.

3,926,489

35,630

Enstar

Group,

Ltd.

a

6,958,183

186,950

First

Interstate

BancSystem

,

Inc.

7,197,575

68,492

Hamilton

Lane,

Inc.

4,448,556

153,374

Heartland

Financial

USA,

Inc.

7,501,522

650,387

Heritage

Commerce

Corporation

7,544,489

111,879

Horace

Mann

Educators

Corporation

4,811,916

77,066

Houlihan

Lokey

,

Inc.

3,995,872

166,530

IBERIABANK

Corporation

12,108,396

63,067

Kemper

Corporation

4,693,446

154,460

PCSB

Financial

Corporation

3,070,665

58,570

Primerica,

Inc.

6,944,059

283,619

Prosight

Global,

Inc.

a

4,103,967

313,508

Seacoast

Banking

Corporation

of

Florida

a

8,511,742

215,456

State

Auto

Financial

Corporation

6,487,380

361,434

Synovus

Financial

Corporation

12,657,419

99,190

Triumph

Bancorp,

Inc.

a

3,866,426

Total

135,438,317

Health

Care

(8.4%)

99,077

Catalent

,

Inc.

a

6,053,605

253,450

Halozyme

Therapeutics,

Inc.

a

4,810,481

73,902

LHC

Group,

Inc.

a

10,771,216

40,841

Neurocrine

Biosciences,

Inc.

a

4,087,367

315,320

Optinose

,

Inc.

a,b

2,468,956

39,795

PerkinElmer,

Inc.

3,680,242

221,228

Syneos

Health,

Inc.

a

13,574,550

393,831

Wright

Medical

Group

NV

a

11,870,066

Total

57,316,483

Shares

Common

Stock

(89.9%)

Value

Industrials

(17.9%)

165,054

AGCO

Corporation

$

11,576,888

263,148

Altra

Industrial

Motion

Corporation

8,752,303

237,690

Arcosa

,

Inc.

10,398,938

180,638

ASGN,

Inc.

a

12,227,386

95,539

Curtiss-Wright

Corporation

13,894,237

175,664

Encore

Wire

Corporation

9,540,312

306,540

Meritor,

Inc.

a

6,716,291

603,237

Primoris

Services

Corporation

12,867,045

155,522

Raven

Industries,

Inc.

4,877,170

260,752

Ritchie

Brothers

Auctioneers,

Inc.

11,008,949

64,013

Saia,

Inc.

a

5,575,532

81,969

Valmont

Industries,

Inc.

11,644,516

38,371

Waste

Connections,

Inc.

3,695,511

Total

122,775,078

Information

Technology

(14.1%)

72,637

Advanced

Energy

Industries,

Inc.

a

5,080,232

139,912

Blackline,

Inc.

a

8,558,417

303,374

Ciena

Corporation

a

12,338,221

103,380

Computer

Services,

Inc.

5,173,135

234,609

Dolby

Laboratories,

Inc.

16,267,788

193,397

Lattice

Semiconductor

Corporation

a

3,597,184

30,663

Monolithic

Power

Systems,

Inc.

5,248,586

245,090

National

Instruments

Corporation

10,938,367

92,231

Plexus

Corporation

a

6,559,469

49,568

Rogers

Corporation

a

5,836,632

333,159

SailPoint

Technologies

Holdings,

Inc.

a

8,358,959

207,158

Virtusa

Corporation

a

8,626,059

Total

96,583,049

Materials

(3.2%)

468,352

Louisiana-Pacific

Corporation

14,369,039

7,931

UFP

Technologies,

Inc.

a

369,823

79,449

United

States

Lime

&

Minerals,

Inc.

7,130,548

Total

21,869,410

Real

Estate

(6.1%)

93,988

Agree

Realty

Corporation

7,136,509

162,581

American

Campus

Communities,

Inc.

7,457,590

211,072

Apple

Hospitality

REIT,

Inc.

3,170,301

40,193

CoreSite

Realty

Corporation

4,720,668

251,561

Cousins

Properties,

Inc.

10,296,392

276,888

Physicians

Realty

Trust

5,357,783

69,810

Terreno

Realty

Corporation

3,997,321

Total

42,136,564

Utilities

(3.4%)

96,063

New

Jersey

Resources

Corporation

3,969,323

68,159

NorthWestern

Corporation

5,246,198

159,425

PNM

Resources,

Inc.

8,645,618

63,929

Spire,

Inc.

5,390,493

Total

23,251,632

Total

Common

Stock

(cost

$534,467,379)

615,726,288

Shares

Registered

Investment

Companies

(

7.4%

)

Value

Unaffiliated  (7.4%)

71,086

Consumer

Discretionary

Select

Sector

SPDR

Fund

8,908,497

110,171

Health

Care

Select

Sector

SPDR

Fund

10,922,353

43,564

iShares

Russell

2000

Index

Fund

b

6,993,329

84,893

iShares

Russell

2000

Value

Index

Fund

10,343,363

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Shares

Registered

Investment

Companies

(7.4%)

Value

Unaffiliated  (7.4%)-

continued

128,592

Materials

Select

Sector

SPDR

Fund

b

$

7,410,757

164,638

SPDR

S&P

Metals

&

Mining

ETF

4,097,840

203,024

VanEck

Vectors

Oil

Services

ETF

2,212,962

Total

50,889,101

Total

Registered

Investment

Companies

(cost

$51,577,156)

50,889,101

Shares

Collateral

Held

for

Securities

Loaned

(

2.5%

)

Value

16,808,450

Thrivent

Cash

Management

Trust

16,808,450

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,808,450)

16,808,450

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,820,565

1.900%

18,205,649

Total

Short-Term

Investments

(cost

$18,205,649)

18,205,649

Total

Investments

(cost

$621,058,634)

102.5%

$701,629,488

Other

Assets

and

Liabilities,

Net

(2.5%)

(16,870,395)

Total

Net

Assets

100.0%

$684,759,093

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

January

31,

2020:

Securities

Lending

Transactions

Common

Stock

$

16,011,597

Total

lending

$16,011,597

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,808,450

Net

amounts

due

to

counterparty

$796,853

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2020,

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

4,355,199

4,355,199

–

–

Consumer

Discretionary

46,256,464

46,256,464

–

–

Consumer

Staples

44,573,686

44,573,686

–

–

Energy

21,170,406

21,170,406

–

–

Financials

135,438,317

135,438,317

–

–

Health

Care

57,316,483

57,316,483

–

–

Industrials

122,775,078

122,775,078

–

–

Information

Technology

96,583,049

96,583,049

–

–

Materials

21,869,410

21,869,410

–

–

Real

Estate

42,136,564

42,136,564

–

–

Utilities

23,251,632

23,251,632

–

–

Registered

Investment

Companies

Unaffiliated

50,889,101

50,889,101

–

–

Subtotal

Investments

in

Securities

$666,615,389

$666,615,389

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

18,205,649

Collateral

Held

for

Securities

Loaned

16,808,450

Subtotal

Other

Investments

$35,014,099

Total

Investments

at

Value

$701,629,488

*

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

this

table

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

Small

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

1/31/2020

Shares

Held

at

1/31/2020

%

of

Net

Assets

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$19,332

$37,068

$38,194

$18,206

1,821

2.7%

Total

Affiliated

Short-Term

Investments

19,332

18,206

2.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

21,914

104,817

109,923

16,808

16,808

2.5

Total

Collateral

Held

for

Securities

Loaned

21,914

16,808

2.5

Total

Value

$41,246

$35,014

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

1/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.900%

$–

$–

$0

$80

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$80

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

23

Total

Affiliated

Income

from

Securities

Loaned,

Net

$23

Total

$–

$–

$0

Notes

to

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

225

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

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

(“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

using the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges will

be

valued

using

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.

Securities

held

by

the

Money

Market

Fund

are

valued

on

the

basis

of

amortized

cost

(which

approximates

market

value),

whereby

a

portfolio

security

is

valued

at

its

cost

initially

and

thereafter

valued

to

reflect

a

constant

amortization

to

maturity

of

any

discount

or

premium.

The

Money

Market

Fund

and

the

Trust’s

investment

adviser,

Thrivent

Asset

Management,

LLC

(“Thrivent

Asset

Mgt.”

or

the

“Adviser”),

follow

procedures

designed

to

help

maintain

a

constant

net

asset

value

of

$1.00

per

share. 

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities

to

the

Funds'

investment

Adviser.

The

Adviser

has

formed

a

Valuation

Committee

(“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. 

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

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

Notes

to

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

226

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

mark

to

market

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.

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

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

Notes

to

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

227

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.

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 January

31,

2020, Aggressive

Allocation,

Balanced

Income

Plus,

Government

Bond,

High

Income

Municipal

Bond, Income, Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and

Opportunity

Income

Plus

used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

Fund

versus

the

benchmark.

During

the period

ended January

31,

2020,

Aggressive

Allocation,

Balanced

Income

Plus, Global

Stock,

International

Allocation,

Low

Volatility

Equity,

Moderate

Allocation,

Moderately

Aggressive

Allocation, Moderately

Conservative

Allocation

and

Opportunity

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

markets.

During

the period

ended January

31,

2020,

Aggressive

Allocation,  Balanced

Income

Plus,

Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

the

currency

risk.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Funds,

with

the

exception

of the

Money

Market

Fund,

may

enter

into

foreign

currency

forward contracts.

Additionally,

the

Funds

may

enter

into

such

contracts

to mitigate

currency

and

counterparty

exposure

to other

foreign-currency-denominated

investments.

These

contracts

are

recorded

at

value

and

the realized-

and

change

in

unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these forward

contracts,

the

Funds

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-

counter

and a

Fund

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Fund.

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

Notes

to

Schedule

of

Investments

as

of

January

31,

2020

(unaudited)

228

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

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

given

CDX

Index

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

or

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 or

subordination

to

other

obligations.

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. 

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.

   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.